UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT
COMPANIES
Investment Company Act file number 811-10385
Pacific Funds Series Trust (formerly called Pacific Life Funds)
(Exact name of registrant as specified in charter)
700 Newport Center Drive, P.O. Box 7500
Newport Beach, CA 92660
(Address of principal executive offices) (Zip code)
Robin S. Yonis
Vice President, General Counsel and Assistant Secretary of Pacific Funds Series Trust
700 Newport Center Drive, P.O. Box 9000
Newport Beach, CA 92660
(Name and address of agent for service)
Copies to:
Anthony H. Zacharski, Esq.
Dechert LLP
90 State House Square
Hartford, CT 06103
Registrant’s telephone number, including area code: 949-219-6767
Date of fiscal year end: March 31
Date of reporting period: September 30, 2015
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).
September 30, 2015
SEMI-ANNUAL REPORT
SEMI-ANNUAL REPORT
AS OF SEPTEMBER 30, 2015
TABLE OF CONTENTS | ||
A-1 | ||
B-1 | ||
B-4 | ||
B-7 | ||
B-11 | ||
C-1 | ||
D-1 | ||
D-3 |
PACIFIC FUNDSSM
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION CONSERVATIVE
September 30, 2015 (Unaudited)
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE
Schedule of Investments
September 30, 2015 (Unaudited)
| Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.6% | ||||||||
PF Floating Rate Loan Fund ‘P’ | 2,253,218 | $21,878,742 | ||||||
PF Inflation Managed Fund ‘P’ | 1,171,170 | 9,978,365 | ||||||
PF Managed Bond Fund ‘P’ | 9,805,113 | 106,679,634 | ||||||
PF Short Duration Bond Fund ‘P’ | 3,437,394 | 34,408,313 | ||||||
Pacific Funds Core Income ‘P’ | 385,319 | 4,011,174 | ||||||
Pacific Funds High Income ‘P’ | 2,206,611 | 21,249,666 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 1,812,567 | 15,352,445 | ||||||
PF Comstock Fund ‘P’ | 944,267 | 14,456,728 | ||||||
PF Growth Fund ‘P’ | 472,923 | 8,715,974 | ||||||
PF Large-Cap Growth Fund ‘P’ | 1,068,973 | 10,871,456 | ||||||
PF Large-Cap Value Fund ‘P’ | 1,644,807 | 25,165,550 | ||||||
PF Main Street Core Fund ‘P’ | 688,126 | 9,330,984 | ||||||
PF Mid-Cap Equity Fund ‘P’ | 337,526 | 3,793,795 | ||||||
PF Mid-Cap Growth Fund ‘P’ | 188,585 | 1,440,790 | ||||||
PF Mid-Cap Value Fund ‘P’ * | 2,031,498 | 18,913,250 | ||||||
PF Small-Cap Value Fund ‘P’ | 401,034 | 3,757,689 | ||||||
PF International Large-Cap Fund ‘P’ | 931,152 | 15,708,528 | ||||||
PF International Value Fund ‘P’ | 918,877 | 7,948,289 | ||||||
PF Absolute Return Fund ‘P’ * | 1,648,764 | 15,778,668 | ||||||
PF Currency Strategies Fund ‘P’ | 1,045,553 | 10,256,873 | ||||||
PF Equity Long/Short Fund ‘P’ * | 961,019 | 10,215,629 | ||||||
PF Global Absolute Return Fund ‘P’ | 2,011,514 | 19,531,801 | ||||||
|
| |||||||
Total Affiliated Mutual Funds | 389,444,343 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.6% | 389,444,343 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.6%) | (2,213,322 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $387,231,021 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Affiliated Fixed Income Funds | 64.3% | |||
Affiliated Equity Funds | 36.3% | |||
|
| |||
100.6% | ||||
Other Assets & Liabilities, Net | (0.6% | ) | ||
|
| |||
100.0% | ||||
|
|
|
| |||||||
AFFILIATED MUTUAL FUNDS - 100.1% | ||||||||
PF Floating Rate Loan Fund ‘P’ | 2,710,444 | $26,318,417 | ||||||
PF Inflation Managed Fund ‘P’ | 1,466,404 | 12,493,760 | ||||||
PF Managed Bond Fund ‘P’ | 10,917,289 | 118,780,101 | ||||||
PF Short Duration Bond Fund ‘P’ | 2,589,120 | 25,917,092 | ||||||
Pacific Funds Core Income ‘P’ | 438,567 | 4,565,485 | ||||||
Pacific Funds High Income ‘P’ | 2,711,518 | 26,111,914 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 2,417,997 | 20,480,432 | ||||||
PF Comstock Fund ‘P’ | 1,465,543 | 22,437,460 | ||||||
PF Growth Fund ‘P’ | 768,321 | 14,160,151 | ||||||
PF Large-Cap Growth Fund ‘P’ | 1,660,438 | 16,886,659 | ||||||
PF Large-Cap Value Fund ‘P’ | 2,479,760 | 37,940,332 | ||||||
PF Main Street Core Fund ‘P’ | 1,168,491 | 15,844,736 | ||||||
PF Mid-Cap Equity Fund ‘P’ | 1,344,546 | 15,112,696 | ||||||
PF Mid-Cap Growth Fund ‘P’ | 503,151 | 3,844,074 | ||||||
PF Mid-Cap Value Fund ‘P’ * | 3,051,295 | 28,407,555 | ||||||
PF Small-Cap Growth Fund ‘P’ | 190,816 | 2,444,357 | ||||||
PF Small-Cap Value Fund ‘P’ | 1,141,200 | 10,693,045 | ||||||
PF Emerging Markets Fund ‘P’ | 551,193 | 6,256,042 | ||||||
PF International Large-Cap Fund ‘P’ | 1,603,873 | 27,057,338 | ||||||
PF International Small-Cap Fund ‘P’ * | 1,127,741 | 11,581,897 | ||||||
PF International Value Fund ‘P’ | 1,561,120 | 13,503,691 | ||||||
PF Real Estate Fund ‘P’ | 179,021 | 2,765,875 | ||||||
PF Absolute Return Fund ‘P’ * | 1,935,300 | 18,520,818 | ||||||
PF Currency Strategies Fund ‘P’ | 1,784,914 | 17,510,008 | ||||||
PF Equity Long/Short Fund ‘P’ * | 1,914,033 | 20,346,170 | ||||||
PF Global Absolute Return Fund ‘P’ | 2,862,094 | 27,790,930 | ||||||
|
| |||||||
Total Affiliated Mutual Funds | 547,771,035 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% | 547,771,035 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) | (649,650 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $547,121,385 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Affiliated Fixed Income Funds | 51.3% | |||
Affiliated Equity Funds | 48.8% | |||
|
| |||
100.1% | ||||
Other Assets & Liabilities, Net | (0.1% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | The funds’ investments are affiliated mutual funds (See Note 7C in Notes to Financial Statements). |
(c) | Fair Value Measurements |
The following is a summary of the funds’ investments as categorized under the three-tier hierarchy of inputs used in valuing the funds’ assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Pacific Funds Portfolio Optimization Conservative | ||||||||||||||||||
Assets | Affiliated Mutual Funds | $389,444,343 | $389,444,343 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | ||||||||||||||||||
Assets | Affiliated Mutual Funds | $547,771,035 | $547,771,035 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-1
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION MODERATE
Schedule of Investments
September 30, 2015 (Unaudited)
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION GROWTH
Schedule of Investments
September 30, 2015 (Unaudited)
| Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.1% | ||||||||
PF Floating Rate Loan Fund ‘P’ | 3,708,456 | $36,009,108 | ||||||
PF Inflation Managed Fund ‘P’ | 3,015,601 | 25,692,919 | ||||||
PF Managed Bond Fund ‘P’ | 15,957,837 | 173,621,272 | ||||||
PF Short Duration Bond Fund ‘P’ | 2,115,051 | 21,171,664 | ||||||
Pacific Funds Core Income ‘P’ | 775,097 | 8,068,757 | ||||||
Pacific Funds High Income ‘P’ | 5,649,424 | 54,403,951 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 5,469,130 | 46,323,528 | ||||||
PF Comstock Fund ‘P’ | 5,700,025 | 87,267,389 | ||||||
PF Growth Fund ‘P’ | 2,453,844 | 45,224,347 | ||||||
PF Large-Cap Growth Fund ‘P’ | 5,692,941 | 57,897,211 | ||||||
PF Large-Cap Value Fund ‘P’ | 7,496,985 | 114,703,877 | ||||||
PF Main Street Core Fund ‘P’ | 5,507,643 | 74,683,638 | ||||||
PF Mid-Cap Equity Fund ‘P’ | 4,752,160 | 53,414,280 | ||||||
PF Mid-Cap Growth Fund ‘P’ | 3,319,001 | 25,357,166 | ||||||
PF Mid-Cap Value Fund ‘P’ * | 10,580,719 | 98,506,491 | ||||||
PF Small-Cap Growth Fund ‘P’ | 1,078,778 | 13,819,141 | ||||||
PF Small-Cap Value Fund ‘P’ | 7,663,285 | 71,804,979 | ||||||
PF Emerging Markets Fund ‘P’ | 4,679,041 | 53,107,115 | ||||||
PF International Large-Cap Fund ‘P’ | 6,870,372 | 115,903,168 | ||||||
PF International Small-Cap Fund ‘P’ * | 4,710,112 | 48,372,854 | ||||||
PF International Value Fund ‘P’ | 6,415,933 | 55,497,817 | ||||||
PF Real Estate Fund ‘P’ | 1,518,524 | 23,461,191 | ||||||
PF Absolute Return Fund ‘P’ * | 3,316,622 | 31,740,077 | ||||||
PF Currency Strategies Fund ‘P’ | 5,047,575 | 49,516,716 | ||||||
PF Equity Long/Short Fund ‘P’ * | 6,958,742 | 73,971,424 | ||||||
PF Global Absolute Return Fund ‘P’ | 6,474,158 | 62,864,080 | ||||||
|
| |||||||
Total Affiliated Mutual Funds |
| 1,522,404,160 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% |
| 1,522,404,160 | ||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) |
| (1,305,314 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $1,521,098,846 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Affiliated Equity Funds | 69.9% | |||
Affiliated Fixed Income Funds | 30.2% | |||
|
| |||
100.1% | ||||
Other Assets & Liabilities, Net | (0.1% | ) | ||
|
| |||
100.0% | ||||
|
|
|
| |||||||
AFFILIATED MUTUAL FUNDS - 100.1% | ||||||||
PF Inflation Managed Fund ‘P’ | 663,818 | $5,655,726 | ||||||
PF Managed Bond Fund ‘P’ | 3,519,320 | 38,290,199 | ||||||
Pacific Funds High Income ‘P’ | 1,705,463 | 16,423,611 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 2,568,280 | 21,753,335 | ||||||
PF Comstock Fund ‘P’ | 4,289,734 | 65,675,822 | ||||||
PF Growth Fund ‘P’ | 1,841,723 | 33,942,959 | ||||||
PF Large-Cap Growth Fund ‘P’ | 4,317,708 | 43,911,093 | ||||||
PF Large-Cap Value Fund ‘P’ | 5,455,573 | 83,470,262 | ||||||
PF Main Street Core Fund ‘P’ | 5,196,893 | 70,469,864 | ||||||
PF Mid-Cap Equity Fund ‘P’ | 6,694,508 | 75,246,270 | ||||||
PF Mid-Cap Growth Fund ‘P’ | 2,671,766 | 20,412,293 | ||||||
PF Mid-Cap Value Fund * | 8,255,380 | 76,857,585 | ||||||
PF Small-Cap Growth Fund ‘P’ | 1,756,983 | 22,506,948 | ||||||
PF Small-Cap Value Fund ‘P’ | 8,409,197 | 78,794,181 | ||||||
PF Emerging Markets Fund ‘P’ | 5,741,748 | 65,168,844 | ||||||
PF International Large-Cap Fund ‘P’ | 5,979,019 | 100,866,050 | ||||||
PF International Small-Cap Fund ‘P’ * | 4,083,561 | 41,938,168 | ||||||
PF International Value Fund ‘P’ | 5,883,149 | 50,889,243 | ||||||
PF Real Estate Fund ‘P’ | 1,782,733 | 27,543,227 | ||||||
PF Absolute Return Fund ‘P’ * | 876,092 | 8,384,202 | ||||||
PF Currency Strategies Fund ‘P’ | 4,740,615 | 46,505,429 | ||||||
PF Equity Long/Short Fund ‘P’ * | 3,812,335 | 40,525,116 | ||||||
PF Global Absolute Return Fund ‘P’ | 2,280,210 | 22,140,839 | ||||||
|
| |||||||
Total Affiliated Mutual Funds | 1,057,371,266 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% | 1,057,371,266 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) | (1,095,721 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $1,056,275,545 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Affiliated Equity Funds | 89.4% | |||
Affiliated Fixed Income Funds | 10.7% | |||
|
| |||
100.1% | ||||
Other Assets & Liabilities, Net | (0.1% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | The funds’ investments are affiliated mutual funds (See Note 7C in Notes to Financial Statements). |
(c) | Fair Value Measurements |
The following is a summary of the funds’ investments as categorized under the three-tier hierarchy of inputs used in valuing the funds’ assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||
Pacific Funds Portfolio Optimization Moderate | ||||||||||||||||
Assets | Affiliated Mutual Funds | $1,522,404,160 | $1,522,404,160 | $— | $— | |||||||||||
|
|
|
|
|
|
| ||||||||||
Pacific Funds Portfolio Optimization Growth | ||||||||||||||||
Assets | Affiliated Mutual Funds | $1,057,371,266 | $1,057,371,266 | $— | $— | |||||||||||
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-2
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH
Schedule of Investments
September 30, 2015 (Unaudited)
| Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.0% | ||||||||
PF Comstock Fund ‘P’ | 1,303,256 | $19,952,850 | ||||||
PF Growth Fund ‘P’ | 632,682 | 11,660,335 | ||||||
PF Large-Cap Growth Fund ‘P’ | 1,499,738 | 15,252,331 | ||||||
PF Large-Cap Value Fund ‘P’ | 1,703,442 | 26,062,660 | ||||||
PF Main Street Core Fund ‘P’ | 1,616,487 | 21,919,565 | ||||||
PF Mid-Cap Equity Fund ‘P’ | 1,992,814 | 22,399,229 | ||||||
PF Mid-Cap Growth Fund ‘P’ | 1,014,321 | 7,749,415 | ||||||
PF Mid-Cap Value Fund * | 2,901,221 | 27,010,364 | ||||||
PF Small-Cap Growth Fund ‘P’ | 690,674 | 8,847,536 | ||||||
PF Small-Cap Value Fund ‘P’ | 2,740,106 | 25,674,796 | ||||||
PF Emerging Markets Fund ‘P’ | 2,000,620 | 22,707,036 | ||||||
PF International Large-Cap Fund ‘P’ | 2,208,412 | 37,255,914 | ||||||
PF International Small-Cap Fund ‘P’ * | 1,519,586 | 15,606,152 | ||||||
PF International Value Fund ‘P’ | 2,130,555 | 18,429,298 | ||||||
PF Real Estate Fund ‘P’ | 742,972 | 11,478,919 | ||||||
PF Currency Strategies Fund ‘P’ | 705,376 | 6,919,737 | ||||||
PF Equity Long/Short Fund ‘P’ * | 972,550 | 10,338,206 | ||||||
PF Global Absolute Return Fund ‘P’ | 339,336 | 3,294,957 | ||||||
|
| |||||||
Total Affiliated Mutual Funds | 312,559,300 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.0% | 312,559,300 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.0%) | (112,280 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $312,447,020 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Affiliated Equity Funds | 98.9% | |||
Affiliated Fixed Income Funds | 1.1% | |||
|
| |||
100.0% | ||||
Other Assets & Liabilities, Net | (0.0% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | The fund’s investments are affiliated mutual funds (See Note 7C in Notes to Financial Statements). |
(c) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | ||||||||||||||||||
Assets | Affiliated Mutual Funds | $312,559,300 | $312,559,300 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-3
PACIFIC FUNDS
PACIFIC FUNDSSM SHORT DURATION INCOME
Schedule of Investments
September 30, 2015 (Unaudited)
Principal |
| |||||||
CORPORATE BONDS & NOTES - 77.4% |
| |||||||
Consumer Discretionary - 6.2% |
| |||||||
CCO Safari II LLC | $2,700,000 | $2,682,647 | ||||||
DISH DBS Corp | 250,000 | 243,437 | ||||||
General Motors Co | 1,000,000 | 1,010,570 | ||||||
GLP Capital LP | 750,000 | 759,375 | ||||||
Lennar Corp | ||||||||
4.125% due 12/01/18 | 750,000 | 763,125 | ||||||
4.500% due 06/15/19 | 1,500,000 | 1,524,000 | ||||||
NBCUniversal Enterprise Inc | 1,500,000 | 1,499,502 | ||||||
Toll Brothers Finance Corp | 850,000 | 875,500 | ||||||
Wyndham Worldwide Corp | 1,000,000 | 1,001,998 | ||||||
|
| |||||||
10,360,154 | ||||||||
|
| |||||||
Consumer Staples - 5.3% |
| |||||||
CVS Health Corp | 2,150,000 | 2,186,965 | ||||||
Imperial Tobacco Finance PLC (United Kingdom) | 1,000,000 | 1,000,163 | ||||||
Kraft Heinz Foods Co | 2,000,000 | 2,004,258 | ||||||
Reynolds American Inc | 1,750,000 | 1,770,095 | ||||||
Wm Wrigley Jr Co | 1,750,000 | 1,782,205 | ||||||
|
| |||||||
8,743,686 | ||||||||
|
| |||||||
Energy - 5.1% |
| |||||||
Columbia Pipeline Group Inc | 1,000,000 | 1,002,643 | ||||||
Energy Transfer Partners LP | 1,000,000 | 996,274 | ||||||
Harvest Operations Corp (South Korea) | 500,000 | 501,620 | ||||||
Kinder Morgan Energy Partners LP | 2,000,000 | 1,969,274 | ||||||
Kinder Morgan Inc | 850,000 | 835,412 | ||||||
Korea National Oil Corp (South Korea) | 500,000 | 511,624 | ||||||
Linn Energy LLC | 500,000 | 140,000 | ||||||
Petrobras Global Finance BV (Brazil) | 500,000 | 362,500 | ||||||
Targa Resources Partners LP | 775,000 | 699,437 | ||||||
Trans Canada Pipelines Ltd (Canada) | 1,500,000 | 1,507,715 | ||||||
|
| |||||||
8,526,499 | ||||||||
|
| |||||||
Financials - 30.4% |
| |||||||
AerCap Ireland Capital Ltd (Netherlands) | 1,350,000 | 1,329,750 | ||||||
Ally Financial Inc | 1,500,000 | 1,479,375 | ||||||
American Tower Corp REIT | 1,000,000 | 1,030,243 | ||||||
Ares Capital Corp | 2,500,000 | 2,584,937 | ||||||
Bank of America Corp | 2,000,000 | 2,008,624 |
Principal |
| |||||||
Bank of America NA | ||||||||
1.650% due 03/26/18 | $600,000 | $599,948 | ||||||
5.300% due 03/15/17 | 1,000,000 | 1,050,710 | ||||||
Bank of Montreal (Canada) | 1,450,000 | 1,456,035 | ||||||
Berkshire Hathaway Finance Corp | 1,000,000 | 1,018,103 | ||||||
Berkshire Hathaway Inc | 500,000 | 504,265 | ||||||
Capital One Bank USA NA | 1,000,000 | 997,331 | ||||||
Capital One NA | 1,650,000 | 1,655,824 | ||||||
Citigroup Inc | ||||||||
0.872% due 03/10/17 § | 1,500,000 | 1,497,960 | ||||||
1.700% due 04/27/18 | 1,000,000 | 995,490 | ||||||
Export-Import Bank of Korea (South Korea) | ||||||||
1.036% due 01/14/17 § | 500,000 | 501,034 | ||||||
1.250% due 11/20/15 | 500,000 | 500,321 | ||||||
Ford Motor Credit Co LLC | ||||||||
1.166% due 03/12/19 § | 2,000,000 | 1,944,350 | ||||||
2.145% due 01/09/18 | 1,500,000 | 1,495,716 | ||||||
General Electric Capital Corp | 1,000,000 | 1,005,544 | ||||||
General Motors Financial Co Inc | ||||||||
4.375% due 09/25/21 | 1,000,000 | 1,021,115 | ||||||
4.750% due 08/15/17 | 1,000,000 | 1,037,901 | ||||||
Hyundai Capital Services Inc (South Korea) | 1,000,000 | 998,010 | ||||||
JPMorgan Chase & Co | 2,000,000 | 1,988,514 | ||||||
McGraw Hill Financial Inc | 3,000,000 | 3,025,029 | ||||||
Morgan Stanley | 2,000,000 | 2,012,660 | ||||||
MUFG Union Bank NA | 1,000,000 | 1,004,320 | ||||||
Och-Ziff Finance Co LLC | 1,000,000 | 1,017,935 | ||||||
PNC Bank NA | 1,000,000 | 1,002,799 | ||||||
Senior Housing Properties Trust REIT | 500,000 | 503,505 | ||||||
State Street Corp | 1,000,000 | 1,004,488 | ||||||
Synchrony Financial | 2,000,000 | 2,017,756 | ||||||
The Bank of New York Mellon Corp | 500,000 | 507,739 | ||||||
The Goldman Sachs Group Inc | 2,500,000 | 2,509,255 | ||||||
The Korea Development Bank (South Korea) | 500,000 | 500,180 | ||||||
TIAA Asset Management Finance Co LLC | 1,450,000 | 1,471,650 | ||||||
Vereit Operating Partnership LP REIT | 1,000,000 | 982,500 | ||||||
Voya Financial Inc | 2,000,000 | 2,043,444 | ||||||
WEA Finance LLC (Australia) | 2,500,000 | 2,484,520 | ||||||
|
| |||||||
50,788,880 | ||||||||
|
| |||||||
Health Care - 10.7% |
| |||||||
AbbVie Inc | 2,200,000 | 2,195,433 | ||||||
Actavis Funding SCS | 2,250,000 | 2,260,285 | ||||||
Becton Dickinson and Co | ||||||||
1.450% due 05/15/17 | 750,000 | 748,924 | ||||||
1.800% due 12/15/17 | 1,650,000 | 1,658,121 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-4
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
Biogen Inc | $ | 1,650,000 | $1,665,032 | |||||
Celgene Corp | 2,150,000 | 2,168,688 | ||||||
Gilead Sciences Inc | 850,000 | 856,364 | ||||||
Laboratory Corp of America Holdings | 1,500,000 | 1,505,225 | ||||||
St Jude Medical Inc | 1,750,000 | 1,755,306 | ||||||
Valeant Pharmaceuticals International Inc | ||||||||
5.375% due 03/15/20 ~ | 575,000 | 560,266 | ||||||
6.750% due 08/15/18 ~ | 350,000 | 356,781 | ||||||
Zimmer Biomet Holdings Inc | 2,150,000 | 2,154,126 | ||||||
|
| |||||||
17,884,551 | ||||||||
|
| |||||||
Industrials - 6.4% | ||||||||
Air Lease Corp | ||||||||
2.125% due 01/15/18 | 1,000,000 | 992,500 | ||||||
3.375% due 01/15/19 | 1,500,000 | 1,522,500 | ||||||
British Airways Pass-Through Trust ‘B’ (United Kingdom) | 1,206,799 | 1,273,173 | ||||||
Delta Air Lines Pass-Through Trust ‘A’ | ||||||||
4.750% due 11/07/21 | 831,710 | 878,120 | ||||||
4.950% due 11/23/20 | 630,644 | 667,410 | ||||||
ERAC USA Finance LLC | ||||||||
1.400% due 04/15/16 ~ | 750,000 | 750,586 | ||||||
2.350% due 10/15/19 ~ | 500,000 | 500,578 | ||||||
GATX Corp | 500,000 | 499,921 | ||||||
International Lease Finance Corp | 500,000 | 500,000 | ||||||
Owens Corning | 83,000 | 98,779 | ||||||
Penske Truck Leasing Co LP | 1,000,000 | 1,006,217 | ||||||
United Airlines Pass-Through Trust ‘B’ | ||||||||
4.625% due 03/03/24 | 1,000,000 | 1,011,500 | ||||||
4.750% due 10/11/23 | 750,000 | 755,250 | ||||||
United Continental Holdings Inc | 250,000 | 263,125 | ||||||
|
| |||||||
10,719,659 | ||||||||
|
| |||||||
Information Technology - 2.4% | ||||||||
Harris Corp | 1,000,000 | 994,525 | ||||||
Hewlett Packard Enterprise Co | 3,000,000 | 3,000,000 | ||||||
|
| |||||||
3,994,525 | ||||||||
|
| |||||||
Materials - 3.5% | ||||||||
Airgas Inc | 1,150,000 | 1,169,090 | ||||||
ArcelorMittal (Luxembourg) | 750,000 | 736,875 | ||||||
Ardagh Packaging Finance PLC (Ireland) | 1,000,000 | 965,000 | ||||||
Freeport-McMoran Inc | 1,500,000 | 1,257,195 | ||||||
Glencore Funding LLC (Switzerland) | 1,500,000 | 1,279,722 | ||||||
Novelis Inc | 500,000 | 485,625 | ||||||
|
| |||||||
5,893,507 | ||||||||
|
|
Principal |
| |||||||
Telecommunication Services - 2.0% | ||||||||
America Movil SAB de CV (Mexico) | $1,000,000 | $999,969 | ||||||
Intelsat Jackson Holdings SA (Luxembourg) 7.250% due 10/15/20 | 250,000 | 230,313 | ||||||
Verizon Communications Inc | ||||||||
2.086% due 09/14/18 § | 1,000,000 | 1,028,916 | ||||||
2.550% due 06/17/19 | 1,000,000 | 1,013,842 | ||||||
|
| |||||||
3,273,040 | ||||||||
|
| |||||||
Utilities - 5.4% |
| |||||||
AES Corp | 500,000 | 476,250 | ||||||
Duke Energy Corp | 1,000,000 | 1,003,992 | ||||||
Dynegy Inc | 400,000 | 403,000 | ||||||
Exelon Corp | 2,650,000 | 2,646,414 | ||||||
NextEra Energy Capital Holdings Inc | 1,500,000 | 1,510,687 | ||||||
PG&E Corp | 500,000 | 503,847 | ||||||
The Dayton Power & Light Co | 1,500,000 | 1,501,294 | ||||||
WEC Energy Group Inc | 900,000 | 902,636 | ||||||
|
| |||||||
8,948,120 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 129,132,621 | |||||||
|
| |||||||
SENIOR LOAN NOTES - 13.5% | ||||||||
Consumer Discretionary - 3.8% | ||||||||
Dollar Tree Inc Term B-1 | 417,722 | 418,633 | ||||||
Hilton Worldwide | 714,292 | 714,590 | ||||||
Interactive Data Corp | 493,750 | 493,380 | ||||||
Las Vegas Sands LLC Term B | 1,968,700 | 1,959,130 | ||||||
Leonardo Acquisition Corp (1st Lien) | 490,017 | 489,710 | ||||||
New Red Finance Inc Term B-2 | 997,482 | 997,033 | ||||||
Petsmart Inc Tranche B-1 | 498,750 | 498,698 | ||||||
Seminole Tribe of Florida | 825,000 | 825,168 | ||||||
|
| |||||||
6,396,342 | ||||||||
|
| |||||||
Consumer Staples - 1.9% |
| |||||||
Albertson’s LLC Term B-4 | 704,801 | 706,322 | ||||||
Reynolds Group Holdings | 2,430,541 | 2,435,098 | ||||||
|
| |||||||
3,141,420 | ||||||||
|
| |||||||
Financials - 0.6% |
| |||||||
First Data Corp Term C-1 | 1,000,000 | 992,891 | ||||||
|
| |||||||
Health Care - 2.6% | ||||||||
CHS/Community Health Systems Inc Term F | 997,494 | 998,028 | ||||||
Fresenius US Finance I Inc Tranche B | 980,000 | 982,450 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-5
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
Par Pharmaceutical Inc | $1,000,000 | $1,000,625 | ||||||
PharMEDium Healthcare Corp (1st Lien) | 705,417 | 698,657 | ||||||
Valeant Pharmaceuticals International Inc | 597,147 | 589,310 | ||||||
|
| |||||||
4,269,070 | ||||||||
|
| |||||||
Industrials - 2.1% |
| |||||||
Gates Global LLC | 491,259 | 467,464 | ||||||
HD Supply Inc | 1,000,000 | 996,875 | ||||||
Husky Injection Molding Systems Ltd | 737,695 | 730,710 | ||||||
Rexnord LLC Term B | 493,703 | 490,529 | ||||||
Sensata Technologies BV (Netherlands) | 411,526 | 411,640 | ||||||
Univar Inc | 500,000 | 493,047 | ||||||
|
| |||||||
3,590,265 | ||||||||
|
| |||||||
Information Technology - 1.6% |
| |||||||
Activision Blizzard | 747,500 | 748,486 | ||||||
Avago Technologies Cayman Ltd | 429,258 | 429,487 | ||||||
Freescale Semiconductor Inc Tranche B-4 | 997,462 | 997,381 | ||||||
Infor (US) Inc Tranche B-5 | 480,339 | 466,830 | ||||||
|
| |||||||
2,642,184 | ||||||||
|
| |||||||
Materials - 0.9% |
| |||||||
BWay Intermediate Co Inc | 740,625 | 739,005 | ||||||
FMG Resources Property Ltd (Australia) | 961,335 | 790,698 | ||||||
|
| |||||||
1,529,703 | ||||||||
|
| |||||||
Total Senior Loan Notes | 22,561,875 | |||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 0.3% | ||||||||
Collateralized Mortgage Obligations - Commercial - 0.3% |
| |||||||
Hilton USA Trust | 246,366 | 245,854 | ||||||
Hyatt Hotel Portfolio Trust | 250,000 | 251,510 | ||||||
|
| |||||||
|
| |||||||
Total Mortgage-Backed Securities | 497,364 | |||||||
|
|
Principal |
| |||||||
ASSET-BACKED SECURITIES - 0.9% | ||||||||
Carlyle Global Market Strategies CLO Ltd (Cayman) | $500,000 | $498,563 | ||||||
Madison Park Funding VIII Ltd (Cayman) | 500,000 | 498,541 | ||||||
Race Point VI CLO Ltd (Cayman) | 500,000 | 497,471 | ||||||
|
| |||||||
Total Asset-Backed Securities | 1,494,575 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 2.8% | ||||||||
U.S. Treasury Notes - 2.8% |
| |||||||
0.875% due 11/30/16 | 175,000 | 175,895 | ||||||
0.875% due 07/15/18 | 1,500,000 | 1,500,312 | ||||||
1.000% due 03/15/18 | 1,500,000 | 1,508,193 | ||||||
1.000% due 09/15/18 | 1,500,000 | 1,503,711 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 4,688,111 | |||||||
|
| |||||||
| ||||||||
SHORT-TERM INVESTMENT - 5.7% | ||||||||
Money Market Fund - 5.7% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 9,541,484 | 9,541,484 | ||||||
|
| |||||||
Total Short-Term Investment | 9,541,484 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.6% | 167,916,030 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.6%) | (1,038,870 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $166,877,160 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 77.4% | |||
Senior Loan Notes | 13.5% | |||
Short-Term Investment | 5.7% | |||
Other (each less than 3.0%) | 4.0% | |||
|
| |||
100.6% | ||||
Other Assets & Liabilities, Net | (0.6% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $129,132,621 | $— | $129,132,621 | $— | |||||||||||||
Senior Loan Notes | 22,561,875 | — | 22,561,875 | — | ||||||||||||||
Mortgage-Backed Securities | 497,364 | — | 497,364 | — | ||||||||||||||
Asset Backed Securities | 1,494,575 | — | 1,494,575 | — | ||||||||||||||
U.S. Treasury Obligations | 4,688,111 | — | 4,688,111 | — | ||||||||||||||
Short-Term Investment | 9,541,484 | 9,541,484 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $167,916,030 | $9,541,484 | $158,374,546 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-6
PACIFIC FUNDS
PACIFIC FUNDSSM CORE INCOME
Schedule of Investments
September 30, 2015 (Unaudited)
Principal |
| |||||||
CORPORATE BONDS & NOTES - 62.7% | ||||||||
Consumer Discretionary - 7.7% | ||||||||
CCO Safari II LLC | $4,550,000 | $4,537,001 | ||||||
Cedar Fair LP | 3,000,000 | 3,052,500 | ||||||
DIRECTV Holdings LLC | 4,750,000 | 4,665,963 | ||||||
General Motors Co | 2,500,000 | 2,355,943 | ||||||
6.250% due 10/02/43 | 1,150,000 | 1,219,892 | ||||||
GLP Capital LP | 3,250,000 | 3,306,875 | ||||||
Lennar Corp | 3,000,000 | 3,048,000 | ||||||
MDC Holdings Inc | 2,500,000 | 2,037,500 | ||||||
MGM Resorts International | 3,000,000 | 3,112,500 | ||||||
New Red Finance Inc (Canada) | 2,500,000 | 2,450,500 | ||||||
Pinnacle Entertainment Inc | 1,500,000 | 1,594,995 | ||||||
Signet UK Finance PLC | 3,000,000 | 3,036,042 | ||||||
Six Flags Entertainment Corp | 3,500,000 | 3,517,500 | ||||||
Standard Pacific Corp | 2,500,000 | 2,681,250 | ||||||
Virgin Media Secured Finance PLC (United Kingdom) | 3,150,000 | 3,181,500 | ||||||
Wyndham Worldwide Corp | ||||||||
2.950% due 03/01/17 | 4,000,000 | 4,050,044 | ||||||
5.100% due 10/01/25 | 1,400,000 | 1,422,663 | ||||||
|
| |||||||
49,270,668 | ||||||||
|
| |||||||
Consumer Staples - 2.0% |
| |||||||
Imperial Tobacco Group PLC | 3,300,000 | 3,336,501 | ||||||
Kraft Heinz Foods Co | 1,550,000 | 1,648,800 | ||||||
Reynolds Group Issuer Inc (New Zealand) | 4,000,000 | 4,050,000 | ||||||
Walgreens Boots Alliance Inc | 4,000,000 | 4,058,540 | ||||||
|
| |||||||
13,093,841 | ||||||||
|
| |||||||
Energy - 5.5% | ||||||||
Cimarex Energy Co | 1,500,000 | 1,575,926 | ||||||
Columbia Pipeline Group Inc | 3,000,000 | 2,918,949 | ||||||
Energy Transfer Partners LP | ||||||||
4.050% due 03/15/25 | 3,850,000 | 3,393,571 | ||||||
4.750% due 01/15/26 | 2,500,000 | 2,305,740 | ||||||
Ensco PLC | 3,250,000 | 2,478,697 | ||||||
Kinder Morgan Energy Partners LP | 5,000,000 | 4,553,935 | ||||||
Kinder Morgan Inc | 2,650,000 | 2,209,477 | ||||||
Korea National Oil Corp (South Korea) | 3,000,000 | 3,069,744 | ||||||
Linn Energy LLC | 3,000,000 | 840,000 | ||||||
Petrobras Global Finance BV (Brazil) | ||||||||
4.375% due 05/20/23 | 2,000,000 | 1,310,000 | ||||||
5.375% due 01/27/21 | 2,000,000 | 1,464,400 |
Principal |
| |||||||
Targa Resources Partners LP | $1,950,000 | $1,759,875 | ||||||
The Williams Cos Inc | ||||||||
3.700% due 01/15/23 | 5,000,000 | 3,884,485 | ||||||
4.550% due 06/24/24 | 1,950,000 | 1,549,410 | ||||||
Transocean Inc | 2,000,000 | 1,815,000 | ||||||
|
| |||||||
35,129,209 | ||||||||
|
| |||||||
Financials - 18.7% | ||||||||
AerCap Ireland Capital Ltd (Netherlands) | 3,650,000 | 3,595,250 | ||||||
Ally Financial Inc | 4,000,000 | 3,865,000 | ||||||
American Tower Corp REIT | ||||||||
4.000% due 06/01/25 | 2,300,000 | 2,249,540 | ||||||
5.000% due 02/15/24 | 2,000,000 | 2,105,654 | ||||||
Ares Capital Corp | 5,250,000 | 5,428,369 | ||||||
Bank of America Corp | ||||||||
4.200% due 08/26/24 | 4,000,000 | 4,000,048 | ||||||
4.250% due 10/22/26 | 2,500,000 | 2,478,078 | ||||||
Bank of America NA | 2,200,000 | 2,311,562 | ||||||
Carlyle Holdings Finance LLC | 3,000,000 | 3,078,111 | ||||||
CBL & Associates LP REIT | ||||||||
4.600% due 10/15/24 | 1,250,000 | 1,224,755 | ||||||
5.250% due 12/01/23 | 3,000,000 | 3,131,352 | ||||||
Citigroup Inc | 4,000,000 | 4,032,488 | ||||||
Columbia Property Trust Operating Partnership LP REIT | 4,500,000 | 4,453,758 | ||||||
Columbia Property Trust Operating Partnership LP REIT | 750,000 | 813,056 | ||||||
Duke Realty LP REIT | 5,250,000 | 5,496,551 | ||||||
Ford Motor Credit Co LLC | 6,500,000 | 6,722,697 | ||||||
General Motors Financial Co Inc | 4,000,000 | 4,084,460 | ||||||
HCP Inc REIT | ||||||||
3.400% due 02/01/25 | 2,650,000 | 2,487,913 | ||||||
4.000% due 06/01/25 | 1,000,000 | 984,623 | ||||||
JPMorgan Chase & Co | 4,000,000 | 3,970,760 | ||||||
Kilroy Realty LP REIT | 5,000,000 | 4,985,455 | ||||||
McGraw Hill Financial Inc | 5,200,000 | 5,290,017 | ||||||
Morgan Stanley | ||||||||
2.375% due 07/23/19 | 3,000,000 | 3,002,118 | ||||||
5.000% due 11/24/25 | 3,000,000 | 3,197,391 | ||||||
Neuberger Berman Group LLC | 1,550,000 | 1,426,107 | ||||||
Och-Ziff Finance Co LLC | 4,000,000 | 4,071,740 | ||||||
Piedmont Operating Partnership LP REIT | 5,100,000 | 5,208,543 | ||||||
Prudential Financial Inc | 2,500,000 | 2,465,625 | ||||||
Senior Housing Properties Trust REIT | 3,000,000 | 3,013,752 | ||||||
Synchrony Financial | 3,500,000 | 3,540,590 | ||||||
The Goldman Sachs Group Inc | 6,000,000 | 6,048,708 | ||||||
TIAA Asset Management Finance Co LLC | 2,850,000 | 2,911,845 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-7
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
Ventas Realty LP REIT | $2,450,000 | $2,373,357 | ||||||
WEA Finance LLC (Australia) | 3,000,000 | 2,959,746 | ||||||
Welltower Inc REIT | 3,000,000 | 3,006,336 | ||||||
|
| |||||||
120,015,355 | ||||||||
|
| |||||||
Health Care - 3.4% | ||||||||
AbbVie Inc | 1,700,000 | 1,682,495 | ||||||
Actavis Funding SCS | 2,000,000 | 2,007,244 | ||||||
Biogen Inc | 2,800,000 | 2,837,604 | ||||||
Gilead Sciences Inc | 1,800,000 | 1,813,023 | ||||||
HCA Inc | 3,500,000 | 3,823,750 | ||||||
Laboratory Corp of America Holdings | 2,500,000 | 2,278,808 | ||||||
Valeant Pharmaceuticals International | 2,000,000 | 1,993,750 | ||||||
Valeant Pharmaceuticals International Inc | 1,425,000 | 1,388,484 | ||||||
Zimmer Biomet Holdings Inc | 4,500,000 | 4,417,151 | ||||||
|
| |||||||
22,242,309 | ||||||||
|
| |||||||
Industrials - 12.5% | ||||||||
Air Canada Pass-Through Trust ‘A’ (Canada) | 5,106,522 | 5,146,353 | ||||||
Air Lease Corp | ||||||||
3.875% due 04/01/21 | 5,500,000 | 5,582,500 | ||||||
4.250% due 09/15/24 | 3,000,000 | 2,947,500 | ||||||
American Airlines Pass-Through Trust ‘AA’ | 3,100,000 | 3,111,470 | ||||||
American Airlines Pass-Through Trust ‘B’ | ||||||||
3.700% due 11/01/24 | 1,600,000 | 1,574,000 | ||||||
4.375% due 04/01/24 | 906,208 | 909,198 | ||||||
British Airways Pass-Through Trust ‘A’ (United Kingdom) | 2,840,268 | 2,978,731 | ||||||
British Airways Pass-Through Trust ‘B’ (United Kingdom) | 4,327,831 | 4,565,862 | ||||||
Continental Airlines Pass-Through Trust ‘A’ | 3,226,507 | 3,269,742 | ||||||
Delta Air Lines Pass-Through Trust ‘A’ | ||||||||
4.750% due 11/07/21 | 5,821,971 | 6,146,837 | ||||||
4.950% due 11/23/20 | 1,229,755 | 1,301,450 | ||||||
Delta Air Lines Pass-Through Trust ‘AA’ | 600,000 | 605,250 | ||||||
Hawaiian Airlines Pass-Through Certificates ‘A’ | 2,335,108 | 2,300,315 | ||||||
HD Supply Inc | 2,000,000 | 2,017,500 | ||||||
International Lease Finance Corp | 4,000,000 | 4,414,440 | ||||||
Latam Airlines Pass-Through Trust ‘A’ (Chile) | 4,000,000 | 3,860,000 | ||||||
Owens Corning | ||||||||
4.200% due 12/15/22 | 3,500,000 | 3,552,385 | ||||||
4.200% due 12/01/24 | 1,750,000 | 1,742,419 | ||||||
Penske Truck Leasing Co LP | ||||||||
3.375% due 02/01/22 ~ | 3,000,000 | 2,937,033 | ||||||
4.250% due 01/17/23 ~ | 3,500,000 | 3,575,684 | ||||||
The ADT Corp | 3,500,000 | 3,626,875 | ||||||
United Airlines Pass-Through Trust ‘B’ | 5,550,000 | 5,588,850 |
Principal |
| |||||||
United Rentals North America Inc | $2,800,000 | $2,723,000 | ||||||
US Airways Pass-Through Trust ‘A’ | 3,246,084 | 3,408,388 | ||||||
Virgin Australia Trust (Australia) | 2,356,912 | 2,453,074 | ||||||
|
| |||||||
80,338,856 | ||||||||
|
| |||||||
Information Technology - 1.9% | ||||||||
Arrow Electronics Inc | 3,000,000 | 2,969,271 | ||||||
CommScope Inc | 1,200,000 | 1,194,000 | ||||||
Hewlett Packard Enterprise Co | 6,000,000 | 5,983,500 | ||||||
NetApp Inc | 2,200,000 | 2,171,319 | ||||||
|
| |||||||
12,318,090 | ||||||||
|
| |||||||
Materials - 5.0% | ||||||||
ArcelorMittal (Ireland) | 2,000,000 | 1,807,500 | ||||||
Ardagh Packaging Finance PLC (Ireland) | 3,000,000 | 2,895,000 | ||||||
Fibria Overseas Finance Ltd (Brazil) | 1,450,000 | 1,399,250 | ||||||
Freeport-McMoRan Inc | 4,000,000 | 2,980,000 | ||||||
Glencore Funding LLC (Switzerland) | ||||||||
2.125% due 04/16/18 ~ | 2,400,000 | 2,065,224 | ||||||
4.125% due 05/30/23 ~ | 7,000,000 | 5,516,721 | ||||||
Novelis Inc | 1,000,000 | 971,249 | ||||||
Reliance Steel & Aluminum Co | 3,850,000 | 3,655,694 | ||||||
Samarco Mineracao SA (Brazil) | 3,000,000 | 2,557,500 | ||||||
Southern Copper Corp (Peru) | 2,000,000 | 1,522,980 | ||||||
Tronox Finance LLC | 3,500,000 | 2,240,000 | ||||||
Vale SA (Brazil) | 2,000,000 | 1,400,940 | ||||||
Yamana Gold Inc (Canada) | 3,600,000 | 3,223,469 | ||||||
|
| |||||||
32,235,527 | ||||||||
|
| |||||||
Telecommunication Services - 3.0% | ||||||||
AT&T Inc | 2,400,000 | 2,208,878 | ||||||
CC Holdings GS V LLC | 3,350,000 | 3,344,787 | ||||||
Frontier Communications Corp | 475,000 | 466,688 | ||||||
Hughes Satellite Systems Corp | 3,120,000 | 3,361,644 | ||||||
Verizon Communications Inc | ||||||||
3.500% due 11/01/24 | 4,500,000 | 4,444,812 | ||||||
5.150% due 09/15/23 | 5,000,000 | 5,525,175 | ||||||
|
| |||||||
19,351,984 | ||||||||
|
| |||||||
Utilities - 3.0% | ||||||||
Calpine Corp | 2,000,000 | 2,150,000 | ||||||
Dynegy Inc | 3,600,000 | 3,627,000 | ||||||
Exelon Corp | 5,000,000 | 5,129,145 | ||||||
Jersey Central Power & Light Co | 4,500,000 | 4,719,326 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-8
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
NRG Energy Inc | $2,000,000 | $1,850,000 | ||||||
Talen Energy Supply LLC | 2,000,000 | 1,722,500 | ||||||
|
| |||||||
19,197,971 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 403,193,810 | |||||||
|
| |||||||
SENIOR LOAN NOTES - 19.8% | ||||||||
Consumer Discretionary - 7.9% | ||||||||
Caesars Entertainment Resort Properties LLC Term B | 3,942,437 | 3,686,178 | ||||||
Cequel Communications LLC | 2,984,160 | 2,965,497 | ||||||
Charter Communications Operating LLC Term H | 3,000,000 | 2,991,876 | ||||||
ClubCorp Club Operations Inc Term B | 4,462,890 | 4,479,626 | ||||||
Dollar Tree Inc Term B-1 | 3,759,494 | 3,767,701 | ||||||
Federal-Mogul Corp Tranche C | 1,960,000 | 1,869,350 | ||||||
Hilton Worldwide | 2,155,748 | 2,156,647 | ||||||
Interactive Data Corp | 1,728,125 | 1,726,829 | ||||||
Las Vegas Sands LLC Term B | 3,930,000 | 3,910,896 | ||||||
Leonardo Acquisition Corp (1st Lien) | 1,470,050 | 1,469,131 | ||||||
Michaels Stores Inc | 4,461,203 | 4,467,226 | ||||||
New Red Finance Inc Term B-2 (Canada) | 3,406,802 | 3,405,268 | ||||||
Petsmart Inc Tranche B-1 | 3,990,000 | 3,989,585 | ||||||
Seminole Tribe of Florida | 2,925,363 | 2,925,959 | ||||||
Spin Holdco Inc (1st Lien) | 3,453,863 | 3,408,099 | ||||||
The Brickman Group Ltd LLC (1st Lien) | 1,984,886 | 1,961,729 | ||||||
The Goodyear Tire & Rubber Co (2nd Lien) | 1,666,667 | 1,672,635 | ||||||
|
| |||||||
50,854,232 | ||||||||
|
| |||||||
Consumer Staples - 1.2% | ||||||||
Albertson’s LLC | ||||||||
Term B-2 | ||||||||
5.375% due 03/21/19 § | 1,949,183 | 1,952,062 | ||||||
Term B-4 | ||||||||
5.500% due 08/25/21 § | 992,677 | 994,820 | ||||||
BJ’s Wholesale Club Inc (1st Lien) | 2,920,595 | 2,909,809 | ||||||
Smart & Final Inc (1st Lien) | 1,662,246 | 1,658,090 | ||||||
|
| |||||||
7,514,781 | ||||||||
|
| |||||||
Financials - 1.9% | ||||||||
Amwins Group LLC (1st Lien) | 2,939,636 | 2,953,176 | ||||||
First Data Corp | ||||||||
Term B | ||||||||
3.696% due 09/24/18 § | 2,500,000 | 2,483,073 | ||||||
Term C-1 | ||||||||
3.696% due 03/23/18 § | 2,500,000 | 2,482,227 |
Principal |
| |||||||
HUB International Ltd | $2,945,150 | $2,885,018 | ||||||
Realogy Corp Term B | 1,462,697 | 1,462,690 | ||||||
|
| |||||||
12,266,184 | ||||||||
|
| |||||||
Health Care - 1.7% | ||||||||
CHS/Community Health Systems Inc Term H | 4,987,500 | 4,997,889 | ||||||
Iasis Healthcare LLC Term B-2 | 2,977,041 | 2,983,864 | ||||||
Par Pharmaceutical Inc | 2,500,000 | 2,501,562 | ||||||
Pharmaceutical Product Development Inc | 249,375 | 247,790 | ||||||
|
| |||||||
10,731,105 | ||||||||
|
| |||||||
Industrials - 3.1% | ||||||||
AlixPartners LLP | 1,500,000 | 1,500,234 | ||||||
Gates Global LLC | 1,848,023 | 1,758,511 | ||||||
HD Supply Inc | 1,500,000 | 1,495,312 | ||||||
Rexnord LLC Term B | 4,914,811 | 4,883,214 | ||||||
Sensata Technologies BV (Netherlands) | 1,226,265 | 1,226,602 | ||||||
Transdigm Inc | ||||||||
Tranche D | ||||||||
3.750% due 06/04/21 § | 2,962,500 | 2,937,505 | ||||||
Tranche E | ||||||||
3.500% due 05/16/22 § | 1,990,481 | 1,966,223 | ||||||
Univar Inc | 4,000,000 | 3,944,376 | ||||||
|
| |||||||
19,711,977 | ||||||||
|
| |||||||
Information Technology - 0.5% | ||||||||
Avago Technologies Cayman Ltd | 2,575,550 | 2,576,921 | ||||||
Freescale Semiconductor Inc Tranche B-4 | 997,462 | 997,381 | ||||||
|
| |||||||
3,574,302 | ||||||||
|
| |||||||
Materials - 2.1% | ||||||||
Ardagh Holdings USA Inc | 2,977,330 | 2,970,631 | ||||||
BWay Intermediate Co Inc | 2,962,500 | 2,956,021 | ||||||
FMG Resources Property Ltd (Australia) | 4,366,673 | 3,591,588 | ||||||
Nexeo Solutions LLC Term B-3 | 994,937 | 953,895 | ||||||
Novelis Inc | 2,992,500 | 2,959,146 | ||||||
|
| |||||||
13,431,281 | ||||||||
|
| |||||||
Telecommunication Services - 1.4% | ||||||||
Level 3 Financing Inc | ||||||||
Tranche B | ||||||||
4.000% due 01/15/20 § | 2,500,000 | 2,497,187 | ||||||
Tranche B-III | ||||||||
4.000% due 08/01/19 § | 2,500,000 | 2,500,000 | ||||||
Zayo Group LLC | 3,974,916 | 3,957,029 | ||||||
|
| |||||||
8,954,216 | ||||||||
|
| |||||||
Total Senior Loan Notes | 127,038,078 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-9
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
MORTGAGE-BACKED SECURITIES - 0.5% | ||||||||
Collateralized Mortgage Obligations - Commercial - 0.5% |
| |||||||
Hilton USA Trust | $1,478,198 | $1,476,729 | ||||||
Hyatt Hotel Portfolio Trust | 1,550,000 | 1,559,363 | ||||||
|
| |||||||
Total Mortgage-Backed Securities | 3,036,092 | |||||||
|
| |||||||
ASSET-BACKED SECURITIES - 1.3% | ||||||||
Carlyle Global Market Strategies CLO Ltd (Cayman) | 1,500,000 | 1,495,688 | ||||||
3.445% due 07/27/26 " § ~ | 1,500,000 | 1,486,751 | ||||||
Madison Park Funding VIII Ltd (Cayman) | 2,500,000 | 2,492,707 | ||||||
Race Point VI CLO Ltd (Cayman) | 1,500,000 | 1,492,412 | ||||||
3.439% due 05/24/23 " § ~ | 1,500,000 | 1,504,105 | ||||||
|
| |||||||
Total Asset-Backed Securities | 8,471,663 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY ISSUES - 0.8% |
| |||||||
Fannie Mae | 5,000,000 | 5,132,445 | ||||||
|
| |||||||
Total U.S. Government Agency Issues | 5,132,445 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 8.4% | ||||||||
U.S. Treasury Bonds - 0.9% |
| |||||||
2.875% due 08/15/45 | 6,000,000 | 6,001,872 | ||||||
|
| |||||||
U.S. Treasury Notes - 7.5% | ||||||||
0.625% due 10/15/16 | 4,500,000 | 4,510,751 | ||||||
0.625% due 02/15/17 | 3,000,000 | 3,006,231 | ||||||
0.750% due 03/15/17 | 4,500,000 | 4,516,200 | ||||||
1.250% due 01/31/19 | 4,500,000 | 4,530,969 | ||||||
1.375% due 07/31/18 | 4,500,000 | 4,561,700 | ||||||
1.375% due 09/30/18 | 4,000,000 | 4,053,048 | ||||||
1.500% due 10/31/19 | 4,000,000 | 4,045,600 | ||||||
2.000% due 10/31/21 | 4,000,000 | 4,084,480 | ||||||
2.125% due 09/30/21 | 3,000,000 | 3,087,813 | ||||||
2.125% due 12/31/21 | 4,000,000 | 4,109,296 | ||||||
2.250% due 11/15/24 | 4,500,000 | 4,586,688 | ||||||
2.375% due 08/15/24 | 3,000,000 | 3,091,425 | ||||||
|
| |||||||
48,184,201 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations | 54,186,073 | |||||||
|
|
Principal |
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 2.4% |
| |||||||
Chile Government (Chile) | $4,000,000 | $3,850,000 | ||||||
Mexico Government (Mexico) | ||||||||
3.500% due 01/21/21 | 2,000,000 | 2,040,000 | ||||||
3.625% due 03/15/22 | 2,000,000 | 2,023,000 | ||||||
Province of Ontario (Canada) | 3,000,000 | 3,000,777 | ||||||
Republic of Korea (South Korea) | 4,000,000 | 4,369,400 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes | 15,283,177 | |||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 4.0% | ||||||||
Money Market Fund - 4.0% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 25,805,853 | 25,805,853 | ||||||
|
| |||||||
Total Short-Term Investment | 25,805,853 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.9% | 642,147,191 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% | 466,542 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $642,613,733 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 62.7% | |||
Senior Loan Notes | 19.8% | |||
U.S. Treasury Obligations | 8.4% | |||
Short-Term Investment | 4.0% | |||
Other (each less than 3.0%) | 5.0% | |||
|
| |||
99.9% | ||||
Other Assets & Liabilities, Net | 0.1% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-10
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(b) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $403,193,810 | $— | $403,193,810 | $— | |||||||||||||
Senior Loan Notes | 127,038,078 | — | 127,038,078 | — | ||||||||||||||
Mortgage-Backed Securities | 3,036,092 | — | 3,036,092 | — | ||||||||||||||
Asset-Backed Securities | 8,471,663 | — | 8,471,663 | — | ||||||||||||||
U.S. Government Agency Issues | 5,132,445 | — | 5,132,445 | — | ||||||||||||||
U.S. Treasury Obligations | 54,186,073 | — | 54,186,073 | — | ||||||||||||||
Foreign Government Bonds & Notes | 15,283,177 | — | 15,283,177 | — | ||||||||||||||
Short-Term Investment | 25,805,853 | 25,805,853 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $642,147,191 | $25,805,853 | $616,341,338 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-11
PACIFIC FUNDS
PACIFIC FUNDSSM STRATEGIC INCOME
Schedule of Investments
September 30, 2015 (Unaudited)
Shares | | |||||||
COMMON STOCKS - 2.5% | ||||||||
Consumer Discretionary - 1.2% | ||||||||
Cedar Fair LP | 7,400 | $389,314 | ||||||
Las Vegas Sands Corp | 6,365 | 241,679 | ||||||
Lennar Corp ‘A’ | 8,495 | 408,864 | ||||||
MGM Resorts International * | 21,760 | 401,472 | ||||||
Mohawk Industries Inc * | 2,600 | 472,654 | ||||||
Six Flags Entertainment Corp | 9,167 | 419,665 | ||||||
Standard Pacific Corp * | 50,570 | 404,560 | ||||||
|
| |||||||
2,738,208 | ||||||||
|
| |||||||
Energy - 0.2% | ||||||||
Kinder Morgan Inc | 7,210 | 199,573 | ||||||
Sunoco LP | 8,860 | 299,911 | ||||||
|
| |||||||
499,484 | ||||||||
|
| |||||||
Financials - 0.1% | ||||||||
Bank of America Corp | 16,130 | 251,305 | ||||||
|
| |||||||
251,305 | ||||||||
|
| |||||||
Industrials - 0.5% | ||||||||
Air Lease Corp | 13,770 | 425,768 | ||||||
The Boeing Co | 2,695 | 352,910 | ||||||
United Rentals Inc * | 6,700 | 402,335 | ||||||
|
| |||||||
1,181,013 | ||||||||
|
| |||||||
Materials - 0.4% | ||||||||
Freeport-McMoRan Inc | 8,100 | 78,489 | ||||||
Louisiana-Pacific Corp * | 23,800 | 338,912 | ||||||
Reliance Steel & Aluminum Co | 7,540 | 407,235 | ||||||
|
| |||||||
824,636 | ||||||||
|
| |||||||
Utilities - 0.1% | ||||||||
NRG Energy Inc | 17,400 | 258,390 | ||||||
|
| |||||||
Total Common Stocks | 5,753,036 | |||||||
|
| |||||||
CLOSED-END MUTUAL FUNDS - 1.4% | ||||||||
Eaton Vance Senior Income Trust | 158,421 | 929,931 | ||||||
First Trust Senior Floating Rate Income Fund II | 53,883 | 677,848 | ||||||
Invesco Senior Income Trust | 205,430 | 858,697 | ||||||
Voya Prime Rate Trust | 173,494 | 877,880 | ||||||
|
| |||||||
3,344,356 | ||||||||
|
| |||||||
Total Closed-End Mutual Funds | 3,344,356 | |||||||
|
| |||||||
Principal | ||||||||
CORPORATE BONDS & NOTES - 76.9% | ||||||||
Consumer Discretionary - 12.9% | ||||||||
24 Hour Holdings III LLC | $400,000 | 310,000 | ||||||
99 Cents Only Stores LLC | 500,000 | 300,000 | ||||||
Beazer Homes USA Inc | ||||||||
5.750% due 06/15/19 | 1,040,000 | 980,200 | ||||||
7.250% due 02/01/23 | 400,000 | 369,000 | ||||||
7.500% due 09/15/21 | 650,000 | 625,625 | ||||||
Boyd Gaming Corp | 750,000 | 765,000 | ||||||
Caesars Entertainment Operating Co Inc | ||||||||
9.000% due 02/15/20 * W | 250,000 | 206,250 | ||||||
11.250% due 06/01/17 * W | 100,000 | 80,500 |
Principal | | |||||||
Caesars Entertainment Resort Properties LLC | ||||||||
8.000% due 10/01/20 | $ 600,000 | $ 573,000 | ||||||
11.000% due 10/01/21 | 100,000 | 91,250 | ||||||
Caesars Growth Properties Holdings LLC | 800,000 | 630,000 | ||||||
Carrols Restaurant Group Inc | 750,000 | 793,125 | ||||||
CCO Safari II LLC | 1,800,000 | 1,788,431 | ||||||
CEC Entertainment Inc | 500,000 | 495,000 | ||||||
Cedar Fair LP | 1,050,000 | 1,068,375 | ||||||
DISH DBS Corp | 1,151,000 | 1,018,635 | ||||||
Greektown Holdings LLC | 400,000 | 412,000 | ||||||
iHeartCommunications Inc | 100,000 | 53,375 | ||||||
Jo-Ann Stores Inc | 1,500,000 | 1,395,000 | ||||||
Landry’s Holdings II Inc | 250,000 | 256,875 | ||||||
Landry’s Inc | 100,000 | 107,125 | ||||||
Lennar Corp | 1,000,000 | 975,800 | ||||||
Live Nation Entertainment Inc | 750,000 | 738,750 | ||||||
Marriott International Inc | 2,000,000 | 2,011,186 | ||||||
MGM Resorts International | ||||||||
6.750% due 10/01/20 | 1,150,000 | 1,193,125 | ||||||
7.750% due 03/15/22 | 500,000 | 534,375 | ||||||
Mohawk Industries Inc | 480,000 | 487,818 | ||||||
Neiman Marcus Group Ltd LLC | ||||||||
8.000% due 10/15/21 ~ | 400,000 | 414,000 | ||||||
8.750% PIK due 10/15/21 ~ | 900,000 | 931,500 | ||||||
Neptune Finco Corp (Netherlands) | ||||||||
6.625% due 10/15/25 ~ | 200,000 | 201,500 | ||||||
10.125% due 01/15/23 ~ | 400,000 | 404,500 | ||||||
10.875% due 10/15/25 ~ | 400,000 | 405,000 | ||||||
New Red Finance Inc (Canada) | 1,150,000 | 1,127,230 | ||||||
NPC International Inc | 400,000 | 418,000 | ||||||
Party City Holdings Inc | 850,000 | 860,625 | ||||||
Penn National Gaming Inc | 450,000 | 456,188 | ||||||
Signet UK Finance PLC | 1,150,000 | 1,163,816 | ||||||
Six Flags Entertainment Corp | 1,750,000 | 1,758,750 | ||||||
Standard Pacific Corp | ||||||||
6.250% due 12/15/21 | 415,000 | 445,088 | ||||||
8.375% due 01/15/21 | 500,000 | 590,000 | ||||||
The Ryland Group Inc | 750,000 | 819,375 | ||||||
Wyndham Worldwide Corp | 350,000 | 337,307 | ||||||
5.625% due 03/01/21 | 1,250,000 | 1,361,680 | ||||||
|
| |||||||
29,954,379 | ||||||||
|
| |||||||
Consumer Staples - 4.2% |
| |||||||
Albertson’s Holdings LLC | 142,000 | 152,693 | ||||||
Beverages & More Inc | 550,000 | 530,062 | ||||||
CVS Health Corp | 1,000,000 | 1,033,556 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-12
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal | | |||||||
JBS Investments GmbH (Brazil) | $700,000 | $721,000 | ||||||
JBS USA LLC (Brazil) | ||||||||
5.750% due 06/15/25 ~ | 500,000 | 460,000 | ||||||
7.250% due 06/01/21 ~ | 250,000 | 260,625 | ||||||
Reynolds American Inc (New Zealand) | 1,500,000 | 1,573,200 | ||||||
Reynolds Group Issuer Inc (New Zealand) | ||||||||
5.750% due 10/15/20 | 1,000,000 | 1,012,500 | ||||||
8.250% due 02/15/21 | 2,469,000 | 2,475,173 | ||||||
9.875% due 08/15/19 | 209,000 | 216,707 | ||||||
Rite Aid Corp | 1,250,000 | 1,284,375 | ||||||
|
| |||||||
9,719,891 | ||||||||
|
| |||||||
Energy - 7.2% |
| |||||||
Crestwood Midstream Partners LP | ||||||||
6.000% due 12/15/20 | 750,000 | 676,875 | ||||||
6.125% due 03/01/22 | 250,000 | 217,675 | ||||||
Energy Transfer Partners LP | ||||||||
4.050% due 03/15/25 | 1,200,000 | 1,057,736 | ||||||
4.750% due 01/15/26 | 500,000 | 461,148 | ||||||
Ensco PLC | 1,000,000 | 762,676 | ||||||
Hiland Partners LP | ||||||||
5.500% due 05/15/22 ~ | 50,000 | 48,969 | ||||||
7.250% due 10/01/20 ~ | 550,000 | 580,938 | ||||||
Kinder Morgan Energy Partners LP | 1,750,000 | 1,593,877 | ||||||
Linn Energy LLC | ||||||||
6.500% due 05/15/19 | 750,000 | 210,000 | ||||||
6.500% due 09/15/21 | 200,000 | 42,500 | ||||||
MarkWest Energy Partners LP | 750,000 | 691,725 | ||||||
MEG Energy Corp (Canada) | 1,250,000 | 1,031,250 | ||||||
Noble Holding International Ltd | 1,250,000 | 866,931 | ||||||
Petrobras Global Finance BV (Brazil) | ||||||||
4.875% due 03/17/20 | 500,000 | 367,500 | ||||||
5.375% due 01/27/21 | 500,000 | 366,100 | ||||||
Sabine Pass Liquefaction LLC | ||||||||
5.625% due 02/01/21 | 1,500,000 | 1,398,750 | ||||||
5.625% due 03/01/25 ~ | 1,075,000 | 950,031 | ||||||
Sabine Pass LNG LP | 150,000 | 145,875 | ||||||
Sanchez Energy Corp | ||||||||
6.125% due 01/15/23 | 150,000 | 101,250 | ||||||
7.750% due 06/15/21 | 500,000 | 372,500 | ||||||
Seadrill Ltd (Norway) | 550,000 | 429,000 | ||||||
Summit Midstream Holdings LLC | 750,000 | 648,750 | ||||||
Sunoco Finance Corp | 575,000 | 569,250 | ||||||
The Williams Cos Inc | ||||||||
3.700% due 01/15/23 | 2,250,000 | 1,748,018 | ||||||
4.550% due 06/24/24 | 1,650,000 | 1,311,039 | ||||||
|
| |||||||
16,650,363 | ||||||||
|
| |||||||
Financials - 15.9% |
| |||||||
AerCap Ireland Capital Ltd (Netherlands) | 250,000 | 255,625 | ||||||
American Tower Corp REIT | 860,000 | 905,628 | ||||||
Ares Capital Corp | 800,000 | 827,180 | ||||||
Bank of America Corp | 1,000,000 | 1,000,012 | �� |
Principal | | |||||||
CBL & Associates LP REIT | $1,500,000 | $1,469,706 | ||||||
Citigroup Inc | 1,500,000 | 1,512,183 | ||||||
Columbia Property Trust Operating Partnership LP REIT | 850,000 | 841,265 | ||||||
E*TRADE Financial Corp | 1,150,000 | 1,221,875 | ||||||
ESH Hospitality Inc REIT | 800,000 | 790,000 | ||||||
First Data Corp | ||||||||
5.375% due 08/15/23 ~ | 900,000 | 893,250 | ||||||
11.750% due 08/15/21 | 1,000,000 | 1,112,500 | ||||||
General Motors Financial Co Inc | ||||||||
3.200% due 07/13/20 | 550,000 | 543,911 | ||||||
4.375% due 09/25/21 | 1,500,000 | 1,531,672 | ||||||
HCP Inc REIT | ||||||||
3.400% due 02/01/25 | 1,350,000 | 1,267,427 | ||||||
4.000% due 06/01/25 | 1,000,000 | 984,623 | ||||||
Host Hotels & Resorts LP REIT | ||||||||
3.750% due 10/15/23 | 1,000,000 | 980,818 | ||||||
4.750% due 03/01/23 | 750,000 | 790,505 | ||||||
Jefferies Finance LLC | ||||||||
6.875% due 04/15/22 ~ | 500,000 | 457,500 | ||||||
7.375% due 04/01/20 ~ | 750,000 | 726,600 | ||||||
7.500% due 04/15/21 ~ | 500,000 | 469,375 | ||||||
JPMorgan Chase & Co | ||||||||
3.875% due 09/10/24 | 2,100,000 | 2,084,649 | ||||||
4.250% due 10/01/27 | 1,000,000 | 998,721 | ||||||
Kilroy Realty LP REIT | 1,400,000 | 1,416,101 | ||||||
McGraw Hill Financial Inc | 1,950,000 | 1,986,428 | ||||||
Morgan Stanley | ||||||||
3.950% due 04/23/27 | 2,000,000 | 1,931,494 | ||||||
5.000% due 11/24/25 | 1,000,000 | 1,065,797 | ||||||
Och-Ziff Finance Co LLC | 1,500,000 | 1,526,902 | ||||||
Ocwen Financial Corp | 450,000 | 405,000 | ||||||
Outfront Media Capital LLC | ||||||||
5.250% due 02/15/22 | 1,300,000 | 1,301,625 | ||||||
5.875% due 03/15/25 | 300,000 | 306,375 | ||||||
Senior Housing Properties Trust REIT | ||||||||
4.750% due 05/01/24 | 500,000 | 502,292 | ||||||
6.750% due 04/15/20 | 1,000,000 | 1,125,299 | ||||||
6.750% due 12/15/21 | 250,000 | 286,820 | ||||||
Synchrony Financial | 1,500,000 | 1,515,276 | ||||||
The Howard Hughes Corp | 1,750,000 | 1,786,575 | ||||||
|
| |||||||
36,821,009 | ||||||||
|
| |||||||
Health Care - 3.9% |
| |||||||
Alere Inc | 825,000 | 839,438 | ||||||
CHS/Community Health Systems Inc | ||||||||
6.875% due 02/01/22 | 900,000 | 921,339 | ||||||
7.125% due 07/15/20 | 400,000 | 417,000 | ||||||
8.000% due 11/15/19 | 250,000 | 260,781 | ||||||
Hill-Rom Holdings Inc | 150,000 | 151,125 | ||||||
Jaguar Holding Co II | 425,000 | 414,375 | ||||||
Prospect Medical Holdings Inc | 500,000 | 523,750 | ||||||
Quintiles Transnational Corp | 750,000 | 744,375 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-13
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal | | |||||||
Surgical Care Affiliates Inc | $825,000 | $820,875 | ||||||
Tenet Healthcare Corp | ||||||||
5.000% due 03/01/19 | 250,000 | 242,812 | ||||||
6.750% due 06/15/23 | 900,000 | 895,500 | ||||||
8.125% due 04/01/22 | 400,000 | 426,160 | ||||||
Valeant Pharmaceuticals International Inc | ||||||||
5.375% due 03/15/20 ~ | 750,000 | 730,781 | ||||||
5.500% due 03/01/23 ~ | 1,600,000 | 1,520,000 | ||||||
6.125% due 04/15/25 ~ | 50,000 | 48,020 | ||||||
|
| |||||||
8,956,331 | ||||||||
|
| |||||||
Industrials - 13.4% |
| |||||||
AAF Holdings LLC | 505,763 | 500,705 | ||||||
Ahern Rentals Inc | 1,000,000 | 875,000 | ||||||
Air Canada Pass-Through Trust ‘B’ (Canada) | 1,050,000 | 1,017,188 | ||||||
Air Canada Pass-Through Trust ‘C’ (Canada) | 750,000 | 729,375 | ||||||
Air Lease Corp | ||||||||
3.750% due 02/01/22 | 1,750,000 | 1,743,395 | ||||||
4.250% due 09/15/24 | 1,000,000 | 982,500 | ||||||
Avation Capital SA (United Kingdom) | 500,000 | 485,000 | ||||||
British Airways Pass-Through Trust ‘B’ (United Kingdom) | 1,290,027 | 1,360,978 | ||||||
Fortune Brands Home & Security Inc | 2,000,000 | 2,020,038 | ||||||
HD Supply Inc | ||||||||
7.500% due 07/15/20 | 2,000,000 | 2,090,000 | ||||||
11.500% due 07/15/20 | 1,500,000 | 1,702,500 | ||||||
International Lease Finance Corp (Netherlands) | 1,950,000 | 2,081,625 | ||||||
Modular Space Corp | 550,000 | 385,000 | ||||||
Nortek Inc | 1,495,000 | 1,577,225 | ||||||
Owens Corning | ||||||||
4.200% due 12/15/22 | 500,000 | 507,483 | ||||||
4.200% due 12/01/24 | 1,350,000 | 1,344,152 | ||||||
9.000% due 06/15/19 | 116,000 | 138,052 | ||||||
Penske Truck Leasing Co LP | 1,500,000 | 1,512,626 | ||||||
Roofing Supply Group LLC | 250,000 | 268,750 | ||||||
StandardAero Aviation Holdings Inc | 525,000 | 522,375 | ||||||
The ADT Corp | 2,050,000 | 2,124,313 | ||||||
TMS International Corp | 450,000 | 420,750 | ||||||
TransDigm Inc | 1,250,000 | 1,197,656 | ||||||
United Airlines Pass-Through Trust ‘B’ | ||||||||
4.625% due 09/03/22 | 500,000 | 505,750 | ||||||
4.750% due 04/11/22 | 150,000 | 151,050 | ||||||
United Rentals North America Inc | ||||||||
4.625% due 07/15/23 | 1,750,000 | 1,701,875 | ||||||
5.500% due 07/15/25 | 100,000 | 93,875 | ||||||
Univar Inc | 800,000 | 746,000 | ||||||
USG Corp | 1,250,000 | 1,303,125 | ||||||
ZF North America Capital Inc (Germany) | 850,000 | 806,438 | ||||||
|
| |||||||
30,894,799 | ||||||||
|
|
Principal | | |||||||
Information Technology - 1.8% |
| |||||||
Audatex North America Inc | $ 1,100,000 | $ 1,109,625 | ||||||
Blackboard Inc | 575,000 | 485,875 | ||||||
Commscope Technologies Finance LLC | 625,000 | 601,175 | ||||||
Infor Software Parent LLC | 800,000 | 707,000 | ||||||
Infor US Inc | 250,000 | 230,000 | ||||||
NXP BV (Netherlands) | 1,000,000 | 1,005,000 | ||||||
|
| |||||||
4,138,675 | ||||||||
|
| |||||||
Materials - 13.1% |
| |||||||
AK Steel Corp | ||||||||
7.625% due 05/15/20 | 1,300,000 | 711,750 | ||||||
8.375% due 04/01/22 | 400,000 | 203,889 | ||||||
ArcelorMittal (Luxembourg) | ||||||||
5.125% due 06/01/20 | 600,000 | 544,560 | ||||||
7.750% due 10/15/39 | 250,000 | 205,000 | ||||||
10.600% due 06/01/19 | 500,000 | 541,875 | ||||||
Ardagh Finance Holdings SA (Luxembourg) | 1,262,202 | 1,296,912 | ||||||
Ardagh Packaging Finance PLC (Luxembourg) | ||||||||
6.250% due 01/31/19 ~ | 1,000,000 | 1,000,000 | ||||||
6.750% due 01/31/21 ~ | 1,000,000 | 1,007,500 | ||||||
7.000% due 11/15/20 ~ | 167,647 | 168,485 | ||||||
Berry Plastics Corp | ||||||||
5.125% due 07/15/23 | 1,550,000 | 1,468,625 | ||||||
6.000% due 10/15/22 # ~ | 275,000 | 277,063 | ||||||
Beverage Packaging Holdings Luxembourg II SA (New Zealand) | 1,100,000 | 1,080,750 | ||||||
BWAY Holding Co | 1,650,000 | 1,600,500 | ||||||
Constellium NV (Netherlands) | 500,000 | 445,000 | ||||||
Coveris Holdings SA (Luxembourg) | 1,250,000 | 1,190,625 | ||||||
Fibria Overseas Finance Ltd (Brazil) | 500,000 | 482,500 | ||||||
FMG Resources Property Ltd (Australia) | 1,000,000 | 806,250 | ||||||
Freeport-McMoRan Inc | 500,000 | 372,500 | ||||||
4.000% due 11/14/21 | 1,000,000 | 785,000 | ||||||
Glencore Finance Canada Ltd (Switzerland) | 2,150,000 | 1,698,270 | ||||||
Glencore Funding LLC (Switzerland) | 1,750,000 | 1,379,180 | ||||||
Hexion Inc | 750,000 | 641,250 | ||||||
INEOS Group Holdings SA (Switzerland) | 750,000 | 709,688 | ||||||
Mustang Merger Corp | 500,000 | 521,250 | ||||||
Novelis Inc | 1,000,000 | 971,250 | ||||||
8.750% due 12/15/20 | 2,764,000 | 2,674,723 | ||||||
Owens-Brockway Glass Container Inc | 850,000 | 858,500 | ||||||
Samarco Mineracao SA (Brazil) | 500,000 | 426,250 | ||||||
Sappi Papier Holding GmbH (South Africa) | 400,000 | 422,000 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-14
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal | | |||||||
Sealed Air Corp | ||||||||
4.875% due 12/01/22 ~ | $ 1,250,000 | $ 1,240,625 | ||||||
5.125% due 12/01/24 ~ | 100,000 | 98,250 | ||||||
5.500% due 09/15/25 ~ | 550,000 | 559,625 | ||||||
Southern Copper Corp (Peru) | 1,400,000 | 1,138,396 | ||||||
Tronox Finance LLC | 1,300,000 | 832,000 | ||||||
Wise Metals Group LLC (Netherlands) | 1,100,000 | 1,061,500 | ||||||
Wise Metals Intermediate Holdings LLC (Netherlands) | 400,000 | 386,500 | ||||||
Yamana Gold Inc (Canada) | 650,000 | 582,015 | ||||||
|
| |||||||
30,390,056 | ||||||||
|
| |||||||
Telecommunication Services - 3.3% |
| |||||||
Digicel Group Ltd (Jamaica) | 750,000 | 697,500 | ||||||
Frontier Communications Corp | ||||||||
8.875% due 09/15/20 ~ | 350,000 | 343,875 | ||||||
10.500% due 09/15/22 ~ | 300,000 | 292,500 | ||||||
11.000% due 09/15/25 ~ | 300,000 | 291,000 | ||||||
Hughes Satellite Systems Corp | 1,250,000 | 1,343,750 | ||||||
Intelsat Jackson Holdings SA (United Kingdom) | 250,000 | 196,250 | ||||||
7.250% due 10/15/20 | 500,000 | 460,625 | ||||||
Intelsat Luxembourg SA (United Kingdom) | 1,600,000 | 1,046,000 | ||||||
Sprint Communications Inc | ||||||||
6.000% due 11/15/22 | 350,000 | 264,250 | ||||||
7.000% due 08/15/20 | 500,000 | 418,750 | ||||||
Sprint Corp (Japan) | ||||||||
7.250% due 09/15/21 | 2,150,000 | 1,765,688 | ||||||
7.625% due 02/15/25 | 700,000 | 543,813 | ||||||
|
| |||||||
7,664,001 | ||||||||
|
| |||||||
Utilities - 1.2% |
| |||||||
Dynegy Inc | ||||||||
6.750% due 11/01/19 | 500,000 | 503,750 | ||||||
7.625% due 11/01/24 | 800,000 | 812,000 | ||||||
GenOn Energy Inc | 750,000 | 701,250 | ||||||
Talen Energy Supply LLC | 800,000 | 689,000 | ||||||
|
| |||||||
2,706,000 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 177,895,504 | |||||||
|
| |||||||
SENIOR LOAN NOTES - 16.1% | ||||||||
Consumer Discretionary - 6.7% | ||||||||
Caesars Entertainment Resort Properties LLC Term B | 1,240,530 | 1,159,896 | ||||||
CDS US Intermediate Holdings Inc (2nd Lien) | 250,000 | 247,083 | ||||||
CEC Entertainment Inc Term B | 992,469 | 966,830 | ||||||
Cequel Communications Inc | 1,500,000 | 1,490,619 | ||||||
Cirque Du Soleil (1st Lien) | 500,000 | 501,831 | ||||||
iHeartCommunications Inc Tranche D | 500,000 | 416,250 | ||||||
Las Vegas Sands LLC Term B | 1,735,534 | 1,727,098 |
Principal | | |||||||
New Red Finance Inc Term B-2 | $ | 1,994,964 | $ 1,994,067 | |||||
Petsmart Inc Tranche B-1 | 2,000,000 | 1,999,792 | ||||||
Spin Holdco Inc (1st Lien) | 983,806 | 970,771 | ||||||
The Brickman Group Ltd LLC | ||||||||
(1st Lien) | ||||||||
4.000% due 12/18/20 § | 748,101 | 739,373 | ||||||
(2nd Lien) | ||||||||
7.500% due 12/17/21 § | 750,000 | 729,375 | ||||||
The Neiman Marcus Group Inc | 988,709 | 969,890 | ||||||
The Servicemaster Co LLC | 1,490,611 | 1,493,538 | ||||||
|
| |||||||
15,406,413 | ||||||||
|
| |||||||
Consumer Staples - 0.7% |
| |||||||
Albertson’s LLC | ||||||||
Term B-2 | ||||||||
5.375% due 03/21/19 § | 343,973 | 344,481 | ||||||
Term B-4 | ||||||||
5.500% due 08/25/21 § | 496,338 | 497,410 | ||||||
New Albertson’s Inc Term B | 247,500 | 247,469 | ||||||
Reddy Ice Corp Term B (1st Lien) | 587,462 | 492,489 | ||||||
|
| |||||||
1,581,849 | ||||||||
|
| |||||||
Energy - 0.0% |
| |||||||
American Energy - Marcellus LLC (2nd Lien) | 750,000 | 98,750 | ||||||
|
| |||||||
Financials - 0.2% |
| |||||||
ROC Finance LLC Term B | 491,228 | 468,509 | ||||||
|
| |||||||
Health Care - 1.6% |
| |||||||
CHS/Community Health Systems Inc Term H 4.000% due 01/27/21 § | 997,500 | 999,578 | ||||||
Par Pharmaceutical Cos Inc Term B-3 | 1,500,000 | 1,500,938 | ||||||
PharMEDium Healthcare Corp (1st Lien) | 470,278 | 465,771 | ||||||
Surgery Center Holdings Inc | ||||||||
(1st Lien) | ||||||||
5.250% due 11/03/20 § | 496,250 | 496,870 | ||||||
(2nd Lien) | ||||||||
8.500% due 11/03/21 § | 250,000 | 252,656 | ||||||
|
| |||||||
3,715,813 | ||||||||
|
| |||||||
Industrials - 2.9% |
| |||||||
Gates Global LLC | 990,000 | 942,047 | ||||||
GYP Holdings III Corp (1st Lien) | 1,235,612 | 1,209,356 | ||||||
Husky Injection Molding Systems Ltd | 1,241,797 | 1,230,039 | ||||||
Ply Gem Industries Inc | 1,468,805 | 1,457,605 | ||||||
Univar USA | 2,000,000 | 1,972,188 | ||||||
|
| |||||||
6,811,235 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-15
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal | | |||||||
Information Technology - 1.4% |
| |||||||
Activision Blizzard | $ 814,753 | $ 815,828 | ||||||
Avago Technologies Cayman Ltd | 858,517 | 858,974 | ||||||
Freescale Semiconductor Inc Tranche B-4 | 1,496,193 | 1,496,072 | ||||||
|
| |||||||
3,170,874 | ||||||||
|
| |||||||
Materials - 1.7% |
| |||||||
Berry Plastics Corp Term D | 1,500,000 | 1,490,000 | ||||||
BWay Intermediate Co Inc | 987,500 | 985,340 | ||||||
FMG Resources Property Ltd (Australia) | 1,229,317 | 1,011,113 | ||||||
Novelis Inc | 500,000 | 494,427 | ||||||
|
| |||||||
3,980,880 | ||||||||
|
| |||||||
Telecommunication Services - 0.9% |
| |||||||
Zayo Group LLC | 2,000,000 | 1,991,000 | ||||||
|
| |||||||
Total Senior Loan Notes | 37,225,323 | |||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 0.1% | ||||||||
Collateralized Mortgage Obligations - Commercial - 0.1% |
| |||||||
Hilton USA Trust | 246,366 | 246,121 | ||||||
|
| |||||||
Total Mortgage-Backed Securities | 246,121 | |||||||
|
|
Principal | | |||||||
ASSET-BACKED SECURITIES - 0.7% | ||||||||
Carlyle Global Market Strategies CLO Ltd (Cayman) | $ 750,000 | $ 743,376 | ||||||
Race Point VI CLO Ltd (Cayman) | 750,000 | 752,053 | ||||||
|
| |||||||
1,495,429 | ||||||||
|
| |||||||
Total Asset-Backed Securities | 1,495,429 | |||||||
|
| |||||||
| ||||||||
SHORT-TERM INVESTMENT - 5.2% | ||||||||
Money Market Fund - 5.2% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 12,116,577 | 12,116,577 | ||||||
|
| |||||||
Total Short-Term Investment | 12,116,577 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 102.9% | 238,076,346 | |||||||
OTHER ASSETS & LIABILITIES, NET - (2.9%) | (6,728,984 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $231,347,362 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 76.9% | |||
Senior Loan Notes | 16.1% | |||
Short-Term Investment | 5.2% | |||
Others (each less than 3.0%) | 4.7% | |||
|
| |||
102.9% | ||||
Other Assets & Liabilities, Net | (2.9% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Investments with a total aggregate value of $286,750 or 0.1% of the fund’s net assets were in default as of September 30, 2015. |
(c) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks (1) | $5,753,036 | $5,753,036 | $— | $— | |||||||||||||
Closed-End Mutual Funds | 3,344,356 | 3,344,356 | — | — | ||||||||||||||
Corporate Bonds & Notes | 177,895,504 | — | 177,895,504 | — | ||||||||||||||
Senior Loan Notes | 37,225,323 | — | 37,225,323 | — | ||||||||||||||
Mortgage-Backed Securities | 246,121 | — | 246,121 | — | ||||||||||||||
Asset-Backed Securities | 1,495,429 | — | 1,495,429 | — | ||||||||||||||
Short-Term Investment | 12,116,577 | 12,116,577 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $238,076,346 | $21,213,969 | $216,862,377 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-16
PACIFIC FUNDS
PACIFIC FUNDSSM FLOATING RATE INCOME
Schedule of Investments
September 30, 2015 (Unaudited)
Principal | | |||||||
CORPORATE BONDS & NOTES - 1.4% | ||||||||
Consumer Discretionary - 0.5% | ||||||||
Altice US Finance I Corp | $1,075,000 | $1,034,688 | ||||||
NPC International Inc | 2,350,000 | 2,455,750 | ||||||
|
| |||||||
3,490,438 | ||||||||
|
| |||||||
Consumer Staples - 0.3% | ||||||||
Reynolds Group Issuer Inc (New Zealand) | 2,000,000 | 2,022,500 | ||||||
|
| |||||||
Health Care - 0.1% | ||||||||
Tenet Healthcare Corp | 1,200,000 | 1,194,000 | ||||||
|
| |||||||
Industrials - 0.5% | ||||||||
HD Supply Inc | 3,000,000 | 3,026,250 | ||||||
United Rentals North America Inc | 725,000 | 705,063 | ||||||
|
| |||||||
3,731,313 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 10,438,251 | |||||||
|
| |||||||
SENIOR LOAN NOTES - 95.5% | ||||||||
Consumer Discretionary - 27.0% | ||||||||
24 Hour Fitness Worldwide | 4,443,750 | 4,199,344 | ||||||
Affinia Group Inc Tranche B-2 | 5,737,068 | 5,756,792 | ||||||
Caesars Entertainment Resort Properties LLC Term B | 14,677,502 | 13,723,464 | ||||||
Caesars Growth Properties Holdings LLC | 4,443,750 | 3,910,500 | ||||||
CEC Entertainment Inc Term B | 12,151,970 | 11,838,048 | ||||||
Cequel Communications LLC | 2,000,000 | 1,987,492 | ||||||
Charter Communications Operating LLC | ||||||||
Term H | ||||||||
3.250% due 08/24/21 § | 1,000,000 | 997,292 | ||||||
Term I | ||||||||
3.500% due 01/23/23 § | 2,000,000 | 1,990,782 | ||||||
ClubCorp Club Operations Inc Term B | 15,591,636 | 15,650,104 | ||||||
CS Intermediate Holdco 2 LLC | 2,962,500 | 2,949,169 | ||||||
Dollar Tree Inc | ||||||||
3.500% due 07/06/22 § | 3,341,772 | 3,349,067 | ||||||
Term B-2 | ||||||||
4.250% due 07/06/22 § | 5,000,000 | 5,010,575 | ||||||
Federal-Mogul Corp Tranche C | 7,365,000 | 7,024,369 | ||||||
Interactive Data Corp | 4,177,026 | 4,173,893 | ||||||
Jo-Ann Stores Inc Term B | 9,589,550 | 9,475,598 | ||||||
Leonardo Acquisition Corp (1st Lien) | 8,020,742 | 8,015,729 | ||||||
Leslie’s Poolmart Inc Tranche B | 10,961,455 | 10,742,226 |
Principal | | |||||||
Michaels Stores Inc | $1,187,688 | $1,189,292 | ||||||
New Red Finance Inc Term B-2 (Canada) | 7,949,204 | 7,945,626 | ||||||
Nine West Holdings Inc | ||||||||
4.750% due 10/08/19 § | 4,121,100 | 3,441,119 | ||||||
6.250% due 01/08/20 § | 1,250,000 | 714,063 | ||||||
NPC International Inc | 1,484,615 | 1,474,100 | ||||||
Party City Holdings Inc | 2,000,000 | 2,000,834 | ||||||
Petsmart Inc Tranche B-1 | 7,481,250 | 7,480,472 | ||||||
Playa Resorts Holding BV (Netherlands) | 9,318,606 | 9,295,309 | ||||||
Scientific Games Term B-2 | 1,488,750 | 1,473,304 | ||||||
Spin Holdco Inc (1st Lien) | 11,763,618 | 11,607,750 | ||||||
The Brickman Group Ltd LLC | ||||||||
(1st Lien) | ||||||||
4.000% due 12/18/20 § | 6,418,545 | 6,343,660 | ||||||
(2nd Lien) | ||||||||
7.500% due 12/17/21 § | 8,333,333 | 8,104,167 | ||||||
The Men’s Wearhouse Inc Tranche B-1 | 2,000,000 | 2,005,000 | ||||||
The Neiman Marcus Group Inc | 16,706,831 | 16,388,833 | ||||||
The Servicemaster Co LLC | 10,907,450 | 10,928,872 | ||||||
|
| |||||||
201,186,845 | ||||||||
|
| |||||||
Consumer Staples - 9.9% | ||||||||
Albertson’s LLC | ||||||||
5.375% due 03/21/19 § | 7,364,356 | 7,375,234 | ||||||
Term B-3 | ||||||||
5.000% due 08/23/19 § | 2,925,000 | 2,929,206 | ||||||
Term B-4 | ||||||||
5.500% due 08/25/21 § | 12,904,801 | 12,932,662 | ||||||
BJ’s Wholesale Club Inc | 1,951,965 | 1,944,756 | ||||||
New Albertson’s Inc Term B | 6,172,538 | 6,171,766 | ||||||
Performance Food Group Inc (2nd Lien) | 4,887,500 | 4,899,719 | ||||||
Reddy Ice Corp Term B (1st Lien) | 10,250,816 | 8,593,597 | ||||||
Reynolds Group Holdings | 5,000,000 | 5,009,375 | ||||||
Rite Aid Corp Tranche 1 (2nd Lien) | 10,860,930 | 10,996,692 | ||||||
Smart & Final Inc (1st Lien) | 6,427,672 | 6,411,603 | ||||||
US Foods Inc | 6,842,500 | 6,846,749 | ||||||
|
| |||||||
74,111,359 | ||||||||
|
| |||||||
Financials - 8.4% | ||||||||
Alliant Holdings I LLC | 997,500 | 995,006 | ||||||
Amwins Group LLC (1st Lien) | 9,763,246 | 9,808,215 | ||||||
DTZ Worldwide Ltd | 8,478,750 | 8,408,537 | ||||||
First Data Corp | 9,500,000 | 9,470,313 | ||||||
HUB International Ltd | 14,940,599 | 14,635,556 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-17
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal | | |||||||
RE/MAX LLC | $5,962,152 | $5,982,650 | ||||||
USI Inc | 13,251,336 | 13,157,477 | ||||||
|
| |||||||
62,457,754 | ||||||||
|
| |||||||
Health Care - 3.2% | ||||||||
CHS/Community Health Systems Inc | ||||||||
3.750% due 12/31/19 § | 696,305 | 696,740 | ||||||
Term H | ||||||||
4.000% due 01/27/21 § | 1,779,932 | 1,783,640 | ||||||
DJO Finance LLC | 772,280 | 770,349 | ||||||
Hill-Rom Holdings Inc Term B | 1,000,000 | 1,003,900 | ||||||
Par Pharmaceutical Cos Inc Term B-3 | 3,500,000 | 3,502,188 | ||||||
Pharmaceutical Product Development Inc | 6,483,750 | 6,442,552 | ||||||
PharMEDium Healthcare Corp (1st Lien) | 1,218,839 | 1,207,159 | ||||||
Valeant Pharmaceuticals Series F-1 Tranche B | 8,464,981 | 8,388,712 | ||||||
|
| |||||||
23,795,240 | ||||||||
|
| |||||||
Industrials - 30.8% | ||||||||
Accudyne Industries LLC | 5,000,000 | 4,587,500 | ||||||
AlixPartners LLP | 12,750,000 | 12,751,989 | ||||||
Allflex Holdings III Inc | 6,615,000 | 6,532,313 | ||||||
(2nd Lien) | ||||||||
8.000% due 07/19/21 § | 4,405,000 | 4,368,293 | ||||||
Allied Security Holdings LLC | 6,499,475 | 6,462,915 | ||||||
(2nd Lien) | ||||||||
8.000% due 08/13/21 § | 8,126,712 | 8,048,834 | ||||||
Apex Tool Group LLC | 5,606,250 | 5,485,368 | ||||||
Beacon Roofing Supply Term B | 3,500,000 | 3,500,000 | ||||||
Camp International Holding Co (2nd Lien) | 3,102,628 | 3,093,578 | ||||||
Crosby US Acquisition Corp (2nd Lien) | 4,000,000 | 3,400,000 | ||||||
CSC Holdings LLC Term B | 7,000,000 | 6,970,250 | ||||||
Custom Sensors & Technology | 6,632,325 | 6,626,111 | ||||||
EWT Holdings III Corp | ||||||||
(1st Lien) | ||||||||
4.750% due 01/15/21 § | 10,751,163 | 10,697,407 | ||||||
(2nd Lien) | ||||||||
8.500% due 01/15/22 § | 3,250,000 | 3,209,375 | ||||||
Gates Global LLC | 15,072,500 | 14,342,433 | ||||||
GYP Holdings III Corp | 10,623,050 | 10,397,310 | ||||||
(2nd Lien) | ||||||||
7.750% due 04/01/22 § | 5,250,000 | 5,154,844 | ||||||
HD Supply Inc | 2,500,000 | 2,492,188 | ||||||
Husky Injection Molding Systems Ltd | ||||||||
4.250% due 06/30/21 § | 4,672,068 | 4,627,832 | ||||||
(2nd Lien) | ||||||||
7.250% due 06/30/22 § | 795,787 | 783,850 |
Principal | | |||||||
Jeld-Wen Inc Term B-1 | $4,000,000 | $4,000,000 | ||||||
LM US Member LLC | ||||||||
4.750% due 10/25/19 § | 464,886 | 463,724 | ||||||
(1st Lien) | ||||||||
4.750% due 10/25/19 § | 11,713,596 | 11,684,312 | ||||||
(2nd Lien) | ||||||||
8.250% due 01/25/21 § | 8,125,000 | 8,099,609 | ||||||
Ply Gem Industries Inc | 12,454,094 | 12,359,131 | ||||||
Prime Security Services Borrower LLC | 2,000,000 | 2,002,750 | ||||||
Rexnord LLC Term B | 12,003,879 | 11,926,706 | ||||||
Roofing Supply Group LLC | 12,801,494 | 12,817,495 | ||||||
SIG Combibloc Holdings SCA | 4,975,000 | 4,980,184 | ||||||
Transdigm Inc | 10,020,975 | 9,940,185 | ||||||
Tranche D | ||||||||
3.750% due 06/04/21 § | 6,418,750 | 6,364,595 | ||||||
Univar USA | 14,000,000 | 13,805,316 | ||||||
USAGM Holdco LLC (1st Lien) | ||||||||
2.189% due 07/28/22 § | 46,706 | 46,224 | ||||||
4.750% due 07/28/22 § | 6,071,856 | 6,009,243 | ||||||
Waste Industries USA Inc | 1,992,494 | 2,004,931 | ||||||
|
| |||||||
230,036,795 | ||||||||
|
| |||||||
Information Technology - 3.8% | ||||||||
Applied Systems Inc | 477,350 | 476,583 | ||||||
(2nd Lien) | ||||||||
7.500% due 01/24/22 § | 3,058,482 | 3,042,553 | ||||||
Emdeon Business Services LLC Term B-2 | 246,803 | 246,392 | ||||||
Freescale Semiconductor Inc Tranche B5 | 10,420,253 | 10,441,208 | ||||||
Sophia LP Term B | 4,000,000 | 3,996,252 | ||||||
Sungard Data Systems Tranche E | 10,250,000 | 10,260,250 | ||||||
|
| |||||||
28,463,238 | ||||||||
|
| |||||||
Materials - 10.7% | ||||||||
Ardagh Holdings USA Inc | 15,116,590 | 15,082,577 | ||||||
Berry Plastics Corp Term F | 10,000,000 | 9,997,320 | ||||||
BWay Intermediate Co Inc | 16,789,356 | 16,752,638 | ||||||
Emerald Performance Materials LLC | 3,960,000 | 3,955,050 | ||||||
(2nd Lien) | ||||||||
7.750% due 08/01/22 § | 750,000 | 744,375 | ||||||
FMG Resources Property Ltd (Australia) | 8,169,319 | 6,719,265 | ||||||
Headwaters Inc Term B | 1,745,625 | 1,754,353 | ||||||
Kloeckner Pentaplast of America Inc | 1,397,695 | 1,403,801 | ||||||
KP Germany Erste GmbH | 597,305 | 599,915 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-18
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal | | |||||||
Nexeo Solutions LLC | ||||||||
5.000% due 09/08/17 § | $1,480,620 | $1,413,992 | ||||||
Term B-2 | ||||||||
5.000% due 09/08/17 § | 1,723,350 | 1,652,262 | ||||||
Term B-3 | ||||||||
5.000% due 09/08/17 § | 7,491,563 | 7,182,536 | ||||||
Novelis Inc | 997,500 | 986,382 | ||||||
Owens Illinois Inc Term B | 997,500 | 1,001,964 | ||||||
Pregis Holding I Corp (1st Lien) | 994,800 | 997,287 | ||||||
Quikrete Holdings Inc (2nd Lien) | 8,444,211 | 8,486,432 | ||||||
Summit Materials LLC | 997,500 | 996,253 | ||||||
|
| |||||||
79,726,402 | ||||||||
|
| |||||||
Telecommunication Services - 0.8% | ||||||||
Level 3 Financing Inc Trance B | 6,300,000 | 6,292,913 | ||||||
|
| |||||||
Utilities - 0.9% | ||||||||
Power Borrower LLC | 5,036,020 | 4,993,531 | ||||||
(2nd Lien) | ||||||||
8.250% due 11/06/20 § | 1,500,000 | 1,462,500 | ||||||
|
| |||||||
6,456,031 | ||||||||
|
| |||||||
Total Senior Loan Notes | 712,526,577 | |||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 4.3% | ||||||||
Money Market Fund - 4.3% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 31,744,262 | 31,744,262 | ||||||
|
| |||||||
Total Short-Term Investment | 31,744,262 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 101.2% | 754,709,090 | |||||||
OTHER ASSETS & LIABILITIES, NET - (1.2%) |
| (9,022,340 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% | $745,686,750 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Industrials | 31.3% | |||
Consumer Discretionary | 27.5% | |||
Materials | 10.7% | |||
Consumer Staples | 10.2% | |||
Financials | 8.4% | |||
Short-Term Investment | 4.3% | |||
Information Technology | 3.8% | |||
Health Care | 3.3% | |||
Others (each less than 3.0%) | 1.7% | |||
|
| |||
101.2% | ||||
Other Assets & Liabilities, Net | (1.2% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Pursuant to the terms of the following senior loan agreement, the fund had an unfunded loan commitment of $377,623 or less than 0.1% of the net assets as of September 30, 2015, which could be extended at the option of the borrower: |
Borrower | Unfunded Loan Commitment | Value | Unrealized (Depreciation) | |||||||||
USAGM Holdco LLC | $377,623 | $377,504 | ($119 | ) | ||||||||
|
|
|
|
|
|
(c) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $10,438,251 | $— | $10,438,251 | $— | |||||||||||||
Senior Loan Notes | 712,526,577 | — | 712,526,577 | — | ||||||||||||||
Short-Term Investment | 31,744,262 | 31,744,262 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 754,709,090 | 31,744,262 | 722,964,828 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Unfunded Loan Commitment | (119 | ) | — | (119 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (119 | ) | — | (119 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $754,708,971 | $31,744,262 | $722,964,709 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-19
PACIFIC FUNDS
PACIFIC FUNDSSM LIMITED DURATION HIGH INCOME
Schedule of Investments
September 30, 2015 (Unaudited)
Principal |
| |||||||
CORPORATE BONDS & NOTES - 52.3% | ||||||||
Consumer Discretionary - 11.9% | ||||||||
Beazer Homes USA Inc | $450,000 | $424,125 | ||||||
Cablevision Systems Corp | 150,000 | 156,750 | ||||||
Cequel Communications Holdings I LLC | 400,000 | 379,000 | ||||||
DISH DBS Corp | 350,000 | 309,750 | ||||||
Dollar Tree Inc | 250,000 | 257,600 | ||||||
FCA US LLC (United Kingdom) | 250,000 | 265,925 | ||||||
iHeartCommunications Inc | 400,000 | 213,500 | ||||||
Landry’s Inc | 150,000 | 160,688 | ||||||
Lennar Corp | 300,000 | 304,800 | ||||||
MGM Resorts International | 250,000 | 259,375 | ||||||
NCL Corp Ltd | 150,000 | 152,625 | ||||||
Neiman Marcus Group Ltd LLC | 150,000 | 155,250 | ||||||
New Red Finance Inc (Canada) | 250,000 | 245,050 | ||||||
NPC International Inc | 350,000 | 365,750 | ||||||
Six Flags Entertainment Corp | 250,000 | 251,250 | ||||||
The Ryland Group Inc | 400,000 | 437,000 | ||||||
|
| |||||||
4,338,438 | ||||||||
|
| |||||||
Consumer Staples - 1.5% | ||||||||
Beverages & More Inc | 300,000 | 289,125 | ||||||
Reynolds Group Issuer Inc (New Zealand) | 250,000 | 250,625 | ||||||
|
| |||||||
539,750 | ||||||||
|
| |||||||
Energy - 3.9% | ||||||||
Chaparral Energy Inc | 300,000 | 92,820 | ||||||
Halcon Resources Corp | 200,000 | 69,000 | ||||||
Linn Energy LLC | 350,000 | 98,000 | ||||||
Regency Energy Partners LP | 150,000 | 155,535 | ||||||
Sabine Pass LNG LP | 350,000 | 340,375 | ||||||
SandRidge Energy Inc | 300,000 | 67,500 | ||||||
Seadrill Ltd (Norway) | 200,000 | 156,000 | ||||||
Sunoco LP | 250,000 | 247,500 | ||||||
Tervita Corp (Canada) | 250,000 | 188,125 | ||||||
|
| |||||||
1,414,855 | ||||||||
|
|
Principal |
| |||||||
Financials - 3.0% | ||||||||
AerCap Ireland Capital Ltd (Netherlands) | $500,000 | $500,625 | ||||||
Jefferies Finance LLC | 200,000 | 193,760 | ||||||
Ocwen Financial Corp | 450,000 | 405,000 | ||||||
|
| |||||||
1,099,385 | ||||||||
|
| |||||||
Health Care - 4.7% | ||||||||
CHS/Community Health Systems Inc | 350,000 | 364,875 | ||||||
HCA Inc | 350,000 | 396,375 | ||||||
Tenet Healthcare Corp | 500,000 | 485,625 | ||||||
Valeant Pharmaceuticals International Inc | 500,000 | 475,000 | ||||||
|
| |||||||
1,721,875 | ||||||||
|
| |||||||
Industrials - 6.8% | ||||||||
HD Supply Inc | 550,000 | 624,250 | ||||||
Modular Space Corp | 300,000 | 210,000 | ||||||
Nortek Inc | 250,000 | 263,750 | ||||||
Roofing Supply Group LLC | 150,000 | 161,250 | ||||||
The ADT Corp | 300,000 | 310,875 | ||||||
The Hertz Corp | 300,000 | 300,000 | ||||||
TransDigm Inc | 250,000 | 239,531 | ||||||
United Airlines Pass-Through Trust ‘B’ | 136,446 | 140,676 | ||||||
United Rentals North America Inc | 250,000 | 243,125 | ||||||
|
| |||||||
2,493,457 | ||||||||
|
| |||||||
Information Technology - 2.5% | ||||||||
Blackboard Inc | 200,000 | 169,000 | ||||||
BMC Software Inc | 100,000 | 90,375 | ||||||
NXP BV (Netherlands) | 150,000 | 156,563 | ||||||
Sanmina Corp | 500,000 | 503,750 | ||||||
|
| |||||||
919,688 | ||||||||
|
| |||||||
Materials - 11.3% | ||||||||
AK Steel Corp | 250,000 | 136,875 | ||||||
ArcelorMittal (Luxembourg) | ||||||||
5.125% due 06/01/20 | 150,000 | 136,140 | ||||||
6.125% due 06/01/18 | 150,000 | 147,375 | ||||||
10.600% due 06/01/19 | 150,000 | 162,563 | ||||||
Ardagh Finance Holdings SA (Luxembourg) | 217,771 | 223,760 | ||||||
Ardagh Packaging Finance PLC (Luxembourg) | ||||||||
6.250% due 01/31/19 ~ | 200,000 | 200,000 | ||||||
9.125% due 10/15/20 ~ | 200,000 | 208,875 | ||||||
Berry Plastics Corp | 400,000 | 379,000 | ||||||
Beverage Packaging Holdings Luxembourg II SA (New Zealand) | 250,000 | 245,625 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-20
PACIFIC FUNDS
PACIFIC FUNDS LIMITED DURATION HIGH INCOME
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
BWAY Holding Co | $200,000 | $194,000 | ||||||
Coveris Holdings SA (Luxembourg) | 250,000 | 238,125 | ||||||
Hexion Inc | 150,000 | 128,250 | ||||||
Novelis Inc (India) | 500,000 | 483,850 | ||||||
Sappi Papier Holding GmbH (South Africa) | 350,000 | 369,250 | ||||||
Sealed Air Corp | 500,000 | 496,250 | ||||||
Tronox Finance LLC | 200,000 | 128,000 | ||||||
Wise Metals Group LLC (Netherlands) | 250,000 | 241,250 | ||||||
|
| |||||||
4,119,188 | ||||||||
|
| |||||||
Telecommunication Services - 4.9% | ||||||||
CenturyLink Inc | 150,000 | 139,313 | ||||||
Hughes Satellite Systems Corp | 400,000 | 430,000 | ||||||
Intelsat Luxembourg SA (United Kingdom) | 400,000 | 261,500 | ||||||
Level 3 Financing Inc | 300,000 | 311,250 | ||||||
Sprint Communications Inc (Japan) | ||||||||
6.000% due 11/15/22 | 150,000 | 113,250 | ||||||
9.000% due 11/15/18 ~ | 150,000 | 157,875 | ||||||
T-Mobile USA Inc (Germany) | 150,000 | 153,000 | ||||||
WaveDivision Escrow LLC | 250,000 | 245,000 | ||||||
|
| |||||||
1,811,188 | ||||||||
|
| |||||||
Utilities - 1.8% | ||||||||
Dynegy Inc | 300,000 | 302,250 | ||||||
GenOn Energy Inc | 150,000 | 140,250 | ||||||
NRG Energy Inc | 200,000 | 211,000 | ||||||
|
| |||||||
653,500 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 19,111,324 | ||||||
|
| |||||||
SENIOR LOAN NOTES - 44.1% | ||||||||
Consumer Discretionary - 14.0% | ||||||||
Caesars Entertainment Resort Properties LLC Term B | 245,625 | 229,659 | ||||||
CEC Entertainment Inc Term B | 492,500 | 479,777 | ||||||
ClubCorp Club Operations Inc Term B | 500,000 | 501,875 | ||||||
Dollar Tree Inc Term B-1 | 626,582 | 627,950 | ||||||
Leslie’s Poolmart Inc Tranche B | 491,764 | 481,929 | ||||||
New Red Finance Inc Term B-2 | 378,533 | 378,363 | ||||||
Nine West Holdings Inc | 493,750 | 412,281 | ||||||
Petsmart Inc Tranche B-1 | 748,125 | 748,047 | ||||||
Playa Resorts Holding BV | 491,851 | 490,622 |
Principal |
| |||||||
The Brickman Group Ltd LLC (2nd Lien) | $300,000 | $291,750 | ||||||
The Neiman Marcus Group Inc | 491,269 | 481,918 | ||||||
|
| |||||||
5,124,171 | ||||||||
|
| |||||||
Consumer Staples - 5.2% | ||||||||
Albertson’s LLC | ||||||||
Term B-2 | ||||||||
5.375% due 03/21/19 § | 246,311 | 246,675 | ||||||
Term B-4 | ||||||||
5.500% due 08/25/21 § | 496,338 | 497,410 | ||||||
BJ’s Wholesale Club Inc (2nd Lien) | 250,000 | 248,438 | ||||||
Performance Food Group Inc (2nd Lien) | 244,375 | 244,986 | ||||||
Reddy Ice Corp Term B (1st Lien) | 490,573 | 411,263 | ||||||
US Foods Inc | 244,375 | 244,527 | ||||||
|
| |||||||
1,893,299 | ||||||||
|
| |||||||
Energy - 0.7% | ||||||||
American Energy - Marcellus LLC (2nd Lien) | 250,000 | 32,917 | ||||||
Crestwood Holdings LLC Term B-1 | 231,412 | 209,042 | ||||||
|
| |||||||
241,959 | ||||||||
|
| |||||||
Financials - 5.7% | ||||||||
Amwins Group LLC (1st Lien) | 741,801 | 745,217 | ||||||
First Data Corp Term C-1 | 600,000 | 595,735 | ||||||
HUB International Ltd | 245,019 | 240,016 | ||||||
RE/MAX LLC | 220,820 | 221,580 | ||||||
USI Inc | 294,000 | 291,918 | ||||||
|
| |||||||
2,094,466 | ||||||||
|
| |||||||
Health Care - 1.9% | ||||||||
CHS/Community Health Systems Inc | ||||||||
3.750% due 12/31/19 § | 34,685 | 34,706 | ||||||
Term H | ||||||||
4.000% due 01/27/21 § | 63,819 | 63,951 | ||||||
Pharmaceutical Product Development Inc | 598,500 | 594,697 | ||||||
|
| |||||||
693,354 | ||||||||
|
| |||||||
Industrials - 9.1% | ||||||||
Accudyne Industries LLC | 703,493 | 645,454 | ||||||
Crosby US Acquisition Corp (1st Lien) | 492,481 | 430,921 | ||||||
EWT Holdings III Corp (1st Lien) | 294,750 | 293,276 | ||||||
Gates Global LLC | 495,000 | 471,024 | ||||||
LM U.S. Member LLC | 9,423 | 9,399 | ||||||
(1st Lien) | ||||||||
4.750% due 10/25/19 § | 237,426 | 236,832 | ||||||
Ply Gem Industries Inc | 492,500 | 488,745 | ||||||
Rexnord LLC Term B | 245,000 | 243,425 | ||||||
Roofing Supply Group LLC | 492,386 | 493,001 | ||||||
|
| |||||||
3,312,077 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-21
PACIFIC FUNDS
PACIFIC FUNDS LIMITED DURATION HIGH INCOME
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
Information Technology - 2.8% | ||||||||
Freescale Semiconductor Inc | ||||||||
4.250% due 02/28/20 § | $299,238 | $299,214 | ||||||
Tranche B5 | ||||||||
5.000% due 01/15/21 § | 496,202 | 497,200 | ||||||
Infor (US) Inc Tranche B-3 | 238,726 | 231,639 | ||||||
|
| |||||||
1,028,053 | ||||||||
|
| |||||||
Materials - 3.4% | ||||||||
FMG Resources Property Ltd (Australia) | 491,228 | 404,035 | ||||||
Nexeo Solutions LLC Term B-2 | 393,909 | 377,660 | ||||||
Quikrete Holdings Inc | ||||||||
(1st Lien) | ||||||||
4.000% due 09/28/20 § | 236,336 | 235,982 | ||||||
(2nd Lien) | ||||||||
7.000% due 03/26/21 § | 221,053 | 222,158 | ||||||
|
| |||||||
1,239,835 | ||||||||
|
| |||||||
Telecommunication Services - 1.3% | ||||||||
Level 3 Financing Inc Tranche B-II | 250,000 | 248,646 | ||||||
WaveDivision Holdings LLC | 245,581 | 245,502 | ||||||
|
| |||||||
494,148 | ||||||||
|
| |||||||
Total Senior Loan Notes |
| 16,121,362 | ||||||
|
|
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 1.3% | ||||||||
Money Market Fund - 1.3% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 465,988 | $465,988 | ||||||
|
| |||||||
Total Short-Term Investment |
| 465,988 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 97.7% |
| 35,698,674 | ||||||
OTHER ASSETS & LIABILITIES, NET - 2.3% |
| 851,623 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $36,550,297 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Consumer Discretionary | 25.9% | |||
Industrials | 15.9% | |||
Materials | 14.7% | |||
Financials | 8.7% | |||
Consumer Staples | 6.7% | |||
Health Care | 6.6% | |||
Telecommunication Services | 6.2% | |||
Information Technology | 5.3% | |||
Energy | 4.6% | |||
Others (each less than 3.0%) | 3.1% | |||
|
| |||
97.7% | ||||
Other Assets & Liabilities, Net | 2.3% | |||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $19,111,324 | $— | $19,111,324 | $— | |||||||||||||
Senior Loan Notes | 16,121,362 | — | 16,121,362 | — | ||||||||||||||
Short-Term Investment | 465,988 | 465,988 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $35,698,674 | $465,988 | $35,232,686 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-22
PACIFIC FUNDS
PACIFIC FUNDSSM HIGH INCOME
Schedule of Investments
September 30, 2015 (Unaudited)
Shares | | |||||||
COMMON STOCKS - 1.9% | ||||||||
Consumer Discretionary - 0.5% | ||||||||
Cedar Fair LP | 5,065 | $266,447 | ||||||
Las Vegas Sands Corp | 5,615 | 213,202 | ||||||
MGM Resorts International * | 4,340 | 80,073 | ||||||
|
| |||||||
559,722 | ||||||||
|
| |||||||
Energy - 0.7% | ||||||||
Chesapeake Energy Corp | 9,340 | 68,462 | ||||||
Continental Resources Inc * | 4,250 | 123,123 | ||||||
EOG Resources Inc | 2,125 | 154,700 | ||||||
Kinder Morgan Inc | 7,065 | 195,559 | ||||||
Pioneer Natural Resources Co | 1,255 | 152,658 | ||||||
Sunoco LP | 7,600 | 257,260 | ||||||
|
| |||||||
951,762 | ||||||||
|
| |||||||
Financials - 0.4% | ||||||||
Bank of America Corp | 35,645 | 555,349 | ||||||
|
| |||||||
Industrials - 0.3% | ||||||||
The Boeing Co | 2,205 | 288,745 | ||||||
United Rentals Inc * | 2,230 | 133,912 | ||||||
|
| |||||||
422,657 | ||||||||
|
| |||||||
Total Common Stocks | 2,489,490 | |||||||
|
| |||||||
CLOSED-END MUTUAL FUNDS - 1.5% | ||||||||
Eaton Vance Senior Income Trust | 87,808 | 515,433 | ||||||
First Trust Senior Floating Rate Income Fund II | 42,132 | 530,021 | ||||||
Invesco Senior Income Trust | 114,023 | 476,616 | ||||||
Voya Prime Rate Trust | 95,481 | 483,134 | ||||||
|
| |||||||
2,005,204 | ||||||||
|
| |||||||
Total Closed-End Mutual Funds |
| 2,005,204 | ||||||
|
| |||||||
Principal | ||||||||
CORPORATE BONDS & NOTES - 87.2% | ||||||||
Consumer Discretionary - 18.3% | ||||||||
24 Hour Holdings III LLC | $475,000 | 368,125 | ||||||
99 Cents Only Stores LLC | 850,000 | 510,000 | ||||||
Beazer Homes USA Inc | ||||||||
5.750% due 06/15/19 | 75,000 | 70,688 | ||||||
7.250% due 02/01/23 | 100,000 | 92,250 | ||||||
7.500% due 09/15/21 | 1,425,000 | 1,371,563 | ||||||
Boyd Gaming Corp | 650,000 | 663,000 | ||||||
Caesars Entertainment Operating Co Inc | ||||||||
9.000% due 02/15/20 * W | 125,000 | 103,125 | ||||||
11.250% due 06/01/17 * W | 100,000 | 80,500 | ||||||
Caesars Entertainment Resort Properties LLC | ||||||||
8.000% due 10/01/20 | 1,550,000 | 1,480,250 | ||||||
11.000% due 10/01/21 | 750,000 | 684,375 | ||||||
Caesars Growth Properties Holdings LLC | 300,000 | 236,250 | ||||||
Carrols Restaurant Group Inc | 625,000 | 660,938 | ||||||
CCO Holdings LLC | 850,000 | 810,688 | ||||||
CEC Entertainment Inc | 1,550,000 | 1,534,500 | ||||||
Cedar Fair LP | 775,000 | 780,813 |
Principal | | |||||||
Cequel Communications Holdings I LLC | ||||||||
5.125% due 12/15/21 ~ | $300,000 | $265,125 | ||||||
6.375% due 09/15/20 ~ | 350,000 | 331,625 | ||||||
Clear Channel Worldwide Holdings Inc | 475,000 | 477,969 | ||||||
DISH DBS Corp | ||||||||
5.125% due 05/01/20 | 50,000 | 46,500 | ||||||
6.750% due 06/01/21 | 550,000 | 526,625 | ||||||
Dollar Tree Inc | 625,000 | 651,563 | ||||||
Greektown Holdings LLC | 575,000 | 592,250 | ||||||
iHeartCommunications Inc | ||||||||
10.000% due 01/15/18 | 50,000 | 26,688 | ||||||
11.250% due 03/01/21 | 100,000 | 86,375 | ||||||
Jo-Ann Stores Inc | 850,000 | 790,500 | ||||||
Landry’s Holdings II Inc | 150,000 | 154,125 | ||||||
Landry’s Inc | 400,000 | 428,500 | ||||||
Live Nation Entertainment Inc | 1,310,000 | 1,290,350 | ||||||
MGM Resorts International | ||||||||
6.000% due 03/15/23 | 1,200,000 | 1,167,000 | ||||||
6.750% due 10/01/20 | 150,000 | 155,625 | ||||||
Neiman Marcus Group Ltd LLC | ||||||||
8.000% due 10/15/21 ~ | 50,000 | 51,750 | ||||||
8.750% PIK due 10/15/21 ~ | 1,725,000 | 1,785,375 | ||||||
Neptune Finco Corp (Netherlands) | ||||||||
6.625% due 10/15/25 ~ | 200,000 | 201,500 | ||||||
10.125% due 01/15/23 ~ | 400,000 | 404,500 | ||||||
10.875% due 10/15/25 ~ | 200,000 | 202,500 | ||||||
New Red Finance Inc (Canada) | 650,000 | 637,130 | ||||||
NPC International Inc | 600,000 | 627,000 | ||||||
Party City Holdings Inc | 650,000 | 658,125 | ||||||
Penn National Gaming Inc | 600,000 | 608,250 | ||||||
Sinclair Television Group Inc | 450,000 | 454,500 | ||||||
Standard Pacific Corp | 1,263,000 | 1,354,568 | ||||||
The Ryland Group Inc | ||||||||
5.375% due 10/01/22 | 100,000 | 101,500 | ||||||
6.625% due 05/01/20 | 75,000 | 81,938 | ||||||
Unitymedia Hessen GmbH & Co KG (United Kingdom) | 475,000 | 447,688 | ||||||
|
| |||||||
24,054,209 | ||||||||
|
| |||||||
Consumer Staples - 3.4% | ||||||||
Albertson’s Holdings LLC | 832,000 | 894,650 | ||||||
Beverages & More Inc | 75,000 | 72,281 | ||||||
JBS Investments GmbH (Brazil) | 400,000 | 412,000 | ||||||
JBS USA LLC (Brazil) | ||||||||
5.750% due 06/15/25 ~ | 500,000 | 460,000 | ||||||
7.250% due 06/01/21 ~ | 250,000 | 260,625 | ||||||
Post Holdings Inc | 650,000 | 667,875 | ||||||
Reynolds Group Issuer Inc (New Zealand) | 650,000 | 651,625 | ||||||
Rite Aid Corp | ||||||||
6.125% due 04/01/23 ~ | 800,000 | 797,000 | ||||||
6.750% due 06/15/21 | 250,000 | 256,875 | ||||||
|
| |||||||
4,472,931 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-23
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal | | |||||||
Energy - 11.5% | ||||||||
Calumet Specialty Products Partners LP | $750,000 | $678,750 | ||||||
Chaparral Energy Inc | 600,000 | 185,640 | ||||||
Concho Resources Inc | 425,000 | 405,875 | ||||||
Crestwood Midstream Partners LP | 1,025,000 | 892,468 | ||||||
Energy Transfer Equity LP | ||||||||
5.500% due 06/01/27 | 325,000 | 271,375 | ||||||
5.875% due 01/15/24 | 325,000 | 294,125 | ||||||
EP Energy LLC | ||||||||
6.375% due 06/15/23 | 500,000 | 372,500 | ||||||
7.750% due 09/01/22 | 225,000 | 181,125 | ||||||
Halcon Resources Corp | ||||||||
8.625% due 02/01/20 ~ | 275,000 | 229,625 | ||||||
8.875% due 05/15/21 | 25,000 | 7,625 | ||||||
9.750% due 07/15/20 | 175,000 | 60,375 | ||||||
Hilcorp Energy I LP | 725,000 | 714,125 | ||||||
Linn Energy LLC | ||||||||
6.500% due 05/15/19 | 650,000 | 182,000 | ||||||
6.500% due 09/15/21 | 200,000 | 42,500 | ||||||
MarkWest Energy Partners LP | ||||||||
4.875% due 06/01/25 | 500,000 | 461,150 | ||||||
5.500% due 02/15/23 | 150,000 | 146,063 | ||||||
MEG Energy Corp (Canada) | ||||||||
6.375% due 01/30/23 ~ | 50,000 | 39,375 | ||||||
6.500% due 03/15/21 ~ | 750,000 | 618,750 | ||||||
Memorial Resource Development Corp | 810,000 | 741,150 | ||||||
Newfield Exploration Co | ||||||||
5.375% due 01/01/26 | 300,000 | 276,000 | ||||||
5.750% due 01/30/22 | 325,000 | 316,875 | ||||||
Peabody Energy Corp | 250,000 | 95,313 | ||||||
QEP Resources Inc | 450,000 | 416,250 | ||||||
Rice Energy Inc | 625,000 | 589,063 | ||||||
Rose Rock Midstream LP | 600,000 | 525,000 | ||||||
Sabine Pass Liquefaction LLC | ||||||||
5.625% due 02/01/21 | 200,000 | 186,500 | ||||||
5.625% due 03/01/25 ~ | 1,900,000 | 1,679,125 | ||||||
Sanchez Energy Corp | ||||||||
6.125% due 01/15/23 | 50,000 | 33,750 | ||||||
7.750% due 06/15/21 | 825,000 | 614,625 | ||||||
SandRidge Energy Inc | ||||||||
7.500% due 03/15/21 | 665,000 | 149,625 | ||||||
8.750% due 06/01/20 ~ | 525,000 | 319,266 | ||||||
Seadrill Ltd (Norway) | 250,000 | 195,000 | ||||||
Summit Midstream Holdings LLC | 400,000 | 346,000 | ||||||
Sunoco Finance Corp | 425,000 | 420,750 | ||||||
Targa Resources Partners LP | ||||||||
6.625% due 10/01/20 ~ | 800,000 | 784,000 | ||||||
6.750% due 03/15/24 ~ | 50,000 | 47,813 | ||||||
Tervita Corp (Canada) | 225,000 | 169,313 | ||||||
Transocean Inc | ||||||||
4.300% due 10/15/22 | 225,000 | 140,063 | ||||||
6.875% due 12/15/21 | 150,000 | 111,750 | ||||||
Triangle USA Petroleum Corp | 300,000 | 127,500 |
Principal | | |||||||
Whiting Petroleum Corp | $675,000 | $587,250 | ||||||
WPX Energy Inc | 625,000 | 540,625 | ||||||
|
| |||||||
15,196,052 | ||||||||
|
| |||||||
Financials - 5.7% | ||||||||
E*TRADE Financial Corp | 600,000 | 637,500 | ||||||
Equinix Inc REIT | ||||||||
4.875% due 04/01/20 | 750,000 | 766,875 | ||||||
5.375% due 04/01/23 | 25,000 | 24,578 | ||||||
ESH Hospitality Inc REIT | 600,000 | 592,500 | ||||||
First Data Corp | 700,000 | 694,750 | ||||||
Jefferies Finance LLC | 1,700,000 | 1,646,960 | ||||||
Ocwen Financial Corp | 325,000 | 292,500 | ||||||
Outfront Media Capital LLC | ||||||||
5.250% due 02/15/22 | 225,000 | 225,281 | ||||||
5.875% due 03/15/25 | 750,000 | 765,938 | ||||||
RHP Hotel Properties LP REIT | ||||||||
5.000% due 04/15/21 | 100,000 | 100,500 | ||||||
5.000% due 04/15/23 ~ | 750,000 | 750,000 | ||||||
The Howard Hughes Corp | 925,000 | 944,333 | ||||||
|
| |||||||
7,441,715 | ||||||||
|
| |||||||
Health Care - 9.7% | ||||||||
Alere Inc | 625,000 | 635,938 | ||||||
Capsugel SA | 375,000 | 374,766 | ||||||
CHS/Community Health Systems Inc | ||||||||
6.875% due 02/01/22 | 525,000 | 537,448 | ||||||
8.000% due 11/15/19 | 125,000 | 130,391 | ||||||
DPx Holdings BV | 600,000 | 608,250 | ||||||
Endo Finance LLC | ||||||||
5.750% due 01/15/22 ~ | 625,000 | 617,188 | ||||||
6.000% due 07/15/23 ~ | 500,000 | 496,250 | ||||||
Fresenius Medical Care US Finance II Inc (Germany) | ||||||||
4.125% due 10/15/20 ~ | 50,000 | 50,125 | ||||||
5.875% due 01/31/22 ~ | 450,000 | 484,875 | ||||||
HCA Holdings Inc | 1,325,000 | 1,414,438 | ||||||
HCA Inc | 500,000 | 497,500 | ||||||
Healthsouth Corp | 250,000 | 243,125 | ||||||
Hill-Rom Holdings Inc | 100,000 | 100,750 | ||||||
Jaguar Holding Co II | 250,000 | 243,750 | ||||||
JLL/Delta Dutch Pledgeco BV | 275,000 | 277,406 | ||||||
LifePoint Health Inc | 1,100,000 | 1,112,375 | ||||||
Prospect Medical Holdings Inc | 375,000 | 392,813 | ||||||
Quintiles Transnational Corp | 750,000 | 744,375 | ||||||
Surgical Care Affiliates Inc | 650,000 | 646,750 | ||||||
Tenet Healthcare Corp | ||||||||
5.000% due 03/01/19 | 75,000 | 72,844 | ||||||
6.000% due 10/01/20 | 52,000 | 54,990 | ||||||
6.750% due 02/01/20 | 400,000 | 411,000 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-24
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal | | |||||||
6.750% due 06/15/23 | $900,000 | $895,500 | ||||||
8.125% due 04/01/22 | 150,000 | 159,810 | ||||||
Valeant Pharmaceuticals International Inc | ||||||||
5.375% due 03/15/20 ~ | 400,000 | 389,750 | ||||||
5.500% due 03/01/23 ~ | 1,250,000 | 1,187,500 | ||||||
5.875% due 05/15/23 ~ | 50,000 | 48,063 | ||||||
|
| |||||||
12,827,970 | ||||||||
|
| |||||||
Industrials - 13.2% | ||||||||
AAF Holdings LLC | 106,476 | 105,411 | ||||||
ADS Waste Holdings Inc | 675,000 | 676,688 | ||||||
Ahern Rentals Inc | 650,000 | 568,750 | ||||||
Air Canada Pass-Through Trust ‘B’ (Canada) | 88,476 | 91,020 | ||||||
Allegion PLC | ||||||||
5.875% due 09/15/23 | 500,000 | 513,750 | ||||||
Allegion US Holding Co Inc | ||||||||
5.750% due 10/01/21 | 100,000 | 103,000 | ||||||
Apex Tool Group LLC | 650,000 | 536,250 | ||||||
Avation Capital SA (United Kingdom) | 500,000 | 485,000 | ||||||
Building Materials Corp of America | 150,000 | 152,250 | ||||||
CPG Merger Sub LLC | 650,000 | 650,000 | ||||||
HD Supply Inc | 150,000 | 151,313 | ||||||
11.500% due 07/15/20 | 400,000 | 454,000 | ||||||
IHS Inc | 675,000 | 650,531 | ||||||
International Lease Finance Corp (Netherlands) | ||||||||
4.625% due 04/15/21 | 1,625,000 | 1,637,188 | ||||||
6.250% due 05/15/19 | 150,000 | 160,125 | ||||||
Masco Corp | 75,000 | 84,188 | ||||||
Modular Space Corp | 450,000 | 315,000 | ||||||
Multi-Color Corp | 625,000 | 642,188 | ||||||
Nortek Inc | 745,000 | 785,975 | ||||||
Orbital ATK Inc | 125,000 | 125,469 | ||||||
Roofing Supply Group LLC | 225,000 | 241,875 | ||||||
Sensata Technologies BV | 550,000 | 550,688 | ||||||
StandardAero Aviation Holdings Inc | 525,000 | 522,375 | ||||||
The ADT Corp | 850,000 | 880,813 | ||||||
TMS International Corp | 675,000 | 631,125 | ||||||
TransDigm Inc | 1,600,000 | 1,533,000 | ||||||
United Airlines Pass-Through Trust ‘B’ | ||||||||
4.625% due 03/03/24 | 100,000 | 101,150 | ||||||
4.750% due 10/01/23 | 75,000 | 75,525 | ||||||
5.375% due 02/15/23 | 45,482 | 46,892 | ||||||
United Rentals North America Inc | ||||||||
4.625% due 07/15/23 | 1,000,000 | 972,500 | ||||||
5.500% due 07/15/25 | 500,000 | 469,375 | ||||||
7.625% due 04/15/22 | 200,000 | 213,500 | ||||||
Univar Inc | 650,000 | 606,125 | ||||||
US Airways Pass-Through Trust ‘B’ | 48,345 | 50,037 |
Principal | | |||||||
USG Corp | $850,000 | $886,125 | ||||||
Virgin Australia Trust ‘B’ (Australia) | 36,550 | 37,464 | ||||||
ZF North America Capital Inc (Germany) | 650,000 | 616,688 | ||||||
|
| |||||||
17,323,353 | ||||||||
|
| |||||||
Information Technology - 2.8% | ||||||||
Audatex North America Inc | 800,000 | 807,000 | ||||||
Blackboard Inc | 775,000 | 654,875 | ||||||
BMC Software Finance Inc | 50,000 | 40,594 | ||||||
BMC Software Inc | 239,000 | 215,996 | ||||||
Commscope Technologies Finance LLC | 625,000 | 601,175 | ||||||
Infor Software Parent LLC | 675,000 | 596,531 | ||||||
Infor US Inc | 125,000 | 115,000 | ||||||
NXP BV (Netherlands) | 625,000 | 652,344 | ||||||
|
| |||||||
3,683,515 | ||||||||
|
| |||||||
Materials - 12.4% | ||||||||
AK Steel Corp | ||||||||
7.625% due 05/15/20 | 1,200,000 | 657,000 | ||||||
8.375% due 04/01/22 | 175,000 | 89,201 | ||||||
ArcelorMittal (Luxembourg) | ||||||||
6.125% due 06/01/25 | 200,000 | 162,500 | ||||||
6.250% due 03/01/21 | 1,175,000 | 1,061,906 | ||||||
7.750% due 10/15/39 | 300,000 | 246,000 | ||||||
Ardagh Finance Holdings SA (Luxembourg) | 521,563 | 535,905 | ||||||
Ardagh Packaging Finance PLC (Luxembourg) | ||||||||
6.250% due 01/31/19 ~ | 950,000 | 950,000 | ||||||
7.000% due 11/15/20 ~ | 61,765 | 62,074 | ||||||
Berry Plastics Corp | ||||||||
5.125% due 07/15/23 | 800,000 | 758,000 | ||||||
6.000% due 10/15/22 ~ | 375,000 | 377,813 | ||||||
Beverage Packaging Holdings Luxembourg II SA (New Zealand) | 1,325,000 | 1,301,813 | ||||||
Blue Cube Spinco Inc | 400,000 | 418,000 | ||||||
BWAY Holding Co | 850,000 | 824,500 | ||||||
Coveris Holdings SA (Luxembourg) | 991,000 | 943,928 | ||||||
FMG Resources Property Ltd (Australia) | ||||||||
8.250% due 11/01/19 ~ | 350,000 | 282,188 | ||||||
9.750% due 03/01/22 ~ | 750,000 | 700,313 | ||||||
Hexion Inc | ||||||||
6.625% due 04/15/20 | 975,000 | 833,625 | ||||||
9.000% due 11/15/20 | 175,000 | 105,875 | ||||||
INEOS Group Holdings SA (Switzerland) | 600,000 | 567,750 | ||||||
Louisiana-Pacific Corp | 625,000 | 651,563 | ||||||
Mustang Merger Corp | 350,000 | 364,875 | ||||||
Novelis Inc (India) | 750,000 | 725,775 | ||||||
Owens-Brockway Glass Container Inc | 650,000 | 656,500 | ||||||
Sealed Air Corp | ||||||||
4.875% due 12/01/22 ~ | 550,000 | 545,875 | ||||||
5.125% due 12/01/24 ~ | 25,000 | 24,563 | ||||||
5.500% due 09/15/25 ~ | 350,000 | 356,125 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-25
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal | | |||||||
Tronox Finance LLC | $928,000 | $593,920 | ||||||
Wise Metals Group LLC (Netherlands) | 850,000 | 820,250 | ||||||
Wise Metals Intermediate Holdings LLC (Netherlands) | 775,000 | 748,844 | ||||||
|
| |||||||
16,366,681 | ||||||||
|
| |||||||
Telecommunication Services - 7.3% | ||||||||
Cogent Communications Finance Inc | 600,000 | 565,500 | ||||||
Cogent Communications Group Inc | 150,000 | 145,875 | ||||||
Frontier Communications Corp | ||||||||
8.875% due 09/15/20 ~ | 225,000 | 221,063 | ||||||
10.500% due 09/15/22 ~ | 650,000 | 633,750 | ||||||
11.000% due 09/15/25 ~ | 200,000 | 194,000 | ||||||
Hughes Satellite Systems Corp | 1,100,000 | 1,182,500 | ||||||
Intelsat Jackson Holdings SA (United Kingdom) | 900,000 | 829,125 | ||||||
Intelsat Luxembourg SA (United Kingdom) | 675,000 | 441,281 | ||||||
Level 3 Financing Inc | ||||||||
6.125% due 01/15/21 | 75,000 | 77,288 | ||||||
7.000% due 06/01/20 | 900,000 | 933,750 | ||||||
Sprint Corp (Japan) | ||||||||
7.250% due 09/15/21 | 750,000 | 615,938 | ||||||
7.625% due 02/15/25 | 3,100,000 | 2,408,313 | ||||||
T-Mobile USA Inc (Germany) | ||||||||
6.250% due 04/01/21 | 1,315,000 | 1,313,685 | ||||||
6.633% due 04/28/21 | 100,000 | 100,500 | ||||||
|
| |||||||
9,662,568 | ||||||||
|
| |||||||
Utilities - 2.9% | ||||||||
Calpine Corp | ||||||||
5.875% due 01/15/24 ~ | 100,000 | 103,500 | ||||||
6.000% due 01/15/22 ~ | 450,000 | 468,563 | ||||||
Dynegy Inc | 1,100,000 | 1,116,500 | ||||||
GenOn Energy Inc | 775,000 | 724,625 | ||||||
NRG Energy Inc | 768,000 | 702,720 | ||||||
Talen Energy Supply LLC | 800,000 | 689,000 | ||||||
|
| |||||||
3,804,908 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 114,833,902 | ||||||
|
| |||||||
SENIOR LOAN NOTES - 4.7% | ||||||||
Consumer Discretionary - 2.3% | ||||||||
CDS U.S. Intermediate Holdings Inc (2nd Lien) | 150,000 | 148,250 | ||||||
Cirque Du Soleil (1st Lien) | 300,000 | 301,098 | ||||||
Federal-Mogul Corp Tranche C | 248,744 | 237,239 | ||||||
iHeartCommunications Inc Tranche D | 500,000 | 416,250 | ||||||
Playa Resorts Holding BV (Netherlands) | 710,247 | 708,472 | ||||||
Spin Holdco Inc (1st Lien) | 745,619 | 735,739 | ||||||
The Brickman Group Ltd LLC (2nd Lien) | 500,000 | 486,250 | ||||||
|
| |||||||
3,033,298 | ||||||||
|
|
Principal | Value | |||||||
Consumer Staples - 0.8% | ||||||||
Albertson’s LLC Term B-4 | $248,169 | $248,705 | ||||||
US Foods Inc | 745,552 | 746,015 | ||||||
|
| |||||||
994,720 | ||||||||
|
| |||||||
Industrials - 1.5% | ||||||||
EWT Holdings III Corp (2nd Lien) | 500,000 | 493,750 | ||||||
Husky Injection Molding Systems Ltd | 746,837 | 739,766 | ||||||
LM U.S. Member LLC | ||||||||
4.750% due 10/25/19 § | 28,460 | 28,389 | ||||||
(1st Lien) | ||||||||
4.750% due 10/25/19 § | 717,100 | 715,307 | ||||||
|
| |||||||
1,977,212 | ||||||||
|
| |||||||
Materials - 0.1% | ||||||||
FMG Resources Property Ltd (Australia) | 248,101 | 204,063 | ||||||
|
| |||||||
Total Senior Loan Notes |
| 6,209,293 | ||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 3.9% | ||||||||
Money Market Fund - 3.9% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 5,128,334 | 5,128,334 | ||||||
|
| |||||||
Total Short-Term Investment | 5,128,334 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.2% | 130,666,223 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.8% | 1,065,044 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $131,731,267 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Consumer Discretionary | 21.1% | |||
Industrials | 15.0% | |||
Materials | 12.5% | |||
Energy | 12.2% | |||
Health Care | 9.7% | |||
Telecommunication Services | 7.3% | |||
Financials | 6.1% | |||
Consumer Staples | 4.2% | |||
Short-Term Investment | 3.9% | |||
Others (each less than 3.0%) | 7.2% | |||
|
| |||
99.2% | ||||
Other Assets & Liabilities, Net | 0.8% | |||
|
| |||
100.0% | ||||
|
|
(b) | Investments with a total aggregate value of $183,625 or 0.1% of the fund’s net assets were in default as of September 30, 2015. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-26
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(c) | Swap agreements outstanding as of September 30, 2015 were as follows: |
Total | Return Swaps |
Receive Total Return | Pay | Counter- party | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||
IBOXX USD Liquid High Yield Index | 3-Month USD-LIBOR | JPM | 12/21/15 | $2,500,000 | ($175,400 | ) | $— | ($175,400 | ) | |||||||||||||||
IBOXX USD Liquid High Yield Index | 3-Month USD-LIBOR | JPM | 03/21/16 | 2,500,000 | (178,211 | ) | — | (178,211 | ) | |||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
($353,611 | ) | $— | ($353,611 | ) | ||||||||||||||||||||
|
|
|
|
|
|
(d) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks (1) | $2,489,490 | $2,489,490 | $— | $— | |||||||||||||
Closed-End Mutual Funds | 2,005,204 | 2,005,204 | — | — | ||||||||||||||
Corporate Bonds & Notes | 114,833,902 | — | 114,833,902 | — | ||||||||||||||
Senior Loan Notes | 6,209,293 | — | 6,209,293 | — | ||||||||||||||
Short-Term Investment | 5,128,334 | 5,128,334 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 130,666,223 | 9,623,028 | 121,043,195 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | ||||||||||||||||||
Derivatives: | ||||||||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Swaps | (353,611 | ) | — | (353,611 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (353,611 | ) | — | (353,611 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $130,312,612 | $9,623,028 | $120,689,584 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-27
PACIFIC FUNDS
PACIFIC FUNDSSM DIVERSIFIED ALTERNATIVES
Schedule of Investments
September 30, 2015 (Unaudited)
| Value | |||||||
AFFILIATED MUTUAL FUNDS - 99.9% | ||||||||
PF Inflation Managed Fund ‘P’ | 16,729 | $142,530 | ||||||
Pacific Funds Floating Rate Income ‘P’ | 39,743 | 391,870 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 42,964 | 363,907 | ||||||
PF Emerging Markets Fund ‘P’ | 18,006 | 204,369 | ||||||
PF International Small-Cap Fund ‘P’ * | 26,296 | 270,056 | ||||||
PF Real Estate Fund ‘P’ | 8,887 | 137,298 | ||||||
PF Absolute Return Fund ‘P’ * | 55,620 | 532,287 | ||||||
PF Currency Strategies Fund ‘P’ | 109,446 | 1,073,667 | ||||||
PF Equity Long/Short Fund ‘P’ * | 46,699 | 496,415 | ||||||
PF Global Absolute Return Fund ‘P’ | 117,703 | 1,142,895 | ||||||
|
| |||||||
Total Affiliated Mutual Funds | 4,755,294 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.9% | 4,755,294 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% | 2,379 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $4,757,673 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Affiliated Fixed Income Funds | 54.1% | |||
Affiliated Equity Funds | 45.8% | |||
|
| |||
99.9% | ||||
Other Assets & Liabilities, Net | 0.1% | |||
|
| |||
100.0% | ||||
|
|
(b) | The fund’s investments are affiliated mutual funds (See Note 7C in Notes to Financial Statements). |
(c) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Pacific Funds Diversified Alternatives | ||||||||||||||||||
Assets | Affiliated Mutual Funds | $4,755,294 | $4,755,294 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-29 |
A-28
PACIFIC FUNDS
Schedule of Investments (Continued)
Explanation of Symbols and Terms
September 30, 2015 (Unaudited)
Explanation of Symbols: | ||
* | Non-income producing investments. | |
" | Pass-through securities backed by a pool of mortgages or other loans on which principal payments are periodically made. Therefore, the effective maturity is shorter than the stated maturity. | |
§ | Variable rate investments. The rate shown is based on the latest available information as of September 30, 2015. For Senior Loan Notes, the rate shown may represent a weighted average interest rate. | |
W | Investments were in default as of September 30, 2015. | |
µ | Unsettled position. Contract rates do not take effect until settlement date. | |
# | Securities purchased on a when-issued basis. | |
~ | Securities are not registered under the Securities Act of 1933 (1933 Act). These securities are either (1) exempt from registration pursuant to Rule 144A under the 1933 Act and may only be sold to “qualified institutional buyers”, or (2) the securities comply with Regulation S rules governing offers and sales made outside the United States without registration under the 1933 Act and contain certain restrictions as to public resale. | |
Counterparty Abbreviation: | ||
JPM | JPMorgan Chase | |
Index Abbreviation: | ||
IBOXX | Corporate Bond Index – High Yield | |
Other Abbreviations: | ||
PIK | Payment In Kind | |
REIT | Real Estate Investment Trust |
Notes:
(1) | For debt investments, the interest rates disclosed in the Schedule of Investments reflect the stated coupon rate or for discounted investments or zero coupon bonds, the annualized effective yield on the date of purchase. |
(2) | The countries listed in the Schedule of Investments are based on country of risk (See Note 4 in Notes to Financial Statements under Investments and Risks - Foreign and Emerging Markets Investments). |
See Notes to Financial Statements
A-29
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2015 (Unaudited)
Pacific Funds Portfolio Optimization | ||||||||||||||||||||||||
Conservative | Moderate- Conservative | Moderate | Growth | Aggressive- Growth | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Investments in affiliated mutual funds, at cost | $373,249,771 | $511,253,830 | $1,385,447,529 | $938,638,570 | $263,517,226 | |||||||||||||||||||
Investments in affiliated mutual funds, at value | $389,444,343 | $547,771,035 | $1,522,404,160 | $1,057,371,266 | $312,559,300 | |||||||||||||||||||
Receivables: | ||||||||||||||||||||||||
Dividends and interest | 114,573 | 139,780 | 287,315 | 80,276 | — | |||||||||||||||||||
Fund shares sold | 547,066 | 502,921 | 2,122,524 | 832,299 | 529,903 | |||||||||||||||||||
Securities sold | 301,294 | 256,724 | 289,584 | 354,383 | — | |||||||||||||||||||
Due from adviser | 24,602 | 31,439 | 81,722 | 58,552 | 20,756 | |||||||||||||||||||
Prepaid expenses and other assets | 3,556 | 5,088 | 5,143 | 12,757 | 4,595 | |||||||||||||||||||
Total Assets | 390,435,434 | 548,706,987 | 1,525,190,448 | 1,058,709,533 | 313,114,554 | |||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||
Fund shares redeemed | 2,858,277 | 1,125,547 | 2,898,947 | 1,747,175 | 402,097 | |||||||||||||||||||
Securities purchased | 114,573 | 139,780 | 287,315 | 80,276 | 87,464 | |||||||||||||||||||
Accrued advisory fees | 64,508 | 90,961 | 253,519 | 176,109 | 52,075 | |||||||||||||||||||
Accrued administration fees | 48,381 | 68,221 | 190,139 | 132,082 | 39,056 | |||||||||||||||||||
Accrued support service expenses | 15,969 | 22,648 | 63,068 | 43,072 | 12,394 | |||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 7,125 | 9,928 | 28,258 | 19,410 | 5,871 | |||||||||||||||||||
Accrued legal, audit and tax service fees | 28,936 | 40,455 | 114,033 | 78,578 | 22,658 | |||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 2,755 | 2,972 | 7,245 | 4,417 | 1,116 | |||||||||||||||||||
Accrued distribution and/or service fees | 42,508 | 56,219 | 148,406 | 100,925 | 28,727 | |||||||||||||||||||
Accrued other | 21,381 | 28,871 | 100,672 | 51,944 | 16,076 | |||||||||||||||||||
Total Liabilities | 3,204,413 | 1,585,602 | 4,091,602 | 2,433,988 | 667,534 | |||||||||||||||||||
NET ASSETS | $387,231,021 | $547,121,385 | $1,521,098,846 | $1,056,275,545 | $312,447,020 | |||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||
Paid-in capital | $377,442,251 | $505,881,813 | $1,340,213,120 | $892,349,632 | $270,992,721 | |||||||||||||||||||
Undistributed/accumulated net investment income (loss) | (2,172,147 | ) | (3,524,417 | ) | (9,879,547 | ) | (5,821,588 | ) | (186,451 | ) | ||||||||||||||
Undistributed/accumulated net realized gain (loss) | (4,233,655 | ) | 8,246,784 | 53,808,642 | 51,014,805 | (7,401,324 | ) | |||||||||||||||||
Net unrealized appreciation (depreciation) on investments | 16,194,572 | 36,517,205 | 136,956,631 | 118,732,696 | 49,042,074 | |||||||||||||||||||
NET ASSETS | $387,231,021 | $547,121,385 | $1,521,098,846 | $1,056,275,545 | $312,447,020 | |||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||
Net Assets | $157,537,738 | $260,664,135 | $776,739,385 | $559,523,208 | $166,375,721 | |||||||||||||||||||
Shares of beneficial interest outstanding | 14,650,493 | 21,683,780 | 58,132,654 | 39,253,282 | 11,412,994 | |||||||||||||||||||
Net Asset Value per share* | $10.75 | $12.02 | $13.36 | $14.25 | $14.58 | |||||||||||||||||||
Sales Charge (1) | 0.63 | 0.70 | 0.78 | 0.83 | 0.85 | |||||||||||||||||||
Maximum offering price per share | $11.38 | $12.72 | $14.14 | $15.08 | $15.43 | |||||||||||||||||||
Class B Shares: | ||||||||||||||||||||||||
Net Assets | $34,534,125 | $48,207,236 | $145,105,465 | $104,108,886 | $30,927,259 | |||||||||||||||||||
Shares of beneficial interest outstanding | 3,275,856 | 4,076,053 | 10,980,979 | 7,394,193 | 2,171,574 | |||||||||||||||||||
Net Asset Value per share* | $10.54 | $11.83 | $13.21 | $14.08 | $14.24 | |||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||
Net Assets | $179,560,521 | $226,435,457 | $555,368,263 | $363,864,884 | $99,692,224 | |||||||||||||||||||
Shares of beneficial interest outstanding | 17,040,782 | 19,157,679 | 42,094,689 | 25,912,835 | 7,008,811 | |||||||||||||||||||
Net Asset Value per share* | $10.54 | $11.82 | $13.19 | $14.04 | $14.22 | |||||||||||||||||||
Class R Shares: | ||||||||||||||||||||||||
Net Assets | $10,669,569 | $6,287,216 | $24,086,431 | $18,477,928 | $7,346,539 | |||||||||||||||||||
Shares of beneficial interest outstanding | 999,071 | 525,867 | 1,807,481 | 1,299,667 | 507,484 | |||||||||||||||||||
Net Asset Value per share | $10.68 | $11.96 | $13.33 | $14.22 | $14.48 | |||||||||||||||||||
Advisor Class: | ||||||||||||||||||||||||
Net Assets | $4,929,068 | $5,527,341 | $19,799,302 | $10,300,639 | $8,105,277 | |||||||||||||||||||
Shares of beneficial interest outstanding | 457,429 | 458,898 | 1,479,583 | 721,170 | 554,881 | |||||||||||||||||||
Net Asset Value per share | $10.78 | $12.04 | $13.38 | $14.28 | $14.61 |
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. |
(1) | The Class A shares of the Portfolio Optimization Funds are subject to a maximum 5.50% front-end sales charge. |
See Notes to Financial Statements
B-1
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2015 (Unaudited)
Pacific Funds Short Duration Income | Pacific Funds Core Income | Pacific Funds Strategic Income | Pacific Funds Floating Rate Income | Pacific Funds Limited Duration High Income | Pacific Funds High Income | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Investments, at cost | $168,930,119 | $656,418,878 | $252,355,845 | $766,971,080 | $38,702,236 | $141,703,554 | ||||||||||||||||||||||
Investments, at value | $167,916,030 | $642,147,191 | $238,076,346 | $754,709,090 | $35,698,674 | $130,666,223 | ||||||||||||||||||||||
Cash (1) | — | — | — | — | — | 280,000 | ||||||||||||||||||||||
Foreign currency held, at value (2) | — | — | 4,992 | — | — | 624 | ||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Dividends and interest | 864,458 | 6,049,169 | 3,276,272 | 6,604,168 | 552,644 | 2,451,238 | ||||||||||||||||||||||
Fund shares sold | 1,323,128 | 1,771,761 | 1,255,429 | 3,372,343 | 150,000 | 3,176 | ||||||||||||||||||||||
Securities sold | 1,680,609 | 3,328,600 | 1,652,774 | 35,657,414 | 197,982 | 602,757 | ||||||||||||||||||||||
Due from adviser | 27,609 | 92,151 | 37,209 | 97,826 | 10,432 | 11,770 | ||||||||||||||||||||||
Prepaid expenses and other assets | 25,382 | 58,926 | 25,239 | 15,206 | 18,143 | 20,537 | ||||||||||||||||||||||
Total Assets | 171,837,216 | 653,447,798 | 244,328,261 | 800,456,047 | 36,627,875 | 134,036,325 | ||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Fund shares redeemed | 794,402 | 1,550,121 | 928,955 | 1,906,217 | 33,260 | 66,071 | ||||||||||||||||||||||
Securities purchased | 4,000,000 | 8,483,500 | 11,750,758 | 51,884,724 | — | 1,775,433 | ||||||||||||||||||||||
Income distributions | 33,750 | 234,109 | 81,721 | 190,392 | 2,794 | 1,839 | ||||||||||||||||||||||
Accrued advisory fees | 53,886 | 264,451 | 115,746 | 400,615 | 19,590 | 67,083 | ||||||||||||||||||||||
Accrued administration fees | 40,207 | 156,143 | 57,708 | 171,397 | 6,669 | 18,491 | ||||||||||||||||||||||
Accrued support service expenses | 5,460 | 24,163 | 7,301 | 28,363 | 2,045 | 2,723 | ||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 2,311 | 9,860 | 2,761 | 11,467 | 916 | 732 | ||||||||||||||||||||||
Accrued legal, audit and tax service fees | 9,506 | 43,409 | 12,262 | 51,593 | 3,252 | 6,587 | ||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 56 | 152 | — | 430 | 170 | — | ||||||||||||||||||||||
Accrued distribution and/or service fees | 8,078 | 38,043 | 10,067 | 36,228 | 787 | 1,004 | ||||||||||||||||||||||
Accrued other | 12,400 | 30,114 | 13,620 | 87,752 | 8,095 | 11,484 | ||||||||||||||||||||||
Unfunded loan commitment depreciation | — | — | — | 119 | — | — | ||||||||||||||||||||||
Swap agreements, at value | — | — | — | — | — | 353,611 | ||||||||||||||||||||||
Total Liabilities | 4,960,056 | 10,834,065 | 12,980,899 | 54,769,297 | 77,578 | 2,305,058 | ||||||||||||||||||||||
NET ASSETS | $166,877,160 | $642,613,733 | $231,347,362 | $745,686,750 | $36,550,297 | $131,731,267 | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in capital | $169,028,945 | $662,378,811 | $249,225,159 | $797,530,813 | $40,439,650 | $144,528,655 | ||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 7,165 | 48,849 | 22,474 | 90,229 | (3,556 | ) | 10,716 | |||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (1,144,861 | ) | (5,542,240 | ) | (3,619,124 | ) | (39,672,183 | ) | (882,235 | ) | (1,416,998 | ) | ||||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (1,014,089 | ) | (14,271,687 | ) | (14,281,147 | ) | (12,262,109 | ) | (3,003,562 | ) | (11,391,106 | ) | ||||||||||||||||
NET ASSETS | $166,877,160 | $642,613,733 | $231,347,362 | $745,686,750 | $36,550,297 | $131,731,267 | ||||||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||
Net Assets | $52,788,980 | $215,738,992 | $60,767,082 | $205,981,447 | $5,808,252 | $5,808,470 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 5,146,793 | 20,810,840 | 5,971,606 | 20,916,537 | 638,936 | 598,151 | ||||||||||||||||||||||
Net Asset Value per share* | $10.26 | $10.37 | $10.18 | $9.85 | $9.09 | $9.71 | ||||||||||||||||||||||
Sales Charge (3) | 0.32 | 0.46 | 0.45 | 0.30 | 0.28 | 0.43 | ||||||||||||||||||||||
Maximum offering price per share | $10.58 | $10.83 | $10.63 | $10.15 | $9.37 | $10.14 | ||||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||
Net Assets | $36,352,009 | $177,618,683 | $45,392,454 | $169,329,807 | $3,243,491 | $4,544,504 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 3,550,841 | 17,132,798 | 4,468,556 | 17,221,774 | 357,523 | 468,442 | ||||||||||||||||||||||
Net Asset Value per share* | $10.24 | $10.37 | $10.16 | $9.83 | $9.07 | $9.70 | ||||||||||||||||||||||
Class I Shares: | ||||||||||||||||||||||||||||
Net Assets | $1,781,590 | $3,902,999 | $1,332,256 | $108,255,813 | $21,280,473 | $221,991 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 173,955 | 376,185 | 131,616 | 10,977,381 | 2,341,241 | 23,011 | ||||||||||||||||||||||
Net Asset Value per share | $10.24 | $10.38 | $10.12 | $9.86 | $9.09 | $9.65 | ||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||
Net Assets | $16,637,886 | $391,747 | $118,251,088 | |||||||||||||||||||||||||
Shares of beneficial interest outstanding | 1,598,983 | 39,743 | 12,273,016 | |||||||||||||||||||||||||
Net Asset Value Per Share | $10.41 | $9.86 | $9.64 | |||||||||||||||||||||||||
Advisor Class: | ||||||||||||||||||||||||||||
Net Assets | $75,954,581 | $228,715,173 | $123,855,570 | $261,727,936 | $6,218,081 | $2,905,214 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 7,405,397 | 22,016,737 | 12,169,344 | 26,494,351 | 684,609 | 298,999 | ||||||||||||||||||||||
Net Asset Value per share | $10.26 | $10.39 | $10.18 | $9.88 | $9.08 | $9.72 |
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. |
(1) | Includes cash collateral segregated for certain derivative instruments in the Pacific Funds High Income of $280,000. |
(2) | The cost of foreign currency for Pacific Funds Strategic Income and Pacific Funds High Income was $6,640 and $788, respectively. |
(3) | The Class A shares of Pacific Funds Short Duration Income, Pacific Funds Floating Rate Income, and Pacific Funds Limited Duration High Income are subject to a maximum 3.00% front-end sales charge. The Class A shares of Pacific Funds Core Income, Pacific Funds Strategic Income, and Pacific Funds High Income are subject to a maximum 4.25% front-end sales charge. |
See Notes to Financial Statements
B-2
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2015 (Unaudited)
Pacific Funds Diversified Alternatives | ||||||||
ASSETS | ||||||||
Investments in affiliated mutual funds, at cost | $4,875,769 | |||||||
Investments in affiliated mutual funds, at value | $4,755,294 | |||||||
Receivables: | ||||||||
Dividends and interest | 1,335 | |||||||
Due from adviser | 4,294 | |||||||
Prepaid expenses and other assets | 6,929 | |||||||
Total Assets | 4,767,852 | |||||||
LIABILITIES | ||||||||
Payables: | ||||||||
Fund shares redeemed | 6,091 | |||||||
Securities purchased | 1,335 | |||||||
Accrued advisory fees | 806 | |||||||
Accrued administration fees | 605 | |||||||
Accrued support service expenses | 190 | |||||||
Accrued transfer agency out-of-pocket expenses | 69 | |||||||
Accrued legal, audit and tax service fees | 344 | |||||||
Accrued distribution and/or service fees | 177 | |||||||
Accrued other | 562 | |||||||
Total Liabilities | 10,179 | |||||||
NET ASSETS | $4,757,673 | |||||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in capital | $5,032,116 | |||||||
Undistributed/accumulated net investment income (loss) | (12,793 | ) | ||||||
Undistributed/accumulated net realized gain (loss) | (141,175 | ) | ||||||
Net unrealized appreciation (depreciation) on investments | (120,475 | ) | ||||||
NET ASSETS | $4,757,673 | |||||||
Class A Shares: | ||||||||
Net Assets | $1,417,842 | |||||||
Shares of beneficial interest outstanding | 145,729 | |||||||
Net Asset Value per share* | $9.73 | |||||||
Sales Charge (1) | 0.57 | |||||||
Maximum offering price per share | $10.30 | |||||||
Class C Shares: | ||||||||
Net Assets | $726,177 | |||||||
Shares of beneficial interest outstanding | 75,503 | |||||||
Net Asset Value per share* | $9.62 | |||||||
Advisor Class: | ||||||||
Net Assets | $2,613,654 | |||||||
Shares of beneficial interest outstanding | 267,872 | |||||||
Net Asset Value per share | $9.76 |
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. |
(1) | The Class A shares of the Pacific Funds Diversified Alternatives are subject to a maximum 5.50% front-end sales charge. |
See Notes to Financial Statements
B-3
PACIFIC FUNDS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2015 (Unaudited)
Pacific Funds Portfolio Optimization | ||||||||||||||||||||||||
Conservative | Moderate- Conservative | Moderate | Growth | Aggressive- Growth | ||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||
Dividends from affiliated mutual fund investments | $580,076 | $686,415 | $1,529,017 | $459,533 | $— | |||||||||||||||||||
Total Investment Income | 580,076 | 686,415 | 1,529,017 | 459,533 | — | |||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||
Advisory fees | 411,490 | 576,427 | 1,640,010 | �� | 1,149,566 | 338,181 | ||||||||||||||||||
Administration fees | 308,618 | 432,320 | 1,230,007 | 862,175 | 253,636 | |||||||||||||||||||
Support services expenses | 29,003 | 40,729 | 114,794 | 79,263 | 22,910 | |||||||||||||||||||
Custodian fees and expenses | 42 | 42 | 42 | 42 | 42 | |||||||||||||||||||
Shareholder report expenses | 18,329 | 25,694 | 72,541 | 50,070 | 14,446 | |||||||||||||||||||
Distribution and/or service fees (1) | ||||||||||||||||||||||||
Class A | 208,866 | 343,899 | 1,046,767 | 759,074 | 223,316 | |||||||||||||||||||
Class B | 183,039 | 253,405 | 783,334 | 575,220 | 172,112 | |||||||||||||||||||
Class C | 946,650 | 1,190,187 | 2,989,441 | 1,979,603 | 545,494 | |||||||||||||||||||
Class R | 28,390 | 16,423 | 66,313 | 50,224 | 20,991 | |||||||||||||||||||
Transfer agency out-of-pocket expenses | 18,486 | 25,929 | 73,188 | 50,603 | 14,602 | |||||||||||||||||||
Registration fees | 40,145 | 39,865 | 55,738 | 47,246 | 36,372 | |||||||||||||||||||
Legal, audit and tax service fees | 32,272 | 45,130 | 127,478 | 88,037 | 25,416 | |||||||||||||||||||
Trustees’ fees and expenses | 9,158 | 12,802 | 36,124 | 24,952 | 7,210 | |||||||||||||||||||
Other | 5,528 | 9,843 | 25,352 | 17,048 | 5,660 | |||||||||||||||||||
Total Expenses | 2,240,016 | 3,012,695 | 8,261,129 | 5,733,123 | 1,680,388 | |||||||||||||||||||
Adviser Expense Reimbursement (2) | (154,992 | ) | (200,034 | ) | (505,643 | ) | (358,283 | ) | (127,008 | ) | ||||||||||||||
Net Expenses | 2,085,024 | 2,812,661 | 7,755,486 | 5,374,840 | 1,553,380 | |||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | (1,504,948 | ) | (2,126,246 | ) | (6,226,469 | ) | (4,915,307 | ) | (1,553,380 | ) | ||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||
Investment security transactions in affiliated mutual funds | (1,992,500 | ) | (907,402 | ) | 7,996,388 | 12,232,319 | 1,161,556 | |||||||||||||||||
Investment security transactions | 287 | 401 | 1,145 | 803 | 236 | |||||||||||||||||||
Net Realized Gain (Loss) | (1,992,213 | ) | (907,001 | ) | 7,997,533 | 12,233,122 | 1,161,792 | |||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||
Investment securities in affiliated mutual funds | (14,524,577 | ) | (25,160,972 | ) | (100,587,932 | ) | (90,280,535 | ) | (27,630,565 | ) | ||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | (14,524,577 | ) | (25,160,972 | ) | (100,587,932 | ) | (90,280,535 | ) | (27,630,565 | ) | ||||||||||||||
NET GAIN (LOSS) | (16,516,790 | ) | (26,067,973 | ) | (92,590,399 | ) | (78,047,413 | ) | (26,468,773 | ) | ||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | ($18,021,738 | ) | ($28,194,219 | ) | ($98,816,868 | ) | ($82,962,720 | ) | ($28,022,153 | ) |
(1) | The Advisor Class shares are not subject to distribution and service fees (See Notes 1 and 6 in Notes to Financial Statements). |
(2) | See Note 7B in Notes to Financial Statements. |
See Notes to Financial Statements
B-4
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2015 (Unaudited)
Pacific Funds Short Duration Income | Pacific Funds Core Income | Pacific Funds Strategic Income | Pacific Funds Floating Rate Income | Pacific Funds Limited Duration High Income | Pacific Funds High Income | |||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||
Dividends | $1,261 | $1,505 | $147,821 | $1,250 | $99 | $83,546 | ||||||||||||||||||||||
Interest | 1,885,527 | 12,680,917 | 5,067,625 | 19,719,766 | 1,100,373 | 3,834,273 | ||||||||||||||||||||||
Other | 15,533 | — | — | 24,456 | — | — | ||||||||||||||||||||||
Total Investment Income | 1,902,321 | 12,682,422 | 5,215,446 | 19,745,472 | 1,100,472 | 3,917,819 | ||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||
Advisory fees | 289,888 | 1,632,223 | 626,085 | 2,435,428 | 127,207 | 401,397 | ||||||||||||||||||||||
Administration fees | 216,207 | 965,562 | 311,995 | 1,055,096 | 42,205 | 111,742 | ||||||||||||||||||||||
Support services expenses | 9,523 | 44,132 | 12,192 | 51,914 | 3,093 | 8,545 | ||||||||||||||||||||||
Custodian fees and expenses | 2,275 | 10,847 | 2,610 | 13,573 | 1,268 | 1,842 | ||||||||||||||||||||||
Shareholder report expenses | 6,047 | 27,850 | 7,844 | 32,776 | 2,029 | 5,024 | ||||||||||||||||||||||
Distribution and/or service fees (1) | ||||||||||||||||||||||||||||
Class A | 61,837 | 272,598 | 74,216 | 264,645 | 8,902 | 7,906 | ||||||||||||||||||||||
Class C | 169,703 | 912,721 | 229,044 | 879,687 | 18,625 | 26,126 | ||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 6,042 | 28,014 | 7,671 | 33,140 | 1,954 | 5,149 | ||||||||||||||||||||||
Registration fees | 36,793 | 50,609 | 36,810 | 54,823 | 29,964 | 26,595 | ||||||||||||||||||||||
Legal, audit and tax service fees | 10,562 | 48,753 | 13,559 | 57,690 | 3,498 | 8,639 | ||||||||||||||||||||||
Trustees’ fees and expenses | 2,972 | 13,766 | 3,767 | 16,388 | 962 | 2,520 | ||||||||||||||||||||||
Interest expense and commitment fee | — | — | — | 81,202 | — | — | ||||||||||||||||||||||
Other | 12,074 | 23,163 | 17,871 | 23,457 | 10,304 | 15,959 | ||||||||||||||||||||||
Total Expenses | 823,923 | 4,030,238 | 1,343,664 | 4,999,819 | 250,011 | 621,444 | ||||||||||||||||||||||
Advisory Fee Waiver (2) | — | — | — | — | (3,914 | ) | — | |||||||||||||||||||||
Adviser Expense Reimbursement (3) | (157,953 | ) | (560,858 | ) | (205,971 | ) | (612,347 | ) | (61,637 | ) | (52,274 | ) | ||||||||||||||||
Net Expenses | 665,970 | 3,469,380 | 1,137,693 | 4,387,472 | 184,460 | 569,170 | ||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 1,236,351 | 9,213,042 | 4,077,753 | 15,358,000 | 916,012 | 3,348,649 | ||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||
Investment security transactions | (977,490 | ) | (2,331,789 | ) | (2,507,190 | ) | (29,782,011 | ) | (587,333 | ) | (900,036 | ) | ||||||||||||||||
Swap transactions | — | — | — | — | — | (205,428 | ) | |||||||||||||||||||||
Net Realized Gain (Loss) | (977,490 | ) | (2,331,789 | ) | (2,507,190 | ) | (29,782,011 | ) | (587,333 | ) | (1,105,464 | ) | ||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||
Investment securities | (1,229,129 | ) | (24,014,952 | ) | (10,580,731 | ) | 12,746,753 | (1,508,401 | ) | (10,785,637 | ) | |||||||||||||||||
Unfunded loan commitments | — | — | — | (119 | ) | — | — | |||||||||||||||||||||
Swaps | — | — | — | — | — | (412,912 | ) | |||||||||||||||||||||
Foreign currencies | — | — | (268 | ) | — | — | (33 | ) | ||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | (1,229,129 | ) | (24,014,952 | ) | (10,580,999 | ) | 12,746,634 | (1,508,401 | ) | (11,198,582 | ) | |||||||||||||||||
NET GAIN (LOSS) | (2,206,619 | ) | (26,346,741 | ) | (13,088,189 | ) | (17,035,377 | ) | (2,095,734 | ) | (12,304,046 | ) | ||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | ($970,268 | ) | ($17,133,699 | ) | ($9,010,436 | ) | ($1,677,377 | ) | ($1,179,722 | ) | ($8,955,397 | ) |
(1) | Class I, Class P, and Advisor Class shares are not subject to distribution and service fees (See Notes 1 and 6 in Notes to Financial Statements). |
(2) | See Note 6 in Notes to Financial Statements. |
(3) | See Note 7B in Notes to Financial Statements. |
See Notes to Financial Statements
B-5
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2015 (Unaudited)
Pacific Funds Diversified Alternatives | ||||||||
INVESTMENT INCOME | ||||||||
Dividends from affiliated mutual fund investments | $10,561 | |||||||
Total Investment Income | 10,561 | |||||||
EXPENSES | ||||||||
Advisory fees | 5,941 | |||||||
Administration fees | 4,456 | |||||||
Support services expenses | 346 | |||||||
Custodian fees and expenses | 42 | |||||||
Shareholder report expenses | 211 | |||||||
Distribution and/or service fees (1) | ||||||||
Class A | 1,846 | |||||||
Class C | 3,685 | |||||||
Transfer agency out-of-pocket expenses | 206 | |||||||
Registration fees | 30,017 | |||||||
Legal, audit and tax service fees | 385 | |||||||
Trustees’ fees and expenses | 108 | |||||||
Other | 567 | |||||||
Total Expenses | 47,810 | |||||||
Adviser Expense Reimbursement (2) | (24,456 | ) | ||||||
Net Expenses | 23,354 | |||||||
NET INVESTMENT INCOME (LOSS) | (12,793 | ) | ||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||
Net Realized Gain (Loss) On: | ||||||||
Investment security transactions in affiliated mutual funds | (116,215 | ) | ||||||
Net Realized Gain (Loss) | (116,215 | ) | ||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||
Investment securities in affiliated mutual funds | (37,495 | ) | ||||||
Change in Net Unrealized Appreciation (Depreciation) | (37,495 | ) | ||||||
NET GAIN (LOSS) | (153,710 | ) | ||||||
NET INCREASE (DECREASE) IN NET ASSETS | ($166,503 | ) |
(1) | The Advisor Class shares are not subject to distribution and service fees (See Notes 1 and 6 in Notes to Financial Statements). |
(2) | See Note 7B in Notes to Financial Statements. |
See Notes to Financial Statements
B-6
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
Pacific Funds Portfolio | Pacific Funds Portfolio | Pacific Funds Portfolio | ||||||||||||||||||||||||||||||
Six-Month 2015 (1) | Year Ended | Six-Month 2015 (1) | Year Ended | Six-Month 2015 (1) | Year Ended | |||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income (loss) | ($1,504,948 | ) | $4,477,619 | ($2,126,246 | ) | $5,896,543 | ($6,226,469 | ) | $15,219,942 | |||||||||||||||||||||||
Net realized gain (loss) | (1,992,213 | ) | 10,799,223 | (907,001 | ) | 20,824,581 | 7,997,533 | 75,283,829 | ||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (14,524,577 | ) | (859,050 | ) | (25,160,972 | ) | (2,549,050 | ) | (100,587,932 | ) | (12,216,526 | ) | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (18,021,738 | ) | 14,417,792 | (28,194,219 | ) | 24,172,074 | (98,816,868 | ) | 78,287,245 | |||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | — | (3,454,200 | ) | — | (5,469,373 | ) | — | (19,048,743 | ) | |||||||||||||||||||||||
Class B | — | (551,909 | ) | — | (748,105 | ) | — | (2,475,913 | ) | |||||||||||||||||||||||
Class C | — | (2,836,796 | ) | — | (3,539,176 | ) | — | (9,326,320 | ) | |||||||||||||||||||||||
Class R | — | (231,328 | ) | — | (124,908 | ) | — | (552,031 | ) | |||||||||||||||||||||||
Advisor Class | — | (180,858 | ) | — | (123,283 | ) | — | (590,308 | ) | |||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | — | (3,847,918 | ) | — | (4,251,615 | ) | — | (10,959,626 | ) | |||||||||||||||||||||||
Class B | — | (858,598 | ) | — | (813,848 | ) | — | (2,103,854 | ) | |||||||||||||||||||||||
Class C | — | (4,437,897 | ) | — | (3,769,105 | ) | — | (7,871,227 | ) | |||||||||||||||||||||||
Class R | — | (277,370 | ) | — | (106,079 | ) | — | (364,076 | ) | |||||||||||||||||||||||
Advisor Class | — | (189,503 | ) | — | (84,413 | ) | — | (311,818 | ) | |||||||||||||||||||||||
Net Decrease from Dividends and | — | (16,866,377 | ) | — | (19,029,905 | ) | — | (53,603,916 | ) | |||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 16,248,845 | 39,424,777 | 26,201,616 | 57,136,981 | 65,584,651 | 161,286,327 | ||||||||||||||||||||||||||
Class B | 3,066,989 | 5,275,231 | 3,534,554 | 5,813,297 | 9,448,110 | 18,369,022 | ||||||||||||||||||||||||||
Class C | 21,462,684 | 42,394,356 | 21,293,210 | 48,443,966 | 47,176,692 | 114,956,328 | ||||||||||||||||||||||||||
Class R | 900,744 | 2,826,989 | 693,458 | 2,453,292 | 2,874,437 | 7,304,490 | ||||||||||||||||||||||||||
Advisor Class | 803,540 | 8,408,322 | 1,506,236 | 5,267,750 | 4,316,886 | 18,681,701 | ||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | — | 6,963,735 | — | 9,515,668 | — | 29,629,842 | ||||||||||||||||||||||||||
Class B | — | 1,311,259 | — | 1,516,125 | — | 4,487,672 | ||||||||||||||||||||||||||
Class C | — | 6,918,706 | — | 7,038,176 | — | 16,585,274 | ||||||||||||||||||||||||||
Class R | — | 508,698 | — | 230,987 | — | 914,621 | ||||||||||||||||||||||||||
Advisor Class | — | 256,778 | — | 150,779 | — | 757,402 | ||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (21,706,347 | ) | (66,336,969 | ) | (29,603,200 | ) | (67,483,303 | ) | (84,897,479 | ) | (173,568,973 | ) | ||||||||||||||||||||
Class B | (4,856,403 | ) | (7,501,235 | ) | (3,945,408 | ) | (8,834,053 | ) | (14,566,485 | ) | (21,763,033 | ) | ||||||||||||||||||||
Class C | (25,129,913 | ) | (60,180,762 | ) | (23,497,012 | ) | (44,903,331 | ) | (56,006,101 | ) | (104,739,176 | ) | ||||||||||||||||||||
Class R | (1,571,966 | ) | (2,537,604 | ) | (978,363 | ) | (2,886,897 | ) | (5,344,347 | ) | (12,304,519 | ) | ||||||||||||||||||||
Advisor Class | (3,528,896 | ) | (4,551,008 | ) | (1,262,637 | ) | (2,749,236 | ) | (5,211,352 | ) | (17,739,998 | ) | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (14,310,723 | ) | (26,818,727 | ) | (6,057,546 | ) | 10,710,201 | (36,624,988 | ) | 42,856,980 | ||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (32,332,461 | ) | (29,267,312 | ) | (34,251,765 | ) | 15,852,370 | (135,441,856 | ) | 67,540,309 | ||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Year or Period | 419,563,482 | 448,830,794 | 581,373,150 | 565,520,780 | 1,656,540,702 | 1,589,000,393 | ||||||||||||||||||||||||||
End of Year or Period | $387,231,021 | $419,563,482 | $547,121,385 | $581,373,150 | $1,521,098,846 | $1,656,540,702 | ||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | ($2,172,147 | ) | ($667,199 | ) | ($3,524,417 | ) | ($1,398,171 | ) | ($9,879,547 | ) | ($3,653,078 | ) |
(1) | Unaudited. |
See Notes to Financial Statements
B-7
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Pacific Funds Portfolio Optimization Growth | Pacific Funds Portfolio Optimization Aggressive-Growth | Pacific Funds Short Duration Income | ||||||||||||||||||||||||||||||
Six-Month 2015 (1) | Year Ended March 31, 2015 | Six-Month 2015 (1) | Year Ended March 31, 2015 | Six-Month 2015 (1) | Year Ended March 31, 2015 | |||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income (loss) | ($4,915,307 | ) | $8,137,090 | ($1,553,380 | ) | $2,090,801 | $1,236,351 | $2,068,788 | ||||||||||||||||||||||||
Net realized gain (loss) | 12,233,122 | 70,260,635 | 1,161,792 | 23,648,517 | (977,490 | ) | (41,337 | ) | ||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (90,280,535 | ) | (12,970,340 | ) | (27,630,565 | ) | (7,113,846 | ) | (1,229,129 | ) | (474,354 | ) | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (82,962,720 | ) | 65,427,385 | (28,022,153 | ) | 18,625,472 | (970,268 | ) | 1,553,097 | |||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | — | (12,802,326 | ) | — | (3,417,354 | ) | (436,930 | ) | (921,923 | ) | ||||||||||||||||||||||
Class B | — | (1,696,168 | ) | — | (463,722 | ) | ||||||||||||||||||||||||||
Class C | — | (5,812,228 | ) | — | (1,415,231 | ) | (174,969 | ) | (297,655 | ) | ||||||||||||||||||||||
Class I | (16,924 | ) | (24,460 | ) | ||||||||||||||||||||||||||||
Class R | — | (413,678 | ) | — | (149,889 | ) | ||||||||||||||||||||||||||
Advisor Class | — | (200,361 | ) | — | (131,420 | ) | (616,270 | ) | (817,824 | ) | ||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | — | — | — | — | — | (124,939 | ) | |||||||||||||||||||||||||
Class B | — | — | — | — | ||||||||||||||||||||||||||||
Class C | — | — | — | — | — | (75,249 | ) | |||||||||||||||||||||||||
Class I | — | (2,655 | ) | |||||||||||||||||||||||||||||
Class R | — | — | — | — | ||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | (120,604 | ) | |||||||||||||||||||||||||
Net Decrease from Dividends and | — | (20,924,761 | ) | — | (5,577,616 | ) | (1,245,093 | ) | (2,385,309 | ) | ||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 48,138,432 | 110,958,304 | 18,352,932 | 34,237,966 | 19,301,043 | 40,962,087 | ||||||||||||||||||||||||||
Class B | 5,377,209 | 13,329,240 | 2,543,513 | 4,208,529 | ||||||||||||||||||||||||||||
Class C | 29,252,817 | 67,260,544 | 10,159,816 | 29,878,462 | 10,605,317 | 18,412,180 | ||||||||||||||||||||||||||
Class I | 335,023 | 1,099,458 | ||||||||||||||||||||||||||||||
Class R | 2,103,406 | 5,867,487 | 942,154 | 2,503,562 | ||||||||||||||||||||||||||||
Advisor Class | 3,755,586 | 9,050,980 | 3,289,450 | 4,554,186 | 42,939,924 | 98,991,225 | ||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | — | 12,642,428 | — | 3,370,198 | 376,092 | 901,978 | ||||||||||||||||||||||||||
Class B | — | 1,647,341 | — | 455,352 | ||||||||||||||||||||||||||||
Class C | — | 5,630,979 | — | 1,363,502 | 167,200 | 358,020 | ||||||||||||||||||||||||||
Class I | 16,709 | 25,161 | ||||||||||||||||||||||||||||||
Class R | — | 413,678 | — | 149,889 | ||||||||||||||||||||||||||||
Advisor Class | — | 138,194 | — | 112,694 | 498,466 | 792,572 | ||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (53,321,526 | ) | (94,405,382 | ) | (14,691,358 | ) | (29,088,540 | ) | (14,844,646 | ) | (52,934,068 | ) | ||||||||||||||||||||
Class B | (11,969,630 | ) | (20,163,774 | ) | (4,569,819 | ) | (8,060,413 | ) | ||||||||||||||||||||||||
Class C | (34,482,185 | ) | (65,174,978 | ) | (11,348,454 | ) | (27,114,900 | ) | (5,478,629 | ) | (10,786,625 | ) | ||||||||||||||||||||
Class I | (61,888 | ) | (582,486 | ) | ||||||||||||||||||||||||||||
Class R | (3,597,317 | ) | (6,069,366 | ) | (1,809,422 | ) | (2,250,245 | ) | ||||||||||||||||||||||||
Advisor Class | (2,802,230 | ) | (4,474,665 | ) | (1,025,111 | ) | (1,063,634 | ) | (18,432,947 | ) | (57,091,123 | ) | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (17,545,438 | ) | 36,651,010 | 1,843,701 | 13,256,608 | 35,421,664 | 40,148,379 | |||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (100,508,158 | ) | 81,153,634 | (26,178,452 | ) | 26,304,464 | 33,206,303 | 39,316,167 | ||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Year or Period | 1,156,783,703 | 1,075,630,069 | 338,625,472 | 312,321,008 | 133,670,857 | 94,354,690 | ||||||||||||||||||||||||||
End of Year or Period | $1,056,275,545 | $1,156,783,703 | $312,447,020 | $338,625,472 | $166,877,160 | $133,670,857 | ||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | ($5,821,588 | ) | ($906,281 | ) | ($186,451 | ) | $1,366,929 | $7,165 | $15,907 |
(1) | Unaudited. |
See Notes to Financial Statements
B-8
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Pacific Funds Core Income (1) | Pacific Funds | Pacific Funds | ||||||||||||||||||||||||||||||||
Six-Month Period Ended 2015 (2) | Year Ended March 31, 2015 | Six-Month 2015 (2) | Year Ended | Six-Month 2015 (2) | Year Ended | |||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||
Net investment income (loss) | $9,213,042 | $13,913,274 | $4,077,753 | $5,231,459 | $15,358,000 | $39,940,002 | ||||||||||||||||||||||||||||
Net realized gain (loss) | (2,331,789 | ) | (414,889 | ) | (2,507,190 | ) | (158,485 | ) | (29,782,011 | ) | (9,871,223 | ) | ||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (24,014,952 | ) | 6,159,452 | (10,580,999 | ) |
| (5,321,037 | ) | 12,746,634 | (29,616,921 | ) | |||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (17,133,699 | ) | 19,657,837 | (9,010,436 | ) |
| (248,063 | ) | (1,677,377 | ) | 451,858 | |||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||
Class A | (3,226,842 | ) | (6,103,604 | ) | (1,155,077 | ) | (1,935,936 | ) | (4,411,155 | ) | (12,127,562 | ) | ||||||||||||||||||||||
Class C | (2,006,924 | ) | (3,306,524 | ) | (713,051 | ) | (1,195,002 | ) | (3,012,007 | ) | (7,355,422 | ) | ||||||||||||||||||||||
Class I | (63,974 | ) | (68,112 | ) | (29,049 | ) | (72,586 | ) | (2,105,048 | ) | (5,054,910 | ) | ||||||||||||||||||||||
Class P | (225,442 | ) | (10,562 | ) | (22,232 | ) | ||||||||||||||||||||||||||||
Advisor Class | (3,761,117 | ) | (4,398,333 | ) | (2,193,545 | ) | (1,994,352 | ) | (5,940,842 | ) | (15,444,787 | ) | ||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||
Class A | — | — | — | (481,859 | ) | — | (649,099 | ) | ||||||||||||||||||||||||||
Class C | — | — | — | (391,679 | ) | — | (522,838 | ) | ||||||||||||||||||||||||||
Class I | — | — | — | (18,329 | ) | — | (428,173 | ) | ||||||||||||||||||||||||||
Class P | — | — | (1,780 | ) | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — |
| (680,224 | ) | — | (747,931 | ) | |||||||||||||||||||||||||
Net Decrease from Dividends and | (9,284,299 | ) | (13,876,573 | ) | (4,090,722 | ) |
| (6,769,967 | ) | (15,479,614 | ) | (42,354,734 | ) | |||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||
Class A | 45,110,133 | 78,759,630 | 22,852,587 | 39,361,105 | 29,962,073 | 84,228,276 | ||||||||||||||||||||||||||||
Class C | 19,702,084 | 89,090,031 | 10,852,822 | 27,647,819 | 15,729,972 | 57,551,269 | ||||||||||||||||||||||||||||
Class I | 880,502 | 3,503,148 | 183,700 | 428,123 | 29,856,319 | 98,998,416 | ||||||||||||||||||||||||||||
Class P | 17,755,746 | 94,173 | 524,364 | |||||||||||||||||||||||||||||||
Advisor Class | 87,271,448 | 195,687,916 | 85,576,353 | 97,600,567 | 60,273,181 | 205,301,412 | ||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||
Class A | 2,995,874 | 5,645,816 | 1,076,821 | 2,282,659 | 4,160,305 | 11,852,624 | ||||||||||||||||||||||||||||
Class C | 1,842,060 | 3,027,883 | 675,518 | 1,525,454 | 2,733,062 | 7,078,030 | ||||||||||||||||||||||||||||
Class I | 63,760 | 67,987 | 27,978 | 87,714 | 2,047,275 | 5,315,410 | ||||||||||||||||||||||||||||
Class P | 225,442 | 10,562 | 24,012 | |||||||||||||||||||||||||||||||
Advisor Class | 2,830,422 | 3,647,082 | 1,926,863 | 2,109,031 | 5,259,712 | 13,801,533 | ||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||
Class A | (41,937,217 | ) | (89,896,818 | ) | (10,859,630 | ) | (26,173,927 | ) | (38,500,307 | ) | (245,143,310 | ) | ||||||||||||||||||||||
Class C | (20,620,989 | ) | (32,922,963 | ) | (6,227,155 | ) | (8,222,460 | ) | (24,936,186 | ) | (90,101,400 | ) | ||||||||||||||||||||||
Class I | (690,084 | ) | (972,802 | ) | (184,978 | ) | (728,314 | ) | (9,977,204 | ) | (105,822,602 | ) | ||||||||||||||||||||||
Class P | (585,398 | ) | (395,596 | ) | (82,233 | ) | ||||||||||||||||||||||||||||
Advisor Class | (71,374,298 | ) | (50,564,507 | ) | (22,915,138 | ) |
| (39,772,549 | ) | (68,014,165 | ) | (302,300,704 | ) | |||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 43,469,485 | 205,072,403 | 82,985,741 |
| 96,145,222 | 8,303,176 | (258,774,903 | ) | ||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 17,051,487 | 210,853,667 | 69,884,583 |
| 89,127,192 | (8,853,815 | ) | (300,677,779 | ) | |||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 625,562,246 | 414,708,579 | 161,462,779 |
| 72,335,587 | 754,540,565 | 1,055,218,344 | |||||||||||||||||||||||||||
End of Year or Period | $642,613,733 | $625,562,246 | $231,347,362 |
| $161,462,779 | $745,686,750 | $754,540,565 | |||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $48,849 | $120,106 | $22,474 |
| $35,443 | $90,229 | $211,843 |
(1) | The Class P of Pacific Funds Core Income commenced operations on April 27, 2015. |
(2) | Unaudited. |
See Notes to Financial Statements
B-9
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Pacific Funds | Pacific Funds | Pacific Funds | ||||||||||||||||||||||||||||||
Six-Month 2015 (2) | Year Ended | Six-Month 2015 (2) | Year Ended | Six-Month 2015 (2) | Year Ended | |||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $916,012 | $1,764,487 | $3,348,649 | $1,648,228 | ($12,793 | ) | $144,500 | |||||||||||||||||||||||||
Net realized gain (loss) | (587,333 | ) | (205,536 | ) | (1,105,464 | ) | (41,177 | ) | (116,215 | ) | (14,721 | ) | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (1,508,401 | ) | (1,984,190 | ) | (11,198,582 | ) | (1,038,960 | ) | (37,495 | ) | (81,547 | ) | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (1,179,722 | ) | (425,239 | ) | (8,955,397 | ) | 568,091 | (166,503 | ) | 48,232 | ||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | (162,232 | ) | (423,413 | ) | (137,191 | ) | (353,304 | ) | — | (33,830 | ) | |||||||||||||||||||||
Class C | (72,079 | ) | (144,206 | ) | (91,161 | ) | (232,457 | ) | — | (11,976 | ) | |||||||||||||||||||||
Class I | (543,483 | ) | (1,064,169 | ) | (5,443 | ) | (379,218 | ) | ||||||||||||||||||||||||
Class P | (3,029,602 | ) | (446,705 | ) | ||||||||||||||||||||||||||||
Advisor Class | (155,072 | ) | (143,013 | ) | (81,186 | ) | (236,773 | ) | — | (108,736 | ) | |||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | — | (46,119 | ) | — | (103,589 | ) | — | (2,139 | ) | |||||||||||||||||||||||
Class C | — | (18,602 | ) | — | (87,190 | ) | — | (807 | ) | |||||||||||||||||||||||
Class I | — | (98,118 | ) | — | (143,010 | ) | ||||||||||||||||||||||||||
Class P | — | — | ||||||||||||||||||||||||||||||
Advisor Class | — | (9,217 | ) | — | (65,262 | ) | — | (6,673 | ) | |||||||||||||||||||||||
Net Decrease from Dividends and | (932,866 | ) | (1,946,857 | ) | (3,344,583 | ) | (2,047,508 | ) | — | (164,161 | ) | |||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 1,443,634 | 4,088,773 | 2,325,535 | 5,033,954 | 229,882 | 1,625,520 | ||||||||||||||||||||||||||
Class C | 728,470 | 2,586,718 | 622,191 | 2,097,278 | 250,030 | 893,601 | ||||||||||||||||||||||||||
Class I | 18,068 | 17,400 | 2,200 | 9,150 | ||||||||||||||||||||||||||||
Class P | 104,539,666 | 38,271,086 | ||||||||||||||||||||||||||||||
Advisor Class | 3,007,528 | 4,776,545 | 333,890 | 8,799,370 | 365,016 | 2,277,040 | ||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | 141,343 | 423,408 | 131,328 | 445,733 | — | 33,151 | ||||||||||||||||||||||||||
Class C | 69,861 | 157,493 | 90,012 | 314,637 | — | 12,783 | ||||||||||||||||||||||||||
Class I | 543,483 | 1,162,287 | 5,415 | 522,188 | ||||||||||||||||||||||||||||
Class P | 3,029,602 | 446,706 | ||||||||||||||||||||||||||||||
Advisor Class | 153,563 | 148,906 | 79,285 | 264,192 | — | 115,409 | ||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (2,500,894 | ) | (5,462,415 | ) | (2,067,407 | ) | (5,476,880 | ) | (237,209 | ) | (157,665 | ) | ||||||||||||||||||||
Class C | (1,022,592 | ) | (1,267,105 | ) | (1,211,559 | ) | (1,836,091 | ) | (57,163 | ) | (340,442 | ) | ||||||||||||||||||||
Class I | (10,316 | ) | (113,000 | ) | (9,441 | ) | (8,980,068 | ) | ||||||||||||||||||||||||
Class P | (17,059,853 | ) | (470,826 | ) | ||||||||||||||||||||||||||||
Advisor Class | (2,257,926 | ) | (1,004,771 | ) | (1,065,310 | ) | (7,918,952 | ) | (1,419,935 | ) | (547,945 | ) | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 314,222 | 5,514,239 | 89,745,554 | 31,521,477 | (869,379 | ) | 3,911,452 | |||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (1,798,366 | ) | 3,142,143 | 77,445,574 | 30,042,060 | (1,035,882 | ) | 3,795,523 | ||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Year or Period | 38,348,663 | 35,206,520 | 54,285,693 | 24,243,633 | 5,793,555 | 1,998,032 | ||||||||||||||||||||||||||
End of Year or Period | $36,550,297 | $38,348,663 | $131,731,267 | $54,285,693 | $4,757,673 | $5,793,555 | ||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | ($3,556 | ) | $13,298 | $10,716 | $6,650 | ($12,793 | ) | $— |
(1) | The Class P of Pacific Funds High Income commenced operations on January 14, 2015. |
(2) | Unaudited. |
See Notes to Financial Statements
B-10
PACIFIC FUNDS
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Fund |
| Selected Per Share Data |
| Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (1) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (2) | Expenses After Reductions (2), (3) | Net Investment Income (Loss) (2) | Total Returns (4) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Conservative |
| |||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $11.22 | ($0.02 | ) | ($0.45 | ) | ($0.47 | ) | $— | $— | $— | $10.75 | 0.67% | 0.60% | (0.32%) | (4.19 | %) | $157,538 | 32 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.29 | 0.16 | 0.26 | 0.42 | (0.23 | ) | (0.26 | ) | (0.49 | ) | 11.22 | 0.68% | 0.60% | 1.44% | 3.71 | % | 169,945 | 17 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 11.40 | 0.10 | 0.10 | 0.20 | (0.15 | ) | (0.16 | ) | (0.31 | ) | 11.29 | 0.70% | 0.60% | 0.90% | 1.78 | % | 190,492 | 11 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 11.07 | 0.23 | 0.49 | 0.72 | (0.34 | ) | (0.05 | ) | (0.39 | ) | 11.40 | 0.71% | 0.60% | 2.01% | 6.57 | % | 230,646 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 10.87 | 0.22 | 0.29 | 0.51 | (0.28 | ) | (0.03 | ) | (0.31 | ) | 11.07 | 0.73% | 0.60% | 1.99% | 4.80 | % | 182,912 | 10 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.41 | 0.15 | 0.63 | 0.78 | (0.32 | ) | — | (0.32 | ) | 10.87 | 0.78% | 0.53% | 1.43% | 7.60 | % | 130,249 | 18 | % | ||||||||||||||||||||||||||||||||
Class B |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $11.05 | ($0.06 | ) | ($0.45 | ) | ($0.51 | ) | $— | $— | $— | $10.54 | 1.42% | 1.35% | (1.07%) | (4.62 | %) | $34,534 | 32 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.14 | 0.08 | 0.25 | 0.33 | (0.16 | ) | (0.26 | ) | (0.42 | ) | 11.05 | 1.43% | 1.35% | 0.69% | 3.00 | % | 37,979 | 17 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 11.27 | 0.02 | 0.10 | 0.12 | (0.09 | ) | (0.16 | ) | (0.25 | ) | 11.14 | 1.45% | 1.35% | 0.15% | 1.06 | % | 39,160 | 11 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 10.96 | 0.14 | 0.50 | 0.64 | (0.28 | ) | | (0.05 | ) | (0.33 | ) | 11.27 | 1.46% | 1.35% | 1.27% | 5.89 | % | 41,999 | 27 | % | ||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 10.78 | 0.13 | 0.29 | 0.42 | (0.21 | ) | (0.03 | ) | (0.24 | ) | 10.96 | 1.48% | 1.35% | 1.24% | 4.02 | % | 33,122 | 10 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.34 | 0.07 | 0.63 | 0.70 | (0.26 | ) | — | (0.26 | ) | 10.78 | 1.53% | 1.27% | 0.68% | 6.80 | % | 22,282 | 18 | % | ||||||||||||||||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $11.05 | ($0.06 | ) | ($0.45 | ) | ($0.51 | ) | $— | $— | $— | $10.54 | 1.42% | 1.35% | (1.07%) | (4.62 | %) | $179,561 | 32 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.13 | 0.08 | 0.26 | 0.34 | (0.16 | ) | (0.26 | ) | (0.42 | ) | 11.05 | 1.43% | 1.35% | 0.69% | 3.09 | % | 191,946 | 17 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 11.26 | 0.02 | 0.10 | 0.12 | (0.09 | ) | (0.16 | ) | (0.25 | ) | 11.13 | 1.45% | 1.35% | 0.15% | 1.04 | % | 204,180 | 11 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 10.96 | 0.14 | 0.49 | 0.63 | (0.28 | ) | (0.05 | ) | (0.33 | ) | 11.26 | 1.46% | 1.35% | 1.22% | 5.84 | % | 220,688 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 10.77 | 0.13 | 0.30 | 0.43 | (0.21 | ) | (0.03 | ) | (0.24 | ) | 10.96 | 1.48% | 1.35% | 1.24% | 4.08 | % | 158,748 | 10 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.33 | 0.07 | 0.63 | 0.70 | (0.26 | ) | — | (0.26 | ) | 10.77 | 1.53% | 1.27% | 0.68% | 6.81 | % | 117,458 | 18 | % | ||||||||||||||||||||||||||||||||
Class R |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $11.16 | ($0.03 | ) | ($0.45 | ) | ($0.48 | ) | $— | $— | $— | $10.68 | 0.92% | 0.85% | (0.57%) | (4.30 | %) | $10,670 | 32 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.24 | 0.14 | 0.25 | 0.39 | (0.21 | ) | (0.26 | ) | (0.47 | ) | 11.16 | 0.93% | 0.85% | 1.19% | 3.48 | % | 11,820 | 17 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 11.36 | 0.07 | 0.10 | 0.17 | (0.13 | ) | (0.16 | ) | (0.29 | ) | 11.24 | 0.95% | 0.85% | 0.65% | 1.52 | % | 11,132 | 11 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 11.03 | 0.20 | 0.50 | 0.70 | (0.32 | ) | (0.05 | ) | (0.37 | ) | 11.36 | 0.96% | 0.85% | 1.79% | 6.38 | % | 12,357 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 10.83 | 0.19 | 0.29 | 0.48 | (0.25 | ) | (0.03 | ) | (0.28 | ) | 11.03 | 0.98% | 0.85% | 1.74% | 4.58 | % | 10,522 | 10 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.38 | 0.13 | 0.61 | 0.74 | (0.29 | ) | — | (0.29 | ) | 10.83 | 1.03% | 0.75% | 1.20% | 7.25 | % | 8,881 | 18 | % | ||||||||||||||||||||||||||||||||
Advisor Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $11.23 | ($0.00 | )(6) | ($0.45 | ) | ($0.45 | ) | $— | $— | $— | $10.78 | 0.42% | 0.35% | (0.07%) | (4.10 | %) | $4,929 | 32 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.29 | 0.19 | 0.26 | 0.45 | (0.25 | ) | (0.26 | ) | (0.51 | ) | 11.23 | 0.43% | 0.35% | 1.69% | 4.01 | % | 7,872 | 17 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 11.41 | 0.12 | 0.09 | 0.21 | (0.17 | ) | (0.16 | ) | (0.33 | ) | 11.29 | 0.45% | 0.40% | 1.10% | 1.87 | % | 3,867 | 11 | % | |||||||||||||||||||||||||||||||
12/31/2012 - 3/31/2013 | 11.18 | (0.01 | ) | 0.24 | 0.23 | — | — | — | 11.41 | 0.48% | 0.40% | (0.40%) | 2.06 | % | 1,366 | 27 | % | |||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative |
| |||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $12.61 | ($0.02 | ) | ($0.57 | ) | ($0.59 | ) | $— | $— | $— | $12.02 | 0.67% | 0.60% | (0.36%) | (4.68 | %) | $260,664 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 12.48 | 0.18 | 0.40 | 0.58 | (0.25 | ) | (0.20 | ) | (0.45 | ) | 12.61 | 0.67% | 0.60% | 1.40% | 4.69 | % | 276,898 | 17 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 12.10 | 0.11 | 0.50 | 0.61 | (0.18 | ) | (0.05 | ) | (0.23 | ) | 12.48 | 0.69% | 0.60% | 0.89% | 5.08 | % | 274,899 | 5 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 11.56 | 0.18 | 0.64 | 0.82 | (0.28 | ) | — | (0.28 | ) | 12.10 | 0.71% | 0.60% | 1.58% | 7.22 | % | 246,609 | 24 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 11.25 | 0.18 | 0.35 | 0.53 | (0.22 | ) | — | (0.22 | ) | 11.56 | 0.73% | 0.60% | 1.62% | 4.87 | % | 188,660 | 10 | % | ||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.54 | 0.12 | 0.87 | 0.99 | (0.28 | ) | — | (0.28 | ) | 11.25 | 0.78% | 0.52% | 1.16% | 9.53 | % | 132,919 | 10 | % | ||||||||||||||||||||||||||||||||
Class B |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $12.46 | ($0.07 | ) | ($0.56 | ) | ($0.63 | ) | $— | $— | $— | $11.83 | 1.42% | 1.35% | (1.11%) | (5.06 | %) | $48,207 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 12.36 | 0.08 | 0.40 | 0.48 | (0.18 | ) | (0.20 | ) | (0.38 | ) | 12.46 | 1.42% | 1.35% | 0.65% | 3.91 | % | 51,223 | 17 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 11.99 | 0.02 | 0.51 | 0.53 | (0.11 | ) | (0.05 | ) | (0.16 | ) | 12.36 | 1.44% | 1.35% | 0.14% | 4.47 | % | 52,285 | 5 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 11.46 | 0.10 | 0.63 | 0.73 | (0.20 | ) | — | (0.20 | ) | 11.99 | 1.46% | 1.35% | 0.85% | 6.46 | % | 49,372 | 24 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 11.17 | 0.10 | 0.35 | 0.45 | (0.16 | ) | — | (0.16 | ) | 11.46 | 1.48% | 1.35% | 0.87% | 4.07 | % | 40,812 | 10 | % | ||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.47 | 0.04 | 0.87 | 0.91 | (0.21 | ) | — | (0.21 | ) | 11.17 | 1.53% | 1.27% | 0.41% | 8.78 | % | 28,411 | 10 | % | ||||||||||||||||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $12.45 | ($0.07 | ) | ($0.56 | ) | ($0.63 | ) | $— | $— | $— | $11.82 | 1.42% | 1.35% | (1.11%) | (5.06 | %) | $226,435 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 12.35 | 0.08 | 0.40 | 0.48 | (0.18 | ) | (0.20 | ) | (0.38 | ) | 12.45 | 1.42% | 1.35% | 0.65% | 3.93 | % | 240,803 | 17 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 11.99 | 0.02 | 0.51 | 0.53 | (0.12 | ) | (0.05 | ) | (0.17 | ) | 12.35 | 1.44% | 1.35% | 0.14% | 4.41 | % | 228,445 | 5 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 11.47 | 0.09 | 0.64 | 0.73 | (0.21 | ) | — | (0.21 | ) | 11.99 | 1.46% | 1.35% | 0.81% | 6.41 | % | 196,123 | 24 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 11.16 | 0.10 | 0.36 | 0.46 | (0.15 | ) | — | (0.15 | ) | 11.47 | 1.48% | 1.35% | 0.87% | 4.20 | % | 144,900 | 10 | % | ||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.47 | 0.04 | 0.86 | 0.90 | (0.21 | ) | — | (0.21 | ) | 11.16 | 1.53% | 1.27% | 0.41% | 8.71 | % | 107,411 | 10 | % |
See Notes to Financial Statements | See explanation of references on B-17 |
B-11
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Fund |
| Selected Per Share Data |
| Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (1) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (2) | Expenses After Reductions (2), (3) | Net Investment Income (Loss) (2) | Total Returns (4) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative (Continued) |
| |||||||||||||||||||||||||||||||||||||||||||||||||
Class R |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $12.56 | ($0.04 | ) | ($0.56 | ) | ($0.60 | ) | $— | $— | $— | $11.96 | 0.92% | 0.85% | (0.61%) | (4.78 | %) | $6,287 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 12.44 | 0.14 | 0.41 | 0.55 | (0.23 | ) | (0.20 | ) | (0.43 | ) | 12.56 | 0.92% | 0.85% | 1.15% | 4.43 | % | 6,881 | 17 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 12.06 | 0.08 | 0.51 | 0.59 | (0.16 | ) | (0.05 | ) | (0.21 | ) | 12.44 | 0.94% | 0.85% | 0.64% | 4.91 | % | 7,000 | 5 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 11.52 | 0.16 | 0.63 | 0.79 | (0.25 | ) | — | (0.25 | ) | 12.06 | 0.96% | 0.85% | 1.39% | 6.92 | % | 6,482 | 24 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 11.22 | 0.15 | 0.35 | 0.50 | (0.20 | ) | — | (0.20 | ) | 11.52 | 0.98% | 0.85% | 1.37% | 4.53 | % | 6,301 | 10 | % | ||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.51 | 0.10 | 0.86 | 0.96 | (0.25 | ) | — | (0.25 | ) | 11.22 | 1.03% | 0.76% | 0.91% | 9.32 | % | 15,236 | 10 | % | ||||||||||||||||||||||||||||||||
Advisor Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $12.62 | ($0.01 | ) | ($0.57 | ) | ($0.58 | ) | $— | $— | $— | $12.04 | 0.42% | 0.35% | (0.11%) | (4.52 | %) | $5,527 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 12.49 | 0.21 | 0.40 | 0.61 | (0.28 | ) | (0.20 | ) | (0.48 | ) | 12.62 | 0.42% | 0.35% | 1.65% | 4.89 | % | 5,568 | 17 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 12.10 | 0.13 | 0.51 | 0.64 | (0.20 | ) | (0.05 | ) | (0.25 | ) | 12.49 | 0.44% | 0.40% | 1.09% | 5.32 | % | 2,892 | 5 | % | |||||||||||||||||||||||||||||||
12/31/2012 - 3/31/2013 | 11.68 | (0.01 | ) | 0.43 | 0.42 | — | — | — | 12.10 | 0.46% | 0.40% | (0.40%) | 3.60 | % | 880 | 24 | % | |||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate |
| |||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $14.20 | ($0.03 | ) | ($0.81 | ) | ($0.84 | ) | $— | $— | $— | $13.36 | 0.66% | 0.60% | (0.41%) | (5.92 | %) | $776,739 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 13.98 | 0.18 | 0.55 | 0.73 | (0.32 | ) | (0.19 | ) | (0.51 | ) | 14.20 | 0.66% | 0.60% | 1.28% | 5.30 | % | 844,759 | 19 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 13.06 | 0.11 | 1.00 | 1.11 | (0.19 | ) | — | (0.19 | ) | 13.98 | 0.69% | 0.60% | 0.84% | 8.51 | % | 814,707 | 1 | % | ||||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 12.26 | 0.15 | 0.86 | 1.01 | (0.21 | ) | — | (0.21 | ) | 13.06 | 0.70% | 0.60% | 1.20% | 8.36 | % | 654,158 | 25 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 11.88 | 0.14 | 0.42 | 0.56 | (0.18 | ) | — | (0.18 | ) | 12.26 | 0.72% | 0.60% | 1.18% | 4.82 | % | 517,945 | 7 | % | ||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.81 | 0.10 | 1.19 | 1.29 | (0.22 | ) | — | (0.22 | ) | 11.88 | 0.77% | 0.52% | 0.91% | 12.10 | % | 384,999 | 9 | % | ||||||||||||||||||||||||||||||||
Class B |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $14.10 | ($0.08 | ) | ($0.81 | ) | ($0.89 | ) | $— | $— | $— | $13.21 | 1.41% | 1.35% | (1.16%) | (6.31 | %) | $145,105 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 13.89 | 0.07 | 0.55 | 0.62 | (0.22 | ) | (0.19 | ) | (0.41 | ) | 14.10 | 1.41% | 1.35% | 0.53% | 4.49 | % | 159,975 | 19 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 12.96 | 0.01 | 1.01 | 1.02 | (0.09 | ) | — | (0.09 | ) | 13.89 | 1.44% | 1.35% | 0.09% | 7.90 | % | 156,450 | 1 | % | ||||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 12.18 | 0.06 | 0.85 | 0.91 | (0.13 | ) | — | (0.13 | ) | 12.96 | 1.45% | 1.35% | 0.47% | 7.49 | % | 136,411 | 25 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 11.80 | 0.05 | 0.43 | 0.48 | (0.10 | ) | — | (0.10 | ) | 12.18 | 1.47% | 1.35% | 0.43% | 4.13 | % | 115,513 | 7 | % | ||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.74 | 0.02 | 1.18 | 1.20 | (0.14 | ) | — | (0.14 | ) | 11.80 | 1.52% | 1.26% | 0.17% | 11.33 | % | 92,064 | 9 | % | ||||||||||||||||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $14.08 | ($0.08 | ) | ($0.81 | ) | ($0.89 | ) | $— | $— | $— | $13.19 | 1.41% | 1.35% | (1.16%) | (6.32 | %) | $555,368 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 13.87 | 0.07 | 0.55 | 0.62 | (0.22 | ) | (0.19 | ) | (0.41 | ) | 14.08 | 1.41% | 1.35% | 0.53% | 4.51 | % | 601,814 | 19 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 12.95 | 0.01 | 1.01 | 1.02 | (0.10 | ) | — | (0.10 | ) | 13.87 | 1.44% | 1.35% | 0.09% | 7.89 | % | 566,257 | 1 | % | ||||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 12.17 | 0.06 | 0.85 | 0.91 | (0.13 | ) | — | (0.13 | ) | 12.95 | 1.45% | 1.35% | 0.46% | 7.50 | % | 445,932 | 25 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 11.78 | 0.05 | 0.43 | 0.48 | (0.09 | ) | — | (0.09 | ) | 12.17 | 1.47% | 1.35% | 0.43% | 4.18 | % | 366,753 | 7 | % | ||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.73 | 0.02 | 1.17 | 1.19 | (0.14 | ) | — | (0.14 | ) | 11.78 | 1.52% | 1.26% | 0.17% | 11.26 | % | 308,449 | 9 | % | ||||||||||||||||||||||||||||||||
Class R |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $14.18 | ($0.05 | ) | ($0.80 | ) | ($0.85 | ) | $— | $— | $— | $13.33 | 0.91% | 0.85% | (0.66%) | (5.99 | %) | $24,086 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 13.96 | 0.15 | 0.54 | 0.69 | (0.28 | ) | (0.19 | ) | (0.47 | ) | 14.18 | 0.91% | 0.85% | 1.03% | 5.00 | % | 28,097 | 19 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 13.03 | 0.08 | 1.00 | 1.08 | (0.15 | ) | — | (0.15 | ) | 13.96 | 0.94% | 0.85% | 0.59% | 8.33 | % | 31,641 | 1 | % | ||||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 12.24 | 0.11 | 0.86 | 0.97 | (0.18 | ) | — | (0.18 | ) | 13.03 | 0.95% | 0.85% | 0.93% | 8.02 | % | 29,715 | 25 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 11.84 | 0.11 | 0.43 | 0.54 | (0.14 | ) | — | (0.14 | ) | 12.24 | 0.97% | 0.85% | 0.93% | 4.67 | % | 23,321 | 7 | % | ||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.77 | 0.07 | 1.18 | 1.25 | (0.18 | ) | — | (0.18 | ) | 11.84 | 1.02% | 0.75% | 0.68% | 11.82 | % | 23,658 | 9 | % | ||||||||||||||||||||||||||||||||
Advisor Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $14.20 | ($0.01 | ) | ($0.81 | ) | ($0.82 | ) | $— | $— | $— | $13.38 | 0.41% | 0.35% | (0.16%) | (5.77 | %) | $19,799 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 13.98 | 0.22 | 0.55 | 0.77 | (0.36 | ) | (0.19 | ) | (0.55 | ) | 14.20 | 0.41% | 0.35% | 1.53% | 5.54 | % | 21,896 | 19 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 13.06 | 0.14 | 1.00 | 1.14 | (0.22 | ) | — | (0.22 | ) | 13.98 | 0.44% | 0.40% | 1.04% | 8.73 | % | 19,945 | 1 | % | ||||||||||||||||||||||||||||||||
12/31/2012 - 3/31/2013 | 12.41 | (0.01 | ) | 0.66 | 0.65 | — | — | — | 13.06 | 0.45% | 0.40% | (0.40%) | 5.24 | % | 3,396 | 25 | % | |||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth |
| |||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $15.34 | ($0.04 | ) | ($1.05 | ) | ($1.09 | ) | $— | $— | $— | $14.25 | 0.66% | 0.60% | (0.52%) | (7.11 | %) | $559,523 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 14.74 | 0.16 | 0.77 | 0.93 | (0.33 | ) | — | (0.33 | ) | 15.34 | 0.66% | 0.60% | 1.07% | 6.36 | % | 607,360 | 21 | % | ||||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 13.33 | 0.09 | 1.51 | 1.60 | (0.19 | ) | — | (0.19 | ) | 14.74 | 0.69% | 0.60% | 0.66% | 12.01 | % | 555,319 | 1 | % | ||||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 12.41 | 0.10 | 0.96 | 1.06 | (0.14 | ) | — | (0.14 | ) | 13.33 | 0.71% | 0.60% | 0.83% | 8.62 | % | 436,055 | 25 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 12.05 | 0.10 | 0.38 | 0.48 | (0.12 | ) | — | (0.12 | ) | 12.41 | 0.72% | 0.60% | 0.82% | 4.13 | % | 365,426 | 8 | % | ||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.68 | 0.07 | 1.44 | 1.51 | (0.14 | ) | — | (0.14 | ) | 12.05 | 0.77% | 0.51% | 0.62% | 14.36 | % | 301,232 | 13 | % |
See Notes to Financial Statements | See explanation of references on B-17 |
B-12
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Fund |
| Selected Per Share Data |
| Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (1) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (2) | Expenses After Reductions (2), (3) | Net Investment Income (Loss) (2) | Total Returns (4) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth (Continued) |
| |||||||||||||||||||||||||||||||||||||||||||||||||
Class B |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $15.22 | ($0.10 | ) | ($1.04 | ) | ($1.14 | ) | $— | $— | $— | $14.08 | 1.41% | 1.35% | (1.27%) | (7.49 | %) | $104,109 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 14.62 | 0.05 | 0.77 | 0.82 | (0.22 | ) | — | (0.22 | ) | 15.22 | 1.41% | 1.35% | 0.32% | 5.61 | % | 119,159 | 21 | % | ||||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 13.22 | (0.01 | ) | 1.50 | 1.49 | (0.09 | ) | — | (0.09 | ) | 14.62 | 1.44% | 1.35% | (0.09%) | 11.25 | % | 119,506 | 1 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 12.30 | 0.01 | 0.96 | 0.97 | (0.05 | ) | — | (0.05 | ) | 13.22 | 1.46% | 1.35% | 0.09% | 7.92 | % | 105,757 | 25 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 11.93 | �� | 0.01 | 0.40 | 0.41 | (0.04 | ) | — | (0.04 | ) | 12.30 | 1.47% | 1.35% | 0.07% | 3.50 | % | 95,937 | 8 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.57 | (0.01 | ) | 1.43 | 1.42 | (0.06 | ) | — | (0.06 | ) | 11.93 | 1.52% | 1.26% | (0.13%) | 13.59 | % | 83,812 | 13 | % | |||||||||||||||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $15.18 | ($0.10 | ) | ($1.04 | ) | ($1.14 | ) | $— | $— | $— | $14.04 | 1.41% | 1.35% | (1.27%) | (7.51 | %) | $363,865 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 14.59 | 0.05 | 0.76 | 0.81 | (0.22 | ) | — | (0.22 | ) | 15.18 | 1.41% | 1.35% | 0.32% | 5.59 | % | 398,716 | 21 | % | ||||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 13.19 | (0.01 | ) | 1.50 | 1.49 | (0.09 | ) | — | (0.09 | ) | 14.59 | 1.44% | 1.35% | (0.09%) | 11.33 | % | 375,368 | 1 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 12.27 | 0.01 | 0.96 | 0.97 | (0.05 | ) | — | (0.05 | ) | 13.19 | 1.46% | 1.35% | 0.09% | 7.95 | % | 295,615 | 25 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 11.91 | 0.01 | 0.39 | 0.40 | (0.04 | ) | — | (0.04 | ) | 12.27 | 1.47% | 1.35% | 0.07% | 3.39 | % | 257,114 | 8 | % | ||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.55 | (0.01 | ) | 1.43 | 1.42 | (0.06 | ) | — | (0.06 | ) | 11.91 | 1.52% | 1.26% | (0.13%) | 13.64 | % | 230,964 | 13 | % | |||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $15.32 | ($0.06 | ) | ($1.04 | ) | ($1.10 | ) | $— | $— | $— | $14.22 | 0.91% | 0.85% | (0.77%) | (7.18 | %) | $18,478 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 14.72 | 0.12 | 0.77 | 0.89 | (0.29 | ) | — | (0.29 | ) | 15.32 | 0.91% | 0.85% | 0.82% | 6.10 | % | 21,383 | 21 | % | ||||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 13.32 | 0.06 | 1.49 | 1.55 | (0.15 | ) | — | (0.15 | ) | 14.72 | 0.94% | 0.85% | 0.41% | 11.67 | % | 20,326 | 1 | % | ||||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 12.40 | 0.07 | 0.96 | 1.03 | (0.11 | ) | — | (0.11 | ) | 13.32 | 0.96% | 0.85% | 0.55% | 8.38 | % | 17,844 | 25 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 12.03 | 0.07 | 0.40 | 0.47 | (0.10 | ) | — | (0.10 | ) | 12.40 | 0.97% | 0.85% | 0.57% | 3.97 | % | 14,710 | 8 | % | ||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.67 | 0.04 | 1.44 | 1.48 | (0.12 | ) | — | (0.12 | ) | 12.03 | 1.02% | 0.76% | 0.37% | 14.00 | % | 17,265 | 13 | % | ||||||||||||||||||||||||||||||||
Advisor Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $15.35 | ($0.02 | ) | ($1.05 | ) | ($1.07 | ) | $— | $— | $— | $14.28 | 0.41% | 0.35% | (0.27%) | (6.97 | %) | $10,301 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 14.75 | 0.19 | 0.78 | 0.97 | (0.37 | ) | — | (0.37 | ) | 15.35 | 0.41% | 0.35% | 1.32% | 6.61 | % | 10,165 | 21 | % | ||||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 13.34 | 0.12 | 1.51 | 1.63 | (0.22 | ) | — | (0.22 | ) | 14.75 | 0.44% | 0.40% | 0.86% | 12.21 | % | 5,111 | 1 | % | ||||||||||||||||||||||||||||||||
12/31/2012 - 3/31/2013 | 12.50 | (0.01 | ) | 0.85 | 0.84 | — | — | — | 13.34 | 0.45% | 0.40% | (0.40%) | 6.72 | % | 2,470 | 25 | % | |||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth |
| |||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $15.85 | ($0.05 | ) | ($1.22 | ) | ($1.27 | ) | $— | $— | $— | $14.58 | 0.67% | 0.60% | (0.60%) | (8.01 | %) | $166,376 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 15.23 | 0.15 | 0.79 | 0.94 | (0.32 | ) | — | (0.32 | ) | 15.85 | 0.68% | 0.60% | 0.97% | 6.18 | % | 177,171 | 20 | % | ||||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 13.50 | 0.08 | 1.77 | 1.85 | (0.12 | ) | — | (0.12 | ) | 15.23 | 0.71% | 0.60% | 0.58% | 13.70 | % | 161,858 | 5 | % | ||||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 12.56 | 0.07 | 0.96 | 1.03 | (0.09 | ) | — | (0.09 | ) | 13.50 | 0.73% | 0.60% | 0.57% | 8.30 | % | 133,265 | 30 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 12.29 | 0.06 | 0.27 | 0.33 | (0.06 | ) | — | (0.06 | ) | 12.56 | 0.74% | 0.60% | 0.52% | 2.73 | % | 122,397 | 13 | % | ||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.66 | 0.05 | 1.65 | 1.70 | (0.07 | ) | — | (0.07 | ) | 12.29 | 0.80% | 0.51% | 0.44% | 16.11 | % | 114,246 | 26 | % | ||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $15.57 | ($0.10 | ) | ($1.23 | ) | ($1.33 | ) | $— | $— | $— | $14.24 | 1.42% | 1.35% | (1.35%) | (8.54 | %) | $30,927 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 14.94 | 0.03 | 0.80 | 0.83 | (0.20 | ) | — | (0.20 | ) | 15.57 | 1.43% | 1.35% | 0.22% | 5.55 | % | 35,840 | 20 | % | ||||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 13.22 | (0.02 | ) | 1.76 | 1.74 | (0.02 | ) | — | (0.02 | ) | 14.94 | 1.46% | 1.35% | (0.17%) | 13.13 | % | 37,704 | 5 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 12.28 | (0.02 | ) | 0.96 | 0.94 | (0.00 | )(6) | — | (0.00 | )(6) | 13.22 | 1.48% | 1.35% | (0.17%) | 7.69 | % | 33,013 | 30 | % | |||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 12.03 | (0.03 | ) | 0.28 | 0.25 | — | — | — | 12.28 | 1.49% | 1.35% | (0.23%) | 2.08 | % | 31,969 | 13 | % | |||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.46 | (0.03 | ) | 1.65 | 1.62 | (0.05 | ) | — | (0.05 | ) | 12.03 | 1.55% | 1.25% | (0.31%) | 15.62 | % | 30,693 | 26 | % | |||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $15.55 | ($0.10 | ) | ($1.23 | ) | ($1.33 | ) | $— | $— | $— | $14.22 | 1.42% | 1.35% | (1.35%) | (8.55 | %) | $99,692 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 14.93 | 0.03 | 0.79 | 0.82 | (0.20 | ) | — | (0.20 | ) | 15.55 | 1.43% | 1.35% | 0.22% | 5.54 | % | 110,241 | 20 | % | ||||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 13.22 | (0.02 | ) | 1.75 | 1.73 | (0.02 | ) | — | (0.02 | ) | 14.93 | 1.46% | 1.35% | (0.17%) | 13.12 | % | 101,888 | 5 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 12.28 | (0.02 | ) | 0.97 | 0.95 | (0.01 | ) | — | (0.01 | ) | 13.22 | 1.48% | 1.35% | (0.18%) | 7.71 | % | 81,754 | 30 | % | |||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 12.03 | (0.03 | ) | 0.28 | 0.25 | — | — | — | 12.28 | 1.49% | 1.35% | (0.23%) | 2.08 | % | 76,613 | 13 | % | |||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.46 | (0.03 | ) | 1.65 | 1.62 | (0.05 | ) | — | (0.05 | ) | 12.03 | 1.55% | 1.25% | (0.31%) | 15.61 | % | 75,607 | 26 | % | |||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $15.77 | ($0.07 | ) | ($1.22 | ) | ($1.29 | ) | $— | $— | $— | $14.48 | 0.92% | 0.85% | (0.85%) | (8.18 | %) | $7,347 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 15.15 | 0.11 | 0.79 | 0.90 | (0.28 | ) | — | (0.28 | ) | 15.77 | 0.93% | 0.85% | 0.72% | 5.94 | % | 8,893 | 20 | % | ||||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 13.43 | 0.05 | 1.75 | 1.80 | (0.08 | ) | — | (0.08 | ) | 15.15 | 0.96% | 0.85% | 0.33% | 13.45 | % | 8,151 | 5 | % | ||||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 12.48 | 0.04 | 0.97 | 1.01 | (0.06 | ) | — | (0.06 | ) | 13.43 | 0.98% | 0.85% | 0.33% | 8.17 | % | 7,251 | 30 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 12.22 | 0.03 | 0.26 | 0.29 | (0.03 | ) | — | (0.03 | ) | 12.48 | 0.99% | 0.85% | 0.27% | 2.43 | % | 6,662 | 13 | % | ||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.61 | 0.02 | 1.65 | 1.67 | (0.06 | ) | — | (0.06 | ) | 12.22 | 1.05% | 0.76% | 0.19% | 16.02 | % | 5,553 | 26 | % |
See Notes to Financial Statements | See explanation of references on B-17 |
B-13
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Fund |
| Selected Per Share Data |
| Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (1) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (2) | Expenses After Reductions (2), (3) | Net Investment Income (Loss) (2) | Total Returns (4) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth (Continued) |
| |||||||||||||||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $15.86 | ($0.03 | ) | ($1.22 | ) | ($1.25 | ) | $— | $— | $— | $14.61 | 0.42% | 0.35% | (0.35%) | (7.88 | %) | $8,105 | 27 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 15.23 | 0.19 | 0.79 | 0.98 | (0.35 | ) | — | (0.35 | ) | 15.86 | 0.43% | 0.35% | 1.22% | 6.50 | % | 6,480 | 20 | % | ||||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 13.51 | 0.11 | 1.76 | 1.87 | (0.15 | ) | — | (0.15 | ) | 15.23 | 0.46% | 0.40% | 0.78% | 13.84 | % | 2,719 | 5 | % | ||||||||||||||||||||||||||||||||
12/31/2012 - 3/31/2013 | 12.56 | (0.01 | ) | 0.96 | 0.95 | — | — | — | 13.51 | 0.48% | 0.40% | (0.40%) | 7.56 | % | 222 | 30 | % | |||||||||||||||||||||||||||||||||
Pacific Funds Short Duration Income |
| |||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.41 | $0.09 | ($0.15 | ) | ($0.06 | ) | ($0.09 | ) | $— | ($0.09 | ) | $10.26 | 1.07% | 0.85% | 1.77% | (0.57 | %) | $52,789 | 25 | % | ||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.46 | 0.19 | (0.03 | ) | 0.16 | (0.18 | ) | (0.03 | ) | (0.21 | ) | 10.41 | 1.09% | 0.85% | 1.77% | 1.51 | % | 48,685 | 78 | % | ||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 10.46 | 0.17 | 0.04 | 0.21 | (0.18 | ) | (0.03 | ) | (0.21 | ) | 10.46 | 1.14% | 0.85% | 1.68% | 2.00 | % | 60,012 | 98 | % | |||||||||||||||||||||||||||||||
6/29/2012 - 3/31/2013 | 10.20 | 0.16 | 0.32 | 0.48 | (0.15 | ) | (0.07 | ) | (0.22 | ) | 10.46 | 1.24% | 0.85% | 2.02% | 4.78 | % | 22,589 | 146 | % | |||||||||||||||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.39 | $0.05 | ($0.15 | ) | ($0.10 | ) | ($0.05 | ) | $— | ($0.05 | ) | $10.24 | 1.82% | 1.60% | 1.02% | (0.94 | %) | $36,352 | 25 | % | ||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.45 | 0.11 | (0.03 | ) | 0.08 | (0.11 | ) | (0.03 | ) | (0.14 | ) | 10.39 | 1.84% | 1.60% | 1.02% | 0.68 | % | 31,569 | 78 | % | ||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 10.45 | 0.10 | 0.03 | 0.13 | (0.10 | ) | (0.03 | ) | (0.13 | ) | 10.45 | 1.89% | 1.60% | 0.93% | 1.28 | % | 23,769 | 98 | % | |||||||||||||||||||||||||||||||
6/29/2012 - 3/31/2013 | 10.20 | 0.10 | 0.33 | 0.43 | (0.11 | ) | (0.07 | ) | (0.18 | ) | 10.45 | 1.99% | 1.60% | 1.27% | 4.28 | % | 10,307 | 146 | % | |||||||||||||||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.39 | $0.11 | ($0.15 | ) | ($0.04 | ) | ($0.11 | ) | $— | ($0.11 | ) | $10.24 | 0.67% | 0.55% | 2.07% | (0.43 | %) | $1,782 | 25 | % | ||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.45 | 0.21 | (0.03 | ) | 0.18 | (0.21 | ) | (0.03 | ) | (0.24 | ) | 10.39 | 0.69% | 0.57% | 2.05% | 1.70 | % | 1,516 | 78 | % | ||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 10.45 | 0.21 | 0.02 | 0.23 | (0.20 | ) | (0.03 | ) | (0.23 | ) | 10.45 | 0.74% | 0.60% | 1.93% | 2.20 | % | 979 | 98 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 10.14 | 0.23 | 0.38 | 0.61 | (0.23 | ) | (0.07 | ) | (0.30 | ) | 10.45 | 1.08% | 0.60% | 2.27% | 6.10 | % | 13,280 | 146 | % | |||||||||||||||||||||||||||||||
12/19/2011 - 3/31/2012 | 10.00 | 0.06 | 0.15 | 0.21 | (0.07 | ) | — | (0.07 | ) | 10.14 | 2.04% | 0.60% | 2.06% | 2.10 | % | 12,251 | 73 | % | ||||||||||||||||||||||||||||||||
Advisor Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.41 | $0.10 | ($0.15 | ) | ($0.05 | ) | ($0.10 | ) | $— | ($0.10 | ) | $10.26 | 0.82% | 0.60% | 2.02% | (0.45 | %) | $75,955 | 25 | % | ||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.46 | 0.21 | (0.02 | ) | 0.19 | (0.21 | ) | (0.03 | ) | (0.24 | ) | 10.41 | 0.83% | 0.60% | 2.02% | 1.78 | % | 51,901 | 78 | % | ||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 10.46 | 0.20 | 0.03 | 0.23 | (0.20 | ) | (0.03 | ) | (0.23 | ) | 10.46 | 0.89% | 0.60% | 1.93% | 2.25 | % | 9,595 | 98 | % | |||||||||||||||||||||||||||||||
6/29/2012 - 3/31/2013 | 10.20 | 0.18 | 0.31 | 0.49 | (0.16 | ) | (0.07 | ) | (0.23 | ) | 10.46 | 0.99% | 0.60% | 2.27% | 4.85 | % | 3,148 | 146 | % | |||||||||||||||||||||||||||||||
Pacific Funds Core Income (7) |
| |||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.79 | $0.16 | ($0.42 | ) | ($0.26 | ) | ($0.16 | ) | $— | ($0.16 | ) | $10.37 | 1.13% | 0.95% | 2.94% | (2.46 | %) | $215,739 | 30 | % | ||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.66 | 0.31 | 0.13 | 0.44 | (0.31 | ) | — | (0.31 | ) | 10.79 | 1.14% | 0.93% | 2.93% | 4.17 | % | 218,368 | 53 | % | ||||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 10.92 | 0.32 | (0.09 | ) | 0.23 | (0.33 | ) | (0.16 | ) | (0.49 | ) | 10.66 | 1.16% | 0.90% | 3.03% | 2.27 | % | 221,086 | 120 | % | ||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 10.61 | 0.30 | 0.55 | 0.85 | (0.29 | ) | (0.25 | ) | (0.54 | ) | 10.92 | 1.17% | 0.90% | 2.76% | 8.13 | % | 333,987 | 171 | % | |||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 10.16 | 0.30 | 0.48 | 0.78 | (0.30 | ) | (0.03 | ) | (0.33 | ) | 10.61 | 1.35% | 0.90% | 2.94% | 7.79 | % | 247,522 | 199 | % | |||||||||||||||||||||||||||||||
12/31/2010 - 3/31/2011 | 10.00 | 0.09 | 0.16 | 0.25 | (0.09 | ) | — | (0.09 | ) | 10.16 | 1.77% | 0.90% | 3.62% | 2.46 | % | 5,300 | 142 | % | ||||||||||||||||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.79 | $0.12 | ($0.42 | ) | ($0.30 | ) | ($0.12 | ) | $— | ($0.12 | ) | $10.37 | 1.88% | 1.70% | 2.19% | (2.83 | %) | $177,619 | 30 | % | ||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.66 | 0.23 | 0.13 | 0.36 | (0.23 | ) | — | (0.23 | ) | 10.79 | 1.89% | 1.68% | 2.18% | 3.42 | % | 183,952 | 53 | % | ||||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 10.93 | 0.24 | (0.10 | ) | 0.14 | (0.25 | ) | (0.16 | ) | (0.41 | ) | 10.66 | 1.91% | 1.65% | 2.28% | 1.41 | % | 122,946 | 120 | % | ||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 10.62 | 0.22 | 0.55 | 0.77 | (0.21 | ) | (0.25 | ) | (0.46 | ) | 10.93 | 1.92% | 1.65% | 2.01% | 7.37 | % | 160,472 | 171 | % | |||||||||||||||||||||||||||||||
6/30/2011 - 3/31/2012 | 10.32 | 0.17 | 0.33 | 0.50 | (0.17 | ) | (0.03 | ) | (0.20 | ) | 10.62 | 2.07% | 1.65% | 2.17% | 4.89 | % | 76,726 | 199 | % | |||||||||||||||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.80 | $0.17 | ($0.42 | ) | ($0.25 | ) | ($0.17 | ) | $— | ($0.17 | ) | $10.38 | 0.73% | 0.65% | 3.24% | (2.31 | %) | $3,903 | 30 | % | ||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.67 | 0.34 | 0.13 | 0.47 | (0.34 | ) | — | (0.34 | ) | 10.80 | 0.73% | 0.65% | 3.21% | 4.46 | % | 3,806 | 53 | % | ||||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 10.93 | 0.35 | (0.09 | ) | 0.26 | (0.36 | ) | (0.16 | ) | (0.52 | ) | 10.67 | 0.76% | 0.65% | 3.28% | 2.53 | % | 1,187 | 120 | % | ||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 10.62 | 0.33 | 0.55 | 0.88 | (0.32 | ) | (0.25 | ) | (0.57 | ) | 10.93 | 0.77% | 0.65% | 3.01% | 8.39 | % | 1,794 | 171 | % | |||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 10.16 | 0.36 | 0.44 | 0.80 | (0.31 | ) | (0.03 | ) | (0.34 | ) | 10.62 | 0.95% | 0.65% | 3.42% | 7.95 | % | 1,292 | 199 | % | |||||||||||||||||||||||||||||||
12/31/2010 - 3/31/2011 | 10.00 | 0.10 | 0.15 | 0.25 | (0.09 | ) | — | (0.09 | ) | 10.16 | 1.37% | 0.65% | 3.87% | 2.48 | % | 51,231 | 142 | % | ||||||||||||||||||||||||||||||||
Class P |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/27/2015 - 9/30/2015 (5) | $10.88 | $0.14 | ($0.47 | ) | ($0.33 | ) | ($0.14 | ) | $— | ($0.14 | ) | $10.41 | 0.73% | 0.70% | 3.19% | (3.03 | %) | $16,638 | 30 | % | ||||||||||||||||||||||||||||||
Advisor Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.81 | $0.17 | ($0.42 | ) | ($0.25 | ) | ($0.17 | ) | $— | ($0.17 | ) | $10.39 | 0.88% | 0.70% | 3.19% | (2.33 | %) | $228,715 | 30 | % | ||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.68 | 0.34 | 0.13 | 0.47 | (0.34 | ) | — | (0.34 | ) | 10.81 | 0.88% | 0.69% | 3.17% | 4.43 | % | 219,437 | 53 | % | ||||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 10.95 | 0.35 | (0.10 | ) | 0.25 | (0.36 | ) | (0.16 | ) | (0.52 | ) | 10.68 | 0.91% | 0.65% | 3.28% | 2.53 | % | 69,489 | 120 | % | ||||||||||||||||||||||||||||||
6/29/2012 - 3/31/2013 | 10.79 | 0.24 | 0.41 | 0.65 | (0.24 | ) | (0.25 | ) | (0.49 | ) | 10.95 | 0.94% | 0.67% | 2.99% | 5.97 | % | 93,966 | 171 | % |
See Notes to Financial Statements | See explanation of references on B-17 |
B-14
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Fund |
| Selected Per Share Data |
| Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (1) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (2) | Expenses After Reductions (2), (3) | Net Investment Income (Loss) (2) | Total Returns (4) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||
Pacific Funds Strategic Income |
| |||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.75 | $0.21 | ($0.58 | ) | ($0.37 | ) | ($0.20 | ) | $— | ($0.20 | ) | $10.18 | 1.25% | 1.05% | 3.95% | (3.46 | %) | $60,767 | 41 | % | ||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.20 | 0.46 | (0.37 | ) | 0.09 | (0.44 | ) | (0.10 | ) | (0.54 | ) | 10.75 | 1.28% | 1.05% | 4.18% | 0.84 | % | 51,175 | 157 | % | ||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 11.23 | 0.48 | 0.30 | 0.78 | (0.49 | ) | (0.32 | ) | (0.81 | ) | 11.20 | 1.43% | 1.05% | 4.34% | 7.25 | % | 37,896 | 190 | % | |||||||||||||||||||||||||||||||
6/29/2012 - 3/31/2013 | 10.53 | 0.38 | 0.98 | 1.36 | (0.36 | ) | (0.30 | ) | (0.66 | ) | 11.23 | 1.47% | 1.05% | 4.55% | 13.12 | % | 20,963 | 353 | % | |||||||||||||||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.73 | $0.17 | ($0.58 | ) | ($0.41 | ) | ($0.16 | ) | $— | ($0.16 | ) | $10.16 | 2.00% | 1.80% | 3.20% | (3.83 | %) | $45,392 | 41 | % | ||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.19 | 0.38 | (0.38 | ) | — | (0.36 | ) | (0.10 | ) | (0.46 | ) | 10.73 | 2.03% | 1.80% | 3.43% | 0.03 | % | 42,684 | 157 | % | ||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 11.22 | 0.40 | 0.30 | 0.70 | (0.41 | ) | (0.32 | ) | (0.73 | ) | 11.19 | 2.18% | 1.80% | 3.59% | 6.51 | % | 23,451 | 190 | % | |||||||||||||||||||||||||||||||
6/29/2012 - 3/31/2013 | 10.53 | 0.32 | 0.98 | 1.30 | (0.31 | ) | (0.30 | ) | (0.61 | ) | 11.22 | 2.22% | 1.80% | 3.80% | 12.52 | % | 7,948 | 353 | % | |||||||||||||||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.70 | $0.23 | ($0.59 | ) | ($0.36 | ) | ($0.22 | ) | $— | ($0.22 | ) | $10.12 | 0.85% | 0.75% | 4.25% | (3.43 | %) | $1,332 | 41 | % | ||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.15 | 0.49 | (0.37 | ) | 0.12 | (0.47 | ) | (0.10 | ) | (0.57 | ) | 10.70 | 0.88% | 0.77% | 4.46% | 1.13 | % | 1,381 | 157 | % | ||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 11.18 | 0.52 | 0.28 | 0.80 | (0.51 | ) | (0.32 | ) | (0.83 | ) | 11.15 | 1.03% | 0.80% | 4.59% | 7.51 | % | 1,686 | 190 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 10.40 | 0.52 | 1.09 | 1.61 | (0.53 | ) | (0.30 | ) | (0.83 | ) | 11.18 | 1.22% | 0.80% | 4.80% | 15.94 | % | 22,099 | 353 | % | |||||||||||||||||||||||||||||||
12/19/2011 - 3/31/2012 | 10.00 | 0.14 | 0.38 | 0.52 | (0.12 | ) | — | (0.12 | ) | 10.40 | 1.78% | 0.80% | 4.84% | 5.22 | % | 17,796 | 156 | % | ||||||||||||||||||||||||||||||||
Advisor Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.76 | $0.22 | ($0.58 | ) | ($0.36 | ) | ($0.22 | ) | $— | ($0.22 | ) | $10.18 | 1.00% | 0.80% | 4.20% | (3.43 | %) | $123,856 | 41 | % | ||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.20 | 0.48 | (0.35 | ) | 0.13 | (0.47 | ) | (0.10 | ) | (0.57 | ) | 10.76 | 1.03% | 0.80% | 4.43% | 1.20 | % | 66,223 | 157 | % | ||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 11.24 | 0.51 | 0.29 | 0.80 | (0.52 | ) | (0.32 | ) | (0.84 | ) | 11.20 | 1.18% | 0.80% | 4.59% | 7.42 | % | 9,302 | 190 | % | |||||||||||||||||||||||||||||||
6/29/2012 - 3/31/2013 | 10.53 | 0.40 | 0.97 | 1.37 | (0.36 | ) | (0.30 | ) | (0.66 | ) | 11.24 | 1.24% | 0.82% | 4.78% | 13.31 | % | 1,575 | 353 | % | |||||||||||||||||||||||||||||||
Pacific Funds Floating Rate Income |
| |||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.08 | $0.21 | ($0.23 | ) | ($0.02 | ) | ($0.21 | ) | $— | ($0.21 | ) | $9.85 | 1.30% | 1.12% | 4.15% | (0.22 | %) | $205,981 | 28 | % | ||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.51 | 0.44 | (0.40 | ) | 0.04 | (0.44 | ) | (0.03 | ) | (0.47 | ) | 10.08 | 1.29% | 1.07% | 4.20% | 0.38 | % | 215,160 | 80 | % | ||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 10.46 | 0.40 | 0.04 | 0.44 | (0.37 | ) | (0.02 | ) | (0.39 | ) | 10.51 | 1.30% | 1.05% | 3.86% | 4.30 | % | 375,848 | 123 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 10.07 | 0.46 | 0.46 | 0.92 | (0.43 | ) | (0.10 | ) | (0.53 | ) | 10.46 | 1.43% | 1.05% | 4.46% | 9.36 | % | 125,007 | 186 | % | |||||||||||||||||||||||||||||||
12/30/2011 - 3/31/2012 | 9.81 | 0.13 | 0.24 | 0.37 | (0.11 | ) | — | (0.11 | ) | 10.07 | 1.55% | 1.05% | 5.33% | 3.79 | % | 12,071 | 139 | % | ||||||||||||||||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.06 | $0.17 | ($0.23 | ) | ($0.06 | ) | ($0.17 | ) | $— | ($0.17 | ) | $9.83 | 2.05% | 1.87% | 3.40% | (0.59 | %) | $169,330 | 28 | % | ||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.50 | 0.36 | (0.40 | ) | (0.04 | ) | (0.37 | ) | (0.03 | ) | (0.40 | ) | 10.06 | 2.04% | 1.82% | 3.45% | (0.46 | %) | 179,798 | 80 | % | |||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 10.45 | 0.33 | 0.04 | 0.37 | (0.30 | ) | (0.02 | ) | (0.32 | ) | 10.50 | 2.05% | 1.80% | 3.11% | 3.57 | % | 214,365 | 123 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 10.07 | 0.38 | 0.46 | 0.84 | (0.36 | ) | (0.10 | ) | (0.46 | ) | 10.45 | 2.18% | 1.80% | 3.71% | 8.56 | % | 63,045 | 186 | % | |||||||||||||||||||||||||||||||
12/30/2011 - 3/31/2012 | 9.81 | 0.11 | 0.25 | 0.36 | (0.10 | ) | — | (0.10 | ) | 10.07 | 2.30% | 1.80% | 4.61% | 3.68 | % | 3,372 | 139 | % | ||||||||||||||||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.09 | $0.22 | ($0.22 | ) | ($0.00 | )(6) | ($0.23 | ) | $— | ($0.23 | ) | $9.86 | 0.90% | 0.82% | 4.45% | (0.06 | %) | $108,256 | 28 | % | ||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.53 | 0.46 | (0.40 | ) | 0.06 | (0.47 | ) | (0.03 | ) | (0.50 | ) | 10.09 | 0.89% | 0.81% | 4.46% | 0.55 | % | 88,508 | 80 | % | ||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 10.47 | 0.43 | 0.05 | 0.48 | (0.40 | ) | (0.02 | ) | (0.42 | ) | 10.53 | 0.90% | 0.80% | 4.11% | 4.65 | % | 96,635 | 123 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 10.08 | 0.48 | 0.46 | 0.94 | (0.45 | ) | (0.10 | ) | (0.55 | ) | 10.47 | 1.03% | 0.80% | 4.71% | 9.56 | % | 10,726 | 186 | % | |||||||||||||||||||||||||||||||
6/30/2011 - 3/31/2012 | 10.00 | 0.34 | 0.06 | 0.40 | (0.32 | ) | — | (0.32 | ) | 10.08 | 1.24% | 0.80% | 4.60% | 4.11 | % | 41,834 | 139 | % | ||||||||||||||||||||||||||||||||
Class P |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.09 | $0.22 | ($0.23 | ) | ($0.01 | ) | ($0.22 | ) | $— | ($0.22 | ) | $9.86 | 0.90% | 0.87% | 4.40% | (0.09 | %) | $392 | 28 | % | ||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.52 | 0.45 | (0.38 | ) | 0.07 | (0.47 | ) | (0.03 | ) | (0.50 | ) | 10.09 | 0.89% | 0.83% | 4.44% | 0.64 | % | 691 | 80 | % | ||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 10.47 | 0.43 | 0.04 | 0.47 | (0.40 | ) | (0.02 | ) | (0.42 | ) | 10.52 | 0.90% | 0.80% | 4.11% | 4.53 | % | 249 | 123 | % | |||||||||||||||||||||||||||||||
12/31/2012 - 3/31/2013 | 10.29 | 0.12 | 0.16 | 0.28 | (0.10 | ) | — | (0.10 | ) | 10.47 | 0.99% | 0.80% | 4.70% | 2.74 | % | 14 | 186 | % | ||||||||||||||||||||||||||||||||
Advisor Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.11 | $0.22 | ($0.23 | ) | ($0.01 | ) | ($0.22 | ) | $— | ($0.22 | ) | $9.88 | 1.05% | 0.87% | 4.40% | (0.09 | %) | $261,728 | 28 | % | ||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.54 | 0.46 | (0.39 | ) | 0.07 | (0.47 | ) | (0.03 | ) | (0.50 | ) | 10.11 | 1.04% | 0.82% | 4.45% | 0.63 | % | 270,383 | 80 | % | ||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 10.49 | 0.43 | 0.04 | 0.47 | (0.40 | ) | (0.02 | ) | (0.42 | ) | 10.54 | 1.05% | 0.80% | 4.11% | 4.54 | % | 368,122 | 123 | % | |||||||||||||||||||||||||||||||
6/29/2012 - 3/31/2013 | 10.12 | 0.36 | 0.45 | 0.81 | (0.34 | ) | (0.10 | ) | (0.44 | ) | 10.49 | 1.15% | 0.80% | 4.70% | 8.13 | % | 35,648 | 186 | % | |||||||||||||||||||||||||||||||
Pacific Funds Limited Duration High Income |
| |||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $9.60 | $0.22 | ($0.51 | ) | ($0.29 | ) | ($0.22 | ) | $— | ($0.22 | ) | $9.09 | 1.47% | 1.08% | 4.54% | (3.08 | %) | $5,808 | 18 | % | ||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.22 | 0.45 | (0.58 | ) | (0.13 | ) | (0.45 | ) | (0.04 | ) | (0.49 | ) | 9.60 | 1.49% | 1.08% | 4.51% | (1.27 | %) | 7,094 | 49 | % | |||||||||||||||||||||||||||||
7/31/2013 - 3/31/2014 | 10.00 | 0.26 | 0.22 | 0.48 | (0.25 | ) | (0.01 | ) | (0.26 | ) | 10.22 | 1.67% | 1.08% | 3.94% | 4.85 | % | 8,677 | 53 | % |
See Notes to Financial Statements | See explanation of references on B-17 |
B-15
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Fund |
| Selected Per Share Data |
| Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (1) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (2) | Expenses After Reductions (2), (3) | Net Investment Income (Loss) (2) | Total Returns (4) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||
Pacific Funds Limited Duration High Income (Continued) |
| |||||||||||||||||||||||||||||||||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $9.58 | $0.18 | ($0.50 | ) | ($0.32 | ) | ($0.19 | ) | $— | ($0.19 | ) | $9.07 | 2.22% | 1.83% | 3.79% | (3.45% | ) | $3,243 | 18% | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.20 | 0.37 | (0.57 | ) | (0.20 | ) | (0.38 | ) | (0.04 | ) | (0.42 | ) | 9.58 | 2.21% | 1.83% | 3.76% | (1.99% | ) | 3,664 | 49% | ||||||||||||||||||||||||||||||
7/31/2013 - 3/31/2014 | 10.00 | 0.21 | 0.22 | 0.43 | (0.22 | ) | (0.01 | ) | (0.23 | ) | 10.20 | 2.42% | 1.83% | 3.19% | 4.28% | 2,442 | 53% | |||||||||||||||||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $9.60 | $0.23 | ($0.50 | ) | ($0.27 | ) | ($0.24 | ) | $— | ($0.24 | ) | $9.09 | 1.07% | 0.78% | 4.84% | (2.93% | ) | $21,280 | 18% | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.22 | 0.48 | (0.58 | ) | (0.10 | ) | (0.48 | ) | (0.04 | ) | (0.52 | ) | 9.60 | 1.09% | 0.80% | 4.79% | (0.89% | ) | 21,921 | 49% | ||||||||||||||||||||||||||||||
7/31/2013 - 3/31/2014 | 10.00 | 0.28 | 0.21 | 0.49 | (0.26 | ) | (0.01 | ) | (0.27 | ) | 10.22 | 1.27% | 0.83% | 4.19% | 4.87% | 22,227 | 53% | |||||||||||||||||||||||||||||||||
Advisor Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $9.60 | $0.23 | ($0.52 | ) | ($0.29 | ) | ($0.23 | ) | $— | ($0.23 | ) | $9.08 | 1.22% | 0.83% | 4.79% | (3.06% | ) | $6,218 | 18% | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.21 | 0.46 | (0.55 | ) | (0.09 | ) | (0.48 | ) | (0.04 | ) | (0.52 | ) | 9.60 | 1.18% | 0.83% | 4.76% | (0.92% | ) | 5,669 | 49% | ||||||||||||||||||||||||||||||
7/31/2013 - 3/31/2014 | 10.00 | 0.28 | 0.21 | 0.49 | (0.27 | ) | (0.01 | ) | (0.28 | ) | 10.21 | 1.42% | 0.83% | 4.19% | 4.89% | 1,860 | 53% | |||||||||||||||||||||||||||||||||
Pacific Funds High Income |
| |||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.48 | $0.25 | ($0.79 | ) | ($0.54 | ) | ($0.23 | ) | $— | ($0.23 | ) | $9.71 | 1.26% | 1.05% | 4.81% | (5.29% | ) | $5,808 | 26% | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.22 | 0.54 | (0.60 | ) | (0.06 | ) | (0.52 | ) | (0.16 | ) | (0.68 | ) | 10.48 | 1.50% | 1.05% | 4.90% | (0.49% | ) | 5,900 | 60% | ||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 11.16 | 0.56 | 0.25 | 0.81 | (0.55 | ) | (0.20 | ) | (0.75 | ) | 11.22 | 1.67% | 1.05% | 5.03% | 7.50% | 6,441 | 99% | |||||||||||||||||||||||||||||||||
6/29/2012 - 3/31/2013 | 10.57 | 0.46 | 0.84 | 1.30 | (0.44 | ) | (0.27 | ) | (0.71 | ) | 11.16 | 1.87% | 1.05% | 5.57% | 12.59% | 3,497 | 154% | |||||||||||||||||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.47 | $0.21 | ($0.79 | ) | ($0.58 | ) | ($0.19 | ) | $— | ($0.19 | ) | $9.70 | 2.01% | 1.80% | 4.06% | (5.66% | ) | $4,545 | 26% | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.21 | 0.45 | (0.59 | ) | (0.14 | ) | (0.44 | ) | (0.16 | ) | (0.60 | ) | 10.47 | 2.24% | 1.80% | 4.15% | (1.22% | ) | 5,419 | 60% | ||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 11.16 | 0.47 | 0.25 | 0.72 | (0.47 | ) | (0.20 | ) | (0.67 | ) | 11.21 | 2.42% | 1.80% | 4.28% | 6.65% | 5,245 | 99% | |||||||||||||||||||||||||||||||||
6/29/2012 - 3/31/2013 | 10.57 | 0.40 | 0.85 | 1.25 | (0.39 | ) | (0.27 | ) | (0.66 | ) | 11.16 | 2.62% | 1.80% | 4.82% | 12.11% | 2,203 | 154% | |||||||||||||||||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.41 | $0.26 | ($0.78 | ) | ($0.52 | ) | ($0.24 | ) | $— | ($0.24 | ) | $9.65 | 0.86% | 0.75% | 5.11% | (5.08% | ) | $222 | 26% | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.14 | 0.57 | (0.61 | ) | (0.04 | ) | (0.53 | ) | (0.16 | ) | (0.69 | ) | 10.41 | 1.10% | 0.77% | 5.18% | (0.30% | ) | 241 | 60% | ||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 11.09 | 0.58 | 0.24 | 0.82 | (0.57 | ) | (0.20 | ) | (0.77 | ) | 11.14 | 1.27% | 0.80% | 5.28% | 7.72% | 9,493 | 99% | |||||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 10.58 | 0.63 | 0.82 | 1.45 | (0.67 | ) | (0.27 | ) | (0.94 | ) | 11.09 | 1.78% | 0.80% | 5.82% | 14.21% | 8,810 | 154% | |||||||||||||||||||||||||||||||||
12/19/2011 - 3/31/2012 | 10.00 | 0.20 | 0.55 | 0.75 | (0.17 | ) | — | (0.17 | ) | 10.58 | 2.82% | 0.80% | 6.73% | 7.50% | 7,523 | 93% | ||||||||||||||||||||||||||||||||||
Class P |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.40 | $0.26 | ($0.78 | ) | ($0.52 | ) | ($0.24 | ) | $— | ($0.24 | ) | $9.64 | 0.86% | 0.80% | 5.06% | (5.20% | ) | $118,251 | 26% | |||||||||||||||||||||||||||||||
1/14/2015 - 3/31/2015 | 10.22 | 0.11 | 0.19 | 0.30 | (0.12 | ) | — | (0.12 | ) | 10.40 | 1.06% | 0.80% | 5.15% | 2.94% | 38,919 | 60% | ||||||||||||||||||||||||||||||||||
Advisor Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.49 | $0.26 | ($0.79 | ) | ($0.53 | ) | ($0.24 | ) | $— | ($0.24 | ) | $9.72 | 1.01% | 0.80% | 5.06% | (5.17% | ) | $2,905 | 26% | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 11.23 | 0.57 | (0.60 | ) | (0.03 | ) | (0.55 | ) | (0.16 | ) | (0.71 | ) | 10.49 | 1.24% | 0.80% | 5.15% | (0.23% | ) | 3,807 | 60% | ||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 11.18 | 0.58 | 0.24 | 0.82 | (0.57 | ) | (0.20 | ) | (0.77 | ) | 11.23 | 1.42% | 0.80% | 5.28% | 7.67% | 3,064 | 99% | |||||||||||||||||||||||||||||||||
6/29/2012 - 3/31/2013 | 10.57 | 0.48 | 0.85 | 1.33 | (0.45 | ) | (0.27 | ) | (0.72 | ) | 11.18 | 1.63% | 0.81% | 5.81% | 12.87% | 279 | 154% | |||||||||||||||||||||||||||||||||
Pacific Funds Diversified Alternatives |
| |||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.00 | ($0.02 | ) | ($0.25 | ) | ($0.27 | ) | $— | $— | $— | $9.73 | 1.67% | 0.85% | (0.49%) | (2.70% | ) | $1,418 | 43% | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 9.99 | 0.38 | (0.06 | ) | 0.32 | (0.29 | ) | (0.02 | ) | (0.31 | ) | 10.00 | 2.83% | 0.85% | 3.77% | 3.19% | 1,465 | 23% | ||||||||||||||||||||||||||||||||
12/31/2013 - 3/31/2014 | 10.00 | (0.01 | ) | (0.00 | )(6) | (0.01 | ) | — | — | — | 9.99 | 3.36% | 0.85% | (0.34%) | (0.10% | ) | 10 | 1% | ||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $9.92 | ($0.06 | ) | ($0.24 | ) | ($0.30 | ) | $— | $— | $— | $9.62 | 2.42% | 1.60% | (1.24%) | (3.03% | ) | $726 | 43% | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 9.97 | 0.30 | (0.06 | ) | 0.24 | (0.27 | ) | (0.02 | ) | (0.29 | ) | 9.92 | 3.58% | 1.60% | 3.02% | 2.39% | 558 | 23% | ||||||||||||||||||||||||||||||||
12/31/2013 - 3/31/2014 | 10.00 | (0.03 | ) | (0.00 | )(6) | (0.03 | ) | — | — | — | 9.97 | 4.11% | 1.60% | (1.09%) | (0.30% | ) | 10 | 1% | ||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (5) | $10.01 | ($0.01 | ) | ($0.24 | ) | ($0.25 | ) | $— | $— | $— | $9.76 | 1.42% | 0.60% | (0.24%) | (2.50% | ) | $2,614 | 43% | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 9.99 | 0.41 | (0.08 | ) | 0.33 | (0.29 | ) | (0.02 | ) | (0.31 | ) | 10.01 | 2.58% | 0.60% | 4.02% | 3.37% | 3,771 | 23% | ||||||||||||||||||||||||||||||||
12/31/2013 - 3/31/2014 | 10.00 | (0.00 | )(6) | (0.01 | ) | (0.01 | ) | — | — | — | 9.99 | 3.11% | 0.60% | (0.09%) | (0.10% | ) | 1,978 | 1% |
See Notes to Financial Statements | See explanation of references on B-17 |
B-16
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
(1) | Net investment income (loss) per share has been calculated using the average shares method. |
(2) | The ratios are annualized for periods of less than one full year. |
(3) | The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any, as discussed in Notes 6 and 7B in Notes to Financial Statements. The expense ratios for all the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives do not include fees and expenses of the underlying funds (see Note 1 in Notes to Financial Statements) in which the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives invest. |
(4) | The total returns include reinvestment of all dividends and capital gains distributions, if any, and do not include deductions of any applicable sales charges. Total returns are not annualized for periods less than one full year. |
(5) | Unaudited for the six-month period ended September 30, 2015. |
(6) | Reflects an amount rounding to less than $0.01 per share. |
(7) | The Class P shares of Pacific Funds Core Income commenced operations on April 27, 2015. |
See Notes to Financial Statements |
B-17
PACIFIC FUNDS
(Unaudited)
1. ORGANIZATION
Pacific Funds Series Trust (formerly Pacific Life Funds) (which may be referred to as “Pacific Funds” or the “Trust”) is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as an open-end management investment company and is registered as a Delaware statutory trust. Pacific Life Fund Advisors LLC (“PLFA” or the “Adviser”) serves as investment adviser to the Trust. As of September 30, 2015, the Trust was comprised of thirty-six separate funds, twelve of which are presented in these financial statements (each individually, a “Fund”, and collectively the “Funds”):
Fund | Fund | |
Pacific FundsSM Portfolio Optimization Conservative* | Pacific FundsSM Core Income | |
Pacific FundsSM Portfolio Optimization Moderate-Conservative* | Pacific FundsSM Strategic Income | |
Pacific FundsSM Portfolio Optimization Moderate* | Pacific FundsSM Floating Rate Income | |
Pacific FundsSM Portfolio Optimization Growth* | Pacific FundsSM Limited Duration High Income | |
Pacific FundsSM Portfolio Optimization Aggressive-Growth* | Pacific FundsSM High Income | |
Pacific FundsSM Short Duration Income | Pacific FundsSM Diversified Alternatives |
* | These Funds are collectively known as the “Portfolio Optimization Funds”. |
The Portfolio Optimization Funds offer Class A, Class B, Class C, Class R, and Advisor Class shares. Pacific Funds Diversified Alternatives offers Class A, Class C, and Advisor Class shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees (see Note 6) and in general: (i) Class A shares are subject to a maximum 5.50% front-end sales charge; (ii) Class B shares are subject to a maximum 5.00% contingent deferred sales charge (“CDSC”); (iii) Class C shares are subject to a maximum 1.00% CDSC; and (iv) Class R and Advisor Class shares are sold at net asset value without a sales charge. The sales charge for Class A shares is reduced for purchases of $50,000 or more and may be waived in certain circumstances. There is no sales charge for Class A shares for purchases of $1 million or more, although there is a CDSC of 1.00% on redemptions of such Class A shares within one year of purchase, which may be waived in certain circumstances.
Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income, Pacific Funds Limited Duration High Income, and Pacific Funds High Income offer Class A, Class C, Class I, and Advisor Class shares. Additionally, Pacific Funds Core Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income offer Class P shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees (see Note 6) and in general: (i) Class A shares of Pacific Funds Short Duration Income, Pacific Funds Floating Rate Income, and Pacific Funds Limited Duration High Income are subject to a maximum 3.00% front-end sales charge, and Class A shares of Pacific Funds Core Income, Pacific Funds Strategic Income, and Pacific Funds High Income are subject to a maximum 4.25% front-end sales charge; (ii) Class C shares are subject to a maximum 1.00% CDSC; and (iii) Class I, Class P, and Advisor Class shares are sold at net asset value without a sales charge. The sales charge for Class A shares is reduced for purchases of $100,000 or more and may be waived in certain circumstances. There is no sales charge for Class A shares for purchases of $500,000 or more, although there is a CDSC of 1.00% of such Class A shares within one year of purchase, which may be waived in certain circumstances.
The Trust’s distributor receives all net commissions (front-end sales charges and CDSCs) from the sales of all applicable share classes (see Note 6).
The Portfolio Optimization Funds invest their assets in Class P shares of other funds of the Trust (collectively, the “PF Underlying Funds”) and Class P shares of Pacific Funds Core Income and Pacific Funds High Income. Pacific Funds Diversified Alternatives invests all of its assets in certain PF Underlying Funds and Class P shares of Pacific Funds Floating Rate Income.
There is a separate semi-annual report containing the financial statements for the PF Underlying Funds, which is available without charge. For information on how to obtain the semi-annual report for the PF Underlying Funds, see the Where to Go for More Information section of this report on page D-3.
On April 27, 2015, the PF Precious Metals Fund (a PF Underlying Fund) was liquidated pursuant to a plan of liquidation approved by the Trust’s Board of Trustees. Because the PF Precious Metals Fund was liquidated prior to September 30, 2015, no financial information is presented in this report except for in the Transactions with Affiliates disclosure under Investments in Affiliated Funds (see Note 7C).
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (United States Generally Accepted Accounting Principles, or “U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund qualifies as an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to the Investment Companies Topic of U.S. GAAP.
Effective April 1, 2015, the Trust implemented Accounting Standards Update (“ASU”) No. 2014-11 issued by the Financial Accounting Standards Board (“FASB”). The ASU requires two new disclosures. The first disclosure requires an entity to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements. The second disclosure provides increased
C-1
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
transparency about the types of collateral pledged in repurchase agreements and repurchase-to-maturity transactions accounted for as secured borrowings. None of the Funds presented in these financial statements had transactions requiring this disclosure for the six-month period ended September 30, 2015.
A. INVESTMENT TRANSACTIONS AND INCOME
Investment transactions are recorded on a trade date basis. Securities purchased or sold on a when-issued or delayed-delivery basis as well as certain loan transactions and mortgage securities (such as Government National Mortgage Association (“GNMA”) securities) may be settled a month or more after the trade date. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities, which are recorded as soon as a Fund is informed of the ex-dividend date or upon receipt of the dividend. A Fund’s estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gains distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. Interest income, adjusted for amortization of premium and accretion of discount, is recorded daily on an accrual basis. Investment income is recorded net of foreign taxes withheld, if any. A Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. A Fund will accrue such taxes and reclaims as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which that Fund invests. Facility fees and other fees (such as origination fees) received from floating rate senior loan notes purchased (see Note 4) by a Fund are amortized over the expected term of each applicable senior loan. Commitment fees received by a Fund relating to unfunded senior loan commitments are amortized to income over the period of the commitment. Consent fees, which are compensation for agreeing to changes in the terms of debt instruments, are recorded as interest income when received. Realized gains and losses from investment transactions are recorded on the basis of identified cost, which is also used for Federal income tax purposes. Gains and losses realized on principal paydowns from mortgage-backed and asset-backed securities are recorded as interest income.
B. DISTRIBUTIONS TO SHAREHOLDERS
For the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives, dividends on net investment income, if any, are generally declared and paid annually. For Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income, Pacific Funds Limited Duration High Income, and Pacific Funds High Income, dividends on net investment income, if any, are generally declared and paid monthly. Dividends may be declared more or less frequently if advantageous to the specific Fund and its shareholders.
All realized capital gains are distributed at least annually for each Fund. Dividends and distributions paid to shareholders are recorded on the ex-dividend date.
C. FOREIGN CURRENCY TRANSLATION
The Trust’s accounting records are maintained in U.S. dollars. The market value of investments and other assets and liabilities that are denominated in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the end of each business day. Purchases and sales of investments and income and expenses, denominated in foreign currencies, are translated into U.S. dollars at the exchange rates in effect on the transaction date.
None of the Funds separately report the effect of changes in foreign exchange rates from changes in market prices of investments held. Such changes are included with the net realized gain or loss and change in net unrealized appreciation or depreciation on investments. Other foreign currency transactions resulting in realized and unrealized gain or loss, if any, are reported separately as net realized gain or loss on foreign currency transactions and change in net unrealized appreciation or depreciation on foreign currencies.
D. ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES
Income, non-class specific expenses, and realized and unrealized gains and losses are allocated on a daily basis to each class of shares based upon the relative portion of net assets of each class. Certain Trust expenses directly attributable to a particular Fund are charged to that Fund (such as Fund-specific transactional fees, proxies, liquidations, litigation, and organizational/start-up costs) and class-specific fees and expenses are charged directly to the respective share class within each Fund. Generally, other Trust expenses are allocated proportionately among all the Funds in relation to the net assets of each Fund.
E. OFFERING COSTS
A new Fund bears all costs (or the applicable pro-rata share if there is more than one new Fund) associated with the offering expenses of the Fund including legal, printing, and support services (see Notes 6 and 7A). All such costs are amortized as an expense of the new Fund on a straight-line basis over twelve months from commencement of operations.
F. RECENT ACCOUNTING PRONOUNCEMENT
In May 2015, the FASB issued an ASU that eliminates the requirement to classify the investments measured at an investment’s fair value using the net asset value per share practical expedient within the fair value hierarchy. In addition, the ASU eliminates the requirement to make specific disclosures for all investments eligible to be assessed at fair value with the net asset value per share practical expedient. Instead, such disclosures are restricted only to investments that the entity has decided to measure using the practical expedient. This ASU is effective for fiscal years beginning after December 15, 2015. Management is currently evaluating the impact that the implementation of this ASU will have on the Trust’s financial statement disclosures.
C-2
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
3. VALUATION AND FAIR VALUE MEASUREMENTS
A. VALUATION POLICY
The Trust’s Board of Trustees (the “Board”) has adopted a policy (“Valuation Policy”) for determining the value of the Trust’s investments each business day. Under the Valuation Policy, the Board has delegated certain functions to the Trustee Valuation Committee (“TVC”) and/or the Valuation Oversight Committee (“VOC”) or its delegate to determine the fair value of certain investments, which includes using third party pricing services. Each valuation committee that values the Funds’ investments does so in accordance with the Valuation Policy. Notes 3B and 3C below describe in greater detail the methodologies used to value each Fund’s investments.
B. NET ASSET VALUE
Each Fund of the Trust presented in these financial statements is divided into shares and share classes. The price per share of each class of a Fund’s shares is called the net asset value (“NAV”). The NAV forms the basis for all transactions involving buying, selling, exchanging or reinvesting shares. Each Fund’s NAV is calculated by taking the total value of a Fund’s assets, subtracting a Fund’s liabilities, and dividing by the total number of shares outstanding.
Each Fund’s NAV is calculated once per day, every day the New York Stock Exchange (“NYSE”) is open, including days when foreign markets and/or bond markets are closed. For purposes of calculating the NAV, the value of investments held by each Fund is generally determined as of the scheduled closing time of the NYSE, which is usually 4:00 p.m. Eastern Time. Information that becomes known to the Trust or its agents after the scheduled close of the NYSE on a particular day will not normally be used to retroactively adjust the price of an investment for that same business day. Such information may include late dividend notifications, legal or regulatory matters, corporate actions, and corrected/adjusted last sales prices or official closing prices from an exchange.
Each Fund’s NAV will not be calculated on days when the NYSE is closed. There may be a delay in calculating the NAV if: (i) the NYSE is closed on a day other than a regular holiday or weekend, (ii) trading on the NYSE is restricted, (iii) an emergency exists (as determined by the Securities and Exchange Commission (“SEC”)), making the sale of investments or determinations of NAV not practicable, or (iv) the SEC permits a delay for the protection of shareholders.
Certain Funds may hold investments that are primarily listed on foreign exchanges. Because those investments trade on weekends and other days when the Funds do not calculate their NAVs, the value of those investments may change on days when a shareholder will not be able to purchase or redeem shares of those Funds.
C. INVESTMENT VALUATION
The value of each security or other investment is the amount which a Fund might reasonably expect to receive for the investment upon its current sale in the ordinary course of business. For purposes of calculating the NAV, the value of investments held by each Fund is based primarily on pricing data obtained from various sources approved by the Board.
Domestic Equity Investments
For domestic equity investments (including exchange-traded funds), the Trust generally uses the official closing price or last reported sale price from an exchange as of the scheduled closing time of the NYSE and does not normally take into account trading, clearances or settlements that take place after the scheduled close of the NYSE. Investments, for which no official closing price or last reported sales price are reported, are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.
Over-the-Counter (“OTC”) Investments
OTC investments (including swaps and options) are generally valued by approved pricing services that use evaluated prices from various observable market and other factors. Certain OTC swap agreements are generally valued using industry pricing models, broker quotes or other methodologies pursuant to the Valuation Policy.
Domestic and Foreign Debt Investments
Debt investments are generally valued using the mean between bid and ask prices provided by approved pricing and quotation services, which are based upon evaluated prices determined from various observable market and other factors. Certain debt investments are valued by using a benchmark, matrix, or other pricing methodology approved pursuant to the Valuation Policy.
Portfolio Optimization Funds
The investments of each Portfolio Optimization Fund consist of Class P shares of Pacific Funds Core Income, Pacific Funds High Income, and the applicable PF Underlying Funds they hold, which are valued at their respective NAVs.
Pacific Funds Diversified Alternatives
The investments of Pacific Funds Diversified Alternatives consist of Class P shares of Pacific Funds Floating Rate Income and the applicable PF Underlying Funds it holds, which are valued at their respective NAVs.
Investments in Other Investment Companies
Fund investments in other investment companies are valued at their respective NAVs.
Investment Values Determined by a Valuation Committee
The Trust’s Valuation Policy includes methodologies approved for valuing investments in circumstances where market quotations are not readily available. In such circumstances, the Valuation Policy provides that the value of such investments may be determined in accordance with Board approved formulas and methodologies (“Alternate Valuation Methodologies”). Under the Valuation Policy these Alternate Valuation
C-3
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Methodologies may include, among others, amortized cost, the use of broker quotes, the use of purchase prices, and benchmark and matrix pricing. In the event market quotations or Alternate Valuation Methodologies are not readily available or are determined to be unreliable, the value of the investments will be determined in good faith by the TVC or determined by the VOC or its delegate pursuant to the Valuation Policy and then subsequently submitted for approval or ratification to either the TVC or the Board. Valuations determined by the TVC or the VOC or its delegate may require subjective inputs about the value of such investments. While these valuations are intended to estimate the value a Fund might reasonably expect to receive upon the current sale of the investments in the ordinary course of business, such values may differ from the value that a Fund would actually realize if the investments were sold or values that would be obtained if a different valuation methodology had been used.
Market quotations are considered not readily available if: (i) the market quotations received are deemed unreliable or inaccurate, (ii) approved pricing services do not provide a valuation for a particular investment, or (iii) material events occur after the close of the principal market for a particular investment but prior to the scheduled close of the NYSE.
D. FAIR VALUE MEASUREMENTS AND DISCLOSURES
The Trust characterizes its investments as Level 1, Level 2 or Level 3 based upon the various inputs or methodologies used to value the investments. Under the Valuation Policy, the VOC determines the level in which each investment is characterized. The VOC includes investment, legal, and compliance members of the Trust’s Adviser, accounting members of the Trust’s Administrator (see Note 6), and the Trust’s Chief Compliance Officer (“CCO”). The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
• Level 1 - | Quoted prices (unadjusted) in active markets for identical investments |
• Level 2 - | Significant observable market-based inputs, other than Level 1 quoted prices, or unobservable inputs that are corroborated by market data |
• Level 3 - | Significant unobservable inputs that are not corroborated by observable market data |
The VOC reviews the Valuation Policy periodically (at least annually) to determine the appropriateness of the pricing methodologies used to value each Fund’s investments. The VOC also periodically evaluates how the Trust’s investments are characterized within the three-tier hierarchy and the appropriateness of third party pricing sources. The VOC also periodically (at least annually) conducts back-testing of the value of various Level 2 and Level 3 investments to evaluate the effectiveness of the pricing methodologies including the unobservable inputs used to value those investments. Such back-testing includes comparing Level 2 and Level 3 investment values to subsequently available exchange-traded prices, transaction prices, and/or observable vendor prices. All changes to the Valuation Policy are reported to the Board on a quarterly basis with material changes, as determined by the Trust’s CCO, requiring approval by the Board.
The inputs or methodologies used for characterizing each Fund’s investments within the three-tier hierarchy are not necessarily an indication of the relative risks associated with investing in those investments. If a Fund had an amount of Level 3 investments at the beginning and/or end of the reporting period that was meaningful in relation to its net assets, the Trust presents a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. If a Fund had an amount of total transfers between each level within the three-tier hierarchy during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period, the Trust also discloses the amounts and reasons for such transfers. A summary of each Fund’s investments as of September 30, 2015 as categorized under the three-tier hierarchy of inputs, the reconciliation of Level 3 investments, and information on transfers between each level, if applicable, can be found in the Notes to Schedule of Investments section of each Fund’s Schedule of Investments.
The following is a description of valuation inputs and techniques that the Trust currently utilizes to fair value each major category of assets and liabilities:
Equity Securities (Common and Preferred Stock) and Mutual Funds
Equity securities that are actively traded on a securities exchange are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to these securities, they are categorized as Level 1. Equity securities traded on inactive markets are fair valued using significant other observable inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from pricing vendors that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable and timely, the fair values of these securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Investments in registered mutual funds, including affiliated registered mutual funds, are valued at their respective NAV and are categorized as Level 1.
U.S. Treasury Obligations
U.S. Treasuries are fair valued based on pricing models that evaluate the mean between the most recently published bid and ask price from market data sources. The models also take into consideration yield curves and data received from active market makers and inter-dealer brokers. Yield curves change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable and timely, the fair values of U.S. Treasury obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Mortgage-Backed Securities and Asset-Backed Securities
Mortgage-backed securities, including government sponsored enterprises, are fair valued using pricing models based on inputs that include issuer type, coupon, and cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index
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data, periodic, and life caps, the next coupon reset date, and the convertibility of the bond. To the extent that these inputs are observable and timely, the fair values of mortgage-backed securities would be categorized as Level 2; otherwise the fair value would be categorized as Level 3.
Asset-backed securities and collateralized mortgage obligations are fair valued using pricing models based on a security’s average life volatility. The models also take into account tranche characteristics such as coupon average life, collateral types, ratings, the issuer and tranche type, underlying collateral and performance of the collateral, and discount margin for certain floating rate issues. To the extent that these inputs are observable and timely, the fair values of asset-backed securities and collateralized mortgage obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Foreign Government Bonds and Notes
Foreign government bonds and notes are fair valued based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored daily for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable and timely, the fair values of foreign government bonds and notes would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Corporate Bonds and Notes and U.S. Government Agency Issues
Corporate bonds held by a Fund are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, issuer credit information, and option-adjusted spread models where applicable. Fair values for high yield bonds are based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds, and sector-specific trends. To the extent that these inputs are observable and timely, the fair values of corporate bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
U.S. Government Agency Issues are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer, issuer credit information, and option-adjusted spread models where applicable. To the extent that these inputs are observable and timely, the fair values of U.S. Government Agency Issues would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Swap Agreements
Total Return Swaps – Total return swaps that are actively traded and cleared on a securities exchange or swap execution facility are fair valued based on quoted prices from the applicable exchange and are categorized as Level 2. Total Return swaps traded over-the-counter are fair valued using pricing models that take into account among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of total return swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Senior Loan Notes
Floating rate senior loan notes (“Senior Loans”) are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair values of Senior Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
4. INVESTMENTS AND RISKS
General Investment Risks
An investment in each Fund represents an indirect investment in the assets owned by that Fund. As with any mutual fund, the value of the assets owned by each Fund may move up or down, and as a result, an investment in a Fund at any point in time may be worth more or less than the original amount invested.
Market and Regulatory Risks
Events in the financial markets and economy may cause volatility and uncertainty and affect Fund performance. Market events may affect a single issuer, industry, sector, or the market as a whole. In addition, because of interdependencies between markets, events in one market may adversely impact other markets or issuers in which a Fund invests in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. During a general downturn in the financial markets, multiple asset classes may decline in value and a Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. Governmental and regulatory actions, including tax law changes, may also impair Fund management and have unexpected or adverse consequences on particular markets, strategies, or investments. Future market or regulatory events may impact a Fund in unforeseen ways, such as causing the Fund to alter its existing strategies or potentially, to liquidate and close.
Fund of Funds Investments
The Portfolio Optimization Funds are exposed to the same risks as the applicable PF Underlying Funds, Pacific Funds Core Income, and Pacific Funds High Income in direct proportion to the allocation of assets among those funds. This semi-annual report contains information about the risks associated with investing in Pacific Funds Core Income and Pacific Funds High Income. The semi-annual report for the PF Underlying Funds contains information about the risks associated with investing in the PF Underlying Funds. Allocations among the
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PF Underlying Funds, Pacific Funds Core Income, and Pacific Funds High Income are determined using an asset allocation process, which seeks to optimize returns by allocating among different asset classes given various levels of risk tolerance. The allocations of the Portfolio Optimization Funds may not effectively decrease risk or increase returns for investors, and the selection and weighting of allocations to asset classes and/or PF Underlying Funds, Pacific Funds Core Income, and Pacific Funds High Income may cause them to underperform other mutual funds with a similar investment objective. Although the Portfolio Optimization Funds seek to provide diversification across major asset classes, they may invest a significant portion of their assets in any one or several PF Underlying Funds, Pacific Funds Core Income, and Pacific Funds High Income (See Note 7C).
Pacific Funds Diversified Alternatives is exposed to the same risks as the PF Underlying Funds and Pacific Funds Floating Rate Income in direct proportion to the allocation of assets among those funds. This semi-annual report contains information about the risks associated with investing in Pacific Funds Floating Rate Income. The semi-annual report for the PF Underlying Funds contains information about the risks associated with investing in the PF Underlying Funds. Allocations among the PF Underlying Funds and Pacific Funds Floating Rate Income are determined using an asset allocation process, which seeks to provide performance that has a low to moderate correlation with the performance of traditional equity and fixed income asset classes over long-term periods. The allocations of Pacific Funds Diversified Alternatives may not effectively decrease risk or increase returns for investors, and the selection and weighting of allocations to asset classes and/or the PF Underlying Funds and Pacific Funds Floating Rate Income may cause them to underperform other mutual funds with a similar investment objective. Pacific Funds Diversified Alternatives may invest a significant portion of its assets in any one or several PF Underlying Funds and Pacific Funds Floating Rate Income (See Note 7C).
Equity Investments
Stock markets are volatile. Equity investments tend to go up or down in value, sometimes rapidly and unpredictably, in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors.
Debt Investments
Debt investments are subject to many risks, including, but not limited to, interest rate risk, credit risk, market and regulatory risk, price volatility, and liquidity risk, which may affect their value. There is a risk that an issuer or guarantor of a debt investment might be unable or unwilling to meet its financial obligations and might not make interest or principal payments on an instrument when those payments are due (“default”). Defaults may potentially reduce a Fund’s income or ability to recover amounts due and may reduce the value of the debt investment, sometimes dramatically. High yield/high risk or “junk” securities may be more volatile than higher rated securities. High yield/high risk securities (including loans) are typically issued by companies that are highly leveraged, less creditworthy or financially distressed and are considered to be mostly speculative in nature (high risk), subject to greater liquidity risk, and subject to a greater risk of default than higher rated securities, especially during periods of economic uncertainty or during economic downturns. Debt investments, including bonds, fixed rate loans, and short-term instruments may be affected by changes in interest rates. Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise. Certain debt investments may be difficult to value, purchase, and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale.
Given the historically low interest rate environment in the U.S., risks associated with rising interest rates are heightened. The negative impact on debt investments from potential interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. Substantial redemptions from bond and other income funds may worsen that impact. Additionally, regulations applicable to and changing business practices of broker-dealers that make markets in debt investments may result in those broker-dealers restricting their market making activities for certain debt investments, which may reduce the liquidity and increase the volatility of such debt investments.
Certain asset-backed instruments, such as collateralized debt obligations, collateralized mortgage obligations, and other mortgage-related securities, structured investment vehicles, and other debt investments may have exposure to subprime loans or subprime mortgages, which are loans to persons with lower credit ratings. These instruments may present credit risk that is not transparent and that is greater than indicated by their ratings. The value of these instruments may be more acutely affected by downturns in the credit markets or the real estate market than certain other investments, and it may be difficult to value these instruments because of a thin secondary market.
Foreign and Emerging Markets Investments
Exposure to foreign markets can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Investments in or exposure to investments in emerging market countries may be riskier than investments in or exposure to investments in U.S. and certain developed markets.
The countries listed in the Schedules of Investments for individual investment holdings (each a “Holding”) are each considered the country of risk to which a Holding, and therefore the Fund, is exposed. Each Holding’s country of risk is obtained from a third-party source that uses factors such as reporting currency, sales/revenue and location of management of the Holding’s issuer to determine country of risk. The country of risk may not be exclusive, however, as there may be other countries of risk to which a Holding is exposed that are not disclosed, although the country identified is expected to be the primary country of risk for that Holding. A Holding is generally subject to greater country risk based on
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where it conducts business or is economically tied to rather than where it is formed or incorporated. Foreign markets risks may include currency risk, market and regulatory risk, liquidity risk, emerging markets risk and geographic focus risk, among other risks.
Senior Loan Participations and Assignments
Certain Funds may invest in Senior Loans of domestic or foreign corporations, partnerships, and other entities (“Borrowers”), the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates. Senior Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, London Interbank Offered Rates (“LIBOR”) or certificates of deposit rates. Senior Loans often require prepayments from excess cash flow or permit the Borrower to repay at its election. The degree to which Borrowers repay cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturities. Senior Loans are exempt from registration under the Securities Act of 1933, may contain certain restrictions on resale, and cannot be sold publicly. A Fund’s investments in Senior Loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties.
When a Fund purchases assignments, it acquires all the rights and obligations under the loan agreement of the assigning lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than those held by the assigning lender.
When a Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation. A participation interest in Senior Loans includes the right to receive payments of principal, interest, and any fees to which it is entitled from the lender and only upon receipt by the lender of payments from the Borrower, but not from the Borrower directly. When investing in a participation interest, if a Borrower is unable to meet its obligations under a loan agreement, a Fund generally has no right to enforce compliance with the terms of the loan agreement. As a result, the Fund assumes the credit risk of the Borrower, the selling participant, and any other persons that are interpositioned between the Fund and the Borrower. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation (“FDIC”) receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest. As of September 30, 2015, no participation interest in Senior Loans was held by any of the Funds presented in these financial statements.
U.S. Government Securities
Certain Funds may invest in securities issued by U.S. Government agencies or government-sponsored enterprises. U.S. Government securities are obligations of, and in certain cases, guaranteed by the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury Bills, Treasury Notes, Treasury Bonds, and securities guaranteed by GNMA (or “Ginnie Mae”), are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. Securities not backed by the full faith and credit of the U.S. Government may be subject to a greater risk of default. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.
Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA and FHLMC are government-sponsored corporations, the common stocks of which are owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions, and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.
Segregation and Collateral
If a Fund engages in certain transactions, such as derivative investments or repurchase agreements, it may require collateral in the form of cash or investments to be held in segregated accounts at the Trust’s custodian, with an exchange or clearing member firm, or segregated on the Fund’s books and records maintained by the custodian and/or the fund manager. In each instance that segregation of collateral is required, it is done so in accordance with the 1940 Act and/or any interpretive guidance issued by the SEC. In the event of the counterparty default on the transaction, a Fund has the right to liquidate the collateral and apply the proceeds to the counterparty’s obligations to that Fund. Upon an event of default, if the seller defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the collateral by the Fund may be delayed, limited or wholly denied. There is also a possibility that a Fund could experience a delay in selling investments that are segregated as collateral.
5. DERIVATIVE INVESTMENTS AND RISKS, AND ENFORCEABLE MASTER NETTING ARRANGEMENTS
A. PRINCIPAL MARKET RISKS MANAGED BY INVESTING IN DERIVATIVES
Derivative instruments are investments whose values are tied to the value of an underlying security or asset, a group of assets, interest rates, exchange rates, currency or an index. Certain Funds are permitted to invest in derivative instruments, including, but not limited to, futures contracts, option contracts, forward foreign currency contracts and swap agreements. Derivatives may have little or no initial cash investment
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value relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This is sometimes referred to as leverage. Leverage can magnify a Fund’s gains and losses and therefore increase its volatility. A Fund’s investments in derivatives may increase, decrease or change the level or types of exposure to certain risk factors. The primary risks a Fund may attempt to manage through investing in derivative instruments include, but are not limited to, interest rate, foreign investments and currency, price volatility, and credit (including counterparty) risks.
Interest Rate Risk – A Fund may be exposed to interest rate risk through investments in debt securities. Interest rate risk is the risk that debt securities will decline in value as a result of changes in interest rates. For example, the value of bonds, fixed rate loans and short-term money market instruments may decline in value when interest rates rise. In a low interest rate environment, the risks associated with rising interest rates are heightened. Debt securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt securities with shorter durations or money market instruments. Therefore, duration is a potentially useful tool to measure the sensitivity of a debt security’s yield (market price to interest rate movement). To manage these risks, certain Funds may invest in derivative instruments tied to interest rates.
Foreign Investments and Currency Risk – A Fund may be exposed to foreign investments and/or currency risk through direct investment in securities or through options, futures or currency transactions. The prices of foreign securities that are denominated in foreign currencies are affected by the value of the U.S. dollar. With respect to securities denominated in foreign currencies, in general, as the value of the U.S. dollar rises, the U.S. dollar price of a foreign security will fall. As the value of the U.S. dollar falls, the U.S. dollar value of the foreign security will rise. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons. Foreign investments may be riskier than U.S. investments for many reasons, including changes in currency exchange rates, unstable political and economic conditions, a lack of adequate and timely company information, differences in the way securities markets operate, relatively lower market liquidity, less stringent financial reporting and accounting guidance and controls, less secure foreign banks or securities depositories than those in the U.S., foreign taxation issues, and foreign controls on investments. As a result, a Fund’s investments in foreign currency-denominated securities and other foreign investments may reduce the returns of the Fund. To manage these risks, certain Funds may invest in derivative instruments tied to foreign investments and/or currencies.
Price Volatility Risk – Derivatives tied to equity and debt securities are exposed to potential price volatility. Debt securities are affected by many factors, including prevailing interest rates, market conditions, and market liquidity. Volatility of below investment grade debt securities (including loans) may be relatively greater than for investment grade debt securities. Equity securities tend to go up or down in value, sometimes rapidly and unpredictably. The prices of equity securities change in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors. To manage these risks, certain Funds may invest in various derivative instruments. Derivative instruments may be used to manage a Fund’s exposure to price volatility risk but may also be subject to greater price volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.
Credit and Counterparty Risk – Credit risk is the risk that a debt security’s issuer (or borrower or counterparty) will be unable or unwilling to meet its financial obligations (e.g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or may go bankrupt. This is also sometimes described as counterparty risk. A Fund may lose money if the issuer or guarantor of debt security, or counterparty of a derivative contract, repurchase or reverse repurchase agreement, or a loan of Fund securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. A Fund may attempt to minimize concentrations of credit risk by undertaking transactions with a large number of borrowers or counterparties on recognized and reputable exchanges. A Fund’s investments in debt investments may range in quality from those rated in the lowest category in which it is permitted to invest to those rated in the highest category by a rating agency, or if unrated, determined by the manager to be of comparable quality.
Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which a Fund has unsettled or open transactions will default. Financial assets of counterparties, which potentially expose a Fund to counterparty risk, consist mainly of cash due from counterparties and investments. Certain managers may attempt to minimize credit risks to a Fund by performing extensive reviews of each counterparty, entering into transactions with counterparties that the manager believes to be creditworthy at the time of the transaction and requiring the posting of collateral in applicable transactions. To manage these risks, certain Funds may invest in derivative instruments tied to a security issuers’ financial strength.
A Fund’s transactions in listed securities are settled/paid for upon delivery with their counterparties. Therefore, the risk of counterparty default for listed securities is considered minimal, as delivery of securities sold is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligations.
B. DERIVATIVE INVESTMENTS
In addition to managing the market risks described above, certain Funds, if permitted by their investment objectives, may also invest in derivatives for purposes of hedging, duration management, to gain exposure to specific investment opportunities, as a substitute for securities, to enhance returns, or to otherwise help achieve a Fund’s investment goal. Each derivative instrument and the reasons a Fund invested in derivatives during the reporting period are discussed in further detail below.
Swap Agreements – Swap agreements are bilaterally negotiated agreements between the Funds and their counterparties to exchange swap investment cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in
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the OTC market or may be executed in a multilateral or other execution facility platform, such as a registered commodities exchange (“centrally cleared swaps”). In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are marked-to-market daily based upon values received from third party vendors or quotations from market makers. Market values greater than zero are recorded as an asset and market values less than zero are recorded as a liability. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recorded as unrealized appreciation or depreciation. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or payable. OTC swap payments received or made at the beginning of the measurement period are recorded as an asset or liability and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gain or loss when the swap is closed. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss. Net periodic payments received by a Fund are recorded as realized gain.
Total Return Swaps – A Fund investing in total return swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or that there may be unfavorable changes in the value of the underlying index or reference instrument (generally caused by changes in interest rates or declines in credit quality). A total return swap agreement is one in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying index or reference instrument, which includes both the income it generates and any capital gains. To the extent the total return of the index or reference instrument underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty. A Fund’s maximum risk of loss from counterparty credit risk related to total return swaps is the discounted net value of the cash flows to be received from or paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover a Fund’s exposure to the counterparty.
A Fund may enter into fully funded total return swaps which involves one party making an initial payment equal to the estimated value of the reference instrument. The parties to the swap then exchange respective commitments to pay or receive a net amount based on the change in the fair value of a reference instrument and a specified notional amount.
During the reporting period, Pacific Funds High Income entered into total return swaps on credit indices to obtain long exposure to the broader high yield market.
The following is a summary of the location of fair value amounts of derivative investments, if any, disclosed in the Trust’s Statements of Assets and Liabilities:
Location on the Statements of Assets and Liabilities | ||||
Derivative Investments Risk Type | Asset Derivative Investments | Liability Derivative Investments | ||
Interest rate contracts | Swap agreements, at value | Swap agreements, at value |
The following is a summary of fair values of derivative investments disclosed in Pacific Funds High Income’s Statement of Assets and Liabilities, categorized by primary risk exposure as of September 30, 2015:
Derivative Investments Risk Type | Total Value at September 30, 2015 | |||
Interest rate contracts (Liability) | ($353,611 | ) |
The following is a summary of the location of realized gains and losses and changes in net unrealized appreciation and depreciation of derivative investments, if any, disclosed in the Trust’s Statements of Operations:
Derivative Investments Risk Type | Location of Gain (Loss) on Derivative Investments Recognized in the Statements of Operations | |
Interest rate contracts | Net realized gain (loss) on swap transactions Change in net unrealized appreciation (depreciation) on swaps |
The following is a summary of Pacific Funds High Income’s net realized gain or loss and change in net unrealized appreciation or depreciation on derivative investments recognized in its Statement of Operations categorized by primary risk exposure for the six-month period ended September 30, 2015:
Derivative Investments Risk Type | Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | ||||||
Interest rate contracts | ($205,428 | ) | ($412,912 | ) |
For financial reporting purposes, the Trust does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (receivables) or the obligation to return cash collateral (payables) arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement.
The average number of positions and value of derivative investments in interest rate contracts held by Pacific Funds High Income for the six-month period ended September 30, 2015 were 2 and ($132,176), respectively. The average number of positions and value of derivative investments and the amounts of net realized gain or loss and changes in net unrealized appreciation or depreciation on derivative investments as disclosed in its Statement of Operations serve as indicators of volume of financial derivative activity for Pacific Funds High Income for the six-month period ended September 30, 2015.
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C. ENFORCEABLE MASTER NETTING ARRANGEMENTS
Master Agreements and Netting Arrangements – Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions. The netting arrangements are generally tied to credit related events that if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund’s financial statements. A Fund’s overall exposure to credit risk, subject to netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.
Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions under the relevant Master Agreement with a counterparty in a given Fund exceeds a specified threshold, net of collateral already in place, which typically ranges from $0 to $250,000 depending on the counterparty and the type of Master Agreement. Collateral under the Master Agreements is usually in the form of cash or U.S. Treasury Bills but could include other types of securities. The value of all derivative transactions outstanding under a Master Agreement is calculated daily to determine the amount of collateral to be received or pledged by the counterparty. Posting of collateral for OTC derivative transactions are covered under tri-party collateral agreements between the Trust, the Trust’s Custodian, and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.
The following is a summary of financial and derivative instruments that are subject to enforceable master netting agreements (or similar arrangements) and collateral received and pledged in connection with the master netting agreements (or similar arrangements) for Pacific Funds High Income as of September 30, 2015:
Gross Amounts Presented in the Statements of Assets and Liabilities | Gross Amounts Not Offset in Statements of Assets and Liabilities | Gross Amounts Presented in the Statements of Assets and Liabilities | Gross Amounts Not Offset in Statements of Assets and Liabilities | |||||||||||||||||||||||||||||||
Description | Financial Instruments | Collateral Received | Net Amount | Financial Instruments | Collateral Pledged | Net Amount | ||||||||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||||||||||||
Swaps | $— | $— | $— | $— | ($353,611 | ) | $— | $280,000 | ($73,611 | ) |
6. INVESTMENT ADVISORY, ADMINISTRATION AND SHAREHOLDER SERVICES, SUPPORT SERVICES, AND DISTRIBUTION AGREEMENTS
Pursuant to an Investment Advisory Agreement, PLFA, a wholly-owned subsidiary of Pacific Life Insurance Company (“Pacific Life”), serves as Adviser to each Fund of the Trust. PLFA manages the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives. PLFA also manages Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income, Pacific Funds Limited Duration High Income, and Pacific Funds High Income under the name Pacific Asset Management. PLFA receives investment advisory fees from each Fund based on the following advisory fee rates, which are based on an annual percentage of average daily net assets of each Fund:
Fund | Advisory Fee Rate | |
Pacific Funds Portfolio Optimization Conservative (1) Pacific Funds Portfolio Optimization Moderate-Conservative (1) Pacific Funds Portfolio Optimization Moderate (1) Pacific Funds Portfolio Optimization Growth (1) Pacific Funds Portfolio Optimization Aggressive-Growth (1) Pacific Funds Diversified Alternatives (1) | 0.20% | |
Pacific Funds Short Duration Income (2) | 0.40% | |
Pacific Funds Core Income (2) | 0.50% | |
Pacific Funds Strategic Income (2) Pacific Funds High Income (2) | 0.60% | |
Pacific Funds Floating Rate Income (2) Pacific Funds Limited Duration High Income (2), (3) | 0.65% |
(1) | PLFA has agreed to waive the following amounts from the advisory fee rate through July 31, 2016: 1) 0.025% on net assets above $2 billion through $3 billion; 2) 0.050% on net assets above $3 billion through $5 billion; 3) 0.075% on net assets above $5 billion through $7.5 billion; and 4) 0.100% on net assets above $7.5 billion. The fee waiver agreement will terminate: (i) if the investment advisory agreement is terminated; (ii) upon approval of the Board of Trustees and 90 days’ prior written notice to PLFA; (iii) upon 90 days’ written notice by PLFA prior to the beginning of the next one-year term; or (iv) if PLFA’s advisory fee rate for a Fund changes. There is no guarantee that PLFA will continue such waiver after July 31, 2016. |
(2) | PLFA has agreed to waive the following amounts from the advisory fee rate through July 31, 2016: 1) 0.025% on net assets above $1 billion through $2 billion; 2) 0.050% on net assets above $2 billion through $3 billion; and 3) 0.075% on net assets above $3 billion. The fee waiver agreement will terminate: (i) if the investment advisory agreement is terminated; (ii) upon approval of the Board of Trustees and 90 days’ prior written notice to PLFA; (iii) upon 90 days’ written notice by PLFA prior to the beginning of the next one-year term; or (iv) if PLFA’s advisory fee rate for a Fund changes. There is no guarantee that PLFA will continue such waiver after July 31, 2016. |
C-10
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
(3) | PLFA agreed to waive 0.02% of its advisory fee through July 31, 2016 for Pacific Funds Limited Duration High Income. The agreement will terminate if the investment advisory agreement is terminated or upon approval by the Board. There is no guarantee that PLFA will continue such waiver after that date. |
Pursuant to an Administration and Shareholder Services Agreement (the “Administration Agreement”), Pacific Life serves as administrator (the “Administrator”) to the Trust. The administration fee is for procuring or providing administrative, transfer agency, and shareholder services. In addition, Pacific Life and PLFA provide support services to the Trust that are outside the scope of the Administrator’s and Adviser’s responsibilities under the Administration Agreement and Investment Advisory Agreement. Under the Support Services Agreement, the Trust compensates Pacific Life and PLFA for their expenses in providing support services to the Trust in connection with various matters, some of which include the time spent by legal, accounting, and compliance personnel of Pacific Life and PLFA (including individuals who may be officers or Trustees of the Trust), to attend meetings of the Board and to provide assistance with the coordination and supervision in connection with the services procured for the Trust under the Administration Agreement. Support services do not include services for which PLFA is responsible pursuant to the Investment Advisory Agreement. The Trust reimburses Pacific Life and PLFA for these support services on an approximate cost basis.
Pacific Life receives an administration fee from each Fund and share class presented in these financial statements based on the following administration fee rates, which are based on an annual percentage of average daily net assets of each Fund:
Fund | Share Class | Administration Fee Rate | ||
Portfolio Optimization Funds | A, B, C, R, and Advisor Class | 0.15% | ||
Pacific Funds Short Duration Income Pacific Funds Strategic Income | A, C, and Advisor Class | 0.30% | ||
Pacific Funds Limited Duration High Income | I | 0.15% | ||
Pacific Funds Core Income Pacific Funds Floating Rate Income Pacific Funds High Income | A, C, and Advisor Class | 0.30% | ||
I and P | 0.15% | |||
Pacific Funds Diversified Alternatives | A, C, and Advisor Class | 0.15% |
Pursuant to a Distribution Agreement, Pacific Select Distributors, LLC (the “Distributor”), a wholly-owned subsidiary of Pacific Life, serves as distributor of the Trust’s shares. Under the Distribution Agreement, the Distributor bears all expenses of providing services, including costs of sales presentations, mailings, advertisements, and other marketing efforts by the Distributor in connection with the distribution or sale of the Trust’s shares and makes distribution and/or service payments to selling groups in connection with the sale of certain of the Trust’s shares and subsequent servicing needs of shareholders provided by selling groups. The Distributor receives distribution and service fees pursuant to class-specific distribution and service plans, each adopted in accordance with Rule 12b-1 (“12b-1”) under the 1940 Act (together the “12b-1 Plans”) for Class B, C, and R shares. The Distributor also receives service fees pursuant to a non-12b-1 Class A Service Plan (“Class A Plan”). The Distributor receives distribution and/or service fees from each Fund and applicable share class presented in these financial statements based on the following distribution and service fee rates, which are based on an annual percentage of average daily net assets:
Plan | Share Class | Distribution Fee Rate | Service Fee Rate | |||
12b-1 Plans | B and C | 0.75% | 0.25% | |||
R | 0.25% | 0.25% | ||||
Class A Plan | A | 0.25% |
There are no distribution and service fees for Class I, Class P, and Advisor Class shares. The distribution and service fees are accrued daily. For the six-month period ended September 30, 2015, the Distributor, acting as underwriter, received net commissions (front-end sales charges) of $6,331,413 from the sale of Class A shares and received $256,849 in CDSC from redemptions of Class A, B, and C shares.
7. TRANSACTIONS WITH AFFILIATES
A. ADVISORY FEES, ADMINISTRATION FEES, DISTRIBUTION AND/OR SERVICE FEES, AND EXPENSES FOR SUPPORT SERVICES
The Adviser, the Distributor, and Pacific Life are related parties. The advisory fees earned by the Adviser, the administration fees earned by Pacific Life, the distribution and/or service fees earned by the Distributor, and expenses for support services recovered by PLFA and Pacific Life (see Note 6) from each Fund presented in these financial statements for the six-month period ended September 30, 2015 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of September 30, 2015 are presented in the Statements of Assets and Liabilities.
B. EXPENSE LIMITATION AGREEMENTS
To help limit the Trust’s expenses, PLFA has entered into expense limitation agreements with the Trust and has contractually agreed to reimburse each Fund presented in these financial statements for certain operating expenses that exceed an annual rate based on a percentage of a Fund’s average daily net assets. These operating expenses include, but are not limited to: administration fees; organizational expenses; custody expenses; expenses for audit, tax, and certain legal services; preparation, printing, filing, and distribution to existing shareholders of proxies, prospectuses and shareholder reports, and other regulatory documents, as applicable; independent trustees’ fees; and establishing, overseeing and administering the Trust’s compliance program. These operating expenses do not include: investment advisory fees; distribution and/or service fees; dividends on securities sold short; acquired fund fees and expenses; interest (including commitment fees, if any); taxes (including foreign taxes on dividends, interest or gains); brokerage commissions and other transactional expenses, and extraordinary expenses
C-11
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
such as litigation expenses and other expenses not incurred in the ordinary course of each Fund’s business. The expense caps for each Fund and share class presented in these financial statements are as follows:
Fund | Share Class | Expense Caps | ||
Portfolio Optimization Funds | A, B, C, R, and Advisor Class | 0.15% through 7/31/2016 and 0.30% thereafter through 7/31/2023 | ||
Pacific Funds Short Duration Income Pacific Funds Core Income Pacific Funds Strategic Income Pacific Funds Floating Rate Income Pacific Funds Limited Duration High Income Pacific Funds High Income | A, C, and Advisor Class | 0.20% through 7/31/2016 | ||
I | 0.15% through 7/31/2016 | |||
Pacific Funds Core Income Pacific Funds Floating Rate Income Pacific Funds High Income | P | 0.20% through 7/31/2016 | ||
Pacific Funds Diversified Alternatives | A, C, and Advisor Class | 0.40% through 7/31/2017 |
There is no guarantee that PLFA will continue to reimburse expenses for a Fund upon the expiration of the expense cap. In addition, any expense reimbursements made by PLFA to a Fund are subject to recoupment by PLFA from such Fund for a period of time as permitted under regulatory and accounting guidance (currently 3 years from the end of the fiscal year in which the reimbursement took place) to the extent such recoupment would not cause the Fund to exceed the expense cap that was in effect at the time of the reimbursement. Any amounts repaid to PLFA will have the effect of increasing such expenses of the Fund, but not above the expense cap. The amounts of adviser’s expense reimbursement to each of the applicable Funds presented in these financial statements for the six-month period ended September 30, 2015 are presented in the Statements of Operations. Any amounts that remained due from the Adviser as of September 30, 2015 are presented in the Statements of Assets and Liabilities. There was no recoupment of expense reimbursement by PLFA from any Funds presented in these financial statements during the six-month period ended September 30, 2015.
The cumulative expense reimbursement amounts, if any, as of September 30, 2015 that are subject to recoupment by PLFA from each Fund presented in these financial statements are as follows:
Expiration Date | ||||||||||||||||
Fund | 3/31/2016 | 3/31/2017 | 3/31/2018 | 3/31/2019 | ||||||||||||
Pacific Funds Portfolio Optimization Conservative | $504,164 | $485,486 | $341,046 | $154,992 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | 475,646 | 509,594 | 412,969 | 200,034 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate | 1,124,770 | 1,236,620 | 1,039,248 | 505,643 | ||||||||||||
Pacific Funds Portfolio Optimization Growth | 814,333 | 857,348 | 722,497 | 358,283 | ||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | 306,272 | 297,159 | 255,368 | 127,008 | ||||||||||||
Pacific Funds Short Duration Income | 97,734 | 192,031 | 287,988 | 157,953 | ||||||||||||
Pacific Funds Core Income | 1,323,370 | 1,326,276 | 1,007,441 | 560,858 | ||||||||||||
Pacific Funds Strategic Income | 118,217 | 181,996 | 294,682 | 205,971 | ||||||||||||
Pacific Funds Floating Rate Income | 347,661 | 1,642,470 | 1,908,310 | 612,347 | ||||||||||||
Pacific Funds Limited Duration High Income | 82,357 | 119,970 | 61,637 | |||||||||||||
Pacific Funds High Income | 97,325 | 98,786 | 124,757 | 52,274 | ||||||||||||
Pacific Funds Diversified Alternatives | 7,432 | 78,329 | 24,456 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
$5,209,492 | $6,917,555 | $6,592,605 | $3,021,456 | |||||||||||||
|
|
|
|
|
|
|
|
C-12
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
C. INVESTMENTS IN AFFILIATED FUNDS
As of September 30, 2015, each of the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives (aggregate of all share classes) owned Class P shares in each of the applicable affiliated PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income. A summary of holdings and transactions with affiliated mutual fund investments as of and for the six-month period ended September 30, 2015 is as follows:
Fund/Underlying Fund | Beginning Value as of April 1, 2015 | Purchase Cost (1) | Distributions Received and Reinvested (2) | Sales Proceeds | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | As of September 30, 2015 | |||||||||||||||||||||||||
Ending Value | Shares Balance | |||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Conservative | ||||||||||||||||||||||||||||||||
PF Floating Rate Loan | $27,309,681 | $191,946 | $— | $5,280,887 | ($46,470 | ) | ($295,528 | ) | $21,878,742 | 2,253,218 | ||||||||||||||||||||||
PF Inflation Managed | 31,902,949 | 624,148 | — | 21,964,812 | (2,830,998 | ) | 2,247,078 | 9,978,365 | 1,171,170 | |||||||||||||||||||||||
PF Managed Bond | 145,722,279 | 2,544,011 | — | 39,600,489 | 332,555 | (2,318,722 | ) | 106,679,634 | 9,805,113 | |||||||||||||||||||||||
PF Short Duration Bond | 58,014,980 | 609,494 | — | 24,231,365 | (154,351 | ) | 169,555 | 34,408,313 | 3,437,394 | |||||||||||||||||||||||
Pacific Funds Core Income | — | 4,334,159 | 54,572 | 195,558 | (4,849 | ) | (177,150 | ) | 4,011,174 | 385,319 | ||||||||||||||||||||||
Pacific Funds High Income | — | 23,867,368 | 525,504 | 1,075,576 | (32,243 | ) | (2,035,387 | ) | 21,249,666 | 2,206,611 | ||||||||||||||||||||||
PF Emerging Markets Debt | 29,215,298 | 467,311 | — | 13,824,800 | (1,393,414 | ) | 888,050 | 15,352,445 | 1,812,567 | |||||||||||||||||||||||
PF Comstock | 14,795,989 | 4,457,897 | — | 3,162,239 | 649,806 | (2,284,725 | ) | 14,456,728 | 944,267 | |||||||||||||||||||||||
PF Growth | 6,523,446 | 4,632,186 | — | 1,847,220 | 163,032 | (755,470 | ) | 8,715,974 | 472,923 | |||||||||||||||||||||||
PF Large-Cap Growth | 8,739,156 | 6,075,035 | — | 3,090,584 | 525,933 | (1,378,084 | ) | 10,871,456 | 1,068,973 | |||||||||||||||||||||||
PF Large-Cap Value | 21,090,455 | 7,469,989 | — | 1,349,952 | (29,743 | ) | (2,015,199 | ) | 25,165,550 | 1,644,807 | ||||||||||||||||||||||
PF Main Street Core | 6,423,991 | 6,154,824 | — | 2,591,364 | 117,503 | (773,970 | ) | 9,330,984 | 688,126 | |||||||||||||||||||||||
PF Mid-Cap Equity | 6,691,356 | 41,803 | — | 2,603,038 | 635,078 | (971,404 | ) | 3,793,795 | 337,526 | |||||||||||||||||||||||
PF Mid-Cap Growth | 4,391,022 | 23,472 | — | 2,737,649 | 189,179 | (425,234 | ) | 1,440,790 | 188,585 | |||||||||||||||||||||||
PF Mid-Cap Value | — | 20,712,212 | — | 395,012 | (10,610 | ) | (1,393,340 | ) | 18,913,250 | 2,031,498 | ||||||||||||||||||||||
PF Small-Cap Value | — | 4,127,064 | — | 79,002 | (2,194 | ) | (288,179 | ) | 3,757,689 | 401,034 | ||||||||||||||||||||||
PF International Large-Cap | 14,930,761 | 5,965,126 | — | 3,741,937 | 130,976 | (1,576,398 | ) | 15,708,528 | 931,152 | |||||||||||||||||||||||
PF International Value | 8,933,268 | 1,174,098 | — | 1,410,701 | (22,541 | ) | (725,835 | ) | 7,948,289 | 918,877 | ||||||||||||||||||||||
PF Absolute Return | — | 17,277,154 | — | 782,236 | (12,219 | ) | (704,031 | ) | 15,778,668 | 1,648,764 | ||||||||||||||||||||||
PF Currency Strategies | 12,246,116 | 2,238,985 | — | 4,097,073 | (102,902 | ) | (28,253 | ) | 10,256,873 | 1,045,553 | ||||||||||||||||||||||
PF Equity Long/Short | — | 12,815,594 | — | 3,361,756 | 156,135 | 605,656 | 10,215,629 | 961,019 | ||||||||||||||||||||||||
PF Global Absolute Return | 21,233,974 | 4,219,069 | — | 5,299,706 | 46,635 | (668,171 | ) | 19,531,801 | 2,011,514 | |||||||||||||||||||||||
PF Precious Metals (3) | 1,711,613 | 91,701 | — | 1,886,680 | (296,798 | ) | 380,164 | — | — | |||||||||||||||||||||||
$419,876,334 | $130,114,646 | $580,076 | $144,609,636 | ($1,992,500 | ) | ($14,524,577 | ) | $389,444,343 | ||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | ||||||||||||||||||||||||||||||||
PF Floating Rate Loan | $34,655,118 | $355,628 | $— | $8,305,107 | ($218,384 | ) | ($168,838 | ) | $26,318,417 | 2,710,444 | ||||||||||||||||||||||
PF Inflation Managed | 41,093,121 | 869,113 | — | 28,725,987 | (3,862,346 | ) | 3,119,859 | 12,493,760 | 1,466,404 | |||||||||||||||||||||||
PF Managed Bond | 138,740,124 | 7,673,264 | — | 25,794,299 | 250,012 | (2,089,000 | ) | 118,780,101 | 10,917,289 | |||||||||||||||||||||||
PF Short Duration Bond | 57,583,655 | 634,317 | — | 32,340,304 | (213,472 | ) | 252,896 | 25,917,092 | 2,589,120 | |||||||||||||||||||||||
Pacific Funds Core Income | — | 4,846,250 | 61,460 | 137,919 | (3,149 | ) | (201,157 | ) | 4,565,485 | 438,567 | ||||||||||||||||||||||
Pacific Funds High Income | — | 28,752,698 | 624,955 | 792,915 | (23,657 | ) | (2,449,167 | ) | 26,111,914 | 2,711,518 | ||||||||||||||||||||||
PF Emerging Markets Debt | 28,756,672 | 576,139 | — | 7,893,821 | (935,742 | ) | (22,816 | ) | 20,480,432 | 2,417,997 | ||||||||||||||||||||||
PF Comstock | 28,998,538 | 316,989 | — | 4,339,080 | 426,165 | (2,965,152 | ) | 22,437,460 | 1,465,543 | |||||||||||||||||||||||
PF Growth | 16,163,662 | 137,104 | — | 1,505,960 | 181,653 | (816,308 | ) | 14,160,151 | 768,321 | |||||||||||||||||||||||
PF Large-Cap Growth | 19,850,162 | 167,573 | — | 2,320,351 | 207,056 | (1,017,781 | ) | 16,886,659 | 1,660,438 | |||||||||||||||||||||||
PF Large-Cap Value | 43,423,289 | 659,340 | — | 3,303,727 | (52,695 | ) | (2,785,875 | ) | 37,940,332 | 2,479,760 | ||||||||||||||||||||||
PF Main Street Core | 29,505,804 | 175,526 | — | 13,461,903 | 3,246,214 | (3,620,905 | ) | 15,844,736 | 1,168,491 | |||||||||||||||||||||||
PF Mid-Cap Equity | 18,423,135 | 144,501 | — | 2,209,414 | (128,550 | ) | (1,116,976 | ) | 15,112,696 | 1,344,546 | ||||||||||||||||||||||
PF Mid-Cap Growth | 6,044,402 | 40,984 | — | 1,683,346 | 133,096 | (691,062 | ) | 3,844,074 | 503,151 | |||||||||||||||||||||||
PF Mid-Cap Value | — | 30,887,507 | — | 363,043 | (18,631 | ) | (2,098,278 | ) | 28,407,555 | 3,051,295 | ||||||||||||||||||||||
PF Small-Cap Growth | 6,273,994 | 31,187 | — | 3,542,137 | 786,469 | (1,105,156 | ) | 2,444,357 | 190,816 | |||||||||||||||||||||||
PF Small-Cap Value | 6,119,771 | 6,246,964 | — | 649,179 | (25,580 | ) | (998,931 | ) | 10,693,045 | 1,141,200 | ||||||||||||||||||||||
PF Emerging Markets | 11,560,237 | 381,712 | — | 4,330,863 | (364,523 | ) | (990,521 | ) | 6,256,042 | 551,193 | ||||||||||||||||||||||
PF International Large-Cap | 16,983,923 | 13,812,691 | — | 880,993 | 86,946 | (2,945,229 | ) | 27,057,338 | 1,603,873 | |||||||||||||||||||||||
PF International Small-Cap | 12,025,083 | 2,128,441 | — | 2,067,038 | (30,548 | ) | (474,041 | ) | 11,581,897 | 1,127,741 | ||||||||||||||||||||||
PF International Value | 11,123,271 | 4,241,574 | — | 408,632 | 11,212 | (1,463,734 | ) | 13,503,691 | 1,561,120 | |||||||||||||||||||||||
PF Real Estate | — | 2,913,916 | — | 34,249 | (1,647 | ) | (112,145 | ) | 2,765,875 | 179,021 | ||||||||||||||||||||||
PF Absolute Return | — | 19,922,673 | — | 568,913 | (8,291 | ) | (824,651 | ) | 18,520,818 | 1,935,300 | ||||||||||||||||||||||
PF Currency Strategies | 22,458,560 | 691,342 | — | 5,362,911 | (129,074 | ) | (147,909 | ) | 17,510,008 | 1,784,914 | ||||||||||||||||||||||
PF Equity Long/Short | — | 19,779,773 | — | 551,443 | (1,487 | ) | 1,119,327 | 20,346,170 | 1,914,033 | |||||||||||||||||||||||
PF Global Absolute Return | 29,281,032 | 6,020,163 | — | 6,622,831 | 61,060 | (948,494 | ) | 27,790,930 | 2,862,094 | |||||||||||||||||||||||
PF Precious Metals (3) | 2,448,773 | 119,510 | — | 2,689,846 | (279,509 | ) | 401,072 | — | — | |||||||||||||||||||||||
$581,512,326 | $152,526,879 | $686,415 | $160,886,211 | ($907,402 | ) | ($25,160,972 | ) | $547,771,035 |
C-13
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Fund/Underlying Fund | Beginning Value as of April 1, 2015 | Purchase Cost (1) | Distributions Received and Reinvested (2) | Sales Proceeds | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | As of September 30, 2015 | |||||||||||||||||||||||||
Ending Value | Shares Balance | |||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate | ||||||||||||||||||||||||||||||||
PF Floating Rate Loan | $65,095,653 | $348,030 | $— | $28,974,419 | ($600,649 | ) | $140,493 | $36,009,108 | 3,708,456 | |||||||||||||||||||||||
PF Inflation Managed | 41,758,590 | 1,970,540 | — | 16,865,965 | (1,479,582 | ) | 309,336 | 25,692,919 | 3,015,601 | |||||||||||||||||||||||
PF Managed Bond | 258,754,419 | 2,284,590 | — | 84,494,493 | 1,021,376 | (3,944,620 | ) | 173,621,272 | 15,957,837 | |||||||||||||||||||||||
PF Short Duration Bond | 86,788,689 | 621,890 | — | 66,307,174 | (308,635 | ) | 376,894 | 21,171,664 | 2,115,051 | |||||||||||||||||||||||
Pacific Funds Core Income | — | 8,575,326 | 109,410 | 251,910 | (6,351 | ) | (357,718 | ) | 8,068,757 | 775,097 | ||||||||||||||||||||||
Pacific Funds High Income | 16,354,018 | 51,094,345 | 1,419,607 | 9,178,560 | (300,565 | ) | (4,984,894 | ) | 54,403,951 | 5,649,424 | ||||||||||||||||||||||
PF Emerging Markets Debt | 81,551,868 | 506,970 | — | 34,598,719 | (3,328,766 | ) | 2,192,175 | 46,323,528 | 5,469,130 | |||||||||||||||||||||||
PF Comstock | 115,316,171 | 384,843 | — | 18,551,818 | 1,969,847 | (11,851,654 | ) | 87,267,389 | 5,700,025 | |||||||||||||||||||||||
PF Growth | 59,239,445 | 93,341 | — | 12,459,818 | 2,102,117 | (3,750,738 | ) | 45,224,347 | 2,453,844 | |||||||||||||||||||||||
PF Large-Cap Growth | 76,539,280 | 153,096 | — | 16,598,528 | 1,788,697 | (3,985,334 | ) | 57,897,211 | 5,692,941 | |||||||||||||||||||||||
PF Large-Cap Value | 147,894,145 | 2,358,090 | — | 27,324,059 | 3,631,666 | (11,855,965 | ) | 114,703,877 | 7,496,985 | |||||||||||||||||||||||
PF Main Street Core | 100,421,674 | 180,473 | — | 22,778,338 | 3,117,032 | (6,257,203 | ) | 74,683,638 | 5,507,643 | |||||||||||||||||||||||
PF Mid-Cap Equity | 69,495,072 | 106,809 | — | 11,718,514 | 379,955 | (4,849,042 | ) | 53,414,280 | 4,752,160 | |||||||||||||||||||||||
PF Mid-Cap Growth | 34,200,413 | 53,405 | — | 5,276,178 | 234,458 | (3,854,932 | ) | 25,357,166 | 3,319,001 | |||||||||||||||||||||||
PF Mid-Cap Value | — | 107,428,363 | — | 1,569,912 | (53,087 | ) | (7,298,873 | ) | 98,506,491 | 10,580,719 | ||||||||||||||||||||||
PF Small-Cap Growth | 26,635,313 | 37,128 | — | 10,874,520 | 897,831 | (2,876,611 | ) | 13,819,141 | 1,078,778 | |||||||||||||||||||||||
PF Small-Cap Value | 51,944,969 | 29,855,950 | — | 2,318,660 | (59,186 | ) | (7,618,094 | ) | 71,804,979 | 7,663,285 | ||||||||||||||||||||||
PF Emerging Markets | 57,505,615 | 9,435,140 | — | 3,762,161 | (253,084 | ) | (9,818,395 | ) | 53,107,115 | 4,679,041 | ||||||||||||||||||||||
PF International Large-Cap | 85,501,471 | 54,579,372 | — | 12,446,614 | 2,515,500 | (14,246,561 | ) | 115,903,168 | 6,870,372 | |||||||||||||||||||||||
PF International Small-Cap | 51,075,364 | 5,018,730 | — | 5,687,865 | (8,379 | ) | (2,024,996 | ) | 48,372,854 | 4,710,112 | ||||||||||||||||||||||
PF International Value | 55,908,117 | 12,211,141 | — | 7,087,733 | 655,811 | (6,189,519 | ) | 55,497,817 | 6,415,933 | |||||||||||||||||||||||
PF Real Estate | 16,173,730 | 9,707,627 | — | 665,328 | (14,879 | ) | (1,739,959 | ) | 23,461,191 | 1,518,524 | ||||||||||||||||||||||
PF Absolute Return | — | 50,750,117 | — | 17,271,831 | (312,551 | ) | (1,425,658 | ) | 31,740,077 | 3,316,622 | ||||||||||||||||||||||
PF Currency Strategies | 79,299,144 | 1,208,173 | — | 29,803,040 | (587,321 | ) | (600,240 | ) | 49,516,716 | 5,047,575 | ||||||||||||||||||||||
PF Equity Long/Short | — | 71,871,187 | — | 2,136,041 | 8,904 | 4,227,374 | 73,971,424 | 6,958,742 | ||||||||||||||||||||||||
PF Global Absolute Return | 66,258,258 | 16,468,707 | — | 17,863,801 | 168,137 | (2,167,221 | ) | 62,864,080 | 6,474,158 | |||||||||||||||||||||||
PF Precious Metals (3) | 13,859,883 | 463,769 | — | 15,005,767 | (3,181,908 | ) | 3,864,023 | — | — | |||||||||||||||||||||||
$1,657,571,301 | $437,767,152 | $1,529,017 | $481,871,766 | $7,996,388 | ($100,587,932 | ) | $1,522,404,160 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth | ||||||||||||||||||||||||||||||||
PF Inflation Managed | $11,050,432 | $699,684 | $— | $5,794,616 | ($197,878 | ) | ($101,896 | ) | $5,655,726 | 663,818 | ||||||||||||||||||||||
PF Managed Bond | 90,200,780 | 1,208,637 | — | 51,962,733 | 158,199 | (1,314,684 | ) | 38,290,199 | 3,519,320 | |||||||||||||||||||||||
PF Short Duration Bond | 11,027,497 | 10,352 | — | 11,048,131 | 144,902 | (134,620 | ) | — | — | |||||||||||||||||||||||
Pacific Funds High Income | 22,565,894 | 825,245 | 459,533 | 6,012,790 | (26,136 | ) | (1,388,135 | ) | 16,423,611 | 1,705,463 | ||||||||||||||||||||||
PF Emerging Markets Debt | 16,840,969 | 6,641,022 | — | 611,438 | (80,466 | ) | (1,036,752 | ) | 21,753,335 | 2,568,280 | ||||||||||||||||||||||
PF Comstock | 85,538,619 | 1,438,023 | — | 13,847,260 | 967,123 | (8,420,683 | ) | 65,675,822 | 4,289,734 | |||||||||||||||||||||||
PF Growth | 52,511,875 | 138,697 | — | 17,682,129 | 2,751,015 | (3,776,499 | ) | 33,942,959 | 1,841,723 | |||||||||||||||||||||||
PF Large-Cap Growth | 73,862,683 | 276,900 | — | 29,169,712 | 3,366,859 | (4,425,637 | ) | 43,911,093 | 4,317,708 | |||||||||||||||||||||||
PF Large-Cap Value | 102,261,261 | 3,102,973 | — | 15,801,922 | 1,118,537 | (7,210,587 | ) | 83,470,262 | 5,455,573 | |||||||||||||||||||||||
PF Main Street Core | 104,153,810 | 1,230,243 | — | 32,322,382 | 3,461,424 | (6,053,231 | ) | 70,469,864 | 5,196,893 | |||||||||||||||||||||||
PF Mid-Cap Equity | 94,642,106 | 421,041 | — | 13,538,233 | (823,525 | ) | (5,455,119 | ) | 75,246,270 | 6,694,508 | ||||||||||||||||||||||
PF Mid-Cap Growth | 29,476,799 | 86,148 | — | 6,193,779 | 478,491 | (3,435,366 | ) | 20,412,293 | 2,671,766 | |||||||||||||||||||||||
PF Mid-Cap Value | — | 83,905,713 | — | 1,308,097 | (43,951 | ) | (5,696,080 | ) | 76,857,585 | 8,255,380 | ||||||||||||||||||||||
PF Small-Cap Growth | 36,733,465 | 10,610,334 | — | 21,648,233 | 675,168 | (3,863,786 | ) | 22,506,948 | 1,756,983 | |||||||||||||||||||||||
PF Small-Cap Value | 63,308,583 | 26,458,346 | — | 2,397,291 | (72,603 | ) | (8,502,854 | ) | 78,794,181 | 8,409,197 | ||||||||||||||||||||||
PF Emerging Markets | 45,297,817 | 34,112,513 | — | 1,945,313 | (274,782 | ) | (12,021,391 | ) | 65,168,844 | 5,741,748 | ||||||||||||||||||||||
PF International Large-Cap | 80,538,988 | 44,721,966 | — | 14,466,564 | 2,092,166 | (12,020,506 | ) | 100,866,050 | 5,979,019 | |||||||||||||||||||||||
PF International Small-Cap | 47,313,934 | 468,913 | — | 4,325,097 | 431,796 | (1,951,378 | ) | 41,938,168 | 4,083,561 | |||||||||||||||||||||||
PF International Value | 52,792,009 | 10,977,546 | — | 7,914,031 | 342,287 | (5,308,568 | ) | 50,889,243 | 5,883,149 | |||||||||||||||||||||||
PF Real Estate | 22,561,435 | 7,993,449 | — | 784,970 | (41,676 | ) | (2,185,011 | ) | 27,543,227 | 1,782,733 | ||||||||||||||||||||||
PF Absolute Return | — | 17,785,720 | — | 8,863,649 | (161,487 | ) | (376,382 | ) | 8,384,202 | 876,092 | ||||||||||||||||||||||
PF Currency Strategies | 54,919,006 | 1,313,797 | — | 9,069,134 | (210,863 | ) | (447,377 | ) | 46,505,429 | 4,740,615 | ||||||||||||||||||||||
PF Equity Long/Short | — | 47,454,377 | — | 9,795,710 | 464,569 | 2,401,880 | 40,525,116 | 3,812,335 | ||||||||||||||||||||||||
PF Global Absolute Return | 45,908,693 | 75,796 | — | 23,290,891 | 246,632 | (799,391 | ) | 22,140,839 | 2,280,210 | |||||||||||||||||||||||
PF Precious Metals (3) | 14,369,611 | 605,150 | — | 15,684,797 | (2,533,482 | ) | 3,243,518 | — | — | |||||||||||||||||||||||
$1,157,876,266 | $302,562,585 | $459,533 | $325,478,902 | $12,232,319 | ($90,280,535 | ) | $1,057,371,266 |
C-14
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Fund/Underlying Fund | Beginning Value as of April 1, 2015 | Purchase Cost (1) | Distributions Received and Reinvested (2) | Sales Proceeds | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | As of September 30, 2015 | |||||||||||||||||||||||||
Ending Value | Shares Balance | |||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | ||||||||||||||||||||||||||||||||
PF Managed Bond | $10,531,485 | $212,370 | $— | $10,641,420 | $285,784 | ($388,219 | ) | $— | — | |||||||||||||||||||||||
PF Emerging Markets Debt | 4,853,343 | 70,607 | — | 5,035,866 | (373,013 | ) | 484,929 | — | — | |||||||||||||||||||||||
PF Comstock | 25,000,795 | 1,020,741 | — | 3,813,585 | 45,069 | (2,300,170 | ) | 19,952,850 | 1,303,256 | |||||||||||||||||||||||
PF Growth | 13,420,882 | 456,661 | — | 1,726,646 | 200,843 | (691,405 | ) | 11,660,335 | 632,682 | |||||||||||||||||||||||
PF Large-Cap Growth | 20,226,335 | 329,414 | — | 4,715,114 | 464,638 | (1,052,942 | ) | 15,252,331 | 1,499,738 | |||||||||||||||||||||||
PF Large-Cap Value | 29,837,369 | 1,303,431 | — | 3,137,873 | (19,200 | ) | (1,921,067 | ) | 26,062,660 | 1,703,442 | ||||||||||||||||||||||
PF Main Street Core | 30,273,022 | 893,083 | — | 8,376,760 | 1,051,662 | (1,921,442 | ) | 21,919,565 | 1,616,487 | |||||||||||||||||||||||
PF Mid-Cap Equity | 28,917,400 | 852,095 | — | 5,490,039 | (332,468 | ) | (1,547,759 | ) | 22,399,229 | 1,992,814 | ||||||||||||||||||||||
PF Mid-Cap Growth | 11,857,662 | 270,138 | — | 3,244,732 | 272,157 | (1,405,810 | ) | 7,749,415 | 1,014,321 | |||||||||||||||||||||||
PF Mid-Cap Value | — | 29,256,439 | — | 237,282 | (9,026 | ) | (1,999,767 | ) | 27,010,364 | 2,901,221 | ||||||||||||||||||||||
PF Small-Cap Growth | 14,069,404 | 294,483 | — | 4,229,205 | 884,978 | (2,172,124 | ) | 8,847,536 | 690,674 | |||||||||||||||||||||||
PF Small-Cap Value | 24,364,411 | 4,884,731 | — | 759,176 | (4,946 | ) | (2,810,224 | ) | 25,674,796 | 2,740,106 | ||||||||||||||||||||||
PF Emerging Markets | 23,270,146 | 4,555,060 | — | 761,996 | (74,269 | ) | (4,281,905 | ) | 22,707,036 | 2,000,620 | ||||||||||||||||||||||
PF International Large-Cap | 22,929,475 | 19,260,953 | — | 914,304 | (25,053 | ) | (3,995,157 | ) | 37,255,914 | 2,208,412 | ||||||||||||||||||||||
PF International Small-Cap | 17,097,278 | 412,925 | — | 1,313,751 | 117,851 | (708,151 | ) | 15,606,152 | 1,519,586 | |||||||||||||||||||||||
PF International Value | 13,951,960 | 7,143,280 | — | 555,037 | (18,601 | ) | (2,092,304 | ) | 18,429,298 | 2,130,555 | ||||||||||||||||||||||
PF Real Estate | 10,379,767 | 2,380,776 | — | 326,159 | (24,611 | ) | (930,854 | ) | 11,478,919 | 742,972 | ||||||||||||||||||||||
PF Absolute Return | — | 1,745,590 | — | 1,714,475 | (31,115 | ) | — | — | — | |||||||||||||||||||||||
PF Currency Strategies | 17,300,088 | 592,719 | — | 10,679,735 | (247,257 | ) | (46,078 | ) | 6,919,737 | 705,376 | ||||||||||||||||||||||
PF Equity Long/Short | — | 14,004,604 | — | 4,492,210 | 213,035 | 612,777 | 10,338,206 | 972,550 | ||||||||||||||||||||||||
PF Global Absolute Return | 13,506,118 | 87,004 | — | 10,252,981 | 118,316 | (163,500 | ) | 3,294,957 | 339,336 | |||||||||||||||||||||||
PF Precious Metals (3) | 7,414,919 | 271,758 | — | 8,054,066 | (1,333,218 | ) | 1,700,607 | — | — | |||||||||||||||||||||||
$339,201,859 | $90,298,862 | $— | $90,472,412 | $1,161,556 | ($27,630,565 | ) | $312,559,300 | |||||||||||||||||||||||||
Pacific Funds Diversified Alternatives | ||||||||||||||||||||||||||||||||
PF Inflation Managed | $322,386 | $19,576 | $— | $195,296 | ($4,848 | ) | $712 | $142,530 | 16,729 | |||||||||||||||||||||||
Pacific Funds Floating Rate Income | 691,239 | 94,174 | 10,561 | 395,596 | (10,610 | ) | 2,102 | 391,870 | 39,743 | |||||||||||||||||||||||
PF Emerging Markets Debt | 781,749 | 51,104 | — | 460,959 | (31,693 | ) | 23,706 | 363,907 | 42,964 | |||||||||||||||||||||||
PF Emerging Markets | 585,662 | 52,667 | — | 399,963 | (37,256 | ) | 3,259 | 204,369 | 18,006 | |||||||||||||||||||||||
PF International Small-Cap | — | 398,972 | — | 93,860 | (7,208 | ) | (27,848 | ) | 270,056 | 26,296 | ||||||||||||||||||||||
PF Real Estate | 360,686 | 23,373 | — | 226,414 | 9,132 | (29,479 | ) | 137,298 | 8,887 | |||||||||||||||||||||||
PF Absolute Return | — | 731,181 | — | 172,076 | (3,921 | ) | (22,897 | ) | 532,287 | 55,620 | ||||||||||||||||||||||
PF Currency Strategies | 1,390,230 | 234,584 | — | 536,461 | (16,739 | ) | 2,053 | 1,073,667 | 109,446 | |||||||||||||||||||||||
PF Equity Long/Short | — | 642,673 | — | 178,706 | 2,994 | 29,454 | 496,415 | 46,699 | ||||||||||||||||||||||||
PF Global Absolute Return | 1,476,711 | 246,194 | — | 537,133 | (7,936 | ) | (34,941 | ) | 1,142,895 | 117,703 | ||||||||||||||||||||||
PF Precious Metals (3) | 166,805 | 935 | — | 175,994 | (8,130 | ) | 16,384 | — | — | |||||||||||||||||||||||
$5,775,468 | $2,495,433 | $10,561 | $3,372,458 | ($116,215 | ) | ($37,495 | ) | $4,755,294 |
(1) | Purchase cost excludes distributions received and reinvested, if any. |
(2) | Distributions received include distributions from net investment income, if any, from the PF Underlying Funds, Pacific Funds Core Income, Pacific Funds High Income, and Pacific Funds Floating Rate Income. |
(3) | The PF Precious Metals Fund was liquidated on April 27, 2015. |
As of September 30, 2015, Pacific Life owned the following percentages of the total shares outstanding (aggregate of all share classes) of each of the following Funds:
Fund | Ownership Percentage | |||
Pacific Funds Limited Duration High Income | 57.86% | |||
Pacific Funds Diversified Alternatives | 42.18% |
D. INDEPENDENT TRUSTEES
The Trust pays each independent trustee of the Board retainer fees and specified amounts for various Board and committee services and for chairing those committees. The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations. Each independent trustee of the Board is eligible to participate in the Trust’s Deferred Compensation Plan (the “Plan”). The Plan allows each independent trustee to voluntarily defer receipt of all or a percentage of fees, which otherwise would be payable for services performed. Amounts in the deferral account are obligations of each Fund at the time of such deferral and are payable in accordance with the Plan. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain Funds. An independent trustee who defers compensation has the option to select credit rate options that track the performance, at NAV without a sales load, of Class A shares of the Portfolio Optimization Funds, Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income, Pacific Funds Limited Duration High Income, Pacific Funds High Income, and/or Pacific Funds Diversified Alternatives, and/or Class P shares of the PF Underlying Funds. The obligation of each Fund under the Plan (the “DCP Liability”) is recorded as a liability (accrued trustees’ fees and expenses and deferred compensation). Accordingly, the market value appreciation or depreciation on a Fund’s DCP Liability account will cause the expenses of that Fund to increase or decrease due to market fluctuation. The change in net unrealized appreciation or depreciation on a Fund’s DCP Liability account is recorded as an increase or decrease to expenses (trustees’ fees and expenses). For the six-month period ended September 30, 2015, such expenses decreased by $1,955 for all applicable Funds presented in
C-15
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
these financial statements as a result of the market value appreciation on such accounts. As of September 30, 2015, the total amount in the DCP Liability accounts for all applicable Funds presented in these financial statements was $14,061.
E. OFFICERS OF THE TRUST
None of the officers of the Trust received compensation from the Trust.
F. INDEMNIFICATIONS
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of performance of their duties to the Trust. In addition, the Trust entered into an agreement with each of the trustees which provides that the Trust will indemnify and hold harmless each trustee against any expenses actually and reasonably incurred by any trustee in any proceeding arising out of or in connection with the trustee’s services to the Trust, to the fullest extent permitted by the Trust’s Declaration of Trust and By-Laws, the general trust law of the State of Delaware, the Securities Act of 1933, and the 1940 Act, each as now or hereinafter in force. In the normal course of business, the Trust enters into contracts with service providers and others that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements and agreements is dependent on future claims that may be made against the Trust and/or the trustees and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.
8. UNFUNDED SENIOR LOAN COMMITMENTS
Unfunded loan commitments on senior loan participations and assignments (see Note 4), if any, are marked to market daily and valued according to the Trust’s valuation policies and procedures. Any outstanding unfunded loan commitments are presented in the Notes to Schedules of Investments section of each applicable Fund’s Schedule of Investments. Any applicable net unrealized appreciation or depreciation at the end of the reporting period is recorded as an asset (unfunded loan commitment appreciation) or a liability (unfunded loan commitment depreciation) and any change in net unrealized appreciation or depreciation for the reporting period is recorded as a change in net unrealized appreciation or depreciation on unfunded loan commitment. As of September 30, 2015, Pacific Funds Floating Rate Income had an unfunded loan commitment of $377,623 (see details in the Notes to Schedules of Investments).
9. COMMITTED LINE OF CREDIT
The Trust has an unsecured $75,000,000 committed revolving line of credit agreement with The Bank of New York Mellon (the “Bank”), which is renewed annually. The committed line of credit applies to Pacific Funds Floating Rate Income only. The interest rate on borrowing is the higher of the Federal funds effective rate or the overnight Eurodollar rate, plus 1.20%. Pacific Funds Floating Rate Income pays the Bank a commitment fee equal to 0.18% per annum on the daily unused portion of the committed line up to a maximum of $135,000. As of September 30, 2015, the actual interest rate on borrowing by the Trust was 1.32%. The commitment fees and interest incurred by Pacific Funds Floating Rate Income are recorded as an expense. For the six-month period ended September 30, 2015, Pacific Funds Floating Rate Income had no loans outstanding in connection with this line of credit.
10. PURCHASES AND SALES OF INVESTMENTS
The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the six-month period ended September 30, 2015, are summarized in the following table:
U.S. Government Securities | Other Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
Pacific Funds Portfolio Optimization Conservative | $— | $— | $130,694,722 | $144,609,636 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | — | — | 153,213,294 | 160,886,211 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate | — | — | 439,296,169 | 481,871,766 | ||||||||||||
Pacific Funds Portfolio Optimization Growth | — | — | 303,022,118 | 325,478,902 | ||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | — | — | 90,298,862 | 90,472,412 | ||||||||||||
Pacific Funds Short Duration Income | 4,504,395 | — | 62,283,199 | 35,167,841 | ||||||||||||
Pacific Funds Core Income | 17,775,273 | 20,220,469 | 206,308,294 | 164,872,871 | ||||||||||||
Pacific Funds Strategic Income | — | — | 168,616,742 | 79,280,122 | ||||||||||||
Pacific Funds Floating Rate Income | — | — | 201,524,650 | 208,579,424 | ||||||||||||
Pacific Funds Limited Duration High Income | — | — | 6,888,292 | 6,918,359 | ||||||||||||
Pacific Funds High Income | — | — | 115,343,665 | 29,479,114 | ||||||||||||
Pacific Funds Diversified Alternatives | — | — | 2,505,994 | 3,372,458 |
11. FEDERAL INCOME TAX INFORMATION
Each Fund intends to qualify each year as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). A Fund that qualifies as a RIC does not have to pay income tax as long as it distributes sufficient taxable income and net capital gains. Each Fund declared and paid sufficient dividends on net investment income and capital gains distributions during the year or period ended March 31, 2015, to qualify as a RIC and is not required to pay Federal income tax under the Code. Accordingly, no provision for Federal income taxes is required in the financial statements. Required distributions are based on net investment income and net realized gains determined in accordance with income tax regulations, which may differ from U.S. GAAP for financial reporting purposes. These differences are primarily due to differing treatments for short-term capital gain distributions received, late year ordinary and post-October capital losses, capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of capital accounts. In addition, the year in which amounts are distributed may differ from the year in which the net investment income is earned and the net gains are realized by each Fund.
C-16
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following table shows the accumulated capital losses and components of distributable earnings on a tax basis, and late year ordinary losses and post-October capital losses deferred, if any, for tax purposes as of March 31, 2015:
Distributable Earnings | Late-Year Ordinary and Post-October Losses Deferrals | |||||||||||||||||||||||||||||
Fund | Accumulated Capital Losses | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Late-Year Ordinary Losses | Short-Term Capital Losses | Long-Term Capital Losses | Total | |||||||||||||||||||||||
Pacific Funds Portfolio Optimization Conservative | $— | $26,270 | $3,692,720 | $664,881 | $101,082 | $— | $765,963 | |||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | — | — | 15,556,423 | 1,395,844 | — | — | 1,395,844 | |||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate | — | — | 60,451,871 | 3,647,249 | — | — | 3,647,249 | |||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth | — | — | 54,815,418 | 902,480 | — | — | 902,480 | |||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | — | 1,367,953 | 3,936,767 | — | — | — | — | |||||||||||||||||||||||
Pacific Funds Short Duration Income | — | 46,847 | — | — | 171,334 | (5,295 | ) | 166,039 | ||||||||||||||||||||||
Pacific Funds Core Income | (3,210,301 | ) | 302,592 | — | — | — | — | — | ||||||||||||||||||||||
Pacific Funds Strategic Income | — | 92,351 | — | — | 515,197 | 609,691 | 1,124,888 | |||||||||||||||||||||||
Pacific Funds Floating Rate Income | (9,880,291 | ) | 452,841 | — | — | — | — | — | ||||||||||||||||||||||
Pacific Funds Limited Duration High Income | — | 25,391 | — | — | 196,210 | 98,683 | 294,893 | |||||||||||||||||||||||
Pacific Funds High Income | — | 67,451 | — | — | 102,501 | 207,157 | 309,658 | |||||||||||||||||||||||
Pacific Funds Diversified Alternatives | — | — | 17,498 | — | — | — | — |
Accumulated capital losses represent net capital loss carryovers as of March 31, 2015 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. The following table shows the amounts of capital loss carryover, if any, by each of the applicable Funds as of March 31, 2015 and capital loss carryover from prior years utilized during the year ended March 31, 2015:
Unlimited Period of Net Capital Loss Carryover | Accumulated | Capital Loss Carryover Utilized During | ||||||||||||||
Fund | Short- Term | Long- Term | ||||||||||||||
Pacific Funds Portfolio Optimization Growth | $— | $— | $— | $5,747,574 | ||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | — | — | — | 16,342,075 | ||||||||||||
Pacific Funds Core Income | (1,947,374 | ) | (1,262,927 | ) | (3,210,301 | ) | 848,068 | |||||||||
Pacific Funds Floating Rate Income | (6,719,153 | ) | (3,161,138 | ) | (9,880,291 | ) | — | |||||||||
Pacific Funds Diversified Alternatives | — | — | — | 44 |
The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments for Federal income tax purposes as of September 30, 2015, were as follows:
Fund | Total Cost of Investments on Tax Basis (1) | Gross Unrealized Appreciation on Investments | Gross Unrealized Depreciation on Investments | Net Unrealized Appreciation (Depreciation) on Investments | ||||||||||||
Pacific Funds Portfolio Optimization Conservative | $377,944,451 | $19,472,454 | ($7,972,562 | ) | $11,499,892 | |||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | 516,967,318 | 42,258,078 | (11,454,361 | ) | 30,803,717 | |||||||||||
Pacific Funds Portfolio Optimization Moderate | 1,397,931,134 | 152,630,891 | (28,157,865 | ) | 124,473,026 | |||||||||||
Pacific Funds Portfolio Optimization Growth | 953,198,465 | 120,224,301 | (16,051,500 | ) | 104,172,801 | |||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | 274,848,770 | 40,655,536 | (2,945,006 | ) | 37,710,530 | |||||||||||
Pacific Funds Short Duration Income | 168,930,119 | 703,680 | (1,717,769 | ) | (1,014,089 | ) | ||||||||||
Pacific Funds Core Income | 656,424,452 | 5,253,530 | (19,530,791 | ) | (14,277,261 | ) | ||||||||||
Pacific Funds Strategic Income | 252,358,408 | 1,024,064 | (15,306,126 | ) | (14,282,062 | ) | ||||||||||
Pacific Funds Floating Rate Income | 766,992,119 | 988,932 | (13,271,961 | ) | (12,283,029 | ) | ||||||||||
Pacific Funds Limited Duration High Income | 38,702,245 | 72,136 | (3,075,707 | ) | (3,003,571 | ) | ||||||||||
Pacific Funds High Income | 141,711,898 | 230,238 | (11,275,913 | ) | (11,045,675 | ) | ||||||||||
Pacific Funds Diversified Alternatives | 4,924,813 | 50,709 | (220,228 | ) | (169,519 | ) |
(1) | The difference between total cost of investments on tax basis and total investments, at cost, as presented in the Statements of Assets and Liabilities is primarily due to wash sale loss deferrals. |
Each Fund recognizes the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax liability for unrecognized tax benefits with a corresponding income tax expense. Management has analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions and has determined that no provision for income tax is required in the financial statements. Each Fund remains subject to examination by Federal and State tax authorities for the returns filed for tax years ended after March 31, 2011.
C-17
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
12. TAX CHARACTER OF DISTRIBUTIONS
The tax character of income and capital gains distributions to shareholders during the six-month period ended September 30, 2015 and the year or period ended March 31, 2015, were as follows:
For the Six-Month Period Ended September 30, 2015 | For the Year or Period Ended March 31, 2015 | |||||||||||||||||||||||||
Fund | Ordinary Income | Long-Term Capital Gains | Total Distributions | Ordinary Income | Long-Term Capital Gains | Total Distributions | ||||||||||||||||||||
Pacific Funds Portfolio Optimization Conservative | $— | $— | $— | $7,338,787 | $9,527,590 | $16,866,377 | ||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | — | — | — | 10,004,845 | 9,025,060 | 19,029,905 | ||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate | — | — | — | 31,993,315 | 21,610,601 | 53,603,916 | ||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth | — | — | — | 20,924,761 | — | 20,924,761 | ||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | — | — | — | 5,577,616 | — | 5,577,616 | ||||||||||||||||||||
Pacific Funds Short Duration Income | 1,245,093 | — | 1,245,093 | 2,221,977 | 140,319 | 2,362,296 | ||||||||||||||||||||
Pacific Funds Core Income | 9,284,299 | — | 9,284,299 | 13,788,833 | — | 13,788,833 | ||||||||||||||||||||
Pacific Funds Strategic Income | 4,090,722 | — | 4,090,722 | 6,132,667 | 586,980 | 6,719,647 | ||||||||||||||||||||
Pacific Funds Floating Rate Income | 15,479,614 | — | 15,479,614 | 42,313,767 | 257,129 | 42,570,896 | ||||||||||||||||||||
Pacific Funds Limited Duration High Income | 932,866 | — | 932,866 | 1,942,957 | — | 1,942,957 | ||||||||||||||||||||
Pacific Funds High Income | 3,344,583 | — | 3,344,583 | 1,787,150 | 260,279 | 2,047,429 | ||||||||||||||||||||
Pacific Funds Diversified Alternatives | — | — | — | 163,758 | 403 | 164,161 |
13. SHARES OF BENEFICIAL INTEREST
Each Fund is authorized to issue an unlimited number of shares of beneficial interest with no par value. Changes in shares of beneficial interest of each Fund for the six-month period ended September 30, 2015 and the year ended March 31, 2015, were as follows:
Pacific Funds Portfolio Optimization Conservative | Pacific Funds Portfolio Optimization Moderate-Conservative | Pacific Funds Portfolio Optimization Moderate | Pacific Funds Portfolio | |||||||||||||||||||||||||||||||||||
Six-Month Period Ended 9/30/2015 | Year Ended 3/31/2015 | Six-Month Period Ended 9/30/2015 | Year Ended 3/31/2015 | Six-Month Period Ended 9/30/2015 | Year Ended 3/31/2015 | Six-Month Period Ended 9/30/2015 | Year Ended 3/31/2015 | |||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||
Shares sold | 1,458,698 | 3,466,839 | 2,085,765 | 4,511,260 | 4,626,144 | 11,346,310 | 3,140,966 | 7,344,971 | ||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 622,256 | — | 757,388 | — | 2,098,409 | — | 840,587 | ||||||||||||||||||||||||||||||
Shares repurchased | (1,954,476 | ) | (5,817,823 | ) | (2,360,521 | ) | (5,328,482 | ) | (5,997,115 | ) | (12,205,209 | ) | (3,488,631 | ) | (6,259,190 | ) | ||||||||||||||||||||||
Net increase (decrease) | (495,778 | ) | (1,728,728 | ) | (274,756 | ) | (59,834 | ) | (1,370,971 | ) | 1,239,510 | (347,665 | ) | 1,926,368 | ||||||||||||||||||||||||
Beginning shares outstanding | 15,146,271 | 16,874,999 | 21,958,536 | 22,018,370 | 59,503,625 | 58,264,115 | 39,600,947 | 37,674,579 | ||||||||||||||||||||||||||||||
Ending shares outstanding | 14,650,493 | 15,146,271 | 21,683,780 | 21,958,536 | 58,132,654 | 59,503,625 | 39,253,282 | 39,600,947 | ||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||
Shares sold | 281,786 | 472,427 | 284,614 | 464,335 | 671,344 | 1,304,004 | 354,952 | 891,716 | ||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 118,848 | — | 121,983 | — | 319,592 | — | 110,190 | ||||||||||||||||||||||||||||||
Shares repurchased | (442,813 | ) | (670,159 | ) | (318,929 | ) | (706,515 | ) | (1,034,483 | ) | (1,543,812 | ) | (790,149 | ) | (1,347,223 | ) | ||||||||||||||||||||||
Net increase (decrease) | (161,027 | ) | (78,884 | ) | (34,315 | ) | (120,197 | ) | (363,139 | ) | 79,784 | (435,197 | ) | (345,317 | ) | |||||||||||||||||||||||
Beginning shares outstanding | 3,436,883 | 3,515,767 | 4,110,368 | 4,230,565 | 11,344,118 | 11,264,334 | 7,829,390 | 8,174,707 | ||||||||||||||||||||||||||||||
Ending shares outstanding | 3,275,856 | 3,436,883 | 4,076,053 | 4,110,368 | 10,980,979 | 11,344,118 | 7,394,193 | 7,829,390 | ||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||
Shares sold | 1,956,648 | 3,788,707 | 1,719,087 | 3,870,804 | 3,361,458 | 8,169,466 | 1,931,756 | 4,516,157 | ||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 627,274 | — | 566,755 | — | 1,182,463 | — | 377,665 | ||||||||||||||||||||||||||||||
Shares repurchased | (2,293,663 | ) | (5,377,695 | ) | (1,895,853 | ) | (3,593,542 | ) | (4,005,912 | ) | (7,439,579 | ) | (2,282,419 | ) | (4,363,712 | ) | ||||||||||||||||||||||
Net increase (decrease) | (337,015 | ) | (961,714 | ) | (176,766 | ) | 844,017 | (644,454 | ) | 1,912,350 | (350,663 | ) | 530,110 | |||||||||||||||||||||||||
Beginning shares outstanding | 17,377,797 | 18,339,511 | 19,334,445 | 18,490,428 | 42,739,143 | 40,826,793 | 26,263,498 | 25,733,388 | ||||||||||||||||||||||||||||||
Ending shares outstanding | 17,040,782 | 17,377,797 | 19,157,679 | 19,334,445 | 42,094,689 | 42,739,143 | 25,912,835 | 26,263,498 | ||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||
Shares sold | 80,982 | 248,444 | 55,724 | 194,385 | 203,755 | 513,876 | 137,812 | 388,812 | ||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 45,682 | — | 18,454 | — | 64,834 | — | 27,523 | ||||||||||||||||||||||||||||||
Shares repurchased | (141,012 | ) | (225,527 | ) | (77,675 | ) | (227,585 | ) | (377,859 | ) | (863,813 | ) | (233,821 | ) | (401,135 | ) | ||||||||||||||||||||||
Net increase (decrease) | (60,030 | ) | 68,599 | (21,951 | ) | (14,746 | ) | (174,104 | ) | (285,103 | ) | (96,009 | ) | 15,200 | ||||||||||||||||||||||||
Beginning shares outstanding | 1,059,101 | 990,502 | 547,818 | 562,564 | 1,981,585 | 2,266,688 | 1,395,676 | 1,380,476 | ||||||||||||||||||||||||||||||
Ending shares outstanding | 999,071 | 1,059,101 | 525,867 | 547,818 | 1,807,481 | 1,981,585 | 1,299,667 | 1,395,676 | ||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||
Shares sold | 72,078 | 734,195 | 119,753 | 414,065 | 304,112 | 1,307,013 | 242,824 | 602,354 | ||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 22,922 | — | 11,994 | — | 53,648 | — | 9,189 | ||||||||||||||||||||||||||||||
Shares repurchased | (315,639 | ) | (398,554 | ) | (101,939 | ) | (216,504 | ) | (366,576 | ) | (1,244,886 | ) | (183,973 | ) | (295,816 | ) | ||||||||||||||||||||||
Net increase (decrease) | (243,561 | ) | 358,563 | 17,814 | 209,555 | (62,464 | ) | 115,775 | 58,851 | 315,727 | ||||||||||||||||||||||||||||
Beginning shares outstanding | 700,990 | 342,427 | 441,084 | 231,529 | 1,542,047 | 1,426,272 | 662,319 | 346,592 | ||||||||||||||||||||||||||||||
Ending shares outstanding | 457,429 | 700,990 | 458,898 | 441,084 | 1,479,583 | 1,542,047 | 721,170 | 662,319 |
C-18
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Pacific Funds Portfolio | Pacific Funds | Pacific Funds | Pacific Funds | |||||||||||||||||||||||||||||||||||
Six-Month Period Ended 9/30/2015 | Year Ended 3/31/2015 | Six-Month Period Ended 9/30/2015 | Year Ended 3/31/2015 | Six-Month Period Ended 9/30/2015 | Year Ended 3/31/2015 | Six-Month Period Ended 9/30/2015 | Year Ended 3/31/2015 | |||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||
Shares sold | 1,162,471 | 2,201,261 | 1,862,520 | 3,918,230 | 4,237,754 | 7,322,424 | 2,137,093 | 3,534,856 | ||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 216,733 | 36,480 | 86,530 | 283,838 | 524,939 | 102,341 | 208,390 | ||||||||||||||||||||||||||||||
Shares repurchased | (930,191 | ) | (1,867,373 | ) | (1,430,886 | ) | (5,061,616 | ) | (3,950,637 | ) | (8,341,806 | ) | (1,026,643 | ) | (2,367,604 | ) | ||||||||||||||||||||||
Net increase (decrease) | 232,280 | 550,621 | 468,114 | (1,056,856 | ) | 570,955 | (494,443 | ) | 1,212,791 | 1,375,642 | ||||||||||||||||||||||||||||
Beginning shares outstanding | 11,180,714 | 10,630,093 | 4,678,679 | 5,735,535 | 20,239,885 | 20,734,328 | 4,758,815 | 3,383,173 | ||||||||||||||||||||||||||||||
Ending shares outstanding | 11,412,994 | 11,180,714 | 5,146,793 | 4,678,679 | 20,810,840 | 20,239,885 | 5,971,606 | 4,758,815 | ||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||
Shares sold | 163,797 | 276,076 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 29,761 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (294,363 | ) | (526,825 | ) | ||||||||||||||||||||||||||||||||||
Net increase (decrease) | (130,566 | ) | (220,988 | ) | ||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 2,302,140 | 2,523,128 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 2,171,574 | 2,302,140 | ||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||
Shares sold | 654,060 | 1,957,244 | 1,024,713 | 1,766,299 | 1,851,596 | 8,301,714 | 1,016,235 | 2,496,412 | ||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 89,177 | 16,206 | 34,464 | 174,212 | 281,557 | 64,073 | 139,977 | ||||||||||||||||||||||||||||||
Shares repurchased | (734,700 | ) | (1,780,108 | ) | (529,411 | ) | (1,036,872 | ) | (1,942,193 | ) | (3,062,232 | ) | (588,032 | ) | (756,671 | ) | ||||||||||||||||||||||
Net increase (decrease) | (80,640 | ) | 266,313 | 511,508 | 763,891 | 83,615 | 5,521,039 | 492,276 | 1,879,718 | |||||||||||||||||||||||||||||
Beginning shares outstanding | 7,089,451 | 6,823,138 | 3,039,333 | 2,275,442 | 17,049,183 | 11,528,144 | 3,976,280 | 2,096,562 | ||||||||||||||||||||||||||||||
Ending shares outstanding | 7,008,811 | 7,089,451 | 3,550,841 | 3,039,333 | 17,132,798 | 17,049,183 | 4,468,556 | 3,976,280 | ||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||
Shares sold | 32,389 | 105,386 | 82,756 | 325,300 | 17,271 | 38,888 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 1,637 | 2,418 | 6,025 | 6,319 | 2,657 | 8,031 | ||||||||||||||||||||||||||||||||
Shares repurchased | (5,966 | ) | (55,548 | ) | (65,048 | ) | (90,359 | ) | (17,457 | ) | (68,999 | ) | ||||||||||||||||||||||||||
Net increase (decrease) | 28,060 | 52,256 | 23,733 | 241,260 | 2,471 | (22,080 | ) | |||||||||||||||||||||||||||||||
Beginning shares outstanding | 145,895 | 93,639 | 352,452 | 111,192 | 129,145 | 151,225 | ||||||||||||||||||||||||||||||||
Ending shares outstanding | 173,955 | 145,895 | 376,185 | 352,452 | 131,616 | 129,145 | ||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||
Shares sold | 1,632,780 | |||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 21,326 | |||||||||||||||||||||||||||||||||||||
Shares repurchased | (55,123 | ) | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) | 1,598,983 | |||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | — | |||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 1,598,983 | |||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||
Shares sold | 60,361 | 161,755 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 9,683 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (116,934 | ) | (145,571 | ) | ||||||||||||||||||||||||||||||||||
Net increase (decrease) | (56,573 | ) | 25,867 | |||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 564,057 | 538,190 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 507,484 | 564,057 | ||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||
Shares sold | 211,487 | 290,948 | 4,142,846 | 9,479,480 | 8,174,902 | 18,154,740 | 7,982,972 | 8,799,280 | ||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 7,247 | 48,261 | 76,163 | 267,762 | 338,574 | 183,572 | 193,732 | ||||||||||||||||||||||||||||||
Shares repurchased | (65,297 | ) | (67,997 | ) | (1,773,493 | ) | (5,484,758 | ) | (6,722,415 | ) | (4,700,822 | ) | (2,154,098 | ) | (3,666,388 | ) | ||||||||||||||||||||||
Net increase (decrease) | 146,190 | 230,198 | 2,417,614 | 4,070,885 | 1,720,249 | 13,792,492 | 6,012,446 | 5,326,624 | ||||||||||||||||||||||||||||||
Beginning shares outstanding | 408,691 | 178,493 | 4,987,783 | 916,898 | 20,296,488 | 6,503,996 | 6,156,898 | 830,274 | ||||||||||||||||||||||||||||||
Ending shares outstanding | 554,881 | 408,691 | 7,405,397 | 4,987,783 | 22,016,737 | 20,296,488 | 12,169,344 | 6,156,898 |
C-19
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Pacific Funds | Pacific Funds Limited | Pacific Funds | Pacific Funds | |||||||||||||||||||||||||||||||||||
Six-Month Period Ended 9/30/2015 | Year Ended 3/31/2015 | Six-Month Period Ended 9/30/2015 | Year Ended 3/31/2015 | Six-Month Period Ended 9/30/2015 | Year Ended 3/31/2015 | Six-Month Period Ended 9/30/2015 | Year Ended 3/31/2015 | |||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||
Shares sold | 2,979,635 | 8,110,113 | 150,343 | 405,840 | 222,179 | 458,964 | 23,144 | 157,611 | ||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 416,290 | 1,150,085 | 15,008 | 42,690 | 12,851 | 41,249 | — | 3,341 | ||||||||||||||||||||||||||||||
Shares repurchased | (3,824,938 | ) | (23,664,874 | ) | (265,135 | ) | (558,876 | ) | (199,806 | ) | (511,372 | ) | (23,951 | ) | (15,416 | ) | ||||||||||||||||||||||
Net increase (decrease) | (429,013 | ) | (14,404,676 | ) | (99,784 | ) | (110,346 | ) | 35,224 | (11,159 | ) | (807 | ) | 145,536 | ||||||||||||||||||||||||
Beginning shares outstanding | 21,345,550 | 35,750,226 | 738,720 | 849,066 | 562,927 | 574,086 | 146,536 | 1,000 | ||||||||||||||||||||||||||||||
Ending shares outstanding | 20,916,537 | 21,345,550 | 638,936 | 738,720 | 598,151 | 562,927 | 145,729 | 146,536 | ||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||
Shares sold | 1,565,658 | 5,548,363 | 76,256 | 256,137 | 59,615 | 191,835 | 25,053 | 87,119 | ||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 273,176 | 689,369 | 7,389 | 15,995 | 8,818 | 29,261 | — | 1,296 | ||||||||||||||||||||||||||||||
Shares repurchased | (2,483,328 | ) | (8,792,080 | ) | (108,448 | ) | (129,219 | ) | (117,577 | ) | (171,371 | ) | (5,800 | ) | (33,165 | ) | ||||||||||||||||||||||
Net increase (decrease) | (644,494 | ) | (2,554,348 | ) | (24,803 | ) | 142,913 | (49,144 | ) | 49,725 | 19,253 | 55,250 | ||||||||||||||||||||||||||
Beginning shares outstanding | 17,866,268 | 20,420,616 | 382,326 | 239,413 | 517,586 | 467,861 | 56,250 | 1,000 | ||||||||||||||||||||||||||||||
Ending shares outstanding | 17,221,774 | 17,866,268 | 357,523 | 382,326 | 468,442 | 517,586 | 75,503 | 56,250 | ||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||
Shares sold | 2,995,943 | 9,568,161 | 1,887 | 1,764 | 213 | 842 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 204,307 | 516,742 | 57,404 | 117,558 | 533 | 48,549 | ||||||||||||||||||||||||||||||||
Shares repurchased | (991,350 | ) | (10,493,871 | ) | (1,107 | ) | (11,785 | ) | (899 | ) | (878,631 | ) | ||||||||||||||||||||||||||
Net increase (decrease) | 2,208,900 | (408,968 | ) | 58,184 | 107,537 | (153 | ) | (829,240 | ) | |||||||||||||||||||||||||||||
Beginning shares outstanding | 8,768,481 | 9,177,449 | 2,283,057 | 2,175,520 | 23,164 | 852,404 | ||||||||||||||||||||||||||||||||
Ending shares outstanding | 10,977,381 | 8,768,481 | 2,341,241 | 2,283,057 | 23,011 | 23,164 | ||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||
Shares sold | 9,313 | 50,628 | 9,899,040 | 3,744,725 | ||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 1,052 | 2,348 | 298,273 | 42,964 | ||||||||||||||||||||||||||||||||||
Shares repurchased | (39,129 | ) | (8,145 | ) | (1,666,596 | ) | (45,390 | ) | ||||||||||||||||||||||||||||||
Net increase (decrease) | (28,764 | ) | 44,831 | 8,530,717 | 3,742,299 | |||||||||||||||||||||||||||||||||
Beginning shares outstanding | 68,507 | 23,676 | 3,742,299 | — | ||||||||||||||||||||||||||||||||||
Ending shares outstanding | 39,743 | 68,507 | 12,273,016 | 3,742,299 | ||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||
Shares sold | 5,972,774 | 19,718,929 | 313,441 | 495,955 | 31,756 | 784,324 | 36,368 | 221,961 | ||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 523,348 | 1,335,612 | 16,323 | 15,223 | 7,735 | 24,534 | — | 11,619 | ||||||||||||||||||||||||||||||
Shares repurchased | (6,746,584 | ) | (29,226,022 | ) | (235,887 | ) | (102,640 | ) | (103,520 | ) | (718,744 | ) | (145,033 | ) | (55,043 | ) | ||||||||||||||||||||||
Net increase (decrease) | (250,462 | ) | (8,171,481 | ) | 93,877 | 408,538 | (64,029 | ) | 90,114 | (108,665 | ) | 178,537 | ||||||||||||||||||||||||||
Beginning shares outstanding | 26,744,813 | 34,916,294 | 590,732 | 182,194 | 363,028 | 272,914 | 376,537 | 198,000 | ||||||||||||||||||||||||||||||
Ending shares outstanding | 26,494,351 | 26,744,813 | 684,609 | 590,732 | 298,999 | 363,028 | 267,872 | 376,537 |
(1) | The Class P shares of the Pacific Funds Core Income commenced operations on April 27, 2015. |
(2) | The Class P shares of the Pacific Funds High Income commenced operations on January 14, 2015. |
C-20
PACIFIC FUNDS
(Unaudited)
We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur two types of costs: (1) transactions costs such as initial sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, which include advisory fees, administration fees, distribution and/or service fees, and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in each fund and to compare these costs with those of other mutual funds. The example is based on an investment of $1,000.00 made at the beginning of the period and held for the entire six-month period from April 1, 2015 to September 30, 2015.
ACTUAL EXPENSES
The first section of the table for each fund entitled “Actual Fund Return”, provides information about actual account values and actual expenses based on each fund’s actual performance and each fund’s actual expenses, after any applicable fee waivers and expense reimbursements (See Notes 6 and 7B in Notes to Financial Statements). The “Ending Account Value at 09/30/15” column shown is derived from the fund’s actual performance; the “Annualized Expense Ratio” column shows the fund’s actual annualized expense ratio; and the “Expenses Paid During the Period 04/01/15-09/30/15” column shows the dollar amount that would have been paid by you. All the information illustrated in the following table is based on the past six-month period from April 1, 2015 to September 30, 2015.
You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, for each fund in your account, simply divide that fund’s value by $1,000.00 (for example, an $8,600.00 fund value divided by $1,000.00 = 8.6), then multiply the result by the number given for your fund(s) in the “Expenses Paid During the Period 04/01/15-09/30/15.”
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second section of the table for each fund, entitled “Hypothetical”, provides information about hypothetical account values and hypothetical expenses based on a 5% per year hypothetical rate of return and actual fund’s expenses, after any applicable fee waivers and expense reimbursements (See Notes 6 and 7B in Notes to Financial Statements). It assumes that the fund had an annual 5% rate of return before expenses, but that the expense ratio is unchanged. The hypothetical account values and expenses may not be used to estimate the actual ending account values or expenses you paid for the period.
You may use the hypothetical example information to compare the ongoing costs of investing in the fund compared to other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as initial sales charges (loads) or contingent deferred sales charges. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these other costs were included, your costs would have been higher.
Beginning Account Value at 04/01/15 | Ending Account Value at 09/30/15 | Annualized Expense Ratio | Expenses 04/01/15 - | |||||||||||||
Pacific Funds Portfolio Optimization Conservative (2) |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $958.10 | 0.60% | $2.94 | ||||||||||||
Class B | 1,000.00 | 953.80 | 1.35% | 6.59 | ||||||||||||
Class C | 1,000.00 | 953.80 | 1.35% | 6.59 | ||||||||||||
Class R | 1,000.00 | 957.00 | 0.85% | 4.16 | ||||||||||||
Advisor Class | 1,000.00 | 959.00 | 0.35% | 1.71 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,022.00 | 0.60% | $3.03 | ||||||||||||
Class B | 1,000.00 | 1,018.25 | 1.35% | 6.81 | ||||||||||||
Class C | 1,000.00 | 1,018.25 | 1.35% | 6.81 | ||||||||||||
Class R | 1,000.00 | 1,020.75 | 0.85% | 4.29 | ||||||||||||
Advisor Class | 1,000.00 | 1,023.25 | 0.35% | 1.77 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative (2) |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $953.20 | 0.60% | $2.93 | ||||||||||||
Class B | 1,000.00 | 949.40 | 1.35% | 6.58 | ||||||||||||
Class C | 1,000.00 | 949.40 | 1.35% | 6.58 | ||||||||||||
Class R | 1,000.00 | 952.20 | 0.85% | 4.15 | ||||||||||||
Advisor Class | 1,000.00 | 954.80 | 0.35% | 1.71 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,022.00 | 0.60% | $3.03 | ||||||||||||
Class B | 1,000.00 | 1,018.25 | 1.35% | 6.81 | ||||||||||||
Class C | 1,000.00 | 1,018.25 | 1.35% | 6.81 | ||||||||||||
Class R | 1,000.00 | 1,020.75 | 0.85% | 4.29 | ||||||||||||
Advisor Class | 1,000.00 | 1,023.25 | 0.35% | 1.77 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate (2) |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $940.80 | 0.60% | $2.91 | ||||||||||||
Class B | 1,000.00 | 936.90 | 1.35% | 6.54 | ||||||||||||
Class C | 1,000.00 | 936.80 | 1.35% | 6.54 | ||||||||||||
Class R | 1,000.00 | 940.10 | 0.85% | 4.12 | ||||||||||||
Advisor Class | 1,000.00 | 942.30 | 0.35% | 1.70 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,022.00 | 0.60% | $3.03 | ||||||||||||
Class B | 1,000.00 | 1,018.25 | 1.35% | 6.81 | ||||||||||||
Class C | 1,000.00 | 1,018.25 | 1.35% | 6.81 | ||||||||||||
Class R | 1,000.00 | 1,020.75 | 0.85% | 4.29 | ||||||||||||
Advisor Class | 1,000.00 | 1,023.25 | 0.35% | 1.77 | ||||||||||||
Pacific Funds Portfolio Optimization Growth (2) | ||||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $928.90 | 0.60% | $2.89 | ||||||||||||
Class B | 1,000.00 | 925.10 | 1.35% | 6.50 | ||||||||||||
Class C | 1,000.00 | 924.90 | 1.35% | 6.50 | ||||||||||||
Class R | 1,000.00 | 928.20 | 0.85% | 4.10 | ||||||||||||
Advisor Class | 1,000.00 | 930.30 | 0.35% | 1.69 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,022.00 | 0.60% | $3.03 | ||||||||||||
Class B | 1,000.00 | 1,018.25 | 1.35% | 6.81 | ||||||||||||
Class C | 1,000.00 | 1,018.25 | 1.35% | 6.81 | ||||||||||||
Class R | 1,000.00 | 1,020.75 | 0.85% | 4.29 | ||||||||||||
Advisor Class | 1,000.00 | 1,023.25 | 0.35% | 1.77 |
See explanation of references on page D-2
D-1
PACIFIC FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
Beginning Account Value at 04/01/15 | Ending Account Value at 09/30/15 | Annualized Expense Ratio | Expenses 04/01/15 - | |||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth (2) | ||||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $919.90 | 0.60% | $2.88 | ||||||||||||
Class B | 1,000.00 | 914.60 | 1.35% | 6.46 | ||||||||||||
Class C | 1,000.00 | 914.50 | 1.35% | 6.46 | ||||||||||||
Class R | 1,000.00 | 918.20 | 0.85% | 4.08 | ||||||||||||
Advisor Class | 1,000.00 | 921.20 | 0.35% | 1.68 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,022.00 | 0.60% | $3.03 | ||||||||||||
Class B | 1,000.00 | 1,018.25 | 1.35% | 6.81 | ||||||||||||
Class C | 1,000.00 | 1,018.25 | 1.35% | 6.81 | ||||||||||||
Class R | 1,000.00 | 1,020.75 | 0.85% | 4.29 | ||||||||||||
Advisor Class | 1,000.00 | 1,023.25 | 0.35% | 1.77 | ||||||||||||
Pacific Funds Short Duration Income | ||||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $994.30 | 0.85% | $4.24 | ||||||||||||
Class C | 1,000.00 | 990.60 | 1.60% | 7.96 | ||||||||||||
Class I | 1,000.00 | 995.70 | 0.55% | 2.74 | ||||||||||||
Advisor Class | 1,000.00 | 995.50 | 0.60% | 2.99 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,020.75 | 0.85% | $4.29 | ||||||||||||
Class C | 1,000.00 | 1,017.00 | 1.60% | 8.07 | ||||||||||||
Class I | 1,000.00 | 1,022.25 | 0.55% | 2.78 | ||||||||||||
Advisor Class | 1,000.00 | 1,022.00 | 0.60% | 3.03 | ||||||||||||
Pacific Funds Core Income (3) | ||||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $975.40 | 0.95% | $4.69 | ||||||||||||
Class C | 1,000.00 | 971.70 | 1.70% | 8.38 | ||||||||||||
Class I | 1,000.00 | 976.90 | 0.65% | 3.21 | ||||||||||||
Class P (3) | 1,000.00 | 969.70 | 0.70% | 2.96 | ||||||||||||
Advisor Class | 1,000.00 | 976.70 | 0.70% | 3.46 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,020.25 | 0.95% | $4.80 | ||||||||||||
Class C | 1,000.00 | 1,016.50 | 1.70% | 8.57 | ||||||||||||
Class I | 1,000.00 | 1,021.75 | 0.65% | 3.29 | ||||||||||||
Class P (3) | 1,000.00 | 1,021.50 | 0.70% | 3.54 | ||||||||||||
Advisor Class | 1,000.00 | 1,021.50 | 0.70% | 3.54 | ||||||||||||
Pacific Funds Strategic Income | ||||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $965.40 | 1.05% | $5.16 | ||||||||||||
Class C | 1,000.00 | 961.70 | 1.80% | 8.83 | ||||||||||||
Class I | 1,000.00 | 965.70 | 0.75% | 3.69 | ||||||||||||
Advisor Class | 1,000.00 | 965.70 | 0.80% | 3.93 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,019.75 | 1.05% | $5.30 | ||||||||||||
Class C | 1,000.00 | 1,016.00 | 1.80% | 9.07 | ||||||||||||
Class I | 1,000.00 | 1,021.25 | 0.75% | 3.79 | ||||||||||||
Advisor Class | 1,000.00 | 1,021.00 | 0.80% | 4.04 |
Beginning Account Value at 04/01/15 | Ending Account Value at 09/30/15 | Annualized Expense Ratio | Expenses 04/01/15 - | |||||||||||||
Pacific Funds Floating Rate Income | ||||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $997.80 | 1.12% | $5.59 | ||||||||||||
Class C | 1,000.00 | 994.10 | 1.87% | 9.32 | ||||||||||||
Class I | 1,000.00 | 999.40 | 0.82% | 4.10 | ||||||||||||
Class P | 1,000.00 | 999.10 | 0.87% | 4.35 | ||||||||||||
Advisor Class | 1,000.00 | 999.10 | 0.87% | 4.35 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,019.40 | 1.12% | $5.65 | ||||||||||||
Class C | 1,000.00 | 1,015.65 | 1.87% | 9.42 | ||||||||||||
Class I | 1,000.00 | 1,020.90 | 0.82% | 4.14 | ||||||||||||
Class P | 1,000.00 | 1,020.65 | 0.87% | 4.39 | ||||||||||||
Advisor Class | 1,000.00 | 1,020.65 | 0.87% | 4.39 | ||||||||||||
Pacific Funds Limited Duration High Income | ||||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $969.20 | 1.08% | $5.32 | ||||||||||||
Class C | 1,000.00 | 965.50 | 1.83% | 8.99 | ||||||||||||
Class I | 1,000.00 | 970.70 | 0.78% | 3.84 | ||||||||||||
Advisor Class | 1,000.00 | 969.40 | 0.83% | 4.09 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,019.60 | 1.08% | $5.45 | ||||||||||||
Class C | 1,000.00 | 1,015.85 | 1.83% | 9.22 | ||||||||||||
Class I | 1,000.00 | 1,021.10 | 0.78% | 3.94 | ||||||||||||
Advisor Class | 1,000.00 | 1,020.85 | 0.83% | 4.19 | ||||||||||||
Pacific Funds High Income | ||||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $947.10 | 1.05% | $5.11 | ||||||||||||
Class C | 1,000.00 | 943.40 | 1.80% | 8.75 | ||||||||||||
Class I | 1,000.00 | 949.20 | 0.75% | 3.65 | ||||||||||||
Class P | 1,000.00 | 948.00 | 0.80% | 3.90 | ||||||||||||
Advisor Class | 1,000.00 | 948.30 | 0.80% | 3.90 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,019.75 | 1.05% | $5.30 | ||||||||||||
Class C | 1,000.00 | 1,016.00 | 1.80% | 9.07 | ||||||||||||
Class I | 1,000.00 | 1,021.25 | 0.75% | 3.79 | ||||||||||||
Class P | 1,000.00 | 1,021.00 | 0.80% | 4.04 | ||||||||||||
Advisor Class | 1,000.00 | 1,021.00 | 0.80% | 4.04 | ||||||||||||
Pacific Funds Diversified Alternatives (2) | ||||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $973.00 | 0.85% | $4.19 | ||||||||||||
Class C | 1,000.00 | 969.70 | 1.60% | 7.88 | ||||||||||||
Advisor Class | 1,000.00 | 975.00 | 0.60% | 2.96 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,020.75 | 0.85% | $4.29 | ||||||||||||
Class C | 1,000.00 | 1,017.00 | 1.60% | 8.07 | ||||||||||||
Advisor Class | 1,000.00 | 1,022.00 | 0.60% | 3.03 |
(1) | Expenses paid during the period are equal to the fund’s annualized expense ratio (shown in table above), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year or applicable period, then divided by 366 days. |
(2) | The annualized expense ratios for the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives do not include fees and expenses of the PF Underlying Funds, the Class P shares of Pacific Funds Core Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income in which the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives invest (see Note 1 in Notes to Financial Statements). |
(3) | The Class P shares of Pacific Funds Core Income commenced operations on April 27, 2015. The actual fund return and expenses paid during the period for Class P shares was for the period April 27, 2015 to September 30, 2015, instead of the entire six-month period. The hypothetical return and expenses paid during the period are based on the entire six-month period for comparison purposes. |
D-2
PACIFIC FUNDS
WHERE TO GO FOR MORE INFORMATION
(Unaudited)
Availability of Quarterly Holdings
The Trust files Form N-Q (complete schedules of fund holdings) with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year not later than 60 days after the close of the applicable quarter end. The Trust’s Form N-Q, (when required) is filed pursuant to applicable regulations and is available after filing (i) on the SEC’s website at http://www.sec.gov; (ii) for review and copying at the SEC’s Public Reference Room in Washington, D.C. (information on the operations of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330); and (iii) on the Trust’s website at https://www.pacificlife.com/pacificfunds.html. The SEC may charge you a fee for this information.
Availability of Proxy Voting Record
By August 31 of each year, the Trust files information regarding how the Trust’s fund managers voted proxies relating to fund securities during the most recent twelve-month period ended June 30. Such information is available after filing on the Trust’s’ website and on the SEC’s website noted below.
Information Relating to Investments Held by the Trust
For complete descriptions of the various securities and other instruments held by the Trust and their risks, please see the Trust’s prospectus and Statement of Additional Information (“SAI”). For a description of bond ratings, please see the Trust’s SAI. The prospectus and SAI are available as noted below.
Availability of Proxy Voting Policies
A description of the Proxy Voting Policies and Procedures that the Trust uses to determine how to vote proxies relating to fund securities is described in the Trust’s SAI.
How to obtain Information
The Trust’s prospectus, SAI (including Proxy Voting Policies) and the PF Underlying Funds’ annual and semi-annual reports are available:
• | On the Trust’s website at https://www.pacificlife.com/pacificfunds.html |
• | On the SEC’s website at http://www.sec.gov |
• | Upon request by calling, without charge, 1-800-722-2333, 7 a.m. through 5 p.m. Pacific Time |
D-3
PF Underlying Funds
Semi-Annual Report
As of September 30, 2015
PACIFIC FUNDS
SEMI-ANNUAL REPORT
AS OF SEPTEMBER 30, 2015
A-1 | ||
Financial Statements: | ||
B-1 | ||
B-5 | ||
B-9 | ||
B-13 | ||
B-14 | ||
C-1 | ||
D-1 | ||
D-3 | ||
D-11 |
PF FLOATING RATE LOAN FUND
Schedule of Investments
September 30, 2015 (Unaudited)
| | |||||||
CONVERTIBLE PREFERRED STOCKS - 0.0% |
| |||||||
Consumer Discretionary - 0.0% | ||||||||
Education Management Corp Series A1 * + | 1,358 | $18,279 | ||||||
|
| |||||||
Total Convertible Preferred Stocks | 18,279 | |||||||
|
| |||||||
COMMON STOCKS - 0.0% |
| |||||||
Consumer Discretionary - 0.0% | ||||||||
Education Management Corp + | 1,220,450 | — | ||||||
|
| |||||||
Total Common Stocks | — | |||||||
|
| |||||||
Principal | ||||||||
SENIOR LOAN NOTES - 95.7% |
| |||||||
Consumer Discretionary - 24.3% | ||||||||
99 Cents Only Stores Tranche B-2 | $287,610 | 232,381 | ||||||
Acosta Inc Term B | 399,000 | 395,708 | ||||||
Affinia Group Inc Tranche B-2 | 498,999 | 500,715 | ||||||
Altice France SA Term B-5 | 50,000 | 49,393 | ||||||
Amaya Holdings BV Term B (1st Lien) | 566,268 | 561,446 | ||||||
Ancestry.com Inc | 150,000 | 149,438 | ||||||
Answers Corp (1st Lien) | 148,875 | 108,679 | ||||||
ARG IH Corp | 488,044 | 489,715 | ||||||
Ascena Retail Group Inc Tranche B | 200,000 | 193,167 | ||||||
Ascend Learning LLC (1st Lien) | 669,850 | 671,804 | ||||||
Asurion LLC | 125,000 | 113,531 | ||||||
Tranche B-1 | 480,570 | 459,095 | ||||||
Tranche B-4 | 598,500 | 568,762 | ||||||
Auction.Com LLC | 124,375 | 124,297 | ||||||
Bass Pro Group LLC | 248,750 | 248,024 | ||||||
Block Communications Inc Term B | 24,750 | 24,874 | ||||||
Burlington Coat Factory Warehouse Corp Term B-3 | 69,813 | 69,987 | ||||||
Caesars Entertainment Operating Co Inc Term B-6 | 217,047 | 203,327 | ||||||
Campaign Monitor Finance Property Ltd | 98,500 | 98,131 | ||||||
Charter Communications Operating LLC Term I | 250,000 | 248,848 | ||||||
Cirque Du Soleil (1st Lien) | 50,000 | 50,183 | ||||||
Cumulus Media Holdings Inc | 540,607 | 471,679 |
Principal | Value | |||||||
David’s Bridal Inc | $71,658 | $63,507 | ||||||
Dayco Products LLC | 297,234 | 297,792 | ||||||
Education Management II LLC | 101,866 | 48,763 | ||||||
Tranche B | 175,432 | 46,104 | ||||||
Entravision Communications Corp Tranche B | 90,250 | 89,272 | ||||||
Extreme Reach Inc (1st Lien) | 87,400 | 87,126 | ||||||
Fender Musical Instruments Corp | 30,125 | 30,134 | ||||||
Getty Images Inc | 956,126 | 626,661 | ||||||
Go Daddy Operating Co LLC | 556,191 | 556,886 | ||||||
Horizon Global Corp Term B | 49,375 | 48,881 | ||||||
Hubbard radio LLC | 73,958 | 73,681 | ||||||
iHeartCommunications Inc | 367,529 | 305,968 | ||||||
Tranche E | 118,204 | 99,143 | ||||||
J Crew Group Inc | 395,000 | 306,537 | ||||||
Jo-Ann Stores Inc Term B | 536,124 | 529,753 | ||||||
KC MergerSub Inc (1st Lien) | 100,000 | 98,500 | ||||||
Landry’s Inc | 7,564 | 7,576 | ||||||
Laureate Education Inc | 288,675 | 257,642 | ||||||
McGraw-Hill Global Education Holdings LLC | 83,448 | 83,787 | ||||||
MediArena Acquisition BV Term B (1st Lien) | 198,622 | 193,780 | ||||||
Michaels Stores Inc | 123,750 | 123,917 | ||||||
Term B | 317,688 | 317,456 | ||||||
New Red Finance Inc Term B-2 (Canada) | 881,824 | 881,427 | ||||||
Nord Anglia Education Finance LLC | 496,231 | 489,408 | ||||||
Party City Holdings Inc | 275,000 | 275,115 | ||||||
Pilot Travel Centers LLC Tranche B | 272,250 | 273,847 | ||||||
Pinnacle Entertainment Inc Tranche B-2 | 41,023 | 41,056 | ||||||
ProQuest LLC | 99,249 | 99,704 | ||||||
Scientific Games International Inc | 466,688 | 461,904 | ||||||
Scientific Games Term B-2 | 124,063 | 122,775 | ||||||
Serta Simons Holdings LLC Term B | 939,808 | 941,627 | ||||||
Springer Science Business Media Two GmbH Term B9 (Germany) | 349,000 | 350,309 | ||||||
SRAM LLC Term B | 191,911 | 186,873 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-1
PACIFIC FUNDS
PF FLOATING RATE LOAN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal | Value | |||||||
Steinway Musical Instruments Inc (1st Lien) | $293,274 | $293,916 | ||||||
SurveyMonkey.com LLC | 496,183 | 488,740 | ||||||
The Goodyear Tire & Rubber Co (2nd Lien) | 1,187,500 | 1,191,752 | ||||||
The Men’s Wearhouse Inc Tranche B | 125,636 | 125,871 | ||||||
The Neiman Marcus Group Inc | 540,396 | 530,110 | ||||||
The Servicemaster Co LLC | 497,487 | 498,465 | ||||||
TI Group Automotive Systems LLC | 150,000 | 147,500 | ||||||
Town Sports International LLC | 141,207 | 88,254 | ||||||
Toys ‘R’ US Property Co I LLC | 471,635 | 440,586 | ||||||
Travelport Finance SARL (Luxembourg) | 303,036 | 302,633 | ||||||
TWCC Holding Corp | 100,000 | 94,125 | ||||||
Term B-1 | 348,278 | 345,993 | ||||||
Univision Communications Inc (1st Lien) | 560,339 | 556,215 | ||||||
Wash MultiFamily Acquisition Inc (1st Lien) | ||||||||
4.250% due 04/30/22 § | 21,221 | 21,009 | ||||||
4.250% due 04/30/22 § | 3,716 | 3,679 | ||||||
Weight Watchers International Inc Tranche B-2 | 755,625 | 410,871 | ||||||
Zuffa LLC | 492,410 | 486,747 | ||||||
|
| |||||||
20,476,561 | ||||||||
|
| |||||||
Consumer Staples - 10.4% | ||||||||
AdvancePierre Foods Inc (1st Lien) | 439,536 | 440,426 | ||||||
Albertson’s LLC Term B-2 | 1,215,039 | 1,216,833 | ||||||
Charger OpCo BV Term B-1 (Netherlands) | 291,750 | 292,389 | ||||||
Clearwater Seafoods Ltd Partnership Term B (Canada) | 428,973 | 429,866 | ||||||
Del Monte Foods Inc (1st Lien) | 398,987 | 379,038 | ||||||
Dole Food Co Inc Tranche B | 534,492 | 533,823 | ||||||
Flavors Holdings Inc Tranche B (1st Lien) | 95,000 | 90,725 | ||||||
High Liner Foods Inc (Canada) | 98,500 | 98,397 | ||||||
JBS USA LLC | 75,000 | 75,046 | ||||||
NBTY Inc Term B-2 | 325,000 | 323,619 | ||||||
New Albertson’s Inc Term B | 1,141,375 | 1,141,232 | ||||||
Post Holdings Inc | 17,790 | 17,815 | ||||||
Reynolds Group Holdings | ||||||||
4.500% due 12/01/18 § | 566,389 | 567,452 | ||||||
Spectrum Brands Inc | 211,539 | 212,547 | ||||||
Supervalu Inc | 1,448,327 | 1,453,593 |
Principal | Value | |||||||
The Sun Products Corp Tranche B | $266,932 | $252,251 | ||||||
US Foods Inc | 1,248,787 | 1,249,563 | ||||||
|
| |||||||
8,774,615 | ||||||||
|
| |||||||
Energy - 7.5% | ||||||||
Alpha Natural Resources Inc Term B | 73,313 | 34,029 | ||||||
Arch Coal Inc | 387,202 | 218,446 | ||||||
Bronco Midstream Funding LLC | 956,086 | 903,501 | ||||||
Chesapeake Finance 2 Ltd Tranche B | 49,250 | 48,819 | ||||||
CITGO Holding Inc | 193,947 | 191,361 | ||||||
CITGO Petroleum Corp Term B | 1,014,750 | 1,008,408 | ||||||
Drillships Ocean Ventures Inc | 148,500 | 99,031 | ||||||
Energy Transfer Equity LP | ||||||||
3.250% due 12/02/19 § | 225,000 | 217,969 | ||||||
4.000% due 12/02/19 § | 46,471 | 45,841 | ||||||
Fieldwood Energy LLC | ||||||||
3.875% due 10/01/18 § | 1,112,467 | 955,331 | ||||||
(2nd Lien) | ||||||||
8.375% due 09/30/20 § | 200,000 | 57,833 | ||||||
MEG Energy Corp (Canada) | 1,050,397 | 983,217 | ||||||
Obsidian Natural Gas Trust | 45,297 | 45,241 | ||||||
Samson Investment Co Tranche 1 (2nd Lien) | 100,000 | 14,750 | ||||||
Seadrill Operating LP | 491,558 | 301,817 | ||||||
Sheridan Investment Partners I LLC Tranche B-2 | 443,112 | 344,520 | ||||||
Sheridan Investment Partners II LP | ||||||||
4.250% due 12/11/20 § | 413,078 | 309,808 | ||||||
4.250% due 12/16/20 § | 21,430 | 16,073 | ||||||
Term A2 | ||||||||
4.250% due 12/11/20 § | 57,462 | 43,097 | ||||||
Sheridan Production Partners I-A LP Tranche B-2 | 58,716 | 45,652 | ||||||
Sheridan Production Partners I-M LP Tranche B-2 | 35,864 | 27,884 | ||||||
Targa Resources Corp | 37,209 | 37,256 | ||||||
Tervita Corp | 450,258 | 352,046 | ||||||
|
| |||||||
6,301,930 | ||||||||
|
| |||||||
Financials - 8.3% | ||||||||
Alliant Holdings I LLC | 225,000 | 224,438 | ||||||
Altisource Solutions SARL Term B | 320,118 | 284,905 | ||||||
American Beacon Advisors Inc Term B | 49,875 | 50,124 | ||||||
Amwins Group LLC (1st Lien) | 121,750 | 122,311 | ||||||
Armor Holding II LLC (1st Lien) | 496,132 | 493,444 | ||||||
Citco Funding LLC | 527,386 | 528,266 | ||||||
Corporate Capital Trust Inc Term B | 222,120 | 222,120 | ||||||
DTZ Worldwide Ltd | 249,375 | 247,310 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-2
PACIFIC FUNDS
PF FLOATING RATE LOAN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal | Value | |||||||
First Data Corp | ||||||||
3.696% due 03/23/18 § | $623,620 | $619,187 | ||||||
3.696% due 09/24/18 § | 200,000 | 198,646 | ||||||
Term C1 | ||||||||
3.946% due 07/08/22 § | 100,000 | 99,538 | ||||||
Guggenheim Partners Investment Management Holdings LLC | 1,264,161 | 1,266,268 | ||||||
Hamilton Lane Advisors LLC | 50,000 | 50,109 | ||||||
Harbourvest Partners LP | 307,898 | 307,128 | ||||||
ION Trading Technologies SARL Tranche B-1 (Luxembourg) | 204,412 | 202,879 | ||||||
MCS AMS Sub-Holdings LLC | 66,563 | 46,015 | ||||||
NXT Capital Inc | 74,619 | 74,806 | ||||||
Ocwen Loan Servicing LLC | 632,746 | 632,944 | ||||||
PGX Holdings Inc (1st Lien) | 236,560 | 237,398 | ||||||
RCS Capital Corp (1st Lien) | 226,096 | 214,791 | ||||||
Salient Partners LP | 99,750 | 98,254 | ||||||
USI Inc | 298,477 | 296,363 | ||||||
Walker & Dunlop Inc | 271,651 | 272,330 | ||||||
Walter Investment Management Corp Tranche B | 268,290 | 249,733 | ||||||
|
| |||||||
7,039,307 | ||||||||
|
| |||||||
Health Care - 12.1% | ||||||||
Acadia Healthcare Co Inc Tranche B | 24,813 | 24,974 | ||||||
ADMI Corp | 49,875 | 50,228 | ||||||
Alere Inc Term B | 199,500 | 199,915 | ||||||
AMAG Pharmaceuticals Inc | 100,000 | 99,375 | ||||||
Amneal Pharmaceuticals LLC Term B | 502,440 | 504,010 | ||||||
Ardent Legacy Acquisitions Inc | 50,000 | 50,125 | ||||||
Auris Luxembourg III SARL Facility B4 | 99,501 | 99,749 | ||||||
Aveta Inc | 46,847 | 35,135 | ||||||
BioScrip Inc | ||||||||
6.500% due 07/31/20 § | 75,000 | 70,500 | ||||||
Term B | ||||||||
6.500% due 07/31/20 § | 125,000 | 117,500 | ||||||
Carecore National LLC | 471,224 | 454,731 | ||||||
CHS/Community Health Systems Inc | ||||||||
Term G | ||||||||
3.750% due 12/31/19 § | 341,709 | 341,923 | ||||||
Term H | ||||||||
4.000% due 01/27/21 § | 628,739 | 630,049 | ||||||
CPI Buyer LLC (1st Lien) | 298,124 | 295,143 | ||||||
Endo Luxembourg Finance Co I SARL Term B (Luxembourg) | 300,000 | 299,602 | ||||||
Global Healthcare Exchange LLC | 100,000 | 100,125 | ||||||
Horizon Pharma Inc | 325,000 | 323,917 |
Principal | Value | |||||||
Indivior Finance SARL (United Kingdom) | $144,375 | $138,780 | ||||||
InVentiv Health Inc Term B-4 | 963,957 | 964,358 | ||||||
JLL/Delta Dutch Newco BV | ||||||||
4.250% due 03/11/21 § | 493,750 | 487,455 | ||||||
Kindred Healthcare Inc | 1,189,962 | 1,188,951 | ||||||
Millennium Laboratories LLC Tranche B | 765,313 | 242,987 | ||||||
MMM Holdings Inc | 64,439 | 48,329 | ||||||
National Mentor Holdings Inc Tranche B | 49,250 | 49,173 | ||||||
Onex Carestream Finance LP (1st Lien) | 924,447 | 890,474 | ||||||
Pharmaceutical Product Development Inc | 423,938 | 421,244 | ||||||
Physio-Control International Inc Term B (1st Lien) | 50,000 | 49,750 | ||||||
Radnet Management Inc Tranche B | 24,342 | 24,266 | ||||||
RegionalCare Hospital Partners Inc (1st Lien) | 297,739 | 296,064 | ||||||
Steward Health Care System LLC | 491,206 | 490,746 | ||||||
Truven Health Analytics Inc Term B | 194,023 | 192,868 | ||||||
Valeant Pharmaceuticals Series F-1 Tranche B | 995,000 | 986,035 | ||||||
|
| |||||||
10,168,481 | ||||||||
|
| |||||||
Industrials - 13.3% | ||||||||
Accudyne Industries LLC | 686,530 | 629,891 | ||||||
AlixPartners LLP | 75,000 | 75,012 | ||||||
Ameriforge Group Inc (1st Lien) | 369,198 | 256,593 | ||||||
Ceridian HCM Holding Inc | 73,624 | 70,004 | ||||||
CPG International Inc | 296,222 | 294,000 | ||||||
CPM Acquisition Corp (1st Lien) | 49,875 | 50,062 | ||||||
CSC Holdings | 375,000 | 369,375 | ||||||
Custom Sensors & Technologies | 496,241 | 495,776 | ||||||
Doosan Infracore International Inc Tranche B | 1,125,724 | 1,129,476 | ||||||
Dynacast International LLC Term B-1 (1st Lien) | 74,625 | 74,483 | ||||||
EnergySolutions LLC | 117,232 | 116,206 | ||||||
EWT Holdings III Corp (1st Lien) | 992,424 | 987,462 | ||||||
Floatel Delaware LLC | 147,750 | 101,209 | ||||||
Gardner Denver Inc | 1,087,661 | 1,032,523 | ||||||
Gates Global LLC | 892,737 | 849,495 | ||||||
Generac Power Systems Inc Term B | 159,000 | 155,470 | ||||||
Granite Acquisition Inc | 356,501 | 349,966 | ||||||
Term C (1st Lien) | 15,805 | 15,515 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-3
PACIFIC FUNDS
PF FLOATING RATE LOAN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal | Value | |||||||
IG Investments Holdings LLC Tranche B | $220,730 | $220,454 | ||||||
John Maneely Co | 962,274 | 947,840 | ||||||
Kenan Advantage Group Holdings Corp | ||||||||
4.000% due 07/29/22 § | 45,213 | 45,175 | ||||||
Merrill Communications LLC | 74,551 | 74,179 | ||||||
Milacron LLC | 165,068 | 166,307 | ||||||
NN Inc | 181,945 | 182,400 | ||||||
Pelican Products Inc (1st Lien) | 184,798 | 185,029 | ||||||
Rexnord LLC Term B | 1,058,450 | 1,051,645 | ||||||
SIG Combibloc Holdings SCA | 373,125 | 373,514 | ||||||
Stena International SA (Sweden) | 221,625 | 192,537 | ||||||
Tank Holding Corp | 111,720 | 111,301 | ||||||
Tecomet Inc (1st Lien) | 148,875 | 141,431 | ||||||
Transdigm Inc | 152,493 | 151,264 | ||||||
Tranche D | 246,875 | 244,792 | ||||||
VAT Lux III SARL (Switzerland) | 39,006 | 38,957 | ||||||
|
| |||||||
11,179,343 | ||||||||
|
| |||||||
Information Technology - 8.2% | ||||||||
Commscope Inc Tranche 5 | 100,000 | 99,984 | ||||||
CompuCom Systems Inc | 204,542 | 168,065 | ||||||
Dell International LLC Term B-2 | 698,250 | 697,114 | ||||||
EIG Investors Corp (1st Lien) | 986,846 | 988,902 | ||||||
Evergreen (1st Lien) | 693,992 | 628,063 | ||||||
Excelitas Technologies Corp Term B | 235,439 | 228,670 | ||||||
Infor (US) Inc Tranche B-5 | 682,026 | 662,844 | ||||||
Informatica Corp | 275,000 | 273,253 | ||||||
Kronos Acquisition Intermediate Inc | 150,000 | 147,125 | ||||||
Lattice Semiconductor Corp | 223,875 | 212,681 | ||||||
MA Financeco LLC | 131,978 | 132,157 | ||||||
Tranche C | 146,250 | 146,250 | ||||||
Mitel US Holdings Inc | 99,750 | 99,345 | ||||||
Opal Acquisition Inc (1st Lien) | 221,272 | 217,455 | ||||||
RP Crown Parent LLC (1st Lien) | 432,791 | 392,487 | ||||||
SCS Holdings I Inc | 297,950 | 298,322 | ||||||
Smart Technologies ULC Term B (Canada) | 21,250 | 21,250 |
Principal | Value | |||||||
SS&C European Holdings SARL | $238,117 | $238,966 | ||||||
Term B-2 | 37,668 | 37,803 | ||||||
SunEdison Semiconductor BV | 123,438 | 124,209 | ||||||
Sybil Finance BV (Netherlands) | 631,006 | 631,270 | ||||||
Wall Street Systems Delaware Inc | 458,333 | 457,757 | ||||||
|
| |||||||
6,903,972 | ||||||||
|
| |||||||
Materials - 8.0% | ||||||||
ANGUS Chemical Term B-1 | 58,436 | 58,509 | ||||||
Axalta Coating Systems Dutch Holding BV Term B | 326,908 | 325,228 | ||||||
AZ Chem US Inc (1st Lien) | 655,122 | 655,429 | ||||||
Berry Plastics Corp Term E | 90,611 | 90,183 | ||||||
Chemours Co Tranche B | 124,688 | 108,894 | ||||||
Fairmount Minerals Ltd Tranche B-2 | 741,203 | 599,448 | ||||||
FMG Resources Property Ltd (Australia) | 1,295,831 | 1,065,821 | ||||||
Gemini HDPE LLC | 346,751 | 345,596 | ||||||
Headwaters Inc Term B | 24,938 | 25,062 | ||||||
Hilex Novolex (1st Lien) | 497,500 | 498,433 | ||||||
Ineos US Finance LLC | 99,500 | 96,981 | ||||||
MacDermid Inc | 670,715 | 651,013 | ||||||
Tranche B-2 | 74,438 | 72,949 | ||||||
Murray Energy Corp | 49,875 | 45,698 | ||||||
Term B-2 | 274,313 | 214,192 | ||||||
Neenah Foundry Co | 61,084 | 60,626 | ||||||
NM Z Parent Inc | 250,000 | 249,688 | ||||||
Noranda Aluminum Term B | 120,625 | 82,930 | ||||||
Oxea SARL Tranche B-2 (1st Lien) | 73,688 | 71,569 | ||||||
Sonneborn Dutch Holdings BV (Netherlands) | 11,011 | 11,024 | ||||||
Sonneborn LLC | 63,431 | 63,511 | ||||||
Summit Materials LLC | 74,813 | 74,719 | ||||||
Trinseo Materials Operating SCA Term B | 648,375 | 645,640 | ||||||
Tronox Inc Term B | 700,490 | 613,415 | ||||||
|
| |||||||
6,726,558 | ||||||||
|
| |||||||
Telecommunication Services - 2.3% | ||||||||
Intelsat Jackson Holdings SA Tranche B-2 (Luxembourg) | 1,000,000 | 977,250 | ||||||
IPC Corp Term B-1 (1st Lien) | 248,750 | 245,641 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-4
PACIFIC FUNDS
PF FLOATING RATE LOAN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal | Value | |||||||
Syniverse Holdings Inc Tranche B | $721,190 | $663,495 | ||||||
TNS Inc (1st Lien) | 40,603 | 40,747 | ||||||
|
| |||||||
1,927,133 | ||||||||
|
| |||||||
Utilities - 1.3% | ||||||||
Calpine Corp | 374,063 | 369,153 | ||||||
La Frontera | 486,199 | 430,287 | ||||||
Longview Power LLC Term B | 49,875 | 49,626 | ||||||
TPF II LC LLC | 197,724 | 197,950 | ||||||
Viva Alamo LLC | 74,247 | 61,625 | ||||||
|
| |||||||
1,108,641 | ||||||||
|
| |||||||
Total Senior Loan Notes | 80,606,541 | |||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 3.7% | ||||||||
Money Market Fund - 3.7% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 3,085,080 | 3,085,080 | ||||||
|
| |||||||
Total Short-Term Investment | 3,085,080 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.4% | 83,709,900 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.6% | 488,073 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $84,197,973 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Consumer Discretionary | 24.3% | |||
Industrials | 13.3% | |||
Health Care | 12.1% | |||
Consumer Staples | 10.4% | |||
Financials | 8.3% | |||
Information Technology | 8.2% | |||
Materials | 8.0% | |||
Energy | 7.5% | |||
Short-Term Investment | 3.7% | |||
Others (each less than 3.0%) | 3.6% | |||
|
| |||
99.4% | ||||
Other Assets & Liabilities, Net | 0.6% | |||
|
| |||
100.0% | ||||
|
|
(b) | Investments with a total aggregate value of $159,161 or 0.2% of the fund’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee, or to the Board of Trustees. |
(c) | Investments with a total aggregate value of $252,106 or 0.3% of the fund’s net assets were in default as of September 30, 2015. |
(d) | Pursuant to the terms of the following senior loan agreements, the fund had unfunded loan commitments of $104,263 or 0.1% of the net assets as of September 30, 2015, which could be extended at the option of the borrower: |
Borrower | Unfunded Loan Commitments | Value | Unrealized (Depreciation) | |||||||||
Berry Plastics Corp | $99,500 | $99,973 | $473 | |||||||||
Kenan Advantage Group Holdings Corp | 4,763 | 4,781 | 18 | |||||||||
|
|
|
|
|
| |||||||
$104,263 | $104,754 | $491 | ||||||||||
|
|
|
|
|
|
(e) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Convertible Preferred Stocks (1) | $18,279 | $— | $— | $18,279 | |||||||||||||
Senior Loan Notes | 80,606,541 | — | 79,408,445 | 1,198,096 | ||||||||||||||
Short-Term Investment | 3,085,080 | 3,085,080 | — | — | ||||||||||||||
Unfunded Loan Commitments | 491 | — | 491 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $83,710,391 | $3,085,080 | $79,408,936 | $1,216,375 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-5
PACIFIC FUNDS
PF FLOATING RATE LOAN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) for the six-month period ended September 30, 2015:
Convertible Preferred Stocks | Common Stocks | Senior Loan Notes | Total | |||||||||||||
Value, Beginning of Period | $— | $— | $302,670 | $302,670 | ||||||||||||
Purchases | 964 | 693 | — | 1,657 | ||||||||||||
Sales (Includes Paydowns) | — | — | (3,643) | (3,643) | ||||||||||||
Accrued Discounts (Premiums) | — | — | 124 | 124 | ||||||||||||
Net Realized Gains (Losses) | — | — | 62 | 62 | ||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 17,315 | (693) | 31,706 | 48,328 | ||||||||||||
Transfers In | — | — | 867,177 | 867,177 | ||||||||||||
Transfers Out | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Value, End of Period | $18,279 | $— | $1,198,096 | $1,216,375 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Net Unrealized Appreciation (Depreciation) on | $17,315 | ($693) | $31,706 | $48,328 | ||||||||||||
|
|
|
|
|
|
|
|
Additional information about Level 3 fair value measurements as of September 30, 2015 were as follows:
|
|
| Range | |||||||||||||||||
Value at 09/30/15 | Valuation Technique(s) | Unobservable Input(s) | Low | High | Weighted Average | |||||||||||||||
Convertible Preferred Stocks | $18,279 | Weighted Probability Average | Discount for Lack of Marketability | 30.0% | 50.0% | 30.0% | ||||||||||||||
Probability of Default | 35.0% | 55.0% | 45.0% | |||||||||||||||||
Projected Revenue Growth | (22.8% | ) | 6.5% | (3.2% | ) | |||||||||||||||
Projected EBITDA Growth | 1.3% | 7.6% | 5.6% | |||||||||||||||||
EBITDA Multiple | 2.8 | 9.6 | 5.0 | |||||||||||||||||
| ||||||||||||||||||||
Common Stocks | — | Weighted Probability Average | Discount for Lack of Marketability | 30.0% | 50.0% | 40.0% | ||||||||||||||
Probability of Default | 35.0% | 55.0% | 45.0% | |||||||||||||||||
Projected Revenue Growth | (22.8% | ) | 6.5% | (3.2% | ) | |||||||||||||||
Projected EBITDA Growth | 1.3% | 7.6% | 5.6% | |||||||||||||||||
EBITDA Multiple | 2.8 | 9.6 | 5.0 | |||||||||||||||||
| ||||||||||||||||||||
Senior Loan Notes | 140,882 | Weighted Probability Average | Discount for Lack of Marketability | 0.0% | 50.0% | 30.0% | ||||||||||||||
Estimated Liquidation Value | 0.0% | 46.5% | 7.7% | |||||||||||||||||
Probability of Default | 35.0% | 85.0% | 55.6% | |||||||||||||||||
EBITDA Multiple | 6.1 | 17.1 | 11.5 | |||||||||||||||||
Projected Debt Restructuring Recovery | 30.0% | 50.0% | 40.0% | |||||||||||||||||
Demand Yield Model | Discount for Lack of Marketability | 10.0% | 30.0% | 20.0% |
Significant increases or decreases in any of the unobservable inputs could result in a significantly higher or lower fair value measurement.
All other significant unobservable inputs were provided by a vendor-priced single broker quote.
During the six-month period ended September 30, 2015, investments with a total aggregate value of $94,867 were transferred from Level 2 to Level 3 due to the investments being priced using a probability weighted average fair value versus an evaluated vendor price. During the same period, investments with a total aggregate value of $772,310 were transferred from Level 2 to Level 3 due to the investments being priced below 90 using a single broker quoted vendor price versus using a single and/or multiple broker quoted vendor price.
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-6
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments
September 30, 2015 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS & NOTES - 4.2% | ||||||||
Energy - 0.1% | ||||||||
California Resources Corp | $100,000 | $61,500 | ||||||
|
| |||||||
Financials - 2.9% | ||||||||
Bank of America NA | 300,000 | 299,492 | ||||||
Barclays Bank PLC (United Kingdom) | 200,000 | 224,500 | ||||||
Barclays PLC (United Kingdom) | EUR 200,000 | 219,437 | ||||||
Intesa Sanpaolo SPA (Italy) | $100,000 | 100,544 | ||||||
LBG Capital No.2 PLC (United Kingdom) | GBP 190,000 | 403,791 | ||||||
Lloyds Bank PLC (United Kingdom) | $100,000 | 99,868 | ||||||
Navient Corp | 200,000 | 202,133 | ||||||
|
| |||||||
1,549,765 | ||||||||
|
| |||||||
Health Care - 0.3% | ||||||||
Medtronic Inc | 150,000 | 155,136 | ||||||
|
| |||||||
Industrials - 0.8% | ||||||||
Hellenic Railways Organization SA (Greece) | EUR 100,000 | 94,700 | ||||||
International Lease Finance Corp | ||||||||
6.750% due 09/01/16 ~ | $100,000 | 103,625 | ||||||
7.125% due 09/01/18 ~ | 200,000 | 220,722 | ||||||
|
| |||||||
419,047 | ||||||||
|
| |||||||
Information Technology - 0.1% | ||||||||
Hewlett Packard Enterprise Co | ||||||||
2.450% due 10/05/17 ~ | 35,000 | 34,980 | ||||||
2.850% due 10/05/18 ~ | 35,000 | 34,955 | ||||||
|
| |||||||
69,935 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 2,255,383 | |||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 4.3% | ||||||||
Collateralized Mortgage Obligations - Commercial - 0.4% |
| |||||||
JP Morgan Chase Commercial Mortgage Securities Trust | 105,115 | 108,699 | ||||||
Morgan Stanley Capital I Trust | 84,596 | 89,678 | ||||||
|
| |||||||
198,377 | ||||||||
|
| |||||||
Collateralized Mortgage Obligations - Residential - 3.9% |
| |||||||
Banc of America Funding Trust | 360,265 | 338,543 | ||||||
Banc of America Mortgage Trust | 84,556 | 80,735 | ||||||
Bear Stearns Adjustable Rate Mortgage Trust | ||||||||
2.320% due 08/25/35 " § | 12,216 | 12,367 | ||||||
2.515% due 03/25/35 " § | 10,384 | 10,527 | ||||||
2.680% due 03/25/35 " § | 41,426 | 41,698 | ||||||
Citigroup Mortgage Loan Trust Inc | ||||||||
2.210% due 09/25/35 " § | 19,080 | 19,158 | ||||||
2.420% due 09/25/35 " § | 16,615 | 16,749 |
Principal Amount | Value | |||||||
Countrywide Home Loan Mortgage Pass-Through Trust | $36,140 | $34,025 | ||||||
Fannie Mae | ||||||||
0.544% due 07/25/37 " § | 112,630 | 113,122 | ||||||
0.574% due 07/25/37 " § | 109,490 | 110,167 | ||||||
0.634% due 05/25/36 " § | 101,777 | 102,036 | ||||||
0.639% due 02/25/37 " § | 27,636 | 27,748 | ||||||
0.874% due 02/25/41 " § | 209,826 | 212,100 | ||||||
First Horizon Mortgage Pass-Through Trust | 51,367 | 50,147 | ||||||
GSR Mortgage Loan Trust | 35,256 | 35,451 | ||||||
JP Morgan Mortgage Trust | 79,365 | 78,669 | ||||||
Merrill Lynch Mortgage Investors Trust | 102,119 | 102,628 | ||||||
New York Mortgage Trust | 377,773 | 344,578 | ||||||
Reperforming Loan REMIC Trust | 13,987 | 12,456 | ||||||
Residential Accredit Loans Inc Trust | 116,789 | 51,385 | ||||||
Structured Adjustable Rate Mortgage Loan Trust | 30,234 | 26,332 | ||||||
Structured Asset Mortgage Investments II Trust | 102,487 | 81,124 | ||||||
Wells Fargo Mortgage Backed Securities Trust | 224,354 | 226,133 | ||||||
|
| |||||||
2,127,878 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities | 2,326,255 | |||||||
|
| |||||||
ASSET-BACKED SECURITIES - 4.7% | ||||||||
Bear Stearns Asset-Backed Securities Trust | 300,000 | 281,632 | ||||||
Elm CLO Ltd (Cayman) | 589,690 | 590,106 | ||||||
Freddie Mac Structured Pass-Through Securities | 1,535 | 1,518 | ||||||
Hillmark Funding Ltd CLO (Cayman) | 567,445 | 555,472 | ||||||
Park Place Securities Inc Asset-Backed Pass-Through Certificates | 28,675 | 28,763 | ||||||
SLM Student Loan Trust | EUR 993,261 | 1,070,477 | ||||||
Wood Street II BV CLO (Netherlands) | 18,436 | 20,511 | ||||||
|
| |||||||
Total Asset-Backed Securities | 2,548,479 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 113.8% | ||||||||
U.S. Treasury Bonds - 1.9% |
| |||||||
2.500% due 02/15/45 | $120,000 | 110,581 | ||||||
2.875% due 08/15/45 | 50,000 | 50,016 | ||||||
3.000% due 05/15/45 | 830,000 | 850,215 | ||||||
|
| |||||||
1,010,812 | ||||||||
|
| |||||||
U.S. Treasury Inflation Protected Securities - 109.1% |
| |||||||
0.125% due 04/15/17 ^ | 1,386,964 | 1,382,431 | ||||||
0.125% due 04/15/18 ^ | 10,024,348 | 10,018,175 | ||||||
0.125% due 04/15/19 ^ | 5,622,040 | 5,606,736 | ||||||
0.125% due 04/15/20 ^ | 1,712,088 | 1,702,836 | ||||||
0.125% due 01/15/22 ^ | 1,792,531 | 1,749,586 | ||||||
0.125% due 07/15/22 ^ | 882,122 | 861,602 | ||||||
0.125% due 01/15/23 ^ | 1,902,431 | 1,837,172 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-7
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal Amount | Value | |||||||
0.125% due 07/15/24 ^ | $894,530 | $855,068 | ||||||
0.250% due 01/15/25 ^ | 654,940 | 628,776 | ||||||
0.375% due 07/15/23 ^ | 1,271,632 | 1,251,738 | ||||||
0.375% due 07/15/25 ^ | 301,911 | 294,534 | ||||||
0.625% due 07/15/21 ^ | 14,432,029 | 14,652,252 | ||||||
0.625% due 01/15/24 ^ | 1,728,549 | 1,723,113 | ||||||
0.625% due 02/15/43 ^ | 280,268 | 236,903 | ||||||
0.750% due 02/15/42 ^ | 612,579 | 537,936 | ||||||
0.750% due 02/15/45 ^ | 679,025 | 590,827 | ||||||
1.125% due 01/15/21 ^ | 916,415 | 953,566 | ||||||
1.250% due 07/15/20 ^ | 864,505 | 908,625 | ||||||
1.375% due 07/15/18 ^ | 652,965 | 679,407 | ||||||
1.375% due 02/15/44 ^ | 3,809,282 | 3,876,516 | ||||||
1.625% due 01/15/18 ^ | 922,736 | 955,692 | ||||||
1.750% due 01/15/28 ^ | 478,456 | 529,924 | ||||||
2.000% due 01/15/26 ^ | 432,871 | 486,552 | ||||||
2.125% due 02/15/40 ^ | 110,416 | 130,514 | ||||||
2.125% due 02/15/41 ^ | 108,979 | 129,556 | ||||||
2.375% due 01/15/17 ^ | 508,871 | 522,666 | ||||||
2.375% due 01/15/25 ^ | 443,132 | 510,746 | ||||||
2.375% due 01/15/27 ^ | 2,402,343 | 2,816,951 | ||||||
2.500% due 07/15/16 ^ | 472,696 | 480,685 | ||||||
2.500% due 01/15/29 ^ | 689,173 | 828,404 | ||||||
3.375% due 04/15/32 ^ | 201,680 | 276,969 | ||||||
3.625% due 04/15/28 ^ | 324,619 | 431,061 | ||||||
3.875% due 04/15/29 ^ | 304,861 | 421,086 | ||||||
|
| |||||||
58,868,605 | ||||||||
|
| |||||||
U.S. Treasury Notes - 2.8% |
| |||||||
2.000% due 07/31/22 | 400,000 | 406,979 | ||||||
2.125% due 05/15/25 | 1,100,000 | 1,107,004 | ||||||
|
| |||||||
1,513,983 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations | 61,393,400 | |||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 9.5% |
| |||||||
Autonomous Community of Catalonia (Spain) | EUR 100,000 | 119,882 | ||||||
Bundesrepublik Deutschland Bundesobligation Inflation Linked (Germany) | 530,190 | 610,623 | ||||||
Italy Buoni Poliennali Del Tesoro (Italy) | ||||||||
2.100% due 09/15/21 ^ ~ | 43,240 | 53,290 | ||||||
2.250% due 04/22/17 ^ ~ | 301,386 | 345,986 | ||||||
2.350% due 09/15/24 ^ ~ | 401,084 | 507,220 | ||||||
2.550% due 10/22/16 ^ ~ | 221,016 | 252,243 | ||||||
3.100% due 09/15/26 ^ ~ | 52,907 | 72,094 | ||||||
Mexican Udibonos (Mexico) | ||||||||
4.000% due 11/08/46 ^ | MXN 1,573,707 | 99,385 | ||||||
4.500% due 12/04/25 ^ | 12,892,499 | 864,108 | ||||||
New Zealand Government (New Zealand) | NZD 600,000 | 393,949 | ||||||
Slovenia Government (Slovenia) | EUR 100,000 | 117,349 | ||||||
Spain Government (Spain) | ||||||||
2.750% due 10/31/24 ~ | 100,000 | 120,588 | ||||||
3.800% due 04/30/24 ~ | 100,000 | 129,958 | ||||||
4.400% due 10/31/23 ~ | 100,000 | 134,990 | ||||||
5.400% due 01/31/23 ~ | 100,000 | 141,865 | ||||||
United Kingdom Gilt Inflation-Linked (United Kingdom) | ||||||||
0.125% due 03/22/24 ^ ~ | GBP 661,410 | 1,084,640 | ||||||
0.125% due 03/22/58 ^ ~ | 10,106 | 22,965 | ||||||
0.125% due 03/22/68 ^ ~ | 10,357 | 26,760 | ||||||
0.375% due 03/22/62 ^ ~ | 10,966 | 28,780 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes |
| 5,126,675 | ||||||
|
| |||||||
PURCHASED OPTIONS - 0.3% | ||||||||
(See Note (f) in Notes to Schedule of Investments) | 168,638 | |||||||
|
|
| Value | |||||||
SHORT-TERM INVESTMENT - 5.2% | ||||||||
Money Market Fund - 5.2% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 2,821,209 | $2,821,209 | ||||||
|
| |||||||
Total Short-Term Investment |
| 2,821,209 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 142.0% | 76,640,039 | |||||||
OTHER ASSETS & LIABILITIES, NET - (42.0%) | (22,687,598 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $53,952,441 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
U.S. Treasury Obligations | 113.8% | |||
Foreign Government Bonds & Notes | 9.5% | |||
Short-Term Investment | 5.2% | |||
Asset-Backed Securities | 4.7% | |||
Mortgage-Backed Securities | 4.3% | |||
Corporate Bonds & Notes | 4.2% | |||
Others (each less than 3.0%) | 0.3% | |||
|
| |||
142.0% | ||||
Other Assets & Liabilities, Net | (42.0% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | An investment with a value of $344,578 or 0.6% of the fund’s net assets was in default as of September 30, 2015. |
(c) | The average amount of borrowings by the fund on sale-buyback financing transactions (See Note 4 in Notes to Financial Statements) outstanding during the six-month period ended September 30, 2015 was $28,344,313 at a weighted average interest rate of (0.005%). |
(d) | Open futures contracts outstanding as of September 30, 2015 were as follows: |
Long Futures Outstanding | Number of Contracts | Unrealized Appreciation (Depreciation) | ||||||
Eurodollar (12/17) | 3 | ($122 | ) | |||||
Eurodollar (12/17) | 94 | 93,632 | ||||||
Euro-Bund (12/15) | 1 | 3,205 | ||||||
U.S. Treasury 5-Year Notes (12/15) | 11 | 3,425 | ||||||
U.S. Treasury 10-Year Notes (12/15) | 34 | 31,421 | ||||||
|
| |||||||
131,561 | ||||||||
|
| |||||||
Short Futures Outstanding | ||||||||
Euro-BTP (12/15) | 1 | (2,783 | ) | |||||
Eurodollar (12/15) | 38 | (6,509 | ) | |||||
Eurodollar (03/16) | 41 | (11,023 | ) | |||||
Eurodollar (06/16) | 1 | (997 | ) | |||||
Eurodollar (09/16) | 8 | (10,279 | ) | |||||
Eurodollar (12/16) | 35 | (18,038 | ) | |||||
Eurodollar (03/17) | 3 | (4,680 | ) | |||||
Eurodollar (12/18) | 90 | (93,817 | ) | |||||
Eurodollar (12/18) | 3 | 65 | ||||||
U.S. Treasury 5-Year Notes (12/15) | 8 | (557 | ) | |||||
U.S. Treasury 30-Year Bonds (12/15) | 8 | (11,650 | ) | |||||
|
| |||||||
(160,268 | ) | |||||||
|
| |||||||
Total Futures Contracts | ($28,707 | ) | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-8
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(e) | Forward foreign currency contracts outstanding as of September 30, 2015 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||
BRL | 838,113 | USD | 232,799 | 10/15 | JPM | ($21,546 | ) | |||||||||||
BRL | 838,113 | USD | 207,095 | 11/15 | DUB | 1,687 | ||||||||||||
EUR | 97,000 | USD | 109,970 | 10/15 | CIT | (1,578 | ) | |||||||||||
EUR | 332,000 | USD | 375,108 | 10/15 | GSC | (4,117 | ) | |||||||||||
EUR | 217,000 | USD | 244,924 | 10/15 | JPM | (2,440 | ) | |||||||||||
EUR | 29,000 | USD | 32,534 | 11/15 | JPM | (113 | ) | |||||||||||
GBP | 96,000 | USD | 146,988 | 11/15 | CIT | (1,796 | ) | |||||||||||
GBP | 19,000 | USD | 29,715 | 11/15 | GSC | (979 | ) | |||||||||||
GBP | 22,000 | USD | 34,006 | 11/15 | JPM | (733 | ) | |||||||||||
INR | 72,876,990 | USD | 1,133,743 | 10/15 | JPM | (27,647 | ) | |||||||||||
KRW | 83,589,690 | USD | 72,000 | 10/15 | GSC | (1,531 | ) | |||||||||||
MXN | 933,000 | USD | 54,651 | 12/15 | BRC | 186 | ||||||||||||
NZD | 690,000 | USD | 437,435 | 10/15 | JPM | 3,682 | ||||||||||||
NZD | 105,000 | USD | 68,443 | 11/15 | GSC | (1,532 | ) | |||||||||||
SGD | 100,000 | USD | 69,784 | 10/15 | CIT | 465 | ||||||||||||
USD | 27,517 | AUD | 39,000 | 11/15 | GSC | 207 | ||||||||||||
USD | 209,214 | BRL | 838,113 | 10/15 | DUB | (2,039 | ) | |||||||||||
USD | 340,000 | BRL | 1,133,560 | 04/16 | JPM | 71,232 | ||||||||||||
USD | 28,825 | CAD | 38,000 | 11/15 | JPM | 356 | ||||||||||||
USD | 8,934 | EUR | 8,000 | 10/15 | CIT | (6 | ) | |||||||||||
USD | 4,755,161 | EUR | 4,213,826 | 10/15 | GSC | 46,465 | ||||||||||||
USD | 333,789 | EUR | 297,000 | 10/15 | JPM | 1,910 | ||||||||||||
USD | 4,352,216 | EUR | 3,872,826 | 11/15 | GSC | 22,452 | ||||||||||||
USD | 40,135 | EUR | 35,818 | 11/15 | UBS | 85 | ||||||||||||
USD | 1,733,668 | GBP | 1,125,000 | 10/15 | GSC | 31,846 | ||||||||||||
USD | 89,507 | GBP | 57,000 | 11/15 | CIT | 3,299 | ||||||||||||
USD | 1,786,390 | GBP | 1,178,000 | 11/15 | JPM | 984 | ||||||||||||
USD | 575,292 | INR | 37,422,720 | 11/15 | CIT | 10,413 | ||||||||||||
USD | 170,000 | INR | 11,304,660 | 11/15 | JPM | (1,159 | ) | |||||||||||
USD | 230,312 | JPY | 27,900,000 | 10/15 | DUB | (2,261 | ) | |||||||||||
USD | 232,680 | JPY | 27,900,000 | 11/15 | JPM | 12 | ||||||||||||
USD | 141,831 | KRW | 160,488,900 | 10/15 | CIT | 6,534 | ||||||||||||
USD | 50,000 | KRW | 59,610,000 | 10/15 | JPM | (253 | ) | |||||||||||
USD | 541,992 | MXN | 9,142,863 | 12/15 | CIT | 4,630 | ||||||||||||
USD | 556,041 | MXN | 9,400,989 | 12/15 | GSC | 3,508 | ||||||||||||
USD | 442,133 | NZD | 690,000 | 10/15 | GSC | 1,082 | ||||||||||||
USD | 436,402 | NZD | 690,000 | 11/15 | JPM | (3,587 | ) | |||||||||||
USD | 40,468 | SGD | 57,000 | 10/15 | CIT | 426 | ||||||||||||
USD | 30,632 | SGD | 43,000 | 10/15 | JPM | 425 | ||||||||||||
USD | 69,582 | SGD | 100,000 | 12/15 | CIT | (519 | ) | |||||||||||
USD | 70,000 | TWD | 2,278,500 | 10/15 | DUB | 799 | ||||||||||||
|
| |||||||||||||||||
Total Forward Foreign Currency Contracts |
| $138,849 | ||||||||||||||||
|
|
(f) | Purchased options outstanding as of September 30, 2015 were as follows: |
Credit Default Swaptions on Credit Indices – Buy Protection
Description | Exercise Rate | Expiration Date | Counter- Party | Notional Amount | Cost | Value | ||||||||||||||
Put - CDX IG 24 5Y Index | 2.000% | 12/16/15 | MSC | $100,000 | $10 | $5 | ||||||||||||||
|
|
|
|
Foreign Currency Options
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Cost | Value | ||||||||||||||||
Call - EUR versus USD | $1.32 | 11/06/15 | JPM | EUR 1,000,000 | $110 | $2 | ||||||||||||||||
Call - EUR versus USD | 1.33 | 11/27/15 | JPM | 100,000 | 11 | 1 | ||||||||||||||||
|
|
|
| |||||||||||||||||||
$121 | $3 | |||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-9
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Interest Rate Swaptions
Description | Pay/Receive Floating Rate | Floating Rate Index | Exercise Rate | Expiration Date | Counter- party | Notional Amount | Cost | Value | ||||||||||||||||||
Call - 1-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 0.800% | 01/19/16 | MSC | $2,800,000 | $4,480 | $5,847 | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Put - 20-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 3.065% | 10/05/15 | MSC | 800,000 | 8,941 | — | ||||||||||||||||||
Put - 1-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 0.950% | 12/15/15 | CIT | 3,400,000 | 4,182 | 414 | ||||||||||||||||||
Put - 1-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 0.950% | 12/15/15 | MSC | 1,600,000 | 1,840 | 195 | ||||||||||||||||||
Put - 30-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 3.250% | 02/08/16 | DUB | 200,000 | 2,400 | 901 | ||||||||||||||||||
Put - 1-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 1.500% | 04/06/16 | MSC | 3,200,000 | 2,960 | 408 | ||||||||||||||||||
Put - 1-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 1.500% | 04/11/16 | CIT | 8,600,000 | 7,310 | 1,180 | ||||||||||||||||||
Put - 1-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 1.500% | 04/29/16 | GSC | 1,600,000 | 1,280 | 311 | ||||||||||||||||||
Put - 1-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 1.000% | 06/23/16 | MSC | 2,000,000 | 3,700 | 2,964 | ||||||||||||||||||
Put - 1-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 1.000% | 06/24/16 | MSC | 2,000,000 | 3,580 | 2,986 | ||||||||||||||||||
Put - 30-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 2.683% | 12/11/17 | MSC | 1,000,000 | 140,000 | 101,012 | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
176,193 | 110,371 | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
$180,673 | $116,218 | |||||||||||||||||||||||||
|
|
|
|
Options on Futures
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Cost | Value | ||||||||||||||||
Call - U.S. Treasury 5-Year Notes (11/15) | $120.50 | 10/23/15 | CME | 24 | $9,078 | $9,188 | ||||||||||||||||
Call - U.S. Treasury 5-Year Notes (11/15) | 122.00 | 10/23/15 | CME | 65 | 2,821 | 2,031 | ||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/15) | 128.50 | 10/23/15 | CME | 18 | 4,699 | 6,187 | ||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/15) | 129.50 | 10/23/15 | CME | 18 | 7,652 | 14,062 | ||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/15) | 158.00 | 10/23/15 | CME | 10 | 9,876 | 15,469 | ||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/15) | 165.00 | 10/23/15 | CME | 27 | 8,494 | 4,641 | ||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (12/15) | 202.00 | 11/20/15 | CME | 4 | 34 | 62 | ||||||||||||||||
|
|
|
| |||||||||||||||||||
42,654 | 51,640 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (12/15) | 107.00 | 11/20/15 | CME | 9 | 77 | 141 | ||||||||||||||||
Put - U.S. Treasury 5-Year Notes (12/15) | 109.50 | 11/20/15 | CME | 4 | 34 | 31 | ||||||||||||||||
Put - U.S. Treasury 10-Year Notes (12/15) | 109.50 | 11/20/15 | CME | 14 | 120 | 219 | ||||||||||||||||
Put - U.S. Treasury 5-Year Notes (12/15) | 110.00 | 11/20/15 | CME | 14 | 120 | 109 | ||||||||||||||||
Put - U.S. Treasury 5-Year Notes (12/15) | 111.50 | 11/20/15 | CME | 10 | 86 | 78 | ||||||||||||||||
Put - Eurodollar (12/15) | 99.38 | 12/14/15 | CME | 31 | 2,655 | 194 | ||||||||||||||||
|
|
|
| |||||||||||||||||||
3,092 | 772 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||
$45,746 | $52,412 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Total Purchased Options | $226,550 | $168,638 | ||||||||||||||||||||
|
|
|
|
(g) | Transactions in written options for the six-month period ended September 30, 2015 were as follows: |
Number of Contracts | Notional Amount in EUR | Notional Amount in GBP | Notional Amount in $ | Premium | ||||||||||||||||
Outstanding, March 31, 2015 | — | 1,992,000 | — | 15,750,000 | $233,805 | |||||||||||||||
Call Options Written | 120 | 620,000 | 400,000 | 10,979,000 | 296,944 | |||||||||||||||
Put Options Written | 68 | 1,300,000 | 200,000 | 11,354,000 | 484,603 | |||||||||||||||
Call Options Closed | (6 | ) | (600,000) | — | (6,400,000) | (205,291) | ||||||||||||||
Put Options Closed | (31 | ) | (600,000) | — | (5,200,000) | (423,673) | ||||||||||||||
Call Options Expired | (17 | ) | (620,000) | (400,000) | (629,000) | (84,499) | ||||||||||||||
Put Options Expired | (11 | ) | (2,092,000) | (200,000) | (5,754,000) | (69,936) | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Outstanding, September 30, 2015 | 123 | — | — | 20,100,000 | $231,953 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(h) | Premiums received and value of written options outstanding as of September 30, 2015 were as follows: |
Inflation Floor/Cap Options
Description | Initial Index | Floating Rate | Expiration Date | Counter- party | Notional Amount | Premium | Value | |||||||||||||||||
Cap - U.S. CPI Urban Consumers NSA | 0.00 | Maximum of [(1+0.00%)10 - | 06/01/16 | DUB | $200,000 | $168 | ($1 | ) | ||||||||||||||||
Floor - U.S. CPI Urban Consumers NSA | 0.00 | Maximum of [(1+0.00%)10 - | 03/24/20 | JPM | 700,000 | 7,910 | (9,827 | ) | ||||||||||||||||
Floor - U.S. CPI Urban Consumers NSA | 0.00 | Maximum of [(1+0.00%)10 - | 04/07/20 | CIT | 2,000,000 | 17,720 | (2,003 | ) | ||||||||||||||||
Floor - U.S. CPI Urban Consumers NSA | 0.00 | Maximum of [(1+0.00%)10 - | 09/29/20 | CIT | 300,000 | 3,870 | (337 | ) | ||||||||||||||||
Cap - U.S. CPI Urban Consumers NSA | 0.00 | Maximum of [(1+0.00%)10 - | 04/22/24 | JPM | 1,900,000 | 13,822 | (3,627 | ) | ||||||||||||||||
Cap - U.S. CPI Urban Consumers NSA | 0.00 | Maximum of [(1+0.00%)10 - | 05/16/24 | JPM | 200,000 | 1,390 | (393 | ) | ||||||||||||||||
|
|
|
| |||||||||||||||||||||
$44,880 | ($16,188 | ) | ||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-10
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Interest Rate Swaptions
Description | Pay/Receive Floating Rate | Floating Rate Index | Exercise Rate | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||||||
Call - 5-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 2.800% | 10/23/15 | DUB | $800,000 | $2,120 | ($5,307 | ) | |||||||||||||||||||
Call - 1-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 0.520% | 01/19/16 | MSC | 2,800,000 | 1,680 | (1,504 | ) | |||||||||||||||||||
Call - 1-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 0.660% | 01/19/16 | MSC | 2,800,000 | 2,800 | (3,296 | ) | |||||||||||||||||||
Call - 30-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 2.250% | 02/08/16 | DUB | 200,000 | 2,620 | (3,379 | ) | |||||||||||||||||||
Call - 5-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 2.500% | 02/18/16 | GSC | 1,900,000 | 6,080 | (11,613 | ) | |||||||||||||||||||
Call - 5-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 2.400% | 03/14/16 | GSC | 1,100,000 | 4,125 | (5,978 | ) | |||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
19,425 | (31,077 | ) | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Put - 10-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.750% | 10/05/15 | MSC | 700,000 | 4,155 | — | ||||||||||||||||||||
Put - 30-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 3.120% | 10/05/15 | MSC | 300,000 | 4,658 | — | ||||||||||||||||||||
Put - 5-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.500% | 12/11/17 | MSC | 4,200,000 | 140,000 | (73,558 | ) | |||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
148,813 | (73,558 | ) | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
$168,238 | ($104,635 | ) | ||||||||||||||||||||||||||
|
|
|
|
Options on Futures
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Premium | Value | ||||||||||||||||||
Call - U.S. Treasury 5-Year Notes (11/15) | $121.00 | 10/23/15 | CME | 24 | $4,422 | ($4,313 | ) | |||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/15) | 131.50 | 10/23/15 | CME | 36 | 1,852 | (2,250 | ) | |||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/15) | 161.00 | 10/23/15 | CME | 10 | 3,874 | (6,250 | ) | |||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/15) | 168.00 | 10/23/15 | CME | 27 | 3,678 | (1,687 | ) | |||||||||||||||||
|
|
|
| |||||||||||||||||||||
13,826 | (14,500 | ) | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (11/15) | 119.50 | 10/23/15 | CME | 24 | 2,172 | (1,688 | ) | |||||||||||||||||
Put - U.S. Treasury 30-Year Bonds (11/15) | 155.00 | 10/23/15 | CME | 2 | 2,837 | (1,750 | ) | |||||||||||||||||
|
|
|
| |||||||||||||||||||||
5,009 | (3,438 | ) | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
$18,835 | ($17,938 | ) | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Written Options | $231,953 | ($138,761 | ) | |||||||||||||||||||||
|
|
|
|
(i) | Swap agreements outstanding as of September 30, 2015 were as follows: |
Credit Default Swaps on Corporate and Sovereign Issues – Sell Protection (1)
Referenced Obligation | Fixed Deal Receive Rate | Expiration Date | Counter- party | Implied Credit Spread at 09/30/15 (2) | Notional Amount (3) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
Gazprom OAO | 1.000% | 03/20/16 | GSC | 3.472% | $150,000 | ($1,706 | ) | ($8,916 | ) | $7,210 | ||||||||||||||||||||
Gazprom OAO | 1.000% | 03/20/16 | JPM | 3.472% | 150,000 | (1,707 | ) | (11,205 | ) | 9,498 | ||||||||||||||||||||
Greek Government | 1.000% | 12/20/16 | GSC | 65.893% | 50,000 | (11,988 | ) | (3,750 | ) | (8,238 | ) | |||||||||||||||||||
Italian Government | 1.000% | 03/20/19 | DUB | 0.860% | 950,000 | 4,795 | (16,437 | ) | 21,232 | |||||||||||||||||||||
Spain Government | 1.000% | 03/20/19 | HSB | 0.779% | 200,000 | 1,567 | (1,509 | ) | 3,076 | |||||||||||||||||||||
Spain Government | 1.000% | 03/20/19 | MSC | 0.779% | 100,000 | 784 | (614 | ) | 1,398 | |||||||||||||||||||||
Freeport-McMoran Inc | 1.000% | 09/20/20 | JPM | 6.509% | 100,000 | (21,910 | ) | (16,413 | ) | (5,497 | ) | |||||||||||||||||||
Chesapeake Energy Corp | 5.000% | 09/20/20 | GSC | 12.616% | 100,000 | (23,810 | ) | (9,973 | ) | (13,837 | ) | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
($53,975 | ) | ($68,817 | ) | $14,842 | ||||||||||||||||||||||||||
|
|
|
|
|
|
Credit Default Swaps on Credit Indices – Sell Protection (1)
Referenced Obligation | Fixed Deal Receive Rate | Expiration Date | Exchange | Notional Amount (3) | Value (4) | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
CDX IG 25 5Y | 1.000% | 12/20/20 | ICE | $100,000 | $355 | $371 | ($16 | ) | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
($53,620 | ) | ($68,446 | ) | $14,826 | ||||||||||||||||||||||||
|
|
|
|
|
|
(1) | If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(2) | An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate and sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-11
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(3) | The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) | The quoted market prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
Interest Rate Swaps – Pay Floating Rate
Floating Rate Index | Counterparty | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
BRL - CDI Compounded | DUB | 13.450% | 01/04/21 | BRL 900,000 | ($11,795 | ) | $66 | ($11,861 | ) | |||||||||||||||||
BRL - CDI Compounded | DUB | 14.500% | 01/04/21 | 1,100,000 | (6,361 | ) | — | (6,361 | ) | |||||||||||||||||
U.S. CPI Urban Consumers | MSC | 2.058% | 05/12/25 | $700,000 | 26,158 | — | 26,158 | |||||||||||||||||||
France CPI Excluding Tobacco | CIT | 1.675% | 06/15/25 | EUR 400,000 | 24,412 | — | 24,412 | |||||||||||||||||||
GBP Retail Price | GSC | 3.140% | 01/14/30 | GBP 950,000 | 15,326 | — | 15,326 | |||||||||||||||||||
GBP Retail Price | CIT | 3.190% | 04/15/30 | 300,000 | 4,149 | — | 4,149 | |||||||||||||||||||
GBP Retail Price | GSC | 3.320% | 05/15/30 | 100,000 | 4,368 | — | 4,368 | |||||||||||||||||||
GBP Retail Price | CIT | 3.430% | 06/15/30 | 200,000 | 13,491 | 138 | 13,353 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
69,748 | 204 | 69,544 | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||
28-Day MXN TIIE | CME | 5.145% | 04/02/20 | MXN 1,200,000 | (480 | ) | (64 | ) | (416 | ) | ||||||||||||||||
6-Month EUR-LIBOR | CME | 1.500% | 03/16/46 | EUR 100,000 | (1,614 | ) | 19,959 | (21,573 | ) | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
(2,094 | ) | 19,895 | (21,989 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
$67,654 | $20,099 | $47,555 | ||||||||||||||||||||||||
|
|
|
|
|
|
Interest Rate Swaps – Receive Floating Rate
Floating Rate Index | Counterparty | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
Eurostat Eurozone HICP Ex Tobacco | DUB | 0.605% | 09/15/18 | EUR 100,000 | ($72 | ) | $— | ($72 | ) | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||
3-Month USD-LIBOR | CME | 1.500% | 12/16/17 | $2,600,000 | (32,927 | ) | (15,678 | ) | (17,249 | ) | ||||||||||||||||
3-Month USD-LIBOR | CME | 2.000% | 12/16/20 | 100,000 | (2,484 | ) | (2,453 | ) | (31 | ) | ||||||||||||||||
6-Month EUR-LIBOR | CME | 1.000% | 12/17/24 | EUR 600,000 | (9,455 | ) | — | (9,455 | ) | |||||||||||||||||
28-Day MXN TIIE | CME | 6.390% | 07/10/25 | MXN 4,600,000 | (774 | ) | 799 | (1,573 | ) | |||||||||||||||||
28-Day MXN TIIE | CME | 6.420% | 07/10/25 | 5,900,000 | (584 | ) | — | (584 | ) | |||||||||||||||||
3-Month USD-LIBOR | CME | 2.225% | 09/16/25 | $200,000 | (3,948 | ) | — | (3,948 | ) | |||||||||||||||||
3-Month USD-LIBOR | CME | 2.233% | 09/16/25 | 300,000 | (5,856 | ) | — | (5,856 | ) | |||||||||||||||||
3-Month USD-LIBOR | CME | 2.500% | 12/16/25 | 700,000 | (27,346 | ) | (12,457 | ) | (14,889 | ) | ||||||||||||||||
3-Month USD-LIBOR | LCH | 2.500% | 12/16/25 | 5,000,000 | (201,258 | ) | 75,863 | (277,121 | ) | |||||||||||||||||
6-Month EUR-LIBOR | CME | 1.000% | 03/16/26 | EUR 200,000 | 1,159 | 2,242 | (1,083 | ) | ||||||||||||||||||
6-Month GBP-LIBOR | CME | 2.000% | 03/16/26 | GBP 1,020,000 | (14,032 | ) | 14,754 | (28,786 | ) | |||||||||||||||||
28-Day MXN TIIE | CME | 7.030% | 06/28/35 | MXN 100,000 | 51 | — | 51 | |||||||||||||||||||
6-Month GBP-LIBOR | CME | 2.000% | 09/16/45 | GBP 460,000 | 10,713 | 33,072 | (22,359 | ) | ||||||||||||||||||
3-Month USD-LIBOR | CME | 2.750% | 12/16/45 | $100,000 | (3,999 | ) | 612 | (4,611 | ) | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
(290,740 | ) | 96,754 | (387,494 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
($290,812 | ) | $96,754 | ($387,566 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
($223,158 | ) | $116,853 | ($340,011 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
Total Swap Agreements | ($276,778 | ) | $48,407 | ($325,185 | ) | |||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-12
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(j) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
| Total Value at September 30, 2015 | | | Level 1 Quoted Price | | | Level 2 Significant Observable Inputs | | | Level 3 Significant Unobservable Inputs | | |||||||
Assets | Corporate Bonds & Notes | $2,255,383 | $— | $2,255,383 | $— | |||||||||||||
Mortgage-Backed Securities | 2,326,255 | — | 2,326,255 | — | ||||||||||||||
Asset-Backed Securities | 2,548,479 | — | 2,548,479 | — | ||||||||||||||
U.S. Treasury Obligations | 61,393,400 | — | 61,393,400 | — | ||||||||||||||
Foreign Government Bonds & Notes | 5,126,675 | — | 5,126,675 | — | ||||||||||||||
Short-Term Investment | 2,821,209 | 2,821,209 | — | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Purchased Options | 5 | — | 5 | — | ||||||||||||||
Swaps | 7,501 | — | 7,501 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Credit Contracts | 7,506 | — | 7,506 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 212,685 | — | 212,685 | — | ||||||||||||||
Purchased Options | 3 | — | 3 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | 212,688 | — | 212,688 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | 131,748 | 131,748 | — | — | ||||||||||||||
Purchased Options | 168,630 | 52,412 | 116,218 | — | ||||||||||||||
Swaps | 99,827 | — | 99,827 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | 400,205 | 184,160 | 216,045 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 620,399 | 184,160 | 436,239 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 77,091,800 | 3,005,369 | 74,086,431 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | (61,121 | ) | — | (61,121 | ) | — | ||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (73,836 | ) | — | (73,836 | ) | — | ||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | (160,455 | ) | (160,455 | ) | — | — | ||||||||||||
Written Options | (138,761 | ) | (17,938 | ) | (120,823 | ) | — | |||||||||||
Swaps | (322,985 | ) | — | (322,985 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | (622,201 | ) | (178,393 | ) | (443,808 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (757,158 | ) | (178,393 | ) | (578,765 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (757,158 | ) | (178,393 | ) | (578,765 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $76,334,642 | $2,826,976 | $73,507,666 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of September 30, 2015, such liabilities are categorized within the three-tier hierarchy of inputs as follows:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Liabilities | Sale-buyback Financing Transactions | ($24,186,005 | ) | $— | ($24,186,005 | ) | $— | |||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-13
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments
September 30, 2015 (Unaudited)
Principal |
| |||||||
CORPORATE BONDS & NOTES - 28.5% |
| |||||||
Consumer Discretionary - 2.4% | ||||||||
21st Century Fox America Inc | $100,000 | $114,668 | ||||||
Altice Financing SA (Luxembourg) | ||||||||
5.250% due 02/15/23 ~ | EUR 300,000 | 330,921 | ||||||
6.625% due 02/15/23 ~ | $400,000 | 385,000 | ||||||
Altice SA (United Kingdom) | EUR 800,000 | 787,682 | ||||||
Amazon.com Inc | $200,000 | 205,218 | ||||||
Argos Merger Sub Inc | 120,000 | 121,650 | ||||||
CCO Safari II LLC | ||||||||
4.464% due 07/23/22 ~ | 900,000 | 901,026 | ||||||
6.384% due 10/23/35 ~ | 50,000 | 50,721 | ||||||
6.484% due 10/23/45 ~ | 360,000 | 363,885 | ||||||
Comcast Cable Communications Holdings Inc | 200,000 | 279,387 | ||||||
Comcast Corp | ||||||||
5.150% due 03/01/20 | 550,000 | 621,333 | ||||||
5.650% due 06/15/35 | 20,000 | 23,115 | ||||||
6.550% due 07/01/39 | 270,000 | 343,680 | ||||||
6.950% due 08/15/37 | 200,000 | 263,862 | ||||||
DISH DBS Corp | 400,000 | 341,000 | ||||||
Dollar Tree Inc | ||||||||
5.250% due 03/01/20 ~ | 90,000 | 92,736 | ||||||
5.750% due 03/01/23 ~ | 80,000 | 83,400 | ||||||
Fiat Chrysler Automobiles NV (United Kingdom) | 200,000 | 191,000 | ||||||
Ford Motor Co | 520,000 | 489,867 | ||||||
General Motors Co | 50,000 | 53,039 | ||||||
Hilton Worldwide Finance LLC | 300,000 | 311,250 | ||||||
MGM Resorts International | 450,000 | 463,500 | ||||||
Motors Liquidation Co-Escrow Receipts | EUR 200,000 | — | ||||||
Netflix Inc | ||||||||
5.500% due 02/15/22 ~ | $10,000 | 10,150 | ||||||
5.875% due 02/15/25 ~ | 40,000 | 41,300 | ||||||
New Red Finance Inc (Canada) | 180,000 | 183,150 | ||||||
Numericable-SFR SAS (France) | 400,000 | 386,500 | ||||||
Taylor Morrison Communities Inc | 300,000 | 300,000 | ||||||
Time Warner Cable Inc | ||||||||
4.125% due 02/15/21 | 100,000 | 102,908 | ||||||
5.875% due 11/15/40 | 200,000 | 191,065 | ||||||
6.550% due 05/01/37 | 190,000 | 187,302 | ||||||
7.300% due 07/01/38 | 90,000 | 94,654 | ||||||
8.250% due 04/01/19 | 60,000 | 70,046 | ||||||
Time Warner Entertainment Co LP | 100,000 | 116,315 | ||||||
Time Warner Inc | 800,000 | 1,041,922 | ||||||
Viacom Inc | 120,000 | 117,792 | ||||||
Virgin Media Secured Finance PLC (United Kingdom) | 270,000 | 272,700 | ||||||
Wynn Las Vegas LLC | 400,000 | 344,500 | ||||||
|
| |||||||
10,278,244 | ||||||||
|
|
Principal |
| |||||||
Consumer Staples - 2.1% | ||||||||
Altria Group Inc | ||||||||
2.850% due 08/09/22 | $270,000 | $264,235 | ||||||
5.375% due 01/31/44 | 210,000 | 229,292 | ||||||
9.250% due 08/06/19 | 320,000 | 399,173 | ||||||
9.950% due 11/10/38 | 100,000 | 160,441 | ||||||
10.200% due 02/06/39 | 20,000 | 32,436 | ||||||
Anheuser-Busch InBev Worldwide Inc (Belgium) | ||||||||
2.500% due 07/15/22 | 640,000 | 612,154 | ||||||
5.375% due 01/15/20 | 220,000 | 245,883 | ||||||
Constellation Brands Inc | ||||||||
4.250% due 05/01/23 | 90,000 | 89,888 | ||||||
6.000% due 05/01/22 | 80,000 | 87,600 | ||||||
CVS Health Corp | ||||||||
2.750% due 12/01/22 | 1,000,000 | 985,489 | ||||||
3.875% due 07/20/25 | 160,000 | 165,327 | ||||||
5.125% due 07/20/45 | 410,000 | 442,939 | ||||||
Diageo Investment Corp (United Kingdom) | 430,000 | 426,135 | ||||||
Kraft Foods Group Inc | 170,000 | 173,753 | ||||||
Kraft Heinz Foods Co | ||||||||
3.950% due 07/15/25 ~ | 150,000 | 153,846 | ||||||
4.875% due 02/15/25 ~ | 342,000 | 365,417 | ||||||
5.000% due 07/15/35 ~ | 140,000 | 146,683 | ||||||
5.200% due 07/15/45 ~ | 120,000 | 127,649 | ||||||
Mondelez International Inc | 470,000 | 488,061 | ||||||
Pernod Ricard SA (France) | ||||||||
4.450% due 01/15/22 ~ | 630,000 | 662,864 | ||||||
5.500% due 01/15/42 ~ | 150,000 | 161,286 | ||||||
Philip Morris International Inc | ||||||||
2.500% due 08/22/22 | 310,000 | 301,728 | ||||||
4.500% due 03/20/42 | 290,000 | 291,621 | ||||||
Reynolds American Inc | ||||||||
3.250% due 06/12/20 | 150,000 | 154,402 | ||||||
3.250% due 11/01/22 | 160,000 | 159,487 | ||||||
3.750% due 05/20/23 ~ | 260,000 | 261,684 | ||||||
4.450% due 06/12/25 | 100,000 | 104,880 | ||||||
5.850% due 08/15/45 | 360,000 | 402,121 | ||||||
6.150% due 09/15/43 | 30,000 | 34,206 | ||||||
6.750% due 06/15/17 | 200,000 | 216,596 | ||||||
8.125% due 06/23/19 ~ | 120,000 | 142,226 | ||||||
Reynolds Group Issuer Inc (New Zealand) | 200,000 | 202,500 | ||||||
Spectrum Brands Inc | 50,000 | 51,250 | ||||||
Tyson Foods Inc | 60,000 | 63,220 | ||||||
Wal-Mart Stores Inc | 100,000 | 115,797 | ||||||
Wm Wrigley Jr Co | 400,000 | 417,130 | ||||||
|
| |||||||
9,339,399 | ||||||||
|
| |||||||
Energy - 3.5% | ||||||||
Anadarko Petroleum Corp | ||||||||
4.500% due 07/15/44 | 200,000 | 178,682 | ||||||
8.700% due 03/15/19 | 420,000 | 495,772 | ||||||
Apache Corp | 330,000 | 281,820 | ||||||
BP Capital Markets PLC (United Kingdom) | 350,000 | 346,464 | ||||||
California Resources Corp | 300,000 | 181,125 | ||||||
Chesapeake Energy Corp | 300,000 | 210,563 | ||||||
CNOOC Finance USA LLC (China) | 690,000 | 657,947 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-14
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
CNPC General Capital Ltd (China) | $1,800,000 | $1,792,685 | ||||||
Colorado Interstate Gas Co LLC | 200,000 | 201,212 | ||||||
Concho Resources Inc | 300,000 | 286,500 | ||||||
ConocoPhillips | 100,000 | 121,019 | ||||||
Continental Resources Inc | 20,000 | 17,525 | ||||||
Devon Energy Corp | ||||||||
3.250% due 05/15/22 | 220,000 | 211,291 | ||||||
7.950% due 04/15/32 | 270,000 | 332,816 | ||||||
Ecopetrol SA (Colombia) | ||||||||
5.375% due 06/26/26 | 310,000 | 270,863 | ||||||
5.875% due 05/28/45 | 300,000 | 228,000 | ||||||
Energy Transfer Partners LP | 300,000 | 267,325 | ||||||
Ensco PLC (United Kingdom) | 10,000 | 8,531 | ||||||
Enterprise Products Operating LLC | 200,000 | 224,491 | ||||||
Freeport-McMoran Oil & Gas LLC | 400,000 | 354,900 | ||||||
Kinder Morgan Energy Partners LP | 210,000 | 237,117 | ||||||
Kinder Morgan Inc | 400,000 | 407,464 | ||||||
MarkWest Energy Partners LP | ||||||||
4.875% due 12/01/24 | 290,000 | 266,800 | ||||||
4.875% due 06/01/25 | 300,000 | 276,690 | ||||||
5.500% due 02/15/23 | 250,000 | 243,438 | ||||||
Noble Energy Inc | ||||||||
5.250% due 11/15/43 | 150,000 | 133,806 | ||||||
8.250% due 03/01/19 | 320,000 | 374,817 | ||||||
Occidental Petroleum Corp | 110,000 | 111,082 | ||||||
Petrobras Global Finance BV (Brazil) | ||||||||
1.953% due 05/20/16 § | 500,000 | 472,500 | ||||||
2.000% due 05/20/16 | 200,000 | 192,700 | ||||||
2.694% due 03/17/17 § | 200,000 | 172,500 | ||||||
3.500% due 02/06/17 | 500,000 | 445,625 | ||||||
5.375% due 01/27/21 | 1,100,000 | 805,420 | ||||||
5.875% due 03/01/18 | 400,000 | 331,000 | ||||||
6.250% due 03/17/24 | 650,000 | 476,125 | ||||||
6.850% due 06/05/15 | 600,000 | 381,000 | ||||||
Petroleos Mexicanos (Mexico) | ||||||||
6.375% due 01/23/45 | 500,000 | 451,700 | ||||||
6.625% due 06/15/35 | 200,000 | 188,500 | ||||||
8.000% due 05/03/19 | 180,000 | 203,850 | ||||||
QEP Resources Inc | ||||||||
5.250% due 05/01/23 | 200,000 | 168,200 | ||||||
6.875% due 03/01/21 | 150,000 | 138,750 | ||||||
Range Resources Corp | 310,000 | 275,706 | ||||||
Regency Energy Partners LP | 100,000 | 102,636 | ||||||
Sabine Pass Liquefaction LLC | 140,000 | 130,550 | ||||||
Samson Investment Co | 280,000 | 4,900 | ||||||
Shell International Finance BV (Netherlands) | ||||||||
4.125% due 05/11/35 | 130,000 | 126,946 | ||||||
4.375% due 03/25/20 | 390,000 | 428,609 | ||||||
4.375% due 05/11/45 | 90,000 | 88,982 | ||||||
Sinopec Group Overseas Development Ltd (China) | 550,000 | 573,839 | ||||||
The Williams Cos Inc | 450,000 | 390,991 | ||||||
|
| |||||||
15,271,774 | ||||||||
|
|
Principal |
| |||||||
Financials - 12.7% | ||||||||
AerCap Ireland Capital Ltd (Netherlands) | ||||||||
3.750% due 05/15/19 | $400,000 | $394,000 | ||||||
4.625% due 07/01/22 | 160,000 | 159,800 | ||||||
Ally Financial Inc | 1,000,000 | 994,890 | ||||||
American Express Credit Corp | 800,000 | 803,057 | ||||||
American International Group Inc | ||||||||
3.750% due 07/10/25 | 1,070,000 | 1,089,243 | ||||||
6.250% due 03/15/37 | 731,000 | 798,618 | ||||||
AvalonBay Communities Inc REIT | 300,000 | 296,426 | ||||||
Banco Santander Brasil SA (Brazil) | 300,000 | 299,160 | ||||||
Banco Santander Chile (Chile) | 1,000,000 | 1,001,250 | ||||||
Bank of America Corp | ||||||||
2.600% due 01/15/19 | 660,000 | 667,636 | ||||||
3.875% due 08/01/25 | 290,000 | 294,661 | ||||||
4.000% due 04/01/24 | 1,550,000 | 1,598,896 | ||||||
4.100% due 07/24/23 | 500,000 | 520,545 | ||||||
4.125% due 01/22/24 | 1,000,000 | 1,047,618 | ||||||
4.200% due 08/26/24 | 390,000 | 390,005 | ||||||
4.875% due 04/01/44 | 600,000 | 627,329 | ||||||
5.000% due 05/13/21 | 600,000 | 661,996 | ||||||
5.650% due 05/01/18 | 900,000 | 982,330 | ||||||
5.700% due 05/02/17 | 150,000 | 158,362 | ||||||
5.750% due 12/01/17 | 50,000 | 54,075 | ||||||
6.250% § ± | 480,000 | 469,800 | ||||||
6.400% due 08/28/17 | 500,000 | 542,838 | ||||||
Barclays PLC (United Kingdom) | EUR 1,100,000 | 1,204,563 | ||||||
BBVA Bancomer SA (Mexico) | $1,000,000 | 1,072,250 | ||||||
BNP Paribas SA (France) | 250,000 | 253,885 | ||||||
Caterpillar Financial Services Corp | 220,000 | 241,321 | ||||||
CIT Group Inc | 400,000 | 398,500 | ||||||
Citigroup Inc | ||||||||
4.400% due 06/10/25 | 400,000 | 403,249 | ||||||
4.450% due 09/29/27 | 260,000 | 258,693 | ||||||
4.650% due 07/30/45 | 720,000 | 720,409 | ||||||
5.500% due 09/13/25 | 520,000 | 568,759 | ||||||
5.950% § ± | 1,030,000 | 980,313 | ||||||
6.675% due 09/13/43 | 130,000 | 159,831 | ||||||
Commonwealth Bank of Australia (Australia) | 100,000 | 110,659 | ||||||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands) | ||||||||
4.375% due 08/04/25 | 330,000 | 331,030 | ||||||
5.750% due 12/01/43 | 250,000 | 274,931 | ||||||
8.375% § ± ~ | 400,000 | 413,609 | ||||||
11.000% § ± ~ | 520,000 | 641,290 | ||||||
Credit Agricole SA (France) | 300,000 | 342,060 | ||||||
Credit Suisse Group Funding Guernsey Ltd (Switzerland) | ||||||||
3.750% due 03/26/25 ~ | 500,000 | 486,737 | ||||||
3.800% due 09/15/22 ~ | 500,000 | 501,222 | ||||||
4.875% due 05/15/45 ~ | 320,000 | 314,980 | ||||||
Crown Castle Towers LLC | 1,600,000 | 1,561,616 | ||||||
Daimler Finance North America LLC (Germany) | 500,000 | 492,951 | ||||||
Eksportfinans ASA (Norway) | ||||||||
2.375% due 05/25/16 | 900,000 | 902,385 | ||||||
5.500% due 05/25/16 | 1,000,000 | 1,021,750 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-15
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
ERP Operating LP REIT | $200,000 | $197,733 | ||||||
First Data Corp | 300,000 | 333,750 | ||||||
Ford Motor Credit Co LLC | ||||||||
2.459% due 03/27/20 | 220,000 | 215,662 | ||||||
3.664% due 09/08/24 | 290,000 | 282,097 | ||||||
3.984% due 06/15/16 | 100,000 | 101,794 | ||||||
General Electric Capital Corp | ||||||||
3.150% due 09/07/22 | 650,000 | 667,875 | ||||||
5.300% due 02/11/21 | 190,000 | 218,730 | ||||||
6.000% due 08/07/19 | 460,000 | 532,324 | ||||||
6.875% due 01/10/39 | 410,000 | 575,348 | ||||||
General Motors Financial Co Inc | ||||||||
3.150% due 01/15/20 | 400,000 | 396,530 | ||||||
3.200% due 07/13/20 | 600,000 | 593,357 | ||||||
4.375% due 09/25/21 | 330,000 | 336,968 | ||||||
Host Hotels & Resorts LP REIT | 200,000 | 197,627 | ||||||
HSBC Holdings PLC (United Kingdom) | ||||||||
4.250% due 03/14/24 | 440,000 | 437,405 | ||||||
4.250% due 08/18/25 | 320,000 | 316,089 | ||||||
6.375% § ± | 300,000 | 287,250 | ||||||
ICICI Bank Ltd (India) | 1,700,000 | 1,756,794 | ||||||
ING Bank NV (Netherlands) | 240,000 | 260,712 | ||||||
Intesa Sanpaolo SPA (Italy) | 520,000 | 514,221 | ||||||
JPMorgan Chase & Co | ||||||||
2.250% due 01/23/20 | 2,300,000 | 2,282,412 | ||||||
3.375% due 05/01/23 | 270,000 | 264,299 | ||||||
3.875% due 09/10/24 | 910,000 | 903,348 | ||||||
3.900% due 07/15/25 | 500,000 | 512,108 | ||||||
4.250% due 10/01/27 | 200,000 | 199,744 | ||||||
4.950% due 06/01/45 | 360,000 | 362,693 | ||||||
KKR Group Finance Co II LLC | 30,000 | 31,459 | ||||||
Lloyds Bank PLC (United Kingdom) | 500,000 | 496,353 | ||||||
Lloyds Banking Group PLC (United Kingdom) | 310,000 | 313,476 | ||||||
M&T Bank Corp | 450,000 | 453,375 | ||||||
MetLife Inc | 230,000 | 255,611 | ||||||
Nationwide Building Society (United Kingdom) | 360,000 | 368,589 | ||||||
Navient Corp | 330,000 | 316,800 | ||||||
Nordea Bank AB (Sweden) | 600,000 | 646,410 | ||||||
Rabobank Nederland (Netherlands) | 500,000 | 533,669 | ||||||
Royal Bank of Scotland Group PLC (United Kingdom) | ||||||||
5.125% due 05/28/24 | 1,210,000 | 1,222,173 | ||||||
9.500% due 03/16/22 § ~ | 500,000 | 545,902 | ||||||
Royal Bank of Scotland NV (Netherlands) | 70,000 | 72,394 | ||||||
Simon Property Group LP REIT | 400,000 | 404,357 | ||||||
Standard Chartered PLC (United Kingdom) | 710,000 | 687,869 | ||||||
Teachers Insurance & Annuity Association of America | 200,000 | 251,041 | ||||||
The Depository Trust & Clearing Corp | 250,000 | 249,375 |
Principal |
| |||||||
The Goldman Sachs Group Inc | ||||||||
1.537% due 09/15/20 § | $500,000 | $500,609 | ||||||
3.500% due 01/23/25 | 700,000 | 690,306 | ||||||
3.750% due 05/22/25 | 600,000 | 603,282 | ||||||
3.850% due 07/08/24 | 930,000 | 949,423 | ||||||
5.150% due 05/22/45 | 220,000 | 216,876 | ||||||
6.250% due 02/01/41 | 360,000 | 436,042 | ||||||
6.750% due 10/01/37 | 580,000 | 693,496 | ||||||
UBS Group Funding Jersey Ltd (Switzerland) | 220,000 | 219,557 | ||||||
WEA Finance LLC (Australia) | 560,000 | 552,486 | ||||||
Wells Fargo & Co | ||||||||
2.600% due 07/22/20 | 900,000 | 909,758 | ||||||
3.450% due 02/13/23 | 210,000 | 209,290 | ||||||
4.300% due 07/22/27 | 700,000 | 714,734 | ||||||
4.600% due 04/01/21 | 1,120,000 | 1,230,087 | ||||||
5.606% due 01/15/44 | 500,000 | 559,585 | ||||||
|
| |||||||
55,590,782 | ||||||||
|
| |||||||
Health Care - 2.0% | ||||||||
AbbVie Inc | 330,000 | 326,602 | ||||||
Actavis Funding SCS | ||||||||
3.450% due 03/15/22 | 220,000 | 217,308 | ||||||
3.800% due 03/15/25 | 310,000 | 300,490 | ||||||
4.550% due 03/15/35 | 140,000 | 129,272 | ||||||
4.750% due 03/15/45 | 170,000 | 155,024 | ||||||
Amgen Inc | ||||||||
3.625% due 05/22/24 | 100,000 | 100,511 | ||||||
5.375% due 05/15/43 | 50,000 | 53,533 | ||||||
Anthem Inc | 90,000 | 89,242 | ||||||
Baxalta Inc | ||||||||
2.875% due 06/23/20 ~ | 500,000 | 500,621 | ||||||
5.250% due 06/23/45 ~ | 130,000 | 129,084 | ||||||
Becton Dickinson and Co | 180,000 | 183,664 | ||||||
4.685% due 12/15/44 | 60,000 | 60,322 | ||||||
Celgene Corp | ||||||||
3.550% due 08/15/22 | 120,000 | 122,010 | ||||||
3.625% due 05/15/24 | 100,000 | 99,788 | ||||||
3.875% due 08/15/25 | 460,000 | 461,220 | ||||||
5.000% due 08/15/45 | 390,000 | 388,555 | ||||||
5.250% due 08/15/43 | 70,000 | 71,513 | ||||||
DaVita HealthCare Partners Inc | 150,000 | 144,375 | ||||||
Gilead Sciences Inc | ||||||||
3.650% due 03/01/26 | 100,000 | 100,466 | ||||||
3.700% due 04/01/24 | 540,000 | 553,357 | ||||||
4.750% due 03/01/46 | 40,000 | 40,289 | ||||||
GlaxoSmithKline Capital Inc (United Kingdom) | 150,000 | 190,928 | ||||||
GlaxoSmithKline Capital PLC (United Kingdom) | 350,000 | 349,819 | ||||||
HCA Inc | ||||||||
4.250% due 10/15/19 | 210,000 | 212,363 | ||||||
7.500% due 02/15/22 | 300,000 | 339,750 | ||||||
Humana Inc | ||||||||
3.150% due 12/01/22 | 80,000 | 79,042 | ||||||
4.625% due 12/01/42 | 110,000 | 106,194 | ||||||
Medtronic Inc | 780,000 | 797,163 | ||||||
Merck & Co Inc | 150,000 | 146,243 | ||||||
Pfizer Inc | 160,000 | 219,457 | ||||||
UnitedHealth Group Inc | ||||||||
3.750% due 07/15/25 | 620,000 | 641,918 | ||||||
3.875% due 10/15/20 | 200,000 | 214,763 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-16
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
4.750% due 07/15/45 | $110,000 | $116,514 | ||||||
6.875% due 02/15/38 | 150,000 | 200,222 | ||||||
Valeant Pharmaceuticals International Inc | 370,000 | 360,519 | ||||||
Zimmer Biomet Holdings Inc | 320,000 | 297,169 | ||||||
Zoetis Inc | 100,000 | 96,213 | ||||||
|
| |||||||
8,595,523 | ||||||||
|
| |||||||
Industrials - 1.0% | ||||||||
CSC Holdings LLC | 200,000 | 179,500 | ||||||
Delta Air Lines Pass-Through Trust ‘A’ | 337,050 | 390,236 | ||||||
Eaton Corp | ||||||||
1.500% due 11/02/17 | 10,000 | 9,994 | ||||||
2.750% due 11/02/22 | 440,000 | 429,046 | ||||||
4.150% due 11/02/42 | 100,000 | 92,729 | ||||||
Florida East Coast Holdings Corp | 230,000 | 225,975 | ||||||
General Electric Co | 110,000 | 114,339 | ||||||
Hellenic Railways Organization SA (Greece) | EUR 500,000 | 472,104 | ||||||
International Lease Finance Corp (Netherlands) | $100,000 | 101,625 | ||||||
Raytheon Co | 160,000 | 167,768 | ||||||
Schaeffler Holding Finance BV (Germany) | ||||||||
5.750% PIK due 11/15/21 ~ | EUR 200,000 | 239,078 | ||||||
6.750% PIK due 11/15/22 ~ | $240,000 | 259,200 | ||||||
The Boeing Co | 400,000 | 450,412 | ||||||
UAL Pass-Through Trust | 39,437 | 42,647 | ||||||
United Rentals North America Inc | ||||||||
5.500% due 07/15/25 | 40,000 | 37,550 | ||||||
7.375% due 05/15/20 | 50,000 | 52,750 | ||||||
United Technologies Corp | ||||||||
4.500% due 04/15/20 | 210,000 | 232,399 | ||||||
4.500% due 06/01/42 | 180,000 | 184,160 | ||||||
Waste Management Inc | 150,000 | 152,502 | ||||||
West Corp | 350,000 | 324,625 | ||||||
|
| |||||||
4,158,639 | ||||||||
|
| |||||||
Information Technology - 0.1% | ||||||||
Activision Blizzard Inc | 150,000 | 158,250 | ||||||
Apple Inc | 300,000 | 308,358 | ||||||
Intel Corp | ||||||||
3.700% due 07/29/25 | 70,000 | 72,006 | ||||||
4.900% due 07/29/45 | 70,000 | 72,651 | ||||||
|
| |||||||
611,265 | ||||||||
|
| |||||||
Materials - 1.6% | ||||||||
Ardagh Packaging Finance PLC (Ireland) | 500,000 | 482,500 | ||||||
Barrick Gold Corp (Canada) | ||||||||
4.100% due 05/01/23 | 650,000 | 582,415 | ||||||
6.950% due 04/01/19 | 240,000 | 268,975 | ||||||
BHP Billiton Finance USA Ltd (Australia) | ||||||||
3.250% due 11/21/21 | 550,000 | 557,450 | ||||||
5.000% due 09/30/43 | 230,000 | 233,644 | ||||||
Celulosa Arauco y Constitucion SA (Chile) | 260,000 | 256,452 |
Principal |
| |||||||
Eagle Spinco Inc | $320,000 | $272,006 | ||||||
Ecolab Inc | 100,000 | 108,220 | ||||||
FMG Resources Property Ltd (Australia) | 490,000 | 457,538 | ||||||
Glencore Finance Canada Ltd (Switzerland) | 580,000 | 521,962 | ||||||
Glencore Funding LLC (Switzerland) | 610,000 | 488,498 | ||||||
GTL Trade Finance Inc (Brazil) | 600,000 | 600,000 | ||||||
Hexion Inc | 300,000 | 256,500 | ||||||
Murray Energy Corp | 500,000 | 265,000 | ||||||
OCP SA (Malaysia) | 200,000 | 188,000 | ||||||
Potash Corp of Saskatchewan Inc (Canada) | 100,000 | 110,184 | ||||||
Rio Tinto Finance USA Ltd (United Kingdom) | 340,000 | 348,913 | ||||||
Southern Copper Corp (Peru) | 500,000 | 446,430 | ||||||
Vale Overseas Ltd (Brazil) | ||||||||
4.375% due 01/11/22 | 20,000 | 17,745 | ||||||
6.875% due 11/21/36 | 500,000 | 399,500 | ||||||
Vedanta Resources PLC (India) | 100,000 | 84,075 | ||||||
|
| |||||||
6,946,007 | ||||||||
|
| |||||||
Telecommunication Services - 2.1% | ||||||||
America Movil Sab de CV (Mexico) | 400,000 | 441,312 | ||||||
AT&T Inc | ||||||||
3.400% due 05/15/25 | 1,010,000 | 966,403 | ||||||
4.350% due 06/15/45 | 130,000 | 111,574 | ||||||
5.500% due 02/01/18 | 350,000 | 379,470 | ||||||
Bharti Airtel Ltd (India) | 490,000 | 489,818 | ||||||
CenturyLink Inc | ||||||||
5.625% due 04/01/25 ~ | 90,000 | 72,338 | ||||||
6.150% due 09/15/19 | 150,000 | 150,000 | ||||||
Intelsat Jackson Holdings SA (Luxembourg) | ||||||||
5.500% due 08/01/23 | 300,000 | 248,250 | ||||||
7.500% due 04/01/21 | 270,000 | 250,088 | ||||||
Sprint Capital Corp | 500,000 | 390,000 | ||||||
Sprint Corp | 200,000 | 155,375 | ||||||
Telecom Italia Capital SA (Italy) | 2,000,000 | 2,000,000 | ||||||
Telefonica Emisiones SAU (Spain) | 200,000 | 219,070 | ||||||
Verizon Communications Inc | ||||||||
4.150% due 03/15/24 | 680,000 | 704,856 | ||||||
5.150% due 09/15/23 | 200,000 | 221,007 | ||||||
6.400% due 09/15/33 | 700,000 | 804,686 | ||||||
6.550% due 09/15/43 | 1,060,000 | 1,259,197 | ||||||
Windstream Corp | 500,000 | 372,500 | ||||||
|
| |||||||
9,235,944 | ||||||||
|
| |||||||
Utilities - 1.0% | ||||||||
AES Corp | 130,000 | 135,525 | ||||||
Berkshire Hathaway Energy Co | 150,000 | 189,121 | ||||||
Calpine Corp | 120,000 | 124,200 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-17
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
Dynegy Inc | ||||||||
6.750% due 11/01/19 ~ | $700,000 | $705,250 | ||||||
7.375% due 11/01/22 ~ | 200,000 | 202,500 | ||||||
7.625% due 11/01/24 ~ | 100,000 | 101,500 | ||||||
FirstEnergy Corp | ||||||||
4.250% due 03/15/23 | 410,000 | 412,912 | ||||||
7.375% due 11/15/31 | 900,000 | 1,089,329 | ||||||
IPALCO Enterprises Inc | 800,000 | 778,000 | ||||||
Pacific Gas & Electric Co | 510,000 | 617,891 | ||||||
Virginia Electric & Power Co | 160,000 | 207,533 | ||||||
|
| |||||||
4,563,761 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 124,591,338 | |||||||
|
| |||||||
SENIOR LOAN NOTES - 0.2% |
| |||||||
Consumer Discretionary - 0.1% |
| |||||||
Chrysler Group LLC Term B (United Kingdom) | 536,084 | 535,217 | ||||||
|
| |||||||
Health Care - 0.1% | ||||||||
HCA Inc Term B5 | 296,977 | 291,038 | ||||||
|
| |||||||
Total Senior Loan Notes | 826,255 | |||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 44.2% |
| |||||||
Collateralized Mortgage Obligations - Commercial - 5.2% |
| |||||||
Banc of America Commercial Mortgage Trust | 810,000 | 810,791 | ||||||
BBCCRE Trust | 210,000 | 187,625 | ||||||
Bear Stearns Commercial Mortgage Securities Trust | ||||||||
5.273% due 12/11/38 " | 250,000 | 250,730 | ||||||
5.700% due 06/11/50 " | 200,000 | 211,252 | ||||||
CD Commercial Mortgage Trust | 60,000 | 52,513 | ||||||
Citigroup Commercial Mortgage Trust | ||||||||
3.172% due 09/10/58 " | 350,000 | 264,181 | ||||||
4.017% due 10/10/47 " | 270,000 | 281,879 | ||||||
Commercial Mortgage Trust | ||||||||
4.239% due 11/10/47 " | 160,000 | 166,091 | ||||||
4.499% due 02/10/48 " § | 90,000 | 88,465 | ||||||
Core Industrial Trust | 400,000 | 381,777 | ||||||
Credit Suisse Commercial Mortgage Trust | ||||||||
5.373% due 12/15/39 " | 190,000 | 184,375 | ||||||
5.467% due 09/15/39 " | 715,970 | 731,659 | ||||||
CSMC Trust | ||||||||
3.953% due 09/15/37 " ~ | 520,000 | 549,717 | �� | |||||
4.373% due 09/15/37 " ~ | 900,000 | 810,761 | ||||||
4.707% due 03/15/17 " § ~ | 390,000 | 386,265 | ||||||
5.943% due 08/15/22 " § | 1,500,000 | 1,500,089 | ||||||
Fannie Mae (IO) | 12,371,022 | 357,807 | ||||||
Freddie Mac Multifamily Structured Pass-Through Certificates | 450,000 | 473,184 |
Principal |
| |||||||
Freddie Mac Multifamily Structured Pass-Through Certificates (IO) | $24,736,541 | $433,669 | ||||||
FREMF Mortgage Trust | 305,000 | 273,009 | ||||||
Government National Mortgage Association (IO) | 6,319,059 | 353,554 | ||||||
GS Mortgage Securities Trust | 220,000 | 221,956 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust | ||||||||
2.298% due 08/15/27 " § ~ | 210,000 | 212,254 | ||||||
2.487% due 11/15/31 " § ~ | 490,000 | 489,226 | ||||||
3.507% due 08/15/27 " § ~ | 120,000 | 120,905 | ||||||
4.725% due 07/15/47 " § | 380,000 | 381,929 | ||||||
5.411% due 05/15/47 " | 1,960,000 | 1,697,011 | ||||||
5.502% due 06/12/47 " § | 650,000 | 643,731 | ||||||
5.695% due 02/12/49 " § | 1,090,000 | 1,021,977 | ||||||
JPMBB Commercial Mortgage Securities Trust | ||||||||
3.364% due 09/15/47 " § ~ | 680,000 | 483,286 | ||||||
3.801% due 08/15/48 " | 260,000 | 274,690 | ||||||
4.116% due 11/15/47 " § | 290,000 | 298,999 | ||||||
4.773% due 08/15/48 " § | 610,000 | 627,477 | ||||||
LB-UBS Commercial Mortgage Trust | 448,023 | 482,965 | ||||||
LSTAR Commercial Mortgage Trust | ||||||||
2.729% due 04/20/48 " § ~ | 866,000 | 879,559 | ||||||
3.127% due 04/20/48 " § ~ | 850,000 | 869,607 | ||||||
ML-CFC Commercial Mortgage Trust | 210,000 | 207,117 | ||||||
Morgan Stanley Capital I Trust | 1,113,714 | 1,128,670 | ||||||
Motel 6 Trust | 700,000 | 673,483 | ||||||
Wachovia Bank Commercial Mortgage Trust | 600,000 | 621,298 | ||||||
Waterfall Commercial Mortgage | 1,430,000 | 1,439,447 | ||||||
Wells Fargo Commercial Mortgage Trust | ||||||||
3.184% due 04/15/50 " | 340,000 | 342,177 | ||||||
3.848% due 05/15/48 " § | 380,000 | 358,444 | ||||||
4.435% due 07/01/46 " § | 290,000 | 313,681 | ||||||
WFRBS Commercial Mortgage Trust (IO) | 7,287,274 | 328,033 | ||||||
|
| |||||||
22,867,315 | ||||||||
|
| |||||||
Collateralized Mortgage Obligations - Residential - 8.2% |
| |||||||
Alternative Loan Trust | 328,238 | 278,093 | ||||||
Banc of America Funding Ltd | 827,710 | 817,943 | ||||||
Banc of America Funding Trust | ||||||||
2.030% due 09/26/45 " § ~ | 4,046,960 | 3,042,417 | ||||||
2.717% due 05/25/35 " § | 58,527 | 59,775 | ||||||
BCAP LLC Trust | ||||||||
0.599% due 03/28/37 " § ~ | 2,984,630 | 2,752,222 | ||||||
5.345% due 03/26/37 " § ~ | 74,482 | 72,749 | ||||||
Bear Stearns Adjustable Rate Mortgage Trust | ||||||||
2.596% due 08/25/33 " § | 76,202 | 76,353 | ||||||
2.690% due 01/25/35 " § | 880,438 | 867,998 | ||||||
2.812% due 10/25/36 * " § W | 24,393 | 20,540 | ||||||
Bear Stearns ALT-A Trust | ||||||||
2.581% due 05/25/35 " § | 41,946 | 40,791 | ||||||
2.709% due 11/25/36 " § | 80,973 | 58,879 | ||||||
Chase Mortgage Finance Trust | 164,538 | 146,895 | ||||||
Chevy Chase Funding LLC | 42,608 | 39,317 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-18
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
Citigroup Mortgage Loan Trust | $2,000,000 | $2,020,800 | ||||||
Citigroup Mortgage Loan Trust Inc | 33,230 | 33,497 | ||||||
CitiMortgage Alternative Loan Trust (IO) | 7,869,555 | 1,378,596 | ||||||
Countrywide Home Loan Mortgage Pass-Through Trust | 21,225 | 18,768 | ||||||
Credit Suisse First Boston Mortgage Securities Corp | 88,562 | 69,086 | ||||||
Downey Saving & Loan Association Mortgage Loan Trust | 187,748 | 63,671 | ||||||
Fannie Mae | ||||||||
1.625% due 11/25/23 " § | 105,537 | 109,233 | ||||||
5.500% due 04/25/35 " | 814,081 | 904,486 | ||||||
Fannie Mae (IO) | ||||||||
4.000% due 03/25/43 " | 1,136,161 | 169,397 | ||||||
4.000% due 04/25/43 " | 4,645,641 | 706,005 | ||||||
Fannie Mae Connecticut Avenue Securities | 1,500,000 | 1,362,779 | ||||||
Freddie Mac | 138,287 | 161,557 | ||||||
Freddie Mac (IO) | ||||||||
3.500% due 04/15/43 " | 1,767,501 | 284,097 | ||||||
4.000% due 04/15/43 " | 1,079,287 | 139,740 | ||||||
5.943% due 12/15/42 " § | 752,790 | 163,233 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes | ||||||||
4.194% due 08/25/24 " § | 540,000 | 528,528 | ||||||
4.294% due 08/25/24 " § | 760,000 | 721,517 | ||||||
4.944% due 10/25/24 " § | 1,140,000 | 1,154,193 | ||||||
Government National Mortgage Association | 898,569 | 898,873 | ||||||
Government National Mortgage Association (IO) | 2,616,220 | 361,683 | ||||||
Granite Master Issuer PLC (United Kingdom) | ||||||||
0.117% due 12/20/54 " § ~ | EUR 187,575 | 208,989 | ||||||
0.177% due 12/20/54 " § ~ | 301,730 | 336,352 | ||||||
0.476% due 12/20/54 " § | $149,928 | 149,928 | ||||||
Granite Mortgages PLC (United Kingdom) | ||||||||
0.361% due 01/20/44 " § ~ | EUR 6,170 | 6,880 | ||||||
0.687% due 01/20/44 " § | 143,974 | 142,844 | ||||||
0.866% due 06/20/44 " § ~ | GBP 254,997 | 384,215 | ||||||
0.964% due 01/20/44 " § ~ | 6,244 | 9,429 | ||||||
0.966% due 09/20/44 " § ~ | 191,878 | 289,739 | ||||||
Great Hall Mortgages No 1 PLC (United Kingdom) | $518,024 | 477,359 | ||||||
HarborView Mortgage Loan Trust | 431,067 | 321,858 | ||||||
JP Morgan Mortgage Trust | ||||||||
2.522% due 07/25/35 " § | 105,752 | 104,886 | ||||||
5.750% due 01/25/36 * " W | 29,634 | 26,288 | ||||||
JP Morgan Resecuritization Trust | 3,430,000 | 2,514,673 | ||||||
Ludgate Funding PLC (United Kingdom) | GBP 703,273 | 947,621 | ||||||
Marche Mutui SARL (Italy) | EUR 356,445 | 397,629 | ||||||
Merrill Lynch Mortgage Investors Trust | $1,999,862 | 1,964,531 | ||||||
Morgan Stanley Resecuritization Trust | ||||||||
0.424% due 10/26/46 " § ~ | 817,405 | 800,142 | ||||||
0.893% due 12/25/46 " § ~ | 2,006,873 | 928,215 | ||||||
Nomura Resecuritization Trust | 1,927,336 | 1,948,730 | ||||||
Prime Mortgage Trust | 2,081,811 | 1,998,046 |
Principal |
| |||||||
Reperforming Loan REMIC Trust | $69,934 | $62,278 | ||||||
Residential Asset Securitization Trust | 1,456 | 1,455 | ||||||
Structured Asset Securities Corp Mortgage Pass-Through Certificates | ||||||||
2.397% due 08/25/32 " § | 34,967 | 34,522 | ||||||
2.711% due 10/28/35 * " § ~ W | 7,797 | 7,753 | ||||||
WaMu Mortgage Pass-Through Certificates Trust | ||||||||
1.583% due 08/25/42 " § | 3,018 | 2,881 | ||||||
1.909% due 03/25/47 " § | 60,397 | 48,704 | ||||||
4.335% due 02/25/37 * " § W | 303,294 | 282,370 | ||||||
Wells Fargo Mortgage-Backed Securities Trust | ||||||||
2.650% due 04/25/35 " § | 1,509,079 | 1,532,542 | ||||||
2.651% due 03/25/36 " § | 406,920 | 391,744 | ||||||
2.705% due 04/25/36 * " § W | 43,342 | 42,478 | ||||||
2.714% due 12/25/34 " § | 50,273 | 50,689 | ||||||
|
| |||||||
35,939,481 | ||||||||
|
| |||||||
Fannie Mae - 27.0% | ||||||||
1.383% due 10/01/44 " § | 27,232 | 27,932 | ||||||
2.265% due 12/01/35 " § | 14,349 | 15,068 | ||||||
2.283% due 09/01/35 " § | 144,637 | 153,542 | ||||||
2.310% due 08/01/22 " | 500,000 | 504,458 | ||||||
2.416% due 11/01/32 " § | 107,757 | 114,424 | ||||||
2.552% due 11/01/34 " § | 83,870 | 89,458 | ||||||
2.810% due 04/01/25 " | 160,000 | 160,856 | ||||||
3.000% due 09/01/21 - 11/13/44 " | 7,752,348 | 7,939,748 | ||||||
3.500% due 10/01/29 - 10/01/45 " | 27,265,392 | 28,478,114 | ||||||
4.000% due 08/01/18 - 01/01/45 " | 38,273,414 | 40,902,586 | ||||||
4.320% due 12/01/36 " § | 8,795 | 9,370 | ||||||
4.500% due 07/01/18 - 02/01/45 " | 20,124,296 | 22,037,601 | ||||||
5.000% due 02/01/25 - 11/01/44 " | 4,598,088 | 5,079,141 | ||||||
5.500% due 12/01/20 - 12/01/44 " | 7,196,603 | 8,031,534 | ||||||
6.000% due 09/01/22 - 05/01/41 " | 3,868,678 | 4,383,162 | ||||||
6.500% due 03/01/17 " | 5,454 | 5,630 | ||||||
|
| |||||||
117,932,624 | ||||||||
|
| |||||||
Freddie Mac - 1.8% | ||||||||
1.874% due 09/01/35 " § | 17,588 | 18,590 | ||||||
2.370% due 09/01/35 " § | 77,194 | 82,255 | ||||||
2.384% due 11/01/31 " § | 4,329 | 4,614 | ||||||
2.435% due 06/01/35 " § | 132,313 | 140,698 | ||||||
2.500% due 04/01/32 " § | 17,110 | 18,106 | ||||||
3.500% due 10/01/42 - 11/01/45 " | 3,304,655 | 3,445,277 | ||||||
4.000% due 12/01/42 - 11/01/45 " | 1,980,547 | 2,116,112 | ||||||
4.500% due 11/01/44 " | 272,270 | 299,528 | ||||||
5.500% due 03/01/23 - 05/01/40 " | 1,378,059 | 1,527,099 | ||||||
6.000% due 12/01/22 - 03/01/23 " | 40,466 | 45,551 | ||||||
|
| |||||||
7,697,830 | ||||||||
|
| |||||||
Government National Mortgage Association - 2.0% |
| |||||||
3.500% due 10/01/44 - 12/01/45 " | 6,100,000 | 6,383,987 | ||||||
4.000% due 11/01/45 " | 1,000,000 | 1,064,121 | ||||||
5.000% due 10/15/38 - 04/15/39 " | 1,294,823 | 1,432,113 | ||||||
|
| |||||||
8,880,221 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities | 193,317,471 | |||||||
|
| |||||||
ASSET-BACKED SECURITIES - 6.6% |
| |||||||
Aegis Asset Backed Securities Trust | 722,320 | 666,537 | ||||||
Argent Securities Inc | ||||||||
1.014% due 02/25/34 " § | 1,032,066 | 931,476 | ||||||
1.319% due 11/25/34 " § | 469,638 | 404,341 | ||||||
Asset-Backed Funding Certificates Trust | 83,719 | 78,600 | ||||||
Basic Asset Backed Securities Trust | 2,000,000 | 1,792,406 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-19
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
Bear Stearns Asset Backed Securities I Trust | ||||||||
0.394% due 12/25/36 " § | $379,125 | $346,617 | ||||||
0.864% due 06/25/35 " § | 300,000 | 267,191 | ||||||
Bosphorus CLO (Ireland) | EUR 423,822 | 472,713 | ||||||
Business Loan Express Business Loan Trust | $356,251 | 338,825 | ||||||
Chapel BV (Netherlands) | EUR 152,776 | 163,725 | ||||||
Citigroup Mortgage Loan Trust | ||||||||
0.364% due 05/25/37 " § | $400,000 | 364,722 | ||||||
0.649% due 11/25/45 " § ~ | 3,700,000 | 3,359,160 | ||||||
Citigroup Mortgage Loan Trust Inc | 1,122,000 | 999,514 | ||||||
Community Funding CLO (Cayman) | 660,000 | 660,000 | ||||||
Countrywide Asset-Backed Certificates | ||||||||
0.544% due 05/25/46 " § ~ | 1,564,047 | 1,517,792 | ||||||
0.594% due 06/25/36 " § | 500,000 | 364,036 | ||||||
HERO Funding Trust | 401,251 | 403,793 | ||||||
Hillmark Funding Ltd (Cayman) | 567,445 | 555,472 | ||||||
Malin CLO BV (Netherlands) | EUR 170,917 | 189,400 | ||||||
OneMain Financial Issuance Trust | $1,300,000 | 1,312,220 | ||||||
Park Place Securities Inc | 2,302,773 | 1,653,640 | ||||||
Santander Drive Auto Receivables Trust | 874,468 | 874,142 | ||||||
Securitized Asset-Backed Receivables LLC Trust | 105,390 | 75,226 | ||||||
SLM Student Loan Trust | ||||||||
1.945% due 07/25/22 " § | 730,000 | 733,833 | ||||||
1.995% due 07/25/23 " § | 780,000 | 784,211 | ||||||
SMB Private Education Loan Trust | ||||||||
1.357% due 05/15/26 " § ~ | 2,000,000 | 1,994,509 | ||||||
1.707% due 04/15/32 " § ~ | 550,000 | 539,959 | ||||||
3.050% due 05/15/26 " ~ | 2,200,000 | 2,277,743 | ||||||
SoFi Professional Loan Program LLC | ||||||||
1.444% due 08/25/32 " § ~ | 526,558 | 523,369 | ||||||
2.550% due 08/27/29 " ~ | 1,804,638 | 1,814,469 | ||||||
Structured Asset Investment Loan Trust | 1,200,000 | 1,160,497 | ||||||
Sunrise SARL (Italy) | EUR 290,816 | 325,021 | ||||||
United States Small Business Administration | ||||||||
2.517% due 03/10/25 " | $109,094 | 110,942 | ||||||
2.829% due 09/10/25 " | 460,000 | 468,847 | ||||||
3.370% due 10/01/33 " | 366,487 | 384,359 | ||||||
Wood Street BV CLO (Netherlands) | EUR 103,218 | 114,600 | ||||||
|
| |||||||
Total Asset-Backed Securities | 29,023,907 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY ISSUES - 1.5% | ||||||||
Fannie Mae | ||||||||
2.173% due 10/09/19 | $4,000,000 | 3,716,980 | ||||||
6.625% due 11/15/30 | 1,500,000 | 2,170,308 | ||||||
Tennessee Valley Authority | 500,000 | 619,744 | ||||||
|
| |||||||
Total U.S. Government Agency Issues | 6,507,032 | |||||||
|
|
Principal |
| |||||||
U.S. TREASURY OBLIGATIONS - 18.7% | ||||||||
U.S. Treasury Bonds - 8.2% | ||||||||
2.500% due 02/15/45 | $1,900,000 | $1,750,869 | ||||||
2.750% due 08/15/42 | 1,400,000 | 1,366,586 | ||||||
2.750% due 11/15/42 | 1,600,000 | 1,559,458 | ||||||
2.875% due 05/15/43 | 2,500,000 | 2,493,815 | ||||||
2.875% due 05/15/45 | 5,670,000 | 5,808,093 | ||||||
2.875% due 08/15/45 | 4,340,000 | 4,341,354 | ||||||
3.000% due 11/15/44 | 3,000,000 | 3,066,405 | ||||||
3.000% due 05/15/45 | 1,200,000 | 1,232,063 | ||||||
3.125% due 02/15/42 | 1,300,000 | 1,369,232 | ||||||
3.125% due 02/15/43 | 3,500,000 | 3,668,256 | ||||||
3.125% due 08/15/44 | 3,000,000 | 3,142,188 | ||||||
3.375% due 05/15/44 | 300,000 | 329,508 | ||||||
4.250% due 05/15/39 | 1,100,000 | 1,387,575 | ||||||
4.375% due 11/15/39 | 1,800,000 | 2,311,124 | ||||||
4.375% due 05/15/40 | 500,000 | 642,292 | ||||||
4.500% due 08/15/39 | 800,000 | 1,044,506 | ||||||
4.625% due 02/15/40 | 400,000 | 531,971 | ||||||
|
| |||||||
36,045,295 | ||||||||
|
| |||||||
U.S. Treasury Inflation Protected Securities - 8.1% |
| |||||||
0.125% due 04/15/17 ^ | 630,438 | 628,378 | ||||||
0.125% due 04/15/20 ^ | 713,370 | 709,515 | ||||||
0.125% due 01/15/23 ^ | 4,962,864 | 4,792,623 | ||||||
0.125% due 07/15/24 ^ | 6,432,576 | 6,148,803 | ||||||
0.375% due 07/15/25 ^ | 1,620,238 | 1,580,648 | ||||||
0.625% due 07/15/21 ^ | 6,141,504 | 6,235,223 | ||||||
0.625% due 02/15/43 ^ | 2,408,230 | 2,035,611 | ||||||
0.750% due 02/15/45 ^ | 912,123 | 793,648 | ||||||
1.750% due 01/15/28 ^ | 3,303,622 | 3,658,999 | ||||||
2.375% due 01/15/27 ^ | 5,207,048 | 6,105,706 | ||||||
2.500% due 01/15/29 ^ | 2,111,983 | 2,538,656 | ||||||
|
| |||||||
35,227,810 | ||||||||
|
| |||||||
U.S. Treasury Notes - 2.4% | ||||||||
1.375% due 08/31/20 | 220,000 | 220,326 | ||||||
1.375% due 09/30/20 | 1,880,000 | 1,880,122 | ||||||
1.625% due 07/31/20 | 940,000 | 951,750 | ||||||
1.750% due 09/30/22 | 1,260,000 | 1,259,803 | ||||||
1.875% due 08/31/22 | 1,950,000 | 1,967,127 | ||||||
2.250% due 11/15/24 ‡ | 3,200,000 | 3,261,645 | ||||||
2.500% due 05/15/24 | 100,000 | 104,223 | ||||||
2.750% due 02/15/24 | 800,000 | 850,666 | ||||||
|
| |||||||
10,495,662 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations | 81,768,767 | |||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 6.5% |
| |||||||
Banco Nacional de Desenvolvimento Economico e Social (Brazil) | EUR 100,000 | 103,239 | ||||||
Brazil Notas do Tesouro Nacional ‘B’ (Brazil) | BRL 950,000 | 547,635 | ||||||
Brazil Notas do Tesouro Nacional ‘F’ (Brazil) | 4,184,000 | 995,097 | ||||||
Brazilian Government International Bond (Brazil) | ||||||||
5.000% due 01/27/45 | $200,000 | 150,500 | ||||||
5.625% due 01/07/41 | 520,000 | 423,800 | ||||||
China Government Bond (China) | ||||||||
3.380% due 11/21/24 | CNY 7,000,000 | 1,087,051 | ||||||
3.390% due 05/21/25 | 1,000,000 | 156,526 | ||||||
Colombia Government (Colombia) | $390,000 | 365,625 | ||||||
Cyprus Government International Bond (Cyprus) | EUR 400,000 | 475,157 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-20
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
Indonesia Government (Indonesia) | ||||||||
3.750% due 04/25/22 ~ | $250,000 | $238,727 | ||||||
4.875% due 05/05/21 ~ | 500,000 | 518,111 | ||||||
Italy Buoni Poliennali del Tesoro (Italy) | ||||||||
3.750% due 09/01/24 | EUR 5,030,000 | 6,590,771 | ||||||
Mexican Bonos (Mexico) | ||||||||
6.500% due 06/09/22 | MXN 53,660,000 | 3,299,854 | ||||||
7.750% due 11/13/42 | 40,000,000 | 2,614,146 | ||||||
8.000% due 06/11/20 | 2,200,000 | 145,807 | ||||||
8.500% due 12/13/18 | 10,000,000 | 656,130 | ||||||
10.000% due 12/05/24 | 13,320,000 | 1,005,686 | ||||||
Mexico Government International Bond (Mexico) | $340,000 | 334,900 | ||||||
5.550% due 01/21/45 | 1,200,000 | 1,236,000 | ||||||
Peruvian Government International Bond (Peru) | ||||||||
5.625% due 11/18/50 | 250,000 | 259,375 | ||||||
6.550% due 03/14/37 | 40,000 | 46,100 | ||||||
Poland Government (Poland) | ||||||||
3.250% due 07/25/25 | PLN 8,310,000 | 2,265,453 | ||||||
4.000% due 01/22/24 | $730,000 | 773,417 | ||||||
Province of Ontario (Canada) | ||||||||
1.650% due 09/27/19 | 200,000 | 200,052 | ||||||
3.000% due 07/16/18 | 100,000 | 104,867 | ||||||
3.150% due 06/02/22 | CAD 900,000 | 732,065 | ||||||
Province of Quebec (Canada) | $600,000 | 647,740 | ||||||
Russian Foreign (Russia) | 656,250 | 773,092 | ||||||
South Africa Government (South Africa) | 650,000 | 693,875 | ||||||
Spain Government (Spain) | EUR 100,000 | 114,439 | ||||||
Turkey Government (Turkey) | ||||||||
4.875% due 04/16/43 | $350,000 | 292,688 | ||||||
5.625% due 03/30/21 | 450,000 | 470,756 | ||||||
5.750% due 03/22/24 | 300,000 | 311,640 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes | 28,630,321 | |||||||
|
| |||||||
MUNICIPAL BONDS - 2.3% | ||||||||
City of Chicago IL | ||||||||
5.630% due 01/01/22 | 400,000 | 398,816 | ||||||
7.750% due 01/01/42 | 400,000 | 400,916 | ||||||
City of North Las Vegas NV | 900,000 | 818,622 | ||||||
New Jersey Economic Development Authority ‘B’ | 4,100,000 | 3,676,511 | ||||||
Southern California Public Power Authority | 1,600,000 | 1,918,048 | ||||||
State of California | ||||||||
7.500% due 04/01/34 | 100,000 | 140,209 | ||||||
7.600% due 11/01/40 | 400,000 | 585,796 | ||||||
Tobacco Settlement Finance Authority of WV ‘A’ | 765,000 | 668,885 | ||||||
University of Arizona ‘A’ | 1,300,000 | 1,504,607 | ||||||
|
| |||||||
Total Municipal Bonds | 10,112,410 | |||||||
|
| |||||||
PURCHASED OPTIONS - 0.1% |
| |||||||
(See Note (g) in Notes to Schedule of Investments) |
| 377,248 | ||||||
|
|
Principal |
| |||||||
SHORT-TERM INVESTMENTS - 9.1% | ||||||||
Commercial Paper - 0.5% | ||||||||
ENI Finance USA Inc | $500,000 | $496,614 | ||||||
Ford Motor Credit | 1,400,000 | 1,399,385 | ||||||
|
| |||||||
1,895,999 | ||||||||
|
| |||||||
Foreign Government Issue - 0.2% | ||||||||
Mexican Cetes Treasury Bills (Mexico) | MXN 14,000,000 | 810,067 | ||||||
|
| |||||||
U. S. Government Agency Issue - 0.0% | ||||||||
Federal Home Loan Bank | $100,000 | 99,931 | ||||||
|
| |||||||
Shares | ||||||||
Money Market Fund - 8.4% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 36,811,488 | 36,811,488 | ||||||
|
| |||||||
Total Short-Term Investments |
| 39,617,485 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 117.7% |
| 514,772,234 | ||||||
OTHER ASSETS & LIABILITIES, NET - (17.7%) |
| (77,234,842 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $437,537,392 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Mortgage-Backed Securities | 44.2% | |||
Corporate Bonds & Notes | 28.5% | |||
U.S. Treasury Obligations | 18.7% | |||
Short-Term Investments | 9.1% | |||
Asset-Backed Securities | 6.6% | |||
Foreign Government Bonds & Notes | 6.5% | |||
Others (each less than 3.0%) | 4.1% | |||
|
| |||
117.7% | ||||
Other Assets & Liabilities, Net | (17.7% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Investments with a total aggregate value of $1,061,065 or 0.2% of the fund’s net assets were in default as of September 30, 2015. |
(c) | As of September 30, 2015, an investment with a value of $2,088,472 was fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, option contracts and swap agreements. |
(d) | The average amount of borrowings by the fund on sale-buyback financing transactions (See Note 4 in Notes to Financial Statements) outstanding during the six-month period ended September 30, 2015 was $2,282,967 at a weighted average interest rate of 0.193%. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-21
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(e) | Open futures contracts outstanding as of September 30, 2015 were as follows: |
Long Futures Outstanding | Number of Contracts | Unrealized Appreciation (Depreciation) | ||||||
Euro-Bobl (12/15) | 45 | $40,538 | ||||||
Euro-BTP (12/15) | 49 | 148,425 | ||||||
Eurodollar (06/16) | 116 | 184,361 | ||||||
Eurodollar (12/16) | 74 | 128,210 | ||||||
Eurodollar (03/17) | 13 | 32,645 | ||||||
U.S. Treasury 5-Year Notes (12/15) | 739 | 510,084 | ||||||
U.S. Treasury 10-Year Notes (12/15) | 41 | 57,321 | ||||||
U.S. Ultra Long Bonds (12/15) | 109 | (312,932 | ) | |||||
U.S. Ultra Long Bonds (12/15) | 105 | 122,745 | ||||||
|
| |||||||
911,397 | ||||||||
|
|
Short Futures Outstanding | Number of Contracts | Unrealized Appreciation (Depreciation) | ||||||
90-Day LIBOR Sterling (03/17) | 102 | ($73,822 | ) | |||||
90-Day LIBOR Sterling (06/17) | 46 | (36,786 | ) | |||||
Australia Treasury 10-Year Notes (12/15) | 6 | (193 | ) | |||||
Canada Treasury 10-Year Notes (12/15) | 5 | 5,553 | ||||||
Euro FX (12/15) | 67 | 26,832 | ||||||
Euro FX (12/15) | 3 | (1,772 | ) | |||||
Euro-Bund (12/15) | 98 | (256,187 | ) | |||||
Eurodollar (12/15) | 23 | (550 | ) | |||||
Eurodollar (03/16) | 626 | (257,872 | ) | |||||
Eurodollar (09/16) | 69 | (89,940 | ) | |||||
Eurodollar (12/16) | 103 | (143,183 | ) | |||||
Eurodollar (03/17) | 66 | (102,964 | ) | |||||
Eurodollar (12/17) | 75 | (125,427 | ) | |||||
GBP (12/15) | 3 | 5,109 | ||||||
JPY (12/15) | 9 | 602 | ||||||
U.S. Treasury 2-Year Notes (12/15) | 8 | (4,026 | ) | |||||
U.S. Treasury 2-Year Notes (12/15) | 2 | 56 | ||||||
U.S. Treasury 10-Year Notes (12/15) | 244 | (344,527 | ) | |||||
U.S. Treasury 30-Year Bonds (12/15) | 48 | (121,169 | ) | |||||
U.S. Treasury 30-Year Bonds (12/15) | 1 | 91 | ||||||
|
| |||||||
(1,520,175 | ) | |||||||
|
| |||||||
Total Futures Contracts | ($608,778 | ) | ||||||
|
|
(f) | Forward foreign currency contracts outstanding as of September 30, 2015 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
AUD | 930,000 | USD | 664,917 | 11/15 | CIT | ($13,689 | ) | |||||||||||||
AUD | 1,155,000 | USD | 823,584 | 11/15 | GSC | (14,801 | ) | |||||||||||||
BRL | 851,295 | USD | 206,000 | 10/15 | CIT | 8,576 | ||||||||||||||
BRL | 8,806,508 | USD | 2,172,002 | 10/15 | DUB | 47,758 | ||||||||||||||
BRL | 2,411,646 | USD | 660,797 | 10/15 | GSC | (52,921 | ) | |||||||||||||
BRL | 774,895 | USD | 193,000 | 10/15 | GSC | 2,319 | ||||||||||||||
BRL | 37,350 | USD | 9,000 | 10/15 | UBS | 414 | ||||||||||||||
BRL | 3,916,226 | USD | 979,130 | 11/15 | DUB | (3,563 | ) | |||||||||||||
CNY | 681,860 | USD | 107,244 | 10/15 | UBS | — | ||||||||||||||
CNY | 4,803,324 | USD | 739,736 | 11/15 | HSB | 13,009 | ||||||||||||||
EUR | 760,000 | USD | 856,096 | 11/15 | CIT | (6,295 | ) | |||||||||||||
EUR | 1,366,000 | USD | 1,506,608 | 11/15 | CIT | 20,788 | ||||||||||||||
EUR | 959,000 | USD | 1,085,632 | 11/15 | DUB | (13,324 | ) | |||||||||||||
EUR | 2,835,000 | USD | 3,194,561 | 11/15 | GSC | (24,599 | ) | |||||||||||||
EUR | 1,001,000 | USD | 1,118,387 | 11/15 | GSC | 884 | ||||||||||||||
EUR | 985,000 | USD | 1,104,023 | 11/15 | UBS | (2,642 | ) | |||||||||||||
GBP | 1,010,000 | USD | 1,528,282 | 10/15 | CIT | (527 | ) | |||||||||||||
GBP | 113,000 | USD | 174,553 | 11/15 | GSC | (3,649 | ) | |||||||||||||
INR | 25,600,000 | USD | 398,506 | 10/15 | BRC | (9,668 | ) | |||||||||||||
INR | 210,100,000 | USD | 3,270,039 | 10/15 | CIT | (78,840 | ) | |||||||||||||
INR | 79,878,340 | USD | 1,242,662 | 10/15 | JPM | (30,303 | ) | |||||||||||||
INR | 26,570,540 | USD | 408,463 | 11/15 | CIT | (7,393 | ) | |||||||||||||
JPY | 598,400,000 | USD | 4,948,360 | 11/15 | GSC | 42,399 | ||||||||||||||
JPY | 97,900,000 | USD | 815,559 | 11/15 | UBS | 944 | ||||||||||||||
KRW | 287,120,225 | USD | 244,302 | 10/15 | CIT | (2,251 | ) | |||||||||||||
KRW | 795,183,700 | USD | 669,628 | 10/15 | DUB | 734 | ||||||||||||||
KRW | 124,215,000 | USD | 105,000 | 10/15 | GSC | (283 | ) | |||||||||||||
MXN | 17,173,000 | USD | 998,448 | 12/15 | BRC | 10,877 | ||||||||||||||
MXN | 956,175 | USD | 55,000 | 12/15 | DUB | 1,198 | ||||||||||||||
MXN | 7,929,940 | USD | 460,000 | 12/15 | JPM | 6,074 | ||||||||||||||
MXN | 5,922,111 | USD | 349,000 | 12/15 | UBS | (934 | ) | |||||||||||||
MXN | 1,182,520 | USD | 68,000 | 12/15 | UBS | 1,501 | ||||||||||||||
MYR | 1,161,879 | USD | 279,000 | 10/15 | CIT | (15,060 | ) | |||||||||||||
MYR | 2,341,080 | USD | 551,491 | 10/15 | HSB | (19,675 | ) | |||||||||||||
MYR | 589,875 | USD | 136,482 | 10/15 | JPM | (2,482 | ) | |||||||||||||
PHP | 5,685,200 | USD | 122,000 | 10/15 | BRC | �� | (534 | ) | ||||||||||||
PHP | 8,676,500 | USD | 185,000 | 10/15 | UBS | 569 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-22
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
PHP | 8,676,500 | USD | 183,941 | 01/16 | UBS | $393 | ||||||||||||||
RUB | 1,010,950 | USD | 15,446 | 10/15 | DUB | (7 | ) | |||||||||||||
SGD | 553,000 | USD | 385,904 | 10/15 | CIT | 2,573 | ||||||||||||||
TWD | 7,363,880 | USD | 227,000 | 10/15 | BRC | (3,349 | ) | |||||||||||||
TWD | 6,881,220 | USD | 210,951 | 10/15 | GSC | (1,959 | ) | |||||||||||||
TWD | 1,235,950 | USD | 38,000 | 10/15 | HSB | (464 | ) | |||||||||||||
TWD | 2,626,020 | USD | 81,000 | 12/15 | CIT | (1,221 | ) | |||||||||||||
TWD | 1,914,550 | USD | 59,000 | 12/15 | JPM | (836 | ) | |||||||||||||
USD | 399,459 | AUD | 563,000 | 11/15 | CIT | 5,222 | ||||||||||||||
USD | 1,095,914 | AUD | 1,530,000 | 11/15 | GSC | 24,539 | ||||||||||||||
USD | 483,000 | BRL | 1,932,145 | 10/15 | DUB | (4,361 | ) | |||||||||||||
USD | 1,989,446 | BRL | 7,626,684 | 10/15 | DUB | 67,072 | ||||||||||||||
USD | 246,000 | BRL | 948,453 | 10/15 | GSC | 6,934 | ||||||||||||||
USD | 1,196,216 | BRL | 4,306,559 | 10/15 | JPM | 110,710 | ||||||||||||||
USD | 2,478,184 | BRL | 10,078,577 | 11/15 | DUB | (32,479 | ) | |||||||||||||
USD | 304,000 | BRL | 1,209,920 | 11/15 | UBS | 2,598 | ||||||||||||||
USD | 193,000 | BRL | 784,545 | 02/16 | JPM | 4,304 | ||||||||||||||
USD | 750,979 | CAD | 990,000 | 11/15 | JPM | 9,286 | ||||||||||||||
USD | 3,904,290 | CNY | 25,210,000 | 10/15 | CIT | (56,006 | ) | |||||||||||||
USD | 103,000 | CNY | 681,860 | 10/15 | UBS | (4,133 | ) | |||||||||||||
USD | 637,384 | CNY | 4,116,227 | 11/15 | HSB | (7,684 | ) | |||||||||||||
USD | 106,891 | CNY | 681,860 | 11/15 | UBS | 35 | ||||||||||||||
USD | 1,037,925 | EUR | 940,000 | 10/15 | BOA | (12,691 | ) | |||||||||||||
USD | 3,261,550 | EUR | 2,960,000 | 10/15 | BRC | (46,770 | ) | |||||||||||||
USD | 791,582 | EUR | 690,000 | 10/15 | BRC | 20,386 | ||||||||||||||
USD | 1,125,233 | EUR | 1,020,000 | 10/15 | CIT | (14,796 | ) | |||||||||||||
USD | 14,932,088 | EUR | 13,103,000 | 10/15 | HSB | 290,278 | ||||||||||||||
USD | 2,471,775 | EUR | 2,262,308 | 11/15 | BOA | (57,871 | ) | |||||||||||||
USD | 1,168,014 | EUR | 1,058,000 | 11/15 | CIT | (14,999 | ) | |||||||||||||
USD | 2,259,802 | EUR | 1,970,000 | 11/15 | CIT | 57,042 | ||||||||||||||
USD | 295,045 | EUR | 264,000 | 11/15 | GSC | (147 | ) | |||||||||||||
USD | 1,060,781 | EUR | 946,000 | 11/15 | GSC | 3,010 | ||||||||||||||
USD | 1,567,278 | GBP | 1,010,000 | 10/15 | CIT | 39,523 | ||||||||||||||
USD | 2,033,824 | GBP | 1,294,000 | 10/15 | HSB | 76,351 | ||||||||||||||
USD | 100,437 | GBP | 64,000 | 11/15 | GSC | 3,642 | ||||||||||||||
USD | 1,959,854 | GBP | 1,294,000 | 11/15 | HSB | 2,687 | ||||||||||||||
USD | 389,413 | INR | 25,600,000 | 10/15 | BRC | 576 | ||||||||||||||
USD | 3,179,606 | INR | 210,100,000 | 10/15 | CIT | (11,592 | ) | |||||||||||||
USD | 339,000 | INR | 22,404,510 | 10/15 | JPM | (1,046 | ) | |||||||||||||
USD | 1,222,389 | INR | 79,510,320 | 11/15 | JPM | 22,217 | ||||||||||||||
USD | 7,117,681 | JPY | 850,293,434 | 10/15 | HSB | 29,660 | ||||||||||||||
USD | 1,296,434 | JPY | 156,100,000 | 11/15 | CIT | (5,467 | ) | |||||||||||||
USD | 1,655,006 | JPY | 198,400,000 | 11/15 | CIT | 316 | ||||||||||||||
USD | 2,593,776 | JPY | 317,200,000 | 11/15 | GSC | (51,727 | ) | |||||||||||||
USD | 7,091,688 | JPY | 850,293,434 | 11/15 | HSB | 788 | ||||||||||||||
USD | 376,482 | JPY | 45,200,000 | 11/15 | UBS | (494 | ) | |||||||||||||
USD | 252,118 | JPY | 30,100,000 | 11/15 | UBS | 1,079 | ||||||||||||||
USD | 322,070 | KRW | 383,424,300 | 10/15 | CIT | (1,168 | ) | |||||||||||||
USD | 325,285 | KRW | 382,298,118 | 10/15 | CIT | 2,997 | ||||||||||||||
USD | 227,354 | KRW | 273,052,500 | 10/15 | GSC | (2,837 | ) | |||||||||||||
USD | 530,404 | KRW | 623,871,600 | 10/15 | JPM | 4,463 | ||||||||||||||
USD | 1,347,926 | MXN | 22,926,464 | 10/15 | BRC | (6,384 | ) | |||||||||||||
USD | 2,234,748 | MXN | 35,234,929 | 10/15 | BRC | 153,354 | ||||||||||||||
USD | 503,000 | MXN | 8,626,557 | 12/15 | DUB | (4,017 | ) | |||||||||||||
USD | 73,000 | MXN | 1,231,547 | 12/15 | DUB | 617 | ||||||||||||||
USD | 1,080,657 | MXN | 18,185,882 | 12/15 | GSC | 11,801 | ||||||||||||||
USD | 1,558,251 | MXN | 26,276,671 | 12/15 | HSB | 13,868 | ||||||||||||||
USD | 153,000 | MXN | 2,609,798 | 12/15 | RBC | (388 | ) | |||||||||||||
USD | 255,000 | MXN | 4,383,195 | 12/15 | UBS | (2,618 | ) | |||||||||||||
USD | 176,000 | MXN | 2,939,499 | 12/15 | UBS | 3,234 | ||||||||||||||
USD | 830,231 | MXN | 13,585,067 | 05/16 | GSC | 42,467 | ||||||||||||||
USD | 67,000 | MYR | 266,493 | 10/15 | DUB | 6,462 | ||||||||||||||
USD | 89,318 | MYR | 387,996 | 10/15 | GSC | 1,178 | ||||||||||||||
USD | 372,849 | MYR | 1,552,282 | 10/15 | HSB | 20,223 | ||||||||||||||
USD | 451,660 | MYR | 1,856,324 | 10/15 | UBS | 29,965 | ||||||||||||||
USD | 313,000 | PHP | 14,620,230 | 10/15 | CIT | 635 | ||||||||||||||
USD | 185,395 | PHP | 8,676,500 | 10/15 | UBS | (173 | ) | |||||||||||||
USD | 91,548 | SGD | 129,000 | 10/15 | BRC | 927 | ||||||||||||||
USD | 302,944 | SGD | 424,000 | 10/15 | JPM | 5,088 | ||||||||||||||
USD | 384,789 | SGD | 553,000 | 12/15 | CIT | (2,872 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-23
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
USD | 313,000 | TWD | 10,103,640 | 10/15 | CIT | $6,139 | ||||||||||||||
USD | 304,922 | TWD | 9,804,770 | 10/15 | GSC | 7,139 | ||||||||||||||
|
| |||||||||||||||||||
Total Forward Foreign Currency Contracts | $595,833 | |||||||||||||||||||
|
|
(g) | Purchased options outstanding as of September 30, 2015 were as follows: |
Interest Rate Swaptions
Description | Pay/Receive Floating Rate | Floating Rate Index | Exercise Rate | Expiration Date | Counter- party | Notional Amount | Cost | Value | ||||||||||||||||||||||
Call - 1-Year Interest Rate Swap | Pay | 3-Month-USD LIBOR | 0.800% | 01/19/16 | MSC | �� | $8,000,000 | $13,330 | $16,706 | |||||||||||||||||||||
Call - 5-Year Interest Rate Swap | Pay | 3-Month-USD LIBOR | 1.500% | 01/29/16 | MSC | 1,300,000 | 11,700 | 10,432 | ||||||||||||||||||||||
Call - 10-Year Interest Rate Swap | Pay | 3-Month-USD LIBOR | 1.750% | 01/29/16 | MSC | 1,300,000 | 20,150 | 7,612 | ||||||||||||||||||||||
Call - 2-Year Interest Rate Swap | Pay | 3-Month-USD LIBOR | 2.100% | 01/30/18 | JPM | 2,700,000 | 38,340 | 37,185 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
83,520 | 71,935 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Put - 10-Year Interest Rate Swap | Receive | 3-Month-USD LIBOR | 2.580% | 05/12/16 | MSC | 1,100,000 | 35,200 | 10,997 | ||||||||||||||||||||||
Put - 10-Year Interest Rate Swap | Receive | 3-Month-USD LIBOR | 2.580% | 05/23/16 | MSC | 2,400,000 | 67,860 | 25,458 | ||||||||||||||||||||||
Put - 30-Year Interest Rate Swap | Receive | 3-Month-USD LIBOR | 2.905% | 08/20/18 | MSC | 900,000 | 88,800 | 84,469 | ||||||||||||||||||||||
Put - 30-Year Interest Rate Swap | Receive | 3-Month-USD LIBOR | 2.940% | 08/20/18 | GSC | 300,000 | 29,340 | 27,206 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
221,200 | 148,130 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
$304,720 | $220,065 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Options on Futures | ||||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Cost | Value | ||||||||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/15) |
| $134.50 | 10/23/15 | CME | 300 | $5,663 | $4,688 | |||||||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/15) |
| 154.00 | 10/23/15 | CME | 21 | 32,240 | 83,016 | |||||||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/15) |
| 155.00 | 10/23/15 | CME | 11 | 16,192 | 35,406 | |||||||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/15) |
| 156.00 | 10/23/15 | CME | 8 | 14,026 | 20,625 | |||||||||||||||||||||||
Call - Euro-Bund (11/15) | 165.50 | 11/20/15 | CME | 28 | 340 | 313 | ||||||||||||||||||||||||
Call - Euro-Bund (11/15) | 167.00 | 11/20/15 | CME | 32 | 389 | 358 | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
68,850 | 144,406 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Put - EUR FX (10/15) | 1.10 | 10/09/15 | CME | 5 | 4,891 | 1,187 | ||||||||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (11/15) |
| 127.50 | 10/23/15 | CME | 1 | 378 | 234 | |||||||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (11/15) |
| 128.00 | 10/23/15 | CME | 10 | 4,908 | 3,594 | |||||||||||||||||||||||
Put - U.S. Treasury 30-Year Bonds (11/15) |
| 153.00 | 10/23/15 | CME | 9 | 8,936 | 3,656 | |||||||||||||||||||||||
Put - Eurodollar (11/15) | 99.50 | 11/13/15 | CME | 133 | 13,732 | 3,325 | ||||||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (12/15) |
| 109.50 | 11/20/15 | CME | 100 | 856 | 781 | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
33,701 | 12,777 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
$102,551 | $157,183 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Total Purchased Options | $407,271 | $377,248 | ||||||||||||||||||||||||||||
|
|
|
|
(h) | Transactions in written options for the six-month period ended September 30, 2015 were as follows: |
Number of Contracts | Notional Amount in AUD | Notional Amount in EUR | Notional Amount in $ | Premium | ||||||||||||||||
Outstanding, March 31, 2015 | 390 | — | — | 59,400,000 | $536,974 | |||||||||||||||
Call Options Written | 891 | 1,500,000 | 6,770,000 | 7,129,600 | 1,617,107 | |||||||||||||||
Put Options Written | 442 | — | 1,300,000 | 64,382,000 | 1,109,272 | |||||||||||||||
Call Options Closed | 106 | — | — | (8,000,000 | ) | (328,222 | ) | |||||||||||||
Put Options Closed | (131 | ) | — | — | (3,700,000 | ) | (128,966 | ) | ||||||||||||
Call Options Expired | (764 | ) | — | — | (11,900,000 | ) | (1,111,895 | ) | ||||||||||||
Put Options Expired | (435 | ) | — | (1,300,000 | ) | (29,982,000 | ) | (917,867 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Outstanding, September 30, 2015 | 499 | 1,500,000 | 6,770,000 | 77,329,600 | $776,403 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-24
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(i) | Premiums received and value of written options outstanding as of September 30, 2015 were as follows: |
Credit Default Swaptions on Credit Indices – Sell Protection
Description | Exercise Rate | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||
Put - CDX HY 24 | 1.000% | 11/18/15 | BNP | $1,029,600 | $10,605 | ($8,516 | ) | |||||||||||||||
|
|
|
| |||||||||||||||||||
Foreign Currency Options | ||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||
Call - INR versus USD | INR 68.00 | 10/28/15 | JPM | $300,000 | $2,100 | ($320 | ) | |||||||||||||||
Call - INR versus USD | 68.10 | 10/29/15 | CIT | 300,000 | 1,959 | (326 | ) | |||||||||||||||
Call - AUD versus USD | $0.73 | 11/05/15 | HSB | AUD 1,500,000 | 6,017 | (2,319 | ) | |||||||||||||||
Call - EUR versus USD | 1.15 | 11/12/15 | UBS | EUR 1,300,000 | 9,970 | (8,488 | ) | |||||||||||||||
Call - EUR versus USD | 1.10 | 11/13/15 | BRC | 2,670,000 | 37,941 | (629 | ) | |||||||||||||||
Call - EUR versus USD | 1.17 | �� | 11/20/15 | CIT | 1,500,000 | 10,679 | (3,799 | ) | ||||||||||||||
Call - EUR versus USD | 1.15 | 11/25/15 | UBS | 1,300,000 | 11,288 | (7,717 | ) | |||||||||||||||
Call - INR versus USD | INR 69.00 | 11/26/15 | BRC | $1,000,000 | 9,020 | (2,414 | ) | |||||||||||||||
Call - BRL versus USD | BRL 4.50 | 02/12/16 | JPM | 1,000,000 | 25,340 | (34,038 | ) | |||||||||||||||
Call - BRL versus USD | 4.55 | 03/17/16 | DUB | 600,000 | 15,144 | (23,649 | ) | |||||||||||||||
|
|
|
| |||||||||||||||||||
$129,458 | ($83,699 | ) | ||||||||||||||||||||
|
|
|
|
Inflation Floor/Cap Options
Description | Initial Index | Floating Rate | Expiration Date | Counter- party | Notional Amount | Premium | Value | |||||||||||||||||
Floor - U.S. CPI Urban Consumers NSA | 0.00 | Maximum of ((1 + 0.00%)10 - Inflation Adjustment) or $0 | 03/12/20 | CIT | $1,200,000 | $10,320 | ($1,132 | ) | ||||||||||||||||
Floor - U.S. CPI Urban Consumers NSA | 0.00 | Maximum of ((1 + 0.00%)10 - Inflation Adjustment) or $0 | 09/29/20 | CIT | 600,000 | 7,740 | (674 | ) | ||||||||||||||||
|
|
|
| |||||||||||||||||||||
$18,060 | ($1,806 | ) | ||||||||||||||||||||||
|
|
|
|
Interest Rate Swaptions
Description | Pay/Receive Floating Rate | Floating Rate Index | Exercise Rate | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||||
Call - 1-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 0.500% | 01/19/16 | MSC | $5,300,000 | $3,180 | ($2,490 | ) | |||||||||||||||||
Call - 1-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 0.520% | 01/19/16 | MSC | 2,700,000 | 1,620 | (1,450 | ) | |||||||||||||||||
Call - 1-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 0.650% | 01/19/16 | MSC | 5,300,000 | 5,830 | (5,945 | ) | |||||||||||||||||
Call - 1-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 0.660% | 01/19/16 | MSC | 2,700,000 | 2,700 | (3,178 | ) | |||||||||||||||||
Call - 5-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 1.100% | 01/29/16 | MSC | 1,300,000 | 4,940 | (2,542 | ) | |||||||||||||||||
Call - 5-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 1.300% | 01/29/16 | MSC | 1,300,000 | 7,540 | (5,485 | ) | |||||||||||||||||
Call - 2-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | �� | 1.100% | 01/30/18 | JPM | 2,700,000 | 14,040 | (12,918 | ) | ||||||||||||||||
Call - 2-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 1.600% | 01/30/18 | JPM | 2,700,000 | 24,435 | (23,083 | ) | |||||||||||||||||
|
|
|
| |||||||||||||||||||||||
64,285 | (57,091 | ) | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Put - 7-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 1.900% | 10/29/15 | DUB | 1,700,000 | 4,522 | (3,360 | ) | |||||||||||||||||
Put - 7-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.000% | 11/30/15 | MSC | 1,700,000 | 5,737 | (4,922 | ) | |||||||||||||||||
Put - 10-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.300% | 11/30/15 | MSC | 1,700,000 | 8,160 | (6,656 | ) | |||||||||||||||||
Put - 7-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.200% | 12/11/15 | DUB | 1,600,000 | 6,660 | (2,452 | ) | |||||||||||||||||
Put - 7-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.160% | 12/14/15 | GSC | 2,300,000 | 8,510 | (4,438 | ) | |||||||||||||||||
Put - 2-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.500% | 05/12/16 | MSC | 10,000,000 | 33,684 | (6,126 | ) | |||||||||||||||||
Put - 2-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.500% | 05/23/16 | MSC | 23,300,000 | 72,809 | (15,590 | ) | |||||||||||||||||
Put - 5-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.800% | 08/20/18 | GSC | 1,200,000 | 26,727 | (22,621 | ) | |||||||||||||||||
Put - 5-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.800% | 08/20/18 | MSC | 3,800,000 | 84,793 | (71,633 | ) | |||||||||||||||||
|
|
|
| |||||||||||||||||||||||
251,602 | (137,798 | ) | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
$315,887 | ($194,889 | ) | ||||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-25
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Options on Futures
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Premium | Value | ||||||||||||||||
Call - U.S. Treasury 10-Year Notes (10/15) | $128.00 | 10/02/15 | CME | 8 | $2,146 | ($6,625 | ) | |||||||||||||||
Call - EUR FX (10/15) | 1.16 | 10/09/15 | CME | 6 | 10,293 | (187 | ) | |||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/15) | 127.00 | 10/23/15 | CME | 3 | 2,115 | (5,625 | ) | |||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/15) | 127.50 | 10/23/15 | CME | 14 | 7,173 | (20,562 | ) | |||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/15) | 128.00 | 10/23/15 | CME | 195 | 91,163 | (213,281 | ) | |||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/15) | 128.50 | 10/23/15 | CME | 49 | 25,810 | (38,281 | ) | |||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/15) | 129.00 | 10/23/15 | CME | 14 | 6,298 | (7,438 | ) | |||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/15) | 129.50 | 10/23/15 | CME | 9 | 3,065 | (3,094 | ) | |||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/15) | 130.00 | 10/23/15 | CME | 5 | 1,624 | (1,094 | ) | |||||||||||||||
Call - Euro-Bund (10/15) | EUR 156.50 | 10/23/15 | CME | 8 | 4,776 | (6,704 | ) | |||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/15) | $157.00 | 10/23/15 | CME | 3 | 2,850 | (6,047 | ) | |||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/15) | 158.00 | 10/23/15 | CME | 16 | 17,526 | (24,750 | ) | |||||||||||||||
Call - U.S. Treasury 30-Year Bonds (12/15) | 159.00 | 10/23/15 | CME | 16 | 12,948 | (18,500 | ) | |||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/15) | 160.00 | 10/23/15 | CME | 10 | 7,358 | (8,594 | ) | |||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/15) | 162.00 | 10/23/15 | CME | 2 | 2,494 | (906 | ) | |||||||||||||||
Call - U.S. Treasury 10-Year Notes (12/15) | 129.00 | 11/20/15 | CME | 6 | 3,356 | (5,438 | ) | |||||||||||||||
Call - Eurodollar (06/16) | 99.00 | 06/13/16 | CME | 15 | 8,951 | (14,812 | ) | |||||||||||||||
|
|
|
| |||||||||||||||||||
209,946 | (381,938 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (10/15) | 128.00 | 10/02/15 | CME | 3 | 365 | (281 | ) | |||||||||||||||
Put - EUR FX (10/15) | 1.12 | 10/09/15 | CME | 5 | 6,271 | (5,500 | ) | |||||||||||||||
Put - U.S. Treasury 10-Year Notes (11/15) | 126.00 | 10/23/15 | CME | 11 | 2,339 | (687 | ) | |||||||||||||||
Put - U.S. Treasury 10-Year Notes (11/15) | 126.50 | 10/23/15 | CME | 8 | 2,599 | (750 | ) | |||||||||||||||
Put - U.S. Treasury 10-Year Notes (11/15) | 127.00 | 10/23/15 | CME | 8 | 2,646 | (1,125 | ) | |||||||||||||||
Put - U.S. Treasury 30-Year Bonds (11/15) | 150.00 | 10/23/15 | CME | 2 | 2,368 | (219 | ) | |||||||||||||||
Put - U.S. Treasury 30-Year Bonds (11/15) | 152.00 | 10/23/15 | CME | 20 | 20,904 | (5,312 | ) | |||||||||||||||
Put - Euro-Bund (10/15) | EUR 154.00 | 10/23/15 | CME | 9 | 3,010 | (2,414 | ) | |||||||||||||||
Put - U.S. Treasury 30-Year Bonds (11/15) | $154.00 | 10/23/15 | CME | 2 | 1,775 | (1,219 | ) | |||||||||||||||
Put - Euro-Bund (10/15) | EUR 154.50 | 10/23/15 | CME | 9 | 4,097 | (3,319 | ) | |||||||||||||||
Put - U.S. Treasury 30-Year Bonds (11/15) | $155.00 | 10/23/15 | CME | 10 | 12,155 | (8,750 | ) | |||||||||||||||
Put - U.S. Treasury 30-Year Bonds (11/15) | 156.00 | 10/23/15 | CME | 3 | 4,490 | (3,703 | ) | |||||||||||||||
Put - EUR FX (11/15) | 1.09 | 11/06/15 | CME | 12 | 12,698 | (8,550 | ) | |||||||||||||||
Put - EUR FX (11/15) | 1.10 | 11/06/15 | CME | 2 | 1,969 | (2,075 | ) | |||||||||||||||
Put - U.S. Treasury 10-Year Notes (12/15) | 126.50 | 11/20/15 | CME | 6 | 3,543 | (1,687 | ) | |||||||||||||||
Put - U.S. Treasury 10-Year Notes (12/15) | 127.00 | 11/20/15 | CME | 7 | 6,493 | (2,734 | ) | |||||||||||||||
Put - U.S. Treasury 30-Year Bonds (12/15) | 150.00 | 11/20/15 | CME | 3 | 4,725 | (1,641 | ) | |||||||||||||||
|
|
|
| |||||||||||||||||||
92,447 | (49,966 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||
$302,393 | ($431,904 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Total Written Options | $776,403 | ($720,814 | ) | |||||||||||||||||||
|
|
|
|
(j) | Swap agreements outstanding as of September 30, 2015 were as follows: |
Credit Default Swaps on Corporate and Sovereign Issues – Sell Protection (1)
Referenced Obligation | Fixed Deal Receive Rate | Expiration Date | Counter- party | Implied Credit Spread at 09/30/15 (2) | Notional Amount (3) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
General Electric Capital Corp | 1.000% | 12/20/15 | MSC | 0.117% | $500,000 | $1,131 | ($9,796 | ) | $10,927 | |||||||||||||||||||
Brazilian Government | 1.000% | 03/20/16 | CIT | 2.532% | 2,200,000 | (15,333 | ) | (15,567 | ) | 234 | ||||||||||||||||||
Mexico Government | 1.000% | 03/20/16 | CIT | 0.723% | 1,100,000 | 1,753 | (8,978 | ) | 10,731 | |||||||||||||||||||
Mexico Government | 1.000% | 03/20/16 | DUB | 0.461% | 700,000 | 1,116 | (5,135 | ) | 6,251 | |||||||||||||||||||
Brazilian Government | 1.000% | 06/20/16 | CIT | 2.532% | 700,000 | (7,552 | ) | (2,363 | ) | (5,189 | ) | |||||||||||||||||
Brazilian Government | 1.000% | 09/20/16 | GSC | 2.983% | 200,000 | (3,783 | ) | (1,217 | ) | (2,566 | ) | |||||||||||||||||
Mexico Government | 1.000% | 09/20/16 | JPM | 0.828% | 100,000 | 196 | 577 | (381 | ) | |||||||||||||||||||
Volkswagen International | 1.000% | 03/20/17 | CIT | 2.052% | EUR 400,000 | (6,719 | ) | 4,403 | (11,122 | ) | ||||||||||||||||||
MetLife Inc | 1.000% | 03/20/19 | BRC | 0.624% | $2,700,000 | 35,418 | 30,101 | 5,317 | ||||||||||||||||||||
Colombia Government | 1.000% | 03/20/19 | GSC | 2.092% | 1,800,000 | (64,807 | ) | (16,452 | ) | (48,355 | ) | |||||||||||||||||
Colombia Government | 1.000% | 03/20/19 | HSB | 2.092% | 3,500,000 | (126,014 | ) | (28,642 | ) | (97,372 | ) | |||||||||||||||||
AT&T Inc | 1.000% | 03/20/19 | MSC | 0.551% | 2,800,000 | 43,864 | 43,594 | 270 | ||||||||||||||||||||
Petrobras International Co SA | 1.000% | 12/20/19 | BRC | 10.419% | 100,000 | (30,065 | ) | (10,916 | ) | (19,149 | ) | |||||||||||||||||
Petrobras International Co SA | 1.000% | 12/20/19 | GSC | 10.419% | 300,000 | (90,195 | ) | (32,995 | ) | (57,200 | ) | |||||||||||||||||
Petrobras International Co SA | 1.000% | 12/20/19 | JPM | 10.419% | 200,000 | (60,130 | ) | (22,568 | ) | (37,562 | ) | |||||||||||||||||
Mexico Government | 1.000% | 09/20/20 | CIT | 1.730% | 900,000 | (30,528 | ) | (20,056 | ) | (10,472 | ) | |||||||||||||||||
Mexico Government | 1.000% | 09/20/20 | GSC | 1.730% | 500,000 | (16,960 | ) | (11,031 | ) | (5,929 | ) | |||||||||||||||||
Mexico Government | 1.000% | 12/20/20 | CIT | 1.774% | 400,000 | (14,808 | ) | (17,036 | ) | 2,228 | ||||||||||||||||||
Mexico Government | 1.000% | 12/20/20 | DUB | 1.774% | 600,000 | (22,554 | ) | (22,434 | ) | (120 | ) | |||||||||||||||||
Mexico Government | 1.000% | 12/20/20 | GSC | 1.770% | 200,000 | (6,922 | ) | (6,977 | ) | 55 | ||||||||||||||||||
Telstra Corp Ltd | 1.000% | 06/20/21 | DUB | 0.794% | 1,400,000 | 16,183 | 19,630 | (3,447 | ) | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
($396,709 | ) | ($133,858 | ) | ($262,851 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-26
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Credit Default Swaps on Credit Indices – Sell Protection (1) | ||||||||||||||||||||||||||||
Referenced Obligation | Fixed Deal Receive Rate | Expiration Date | Counter- party | Notional Amount (3) | Value (4) | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
CDX IG 9 10Y | 0.548% | 12/20/17 | GSC | $96,450 | $1,015 | $— | $1,015 | |||||||||||||||||||||
ABX HE AAA | 0.110% | 05/25/46 | BRC | 2,352,948 | (436,556 | ) | (480,110 | ) | 43,554 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
(435,541 | ) | (480,110 | ) | 44,569 | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||
CDX IG 23 5Y | 1.000% | 12/20/19 | CME | 990,000 | 5,886 | 13,451 | (7,565 | ) | ||||||||||||||||||||
CDX HY 23 5Y | 5.000% | 12/20/19 | CME | 87,300 | 4,170 | 5,716 | (1,546 | ) | ||||||||||||||||||||
CDX IG 24 5Y | 1.000% | 06/20/20 | CME | 7,142,000 | 38,405 | 73,202 | (34,797 | ) | ||||||||||||||||||||
CDX IG 24 5Y | 1.000% | 06/20/20 | ICE | 1,300,000 | 6,913 | 14,004 | (7,091 | ) | ||||||||||||||||||||
CDX HY 24 5Y | 5.000% | 06/20/20 | CME | 2,600,730 | 76,625 | 105,445 | (28,820 | ) | ||||||||||||||||||||
CDX HY 24 5Y | 5.000% | 06/20/20 | ICE | 3,762,000 | 109,827 | 201,911 | (92,084 | ) | ||||||||||||||||||||
CDX IG 25 5Y | 1.000% | 12/20/20 | ICE | 400,000 | 1,425 | 1,535 | (110 | ) | ||||||||||||||||||||
iTraxx Europe 24 5Y | 1.000% | 12/20/20 | ICE | EUR 2,500,000 | 14,229 | 33,225 | (18,996 | ) | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
257,480 | 448,489 | (191,009 | ) | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
($178,061 | ) | ($31,621 | ) | ($146,440 | ) | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
($574,770 | ) | ($165,479 | ) | ($409,291 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
(1) | If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(2) | An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate and sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. |
(3) | The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) | The quoted market prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
Interest Rate Swaps – Pay Floating Rate
Floating Rate Index | Counter- party | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
BRL CDI Compounded | HBC | 15.510% | 07/01/16 | BRL 21,100,000 | $6,060 | ($3,977 | ) | $10,037 | ||||||||||||||||||
BRL CDI Compounded | MSC | 15.510% | 07/01/16 | 30,500,000 | 8,573 | — | 8,573 | |||||||||||||||||||
BRL CDI Compounded | HBC | 15.700% | 01/02/17 | 12,900,000 | 4,201 | (595 | ) | 4,796 | ||||||||||||||||||
BRL CDI Compounded | BRC | 15.980% | 01/02/17 | 8,600,000 | 4,626 | 4,626 | — | |||||||||||||||||||
BRL CDI Compounded | GSC | 15.980% | 01/02/17 | 8,100,000 | (8,519 | ) | (8,327 | ) | (192 | ) | ||||||||||||||||
28-Day MXN TIIE | DUB | 5.700% | 01/18/19 | MXN 10,000,000 | 16,233 | (4,168 | ) | 20,401 | ||||||||||||||||||
28-Day MXN TIIE | JPM | 5.700% | 01/18/19 | 3,000,000 | 4,870 | (1,022 | ) | 5,892 | ||||||||||||||||||
BRL CDI Compounded | DUB | 15.900% | 01/04/21 | BRL 9,300,000 | 33,872 | (754 | ) | 34,626 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
69,916 | (14,217 | ) | 84,133 | |||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-27
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Floating Rate Index | Exchange | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
28-Day MXN TIIE | CME | 4.060% | 08/24/16 | MXN 88,300,000 | $11,840 | $9,650 | $2,190 | |||||||||||||||||||
28-Day MXN TIIE | CME | 5.700% | 01/18/19 | 3,000,000 | (225 | ) | 7,181 | (7,406 | ) | |||||||||||||||||
28-Day MXN TIIE | CME | 5.270% | 02/05/20 | 22,000,000 | 2,159 | (6,857 | ) | 9,016 | ||||||||||||||||||
28-Day MXN TIIE | CME | 5.615% | 06/02/20 | 8,300,000 | 5,844 | 3,958 | 1,886 | |||||||||||||||||||
28-Day MXN TIIE | CME | 5.495% | 09/22/20 | 27,500,000 | 4,704 | — | 4,704 | |||||||||||||||||||
28-Day MXN TIIE | CME | 5.480% | 09/23/20 | 15,200,000 | 1,898 | — | 1,898 | |||||||||||||||||||
28-Day MXN TIIE | CME | 5.608% | 10/08/21 | 15,000,000 | (4,545 | ) | (7,598 | ) | 3,053 | |||||||||||||||||
28-Day MXN TIIE | CME | 5.430% | 11/17/21 | 64,000,000 | (65,688 | ) | (147,781 | ) | 82,093 | |||||||||||||||||
28-Day MXN TIIE | CME | 6.000% | 06/07/22 | 19,800,000 | 10,783 | 13,588 | (2,805 | ) | ||||||||||||||||||
28-Day MXN TIIE | CME | 6.000% | 09/02/22 | 25,800,000 | (22,864 | ) | (82,100 | ) | 59,236 | |||||||||||||||||
28-Day MXN TIIE | CME | 5.975% | 09/16/22 | 18,100,000 | 2,935 | — | 2,935 | |||||||||||||||||||
28-Day MXN TIIE | CME | 6.530% | 06/05/25 | 22,500,000 | 21,112 | 17,784 | 3,328 | |||||||||||||||||||
28-Day MXN TIIE | CME | 6.360% | 06/09/25 | 16,000,000 | 1,737 | — | 1,737 | |||||||||||||||||||
28-Day MXN TIIE | CME | 5.990% | 01/08/30 | 2,900,000 | (14,783 | ) | (5,875 | ) | (8,908 | ) | ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
(45,093 | ) | (198,050 | ) | 152,957 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
$24,823 | ($212,267 | ) | $237,090 | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
Interest Rate Swaps – Receive Floating Rate | ||||||||||||||||||||||||||
Floating Rate Index | Counterparty | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
3-Month USD-LIBOR | BOA | 2.030% | 07/31/22 | $13,875,000 | ($252,971 | ) | ($39,929 | ) | ($213,042 | ) | ||||||||||||||||
3-Month USD-LIBOR | MSC | 1.897% | 08/31/22 | 10,000,000 | (92,276 | ) | — | (92,276 | ) | |||||||||||||||||
3-Month USD-LIBOR | BRC | 2.720% | 02/15/41 | 3,036,000 | (106,513 | ) | (5,212 | ) | (101,301 | ) | ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
(451,760 | ) | (45,141 | ) | (406,619 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||
28-Day MXN TIIE | CME | 3.450% | 12/23/15 | MXN 258,800,000 | (1,058 | ) | — | (1,058 | ) | |||||||||||||||||
1-Day USD-Federal Funds | CME | 0.500% | 06/17/16 | $1,200,000 | (3,334 | ) | (1,308 | ) | (2,026 | ) | ||||||||||||||||
6-Month GBP-LIBOR | CME | 1.880% | 10/05/17 | GBP 2,600,000 | (72,944 | ) | (163,969 | ) | 91,025 | |||||||||||||||||
6-Month GBP-LIBOR | CME | 1.500% | 03/16/18 | 3,700,000 | (45,224 | ) | (3,865 | ) | (41,359 | ) | ||||||||||||||||
3-Month USD-LIBOR | LCH | 2.000% | 12/16/20 | $13,400,000 | (337,507 | ) | 58,176 | (395,683 | ) | |||||||||||||||||
3-Month USD-LIBOR | LCH | 2.250% | 12/16/22 | 10,400,000 | (326,531 | ) | 129,024 | (455,555 | ) | |||||||||||||||||
3-Month USD-LIBOR | CME | 2.350% | 08/05/25 | 2,500,000 | (81,788 | ) | — | (81,788 | ) | |||||||||||||||||
3-Month USD-LIBOR | CME | 2.500% | 12/16/25 | 100,000 | (3,907 | ) | 1,409 | (5,316 | ) | |||||||||||||||||
3-Month USD-LIBOR | LCH | 2.500% | 12/16/25 | 1,200,000 | (48,302 | ) | 18,207 | (66,509 | ) | |||||||||||||||||
3-Month USD-LIBOR | CME | 2.750% | 12/16/45 | 17,100,000 | (683,766 | ) | 993,922 | (1,677,688 | ) | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
(1,604,361 | ) | 1,031,596 | (2,635,957 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
($2,056,121 | ) | $986,455 | ($3,042,576 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
($2,031,298 | ) | $774,188 | ($2,805,486 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
Total Swap Agreements | ($2,606,068 | ) | $608,709 | ($3,214,777 | ) | |||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-28
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(k) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $124,591,338 | $— | $124,591,338 | $— | |||||||||||||
Senior Loan Notes | 826,255 | — | 826,255 | — | ||||||||||||||
Mortgage-Backed Securities | 193,317,471 | — | 189,065,160 | 4,252,311 | ||||||||||||||
Asset-Backed Securities | 29,023,907 | — | 28,620,114 | 403,793 | ||||||||||||||
U.S. Government Agency Issues | 6,507,032 | — | 6,507,032 | — | ||||||||||||||
U.S. Treasury Obligations | 81,768,767 | — | 81,768,767 | — | ||||||||||||||
Foreign Government Bonds & Notes | 28,630,321 | — | 28,630,321 | — | ||||||||||||||
Municipal Bonds | 10,112,410 | — | 10,112,410 | — | ||||||||||||||
Short-Term Investments | 39,617,485 | 36,811,488 | 2,805,997 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | 358,156 | — | 358,156 | — | ||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Futures | 32,543 | 32,543 | — | — | ||||||||||||||
Forward Foreign Currency Contracts | 1,249,822 | — | 1,249,822 | — | ||||||||||||||
Purchased Options | 1,187 | 1,187 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | 1,283,552 | 33,730 | 1,249,822 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | 1,230,029 | 1,230,029 | — | — | ||||||||||||||
Purchased Options | 376,061 | 155,996 | 220,065 | — | ||||||||||||||
Swaps | 141,447 | — | 141,447 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | 1,747,537 | 1,386,025 | 361,512 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 3,389,245 | 1,419,755 | 1,969,490 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 517,784,231 | 38,231,243 | 474,896,884 | 4,656,104 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Credit Contracts | ||||||||||||||||||
Written Options | (8,516 | ) | — | (8,516 | ) | — | ||||||||||||
Swaps | (932,926 | ) | — | (932,926 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Credit Contracts | (941,442 | ) | — | (941,442 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Futures | (1,772 | ) | (1,772 | ) | — | — | ||||||||||||
Forward Foreign Currency Contracts | (653,989 | ) | — | (653,989 | ) | — | ||||||||||||
Written Options | (100,011 | ) | (16,312 | ) | (83,699 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | (755,772 | ) | (18,084 | ) | (737,688 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | (1,869,578 | ) | (1,869,578 | ) | — | — | ||||||||||||
Written Options | (612,287 | ) | (415,592 | ) | (196,695 | ) | — | |||||||||||
Swaps | (2,172,745 | ) | — | (2,172,745 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | (4,654,610 | ) | (2,285,170 | ) | (2,369,440 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (6,351,824 | ) | (2,303,254 | ) | (4,048,570 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (6,351,824 | ) | (2,303,254 | ) | (4,048,570 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $511,432,407 | $35,927,989 | $470,848,314 | $4,656,104 | ||||||||||||||
|
|
|
|
|
|
|
|
Certain of the fund’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of September 30, 2015, such liabilities are categorized within the three-tier hierarchy of inputs as follows:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant | Level 3 Significant Unobservable Inputs | |||||||||||||||
Liabilities | Sale-buyback Financing Transactions | ($5,932,452 | ) | $— | ($5,932,452 | ) | $— | |||||||||||
|
|
|
|
|
|
|
|
The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) for the six-month period ended September 30, 2015:
Mortgage-Backed Securities | Asset-Backed Securities | Total | ||||||||||
Value, Beginning of Period | $2,866,801 | $445,574 | $3,312,375 | |||||||||
Purchases | 1,500,000 | — | 1,500,000 | |||||||||
Sales (Includes Paydowns) | (139,771) | (33,543) | (173,314) | |||||||||
Accrued Discounts (Premiums) | — | — | — | |||||||||
Net Realized Gains (Losses) | 11,531 | 22 | 11,553 | |||||||||
Change in Net Unrealized Appreciation (Depreciation) | 13,750 | (8,260) | 5,490 | |||||||||
Transfers In | — | — | — | |||||||||
Transfers Out | — | — | — | |||||||||
|
|
|
|
|
| |||||||
Value, End of Period | $4,252,311 | $403,793 | $4,656,104 | |||||||||
|
|
|
|
|
| |||||||
Change in Net Unrealized Appreciation (Depreciation) on | $13,750 | ($8,260) | $5,490 | |||||||||
|
|
|
|
|
|
The significant unobservable inputs were provided by a broker pricing matrix or by the Trustee Valuation Committee.
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-29
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments
September 30, 2015 (Unaudited)
Principal |
| |||||||
CORPORATE BONDS & NOTES - 46.9% | ||||||||
Consumer Discretionary - 4.1% | ||||||||
AutoZone Inc | $110,000 | $110,604 | ||||||
Brinker International Inc | 105,000 | 105,871 | ||||||
CCO Safari II LLC | 120,000 | 119,229 | ||||||
Dollar General Corp | 480,000 | 495,146 | ||||||
Dollar Tree Inc | 100,000 | 103,040 | ||||||
General Motors Co | 245,000 | 247,590 | ||||||
GLP Capital LP | 400,000 | 405,000 | ||||||
Mohawk Industries Inc | 410,000 | 415,494 | ||||||
Pinnacle Entertainment Inc | 95,000 | 99,513 | ||||||
The Interpublic Group of Cos Inc | 295,000 | 295,876 | ||||||
Thomson Reuters Corp | ||||||||
0.875% due 05/23/16 | 255,000 | 254,813 | ||||||
1.650% due 09/29/17 | 370,000 | 370,005 | ||||||
Time Warner Cable Inc | 205,000 | 239,324 | ||||||
Wyndham Worldwide Corp | 60,000 | 60,751 | ||||||
|
| |||||||
3,322,256 | ||||||||
|
| |||||||
Consumer Staples - 1.4% | ||||||||
Bunge Ltd Finance Corp | 430,000 | 438,179 | ||||||
CVS Health Corp | 280,000 | 282,078 | ||||||
Imperial Tobacco Finance PLC (United Kingdom) | 200,000 | 200,033 | ||||||
Reynolds American Inc | ||||||||
1.050% due 10/30/15 | 125,000 | 125,002 | ||||||
2.300% due 06/12/18 | 120,000 | 121,378 | ||||||
|
| |||||||
1,166,670 | ||||||||
|
| |||||||
Energy - 13.6% | ||||||||
Anadarko Petroleum Corp | 220,000 | 228,681 | ||||||
Cameron International Corp | ||||||||
1.150% due 12/15/16 | 85,000 | 84,754 | ||||||
1.400% due 06/15/17 | 165,000 | 163,978 | ||||||
Chesapeake Energy Corp | 375,000 | 369,844 | ||||||
China Shenhua Overseas Capital Co Ltd (China) | 500,000 | 499,988 | ||||||
CNOOC Finance Ltd (China) | 208,000 | 207,827 | ||||||
CNOOC Nexen Finance ULC (China) | 245,000 | 244,728 | ||||||
Columbia Pipeline Group Inc | 130,000 | 130,344 | ||||||
Concho Resources Inc | 200,000 | 204,000 | ||||||
Continental Resources Inc | 500,000 | 515,000 | ||||||
DCP Midstream LLC | 365,000 | 365,375 | ||||||
DCP Midstream Operating LP | ||||||||
2.500% due 12/01/17 | 625,000 | 574,058 | ||||||
3.250% due 10/01/15 | 525,000 | 525,000 |
Principal |
| |||||||
Delek & Avner Tamar Bond Ltd (Israel) | $ 165,000 | $ 165,206 | ||||||
Ecopetrol SA (Colombia) | 325,000 | 329,062 | ||||||
Enbridge Energy Partners LP | 445,000 | 465,291 | ||||||
Energy Transfer Partners LP | 195,000 | 214,129 | ||||||
EnLink Midstream Partners LP | 85,000 | 84,078 | ||||||
Enterprise Products Operating LLC | 225,000 | 224,582 | ||||||
Freeport-McMoran Oil & Gas LLC | ||||||||
6.125% due 06/15/19 | 75,000 | 69,938 | ||||||
6.500% due 11/15/20 | 315,000 | 284,091 | ||||||
Kinder Morgan Inc | 110,000 | 109,260 | ||||||
Korea National Oil Corp (South Korea) | 240,000 | 247,215 | ||||||
Marathon Oil Corp | 740,000 | 739,851 | ||||||
Murphy Oil Corp | 460,000 | 449,363 | ||||||
Nabors Industries Inc | 150,000 | 148,241 | ||||||
Noble Holding International Ltd | 415,000 | 412,090 | ||||||
ONEOK Partners LP | 40,000 | 40,224 | ||||||
Origin Energy Finance Ltd (Australia) | 280,000 | 272,233 | ||||||
Petroleos Mexicanos (Mexico) | ||||||||
3.125% due 01/23/19 | 80,000 | 78,500 | ||||||
3.500% due 07/23/20 ~ | 170,000 | 165,219 | ||||||
Pioneer Natural Resources Co | 605,000 | 625,875 | ||||||
Rowan Cos Inc | 120,000 | 117,728 | ||||||
SESI LLC | ||||||||
6.375% due 05/01/19 | 205,000 | 204,744 | ||||||
7.125% due 12/15/21 | 350,000 | 345,188 | ||||||
Southwestern Energy Co | 115,000 | 113,061 | ||||||
Tennessee Gas Pipeline Co LLC | 580,000 | 592,363 | ||||||
Transocean Inc | ||||||||
3.000% due 10/15/17 | 360,000 | 326,700 | ||||||
5.550% due 12/15/16 | 130,000 | 128,863 | ||||||
|
| |||||||
11,066,672 | ||||||||
|
| |||||||
Financials - 13.0% | ||||||||
American Campus Communities Operating Partnership LP | 70,000 | 70,920 | ||||||
American Express Co | 585,000 | 584,623 | ||||||
Bank of America Corp | ||||||||
1.250% due 01/11/16 | 365,000 | 365,570 | ||||||
1.500% due 10/09/15 | 110,000 | 110,009 | ||||||
5.650% due 05/01/18 | 175,000 | 191,009 | ||||||
6.400% due 08/28/17 | 205,000 | 222,564 | ||||||
Barclays Bank PLC (United Kingdom) | 450,000 | 487,149 | ||||||
Citigroup Inc | ||||||||
1.550% due 08/14/17 | 155,000 | 155,244 | ||||||
1.800% due 02/05/18 | 145,000 | 144,942 | ||||||
1.850% due 11/24/17 | 265,000 | 266,130 | ||||||
CNA Financial Corp | 195,000 | 203,825 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-30
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
CNO Financial Group Inc | $ 75,000 | $ 76,688 | ||||||
Discover Bank | 410,000 | 475,843 | ||||||
Fidelity National Financial Inc | 380,000 | 406,385 | ||||||
Ford Motor Credit Co LLC | ||||||||
1.700% due 05/09/16 | 295,000 | 295,880 | ||||||
3.000% due 06/12/17 | 210,000 | 213,416 | ||||||
General Motors Financial Co Inc | 395,000 | 391,574 | ||||||
HBOS PLC (United Kingdom) | 485,000 | 535,808 | ||||||
Hyundai Capital America (South Korea) | ||||||||
1.450% due 02/06/17 ~ | 290,000 | 289,936 | ||||||
1.625% due 10/02/15 ~ | 195,000 | 195,000 | ||||||
1.875% due 08/09/16 ~ | 230,000 | 231,135 | ||||||
Hyundai Capital Services Inc (South Korea) | 200,000 | 206,250 | ||||||
Itau Unibanco Holding SA (Brazil) | 200,000 | 188,500 | ||||||
JPMorgan Chase & Co | 415,000 | 418,550 | ||||||
Kilroy Realty LP REIT | 405,000 | 406,219 | ||||||
McGraw Hill Financial Inc | 35,000 | 35,292 | ||||||
Morgan Stanley | ||||||||
1.143% due 01/24/19 § | 550,000 | 550,776 | ||||||
1.575% due 04/25/18 § | 280,000 | 284,119 | ||||||
National Bank of Canada (Canada) | 355,000 | 354,183 | ||||||
Regions Bank | 250,000 | 280,645 | ||||||
Santander Bank NA | 250,000 | 249,296 | ||||||
Standard Chartered PLC (United Kingdom) | 395,000 | 396,418 | ||||||
The Goldman Sachs Group Inc | ||||||||
1.600% due 11/23/15 | 139,000 | 139,193 | ||||||
2.750% due 09/15/20 | 55,000 | 55,322 | ||||||
6.150% due 04/01/18 | 235,000 | 258,919 | ||||||
6.250% due 09/01/17 | 230,000 | 250,210 | ||||||
UBS Group Funding Jersey Ltd (Switzerland) | 265,000 | 265,830 | ||||||
Ventas Realty LP REIT | 170,000 | 170,700 | ||||||
Volkswagen Group of America Finance LLC (Germany) | 210,000 | 202,806 | ||||||
|
| |||||||
10,626,878 | ||||||||
|
| |||||||
Health Care - 3.3% | ||||||||
AbbVie Inc | ||||||||
1.200% due 11/06/15 | 670,000 | 670,300 | ||||||
1.800% due 05/14/18 | 120,000 | 119,751 | ||||||
Actavis Funding SCS | 410,000 | 411,874 | ||||||
Actavis Inc | 255,000 | 254,495 | ||||||
Agilent Technologies Inc | 87,000 | 94,362 | ||||||
Baxalta Inc | 50,000 | 49,886 | ||||||
Biogen Inc | 80,000 | 80,729 | ||||||
Catholic Health Initiatives | ||||||||
1.600% due 11/01/17 | 65,000 | 64,843 | ||||||
2.600% due 08/01/18 | 305,000 | 311,554 |
Principal |
| |||||||
Gilead Sciences Inc | $ 90,000 | $ 90,674 | ||||||
UnitedHealth Group Inc | 280,000 | 283,039 | ||||||
Zimmer Biomet Holdings Inc | 270,000 | 270,518 | ||||||
|
| |||||||
2,702,025 | ||||||||
|
| |||||||
Industrials - 4.4% | ||||||||
CNH Industrial Capital LLC | 770,000 | 770,000 | ||||||
ERAC USA Finance LLC | 50,000 | 51,276 | ||||||
GATX Corp | ||||||||
1.250% due 03/04/17 | 295,000 | 293,540 | ||||||
2.375% due 07/30/18 | 110,000 | 110,182 | ||||||
2.600% due 03/30/20 | 25,000 | 24,688 | ||||||
HPHT Finance Ltd (Singapore) | 200,000 | 199,390 | ||||||
Hutchison Whampoa International Ltd (Hong Kong) | 420,000 | 418,798 | ||||||
International Lease Finance Corp | 205,000 | 204,488 | ||||||
JB Hunt Transport Services Inc | 105,000 | 105,950 | ||||||
Kansas City Southern de Mexico SA de CV | 235,000 | 231,205 | ||||||
Penske Truck Leasing Co LP | ||||||||
2.500% due 06/15/19 ~ | 270,000 | 268,952 | ||||||
2.875% due 07/17/18 ~ | 150,000 | 152,462 | ||||||
3.200% due 07/15/20 ~ | 330,000 | 332,778 | ||||||
Southwest Airlines Co | ||||||||
2.750% due 11/06/19 | 300,000 | 306,004 | ||||||
5.750% due 12/15/16 | 85,000 | 89,589 | ||||||
|
| |||||||
3,559,302 | ||||||||
|
| |||||||
Information Technology - 2.9% | ||||||||
Alibaba Group Holding Ltd (China) | 220,000 | 216,323 | ||||||
Avnet Inc | 115,000 | 120,302 | ||||||
Baidu Inc (China) | 210,000 | 208,786 | ||||||
Fidelity National Information Services Inc | 165,000 | 163,699 | ||||||
Hewlett Packard Enterprise Co | 320,000 | 319,821 | ||||||
Juniper Networks Inc | 125,000 | 126,155 | ||||||
Keysight Technologies Inc | 1,040,000 | 1,044,962 | ||||||
Tencent Holdings Ltd (China) | 200,000 | 198,715 | ||||||
|
| |||||||
2,398,763 | ||||||||
|
| |||||||
Materials - 1.4% | ||||||||
Anglo American Capital PLC (United Kingdom) | 240,000 | 239,836 | ||||||
INVISTA Finance LLC | 250,000 | 242,500 | ||||||
Martin Marietta Materials Inc | 305,000 | 302,840 | ||||||
Rock-Tenn Co | 225,000 | 233,173 | ||||||
Vale Overseas Ltd (Brazil) | 110,000 | 112,034 | ||||||
|
| |||||||
1,130,383 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-31
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
Telecommunication Services - 1.4% | ||||||||
CC Holdings GS V LLC | $ 400,000 | $ 403,016 | ||||||
SBA Tower Trust | ||||||||
2.240% due 04/15/43 ~ | 300,000 | 298,499 | ||||||
2.933% due 12/15/42 ~ | 170,000 | 172,818 | ||||||
3.598% due 04/15/43 ~ | 250,000 | 251,606 | ||||||
|
| |||||||
1,125,939 | ||||||||
|
| |||||||
Utilities - 1.4% | ||||||||
Exelon Generation Co LLC | 210,000 | 212,532 | ||||||
Monongahela Power Co | 65,000 | 68,692 | ||||||
PPL Capital Funding Inc | 310,000 | 310,251 | ||||||
San Diego Gas & Electric Co | 181,072 | 180,307 | ||||||
Zhejiang Energy Group Hong Kong Ltd (Hong Kong) | 385,000 | 382,624 | ||||||
|
| |||||||
1,154,406 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 38,253,294 | |||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 22.5% | ||||||||
Collateralized Mortgage Obligations - Commercial - 10.7% |
| |||||||
Banc of America Commercial Mortgage Trust | ||||||||
5.448% due 09/10/47 " | 30,000 | 30,834 | ||||||
5.634% due 07/10/46 " | 799,657 | 813,277 | ||||||
6.002% due 02/10/51 " § | 25,000 | 26,674 | ||||||
Citigroup Commercial Mortgage Trust | ||||||||
1.485% due 10/10/47 " | 70,979 | 70,988 | ||||||
1.637% due 06/10/48 " | 259,642 | 260,469 | ||||||
1.643% due 09/10/58 " | 60,000 | 60,236 | ||||||
Commercial Mortgage Trust | ||||||||
1.044% due 02/13/32 " § ~ | 180,000 | 179,238 | ||||||
1.445% due 12/10/47 " | 215,771 | 215,854 | ||||||
1.604% due 10/10/48 " | 90,000 | 89,998 | ||||||
1.667% due 07/10/50 " | 279,669 | 280,457 | ||||||
Credit Suisse Mortgage Trust | 100,000 | 99,655 | ||||||
Csail Commercial Mortgage Trust | 554,782 | 555,718 | ||||||
Freddie Mac Multifamily Structured Pass-Through Certificates | ||||||||
1.369% due 05/25/19 " | 478,312 | 481,283 | ||||||
1.426% due 08/25/17 " | 640,000 | 645,074 | ||||||
GS Mortgage Securities Trust | ||||||||
1.593% due 07/10/48 " | 92,734 | 93,012 | ||||||
5.553% due 04/10/38 " § | 361,894 | 361,945 | ||||||
JPMBB Commercial Mortgage Securities Trust | ||||||||
1.445% due 10/15/48 " | 80,436 | 80,278 | ||||||
1.539% due 11/15/47 " | 57,816 | 57,875 | ||||||
1.596% due 01/15/48 " | 549,630 | 550,634 | ||||||
1.626% due 05/15/48 " | 111,404 | 111,578 | ||||||
1.738% due 07/15/48 " | 496,160 | 498,431 | ||||||
Merrill Lynch Mortgage Trust | 175,000 | 180,285 | ||||||
ML-CFC Commercial Mortgage Trust | 484,290 | 492,949 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | ||||||||
1.573% due 12/15/47 " | 369,482 | 370,697 | ||||||
1.686% due 10/15/47 " | 200,969 | 202,065 | ||||||
1.706% due 05/15/48 " | 188,011 | 189,139 | ||||||
Morgan Stanley Capital I Trust | ||||||||
1.638% due 05/15/48 " | 180,432 | 181,503 | ||||||
5.731% due 07/12/44 " § | 229,294 | 232,373 |
Principal |
| |||||||
Wells Fargo Commercial Mortgage Trust | ||||||||
1.437% due 12/15/47 " | $ 455,112 | $ 455,243 | ||||||
1.471% due 04/15/50 " | 177,645 | 177,402 | ||||||
1.531% due 05/15/48 " | 157,660 | 157,807 | ||||||
3.020% due 07/15/58 " | 325,000 | 337,772 | ||||||
WFRBS Commercial Mortgage Trust | ||||||||
1.390% due 11/15/47 " | 40,267 | 40,168 | ||||||
1.663% due 10/15/57 " | 112,667 | 113,174 | ||||||
|
| |||||||
8,694,085 | ||||||||
|
| |||||||
Collateralized Mortgage Obligations - Residential - 4.9% |
| |||||||
Alternative Loan Trust | 151,461 | 146,139 | ||||||
Deutsche Alt-A Securities Inc Mortgage Loan Trust | 175,634 | 156,001 | ||||||
DSLA Mortgage Loan Trust | 513,239 | 486,479 | ||||||
Fannie Mae | ||||||||
0.594% due 01/25/45 " § | 206,264 | 206,840 | ||||||
5.000% due 08/25/19 " | 108,708 | 112,865 | ||||||
Fannie Mae Connecticut Avenue Securities | ||||||||
1.694% due 02/25/25 " § | 137,778 | 138,072 | ||||||
Fosse Master Issuer PLC (United Kingdom) | 136,177 | 136,255 | ||||||
Freddie Mac | ||||||||
0.557% due 02/15/45 " § | 175,980 | 176,479 | ||||||
0.657% due 05/15/36 " § | 42,806 | 43,263 | ||||||
0.707% due 08/15/41 " § | 198,170 | 199,954 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes | ||||||||
1.244% due 03/25/25 " § | 232,888 | 232,655 | ||||||
1.294% due 05/25/25 " § | 243,815 | 242,963 | ||||||
1.344% due 12/25/27 " § | 244,330 | 244,385 | ||||||
1.444% due 03/25/28 " § | 250,000 | 250,384 | ||||||
1.844% due 10/25/24 " § | 165,114 | 165,346 | ||||||
GS Mortgage-Backed Securities Trust | 80,863 | 81,068 | ||||||
HarborView Mortgage Loan Trust | 123,193 | 102,797 | ||||||
JP Morgan Alternative Loan Trust | 80,760 | 75,770 | ||||||
Lanark Master Issuer PLC (United Kingdom) | 267,112 | 266,741 | ||||||
Silverstone Master Issuer PLC (United Kingdom) | 175,000 | 175,112 | ||||||
Structured Adjustable Rate Mortgage Loan Trust | 175,509 | 176,664 | ||||||
Towd Point Mortgage Trust | 170,000 | 170,062 | ||||||
|
| |||||||
3,986,294 | ||||||||
|
| |||||||
Fannie Mae - 5.3% | ||||||||
3.000% due 03/01/30 - 09/01/30 " | 781,150 | 815,943 | ||||||
3.500% due 01/01/26 - 01/01/27 " | 318,159 | 336,880 | ||||||
4.000% due 09/01/26 - 10/01/41 " | 683,598 | 730,158 | ||||||
4.500% due 04/01/26 - 07/01/26 " | 743,695 | 795,891 | ||||||
5.000% due 07/01/19 - 06/01/33 " | 442,773 | 478,668 | ||||||
5.500% due 10/01/35 - 06/01/39 " | 750,874 | 844,380 | ||||||
6.000% due 11/01/35 - 09/01/39 " | 255,155 | 289,845 | ||||||
|
| |||||||
4,291,765 | ||||||||
|
| |||||||
Freddie Mac - 0.4% | ||||||||
5.000% due 11/01/16 - 04/01/18 " | 27,172 | 28,268 | ||||||
5.500% due 01/01/20 - 12/01/39 " | 282,511 | 312,585 | ||||||
|
| |||||||
340,853 | ||||||||
|
| |||||||
Government National Mortgage Association - 1.2% |
| |||||||
3.000% due 10/20/44 " § | 138,107 | 143,595 | ||||||
3.500% due 03/20/43 " | 452,927 | 476,297 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-32
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
5.000% due 12/20/34 - 02/20/40 " | $121,684 | $135,271 | ||||||
6.000% due 07/15/36 " | 211,069 | 243,792 | ||||||
|
| |||||||
998,955 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities | 18,311,952 | |||||||
|
| |||||||
ASSET-BACKED SECURITIES - 20.4% | ||||||||
Ally Auto Receivables Trust | 135,000 | 136,616 | ||||||
American Express Credit Account Master Trust | 100,000 | 100,014 | ||||||
AmeriCredit Automobile Receivables Trust | ||||||||
0.960% due 04/09/18 " | 54,488 | 54,510 | ||||||
1.190% due 05/08/18 " | 190,000 | 190,158 | ||||||
1.270% due 01/08/20 " | 360,000 | 360,496 | ||||||
1.600% due 07/08/19 " | 300,000 | 300,701 | ||||||
BMW Vehicle Owner Trust | 325,000 | 327,325 | ||||||
Capital Auto Receivables Asset Trust | ||||||||
1.480% due 11/20/18 " | 345,000 | 345,590 | ||||||
1.730% due 09/20/19 " | 155,000 | 155,437 | ||||||
2.220% due 01/22/19 " | 90,000 | 91,079 | ||||||
CarMax Auto Owner Trust | ||||||||
1.690% due 08/15/19 " | 45,000 | 45,293 | ||||||
1.810% due 07/15/20 " | 185,000 | 186,926 | ||||||
1.930% due 11/15/19 " | 65,000 | 65,187 | ||||||
CCG Receivables Trust | ||||||||
1.060% due 11/15/21 " ~ | 183,441 | 183,136 | ||||||
1.460% due 11/14/18 " ~ | 255,000 | 255,423 | ||||||
Citigroup Mortgage Loan Trust Inc | 202,152 | 192,591 | ||||||
CNH Equipment Trust | 370,000 | 371,240 | ||||||
DB Master Finance LLC | 383,075 | 386,250 | ||||||
Diamond Resorts Owner Trust | ||||||||
2.540% due 05/20/27 " ~ | 266,222 | 269,153 | ||||||
2.730% due 07/20/27 " ~ | 319,112 | 322,332 | ||||||
Domino’s Pizza Master Issuer LLC | 265,719 | 274,001 | ||||||
Elara HGV Timeshare Issuer LLC | 164,342 | 164,604 | ||||||
Enterprise Fleet Financing LLC | 365,000 | 366,280 | ||||||
Exeter Automobile Receivables Trust | 34,439 | 34,387 | ||||||
Ford Credit Auto Lease Trust | ||||||||
1.230% due 11/15/16 " | 285,000 | 285,173 | ||||||
1.510% due 08/15/17 " | 195,000 | 195,502 | ||||||
Ford Credit Auto Owner Trust | 165,000 | 165,542 | ||||||
Ford Credit Floorplan Master Owner Trust | 380,000 | 382,407 | ||||||
GE Dealer Floorplan Master Note Trust | 315,000 | 312,915 | ||||||
GE Equipment Transportation LLC | 122,000 | 122,584 | ||||||
GMF Floorplan Owner Revolving Trust | 145,000 | 144,867 | ||||||
GreatAmerica Leasing Receivables | 400,000 | 400,208 | ||||||
GSAA Home Equity Trust | ||||||||
0.250% due 07/25/37 " § | 422,176 | 374,312 | ||||||
0.474% due 10/25/35 " § | 84,452 | 78,286 | ||||||
0.564% due 10/25/35 " § | 495,702 | 478,391 | ||||||
GSAA Trust | 293,517 | 279,105 | ||||||
Hilton Grand Vacations Trust | 231,499 | 229,124 |
Principal |
| |||||||
Hyundai Auto Lease Securitization Trust | $535,000 | $538,958 | ||||||
Hyundai Auto Receivables Trust | 290,000 | 290,347 | ||||||
John Deere Owner Trust | ||||||||
1.320% due 06/17/19 " | 145,000 | 145,478 | ||||||
1.440% due 10/15/19 " | 155,000 | 155,464 | ||||||
Kubota Credit Owner Trust | 530,000 | 530,870 | ||||||
MMAF Equipment Finance LLC | 140,000 | 139,964 | ||||||
Motor PLC (United Kingdom) | 130,199 | 130,189 | ||||||
MVW Owner Trust | 59,980 | 60,113 | ||||||
Nissan Auto Receivables Owner Trust | 355,000 | 355,231 | ||||||
Nissan Master Owner Trust Receivables | 365,000 | 365,306 | ||||||
Sierra Timeshare Receivables Funding LLC | ||||||||
2.050% due 06/20/31 " ~ | 148,594 | 149,792 | ||||||
2.300% due 10/20/31 " ~ | 209,939 | 211,342 | ||||||
2.400% due 03/22/32 " ~ | 365,876 | 368,058 | ||||||
2.430% due 06/20/32 " ~ | 259,570 | 259,043 | ||||||
SMART Trust (Australia) | ||||||||
0.840% due 09/14/16 " | 8,078 | 8,078 | ||||||
0.970% due 03/14/17 " | 70,228 | 70,165 | ||||||
0.990% due 08/14/17 " | 265,000 | 265,485 | ||||||
1.180% due 02/14/19 " | 580,000 | 575,473 | ||||||
1.590% due 10/14/16 " ~ | 50,208 | 50,218 | ||||||
Synchrony Credit Card Master Note Trust | ||||||||
1.600% due 04/15/21 " | 370,000 | 371,562 | ||||||
1.690% due 03/15/21 " | 485,000 | 487,853 | ||||||
Toyota Auto Receivables Owner Trust | ||||||||
1.440% due 04/15/20 " | 200,000 | 201,168 | ||||||
1.690% due 12/15/20 " | 350,000 | 353,249 | ||||||
Volkswagen Auto Lease Trust | 150,000 | 150,013 | ||||||
Volkswagen Auto Loan Enhanced Trust | 655,000 | 651,062 | ||||||
Wells Fargo Home Equity Trust | 207,510 | 191,899 | ||||||
Wendys Funding LLC | 370,000 | 372,752 | ||||||
Wheels SPV LLC | ||||||||
0.840% due 03/20/23 " ~ | 207,677 | 207,254 | ||||||
1.270% due 04/22/24 " ~ | 200,000 | 199,643 | ||||||
World Omni Auto Receivables Trust | 135,000 | 135,404 | ||||||
|
| |||||||
Total Asset-Backed Securities | 16,618,578 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY ISSUES - 1.3% | ||||||||
Fannie Mae | 605,000 | 604,818 | ||||||
Federal Home Loan Bank | 440,000 | 441,007 | ||||||
|
| |||||||
Total U.S. Government Agency Issues | 1,045,825 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-33
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
U.S. TREASURY OBLIGATIONS - 4.2% | ||||||||
U.S. Treasury Notes - 4.2% | ||||||||
0.500% due 07/31/17 | $830,000 | $828,525 | ||||||
0.625% due 08/31/17 | 835,000 | 835,082 | ||||||
1.750% due 09/30/19 ‡ | 1,730,000 | 1,767,122 | ||||||
|
| |||||||
3,430,729 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations | 3,430,729 | |||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 1.3% |
| |||||||
Iceland Government International Bond (Iceland) | 221,000 | 225,992 | ||||||
Mexican Bonos (Mexico) | MXN 12,570,000 | 801,376 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes | 1,027,368 | |||||||
|
| |||||||
MUNICIPAL BONDS - 0.9% | ||||||||
State Board of Administration Finance | $575,000 | 578,209 | ||||||
University of California | 195,000 | 195,000 | ||||||
|
| |||||||
Total Municipal Bonds | 773,209 | |||||||
|
|
| | |||||||
SHORT-TERM INVESTMENT - 2.6% | ||||||||
Money Market Fund - 2.6% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 2,116,131 | $2,116,131 | ||||||
|
| |||||||
Total Short-Term Investment | 2,116,131 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% | 81,577,086 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) | (57,966 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $81,519,120 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 46.9% | |||
Mortgage-Backed Securities | 22.5% | |||
Asset-Backed Securities | 20.4% | |||
U.S. Treasury Obligations | 4.2% | |||
Others (each less than 3.0%) | 6.1% | |||
|
| |||
100.1% | ||||
Other Assets & Liabilities, Net | (0.1% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2015, an investment with a value of $21,451 was fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts. |
(c) | Open futures contracts outstanding as of September 30, 2015 were as follows: |
Short Futures Outstanding | Number of Contracts | Unrealized Appreciation (Depreciation) | ||||||
U.S. Treasury 5-Year Notes (12/15) | 19 | ($12,509 | ) | |||||
|
|
(d) | Forward foreign currency contracts outstanding as of September 30, 2015 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
USD | 839,202 | MXN | 13,641,983 | 11/15 | RBS | $34,757 | ||||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-34
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(e) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $38,253,294 | $— | $38,253,294 | $— | |||||||||||||
Mortgage-Backed Securities | 18,311,952 | — | 18,311,952 | — | ||||||||||||||
Asset-Backed Securities | 16,618,578 | — | 16,618,578 | — | ||||||||||||||
U.S. Government Agency Issues | 1,045,825 | — | 1,045,825 | — | ||||||||||||||
U.S. Treasury Obligations | 3,430,729 | — | 3,430,729 | — | ||||||||||||||
Foreign Government Bonds & Notes | 1,027,368 | — | 1,027,368 | — | ||||||||||||||
Municipal Bonds | 773,209 | — | 773,209 | — | ||||||||||||||
Short-Term Investment | 2,116,131 | 2,116,131 | — | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 34,757 | — | 34,757 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 34,757 | �� | — | 34,757 | — | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 81,611,843 | 2,116,131 | 79,495,712 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | (12,509 | ) | (12,509 | ) | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (12,509 | ) | (12,509 | ) | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (12,509 | ) | (12,509 | ) | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $81,599,334 | $2,103,622 | $79,495,712 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-35
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments
September 30, 2015 (Unaudited)
Principal |
| |||||||
CORPORATE BONDS & NOTES - 35.6% | ||||||||
Azerbaijan - 0.6% | ||||||||
State Oil Co of the Azerbaijan Republic | ||||||||
4.750% due 03/13/23 ~ | $450,000 | $394,767 | ||||||
5.450% due 02/09/17 ~ | 200,000 | 204,000 | ||||||
|
| |||||||
598,767 | ||||||||
|
| |||||||
Bangladesh - 0.2% | ||||||||
Banglalink Digital Communications Ltd | 225,000 | 225,000 | ||||||
|
| |||||||
Barbados - 0.4% | ||||||||
Columbus International Inc | 385,000 | 399,919 | ||||||
|
| |||||||
Brazil - 2.6% | ||||||||
Marfrig Holding Europe BV | ||||||||
6.875% due 06/24/19 ~ | 200,000 | 173,500 | ||||||
8.375% due 05/09/18 ~ | 405,000 | 379,688 | ||||||
Marfrig Overseas Ltd | 150,000 | 147,000 | ||||||
Minerva Luxembourg SA | 300,000 | 325,530 | ||||||
Odebrecht Drilling Norbe Ltd | 164,000 | 59,450 | ||||||
Oi SA | 230,000 | 109,250 | ||||||
Petrobras Global Finance BV | ||||||||
3.000% due 01/15/19 | 65,000 | 47,125 | ||||||
5.375% due 01/27/21 | 199,000 | 145,270 | ||||||
5.750% due 01/20/20 | 98,000 | 73,500 | ||||||
5.875% due 03/01/18 | 5,000 | 4,137 | ||||||
6.250% due 03/17/24 | 415,000 | 303,075 | ||||||
6.850% due 06/05/15 | 45,000 | 28,913 | ||||||
6.875% due 01/20/40 | 575,000 | 376,625 | ||||||
7.875% due 03/15/19 | 100,000 | 82,220 | ||||||
QGOG Atlantic | 334,554 | 215,787 | ||||||
QGOG Constellation SA | 600,000 | 267,000 | ||||||
|
| |||||||
2,738,070 | ||||||||
|
| |||||||
Chile - 1.0% | ||||||||
Banco del Estado de Chile | 120,000 | 126,087 | ||||||
Corp Nacional del Cobre de Chile | ||||||||
3.875% due 11/03/21 ~ | 200,000 | 199,292 | ||||||
4.875% due 11/04/44 ~ | 200,000 | 170,071 | ||||||
Empresa Nacional del Petroleo | ||||||||
5.250% due 08/10/20 ~ | 100,000 | 104,738 | ||||||
6.250% due 07/08/19 ~ | 120,000 | 131,375 | ||||||
VTR Finance BV | 300,000 | 273,000 | ||||||
|
| |||||||
1,004,563 | ||||||||
|
| |||||||
China - 3.6% | ||||||||
Agile Property Holdings Ltd | 200,000 | 206,000 | ||||||
Amber Circle Funding Ltd | 250,000 | 248,398 | ||||||
Central China Real Estate Ltd | 200,000 | 188,746 | ||||||
China Hongqiao Group Ltd | 200,000 | 186,504 | ||||||
China Railway Resources Huitung Ltd | 210,000 | 208,918 |
Principal |
| |||||||
CIFI Holdings Group Co Ltd | $220,000 | $238,142 | ||||||
Franshion Development Ltd | 200,000 | 216,504 | ||||||
Kaisa Group Holdings Ltd | ||||||||
8.875% due 03/19/18 * W ~ | 225,000 | 111,375 | ||||||
10.250% due 01/08/20 * W ~ | 225,000 | 111,375 | ||||||
KWG Property Holding Ltd | 230,000 | 236,612 | ||||||
Longfor Properties Co Ltd | 200,000 | 199,636 | ||||||
Sinochem Overseas Capital Co Ltd | ||||||||
4.500% due 11/12/20 ~ | 200,000 | 210,031 | ||||||
6.300% due 11/12/40 ~ | 100,000 | 119,240 | ||||||
Sinopec Group Overseas Development Ltd | 200,000 | 205,906 | ||||||
Sunac China Holdings Ltd | 300,000 | 309,750 | ||||||
Times Property Holdings Ltd | 220,000 | 233,565 | ||||||
Trillion Chance Ltd | 200,000 | 193,740 | ||||||
Yingde Gases Investment Ltd | 225,000 | 187,875 | ||||||
Yuzhou Properties Co Ltd | 200,000 | 197,217 | ||||||
|
| |||||||
3,809,534 | ||||||||
|
| |||||||
Colombia - 1.1% | ||||||||
Ecopetrol SA | 110,000 | 121,242 | ||||||
Empresa de Telecomunicaciones de Bogota | COP 144,000,000 | 40,803 | ||||||
Pacific Exploration and Production Corp | ||||||||
5.125% due 03/28/23 ~ | $340,000 | 119,000 | ||||||
5.375% due 01/26/19 ~ | 290,000 | 110,200 | ||||||
5.625% due 01/19/25 ~ | 1,405,000 | 498,354 | ||||||
7.250% due 12/12/21 ~ | 695,000 | 253,675 | ||||||
|
| |||||||
1,143,274 | ||||||||
|
| |||||||
Costa Rica - 0.3% | ||||||||
Banco Nacional de Costa Rica | 200,000 | 197,490 | ||||||
Instituto Costarricense de Electricidad | 200,000 | 161,000 | ||||||
|
| |||||||
358,490 | ||||||||
|
| |||||||
Czech Republic - 0.1% | ||||||||
New World Resources NV | EUR 140,573 | 62,831 | ||||||
|
| |||||||
Dominican Republic - 0.2% | ||||||||
Aeropuertos Dominicanos Siglo XXI SA | $200,000 | 199,000 | ||||||
|
| |||||||
Ecuador - 0.7% | ||||||||
EP PetroEcuador | 917,895 | 713,663 | ||||||
|
| |||||||
Georgia - 0.2% | ||||||||
Georgian Railway JSC | 200,000 | 202,250 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-36
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
Guatemala - 0.5% | ||||||||
Cementos Progreso Trust | $310,000 | $321,625 | ||||||
Comcel Trust | 245,000 | 242,624 | ||||||
|
| |||||||
564,249 | ||||||||
|
| |||||||
Hong Kong - 0.8% | ||||||||
CFG Investment SAC | 200,000 | 122,000 | ||||||
Industrial & Commercial Bank of China Asia Ltd 5.125% due 11/30/20 ~ | 100,000 | 107,230 | ||||||
MIE Holdings Corp | ||||||||
6.875% due 02/06/18 ~ | 200,000 | 103,000 | ||||||
7.500% due 04/25/19 ~ | 600,000 | 285,000 | ||||||
Shimao Property Holdings Ltd | 200,000 | 207,494 | ||||||
|
| |||||||
824,724 | ||||||||
|
| |||||||
India - 0.2% | ||||||||
Export-Import Bank of India | 200,000 | 207,440 | ||||||
|
| |||||||
Indonesia - 1.0% | ||||||||
Golden Legacy PTE Ltd | 200,000 | 178,500 | ||||||
Indo Energy Finance BV | 200,000 | 96,000 | ||||||
Indo Energy Finance II BV | 435,000 | 184,875 | ||||||
Majapahit Holding BV | ||||||||
7.750% due 01/20/20 ~ | 100,000 | 111,500 | ||||||
8.000% due 08/07/19 ~ | 100,000 | 110,380 | ||||||
P.T. Pertamina Persero | 200,000 | 166,321 | ||||||
P.T. Perusahaan Listrik Negara | 200,000 | 202,000 | ||||||
|
| |||||||
1,049,576 | ||||||||
|
| |||||||
Jamaica - 1.6% | ||||||||
Digicel Group Ltd | ||||||||
7.125% due 04/01/22 ~ | 285,000 | 247,238 | ||||||
8.250% due 09/30/20 ~ | 1,100,000 | 1,023,000 | ||||||
Digicel Ltd | 395,000 | 362,413 | ||||||
|
| |||||||
1,632,651 | ||||||||
|
| |||||||
Kazakhstan - 4.6% | ||||||||
Development Bank of Kazakhstan JSC | 220,000 | 188,664 | ||||||
Halyk Savings Bank of Kazakhstan JSC | 200,000 | 204,340 | ||||||
Kaspi Bank JSC | 200,000 | 203,000 | ||||||
Kazakhstan Temir Zholy Finance BV | 300,000 | 235,905 | ||||||
Kazkommertsbank JSC | ||||||||
5.500% due 12/21/22 ~ | 637,474 | 469,806 | ||||||
6.875% due 02/13/17 | EUR 350,000 | 366,960 | ||||||
7.500% due 11/29/16 ~ | $600,000 | 557,664 | ||||||
8.000% due 11/03/15 ~ | 160,000 | 158,960 | ||||||
8.500% due 05/11/18 ~ | 490,000 | 466,725 | ||||||
KazMunayGas National Co JSC | ||||||||
4.400% due 04/30/23 ~ | 200,000 | 168,750 | ||||||
5.750% due 04/30/43 ~ | 560,000 | 406,840 | ||||||
6.375% due 04/09/21 ~ | 200,000 | 196,500 | ||||||
7.000% due 05/05/20 ~ | 210,000 | 213,308 | ||||||
9.125% due 07/02/18 ~ | 230,000 | 250,010 |
Principal |
| |||||||
Zhaikmunai LLP | ||||||||
6.375% due 02/14/19 ~ | $400,000 | $320,000 | ||||||
7.125% due 11/13/19 ~ | 435,000 | 352,350 | ||||||
|
| |||||||
4,759,782 | ||||||||
|
| |||||||
Lithuania - 0.1% | ||||||||
Bite Finance International BV | EUR 100,000 | 110,634 | ||||||
|
| |||||||
Luxembourg - 0.4% | ||||||||
Millicom International Cellular SA | ||||||||
6.000% due 03/15/25 ~ | $200,000 | 181,500 | ||||||
6.625% due 10/15/21 ~ | 275,000 | 273,350 | ||||||
|
| |||||||
454,850 | ||||||||
|
| |||||||
Malaysia - 0.5% | ||||||||
Axiata SPV1 Labuan Ltd | 100,000 | 111,038 | ||||||
Petronas Capital Ltd | 100,000 | 109,229 | ||||||
Wakala Global Sukuk Bhd | 250,000 | 272,150 | ||||||
|
| |||||||
492,417 | ||||||||
|
| |||||||
Mexico - 2.1% | ||||||||
Cemex Finance LLC | 490,000 | 523,663 | ||||||
Cemex SAB de CV | 325,000 | 321,750 | ||||||
Comision Federal de Electricidad | ||||||||
4.875% due 01/15/24 ~ | 200,000 | 203,518 | ||||||
5.750% due 02/14/42 ~ | 200,000 | 182,000 | ||||||
Elementia SAB de CV | 340,000 | 319,600 | ||||||
Petroleos Mexicanos | ||||||||
5.500% due 06/27/44 | 151,000 | 121,932 | ||||||
5.625% due 01/23/46 ~ | 275,000 | 224,840 | ||||||
6.000% due 03/05/20 | 85,000 | 91,239 | ||||||
6.500% due 06/02/41 | 160,000 | 147,980 | ||||||
7.190% due 09/12/24 ~ | MXN 1,750,000 | 98,613 | ||||||
|
| |||||||
2,235,135 | ||||||||
|
| |||||||
Nigeria - 1.5% | ||||||||
Access Bank PLC | $200,000 | 170,500 | ||||||
Access Finance BV | 200,000 | 193,035 | ||||||
First Bank of Nigeria Ltd | ||||||||
8.000% due 07/23/21 § ~ | 540,000 | 415,800 | ||||||
8.250% due 08/07/20 § ~ | 280,000 | 224,140 | ||||||
Sea Trucks Group Ltd | 590,000 | 399,430 | ||||||
Seven Energy Ltd | 200,000 | 131,000 | ||||||
|
| |||||||
1,533,905 | ||||||||
|
| |||||||
Peru - 0.8% | ||||||||
Cementos Pacasmayo SAA | 250,000 | 228,750 | ||||||
InRetail Shopping Malls | 230,000 | 240,925 | ||||||
Union Andina de Cementos SAA | 330,000 | 318,450 | ||||||
|
| |||||||
788,125 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-37
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
Philippines - 0.5% | ||||||||
Development Bank of the Philippines | $200,000 | $223,494 | ||||||
Power Sector Assets & Liabilities Management Corp | 230,000 | 299,000 | ||||||
|
| |||||||
522,494 | ||||||||
|
| |||||||
Russia - 5.7% | ||||||||
Alfa Bank OJSC | 250,000 | 252,323 | ||||||
Brunswick Rail Finance Ltd | 200,000 | 82,500 | ||||||
Credit Bank of Moscow | 295,000 | 293,378 | ||||||
Evraz Group SA | 100,000 | 105,053 | ||||||
Gazprom Neft OAO | 400,000 | 347,000 | ||||||
Gazprom OAO | ||||||||
4.300% due 11/12/15 ~ | 200,000 | 200,662 | ||||||
8.625% due 04/28/34 ~ | 95,000 | 103,748 | ||||||
9.250% due 04/23/19 ~ | 60,000 | 66,456 | ||||||
Metalloinvest Finance Ltd | 230,000 | 217,626 | ||||||
Mobile Telesystems OJSC | 370,000 | 402,005 | ||||||
Polyus Gold International Ltd | 200,000 | 190,250 | ||||||
Sberbank of Russia | ||||||||
5.250% due 05/23/23 ~ | 330,000 | 277,200 | ||||||
5.500% due 02/26/24 § ~ | 200,000 | 170,500 | ||||||
Sibur Securities Ltd | 410,000 | 400,775 | ||||||
Sistema JSFC | 405,000 | 398,318 | ||||||
TMK OAO | 485,000 | 428,740 | ||||||
Vimpel Communications | 200,000 | 205,126 | ||||||
VimpelCom Holdings BV | 350,000 | 352,188 | ||||||
Vnesheconombank | ||||||||
4.224% due 11/21/18 ~ | 300,000 | 288,000 | ||||||
5.450% due 11/22/17 ~ | 340,000 | 342,449 | ||||||
5.942% due 11/21/23 ~ | 220,000 | 202,556 | ||||||
6.025% due 07/05/22 ~ | 200,000 | 189,600 | ||||||
6.800% due 11/22/25 ~ | 370,000 | 352,027 | ||||||
6.902% due 07/09/20 ~ | 120,000 | 121,069 | ||||||
|
| |||||||
5,989,549 | ||||||||
|
| |||||||
Singapore - 0.2% | ||||||||
Puma International Financing SA | 200,000 | 198,500 | ||||||
|
| |||||||
South Africa - 0.1% | ||||||||
Transnet SOC Ltd | ZAR 2,200,000 | 152,501 | ||||||
|
| |||||||
Ukraine - 0.6% | ||||||||
MHP SA | $440,000 | 372,409 | ||||||
Ukreximbank | 240,000 | 207,600 | ||||||
|
| |||||||
580,009 | ||||||||
|
|
Principal |
| |||||||
United Arab Emirates - 0.8% | ||||||||
Dubai DOF Sukuk Ltd | $50,000 | $59,349 | ||||||
Dubai Holding Commercial Operations MTN Ltd | GBP 200,000 | 303,305 | ||||||
Emirates Airline | $90,476 | 91,720 | ||||||
JAFZ Sukuk Ltd | 200,000 | 228,410 | ||||||
Topaz Marine SA | 200,000 | 178,750 | ||||||
|
| |||||||
861,534 | ||||||||
|
| |||||||
United Kingdom - 0.2% | ||||||||
Sable International Finance Ltd | 200,000 | 202,500 | ||||||
|
| |||||||
Venezuela - 2.4% | ||||||||
Petroleos de Venezuela SA | ||||||||
5.000% due 10/28/15 | 324,000 | 323,190 | ||||||
5.125% due 10/28/16 | 541,034 | 373,313 | ||||||
5.250% due 04/12/17 ~ | 177,000 | 80,429 | ||||||
5.375% due 04/12/27 ~ | 146,000 | 47,085 | ||||||
8.500% due 11/02/17 ~ | 1,818,200 | 1,218,194 | ||||||
9.000% due 11/17/21 ~ | 324,354 | 117,578 | ||||||
9.750% due 05/17/35 ~ | 669,278 | 245,960 | ||||||
12.750% due 02/17/22 ~ | 135,000 | 60,143 | ||||||
|
| |||||||
2,465,892 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 37,081,828 | |||||||
|
| |||||||
CONVERTIBLE CORPORATE BONDS & NOTES - 0.0% |
| |||||||
Czech Republic - 0.0% | ||||||||
New World Resources NV | EUR 112,846 | 15,762 | ||||||
|
| |||||||
Total Convertible Corporate Bonds & Notes |
| 15,762 | ||||||
|
| |||||||
SENIOR LOAN NOTES - 0.8% |
| |||||||
Dubai - 0.8% | ||||||||
Dubai World Term B1 | $1,079,713 | 869,169 | ||||||
|
| |||||||
Total Senior Loan Notes | 869,169 | |||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 56.3% |
| |||||||
Argentina - 0.4% | ||||||||
Argentine Republic Government | ||||||||
2.500% due 12/31/38 * W | 652,217 | 378,612 | ||||||
8.280% due 12/31/33 * W | 64,293 | 63,972 | ||||||
8.750% due 06/02/17 * W | 18,777 | 18,965 | ||||||
|
| |||||||
461,549 | ||||||||
|
| |||||||
Azerbaijan - 0.2% | ||||||||
Republic of Azerbaijan | 200,000 | 188,000 | ||||||
|
| |||||||
Belarus - 0.9% | ||||||||
Republic of Belarus | 990,000 | 997,425 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-38
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
Bolivia - 0.3% | ||||||||
Bolivian Government | ||||||||
4.875% due 10/29/22 ~ | $100,000 | $101,250 | ||||||
5.950% due 08/22/23 ~ | 200,000 | 209,000 | ||||||
|
| |||||||
310,250 | ||||||||
|
| |||||||
Brazil - 5.1% | ||||||||
Banco Nacional de Desenvolvimento Economico e Social |
| |||||||
5.750% due 09/26/23 ~ | 200,000 | 166,000 | ||||||
6.500% due 06/10/19 ~ | 170,000 | 163,880 | ||||||
Brazil Letras do Tesouro Nacional | ||||||||
11.868% due 01/01/16 | BRL 4,541,000 | 1,107,001 | ||||||
12.924% due 01/01/18 | 11,248,000 | 2,028,564 | ||||||
12.803% due 07/01/18 | 3,771,000 | 631,107 | ||||||
15.745% due 01/01/19 | 1,700,000 | 263,778 | ||||||
Brazilian Government | ||||||||
2.625% due 01/05/23 | $200,000 | 162,500 | ||||||
4.250% due 01/07/25 | 175,000 | 153,344 | ||||||
4.875% due 01/22/21 | 100,000 | 97,500 | ||||||
5.625% due 01/07/41 | 119,000 | 96,985 | ||||||
5.875% due 01/15/19 | 90,000 | 94,500 | ||||||
7.125% due 01/20/37 | 157,000 | 147,580 | ||||||
8.250% due 01/20/34 | 121,000 | 125,537 | ||||||
8.875% due 04/15/24 | 60,000 | 71,250 | ||||||
|
| |||||||
5,309,526 | ||||||||
|
| |||||||
Chile - 0.2% | ||||||||
Chile Government | ||||||||
3.250% due 09/14/21 | 100,000 | 103,750 | ||||||
6.000% due 01/01/20 ~ | CLP 60,000,000 | 92,362 | ||||||
|
| |||||||
196,112 | ||||||||
|
| |||||||
Colombia - 4.3% | ||||||||
Colombia Government | ||||||||
4.000% due 02/26/24 | $200,000 | 194,300 | ||||||
5.000% due 06/15/45 | 262,000 | 225,975 | ||||||
5.625% due 02/26/44 | 250,000 | 235,000 | ||||||
6.125% due 01/18/41 | 530,000 | 527,350 | ||||||
7.375% due 09/18/37 | 220,000 | 248,050 | ||||||
8.125% due 05/21/24 | 230,000 | 282,095 | ||||||
9.850% due 06/28/27 | COP 227,000,000 | 83,954 | ||||||
11.750% due 02/25/20 | $257,000 | 341,167 | ||||||
Colombian TES | ||||||||
6.000% due 04/28/28 | COP 1,625,300,000 | 428,341 | ||||||
7.000% due 09/11/19 | 437,900,000 | 142,460 | ||||||
7.250% due 06/15/16 | 4,665,800,000 | 1,529,739 | ||||||
7.500% due 08/26/26 | 564,900,000 | 171,253 | ||||||
10.000% due 07/24/24 | 376,700,000 | 136,761 | ||||||
|
| |||||||
4,546,445 | ||||||||
|
| |||||||
Costa Rica - 0.3% | ||||||||
Costa Rica Government | ||||||||
4.250% due 01/26/23 ~ | $200,000 | 174,000 | ||||||
4.375% due 04/30/25 ~ | 90,000 | 75,375 | ||||||
5.625% due 04/30/43 ~ | 90,000 | 68,063 | ||||||
|
| |||||||
317,438 | ||||||||
|
| |||||||
Croatia - 0.9% | ||||||||
Croatia Government | ||||||||
6.250% due 04/27/17 ~ | 200,000 | 210,165 | ||||||
6.375% due 03/24/21 ~ | 240,000 | 258,643 | ||||||
6.625% due 07/14/20 ~ | 260,000 | 282,711 | ||||||
6.750% due 11/05/19 ~ | 200,000 | 217,930 | ||||||
|
| |||||||
969,449 | ||||||||
|
| |||||||
Dominican Republic - 1.3% | ||||||||
Dominican Republic | ||||||||
5.500% due 01/27/25 ~ | 210,000 | 203,700 | ||||||
5.875% due 04/18/24 ~ | 360,000 | 355,500 |
Principal |
| |||||||
6.600% due 01/28/24 ~ | $200,000 | $208,000 | ||||||
6.850% due 01/27/45 ~ | 210,000 | 203,175 | ||||||
7.450% due 04/30/44 ~ | 130,000 | 133,575 | ||||||
7.500% due 05/06/21 ~ | 270,000 | 289,575 | ||||||
|
| |||||||
1,393,525 | ||||||||
|
| |||||||
Ecuador - 1.3% | ||||||||
Ecuador Government | ||||||||
7.950% due 06/20/24 ~ | 600,000 | 426,000 | ||||||
9.375% due 12/15/15 ~ | 415,000 | 405,662 | ||||||
10.500% due 03/24/20 ~ | 666,000 | 502,830 | ||||||
|
| |||||||
1,334,492 | ||||||||
|
| |||||||
Egypt - 0.2% | ||||||||
Egypt Government | ||||||||
5.750% due 04/29/20 ~ | 100,000 | 103,525 | ||||||
6.875% due 04/30/40 ~ | 100,000 | 94,500 | ||||||
|
| |||||||
198,025 | ||||||||
|
| |||||||
El Salvador - 0.5% | ||||||||
El Salvador Government | ||||||||
5.875% due 01/30/25 ~ | 135,000 | 117,450 | ||||||
6.375% due 01/18/27 ~ | 60,000 | 52,950 | ||||||
7.375% due 12/01/19 ~ | 100,000 | 104,250 | ||||||
7.650% due 06/15/35 ~ | 165,000 | 147,881 | ||||||
8.250% due 04/10/32 ~ | 105,000 | 103,425 | ||||||
|
| |||||||
525,956 | ||||||||
|
| |||||||
Ethiopia - 0.3% | ||||||||
Federal Democratic Republic of Ethiopia | 310,000 | 284,828 | ||||||
|
| |||||||
Gabon - 0.6% | ||||||||
Gabonese Republic | 800,000 | 665,536 | ||||||
|
| |||||||
Georgia - 0.2% | ||||||||
Georgia Government | 200,000 | 208,000 | ||||||
|
| |||||||
Guatemala - 0.2% | ||||||||
Guatemala Government | 200,000 | 195,500 | ||||||
|
| |||||||
Hungary - 3.2% | ||||||||
Hungary Government | ||||||||
3.000% due 06/26/24 | HUF 27,640,000 | 96,024 | ||||||
3.500% due 06/24/20 | 11,610,000 | 43,640 | ||||||
4.125% due 02/19/18 | $324,000 | 337,365 | ||||||
5.375% due 02/21/23 | 480,000 | 523,085 | ||||||
5.375% due 03/25/24 | 254,000 | 276,225 | ||||||
5.500% due 06/24/25 | HUF 73,580,000 | 309,777 | ||||||
5.750% due 11/22/23 | $460,000 | 512,900 | ||||||
6.000% due 11/24/23 | HUF 9,900,000 | 42,368 | ||||||
6.250% due 01/29/20 | $306,000 | 344,639 | ||||||
6.500% due 06/24/19 | HUF 26,830,000 | 110,790 | ||||||
7.000% due 06/24/22 | 17,090,000 | 75,265 | ||||||
7.500% due 11/12/20 | 20,240,000 | 89,584 | ||||||
7.625% due 03/29/41 | $416,000 | 553,800 | ||||||
|
| |||||||
3,315,462 | ||||||||
|
| |||||||
Indonesia - 1.5% | ||||||||
Indonesia Government | ||||||||
4.875% due 05/05/21 ~ | 200,000 | 207,244 | ||||||
5.125% due 01/15/45 ~ | 8,000 | 7,049 | ||||||
5.875% due 03/13/20 ~ | 100,000 | 109,243 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-39
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
6.875% due 01/17/18 ~ | $215,000 | $236,671 | ||||||
7.750% due 01/17/38 ~ | 100,000 | 117,858 | ||||||
11.625% due 03/04/19 ~ | 220,000 | 280,510 | ||||||
Indonesia Treasury | ||||||||
5.625% due 05/15/23 | IDR 1,700,000,000 | 90,970 | ||||||
6.625% due 05/15/33 | 711,000,000 | 35,300 | ||||||
7.000% due 05/15/27 | 536,000,000 | 30,018 | ||||||
8.375% due 09/15/26 | 209,000,000 | 13,208 | ||||||
9.000% due 03/15/29 | 749,000,000 | 48,175 | ||||||
Perusahaan Penerbit SBSN Indonesia III | ||||||||
4.325% due 05/28/25 ~ | $200,000 | 184,760 | ||||||
6.125% due 03/15/19 ~ | 200,000 | 219,750 | ||||||
|
| |||||||
1,580,756 | ||||||||
|
| |||||||
Iraq - 0.2% | ||||||||
Republic of Iraq | 280,000 | 194,168 | ||||||
|
| |||||||
Ivory Coast - 1.8% | ||||||||
Ivory Coast Government | ||||||||
5.375% due 07/23/24 ~ | 390,000 | 342,287 | ||||||
5.750% due 12/31/32 § ~ | 1,747,000 | 1,529,579 | ||||||
|
| |||||||
1,871,866 | ||||||||
|
| |||||||
Jamaica - 0.2% | ||||||||
Jamaica Government | 200,000 | 200,500 | ||||||
|
| |||||||
Kazakhstan - 1.1% | ||||||||
KazAgro National Management Holding JSC | 200,000 | 160,300 | ||||||
Kazakhstan Government | ||||||||
4.875% due 10/14/44 ~ | 200,000 | 159,500 | ||||||
5.125% due 07/21/25 ~ | 430,000 | 416,025 | ||||||
6.500% due 07/21/45 ~ | 430,000 | 405,447 | ||||||
|
| |||||||
1,141,272 | ||||||||
|
| |||||||
Kenya - 0.2% | ||||||||
Kenya Government | 200,000 | 182,200 | ||||||
|
| |||||||
Lebanon - 1.6% | ||||||||
Lebanon Government | ||||||||
5.150% due 11/12/18 ~ | 70,000 | 70,140 | ||||||
5.450% due 11/28/19 ~ | 130,000 | 128,591 | ||||||
6.000% due 01/27/23 ~ | 100,000 | 99,270 | ||||||
6.100% due 10/04/22 ~ | 415,000 | 414,378 | ||||||
6.375% due 03/09/20 | 219,000 | 225,942 | ||||||
6.600% due 11/27/26 ~ | 430,000 | 431,109 | ||||||
8.250% due 04/12/21 ~ | 279,000 | 307,039 | ||||||
|
| |||||||
1,676,469 | ||||||||
|
| |||||||
Lithuania - 0.9% | ||||||||
Lithuania Government | ||||||||
6.125% due 03/09/21 ~ | 310,000 | 362,437 | ||||||
6.625% due 02/01/22 ~ | 200,000 | 242,050 | ||||||
7.375% due 02/11/20 ~ | 280,000 | 336,700 | ||||||
|
| |||||||
941,187 | ||||||||
|
| |||||||
Malaysia - 0.1% | ||||||||
Malaysia Government | ||||||||
4.254% due 05/31/35 | MYR 33,000 | 7,044 | ||||||
4.935% due 09/30/43 | 235,000 | 54,530 | ||||||
|
| |||||||
61,574 | ||||||||
|
|
Principal |
| |||||||
Mexico - 6.7% | ||||||||
Mexican Bonos | ||||||||
6.500% due 06/10/21 | MXN 18,340,000 | $1,141,450 | ||||||
7.500% due 06/03/27 | 5,850,000 | 378,417 | ||||||
7.750% due 05/29/31 | 4,090,000 | 269,305 | ||||||
8.000% due 06/11/20 | 27,050,000 | 1,792,769 | ||||||
8.000% due 12/07/23 | 12,480,000 | 833,402 | ||||||
8.500% due 12/13/18 | 14,020,000 | 919,894 | ||||||
8.500% due 05/31/29 | 3,850,000 | 269,324 | ||||||
Mexico Government | ||||||||
4.000% due 03/15/15 | EUR 419,000 | 388,015 | ||||||
4.600% due 01/23/46 | $333,000 | 297,619 | ||||||
4.750% due 03/08/44 | 180,000 | 164,700 | ||||||
5.550% due 01/21/45 | 255,000 | 262,013 | ||||||
5.750% due 10/12/10 | 160,000 | 150,400 | ||||||
6.050% due 01/11/40 | 92,000 | 101,085 | ||||||
|
| |||||||
6,968,393 | ||||||||
|
| |||||||
Morocco - 0.5% | ||||||||
Morocco Government | ||||||||
4.250% due 12/11/22 ~ | 300,000 | 304,125 | ||||||
5.500% due 12/11/42 ~ | 200,000 | 199,050 | ||||||
|
| |||||||
503,175 | ||||||||
|
| |||||||
Pakistan - 1.3% | ||||||||
Pakistan Government | ||||||||
6.750% due 12/03/19 ~ | 350,000 | 358,726 | ||||||
6.875% due 06/01/17 ~ | 150,000 | 155,989 | ||||||
7.250% due 04/15/19 ~ | 380,000 | 391,296 | ||||||
8.250% due 04/15/24 ~ | 200,000 | 210,581 | ||||||
8.250% due 09/30/25 ~ | 200,000 | 205,470 | ||||||
|
| |||||||
1,322,062 | ||||||||
|
| |||||||
Panama - 0.8% | ||||||||
Panama Government | ||||||||
4.000% due 09/22/24 | 200,000 | 198,250 | ||||||
4.300% due 04/29/53 | 240,000 | 204,600 | ||||||
6.700% due 01/26/36 | 160,000 | 191,200 | ||||||
8.875% due 09/30/27 | 90,000 | 124,200 | ||||||
9.375% due 04/01/29 | 80,000 | 115,500 | ||||||
|
| |||||||
833,750 | ||||||||
|
| |||||||
Paraguay - 0.2% | ||||||||
Republic of Paraguay | 200,000 | 197,500 | ||||||
|
| |||||||
Peru - 1.5% | ||||||||
Peruvian Government | ||||||||
5.625% due 11/18/50 | 269,000 | 278,415 | ||||||
5.700% due 08/12/24 ~ | PEN 592,000 | 163,773 | ||||||
6.950% due 08/12/31 ~ | 53,000 | 15,152 | ||||||
7.350% due 07/21/25 | $408,000 | 510,000 | ||||||
8.200% due 08/12/26 ~ | PEN 273,000 | 87,706 | ||||||
8.750% due 11/21/33 | $347,000 | 490,137 | ||||||
|
| |||||||
1,545,183 | ||||||||
|
| |||||||
Philippines - 1.9% | ||||||||
Philippine Government | ||||||||
3.900% due 11/26/22 | PHP 10,000,000 | 208,150 | ||||||
4.000% due 01/15/21 | $380,000 | 409,439 | ||||||
4.950% due 01/15/21 | PHP 5,000,000 | 109,098 | ||||||
6.375% due 10/23/34 | $127,000 | 166,493 | ||||||
7.750% due 01/14/31 | 290,000 | 412,081 | ||||||
9.500% due 02/02/30 | 292,000 | 465,303 | ||||||
10.625% due 03/16/25 | 120,000 | 190,625 | ||||||
|
| |||||||
1,961,189 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-40
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal |
| |||||||
Poland - 1.2% | ||||||||
Poland Government | ||||||||
1.500% due 04/25/20 | PLN 479,000 | $121,429 | ||||||
3.000% due 03/17/23 | $58,000 | 58,038 | ||||||
3.250% due 07/25/19 | PLN 1,073,000 | 293,517 | ||||||
3.250% due 07/25/25 | 2,399,000 | 654,010 | ||||||
4.000% due 10/25/23 | 41,000 | 11,764 | ||||||
5.000% due 03/23/22 | $124,000 | 138,880 | ||||||
|
| |||||||
1,277,638 | ||||||||
|
| |||||||
Romania - 1.3% | ||||||||
Romanian Government | ||||||||
4.375% due 08/22/23 ~ | 554,000 | 578,736 | ||||||
6.125% due 01/22/44 ~ | 38,000 | 44,270 | ||||||
6.750% due 02/07/22 ~ | 592,000 | 700,040 | ||||||
|
| |||||||
1,323,046 | ||||||||
|
| |||||||
Russia - 0.7% | ||||||||
Russian Federal | ||||||||
6.200% due 01/31/18 | RUB 1,425,000 | 19,740 | ||||||
6.400% due 05/27/20 | 6,232,000 | 80,082 | ||||||
6.700% due 05/15/19 | 932,000 | 12,554 | ||||||
6.800% due 12/11/19 | 6,988,000 | 92,524 | ||||||
7.000% due 01/25/23 | 7,372,000 | 91,290 | ||||||
7.000% due 08/16/23 | 3,521,000 | 43,197 | ||||||
7.400% due 06/14/17 | 10,263,000 | 148,989 | ||||||
7.500% due 03/15/18 | 5,849,000 | 83,337 | ||||||
7.500% due 02/27/19 | 1,692,000 | 23,510 | ||||||
7.600% due 04/14/21 | 2,759,000 | 36,432 | ||||||
8.150% due 02/03/27 | 4,094,000 | 52,575 | ||||||
Russian Foreign | $3,845 | 4,530 | ||||||
|
| |||||||
688,760 | ||||||||
|
| |||||||
Senegal - 0.2% | ||||||||
Senegal Government | 200,000 | 210,600 | ||||||
|
| |||||||
Serbia - 0.6% | ||||||||
Republic of Serbia | ||||||||
4.875% due 02/25/20 ~ | 200,000 | 202,524 | ||||||
5.875% due 12/03/18 ~ | 200,000 | 209,750 | ||||||
7.250% due 09/28/21 ~ | 210,000 | 235,988 | ||||||
|
| |||||||
648,262 | ||||||||
|
| |||||||
South Africa - 3.3% | ||||||||
South Africa Government | ||||||||
5.500% due 03/09/20 | 290,000 | 308,952 | ||||||
5.875% due 05/30/22 | 300,000 | 325,125 | ||||||
6.250% due 03/31/36 | ZAR 3,120,000 | 168,061 | ||||||
6.875% due 05/27/19 | $346,000 | 386,584 | ||||||
7.000% due 02/28/31 | ZAR 7,240,000 | 440,768 | ||||||
7.750% due 02/28/23 | 2,930,000 | 205,175 | ||||||
8.000% due 01/31/30 | 3,460,000 | 232,688 | ||||||
8.250% due 03/31/32 | 4,910,000 | 331,677 | ||||||
8.500% due 01/31/37 | 2,850,000 | 195,076 | ||||||
8.750% due 01/31/44 | 2,850,000 | 197,815 | ||||||
8.750% due 02/28/48 | 5,580,000 | 388,750 | ||||||
10.500% due 12/21/26 | 3,650,000 | 302,119 | ||||||
|
| |||||||
3,482,790 | ||||||||
|
| |||||||
Thailand - 0.2% | ||||||||
Thailand Government | ||||||||
1.250% due 03/12/28 ^ ~ | THB 3,766,233 | 87,290 | ||||||
4.675% due 06/29/44 | 2,788,000 | 90,020 | ||||||
|
| |||||||
177,310 | ||||||||
|
|
Principal |
| |||||||
Turkey - 2.8% | ||||||||
Turkey Government | ||||||||
3.000% due 02/23/22 ^ | TRY 922,316 | $297,393 | ||||||
3.250% due 03/23/23 | $200,000 | 178,477 | ||||||
5.625% due 03/30/21 | 100,000 | 104,613 | ||||||
5.750% due 03/22/24 | 200,000 | 207,760 | ||||||
6.750% due 04/03/18 | 360,000 | 389,376 | ||||||
6.750% due 05/30/40 | 110,000 | 117,563 | ||||||
6.875% due 03/17/36 | 155,000 | 168,097 | ||||||
7.000% due 03/11/19 | 100,000 | 110,062 | ||||||
7.000% due 06/05/20 | 60,000 | 66,450 | ||||||
7.100% due 03/08/23 | TRY 1,233,000 | 330,324 | ||||||
7.375% due 02/05/25 | $190,000 | 217,716 | ||||||
7.500% due 07/14/17 | 220,000 | 237,595 | ||||||
7.500% due 11/07/19 | 100,000 | 112,595 | ||||||
8.000% due 03/12/25 | TRY 810,000 | 225,502 | ||||||
10.400% due 03/20/24 | 440,000 | 141,874 | ||||||
|
| |||||||
2,905,397 | ||||||||
|
| |||||||
Ukraine - 1.1% | ||||||||
Ukraine Government | ||||||||
6.250% due 06/17/16 ~ | $200,000 | 158,580 | ||||||
7.500% due 04/17/23 ~ | 200,000 | 160,262 | ||||||
7.800% due 11/28/22 ~ | 580,000 | 462,550 | ||||||
7.950% due 02/23/21 ~ | 200,000 | 159,500 | ||||||
9.250% due 07/24/17 ~ | 230,000 | 182,477 | ||||||
|
| |||||||
1,123,369 | ||||||||
|
| |||||||
Uruguay - 1.2% | ||||||||
Uruguay Government | ||||||||
3.700% due 06/26/37 ^ | UYU 4,346,462 | 101,654 | ||||||
4.125% due 11/20/45 | $128,548 | 102,196 | ||||||
4.250% due 04/05/27 ^ | UYU 7,570,057 | 213,888 | ||||||
4.500% due 08/14/24 | $279,235 | 282,725 | ||||||
5.100% due 06/18/50 | 145,000 | 127,600 | ||||||
7.625% due 03/21/36 | 152,000 | 188,670 | ||||||
7.875% PIK due 01/15/33 | 218,000 | 273,590 | ||||||
|
| |||||||
1,290,323 | ||||||||
|
| |||||||
Venezuela - 1.8% | ||||||||
Venezuela Government | ||||||||
5.750% due 02/26/16 ~ | 258,000 | 218,010 | ||||||
6.000% due 12/09/20 ~ | 162,000 | 54,270 | ||||||
7.650% due 04/21/25 | 135,000 | 45,225 | ||||||
7.750% due 10/13/19 ~ | 240,000 | 83,400 | ||||||
8.250% due 10/13/24 ~ | 272,000 | 92,480 | ||||||
9.000% due 05/07/23 ~ | 235,000 | 81,662 | ||||||
9.250% due 09/15/27 | 248,000 | 97,960 | ||||||
9.250% due 05/07/28 ~ | 259,000 | 88,707 | ||||||
11.750% due 10/21/26 ~ | 1,212,700 | 475,985 | ||||||
11.950% due 08/05/31 ~ | 1,437,800 | 571,526 | ||||||
12.750% due 08/23/22 ~ | 242,000 | 104,665 | ||||||
|
| |||||||
1,913,890 | ||||||||
|
| |||||||
Vietnam - 0.6% | ||||||||
Vietnam Government | ||||||||
4.800% due 11/19/24 ~ | 307,000 | 291,710 | ||||||
6.750% due 01/29/20 ~ | 280,000 | 305,896 | ||||||
|
| |||||||
597,606 | ||||||||
|
| |||||||
Zambia - 0.4% | ||||||||
Zambia Government | ||||||||
8.500% due 04/14/24 ~ | 200,000 | 161,000 | ||||||
8.970% due 07/30/27 ~ | 360,000 | 286,200 | ||||||
|
| |||||||
447,200 | ||||||||
|
| |||||||
Total Foreign Government Bonds & Notes | 58,684,953 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-41
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
|
| |||||||
SHORT-TERM INVESTMENT - 4.3% | ||||||||
Money Market Fund - 4.3% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 4,524,748 | $4,524,748 | ||||||
|
| |||||||
Total Short-Term Investment | 4,524,748 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 97.0% | 101,176,460 | |||||||
OTHER ASSETS & LIABILITIES, NET - 3.0% | 3,116,549 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $104,293,009 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Foreign Government Bonds & Notes | 56.3% | |||
Corporate Bonds & Notes | 35.6% | |||
Short-Term Investment | 4.3% | |||
Others (each less than 3.0%) | 0.8% | |||
|
| |||
97.0% | ||||
Other Assets & Liabilities, Net | 3.0% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2015, the fund’s composition by country of risk as a percentage of net assets was as follows: |
Mexico | 8.8% | |||
Brazil | 7.7% | |||
Russia | 6.4% | |||
Kazakhstan | 5.7% | |||
Colombia | 5.4% | |||
United States (Includes Short-Term Investment) | 4.3% | |||
Venezuela | 4.2% | |||
China | 3.6% | |||
South Africa | 3.4% | |||
Hungary | 3.2% | |||
Others (each less than 3.0%) | 44.3% | |||
|
| |||
97.0% | ||||
Other Assets & Liabilities, Net | 3.0% | |||
|
| |||
100.0% | ||||
|
|
(c) | Investments with a total aggregate value of $684,299 or 0.7% of the fund’s net assets were in default as of September 30, 2015. |
(d) | Forward foreign currency contracts outstanding as of September 30, 2015 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized (Depreciation) | ||||||||||||||||
BRL | 1,669,565 | USD | 432,397 | 10/15 | BNP | ($11,569 | ) | |||||||||||||
BRL | 2,496,501 | USD | 654,460 | 10/15 | CSF | (25,194 | ) | |||||||||||||
BRL | 4,092,688 | USD | 1,063,254 | 10/15 | DUB | (31,656 | ) | |||||||||||||
BRL | 2,934,545 | USD | 783,338 | 10/15 | HSB | (43,661 | ) | |||||||||||||
BRL | 1,452,093 | USD | 356,815 | 11/15 | DUB | 4,915 | ||||||||||||||
BRL | 1,452,093 | USD | 359,078 | 11/15 | GSC | 2,651 | ||||||||||||||
BRL | 1,370,552 | USD | 340,000 | 11/15 | HSB | 1,417 | ||||||||||||||
CLP | 374,311,300 | USD | 550,000 | 10/15 | BNP | (13,757 | ) | |||||||||||||
CLP | 141,722,440 | USD | 214,926 | 10/15 | SCB | (11,893 | ) | |||||||||||||
CNH | 519,920 | USD | 80,000 | 02/16 | BNP | 382 | ||||||||||||||
CNH | 9,316,916 | USD | 1,433,482 | 02/16 | HSB | 6,954 | ||||||||||||||
CNH | 519,920 | USD | 78,919 | 09/16 | BNP | 398 | ||||||||||||||
CNH | 12,427,231 | USD | 1,950,616 | 03/17 | HSB | (74,455 | ) | |||||||||||||
CNY | 3,350,251 | USD | 521,206 | 11/15 | JPM | 3,288 | ||||||||||||||
COP | 370,440,000 | USD | 120,000 | 10/15 | DUB | (457 | ) | |||||||||||||
COP | 135,005,684 | USD | 43,271 | 10/15 | DUB | 296 | ||||||||||||||
COP | 184,200,000 | USD | 60,000 | 10/15 | JPM | (558 | ) | |||||||||||||
COP | 1,828,216,361 | USD | 600,196 | 10/15 | SCB | (9,492 | ) | |||||||||||||
CZK | 14,265,272 | USD | 583,292 | 10/15 | BRC | 3,311 | ||||||||||||||
CZK | 2,172,656 | USD | 90,000 | 10/15 | DUB | (658 | ) | |||||||||||||
EUR | 275,325 | USD | 311,617 | 10/15 | BRC | (3,860 | ) | |||||||||||||
HUF | 16,535,832 | USD | 60,000 | 10/15 | BNP | (1,082 | ) | |||||||||||||
HUF | 133,504,300 | USD | 473,399 | 10/15 | BNP | 2,284 | ||||||||||||||
HUF | 24,803,809 | USD | 88,105 | 10/15 | SCB | 272 | ||||||||||||||
HUF | 13,991,005 | USD | 50,000 | 10/15 | UBS | (149 | ) | |||||||||||||
IDR | 5,806,375,832 | USD | 397,802 | 10/15 | BNP | (6,141 | ) | |||||||||||||
IDR | 1,152,625,500 | USD | 79,300 | 10/15 | HSB | (1,551 | ) | |||||||||||||
IDR | 1,189,600,000 | USD | 80,000 | 10/15 | HSB | 243 | ||||||||||||||
IDR | 3,899,409,000 | USD | 266,900 | 10/15 | SCB | (3,871 | ) | |||||||||||||
ILS | 1,126,057 | USD | 297,521 | 10/15 | BNP | (10,398 | ) | |||||||||||||
ILS | 157,737 | USD | 40,000 | 10/15 | MSC | 220 | ||||||||||||||
INR | 39,153,633 | USD | 583,947 | 10/15 | BNP | 9,200 | ||||||||||||||
INR | 62,446,280 | USD | 930,000 | 10/15 | JPM | 16,012 | ||||||||||||||
KRW | 95,024,000 | USD | 80,000 | 11/15 | JPM | 5 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-42
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized (Depreciation) | ||||||||||||||||
KRW | 2,034,551,203 | USD | 1,733,111 | 11/15 | MSC | ($20,139 | ) | |||||||||||||
MXN | 2,365,146 | USD | 140,000 | 10/15 | BRC | (457 | ) | |||||||||||||
MXN | 14,542,274 | USD | 895,412 | 10/15 | DUB | (37,420 | ) | |||||||||||||
MXN | 48,940,676 | USD | 2,974,468 | 10/15 | JPM | (86,976 | ) | |||||||||||||
MXN | 13,516,342 | USD | 825,000 | 10/15 | MER | (27,538 | ) | |||||||||||||
MYR | 1,822,152 | USD | 423,238 | 10/15 | BNP | (9,602 | ) | |||||||||||||
MYR | 4,815,757 | USD | 1,142,637 | 10/15 | JPM | (49,439 | ) | |||||||||||||
MYR | 562,250 | USD | 130,000 | 10/15 | UBS | (2,367 | ) | |||||||||||||
MYR | 545,000 | USD | 129,300 | 11/15 | BRC | (5,809 | ) | |||||||||||||
MYR | 315,210 | USD | 74,400 | 11/15 | DUB | (2,977 | ) | |||||||||||||
MYR | 2,600,300 | USD | 613,640 | 11/15 | MER | (24,442 | ) | |||||||||||||
MYR | 696,139 | USD | 164,300 | 11/15 | SCB | (6,563 | ) | |||||||||||||
PEN | 429,514 | USD | 132,791 | 10/15 | BNP | (1,130 | ) | |||||||||||||
PEN | 54,048 | USD | 16,684 | 10/15 | CIT | (116 | ) | |||||||||||||
PEN | 219,343 | USD | 67,604 | 10/15 | DUB | (368 | ) | |||||||||||||
PHP | 1,873,200 | USD | 40,000 | 10/15 | BNP | (6 | ) | |||||||||||||
PLN | 1,911,070 | USD | 511,690 | 10/15 | MER | (9,280 | ) | |||||||||||||
PLN | 5,956,516 | USD | 1,573,508 | 10/15 | SCB | (7,572 | ) | |||||||||||||
PLN | 391,324 | USD | 103,722 | 10/15 | UBS | (845 | ) | |||||||||||||
RON | 195,840 | USD | 50,000 | 10/15 | BNP | (498 | ) | |||||||||||||
RON | 238,229 | USD | 60,000 | 10/15 | DUB | 217 | ||||||||||||||
RON | 3,061,155 | USD | 768,015 | 10/15 | MER | 5,745 | ||||||||||||||
RUB | 14,628,372 | USD | 220,000 | 10/15 | BNP | 1,751 | ||||||||||||||
RUB | 30,708,808 | USD | 500,906 | 10/15 | BRC | (35,392 | ) | |||||||||||||
RUB | 13,458,603 | USD | 200,960 | 10/15 | CSF | 3,058 | ||||||||||||||
RUB | 3,444,750 | USD | 50,000 | 10/15 | HSB | 2,219 | ||||||||||||||
RUB | 50,080,089 | USD | 755,384 | 10/15 | MER | 3,779 | ||||||||||||||
RUB | 12,774,865 | USD | 188,255 | 10/15 | MSC | 5,401 | ||||||||||||||
SGD | 56,667 | USD | 40,000 | 10/15 | ANZ | (222 | ) | |||||||||||||
SGD | 169,218 | USD | 120,000 | 10/15 | HSB | (1,216 | ) | |||||||||||||
SGD | 1,833,680 | USD | 1,297,124 | 10/15 | SCB | (9,952 | ) | |||||||||||||
SGD | 788,200 | USD | 556,442 | 11/15 | BRC | (3,698 | ) | |||||||||||||
THB | 3,601,000 | USD | 100,000 | 10/15 | HSB | (898 | ) | |||||||||||||
THB | 3,980,350 | USD | 110,000 | 10/15 | JPM | (458 | ) | |||||||||||||
THB | 72,174,576 | USD | 1,971,983 | 11/15 | DUB | 12,119 | ||||||||||||||
TRY | 938,249 | USD | 329,647 | 10/15 | CIT | (22,602 | ) | |||||||||||||
TRY | 204,555 | USD | 67,000 | 10/15 | DUB | (59 | ) | |||||||||||||
TRY | 336,180 | USD | 110,000 | 10/15 | DUB | 16 | ||||||||||||||
TRY | 1,989,537 | USD | 650,877 | 10/15 | HSB | 204 | ||||||||||||||
TRY | 590,531 | USD | 208,710 | 10/15 | MER | (15,457 | ) | |||||||||||||
TRY | 400,924 | USD | 130,000 | 10/15 | MER | 1,203 | ||||||||||||||
TWD | 33,140,398 | USD | 1,010,840 | 10/15 | DUB | (4,298 | ) | |||||||||||||
TWD | 2,939,000 | USD | 90,000 | 10/15 | JPM | (737 | ) | |||||||||||||
USD | 250,000 | BRL | 959,000 | 10/15 | BNP | 8,276 | ||||||||||||||
USD | 766,607 | BRL | 2,813,597 | 10/15 | CIT | 57,415 | ||||||||||||||
USD | 690,769 | BRL | 2,788,656 | 10/15 | DUB | (12,138 | ) | |||||||||||||
USD | 363,023 | BRL | 1,452,093 | 10/15 | GSC | (2,990 | ) | |||||||||||||
USD | 9,669 | BRL | 31,299 | 10/15 | GSC | 1,779 | ||||||||||||||
USD | 852,822 | BRL | 3,148,653 | 10/15 | HSB | 59,176 | ||||||||||||||
USD | 657,876 | CLP | 461,121,345 | 10/15 | BNP | (2,733 | ) | |||||||||||||
USD | 112,124 | CLP | 78,773,837 | 10/15 | DUB | (728 | ) | |||||||||||||
USD | 36,000 | CLP | 24,448,680 | 10/15 | MSC | 975 | ||||||||||||||
USD | 79,957 | CNH | 519,920 | 02/16 | BNP | (425 | ) | |||||||||||||
USD | 1,400,000 | CNH | 9,316,916 | 02/16 | HSB | (40,436 | ) | |||||||||||||
USD | 1,414,483 | CNH | 9,316,916 | 09/16 | HSB | (7,049 | ) | |||||||||||||
USD | 860,000 | CNH | 5,648,050 | 10/16 | BNP | (610 | ) | |||||||||||||
USD | 1,963,192 | CNH | 12,427,231 | 03/17 | HSB | 87,031 | ||||||||||||||
USD | 520,000 | CNY | 3,334,760 | 11/15 | HSB | (2,068 | ) | |||||||||||||
USD | 825,000 | COP | 2,251,159,200 | 10/15 | CSF | 97,281 | ||||||||||||||
USD | 169,523 | COP | 486,192,681 | 10/15 | DUB | 12,626 | ||||||||||||||
USD | 183,419 | COP | 516,527,233 | 10/15 | JPM | 16,733 | ||||||||||||||
USD | 71,000 | CZK | 1,756,773 | 10/15 | MER | (1,240 | ) | |||||||||||||
USD | 1,344,538 | EUR | 1,187,949 | 10/15 | BRC | 16,655 | ||||||||||||||
USD | 150,574 | GBP | 97,473 | 10/15 | HSB | 3,138 | ||||||||||||||
USD | 31,000 | HUF | 8,793,386 | 10/15 | MER | (331 | ) | |||||||||||||
USD | 174 | IDR | 2,556,750 | 10/15 | BNP | 2 | ||||||||||||||
USD | 260,000 | IDR | 3,836,378,000 | 10/15 | SCB | 1,222 | ||||||||||||||
USD | 58,000 | ILS | 219,145 | 10/15 | MER | 2,122 | ||||||||||||||
USD | 40,000 | INR | 2,665,884 | 10/15 | ANZ | (386 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-43
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized (Depreciation) | ||||||||||||||||
USD | 1,222,106 | MXN | 20,802,072 | 10/15 | BNP | ($5,213 | ) | |||||||||||||
USD | 1,459,491 | MXN | 24,659,360 | 10/15 | BNP | 4,593 | ||||||||||||||
USD | 100,000 | MXN | 1,662,235 | 10/15 | CIT | 1,928 | ||||||||||||||
USD | 390,000 | MXN | 6,483,204 | 10/15 | DUB | 7,492 | ||||||||||||||
USD | 714,000 | MXN | 11,851,237 | 10/15 | GSC | 14,779 | ||||||||||||||
USD | 1,225,130 | MXN | 20,586,835 | 10/15 | JPM | 10,510 | ||||||||||||||
USD | 600,000 | MXN | 9,819,900 | 10/15 | SCB | 20,628 | ||||||||||||||
USD | 89,800 | MYR | 384,164 | 10/15 | DUB | 2,593 | ||||||||||||||
USD | 182,900 | MYR | 782,343 | 10/15 | UBS | 5,304 | ||||||||||||||
USD | 50,418 | PHP | 2,378,226 | 10/15 | HSB | (358 | ) | |||||||||||||
USD | 180,862 | PLN | 676,404 | 10/15 | BNP | 3,039 | ||||||||||||||
USD | 181,029 | PLN | 676,404 | 10/15 | HSB | 3,206 | ||||||||||||||
USD | 433,000 | PLN | 1,650,803 | 10/15 | MER | (987 | ) | |||||||||||||
USD | 92,000 | RON | 372,008 | 10/15 | BRC | (2,031 | ) | |||||||||||||
USD | 527,660 | RUB | 35,046,016 | 10/15 | CSF | (3,602 | ) | |||||||||||||
USD | 30,000 | RUB | 2,003,700 | 10/15 | HSB | (374 | ) | |||||||||||||
USD | 220,000 | RUB | 13,473,900 | 10/15 | MER | 15,749 | ||||||||||||||
USD | 560,000 | SGD | 788,200 | 11/15 | MER | 7,256 | ||||||||||||||
USD | 560,000 | TRY | 1,576,254 | 10/15 | DUB | 44,166 | ||||||||||||||
USD | 152,000 | TRY | 435,070 | 10/15 | MER | 9,622 | ||||||||||||||
USD | 511,874 | TRY | 1,536,543 | 11/15 | DUB | 13,609 | ||||||||||||||
USD | 40,000 | TWD | 1,297,600 | 10/15 | MER | 589 | ||||||||||||||
USD | 264,270 | ZAR | 3,355,625 | 10/15 | BNP | 23,416 | ||||||||||||||
USD | 450,000 | ZAR | 5,681,655 | 10/15 | BRC | 42,193 | ||||||||||||||
USD | 67,820 | ZAR | 946,839 | 10/15 | DUB | (140 | ) | |||||||||||||
USD | 200,000 | ZAR | 2,752,612 | 10/15 | DUB | 2,428 | ||||||||||||||
USD | 400,000 | ZAR | 5,480,426 | 10/15 | GSC | 6,636 | ||||||||||||||
USD | 86,245 | ZAR | 1,095,958 | 10/15 | HSB | 7,581 | ||||||||||||||
USD | 354,000 | ZAR | 4,583,099 | 10/15 | MSC | 25,043 | ||||||||||||||
USD | 350,000 | ZAR | 4,786,460 | 10/15 | UBS | 6,446 | ||||||||||||||
USD | 203,047 | ZAR | 2,831,590 | 11/15 | HSB | 909 | ||||||||||||||
USD | 500,000 | ZAR | 7,048,890 | 11/15 | MER | (3,197 | ) | |||||||||||||
ZAR | 901,037 | USD | 66,000 | 10/15 | CIT | (1,327 | ) | |||||||||||||
ZAR | 1,341,992 | USD | 100,000 | 10/15 | DUB | (3,677 | ) | |||||||||||||
ZAR | 1,499,507 | USD | 110,313 | 10/15 | GSC | (2,683 | ) | |||||||||||||
ZAR | 1,527,460 | USD | 110,000 | 10/15 | HSB | (365 | ) | |||||||||||||
ZAR | 13,628,825 | USD | 1,001,000 | 10/15 | MER | (22,774 | ) | |||||||||||||
ZAR | 2,376,214 | USD | 174,000 | 10/15 | SCB | (3,444 | ) | |||||||||||||
ZAR | 7,950,572 | USD | 619,546 | 10/15 | UBS | (48,885 | ) | |||||||||||||
|
| |||||||||||||||||||
Total Forward Foreign Currency Contracts |
| ($77,420 | ) | |||||||||||||||||
|
|
(e) | Swap agreements outstanding as of September 30, 2015 were as follows: |
Cross Currency Swaps – Receive Floating Rate
Notional Amount on Fixed Rate (Currency Received) | Notional Amount on Floating Rate (Currency Delivered) | Floating Rate Index | Counter- party | Fixed Rate | Expiration Date | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
EUR 80,000 | $87,280 | 3-Month USD-LIBOR | HSB | 1.078% | 06/05/45 | $1,505 | $— | $1,505 | ||||||||||||||||||||||||
|
|
|
|
|
|
Interest Rate Swaps – Pay Floating Rate
Floating Rate Index | Counter- party | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Brazil CETIP Interbank | BNP | 14.690% | 01/02/18 | BRL 7,002,740 | ($15,842 | ) | $— | ($15,842 | ) | |||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-44
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Interest Rate Swaps – Receive Floating Rate
Floating Rate Index | Counter- party | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Brazil CETIP Interbank | BNP | 13.278% | 01/02/18 | BRL 2,685,072 | $26,516 | $— | $26,516 | |||||||||||||||||||||
Brazil CETIP Interbank | BNP | 13.747% | 01/02/18 | 2,719,996 | 19,634 | — | 19,634 | |||||||||||||||||||||
Brazil CETIP Interbank | BNP | 13.859% | 01/02/18 | 954,411 | 6,305 | — | 6,305 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$52,455 | $— | $52,455 | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$36,613 | $— | $36,613 | ||||||||||||||||||||||||||
|
|
|
|
|
|
Total Return Swaps
Receive Total Return | Counter- party | Expiration Date | Notional Amount | Value | Upfront (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Indonesia Treasury 12.800% due 06/15/21 | SCB | 06/15/21 | IDR 1,056,000,000 | $84,519 | $111,759 | ($27,240 | ) | |||||||||||||||||||
Indonesia Treasury 8.375% due 03/15/24 | ANZ | 03/15/24 | 554,000,000 | 35,229 | 48,201 | (12,972 | ) | |||||||||||||||||||
Indonesia Treasury 8.375% due 03/15/24 | SCB | 03/15/24 | 989,000,000 | 62,890 | 86,048 | (23,158 | ) | |||||||||||||||||||
Indonesia Treasury 11.000% due 09/15/25 | SCB | 09/15/25 | 800,000,000 | 58,966 | 94,805 | (35,839 | ) | |||||||||||||||||||
Indonesia Treasury 8.375% due 09/15/26 | SCB | 09/15/26 | 814,000,000 | 51,644 | 67,563 | (15,919 | ) | |||||||||||||||||||
Indonesia Treasury 7.000% due 05/15/27 | SCB | 05/15/27 | 100,000,000 | 5,768 | 9,048 | (3,280 | ) | |||||||||||||||||||
Indonesia Treasury 9.000% due 03/15/29 | ANZ | 03/15/29 | 2,800,000,000 | 180,845 | 248,633 | (67,788 | ) | |||||||||||||||||||
Indonesia Treasury 10.500% due 08/15/30 | SCB | 08/15/30 | 1,500,000,000 | 108,547 | 177,195 | (68,648 | ) | |||||||||||||||||||
Indonesia Treasury 6.625% due 05/15/33 | SCB | 05/15/33 | 270,000,000 | 13,835 | 22,923 | (9,088 | ) | |||||||||||||||||||
Indonesia Treasury 8.375% due 03/15/34 | ANZ | 03/15/34 | 2,600,000,000 | 155,207 | 215,339 | (60,132 | ) | |||||||||||||||||||
Indonesia Treasury 8.375% due 03/15/34 | HSB | 03/15/34 | 584,000,000 | 34,862 | 49,786 | (14,924 | ) | |||||||||||||||||||
Indonesia Treasury 8.375% due 03/15/34 | SCB | 03/15/34 | 42,000,000 | 2,508 | 3,341 | (833 | ) | |||||||||||||||||||
Indonesia Treasury 8.250% due 05/15/36 | SCB | 05/15/36 | 1,537,000,000 | 92,851 | 114,351 | (21,500 | ) | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
$887,671 | $1,248,992 | ($361,321 | ) | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
Total Swap Agreements |
| $925,789 | $1,248,992 | ($323,203 | ) | |||||||||||||||||||||
|
|
|
|
|
|
(f) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $37,081,828 | $— | $37,081,828 | $— | |||||||||||||
Convertible Corporate Bonds & Notes | 15,762 | — | 15,762 | — | ||||||||||||||
Senior Loan Notes | 869,169 | — | 869,169 | — | ||||||||||||||
Foreign Government Bonds & Notes | 58,684,953 | — | 58,684,953 | — | ||||||||||||||
Short-Term Investment | 4,524,748 | 4,524,748 | — | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 731,706 | — | 731,706 | — | ||||||||||||||
Swaps | 1,505 | — | 1,505 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | 733,211 | — | 733,211 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Swaps | 940,126 | — | 940,126 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 1,673,337 | — | 1,673,337 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 102,849,797 | 4,524,748 | 98,325,049 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (809,126 | ) | — | (809,126 | ) | — | ||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Swaps | (15,842 | ) | — | (15,842 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (824,968 | ) | — | (824,968 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (824,968 | ) | — | (824,968 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $102,024,829 | $4,524,748 | $97,500,081 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-45
PACIFIC FUNDS
PF COMSTOCK FUND
Schedule of Investments
September 30, 2015 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 97.8% | ||||||||
Consumer Discretionary - 16.0% | ||||||||
Carnival Corp | 116,789 | $5,804,413 | ||||||
CBS Corp ‘B’ | 19,488 | 777,571 | ||||||
Comcast Corp ‘A’ | 59,408 | 3,379,127 | ||||||
Fossil Group Inc * | 10,904 | 609,316 | ||||||
General Motors Co | 120,177 | 3,607,713 | ||||||
Johnson Controls Inc | 90,768 | 3,754,164 | ||||||
Kohl’s Corp | 54,991 | 2,546,633 | ||||||
Mattel Inc | 28,364 | 597,346 | ||||||
Newell Rubbermaid Inc | 43,128 | 1,712,613 | ||||||
Target Corp | 32,830 | 2,582,408 | ||||||
Time Warner Cable Inc | 13,565 | 2,433,154 | ||||||
Time Warner Inc | 13,566 | 932,594 | ||||||
Twenty-First Century Fox Inc ‘B’ | 85,936 | 2,326,288 | ||||||
Viacom Inc ‘B’ | 57,306 | 2,472,754 | ||||||
|
| |||||||
33,536,094 | ||||||||
|
| |||||||
Consumer Staples - 6.2% | ||||||||
ConAgra Foods Inc | 93,901 | 3,803,929 | ||||||
CVS Health Corp | 10,315 | 995,191 | ||||||
Mondelez International Inc ‘A’ | 41,152 | 1,723,034 | ||||||
The Coca-Cola Co | 82,825 | 3,322,939 | ||||||
Unilever NV ‘NY’ (United Kingdom) | 23,524 | 945,665 | ||||||
Wal-Mart Stores Inc | 32,613 | 2,114,627 | ||||||
|
| |||||||
12,905,385 | ||||||||
|
| |||||||
Energy - 13.3% | ||||||||
BP PLC ADR (United Kingdom) | 107,227 | 3,276,857 | ||||||
Chevron Corp | 32,551 | 2,567,623 | ||||||
Devon Energy Corp | 52,596 | 1,950,786 | ||||||
Halliburton Co | 52,076 | 1,840,887 | ||||||
Hess Corp | 22,261 | 1,114,386 | ||||||
Murphy Oil Corp | 55,249 | 1,337,026 | ||||||
Noble Corp PLC | 91,680 | 1,000,229 | ||||||
Occidental Petroleum Corp | 28,283 | 1,870,920 | ||||||
QEP Resources Inc | 97,964 | 1,227,489 | ||||||
Royal Dutch Shell PLC ‘A’ ADR (Netherlands) | 82,398 | 3,904,841 | ||||||
Suncor Energy Inc (Canada) | 172,655 | 4,613,342 | ||||||
Weatherford International PLC * | 387,036 | 3,282,065 | ||||||
|
| |||||||
27,986,451 | ||||||||
|
| |||||||
Financials - 28.3% | ||||||||
Aflac Inc | 37,331 | 2,170,051 | ||||||
Ally Financial Inc * | 95,639 | 1,949,123 | ||||||
Bank of America Corp | 387,016 | 6,029,709 | ||||||
Citigroup Inc | 207,752 | 10,306,577 | ||||||
Citizens Financial Group Inc | 66,090 | 1,576,907 | ||||||
Fifth Third Bancorp | 157,991 | 2,987,610 | ||||||
JPMorgan Chase & Co | 128,013 | 7,804,953 | ||||||
MetLife Inc | 63,891 | 3,012,461 | ||||||
Morgan Stanley | 106,722 | 3,361,743 | ||||||
State Street Corp | 51,841 | 3,484,234 | ||||||
The Allstate Corp | 44,922 | 2,616,257 | ||||||
The Bank of New York Mellon Corp | 84,764 | 3,318,511 | ||||||
The Goldman Sachs Group Inc | 12,152 | 2,111,531 | ||||||
The PNC Financial Services Group Inc | 40,466 | 3,609,567 | ||||||
US Bancorp | 20,982 | 860,472 | ||||||
Wells Fargo & Co | 82,027 | 4,212,086 | ||||||
|
| |||||||
59,411,792 | ||||||||
|
| |||||||
Health Care - 11.2% | ||||||||
AbbVie Inc | 31,727 | 1,726,266 | ||||||
Anthem Inc | 14,677 | 2,054,780 | ||||||
Express Scripts Holding Co * | 22,346 | 1,809,132 | ||||||
GlaxoSmithKline PLC ADR (United Kingdom) | 20,359 | 782,804 | ||||||
Medtronic PLC | 21,585 | 1,444,900 | ||||||
Merck & Co Inc | 80,071 | 3,954,707 |
Shares | Value | |||||||
Novartis AG (Switzerland) | 34,042 | $3,135,770 | ||||||
Pfizer Inc | 115,605 | 3,631,153 | ||||||
Roche Holding AG ADR (Switzerland) | 56,550 | 1,863,323 | ||||||
Sanofi ADR (France) | 63,938 | 3,035,137 | ||||||
|
| |||||||
23,437,972 | ||||||||
|
| |||||||
Industrials - 6.5% | ||||||||
Caterpillar Inc | 22,400 | 1,464,064 | ||||||
Emerson Electric Co | 60,178 | 2,658,062 | ||||||
General Electric Co | 222,830 | 5,619,773 | ||||||
Honeywell International Inc | 4,671 | 442,297 | ||||||
Ingersoll-Rand PLC | 22,301 | 1,132,222 | ||||||
Textron Inc | 60,479 | 2,276,430 | ||||||
|
| |||||||
13,592,848 | ||||||||
|
| |||||||
Information Technology - 13.1% | ||||||||
Autodesk Inc * | 13,653 | 602,643 | ||||||
Cisco Systems Inc | 180,741 | 4,744,451 | ||||||
Citrix Systems Inc * | 31,639 | 2,191,950 | ||||||
Corning Inc | 77,857 | 1,332,912 | ||||||
eBay Inc * | 92,160 | 2,252,390 | ||||||
Hewlett-Packard Co | 103,628 | 2,653,913 | ||||||
Intel Corp | 62,658 | 1,888,512 | ||||||
Microsoft Corp | 70,494 | 3,120,064 | ||||||
NetApp Inc | 99,639 | 2,949,314 | ||||||
PayPal Holdings Inc * | 56,434 | 1,751,711 | ||||||
Symantec Corp | 147,033 | 2,862,732 | ||||||
Yahoo! Inc * | 35,767 | 1,034,024 | ||||||
|
| |||||||
27,384,616 | ||||||||
|
| |||||||
Materials - 1.4% | ||||||||
Alcoa Inc | 149,454 | 1,443,726 | ||||||
International Paper Co | 40,840 | 1,543,344 | ||||||
|
| |||||||
2,987,070 | ||||||||
|
| |||||||
Telecommunication Services - 0.7% | ||||||||
Frontier Communications Corp | 328,899 | 1,562,270 | ||||||
|
| |||||||
Utilities - 1.1% | ||||||||
FirstEnergy Corp | 30,136 | 943,558 | ||||||
PG&E Corp | 26,121 | 1,379,189 | ||||||
|
| |||||||
2,322,747 | ||||||||
|
| |||||||
Total Common Stocks | 205,127,245 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 2.3% | ||||||||
Money Market Fund - 2.3% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 4,783,190 | 4,783,190 | ||||||
|
| |||||||
Total Short-Term Investment | 4,783,190 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% | 209,910,435 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) | (115,181 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $209,795,254 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-46
PACIFIC FUNDS
PF COMSTOCK FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Financials | 28.3% | |||
Consumer Discretionary | 16.0% | |||
Energy | 13.3% | |||
Information Technology | 13.1% | |||
Health Care | 11.2% | |||
Industrials | 6.5% | |||
Consumer Staples | 6.2% | |||
Others (each less than 3.0%) | 5.5% | |||
|
| |||
100.1% | ||||
Other Assets & Liabilities, Net | (0.1% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Forward foreign currency contracts outstanding as of September 30, 2015 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
CHF | 370,687 | USD | 381,979 | 10/15 | DUB | ($1,420 | ) | |||||||||||||
USD | 931,763 | CAD | 1,234,427 | 10/15 | CIB | 6,829 | ||||||||||||||
USD | 931,762 | CAD | 1,234,435 | 10/15 | DUB | 6,822 | ||||||||||||||
USD | 931,895 | CAD | 1,234,435 | 10/15 | GSC | 6,956 | ||||||||||||||
USD | 931,691 | CAD | 1,234,435 | 10/15 | RBC | 6,752 | ||||||||||||||
USD | 1,116,107 | CHF | 1,082,088 | 10/15 | CIB | 5,201 | ||||||||||||||
USD | 1,116,188 | CHF | 1,082,066 | 10/15 | DUB | 5,305 | ||||||||||||||
USD | 1,115,911 | CHF | 1,082,088 | 10/15 | GSC | 5,005 | ||||||||||||||
USD | 1,116,152 | CHF | 1,082,087 | 10/15 | RBC | 5,247 | ||||||||||||||
USD | 1,357,503 | EUR | 1,199,464 | 10/15 | BRC | 16,891 | ||||||||||||||
USD | 1,357,241 | EUR | 1,199,464 | 10/15 | CIB | 16,630 | ||||||||||||||
USD | 1,357,115 | EUR | 1,199,464 | 10/15 | DUB | 16,504 | ||||||||||||||
USD | 1,357,026 | EUR | 1,199,464 | 10/15 | GSC | 16,414 | ||||||||||||||
USD | 1,357,421 | EUR | 1,199,464 | 10/15 | RBC | 16,810 | ||||||||||||||
USD | 869,786 | GBP | 565,049 | 10/15 | CIB | 15,076 | ||||||||||||||
USD | 869,492 | GBP | 565,049 | 10/15 | DUB | 14,783 | ||||||||||||||
USD | 869,492 | GBP | 565,049 | 10/15 | GSC | 14,782 | ||||||||||||||
USD | 869,658 | GBP | 565,054 | 10/15 | RBC | 14,941 | ||||||||||||||
|
| |||||||||||||||||||
Total Forward Foreign Currency Contracts | $189,528 | |||||||||||||||||||
|
|
(c) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant | Level 3 Significant | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Consumer Discretionary | $33,536,094 | $33,536,094 | $— | $— | ||||||||||||||
Consumer Staples | 12,905,385 | 12,905,385 | — | — | ||||||||||||||
Energy | 27,986,451 | 27,986,451 | — | — | ||||||||||||||
Financials | 59,411,792 | 59,411,792 | — | — | ||||||||||||||
Health Care | 23,437,972 | 20,302,202 | 3,135,770 | — | ||||||||||||||
Industrials | 13,592,848 | 13,592,848 | — | — | ||||||||||||||
Information Technology | 27,384,616 | 27,384,616 | — | — | ||||||||||||||
Materials | 2,987,070 | 2,987,070 | — | — | ||||||||||||||
Telecommunication Services | 1,562,270 | 1,562,270 | — | — | ||||||||||||||
Utilities | 2,322,747 | 2,322,747 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
205,127,245 | 201,991,475 | 3,135,770 | — | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 4,783,190 | 4,783,190 | — | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 190,948 | — | 190,948 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 210,101,383 | 206,774,665 | 3,326,718 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (1,420 | ) | — | (1,420 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (1,420 | ) | — | (1,420 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $210,099,963 | $206,774,665 | $3,325,298 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-47
PACIFIC FUNDS
PF GROWTH FUND
Schedule of Investments
September 30, 2015 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 97.6% | ||||||||
Consumer Discretionary - 22.6% | ||||||||
Amazon.com Inc * | 6,251 | $3,199,824 | ||||||
Aramark | 40,760 | 1,208,126 | ||||||
AutoZone Inc * | 1,975 | 1,429,564 | ||||||
Burlington Stores Inc * | 8,392 | 428,328 | ||||||
Comcast Corp ‘Special A’ | 24,703 | 1,414,000 | ||||||
Dollar General Corp | 17,891 | 1,296,024 | ||||||
Dollar Tree Inc * | 16,787 | 1,119,021 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (France) | 1,772 | 302,379 | ||||||
Marriott International Inc ‘A’ | 9,542 | 650,764 | ||||||
Netflix Inc * | 18,908 | 1,952,440 | ||||||
NIKE Inc ‘B’ | 9,104 | 1,119,519 | ||||||
PVH Corp | 3,754 | 382,683 | ||||||
Ross Stores Inc | 47,460 | 2,300,386 | ||||||
Starbucks Corp | 34,144 | 1,940,745 | ||||||
The Priceline Group Inc * | 1,704 | 2,107,609 | ||||||
The TJX Cos Inc | 27,059 | 1,932,554 | ||||||
Time Inc l | — | 5 | ||||||
Time Warner Inc | 6,869 | 472,244 | ||||||
Tractor Supply Co | 8,661 | 730,296 | ||||||
Twenty-First Century Fox Inc ‘A’ | 15,662 | 422,561 | ||||||
VF Corp | 15,244 | 1,039,793 | ||||||
Wynn Resorts Ltd | 1,193 | 63,372 | ||||||
Yum! Brands Inc | 1,627 | 130,079 | ||||||
|
| |||||||
25,642,316 | ||||||||
|
| |||||||
Consumer Staples - 8.4% | ||||||||
Colgate-Palmolive Co | 15,125 | 959,833 | ||||||
Constellation Brands Inc ‘A’ | 11,555 | 1,446,802 | ||||||
Costco Wholesale Corp | 12,367 | 1,787,897 | ||||||
CVS Health Corp | 19,992 | 1,928,828 | ||||||
Danone SA (France) | 7,652 | 483,946 | ||||||
Mead Johnson Nutrition Co | 8,242 | 580,237 | ||||||
Mondelez International Inc ‘A’ | 25,612 | 1,072,374 | ||||||
Pernod Ricard SA (France) | 2,881 | 290,913 | ||||||
The Estee Lauder Cos Inc ‘A’ | 12,982 | 1,047,388 | ||||||
|
| |||||||
9,598,218 | ||||||||
|
| |||||||
Energy - 0.3% | ||||||||
Anadarko Petroleum Corp | 1,735 | 104,777 | ||||||
Schlumberger Ltd | 2,929 | 202,013 | ||||||
|
| |||||||
306,790 | ||||||||
|
| |||||||
Financials - 6.3% | ||||||||
Affiliated Managers Group Inc * | 1,691 | 289,144 | ||||||
American Tower Corp REIT | 24,258 | 2,134,219 | ||||||
BlackRock Inc | 2,342 | 696,675 | ||||||
Intercontinental Exchange Inc | 8,838 | 2,076,842 | ||||||
Moody’s Corp | 6,021 | 591,262 | ||||||
Morgan Stanley | 8,954 | 282,051 | ||||||
Realogy Holdings Corp * | 9,505 | 357,673 | ||||||
The Charles Schwab Corp | 26,655 | 761,267 | ||||||
|
| |||||||
7,189,133 | ||||||||
|
| |||||||
Health Care - 18.8% | ||||||||
Abbott Laboratories | 26,313 | 1,058,309 | ||||||
Alexion Pharmaceuticals Inc * | 7,648 | 1,196,071 | ||||||
Allergan PLC * | 9,581 | 2,604,212 | ||||||
Biogen Inc * | 4,373 | 1,276,085 | ||||||
Bristol-Myers Squibb Co | 30,902 | 1,829,398 | ||||||
Celgene Corp * | 15,408 | 1,666,683 | ||||||
Cerner Corp * | 6,533 | 391,719 | ||||||
CR Bard Inc | 3,308 | 616,313 | ||||||
Eli Lilly & Co | 14,296 | 1,196,432 | ||||||
Gilead Sciences Inc | 5,286 | 519,032 | ||||||
IMS Health Holdings Inc * | 7,021 | 204,311 | ||||||
McKesson Corp | 7,716 | 1,427,691 |
Shares | Value | |||||||
Medtronic PLC | 18,264 | $1,222,592 | ||||||
Regeneron Pharmaceuticals Inc * | 2,698 | 1,254,948 | ||||||
Stryker Corp | 4,151 | 390,609 | ||||||
The Cooper Cos Inc | 2,855 | 424,995 | ||||||
Thermo Fisher Scientific Inc | 21,551 | 2,635,256 | ||||||
Valeant Pharmaceuticals International Inc * | 4,871 | 868,889 | ||||||
Vertex Pharmaceuticals Inc * | 3,957 | 412,082 | ||||||
Zoetis Inc | 5,573 | 229,496 | ||||||
|
| |||||||
21,425,123 | ||||||||
|
| |||||||
Industrials - 7.8% | ||||||||
AMETEK Inc | 22,503 | 1,177,357 | ||||||
Canadian Pacific Railway Ltd (Canada) | 4,825 | 692,725 | ||||||
Danaher Corp | 33,822 | 2,881,973 | ||||||
Equifax Inc | 6,995 | 679,774 | ||||||
FedEx Corp | 3,250 | 467,935 | ||||||
Honeywell International Inc | 5,553 | 525,814 | ||||||
Rockwell Collins Inc | 2,235 | 182,912 | ||||||
Roper Industries Inc | 6,555 | 1,027,169 | ||||||
Spirit Airlines Inc * | 3,273 | 154,813 | ||||||
Union Pacific Corp | 4,781 | 422,688 | ||||||
Verisk Analytics Inc * | 9,315 | 688,472 | ||||||
|
| |||||||
8,901,632 | ||||||||
|
| |||||||
Information Technology - 29.9% | ||||||||
Adobe Systems Inc * | 28,936 | 2,379,118 | ||||||
Akamai Technologies Inc * | 3,271 | 225,895 | ||||||
Alibaba Group Holding Ltd SP ADR (China) * | 1,754 | 103,433 | ||||||
Apple Inc | 28,695 | 3,165,059 | ||||||
Avago Technologies Ltd (Singapore) | 11,150 | 1,393,862 | ||||||
Cognizant Technology Solutions Corp ‘A’ * | 29,106 | 1,822,327 | ||||||
EMC Corp | 9,590 | 231,694 | ||||||
Facebook Inc ‘A’ * | 40,342 | 3,626,746 | ||||||
Fiserv Inc * | 15,705 | 1,360,210 | ||||||
FleetCor Technologies Inc * | 6,643 | 914,210 | ||||||
Google Inc ‘A’ * | 5,675 | 3,622,750 | ||||||
Google Inc ‘C’ * | 4,769 | 2,901,555 | ||||||
Intuit Inc | 10,977 | 974,209 | ||||||
LinkedIn Corp ‘A’ * | 5,791 | 1,101,043 | ||||||
MasterCard Inc ‘A’ | 35,288 | 3,180,155 | ||||||
NVIDIA Corp | 7,168 | 176,691 | ||||||
NXP Semiconductor NV (Netherlands) * | 2,728 | 237,527 | ||||||
Sabre Corp | 16,050 | 436,239 | ||||||
salesforce.com Inc * | 27,238 | 1,891,134 | ||||||
Visa Inc ‘A’ | 61,211 | 4,263,958 | ||||||
|
| |||||||
34,007,815 | ||||||||
|
| |||||||
Materials - 3.5% | ||||||||
Ecolab Inc | 6,744 | 739,952 | ||||||
Monsanto Co | 9,773 | 834,028 | ||||||
The Sherwin-Williams Co | 6,271 | 1,397,053 | ||||||
Vulcan Materials Co | 11,086 | 988,871 | ||||||
|
| |||||||
3,959,904 | ||||||||
|
| |||||||
Total Common Stocks | 111,030,931 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 3.0% | ||||||||
Money Market Fund - 3.0% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 3,345,314 | 3,345,314 | ||||||
|
| |||||||
Total Short-Term Investment | 3,345,314 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.6% | 114,376,245 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.6%) | (653,292 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $113,722,953 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-48
PACIFIC FUNDS
PF GROWTH FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Information Technology | 29.9% | |||
Consumer Discretionary | 22.6% | |||
Health Care | 18.8% | |||
Consumer Staples | 8.4% | |||
Industrials | 7.8% | |||
Financials | 6.3% | |||
Materials | 3.5% | |||
Short-Term Investment | 3.0% | |||
Others (each less than 3.0%) | 0.3% | |||
|
| |||
100.6% | ||||
Other Assets & Liabilities, Net | (0.6% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Consumer Discretionary | $25,642,316 | $25,339,937 | $302,379 | $— | ||||||||||||||
Consumer Staples | 9,598,218 | 8,823,359 | 774,859 | — | ||||||||||||||
Energy | 306,790 | 306,790 | — | — | ||||||||||||||
Financials | 7,189,133 | 7,189,133 | — | — | ||||||||||||||
Health Care | 21,425,123 | 21,425,123 | — | — | ||||||||||||||
Industrials | 8,901,632 | 8,901,632 | — | — | ||||||||||||||
Information Technology | 34,007,815 | 34,007,815 | — | — | ||||||||||||||
Materials | 3,959,904 | 3,959,904 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
111,030,931 | 109,953,693 | 1,077,238 | — | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 3,345,314 | 3,345,314 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $114,376,245 | $113,299,007 | $1,077,238 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-49
PACIFIC FUNDS
PF LARGE-CAP GROWTH FUND
Schedule of Investments
September 30, 2015 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 95.7% | ||||||||
Consumer Discretionary - 23.0% | ||||||||
Amazon.com Inc * | 10,033 | $5,135,792 | ||||||
Delphi Automotive PLC (United Kingdom) | 22,878 | 1,739,643 | ||||||
Dollar General Corp | 42,523 | 3,080,366 | ||||||
Hanesbrands Inc | 54,843 | 1,587,157 | ||||||
Liberty Global PLC ‘A’ (United Kingdom) * | 73,099 | 3,138,871 | ||||||
Netflix Inc * | 40,167 | 4,147,644 | ||||||
NIKE Inc ‘B’ | 21,726 | 2,671,646 | ||||||
Restoration Hardware Holdings Inc * | 20,127 | 1,878,050 | ||||||
Starbucks Corp | 24,407 | 1,387,294 | ||||||
The Home Depot Inc | 26,669 | 3,080,003 | ||||||
The Walt Disney Co | 19,031 | 1,944,968 | ||||||
TripAdvisor Inc * | 54,481 | 3,433,393 | ||||||
|
| |||||||
33,224,827 | ||||||||
|
| |||||||
Consumer Staples - 5.5% | ||||||||
Constellation Brands Inc ‘A’ | 20,449 | 2,560,419 | ||||||
Costco Wholesale Corp | 16,755 | 2,422,270 | ||||||
CVS Health Corp | 24,077 | 2,322,949 | ||||||
Mead Johnson Nutrition Co | 10,034 | 706,394 | ||||||
|
| |||||||
8,012,032 | ||||||||
|
| |||||||
Energy - 0.8% | ||||||||
Concho Resources Inc * | 12,448 | 1,223,638 | ||||||
|
| |||||||
Financials - 5.3% | ||||||||
Berkshire Hathaway Inc ‘B’ * | 23,230 | 3,029,192 | ||||||
Crown Castle International Corp REIT | 33,354 | 2,630,630 | ||||||
Moody’s Corp | 20,972 | 2,059,450 | ||||||
|
| |||||||
7,719,272 | ||||||||
|
| |||||||
Health Care - 20.9% | ||||||||
AbbVie Inc | 56,147 | 3,054,958 | ||||||
Allergan PLC * | 9,967 | 2,709,130 | ||||||
Biogen Inc * | 13,578 | 3,962,196 | ||||||
Celgene Corp * | 14,845 | 1,605,784 | ||||||
Humana Inc | 15,492 | 2,773,068 | ||||||
Illumina Inc * | 6,712 | 1,180,104 | ||||||
Perrigo Co PLC | 21,506 | 3,382,249 | ||||||
United Therapeutics Corp * | 31,329 | 4,111,618 | ||||||
UnitedHealth Group Inc | 33,690 | 3,908,377 | ||||||
Valeant Pharmaceuticals International Inc * | 11,470 | 2,046,019 | ||||||
Vertex Pharmaceuticals Inc * | 13,967 | 1,454,523 | ||||||
|
| |||||||
30,188,026 | ||||||||
|
| |||||||
Industrials - 3.3% | ||||||||
Delta Air Lines Inc | 35,293 | 1,583,597 | ||||||
Union Pacific Corp | 36,752 | 3,249,244 | ||||||
|
| |||||||
4,832,841 | ||||||||
|
| |||||||
Information Technology - 34.3% | ||||||||
Alliance Data Systems Corp * | 13,616 | 3,526,272 | ||||||
Apple Inc | 42,222 | 4,657,087 | ||||||
Facebook Inc ‘A’ * | 103,965 | 9,346,454 | ||||||
Google Inc ‘A’ * | 15,259 | 9,740,888 | ||||||
LinkedIn Corp ‘A’ * | 11,461 | 2,179,080 | ||||||
MasterCard Inc ‘A’ | 23,156 | 2,086,819 | ||||||
Mobileye NV * | 38,220 | 1,738,246 | ||||||
salesforce.com Inc * | 62,221 | 4,320,004 | ||||||
Splunk Inc * | 24,122 | 1,335,153 | ||||||
Tencent Holdings Ltd (China) | 173,900 | 2,924,743 | ||||||
Visa Inc ‘A’ | 88,832 | 6,188,037 | ||||||
Workday Inc ‘A’ * | 23,214 | 1,598,516 | ||||||
|
| |||||||
49,641,299 | ||||||||
|
|
Shares | Value | |||||||
Materials - 2.6% | ||||||||
Ecolab Inc | 13,100 | $1,437,332 | ||||||
The Sherwin-Williams Co | 10,254 | 2,284,386 | ||||||
|
| |||||||
3,721,718 | ||||||||
|
| |||||||
Total Common Stocks | 138,563,653 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 5.1% | ||||||||
Money Market Fund - 5.1% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 7,357,776 | 7,357,776 | ||||||
|
| |||||||
Total Short-Term Investment | 7,357,776 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.8% | 145,921,429 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.8%) | (1,142,620 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $144,778,809 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Information Technology | 34.3% | |||
Consumer Discretionary | 23.0% | |||
Health Care | 20.9% | |||
Consumer Staples | 5.5% | |||
Financials | 5.3% | |||
Short-Term Investment | 5.1% | |||
Industrials | 3.3% | |||
Others (each less than 3.0%) | 3.4% | |||
|
| |||
100.8% | ||||
Other Assets & Liabilities, Net | (0.8% | ) | ||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-50
PACIFIC FUNDS
PF LARGE-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(b) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Consumer Discretionary | $33,224,827 | $33,224,827 | $— | $— | ||||||||||||||
Consumer Staples | 8,012,032 | 8,012,032 | — | — | ||||||||||||||
Energy | 1,223,638 | 1,223,638 | — | — | ||||||||||||||
Financials | 7,719,272 | 7,719,272 | — | — | ||||||||||||||
Health Care | 30,188,026 | 30,188,026 | — | — | ||||||||||||||
Industrials | 4,832,841 | 4,832,841 | — | — | ||||||||||||||
Information Technology | 49,641,299 | 46,716,556 | 2,924,743 | — | ||||||||||||||
Materials | 3,721,718 | 3,721,718 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
138,563,653 | 135,638,910 | 2,924,743 | — | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 7,357,776 | 7,357,776 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $145,921,429 | $142,996,686 | $2,924,743 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-51
PACIFIC FUNDS
PF LARGE-CAP VALUE FUND
Schedule of Investments
September 30, 2015 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 97.6% | ||||||||
Consumer Discretionary - 15.7% | ||||||||
DISH Network Corp ‘A’ * | 155,044 | $9,045,267 | ||||||
SES SA FDR ‘A’ (Luxembourg) | 86,807 | 2,739,217 | ||||||
Target Corp | 90,261 | 7,099,930 | ||||||
The Home Depot Inc | 36,557 | 4,221,968 | ||||||
Time Warner Cable Inc | 50,010 | 8,970,294 | ||||||
Time Warner Inc | 117,151 | 8,054,131 | ||||||
Twenty-First Century Fox Inc ‘B’ | 183,401 | 4,964,665 | ||||||
|
| |||||||
45,095,472 | ||||||||
|
| |||||||
Consumer Staples - 10.1% | ||||||||
Anheuser-Busch InBev SA/NV ADR (Belgium) | 25,611 | 2,722,962 | ||||||
CVS Health Corp | 112,750 | 10,878,120 | ||||||
Kimberly-Clark Corp | 38,754 | 4,225,736 | ||||||
Philip Morris International Inc | 80,587 | 6,392,967 | ||||||
Reynolds American Inc | 109,756 | 4,858,898 | ||||||
|
| |||||||
29,078,683 | ||||||||
|
| |||||||
Energy - 9.9% | ||||||||
Chevron Corp | 57,772 | 4,557,055 | ||||||
Exxon Mobil Corp | 78,279 | 5,820,044 | ||||||
Halliburton Co | 166,752 | 5,894,683 | ||||||
National Oilwell Varco Inc | 75,469 | 2,841,408 | ||||||
Royal Dutch Shell PLC ‘A’ ADR (Netherlands) | 48,164 | 2,282,492 | ||||||
Schlumberger Ltd | 68,610 | 4,732,032 | ||||||
Suncor Energy Inc (Canada) | 84,181 | 2,249,316 | ||||||
|
| |||||||
28,377,030 | ||||||||
|
| |||||||
Financials - 26.1% | ||||||||
American Express Co | 92,105 | 6,827,744 | ||||||
American Tower Corp REIT | 41,809 | 3,678,356 | ||||||
Capital One Financial Corp | 46,681 | 3,385,306 | ||||||
Citigroup Inc | 96,433 | 4,784,041 | ||||||
JPMorgan Chase & Co | 184,457 | 11,246,343 | ||||||
Marsh & McLennan Cos Inc | 83,924 | 4,382,511 | ||||||
MetLife Inc | 67,489 | 3,182,106 | ||||||
State Street Corp | 74,426 | 5,002,171 | ||||||
Synchrony Financial * | 103,131 | 3,228,000 | ||||||
The Bank of New York Mellon Corp | 90,783 | 3,554,154 | ||||||
The Progressive Corp | 67,818 | 2,077,944 | ||||||
The Travelers Cos Inc | 56,307 | 5,604,236 | ||||||
US Bancorp | 186,018 | 7,628,598 | ||||||
Wells Fargo & Co | 202,811 | 10,414,345 | ||||||
|
| |||||||
74,995,855 | ||||||||
|
| |||||||
Health Care - 11.0% | ||||||||
Amgen Inc | 37,614 | 5,202,769 | ||||||
Anthem Inc | 45,859 | 6,420,260 | ||||||
Johnson & Johnson | 51,828 | 4,838,144 | ||||||
Merck & Co Inc | 135,889 | 6,711,558 | ||||||
Novartis AG ADR (Switzerland) | 36,800 | 3,382,656 | ||||||
Teva Pharmaceutical Industries Ltd ADR (Israel) | 87,738 | 4,953,688 | ||||||
|
| |||||||
31,509,075 | ||||||||
|
| |||||||
Industrials - 8.4% | ||||||||
General Electric Co | 286,775 | 7,232,466 | ||||||
Honeywell International Inc | 76,031 | 7,199,375 | ||||||
Illinois Tool Works Inc | 63,781 | 5,249,814 | ||||||
United Technologies Corp | 50,075 | 4,456,174 | ||||||
|
| |||||||
24,137,829 | ||||||||
|
| |||||||
Information Technology - 10.1% | ||||||||
EMC Corp | 184,814 | 4,465,106 | ||||||
International Business Machines Corp | 15,675 | 2,272,405 | ||||||
Microsoft Corp | 98,515 | 4,360,274 | ||||||
Motorola Solutions Inc | 71,516 | 4,890,264 | ||||||
Nuance Communications Inc * | 248,517 | 4,068,223 |
Shares | Value | |||||||
TE Connectivity Ltd (Switzerland) | 85,463 | $5,118,379 | ||||||
Xerox Corp | 410,654 | 3,995,663 | ||||||
|
| |||||||
29,170,314 | ||||||||
|
| |||||||
Materials - 4.7% | ||||||||
Air Products & Chemicals Inc | 20,275 | 2,586,685 | ||||||
Crown Holdings Inc * | 104,992 | 4,803,384 | ||||||
Freeport-McMoRan Inc | 206,689 | 2,002,816 | ||||||
Martin Marietta Materials Inc | 26,944 | 4,094,141 | ||||||
|
| |||||||
13,487,026 | ||||||||
|
| |||||||
Utilities - 1.6% | ||||||||
Sempra Energy | 48,266 | 4,668,288 | ||||||
|
| |||||||
Total Common Stocks | 280,519,572 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.3% | ||||||||
Money Market Fund - 1.3% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 3,707,430 | 3,707,430 | ||||||
|
| |||||||
Total Short-Term Investment | 3,707,430 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 98.9% | 284,227,002 | |||||||
OTHER ASSETS & LIABILITIES, NET - 1.1% | 3,120,380 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $287,347,382 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Financials | 26.1% | |||
Consumer Discretionary | 15.7% | |||
Health Care | 11.0% | |||
Information Technology | 10.1% | |||
Consumer Staples | 10.1% | |||
Energy | 9.9% | |||
Industrials | 8.4% | |||
Materials | 4.7% | |||
Others (each less than 3.0%) | 2.9% | |||
|
| |||
98.9% | ||||
Other Assets & Liabilities, Net | 1.1% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-52
PACIFIC FUNDS
PF LARGE-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(b) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Consumer Discretionary | $45,095,472 | $42,356,255 | $2,739,217 | $— | ||||||||||||||
Consumer Staples | 29,078,683 | 29,078,683 | — | — | ||||||||||||||
Energy | 28,377,030 | 28,377,030 | — | — | ||||||||||||||
Financials | 74,995,855 | 74,995,855 | — | — | ||||||||||||||
Health Care | 31,509,075 | 31,509,075 | — | — | ||||||||||||||
Industrials | 24,137,829 | 24,137,829 | — | — | ||||||||||||||
Information Technology | 29,170,314 | 29,170,314 | — | — | ||||||||||||||
Materials | 13,487,026 | 13,487,026 | — | — | ||||||||||||||
Utilities | 4,668,288 | 4,668,288 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
280,519,572 | 277,780,355 | 2,739,217 | — | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 3,707,430 | 3,707,430 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $284,227,002 | $281,487,785 | $2,739,217 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-53
PACIFIC FUNDS
PF MAIN STREET® CORE FUND
Schedule of Investments
September 30, 2015 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 97.9% | ||||||||
Consumer Discretionary - 10.3% | ||||||||
Amazon.com Inc * | 5,140 | $2,631,115 | ||||||
AutoZone Inc * | 4,490 | 3,249,997 | ||||||
Comcast Corp ‘A’ | 74,640 | 4,245,523 | ||||||
Delphi Automotive PLC (United Kingdom) | 28,590 | 2,173,984 | ||||||
Dunkin’ Brands Group Inc | 24,700 | 1,210,300 | ||||||
General Motors Co | 47,440 | 1,424,149 | ||||||
Harley-Davidson Inc | 21,800 | 1,196,820 | ||||||
The Home Depot Inc | 32,360 | 3,737,256 | ||||||
|
| |||||||
19,869,144 | ||||||||
|
| |||||||
Consumer Staples - 10.9% | ||||||||
Diageo PLC (United Kingdom) | 31,540 | 848,754 | ||||||
Henkel AG & Co KGaA (Germany) | 35,387 | 3,124,560 | ||||||
Mondelez International Inc ‘A’ | 156,320 | 6,545,118 | ||||||
PepsiCo Inc | 51,280 | 4,835,704 | ||||||
Philip Morris International Inc | 70,055 | 5,557,463 | ||||||
|
| |||||||
20,911,599 | ||||||||
|
| |||||||
Energy - 6.4% | ||||||||
Chevron Corp | 55,524 | 4,379,733 | ||||||
HollyFrontier Corp | 27,140 | 1,325,518 | ||||||
Magellan Midstream Partners LP | 17,785 | 1,069,056 | ||||||
Noble Energy Inc | 74,356 | 2,244,064 | ||||||
Suncor Energy Inc (Canada) | 125,410 | 3,350,955 | ||||||
|
| |||||||
12,369,326 | ||||||||
|
| |||||||
Financials - 18.4% | ||||||||
American International Group Inc | 56,980 | 3,237,604 | ||||||
Berkshire Hathaway Inc ‘B’ * | 29,820 | 3,888,528 | ||||||
Citigroup Inc | 138,507 | 6,871,332 | ||||||
CME Group Inc ‘A’ | 61,040 | 5,660,850 | ||||||
Discover Financial Services | 43,367 | 2,254,650 | ||||||
Genworth Financial Inc ‘A’ * | 161,940 | 748,163 | ||||||
M&T Bank Corp | 13,860 | 1,690,227 | ||||||
Marsh & McLennan Cos Inc | 47,250 | 2,467,395 | ||||||
McGraw Hill Financial Inc | 32,778 | 2,835,297 | ||||||
Simon Property Group Inc REIT | 13,940 | 2,561,057 | ||||||
The Bank of New York Mellon Corp | 78,140 | 3,059,181 | ||||||
|
| |||||||
35,274,284 | ||||||||
|
| |||||||
Health Care - 14.7% | ||||||||
Allergan PLC * | 11,180 | 3,038,836 | ||||||
Boston Scientific Corp * | 141,230 | 2,317,584 | ||||||
Bristol-Myers Squibb Co | 55,390 | 3,279,088 | ||||||
Express Scripts Holding Co * | 49,479 | 4,005,820 | ||||||
Gilead Sciences Inc | 30,560 | 3,000,686 | ||||||
HCA Holdings Inc * | 21,660 | 1,675,618 | ||||||
Merck & Co Inc | 74,820 | 3,695,360 | ||||||
Mylan NV * | 39,610 | 1,594,699 | ||||||
UnitedHealth Group Inc | 33,050 | 3,834,131 | ||||||
Zoetis Inc | 42,990 | 1,770,328 | ||||||
|
| |||||||
28,212,150 | ||||||||
|
| |||||||
Industrials - 11.7% | ||||||||
Canadian National Railway Co (Canada) | 52,950 | 3,005,442 | ||||||
CSX Corp | 39,580 | 1,064,702 | ||||||
Deere & Co | 40,360 | 2,986,640 | ||||||
General Electric Co | 215,830 | 5,443,233 | ||||||
Lockheed Martin Corp | 7,810 | 1,619,091 | ||||||
Nielsen Holdings PLC | 54,790 | 2,436,511 | ||||||
Republic Services Inc | 16,500 | 679,800 | ||||||
Tyco International PLC | 79,085 | 2,646,184 | ||||||
United Technologies Corp | 18,670 | 1,661,443 | ||||||
Waste Connections Inc | 20,660 | 1,003,663 | ||||||
|
| |||||||
22,546,709 | ||||||||
|
|
Shares | Value | |||||||
Information Technology - 18.8% | ||||||||
Amdocs Ltd | 71,770 | $4,082,278 | ||||||
Apple Inc | 85,464 | 9,426,679 | ||||||
Applied Materials Inc | 121,900 | 1,790,711 | ||||||
Facebook Inc ‘A’ * | 33,230 | 2,987,377 | ||||||
Google Inc ‘C’ * | 14,743 | 8,969,936 | ||||||
MasterCard Inc ‘A’ | 24,230 | 2,183,608 | ||||||
PayPal Holdings Inc * | 86,050 | 2,670,992 | ||||||
Western Digital Corp | 26,380 | 2,095,627 | ||||||
Xerox Corp | 195,880 | 1,905,912 | ||||||
|
| |||||||
36,113,120 | ||||||||
|
| |||||||
Materials - 1.7% | ||||||||
PPG Industries Inc | 13,220 | 1,159,262 | ||||||
Teck Resources Ltd ‘B’ (Canada) | 33,890 | 162,672 | ||||||
Vulcan Materials Co | 21,600 | 1,926,720 | ||||||
|
| |||||||
3,248,654 | ||||||||
|
| |||||||
Telecommunication Services - 1.6% | ||||||||
Verizon Communications Inc | 72,470 | 3,153,170 | ||||||
|
| |||||||
Utilities - 3.4% | ||||||||
AmeriGas Partners LP | 23,115 | 959,966 | ||||||
ITC Holdings Corp | 33,380 | 1,112,889 | ||||||
PG&E Corp | 83,010 | 4,382,928 | ||||||
|
| |||||||
6,455,783 | ||||||||
|
| |||||||
Total Common Stocks | 188,153,939 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.5% | ||||||||
Money Market Fund - 1.5% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 2,959,752 | 2,959,752 | ||||||
|
| |||||||
Total Short-Term Investment | 2,959,752 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.4% | 191,113,691 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.6% | 1,095,184 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $192,208,875 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Information Technology | 18.8% | |||
Financials | 18.4% | |||
Health Care | 14.7% | |||
Industrials | 11.7% | |||
Consumer Staples | 10.9% | |||
Consumer Discretionary | 10.3% | |||
Energy | 6.4% | |||
Utilities | 3.4% | |||
Others (each less than 3.0%) | 4.8% | |||
|
| |||
99.4% | ||||
Other Assets & Liabilities, Net | 0.6% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-54
PACIFIC FUNDS
PF MAIN STREET CORE FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(b) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Consumer Discretionary | $19,869,144 | $19,869,144 | $— | $— | ||||||||||||||
Consumer Staples | 20,911,599 | 16,938,285 | 3,973,314 | — | ||||||||||||||
Energy | 12,369,326 | 12,369,326 | — | — | ||||||||||||||
Financials | 35,274,284 | 35,274,284 | — | — | ||||||||||||||
Health Care | 28,212,150 | 28,212,150 | — | — | ||||||||||||||
Industrials | 22,546,709 | 22,546,709 | — | — | ||||||||||||||
Information Technology | 36,113,120 | 36,113,120 | — | — | ||||||||||||||
Materials | 3,248,654 | 3,248,654 | — | — | ||||||||||||||
Telecommunication Services | 3,153,170 | 3,153,170 | — | — | ||||||||||||||
Utilities | 6,455,783 | 6,455,783 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
188,153,939 | 184,180,625 | 3,973,314 | — | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 2,959,752 | 2,959,752 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $191,113,691 | $187,140,377 | $3,973,314 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-55
PACIFIC FUNDS
PF MID-CAP EQUITY FUND
Schedule of Investments
September 30, 2015 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 97.0% | ||||||||
Consumer Discretionary - 19.5% | ||||||||
American Eagle Outfitters Inc | 88,820 | $1,388,257 | ||||||
Big Lots Inc | 29,517 | 1,414,455 | ||||||
Chipotle Mexican Grill Inc * | 354 | 254,968 | ||||||
Cracker Barrel Old Country Store Inc | 4,520 | 665,706 | ||||||
Darden Restaurants Inc | 23,113 | 1,584,165 | ||||||
Dollar Tree Inc * | 9,802 | 653,401 | ||||||
DR Horton Inc | 45,001 | 1,321,229 | ||||||
DSW Inc ‘A’ | 37,883 | 958,819 | ||||||
Expedia Inc | 9,293 | 1,093,600 | ||||||
Hanesbrands Inc | 22,499 | 651,121 | ||||||
Harman International Industries Inc | 12,792 | 1,227,904 | ||||||
Lear Corp | 17,105 | 1,860,682 | ||||||
lululemon athletica Inc * | 19,814 | 1,003,579 | ||||||
NVR Inc * | 496 | 756,509 | ||||||
O’Reilly Automotive Inc * | 6,906 | 1,726,500 | ||||||
Panera Bread Co ‘A’ * | 5,652 | 1,093,153 | ||||||
PulteGroup Inc | 82,289 | 1,552,793 | ||||||
PVH Corp | 11,290 | 1,150,903 | ||||||
Ross Stores Inc | 17,554 | 850,842 | ||||||
Royal Caribbean Cruises Ltd | 34,590 | 3,081,623 | ||||||
Sally Beauty Holdings Inc * | 27,745 | 658,944 | ||||||
Texas Roadhouse Inc | 61,537 | 2,289,176 | ||||||
The Priceline Group Inc * | 545 | 674,089 | ||||||
Thor Industries Inc | 28,836 | 1,493,705 | ||||||
Tractor Supply Co | 19,156 | 1,615,234 | ||||||
Ulta Salon Cosmetics & Fragrance Inc * | 13,188 | 2,154,260 | ||||||
|
| |||||||
33,175,617 | ||||||||
|
| |||||||
Consumer Staples - 8.9% | ||||||||
Casey’s General Stores Inc | 17,154 | 1,765,490 | ||||||
ConAgra Foods Inc | 61,838 | 2,505,057 | ||||||
Hormel Foods Corp | 20,282 | 1,284,053 | ||||||
Molson Coors Brewing Co ‘B’ | 13,853 | 1,150,076 | ||||||
Monster Beverage Corp * | 11,817 | 1,596,949 | ||||||
The Hain Celestial Group Inc * | 18,007 | 929,161 | ||||||
The JM Smucker Co | 11,856 | 1,352,651 | ||||||
The Kroger Co | 54,224 | 1,955,860 | ||||||
Tyson Foods Inc ‘A’ | 60,660 | 2,614,446 | ||||||
|
| |||||||
15,153,743 | ||||||||
|
| |||||||
Energy - 3.0% | ||||||||
Diamondback Energy Inc * | 9,474 | 612,020 | ||||||
Energen Corp | 22,998 | 1,146,680 | ||||||
Gulfport Energy Corp * | 40,599 | 1,204,978 | ||||||
Oceaneering International Inc | 21,187 | 832,225 | ||||||
Pioneer Natural Resources Co | 9,887 | 1,202,655 | ||||||
|
| |||||||
4,998,558 | ||||||||
|
| |||||||
Financials - 23.6% | ||||||||
Affiliated Managers Group Inc * | 12,602 | 2,154,816 | ||||||
Arch Capital Group Ltd * | 36,801 | 2,703,769 | ||||||
Axis Capital Holdings Ltd | 20,665 | 1,110,124 | ||||||
BankUnited Inc | 63,631 | 2,274,808 | ||||||
CBOE Holdings Inc | 24,270 | 1,628,032 | ||||||
Host Hotels & Resorts Inc REIT | 55,993 | 885,249 | ||||||
KeyCorp | 203,895 | 2,652,674 | ||||||
Lincoln National Corp | 50,813 | 2,411,585 | ||||||
National Retail Properties Inc REIT | 62,510 | 2,267,238 | ||||||
Omega Healthcare Investors Inc REIT | 68,925 | 2,422,714 | ||||||
Outfront Media Inc REIT | 77,404 | 1,610,003 | ||||||
Public Storage REIT | 15,318 | 3,241,748 | ||||||
Senior Housing Properties Trust REIT | 193,179 | 3,129,500 | ||||||
Signature Bank * | 15,207 | 2,091,875 | ||||||
SunTrust Banks Inc | 47,054 | 1,799,345 | ||||||
T Rowe Price Group Inc | 28,692 | 1,994,094 | ||||||
The Hartford Financial Services Group Inc | 72,637 | 3,325,322 |
Shares | Value | |||||||
White Mountains Insurance Group Ltd | 2,272 | $1,697,866 | ||||||
Zions Bancorp | 27,945 | 769,605 | ||||||
|
| |||||||
40,170,367 | ||||||||
|
| |||||||
Health Care - 9.9% | ||||||||
ABIOMED Inc * | 10,925 | 1,013,403 | ||||||
AmerisourceBergen Corp | 6,955 | 660,655 | ||||||
Amsurg Corp * | 16,826 | 1,307,548 | ||||||
BioMarin Pharmaceutical Inc * | 3,398 | 357,877 | ||||||
Centene Corp * | 10,548 | 572,018 | ||||||
Cigna Corp | 4,835 | 652,822 | ||||||
DaVita HealthCare Partners Inc * | 16,924 | 1,224,113 | ||||||
Edwards Lifesciences Corp * | 11,745 | 1,669,787 | ||||||
Health Net Inc * | 17,414 | 1,048,671 | ||||||
Humana Inc | 5,609 | 1,004,011 | ||||||
Incyte Corp * | 5,971 | 658,780 | ||||||
Isis Pharmaceuticals Inc * | 8,885 | 359,132 | ||||||
Medivation Inc * | 11,913 | 506,303 | ||||||
Molina Healthcare Inc * | 8,877 | 611,181 | ||||||
PAREXEL International Corp * | 19,081 | 1,181,496 | ||||||
PerkinElmer Inc | 22,811 | 1,048,394 | ||||||
Perrigo Co PLC | 2,589 | 407,172 | ||||||
St Jude Medical Inc | 23,412 | 1,477,063 | ||||||
Universal Health Services Inc ‘B’ | 4,587 | 572,503 | ||||||
Vertex Pharmaceuticals Inc * | 4,453 | 463,735 | ||||||
|
| |||||||
16,796,664 | ||||||||
|
| |||||||
Industrials - 9.3% | ||||||||
Acuity Brands Inc | 12,678 | 2,226,003 | ||||||
AMERCO | 3,025 | 1,190,247 | ||||||
BWX Technologies Inc | 93,917 | 2,475,652 | ||||||
Hexcel Corp | 16,846 | 755,711 | ||||||
Huntington Ingalls Industries Inc | 12,574 | 1,347,304 | ||||||
JetBlue Airways Corp * | 8,963 | 230,977 | ||||||
Kirby Corp * | 8,288 | 513,442 | ||||||
ManpowerGroup Inc | 11,959 | 979,323 | ||||||
Southwest Airlines Co | 47,715 | 1,815,079 | ||||||
Textron Inc | 18,240 | 686,554 | ||||||
The Timken Co | 4,677 | 128,571 | ||||||
Trinity Industries Inc | 7,287 | 165,196 | ||||||
United Rentals Inc * | 19,298 | 1,158,845 | ||||||
Verisk Analytics Inc * | 28,811 | 2,129,421 | ||||||
|
| |||||||
15,802,325 | ||||||||
|
| |||||||
Information Technology - 13.4% | ||||||||
Activision Blizzard Inc | 47,451 | 1,465,761 | ||||||
Avago Technologies Ltd (Singapore) | 5,406 | 675,804 | ||||||
Avnet Inc | 15,807 | 674,643 | ||||||
Computer Sciences Corp | 82,177 | 5,044,024 | ||||||
DST Systems Inc | 23,135 | 2,432,414 | ||||||
Fidelity National Information Services Inc | 15,071 | 1,010,963 | ||||||
Harris Corp | 23,138 | 1,692,545 | ||||||
HomeAway Inc * | 10,169 | 269,885 | ||||||
IAC/InterActiveCorp | 12,013 | 784,089 | ||||||
Micron Technology Inc * | 55,017 | 824,155 | ||||||
NVIDIA Corp | 61,820 | 1,523,863 | ||||||
NXP Semiconductor NV (Netherlands) * | 10,215 | 889,420 | ||||||
Palo Alto Networks Inc * | 13,265 | 2,281,580 | ||||||
Science Applications International Corp | 35,249 | 1,417,362 | ||||||
Skyworks Solutions Inc | 12,051 | 1,014,815 | ||||||
Take-Two Interactive Software Inc * | 27,715 | 796,252 | ||||||
|
| |||||||
22,797,575 | ||||||||
|
| |||||||
Materials - 2.3% | ||||||||
Agnico Eagle Mines Ltd (Canada) | 45,742 | 1,158,187 | ||||||
CF Industries Holdings Inc | 11,321 | 508,313 | ||||||
Louisiana-Pacific Corp * | 42,638 | 607,165 | ||||||
Martin Marietta Materials Inc | 7,188 | 1,092,217 | ||||||
Vulcan Materials Co | 5,257 | 468,924 | ||||||
|
| |||||||
3,834,806 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-56
PACIFIC FUNDS
PF MID-CAP EQUITY FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Shares | Value | |||||||
Utilities - 7.1% | ||||||||
Atmos Energy Corp | 118,049 | $6,868,091 | ||||||
DTE Energy Co | 35,006 | 2,813,432 | ||||||
Xcel Energy Inc | 65,792 | 2,329,695 | ||||||
|
| |||||||
12,011,218 | ||||||||
|
| |||||||
Total Common Stocks | 164,740,873 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 2.7% | ||||||||
Money Market Fund - 2.7% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 4,660,264 | 4,660,264 | ||||||
|
| |||||||
Total Short-Term Investment | 4,660,264 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.7% | 169,401,137 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.3% | 527,394 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $169,928,531 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Financials | 23.6% | |||
Consumer Discretionary | 19.5% | |||
Information Technology | 13.4% | |||
Health Care | 9.9% | |||
Industrials | 9.3% | |||
Consumer Staples | 8.9% | |||
Utilities | 7.1% | |||
Energy | 3.0% | |||
Others (each less than 3.0%) | 5.0% | |||
|
| |||
99.7% | ||||
Other Assets & Liabilities, Net | 0.3% | |||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks (1) | $164,740,873 | $164,740,873 | $— | $— | |||||||||||||
Short-Term Investment | 4,660,264 | 4,660,264 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $169,401,137 | $169,401,137 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-57
PACIFIC FUNDS
PF MID-CAP GROWTH FUND
Schedule of Investments
September 30, 2015 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.9% | ||||||||
Consumer Discretionary - 21.0% | ||||||||
Bed Bath & Beyond Inc * | 16,139 | $920,246 | ||||||
BorgWarner Inc | 21,177 | 880,751 | ||||||
Burberry Group PLC (United Kingdom) | 31,286 | 649,302 | ||||||
DR Horton Inc | 17,259 | 506,724 | ||||||
DSW Inc ‘A’ | 27,080 | 685,395 | ||||||
Dunkin’ Brands Group Inc | 24,585 | 1,204,665 | ||||||
Kate Spade & Co * | 25,782 | 492,694 | ||||||
Mattel Inc | 38,071 | 801,775 | ||||||
Polaris Industries Inc | 9,595 | 1,150,153 | ||||||
PulteGroup Inc | 26,317 | 496,602 | ||||||
Ralph Lauren Corp | 8,035 | 949,416 | ||||||
Tiffany & Co | 10,273 | 793,281 | ||||||
Tractor Supply Co | 5,289 | 445,968 | ||||||
TripAdvisor Inc * | 9,024 | 568,692 | ||||||
Under Armour Inc ‘A’ * | 5,493 | 531,613 | ||||||
Urban Outfitters Inc * | 29,536 | 867,768 | ||||||
Williams-Sonoma Inc | 5,433 | 414,810 | ||||||
|
| |||||||
12,359,855 | ||||||||
|
| |||||||
Consumer Staples - 6.6% | ||||||||
Blue Buffalo Pet Products Inc * | 21,055 | 377,095 | ||||||
Brown-Forman Corp ‘B’ | 5,468 | 529,849 | ||||||
Mead Johnson Nutrition Co | 16,218 | 1,141,747 | ||||||
The Hain Celestial Group Inc * | 20,523 | 1,058,987 | ||||||
Whole Foods Market Inc | 24,218 | 766,500 | ||||||
|
| |||||||
3,874,178 | ||||||||
|
| |||||||
Energy - 4.1% | ||||||||
Cabot Oil & Gas Corp | 24,499 | 535,548 | ||||||
Cimarex Energy Co | 5,074 | 519,984 | ||||||
Continental Resources Inc * | 23,780 | 688,907 | ||||||
Noble Energy Inc | 16,064 | 484,812 | ||||||
Oasis Petroleum Inc * | 21,150 | 183,582 | ||||||
|
| |||||||
2,412,833 | ||||||||
|
| |||||||
Financials - 11.6% | ||||||||
CME Group Inc ‘A’ | 15,781 | 1,463,530 | ||||||
First Republic Bank | 20,991 | 1,317,605 | ||||||
Northern Trust Corp | 23,501 | 1,601,828 | ||||||
Oaktree Capital Group LLC | 10,904 | 539,748 | ||||||
Signature Bank * | 10,438 | 1,435,851 | ||||||
UMB Financial Corp | 8,817 | 447,992 | ||||||
|
| |||||||
6,806,554 | ||||||||
|
| |||||||
Health Care - 18.4% | ||||||||
Acadia Healthcare Co Inc * | 8,579 | 568,530 | ||||||
ACADIA Pharmaceuticals Inc * | 13,257 | 438,409 | ||||||
Align Technology Inc * | 15,446 | 876,715 | ||||||
Alkermes PLC * | 19,241 | 1,128,869 | ||||||
BioMarin Pharmaceutical Inc * | 8,422 | 887,005 | ||||||
Cerner Corp * | 12,147 | 728,334 | ||||||
Diplomat Pharmacy Inc * | 9,019 | 259,116 | ||||||
Henry Schein Inc * | 7,106 | 943,108 | ||||||
Incyte Corp * | 4,945 | 545,582 | ||||||
Intuitive Surgical Inc * | 3,552 | 1,632,428 | ||||||
Laboratory Corp of America Holdings * | 7,824 | 848,669 | ||||||
Medivation Inc * | 13,035 | 553,988 | ||||||
Zoetis Inc | 34,087 | 1,403,703 | ||||||
|
| |||||||
10,814,456 | ||||||||
|
| |||||||
Industrials - 14.9% | ||||||||
Expeditors International of Washington Inc | 24,906 | 1,171,827 | ||||||
Fastenal Co | 33,796 | 1,237,272 | ||||||
Flowserve Corp | 14,003 | 576,083 | ||||||
Fortune Brands Home & Security Inc | 31,072 | 1,474,988 | ||||||
Generac Holdings Inc * | 9,990 | 300,599 |
Shares | Value | |||||||
JB Hunt Transport Services Inc | 8,178 | $583,909 | ||||||
Stericycle Inc * | 5,367 | 747,677 | ||||||
Towers Watson & Co ‘A’ | 10,324 | 1,211,831 | ||||||
Verisk Analytics Inc * | 15,940 | 1,178,125 | ||||||
Woodward Inc | 6,994 | 284,656 | ||||||
|
| |||||||
8,766,967 | ||||||||
|
| |||||||
Information Technology - 19.6% | ||||||||
Alliance Data Systems Corp * | 4,170 | 1,079,947 | ||||||
ANSYS Inc * | 10,391 | 915,863 | ||||||
CoStar Group Inc * | 6,942 | 1,201,383 | ||||||
Electronic Arts Inc * | 23,632 | 1,601,068 | ||||||
F5 Networks Inc * | 6,332 | 733,246 | ||||||
GrubHub Inc * | 23,813 | 579,608 | ||||||
Microchip Technology Inc | 33,451 | 1,441,404 | ||||||
Pandora Media Inc * | 76,154 | 1,625,126 | ||||||
SanDisk Corp | 14,200 | 771,486 | ||||||
ServiceNow Inc * | 13,052 | 906,461 | ||||||
Teradata Corp * | 24,474 | 708,767 | ||||||
|
| |||||||
11,564,359 | ||||||||
|
| |||||||
Materials - 2.7% | ||||||||
The Scotts Miracle-Gro Co ‘A’ | 11,343 | 689,881 | ||||||
The Valspar Corp | 12,640 | 908,563 | ||||||
|
| |||||||
1,598,444 | ||||||||
|
| |||||||
Total Common Stocks | 58,197,646 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.2% | ||||||||
Money Market Fund - 1.2% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 703,726 | 703,726 | ||||||
|
| |||||||
Total Short-Term Investment | 703,726 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% | 58,901,372 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) | (74,417 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $58,826,955 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Consumer Discretionary | 21.0% | |||
Information Technology | 19.6% | |||
Health Care | 18.4% | |||
Industrials | 14.9% | |||
Financials | 11.6% | |||
Consumer Staples | 6.6% | |||
Energy | 4.1% | |||
Others (each less than 3.0%) | 3.9% | |||
|
| |||
100.1% | ||||
Other Assets & Liabilities, Net | (0.1% | ) | ||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-58
PACIFIC FUNDS
PF MID-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(b) | Transactions in written options for the six-month period ended September 30, 2015 were as follows: |
Number of Contracts | Premium | |||||||
Outstanding, March 31, 2015 | 188 | $33,954 | ||||||
Call Options Written | 184 | 17,211 | ||||||
Put Options Written | 613 | 471,690 | ||||||
Put Options Closed | (555 | ) | (347,861 | ) | ||||
Call Options Expired | (142 | ) | (13,326 | ) | ||||
Put Options Expired | (149 | ) | (17,023 | ) | ||||
Call Options Exercised | (91 | ) | (9,765 | ) | ||||
|
|
|
| |||||
Outstanding, September 30, 2015 | 48 | $134,880 | ||||||
|
|
|
|
(c) | Premium received and value of written options outstanding as of September 30, 2015 were as follows: |
Options on Securities
Description | Exercise Price | Expiration Date | Counter- party | Number of Contracts | Premium | Value | ||||||||||||||||
Put - Pacira Pharmaceuticals Inc | $85.00 | 11/20/15 | GSC | 48 | $134,880 | ($215,280 | ) | |||||||||||||||
|
|
|
|
(d) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Consumer Discretionary | $12,359,855 | $11,710,553 | $649,302 | $— | ||||||||||||||
Consumer Staples | 3,874,178 | 3,874,178 | — | — | ||||||||||||||
Energy | 2,412,833 | 2,412,833 | — | — | ||||||||||||||
Financials | 6,806,554 | 6,806,554 | — | — | ||||||||||||||
Health Care | 10,814,456 | 10,814,456 | — | — | ||||||||||||||
Industrials | 8,766,967 | 8,766,967 | — | — | ||||||||||||||
Information Technology | 11,564,359 | 11,564,359 | — | — | ||||||||||||||
Materials | 1,598,444 | 1,598,444 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
58,197,646 | 57,548,344 | 649,302 | — | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 703,726 | 703,726 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 58,901,372 | 58,252,070 | 649,302 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Equity Contracts | ||||||||||||||||||
Written Options | (215,280 | ) | — | (215,280 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (215,280 | ) | — | (215,280 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $58,686,092 | $58,252,070 | $434,022 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-59
PACIFIC FUNDS
PF MID-CAP VALUE FUND
Schedule of Investments
September 30, 2015 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.1% | ||||||||
Consumer Discretionary - 8.6% | ||||||||
Brunswick Corp | 40,846 | $1,956,115 | ||||||
CBS Corp ‘B’ | 16,150 | 644,385 | ||||||
Expedia Inc | 30,573 | 3,597,831 | ||||||
Foot Locker Inc | 16,716 | 1,203,051 | ||||||
H&R Block Inc | 57,979 | 2,098,840 | ||||||
Harley-Davidson Inc | 19,402 | 1,065,170 | ||||||
Lear Corp | 31,053 | 3,377,945 | ||||||
Macy’s Inc | 14,123 | 724,792 | ||||||
Newell Rubbermaid Inc | 89,861 | 3,568,380 | ||||||
Omnicom Group Inc | 30,831 | 2,031,763 | ||||||
Tenneco Inc * | 26,289 | 1,176,959 | ||||||
|
| |||||||
21,445,231 | ||||||||
|
| |||||||
Consumer Staples - 2.2% | ||||||||
Coca-Cola Enterprises Inc | 26,550 | 1,283,693 | ||||||
Constellation Brands Inc ‘A’ | 23,134 | 2,896,608 | ||||||
Tyson Foods Inc ‘A’ | 27,607 | 1,189,862 | ||||||
|
| |||||||
5,370,163 | ||||||||
|
| |||||||
Energy - 5.0% | ||||||||
Diamondback Energy Inc * | 31,935 | 2,063,001 | ||||||
Energen Corp | 49,016 | 2,443,938 | ||||||
EQT Corp | 20,423 | 1,322,798 | ||||||
Kosmos Energy Ltd * | 72,000 | 401,760 | ||||||
Marathon Petroleum Corp | 44,930 | 2,081,607 | ||||||
Parsley Energy Inc ‘A’ * | 70,489 | 1,062,269 | ||||||
QEP Resources Inc | 58,205 | 729,309 | ||||||
Rice Energy Inc * | 37,783 | 610,573 | ||||||
RSP Permian Inc * | 31,111 | 629,998 | ||||||
Western Refining Inc | 25,529 | 1,126,339 | ||||||
|
| |||||||
12,471,592 | ||||||||
|
| |||||||
Financials - 32.6% | ||||||||
Alleghany Corp * | 5,105 | 2,389,702 | ||||||
Ally Financial Inc * | 80,833 | 1,647,377 | ||||||
American Assets Trust Inc REIT | 23,487 | 959,679 | ||||||
American Homes 4 Rent ‘A’ REIT | 75,565 | 1,215,085 | ||||||
Aon PLC | 35,740 | 3,166,921 | ||||||
BB&T Corp | 88,000 | 3,132,800 | ||||||
Boston Properties Inc REIT | 32,676 | 3,868,838 | ||||||
Discover Financial Services | 54,121 | 2,813,751 | ||||||
Douglas Emmett Inc REIT | 42,888 | 1,231,743 | ||||||
East West Bancorp Inc | 64,332 | 2,471,635 | ||||||
Equity Residential REIT | 46,973 | 3,528,612 | ||||||
Essex Property Trust Inc REIT | 10,213 | 2,281,788 | ||||||
Fifth Third Bancorp | 179,721 | 3,398,524 | ||||||
Huntington Bancshares Inc | 260,390 | 2,760,134 | ||||||
Kilroy Realty Corp REIT | 20,423 | 1,330,763 | ||||||
Kimco Realty Corp REIT | 98,570 | 2,408,065 | ||||||
LaSalle Hotel Properties REIT | 23,945 | 679,799 | ||||||
Loews Corp | 36,761 | 1,328,543 | ||||||
Marsh & McLennan Cos Inc | 50,036 | 2,612,880 | ||||||
McGraw Hill Financial Inc | 17,360 | 1,501,640 | ||||||
Moody’s Corp | 12,254 | 1,203,343 | ||||||
Navient Corp | 88,839 | 998,550 | ||||||
Raymond James Financial Inc | 72,501 | 3,598,225 | ||||||
Regency Centers Corp REIT | 46,055 | 2,862,318 | ||||||
Reinsurance Group of America Inc | 20,459 | 1,853,381 | ||||||
SEI Investments Co | 42,888 | 2,068,488 | ||||||
SL Green Realty Corp REIT | 25,529 | 2,761,217 | ||||||
SLM Corp * | 107,218 | 793,413 | ||||||
State Street Corp | 24,507 | 1,647,115 | ||||||
SunTrust Banks Inc | 65,353 | 2,499,099 | ||||||
Symetra Financial Corp | 50,784 | 1,606,806 | ||||||
TD Ameritrade Holding Corp | 136,832 | 4,356,731 | ||||||
The Allstate Corp | 17,262 | 1,005,339 |
Shares | Value | |||||||
The Charles Schwab Corp | 43,000 | $1,228,080 | ||||||
The Macerich Co REIT | 6,713 | 515,693 | ||||||
Torchmark Corp | 33,906 | 1,912,298 | ||||||
Unum Group | 76,888 | 2,466,567 | ||||||
WR Berkley Corp | 26,550 | 1,443,524 | ||||||
XL Group PLC (Ireland) | 52,079 | 1,891,509 | ||||||
|
| |||||||
81,439,975 | ||||||||
|
| |||||||
Health Care - 6.3% | ||||||||
Becton Dickinson and Co | 11,232 | 1,490,037 | ||||||
Boston Scientific Corp * | 118,696 | 1,947,801 | ||||||
Bruker Corp * | 45,951 | 754,975 | ||||||
Cardinal Health Inc | 36,737 | 2,822,136 | ||||||
DaVita HealthCare Partners Inc * | 12,255 | 886,404 | ||||||
ICON PLC | 34,719 | 2,464,007 | ||||||
Laboratory Corp of America Holdings * | 15,318 | 1,661,543 | ||||||
St Jude Medical Inc | 26,155 | 1,650,119 | ||||||
Zimmer Biomet Holdings Inc | 20,983 | 1,970,933 | ||||||
|
| |||||||
15,647,955 | ||||||||
|
| |||||||
Industrials - 14.4% | ||||||||
Carlisle Cos Inc | 16,339 | 1,427,702 | ||||||
Curtiss-Wright Corp | 18,000 | 1,123,560 | ||||||
Delta Air Lines Inc | 22,067 | 990,146 | ||||||
Equifax Inc | 34,719 | 3,373,992 | ||||||
Fluor Corp | 21,444 | 908,153 | ||||||
Hubbell Inc ‘B’ | 9,192 | 780,860 | ||||||
Huntington Ingalls Industries Inc | 25,000 | 2,678,750 | ||||||
Ingersoll-Rand PLC | 33,698 | 1,710,847 | ||||||
ManpowerGroup Inc | 31,656 | 2,592,310 | ||||||
Masco Corp | 109,261 | 2,751,192 | ||||||
Parker-Hannifin Corp | 15,380 | 1,496,474 | ||||||
Raytheon Co | 12,254 | 1,338,872 | ||||||
Robert Half International Inc | 89,861 | 4,597,289 | ||||||
Stanley Black & Decker Inc | 23,742 | 2,302,499 | ||||||
Textron Inc | 42,285 | 1,591,607 | ||||||
The Timken Co | 25,352 | 696,926 | ||||||
Towers Watson & Co ‘A’ | 26,550 | 3,116,439 | ||||||
WABCO Holdings Inc * | 11,232 | 1,177,451 | ||||||
WESCO International Inc * | 29,614 | 1,376,163 | ||||||
|
| |||||||
36,031,232 | ||||||||
|
| |||||||
Information Technology - 17.0% | ||||||||
Activision Blizzard Inc | 165,424 | 5,109,947 | ||||||
Alliance Data Systems Corp * | 7,149 | 1,851,448 | ||||||
Amdocs Ltd | 77,607 | 4,414,286 | ||||||
Arrow Electronics Inc * | 35,740 | 1,975,707 | ||||||
Avago Technologies Ltd (Singapore) | 19,298 | 2,412,443 | ||||||
Avnet Inc | 44,930 | 1,917,612 | ||||||
Brocade Communications Systems Inc | 54,794 | 568,762 | ||||||
Fidelity National Information Services Inc | 41,866 | 2,808,371 | ||||||
Flextronics International Ltd * | 90,881 | 957,886 | ||||||
Global Payments Inc | 12,101 | 1,388,348 | ||||||
Harris Corp | 33,583 | 2,456,596 | ||||||
IAC/InterActiveCorp | 10,213 | 666,603 | ||||||
Jabil Circuit Inc | 94,966 | 2,124,389 | ||||||
Microsemi Corp * | 47,994 | 1,575,163 | ||||||
NetEase Inc ADR (China) | 12,254 | 1,471,950 | ||||||
NXP Semiconductors NV * (Netherlands) | 16,216 | 1,411,927 | ||||||
ON Semiconductor Corp * | 74,542 | 700,695 | ||||||
Seagate Technology PLC | 21,003 | 940,934 | ||||||
TE Connectivity Ltd (Switzerland) | 21,444 | 1,284,281 | ||||||
Total System Services Inc | 39,824 | 1,809,204 | ||||||
Western Digital Corp | 58,205 | 4,623,805 | ||||||
|
| |||||||
42,470,357 | ||||||||
|
| |||||||
Materials - 5.5% | ||||||||
Avery Dennison Corp | 24,846 | 1,405,538 | ||||||
Crown Holdings Inc * | 66,374 | 3,036,611 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-60
PACIFIC FUNDS
PF MID-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Shares | Value | |||||||
Graphic Packaging Holding Co | 313,491 | $4,009,550 | ||||||
International Paper Co | 28,592 | 1,080,492 | ||||||
Packaging Corp of America | 17,343 | 1,043,355 | ||||||
PolyOne Corp | 26,550 | 778,977 | ||||||
The Valspar Corp | 32,676 | 2,348,751 | ||||||
|
| |||||||
13,703,274 | ||||||||
|
| |||||||
Utilities - 6.5% | ||||||||
AES Corp | 100,927 | 988,075 | ||||||
Alliant Energy Corp | 35,740 | 2,090,433 | ||||||
Ameren Corp | 32,676 | 1,381,216 | ||||||
American Electric Power Co Inc | 57,184 | 3,251,482 | ||||||
Edison International | 51,058 | 3,220,228 | ||||||
FirstEnergy Corp | 24,507 | 767,314 | ||||||
Great Plains Energy Inc | 64,332 | 1,738,251 | ||||||
PG&E Corp | 23,487 | 1,240,114 | ||||||
Westar Energy Inc | 37,782 | 1,452,340 | ||||||
|
| |||||||
16,129,453 | ||||||||
|
| |||||||
Total Common Stocks |
| 244,709,232 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.5% | ||||||||
Money Market Fund - 1.5% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 3,867,841 | 3,867,841 | ||||||
|
| |||||||
Total Short-Term Investment |
| 3,867,841 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.6% |
| 248,577,073 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.4% |
| 994,397 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $249,571,470 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Financials | 32.6% | |||
Information Technology | 17.0% | |||
Industrials | 14.4% | |||
Consumer Discretionary | 8.6% | |||
Utilities | 6.5% | |||
Health Care | 6.3% | |||
Materials | 5.5% | |||
Energy | 5.0% | |||
Others (each less than 3.0%) | 3.7% | |||
|
| |||
99.6% | ||||
Other Assets & Liabilities, Net | 0.4% | |||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant | |||||||||||||||
Assets | Common Stocks (1) | $244,709,232 | $244,709,232 | $— | $— | |||||||||||||
Short-Term Investment | 3,867,841 | 3,867,841 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $248,577,073 | $248,577,073 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-61
PACIFIC FUNDS
PF SMALL-CAP GROWTH FUND
Schedule of Investments
September 30, 2015 (Unaudited)
Shares | Value | |||||||
WARRANTS - 0.0% | ||||||||
Health Care - 0.0% | ||||||||
Neuralstem Inc Exercise @ $3.64 | 15,525 | $3,322 | ||||||
|
| |||||||
Total Warrants | 3,322 | |||||||
|
| |||||||
COMMON STOCKS - 95.1% | ||||||||
Consumer Discretionary - 22.8% | ||||||||
2U Inc * | 28,052 | 1,007,067 | ||||||
Asbury Automotive Group Inc * | 6,143 | 498,504 | ||||||
BJ’s Restaurants Inc * | 9,052 | 389,508 | ||||||
Bright Horizons Family Solutions Inc * | 8,176 | 525,226 | ||||||
Brunswick Corp | 5,114 | 244,909 | ||||||
Buffalo Wild Wings Inc * | 5,676 | 1,097,909 | ||||||
Dunkin’ Brands Group Inc | 6,002 | 294,098 | ||||||
Etsy Inc * | 16,602 | 227,281 | ||||||
G-III Apparel Group Ltd * | 9,550 | 588,853 | ||||||
IMAX Corp * | 16,000 | 540,640 | ||||||
Liberty TripAdvisor Holdings Inc ‘A’ * | 7,640 | 169,379 | ||||||
Monro Muffler Brake Inc | 1,979 | 133,681 | ||||||
Panera Bread Co ‘A’ * | 4,217 | 815,610 | ||||||
Pool Corp | 5,334 | 385,648 | ||||||
Rentrak Corp * | 6,089 | 329,232 | ||||||
Restoration Hardware Holdings Inc * | 8,449 | 788,376 | ||||||
Skechers U.S.A. Inc ‘A’ * | 3,445 | 461,906 | ||||||
Steven Madden Ltd * | 13,173 | 482,395 | ||||||
Tempur Sealy International Inc * | 8,691 | 620,798 | ||||||
The Habit Restaurants Inc ‘A’ * | 4,819 | 103,175 | ||||||
Wayfair Inc ‘A’ * | 18,573 | 651,169 | ||||||
Zoe’s Kitchen Inc * | 12,194 | 481,541 | ||||||
|
| |||||||
10,836,905 | ||||||||
|
| |||||||
Consumer Staples - 3.0% | ||||||||
Blue Buffalo Pet Products Inc * | 12,142 | 217,463 | ||||||
Calavo Growers Inc | 5,716 | 255,162 | ||||||
Casey’s General Stores Inc | 7,062 | 726,821 | ||||||
Snyder’s-Lance Inc | 926 | 31,234 | ||||||
The Hain Celestial Group Inc * | 4,189 | 216,152 | ||||||
|
| |||||||
1,446,832 | ||||||||
|
| |||||||
Energy - 0.2% | ||||||||
GasLog Ltd (Monaco) | 12,274 | 118,076 | ||||||
|
| |||||||
Financials - 8.3% | ||||||||
Bofi Holding Inc * | 1,872 | 241,170 | ||||||
CBOE Holdings Inc | 8,187 | 549,184 | ||||||
Essent Group Ltd * | 17,528 | 435,571 | ||||||
Evercore Partners Inc ‘A’ | 8,084 | 406,140 | ||||||
MarketAxess Holdings Inc | 9,088 | 844,093 | ||||||
PrivateBancorp Inc | 8,831 | 338,492 | ||||||
Stifel Financial Corp * | 2,738 | 115,270 | ||||||
SVB Financial Group * | 2,041 | 235,817 | ||||||
Western Alliance Bancorp * | 13,693 | 420,512 | ||||||
WisdomTree Investments Inc | 21,587 | 348,198 | ||||||
|
| |||||||
3,934,447 | ||||||||
|
| |||||||
Health Care - 23.5% | ||||||||
ABIOMED Inc * | 7,716 | 715,736 | ||||||
ACADIA Pharmaceuticals Inc * | 7,875 | 260,426 | ||||||
Agios Pharmaceuticals Inc * | 536 | 37,836 | ||||||
Align Technology Inc * | 1,861 | 105,630 | ||||||
Amicus Therapeutics Inc * | 27,238 | 381,060 | ||||||
Anacor Pharmaceuticals Inc * | 2,237 | 263,317 |
Shares | Value | |||||||
Bluebird Bio Inc * | 1,221 | $104,457 | ||||||
Blueprint Medicines Corp * | 4,162 | 88,817 | ||||||
Celldex Therapeutics Inc * | 3,617 | 38,123 | ||||||
Cepheid * | 7,389 | 333,983 | ||||||
Chimerix Inc * | 6,462 | 246,848 | ||||||
Clovis Oncology Inc * | 2,621 | 241,027 | ||||||
DexCom Inc * | 4,100 | 352,026 | ||||||
Diplomat Pharmacy Inc * | 6,574 | 188,871 | ||||||
Dyax Corp * | 12,246 | 233,776 | ||||||
Endologix Inc * | 5,994 | 73,486 | ||||||
Evolent Health Inc ‘A’ * | 25,721 | 410,507 | ||||||
Foundation Medicine Inc * | 5,392 | 99,482 | ||||||
Glaukos Corp * | 4,581 | 110,814 | ||||||
Global Blood Therapeutics Inc * | 1,129 | 47,599 | ||||||
HealthEquity Inc * | 13,532 | 399,871 | ||||||
Intersect ENT Inc * | 9,137 | 213,806 | ||||||
Juno Therapeutics Inc * | 2,988 | 121,582 | ||||||
Lannett Co Inc * | 2,573 | 106,831 | ||||||
LDR Holding Corp * | 13,027 | 449,822 | ||||||
Medidata Solutions Inc * | 10,447 | 439,923 | ||||||
Molina Healthcare Inc * | 4,962 | 341,634 | ||||||
Neurocrine Biosciences Inc * | 5,992 | 238,422 | ||||||
Nevro Corp * | 2,815 | 130,588 | ||||||
Ophthotech Corp * | 1,146 | 46,436 | ||||||
Penumbra Inc * | 2,123 | 85,132 | ||||||
Press Ganey Holdings Inc * | 14,238 | 421,302 | ||||||
Prestige Brands Holdings Inc * | 16,311 | 736,605 | ||||||
Sage Therapeutics Inc * | 2,571 | 108,805 | ||||||
Seres Therapeutics Inc * | 1,251 | 37,080 | ||||||
Spark Therapeutics Inc * | 6,179 | 257,850 | ||||||
Team Health Holdings Inc * | 13,093 | 707,415 | ||||||
TESARO Inc * | 5,984 | 239,958 | ||||||
Ultragenyx Pharmaceutical Inc * | 2,599 | 250,310 | ||||||
Veeva Systems Inc ‘A’ * | 16,890 | 395,395 | ||||||
WellCare Health Plans Inc * | 4,025 | 346,875 | ||||||
Zeltiq Aesthetics Inc * | 23,494 | 752,513 | ||||||
|
| |||||||
11,161,976 | ||||||||
|
| |||||||
Industrials - 7.5% | ||||||||
Apogee Enterprises Inc | 5,291 | 236,243 | ||||||
Astronics Corp * | 4,015 | 162,326 | ||||||
Builders FirstSource Inc * | 42,903 | 544,010 | ||||||
Healthcare Services Group Inc | 1,042 | 35,115 | ||||||
Hexcel Corp | 8,279 | 371,396 | ||||||
Knight Transportation Inc | 16,864 | 404,736 | ||||||
Proto Labs Inc * | 6,960 | 466,320 | ||||||
RBC Bearings Inc * | 5,224 | 312,030 | ||||||
The Advisory Board Co * | 4,598 | 209,393 | ||||||
US Ecology Inc | 10,386 | 453,349 | ||||||
USG Corp * | 14,228 | 378,749 | ||||||
|
| |||||||
3,573,667 | ||||||||
|
| |||||||
Information Technology - 29.8% | ||||||||
Ambarella Inc * | 695 | 40,164 | ||||||
Arista Networks Inc * | 3,835 | 234,664 | ||||||
Benefitfocus Inc * | 16,978 | 530,563 | ||||||
Callidus Software Inc * | 9,929 | 168,694 | ||||||
Cavium Inc * | 9,266 | 568,654 | ||||||
Cimpress NV (Netherlands) * | 2,210 | 168,203 | ||||||
Cirrus Logic Inc * | 11,160 | 351,652 | ||||||
comScore Inc * | 8,156 | 376,399 | ||||||
Cornerstone OnDemand Inc * | 12,307 | 406,131 | ||||||
Criteo SA ADR (France) * | 15,250 | 572,485 | ||||||
CyberArk Software Ltd (Israel) * | 7,370 | 369,532 | ||||||
Demandware Inc * | 4,685 | 242,121 | ||||||
EPAM Systems Inc * | 7,902 | 588,857 | ||||||
FireEye Inc * | 7,137 | 227,099 | ||||||
FleetMatics Group PLC * | 2,994 | 146,976 | ||||||
Glu Mobile Inc * | 73,814 | 322,567 | ||||||
Gogo Inc * | 26,330 | 402,322 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-62
PACIFIC FUNDS
PF SMALL-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Shares | Value | |||||||
GrubHub Inc * | 4,586 | $111,623 | ||||||
HomeAway Inc * | 8,875 | 235,543 | ||||||
Infinera Corp * | 28,373 | 554,976 | ||||||
Manhattan Associates Inc * | 8,625 | 537,338 | ||||||
Materialise NV ADR (Belgium) * | 9,293 | 71,463 | ||||||
MAXIMUS Inc | 8,234 | 490,417 | ||||||
New Relic Inc * | 3,843 | 146,457 | ||||||
Nimble Storage Inc * | 20,958 | 505,507 | ||||||
Pandora Media Inc * | 24,245 | 517,388 | ||||||
Paycom Software Inc * | 16,981 | 609,788 | ||||||
Paylocity Holdings Corp * | 16,893 | 506,621 | ||||||
Proofpoint Inc * | 8,780 | 529,610 | ||||||
Qlik Technologies Inc * | 3,190 | 116,276 | ||||||
Rambus Inc * | 18,651 | 220,082 | ||||||
Shopify Inc ‘A’ (Canada) * | 8,783 | 309,162 | ||||||
SunPower Corp * | 6,223 | 124,709 | ||||||
Synaptics Inc * | 1,677 | 138,285 | ||||||
Synchronoss Technologies Inc * | 6,620 | 217,136 | ||||||
Tableau Software Inc ‘A’ * | 1,716 | 136,903 | ||||||
Tessera Technologies Inc | 5,429 | 175,954 | ||||||
The Ultimate Software Group Inc * | 5,476 | 980,259 | ||||||
Tyler Technologies Inc * | 3,912 | 584,101 | ||||||
Virtusa Corp * | 8,109 | 416,073 | ||||||
Zendesk Inc * | 12,011 | 236,737 | ||||||
|
| |||||||
14,189,491 | ||||||||
|
| |||||||
Total Common Stocks | 45,261,394 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 5.1% | ||||||||
Money Market Fund - 5.1% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 2,459,192 | 2,459,192 | ||||||
|
| |||||||
Total Short-Term Investment | 2,459,192 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.2% | 47,723,908 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.2%) | (116,657 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $47,607,251 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Information Technology | 29.8% | |||
Health Care | 23.5% | |||
Consumer Discretionary | 22.8% | |||
Financials | 8.3% | |||
Industrials | 7.5% | |||
Short-Term Investment | 5.1% | |||
Consumer Staples | 3.0% | |||
Others (each less than 3.0%) | 0.2% | |||
|
| |||
100.2% | ||||
Other Assets & Liabilities, Net | (0.2% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | |||||||||||||||
Assets | Warrants (1) | $3,322 | $— | $3,322 | $— | |||||||||||||
Common Stocks (1) | 45,261,394 | 45,261,394 | — | — | ||||||||||||||
Short-Term Investment | 2,459,192 | 2,459,192 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $47,723,908 | $47,720,586 | $3,322 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-63
PACIFIC FUNDS
PF SMALL-CAP VALUE FUND
Schedule of Investments
September 30, 2015 (Unaudited)
| Value | |||||||
COMMON STOCKS - 97.7% | ||||||||
Consumer Discretionary - 17.3% | ||||||||
Big Lots Inc | 61,400 | $2,942,288 | ||||||
Bloomin’ Brands Inc | 124,450 | 2,262,501 | ||||||
Cable One Inc * | 3,120 | 1,308,590 | ||||||
Caleres Inc | 49,990 | 1,526,195 | ||||||
Citi Trends Inc | 115,370 | 2,697,351 | ||||||
Crocs Inc * | 175,060 | 2,262,650 | ||||||
Dana Holding Corp | 134,120 | 2,129,826 | ||||||
Ethan Allen Interiors Inc | 55,130 | 1,455,983 | ||||||
GameStop Corp ‘A’ | 38,450 | 1,584,525 | ||||||
Helen of Troy Ltd * | 20,720 | 1,850,296 | ||||||
MarineMax Inc * | 80,000 | 1,130,400 | ||||||
Meritage Homes Corp * | 53,840 | 1,966,237 | ||||||
Murphy USA Inc * | 29,680 | 1,630,916 | ||||||
Office Depot Inc * | 217,110 | 1,393,846 | ||||||
Pier 1 Imports Inc | 154,720 | 1,067,568 | ||||||
Scholastic Corp | 57,400 | 2,236,304 | ||||||
Tenneco Inc * | 25,730 | 1,151,932 | ||||||
The Children’s Place Inc | 40,270 | 2,322,371 | ||||||
|
| |||||||
32,919,779 | ||||||||
|
| |||||||
Consumer Staples - 2.8% | ||||||||
Cott Corp (Canada) | 238,000 | 2,577,540 | ||||||
Dean Foods Co | 79,860 | 1,319,287 | ||||||
SpartanNash Co | 55,400 | 1,432,090 | ||||||
|
| |||||||
5,328,917 | ||||||||
|
| |||||||
Energy - 3.0% | ||||||||
Noble Energy Inc l | 1 | 27 | ||||||
QEP Resources Inc | 178,350 | 2,234,726 | ||||||
SM Energy Co | 66,400 | 2,127,456 | ||||||
Synergy Resources Corp * | 141,450 | 1,386,210 | ||||||
|
| |||||||
5,748,419 | ||||||||
|
| |||||||
Financials - 29.3% | ||||||||
1st Source Corp | 49,599 | 1,527,649 | ||||||
Aspen Insurance Holdings Ltd (Bermuda) | 52,820 | 2,454,545 | ||||||
Associated Banc-Corp | 119,760 | 2,152,087 | ||||||
CNO Financial Group Inc | 153,350 | 2,884,513 | ||||||
Customers Bancorp Inc * | 82,386 | 2,117,320 | ||||||
Essent Group Ltd * | 76,540 | 1,902,019 | ||||||
First American Financial Corp | 83,280 | 3,253,750 | ||||||
First Commonwealth Financial Corp | 150,200 | 1,365,318 | ||||||
First Niagara Financial Group Inc | 212,670 | 2,171,361 | ||||||
FirstMerit Corp | 123,050 | 2,174,294 | ||||||
Fulton Financial Corp | 143,190 | 1,732,599 | ||||||
Gramercy Property Trust Inc REIT | 105,590 | 2,193,104 | ||||||
HomeStreet Inc * | 83,190 | 1,921,689 | ||||||
Independent Bank Group Inc | 34,630 | 1,330,831 | ||||||
LTC Properties Inc REIT | 49,810 | 2,125,393 | ||||||
National Storage Affiliates Trust REIT | 125,780 | 1,704,319 | ||||||
Ramco-Gershenson Properties Trust REIT | 111,550 | 1,674,366 | ||||||
STAG Industrial Inc REIT | 72,400 | 1,318,404 | ||||||
Sterling Bancorp | 128,860 | 1,916,148 | ||||||
Summit Hotel Properties Inc REIT | 110,530 | 1,289,885 | ||||||
Synovus Financial Corp | 67,700 | 2,003,920 | ||||||
Texas Capital Bancshares Inc * | 36,300 | 1,902,846 | ||||||
The Hanover Insurance Group Inc | 30,820 | 2,394,714 | ||||||
Validus Holdings Ltd | 55,510 | 2,501,836 | ||||||
Webster Financial Corp | 75,920 | 2,705,030 | ||||||
Wilshire Bancorp Inc | 178,520 | 1,876,245 | ||||||
WSFS Financial Corp | 48,435 | 1,395,412 | ||||||
Zions Bancorp | 69,870 | 1,924,220 | ||||||
|
| |||||||
55,913,817 | ||||||||
|
|
| Value | |||||||
Health Care - 3.2% | ||||||||
LifePoint Health Inc * | 30,390 | $2,154,651 | ||||||
Molina Healthcare Inc * | 23,050 | 1,586,992 | ||||||
WellCare Health Plans Inc * | 27,270 | 2,350,129 | ||||||
|
| |||||||
6,091,772 | ||||||||
|
| |||||||
Industrials - 17.7% | ||||||||
AECOM * | 87,149 | 2,397,461 | ||||||
Aegion Corp * | 123,360 | 2,032,973 | ||||||
Air Transport Services Group Inc * | 199,110 | 1,702,391 | ||||||
Columbus Mckinnon Corp | 84,770 | 1,539,423 | ||||||
Con-way Inc | 43,320 | 2,055,534 | ||||||
EMCOR Group Inc | 62,480 | 2,764,740 | ||||||
General Cable Corp | 65,700 | 781,830 | ||||||
Granite Construction Inc | 73,460 | 2,179,558 | ||||||
Hawaiian Holdings Inc * | 60,580 | 1,495,114 | ||||||
Mistras Group Inc * | 116,400 | 1,495,740 | ||||||
MRC Global Inc * | 150,030 | 1,672,835 | ||||||
Oshkosh Corp | 52,380 | 1,902,965 | ||||||
Regal Beloit Corp | 33,020 | 1,863,979 | ||||||
SkyWest Inc | 185,960 | 3,101,813 | ||||||
Tutor Perini Corp * | 27,214 | 447,942 | ||||||
Viad Corp | 104,870 | 3,040,181 | ||||||
Wabash National Corp * | 163,990 | 1,736,654 | ||||||
WESCO International Inc * | 34,480 | 1,602,286 | ||||||
|
| |||||||
33,813,419 | ||||||||
|
| |||||||
Information Technology - 18.5% | ||||||||
Advanced Micro Devices Inc * | 190,430 | 327,540 | ||||||
Avnet Inc | 43,000 | 1,835,240 | ||||||
Booz Allen Hamilton Holding Corp | 96,620 | 2,532,410 | ||||||
Celestica Inc (Canada) * | 131,010 | 1,688,719 | ||||||
CSG Systems International Inc | 92,060 | 2,835,448 | ||||||
Cypress Semiconductor Corp * | 138,086 | 1,176,493 | ||||||
ExlService Holdings Inc * | 65,590 | 2,422,239 | ||||||
Fairchild Semiconductor International Inc * | 202,540 | 2,843,662 | ||||||
Finisar Corp * | 146,960 | 1,635,665 | ||||||
FormFactor Inc * | 305,260 | 2,069,663 | ||||||
Insight Enterprises Inc * | 50,350 | 1,301,547 | ||||||
Mitel Networks Corp * | 245,270 | 1,581,991 | ||||||
MKS Instruments Inc | 57,350 | 1,922,945 | ||||||
Photronics Inc * | 165,520 | 1,499,611 | ||||||
Polycom Inc * | 129,640 | 1,358,627 | ||||||
SunEdison Semiconductor Ltd * | 165,630 | 1,745,740 | ||||||
Sykes Enterprises Inc * | 82,770 | 2,110,635 | ||||||
TTM Technologies Inc * | 139,520 | 869,210 | ||||||
Unisys Corp * | 93,140 | 1,108,366 | ||||||
Vishay Intertechnology Inc | 240,970 | 2,334,999 | ||||||
|
| |||||||
35,200,750 | ||||||||
|
| |||||||
Materials - 1.9% | ||||||||
A Schulman Inc | 65,970 | 2,142,046 | ||||||
Graphic Packaging Holding Co | 116,950 | 1,495,790 | ||||||
|
| |||||||
3,637,836 | ||||||||
|
| |||||||
Utilities - 4.0% | ||||||||
PNM Resources Inc | 103,990 | 2,916,920 | ||||||
Southwest Gas Corp | 50,760 | 2,960,323 | ||||||
UGI Corp | 50,665 | 1,764,155 | ||||||
|
| |||||||
7,641,398 | ||||||||
|
| |||||||
Total Common Stocks | 186,296,107 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-64
PACIFIC FUNDS
PF SMALL-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
| Value | |||||||
SHORT-TERM INVESTMENT - 2.2% | ||||||||
Money Market Fund - 2.2% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 4,222,249 | $4,222,249 | ||||||
|
| |||||||
Total Short-Term Investment | 4,222,249 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.9% | 190,518,356 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% | 274,110 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $190,792,466 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Financials | 29.3% | |||
Information Technology | 18.5% | |||
Industrials | 17.7% | |||
Consumer Discretionary | 17.3% | |||
Utilities | 4.0% | |||
Health Care | 3.2% | |||
Energy | 3.0% | |||
Others (each less than 3.0%) | 6.9% | |||
|
| |||
99.9% | ||||
Other Assets & Liabilities, Net | 0.1% | |||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks (1) | $186,296,107 | $186,296,107 | $— | $— | |||||||||||||
Short-Term Investment | 4,222,249 | 4,222,249 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $190,518,356 | $190,518,356 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-65
PACIFIC FUNDS
PF EMERGING MARKETS FUND
Schedule of Investments
September 30, 2015 (Unaudited)
Shares | Value | |||||||
WARRANTS - 0.0% | ||||||||
Malaysia - 0.0% | ||||||||
Genting Bhd Exercise @ MYR 7.96 | 137,750 | $26,793 | ||||||
|
| |||||||
Total Warrants | 26,793 | |||||||
|
| |||||||
PREFERRED STOCKS - 2.8% | ||||||||
Brazil - 2.0% | ||||||||
Cia Brasileira de Distribuicao | 86,000 | 1,081,372 | ||||||
Lojas Americanas SA | 487,032 | 1,992,599 | ||||||
|
| |||||||
3,073,971 | ||||||||
|
| |||||||
Colombia - 0.7% | ||||||||
Banco Davivienda SA | 63,927 | 496,459 | ||||||
Bancolombia SA ADR | 16,890 | 543,858 | ||||||
|
| |||||||
1,040,317 | ||||||||
|
| |||||||
India - 0.1% | ||||||||
Zee Entertainment Enterprises Ltd | 7,089,243 | 95,042 | ||||||
|
| |||||||
Total Preferred Stocks | 4,209,330 | |||||||
|
| |||||||
COMMON STOCKS - 91.7% | ||||||||
Argentina - 0.7% | ||||||||
MercadoLibre Inc | 12,030 | 1,095,454 | ||||||
|
| |||||||
Brazil - 4.5% | ||||||||
B2W Cia Digital * | 59,350 | 221,412 | ||||||
BM&FBovespa SA | 549,816 | 1,525,533 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 150,000 | 315,551 | ||||||
Diagnosticos da America SA | 105,500 | 240,831 | ||||||
Embraer SA ADR | 67,630 | 1,729,975 | ||||||
Estacio Participacoes SA | 226,000 | 794,663 | ||||||
Kroton Educacional SA | 572,243 | 1,120,092 | ||||||
Natura Cosmeticos SA | 7,400 | 36,305 | ||||||
Sul America SA | 135,835 | 620,157 | ||||||
|
| |||||||
6,604,519 | ||||||||
|
| |||||||
Canada - 0.2% | ||||||||
First Quantum Minerals Ltd | 66,387 | 243,261 | ||||||
|
| |||||||
China - 21.0% | ||||||||
Alibaba Group Holding Ltd ADR * | 61,600 | 3,632,552 | ||||||
Baidu Inc ADR * | 22,510 | 3,093,099 | ||||||
China Life Insurance Co Ltd ‘H’ | 382,000 | 1,333,406 | ||||||
China Lodging Group Ltd ADR * | 8,002 | 194,689 | ||||||
China Oilfield Services Ltd ‘H’ | 356,000 | 358,981 | ||||||
China Pacific Insurance Group Co Ltd ‘H’ | 360,000 | 1,333,280 | ||||||
Ctrip.com International Ltd ADR * | 39,100 | 2,470,338 | ||||||
Homeinns Hotel Group ADR * | 33,260 | 955,892 | ||||||
JD.com Inc ADR * | 119,124 | 3,104,371 | ||||||
New Oriental Education & Technology Group Inc ADR | 73,800 | 1,491,498 | ||||||
PICC Property & Casualty Co Ltd ‘H’ | 444,000 | 870,620 | ||||||
Qunar Cayman Islands Ltd ADR * | 20,500 | 616,435 | ||||||
Sinopharm Group Co Ltd ‘H’ | 553,400 | 1,946,583 | ||||||
SOHO China Ltd | 901,500 | 351,219 | ||||||
Tencent Holdings Ltd | 305,622 | 5,140,114 |
Shares | Value | |||||||
The People’s Insurance Co Group of China Ltd ‘H’ | 770,000 | $377,307 | ||||||
Tingyi Cayman Islands Holding Corp | 988,000 | 1,584,194 | ||||||
Tsingtao Brewery Co Ltd ‘H’ | 102,000 | 448,546 | ||||||
Want Want China Holdings Ltd | 1,398,000 | 1,154,192 | ||||||
WuXi PharmaTech Cayman Inc ADR * | 11,519 | 497,736 | ||||||
|
| |||||||
30,955,052 | ||||||||
|
| |||||||
Colombia - 2.0% | ||||||||
Almacenes Exito SA | 77,571 | 333,114 | ||||||
Almacenes Exito SA GDR ~ | 53,400 | 231,099 | ||||||
Grupo Aval Acciones y Valores SA ADR | 170,430 | 1,305,494 | ||||||
Grupo de Inversiones Suramericana SA | 87,561 | 1,017,450 | ||||||
|
| |||||||
2,887,157 | ||||||||
|
| |||||||
Egypt - 0.6% | ||||||||
Commercial International Bank Egypt SAE | 141,215 | 957,118 | ||||||
|
| |||||||
France - 2.3% | ||||||||
Casino Guichard Perrachon SA | 2,310 | 123,020 | ||||||
Kering | 8,330 | 1,363,435 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 10,948 | 1,868,199 | ||||||
|
| |||||||
3,354,654 | ||||||||
|
| |||||||
Hong Kong - 6.9% | ||||||||
AIA Group Ltd | 465,600 | 2,424,167 | ||||||
Galaxy Entertainment Group Ltd | 247,000 | 634,325 | ||||||
Hang Lung Group Ltd | 195,000 | 663,448 | ||||||
Hang Lung Properties Ltd | 777,000 | 1,748,513 | ||||||
Hong Kong Exchanges and Clearing Ltd | 70,712 | 1,627,068 | ||||||
Jardine Strategic Holdings Ltd | 58,511 | 1,571,293 | ||||||
Melco Crown Entertainment Ltd ADR | 106,330 | 1,463,101 | ||||||
|
| |||||||
10,131,915 | ||||||||
|
| |||||||
India - 17.1% | ||||||||
Ambuja Cements Ltd | 126,709 | 398,217 | ||||||
Apollo Hospitals Enterprise Ltd | 59,825 | 1,317,320 | ||||||
Asian Paints Ltd | 21,854 | 280,870 | ||||||
Cipla Ltd | 68,483 | 665,203 | ||||||
Dr Reddy’s Laboratories Ltd | 35,912 | 2,278,647 | ||||||
Glenmark Pharmaceuticals Ltd | 31,738 | 509,236 | ||||||
Housing Development Finance Corp Ltd | 334,017 | 6,188,225 | ||||||
ICICI Bank Ltd ADR | 228,340 | 1,913,489 | ||||||
Infosys Ltd | 254,175 | 4,530,479 | ||||||
Kotak Mahindra Bank Ltd | 47,266 | 467,736 | ||||||
Lupin Ltd | 15,992 | 496,271 | ||||||
Sun Pharmaceutical Industries Ltd | 74,768 | 991,799 | ||||||
Tata Consultancy Services Ltd | 54,335 | 2,144,762 | ||||||
UltraTech Cement Ltd | 19,213 | 784,114 | ||||||
Zee Entertainment Enterprises Ltd | 381,504 | 2,287,653 | ||||||
|
| |||||||
25,254,021 | ||||||||
|
| |||||||
Indonesia - 1.9% | ||||||||
P.T. Astra International Tbk | 4,694,000 | 1,681,146 | ||||||
P.T. Indocement Tunggal Prakarsa Tbk | 508,500 | 574,356 | ||||||
P.T. Semen Indonesia Persero Tbk | 791,500 | 491,313 | ||||||
P.T. Sumber Alfaria Trijaya Tbk | 5,200 | 203 | ||||||
|
| |||||||
2,747,018 | ||||||||
|
| |||||||
Italy - 1.6% | ||||||||
Prada SPA | 625,200 | 2,407,262 | ||||||
|
| |||||||
Luxembourg - 0.4% | ||||||||
Tenaris SA ADR | 26,320 | 634,575 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-66
PACIFIC FUNDS
PF EMERGING MARKETS FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Shares | Value | |||||||
Malaysia - 1.6% | ||||||||
Genting Bhd | 1,088,800 | $1,803,048 | ||||||
Genting Malaysia Bhd | 586,700 | 554,557 | ||||||
|
| |||||||
2,357,605 | ||||||||
|
| |||||||
Mexico - 6.8% | ||||||||
America Movil SAB de CV ‘L’ ADR | 69,470 | 1,149,729 | ||||||
Fomento Economico Mexicano SAB de CV | 196,371 | 1,755,675 | ||||||
Grupo Aeroportuario del Sureste SAB de CV ‘B’ | 42,226 | 644,372 | ||||||
Grupo Financiero Banorte SAB de CV ‘O’ | 496,934 | 2,437,504 | ||||||
Grupo Financiero Inbursa SAB de CV ‘O’ | 720,844 | 1,489,455 | ||||||
Grupo Televisa SAB ADR | 68,120 | 1,772,482 | ||||||
Wal-Mart de Mexico SAB de CV | 300,562 | 741,586 | ||||||
|
| |||||||
9,990,803 | ||||||||
|
| |||||||
Nigeria - 1.3% | ||||||||
Guaranty Trust Bank PLC | 4,026,722 | 485,025 | ||||||
Nigerian Breweries PLC | 1,126,984 | 831,368 | ||||||
Zenith Bank PLC | 6,327,182 | 534,029 | ||||||
|
| |||||||
1,850,422 | ||||||||
|
| |||||||
Philippines - 2.9% | ||||||||
Jollibee Foods Corp | 229,260 | 946,634 | ||||||
SM Investments Corp | 91,615 | 1,748,344 | ||||||
SM Prime Holdings Inc | 3,625,070 | 1,605,885 | ||||||
|
| |||||||
4,300,863 | ||||||||
|
| |||||||
Russia - 6.6% | ||||||||
Alrosa AO | 1,044,693 | 926,999 | ||||||
Magnit PJSC (RTS) * | 28,161 | 5,000,269 | ||||||
NOVATEK OAO GDR (LI) ~ | 39,352 | 3,649,961 | ||||||
Yandex NV ‘A’ * | 21,410 | 229,729 | ||||||
|
| |||||||
9,806,958 | ||||||||
|
| |||||||
Singapore - 0.6% | ||||||||
Genting Singapore PLC | 91,000 | 46,396 | ||||||
Global Logistic Properties Ltd | 546,000 | 785,353 | ||||||
|
| |||||||
831,749 | ||||||||
|
| |||||||
South Africa - 1.0% | ||||||||
MTN Group Ltd | 114,257 | 1,470,964 | ||||||
|
| |||||||
South Korea - 1.1% | ||||||||
NAVER Corp | 3,734 | 1,621,850 | ||||||
|
| |||||||
Switzerland - 0.9% | ||||||||
Cie Financiere Richemont SA | 9,734 | 758,354 | ||||||
Glencore PLC | 365,665 | 509,553 | ||||||
|
| |||||||
1,267,907 | ||||||||
|
| |||||||
Taiwan - 2.2% | ||||||||
MediaTek Inc | 45,000 | 335,817 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd | 747,995 | 2,984,878 | ||||||
|
| |||||||
3,320,695 | ||||||||
|
| |||||||
Thailand - 0.9% | ||||||||
Airports of Thailand PCL | 49,200 | 380,912 | ||||||
CP ALL PCL | 702,400 | 924,083 | ||||||
|
| |||||||
1,304,995 | ||||||||
|
| |||||||
Turkey - 2.0% | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 111,065 | 784,408 | ||||||
BIM Birlesik Magazalar AS | 46,995 | 833,632 | ||||||
Haci Omer Sabanci Holding AS | 431,484 | 1,266,232 | ||||||
|
| |||||||
2,884,272 | ||||||||
|
|
Shares | Value | |||||||
United Arab Emirates - 1.5% | ||||||||
DP World Ltd | 105,650 | $2,249,798 | ||||||
|
| |||||||
United Kingdom - 2.3% | ||||||||
Old Mutual PLC | 696,621 | 1,995,388 | ||||||
SABMiller PLC | 25,131 | 1,424,080 | ||||||
|
| |||||||
3,419,468 | ||||||||
|
| |||||||
United States - 0.8% | ||||||||
Las Vegas Sands Corp | 31,870 | 1,210,104 | ||||||
|
| |||||||
Total Common Stocks | 135,160,459 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 5.6% | ||||||||
Money Market Fund - 5.6% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 8,271,023 | 8,271,023 | ||||||
|
| |||||||
Total Short-Term Investment | 8,271,023 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% | 147,667,605 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) | (208,660 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $147,458,945 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Financials | 24.7% | |||
Consumer Discretionary | 21.8% | |||
Information Technology | 16.8% | |||
Consumer Staples | 11.7% | |||
Health Care | 6.0% | |||
Industrials | 5.7% | |||
Short-Term Investment | 5.6% | |||
Energy | 3.1% | |||
Others (each less than 3.0%) | 4.7% | |||
|
| |||
100.1% | ||||
Other Assets & Liabilities, Net | (0.1% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2015, the fund’s composition by country of risk as a percentage of net assets was as follows: |
China | 21.0% | |||
India | 17.2% | |||
Hong Kong | 6.9% | |||
Mexico | 6.8% | |||
Russia | 6.6% | |||
Brazil | 6.5% | |||
United States (Includes Short-Term Investment) | 6.4% | |||
Others (each less than 3.0%) | 28.7% | |||
|
| |||
100.1% | ||||
Other Assets & Liabilities, Net | (0.1% | ) | ||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-67
PACIFIC FUNDS
PF EMERGING MARKETS FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(c) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Warrants (1) | $26,793 | $26,793 | $— | $— | |||||||||||||
Preferred Stocks (1) | 4,209,330 | 4,209,330 | — | — | ||||||||||||||
Common Stocks | ||||||||||||||||||
Argentina | 1,095,454 | 1,095,454 | — | — | ||||||||||||||
Brazil | 6,604,519 | 6,604,519 | — | — | ||||||||||||||
Canada | 243,261 | 243,261 | — | — | ||||||||||||||
China | 30,955,052 | 16,056,610 | 14,898,442 | — | ||||||||||||||
Colombia | 2,887,157 | 2,656,058 | 231,099 | — | ||||||||||||||
Egypt | 957,118 | 957,118 | — | — | ||||||||||||||
France | 3,354,654 | — | 3,354,654 | — | ||||||||||||||
Hong Kong | 10,131,915 | 1,463,101 | 8,668,814 | — | ||||||||||||||
India | 25,254,021 | 1,913,489 | 23,340,532 | — | ||||||||||||||
Indonesia | 2,747,018 | — | 2,747,018 | — | ||||||||||||||
Italy | 2,407,262 | — | 2,407,262 | — | ||||||||||||||
Luxembourg | 634,575 | 634,575 | — | — | ||||||||||||||
Malaysia | 2,357,605 | — | 2,357,605 | — | ||||||||||||||
Mexico | 9,990,803 | 9,990,803 | — | — | ||||||||||||||
Nigeria | 1,850,422 | — | 1,850,422 | — | ||||||||||||||
Philippines | 4,300,863 | — | 4,300,863 | — | ||||||||||||||
Russia | 9,806,958 | 229,729 | 9,577,229 | — | ||||||||||||||
Singapore | 831,749 | — | 831,749 | — | ||||||||||||||
South Africa | 1,470,964 | — | 1,470,964 | — | ||||||||||||||
South Korea | 1,621,850 | — | 1,621,850 | — | ||||||||||||||
Switzerland | 1,267,907 | — | 1,267,907 | — | ||||||||||||||
Taiwan | 3,320,695 | — | 3,320,695 | — | ||||||||||||||
Thailand | 1,304,995 | 1,304,995 | — | — | ||||||||||||||
Turkey | 2,884,272 | — | 2,884,272 | — | ||||||||||||||
United Arab Emirates | 2,249,798 | — | 2,249,798 | — | ||||||||||||||
United Kingdom | 3,419,468 | — | 3,419,468 | — | ||||||||||||||
United States | 1,210,104 | 1,210,104 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
135,160,459 | 44,359,816 | 90,800,643 | — | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 8,271,023 | 8,271,023 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $147,667,605 | $56,866,962 | $90,800,643 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-68
PACIFIC FUNDS
PF INTERNATIONAL LARGE-CAP FUND
Schedule of Investments
September 30, 2015 (Unaudited)
Shares | Value | |||||||
PREFERRED STOCKS - 0.4% | ||||||||
Brazil - 0.4% | ||||||||
Itau Unibanco Holding SA ADR | 176,619 | $1,169,218 | ||||||
|
| |||||||
Total Preferred Stocks |
| 1,169,218 | ||||||
|
| |||||||
COMMON STOCKS - 98.6% | ||||||||
Australia - 0.4% | ||||||||
Orica Ltd | 124,082 | 1,314,336 | ||||||
|
| |||||||
Belgium - 0.7% | ||||||||
KBC Groep NV | 34,566 | 2,179,724 | ||||||
|
| |||||||
Canada - 4.2% | ||||||||
Canadian National Railway Co | 105,078 | 5,964,227 | ||||||
Element Financial Corp * | 120,236 | 1,641,589 | ||||||
Loblaw Cos Ltd | 50,153 | 2,582,250 | ||||||
Suncor Energy Inc | 83,683 | 2,238,026 | ||||||
|
| |||||||
12,426,092 | ||||||||
|
| |||||||
China - 0.4% | ||||||||
Alibaba Group Holding Ltd ADR * | 19,139 | 1,128,627 | ||||||
|
| |||||||
Denmark - 0.5% | ||||||||
Carlsberg AS ‘B’ | 20,573 | 1,583,254 | ||||||
|
| |||||||
France - 13.6% | ||||||||
Air Liquide SA | 54,106 | 6,411,519 | ||||||
Bureau Veritas SA | 76,659 | 1,617,299 | ||||||
Danone SA | 100,923 | 6,382,807 | ||||||
Dassault Systemes | 26,541 | 1,959,604 | ||||||
Engie SA | 211,184 | 3,419,803 | ||||||
Hermes International | 1,943 | 707,399 | ||||||
L’Oreal SA | 5,457 | 948,906 | ||||||
Legrand SA | 45,758 | 2,432,783 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 32,467 | 5,540,266 | ||||||
Pernod Ricard SA | 57,844 | 5,840,876 | ||||||
Schneider Electric SE | 91,141 | 5,111,117 | ||||||
|
| |||||||
40,372,379 | ||||||||
|
| |||||||
Germany - 11.2% | ||||||||
Bayer AG | 84,845 | 10,843,951 | ||||||
Beiersdorf AG | 62,816 | 5,558,175 | ||||||
Linde AG | 33,066 | 5,356,211 | ||||||
Merck KGaA | 29,372 | 2,600,337 | ||||||
MTU Aero Engines AG | 14,153 | 1,182,139 | ||||||
ProSiebenSat.1 Media SE | 56,775 | 2,780,276 | ||||||
SAP SE | 76,553 | 4,952,730 | ||||||
|
| |||||||
33,273,819 | ||||||||
|
| |||||||
Hong Kong - 3.2% | ||||||||
AIA Group Ltd | 1,137,662 | 5,923,287 | ||||||
Global Brands Group Holding Ltd * | 5,352,639 | 1,113,538 | ||||||
Li & Fung Ltd | 3,269,358 | 2,511,804 | ||||||
|
| |||||||
9,548,629 | ||||||||
|
| |||||||
India - 1.6% | ||||||||
Housing Development Finance Corp Ltd | 175,129 | 3,244,559 | ||||||
Tata Consultancy Services Ltd | 39,283 | 1,550,615 | ||||||
|
| |||||||
4,795,174 | ||||||||
|
|
Shares | Value | |||||||
Israel - 0.7% | ||||||||
Check Point Software Technologies Ltd * | 25,522 | $2,024,660 | ||||||
|
| |||||||
Japan - 12.4% | ||||||||
Denso Corp | 142,000 | 6,020,043 | ||||||
FANUC Corp | 18,300 | 2,821,296 | ||||||
Honda Motor Co Ltd | 174,300 | 5,197,399 | ||||||
Hoya Corp | 189,600 | 6,230,194 | ||||||
Inpex Corp | 345,300 | 3,084,963 | ||||||
Japan Tobacco Inc | 119,900 | 3,729,828 | ||||||
Kyocera Corp | 70,400 | 3,230,482 | ||||||
Shin-Etsu Chemical Co Ltd | 35,500 | 1,824,664 | ||||||
Terumo Corp | 161,500 | 4,579,169 | ||||||
|
| |||||||
36,718,038 | ||||||||
|
| |||||||
Netherlands - 5.8% | ||||||||
Akzo Nobel NV | 73,237 | 4,761,213 | ||||||
Heineken NV | 21,380 | 1,730,480 | ||||||
ING Groep NV CVA | 439,523 | 6,239,366 | ||||||
Randstad Holding NV | 74,628 | 4,453,205 | ||||||
|
| |||||||
17,184,264 | ||||||||
|
| |||||||
Singapore - 1.8% | ||||||||
DBS Group Holdings Ltd | 359,200 | 4,103,895 | ||||||
Singapore Telecommunications Ltd | 494,462 | 1,254,303 | ||||||
|
| |||||||
5,358,198 | ||||||||
|
| |||||||
Spain - 1.3% | ||||||||
Amadeus IT Holding SA ‘A’ | 90,099 | 3,852,586 | ||||||
|
| |||||||
Sweden - 1.3% | ||||||||
Hennes & Mauritz AB ‘B’ | 105,746 | 3,866,449 | ||||||
|
| |||||||
Switzerland - 13.1% | ||||||||
Julius Baer Group Ltd | 39,878 | 1,814,373 | ||||||
Kuehne + Nagel International AG | 9,159 | 1,178,722 | ||||||
Nestle SA | 142,000 | 10,693,523 | ||||||
Novartis AG | 69,083 | 6,363,563 | ||||||
Roche Holding AG | 38,435 | 10,160,446 | ||||||
Sonova Holding AG | 13,038 | 1,681,328 | ||||||
UBS Group AG | 374,481 | 6,939,552 | ||||||
|
| |||||||
38,831,507 | ||||||||
|
| |||||||
Taiwan - 2.6% | ||||||||
Hon Hai Precision Industry Co Ltd | 533,031 | 1,394,255 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd ADR | 305,364 | 6,336,303 | ||||||
|
| |||||||
7,730,558 | ||||||||
|
| |||||||
United Kingdom - 20.8% | ||||||||
Barclays PLC | 953,204 | 3,524,035 | ||||||
BG Group PLC | 164,046 | 2,365,491 | ||||||
Compass Group PLC | 559,775 | 8,936,833 | ||||||
Delphi Automotive PLC | 29,826 | 2,267,969 | ||||||
Diageo PLC | 223,155 | 6,005,190 | ||||||
HSBC Holdings PLC | 664,361 | 5,025,737 | ||||||
Prudential PLC | 145,151 | 3,068,564 | ||||||
Reckitt Benckiser Group PLC | 74,306 | 6,744,817 | ||||||
Rio Tinto PLC | 74,268 | 2,491,591 | ||||||
Rolls-Royce Holdings PLC * | 290,521 | 2,983,178 | ||||||
Sky PLC | 318,628 | 5,041,993 | ||||||
Smiths Group PLC | 185,161 | 2,821,147 | ||||||
Standard Chartered PLC | 196,616 | 1,911,475 | ||||||
WPP PLC | 407,840 | 8,493,170 | ||||||
|
| |||||||
61,681,190 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-69
PACIFIC FUNDS
PF INTERNATIONAL LARGE-CAP FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Shares | Value | |||||||
United States - 3.0% | ||||||||
Valeant Pharmaceuticals International Inc * | 12,278 | $2,190,150 | ||||||
Yum! Brands Inc | 81,978 | 6,554,141 | ||||||
|
| |||||||
8,744,291 | ||||||||
|
| |||||||
Total Common Stocks |
| 292,613,775 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 0.9% | ||||||||
Money Market Fund - 0.9% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 2,833,960 | 2,833,960 | ||||||
|
| |||||||
Total Short-Term Investment |
| 2,833,960 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.9% |
| 296,616,953 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% |
| 206,851 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $296,823,804 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Consumer Discretionary | 19.9% | |||
Consumer Staples | 17.5% | |||
Financials | 15.8% | |||
Health Care | 15.0% | |||
Industrials | 10.3% | |||
Information Technology | 8.9% | |||
Materials | 7.4% | |||
Others (each less than 3.0%) | 5.1% | |||
|
| |||
99.9% | ||||
Other Assets & Liabilities, Net | 0.1% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2015, the fund’s composition by country of risk as a percentage of net assets was as follows: |
United Kingdom | 20.8% | |||
France | 13.6% | |||
Switzerland | 13.1% | |||
Japan | 12.4% | |||
Germany | 11.2% | |||
Netherlands | 5.8% | |||
Canada | 4.2% | |||
United States (Includes Short-Term Investment) | 3.9% | |||
Hong Kong | 3.2% | |||
Others (each less than 3.0%) | 11.7% | |||
|
| |||
99.9% | ||||
Other Assets & Liabilities, Net | 0.1% | |||
|
| |||
100.0% | ||||
|
|
(c) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Preferred Stocks (1) | $1,169,218 | $1,169,218 | $— | $— | |||||||||||||
Common Stocks | ||||||||||||||||||
Australia | 1,314,336 | — | 1,314,336 | — | ||||||||||||||
Belgium | 2,179,724 | — | 2,179,724 | — | ||||||||||||||
Canada | 12,426,092 | 12,426,092 | — | — | ||||||||||||||
China | 1,128,627 | 1,128,627 | — | — | ||||||||||||||
Denmark | 1,583,254 | — | 1,583,254 | — | ||||||||||||||
France | 40,372,379 | — | 40,372,379 | — | ||||||||||||||
Germany | 33,273,819 | — | 33,273,819 | — | ||||||||||||||
Hong Kong | 9,548,629 | — | 9,548,629 | — | ||||||||||||||
India | 4,795,174 | — | 4,795,174 | — | ||||||||||||||
Israel | 2,024,660 | 2,024,660 | — | — | ||||||||||||||
Japan | 36,718,038 | — | 36,718,038 | — | ||||||||||||||
Netherlands | 17,184,264 | — | 17,184,264 | — | ||||||||||||||
Singapore | 5,358,198 | — | 5,358,198 | — | ||||||||||||||
Spain | 3,852,586 | — | 3,852,586 | — | ||||||||||||||
Sweden | 3,866,449 | — | 3,866,449 | — | ||||||||||||||
Switzerland | 38,831,507 | — | 38,831,507 | — | ||||||||||||||
Taiwan | 7,730,558 | 6,336,303 | 1,394,255 | — | ||||||||||||||
United Kingdom | 61,681,190 | 2,267,969 | 59,413,221 | — | ||||||||||||||
United States | 8,744,291 | 8,744,291 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
292,613,775 | 32,927,942 | 259,685,833 | — | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 2,833,960 | 2,833,960 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $296,616,953 | $36,931,120 | $259,685,833 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-70
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments
September 30, 2015 (Unaudited)
Shares | Value | |||||||
RIGHTS - 0.0% | ||||||||
South Korea - 0.0% | ||||||||
Mirae Asset Securities Co Ltd | 9,524 | $40,978 | ||||||
|
| |||||||
Total Rights | 40,978 | |||||||
|
| |||||||
PREFERRED STOCKS - 0.3% | ||||||||
Germany - 0.3% | ||||||||
Jungheinrich AG | 4,892 | 353,700 | ||||||
|
| |||||||
Total Preferred Stocks | 353,700 | |||||||
|
| |||||||
COMMON STOCKS - 98.9% | ||||||||
Australia - 5.0% | ||||||||
Alumina Ltd | 313,784 | 248,657 | ||||||
Aveo Group » | 163,081 | 307,540 | ||||||
Beach Energy Ltd | 373,221 | 120,787 | ||||||
Cabcharge Australia Ltd | 98,506 | 207,895 | ||||||
Challenger Ltd | 75,926 | 381,714 | ||||||
Cover-More Group Ltd | 160,294 | 252,559 | ||||||
CSR Ltd | 137,032 | 280,154 | ||||||
Echo Entertainment Group Ltd | 156,064 | 531,428 | ||||||
Genworth Mortgage Insurance Australia Ltd | 90,705 | 146,907 | ||||||
Independence Group NL | 83,168 | 148,266 | ||||||
JB Hi-Fi Ltd | 24,995 | 336,008 | ||||||
M2 Group Ltd | 55,144 | 368,340 | ||||||
Nufarm Ltd | 83,662 | 479,297 | ||||||
Orora Ltd | 294,270 | 481,596 | ||||||
OzForex Group Ltd | 160,294 | 302,354 | ||||||
Sandfire Resources NL | 82,801 | 314,382 | ||||||
Slater & Gordon Ltd | 69,122 | 144,231 | ||||||
Steadfast Group Ltd | 295,194 | 296,089 | ||||||
Veda Group Ltd | 217,999 | 409,752 | ||||||
Western Areas Ltd | 100,233 | 152,616 | ||||||
|
| |||||||
5,910,572 | ||||||||
|
| |||||||
Austria - 0.3% | ||||||||
Zumtobel Group AG | 13,810 | 304,125 | ||||||
|
| |||||||
Belgium - 1.3% | ||||||||
bpost SA | 11,355 | 269,611 | ||||||
Cie D’entreprises CFE | 2,176 | 275,825 | ||||||
Melexis NV | 9,161 | 423,892 | ||||||
Nyrstar NV * | 52,782 | 118,827 | ||||||
Ontex Group NV | 15,325 | 471,268 | ||||||
|
| |||||||
1,559,423 | ||||||||
|
| |||||||
Canada - 6.6% | ||||||||
Advantage Oil & Gas Ltd * | 69,200 | 361,427 | ||||||
Aimia Inc | 26,300 | 230,187 | ||||||
Birchcliff Energy Ltd * | 57,100 | 272,985 | ||||||
Canfor Pulp Products Inc | 25,500 | 233,694 | ||||||
Cascades Inc | 61,600 | 397,434 | ||||||
CCL Industries Inc ‘B’ | 4,300 | 603,611 | ||||||
Celestica Inc * | 22,500 | 289,659 | ||||||
Chorus Aviation Inc | 85,600 | 348,943 | ||||||
Concordia Healthcare Corp | 4,000 | 170,671 | ||||||
Empire Co Ltd ‘A’ | 10,200 | 209,809 | ||||||
Great Canadian Gaming Corp * | 18,000 | 251,555 | ||||||
Intertape Polymer Group Inc | 27,000 | 288,715 |
Shares | Value | |||||||
Laurentian Bank of Canada | 8,800 | $331,888 | ||||||
Linamar Corp | 6,300 | 330,225 | ||||||
Lucara Diamond Corp | 11,427 | 12,844 | ||||||
Martinrea International Inc | 43,500 | 344,219 | ||||||
Milestone Apartments REIT | 34,800 | 399,763 | ||||||
Parex Resources Inc * | 42,000 | 291,120 | ||||||
Parkland Fuel Corp | 18,200 | 311,766 | ||||||
Ritchie Bros Auctioneers Inc | 14,500 | 374,859 | ||||||
Sandvine Corp * | 93,900 | 163,243 | ||||||
SEMAFO Inc * | 91,400 | 197,936 | ||||||
The Intertain Group Ltd * | 34,600 | 297,646 | ||||||
Transcontinental Inc ‘A’ | 32,700 | 465,568 | ||||||
Western Energy Services Corp | 78,000 | 300,427 | ||||||
Westshore Terminals Investment Corp | 16,000 | 304,533 | ||||||
|
| |||||||
7,784,727 | ||||||||
|
| |||||||
China - 0.2% | ||||||||
Yangzijiang Shipbuilding Holdings Ltd | 256,000 | 204,716 | ||||||
|
| |||||||
Denmark - 2.1% | ||||||||
Bakkafrost PF | 13,570 | 434,157 | ||||||
NKT Holding AS | 5,927 | 313,106 | ||||||
Royal Unibrew AS | 12,070 | 452,573 | ||||||
SimCorp AS | 6,745 | 339,936 | ||||||
Sydbank AS | 16,332 | 622,319 | ||||||
Topdanmark AS * | 9,420 | 267,986 | ||||||
|
| |||||||
2,430,077 | ||||||||
|
| |||||||
Finland - 0.9% | ||||||||
Kesko OYJ ‘B’ | 7,035 | 249,103 | ||||||
Sponda OYJ | 63,965 | 250,104 | ||||||
Valmet OYJ | 28,064 | 272,431 | ||||||
YIT OYJ | 47,542 | 261,038 | ||||||
|
| |||||||
1,032,676 | ||||||||
|
| |||||||
France - 6.3% | ||||||||
Atos SE | 6,824 | 524,081 | ||||||
Coface SA | 37,461 | 329,907 | ||||||
Eiffage SA | 6,628 | 409,778 | ||||||
Eutelsat Communications SA | 14,605 | 448,189 | ||||||
Faurecia | 11,078 | 345,316 | ||||||
Ipsen SA | 6,843 | 424,605 | ||||||
IPSOS | 15,195 | 298,767 | ||||||
Peugeot SA * | 47,917 | 723,901 | ||||||
Saft Groupe SA | 7,795 | 255,084 | ||||||
SCOR SE | 18,548 | 666,201 | ||||||
Societe BIC SA | 3,358 | 521,998 | ||||||
Technicolor SA | 55,578 | 384,116 | ||||||
UBISOFT Entertainment * | 25,043 | 507,927 | ||||||
Valeo SA | 3,332 | 451,224 | ||||||
Veolia Environnement SA | 34,095 | 781,337 | ||||||
Wendel SA | 3,223 | 377,307 | ||||||
|
| |||||||
7,449,738 | ||||||||
|
| |||||||
Germany - 6.0% | ||||||||
Aareal Bank AG | 8,505 | 302,645 | ||||||
Aurubis AG | 7,581 | 481,847 | ||||||
Deutz AG | 63,590 | 213,182 | ||||||
Freenet AG | 14,256 | 470,533 | ||||||
Gerresheimer AG | 5,349 | 390,196 | ||||||
Hannover Rueck SE | 5,000 | 511,194 | ||||||
HOCHTIEF AG | 4,372 | 363,980 | ||||||
KION Group AG * | 8,259 | 366,131 | ||||||
Krones AG | 3,141 | 330,311 | ||||||
Nordex SE * | 22,971 | 627,360 | ||||||
OSRAM Licht AG | 10,032 | 518,333 | ||||||
Pfeiffer Vacuum Technology AG | 525 | 60,500 | ||||||
Rheinmetall AG | 5,660 | 346,345 | ||||||
Salzgitter AG | 11,471 | 284,375 | ||||||
Software AG | 16,972 | 494,550 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-71
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Shares | Value | |||||||
STADA Arzneimittel AG | 8,383 | $299,744 | ||||||
Talanx AG | 10,992 | 328,749 | ||||||
United Internet AG | 14,077 | 712,116 | ||||||
|
| |||||||
7,102,091 | ||||||||
|
| |||||||
Hong Kong - 2.8% | ||||||||
Dah Sing Banking Group Ltd | 232,000 | 427,411 | ||||||
Fortune REIT | 360,900 | 339,422 | ||||||
HK Electric Investments & HK Electric Investments Ltd » ~ | 554,500 | 395,240 | ||||||
Hutchison Telecommunications Hong Kong Holdings Ltd | 696,000 | 280,426 | ||||||
Kerry Properties Ltd | 95,500 | 262,481 | ||||||
Lifestyle International Holdings Ltd | 131,500 | 188,053 | ||||||
Orient Overseas International Ltd | 48,500 | 228,479 | ||||||
SmarTone Telecommunications Holdings Ltd | 180,000 | 340,419 | ||||||
Texwinca Holdings Ltd | 388,000 | 349,979 | ||||||
The United Laboratories International Holdings Ltd * | 500,000 | 256,607 | ||||||
Value Partners Group Ltd | 248,000 | 234,870 | ||||||
|
| |||||||
3,303,387 | ||||||||
|
| |||||||
Ireland - 0.3% | ||||||||
Irish Continental Group PLC | 18,919 | 92,606 | ||||||
UDG Healthcare PLC | 40,694 | 310,090 | ||||||
|
| |||||||
402,696 | ||||||||
|
| |||||||
Israel - 0.8% | ||||||||
Israel Discount Bank Ltd ‘A’ * | 168,295 | 307,629 | ||||||
Mizrahi Tefahot Bank Ltd | 33,633 | 397,717 | ||||||
Syneron Medical Ltd * | 28,490 | 203,704 | ||||||
|
| |||||||
909,050 | ||||||||
|
| |||||||
Italy - 2.8% | ||||||||
Amplifon SpA | 37,148 | 281,222 | ||||||
Anima Holding SpA ~ | 65,687 | 575,194 | ||||||
Brembo SpA | 11,585 | 449,137 | ||||||
DiaSorin SpA | 5,956 | 260,635 | ||||||
ERG SpA | 34,077 | 476,790 | ||||||
Moncler SpA | 20,218 | 362,526 | ||||||
Salini Impregilo SpA | 90,665 | 345,604 | ||||||
Saras SpA * | 260,777 | 555,681 | ||||||
|
| |||||||
3,306,789 | ||||||||
|
| |||||||
Japan - 22.2% | ||||||||
Asatsu-DK Inc | 14,600 | 329,010 | ||||||
ASKA Pharmaceutical Co Ltd | 23,700 | 258,758 | ||||||
Bank of the Ryukyus Ltd | 22,800 | 336,259 | ||||||
Central Glass Co Ltd | 80,000 | 351,628 | ||||||
CyberAgent Inc | 7,000 | 274,221 | ||||||
Daihen Corp | 75,000 | 356,899 | ||||||
Daikyonishikawa Corp | 8,500 | 395,751 | ||||||
Daiwabo Holdings Co Ltd | 183,000 | 321,425 | ||||||
Denka Co Ltd | 82,000 | 324,249 | ||||||
Eiken Chemical Co Ltd | 15,600 | 267,158 | ||||||
Fuji Electric Co Ltd | 64,000 | 232,982 | ||||||
Fujimi Inc | 16,100 | 218,365 | ||||||
Fujitsu General Ltd | 32,000 | 349,107 | ||||||
HANEDA ZENITH HOLDINGS Co Ltd | 97,500 | 172,667 | ||||||
Happinet Corp | 23,000 | 224,975 | ||||||
Haseko Corp | 52,100 | 592,803 | ||||||
Hokuhoku Financial Group Inc | 155,000 | 356,759 | ||||||
Iino Kaiun Kaisha Ltd | 41,000 | 186,279 | ||||||
Japan Aviation Electronics Industry Ltd | 19,000 | 285,699 | ||||||
Japan Medical Dynamic Marketing Inc | 51,400 | 266,381 | ||||||
Jeol Ltd | 48,000 | 275,472 | ||||||
Kaken Pharmaceutical Co Ltd | 9,000 | 838,737 | ||||||
Kawasaki Kisen Kaisha Ltd | 148,000 | 326,214 | ||||||
Keihin Corp | 23,100 | 328,263 | ||||||
Kinden Corp | 30,000 | 381,499 | ||||||
Kitagawa Iron Works Co Ltd | 123,000 | 280,802 |
Shares | Value | |||||||
Kyudenko Corp | 28,000 | $467,909 | ||||||
Lasertec Corp | 25,600 | 261,902 | ||||||
Leopalace21 Corp * | 58,700 | 275,117 | ||||||
Meidensha Corp | 99,000 | 295,251 | ||||||
Meisei Industrial Co Ltd | 51,000 | 223,957 | ||||||
Mirait Holdings Corp | 23,100 | 209,859 | ||||||
Morinaga & Co Ltd | 40,224 | 198,997 | ||||||
Nakanishi Inc | 7,700 | 286,155 | ||||||
Nexon Co Ltd | 32,500 | 435,298 | ||||||
Nichi-iko Pharmaceutical Co Ltd | 18,900 | 499,277 | ||||||
Nihon Unisys Ltd | 33,300 | 344,979 | ||||||
Nikkiso Co Ltd | 25,641 | 172,216 | ||||||
Nippon Piston Ring Co Ltd | 14,900 | 221,321 | ||||||
Nippon Suisan Kaisha Ltd | 118,300 | 353,820 | ||||||
Nippon Thompson Co Ltd | 63,000 | 261,098 | ||||||
Nishimatsuya Chain Co Ltd | 39,200 | 364,754 | ||||||
Nissha Printing Co Ltd | 21,300 | 406,427 | ||||||
North Pacific Bank Ltd | 90,000 | 357,793 | ||||||
NTN Corp | 68,000 | 281,477 | ||||||
OAK Capital Corp * | 86,200 | 166,542 | ||||||
Obayashi Road Corp | 46,000 | 252,126 | ||||||
Okasan Securities Group Inc | 41,000 | 247,820 | ||||||
OKUMA Corp | 38,000 | 238,264 | ||||||
Oracle Corp | 7,400 | 313,266 | ||||||
Pacific Metals Co Ltd | 103,000 | 238,666 | ||||||
Pigeon Corp | 15,500 | 363,909 | ||||||
Riso Kagaku Corp | 17,200 | 294,188 | ||||||
Ryobi Ltd | 90,000 | 338,547 | ||||||
S Foods Inc | 14,100 | 282,871 | ||||||
San-A Co Ltd | 8,600 | 377,526 | ||||||
Sanden Holdings Corp | 65,000 | 203,474 | ||||||
Sankyu Inc | 82,000 | 398,070 | ||||||
Sanyo Special Steel Co Ltd | 112,000 | 426,895 | ||||||
Senshu Ikeda Holdings Inc | 67,200 | 292,318 | ||||||
Sumitomo Osaka Cement Co Ltd | 115,000 | 408,619 | ||||||
Sumitomo Real Estate Sales Co Ltd | 16,000 | 410,362 | ||||||
T-Gaia Corp | 21,400 | 335,205 | ||||||
Takuma Co Ltd | 54,000 | 407,518 | ||||||
TASAKI & Co Ltd * | 17,800 | 200,597 | ||||||
TOA ROAD Corp | 82,000 | 291,832 | ||||||
Toagosei Co Ltd | 47,500 | 345,763 | ||||||
Toho Gas Co Ltd | 87,000 | 514,888 | ||||||
Toho Zinc Co Ltd | 115,000 | 264,692 | ||||||
Token Corp | 7,400 | 559,893 | ||||||
Tokyo Seimitsu Co Ltd | 15,000 | 280,097 | ||||||
Tokyo Tekko Co Ltd | 71,000 | 293,378 | ||||||
Toridoll.Corp | 22,200 | 264,227 | ||||||
Tosei Corp | 47,200 | 305,862 | ||||||
Towa Corp | 64,100 | 398,688 | ||||||
Tsubakimoto Chain Co | 37,000 | 232,582 | ||||||
Tsuruha Holdings Inc | 4,800 | 414,582 | ||||||
Valor Co Ltd | 3,251 | 81,744 | ||||||
Yamaichi Electronics Co Ltd | 44,800 | 345,693 | ||||||
Yuasa Trading Co Ltd | 18,200 | 375,168 | ||||||
Zenkoku Hosho Co Ltd | 14,600 | 486,840 | ||||||
|
| |||||||
26,102,681 | ||||||||
|
| |||||||
Jordan - 0.4% | ||||||||
Hikma Pharmaceuticals PLC | 13,393 | 462,737 | ||||||
|
| |||||||
Luxembourg - 0.2% | ||||||||
APERAM SA * | 10,265 | 277,369 | ||||||
|
| |||||||
Netherlands - 1.8% | ||||||||
ASM International NV | 7,051 | 228,725 | ||||||
BE Semiconductor Industries NV | 14,749 | 229,394 | ||||||
BinckBank NV | 29,288 | 241,651 | ||||||
Boskalis Westminster | 11,295 | 494,459 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-72
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Shares | Value | |||||||
Corbion NV | 16,444 | $377,669 | ||||||
Delta Lloyd NV | 23,427 | 197,163 | ||||||
Euronext NV ~ | 6,651 | 283,453 | ||||||
|
| |||||||
2,052,514 | ||||||||
|
| |||||||
Norway - 0.2% | ||||||||
BW Offshore Ltd | 126,684 | 51,300 | ||||||
Protector Forsikring ASA | 29,552 | 208,577 | ||||||
|
| |||||||
259,877 | ||||||||
|
| |||||||
Portugal - 1.0% | ||||||||
NOS SGPS SA | 57,336 | 473,512 | ||||||
REN - Redes Energeticas Nacionais SGPS SA | 115,345 | 346,105 | ||||||
Sonae SGPS SA | 257,651 | 317,121 | ||||||
|
| |||||||
1,136,738 | ||||||||
|
| |||||||
Singapore - 1.1% | ||||||||
CDL Hospitality Trusts REIT | 219,000 | 200,202 | ||||||
Mapletree Greater China Commercial Trust REIT | 412,709 | 269,881 | ||||||
Mapletree Industrial Trust REIT | 296,400 | 309,240 | ||||||
Mapletree Logistics Trust REIT | 458,000 | 315,532 | ||||||
Starhill Global REIT | 423,600 | 225,066 | ||||||
|
| |||||||
1,319,921 | ||||||||
|
| |||||||
South Africa - 0.7% | ||||||||
Mondi PLC | 40,803 | 856,345 | ||||||
|
| |||||||
South Korea - 3.6% | ||||||||
Dongbu Insurance Co Ltd | 6,395 | 330,823 | ||||||
Hanjin Shipping Co Ltd * | 51,221 | 237,572 | ||||||
Hanwha Life Insurance Co Ltd | 39,478 | 271,731 | ||||||
Hyundai Marine & Fire Insurance Co Ltd | 13,018 | 332,971 | ||||||
Hyundai Mipo Dockyard Co Ltd * | 4,150 | 234,187 | ||||||
Korea United Pharm Inc | 21,774 | 393,406 | ||||||
Mirae Asset Securities Co Ltd | 10,932 | 259,486 | ||||||
NS Shopping Co Ltd * | 1,825 | 355,503 | ||||||
Osstem Implant Co Ltd * | 9,717 | 537,743 | ||||||
S-Oil Corp | 4,776 | 254,652 | ||||||
Seah Besteel Corp | 9,496 | 242,122 | ||||||
Silicon Works Co Ltd | 9,230 | 254,817 | ||||||
Tongyang Life Insurance Co Ltd | 44,857 | 534,540 | ||||||
|
| |||||||
4,239,553 | ||||||||
|
| |||||||
Spain - 2.0% | ||||||||
Acciona SA | 5,074 | 359,463 | ||||||
Almirall SA | 7,623 | 136,040 | ||||||
Cia de Distribucion Integral Logista Holdings SA | 17,384 | 328,284 | ||||||
Gamesa Corp Tecnologica SA | 53,425 | 740,669 | ||||||
Grupo Catalana Occidente SA | 13,649 | 392,936 | ||||||
Mediaset Espana Comunicacion SA | 32,159 | 351,251 | ||||||
|
| |||||||
2,308,643 | ||||||||
|
| |||||||
Sweden - 4.0% | ||||||||
Axfood AB | 20,984 | 346,297 | ||||||
Betsson AB * | 13,661 | 230,023 | ||||||
Bilia AB ‘A’ | 14,850 | 297,573 | ||||||
BillerudKorsnas AB | 33,537 | 483,755 | ||||||
Boliden AB | 20,577 | 322,139 | ||||||
Clas Ohlson AB ‘B’ | 22,881 | 350,183 | ||||||
Hemfosa Fastigheter AB | 24,160 | 257,871 | ||||||
Hexpol AB | 38,610 | 431,881 | ||||||
Intrum Justitia AB | 13,031 | 450,806 | ||||||
Inwido AB | 35,114 | 362,149 | ||||||
JM AB | 13,591 | 365,296 | ||||||
Medivir AB ‘B’ * | 24,034 | 207,913 | ||||||
Nobia AB | 28,753 | 351,581 | ||||||
Wihlborgs Fastigheter AB | 15,042 | 270,025 | ||||||
|
| |||||||
4,727,492 | ||||||||
|
|
Shares | Value | |||||||
Switzerland - 7.5% | ||||||||
Actelion Ltd * | 4,543 | $577,904 | ||||||
Adecco SA * | 10,181 | 746,520 | ||||||
Ascom Holding AG | 15,434 | 284,613 | ||||||
Autoneum Holding AG * | 1,690 | 308,030 | ||||||
Baloise Holding AG | 5,160 | 592,787 | ||||||
Cembra Money Bank AG * | 6,506 | 384,962 | ||||||
Emmi AG * | 613 | 256,246 | ||||||
Flughafen Zuerich AG | 626 | 436,175 | ||||||
Forbo Holding AG * | 410 | 461,933 | ||||||
Givaudan SA * | 435 | 708,803 | ||||||
Julius Baer Group Ltd * | 12,671 | 576,506 | ||||||
Leonteq AG * | 2,912 | 515,754 | ||||||
Logitech International SA | 28,455 | 371,484 | ||||||
Lonza Group AG * | 5,432 | 714,366 | ||||||
Oriflame Holdings AG * | 3,098 | 38,490 | ||||||
Partners Group Holding AG | 1,687 | 573,169 | ||||||
Rieter Holding AG * | 1,584 | 234,596 | ||||||
Straumann Holding AG | 1,583 | 455,823 | ||||||
Swiss Life Holding AG * | 2,836 | 634,034 | ||||||
|
| |||||||
8,872,195 | ||||||||
|
| |||||||
Thailand - 0.2% | ||||||||
GFPT PCL | 932,204 | 248,039 | ||||||
|
| |||||||
United Kingdom - 18.3% | ||||||||
3i Group PLC | 101,296 | 716,485 | ||||||
Acacia Mining PLC | 77,282 | 290,149 | ||||||
Barratt Developments PLC | 84,426 | 825,873 | ||||||
Beazley PLC | 114,085 | 617,519 | ||||||
Bellway PLC | 19,878 | 749,513 | ||||||
Berkeley Group Holdings PLC | 11,759 | 595,389 | ||||||
Bodycote PLC | 38,255 | 319,683 | ||||||
Booker Group PLC | 194,241 | 544,377 | ||||||
Britvic PLC | 24,313 | 249,993 | ||||||
Chemring Group PLC | 101,478 | 342,726 | ||||||
Close Brothers Group PLC | 12,014 | 271,857 | ||||||
Daily Mail & General Trust PLC ‘A’ | 27,082 | 309,328 | ||||||
Debenhams PLC | 362,568 | 434,115 | ||||||
Derwent London PLC REIT | 10,186 | 562,110 | ||||||
Dialog Semiconductor PLC * | 14,475 | 579,198 | ||||||
Dixons Carphone PLC | 70,834 | 455,841 | ||||||
DS Smith PLC | 106,468 | 636,052 | ||||||
Galliford Try PLC | 22,391 | 539,529 | ||||||
Genus PLC | 12,815 | 275,762 | ||||||
Go-Ahead Group PLC | 10,299 | 383,208 | ||||||
Grafton Group PLC | 38,716 | 391,737 | ||||||
Greene King PLC | 23,133 | 278,760 | ||||||
Hays PLC | 240,340 | 558,731 | ||||||
Inchcape PLC | 50,584 | 551,610 | ||||||
Inmarsat PLC | 23,985 | 357,011 | ||||||
Intermediate Capital Group PLC | 58,630 | 459,113 | ||||||
John Wood Group PLC | 41,736 | 389,087 | ||||||
Kier Group PLC | 6,514 | �� | 133,154 | |||||
LondonMetric Property PLC REIT | 185,229 | 460,499 | ||||||
Man Group PLC | 184,662 | 429,687 | ||||||
Mitie Group PLC | 83,406 | 385,941 | ||||||
Moneysupermarket.com Group PLC | 90,717 | 464,807 | ||||||
OneSavings Bank PLC | 69,671 | 411,202 | ||||||
Pace PLC | 81,813 | 446,292 | ||||||
Persimmon PLC * | 31,776 | 968,195 | ||||||
Phoenix Group Holdings | 19,637 | 243,261 | ||||||
Premier Foods PLC * | 450,384 | 217,839 | ||||||
QinetiQ Group PLC | 127,240 | 434,769 | ||||||
Rathbone Brothers PLC | 8,277 | 258,272 | ||||||
Safestore Holdings PLC REIT | 86,754 | 387,548 | ||||||
Savills PLC | 23,995 | 331,841 | ||||||
Segro PLC REIT | 47,962 | 311,917 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-73
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Shares | Value | |||||||
ST Modwen Properties PLC | 37,298 | $234,434 | ||||||
Synthomer PLC | 72,168 | 372,102 | ||||||
Taylor Wimpey PLC | 256,646 | 761,395 | ||||||
Vesuvius PLC | 44,630 | 238,365 | ||||||
WH Smith PLC | 18,538 | 439,249 | ||||||
Workspace Group PLC REIT | 33,537 | 476,203 | ||||||
WS Atkins PLC | 20,887 | 439,420 | ||||||
|
| |||||||
21,531,148 | ||||||||
|
| |||||||
United States - 0.3% | ||||||||
AVG Technologies NV * | 15,500 | 337,125 | ||||||
|
| |||||||
Total Common Stocks |
| 116,432,444 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.5% | ||||||||
Money Market Fund - 1.5% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 1,700,524 | 1,700,524 | ||||||
|
| |||||||
Total Short-Term Investment |
| 1,700,524 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.7% |
| 118,527,646 | ||||||
OTHER ASSETS & LIABILITIES, NET - (0.7%) |
| (768,301 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $117,759,345 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Financials | 22.3% | |||
Industrials | 20.8% | |||
Consumer Discretionary | 17.9% | |||
Materials | 10.1% | |||
Information Technology | 8.4% | |||
Health Care | 7.8% | |||
Consumer Staples | 5.5% | |||
Others (each less than 3.0%) | 7.9% | |||
|
| |||
100.7% | ||||
Other Assets & Liabilities, Net | (0.7% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2015, the fund’s composition by country of risk as a percentage of net assets was as follows: |
Japan | 22.2% | |||
United Kingdom | 18.3% | |||
Switzerland | 7.5% | |||
Canada | 6.6% | |||
Germany | 6.3% | |||
France | 6.3% | |||
Australia | 5.0% | |||
Sweden | 4.0% | |||
South Korea | 3.6% | |||
Others (each less than 3.0%) | 20.9% | |||
|
| |||
100.7% | ||||
Other Assets & Liabilities, Net | (0.7% | ) | ||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-74
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(c) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Rights (1) | $40,978 | $— | $40,978 | $— | |||||||||||||
Preferred Stocks (1) | 353,700 | — | 353,700 | — | ||||||||||||||
Common Stocks | ||||||||||||||||||
Australia | 5,910,572 | — | 5,910,572 | — | ||||||||||||||
Austria | 304,125 | — | 304,125 | — | ||||||||||||||
Belgium | 1,559,423 | — | 1,559,423 | — | ||||||||||||||
Canada | 7,784,727 | 7,784,727 | — | — | ||||||||||||||
China | 204,716 | — | 204,716 | — | ||||||||||||||
Denmark | 2,430,077 | — | 2,430,077 | — | ||||||||||||||
Finland | 1,032,676 | — | 1,032,676 | — | ||||||||||||||
France | 7,449,738 | — | 7,449,738 | — | ||||||||||||||
Germany | 7,102,091 | — | 7,102,091 | — | ||||||||||||||
Hong Kong | 3,303,387 | — | 3,303,387 | — | ||||||||||||||
Ireland | 402,696 | — | 402,696 | — | ||||||||||||||
Israel | 909,050 | 203,704 | 705,346 | — | ||||||||||||||
Italy | 3,306,789 | — | 3,306,789 | — | ||||||||||||||
Japan | 26,102,681 | — | 26,102,681 | — | ||||||||||||||
Jordan | 462,737 | — | 462,737 | — | ||||||||||||||
Luxembourg | 277,369 | — | 277,369 | — | ||||||||||||||
Netherlands | 2,052,514 | — | 2,052,514 | — | ||||||||||||||
Norway | 259,877 | — | 259,877 | — | ||||||||||||||
Portugal | 1,136,738 | — | 1,136,738 | — | ||||||||||||||
Singapore | 1,319,921 | — | 1,319,921 | — | ||||||||||||||
South Africa | 856,345 | — | 856,345 | — | ||||||||||||||
South Korea | 4,239,553 | — | 4,239,553 | — | ||||||||||||||
Spain | 2,308,643 | — | 2,308,643 | — | ||||||||||||||
Sweden | 4,727,492 | — | 4,727,492 | — | ||||||||||||||
Switzerland | 8,872,195 | — | 8,872,195 | — | ||||||||||||||
Thailand | 248,039 | — | 248,039 | — | ||||||||||||||
United Kingdom | 21,531,148 | — | 21,531,148 | — | ||||||||||||||
United States | 337,125 | 337,125 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
116,432,444 | 8,325,556 | 108,106,888 | — | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 1,700,524 | 1,700,524 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $118,527,646 | $10,026,080 | $108,501,566 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-75
PACIFIC FUNDS
PF INTERNATIONAL VALUE FUND
Schedule of Investments
September 30, 2015 (Unaudited)
| Value | |||||||
PREFERRED STOCKS - 0.6% | ||||||||
Brazil - 0.6% | ||||||||
Itau Unibanco Holding SA ADR | 138,821 | $918,995 | ||||||
|
| |||||||
Total Preferred Stocks | 918,995 | |||||||
|
| |||||||
COMMON STOCKS - 98.3% | ||||||||
Australia - 3.2% | ||||||||
Australia & New Zealand Banking Group Ltd | 114,841 | 2,200,007 | ||||||
Goodman Group REIT | 302,490 | 1,245,750 | ||||||
Oil Search Ltd | 232,128 | 1,176,992 | ||||||
|
| |||||||
4,622,749 | ||||||||
|
| |||||||
Belgium - 0.3% | ||||||||
Solvay SA | 4,741 | 484,577 | ||||||
|
| |||||||
China - 1.1% | ||||||||
CNOOC Ltd | 966,000 | 998,666 | ||||||
Industrial & Commercial Bank of China Ltd ‘H’ | 991,000 | 574,541 | ||||||
|
| |||||||
1,573,207 | ||||||||
|
| |||||||
Finland - 2.7% | ||||||||
Nokia OYJ | 312,719 | 2,142,459 | ||||||
UPM-Kymmene OYJ | 122,812 | 1,845,158 | ||||||
|
| |||||||
3,987,617 | ||||||||
|
| |||||||
France - 12.8% | ||||||||
Airbus Group SE | 11,954 | 710,024 | ||||||
AXA SA | 124,985 | 3,034,297 | ||||||
BNP Paribas SA | 55,478 | 3,266,881 | ||||||
Cap Gemini SA | 15,367 | 1,369,298 | ||||||
Engie SA | 84,243 | 1,364,187 | ||||||
Renault SA | 21,581 | 1,550,308 | ||||||
Societe Generale SA | 21,034 | 940,899 | ||||||
Sodexo SA | 8,188 | 679,158 | ||||||
Thales SA | 21,732 | 1,514,046 | ||||||
TOTAL SA | 96,457 | 4,348,796 | ||||||
|
| |||||||
18,777,894 | ||||||||
|
| |||||||
Germany - 6.8% | ||||||||
Bayer AG | 18,447 | 2,357,692 | ||||||
Brenntag AG | 23,223 | 1,249,771 | ||||||
Daimler AG | 31,234 | 2,264,135 | ||||||
Deutsche Bank AG | 48,696 | 1,309,135 | ||||||
HeidelbergCement AG | 10,522 | 720,485 | ||||||
Infineon Technologies AG | 99,845 | 1,122,074 | ||||||
TUI AG | 48,492 | 895,842 | ||||||
|
| |||||||
9,919,134 | ||||||||
|
| |||||||
Hong Kong - 1.9% | ||||||||
Cheung Kong Property Holdings Ltd | 160,021 | 1,172,771 | ||||||
CK Hutchison Holdings Ltd | 123,521 | 1,608,593 | ||||||
|
| |||||||
2,781,364 | ||||||||
|
| |||||||
Ireland - 2.3% | ||||||||
Ryanair Holdings PLC ADR | 20,674 | 1,618,774 | ||||||
Shire PLC | 26,533 | 1,810,978 | ||||||
|
| |||||||
3,429,752 | ||||||||
|
| |||||||
Italy - 5.3% | ||||||||
Enel SPA | 585,838 | 2,619,532 | ||||||
Intesa Sanpaolo SPA | 644,548 | 2,276,234 | ||||||
Telecom Italia SPA * | 1,520,099 | 1,868,989 | ||||||
UniCredit SPA | 169,206 | 1,054,544 | ||||||
|
| |||||||
7,819,299 | ||||||||
|
|
| Value | |||||||
Japan - 23.1% | ||||||||
Daikin Industries Ltd | 20,700 | $1,163,870 | ||||||
Daiwa House Industry Co Ltd | 74,500 | 1,849,191 | ||||||
Dentsu Inc | 23,400 | 1,199,635 | ||||||
Japan Airlines Co Ltd | 53,100 | 1,874,555 | ||||||
Japan Tobacco Inc | 20,900 | 650,154 | ||||||
Kawasaki Heavy Industries Ltd | 244,000 | 844,707 | ||||||
Mitsubishi Corp | 97,900 | 1,609,606 | ||||||
Mitsubishi UFJ Financial Group Inc | 728,900 | 4,405,367 | ||||||
Mitsui Fudosan Co Ltd | 80,000 | 2,200,056 | ||||||
Nippon Telegraph & Telephone Corp | 96,600 | 3,392,565 | ||||||
Nissan Motor Co Ltd | 182,600 | 1,682,014 | ||||||
Seven & i Holdings Co Ltd | 32,500 | 1,489,072 | ||||||
Sompo Japan Nipponkoa Holdings Inc | 51,100 | 1,489,960 | ||||||
Sony Corp | 83,800 | 2,049,031 | ||||||
Sumitomo Mitsui Financial Group Inc | 42,600 | 1,621,675 | ||||||
The Dai-ichi Life Insurance Co Ltd | 74,400 | 1,189,829 | ||||||
Toyota Motor Corp | 85,300 | 5,016,864 | ||||||
|
| |||||||
33,728,151 | ||||||||
|
| |||||||
Luxembourg - 0.6% | ||||||||
ArcelorMittal | 161,605 | 844,394 | ||||||
|
| |||||||
Netherlands - 3.8% | ||||||||
ING Groep NV CVA | 164,584 | 2,336,396 | ||||||
Koninklijke KPN NV | 511,388 | 1,916,876 | ||||||
NN Group NV | 46,877 | 1,344,721 | ||||||
|
| |||||||
5,597,993 | ||||||||
|
| |||||||
Norway - 1.9% | ||||||||
DNB ASA | 94,453 | 1,230,910 | ||||||
Norsk Hydro ASA | 461,971 | 1,543,004 | ||||||
|
| |||||||
2,773,914 | ||||||||
|
| |||||||
Singapore - 0.5% | ||||||||
DBS Group Holdings Ltd | 61,800 | 706,071 | ||||||
|
| |||||||
South Korea - 0.9% | ||||||||
Samsung Electronics Co Ltd | 1,320 | 1,269,440 | ||||||
|
| |||||||
Spain - 0.7% | ||||||||
Bankia SA | 757,245 | 981,241 | ||||||
|
| |||||||
Sweden - 2.1% | ||||||||
Electrolux AB ‘B’ | 84,299 | 2,385,101 | ||||||
Sandvik AB | 78,471 | 669,450 | ||||||
|
| |||||||
3,054,551 | ||||||||
|
| |||||||
Switzerland - 8.5% | ||||||||
Credit Suisse Group AG | 72,050 | 1,733,357 | ||||||
Nestle SA | 29,985 | 2,258,065 | ||||||
Novartis AG | 38,415 | 3,538,588 | ||||||
Roche Holding AG | 10,320 | 2,728,133 | ||||||
Wolseley PLC | 36,505 | 2,135,509 | ||||||
|
| |||||||
12,393,652 | ||||||||
|
| |||||||
United Kingdom - 19.8% | ||||||||
AstraZeneca PLC | 46,009 | 2,919,877 | ||||||
Aviva PLC | 267,705 | 1,835,129 | ||||||
Barclays PLC | 687,690 | 2,542,419 | ||||||
Barratt Developments PLC | 72,604 | 710,228 | ||||||
BG Group PLC | 171,971 | 2,479,767 | ||||||
British American Tobacco PLC | 30,648 | 1,693,807 | ||||||
Dixons Carphone PLC | 183,244 | 1,179,238 | ||||||
InterContinental Hotels Group PLC | 29,322 | 1,014,042 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-76
PACIFIC FUNDS
PF INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
| Value | |||||||
Lloyds Banking Group PLC | 2,284,277 | $2,604,792 | ||||||
National Grid PLC | 168,295 | 2,343,797 | ||||||
Prudential PLC | 123,408 | 2,608,906 | ||||||
Rio Tinto PLC | 34,579 | 1,160,078 | ||||||
SABMiller PLC | 15,800 | 895,327 | ||||||
The British Land Co PLC REIT | 61,149 | 777,465 | ||||||
Vodafone Group PLC | 1,345,831 | 4,255,557 | ||||||
|
| |||||||
29,020,429 | ||||||||
|
| |||||||
Total Common Stocks | 143,765,429 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 0.8% | ||||||||
Money Market Fund - 0.8% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 1,167,387 | 1,167,387 | ||||||
|
| |||||||
Total Short-Term Investment | 1,167,387 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.7% | 145,851,811 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.3% | 476,495 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $146,328,306 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Financials | 33.8% | |||
Consumer Discretionary | 14.1% | |||
Industrials | 10.3% | |||
Health Care | 9.1% | |||
Telecommunication Services | 7.8% | |||
Energy | 6.2% | |||
Consumer Staples | 4.8% | |||
Materials | 4.5% | |||
Utilities | 4.3% | |||
Information Technology | 4.0% | |||
Others (each less than 3.0%) | 0.8% | |||
|
| |||
99.7% | ||||
Other Assets & Liabilities, Net | 0.3% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2015, the fund’s composition by country of risk as a percentage of net assets was as follows: |
Japan | 23.1% | |||
United Kingdom | 19.8% | |||
France | 12.8% | |||
Switzerland | 8.5% | |||
Germany | 6.8% | |||
Italy | 5.3% | |||
Netherlands | 3.8% | |||
Australia | 3.2% | |||
Others (each less than 3.0%) | 16.4% | |||
|
| |||
99.7% | ||||
Other Assets & Liabilities, Net | 0.3% | |||
|
| |||
100.0% | ||||
|
|
(c) | Forward foreign currency contracts outstanding as of September 30, 2015 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
AUD | 1,566,474 | USD | 1,154,780 | 11/15 | DUB | ($57,407 | ) | |||||||||||||
AUD | 6,252,379 | USD | 4,546,822 | 11/15 | GSC | (166,802 | ) | |||||||||||||
CHF | 334,735 | USD | 343,580 | 11/15 | GSC | 298 | ||||||||||||||
CHF | 2,407,984 | USD | 2,501,853 | 11/15 | SCB | (28,095 | ) | |||||||||||||
CHF | 381,310 | USD | 397,698 | 11/15 | SSB | (5,973 | ) | |||||||||||||
DKK | 15,854,746 | USD | 2,332,476 | 11/15 | SCB | 43,870 | ||||||||||||||
EUR | 671,324 | AUD | 1,072,789 | 11/15 | MSC | (985 | ) | |||||||||||||
EUR | 581,581 | GBP | 431,580 | 11/15 | GSC | (2,547 | ) | |||||||||||||
EUR | 281,382 | USD | 316,001 | 11/15 | GSC | (1,414 | ) | |||||||||||||
EUR | 1,254,066 | USD | 1,398,136 | 11/15 | HSB | 3,916 | ||||||||||||||
EUR | 340,610 | USD | 384,496 | 11/15 | MSC | (3,692 | ) | |||||||||||||
EUR | 1,675,362 | USD | 1,888,688 | 11/15 | SCB | (15,626 | ) | |||||||||||||
EUR | 331,323 | USD | 375,124 | 11/15 | SSB | (4,704 | ) | |||||||||||||
GBP | 309,006 | USD | 487,769 | 11/15 | GSC | (20,403 | ) | |||||||||||||
HKD | 14,689,443 | USD | 1,894,651 | 11/15 | GSC | 709 | ||||||||||||||
JPY | 82,843,295 | EUR | 609,792 | 11/15 | DUB | 9,110 | ||||||||||||||
JPY | 42,706,986 | USD | 345,565 | 11/15 | GSC | 10,584 | ||||||||||||||
JPY | 48,458,661 | USD | 390,648 | 11/15 | MSC | 13,466 | ||||||||||||||
JPY | 68,710,660 | USD | 556,687 | 11/15 | SSB | 16,316 | ||||||||||||||
JPY | 68,455,878 | USD | 568,594 | 11/15 | UBS | 2,284 | ||||||||||||||
SEK | 20,189,589 | USD | 2,351,668 | 11/15 | GSC | 62,405 | ||||||||||||||
SGD | 575,445 | USD | 409,603 | 11/15 | SGN | (5,727 | ) | |||||||||||||
SGD | 749,515 | USD | 543,111 | 11/15 | SSB | (17,063 | ) | |||||||||||||
USD | 843,831 | EUR | 738,721 | 11/15 | CIT | 17,938 | ||||||||||||||
USD | 421,872 | EUR | 381,131 | 11/15 | RBC | (4,234 | ) | |||||||||||||
USD | 8,000,179 | EUR | 7,296,919 | 11/15 | SCB | (157,807 | ) | |||||||||||||
USD | 343,551 | GBP | 222,691 | 11/15 | CIT | 6,735 | ||||||||||||||
USD | 666,676 | GBP | 431,517 | 11/15 | MSC | 14,012 | ||||||||||||||
USD | 1,067,493 | GBP | 702,870 | 11/15 | RBC | 4,412 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-77
PACIFIC FUNDS
PF INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
USD | 2,401,475 | GBP | 1,548,754 | 11/15 | SCB | $59,008 | ||||||||||||||
USD | 437,957 | GBP | 283,259 | 11/15 | SGN | 9,532 | ||||||||||||||
USD | 549,731 | HKD | 4,261,696 | 11/15 | GSC | (150 | ) | |||||||||||||
USD | 785,222 | HKD | 6,085,614 | 11/15 | SSB | 3 | ||||||||||||||
USD | 614,940 | JPY | 73,424,858 | 11/15 | GSC | 2,624 | ||||||||||||||
USD | 3,094,473 | JPY | 382,024,812 | 11/15 | MSC | (91,369 | ) | |||||||||||||
USD | 1,104,385 | JPY | 136,803,439 | 11/15 | SSB | (36,468 | ) | |||||||||||||
USD | 1,945,952 | NOK | 15,964,057 | 11/15 | DUB | 71,834 | ||||||||||||||
USD | 353,388 | SEK | 3,002,152 | 11/15 | RBC | (5,580 | ) | |||||||||||||
USD | 377,302 | SEK | 3,203,909 | 11/15 | SSB | (5,791 | ) | |||||||||||||
|
| |||||||||||||||||||
Total Forward Foreign Currency Contracts |
| ($282,781 | ) | |||||||||||||||||
|
|
(d) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | |||||||||||||||
Assets | Preferred Stocks (1) | $918,995 | $918,995 | $— | $— | |||||||||||||
Common Stocks | ||||||||||||||||||
Australia | 4,622,749 | — | 4,622,749 | — | ||||||||||||||
Belgium | 484,577 | — | 484,577 | — | ||||||||||||||
China | 1,573,207 | — | 1,573,207 | — | ||||||||||||||
Finland | 3,987,617 | — | 3,987,617 | — | ||||||||||||||
France | 18,777,894 | — | 18,777,894 | — | ||||||||||||||
Germany | 9,919,134 | — | 9,919,134 | — | ||||||||||||||
Hong Kong | 2,781,364 | — | 2,781,364 | — | ||||||||||||||
Ireland | 3,429,752 | 1,618,774 | 1,810,978 | — | ||||||||||||||
Italy | 7,819,299 | — | 7,819,299 | — | ||||||||||||||
Japan | 33,728,151 | — | 33,728,151 | — | ||||||||||||||
Luxembourg | 844,394 | — | 844,394 | — | ||||||||||||||
Netherlands | 5,597,993 | — | 5,597,993 | — | ||||||||||||||
Norway | 2,773,914 | — | 2,773,914 | — | ||||||||||||||
Singapore | 706,071 | — | 706,071 | — | ||||||||||||||
South Korea | 1,269,440 | — | 1,269,440 | — | ||||||||||||||
Spain | 981,241 | — | 981,241 | — | ||||||||||||||
Sweden | 3,054,551 | — | 3,054,551 | — | ||||||||||||||
Switzerland | 12,393,652 | — | 12,393,652 | — | ||||||||||||||
United Kingdom | 29,020,429 | — | 29,020,429 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
143,765,429 | 1,618,774 | 142,146,655 | — | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 1,167,387 | 1,167,387 | — | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 349,056 | — | 349,056 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 146,200,867 | 3,705,156 | 142,495,711 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (631,837 | ) | — | (631,837 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (631,837 | ) | — | (631,837 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $145,569,030 | $3,705,156 | $141,863,874 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-78
PACIFIC FUNDS
PF REAL ESTATE FUND
Schedule of Investments
September 30, 2015 (Unaudited)
|
| |||||||
COMMON STOCKS - 98.5% | ||||||||
Consumer Discretionary - 5.0% | ||||||||
Hilton Worldwide Holdings Inc | 75,707 | $1,736,719 | ||||||
La Quinta Holdings Inc * | 6,960 | 109,829 | ||||||
Starwood Hotels & Resorts Worldwide Inc | 21,727 | 1,444,411 | ||||||
|
| |||||||
3,290,959 | ||||||||
|
| |||||||
Financials - 93.5% | ||||||||
Acadia Realty Trust REIT | 3,306 | 99,411 | ||||||
Alexandria Real Estate Equities Inc REIT | 613 | 51,903 | ||||||
Apartment Investment & Management Co ‘A’ REIT | 387 | 14,327 | ||||||
AvalonBay Communities Inc REIT | 18,710 | 3,270,882 | ||||||
BioMed Realty Trust Inc REIT | 22,903 | 457,602 | ||||||
Boston Properties Inc REIT | 30,607 | 3,623,869 | ||||||
Camden Property Trust REIT | 29,558 | 2,184,336 | ||||||
Chesapeake Lodging Trust REIT | 31,777 | 828,109 | ||||||
Corporate Office Properties Trust REIT | 21,530 | 452,776 | ||||||
Cousins Properties Inc REIT | 53,448 | 492,791 | ||||||
CubeSmart REIT | 7,207 | 196,103 | ||||||
DCT Industrial Trust Inc REIT | 2,218 | 74,658 | ||||||
DDR Corp REIT | 30,658 | 471,520 | ||||||
Douglas Emmett Inc REIT | 41,670 | 1,196,762 | ||||||
Duke Realty Corp REIT | 27,884 | 531,190 | ||||||
Equity Lifestyle Properties Inc REIT | 12,283 | 719,415 | ||||||
Equity Residential REIT | 79,456 | 5,968,735 | ||||||
Essex Property Trust Inc REIT | 3,471 | 775,491 | ||||||
Federal Realty Investment Trust REIT | 1,559 | 212,726 | ||||||
General Growth Properties Inc REIT | 87,493 | 2,272,193 | ||||||
Healthcare Realty Trust Inc REIT | 12,592 | 312,911 | ||||||
Host Hotels & Resorts Inc REIT | 206,468 | 3,264,259 | ||||||
Hudson Pacific Properties Inc REIT | 30,743 | 885,091 | ||||||
Kimco Realty Corp REIT | 68,845 | 1,681,883 | ||||||
LaSalle Hotel Properties REIT | 15,108 | 428,916 | ||||||
Lexington Realty Trust REIT | 1,473 | 11,931 | ||||||
Liberty Property Trust REIT | 20,266 | 638,582 | ||||||
Mack-Cali Realty Corp REIT | 27,414 | 517,576 | ||||||
Mid-America Apartment Communities Inc REIT | 2,216 | 181,424 | ||||||
National Retail Properties Inc REIT | 21,105 | 765,478 | ||||||
Paramount Group Inc REIT | 17,405 | 292,404 | ||||||
Prologis Inc REIT | 33,499 | 1,303,111 | ||||||
Public Storage REIT | 17,019 | 3,601,731 | ||||||
Realty Income Corp REIT | 6,280 | 297,609 | ||||||
Regency Centers Corp REIT | 33,800 | 2,100,670 | ||||||
Rexford Industrial Realty Inc REIT | 12,200 | 168,238 | ||||||
Senior Housing Properties Trust REIT | 43,287 | 701,249 | ||||||
Simon Property Group Inc REIT | 46,216 | 8,490,804 | ||||||
Sovran Self Storage Inc REIT | 3,337 | 314,679 |
|
| |||||||
Spirit Realty Capital Inc REIT | 373 | $3,409 | ||||||
STORE Capital Corp REIT | 39,836 | 823,012 | ||||||
Tanger Factory Outlet Centers Inc REIT | 48,336 | 1,593,638 | ||||||
The Macerich Co REIT | 4,152 | 318,957 | ||||||
Ventas Inc REIT | 31,373 | 1,758,770 | ||||||
Vornado Realty Trust REIT | 48,638 | 4,397,848 | ||||||
Welltower Inc REIT | 19,677 | 1,332,526 | ||||||
WP GLIMCHER Inc REIT | 61,820 | 720,821 | ||||||
Xenia Hotels & Resorts Inc REIT | 16,536 | 288,719 | ||||||
|
| |||||||
61,091,045 | ||||||||
|
| |||||||
Total Common Stocks |
| 64,382,004 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.3% | ||||||||
Money Market Fund - 1.3% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 892,504 | 892,504 | ||||||
|
| |||||||
Total Short-Term Investment |
| 892,504 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.8% |
| 65,274,508 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.2% |
| 109,936 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $65,384,444 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition by property sector as a percentage of net assets was as follows: |
Retail | 29.1% | |||
Residential | 20.0% | |||
Office | 18.2% | |||
Hotels, Resorts & Cruise Lines | 12.4% | |||
Specialized | 6.3% | |||
Health Care | 6.3% | |||
Diversified | 3.8% | |||
Others (each less than 3.0%) | 2.4% | |||
|
| |||
98.5% | ||||
Short-Term Investment | 1.3% | |||
Other Assets & Liabilities, Net | 0.2% | |||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks (1) | $64,382,004 | $64,382,004 | $— | $— | |||||||||||||
Short-Term Investment | 892,504 | 892,504 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $65,274,508 | $65,274,508 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further industry breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-79
PACIFIC FUNDS
PF ABSOLUTE RETURN FUND
Schedule of Investments
September 30, 2015 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS & NOTES - 38.0% | ||||||||
Austria - 0.3% | ||||||||
UNIQA Insurance Group AG | EUR 200,000 | $223,056 | ||||||
|
| |||||||
Canada - 0.3% | ||||||||
Teck Resources Ltd | $380,000 | 244,451 | ||||||
|
| |||||||
Denmark - 0.6% | ||||||||
TDC AS | ||||||||
1.750% due 02/27/27 ~ | EUR 210,000 | 205,765 | ||||||
3.500% due 02/26/15 § ~ | 200,000 | 204,686 | ||||||
|
| |||||||
410,451 | ||||||||
|
| |||||||
Finland - 0.4% | ||||||||
Nokia OYJ | $300,000 | 315,000 | ||||||
|
| |||||||
France - 3.2% | ||||||||
Credit Agricole Assurances SA | EUR 300,000 | 308,996 | ||||||
Electricite de France SA | 700,000 | 779,369 | ||||||
Groupama SA | 500,000 | 535,306 | ||||||
Orange SA | 390,000 | 429,491 | ||||||
Sogecap SA | 100,000 | 102,801 | ||||||
TOTAL SA | 200,000 | 206,844 | ||||||
|
| |||||||
2,362,807 | ||||||||
|
| |||||||
Germany - 1.6% | ||||||||
Bayer AG | 293,000 | 321,032 | ||||||
Bertelsmann SE & Co KGaA | 200,000 | 201,884 | ||||||
ZF North America Capital Inc | 600,000 | 643,626 | ||||||
|
| |||||||
1,166,542 | ||||||||
|
| |||||||
Ireland - 1.1% | ||||||||
Baggot Securities Ltd | 450,000 | 510,380 | ||||||
Bank of Ireland | 200,000 | 225,157 | ||||||
LCH Clearnet SA | 50,000 | 57,826 | ||||||
|
| |||||||
793,363 | ||||||||
|
| |||||||
Italy - 2.0% | ||||||||
Enel SPA | 620,000 | 710,849 | ||||||
Generali Finance BV | 271,000 | 280,648 | ||||||
Intesa Sanpaolo SPA | $200,000 | 195,224 | ||||||
Unipol Gruppo Finanziario SPA | EUR 297,000 | 302,115 | ||||||
|
| |||||||
1,488,836 | ||||||||
|
|
Principal | Value | |||||||
Netherlands - 1.0% | ||||||||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA | EUR 700,000 | $780,229 | ||||||
|
| |||||||
Portugal - 0.6% | ||||||||
EDP Finance BV | 380,000 | 427,361 | ||||||
|
| |||||||
Spain - 2.6% | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 800,000 | 858,950 | ||||||
Cellnex Telecom SAU | 200,000 | 213,004 | ||||||
Telefonica Europe BV | ||||||||
5.000% § ± ~ | 300,000 | 335,513 | ||||||
5.875% § ± ~ | 500,000 | 561,190 | ||||||
|
| |||||||
1,968,657 | ||||||||
|
| |||||||
Switzerland - 4.8% | ||||||||
Credit Suisse AG | 760,000 | 850,197 | ||||||
UBS AG | ||||||||
4.750% due 05/22/23 § ~ | $200,000 | 201,332 | ||||||
4.750% due 02/12/26 § ~ | EUR 850,000 | 1,000,428 | ||||||
5.125% due 05/15/24 ~ | $560,000 | 551,488 | ||||||
UBS Group AG | 520,000 | 531,050 | ||||||
UBS Group Funding Jersey Ltd | 500,000 | 498,994 | ||||||
|
| |||||||
3,633,489 | ||||||||
|
| |||||||
United Kingdom - 6.7% | ||||||||
AA Bond Co Ltd | ||||||||
3.781% due 07/31/43 ~ | GBP 450,000 | 698,768 | ||||||
5.500% due 07/31/43 ~ | 250,000 | 358,899 | ||||||
6.269% due 07/02/43 ~ | 250,000 | 454,253 | ||||||
CPUK Finance Ltd | ||||||||
7.000% due 08/28/20 ~ | 100,000 | 152,031 | ||||||
7.239% due 02/28/42 ~ | 160,000 | 307,269 | ||||||
LBG Capital PLC | 560,000 | 1,190,122 | ||||||
Royal Bank of Scotland Group PLC | ||||||||
7.500% § ± | $280,000 | 280,087 | ||||||
8.000% § ± | 400,000 | 404,000 | ||||||
Sky PLC | ||||||||
1.875% due 11/24/23 ~ | EUR 400,000 | 434,588 | ||||||
2.500% due 09/15/26 ~ | 360,000 | 396,982 | ||||||
Whitbread Group PLC | GBP 250,000 | 380,338 | ||||||
|
| |||||||
5,057,337 | ||||||||
|
| |||||||
United States - 12.8% | ||||||||
Atwood Oceanics Inc | $394,000 | 318,155 | ||||||
Biogen Inc | ||||||||
3.625% due 09/15/22 | 260,000 | 262,480 | ||||||
4.050% due 09/15/25 | 280,000 | 283,616 | ||||||
5.200% due 09/15/45 | 131,000 | 132,759 | ||||||
CCO Safari II LLC | ||||||||
4.464% due 07/23/22 ~ | 500,000 | 500,570 | ||||||
4.908% due 07/23/25 ~ | 400,000 | 398,857 | ||||||
6.484% due 10/23/45 ~ | 280,000 | 283,022 | ||||||
6.834% due 10/23/55 ~ | 130,000 | 129,674 | ||||||
Citigroup Inc | 1,100,000 | 1,100,124 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-80
PACIFIC FUNDS
PF ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal | Value | |||||||
Continental Resources Inc | ||||||||
3.800% due 06/01/24 | $141,000 | $114,609 | ||||||
4.500% due 04/15/23 | 400,000 | 344,029 | ||||||
DIRECTV Holdings LLC | 350,000 | 362,390 | ||||||
Energy Transfer Equity LP | 250,000 | 208,750 | ||||||
General Motors Co | 500,000 | 530,388 | ||||||
Gilead Sciences Inc | ||||||||
3.650% due 03/01/26 | 274,000 | 275,278 | ||||||
4.600% due 09/01/35 | 140,000 | 140,346 | ||||||
4.750% due 03/01/46 | 230,000 | 231,664 | ||||||
International Game Technology PLC | EUR 240,000 | 248,878 | ||||||
Kinder Morgan Inc | ||||||||
1.500% due 03/16/22 | 160,000 | 155,961 | ||||||
5.300% due 12/01/34 | $170,000 | 145,234 | ||||||
KLA-Tencor Corp | 950,000 | 951,429 | ||||||
MPT Operating Partnership LP | EUR 170,000 | 192,295 | ||||||
Noble Holding International Ltd | $415,000 | 320,063 | ||||||
ONEOK Inc | 240,000 | 231,749 | ||||||
Seagate HDD Cayman | 750,000 | 699,455 | ||||||
Select Income REIT | 83,000 | 80,009 | ||||||
The Priceline Group Inc | EUR 260,000 | 252,962 | ||||||
Walgreens Boots Alliance Inc | 230,000 | 244,241 | ||||||
WPX Energy Inc | ||||||||
7.500% due 08/01/20 | $340,000 | 312,800 | ||||||
8.250% due 08/01/23 | 200,000 | 182,000 | ||||||
|
| |||||||
9,633,787 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 28,505,366 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 8.6% | ||||||||
U.S. Treasury Bonds - 8.6% | ||||||||
2.875% due 08/15/45 | 1,010,000 | 1,010,315 | ||||||
4.500% due 02/15/36 | 4,170,000 | 5,470,844 | ||||||
|
| |||||||
6,481,159 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations | 6,481,159 | |||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 29.8% |
| |||||||
Bulgaria - 2.4% | ||||||||
Bulgaria Government | EUR 1,600,000 | 1,802,510 | ||||||
|
| |||||||
Chile - 1.1% | ||||||||
Chile Government | 812,000 | 840,418 | ||||||
|
| |||||||
Croatia - 1.1% | ||||||||
Croatia Government | ||||||||
3.000% due 03/11/25 ~ | 250,000 | 253,749 | ||||||
3.875% due 05/30/22 ~ | 480,000 | 539,144 | ||||||
|
| |||||||
792,893 | ||||||||
|
|
Principal | Value | |||||||
Cyprus - 3.2% | ||||||||
Cyprus Government | EUR 2,000,000 | $2,375,784 | ||||||
|
| |||||||
Germany - 1.1% | ||||||||
Bundesrepublik Deutschland | ||||||||
1.750% due 02/15/24 ~ | 122,000 | 151,878 | ||||||
2.500% due 08/15/46 ~ | 490,000 | 709,535 | ||||||
|
| |||||||
861,413 | ||||||||
|
| |||||||
Iceland - 2.0% | ||||||||
Iceland Government | ||||||||
2.500% due 07/15/20 ~ | 1,000,000 | 1,162,640 | ||||||
5.875% due 05/11/22 ~ | $300,000 | 342,128 | ||||||
|
| |||||||
1,504,768 | ||||||||
|
| |||||||
Indonesia - 0.7% | ||||||||
Indonesia Government | EUR 515,000 | 552,445 | ||||||
|
| |||||||
Israel - 0.7% | ||||||||
Israel Government | 400,000 | 492,631 | ||||||
|
| |||||||
Latvia - 2.0% | ||||||||
Republic of Latvia | ||||||||
2.750% due 01/12/20 ~ | $780,000 | 794,625 | ||||||
5.250% due 06/16/21 ~ | 600,000 | 682,500 | ||||||
|
| |||||||
1,477,125 | ||||||||
|
| |||||||
Mexico - 2.5% | ||||||||
Mexico Government | ||||||||
3.000% due 03/06/45 | EUR 950,000 | 877,094 | ||||||
4.000% due 03/15/15 | 1,100,000 | 1,018,655 | ||||||
|
| |||||||
1,895,749 | ||||||||
|
| |||||||
Morocco - 0.3% | ||||||||
Morocco Government | 200,000 | 225,437 | ||||||
|
| |||||||
Slovenia - 5.5% | ||||||||
Slovenia Government | ||||||||
4.125% due 02/18/19 ~ | $1,100,000 | 1,163,250 | ||||||
4.750% due 05/10/18 ~ | 530,000 | 565,113 | ||||||
5.500% due 10/26/22 ~ | 1,520,000 | 1,712,666 | ||||||
5.850% due 05/10/23 ~ | 610,000 | 700,024 | ||||||
|
| |||||||
4,141,053 | ||||||||
|
| |||||||
Spain - 7.2% | ||||||||
Autonomous Community of Catalonia | EUR 1,160,000 | 1,390,633 | ||||||
Spain Government | ||||||||
1.600% due 04/30/25 ~ | 801,000 | 878,624 | ||||||
2.150% due 10/31/25 ~ | 1,887,000 | 2,159,468 | ||||||
4.650% due 07/30/25 ~ | 680,000 | 949,062 | ||||||
|
| |||||||
5,377,787 | ||||||||
|
| |||||||
Total Foreign Government Bonds & Notes | 22,340,013 | |||||||
|
| |||||||
PURCHASED OPTIONS - 0.0% | ||||||||
(See Note (d) in Notes to Schedule of Investments) | 1,833 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-81
PACIFIC FUNDS
PF ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
| Value | |||||||
SHORT-TERM INVESTMENT - 15.0% | ||||||||
Money Market Fund - 15.0% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 11,294,886 | $11,294,886 | ||||||
|
| |||||||
Total Short-Term Investment | 11,294,886 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 91.4% | 68,623,257 | |||||||
OTHER ASSETS & LIABILITIES, NET - 8.6% | 6,434,986 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $75,058,243 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 38.0% | |||
Foreign Government Bonds & Notes | 29.8% | |||
Short-Term Investment | 15.0% | |||
U.S. Treasury Obligations | 8.6% | |||
|
| |||
91.4% | ||||
Other Assets & Liabilities, Net | 8.6% | |||
|
| |||
100.0% | ||||
|
|
(b) | Open futures contracts outstanding as September 30, 2015 were as follows: |
Short Futures Outstanding | Number of Contracts | Unrealized Appreciation (Depreciation) | ||||||
Euro-Bobl (12/15) | 6 | ($4,470) | ||||||
Euro-BTP (12/15) | 15 | (54,770) | ||||||
Euro-Bund (12/15) | 3 | (3,646) | ||||||
Eurodollar (12/16) | 79 | (111,993) | ||||||
U.S. Treasury 10-Year Notes (12/15) | 11 | (16,425) | ||||||
U.S. Treasury 20-Year Bonds (12/15) | 7 | (9,648) | ||||||
U.S. Treasury Ultra Bonds (12/15) | 7 | (9,161) | ||||||
United Kingdom 10-Year Notes (12/15) | 8 | (10,514) | ||||||
|
| |||||||
($220,627) | ||||||||
|
|
(c) | Forward foreign currency contracts outstanding as of September 30, 2015 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
EUR | 650,943 | HUF | 205,030,735 | 10/15 | BRC | ($4,125 | ) | |||||||||||||
EUR | 597,000 | USD | 666,628 | 10/15 | MER | 749 | ||||||||||||||
HUF | 205,030,735 | EUR | 650,000 | 10/15 | BRC | 3,889 | ||||||||||||||
JPY | 269,865,000 | USD | 2,260,744 | 10/15 | CSF | (10,381 | ) | |||||||||||||
MYR | 4,970,821 | USD | 1,146,490 | 10/15 | HSB | (16,820 | ) | |||||||||||||
MYR | 4,384,000 | USD | 1,000,000 | 11/15 | BNP | (5,575 | ) | |||||||||||||
MYR | 4,442,174 | USD | 1,039,227 | 11/15 | HSB | (31,607 | ) | |||||||||||||
USD | 5,700,000 | CNH | 36,800,340 | 10/15 | CIT | (56,124 | ) | |||||||||||||
USD | 33,525,793 | EUR | 29,583,000 | 10/15 | CSF | 455,403 | ||||||||||||||
USD | 3,641,370 | GBP | 2,363,000 | 10/15 | BRC | 67,209 | ||||||||||||||
USD | 2,250,000 | JPY | 269,865,000 | 10/15 | CSF | (363 | ) | |||||||||||||
USD | 990,611 | MYR | 4,340,859 | 10/15 | BNP | 4,123 | ||||||||||||||
USD | 144,605 | MYR | 629,963 | 10/15 | HSB | 1,422 | ||||||||||||||
USD | 1,986,160 | MYR | 8,826,174 | 11/15 | BNP | (15,885 | ) | |||||||||||||
|
| |||||||||||||||||||
Total Forward Foreign Currency Contracts | $391,915 | |||||||||||||||||||
|
|
(d) | Purchased options outstanding as of September 30, 2015 were as follows: |
Option on Indices | ||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Cost | Value | ||||||||||||||||
Call - Dow Jones Euro STOXX 50 (10/15) | 3,500.00 | 10/16/15 | EUX | 410 | $51,790 | $1,833 | ||||||||||||||||
|
|
|
| |||||||||||||||||||
Total Purchased Options | $51,790 | $1,833 | ||||||||||||||||||||
|
|
|
|
(e) | Transactions in written options for the period from inception through September 30, 2015 were as follows: |
Number of Contracts | Premium | |||||||
Outstanding, April 27, 2015 | — | $— | ||||||
Call Options Written | 1,506 | 204,475 | ||||||
Put Options Written | 2,429 | 739,170 | ||||||
Call Options Closed | (814) | (113,791) | ||||||
Put Options Closed | (2,429) | (739,170) | ||||||
Call Options Expired | (692) | (90,684) | ||||||
|
|
|
| |||||
Outstanding, September 30, 2015 | — | $— | ||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-82
PACIFIC FUNDS
PF ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(f) | Swap agreements outstanding as of September 30, 2015 were as follows: |
Credit Default Swaps on Corporate Issues – Buy Protection (1)
Referenced Obligation | Fixed Deal Pay Rate | Expiration Date | Counter- party | Implied Credit Spread at 09/30/15 (3) | Notional Amount (4) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
BorgWarner Inc | 1.000% | 06/20/20 | CSF | 1.333% | $590,000 | $8,722 | ($10,730 | ) | $19,452 | |||||||||||||||||||||
Anadarko Petroleum Corp | 1.000% | 09/20/20 | CIT | 1.980% | 91,000 | 4,113 | 1,543 | 2,570 | ||||||||||||||||||||||
Anglo American Capital PLC | 1.000% | 12/20/20 | CIT | 5.060% | EUR 220,000 | 43,598 | 26,357 | 17,241 | ||||||||||||||||||||||
Diageo Capital PLC | 1.000% | 12/20/20 | CIT | 0.608% | 326,000 | (7,485 | ) | (7,261 | ) | (224 | ) | |||||||||||||||||||
Repsol International Finance BV | 1.000% | 12/20/20 | CIT | 2.194% | 33,000 | 2,152 | 1,425 | 727 | ||||||||||||||||||||||
Statoil ASA | 1.000% | 12/20/20 | CIT | 0.670% | 347,000 | (6,706 | ) | (7,113 | ) | 407 | ||||||||||||||||||||
Anadarko Petroleum Corp | 1.000% | 12/20/20 | CSF | 2.068% | $75,000 | 3,854 | 2,231 | 1,623 | ||||||||||||||||||||||
Boston Scientific Corp | 1.000% | 12/20/20 | CSF | 0.713% | 560,000 | (8,252 | ) | (7,821 | ) | (431 | ) | |||||||||||||||||||
Cardinal Health Inc | 1.000% | 12/20/20 | CSF | 0.278% | 450,000 | (16,694 | ) | (15,765 | ) | (929 | ) | |||||||||||||||||||
Ingersoll-Rand Co | 1.000% | 12/20/20 | CSF | 0.399% | 480,000 | (14,806 | ) | (15,059 | ) | 253 | ||||||||||||||||||||
Nordstrom Inc | 1.000% | 12/20/20 | CSF | 0.552% | 590,000 | (13,565 | ) | (13,941 | ) | 376 | ||||||||||||||||||||
Xerox Corp | 1.000% | 12/20/20 | CSF | 1.571% | 150,000 | 4,187 | 2,906 | 1,281 | ||||||||||||||||||||||
Anadarko Petroleum Corp | 1.000% | 12/20/20 | GSC | 2.068% | 107,000 | 5,498 | 3,183 | 2,315 | ||||||||||||||||||||||
Dover Corp | 1.000% | 12/20/20 | GSC | 0.705% | 200,000 | (3,023 | ) | (2,642 | ) | (381 | ) | |||||||||||||||||||
Newell Rubbermaid Inc | 1.000% | 12/20/20 | GSC | 0.482% | 450,000 | (11,944 | ) | (12,021 | ) | 77 | ||||||||||||||||||||
Packaging Corp of America | 1.000% | 12/20/20 | GSC | 1.183% | 410,000 | 3,638 | (404 | ) | 4,042 | |||||||||||||||||||||
Quest Diagnostics Inc | 1.000% | 12/20/20 | GSC | 0.931% | 590,000 | (2,206 | ) | (3,215 | ) | 1,009 | ||||||||||||||||||||
Stanley Black & Decker Inc | 1.000% | 12/20/20 | GSC | 0.797% | 590,000 | (6,172 | ) | (6,164 | ) | (8 | ) | |||||||||||||||||||
Jaguar Land Rover Automotive PLC | 5.000% | 12/20/20 | CIT | 3.513% | EUR 169,000 | (13,361 | ) | (19,997 | ) | 6,636 | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
($28,452 | ) | ($84,488 | ) | $56,036 | ||||||||||||||||||||||||||
|
|
|
|
|
|
Credit Default Swaps on Corporate Issues – Sell Protection (2)
Referenced Obligation | Fixed Deal Receive Rate | Expiration Date | Counter- party | Implied Credit Spread at 09/30/15 (3) | Notional Amount (4) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
Barclays Bank PLC | 1.000% | 06/20/20 | CIT | 1.574% | EUR 110,000 | ($3,209 | ) | ($1,846 | ) | ($1,363 | ) | |||||||||||||||||||
The Royal Bank of Scotland PLC | 1.000% | 06/20/20 | CIT | 1.817% | 570,000 | (23,601 | ) | (11,769 | ) | (11,832 | ) | |||||||||||||||||||
Diamond Offshore Drilling Inc | 1.000% | 09/20/20 | CIT | 5.317% | $190,000 | (34,601 | ) | (22,955 | ) | (11,646 | ) | |||||||||||||||||||
Tesco PLC | 1.000% | 09/20/20 | CSF | 2.608% | EUR 411,000 | (34,072 | ) | (21,422 | ) | (12,650 | ) | |||||||||||||||||||
Casino Guichard Perrachon SA | 1.000% | 12/20/20 | CIT | 2.722% | 287,000 | (26,530 | ) | (22,133 | ) | (4,397 | ) | |||||||||||||||||||
Volkswagen International Finance NV | 1.000% | 12/20/20 | CIT | 2.656% | 156,000 | (13,664 | ) | (10,715 | ) | (2,949 | ) | |||||||||||||||||||
Casino Guichard Perrachon SA | 1.000% | 12/20/20 | CSF | 2.722% | 213,000 | (19,689 | ) | (16,957 | ) | (2,732 | ) | |||||||||||||||||||
Tesco PLC | 1.000% | 12/20/20 | CSF | 2.690% | 200,000 | (18,165 | ) | (19,885 | ) | 1,720 | ||||||||||||||||||||
Volkswagen International Finance NV | 1.000% | 12/20/20 | GSC | 2.656% | 71,000 | (6,217 | ) | (4,397 | ) | (1,820 | ) | |||||||||||||||||||
Energias de Portugal SA | 5.000% | 12/20/20 | GSC | 1.521% | 290,000 | 57,089 | 62,076 | (4,987 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
($122,659 | ) | ($70,003 | ) | ($52,656 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
Credit Default Swaps on Credit Indices – Buy Protection (1)
Referenced Obligation | Fixed Deal Pay Rate | Expiration Date | Counter- party | Notional Amount (4) | Value (5) | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
iTraxx Asia | 1.000% | 12/20/20 | CIT | $2,200,000 | $63,496 | $56,168 | $7,328 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||
iTraxx Crossover | 5.000% | 12/20/20 | ICE | EUR 3,790,000 | 46,385 | — | 46,385 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$109,881 | $56,168 | $53,713 | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
($41,230 | ) | ($98,323 | ) | $57,093 | ||||||||||||||||||||||||
|
|
|
|
|
|
(1) | If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(2) | If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-83
PACIFIC FUNDS
PF ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(3) | An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate issues as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. |
(4) | The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(5) | The quoted market prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. |
Interest Rate Swaps – Pay Floating Rate
Floating Rate Index | Exchange | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 2.090% | 01/04/26 | $12,300,000 | $6,147 | $— | $6,147 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
Interest Rate Swaps – Receive Floating Rate | ||||||||||||||||||||||||||
Floating Rate Index | Counter- party | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
6-Month EUR-LIBOR | CIT | 1.771% | 10/13/65 | EUR 560,000 | ($68,746 | ) | $— | ($68,746 | ) | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.668% | 11/27/20 | $3,690,000 | (35,037 | ) | — | (35,037 | ) | |||||||||||||||||
6-Month EUR-LIBOR | LCH | 0.432% | 12/10/20 | EUR 5,110,000 | (15,202 | ) | — | (15,202 | ) | |||||||||||||||||
3-Month USD-LIBOR | LCH | 2.212% | 11/30/25 | $2,070,000 | (29,087 | ) | — | (29,087 | ) | |||||||||||||||||
6-Month EUR-LIBOR | LCH | 1.115% | 12/07/25 | EUR 2,970,000 | (37,227 | ) | — | (37,227 | ) | |||||||||||||||||
3-Month USD-LIBOR | LCH | 2.367% | 12/16/25 | $4,040,000 | (110,224 | ) | — | (110,224 | ) | |||||||||||||||||
3-Month USD-LIBOR | LCH | 2.660% | 02/15/36 | 4,740,000 | (147,934 | ) | — | (147,934 | ) | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
(374,711 | ) | — | (374,711 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
($443,457 | ) | $— | ($443,457 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
($437,310 | ) | $— | ($437,310 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
Total Swap Agreements | ($478,540 | ) | ($98,323 | ) | ($380,217 | ) | ||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-84
PACIFIC FUNDS
PF ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(g) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
| Total Value at September 30, 2015 | | | Level 1 Quoted Price | | | Level 2 Significant Observable Inputs | | | Level 3 Significant Unobservable Inputs | | |||||||
Assets | Corporate Bonds & Notes | $28,505,366 | $— | $28,505,366 | $— | |||||||||||||
U.S. Treasury Obligations | 6,481,159 | — | 6,481,159 | — | ||||||||||||||
Foreign Government Bonds & Notes | 22,340,013 | — | 22,340,013 | — | ||||||||||||||
Short-Term Investment | 11,294,886 | 11,294,886 | — | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | 242,732 | — | 242,732 | — | ||||||||||||||
Equity Contracts | ||||||||||||||||||
Purchased Options | 1,833 | 1,833 | — | — | ||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 532,795 | — | 532,795 | — | ||||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Swaps | 6,147 | — | 6,147 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 783,507 | 1,833 | 781,674 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 69,404,931 | 11,296,719 | 58,108,212 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | (283,962 | ) | — | (283,962 | ) | — | ||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (140,880 | ) | — | (140,880 | ) | — | ||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | (220,627 | ) | (220,627 | ) | — | — | ||||||||||||
Swaps | (443,457 | ) | — | (443,457 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | (664,084 | ) | (220,627 | ) | (443,457 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (1,088,926 | ) | (220,627 | ) | (868,299 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (1,088,926 | ) | (220,627 | ) | (868,299 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $68,316,005 | $11,076,092 | $57,239,913 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-85
PACIFIC FUNDS
PF CURRENCY STRATEGIES FUND
Schedule of Investments
September 30, 2015 (Unaudited)
Principal |
| |||||||
U.S. TREASURY OBLIGATIONS - 4.5% | ||||||||
U.S. Treasury Notes - 4.5% | ||||||||
0.375% due 01/31/16 ‡ | $6,000,000 | $6,006,096 | ||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 6,006,096 | ||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 16.8% |
| |||||||
Canada - 4.6% | ||||||||
Canadian Government | CAD 7,980,000 | 5,994,716 | ||||||
|
| |||||||
France - 3.5% | ||||||||
France Government OAT | EUR 4,050,000 | 4,613,791 | ||||||
|
| |||||||
Germany - 4.3% | ||||||||
Bundesrepublik Deutschland | 5,040,000 | 5,686,505 | ||||||
|
| |||||||
United Kingdom - 4.4% | ||||||||
United Kingdom Gilt | GBP 3,800,000 | 5,827,426 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes |
| 22,122,438 | ||||||
|
|
|
| |||||||
SHORT-TERM INVESTMENTS - 79.6% | ||||||||
Money Market Fund - 41.6% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 54,839,344 | $54,839,344 | ||||||
|
| |||||||
Principal | ||||||||
U.S. Treasury Bills - 38.0% | ||||||||
0.095% due 10/15/15 ‡ | $6,000,000 | 5,999,895 | ||||||
0.104% due 11/12/15 | 8,000,000 | 8,000,160 | ||||||
0.210% due 02/04/16 ‡ | 6,000,000 | 5,999,766 | ||||||
0.198% due 03/31/16 | 8,000,000 | 7,997,168 | ||||||
0.210% due 04/28/16 ‡ | 6,000,000 | 5,997,810 | ||||||
0.362% due 05/26/16 | 8,000,000 | 7,995,968 | ||||||
0.331% due 06/23/16 | 8,000,000 | 7,990,392 | ||||||
|
| |||||||
49,981,159 | ||||||||
|
| |||||||
Total Short-Term Investments |
| 104,820,503 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.9% |
| 132,949,037 | ||||||
OTHER ASSETS & LIABILITIES, NET - (0.9%) |
| (1,206,309 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $131,742,728 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Short-Term Investments | 79.6% | |||
Foreign Government Bonds & Notes | 16.8% | |||
U.S. Treasury Obligations | 4.5% | |||
|
| |||
100.9% | ||||
Other Assets & Liabilities, Net | (0.9% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2015, investments with a total aggregate value of $2,801,061 were fully or partially segregated with the broker(s)/custodian as collateral for forward foreign currency contracts. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-86
PACIFIC FUNDS
PF CURRENCY STRATEGIES FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(c) | Forward foreign currency contracts outstanding as of September 30, 2015 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
AUD | 850,436 | USD | 595,673 | 11/15 | BRC | ($408 | ) | |||||||||||||
CAD | 21,900,113 | USD | 16,534,777 | 11/15 | CIT | (128,105 | ) | |||||||||||||
CHF | 12,432,402 | USD | 12,766,698 | 11/15 | ANZ | 12,581 | ||||||||||||||
CHF | 1,352,078 | USD | 1,386,121 | 11/15 | BRC | 3,681 | ||||||||||||||
CHF | 12,521,747 | USD | 12,922,113 | 11/15 | BRC | (50,996 | ) | |||||||||||||
CHF | 4,991,140 | USD | 5,146,704 | 11/15 | CIT | (16,306 | ) | |||||||||||||
CHF | 10,060,601 | USD | 10,300,352 | 11/15 | GSC | 40,950 | ||||||||||||||
CHF | 21,365,491 | USD | 21,906,391 | 11/15 | RBC | 55,220 | ||||||||||||||
EUR | 3,490,000 | USD | 3,886,680 | 10/15 | DUB | 14,832 | ||||||||||||||
EUR | 10,139,323 | USD | 11,309,502 | 11/15 | SCB | 29,305 | ||||||||||||||
GBP | 6,865,910 | USD | 10,506,772 | 11/15 | DUB | (123,105 | ) | |||||||||||||
GBP | 4,864,886 | USD | 7,444,846 | 11/15 | SEB | (87,431 | ) | |||||||||||||
INR | 476,590,000 | USD | 7,075,792 | 10/15 | JPM | 144,174 | ||||||||||||||
JPY | 3,455,000,000 | USD | 28,795,986 | 10/15 | JPM | 14,732 | ||||||||||||||
JPY | 968,090,000 | USD | 8,063,620 | 11/15 | ANZ | 11,209 | ||||||||||||||
JPY | 1,565,950,000 | USD | 13,043,333 | 11/15 | BRC | 18,239 | ||||||||||||||
JPY | 2,389,645,931 | USD | 19,899,124 | 11/15 | DUB | 32,888 | ||||||||||||||
MXN | 121,120,000 | USD | 7,123,658 | 10/15 | CIB | 22,402 | ||||||||||||||
MYR | 30,814,000 | USD | 6,958,426 | 10/15 | MSC | 36,489 | ||||||||||||||
NZD | 6,878,809 | USD | 4,326,548 | 11/15 | ANZ | 54,475 | ||||||||||||||
NZD | 3,465,296 | USD | 2,184,817 | 11/15 | DUB | 22,184 | ||||||||||||||
NZD | 59,758,259 | USD | 37,546,583 | 11/15 | GSC | 512,663 | ||||||||||||||
PHP | 337,950,000 | USD | 7,199,923 | 10/15 | BRC | 15,449 | ||||||||||||||
SEK | 26,427,158 | USD | 3,143,151 | 11/15 | BRC | 18,000 | ||||||||||||||
SEK | 27,693,520 | USD | 3,298,055 | 11/15 | SCB | 14,575 | ||||||||||||||
USD | 2,250,000 | AUD | 3,226,200 | 11/15 | ANZ | (8,187 | ) | |||||||||||||
USD | 2,076,548 | AUD | 2,964,253 | 11/15 | ANZ | 1,711 | ||||||||||||||
USD | 2,184,817 | AUD | 3,118,873 | 11/15 | DUB | 1,754 | ||||||||||||||
USD | 20,021,549 | AUD | 28,452,028 | 11/15 | GSC | 106,476 | ||||||||||||||
USD | 6,450,000 | AUD | 9,233,875 | 11/15 | RBC | (13,276 | ) | |||||||||||||
USD | 5,608,025 | CAD | 7,455,000 | 10/15 | CIB | 22,542 | ||||||||||||||
USD | 421,900 | CAD | 565,000 | 10/15 | CSF | (1,413 | ) | |||||||||||||
USD | 5,145,188 | CAD | 6,901,730 | 11/15 | CIT | (25,306 | ) | |||||||||||||
USD | 12,932,062 | CAD | 17,128,360 | 11/15 | CIT | 100,192 | ||||||||||||||
USD | 35,709,527 | CHF | 34,840,000 | 10/15 | MSC | (75,741 | ) | |||||||||||||
USD | 17,735,378 | CHF | 17,270,976 | 11/15 | ANZ | (17,477 | ) | |||||||||||||
USD | 36,317,456 | CHF | 35,373,202 | 11/15 | BRC | (42,695 | ) | |||||||||||||
USD | 28,284,897 | CHF | 27,557,127 | 11/15 | RBC | (41,102 | ) | |||||||||||||
USD | 515,456 | EUR | 461,438 | 11/15 | BRC | (570 | ) | |||||||||||||
USD | 6,446,645 | EUR | 5,774,908 | 11/15 | CIT | (11,436 | ) | |||||||||||||
USD | 11,048,652 | EUR | 9,900,989 | 11/15 | GSC | (23,627 | ) | |||||||||||||
USD | 17,333,691 | EUR | 15,540,197 | 11/15 | SCB | (44,915 | ) | |||||||||||||
USD | 386,215 | GBP | 255,000 | 10/15 | CSF | 521 | ||||||||||||||
USD | 16,061,812 | GBP | 10,566,363 | 11/15 | BRC | 81,762 | ||||||||||||||
USD | 17,034,017 | GBP | 11,191,992 | 11/15 | DUB | 107,144 | ||||||||||||||
USD | 3,298,055 | GBP | 2,166,737 | 11/15 | SCB | 21,188 | ||||||||||||||
USD | 1,586,582 | JPY | 189,912,135 | 11/15 | BRC | 2,527 | ||||||||||||||
USD | 14,141,032 | KRW | 16,825,000,000 | 10/15 | CSF | (37,538 | ) | |||||||||||||
USD | 7,082,050 | MYR | 30,814,000 | 10/15 | DUB | 87,135 | ||||||||||||||
USD | 6,453,000 | NOK | 55,450,629 | 11/15 | GSC | (55,022 | ) | |||||||||||||
USD | 19,732,247 | NZD | 31,474,461 | 11/15 | GSC | (324,199 | ) | |||||||||||||
USD | 6,441,761 | SEK | 54,048,948 | 11/15 | SEB | (23,441 | ) | |||||||||||||
USD | 6,825,003 | THB | 247,850,000 | 10/15 | JPM | 3,991 | ||||||||||||||
|
| |||||||||||||||||||
Total Forward Foreign Currency Contracts | $458,695 | |||||||||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-87
PACIFIC FUNDS
PF CURRENCY STRATEGIES FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(d) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | U.S. Treasury Obligations | $6,006,096 | $— | $6,006,096 | $— | |||||||||||||
Foreign Government Bonds & Notes | 22,122,438 | — | 22,122,438 | — | ||||||||||||||
Short-Term Investments | 104,820,503 | 54,839,344 | 49,981,159 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 1,610,991 | — | 1,610,991 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 134,560,028 | 54,839,344 | 79,720,684 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (1,152,296 | ) | — | (1,152,296 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (1,152,296 | ) | — | (1,152,296 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $133,407,732 | $54,839,344 | $78,568,388 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-88
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments
September 30, 2015 (Unaudited)
| | |||||||
SHORT-TERM INVESTMENTS - 76.7% | ||||||||
Money Market Fund - 15.2% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 23,729,053 | $23,729,053 | ||||||
|
| |||||||
Principal | ||||||||
U.S. Treasury Bills - 61.5% |
| |||||||
0.053% due 10/22/15 | $47,917,000 | 47,915,463 | ||||||
0.070% due 10/29/15 ‡ | 47,917,000 | 47,914,298 | ||||||
|
| |||||||
95,829,761 | ||||||||
|
| |||||||
Total Short-Term Investments | 119,558,814 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 76.7% | 119,558,814 | |||||||
OTHER ASSETS & LIABILITIES, NET - 23.3% |
| 36,330,642 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $155,889,456 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Short-Term Investments | 76.7% | |||
Other Assets & Liabilities, Net | 23.3% | |||
|
| |||
100.0% | ||||
|
|
(b) | An investment (within a total return basket swap) with a value of $109,587 or less than 0.1% of the fund’s net assets was valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee or to the Board of Trustees. |
(c) | As of September 30, 2015, an investment with a value of $24,780,297 was fully or partially segregated with the broker(s)/custodian as collateral for open swap agreements. |
(d) | Open futures contracts outstanding as September 30, 2015 were as follows: |
Long Futures Outstanding | Number of Contracts | Unrealized Appreciation (Depreciation) | ||||||
AEX Index (10/15) | 16 | ($1,379 | ) | |||||
CAC 40 Index (10/15) | 83 | (53,555 | ) | |||||
DAX Index (12/15) | 12 | (161,092 | ) | |||||
FTSE 100 Index (12/15) | 88 | (41,791 | ) | |||||
FTSE MIB Index (12/15) | 9 | (8,837 | ) | |||||
Hang Seng Index (10/15) | 19 | (8,400 | ) | |||||
IBEX 35 Index (10/15) | 12 | (20,583 | ) | |||||
MSCI Singapore Index (10/15) | 30 | (1,818 | ) | |||||
OMX Index (10/15) | 80 | (32,078 | ) | |||||
S&P/TSE 60 Index (12/15) | 45 | (19,397 | ) | |||||
S&P 500 E-Mini Index (12/15) | 524 | (740,444 | ) | |||||
SPI 200 Index (12/15) | 11 | (12,158 | ) | |||||
TOPIX Index (12/15) | 57 | (111,793 | ) | |||||
|
| |||||||
(1,213,325 | ) | |||||||
|
| |||||||
Short Futures Outstanding | ||||||||
Dow Jones Euro STOXX 50 Index (12/15) | 158 | 2,718 | ||||||
|
| |||||||
Total Futures Contracts | ($1,210,607 | ) | ||||||
|
|
(e) | Forward foreign currency contracts outstanding as of September 30, 2015 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
AUD | 1,306,000 | USD | 921,411 | 12/15 | CIT | ($8,497 | ) | |||||||||||||
AUD | 1,306,000 | USD | 921,402 | 12/15 | CSF | (8,488 | ) | |||||||||||||
CAD | 1,675,500 | USD | 1,266,219 | 12/15 | CIT | (11,099 | ) | |||||||||||||
CAD | 1,675,500 | USD | 1,266,209 | 12/15 | CSF | (11,089 | ) | |||||||||||||
CHF | 1,347,500 | USD | 1,391,649 | 12/15 | CIT | (5,042 | ) | |||||||||||||
CHF | 1,347,500 | USD | 1,391,614 | 12/15 | CSF | (5,007 | ) | |||||||||||||
DKK | 1,702,000 | USD | 255,408 | 12/15 | CIT | (31 | ) | |||||||||||||
DKK | 1,702,000 | USD | 255,402 | 12/15 | CSF | (25 | ) | |||||||||||||
EUR | 3,946,000 | USD | 4,423,602 | 12/15 | CIT | (8,444 | ) | |||||||||||||
EUR | 3,946,000 | USD | 4,423,593 | 12/15 | CSF | (8,436 | ) | |||||||||||||
GBP | 1,893,500 | USD | 2,891,442 | 12/15 | CIT | (27,926 | ) | |||||||||||||
GBP | 1,893,500 | USD | 2,891,442 | 12/15 | CSF | (27,926 | ) | |||||||||||||
HKD | 3,303,500 | USD | 426,192 | 12/15 | CIT | 44 | ||||||||||||||
HKD | 3,303,500 | USD | 426,188 | 12/15 | CSF | 48 | ||||||||||||||
ILS | 374,500 | USD | 95,019 | 12/15 | CIT | 549 | ||||||||||||||
ILS | 374,500 | USD | 95,018 | 12/15 | CSF | 550 | ||||||||||||||
JPY | 402,589,500 | USD | 3,352,425 | 12/15 | CIT | 8,082 | ||||||||||||||
JPY | 402,589,500 | USD | 3,352,415 | 12/15 | CSF | 8,092 | ||||||||||||||
NOK | 699,500 | USD | 84,532 | 12/15 | CIT | (2,466 | ) | |||||||||||||
NOK | 699,500 | USD | 84,531 | 12/15 | CSF | (2,465 | ) | |||||||||||||
NZD | 32,000 | USD | 20,330 | 12/15 | CIT | 15 | ||||||||||||||
NZD | 32,000 | USD | 20,328 | 12/15 | CSF | 16 | ||||||||||||||
SEK | 3,612,500 | USD | 428,979 | 12/15 | CIT | 3,428 | ||||||||||||||
SEK | 3,612,500 | USD | 428,977 | 12/15 | CSF | 3,430 | ||||||||||||||
SGD | 257,000 | USD | 181,881 | 12/15 | CIT | (1,750 | ) | |||||||||||||
SGD | 257,000 | USD | 181,881 | 12/15 | CSF | (1,750 | ) | |||||||||||||
|
| |||||||||||||||||||
Total Forward Foreign Currency Contracts | ($106,187 | ) | ||||||||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-89
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(f) | Swap agreements outstanding as of September 30, 2015 were as follows: |
Total Return Basket Swaps
Description | Counter- party | Expiration Dates (1) | Value | |||||||
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Month USD-LIBOR plus or minus a specified spread, which is denominated in USD based on the local currencies of the positions within the swap. | GSC | | 05/02/25- 09/12/25 | | $10,077,687 | |||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: |
| |||||||||||
Bermuda | ||||||||||||
Aspen Insurance Holdings Ltd | 648 | $31,624 | ($1,511 | ) | ||||||||
Marvell Technology Group Ltd | 60,731 | 851,598 | (301,982 | ) | ||||||||
RenaissanceRe Holdings Ltd | 10,182 | 1,050,769 | 31,781 | |||||||||
|
| |||||||||||
(271,712 | ) | |||||||||||
|
| |||||||||||
Switzerland | ||||||||||||
TE Connectivity Ltd | 3,096 | 209,648 | (24,229 | ) | ||||||||
|
| |||||||||||
United Kingdom | ||||||||||||
Delphi Automotive PLC | 11,266 | 947,672 | (91,006 | ) | ||||||||
|
| |||||||||||
United States | ||||||||||||
3M Co | 17,461 | 2,751,857 | (276,411 | ) | ||||||||
Abbott Laboratories | 11,831 | 553,285 | (77,442 | ) | ||||||||
Accenture PLC | 6,592 | 615,877 | 31,853 | |||||||||
ACE Ltd | 9,945 | 1,066,412 | (38,099 | ) | ||||||||
Activision Blizzard Inc | 18,179 | 416,212 | 145,338 | |||||||||
Acuity Brands Inc | 2,975 | 507,879 | 14,471 | |||||||||
AES Corp | 10,917 | 146,767 | (39,890 | ) | ||||||||
Aetna Inc | 14,942 | 1,605,177 | 29,627 | |||||||||
Aflac Inc | 21,497 | 1,367,621 | (118,000 | ) | ||||||||
AGCO Corp | 1,385 | 70,892 | (6,309 | ) | ||||||||
Agilent Technologies Inc | 11,282 | 428,598 | (41,287 | ) | ||||||||
Akamai Technologies Inc | 11,460 | 854,106 | (62,678 | ) | ||||||||
Alaska Air Group Inc | 4,926 | 311,999 | 79,372 | |||||||||
Allied World Assurance Co Holdings AG | 744 | 31,738 | (3,340 | ) | ||||||||
Ally Financial Inc | 10,008 | 219,124 | (15,161 | ) | ||||||||
Altria Group Inc | 41,556 | 2,094,355 | 166,291 | |||||||||
Amazon.com Inc | 762 | 324,016 | 66,044 | |||||||||
Amdocs Ltd | 17,854 | 984,051 | 31,485 | |||||||||
Ameren Corp | 5,470 | 221,418 | 9,799 | |||||||||
American Eagle Outfitters Inc | 12,505 | 203,804 | (8,351 | ) | ||||||||
American Electric Power Co Inc | 12,453 | 696,188 | 11,890 | |||||||||
American Express Co | 9,140 | 710,855 | (33,307 | ) | ||||||||
Ameriprise Financial Inc | 9,970 | 1,247,676 | (159,650 | ) | ||||||||
AmerisourceBergen Corp | 20,715 | 2,327,003 | (359,285 | ) | ||||||||
Amgen Inc | 11,382 | 1,811,750 | (237,391 | ) | ||||||||
ANSYS Inc | 2,006 | 173,156 | 3,653 | |||||||||
Anthem Inc | 4,902 | 754,944 | (68,664 | ) | ||||||||
AO Smith Corp | 5,351 | 352,771 | (3,940 | ) | ||||||||
Apollo Education Group Inc | 8,517 | 100,557 | (6,359 | ) | ||||||||
Apple Inc | 7,706 | 966,679 | (116,708 | ) | ||||||||
Applied Materials Inc | 19,276 | 376,886 | (93,722 | ) | ||||||||
Archer-Daniels-Midland Co | 18,331 | 909,537 | (149,717 | ) | ||||||||
Armstrong World Industries Inc | 1,228 | 68,557 | (9,932 | ) | ||||||||
Arrow Electronics Inc | 9,033 | 552,713 | (53,369 | ) | ||||||||
Assurant Inc | 8,262 | 519,201 | 133,579 | |||||||||
Assured Guaranty Ltd | 44,376 | 1,130,104 | (20,704 | ) | ||||||||
Atwood Oceanics Inc | 6,793 | 188,096 | (87,492 | ) | ||||||||
Automatic Data Processing Inc | 9,304 | 794,749 | (47,080 | ) | ||||||||
AutoNation Inc | 1,494 | 93,414 | (6,493 | ) | ||||||||
Avery Dennison Corp | 2,186 | 128,816 | (5,154 | ) | ||||||||
Avnet Inc | 17,044 | 747,307 | (19,869 | ) |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Avon Products Inc | 18,508 | $143,878 | ($83,727 | ) | ||||||||
Axis Capital Holdings Ltd | 4,278 | 245,938 | (16,123 | ) | ||||||||
Baxter International Inc | 14,484 | 541,957 | (66,158 | ) | ||||||||
BB&T Corp | 9,030 | 350,037 | (28,569 | ) | ||||||||
Becton Dickinson and Co | 4,017 | 569,580 | (36,685 | ) | ||||||||
Bed Bath & Beyond Inc | 3,871 | 274,440 | (53,716 | ) | ||||||||
Bemis Co Inc | 13,944 | 630,673 | (78,909 | ) | ||||||||
Best Buy Co Inc | 28,503 | 1,000,027 | 58,004 | |||||||||
Big Lots Inc | 4,172 | 192,136 | 7,786 | |||||||||
Biogen Inc | 4,905 | 1,879,547 | (448,219 | ) | ||||||||
BioMarin Pharmaceutical Inc | 444 | 51,146 | (4,383 | ) | ||||||||
BlackRock Inc | 1,120 | 410,666 | (77,500 | ) | ||||||||
Brinker International Inc | 1,446 | 80,410 | (4,250 | ) | ||||||||
Bristol-Myers Squibb Co | 5,457 | 352,409 | (29,354 | ) | ||||||||
Broadridge Financial Solutions Inc | 12,583 | 674,798 | 21,671 | |||||||||
Brocade Communications Systems Inc | 103,481 | 1,219,853 | (145,720 | ) | ||||||||
Brunswick Corp | 5,158 | 260,903 | (13,887 | ) | ||||||||
Bunge Ltd | 6,703 | 570,588 | (79,258 | ) | ||||||||
BWX Technologies Inc | 3,350 | 87,771 | 535 | |||||||||
CA Inc | 16,549 | 524,278 | (72,490 | ) | ||||||||
California Resources Corp | 13,540 | 120,588 | (85,384 | ) | ||||||||
Capital One Financial Corp | 14,992 | 1,226,304 | (139,084 | ) | ||||||||
Cardinal Health Inc | 6,497 | 555,708 | (56,608 | ) | ||||||||
Carlisle Cos Inc | 767 | 74,547 | (7,527 | ) | ||||||||
Carnival Corp | 9,092 | 424,539 | 27,333 | |||||||||
Carter’s Inc | 8,341 | 836,732 | (80,703 | ) | ||||||||
CDW Corp | 8,341 | 321,525 | 19,288 | |||||||||
CEB Inc | 1,027 | 75,126 | (4,941 | ) | ||||||||
Centene Corp | 19,242 | 1,329,203 | (285,709 | ) | ||||||||
CF Industries Holdings Inc | 6,504 | 378,921 | (86,892 | ) | ||||||||
Charles River Laboratories International Inc | 1,450 | 100,223 | (8,119 | ) | ||||||||
Chico’s FAS Inc | 13,240 | 224,787 | (16,521 | ) | ||||||||
Church & Dwight Co Inc | 11,488 | 938,358 | 25,485 | |||||||||
Cintas Corp | 5,281 | 426,727 | 26,119 | |||||||||
Cisco Systems Inc | 52,798 | 1,527,734 | (141,786 | ) | ||||||||
CIT Group Inc | 9,688 | 438,627 | (50,816 | ) | ||||||||
Citrix Systems Inc | 4,049 | 270,996 | 9,519 | |||||||||
CME Group Inc | 12,602 | 1,142,179 | 26,531 | |||||||||
Coach Inc | 5,551 | 211,727 | (51,136 | ) | ||||||||
Comcast Corp | 19,710 | 1,143,954 | (22,850 | ) | ||||||||
Community Health Systems Inc | 17,393 | 981,892 | (237,993 | ) | ||||||||
Compass Minerals International Inc | 645 | 57,048 | (6,500 | ) | ||||||||
Computer Sciences Corp | 4,486 | 290,528 | (15,177 | ) | ||||||||
ConocoPhillips | 2,826 | 190,504 | (54,969 | ) | ||||||||
Consolidated Edison Inc | 14,604 | 890,831 | 85,447 | |||||||||
Convergys Corp | 1,879 | 42,887 | 537 | |||||||||
Corning Inc | 48,303 | 1,014,354 | (187,407 | ) | ||||||||
Costco Wholesale Corp | 958 | 138,634 | (136 | ) | ||||||||
Coty Inc | 6,822 | 197,551 | (12,948 | ) | ||||||||
CR Bard Inc | 2,622 | 439,837 | 48,668 | |||||||||
Crane Co | 5,022 | 305,746 | (71,671 | ) | ||||||||
Credit Acceptance Corp | 1,024 | 223,757 | (22,163 | ) | ||||||||
CSX Corp | 14,570 | 520,659 | (128,726 | ) | ||||||||
Cummins Inc | 8,234 | 1,147,668 | (253,621 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-90
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
CVS Health Corp | 15,875 | $1,576,552 | ($44,932 | ) | ||||||||
Danaher Corp | 18,903 | 1,558,720 | 52,005 | |||||||||
Darden Restaurants Inc | 8,385 | 532,151 | 42,556 | |||||||||
Dean Foods Co | 5,402 | 91,012 | (1,771 | ) | ||||||||
Deckers Outdoor Corp | 8,851 | 647,360 | (133,471 | ) | ||||||||
Delta Air Lines Inc | 13,998 | 626,369 | 1,721 | |||||||||
Denbury Resources Inc | 63,179 | 542,186 | (388,029 | ) | ||||||||
DENTSPLY International Inc | 3,858 | 198,650 | (3,551 | ) | ||||||||
Devon Energy Corp | 4,807 | 326,950 | (148,658 | ) | ||||||||
Dick’s Sporting Goods Inc | 5,357 | 293,452 | (27,691 | ) | ||||||||
Dillard’s Inc | 1,943 | 247,188 | (77,389 | ) | ||||||||
Discover Financial Services | 14,784 | 865,787 | (97,166 | ) | ||||||||
Dollar General Corp | 6,774 | 497,324 | (6,616 | ) | ||||||||
Domino’s Pizza Inc | 734 | 78,822 | 384 | |||||||||
Domtar Corp | 9,005 | 386,515 | (64,586 | ) | ||||||||
DR Horton Inc | 5,866 | 148,349 | 23,877 | |||||||||
Dr Pepper Snapple Group Inc | 16,180 | 1,220,137 | 58,892 | |||||||||
DST Systems Inc | 3,052 | 354,215 | (33,328 | ) | ||||||||
DTE Energy Co | 8,389 | 652,401 | 21,823 | |||||||||
eBay Inc | 40,145 | 1,013,550 | (32,406 | ) | ||||||||
Edgewell Personal Care Co | 1,355 | 141,026 | (30,458 | ) | ||||||||
Edison International | 6,011 | 367,155 | 11,958 | |||||||||
Edwards Lifesciences Corp | 6,119 | 765,133 | 104,805 | |||||||||
EI du Pont de Nemours & Co | 7,754 | 538,298 | (164,555 | ) | ||||||||
Electronic Arts Inc | 8,290 | 496,426 | 65,222 | |||||||||
Eli Lilly & Co | 7,011 | 505,889 | 80,861 | |||||||||
Emerson Electric Co | 13,057 | 763,662 | (186,934 | ) | ||||||||
Entergy Corp | 1,932 | 148,203 | (22,430 | ) | ||||||||
EOG Resources Inc | 5,069 | 495,768 | (126,745 | ) | ||||||||
EP Energy Corp | 51,631 | 386,617 | (120,717 | ) | ||||||||
Equifax Inc | 8,097 | 794,808 | (7,942 | ) | ||||||||
Expedia Inc | 6,720 | 657,285 | 133,524 | |||||||||
Expeditors International of Washington Inc | 2,155 | 99,914 | 1,478 | |||||||||
Express Scripts Holding Co | 3,073 | 263,918 | (15,128 | ) | ||||||||
F5 Networks Inc | 2,306 | 281,757 | (14,722 | ) | ||||||||
FactSet Research Systems Inc | 1,526 | 242,741 | 1,129 | |||||||||
Fairchild Semiconductor International Inc | 21,468 | 405,551 | (104,140 | ) | ||||||||
FedEx Corp | 4,161 | 707,571 | (108,471 | ) | ||||||||
Fidelity National Information Services Inc | 6,062 | 383,479 | 23,160 | |||||||||
Fifth Third Bancorp | 23,434 | 474,767 | (31,630 | ) | ||||||||
First American Financial Corp | 4,198 | 145,702 | 18,314 | |||||||||
First Solar Inc | 19,345 | 1,015,982 | (188,983 | ) | ||||||||
Fiserv Inc | 5,731 | 449,972 | 46,389 | |||||||||
Flextronics International Ltd | 46,827 | 555,974 | (62,417 | ) | ||||||||
FMC Technologies Inc | 2,390 | 102,730 | (28,640 | ) | ||||||||
Foot Locker Inc | 11,666 | 702,807 | 136,795 | |||||||||
Ford Motor Co | 33,743 | 525,311 | (67,418 | ) | ||||||||
Fortune Brands Home & Security Inc | 7,825 | 345,821 | 25,632 | |||||||||
Franklin Resources Inc | 7,094 | 369,424 | (105,101 | ) | ||||||||
General Dynamics Corp | 14,971 | 2,068,618 | (3,368 | ) | ||||||||
General Electric Co | 20,285 | 550,093 | (38,505 | ) | ||||||||
General Motors Co | 45,398 | 1,591,959 | (229,111 | ) | ||||||||
Gilead Sciences Inc | 21,804 | 2,354,330 | (213,396 | ) | ||||||||
GNC Holdings Inc | 1,952 | 86,923 | (8,023 | ) | ||||||||
Google Inc | 1,405 | 765,522 | 131,388 | |||||||||
Graham Holdings Co | 507 | 320,792 | (28,253 | ) | ||||||||
Groupon Inc | 64,581 | 276,508 | (65,973 | ) | ||||||||
H&R Block Inc | 14,236 | 434,115 | 81,228 | |||||||||
HCA Holdings Inc | 8,687 | 646,677 | 25,349 | |||||||||
Helix Energy Solutions Group Inc | 20,795 | 284,367 | (184,759 | ) | ||||||||
Henry Schein Inc | 3,956 | 545,372 | (20,332 | ) | ||||||||
Hess Corp | 3,561 | 270,137 | (91,874 | ) | ||||||||
Hewlett-Packard Co | 44,607 | 1,475,748 | (333,362 | ) | ||||||||
Hilton Worldwide Holdings Inc | 11,060 | 324,685 | (70,969 | ) |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
HollyFrontier Corp | 19,077 | $751,584 | $180,137 | |||||||||
Honeywell International Inc | 1,930 | 195,256 | (12,504 | ) | ||||||||
Hormel Foods Corp | 4,551 | 250,717 | 37,407 | |||||||||
Hubbell Inc | 3,109 | 339,892 | (75,782 | ) | ||||||||
Huntington Ingalls Industries Inc | 9,838 | 1,239,033 | (184,891 | ) | ||||||||
IAC/InterActiveCorp | 9,851 | 721,539 | (78,565 | ) | ||||||||
Illinois Tool Works Inc | 3,642 | 344,343 | (44,570 | ) | ||||||||
Ingersoll-Rand PLC | 2,629 | 174,652 | (41,178 | ) | ||||||||
Ingram Micro Inc | 12,667 | 342,490 | 2,559 | |||||||||
Ingredion Inc | 1,373 | 109,784 | 10,092 | |||||||||
Integrated Device Technology Inc | 33,431 | 637,896 | 40,753 | |||||||||
Intel Corp | 17,420 | 560,688 | (35,649 | ) | ||||||||
International Business Machines Corp | 10,036 | 1,725,978 | (271,059 | ) | ||||||||
International Game Technology PLC | 9,598 | 180,068 | (32,931 | ) | ||||||||
International Paper Co | 28,765 | 1,495,072 | (408,042 | ) | ||||||||
Intuit Inc | 6,329 | 634,293 | (72,594 | ) | ||||||||
Invesco Ltd | 13,406 | 551,817 | (133,148 | ) | ||||||||
ITT Corp | 5,153 | 210,062 | (37,798 | ) | ||||||||
Jabil Circuit Inc | 7,869 | 180,809 | (4,779 | ) | ||||||||
Janus Capital Group Inc | 7,666 | 138,591 | (34,334 | ) | ||||||||
JetBlue Airways Corp | 6,024 | 126,499 | 28,740 | |||||||||
Johnson & Johnson | 17,560 | 1,745,914 | (106,688 | ) | ||||||||
JPMorgan Chase & Co | 29,799 | 1,909,106 | (92,261 | ) | ||||||||
Kimberly-Clark Corp | 10,326 | 1,134,777 | (8,830 | ) | ||||||||
KLA-Tencor Corp | 2,296 | 135,479 | (20,679 | ) | ||||||||
Kohl’s Corp | 5,025 | 363,820 | (131,113 | ) | ||||||||
L Brands Inc | 6,167 | 556,118 | (286 | ) | ||||||||
L-3 Communications Holdings Inc | 5,878 | 676,244 | (61,875 | ) | ||||||||
Landstar System Inc | 812 | 51,309 | 228 | |||||||||
Lear Corp | 2,148 | 239,827 | (6,167 | ) | ||||||||
Legg Mason Inc | 3,371 | 182,765 | (42,498 | ) | ||||||||
Leidos Holdings Inc | 1,257 | 53,221 | (1,295 | ) | ||||||||
Lennox International Inc | 1,346 | 143,425 | 9,118 | |||||||||
Lexmark International Inc | 9,471 | 412,574 | (138,104 | ) | ||||||||
Liberty Interactive Corp QVC Group | 5,268 | 151,094 | (12,914 | ) | ||||||||
LifePoint Health Inc | 2,257 | 160,479 | (458 | ) | ||||||||
Lincoln Electric Holdings Inc | 4,316 | 288,112 | (61,825 | ) | ||||||||
Lincoln National Corp | 15,315 | 888,189 | (161,339 | ) | ||||||||
Lockheed Martin Corp | 2,514 | 470,926 | 50,251 | |||||||||
Lowe’s Cos Inc | 15,574 | 1,096,410 | (23,050 | ) | ||||||||
LyondellBasell Industries NV | 10,277 | 1,068,919 | (212,229 | ) | ||||||||
Macy’s Inc | 11,043 | 712,763 | (146,036 | ) | ||||||||
Mallinckrodt PLC | 1,857 | 157,724 | (38,987 | ) | ||||||||
ManpowerGroup Inc | 19,100 | 1,631,824 | (67,725 | ) | ||||||||
Marathon Oil Corp | 11,396 | 348,670 | (173,172 | ) | ||||||||
Marathon Petroleum Corp | 31,950 | 1,617,803 | (137,560 | ) | ||||||||
Marriott International Inc | 3,812 | 305,767 | (45,788 | ) | ||||||||
Masco Corp | 39,175 | 966,929 | 19,498 | |||||||||
Maxim Integrated Products Inc | 7,882 | 256,947 | 6,311 | |||||||||
McDonald’s Corp | 11,083 | 1,070,675 | 21,333 | |||||||||
McGraw Hill Financial Inc | 3,433 | 360,030 | (63,075 | ) | ||||||||
McKesson Corp | 1,252 | 244,833 | (13,176 | ) | ||||||||
Medivation Inc | 14,168 | 794,339 | (192,199 | ) | ||||||||
Medtronic PLC | 12,748 | 954,001 | (100,650 | ) | ||||||||
Merck & Co Inc | 24,111 | 1,450,250 | (259,407 | ) | ||||||||
MetLife Inc | 42,587 | 2,214,282 | (206,305 | ) | ||||||||
Michael Kors Holdings Ltd | 4,542 | 221,302 | (29,448 | ) | ||||||||
Micron Technology Inc | 31,240 | 818,287 | (350,312 | ) | ||||||||
Microsoft Corp | 19,266 | 907,987 | (55,274 | ) | ||||||||
Molson Coors Brewing Co | 3,918 | 287,929 | 37,343 | |||||||||
Mondelez International Inc | 18,667 | 716,678 | 64,909 | |||||||||
Moody’s Corp | 3,503 | 376,964 | (32,969 | ) | ||||||||
Morgan Stanley | 23,396 | 874,598 | (137,624 | ) | ||||||||
MSCI Inc | 5,665 | 347,369 | (10,528 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-91
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Murphy Oil Corp | 3,329 | $157,166 | ($76,604 | ) | ||||||||
Murphy USA Inc | 6,396 | 398,283 | (46,823 | ) | ||||||||
Nabors Industries Ltd | 47,691 | 703,459 | (252,779 | ) | ||||||||
Nasdaq Inc | 8,014 | 393,912 | 33,475 | |||||||||
National Oilwell Varco Inc | 6,609 | 361,395 | (112,566 | ) | ||||||||
Navient Corp | 21,662 | 425,768 | (182,288 | ) | ||||||||
NCR Corp | 1,148 | 28,737 | (2,620 | ) | ||||||||
NetApp Inc | 18,326 | 662,095 | (119,646 | ) | ||||||||
Newfield Exploration Co | 6,853 | 254,774 | (29,310 | ) | ||||||||
NIKE Inc | 14,634 | 1,465,105 | 334,438 | |||||||||
Northrop Grumman Corp | 13,150 | 2,034,307 | 147,936 | |||||||||
Oceaneering International Inc | 5,161 | 282,213 | (79,489 | ) | ||||||||
Oil States International Inc | 12,321 | 455,944 | (133,996 | ) | ||||||||
Old Dominion Freight Line Inc | 1,086 | 77,697 | (11,451 | ) | ||||||||
Omnicom Group Inc | 3,888 | 296,123 | (39,904 | ) | ||||||||
ON Semiconductor Corp | 29,521 | 354,196 | (76,698 | ) | ||||||||
OPKO Health Inc | 6,002 | 63,195 | (12,718 | ) | ||||||||
Oracle Corp | 32,541 | 1,428,795 | (253,414 | ) | ||||||||
Orbital ATK Inc | 2,139 | 157,441 | (3,711 | ) | ||||||||
O’Reilly Automotive Inc | 796 | 175,378 | 23,622 | |||||||||
Owens Corning | 28,433 | 1,115,704 | 75,923 | |||||||||
Packaging Corp of America | 2,896 | 199,457 | (25,233 | ) | ||||||||
Parker-Hannifin Corp | 4,561 | 552,555 | (108,770 | ) | ||||||||
Patterson Cos Inc | 1,019 | 47,176 | (3,104 | ) | ||||||||
Paychex Inc | 3,286 | 160,567 | (4,055 | ) | ||||||||
PBF Energy Inc | 2,688 | 73,748 | 2,134 | |||||||||
PepsiCo Inc | 36,318 | 3,456,733 | (31,946 | ) | ||||||||
Pfizer Inc | 39,878 | 1,352,121 | (99,553 | ) | ||||||||
PG&E Corp | 19,610 | 1,028,110 | 7,298 | |||||||||
Phillips 66 | 10,938 | 879,833 | (39,357 | ) | ||||||||
Pinnacle Foods Inc | 4,421 | 179,239 | 5,913 | |||||||||
Pinnacle West Capital Corp | 7,299 | 437,569 | 30,589 | |||||||||
Pitney Bowes Inc | 45,772 | 1,024,158 | (115,584 | ) | ||||||||
Polycom Inc | 5,208 | 55,045 | (465 | ) | ||||||||
PTC Inc | 5,924 | 224,667 | (36,640 | ) | ||||||||
Public Service Enterprise Group Inc | 42,364 | 1,725,071 | 60,996 | |||||||||
QEP Resources Inc | 12,200 | 171,157 | (18,291 | ) | ||||||||
Quest Diagnostics Inc | 4,862 | 344,127 | (45,260 | ) | ||||||||
Quintiles Transnational Holdings Inc | 4,631 | 302,138 | 20,041 | |||||||||
Rackspace Hosting Inc | 21,144 | 854,156 | (332,322 | ) | ||||||||
Ralph Lauren Corp | 5,052 | 679,911 | (82,967 | ) | ||||||||
Raytheon Co | 10,934 | 1,148,880 | 45,769 | |||||||||
Red Hat Inc | 684 | 51,450 | (2,284 | ) | ||||||||
Regal Beloit Corp | 438 | 34,017 | (9,292 | ) | ||||||||
Regions Financial Corp | 37,842 | 376,662 | (35,705 | ) | ||||||||
Reinsurance Group of America Inc | 4,321 | 398,709 | (7,270 | ) | ||||||||
Reliance Steel & Aluminum Co | 2,205 | 142,934 | (23,842 | ) | ||||||||
Republic Services Inc | 3,808 | 153,591 | 3,298 | |||||||||
Rite Aid Corp | 35,512 | 308,372 | (92,815 | ) | ||||||||
Robert Half International Inc | 8,958 | 487,292 | (29,001 | ) | ||||||||
Rockwell Automation Inc | 3,098 | 370,580 | (56,226 | ) | ||||||||
Ross Stores Inc | 12,966 | 652,829 | (24,366 | ) | ||||||||
Ryder System Inc | 1,444 | 138,090 | (31,176 | ) | ||||||||
Sally Beauty Holdings Inc | 1,679 | 52,554 | (12,678 | ) | ||||||||
Santander Consumer USA Holdings Inc | 11,314 | 272,224 | (41,192 | ) | ||||||||
SEI Investments Co | 5,054 | 232,842 | 10,913 | |||||||||
Service Corp International | 2,911 | 80,267 | (1,379 | ) | ||||||||
Skechers U.S.A. Inc | 804 | 113,195 | (5,395 | ) | ||||||||
Skyworks Solutions Inc | 3,679 | 348,554 | (38,746 | ) | ||||||||
SM Energy Co | 9,913 | 565,814 | (248,201 | ) | ||||||||
Snap-on Inc | 2,568 | 389,293 | (1,679 | ) | ||||||||
SolarWinds Inc | 2,704 | 131,280 | (25,175 | ) | ||||||||
Southwest Airlines Co | 25,599 | 1,052,570 | (78,784 | ) | ||||||||
Spirit AeroSystems Holdings Inc | 27,499 | 1,447,934 | (118,633 | ) |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Springleaf Holdings Inc | 3,146 | $144,084 | ($6,541 | ) | ||||||||
SPX Corp | 622 | 12,106 | (4,692 | ) | ||||||||
SPX FLOW Inc | 622 | 36,319 | (14,904 | ) | ||||||||
St Jude Medical Inc | 4,150 | 295,796 | (33,973 | ) | ||||||||
Stanley Black & Decker Inc | 4,274 | 430,188 | (15,696 | ) | ||||||||
Staples Inc | 19,115 | 313,135 | (88,916 | ) | ||||||||
Starwood Hotels & Resorts Worldwide Inc | 3,808 | 327,689 | (74,533 | ) | ||||||||
State Street Corp | 13,670 | 1,065,408 | (146,647 | ) | ||||||||
Steel Dynamics Inc | 17,746 | 390,792 | (85,916 | ) | ||||||||
Stryker Corp | 5,513 | 512,211 | 6,562 | |||||||||
Superior Energy Services Inc | 1,971 | 27,917 | (3,023 | ) | ||||||||
SUPERVALU Inc | 86,941 | 759,551 | (135,314 | ) | ||||||||
Synopsys Inc | 7,370 | 348,035 | (7,688 | ) | ||||||||
Sysco Corp | 7,001 | 252,804 | 20,025 | |||||||||
Talen Energy Corp | 3,977 | 54,538 | (14,370 | ) | ||||||||
Target Corp | 18,523 | 1,465,966 | (8,947 | ) | ||||||||
Tech Data Corp | 1,911 | 129,836 | 1,068 | |||||||||
TEGNA Inc | 12,711 | 355,798 | (71,199 | ) | ||||||||
Telephone & Data Systems Inc | 1,042 | 28,605 | (2,597 | ) | ||||||||
Teradyne Inc | 15,950 | 311,036 | (23,776 | ) | ||||||||
Terex Corp | 8,385 | 191,795 | (41,368 | ) | ||||||||
Tesoro Corp | 6,725 | 595,093 | 58,846 | |||||||||
Texas Instruments Inc | 798 | 42,826 | (3,309 | ) | ||||||||
Textron Inc | 3,429 | 152,683 | (23,616 | ) | ||||||||
The Allstate Corp | 21,378 | 1,478,963 | (233,908 | ) | ||||||||
The Boeing Co | 5,457 | 784,468 | (69,874 | ) | ||||||||
The Clorox Co | 3,742 | 397,383 | 34,929 | |||||||||
The Coca-Cola Co | 30,873 | 1,255,013 | (16,388 | ) | ||||||||
The Dow Chemical Co | 12,039 | 619,474 | (109,021 | ) | ||||||||
The Dun & Bradstreet Corp | 4,917 | 624,316 | (108,031 | ) | ||||||||
The Estee Lauder Cos Inc | 9,192 | 789,884 | (48,273 | ) | ||||||||
The Gap Inc | 18,319 | 726,042 | (203,950 | ) | ||||||||
The Goodyear Tire & Rubber Co | 36,185 | 1,016,089 | 45,217 | |||||||||
The Hartford Financial Services Group Inc | 11,182 | 459,910 | 52,002 | |||||||||
The Home Depot Inc | 11,697 | 1,269,088 | 81,798 | |||||||||
The Interpublic Group of Cos Inc | 30,646 | 639,150 | (52,892 | ) | ||||||||
The Kroger Co | 26,584 | 919,395 | 39,490 | |||||||||
The Mosaic Co | 6,317 | 280,793 | (84,271 | ) | ||||||||
The PNC Financial Services Group Inc | 7,779 | 720,968 | (27,081 | ) | ||||||||
The Priceline Group Inc | 154 | 191,734 | (1,257 | ) | ||||||||
The Procter & Gamble Co | 28,086 | 2,248,727 | (228,220 | ) | ||||||||
The Timken Co | 2,753 | 108,723 | (33,044 | ) | ||||||||
The TJX Cos Inc | 12,267 | 804,061 | 72,048 | |||||||||
The Travelers Cos Inc | 16,161 | 1,646,948 | (38,443 | ) | ||||||||
The Walt Disney Co | 622 | 68,423 | (4,855 | ) | ||||||||
The Western Union Co | 15,814 | 334,818 | (44,473 | ) | ||||||||
Thermo Fisher Scientific Inc | 2,146 | 272,197 | (9,784 | ) | ||||||||
Time Warner Inc | 7,413 | 627,472 | (117,828 | ) | ||||||||
Torchmark Corp | 3,460 | 195,725 | (580 | ) | ||||||||
Total System Services Inc | 2,521 | 101,513 | 13,016 | |||||||||
Trinity Industries Inc | 12,134 | 334,183 | (59,106 | ) | ||||||||
Triumph Group Inc | 1,712 | 97,757 | (25,716 | ) | ||||||||
Tupperware Brands Corp | 720 | 48,047 | (12,414 | ) | ||||||||
Twenty-First Century Fox Inc | 6,308 | 215,666 | (45,476 | ) | ||||||||
Tyco International Plc | 7,030 | 278,430 | (43,207 | ) | ||||||||
Tyson Foods Inc | 8,226 | 331,626 | 22,915 | |||||||||
Ulta Salon Cosmetics & Fragrance Inc | 453 | 69,130 | 4,868 | |||||||||
Union Pacific Corp | 6,818 | 727,354 | (124,575 | ) | ||||||||
United Technologies Corp | 3,505 | 403,193 | (91,283 | ) | ||||||||
United Therapeutics Corp | 3,984 | 665,511 | (142,651 | ) | ||||||||
UnitedHealth Group Inc | 20,272 | 2,298,070 | 53,685 | |||||||||
Universal Health Services Inc | 4,545 | 528,091 | 39,170 | |||||||||
Unum Group | 16,528 | 575,018 | (44,800 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-92
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
US Bancorp | 16,117 | $695,684 | ($34,725 | ) | ||||||||
Valero Energy Corp | 26,801 | 1,551,791 | 58,949 | |||||||||
Validus Holdings Ltd | 5,675 | 245,155 | 10,617 | |||||||||
VCA Inc | 2,468 | 125,423 | 4,517 | |||||||||
Vectren Corp | 2,366 | 99,938 | (542 | ) | ||||||||
VeriSign Inc | 6,471 | 408,534 | 48,060 | |||||||||
VF Corp | 8,273 | 594,608 | (30,307 | ) | ||||||||
Viacom Inc | 19,486 | 1,224,429 | (383,608 | ) | ||||||||
Voya Financial Inc | 21,544 | 923,004 | (87,743 | ) | ||||||||
Wal-Mart Stores Inc | 24,855 | 1,940,313 | (328,715 | ) | ||||||||
Waste Management Inc | 5,617 | 277,216 | 2,567 | |||||||||
Waters Corp | 1,542 | 195,525 | (13,245 | ) | ||||||||
Wells Fargo & Co | 22,101 | 1,222,423 | (87,537 | ) | ||||||||
WESCO International Inc | 1,521 | 108,998 | (38,317 | ) | ||||||||
Western Digital Corp | 9,094 | 881,658 | (159,231 | ) | ||||||||
Western Refining Inc | 16,362 | 724,526 | (2,635 | ) | ||||||||
Westlake Chemical Corp | 2,015 | 147,677 | (43,118 | ) | ||||||||
WestRock Co | 8,245 | 515,592 | (91,470 | ) | ||||||||
Whirlpool Corp | 1,045 | 187,175 | (33,289 | ) | ||||||||
Whiting Petroleum Corp | 5,885 | 218,801 | (128,937 | ) | ||||||||
Williams-Sonoma Inc | 1,782 | 133,562 | 2,494 | |||||||||
World Fuel Services Corp | 4,615 | 185,361 | (20,144 | ) | ||||||||
WPX Energy Inc | 4,505 | 60,812 | (30,989 | ) | ||||||||
WR Berkley Corp | 5,138 | 252,800 | 26,553 | |||||||||
Wyndham Worldwide Corp | 3,011 | 258,631 | (42,140 | ) | ||||||||
Xcel Energy Inc | 9,055 | 307,047 | 13,590 | |||||||||
Xerox Corp | 62,369 | 718,759 | (111,908 | ) | ||||||||
Xilinx Inc | 11,395 | 495,908 | (12,760 | ) | ||||||||
Yahoo! Inc | 21,623 | 905,781 | (280,660 | ) | ||||||||
Yelp Inc | 8,512 | 214,439 | (30,069 | ) | ||||||||
Zoetis Inc | 5,082 | 230,788 | (21,512 | ) | ||||||||
Zynga Inc | 52,375 | 136,583 | (17,168 | ) | ||||||||
|
| |||||||||||
(17,705,532 | ) | |||||||||||
|
| |||||||||||
Total Long Positions | (18,092,479 | ) | ||||||||||
|
| |||||||||||
Short Positions: | ||||||||||||
Bermuda | ||||||||||||
Golar LNG Ltd | (15,436 | ) | (655,120 | ) | 224,764 | |||||||
Teekay Corp | (8,938 | ) | (429,983 | ) | 165,061 | |||||||
|
| |||||||||||
389,825 | ||||||||||||
|
| |||||||||||
Canada | ||||||||||||
Restaurant Brands International Inc | (8,707 | ) | (354,816 | ) | 42,061 | |||||||
|
| |||||||||||
Panama | ||||||||||||
Copa Holdings SA | (2,210 | ) | (210,687 | ) | 118,021 | |||||||
|
| |||||||||||
Singapore | ||||||||||||
Avago Technologies Ltd | (3,559 | ) | (442,013 | ) | (2,897 | ) | ||||||
|
| |||||||||||
United Kingdom | ||||||||||||
Liberty Global PLC | (816 | ) | (39,059 | ) | 4,020 | |||||||
Pentair PLC | (4,423 | ) | (274,934 | ) | 49,184 | |||||||
|
| |||||||||||
53,204 | ||||||||||||
|
| |||||||||||
United States | ||||||||||||
Abercrombie & Fitch Co | (1,386 | ) | (27,235 | ) | (2,134 | ) | ||||||
Acadia Healthcare Co Inc | (1,821 | ) | (136,744 | ) | 16,067 | |||||||
Acxiom Corp | (1,747 | ) | (36,190 | ) | 1,670 | |||||||
Adobe Systems Inc | (2,428 | ) | (181,426 | ) | (18,204 | ) | ||||||
Advance Auto Parts Inc | (6,090 | ) | (877,481 | ) | (276,757 | ) | ||||||
AECOM | (23,959 | ) | (757,920 | ) | 98,808 | |||||||
Air Lease Corp | (4,468 | ) | (174,750 | ) | 36,599 | |||||||
Air Products & Chemicals Inc | (2,899 | ) | (424,751 | ) | 54,897 |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Airgas Inc | (973 | ) | ($99,195 | ) | $12,277 | |||||||
Akorn Inc | (26,890 | ) | (1,120,832 | ) | 354,333 | |||||||
Albemarle Corp | (8,511 | ) | (391,980 | ) | 16,645 | |||||||
Alcoa Inc | (9,118 | ) | (125,681 | ) | 37,601 | |||||||
Alexion Pharmaceuticals Inc | (3,895 | ) | (700,735 | ) | 91,596 | |||||||
Align Technology Inc | (11,443 | ) | (678,848 | ) | 29,343 | |||||||
Alkermes PLC | (5,821 | ) | (331,097 | ) | (10,422 | ) | ||||||
Alleghany Corp | (2,503 | ) | (1,191,934 | ) | 20,254 | |||||||
Allegheny Technologies Inc | (10,822 | ) | (374,454 | ) | 220,998 | |||||||
Allegion PLC | (2,110 | ) | (129,501 | ) | 7,839 | |||||||
Allergan PLC | (3,557 | ) | (1,015,864 | ) | 49,036 | |||||||
Alliance Data Systems Corp | (7,484 | ) | (2,233,723 | ) | 295,517 | |||||||
Alliant Energy Corp | (20,725 | ) | (1,252,808 | ) | 40,603 | |||||||
Allison Transmission Holdings Inc | (5,467 | ) | (168,452 | ) | 22,538 | |||||||
Alnylam Pharmaceuticals Inc | (6,542 | ) | (696,549 | ) | 170,834 | |||||||
AMC Networks Inc | (684 | ) | (54,393 | ) | 4,345 | |||||||
AMETEK Inc | (8,279 | ) | (435,320 | ) | 2,163 | |||||||
Amphenol Corp | (11,509 | ) | (643,219 | ) | 56,720 | |||||||
Anadarko Petroleum Corp | (9,950 | ) | (818,862 | ) | 217,982 | |||||||
Analog Devices Inc | (4,345 | ) | (270,130 | ) | 25,029 | |||||||
Antero Resources Corp | (1,128 | ) | (49,861 | ) | 25,992 | |||||||
Aon PLC | (7,182 | ) | (701,518 | ) | 65,121 | |||||||
Apache Corp | (15,716 | ) | (1,070,387 | ) | 454,948 | |||||||
Arista Networks Inc | (2,536 | ) | (192,317 | ) | 37,139 | |||||||
ARRIS Group Inc | (55,953 | ) | (1,681,316 | ) | 228,216 | |||||||
Arthur J Gallagher & Co | (3,230 | ) | (153,826 | ) | 20,492 | |||||||
Ascena Retail Group Inc | (4,527 | ) | (56,174 | ) | (6,797 | ) | ||||||
AT&T Inc | (22,099 | ) | (738,902 | ) | 18,917 | |||||||
athenahealth Inc | (1,744 | ) | (234,366 | ) | 1,804 | |||||||
Atmel Corp | (44,225 | ) | (350,348 | ) | (6,548 | ) | ||||||
Atmos Energy Corp | (2,074 | ) | (112,058 | ) | (8,607 | ) | ||||||
Autodesk Inc | (1,975 | ) | (113,423 | ) | 26,247 | |||||||
AutoZone Inc | (327 | ) | (221,603 | ) | (15,089 | ) | ||||||
Avis Budget Group Inc | (23,717 | ) | (1,048,820 | ) | 12,861 | |||||||
B/E Aerospace Inc | (9,148 | ) | (546,671 | ) | 145,074 | |||||||
Ball Corp | (10,548 | ) | (771,670 | ) | 115,584 | |||||||
Bank of America Corp | (25,862 | ) | (421,651 | ) | 18,721 | |||||||
BankUnited Inc | (3,455 | ) | (113,801 | ) | (9,715 | ) | ||||||
Bio-Techne Corp | (979 | ) | (92,123 | ) | 1,604 | |||||||
Black Knight Financial Services Inc | (1,076 | ) | (37,436 | ) | 2,413 | |||||||
Bluebird Bio Inc | (524 | ) | (69,219 | ) | 24,391 | |||||||
BorgWarner Inc | (25,215 | ) | (1,483,381 | ) | 434,689 | |||||||
Boston Scientific Corp | (22,757 | ) | (395,071 | ) | 21,629 | |||||||
Brookdale Senior Living Inc | (52,189 | ) | (1,889,509 | ) | 691,249 | |||||||
Brown-Forman Corp | (8,335 | ) | (802,905 | ) | (4,757 | ) | ||||||
Cabela’s Inc | (8,998 | ) | (480,046 | ) | 69,738 | |||||||
Cablevision Systems Corp | (23,164 | ) | (472,645 | ) | (279,490 | ) | ||||||
Cabot Oil & Gas Corp | (31,463 | ) | (1,063,098 | ) | 375,317 | |||||||
Cadence Design Systems Inc | (3,766 | ) | (71,198 | ) | (6,683 | ) | ||||||
Calpine Corp | (2,696 | ) | (54,929 | ) | 15,567 | |||||||
Campbell Soup Co | (3,844 | ) | (173,484 | ) | (21,330 | ) | ||||||
CarMax Inc | (20,815 | ) | (1,449,617 | ) | 214,871 | |||||||
Caterpillar Inc | (4,347 | ) | (378,379 | ) | 94,259 | |||||||
CBOE Holdings Inc | (3,438 | ) | (191,932 | ) | (38,689 | ) | ||||||
CDK Global Inc | (12,702 | ) | (619,160 | ) | 12,258 | |||||||
CenterPoint Energy Inc | (22,609 | ) | (469,366 | ) | 61,500 | |||||||
CenturyLink Inc | (22,745 | ) | (807,693 | ) | 236,338 | |||||||
CH Robinson Worldwide Inc | (7,347 | ) | (473,080 | ) | (24,900 | ) | ||||||
Cheniere Energy Inc | (10,330 | ) | (756,004 | ) | 257,065 | |||||||
Chevron Corp | (9,277 | ) | (960,431 | ) | 228,661 | |||||||
Chipotle Mexican Grill Inc | (1,486 | ) | (931,690 | ) | (138,602 | ) | ||||||
Ciena Corp | (26,747 | ) | (601,924 | ) | 47,726 | |||||||
Cimarex Energy Co | (3,032 | ) | (371,123 | ) | 60,403 | |||||||
Cincinnati Financial Corp | (9,499 | ) | (482,920 | ) | (28,126 | ) | ||||||
Citigroup Inc | (10,770 | ) | (569,328 | ) | 35,028 | |||||||
Clean Harbors Inc | (7,693 | ) | (425,956 | ) | 87,695 | |||||||
CMS Energy Corp | (5,697 | ) | (190,638 | ) | (10,580 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-93
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Cobalt International Energy Inc | (87,470 | ) | ($887,319 | ) | $268,031 | |||||||
Colfax Corp | (17,493 | ) | (871,381 | ) | 348,165 | |||||||
Colgate-Palmolive Co | (4,620 | ) | (312,692 | ) | 19,507 | |||||||
Columbia Pipeline Group Inc | (32,052 | ) | (844,218 | ) | 257,986 | |||||||
Comerica Inc | (4,093 | ) | (194,899 | ) | 26,677 | |||||||
ConAgra Foods Inc | (5,901 | ) | (218,120 | ) | (20,929 | ) | ||||||
Concho Resources Inc | (6,625 | ) | (824,721 | ) | 173,483 | |||||||
CONSOL Energy Inc | (59,227 | ) | (1,809,679 | ) | 1,229,255 | |||||||
Constellation Brands Inc | (10,384 | ) | (1,204,503 | ) | (95,677 | ) | ||||||
Con-way Inc | (900 | ) | (37,054 | ) | (5,651 | ) | ||||||
Core Laboratories NV | (7,574 | ) | (990,302 | ) | 234,417 | |||||||
CoStar Group Inc | (1,678 | ) | (336,459 | ) | 46,064 | |||||||
CST Brands Inc | (4,623 | ) | (189,011 | ) | 33,400 | |||||||
Cullen/Frost Bankers Inc | (2,068 | ) | (151,549 | ) | 20,066 | |||||||
Cypress Semiconductor Corp | (56,743 | ) | (620,870 | ) | 137,420 | |||||||
Dana Holding Corp | (12,535 | ) | (270,470 | ) | 71,414 | |||||||
DaVita HealthCare Partners Inc | (13,057 | ) | (1,067,952 | ) | 123,539 | |||||||
Deere & Co | (3,729 | ) | (336,308 | ) | 60,362 | |||||||
DeVry Education Group Inc | (1,567 | ) | (40,545 | ) | (2,093 | ) | ||||||
Diebold Inc | (1,964 | ) | (59,466 | ) | 997 | |||||||
Discovery Communications Inc | (25,126 | ) | (815,069 | ) | 161,039 | |||||||
DISH Network Corp | (7,542 | ) | (509,263 | ) | 69,263 | |||||||
Dolby Laboratories Inc | (1,743 | ) | (55,127 | ) | (1,695 | ) | ||||||
Dollar Tree Inc | (3,794 | ) | (259,066 | ) | 6,158 | |||||||
Dominion Resources Inc | (32,922 | ) | (2,334,067 | ) | 17,016 | |||||||
Dover Corp | (6,522 | ) | (492,709 | ) | 119,781 | |||||||
Dril-Quip Inc | (2,237 | ) | (177,456 | ) | 47,218 | |||||||
Dunkin’ Brands Group Inc | (4,931 | ) | (254,019 | ) | 12,400 | |||||||
E*TRADE Financial Corp | (23,745 | ) | (687,413 | ) | 62,208 | |||||||
Eagle Materials Inc | (5,751 | ) | (485,866 | ) | 92,383 | |||||||
East West Bancorp Inc | (1,100 | ) | (44,893 | ) | 2,631 | |||||||
Eastman Chemical Co | (4,646 | ) | (364,286 | ) | 63,597 | |||||||
Ecolab Inc | (9,315 | ) | (1,051,769 | ) | 29,728 | |||||||
Endo International PLC | (14,600 | ) | (1,241,903 | ) | 230,415 | |||||||
Energen Corp | (2,967 | ) | (209,079 | ) | 61,144 | |||||||
Ensco PLC | (4,834 | ) | (132,390 | ) | 64,327 | |||||||
Envision Healthcare Holdings Inc | (49,692 | ) | (1,838,487 | ) | 10,319 | |||||||
EQT Corp | (6,242 | ) | (558,056 | ) | 153,762 | |||||||
Esterline Technologies Corp | (545 | ) | (58,798 | ) | 19,618 | |||||||
Eversource Energy | (12,095 | ) | (586,564 | ) | (25,685 | ) | ||||||
Exxon Mobil Corp | (7,871 | ) | (694,989 | ) | 109,780 | |||||||
Facebook Inc | (5,895 | ) | (458,999 | ) | (70,961 | ) | ||||||
Fastenal Co | (20,837 | ) | (878,233 | ) | 115,390 | |||||||
FEI Co | (5,610 | ) | (436,195 | ) | 26,441 | |||||||
FireEye Inc | (3,644 | ) | (147,619 | ) | 31,667 | |||||||
First Horizon National Corp | (9,199 | ) | (131,730 | ) | 1,288 | |||||||
First Niagara Financial Group Inc | (53,512 | ) | (479,150 | ) | (67,207 | ) | ||||||
First Republic Bank | (3,665 | ) | (214,415 | ) | (15,637 | ) | ||||||
FirstEnergy Corp | (17,863 | ) | (635,088 | ) | 75,798 | |||||||
FleetCor Technologies Inc | (7,839 | ) | (1,228,021 | ) | 149,218 | |||||||
FLIR Systems Inc | (1,518 | ) | (47,296 | ) | 4,807 | |||||||
Flowserve Corp | (3,014 | ) | (169,862 | ) | 45,866 | |||||||
Fluor Corp | (1,096 | ) | (65,757 | ) | 19,341 | |||||||
FMC Corp | (5,757 | ) | (321,633 | ) | 126,413 | |||||||
FNF Group | (6,070 | ) | (220,433 | ) | 5,130 | |||||||
Forest City Enterprises Inc | (3,136 | ) | (74,986 | ) | 11,858 | |||||||
Fortinet Inc | (7,226 | ) | (274,756 | ) | (32,204 | ) | ||||||
Fossil Group Inc | (609 | ) | (50,630 | ) | 16,599 | |||||||
Freeport-McMoRan Inc | (26,993 | ) | (628,372 | ) | 366,810 | |||||||
Frontier Communications Corp | (140,591 | ) | (927,375 | ) | 259,567 | |||||||
General Mills Inc | (4,495 | ) | (249,055 | ) | (3,249 | ) | ||||||
Genesee & Wyoming Inc | (5,198 | ) | (481,661 | ) | 174,564 | |||||||
Gentex Corp | (27,577 | ) | (479,848 | ) | 52,404 | |||||||
Genworth Financial Inc | (75,072 | ) | (655,231 | ) | 308,399 |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Global Payments Inc | (2,381 | ) | ($240,727 | ) | ($32,446 | ) | ||||||
Graphic Packaging Holding Co | (2,337 | ) | (33,024 | ) | 3,134 | |||||||
Great Plains Energy Inc | (4,212 | ) | (109,629 | ) | (4,179 | ) | ||||||
Greif Inc | (1,053 | ) | (36,490 | ) | 2,889 | |||||||
Halliburton Co | (18,733 | ) | (913,020 | ) | 250,809 | |||||||
Hancock Holding Co | (3,214 | ) | (93,768 | ) | 6,829 | |||||||
Hanesbrands Inc | (6,133 | ) | (184,952 | ) | 7,463 | |||||||
Harley-Davidson Inc | (6,514 | ) | (367,891 | ) | 10,272 | |||||||
Harman International Industries Inc | (605 | ) | (77,209 | ) | 19,136 | |||||||
Harris Corp | (824 | ) | (62,778 | ) | 2,503 | |||||||
Harsco Corp | (3,524 | ) | (39,433 | ) | 7,470 | |||||||
Hasbro Inc | (5,307 | ) | (374,172 | ) | (8,675 | ) | ||||||
Helmerich & Payne Inc | (10,175 | ) | (794,570 | ) | 313,699 | |||||||
Hertz Global Holdings Inc | (69,963 | ) | (1,452,460 | ) | 281,979 | |||||||
Hexcel Corp | (20,884 | ) | (1,049,211 | ) | 112,354 | |||||||
Hologic Inc | (10,083 | ) | (340,726 | ) | (53,822 | ) | ||||||
Huntington Bancshares Inc | (16,366 | ) | (178,672 | ) | 5,192 | |||||||
Huntsman Corp | (19,648 | ) | (454,878 | ) | 264,489 | |||||||
IDEX Corp | (693 | ) | (52,331 | ) | 2,921 | |||||||
IDEXX Laboratories Inc | (17,315 | ) | (1,116,469 | ) | (169,170 | ) | ||||||
IHS Inc | (559 | ) | (70,936 | ) | 6,092 | |||||||
Illumina Inc | (8,387 | ) | (1,576,846 | ) | 102,243 | |||||||
Incyte Corp | (7,588 | ) | (748,905 | ) | (88,280 | ) | ||||||
Intercontinental Exchange Inc | (1,277 | ) | (290,335 | ) | (9,747 | ) | ||||||
Intuitive Surgical Inc | (2,280 | ) | (1,123,295 | ) | 75,453 | |||||||
IPG Photonics Corp | (3,587 | ) | (327,024 | ) | 54,519 | |||||||
ITC Holdings Corp | (7,757 | ) | (276,483 | ) | 17,865 | |||||||
Jacobs Engineering Group Inc | (5,676 | ) | (243,366 | ) | 30,914 | |||||||
Jarden Corp | (17,018 | ) | (876,652 | ) | 44,812 | |||||||
Jazz Pharmaceuticals PLC | (6,167 | ) | (1,093,125 | ) | 274,086 | |||||||
JB Hunt Transport Services Inc | (7,995 | ) | (699,018 | ) | 128,175 | |||||||
JC Penney Co Inc | (6,093 | ) | (50,376 | ) | (6,228 | ) | ||||||
Johnson Controls Inc | (8,339 | ) | (421,097 | ) | 76,196 | |||||||
Joy Global Inc | (4,845 | ) | (207,873 | ) | 135,537 | |||||||
Juniper Networks Inc | (5,329 | ) | (142,631 | ) | 5,622 | |||||||
Kansas City Southern | (18,649 | ) | (1,914,072 | ) | 219,251 | |||||||
KAR Auction Services Inc | (1,137 | ) | (41,825 | ) | 1,461 | |||||||
Kate Spade & Co | (21,431 | ) | (702,440 | ) | 292,893 | |||||||
Kellogg Co | (7,263 | ) | (459,540 | ) | (23,813 | ) | ||||||
Kennametal Inc | (2,591 | ) | (97,333 | ) | 32,843 | |||||||
Keurig Green Mountain Inc | (9,185 | ) | (983,769 | ) | 504,864 | |||||||
KeyCorp | (3,798 | ) | (55,495 | ) | 6,083 | |||||||
Kinder Morgan Inc | (46,611 | ) | (1,994,765 | ) | 704,572 | |||||||
Kirby Corp | (3,424 | ) | (275,711 | ) | 63,594 | |||||||
KLX Inc | (16,851 | ) | (700,524 | ) | 98,270 | |||||||
Laboratory Corp of America Holdings | (7,988 | ) | (945,931 | ) | 79,473 | |||||||
Lam Research Corp | (2,281 | ) | (172,602 | ) | 23,584 | |||||||
Las Vegas Sands Corp | (16,493 | ) | (867,557 | ) | 241,318 | |||||||
Leggett & Platt Inc | (14,717 | ) | (671,007 | ) | 63,931 | |||||||
Lennar Corp | (16,444 | ) | (754,515 | ) | (36,935 | ) | ||||||
Leucadia National Corp | (8,820 | ) | (184,211 | ) | 5,518 | |||||||
Level 3 Communications Inc | (43,646 | ) | (2,444,056 | ) | 537,162 | |||||||
Liberty Broadband Corp | (986 | ) | (53,902 | ) | 3,449 | |||||||
LinkedIn Corp | (3,112 | ) | (642,584 | ) | 50,900 | |||||||
Lions Gate Entertainment Corp | (9,621 | ) | (299,359 | ) | (54,694 | ) | ||||||
Live Nation Entertainment Inc | (3,816 | ) | (96,482 | ) | 4,746 | |||||||
Loews Corp | (27,108 | ) | (1,097,222 | ) | 117,539 | |||||||
Louisiana-Pacific Corp | (66,617 | ) | (1,089,324 | ) | 140,698 | |||||||
lululemon athletica Inc | (3,021 | ) | (194,481 | ) | 41,467 | |||||||
Lumentum Holdings Inc | (5,947 | ) | (147,926 | ) | 47,118 | |||||||
M&T Bank Corp | (4,105 | ) | (493,596 | ) | (7,009 | ) | ||||||
Macquarie Infrastructure Corp | (664 | ) | (52,513 | ) | 2,939 | |||||||
Marsh & McLennan Cos Inc | (7,826 | ) | (442,419 | ) | 33,745 | |||||||
Martin Marietta Materials Inc | (8,165 | ) | (1,189,191 | ) | (51,481 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-94
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
MasterCard Inc | (7,325 | ) | ($664,273 | ) | $4,144 | |||||||
Mattel Inc | (38,067 | ) | (983,957 | ) | 182,266 | |||||||
McCormick & Co Inc | (4,202 | ) | (318,072 | ) | (27,248 | ) | ||||||
MDC Holdings Inc | (4,972 | ) | (134,488 | ) | 4,321 | |||||||
MDU Resources Group Inc | (41,499 | ) | (853,941 | ) | 140,158 | |||||||
MEDNAX Inc | (3,948 | ) | (280,834 | ) | (22,333 | ) | ||||||
Memorial Resource Development Corp | (7,800 | ) | (154,855 | ) | 17,731 | |||||||
Mettler-Toledo International Inc | (309 | ) | (98,722 | ) | 10,737 | |||||||
MGM Resorts International | (47,695 | ) | (970,084 | ) | 90,111 | |||||||
Microchip Technology Inc | (2,046 | ) | (97,783 | ) | 9,621 | |||||||
Mohawk Industries Inc | (1,542 | ) | (271,018 | ) | (9,302 | ) | ||||||
Monsanto Co | (5,387 | ) | (625,770 | ) | 166,043 | |||||||
Monster Beverage Corp | (7,400 | ) | (1,008,432 | ) | 8,396 | |||||||
Motorola Solutions Inc | (133 | ) | (7,805 | ) | (1,289 | ) | ||||||
MSC Industrial Direct Co Inc | (7,875 | ) | (564,709 | ) | 84,098 | |||||||
Mylan NV | (6,647 | ) | (321,592 | ) | 53,983 | |||||||
National Fuel Gas Co | (10,606 | ) | (668,520 | ) | 138,432 | |||||||
NetSuite Inc | (12,604 | ) | (1,185,168 | ) | 127,693 | |||||||
Newell Rubbermaid Inc | (5,787 | ) | (225,562 | ) | (4,239 | ) | ||||||
News Corp | (3,217 | ) | (49,892 | ) | 9,293 | |||||||
NextEra Energy Inc | (4,092 | ) | (411,345 | ) | 12,170 | |||||||
Nielsen Holdings PLC | (21,542 | ) | (973,181 | ) | 15,208 | |||||||
Noble Energy Inc | (9,857 | ) | (480,921 | ) | 183,437 | |||||||
Norfolk Southern Corp | (2,625 | ) | (263,563 | ) | 63,013 | |||||||
Northern Trust Corp | (2,652 | ) | (195,362 | ) | 14,602 | |||||||
Norwegian Cruise Line Holdings Ltd | (7,484 | ) | (364,960 | ) | (63,873 | ) | ||||||
NRG Energy Inc | (46,911 | ) | (1,178,812 | ) | 482,184 | |||||||
Nuance Communications Inc | (2,873 | ) | (44,107 | ) | (2,924 | ) | ||||||
Nucor Corp | (4,760 | ) | (233,051 | ) | 54,313 | |||||||
NVR Inc | (49 | ) | (65,073 | ) | (9,663 | ) | ||||||
Occidental Petroleum Corp | (10,160 | ) | (811,259 | ) | 139,175 | |||||||
OGE Energy Corp | (15,936 | ) | (513,409 | ) | 77,400 | |||||||
ONEOK Inc | (19,637 | ) | (861,517 | ) | 229,205 | |||||||
Oshkosh Corp | (5,591 | ) | (296,843 | ) | 93,721 | |||||||
Owens-Illinois Inc | (8,079 | ) | (196,828 | ) | 29,431 | |||||||
PACCAR Inc | (4,665 | ) | (304,668 | ) | 61,294 | |||||||
PacWest Bancorp | (4,484 | ) | (203,481 | ) | 11,521 | |||||||
Palo Alto Networks Inc | (9,005 | ) | (1,329,640 | ) | (219,220 | ) | ||||||
Pandora Media Inc | (26,120 | ) | (469,616 | ) | (87,785 | ) | ||||||
Panera Bread Co | (711 | ) | (129,644 | ) | (7,871 | ) | ||||||
Patterson-UTI Energy Inc | (19,395 | ) | (428,662 | ) | 173,812 | |||||||
People’s United Financial Inc | (10,877 | ) | (164,453 | ) | (6,643 | ) | ||||||
PerkinElmer Inc | (19,892 | ) | (1,021,686 | ) | 107,449 | |||||||
Philip Morris International Inc | (1,250 | ) | (103,948 | ) | 4,786 | |||||||
Platform Specialty Products Corp | (9,033 | ) | (162,719 | ) | 48,451 | |||||||
Polaris Industries Inc | (5,344 | ) | (746,822 | ) | 106,237 | |||||||
PolyOne Corp | (1,797 | ) | (71,758 | ) | 19,034 | |||||||
Post Holdings Inc | (13,963 | ) | (665,507 | ) | (159,707 | ) | ||||||
PPG Industries Inc | (3,244 | ) | (360,467 | ) | 76,001 | |||||||
PPL Corp | (7,106 | ) | (221,339 | ) | (12,377 | ) | ||||||
Praxair Inc | (6,892 | ) | (838,606 | ) | 136,587 | |||||||
Principal Financial Group Inc | (1,241 | ) | (64,046 | ) | 5,297 | |||||||
Prosperity Bancshares Inc | (1,297 | ) | (68,905 | ) | 5,209 | |||||||
PVH Corp | (3,058 | ) | (320,251 | ) | 8,519 | |||||||
QIAGEN NV | (3,249 | ) | (85,965 | ) | 2,141 | |||||||
Qorvo Inc | (4,244 | ) | (288,014 | ) | 96,822 | |||||||
QUALCOMM Inc | (11,432 | ) | (742,244 | ) | 128,003 | |||||||
Quanta Services Inc | (4,541 | ) | (129,401 | ) | 19,463 | |||||||
Questar Corp | (10,191 | ) | (237,357 | ) | 39,550 | |||||||
Range Resources Corp | (19,517 | ) | (1,228,714 | ) | 601,828 | |||||||
Regeneron Pharmaceuticals Inc | (3,038 | ) | (1,418,758 | ) | 5,663 | |||||||
Rent-A-Center Inc | (1,191 | ) | (37,635 | ) | 8,754 | |||||||
Reynolds American Inc | (20,875 | ) | (768,590 | ) | (155,546 | ) | ||||||
Rice Energy Inc | (22,406 | ) | (528,447 | ) | 166,366 | |||||||
Roper Technologies Inc | (4,104 | ) | (692,446 | ) | 49,350 |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Rowan Cos Plc | (6,227 | ) | ($141,707 | ) | $41,141 | |||||||
Royal Caribbean Cruises Ltd | (2,691 | ) | (179,902 | ) | (59,839 | ) | ||||||
RPM International Inc | (4,466 | ) | (214,369 | ) | 27,288 | |||||||
salesforce.com Inc | (13,552 | ) | (990,557 | ) | 49,642 | |||||||
SanDisk Corp | (1,174 | ) | (78,417 | ) | 14,633 | |||||||
SBA Communications Corp | (13,609 | ) | (1,584,326 | ) | 158,919 | |||||||
SCANA Corp | (1,791 | ) | (93,854 | ) | (6,908 | ) | ||||||
Schlumberger Ltd | (806 | ) | (74,409 | ) | 18,820 | |||||||
Scripps Networks Interactive Inc | (1,408 | ) | (98,665 | ) | 29,405 | |||||||
Seagate Technology PLC | (2,905 | ) | (170,315 | ) | 40,171 | |||||||
Sealed Air Corp | (16,746 | ) | (771,303 | ) | (13,749 | ) | ||||||
Seattle Genetics Inc | (13,842 | ) | (565,543 | ) | 31,795 | |||||||
Sempra Energy | (9,254 | ) | (969,099 | ) | 74,053 | |||||||
Semtech Corp | (1,683 | ) | (28,920 | ) | 3,506 | |||||||
Sensata Technologies Holding NV | (38,197 | ) | (2,021,543 | ) | 327,888 | |||||||
ServiceNow Inc | (7,427 | ) | (548,375 | ) | 32,570 | |||||||
Signature Bank | (2,360 | ) | (319,524 | ) | (5,118 | ) | ||||||
Signet Jewelers Ltd | (3,962 | ) | (536,546 | ) | (2,801 | ) | ||||||
Silicon Laboratories Inc | (641 | ) | (28,430 | ) | 1,803 | |||||||
Sirius XM Holdings Inc | (191,992 | ) | (743,778 | ) | 25,728 | |||||||
Sirona Dental Systems Inc | (2,414 | ) | (225,795 | ) | 472 | |||||||
SLM Corp | (25,655 | ) | (264,402 | ) | 74,555 | |||||||
Solera Holdings Inc | (1,823 | ) | (89,993 | ) | (8,449 | ) | ||||||
Sotheby’s | (13,450 | ) | (566,291 | ) | 136,160 | |||||||
Southwestern Energy Co | (30,374 | ) | (849,188 | ) | 463,742 | |||||||
Spectra Energy Corp | (26,843 | ) | (990,366 | ) | 285,200 | |||||||
Spectrum Brands Holdings Inc | (9,149 | ) | (897,443 | ) | 60,218 | |||||||
Spirit Airlines Inc | (15,458 | ) | (1,014,088 | ) | 282,924 | |||||||
Splunk Inc | (10,749 | ) | (713,374 | ) | 118,417 | |||||||
Sprint Corp | (300,041 | ) | (1,378,775 | ) | 226,617 | |||||||
Sprouts Farmers Market Inc | (87,706 | ) | (2,438,038 | ) | 587,441 | |||||||
Starbucks Corp | (718 | ) | (35,156 | ) | (5,656 | ) | ||||||
Stericycle Inc | (8,766 | ) | (1,169,405 | ) | (51,786 | ) | ||||||
STERIS Corp | (2,946 | ) | (197,242 | ) | 5,841 | |||||||
SunEdison Inc | (76,847 | ) | (1,946,184 | ) | 1,394,422 | |||||||
SunPower Corp | (5,258 | ) | (139,787 | ) | 34,417 | |||||||
SunTrust Banks Inc | (41,121 | ) | (1,727,533 | ) | 155,066 | |||||||
SVB Financial Group | (2,132 | ) | (280,095 | ) | 33,764 | |||||||
Synovus Financial Corp | (4,242 | ) | (117,869 | ) | (7,695 | ) | ||||||
T Rowe Price Group Inc | (21,932 | ) | (1,780,980 | ) | 256,706 | |||||||
T-Mobile US Inc | (19,427 | ) | (650,844 | ) | (122,545 | ) | ||||||
Tableau Software Inc | (733 | ) | (71,224 | ) | 12,746 | |||||||
Targa Resources Corp | (19,021 | ) | (1,773,847 | ) | 793,894 | |||||||
Tempur Sealy International Inc | (7,971 | ) | (486,472 | ) | (82,896 | ) | ||||||
Tenet Healthcare Corp | (17,079 | ) | (819,860 | ) | 189,303 | |||||||
Tesla Motors Inc | (10,364 | ) | (2,382,595 | ) | (191,823 | ) | ||||||
The ADT Corp | (18,080 | ) | (651,940 | ) | 111,348 | |||||||
The Charles Schwab Corp | (69,259 | ) | (2,163,322 | ) | 185,285 | |||||||
The Cooper Cos Inc | (3,044 | ) | (541,689 | ) | 88,559 | |||||||
The Hain Celestial Group Inc | (9,402 | ) | (565,449 | ) | 80,306 | |||||||
The Hershey Co | (4,206 | ) | (391,181 | ) | 4,734 | |||||||
The Howard Hughes Corp | (2,209 | ) | (318,634 | ) | 65,174 | |||||||
The JM Smucker Co | (1,548 | ) | (179,698 | ) | 3,086 | |||||||
The Madison Square Garden Co | (1,672 | ) | (138,786 | ) | 18,168 | |||||||
The Manitowoc Co Inc | (12,759 | ) | (252,028 | ) | 60,643 | |||||||
The Middleby Corp | (1,963 | ) | (200,488 | ) | (6,000 | ) | ||||||
The Progressive Corp | (50,844 | ) | (1,370,266 | ) | (187,594 | ) | ||||||
The Sherwin-Williams Co | (1,028 | ) | (286,074 | ) | 57,056 | |||||||
The Southern Co | (19,532 | ) | (864,739 | ) | (8,341 | ) | ||||||
The Ultimate Software Group Inc | (3,342 | ) | (549,902 | ) | (48,350 | ) | ||||||
The Valspar Corp | (1,553 | ) | (127,086 | ) | 15,456 | |||||||
The Wendy’s Co | (5,899 | ) | (63,786 | ) | 12,759 | |||||||
The WhiteWave Foods Co | (6,480 | ) | (283,829 | ) | 23,657 | |||||||
Thomson Reuters Corp | (3,748 | ) | (153,671 | ) | 2,777 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-95
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Tiffany & Co | (5,416 | ) | ($476,732 | ) | $58,509 | |||||||
Toll Brothers Inc | (3,442 | ) | (123,179 | ) | 5,325 | |||||||
Tractor Supply Co | (1,620 | ) | (138,297 | ) | 1,698 | |||||||
TransDigm Group Inc | (6,275 | ) | (1,385,920 | ) | 53,047 | |||||||
TreeHouse Foods Inc | (6,359 | ) | (513,055 | ) | 18,389 | |||||||
Trimble Navigation Ltd | (16,578 | ) | (406,384 | ) | 134,173 | |||||||
TripAdvisor Inc | (9,306 | ) | (709,305 | ) | 122,841 | |||||||
Twitter Inc | (34,593 | ) | (1,221,635 | ) | 289,700 | |||||||
UGI Corp | (2,417 | ) | (83,911 | ) | (249 | ) | ||||||
Under Armour Inc | (18,179 | ) | (1,407,659 | ) | (351,704 | ) | ||||||
United Natural Foods Inc | (3,686 | ) | (249,082 | ) | 70,274 | |||||||
United Parcel Service Inc | (9,150 | ) | (917,203 | ) | 14,190 | |||||||
United Rentals Inc | (6,078 | ) | (599,797 | ) | 234,813 | |||||||
USG Corp | (66,380 | ) | (1,832,059 | ) | 65,023 | |||||||
Vantiv Inc | (7,577 | ) | (301,243 | ) | (39,116 | ) | ||||||
Varian Medical Systems Inc | (5,294 | ) | (458,954 | ) | 68,363 | |||||||
VeriFone Systems Inc | (12,671 | ) | (453,341 | ) | 101,974 | |||||||
Verisk Analytics Inc | (2,648 | ) | (199,233 | ) | 3,519 | |||||||
Vertex Pharmaceuticals Inc | (5,970 | ) | (737,179 | ) | 115,463 | |||||||
Viavi Solutions Inc | (51,668 | ) | (375,872 | ) | 98,414 | |||||||
Visa Inc | (19,339 | ) | (1,278,802 | ) | (68,353 | ) | ||||||
Vista Outdoor Inc | (610 | ) | (28,332 | ) | 1,230 | |||||||
Visteon Corp | (7,799 | ) | (796,865 | ) | 7,294 | |||||||
VMware Inc | (883 | ) | (77,581 | ) | 8,009 | |||||||
Vulcan Materials Co | (1,916 | ) | (165,516 | ) | (5,391 | ) | ||||||
WABCO Holdings Inc | (2,462 | ) | (308,644 | ) | 50,553 | |||||||
Wabtec Corp | (2,205 | ) | (215,948 | ) | 21,798 |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Walgreens Boots Alliance Inc | (11,594 | ) | ($965,162 | ) | $1,701 | |||||||
Waste Connections Inc | (4,474 | ) | (210,897 | ) | (6,450 | ) | ||||||
Watsco Inc | (1,368 | ) | (165,629 | ) | 3,548 | |||||||
Weatherford International PLC | (42,676 | ) | (621,951 | ) | 260,058 | |||||||
WEC Energy Group Inc | (6,457 | ) | (312,506 | ) | (24,679 | ) | ||||||
WellCare Health Plans Inc | (2,405 | ) | (195,811 | ) | (11,452 | ) | ||||||
Westar Energy Inc | (964 | ) | (35,357 | ) | (1,700 | ) | ||||||
WEX Inc | (3,370 | ) | (385,782 | ) | 93,131 | |||||||
Whole Foods Market Inc | (1,012 | ) | (48,618 | ) | 16,588 | |||||||
Willis Group Holdings PLC | (4,795 | ) | (229,916 | ) | 33,465 | |||||||
WisdomTree Investments Inc | (17,254 | ) | (318,672 | ) | 40,365 | |||||||
Workday Inc | (9,452 | ) | (852,205 | ) | 201,340 | |||||||
WR Grace & Co | (5,899 | ) | (571,316 | ) | 22,414 | |||||||
WW Grainger Inc | (2,371 | ) | (586,847 | ) | 77,058 | |||||||
Wynn Resorts Ltd | (11,081 | ) | (1,258,758 | ) | 670,135 | |||||||
Xylem Inc | (3,281 | ) | (120,446 | ) | 12,666 | |||||||
Zebra Technologies Corp | (8,504 | ) | (757,174 | ) | 106,193 | |||||||
Zions Bancorporation | (14,321 | ) | (409,118 | ) | 14,718 | |||||||
|
| |||||||||||
27,998,128 | ||||||||||||
|
| |||||||||||
Total Short Positions | 28,598,342 | |||||||||||
|
| |||||||||||
Total Long and Short Positions |
| 10,505,863 | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| (428,176 | ) | |||||||||
|
| |||||||||||
$10,077,687 | ||||||||||||
|
|
Description | Counter- party | Expiration Dates (1) | Value | |||||||
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Month AUD-BBSW plus or minus a specified spread, which is denominated in AUD based on the local currencies of the positions within the swap. | JPM | | 06/06/16- 10/14/16 | | $270,559 | |||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: | ||||||||||||
Australia | ||||||||||||
Amcor Ltd | 40,913 | $428,361 | ($48,277 | ) | ||||||||
Ansell Ltd | 7,852 | 122,743 | (18,532 | ) | ||||||||
Boral Ltd | 96,540 | 434,376 | (76,600 | ) | ||||||||
Caltex Australia Ltd | 27,922 | 762,602 | (144,702 | ) | ||||||||
Cochlear Ltd | 857 | 56,476 | (6,184 | ) | ||||||||
Echo Entertainment Group Ltd | 132,966 | 464,182 | (11,406 | ) | ||||||||
Harvey Norman Holdings Ltd | 19,747 | 56,155 | (1,942 | ) | ||||||||
Iluka Resources Ltd | 7,430 | 50,759 | (18,257 | ) | ||||||||
Newcrest Mining Ltd | 17,635 | 182,716 | (23,105 | ) | ||||||||
Qantas Airways Ltd | 230,222 | 601,736 | 1,065 | |||||||||
Tabcorp Holdings Ltd | 72,938 | 261,291 | (21,448 | ) | ||||||||
Telstra Corp Ltd | 192,988 | 968,776 | (206,907 | ) | ||||||||
Treasury Wine Estates Ltd | 35,469 | 150,055 | 13,893 | |||||||||
Woodside Petroleum Ltd | 30,715 | 847,886 | (219,873 | ) | ||||||||
|
| |||||||||||
(782,275 | ) | |||||||||||
|
| |||||||||||
New Zealand | ||||||||||||
Fletcher Building Ltd | 13,183 | 64,209 | (6,560 | ) | ||||||||
|
| |||||||||||
Total Long Positions | (788,835 | ) | ||||||||||
|
|
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Short Positions: | ||||||||||||
Australia | ||||||||||||
ALS Ltd | (7,957 | ) | ($29,540 | ) | $3,757 | |||||||
AMP Ltd | (35,998 | ) | (185,857 | ) | 44,845 | |||||||
Australia & New Zealand Banking Group Ltd | (8,176 | ) | (221,182 | ) | 64,555 | |||||||
Bank of Queensland Ltd | (4,230 | ) | (45,042 | ) | 10,455 | |||||||
Brambles Ltd | (51,923 | ) | (451,140 | ) | 95,146 | |||||||
Commonwealth Bank of Australia | (1,581 | ) | (107,554 | ) | 26,213 | |||||||
Crown Resorts Ltd | (26,027 | ) | (273,498 | ) | 92,141 | |||||||
Insurance Australia Group Ltd | (17,159 | ) | (76,597 | ) | 17,900 | |||||||
National Australia Bank Ltd | (4,723 | ) | (132,422 | ) | 32,200 | |||||||
Origin Energy Ltd + | (18,333 | ) | (190,535 | ) | 109,587 | |||||||
QBE Insurance Group Ltd | (34,176 | ) | (372,373 | ) | 62,098 | |||||||
REA Group Ltd | (1,343 | ) | (41,452 | ) | (458 | ) | ||||||
Seek Ltd | (76,878 | ) | (869,851 | ) | 217,543 | |||||||
Suncorp Group Ltd | (4,303 | ) | (44,626 | ) | 7,550 | |||||||
Transurban Group | (25,423 | ) | (205,899 | ) | 28,101 | |||||||
Westpac Banking Corp | (12,188 | ) | (338,828 | ) | 82,615 | |||||||
Woolworths Ltd | (29,515 | ) | (682,130 | ) | 166,014 | |||||||
|
| |||||||||||
1,060,262 | ||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-96
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Ireland | ||||||||||||
James Hardie Industries PLC | (4,064 | ) | ($48,163 | ) | ($887 | ) | ||||||
|
| |||||||||||
Total Short Positions | 1,059,375 | |||||||||||
|
| |||||||||||
Total Long and Short Positions |
| 270,540 | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| 19 | ||||||||||
|
| |||||||||||
$270,559 | ||||||||||||
|
|
Description | Counter- party | Expiration Dates (1) | Value | |||||||
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Month GBP-LIBOR plus or minus a specified spread, which is denominated in GBP based on the local currencies of the positions within the swap. | JPM | | 06/01/16- 10/11/16 | | $3,001,341 | |||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: |
| |||||||||||
Australia | ||||||||||||
BHP Billiton PLC | 16,958 | $410,204 | ($151,322 | ) | ||||||||
|
| |||||||||||
Germany | ||||||||||||
TUI AG | 3,013 | 55,715 | (53 | ) | ||||||||
|
| |||||||||||
India | ||||||||||||
Vedanta Resources PLC | 12,856 | 127,714 | (44,760 | ) | ||||||||
|
| |||||||||||
South Africa | ||||||||||||
Investec PLC | 7,980 | 74,576 | (13,407 | ) | ||||||||
Mondi PLC | 14,079 | 282,335 | 13,145 | |||||||||
|
| |||||||||||
(262 | ) | |||||||||||
|
| |||||||||||
Switzerland | ||||||||||||
Coca-Cola HBC AG | 2,069 | 42,984 | 887 | |||||||||
Wolseley PLC | 1,753 | 103,265 | (716 | ) | ||||||||
|
| |||||||||||
171 | ||||||||||||
|
| |||||||||||
United Kingdom | ||||||||||||
AstraZeneca PLC | 7,145 | 484,348 | (30,903 | ) | ||||||||
BAE Systems PLC | 9,201 | 70,633 | (8,165 | ) | ||||||||
Barclays PLC | 77,240 | 296,997 | (11,438 | ) | ||||||||
Barratt Developments PLC | 80,033 | 624,490 | 158,410 | |||||||||
Berkeley Group Holdings PLC | 7,993 | 311,595 | 93,111 | |||||||||
BT Group PLC | 137,076 | 951,822 | (79,568 | ) | ||||||||
Bunzl PLC | 4,145 | 116,400 | (5,140 | ) | ||||||||
Centrica PLC | 24,343 | 95,583 | (10,992 | ) | ||||||||
Compass Group PLC | 36,383 | 638,657 | (57,801 | ) | ||||||||
Daily Mail & General Trust PLC | 3,824 | 51,579 | (7,901 | ) | ||||||||
DCC PLC | 4,725 | 332,065 | 25,370 | |||||||||
Direct Line Insurance Group PLC | 21,632 | 114,239 | 8,699 | |||||||||
DS Smith PLC | 34,418 | 197,841 | 7,777 | |||||||||
easyJet PLC | 1,935 | 52,797 | (649 | ) | ||||||||
GKN PLC | 24,805 | 132,632 | (31,722 | ) | ||||||||
Greene King PLC | 7,387 | 92,311 | (3,295 | ) | ||||||||
Howden Joinery Group PLC | 31,532 | 235,221 | (2,586 | ) | ||||||||
Imperial Tobacco Group PLC | 6,121 | 298,527 | 18,284 | |||||||||
Indivior PLC | 11,111 | 35,201 | 3,017 | |||||||||
Intermediate Capital Group PLC | 5,014 | 45,015 | (5,752 | ) | ||||||||
International Consolidated Airlines Group SA | 38,658 | 321,107 | 23,885 | |||||||||
ITV PLC | 42,886 | 163,968 | (3,954 | ) | ||||||||
John Wood Group PLC | 12,117 | 124,515 | (11,553 | ) | ||||||||
Just Eat PLC | 38,442 | 241,118 | (1,999 | ) |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Kingfisher PLC | 105,878 | $569,910 | $5,829 | |||||||||
Legal & General Group PLC | 37,998 | 150,403 | (13,189 | ) | ||||||||
Man Group PLC | 379,196 | 1,006,991 | (124,646 | ) | ||||||||
Marks & Spencer Group PLC | 50,603 | 414,181 | (29,647 | ) | ||||||||
National Grid PLC | 94,059 | 1,263,526 | 46,407 | |||||||||
Pearson PLC | 20,088 | 403,381 | (60,057 | ) | ||||||||
Persimmon PLC | 28,149 | 730,469 | 127,213 | |||||||||
Playtech PLC | 2,737 | 37,547 | (3,200 | ) | ||||||||
Rio Tinto PLC | 7,784 | 350,260 | (89,117 | ) | ||||||||
Smith & Nephew PLC | 15,538 | 266,329 | 5,392 | |||||||||
Smiths Group PLC | 5,887 | 103,312 | (13,616 | ) | ||||||||
Stagecoach Group PLC | 10,862 | 64,502 | (8,983 | ) | ||||||||
Tate & Lyle PLC | 6,583 | 59,942 | (1,153 | ) | ||||||||
Taylor Wimpey PLC | 419,896 | 1,050,968 | 194,742 | |||||||||
Thomas Cook Group PLC | 132,008 | 290,640 | (58,978 | ) | ||||||||
Vodafone Group PLC | 258,293 | 909,368 | (92,638 | ) | ||||||||
Whitbread PLC | 1,288 | 101,612 | (10,510 | ) | ||||||||
William Hill PLC | 35,370 | 198,558 | (10,533 | ) | ||||||||
WPP PLC | 35,528 | 825,592 | (85,730 | ) | ||||||||
|
| |||||||||||
(157,279 | ) | |||||||||||
|
| |||||||||||
Total Long Positions | (353,505 | ) | ||||||||||
|
| |||||||||||
Short Positions: | ||||||||||||
Chile | ||||||||||||
Antofagasta PLC | (120,884 | ) | (1,380,759 | ) | 464,095 | |||||||
|
| |||||||||||
Ireland | ||||||||||||
Experian PLC | (4,332 | ) | (76,946 | ) | 7,422 | |||||||
|
| |||||||||||
Switzerland | ||||||||||||
Glencore PLC | (107,094 | ) | (507,801 | ) | 358,566 | |||||||
|
| |||||||||||
United Kingdom | ||||||||||||
Aberdeen Asset Management PLC | (49,827 | ) | (345,390 | ) | 121,289 | |||||||
Admiral Group PLC | (16,099 | ) | (381,205 | ) | 14,686 | |||||||
Aggreko PLC | (6,104 | ) | (151,114 | ) | 63,074 | |||||||
Anglo American PLC | (31,358 | ) | (537,989 | ) | 275,658 | |||||||
ARM Holdings PLC | (43,013 | ) | (739,465 | ) | 119,598 | |||||||
Ashtead Group PLC | (2,382 | ) | (40,994 | ) | 7,374 | |||||||
ASOS PLC | (847 | ) | (47,284 | ) | 11,776 | |||||||
Associated British Foods PLC | (11,208 | ) | (487,342 | ) | (80,690 | ) | ||||||
Aviva PLC | (35,326 | ) | (279,575 | ) | 37,414 | |||||||
Babcock International Group PLC | (15,574 | ) | (238,344 | ) | 22,900 | |||||||
Balfour Beatty PLC | (25,647 | ) | (94,056 | ) | (3,735 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-97
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
British American Tobacco PLC | (39,989 | ) | ($2,195,824 | ) | ($14,227 | ) | ||||||
Cable & Wireless Communications PLC | (39,099 | ) | (35,585 | ) | 2,733 | |||||||
Cobham PLC | (71,678 | ) | (321,965 | ) | 11,567 | |||||||
Croda International PLC | (1,703 | ) | (73,505 | ) | 3,558 | |||||||
Diageo PLC | (42,530 | ) | (1,174,311 | ) | 29,812 | |||||||
G4S PLC | (7,660 | ) | (34,000 | ) | 7,211 | |||||||
Hargreaves Lansdown PLC | (48,470 | ) | (889,864 | ) | 2,383 | |||||||
HSBC Holdings PLC | (115,017 | ) | (1,123,025 | ) | 252,949 | |||||||
Inmarsat PLC | (9,406 | ) | (142,661 | ) | 2,655 | |||||||
Intertek Group PLC | (8,839 | ) | (355,295 | ) | 29,474 | |||||||
J Sainsbury PLC | (41,678 | ) | (171,274 | ) | 6,322 | |||||||
Johnson Matthey PLC | (2,456 | ) | (124,209 | ) | 32,979 | |||||||
Ladbrokes PLC | (71,433 | ) | (137,705 | ) | 34,024 | |||||||
Meggitt PLC | (7,713 | ) | (61,951 | ) | 6,261 | |||||||
Next PLC | (677 | ) | (74,725 | ) | (3,410 | ) | ||||||
Ocado Group PLC | (6,015 | ) | (31,229 | ) | 2,046 | |||||||
Old Mutual PLC | (126,740 | ) | (448,741 | ) | 85,071 | |||||||
Petrofac Ltd | (26,359 | ) | (359,672 | ) | 52,432 | |||||||
Prudential PLC | (11,922 | ) | (295,302 | ) | 43,265 | |||||||
Reckitt Benckiser Group PLC | (2,681 | ) | (235,558 | ) | (7,798 | ) |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Rolls-Royce Holdings PLC | (91,651 | ) | ($1,449,691 | ) | $508,585 | |||||||
Rotork PLC | (17,999 | ) | (65,385 | ) | 20,420 | |||||||
Royal Bank of Scotland Group PLC | (23,631 | ) | (122,848 | ) | 9,926 | |||||||
RSA Insurance Group PLC | (26,879 | ) | (176,669 | ) | 12,565 | |||||||
Serco Group PLC | (124,607 | ) | (243,844 | ) | 51,381 | |||||||
Sky PLC | (7,722 | ) | (126,872 | ) | 4,679 | |||||||
Sports Direct International PLC | (8,139 | ) | (76,861 | ) | (16,513 | ) | ||||||
SSE PLC | (5,556 | ) | (131,890 | ) | 5,888 | |||||||
Standard Chartered PLC | (32,085 | ) | (520,971 | ) | 209,045 | |||||||
Standard Life PLC | (72,190 | ) | (511,418 | ) | 86,579 | |||||||
Tesco PLC | (443,389 | ) | (1,442,910 | ) | 210,860 | |||||||
The Weir Group PLC | (22,796 | ) | (663,187 | ) | 258,858 | |||||||
|
| |||||||||||
2,530,924 | ||||||||||||
|
| |||||||||||
Total Short Positions | 3,361,007 | |||||||||||
|
| |||||||||||
Total Long and Short Positions |
| 3,007,502 | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| (6,161 | ) | |||||||||
|
| |||||||||||
$3,001,341 | ||||||||||||
|
|
Description | Counter- party | Expiration Dates (1) | Value | |||||||
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Month HKD-HIBOR plus or minus a specified spread, which is denominated in HKD based on the local currencies of the positions within the swap. | JPM | | 06/06/16- 10/11/16 | | $647,231 | |||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: |
| |||||||||||
Hong Kong | ||||||||||||
BOC Hong Kong Holdings Ltd | 68,000 | $239,128 | ($37,975 | ) | ||||||||
CK Hutchison Holdings Ltd | 70,500 | 1,010,089 | (91,981 | ) | ||||||||
CLP Holdings Ltd | 79,000 | 678,483 | (4,757 | ) | ||||||||
Hang Lung Properties Ltd | 58,000 | 180,171 | (49,652 | ) | ||||||||
Hang Seng Bank Ltd | 3,000 | 59,453 | (5,304 | ) | ||||||||
Henderson Land Development Co Ltd | 45,100 | 329,489 | (59,562 | ) | ||||||||
Kerry Properties Ltd | 66,500 | 257,119 | (74,345 | ) | ||||||||
Li & Fung Ltd | 200,000 | 153,734 | (77 | ) | ||||||||
MTR Corp Ltd | 33,500 | 166,188 | (20,161 | ) | ||||||||
New World Development Co Ltd | 295,000 | 386,979 | (99,915 | ) | ||||||||
Orient Overseas International Ltd | 15,000 | 79,018 | (8,355 | ) | ||||||||
Power Assets Holdings Ltd | 3,500 | 30,979 | 2,213 | |||||||||
Sino Land Co Ltd | 82,000 | 128,674 | (3,529 | ) | ||||||||
Sun Hung Kai Properties Ltd | 6,000 | 76,803 | 1,401 | |||||||||
WH Group Ltd | 668,000 | 462,182 | (129,416 | ) | ||||||||
Yue Yuen Industrial Holdings Ltd | 10,000 | 36,732 | 460 | |||||||||
|
| |||||||||||
(580,955 | ) | |||||||||||
|
| |||||||||||
Total Long Positions | (580,955 | ) | ||||||||||
|
|
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Short Positions: | ||||||||||||
China | ||||||||||||
MGM China Holdings Ltd | (336,597 | ) | ($652,693 | ) | $260,847 | |||||||
Wynn Macau Ltd | (276,770 | ) | (544,363 | ) | 226,991 | |||||||
|
| |||||||||||
487,838 | ||||||||||||
|
| |||||||||||
Hong Kong | ||||||||||||
Cathay Pacific Airways Ltd | (91,000 | ) | (221,619 | ) | 50,175 | |||||||
Galaxy Entertainment Group Ltd | (193,709 | ) | (866,843 | ) | 369,375 | |||||||
HKT Trust & HKT Ltd | (218,484 | ) | (265,410 | ) | 5,067 | |||||||
Hong Kong & China Gas Co Ltd | (588,592 | ) | (1,236,193 | ) | 131,213 | |||||||
Sands China Ltd | (72,800 | ) | (298,195 | ) | 76,775 | |||||||
SJM Holdings Ltd | (127,295 | ) | (157,500 | ) | 66,883 | |||||||
Swire Properties Ltd | (108,392 | ) | (352,098 | ) | 51,192 | |||||||
Techtronic Industries Co Ltd | (133,219 | ) | (463,488 | ) | (32,687 | ) | ||||||
The Wharf Holdings Ltd | (12,000 | ) | (86,739 | ) | 18,934 | |||||||
|
| |||||||||||
736,927 | ||||||||||||
|
| |||||||||||
United States | ||||||||||||
Samsonite International SA | (149,272 | ) | (493,373 | ) | 3,421 | |||||||
|
| |||||||||||
Total Short Positions | 1,228,186 | |||||||||||
|
| |||||||||||
Total Long and Short Positions |
| 647,231 | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| — | ||||||||||
|
| |||||||||||
$647,231 | ||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-98
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Description | Counter- party | Expiration Date (1) | Value | |||||||
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Month SGD-SIBOR plus or minus a specified spread, which is denominated in SGD based on the local currencies of the positions within the swap. | JPM | 06/06/16 | $241,886 | |||||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: |
| |||||||||||
Singapore | ||||||||||||
ComfortDelGro Corp Ltd | 72,600 | $166,329 | ($19,351 | ) | ||||||||
Singapore Airlines Ltd | 37,400 | 313,500 | (31,777 | ) | ||||||||
|
| |||||||||||
(51,128 | ) | |||||||||||
|
| |||||||||||
Total Long Positions | (51,128 | ) | ||||||||||
|
| |||||||||||
Short Positions: | ||||||||||||
Singapore | ||||||||||||
DBS Group Holdings Ltd | (8,700 | ) | (136,729 | ) | 37,331 | |||||||
Global Logistic Properties Ltd | (51,900 | ) | (107,022 | ) | 32,370 |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Golden Agri-Resources Ltd | (342,600 | ) | ($101,888 | ) | $22,262 | |||||||
Keppel Corp Ltd | (125,486 | ) | (775,878 | ) | 174,256 | |||||||
Oversea-Chinese Banking Corp Ltd | (15,258 | ) | (121,257 | ) | 26,787 | |||||||
|
| |||||||||||
293,006 | ||||||||||||
|
| |||||||||||
Total Short Positions | 293,006 | |||||||||||
|
| |||||||||||
Total Long and Short Positions |
| 241,878 | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| 8 | ||||||||||
|
| |||||||||||
$241,886 | ||||||||||||
|
|
Description | Counter- party | Expiration Date (1) | Value | |||||||
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Month USD-LIBOR plus or minus a specified spread, which is denominated in USD based on the local currencies of the positions within the swap. | JPM | 06/06/16 | $187,779 | |||||||
|
The following table represents the individual short positions and related values within the total return basket swap as of September 30, 2015:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Short Positions: |
| |||||||||||
Hong Kong | ||||||||||||
Jardine Matheson Holdings Ltd | (4,100 | ) | ($241,366 | ) | $47,536 | |||||||
|
| |||||||||||
Singapore | ||||||||||||
Hutchison Port Holdings Trust | (105,000 | ) | (68,680 | ) | 10,818 | |||||||
|
| |||||||||||
Total Short Positions | 58,354 | |||||||||||
|
| |||||||||||
Net Cash and Other Receivables (Payables) (3) |
| 129,425 | ||||||||||
|
| |||||||||||
$187,779 | ||||||||||||
|
|
Description | Counter- party | Expiration Date (1) | Value | |||||||
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Day CAD-USD Discount Rate plus or minus a specified spread, which is denominated in CAD based on the local currencies of the positions within the swap. | MSC | 05/04/16 | $2,069,293 | |||||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: |
| |||||||||||
Canada | ||||||||||||
Air Canada | 20,178 | $189,979 | ($27,739 | ) | ||||||||
Alimentation Couche-Tard Inc | 7,447 | 286,066 | 56,402 | |||||||||
Bank of Montreal | 4,875 | 316,471 | (50,602 | ) | ||||||||
BCE Inc | 4,042 | 179,588 | (14,152 | ) | ||||||||
BlackBerry Ltd | 67,269 | 644,351 | (231,513 | ) | ||||||||
Canadian Imperial Bank of Commerce | 3,799 | 302,443 | (29,496 | ) |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Canadian National Railway Co | 2,162 | $139,287 | ($16,517 | ) | ||||||||
Canadian Tire Corp Ltd | 1,578 | 166,296 | (24,341 | ) | ||||||||
Canfor Corp | 19,882 | 378,478 | (141,443 | ) | ||||||||
CCL Industries Inc | 211 | 29,164 | 455 | |||||||||
CGI Group Inc | 9,375 | 394,865 | (55,201 | ) | ||||||||
CI Financial Corp | 2,854 | 82,124 | (17,323 | ) | ||||||||
Constellation Software Inc | 1,383 | 562,521 | 17,157 | |||||||||
Dollarama Inc | 3,925 | 225,376 | 39,712 | |||||||||
Empire Co Ltd | 5,274 | 126,086 | (17,602 | ) | ||||||||
Fairfax Financial Holdings Ltd | 438 | 233,689 | (34,221 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-99
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Finning International Inc | 18,478 | $366,472 | ($95,360 | ) | ||||||||
IGM Financial Inc | 1,423 | 53,236 | (17,131 | ) | ||||||||
Intact Financial Corp | 1,189 | 89,309 | (5,807 | ) | ||||||||
Kinross Gold Corp | 62,204 | 153,792 | (45,652 | ) | ||||||||
Linamar Corp | 6,968 | 418,385 | (53,146 | ) | ||||||||
Magna International Inc | 27,206 | 1,443,272 | (138,322 | ) | ||||||||
Metro Inc | 7,030 | 197,076 | (5,536 | ) | ||||||||
National Bank of Canada | 2,230 | 89,826 | (18,639 | ) | ||||||||
Open Text Corp | 5,028 | 222,718 | 2,440 | |||||||||
Ritchie Bros Auctioneers Inc | 1,068 | 28,978 | (1,368 | ) | ||||||||
Royal Bank of Canada | 8,493 | 561,426 | (91,813 | ) | ||||||||
Shaw Communications Inc | 3,567 | 80,955 | (11,887 | ) | ||||||||
The Bank of Nova Scotia | 5,689 | 313,317 | (62,523 | ) | ||||||||
The Toronto-Dominion Bank | 9,128 | 419,659 | (59,874 | ) | ||||||||
West Fraser Timber Co Ltd | 10,670 | 504,167 | (165,157 | ) | ||||||||
|
| |||||||||||
(1,316,199 | ) | |||||||||||
|
| |||||||||||
Total Long Positions: | (1,316,199 | ) | ||||||||||
|
| |||||||||||
Short Positions: | ||||||||||||
Canada | ||||||||||||
Agnico Eagle Mines Ltd | (17,003 | ) | (521,791 | ) | 90,759 | |||||||
Agrium Inc | (1,459 | ) | (152,797 | ) | 22,039 | |||||||
AltaGas Ltd | (6,412 | ) | (200,406 | ) | 42,425 | |||||||
ARC Resources Ltd | (9,302 | ) | (135,199 | ) | 12,241 | |||||||
Barrick Gold Corp | (15,800 | ) | (203,073 | ) | 102,555 | |||||||
CAE Inc | (1,539 | ) | (18,691 | ) | 2,384 | |||||||
Cameco Corp | (10,025 | ) | (171,824 | ) | 49,601 | |||||||
Canadian Natural Resources Ltd | (5,071 | ) | (104,612 | ) | 5,852 | |||||||
Canadian Oil Sands Ltd | (14,130 | ) | (147,263 | ) | 80,451 | |||||||
Canadian Pacific Railway Ltd | (842 | ) | (160,566 | ) | 39,715 | |||||||
Canadian Utilities Ltd | (7,731 | ) | (227,487 | ) | 18,295 | |||||||
Cenovus Energy Inc | (38,684 | ) | (660,974 | ) | 74,265 | |||||||
Eldorado Gold Corp | (22,427 | ) | (111,911 | ) | 39,983 | |||||||
Enbridge Inc | (8,309 | ) | (420,954 | ) | 112,441 |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Encana Corp | (18,015 | ) | ($126,585 | ) | $10,625 | |||||||
First Quantum Minerals Ltd | (80,281 | ) | (1,154,149 | ) | 859,976 | |||||||
Fortis Inc | (3,325 | ) | (107,194 | ) | 12,091 | |||||||
Gildan Activewear Inc | (18,780 | ) | (601,514 | ) | 34,666 | |||||||
Goldcorp Inc | (26,097 | ) | (490,955 | ) | 163,789 | |||||||
Husky Energy Inc | (41,807 | ) | (813,740 | ) | 161,807 | |||||||
Imperial Oil Ltd | (12,099 | ) | (472,404 | ) | 89,080 | |||||||
Manulife Financial Corp | (8,383 | ) | (154,639 | ) | 24,983 | |||||||
Methanex Corp | (3,744 | ) | (213,794 | ) | 89,733 | |||||||
Peyto Exploration & Development Corp | (2,805 | ) | (79,905 | ) | 21,577 | |||||||
Potash Corp of Saskatchewan Inc | (12,541 | ) | (405,768 | ) | 147,993 | |||||||
Power Financial Corp | (1,728 | ) | (53,476 | ) | 13,853 | |||||||
Precision Drilling Corp | (30,940 | ) | (185,705 | ) | 71,172 | |||||||
Rogers Communications Inc | (10,502 | ) | (375,124 | ) | 13,279 | |||||||
Silver Wheaton Corp | (19,649 | ) | (370,379 | ) | 134,208 | |||||||
SNC-Lavalin Group Inc | (980 | ) | (34,995 | ) | 7,104 | |||||||
Sun Life Financial Inc | (3,179 | ) | (103,958 | ) | 1,430 | |||||||
Teck Resources Ltd | (27,557 | ) | (362,893 | ) | 231,355 | |||||||
Tourmaline Oil Corp | (11,796 | ) | (357,040 | ) | 82,404 | |||||||
TransCanada Corp | (13,344 | ) | (578,545 | ) | 156,577 | |||||||
Vermilion Energy Inc | (3,835 | ) | (179,308 | ) | 55,823 | |||||||
Yamana Gold Inc | (30,452 | ) | (84,895 | ) | 33,552 | |||||||
|
| |||||||||||
3,110,083 | ||||||||||||
|
| |||||||||||
United States | ||||||||||||
Valeant Pharmaceuticals International Inc | (4,911 | ) | (1,152,974 | ) | 276,391 | |||||||
|
| |||||||||||
Total Short Positions | 3,386,474 | |||||||||||
|
| |||||||||||
Total Long and Short Positions |
| 2,070,275 | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| (982 | ) | |||||||||
|
| |||||||||||
$2,069,293 | ||||||||||||
|
|
Description | Counter- party | Expiration Date (1) | Value | |||||||
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Day CHF-TOIS plus or minus a specified spread, which is denominated in CHF based on the local currencies of the positions within the swap. | MSC | 05/04/16 | $185,767 | |||||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: | ||||||||||||
Switzerland | ||||||||||||
Actelion Ltd | 11,251 | $1,574,165 | ($142,953 | ) | ||||||||
Adecco SA | 1,122 | 92,266 | (9,996 | ) | ||||||||
Baloise Holding AG | 1,563 | 199,753 | (20,194 | ) | ||||||||
Flughafen Zuerich AG | 348 | 272,294 | (29,820 | ) | ||||||||
Geberit AG | 815 | 292,362 | (42,835 | ) | ||||||||
Givaudan SA | 66 | 124,879 | (17,336 | ) | ||||||||
Helvetia Holding AG | 297 | 168,676 | (22,721 | ) | ||||||||
Kuehne + Nagel International AG | 466 | 70,226 | (10,254 | ) | ||||||||
Lonza Group AG | 1,242 | 177,048 | (13,712 | ) | ||||||||
Novartis AG | 12,097 | 1,252,490 | (138,178 | ) | ||||||||
Partners Group Holding AG | 302 | 96,109 | 6,497 | |||||||||
Swiss Life Holding AG | 1,185 | 284,760 | (19,833 | ) | ||||||||
Swiss Re AG | 8,569 | 766,075 | (29,489 | ) | ||||||||
Swisscom AG | 285 | 172,063 | (29,590 | ) | ||||||||
Zurich Insurance Group AG | 640 | 201,331 | (43,878 | ) | ||||||||
|
| |||||||||||
(564,292 | ) | |||||||||||
|
| |||||||||||
Total Long Positions | (564,292 | ) | ||||||||||
|
|
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Short Positions: | ||||||||||||
Switzerland | ||||||||||||
Aryzta AG | (7,467 | ) | ($400,317 | ) | $83,428 | |||||||
Barry Callebaut AG | (80 | ) | (97,264 | ) | 10,108 | |||||||
Cie Financiere Richemont SA | (9,426 | ) | (851,642 | ) | 117,284 | |||||||
Credit Suisse Group AG | (24,060 | ) | (635,680 | ) | 56,852 | |||||||
Dufry AG | (1,167 | ) | (157,430 | ) | 20,583 | |||||||
LafargeHolcim Ltd | (5,117 | ) | (386,396 | ) | 117,562 | |||||||
Nestle SA | (18,034 | ) | (1,413,682 | ) | 55,605 | |||||||
OC Oerlikon Corp AG | (6,862 | ) | (91,048 | ) | 23,592 | |||||||
SGS SA | (95 | ) | (187,042 | ) | 20,946 | |||||||
Sonova Holding AG | (360 | ) | (50,191 | ) | 3,767 | |||||||
The Swatch Group AG | (2,628 | ) | (1,137,049 | ) | 161,054 | |||||||
UBS Group AG | (27,971 | ) | (597,409 | ) | 79,075 | |||||||
|
| |||||||||||
749,856 | ||||||||||||
|
| |||||||||||
Total Short Positions | 749,856 | |||||||||||
|
| |||||||||||
Total Long and Short Positions |
| 185,564 | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| 203 | ||||||||||
|
| |||||||||||
$185,767 | ||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-100
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Description | Counter- party | Expiration Date (1) | Value | |||||||
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Day EUR-EONIA plus or minus a specified spread, which is denominated in EUR based on the local currencies of the positions within the swap. | MSC | 05/04/16 | $3,059,700 | |||||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: | ||||||||||||
Belgium | ||||||||||||
bpost SA | 4,215 | $104,801 | ($4,721 | ) | ||||||||
KBC Groep NV | 5,337 | 368,831 | (32,281 | ) | ||||||||
Proximus | 12,598 | 470,101 | (35,931 | ) | ||||||||
Solvay SA | 493 | 73,565 | (23,176 | ) | ||||||||
|
| |||||||||||
(96,109 | ) | |||||||||||
|
| |||||||||||
Finland | ||||||||||||
Amer Sports OYJ | 2,452 | 67,457 | (5,000 | ) | ||||||||
Elisa OYJ | 3,195 | 98,349 | 9,803 | |||||||||
Neste OYJ | 6,848 | 182,331 | (24,522 | ) | ||||||||
Orion OYJ | 4,678 | 153,738 | 23,344 | |||||||||
UPM-Kymmene OYJ | 10,169 | 183,997 | (31,215 | ) | ||||||||
|
| |||||||||||
(27,590 | ) | |||||||||||
|
| |||||||||||
France | ||||||||||||
Accor SA | 1,584 | 87,383 | (13,231 | ) | ||||||||
AXA SA | 13,574 | 345,027 | (15,487 | ) | ||||||||
Cap Gemini SA | 4,622 | 416,279 | (4,429 | ) | ||||||||
Cie Generale des Etablissements Michelin | 1,290 | 144,814 | (27,099 | ) | ||||||||
Eiffage SA | 1,646 | 99,937 | 1,828 | |||||||||
Eutelsat Communications SA | 4,648 | 161,710 | (19,075 | ) | ||||||||
Ingenico Group | 249 | 29,278 | 799 | |||||||||
Lagardere SCA | 2,154 | 68,814 | (9,106 | ) | ||||||||
L’Oreal SA | 1,127 | 215,240 | (19,268 | ) | ||||||||
Numericable-SFR SAS | 579 | 29,044 | (2,226 | ) | ||||||||
Orange SA | 48,254 | 787,102 | (57,347 | ) | ||||||||
Peugeot SA | 89,021 | 1,691,821 | (346,944 | ) | ||||||||
Publicis Groupe SA | 4,244 | 354,386 | (64,433 | ) | ||||||||
Sanofi | 6,899 | 711,065 | (53,824 | ) | ||||||||
SCOR SE | 3,806 | 131,526 | 5,177 | |||||||||
SEB SA | 1,122 | 108,812 | (5,311 | ) | ||||||||
Societe BIC SA | 619 | 102,831 | (6,608 | ) | ||||||||
Sodexo SA | 1,982 | 202,157 | (37,759 | ) | ||||||||
Teleperformance | 887 | 64,295 | 2,982 | |||||||||
Thales SA | 6,920 | 463,819 | 18,291 | |||||||||
Valeo SA | 642 | 103,838 | (16,897 | ) | ||||||||
Veolia Environnement SA | 5,451 | 114,299 | 10,619 | |||||||||
Vivendi SA | 24,920 | 625,412 | (35,429 | ) | ||||||||
|
| |||||||||||
(694,777 | ) | |||||||||||
|
| |||||||||||
Germany | ||||||||||||
Allianz SE | 6,459 | 1,116,530 | (104,171 | ) | ||||||||
Aurubis AG | 3,509 | 227,742 | (4,710 | ) | ||||||||
Bayer AG | 4,486 | 652,376 | (79,025 | ) | ||||||||
Brenntag AG | 1,332 | 80,042 | (8,359 | ) | ||||||||
Deutsche Lufthansa AG | 22,312 | 313,748 | (4,031 | ) | ||||||||
Deutsche Post AG | 4,722 | 156,797 | (26,107 | ) | ||||||||
Freenet AG | 28,865 | 960,083 | (7,366 | ) | ||||||||
GEA Group AG | 1,434 | 69,769 | (15,269 | ) | ||||||||
Hannover Rueck SE | 2,455 | 249,859 | 1,138 | |||||||||
HeidelbergCement AG | 803 | 63,761 | (8,777 | ) | ||||||||
Henkel AG & Co KGaA | 517 | 61,212 | (8,093 | ) | ||||||||
HOCHTIEF AG | 2,368 | 190,870 | 6,272 | |||||||||
HUGO BOSS AG | 1,987 | 245,582 | (22,755 | ) | ||||||||
KION Group AG | 3,051 | 141,120 | (5,865 | ) | ||||||||
Linde AG | 666 | 131,907 | (24,025 | ) | ||||||||
Merck KGaA | 3,859 | 426,615 | (84,974 | ) | ||||||||
MTU Aero Engines AG | 475 | 46,764 | (7,090 | ) |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 3,264 | $640,348 | ($32,277 | ) | ||||||||
OSRAM Licht AG | 1,221 | 68,078 | (4,992 | ) | ||||||||
Porsche Automobil Holding SE | 2,810 | 266,731 | (147,129 | ) | ||||||||
ProSiebenSat.1 Media SE | 5,346 | 277,682 | (15,888 | ) | ||||||||
Symrise AG | 1,987 | 125,020 | (5,662 | ) | ||||||||
Zalando SE | 2,954 | 99,160 | (1,318 | ) | ||||||||
|
| |||||||||||
(610,473 | ) | |||||||||||
|
| |||||||||||
Italy | ||||||||||||
A2A SpA | 80,696 | 93,733 | 6,612 | |||||||||
Atlantia SpA | 3,035 | 84,493 | 482 | |||||||||
Autogrill SpA | 41,682 | 390,482 | (10,003 | ) | ||||||||
Azimut Holding SpA | 8,763 | 214,420 | (25,828 | ) | ||||||||
Banca Generali SpA | 3,917 | 124,949 | (14,302 | ) | ||||||||
Banca Popolare di Milano Scarl | 341,946 | 354,500 | (16,529 | ) | ||||||||
FinecoBank Banca Fineco SpA | 21,330 | 173,021 | (31,209 | ) | ||||||||
Finmeccanica SpA | 2,175 | 29,303 | (2,003 | ) | ||||||||
Mediaset SpA | 31,187 | 159,696 | (15,948 | ) | ||||||||
Moncler SpA | 10,488 | 191,958 | (3,900 | ) | ||||||||
Pirelli & C. SpA | 17,265 | 298,934 | (10,006 | ) | ||||||||
Prysmian SpA | 28,249 | 639,961 | (55,586 | ) | ||||||||
Recordati SpA | 6,179 | 152,841 | (10,129 | ) | ||||||||
Snam SpA | 15,205 | 79,549 | (1,301 | ) | ||||||||
UnipolSai SpA | 28,409 | 76,573 | (14,612 | ) | ||||||||
|
| |||||||||||
(204,262 | ) | |||||||||||
|
| |||||||||||
Luxembourg | ||||||||||||
SES SA | 5,066 | 176,713 | (16,854 | ) | ||||||||
|
| |||||||||||
Netherlands | ||||||||||||
Aegon NV | 18,597 | 145,978 | (38,881 | ) | ||||||||
Akzo Nobel NV | 554 | 42,299 | (6,283 | ) | ||||||||
Boskalis Westminster | 8,928 | 467,639 | (76,800 | ) | ||||||||
Delta Lloyd NV | 16,214 | 284,111 | (147,653 | ) | ||||||||
Koninklijke Ahold NV | 15,429 | 299,300 | 1,836 | |||||||||
Koninklijke DSM NV | 618 | 35,164 | (6,628 | ) | ||||||||
Koninklijke KPN NV | 50,560 | 190,833 | (1,315 | ) | ||||||||
Randstad Holding NV | 7,283 | 438,469 | (3,877 | ) | ||||||||
Wolters Kluwer NV | 18,460 | 593,031 | (23,871 | ) | ||||||||
|
| |||||||||||
(303,472 | ) | |||||||||||
|
| |||||||||||
Portugal | ||||||||||||
NOS SGPS SA | 7,124 | 59,002 | (168 | ) | ||||||||
|
| |||||||||||
Spain | ||||||||||||
ACS Actividades de Construccion y Servicios SA | 1,060 | 37,401 | (6,920 | ) | ||||||||
Almirall SA | 3,306 | 66,421 | (7,423 | ) | ||||||||
Enagas SA | 3,929 | 120,760 | (8,149 | ) | ||||||||
Endesa SA | 21,582 | 426,021 | 28,712 | |||||||||
Gamesa Corp Tecnologica SA | 34,469 | 558,012 | (80,143 | ) | ||||||||
Iberdrola SA | 146,649 | 983,873 | (8,161 | ) | ||||||||
Mediaset Espana Comunicacion SA | 7,260 | 96,970 | (17,674 | ) | ||||||||
Red Electrica Corp SA | 919 | 77,242 | (902 | ) | ||||||||
|
| |||||||||||
(100,660 | ) | |||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-101
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
United Kingdom | ||||||||||||
Dialog Semiconductor PLC | 13,095 | $615,324 | ($91,346 | ) | ||||||||
RELX NV | 39,262 | 619,693 | 21,326 | |||||||||
Unilever NV | 4,834 | 212,239 | (17,698 | ) | ||||||||
|
| |||||||||||
(87,718 | ) | |||||||||||
|
| |||||||||||
Total Long Positions | (2,142,083 | ) | ||||||||||
|
| |||||||||||
Short Positions | ||||||||||||
Belgium | ||||||||||||
Anheuser-Busch InBev SA | (2,857 | ) | (347,983 | ) | 44,528 | |||||||
UCB SA | (710 | ) | (50,436 | ) | (5,134 | ) | ||||||
|
| |||||||||||
39,394 | ||||||||||||
|
| |||||||||||
Finland | ||||||||||||
Nokia OYJ | (26,378 | ) | (176,133 | ) | (4,584 | ) | ||||||
Nokian Renkaat OYJ | (1,095 | ) | (33,502 | ) | (1,995 | ) | ||||||
Sampo OYJ | (8,519 | ) | (413,224 | ) | 65 | |||||||
|
| |||||||||||
(6,514 | ) | |||||||||||
|
| |||||||||||
France | ||||||||||||
Airbus Group SE | (2,156 | ) | (148,366 | ) | 20,307 | |||||||
Arkema SA | (1,096 | ) | (88,402 | ) | 17,280 | |||||||
BNP Paribas SA | (15,871 | ) | (1,006,345 | ) | 71,764 | |||||||
Bollore SA | (56,842 | ) | (310,303 | ) | 33,161 | |||||||
Carrefour SA | (13,832 | ) | (479,821 | ) | 69,901 | |||||||
Casino Guichard Perrachon SA | (7,686 | ) | (570,530 | ) | 161,210 | |||||||
Credit Agricole SA | (11,948 | ) | (186,777 | ) | 49,685 | |||||||
Danone SA | (8,091 | ) | (588,244 | ) | 76,534 | |||||||
Edenred | (1,760 | ) | (47,679 | ) | 18,890 | |||||||
Electricite de France SA | (6,294 | ) | (155,964 | ) | 44,789 | |||||||
Engie SA | (17,514 | ) | (350,286 | ) | 66,673 | |||||||
Kering | (471 | ) | (88,532 | ) | 11,440 | |||||||
LVMH Moet Hennessy Louis Vuitton SE | (328 | ) | (57,725 | ) | 1,754 | |||||||
Natixis SA | (6,444 | ) | (52,446 | ) | 16,841 | |||||||
Renault SA | (4,243 | ) | (444,811 | ) | 140,008 | |||||||
Schneider Electric SE | (13,220 | ) | (1,004,005 | ) | 262,638 | |||||||
Societe Generale SA | (2,513 | ) | (127,315 | ) | 14,903 | |||||||
Technip SA | (20,548 | ) | (1,156,105 | ) | 185,283 | |||||||
TOTAL SA | (5,290 | ) | (244,106 | ) | 5,604 | |||||||
Vallourec SA | (16,821 | ) | (347,872 | ) | 198,670 | |||||||
Zodiac Aerospace | (37,389 | ) | (1,264,556 | ) | 408,725 | |||||||
|
| |||||||||||
1,876,060 | ||||||||||||
|
| |||||||||||
Germany | ||||||||||||
adidas AG | (4,689 | ) | (393,773 | ) | 16,349 | |||||||
BASF SE | (7,775 | ) | (769,570 | ) | 176,300 | |||||||
Bayerische Motoren Werke AG | (5,572 | ) | (541,328 | ) | 48,300 | |||||||
Commerzbank AG | (24,212 | ) | (328,189 | ) | 73,329 | |||||||
Continental AG | (755 | ) | (177,806 | ) | 17,429 | |||||||
Deutsche Bank AG | (30,000 | ) | (962,729 | ) | 156,214 |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
E.ON SE | (84,444 | ) | ($1,091,516 | ) | $367,076 | |||||||
Infineon Technologies AG | (20,872 | ) | (254,406 | ) | 19,844 | |||||||
METRO AG | (2,070 | ) | (76,192 | ) | 19,087 | |||||||
Rheinmetall AG | (2,932 | ) | (150,908 | ) | (28,506 | ) | ||||||
RWE AG | (55,426 | ) | (1,148,448 | ) | 520,439 | |||||||
SAP SE | (5,863 | ) | (448,007 | ) | 68,690 | |||||||
Telefonica Deutschland Holding AG | (4,712 | ) | (29,905 | ) | 1,147 | |||||||
ThyssenKrupp AG | (5,124 | ) | (139,951 | ) | 50,225 | |||||||
Volkswagen AG | (1,158 | ) | (222,718 | ) | 96,081 | |||||||
|
| |||||||||||
1,602,004 | ||||||||||||
|
| |||||||||||
Italy | ||||||||||||
Enel Green Power SpA | (92,530 | ) | (181,174 | ) | 5,877 | |||||||
Telecom Italia SpA | (229,478 | ) | (271,158 | ) | (10,989 | ) | ||||||
Unione di Banche Italiane SCpA | (15,921 | ) | (125,704 | ) | 12,740 | |||||||
|
| |||||||||||
7,628 | ||||||||||||
|
| |||||||||||
Luxembourg | ||||||||||||
ArcelorMittal | (127,061 | ) | (1,280,326 | ) | 616,427 | |||||||
Tenaris SA | (89,284 | ) | (1,264,660 | ) | 190,333 | |||||||
|
| |||||||||||
806,760 | ||||||||||||
|
| |||||||||||
Netherlands | ||||||||||||
Altice NV ‘A’ | (13,332 | ) | (356,157 | ) | 77,205 | |||||||
Altice NV ‘B’ | (3,504 | ) | (96,931 | ) | 18,761 | |||||||
ASML Holding NV | (8,810 | ) | (956,171 | ) | 183,770 | |||||||
Fugro NV | (3,104 | ) | (58,759 | ) | 3,789 | |||||||
Koninklijke Philips NV | (13,656 | ) | (388,771 | ) | 66,764 | |||||||
SBM Offshore NV | (7,122 | ) | (80,995 | ) | (9,179 | ) | ||||||
|
| |||||||||||
341,110 | ||||||||||||
|
| |||||||||||
Spain | ||||||||||||
Banco Popular Espanol SA | (105,581 | ) | (539,816 | ) | 154,801 | |||||||
Banco Santander SA | (65,233 | ) | (390,199 | ) | 42,852 | |||||||
Bankia SA | (212,678 | ) | (292,591 | ) | 17,002 | |||||||
CaixaBank SA | (25,300 | ) | (125,317 | ) | 27,794 | |||||||
Cellnex Telecom SAU | (3,781 | ) | (67,735 | ) | 3,391 | |||||||
Grifols SA | (1,492 | ) | (63,160 | ) | 1,445 | |||||||
|
| |||||||||||
247,285 | ||||||||||||
|
| |||||||||||
Switzerland | ||||||||||||
STMicroelectronics NV | (50,620 | ) | (401,199 | ) | 55,959 | |||||||
|
| |||||||||||
United Kingdom | ||||||||||||
CNH Industrial NV | (107,994 | ) | (934,537 | ) | 229,576 | |||||||
|
| |||||||||||
Total Short Positions | 5,199,262 | |||||||||||
|
| |||||||||||
Total Long and Short Positions |
| 3,057,179 | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| 2,521 | ||||||||||
|
| |||||||||||
$3,059,700 | ||||||||||||
|
|
Description | Counter- party | Expiration Date (1) | Value | |||||||
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Day JPY-MUTSC plus or minus a specified spread, which is denominated in JPY based on the local currencies of the positions within the swap. | MSC | 05/09/16 | $1,092,998 | |||||||
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-102
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: | ||||||||||||
Japan | ||||||||||||
Ajinomoto Co Inc | 26,000 | $574,016 | ($24,925 | ) | ||||||||
Aozora Bank Ltd | 114,000 | 427,110 | (30,764 | ) | ||||||||
Asahi Kasei Corp | 38,000 | 356,883 | (88,629 | ) | ||||||||
Astellas Pharma Inc | 32,000 | 494,439 | (79,012 | ) | ||||||||
Bandai Namco Holdings Inc | 19,400 | 410,148 | 41,696 | |||||||||
Bridgestone Corp | 8,500 | 352,299 | (56,788 | ) | ||||||||
Calbee Inc | 10,000 | 401,425 | (76,385 | ) | ||||||||
Central Japan Railway Co | 4,600 | 818,810 | (74,874 | ) | ||||||||
Chubu Electric Power Co Inc | 30,000 | 450,296 | (6,683 | ) | ||||||||
Dai Nippon Printing Co Ltd | 9,000 | 91,673 | (4,157 | ) | ||||||||
Daicel Corp | 29,400 | 356,324 | 5,330 | |||||||||
DeNA Co Ltd | 6,600 | 124,688 | (1,463 | ) | ||||||||
Disco Corp | 4,100 | 368,623 | (80,066 | ) | ||||||||
Don Quijote Holdings Co Ltd | 8,000 | 305,406 | (2,701 | ) | ||||||||
East Japan Railway Co | 1,100 | 97,764 | (4,677 | ) | ||||||||
Ezaki Glico Co Ltd | 1,100 | 57,978 | (7,064 | ) | ||||||||
Fuji Electric Co Ltd | 21,000 | 98,141 | (21,693 | ) | ||||||||
Fuji Heavy Industries Ltd | 49,500 | 1,674,202 | 117,040 | |||||||||
Hakuhodo DY Holdings Inc | 3,700 | 36,167 | (883 | ) | ||||||||
Haseko Corp | 55,900 | 697,293 | (61,253 | ) | ||||||||
Hitachi Chemical Co Ltd | 2,000 | 38,196 | (10,543 | ) | ||||||||
Hitachi High- Technologies Corp | 11,700 | 304,918 | (50,802 | ) | ||||||||
Hitachi Metals Ltd | 15,000 | 233,501 | (58,655 | ) | ||||||||
Hokuhoku Financial Group Inc | 72,000 | 173,194 | (7,473 | ) | ||||||||
Hoshizaki Electric Co Ltd | 500 | 32,057 | 3,014 | |||||||||
Hoya Corp | 25,400 | 986,156 | (151,521 | ) | ||||||||
Iida Group Holdings Co Ltd | 10,800 | 192,665 | (23,506 | ) | ||||||||
Isuzu Motors Ltd | 31,600 | 421,765 | (103,343 | ) | ||||||||
ITOCHU Corp | 9,600 | 118,569 | (16,744 | ) | ||||||||
Itochu Techno-Solutions Corp | 1,800 | 38,164 | 302 | |||||||||
Izumi Co Ltd | 2,500 | 109,653 | (8,012 | ) | ||||||||
Japan Airlines Co Ltd | 59,200 | 1,956,627 | 133,272 | |||||||||
Japan Petroleum Exploration Co Ltd | 1,200 | 35,933 | (4,209 | ) | ||||||||
JSR Corp | 18,000 | 305,773 | (45,727 | ) | ||||||||
JTEKT Corp | 5,100 | 85,743 | (14,179 | ) | ||||||||
Kajima Corp | 61,000 | 285,941 | 38,815 | |||||||||
Kaken Pharmaceutical Co Ltd | 5,000 | 467,892 | (1,926 | ) | ||||||||
Kamigumi Co Ltd | 9,000 | 78,396 | (4,524 | ) | ||||||||
Kawasaki Heavy Industries Ltd | 10,000 | 50,743 | (16,124 | ) | ||||||||
Keisei Electric Railway Co Ltd | 4,000 | 47,144 | (3,129 | ) | ||||||||
Kewpie Corp | 5,900 | 130,652 | (12,734 | ) | ||||||||
Kobe Steel Ltd | 107,000 | 191,632 | (75,152 | ) | ||||||||
Koito Manufacturing Co Ltd | 10,100 | 351,896 | (20,635 | ) | ||||||||
Konami Holdings Corp | 8,000 | 166,026 | 7,677 | |||||||||
Konica Minolta Inc | 14,100 | 164,396 | (15,554 | ) | ||||||||
Kurita Water Industries Ltd | 1,500 | 37,255 | (5,353 | ) | ||||||||
M3 Inc | 2,300 | 50,974 | (5,090 | ) | ||||||||
Mabuchi Motor Co Ltd | 3,300 | 183,405 | (39,217 | ) | ||||||||
Mazda Motor Corp | 6,800 | 139,011 | (31,056 | ) | ||||||||
Medipal Holdings Corp | 12,800 | 229,562 | (25,672 | ) | ||||||||
MEIJI Holdings Co Ltd | 800 | 45,338 | 13,528 | |||||||||
MISUMI Group Inc | 11,300 | 131,560 | (14,585 | ) | ||||||||
Mitsubishi Chemical Holdings Corp | 46,000 | 284,670 | (43,390 | ) | ||||||||
Mitsubishi Electric Corp | 70,000 | 913,383 | (270,663 | ) | ||||||||
Mitsubishi Materials Corp | 10,000 | 36,806 | (6,301 | ) | ||||||||
Mitsubishi Motors Corp | 52,200 | 487,435 | (87,446 | ) | ||||||||
Mitsubishi Tanabe Pharma Corp | 45,400 | 760,634 | 38,493 | |||||||||
Mitsui & Co Ltd | 3,400 | 47,505 | (9,215 | ) | ||||||||
Mixi Inc | 11,500 | 463,502 | (67,940 | ) | ||||||||
Mizuho Financial Group Inc | 245,800 | 470,125 | (8,425 | ) |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
MS&AD Insurance Group Holdings Inc | 2,300 | $66,990 | ($5,125 | ) | ||||||||
Murata Manufacturing Co Ltd | 2,200 | 314,772 | (29,062 | ) | ||||||||
Nexon Co Ltd | 7,000 | 95,859 | (2,102 | ) | ||||||||
NHK Spring Co Ltd | 7,100 | 72,570 | (3,555 | ) | ||||||||
Nintendo Co Ltd | 2,000 | 395,663 | (57,779 | ) | ||||||||
Nippon Express Co Ltd | 87,000 | 442,832 | (26,366 | ) | ||||||||
Nippon Shokubai Co Ltd | 3,200 | 219,557 | (1,522 | ) | ||||||||
Nippon Yusen KK | 72,000 | 223,478 | (56,403 | ) | ||||||||
Nitori Holdings Co Ltd | 1,500 | 122,409 | (4,289 | ) | ||||||||
Nitto Denko Corp | 6,400 | 429,153 | (44,762 | ) | ||||||||
NOK Corp | 36,500 | 1,099,221 | (308,995 | ) | ||||||||
Nomura Research Institute Ltd | 5,060 | 185,367 | 9,572 | |||||||||
NTT DOCOMO Inc | 14,600 | 259,479 | (14,700 | ) | ||||||||
Obic Co Ltd | 1,900 | 83,733 | 3,408 | |||||||||
Omron Corp | 6,500 | 294,114 | (97,647 | ) | ||||||||
ORIX Corp | 9,700 | 144,499 | (19,027 | ) | ||||||||
Osaka Gas Co Ltd | 40,000 | 164,514 | (12,279 | ) | ||||||||
Otsuka Corp | 9,400 | 446,583 | 12,354 | |||||||||
Otsuka Holdings Co Ltd | 23,000 | 769,481 | (30,249 | ) | ||||||||
Panasonic Corp | 85,500 | 1,212,029 | (344,027 | ) | ||||||||
Park24 Co Ltd | 3,800 | 69,476 | 2,019 | |||||||||
Pola Orbis Holdings Inc | 3,600 | 221,495 | 2,688 | |||||||||
Recruit Holdings Co Ltd | 9,800 | 322,774 | (27,983 | ) | ||||||||
Resona Holdings Inc | 91,500 | 484,542 | (17,048 | ) | ||||||||
Rohm Co Ltd | 4,400 | 301,435 | (104,709 | ) | ||||||||
Ryohin Keikaku Co Ltd | 200 | 41,314 | (367 | ) | ||||||||
Santen Pharmaceutical Co Ltd | 40,500 | 543,633 | 2,193 | |||||||||
Seiko Epson Corp | 9,500 | 168,914 | (34,433 | ) | ||||||||
Sekisui Chemical Co Ltd | 57,000 | 724,085 | (123,702 | ) | ||||||||
Shimadzu Corp | 19,000 | 285,936 | (11,366 | ) | ||||||||
Shimamura Co Ltd | 4,100 | 395,879 | 46,571 | |||||||||
Shimizu Corp | 21,000 | 149,600 | 31,162 | |||||||||
Shin-Etsu Chemical Co Ltd | 1,900 | 118,713 | (21,055 | ) | ||||||||
Sojitz Corp | 366,400 | 804,761 | (122,159 | ) | ||||||||
Sompo Japan Nipponkoa Holdings Inc | 13,200 | 444,082 | (59,200 | ) | ||||||||
Sony Corp | 17,700 | 534,660 | (101,869 | ) | ||||||||
Sugi Holdings Co Ltd | 3,000 | 144,026 | (8,860 | ) | ||||||||
Sumitomo Heavy Industries Ltd | 105,000 | 645,416 | (228,898 | ) | ||||||||
Sumitomo Rubber Industries Ltd | 25,400 | 445,356 | (92,044 | ) | ||||||||
Suruga Bank Ltd | 5,200 | 108,311 | (11,409 | ) | ||||||||
Suzuken Co Ltd/Aichi Japan | 4,700 | 169,566 | (12,505 | ) | ||||||||
T&D Holdings Inc | 20,600 | 297,883 | (53,891 | ) | ||||||||
Taiheiyo Cement Corp | 32,000 | 101,980 | (5,700 | ) | ||||||||
TDK Corp | 4,100 | 294,239 | (61,029 | ) | ||||||||
Teijin Ltd | 25,000 | 91,443 | (15,333 | ) | ||||||||
The Bank of Kyoto Ltd | 4,000 | 45,971 | (5,137 | ) | ||||||||
The Bank of Yokohama Ltd | 12,000 | 76,184 | (3,074 | ) | ||||||||
The Chiba Bank Ltd | 8,000 | 65,658 | (8,721 | ) | ||||||||
The Dai-ichi Life Insurance Co Ltd | 22,100 | 391,154 | (37,724 | ) | ||||||||
The Gunma Bank Ltd | 18,000 | 130,251 | (15,140 | ) | ||||||||
The Hachijuni Bank Ltd | 16,000 | 120,878 | (7,718 | ) | ||||||||
The Hiroshima Bank Ltd | 11,000 | 65,616 | (1,869 | ) | ||||||||
The Iyo Bank Ltd | 7,500 | 92,764 | (6,291 | ) | ||||||||
The Joyo Bank Ltd | 17,000 | 99,208 | (9,383 | ) | ||||||||
THK Co Ltd | 5,200 | 123,866 | (41,126 | ) | ||||||||
Tohoku Electric Power Co Inc | 74,700 | 988,538 | 28,450 | |||||||||
Tokio Marine Holdings Inc | 4,400 | 180,617 | (15,950 | ) | ||||||||
Tokyo Electric Power Co Inc | 172,000 | 800,792 | 353,390 | |||||||||
Tokyo Gas Co Ltd | 55,000 | 313,373 | (46,015 | ) | ||||||||
Toppan Printing Co Ltd | 9,000 | 74,505 | (1,876 | ) | ||||||||
Trend Micro Inc | 2,200 | 75,407 | 2,512 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-103
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Tsuruha Holdings Inc | 3,500 | $296,475 | $5,824 | |||||||||
West Japan Railway Co | 5,600 | 315,296 | 35,279 | |||||||||
Yamaguchi Financial Group Inc | 7,000 | 90,516 | (4,558 | ) | ||||||||
Yamaha Corp | 3,600 | 66,660 | 13,247 | |||||||||
Yamaha Motor Co Ltd | 9,600 | 225,615 | (31,994 | ) | ||||||||
|
| |||||||||||
(3,341,051 | ) | |||||||||||
|
| |||||||||||
Total Long Positions | (3,341,051 | ) | ||||||||||
|
| |||||||||||
Short Positions: | ||||||||||||
Japan | ||||||||||||
Aeon Co Ltd | (44,100 | ) | (551,278 | ) | (135,241 | ) | ||||||
AEON Financial Service Co Ltd | (8,800 | ) | (223,075 | ) | 48,827 | |||||||
Aisin Seiki Co Ltd | (1,100 | ) | (49,132 | ) | 12,135 | |||||||
Asahi Group Holdings Ltd | (1,400 | ) | (45,373 | ) | (188 | ) | ||||||
Asics Corp | (1,800 | ) | (46,034 | ) | 2,962 | |||||||
Canon Inc | (2,700 | ) | (96,478 | ) | 18,256 | |||||||
Chiyoda Corp | (91,000 | ) | (824,984 | ) | 203,466 | |||||||
Chugai Pharmaceutical Co Ltd | (4,200 | ) | (129,294 | ) | 26 | |||||||
Credit Saison Co Ltd | (18,900 | ) | (354,619 | ) | 10,646 | |||||||
Daikin Industries Ltd | (19,700 | ) | (1,334,200 | ) | 226,555 | |||||||
Daiwa Securities Group Inc | (21,000 | ) | (172,711 | ) | 36,614 | |||||||
Denso Corp | (15,700 | ) | (765,059 | ) | 99,463 | |||||||
Dentsu Inc | (1,400 | ) | (65,814 | ) | (5,959 | ) | ||||||
Eisai Co Ltd | (5,500 | ) | (363,575 | ) | 37,349 | |||||||
Fast Retailing Co Ltd | (1,200 | ) | (474,925 | ) | (12,323 | ) | ||||||
Hamamatsu Photonics KK | (2,000 | ) | (58,065 | ) | 12,801 | |||||||
Hirose Electric Co Ltd | (1,400 | ) | (194,057 | ) | 41,169 | |||||||
Hitachi Ltd | (32,000 | ) | (218,780 | ) | 57,048 | |||||||
Honda Motor Co Ltd | (30,600 | ) | (1,062,643 | ) | 150,190 | |||||||
IHI Corp | (254,000 | ) | (1,170,806 | ) | 516,814 | |||||||
Inpex Corp | (7,000 | ) | (87,647 | ) | 25,108 | |||||||
Isetan Mitsukoshi Holdings Ltd | (50,000 | ) | (807,707 | ) | 53,805 | |||||||
J Front Retailing Co Ltd | (32,500 | ) | (541,804 | ) | 11,404 | |||||||
Japan Display Inc | (106,300 | ) | (431,630 | ) | 125,169 | |||||||
Japan Tobacco Inc | (17,500 | ) | (622,480 | ) | 78,093 | |||||||
JFE Holdings Inc | (5,200 | ) | (117,232 | ) | 48,856 | |||||||
JGC Corp | (37,000 | ) | (748,673 | ) | 256,634 | |||||||
Kikkoman Corp | (5,000 | ) | (141,968 | ) | 3,982 | |||||||
Kintetsu Group Holdings Co Ltd | (81,000 | ) | (283,974 | ) | (7,905 | ) | ||||||
Kirin Holdings Co Ltd | (22,000 | ) | (298,690 | ) | 8,896 | |||||||
Komatsu Ltd | (13,000 | ) | (262,625 | ) | 71,292 | |||||||
Kubota Corp | (23,000 | ) | (363,174 | ) | 46,438 | |||||||
Kyocera Corp | (5,900 | ) | (312,570 | ) | 41,834 | |||||||
Kyushu Electric Power Co Inc | (156,600 | ) | (1,748,798 | ) | 40,719 | |||||||
Makita Corp | (2,057 | ) | (104,891 | ) | (4,829 | ) | ||||||
Marui Group Co Ltd | (92,953 | ) | (1,098,973 | ) | (25,435 | ) | ||||||
Minebea Co Ltd | (42,000 | ) | (648,523 | ) | 201,355 | |||||||
Mitsubishi Heavy Industries Ltd | (22,000 | ) | (124,509 | ) | 25,916 | |||||||
Mitsubishi Logistics Corp | (3,000 | ) | (38,151 | ) | 3,413 | |||||||
Mitsui OSK Lines Ltd | (302,000 | ) | (936,767 | ) | 210,621 | |||||||
NGK Insulators Ltd | (12,000 | ) | (269,631 | ) | 39,315 | |||||||
NGK Spark Plug Co Ltd | (26,500 | ) | (711,657 | ) | 103,139 | |||||||
Nidec Corp | (8,800 | ) | (690,075 | ) | 83,785 |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Nikon Corp | (3,600 | ) | ($46,526 | ) | $2,952 | |||||||
Nippon Electric Glass Co Ltd | (24,000 | ) | (122,815 | ) | 6,538 | |||||||
Nippon Paint Holdings Co Ltd | (4,600 | ) | (141,485 | ) | 60,947 | |||||||
Nomura Holdings Inc | (37,100 | ) | (239,159 | ) | 23,897 | |||||||
NTT Data Corp | (2,300 | ) | (102,505 | ) | (13,629 | ) | ||||||
Odakyu Electric Railway Co Ltd | (8,000 | ) | (75,334 | ) | 3,182 | |||||||
Oji Holdings Corp | (13,000 | ) | (57,060 | ) | 1,230 | |||||||
Olympus Corp | (11,800 | ) | (422,121 | ) | 54,661 | |||||||
Ono Pharmaceutical Co Ltd | (1,300 | ) | (141,018 | ) | (13,609 | ) | ||||||
Rakuten Inc | (10,000 | ) | (172,735 | ) | 44,487 | |||||||
Ricoh Co Ltd | (198,500 | ) | (2,038,862 | ) | 31,555 | |||||||
Rinnai Corp | (1,000 | ) | (75,328 | ) | (1,117 | ) | ||||||
Sega Sammy Holdings Inc | (2,900 | ) | (40,209 | ) | 11,814 | |||||||
Seibu Holdings Inc | (8,500 | ) | (227,860 | ) | 55,246 | |||||||
Shimano Inc | (700 | ) | (100,290 | ) | 1,635 | |||||||
Shionogi & Co Ltd | (2,400 | ) | (80,164 | ) | (6,105 | ) | ||||||
Shiseido Co Ltd | (21,900 | ) | (442,321 | ) | (37,654 | ) | ||||||
SoftBank Group Corp | (26,500 | ) | (1,638,167 | ) | 418,891 | |||||||
Stanley Electric Co Ltd | (2,600 | ) | (58,448 | ) | 6,365 | |||||||
Sumco Corp | (40,600 | ) | (454,623 | ) | 90,213 | |||||||
Sumitomo Corp | (6,500 | ) | (76,493 | ) | 13,745 | |||||||
Sumitomo Dainippon Pharma Co Ltd | (15,300 | ) | (170,859 | ) | 17,648 | |||||||
Sumitomo Mitsui Trust Holdings Inc | (103,000 | ) | (456,013 | ) | 76,095 | |||||||
Suntory Beverage & Food Ltd | (8,400 | ) | (354,951 | ) | 31,690 | |||||||
Sysmex Corp | (1,100 | ) | (59,435 | ) | 1,269 | |||||||
Taisei Corp | (16,000 | ) | (91,005 | ) | (13,662 | ) | ||||||
Takashimaya Co Ltd | (27,000 | ) | (243,732 | ) | 24,659 | |||||||
Takeda Pharmaceutical Co Ltd | (1,500 | ) | (76,990 | ) | 10,874 | |||||||
Terumo Corp | (23,200 | ) | (576,136 | ) | (81,677 | ) | ||||||
The Chugoku Electric Power Co Inc | (4,500 | ) | (65,292 | ) | 3,150 | |||||||
The Kansai Electric Power Co Inc | (34,300 | ) | (363,142 | ) | (20,817 | ) | ||||||
Toray Industries Inc | (8,000 | ) | (68,900 | ) | (433 | ) | ||||||
Toshiba Corp | (158,000 | ) | (585,508 | ) | 186,508 | |||||||
TOTO Ltd | (3,000 | ) | (93,476 | ) | (426 | ) | ||||||
Toyo Seikan Group Holdings Ltd | (3,000 | ) | (49,088 | ) | 1,410 | |||||||
Toyota Industries Corp | (7,600 | ) | (433,662 | ) | 71,402 | |||||||
Toyota Motor Corp | (8,500 | ) | (587,812 | ) | 87,890 | |||||||
Unicharm Corp | (29,500 | ) | (681,341 | ) | 157,872 | |||||||
Yahoo Japan Corp | (181,800 | ) | (744,208 | ) | 50,103 | |||||||
Yakult Honsha Co Ltd | (3,700 | ) | (223,682 | ) | 38,356 | |||||||
Yamato Holdings Co Ltd | (32,900 | ) | (714,446 | ) | 83,607 | |||||||
Yaskawa Electric Corp | (58,400 | ) | (756,847 | ) | 160,346 | |||||||
Yokogawa Electric Corp | (23,100 | ) | (273,030 | ) | 30,929 | |||||||
|
| |||||||||||
4,434,252 | ||||||||||||
|
| |||||||||||
Total Short Positions | 4,434,252 | |||||||||||
|
| |||||||||||
Total Long and Short Positions |
| 1,093,201 | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| (203 | ) | |||||||||
|
| |||||||||||
$1,092,998 | ||||||||||||
|
|
Description | Counter- party | Expiration Date (1) | Value | |||||||
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Week DKK-CIBOR plus or minus a specified spread, which is denominated in DKK based on the local currencies of the positions within the swap. | MSC | 05/04/16 | $65,053 | |||||||
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-104
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: | ||||||||||||
Denmark | ||||||||||||
Chr Hansen Holding AS | 3,692 | $180,320 | $26,434 | |||||||||
DSV AS | 1,632 | 55,916 | 5,162 | |||||||||
Genmab AS | 3,178 | 299,098 | (6,953 | ) | ||||||||
GN Store Nord AS | 1,825 | 39,225 | (6,408 | ) | ||||||||
ISS AS | 2,827 | 95,563 | (1,528 | ) | ||||||||
Novo Nordisk AS | 25,425 | 1,443,043 | (74,560 | ) | ||||||||
Pandora AS | 6,628 | 713,976 | 61,478 | |||||||||
|
| |||||||||||
3,625 | ||||||||||||
|
| |||||||||||
Total Long Positions | 3,625 | |||||||||||
|
|
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Short Positions: | ||||||||||||
Denmark | ||||||||||||
Carlsberg AS | (4,936 | ) | ($440,522 | ) | $60,658 | |||||||
Jyske Bank AS | (601 | ) | (29,251 | ) | (4,055 | ) | ||||||
Novozymes AS | (1,279 | ) | (60,336 | ) | 4,482 | |||||||
|
| |||||||||||
61,085 | ||||||||||||
|
| |||||||||||
Total Short Positions | 61,085 | |||||||||||
|
| |||||||||||
Total Long and Short Positions |
| 64,710 | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| 343 | ||||||||||
|
| |||||||||||
$65,053 | ||||||||||||
|
|
Description | Counter- party | Expiration Date (1) | Value | |||||||
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Week NOK-NIBOR plus or minus a specified spread, which is denominated in NOK based on the local currencies of the positions within the swap. | MSC | 05/04/16 | ($154,669) | |||||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: | ||||||||||||
Norway | ||||||||||||
Marine Harvest ASA | 10,774 | $131,890 | $5,743 | |||||||||
Norsk Hydro ASA | 93,671 | 461,238 | (148,373 | ) | ||||||||
Yara International ASA | 4,926 | 256,286 | (59,439 | ) | ||||||||
|
| |||||||||||
(202,069 | ) | |||||||||||
|
| |||||||||||
Total Long Positions | (202,069 | ) | ||||||||||
|
|
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Short Positions: | ||||||||||||
Norway | ||||||||||||
Gjensidige Forsikring ASA | (2,518 | ) | ($43,268 | ) | $9,319 | |||||||
Schibsted ASA | (7,319 | ) | (234,826 | ) | (13,786 | ) | ||||||
Statoil ASA | (12,172 | ) | (230,684 | ) | 53,132 | |||||||
|
| |||||||||||
48,665 | ||||||||||||
|
| |||||||||||
Total Short Positions | 48,665 | |||||||||||
|
| |||||||||||
Total Long and Short Positions | (153,404 | ) | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| (1,265 | ) | |||||||||
|
| |||||||||||
($154,669 | ) | |||||||||||
|
|
Description | Counter- party | Expiration Date (1) | Value | |||||||
The fund receives or pays the total return on all long and short positions within the basket and pays or receives the 1-Week SEK-STIBOR plus or minus a specified spread, which is denominated in SEK based on the local currencies of the positions within the swap. | MSC | 05/04/16 | ($515,352) | |||||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2015:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: | ||||||||||||
Sweden | ||||||||||||
Assa Abloy AB | 1,980 | $39,150 | ($3,585 | ) | ||||||||
Boliden AB | 27,640 | 599,310 | (166,597 | ) | ||||||||
Electrolux AB | 20,092 | 607,629 | (39,159 | ) | ||||||||
Husqvarna AB | 21,469 | 158,914 | (18,011 | ) | ||||||||
ICA Gruppen AB | 2,062 | 76,257 | (6,498 | ) | ||||||||
NCC AB | 3,368 | 109,979 | (8,335 | ) | ||||||||
Nordea Bank AB | 9,432 | 118,671 | (13,333 | ) | ||||||||
Securitas AB | 20,337 | 295,342 | (46,644 | ) | ||||||||
Skanska AB | 10,533 | 230,676 | (23,824 | ) | ||||||||
Swedish Orphan Biovitrum AB | 12,374 | 165,588 | (2,177 | ) | ||||||||
Tele2 AB | 30,299 | 403,229 | (107,670 | ) | ||||||||
TeliaSonera AB | 55,738 | 345,884 | (45,275 | ) | ||||||||
|
| |||||||||||
(481,108 | ) | |||||||||||
|
| |||||||||||
Total Long Positions | (481,108 | ) | ||||||||||
|
|
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Short Positions: | ||||||||||||
Sweden | ||||||||||||
Alfa Laval AB | (3,182 | ) | ($60,218 | ) | $8,108 | |||||||
Getinge AB | (5,574 | ) | (136,952 | ) | 12,479 | |||||||
Hexagon AB | (1,658 | ) | (61,180 | ) | 10,438 | |||||||
Sandvik AB | (13,888 | ) | (171,912 | ) | 53,431 | |||||||
Volvo AB | (35,173 | ) | (476,700 | ) | 139,045 | |||||||
|
| |||||||||||
223,501 | ||||||||||||
|
| |||||||||||
Total Short Positions | 223,501 | |||||||||||
|
| |||||||||||
Total Long and Short Positions |
| (257,607 | ) | |||||||||
Net Cash and Other Receivables (Payables) (3) |
| (257,745 | ) | |||||||||
|
| |||||||||||
(515,352 | ) | |||||||||||
|
| |||||||||||
Total Basket Swaps | $20,229,273 | |||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-105
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(1) | The maturity dates are measured from the commencement of investment in each underlying swap position. |
(2) | Notional amount represents the market value (including any fees or commissions) of the long and short positions when they are established. |
(3) | Cash and other receivables (payables) includes the gains (or losses) realized within the swap when the swap resets. |
Total Return Swaps
Receive Total Return | Pay | Counter- party | Expiration Date | Number of Contracts | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Positive return on MSCI Singapore Index | Negative return on MSCI | GSC | 10/30/15 | 1 | ($71,430 | ) | $— | ($71,430 | ) | |||||||||||||||||||
Positive return on Swiss Market Index | Negative return on Swiss | GSC | 12/18/15 | 42 | 900 | — | 900 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
($70,530 | ) | $— | ($70,530 | ) | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Total Swap Agreements |
| $20,158,743 | $— | $20,158,743 | ||||||||||||||||||||||||
|
|
|
|
|
|
(g) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Short-Term Investments | $119,558,814 | $23,729,053 | $95,829,761 | $— | |||||||||||||
Derivatives: | ||||||||||||||||||
Equity Contracts | ||||||||||||||||||
Futures | 2,718 | 2,718 | — | — | ||||||||||||||
Swaps | 20,900,194 | 900 | 20,899,294 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Equity Contracts | 20,902,912 | 3,618 | 20,899,294 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 24,254 | — | 24,254 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 20,927,166 | 3,618 | 20,923,548 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 140,485,980 | 23,732,671 | 116,753,309 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Equity Contracts | ||||||||||||||||||
Futures | (1,213,325 | ) | (1,213,325 | ) | — | — | ||||||||||||
Swaps | (741,451 | ) | (71,430 | ) | (670,021 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Equity Contracts | (1,954,776 | ) | (1,284,755 | ) | (670,021 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (130,441 | ) | — | (130,441 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (2,085,217 | ) | (1,284,755 | ) | (800,462 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (2,085,217 | ) | (1,284,755 | ) | (800,462 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $138,400,763 | $22,447,916 | $115,952,847 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-106
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments
September 30, 2015 (Unaudited)
| Value | |||||||
RIGHTS - 0.0% | ||||||||
Romania - 0.0% | ||||||||
Societatea Nationala Nuclearelectrica SA | 11,000 | $— | ||||||
|
| |||||||
Total Rights | — | |||||||
|
| |||||||
COMMON STOCKS - 0.8% | ||||||||
Romania - 0.4% | ||||||||
Banca Transilvania * | 156,700 | 90,834 | ||||||
BRD-Groupe Societe Generale SA * | 30,800 | 81,119 | ||||||
Electrica SA | 25,800 | 76,953 | ||||||
OMV Petrom SA | 839,900 | 71,211 | ||||||
Societatea Nationala de Gaze Naturale ROMGAZ SA | 8,800 | 66,759 | ||||||
Societatea Nationala Nuclearelectrica SA | 11,000 | 19,526 | ||||||
Transelectrica SA | 12,700 | 83,640 | ||||||
Transgaz SA Medias | 1,200 | 78,981 | ||||||
|
| |||||||
569,023 | ||||||||
|
| |||||||
Singapore - 0.4% | ||||||||
Yoma Strategic Holdings Ltd * | 1,972,467 | 508,978 | ||||||
|
| |||||||
Total Common Stocks | 1,078,001 | |||||||
|
| |||||||
CLOSED-END MUTUAL FUND - 0.4% | ||||||||
Romania - 0.4% | ||||||||
Fondul Proprietatea SA * | 2,869,379 | 573,575 | ||||||
|
| |||||||
Total Closed-End Mutual Fund | 573,575 | |||||||
|
| |||||||
Principal | ||||||||
CORPORATE BONDS & NOTES - 2.8% | ||||||||
Angola - 0.7% | ||||||||
Republic of Angola | $1,031,000 | 978,460 | ||||||
|
| |||||||
Azerbaijan - 0.5% | ||||||||
International Bank of Azerbaijan | 700,000 | 679,770 | ||||||
|
| |||||||
Georgia - 1.0% | ||||||||
Bank of Georgia JSC | 1,338,000 | 1,390,396 | ||||||
|
| |||||||
Russia - 0.6% | ||||||||
Gazprom OAO | EUR 548,000 | 611,193 | ||||||
Sberbank of Russia | $203,000 | 206,888 | ||||||
|
| |||||||
818,081 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 3,866,707 | ||||||
|
|
Principal | Value | |||||||
SENIOR LOAN NOTES - 0.4% | ||||||||
Ethiopia - 0.4% | ||||||||
Eithiopian Railways Corp | $617,585 | $573,993 | ||||||
|
| |||||||
Total Senior Loan Notes |
| 573,993 | ||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 0.8% | ||||||||
United States - 0.8% | ||||||||
Fannie Mae (IO) | 1,757,931 | 351,538 | ||||||
5.956% due 01/25/43 " § | 2,330,675 | 484,340 | ||||||
6.056% due 07/25/42 " § | 1,892,885 | 310,929 | ||||||
|
| |||||||
1,146,807 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities |
| 1,146,807 | ||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 75.8% |
| |||||||
Argentina - 1.7% | ||||||||
Argentina Bonar | 1,172,000 | 1,082,961 | ||||||
Argentine Republic Government | 1,239,402 | 1,261,091 | ||||||
|
| |||||||
2,344,052 | ||||||||
|
| |||||||
Armenia - 1.4% | ||||||||
Republic of Armenia | 200,000 | 190,438 | ||||||
7.150% due 03/26/25 ~ | 1,847,000 | 1,751,362 | ||||||
|
| |||||||
1,941,800 | ||||||||
|
| |||||||
Barbados - 1.0% | ||||||||
Barbados Government | 1,521,000 | 1,350,336 | ||||||
|
| |||||||
Colombia - 0.5% | ||||||||
Colombia Government | 780,000 | 670,800 | ||||||
|
| |||||||
Cyprus - 3.6% | ||||||||
Cyprus Government | EUR 1,249,000 | 1,395,082 | ||||||
3.875% due 05/06/22 ~ | 1,301,000 | 1,473,632 | ||||||
4.625% due 02/03/20 ~ | 608,000 | 717,564 | ||||||
4.750% due 06/25/19 ~ | 1,131,000 | 1,343,506 | ||||||
|
| |||||||
4,929,784 | ||||||||
|
| |||||||
Dominican Republic - 2.8% | ||||||||
Dominican Republic | $515,000 | 499,550 | ||||||
8.625% due 04/20/27 ~ | 653,000 | 759,965 | ||||||
10.400% due 05/10/19 ~ | DOP 68,900,000 | 1,560,019 | ||||||
13.500% due 08/04/17 ~ | 3,000,000 | 70,983 | ||||||
14.000% due 06/08/18 ~ | 16,400,000 | 401,577 | ||||||
15.000% due 04/05/19 ~ | 11,200,000 | 287,084 | ||||||
16.000% due 02/10/17 ~ | 11,900,000 | 285,745 | ||||||
|
| |||||||
3,864,923 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-107
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal | Value | |||||||
Ecuador - 7.1% | ||||||||
Ecuador Government | $6,308,000 | $4,478,680 | ||||||
9.375% due 12/15/15 ~ | 3,165,000 | 3,093,788 | ||||||
10.500% due 03/24/20 ~ | 2,825,000 | 2,189,375 | ||||||
|
| |||||||
9,761,843 | ||||||||
|
| |||||||
India - 4.8% | ||||||||
India Government | INR 140,000,000 | 2,049,230 | ||||||
8.830% due 11/25/23 | 275,000,000 | 4,456,307 | ||||||
|
| |||||||
6,505,537 | ||||||||
|
| |||||||
Indonesia - 1.5% | ||||||||
Indonesia Government | EUR 2,022,000 | 2,084,314 | ||||||
|
| |||||||
Iraq - 2.3% | ||||||||
Republic of Iraq | $4,531,000 | 3,142,049 | ||||||
|
| |||||||
Ivory Coast - 1.0% |
| |||||||
Ivory Coast Government | 1,123,000 | 996,663 | ||||||
5.750% due 12/31/32 ~ | 348,000 | 304,690 | ||||||
|
| |||||||
1,301,353 | ||||||||
|
| |||||||
Kazakhstan - 4.3% | ||||||||
Kazakhstan Government | 5,664,000 | 5,479,920 | ||||||
6.500% due 07/21/45 ~ | 410,000 | 386,589 | ||||||
|
| |||||||
5,866,509 | ||||||||
|
| |||||||
Kenya - 0.4% | ||||||||
Kenya Government | 611,000 | 556,621 | ||||||
|
| |||||||
Lebanon - 4.8% | ||||||||
Lebanon Government | 1,305,000 | 1,315,570 | ||||||
8.500% due 01/19/16 ~ | 2,692,000 | 2,726,781 | ||||||
Lebanon Treasury | LBP 2,911,150,000 | 1,937,999 | ||||||
6.500% due 12/27/15 | 872,860,000 | 581,540 | ||||||
|
| |||||||
6,561,890 | ||||||||
|
| |||||||
Macedonia - 3.6% | ||||||||
Republic of Macedonia | EUR 4,371,000 | 4,736,795 | ||||||
4.625% due 12/08/15 | 214,000 | 239,868 | ||||||
|
| |||||||
4,976,663 | ||||||||
|
| |||||||
Mongolia - 1.0% | ||||||||
Mongolia Government | $479,000 | 444,273 | ||||||
5.125% due 12/05/22 ~ | 1,079,000 | 888,837 | ||||||
|
| |||||||
1,333,110 | ||||||||
|
| |||||||
New Zealand - 2.6% | ||||||||
New Zealand Government | NZD 2,754,335 | 1,760,022 | ||||||
3.000% due 09/20/30 ^ ~ | 2,473,240 | 1,740,982 | ||||||
|
| |||||||
3,501,004 | ||||||||
|
| |||||||
Nigeria - 1.0% | ||||||||
Nigeria Government | $1,440,000 | 1,387,800 | ||||||
|
|
Principal | Value | |||||||
Pakistan - 4.0% | ||||||||
Pakistan Government | $335,000 | $348,375 | ||||||
7.125% due 03/31/16 ~ | 502,000 | 510,170 | ||||||
7.250% due 04/15/19 ~ | 928,000 | 955,586 | ||||||
8.250% due 04/15/24 ~ | 3,508,000 | 3,693,594 | ||||||
|
| |||||||
5,507,725 | ||||||||
|
| |||||||
Philippines - 0.8% |
| |||||||
Philippine Government | PHP 44,000,000 | 1,039,308 | ||||||
|
| |||||||
Romania - 3.6% | ||||||||
Romania Government | EUR 1,063,000 | 1,280,154 | ||||||
4.375% due 08/22/23 ~ | $20,000 | 20,893 | ||||||
4.875% due 01/22/24 ~ | 40,000 | 43,250 | ||||||
5.800% due 07/26/27 | RON 3,750,000 | 1,114,565 | ||||||
5.850% due 04/26/23 | 5,890,000 | 1,730,359 | ||||||
6.750% due 02/07/22 ~ | $614,000 | 726,055 | ||||||
|
| |||||||
4,915,276 | ||||||||
|
| |||||||
Rwanda - 0.9% | ||||||||
Rwanda Government | 1,262,000 | 1,195,997 | ||||||
|
| |||||||
Serbia - 8.9% | ||||||||
Republic of Serbia | 1,056,000 | 1,096,920 | ||||||
5.875% due 12/03/18 ~ | 1,602,000 | 1,680,098 | ||||||
Serbia Treasury | RSD 164,390,000 | 1,632,492 | ||||||
10.000% due 05/08/17 | 276,810,000 | 2,754,356 | ||||||
10.000% due 01/24/18 | 103,830,000 | 1,036,894 | ||||||
10.000% due 03/02/18 | 138,200,000 | 1,397,479 | ||||||
10.000% due 06/05/21 | 185,040,000 | 1,923,683 | ||||||
10.000% due 02/05/22 | 57,510,000 | 598,683 | ||||||
|
| |||||||
12,120,605 | ||||||||
|
| |||||||
Slovenia - 1.4% | ||||||||
Slovenia Government | $1,665,000 | 1,876,045 | ||||||
|
| |||||||
Sri Lanka - 1.6% | ||||||||
Sri Lanka Government | 1,027,000 | 996,080 | ||||||
6.250% due 10/04/20 ~ | 619,000 | 628,271 | ||||||
6.250% due 07/27/21 ~ | 600,000 | 601,419 | ||||||
|
| |||||||
2,225,770 | ||||||||
|
| |||||||
Tanzania - 1.5% | ||||||||
Tanzania Government | 2,115,000 | 2,025,113 | ||||||
|
| |||||||
Thailand - 1.1% | ||||||||
Thailand Government | THB 64,966,764 | 1,505,734 | ||||||
|
| |||||||
Ukraine - 0.1% | ||||||||
Ukraine Government | $100,000 | 82,000 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-108
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Principal | Value | |||||||
Uruguay - 1.2% | ||||||||
Uruguay Letras de Regulacion Monetaria En UI | UYU 1,000,000 | $33,078 | ||||||
Uruguay Notas del Tesoro | 15,576,866 | 527,953 | ||||||
Uruguay Treasury | 8,220,000 | 252,170 | ||||||
13.441% due 05/17/16 | 810,000 | 25,222 | ||||||
14.089% due 09/15/16 | 4,945,000 | 149,064 | ||||||
14.500% due 11/26/15 | 4,580,000 | 154,287 | ||||||
15.000% due 10/08/15 | 14,620,000 | 501,530 | ||||||
15.425% due 04/21/16 | 1,313,000 | 41,842 | ||||||
|
| |||||||
1,685,146 | ||||||||
|
| |||||||
Venezuela - 3.6% | ||||||||
Venezuela Government | $1,003,500 | 847,958 | ||||||
7.650% due 04/21/25 | 389,000 | 130,315 | ||||||
9.250% due 09/15/27 | 4,972,000 | 1,963,940 | ||||||
11.950% due 08/05/31 ~ | 5,016,000 | 1,993,860 | ||||||
|
| |||||||
4,936,073 | ||||||||
|
| |||||||
Zambia - 1.7% | ||||||||
Zambia Government | 613,000 | 438,908 | ||||||
8.500% due 04/14/24 ~ | 1,570,000 | 1,263,850 | ||||||
8.970% due 07/30/27 ~ | 866,000 | 688,470 | ||||||
|
| |||||||
2,391,228 | ||||||||
|
| |||||||
Total Foreign Government Bonds & Notes |
| 103,586,408 | ||||||
|
| |||||||
PURCHASED OPTIONS - 2.7% | ||||||||
(See Note (i) in Notes to Schedule of Investments) |
| 3,647,280 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS - 16.4% | ||||||||
Foreign Government Issues - 2.2% | ||||||||
Lebanon Treasury Bills (Lebanon) | LBP 442,670,000 | 293,166 | ||||||
5.355% due 01/28/16 | 4,057,230,000 | 2,652,928 | ||||||
|
| |||||||
2,946,094 | ||||||||
|
| |||||||
Shares | ||||||||
Money Market Fund - 11.2% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 15,326,032 | 15,326,032 | ||||||
|
| |||||||
Principal | ||||||||
U.S. Treasury Bills - 2.2% | ||||||||
0.059% due 12/17/15 ‡ | $500,000 | 500,020 | ||||||
0.010% due 10/15/15 ‡ | 2,500,000 | 2,500,055 | ||||||
|
| |||||||
3,000,075 | ||||||||
|
| |||||||
Repurchase Agreements - 0.8% | ||||||||
Barclays PLC | 58,839 | 58,839 |
Principal | Value | |||||||
JPMorgan Chase & Co | EUR 972,579 | $1,086,766 | ||||||
|
| |||||||
1,145,605 | ||||||||
|
| |||||||
Total Short-Term Investments |
| 22,417,806 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% |
| 136,890,577 | ||||||
SECURITIES SOLD SHORT - (0.8%) | ||||||||
(See Note (f) in Notes to Schedule of Investments) |
| |||||||
(Proceeds $1,045,738) |
| (1,118,803 | ) | |||||
OTHER ASSETS & LIABILITIES, NET - 0.7% |
| 935,571 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $136,707,345 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2015, the fund’s composition as a percentage of net assets was as follows: |
Foreign Government Bonds & Notes | 75.8% | |||
Short-Term Investments | 16.4% | |||
Others (each less than 3.0%) | 7.9% | |||
|
| |||
100.1% | ||||
Securities Sold Short | (0.8% | ) | ||
Other Assets & Liabilities, Net | 0.7% | |||
|
| |||
100.0% | ||||
|
|
(b) | Investments with a total aggregate value of $568,176 or 0.4% of the fund’s net assets were valued by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee, or to the Board of Trustees. |
(c) | Investments with a total aggregate value of $1,259,899 or 1.0% of the fund’s net assets were in default as of September 30, 2015. |
(d) | As of September 30, 2015, investments with a total aggregate value of $2,643,063, were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, option contracts and swap agreements. |
(e) | Pursuant to the terms of the following senior loan agreement, the fund had an unfunded loan commitment of $82,416 or less than 0.1% of net assets as of September 30, 2015, which could be extended at the option of the borrower: |
Borrower | Unfunded Loan Commitment | Value | Unrealized (Depreciation) | |||||||||
Ethiopia Railways Corp + | $82,416 | $76,599 | ($5,817 | ) | ||||||||
|
|
|
|
|
|
(f) | Securities sold short outstanding as of September 30, 2015 were as follows: |
Description | Principal Amount | Value | ||||||
Foreign Government Bonds & Notes - (0.8%) |
| |||||||
Spain Government | EUR 730,000 | ($1,035,611 | ) | |||||
Ukraine Government | $103,000 | (83,192 | ) | |||||
|
| |||||||
Total Securities Sold Short | ($1,118,803 | ) | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-109
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(g) | Open futures contracts outstanding as of September 30, 2015 were as follows: |
Long Futures Outstanding | Number of Contracts | Unrealized Appreciation (Depreciation) | ||||||
Dow Jones Euro STOXX 50 Index (12/15) | 39 | ($38,713) | ||||||
Eris 10-Year Interest Rate Swap (12/15) | 27 | (51,141) | ||||||
Euro-Bund (12/15) | 4 | 10,312 | ||||||
Nikkei 225 Index (12/15) | 5 | (750) | ||||||
SGX CNX Nifty Index (10/15) | 87 | 5,809 | ||||||
TOPIX Index (12/15) | 27 | (55,591) | ||||||
|
| |||||||
(130,074) | ||||||||
|
| |||||||
Short Futures Outstanding | ||||||||
90-Day LIBOR Sterling (03/16) | 295 | (64,934) | ||||||
Eurodollar (03/17) | 204 | (352,511) | ||||||
Eurodollar (09/17) | 55 | (60,500) | ||||||
SET50 Index (12/15) | 139 | 20,623 | ||||||
S&P 500 E-Mini Index (12/15) | 34 | 59,886 | ||||||
U.S. 2-Year Interest Rate Swap (12/15) | 62 | (19,442) | ||||||
U.S. 5-Year Interest Rate Swap (12/15) | 105 | (121,439) | ||||||
U.S. 10-Year Interest Rate Swap (12/15) | 206 | (463,606) | ||||||
U.S. 30-Year Interest Rate Swap (12/15) | 8 | (29,853) | ||||||
U.S. Treasury 10-Year Notes (12/15) | 4 | (5,694) | ||||||
|
| |||||||
(1,037,470) | ||||||||
|
| |||||||
Total Futures Contracts | ($1,167,544) | |||||||
|
|
(h) | Forward foreign currency contracts outstanding as of September 30, 2015 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
AUD | 3,546,000 | USD | 2,536,773 | 10/15 | GSC | ($50,622 | ) | |||||||||||||
AUD | 4,310,000 | USD | 3,038,856 | 10/15 | JPM | (15,866 | ) | |||||||||||||
CHF | 5,427,000 | USD | 5,617,140 | 12/15 | BNP | (32,201 | ) | |||||||||||||
CLP | 371,214,000 | USD | 537,680 | 11/15 | BNP | (6,842 | ) | |||||||||||||
CNH | 5,780,000 | USD | 890,807 | 10/15 | GSC | 16,880 | ||||||||||||||
CNH | 8,030,000 | USD | 1,239,102 | 10/15 | SCB | 21,924 | ||||||||||||||
CNH | 4,020,000 | USD | 618,890 | 11/15 | DUB | 10,915 | ||||||||||||||
CNH | 7,422,000 | USD | 1,141,758 | 11/15 | GSC | 21,031 | ||||||||||||||
CNH | 11,021,497 | USD | 1,682,252 | 06/16 | SCB | 9,693 | ||||||||||||||
CNH | 16,885,679 | USD | 2,570,795 | 07/16 | GSC | 13,996 | ||||||||||||||
CNH | 9,451,065 | USD | 1,438,628 | 07/16 | SCB | 8,104 | ||||||||||||||
CNY | 7,364,000 | USD | 1,153,057 | 03/16 | BNP | (7,053 | ) | |||||||||||||
CNY | 15,189,000 | USD | 2,378,395 | 03/16 | JPM | (14,006 | ) | |||||||||||||
CNY | 23,057,000 | USD | 3,610,442 | 03/16 | SCB | (21,617 | ) | |||||||||||||
EUR | 831,870 | HUF | 263,711,000 | 10/15 | BNP | (10,226 | ) | |||||||||||||
EUR | 3,057,220 | HUF | 952,324,000 | 10/15 | MSC | 21,797 | ||||||||||||||
EUR | 4,842,490 | HUF | 1,501,663,753 | 11/15 | JPM | 63,324 | ||||||||||||||
EUR | 939,272 | HUF | 293,842,000 | 12/15 | DUB | 3,756 | ||||||||||||||
EUR | 261,411 | USD | 286,490 | 10/15 | SCB | 5,713 | ||||||||||||||
EUR | 2,007,000 | USD | 2,210,289 | 11/15 | SCB | 33,768 | ||||||||||||||
GBP | 1,857,824 | EUR | 2,512,219 | 12/15 | BNP | (572 | ) | |||||||||||||
GBP | 1,839,045 | EUR | 2,502,000 | 12/15 | MSC | (17,540 | ) | |||||||||||||
HUF | 263,711,000 | EUR | 847,929 | 10/15 | BNP | (7,720 | ) | |||||||||||||
HUF | 952,324,000 | EUR | 3,073,867 | 10/15 | MSC | (40,399 | ) | |||||||||||||
HUF | 1,501,663,753 | EUR | 4,844,239 | 11/15 | JPM | (43,062 | ) | |||||||||||||
HUF | 293,842,000 | EUR | 942,614 | 12/15 | DUB | (7,495 | ) | |||||||||||||
INR | 155,246,000 | USD | 2,403,606 | 10/15 | DUB | (50,431 | ) | |||||||||||||
INR | 72,406,000 | USD | 1,122,400 | 10/15 | SCB | (24,890 | ) | |||||||||||||
JPY | 132,851,253 | USD | 1,097,101 | 10/15 | GSC | 10,534 | ||||||||||||||
JPY | 249,293,000 | USD | 2,070,505 | 11/15 | JPM | 8,769 | ||||||||||||||
MXN | 68,997,000 | USD | 4,159,202 | 11/15 | SCB | (94,593 | ) | |||||||||||||
OMR | 888,000 | USD | 2,296,591 | 04/16 | BNP | (12,020 | ) | |||||||||||||
OMR | 1,565,000 | USD | 4,042,152 | 06/16 | BNP | (31,923 | ) | |||||||||||||
PHP | 178,043,000 | USD | 3,770,101 | 11/15 | BNP | 39,121 | ||||||||||||||
PHP | 75,365,000 | USD | 1,594,520 | 11/15 | CIT | 17,910 | ||||||||||||||
PLN | 3,044,000 | EUR | 721,532 | 10/15 | BNP | (5,526 | ) | |||||||||||||
PLN | 10,845,382 | EUR | 2,600,343 | 11/15 | JPM | (56,267 | ) | |||||||||||||
PLN | 6,314,000 | EUR | 1,497,308 | 12/15 | DUB | (17,754 | ) | |||||||||||||
RSD | 253,330,000 | EUR | 1,935,294 | 10/15 | CIT | 194,416 | ||||||||||||||
RSD | 30,943,000 | EUR | 237,111 | 10/15 | DUB | 22,938 | ||||||||||||||
RSD | 52,038,283 | EUR | 407,818 | 01/16 | CIT | 20,731 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-110
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
RSD | 9,424,000 | EUR | 74,380 | 01/16 | DUB | $3,165 | ||||||||||||||
SEK | 46,660,000 | USD | 5,652,332 | 12/15 | BNP | (67,005 | ) | |||||||||||||
SGD | 682,007 | USD | 478,165 | 10/15 | SCB | 1,058 | ||||||||||||||
THB | 5,941,043 | USD | 167,271 | 11/15 | DUB | (3,833 | ) | |||||||||||||
TRY | 2,690,000 | ZAR | 13,410,995 | 01/16 | SCB | (349,389 | ) | |||||||||||||
USD | 2,428,541 | AUD | 3,292,000 | 10/15 | GSC | 120,474 | ||||||||||||||
USD | 4,298,116 | AUD | 5,795,265 | 10/15 | JPM | 233,376 | ||||||||||||||
USD | 186,597 | AUD | 254,000 | 10/15 | SCB | 8,514 | ||||||||||||||
USD | 4,546,924 | AUD | 6,307,061 | 11/15 | MSC | 128,826 | ||||||||||||||
USD | 8,470,795 | CAD | 11,248,326 | 12/15 | SCB | 44,825 | ||||||||||||||
USD | 5,620,980 | CHF | 5,427,000 | 12/15 | BNP | 36,041 | ||||||||||||||
USD | 2,357,296 | CLP | 1,638,789,000 | 11/15 | BNP | 13,819 | ||||||||||||||
USD | 1,394,034 | CLP | 986,000,000 | 11/15 | SCB | (15,952 | ) | |||||||||||||
USD | 899,611 | CNH | 5,780,000 | 10/15 | GSC | (5,884 | ) | |||||||||||||
USD | 1,250,000 | CNH | 8,030,000 | 10/15 | SCB | (7,980 | ) | |||||||||||||
USD | 623,497 | CNH | 4,020,000 | 11/15 | DUB | (3,972 | ) | |||||||||||||
USD | 1,151,233 | CNH | 7,422,000 | 11/15 | GSC | (7,243 | ) | |||||||||||||
USD | 1,652,398 | CNH | 11,021,497 | 06/16 | SCB | (79,656 | ) | |||||||||||||
USD | 2,521,374 | CNH | 16,885,679 | 07/16 | GSC | (99,110 | ) | |||||||||||||
USD | 1,401,840 | CNH | 9,451,065 | 07/16 | SCB | (44,886 | ) | |||||||||||||
USD | 7,325,730 | CNY | 45,610,000 | 03/16 | SCB | 226,511 | ||||||||||||||
USD | 1,242,172 | EUR | 1,133,462 | 10/15 | GSC | (24,900 | ) | |||||||||||||
USD | 2,466,901 | EUR | 2,251,870 | 10/15 | SCB | (50,225 | ) | |||||||||||||
USD | 617,973 | EUR | 559,181 | 11/15 | DUB | (7,194 | ) | |||||||||||||
USD | 5,363,783 | EUR | 4,806,037 | 11/15 | GSC | (11,254 | ) | |||||||||||||
USD | 3,089,771 | EUR | 2,822,000 | 11/15 | SCB | (65,551 | ) | |||||||||||||
USD | 4,380,499 | EUR | 3,910,000 | 12/15 | GSC | 6,750 | ||||||||||||||
USD | 5,020,684 | EUR | 4,440,411 | 12/15 | JPM | 58,943 | ||||||||||||||
USD | 10,017,281 | EUR | 8,709,614 | 12/15 | SCB | 275,137 | ||||||||||||||
USD | 2,071,791 | INR | 137,194,000 | 10/15 | BNP | (14,778 | ) | |||||||||||||
USD | 2,000,491 | INR | 134,462,000 | 10/15 | SCB | (47,986 | ) | |||||||||||||
USD | 1,074,206 | JPY | 132,851,253 | 10/15 | GSC | (33,429 | ) | |||||||||||||
USD | 2,005,720 | JPY | 249,293,000 | 11/15 | JPM | (73,554 | ) | |||||||||||||
USD | 99,672 | NOK | 829,617 | 10/15 | BNP | 2,267 | ||||||||||||||
USD | 2,837,509 | NOK | 23,305,000 | 10/15 | DUB | 101,283 | ||||||||||||||
USD | 98,328 | NOK | 820,000 | 10/15 | JPM | 2,053 | ||||||||||||||
USD | 1,280,195 | NZD | 1,971,092 | 11/15 | GSC | 23,929 | ||||||||||||||
USD | 2,386,871 | NZD | 3,677,970 | 11/15 | SCB | 43,525 | ||||||||||||||
USD | 890,287 | NZD | 1,422,184 | 12/15 | DUB | (13,854 | ) | |||||||||||||
USD | 2,296,948 | OMR | 888,000 | 04/16 | BNP | 12,377 | ||||||||||||||
USD | 4,039,262 | OMR | 1,565,000 | 06/16 | BNP | 29,033 | ||||||||||||||
USD | 2,316,931 | OMR | 902,630 | 08/16 | BNP | 14,017 | ||||||||||||||
USD | 2,296,392 | OMR | 891,000 | 03/17 | BNP | 28,245 | ||||||||||||||
USD | 1,459,873 | OMR | 573,000 | 05/17 | BNP | 1,210 | ||||||||||||||
USD | 2,188,608 | OMR | 858,000 | 06/17 | BNP | 4,427 | ||||||||||||||
USD | 6,251,590 | OMR | 2,453,000 | 08/17 | BNP | 6,947 | ||||||||||||||
USD | 666,570 | PEN | 2,298,000 | 02/16 | BNP | (17,417 | ) | |||||||||||||
USD | 444,380 | PEN | 1,522,000 | 02/16 | SCB | (8,819 | ) | |||||||||||||
USD | 666,572 | PEN | 2,343,000 | 08/16 | SCB | (58,299 | ) | |||||||||||||
USD | 1,095,228 | PHP | 50,490,000 | 11/15 | GSC | 18,043 | ||||||||||||||
USD | 1,592,304 | RON | 6,423,469 | 10/15 | BNP | (31,481 | ) | |||||||||||||
USD | 2,473,728 | RON | 9,735,352 | 11/15 | BNP | 14,030 | ||||||||||||||
USD | 5,587,574 | SEK | 46,660,000 | 12/15 | BNP | 2,246 | ||||||||||||||
USD | 1,017,189 | SGD | 1,411,000 | 10/15 | BNP | 26,403 | ||||||||||||||
USD | 1,007,592 | SGD | 1,420,000 | 10/15 | DUB | 10,486 | ||||||||||||||
USD | 999,646 | SGD | 1,410,000 | 10/15 | GSC | 9,561 | ||||||||||||||
USD | 505,265 | SGD | 682,007 | 10/15 | JPM | 26,042 | ||||||||||||||
USD | 767,485 | SGD | 1,082,000 | 10/15 | SCB | 7,718 | ||||||||||||||
USD | 4,691,235 | SGD | 6,594,000 | 11/15 | GSC | 65,557 | ||||||||||||||
USD | 476,329 | SGD | 682,007 | 01/16 | SCB | — | ||||||||||||||
USD | 624,771 | THB | 22,463,000 | 10/15 | DUB | 6,479 | ||||||||||||||
USD | 634,528 | THB | 23,100,000 | 11/15 | DUB | (817 | ) | |||||||||||||
USD | 119,342 | THB | 4,348,000 | 11/15 | JPM | (245 | ) | |||||||||||||
USD | 455,374 | THB | 16,439,000 | 11/15 | SCB | 3,122 | ||||||||||||||
USD | 1,470,797 | TRY | 4,596,903 | 12/15 | SCB | (14,397 | ) | |||||||||||||
USD | 325,472 | TRY | 886,000 | 01/16 | BNP | 42,167 | ||||||||||||||
USD | 662,257 | TRY | 1,804,000 | 01/16 | SCB | 85,413 | ||||||||||||||
USD | 2,017,469 | TWD | 63,520,000 | 10/15 | CIT | 88,240 | ||||||||||||||
USD | 792,575 | TWD | 25,085,000 | 10/15 | DUB | 30,694 | ||||||||||||||
USD | 262,611 | TWD | 8,548,000 | 10/15 | JPM | 2,994 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-111
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
USD | 1,865,031 | TWD | 60,874,000 | 11/15 | BNP | $15,901 | ||||||||||||||
USD | 1,372,004 | TWD | 44,597,000 | 11/15 | GSC | 17,338 | ||||||||||||||
USD | 835,262 | TWD | 27,430,000 | 11/15 | JPM | 2,003 | ||||||||||||||
USD | 1,632,271 | TWD | 54,020,000 | 12/15 | DUB | (8,832 | ) | |||||||||||||
USD | 1,036,452 | TWD | 34,291,000 | 12/15 | GSC | (5,293 | ) | |||||||||||||
UYU | 7,000,000 | USD | 252,389 | 10/15 | HSB | (14,212 | ) | |||||||||||||
ZAR | 13,410,995 | USD | 981,663 | 01/16 | SCB | 227,875 | ||||||||||||||
ZMW | 1,048,000 | USD | 135,226 | 11/15 | SCB | (50,309 | ) | |||||||||||||
ZMW | 709,000 | USD | 88,847 | 12/15 | CIT | (32,101 | ) | |||||||||||||
ZMW | 2,289,000 | USD | 291,733 | 12/15 | SCB | (107,865 | ) | |||||||||||||
ZMW | 475,000 | USD | 59,043 | 01/16 | BNP | (21,390 | ) | |||||||||||||
ZMW | 1,180,000 | USD | 148,055 | 01/16 | CIT | (54,702 | ) | |||||||||||||
ZMW | 7,431,000 | USD | 898,688 | 01/16 | SCB | (311,705 | ) | |||||||||||||
|
| |||||||||||||||||||
Total Forward Foreign Currency Contracts | $340,240 | |||||||||||||||||||
|
|
(i) | Purchased options outstanding as of September 30, 2015 were as follows: |
Foreign Currency Options
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Cost | Value | ||||||||||||||||||||||||
Call - EUR versus USD | $1.06 | 11/10/15 | GSC | $4,959,000 | $43,449 | $8,658 | ||||||||||||||||||||||||
Call - EUR versus USD | 1.06 | 11/10/15 | JPM | 4,959,000 | 43,887 | 8,262 | ||||||||||||||||||||||||
Call - GBP versus USD | 1.52 | 11/10/15 | BNP | 1,404,000 | 48,508 | 17,931 | ||||||||||||||||||||||||
Call - GBP versus USD | 1.52 | 11/10/15 | GSC | 5,748,000 | 202,186 | 73,408 | ||||||||||||||||||||||||
Call - JPY versus USD | JPY 120.00 | 11/11/15 | GSC | 2,490,000 | 87,312 | 34,751 | ||||||||||||||||||||||||
Call - JPY versus USD | 120.00 | 11/11/15 | JPM | 2,880,000 | 101,376 | 40,193 | ||||||||||||||||||||||||
Call - CNH versus USD | CNH 6.34 | 06/07/16 | CIT | 1,650,000 | 22,547 | 54,745 | ||||||||||||||||||||||||
Call - CNH versus USD | 6.34 | 06/07/16 | SCB | 2,035,000 | 27,554 | 67,519 | ||||||||||||||||||||||||
Call - CNH versus USD | 6.39 | 07/27/16 | GSC | 1,690,000 | 28,139 | 54,393 | ||||||||||||||||||||||||
Call - CNH versus USD | 6.39 | 07/27/16 | SCB | 1,770,000 | 29,559 | 56,875 | ||||||||||||||||||||||||
Call - CNH versus USD | 6.40 | 07/27/16 | DUB | 1,550,000 | 25,931 | 49,375 | ||||||||||||||||||||||||
Call - EUR versus USD | $1.10 | 11/01/16 | DUB | 5,440,000 | 268,138 | 179,596 | ||||||||||||||||||||||||
Call - EUR versus USD | 1.18 | 11/01/16 | DUB | 5,337,000 | 288,831 | 346,062 | ||||||||||||||||||||||||
Call - EUR versus USD | 1.28 | 11/01/16 | DUB | 5,446,000 | 228,623 | 648,455 | ||||||||||||||||||||||||
Call - CNH versus USD | CNH 6.47 | 06/15/17 | SCB | 3,668,000 | 82,232 | 176,063 | ||||||||||||||||||||||||
Call - EUR versus USD | $1.19 | 10/29/19 | GSC | 5,440,000 | 435,131 | 438,785 | ||||||||||||||||||||||||
Call - EUR versus USD | 1.38 | 10/29/19 | GSC | 5,446,000 | 403,167 | 840,263 | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
2,366,570 | 3,095,334 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Put - INR versus USD | INR 65.52 | 01/04/16 | SCB | 2,076,000 | 43,976 | 15,229 | ||||||||||||||||||||||||
Put - INR versus USD | 65.58 | 01/04/16 | JPM | 2,890,000 | 62,229 | 22,126 | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
106,205 | 37,355 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
$2,472,775 | $3,132,689 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Interest Rate Swaptions | ||||||||||||||||||||||||||||||
Description | Pay/Receive Rate | Floating Rate Index | Exercise Rate | Expiration Date | Counter- party | Notional Amount | Cost | Value | ||||||||||||||||||||||
Put - 4-Year Interest Rate Swap | Receive | 3-Month SAR-SAIBOR | 2.840% | 08/18/16 | GSC | SAR 5,783,000 | $18,503 | $4,243 | ||||||||||||||||||||||
Put - 4-Year Interest Rate Swap | Receive | 3-Month SAR-SAIBOR | 2.875% | 08/18/16 | GSC | 11,833,000 | 37,863 | 8,032 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
$56,366 | $12,275 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Options on Indices | ||||||||||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Counter- party | Number of Contracts | Cost | Value | ||||||||||||||||||||||||
Call - Nikkei 225 (11/15) | 20,000.00 | 11/13/15 | DUB | 14 | $126,301 | $6,502 | ||||||||||||||||||||||||
Call - Hang Seng China Enterprise (12/15) |
| 11,800.00 | 12/30/15 | DUB | 45 | 34,265 | 10,591 | |||||||||||||||||||||||
Call - Hang Seng China Enterprise (12/15) |
| 14,000.00 | 12/30/15 | CIT | 27 | 191,699 | 760 | |||||||||||||||||||||||
Call - Nikkei 225 (05/16) | 16,000.00 | 05/13/16 | GSC | 28 | 242,383 | 484,463 | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
$594,648 | $502,316 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Total Purchased Options | $3,123,789 | $3,647,280 | ||||||||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-112
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(j) | Transactions in written options for the six-month period ended September 30, 2015 were as follows: |
Number of Contracts | Notional Amount in $ | Premium | ||||||||||
Outstanding, March 31, 2015 | 28 | 77,120,182 | $5,006,878 | |||||||||
Call Options Written | 14 | 25,007,000 | 1,237,187 | |||||||||
Put Options Written | — | 4,626,093 | 59,678 | |||||||||
Call Options Expired | — | (60,891,182 | ) | (2,686,945 | ) | |||||||
|
|
|
|
|
| |||||||
Outstanding, September 30, 2015 | 42 | 45,862,093 | $3,616,798 | |||||||||
|
|
|
|
|
|
(k) | Premiums received and value of written options outstanding as of September 30, 2015 were as follows: |
Foreign Currency Options
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||
Call - GBP versus USD | $1.52 | 11/10/15 | BNP | $1,404,000 | $31,150 | ($17,931 | ) | |||||||||||||||
Call - GBP versus USD | 1.52 | 11/10/15 | GSC | 5,748,000 | 126,617 | (73,408 | ) | |||||||||||||||
Call - JPY versus USD | JPY 120.00 | 11/11/15 | GSC | 2,490,000 | 85,756 | (34,751 | ) | |||||||||||||||
Call - JPY versus USD | 120.00 | 11/11/15 | JPM | 2,880,000 | 98,168 | (40,193 | ) | |||||||||||||||
Call - CNH versus USD | CNH 6.34 | 06/07/16 | SCB | 2,035,000 | 103,657 | (67,519 | ) | |||||||||||||||
Call - CNH versus USD | 6.39 | 07/27/16 | GSC | 1,690,000 | 78,754 | (54,393 | ) | |||||||||||||||
Call - CNH versus USD | 6.39 | 07/27/16 | SCB | 1,770,000 | 95,302 | (56,875 | ) | |||||||||||||||
Call - CNH versus USD | 6.40 | 07/27/16 | GSC | 1,550,000 | 76,725 | (49,375 | ) | |||||||||||||||
Call - EUR versus USD | $1.18 | 11/01/16 | DUB | 5,337,000 | 443,665 | (346,062 | ) | |||||||||||||||
Call - EUR versus USD | 1.28 | 11/01/16 | DUB | 5,446,000 | 513,846 | (648,455 | ) | |||||||||||||||
Call - EUR versus USD | 1.19 | 10/29/19 | GSC | 5,440,000 | 425,462 | (438,785 | ) | |||||||||||||||
Call - EUR versus USD | 1.38 | 10/29/19 | GSC | 5,446,000 | 818,512 | (840,263 | ) | |||||||||||||||
|
|
|
| |||||||||||||||||||
$2,897,614 | ($2,668,010 | ) | ||||||||||||||||||||
|
|
|
|
Interest Rate Swaptions
Description | Pay/Receive Rate | Floating Rate Index | Exercise Rate | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||||||||
Put - 4-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 1.983% | 08/18/16 | GSC | $1,531,093 | $19,598 | ($9,632 | ) | |||||||||||||||||||||
Put - 4-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.010% | 08/18/16 | MSC | 3,095,000 | 40,080 | (18,577 | ) | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
$59,678 | ($28,209 | ) | ||||||||||||||||||||||||||||
|
|
|
|
Options on Indices | ||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Counter- party | Number of Contracts | Premium | Value | ||||||||||||||||
Call - Nikkei 225 (11/15) | 20,000.00 | 11/13/15 | GSC | 14 | $115,596 | ($6,502 | ) | |||||||||||||||
Call - Nikkei 225 (05/16) | 16,000.00 | 05/13/16 | GSC | 28 | 543,910 | (484,463 | ) | |||||||||||||||
|
|
|
| |||||||||||||||||||
$659,506 | ($490,965 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Total Written Options | $3,616,798 | ($3,187,184 | ) | |||||||||||||||||||
|
|
|
|
(l) | Swap agreements outstanding as of September 30, 2015 were as follows: |
Credit Default Swaps on Sovereign Issues – Buy Protection (1)
Referenced Obligation | Fixed Deal Pay Rate | Expiration Date | Counter- party | Implied Credit Spread at 09/30/15 (3) | Notional Amount (4) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
Croatia Government | 1.000% | 12/20/16 | MSC | 1.548% | $198,000 | $1,263 | $10,567 | ($9,304 | ) | |||||||||||||||||||||
China Government | 1.000% | 12/20/17 | JPM | 0.605% | 1,210,000 | (10,947 | ) | (23,080 | ) | 12,133 | ||||||||||||||||||||
Croatia Government | 1.000% | 03/20/18 | CIT | 2.154% | 1,200,000 | 32,968 | 83,000 | (50,032 | ) | |||||||||||||||||||||
Thailand Government | 1.000% | 03/20/18 | CIT | 0.915% | 1,088,000 | (2,557 | ) | (5,413 | ) | 2,856 | ||||||||||||||||||||
Croatia Government | 1.000% | 03/20/18 | HSB | 2.154% | 313,000 | 8,599 | 29,014 | (20,415 | ) | |||||||||||||||||||||
Banque Centrale de Tunisie SA | 1.000% | 03/20/18 | JPM | 2.458% | 375,000 | 13,097 | 40,581 | (27,484 | ) | |||||||||||||||||||||
China Government | 1.000% | 03/20/18 | JPM | 0.672% | 1,100,000 | (9,183 | ) | (17,333 | ) | 8,150 | ||||||||||||||||||||
Croatia Government | 1.000% | 03/20/18 | MSC | 2.154% | 2,262,000 | 62,138 | 194,313 | (132,175 | ) | |||||||||||||||||||||
Lebanon Government | 5.000% | 03/20/18 | JPM | 3.104% | 689,000 | (32,107 | ) | (29,026 | ) | (3,081 | ) | |||||||||||||||||||
Croatia Government | 1.000% | 06/20/18 | CIT | 2.266% | 800,000 | 26,459 | 76,719 | (50,260 | ) | |||||||||||||||||||||
Lebanon Government | 1.000% | 06/20/18 | GSC | 3.263% | 5,166,000 | 302,319 | 715,241 | (412,922 | ) | |||||||||||||||||||||
Croatia Government | 1.000% | 06/20/18 | MSC | 2.266% | 921,000 | 30,461 | 92,071 | (61,610 | ) | |||||||||||||||||||||
Bulgaria Government | 1.000% | 12/20/18 | GSC | 1.373% | 500,000 | 5,712 | 5,633 | 79 | ||||||||||||||||||||||
Qatar Government | 1.000% | 12/20/18 | JPM | 0.485% | 1,838,000 | (30,746 | ) | (31,386 | ) | 640 | ||||||||||||||||||||
Lebanon Government | 5.000% | 12/20/18 | GSC | 3.504% | 663,000 | (31,056 | ) | (39,103 | ) | 8,047 | ||||||||||||||||||||
Croatia Government | 1.000% | 03/20/19 | GSC | 2.524% | 400,000 | 20,011 | 24,108 | (4,097 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-113
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Referenced Obligation | Fixed Deal Pay Rate | Expiration Date | Counter- party | Implied Credit Spread at 09/30/15 (3) | Notional Amount (4) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
Qatar Government | 1.000% | 03/20/19 | GSC | 0.534% | $490,000 | ($7,978 | ) | ($8,606 | ) | $628 | ||||||||||||||||||||
Qatar Government | 1.000% | 03/20/19 | JPM | 0.534% | 160,000 | (2,605 | ) | (3,076 | ) | 471 | ||||||||||||||||||||
Qatar Government | 1.000% | 06/20/19 | CIT | 0.577% | 1,210,000 | (19,124 | ) | (28,206 | ) | 9,082 | ||||||||||||||||||||
Qatar Government | 1.000% | 06/20/19 | JPM | 0.577% | 806,000 | (12,737 | ) | (17,605 | ) | 4,868 | ||||||||||||||||||||
Poland Government | 1.000% | 09/20/19 | CIT | 0.586% | 817,000 | (13,460 | ) | (15,311 | ) | 1,851 | ||||||||||||||||||||
Poland Government | 1.000% | 09/20/19 | DUB | 0.586% | 902,000 | (14,860 | ) | (17,267 | ) | 2,407 | ||||||||||||||||||||
Croatia Government | 1.000% | 03/20/20 | BNP | 2.815% | 2,280,000 | 170,403 | 179,317 | (8,914 | ) | |||||||||||||||||||||
Croatia Government | 1.000% | 03/20/20 | CIT | 2.815% | 1,750,000 | 130,791 | 126,470 | 4,321 | ||||||||||||||||||||||
Croatia Government | 1.000% | 03/20/20 | GSC | 2.815% | 2,560,000 | 191,327 | 191,925 | (598 | ) | |||||||||||||||||||||
Croatia Government | 1.000% | 06/20/20 | CIT | 2.892% | 443,000 | 36,192 | 34,132 | 2,060 | ||||||||||||||||||||||
Russia Government | 1.000% | 06/20/20 | CIT | 3.350% | 4,400,000 | 439,133 | 498,345 | (59,212 | ) | |||||||||||||||||||||
Croatia Government | 1.000% | 06/20/20 | GSC | 2.892% | 700,000 | 57,189 | 54,113 | 3,076 | ||||||||||||||||||||||
Qatar Government | 1.000% | 12/20/22 | GSC | 0.997% | 1,040,000 | (560 | ) | (11,099 | ) | 10,539 | ||||||||||||||||||||
Mexico Government | 1.000% | 12/20/22 | HSB | 2.041% | 1,976,000 | 132,161 | 66,059 | 66,102 | ||||||||||||||||||||||
South Africa Government | 1.000% | 12/20/22 | HSB | 3.213% | 7,803,000 | 1,056,987 | 671,561 | 385,426 | ||||||||||||||||||||||
Spain Government | 1.000% | 12/20/22 | HSB | 1.205% | 2,169,000 | 28,618 | 402,781 | (374,163 | ) | |||||||||||||||||||||
Qatar Government | 1.000% | 12/20/23 | GSC | 1.076% | 874,000 | 4,705 | 284 | 4,421 | ||||||||||||||||||||||
Qatar Government | 1.000% | 09/20/24 | GSC | 1.123% | 290,000 | 2,797 | (622 | ) | 3,419 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$2,565,410 | $3,249,101 | ($683,691 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
Credit Default Swaps on Sovereign Issues – Sell Protection (2)
Referenced Obligation | Fixed Deal Receive Rate | Expiration Date | Counter- party | Implied Credit Spread at 09/30/15 (3) | Notional Amount (4) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
Nigeria Government | 3.500% | 06/20/16 | CIT | 2.859% | $420,000 | $2,378 | $— | $2,378 | ||||||||||||||||||||||
Nigeria Government | 1.000% | 09/20/16 | CIT | 2.811% | 100,000 | (1,760 | ) | (2,753 | ) | 993 | ||||||||||||||||||||
Croatia Government | 1.000% | 03/20/17 | CIT | 1.725% | 290,000 | (2,980 | ) | (4,056 | ) | 1,076 | ||||||||||||||||||||
Turkey Government | 1.000% | 09/20/18 | CIT | 2.544% | 2,980,000 | (130,564 | ) | (55,873 | ) | (74,691 | ) | |||||||||||||||||||
Turkey Government | 1.000% | 09/20/18 | GSC | 2.544% | 2,615,000 | (114,572 | ) | (48,135 | ) | (66,437 | ) | |||||||||||||||||||
Turkey Government | 1.000% | 09/20/18 | MSC | 2.544% | 5,157,031 | (225,946 | ) | (98,207 | ) | (127,739 | ) | |||||||||||||||||||
Slovenia Government | 1.000% | 12/20/19 | GSC | 0.945% | 545,000 | 1,368 | (6,832 | ) | 8,200 | |||||||||||||||||||||
Colombia Government | 1.000% | 03/20/20 | BNP | 2.298% | 400,000 | (21,617 | ) | (12,043 | ) | (9,574 | ) | |||||||||||||||||||
Colombia Government | 1.000% | 03/20/20 | GSC | 2.298% | 338,000 | (18,266 | ) | (10,915 | ) | (7,351 | ) | |||||||||||||||||||
Slovenia Government | 1.000% | 03/20/20 | GSC | 1.014% | 2,455,000 | (777 | ) | (29,929 | ) | 29,152 | ||||||||||||||||||||
Colombia Government | 1.000% | 03/20/20 | JPM | 2.298% | 370,000 | (19,996 | ) | (11,450 | ) | (8,546 | ) | |||||||||||||||||||
Turkey Government | 1.000% | 09/20/20 | BNP | 3.043% | 900,000 | (82,692 | ) | (68,295 | ) | (14,397 | ) | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
($615,424 | ) | ($348,488 | ) | ($266,936 | ) | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$1,949,986 | $2,900,613 | ($950,627 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
(1) | If the fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(2) | If the fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(3) | An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads, in comparison to narrower credit spreads, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. |
(4) | The maximum potential amount the fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
Cross Currency Swaps – Pay Floating Rate
Notional Amount on Fixed Rate (Currency Delivered) | Notional Amount on Floating Rate (Currency Received) | Floating Rate Index | Counter- party | Fixed Rate | Expiration Date | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
TRY 4,247,000 | $1,993,897 | 3-Month USD LIBOR | JPM | 10.757% | 04/08/16 | $673,099 | $— | $673,099 | ||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-114
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Interest Rate Swaps – Pay Floating Rate
Floating Rate Index | Counter- party | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
1-Day BRL-CETIP | GSC | 12.023% | 01/02/17 | BRL 1,856,835 | $315,003 | $— | $315,003 | |||||||||||||||||||
1-Day BRL-CETIP | GSC | 12.080% | 01/02/17 | 22,867,890 | (255,261 | ) | — | (255,261 | ) | |||||||||||||||||
7-Day CNY-CNRR07 | DUB | 2.450% | 06/18/17 | CNY 15,476,000 | (1,062 | ) | — | (1,062 | ) | |||||||||||||||||
7-Day CNY-CNRR07 | GSC | 2.450% | 06/18/17 | 15,475,000 | 336 | — | 336 | |||||||||||||||||||
7-Day CNY-CNRR07 | BNP | 2.450% | 06/24/17 | 7,623,000 | (616 | ) | — | (616 | ) | |||||||||||||||||
7-Day CNY-CNRR07 | DUB | 2.460% | 06/24/17 | 8,145,000 | (444 | ) | — | (444 | ) | |||||||||||||||||
7-Day CNY-CNRR07 | GSC | 2.460% | 06/24/17 | 16,290,000 | (888 | ) | — | (888 | ) | |||||||||||||||||
7-Day CNY-CNRR07 | SCB | 2.463% | 06/24/17 | 16,290,000 | (781 | ) | — | (781 | ) | |||||||||||||||||
7-Day CNY-CNRR07 | DUB | 2.453% | 06/25/17 | 18,395,000 | (1,485 | ) | — | (1,485 | ) | |||||||||||||||||
7-Day CNY-CNRR07 | BNP | 2.490% | 06/25/17 | 8,012,000 | 135 | — | 135 | |||||||||||||||||||
7-Day CNY-CNRR07 | GSC | 2.490% | 06/25/17 | 16,023,000 | 271 | — | 271 | |||||||||||||||||||
7-Day CNY-CNRR07 | JPM | 2.490% | 06/25/17 | 16,024,000 | 271 | — | 271 | |||||||||||||||||||
7-Day CNY-CNRR07 | SCB | 2.501% | 06/25/17 | 19,228,000 | 6,353 | — | 6,353 | |||||||||||||||||||
7-Day CNY-CNRR07 | SCB | 2.445% | 07/16/17 | 19,106,000 | (1,791 | ) | — | (1,791 | ) | |||||||||||||||||
7-Day CNY-CNRR07 | GSC | 2.450% | 07/16/17 | 19,822,000 | (1,588 | ) | — | (1,588 | ) | |||||||||||||||||
7-Day CNY-CNRR07 | DUB | 2.457% | 07/16/17 | 15,201,000 | (948 | ) | — | (948 | ) | |||||||||||||||||
7-Day CNY-CNRR07 | GSC | 2.450% | 08/20/17 | 14,103,000 | (1,296 | ) | — | (1,296 | ) | |||||||||||||||||
7-Day CNY-CNRR07 | SCB | 2.450% | 08/21/17 | 9,025,000 | (783 | ) | — | (783 | ) | |||||||||||||||||
7-Day CNY-CNRR07 | DUB | 2.453% | 08/21/17 | 9,872,000 | (859 | ) | — | (859 | ) | |||||||||||||||||
7-Day CNY-CNRR07 | DUB | 2.455% | 08/21/17 | 18,898,000 | (1,510 | ) | — | (1,510 | ) | |||||||||||||||||
7-Day CNY-CNRR07 | DUB | 2.460% | 08/21/17 | 24,839,000 | (1,442 | ) | — | (1,442 | ) | |||||||||||||||||
6-Month PLN-WIBOR | HSB | 3.430% | 12/12/17 | PLN 60,000,000 | 602,837 | — | 602,837 | |||||||||||||||||||
1-Day BRL-CETIP | DUB | 12.960% | 01/02/18 | BRL 7,050,394 | (105,427 | ) | — | (105,427 | ) | |||||||||||||||||
1-Day BRL-CETIP | DUB | 13.000% | 01/02/18 | 21,084,033 | (310,505 | ) | — | (310,505 | ) | |||||||||||||||||
1-Day BRL-CETIP | GSC | 13.185% | 01/02/18 | 5,739,291 | (78,881 | ) | — | (78,881 | ) | |||||||||||||||||
1-Day BRL-CETIP | GSC | 13.262% | 01/02/18 | 29,651,838 | (409,091 | ) | — | (409,091 | ) | |||||||||||||||||
1-Day BRL-CETIP | GSC | 13.274% | 01/02/18 | 10,665,445 | (146,318 | ) | — | (146,318 | ) | |||||||||||||||||
3-Month NZD Bank Bills | JPM | 4.060% | 06/04/23 | NZD 810,000 | 37,104 | — | 37,104 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
(358,666) | — | (358,666) | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||
6-Month PLN-WIBOR | LCH | 1.722% | 02/27/20 | PLN 5,554,000 | (4,136 | ) | — | (4,136 | ) | |||||||||||||||||
6-Month PLN-WIBOR | LCH | 1.775% | 02/27/20 | 3,549,000 | 32,906 | — | 32,906 | |||||||||||||||||||
6-Month PLN-WIBOR | LCH | 1.778% | 02/27/20 | 16,587,000 | (15,805 | ) | — | (15,805 | ) | |||||||||||||||||
3-Month USD-LIBOR | LCH | 1.795% | 06/29/20 | $420,000 | 9,084 | — | 9,084 | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.800% | 06/29/20 | 790,000 | 18,478 | — | 18,478 | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.744% | 07/31/20 | 1,800,000 | 36,058 | — | 36,058 | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.750% | 07/31/20 | 535,000 | 14,793 | — | 14,793 | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.784% | 07/31/20 | 535,000 | 11,932 | — | 11,932 | |||||||||||||||||||
6-Month PLN-WIBOR | LCH | 2.310% | 08/11/20 | PLN 6,109,000 | 27,145 | — | 27,145 | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.739% | 08/12/20 | $1,348,000 | 24,802 | — | 24,802 | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.621% | 08/14/20 | 1,430,000 | 18,432 | — | 18,432 | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.680% | 08/17/20 | 1,535,000 | 27,358 | — | 27,358 | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.689% | 08/17/20 | 1,638,000 | 29,999 | — | 29,999 | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.698% | 08/19/20 | 2,749,000 | 44,853 | — | 44,853 | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.566% | 09/17/20 | 2,216,000 | 19,778 | — | 19,778 | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.649% | 09/18/20 | 1,607,000 | 20,427 | — | 20,427 | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.650% | 09/18/20 | 652,000 | 8,202 | — | 8,202 | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.541% | 09/23/20 | 90,000 | 647 | — | 647 | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.545% | 09/23/20 | 80,000 | 590 | — | 590 | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 2.100% | 07/27/22 | 737,000 | 23,402 | (375 | ) | 23,777 | ||||||||||||||||||
3-Month USD-LIBOR | LCH | 2.058% | 07/30/22 | 748,000 | 21,359 | — | 21,359 | |||||||||||||||||||
3-Month NZD Bank Bills | LCH | 4.960% | 04/29/24 | NZD 5,271,000 | 393,835 | — | 393,835 | |||||||||||||||||||
3-Month NZD Bank Bills | LCH | 4.052% | 06/16/25 | 1,305,000 | 53,666 | — | 53,666 | |||||||||||||||||||
3-Month NZD Bank Bills | LCH | 4.053% | 06/16/25 | 800,000 | 33,472 | — | 33,472 | |||||||||||||||||||
3-Month NZD Bank Bills | LCH | 3.923% | 06/25/25 | 2,142,000 | 54,483 | — | 54,483 | |||||||||||||||||||
3-Month NZD Bank Bills | LCH | 3.805% | 07/20/25 | 1,537,000 | 29,394 | — | 29,394 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
935,154 | (375 | ) | 935,529 | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
$576,488 | ($375 | ) | $576,863 | |||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-115
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
Interest Rate Swaps – Receive Floating Rate
Floating Rate Index | Counterparty | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
6-Month PLN-WIBOR | HSB | 3.356% | 12/12/17 | PLN 6,880,000 | ($147,479 | ) | $— | ($147,479 | ) | |||||||||||||||||
6-Month PLN-WIBOR | HSB | 3.620% | 12/12/17 | 13,000,000 | (144,092 | ) | — | (144,092 | ) | |||||||||||||||||
3-Month SAR-SAIBOR | DUB | 2.150% | 06/28/20 | SAR 2,960,000 | (8,110 | ) | — | (8,110 | ) | |||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.170% | 06/29/20 | 1,570,000 | (5,839 | ) | — | (5,839 | ) | |||||||||||||||||
3-Month SAR-SAIBOR | DUB | 2.130% | 08/02/20 | 3,000,000 | (6,906 | ) | — | (6,906 | ) | |||||||||||||||||
3-Month SAR-SAIBOR | DUB | 2.190% | 08/02/20 | 2,002,000 | (5,561 | ) | — | (5,561 | ) | |||||||||||||||||
3-Month SAR-SAIBOR | DUB | 2.310% | 08/02/20 | 2,075,000 | (10,606 | ) | — | (10,606 | ) | |||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.160% | 08/03/20 | 3,990,000 | (8,427 | ) | — | (8,427 | ) | |||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.350% | 08/12/20 | 5,188,000 | (18,570 | ) | — | (18,570 | ) | |||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.328% | 08/17/20 | 5,598,000 | (24,290 | ) | — | (24,290 | ) | |||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.395% | 08/17/20 | 6,117,000 | (46,450 | ) | — | (46,450 | ) | |||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.400% | 08/17/20 | 5,775,000 | (30,400 | ) | — | (30,400 | ) | |||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.458% | 08/19/20 | 6,291,000 | (42,237 | ) | — | (42,237 | ) | |||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.260% | 09/17/20 | 8,682,000 | (25,406 | ) | — | (25,406 | ) | |||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.338% | 09/21/20 | 8,682,000 | (32,699 | ) | — | (32,699 | ) | |||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.228% | 09/28/20 | 3,152,000 | (7,214 | ) | — | (7,214 | ) | |||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.640% | 07/27/22 | 2,892,000 | (10,393 | ) | — | (10,393 | ) | |||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.613% | 07/30/22 | 2,868,000 | (8,338 | ) | — | (8,338 | ) | |||||||||||||||||
1-Day BRL-CETIP | GSC | 11.505% | 01/02/23 | BRL 5,406,016 | 327,431 | — | 327,431 | |||||||||||||||||||
1-Day BRL-CETIP | GSC | 11.635% | 01/02/23 | 482,594 | 31,695 | — | 31,695 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
(223,891) | — | (223,891) | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||
| ||||||||||||||||||||||||||
6-Month EUR-LIBOR | LCH | 0.250% | 12/16/17 | EUR 442,000 | (1,843 | ) | (1,471 | ) | (372 | ) | ||||||||||||||||
6-Month EUR-LIBOR | LCH | 0.211% | 04/15/20 | 7,900,000 | 30,797 | — | 30,797 | |||||||||||||||||||
6-Month EUR-LIBOR | LCH | 0.212% | 04/15/20 | 3,367,000 | 7,993 | — | 7,993 | |||||||||||||||||||
6-Month EUR-LIBOR | LCH | 0.427% | 08/11/20 | 1,103,000 | (4,211 | ) | — | (4,211 | ) | |||||||||||||||||
6-Month EUR-LIBOR | LCH | 0.500% | 12/16/20 | 7,568,600 | (46,434 | ) | (4,283 | ) | (42,151 | ) | ||||||||||||||||
6-Month JPY-LIBOR | LCH | 0.753% | 06/12/24 | JPY 266,080,000 | (67,976 | ) | — | (67,976 | ) | |||||||||||||||||
6-Month JPY-LIBOR | LCH | 0.512% | 01/07/25 | 110,536,000 | (8,530 | ) | — | (8,530 | ) | |||||||||||||||||
6-Month JPY-LIBOR | LCH | 0.635% | 05/14/25 | 75,590,000 | (13,111 | ) | — | (13,111 | ) | |||||||||||||||||
6-Month JPY-LIBOR | LCH | 0.591% | 08/10/25 | 578,845,000 | (43,499 | ) | — | (43,499 | ) | |||||||||||||||||
6-Month EUR-LIBOR | LCH | 0.750% | 12/16/25 | EUR 4,244,000 | 114,819 | 191,405 | (76,586 | ) | ||||||||||||||||||
3-Month USD-LIBOR | LCH | 2.500% | 12/16/25 | $1,050,000 | (42,264 | ) | (12,999 | ) | (29,265 | ) | ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
(74,259 | ) | 172,652 | (246,911 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
($298,150 | ) | $172,652 | ($470,802 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
$278,338 | $172,277 | $106,061 | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
Total Swap Agreements | $2,901,423 | $3,072,890 | ($171,467 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-116
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
(m) | Fair Value Measurements |
The following is a summary of the fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2015:
Total Value at September 30, 2015 | Level 1 Quoted Price | Level 2 Significant | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks (1) | $1,078,001 | $— | $1,078,001 | $— | |||||||||||||
Closed-End Mutual Fund (1) | 573,575 | — | 573,575 | — | ||||||||||||||
Corporate Bond & Notes | 3,866,707 | — | 3,866,707 | — | ||||||||||||||
Senior Loan Notes | 573,993 | — | 573,993 | — | ||||||||||||||
Mortgage-Backed Securities | 1,146,807 | — | 1,146,807 | — | ||||||||||||||
Foreign Government Bonds & Notes | 103,586,408 | — | 101,268,084 | 2,318,324 | ||||||||||||||
Short-Term Investments | 22,417,806 | 15,326,032 | 7,091,774 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | 2,757,076 | — | 2,757,076 | — | ||||||||||||||
Equity Contracts | ||||||||||||||||||
Futures | 86,318 | 86,318 | — | — | ||||||||||||||
Purchased Options | 502,316 | — | 502,316 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Equity Contracts | 588,634 | 86,318 | 502,316 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 2,674,384 | — | 2,674,384 | — | ||||||||||||||
Purchased Options | 3,132,689 | — | 3,132,689 | — | ||||||||||||||
Swaps | 673,099 | — | 673,099 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | 6,480,172 | — | 6,480,172 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | 10,312 | 10,312 | — | — | ||||||||||||||
Purchased Options | 12,275 | — | 12,275 | — | ||||||||||||||
Swaps | 2,430,140 | — | 2,430,140 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | 2,452,727 | 10,312 | 2,442,415 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 12,278,609 | 96,630 | 12,181,979 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 145,521,906 | 15,422,662 | 127,780,920 | 2,318,324 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Unfunded Loan Commitment | (5,817 | ) | — | (5,817 | ) | — | |||||||||||
Securities Sold Short: | ||||||||||||||||||
Foreign Government Bonds & Notes | (1,118,803 | ) | — | (1,118,803 | ) | — | ||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | (807,090 | ) | — | (807,090 | ) | — | ||||||||||||
Equity Contracts | ||||||||||||||||||
Futures | (95,054 | ) | (95,054 | ) | — | — | ||||||||||||
Written Options | (490,965 | ) | — | (490,965 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Equity Contracts | (586,019 | ) | (95,054 | ) | (490,965 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (2,334,144 | ) | — | (2,334,144 | ) | — | ||||||||||||
Written Options | (2,668,010 | ) | — | (2,668,010 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | (5,002,154 | ) | — | (5,002,154 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | (1,169,120 | ) | (1,169,120 | ) | — | — | ||||||||||||
Written Options | (28,209 | ) | — | (28,209 | ) | — | ||||||||||||
Swaps | (2,151,802 | ) | — | (2,151,802 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | (3,349,131 | ) | (1,169,120 | ) | (2,180,011 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (9,744,394 | ) | (1,264,174 | ) | (8,480,220 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (10,869,014 | ) | (1,264,174 | ) | (9,604,840 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $134,652,892 | $14,158,488 | $118,176,080 | $2,318,324 | ||||||||||||||
|
|
|
|
|
|
|
|
(1) | For equity investments categorized in a single level, refer to the schedule of investments for further geographical region breakout. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-117
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2015 (Unaudited)
The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) for the six-month period ended September 30, 2015:
Foreign Government Bonds & Notes | ||||
Value, Beginning of Period | $1,102,450 | |||
Purchases | 2,341,961 | |||
Sales (Includes Paydowns) | (1,077,343 | ) | ||
Accrued Discounts (Premiums) | (1,324 | ) | ||
Net Realized Gains (Losses) | 10,656 | |||
Change in Net Unrealized Appreciation (Depreciation) | (58,076 | ) | ||
Transfers In | — | |||
Transfers Out | — | |||
|
| |||
Value, End of Period | $2,318,324 | |||
|
| |||
Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Period, if Applicable | ($22,269 | ) | ||
|
|
The significant unobservable inputs were provided by a vendor-priced single broker quote.
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-119 and A-120 |
A-118
PACIFIC FUNDS
Schedule of Investments (Continued)
Explanation of Symbols and Terms
September 30, 2015 (Unaudited)
Explanation of Symbols: | ||
* | Non-income producing investments. | |
" | Pass-through securities backed by a pool of mortgages or other loans on which principal payments are periodically made. Therefore, the effective maturity is shorter than the stated maturity. | |
^ | Investments with their principal amount adjusted for inflation. | |
§ | Variable rate investments. The rate shown is based on the latest available information as of September 30, 2015. For Senior Loan Notes, the rate shown may represent a weighted average interest rate. | |
W | Investments were in default as of September 30, 2015. | |
± | The security is a perpetual bond and has no definite maturity date. | |
µ | Unsettled position. Contract rates do not take effect until settlement date. | |
~ | Securities are not registered under the Securities Act of 1933 (1933 Act). These securities are either (1) exempt from registration pursuant to Rule 144A of the 1933 Act and may only be sold to “qualified institutional buyers”, or (2) the securities comply with Regulation S rules governing offers and sales made outside the United States without registration under the 1933 Act and contain certain restrictions as to public resale. | |
‡ | Investments were fully or partially segregated with the broker(s)/custodian as collateral for securities sold short, futures contracts, forward foreign currency contracts, options contracts and/or swap agreements, if any, as of September 30, 2015. | |
+ | The values of these investments were determined by the Trustee Valuation Committee or determined by a valuation committee established under the Valuation Policy and then subsequently submitted for approval or ratification to either the Trustee Valuation Committee, or to the Board of Trustees (the “Board”). Each determination was made in good faith in accordance with the procedures established by the Board and the provisions of the Investment Company Act of 1940 (See Note 3C in Notes to Financial Statements). | |
» | Stapled Security. A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. | |
l | Total shares owned by the fund as of September 30, 2015 were less than one share. | |
Counterparty & Exchange Abbreviations: | ||
ANZ | Australia and New Zealand Banking Group | |
BNP | BNP Paribas | |
BOA | Bank of America | |
BRC | Barclays | |
CIB | Canadian Imperial Bank of Commerce | |
CIT | Citigroup | |
CME | Chicago Mercantile Exchange | |
CSF | Credit Suisse | |
DUB | Deutsche Bank | |
EUX | Eurex Exchange | |
GSC | Goldman Sachs | |
HSB | HSBC | |
ICE | Intercontinental Exchange Inc | |
JPM | JPMorgan Chase | |
LCH | London Clearing House | |
MER | Merrill Lynch | |
MSC | Morgan Stanley | |
RBC | Royal Bank of Canada | |
RBS | Royal Bank of Scotland | |
SCB | Standard Chartered Bank | |
SEB | Skandinaviska Enskilda Banken | |
SGN | Societe Generale | |
SSB | State Street Bank | |
UBS | UBS |
Currency Abbreviations: | ||
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
CLP | Chilean Peso | |
CNH | Renminbi Offshore (Hong Kong) | |
CNY | Chinese Renminbi | |
COP | Colombian Peso | |
CZK | Czech Koruna | |
DKK | Danish Krone | |
DOP | Dominican Peso | |
EUR | Euro | |
GBP | British Pound | |
HKD | Hong Kong Dollar | |
HUF | Hungarian Forint | |
IDR | Indonesian Rupiah | |
ILS | Israeli Shekel | |
INR | Indian Rupee | |
JPY | Japanese Yen | |
KRW | Korean Won | |
LBP | Lebanese Pound | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
OMR | Omani Rial | |
PEN | Peruvian Nuevo Sol | |
PHP | Philippine Peso | |
PLN | Polish Zloty | |
RON | Romanian Leu | |
RSD | Serbian Dinar | |
RUB | Russian Ruble | |
SAR | Saudi Arabian Riyal | |
SEK | Swedish Krona | |
SGD | Singapore Dollar | |
THB | Thai Baht | |
TRY | Turkish Lira | |
TWD | Taiwan Dollar | |
USD | United States Dollar | |
UYU | Uruguayan Peso | |
ZAR | South African Rand | |
ZMW | Zambian Kwacha | |
Index Abbreviations: | ||
1-Day CAD-USD Discount Rate | Canadian Dollar - United States Dollar Discount Rate | |
1-Day CHF-TOIS | Switzerland Tomnext Offered Indexed | |
1-Day EUR-EONIA | Euro Effective Overnight Index Average | |
1-Day JPY-MUTSC | Bank of Japan Estimate Unsecured Overnight Call Rate | |
1-Month AUD-BBSW | Australian Bank Bill Short-Term Rate | |
1-Month GBP-LIBOR | British Pound London Interbank Offered Rate | |
1-Month HKD-HIBOR | Hong Kong Interbank Offered Rate | |
1-Month SGD-SIBOR | Singapore Interbank Offered Rate | |
1-Month USD-LIBOR | United States Dollar London Interbank Offered Rate | |
1-Week DKK-CIBOR | Copenhagen Interbank Offered Rate | |
1-Week NOK-NIBOR | Norway Interbank Offered Rate | |
1-Week SEK-STIBOR | Stockholm Interbank Offered Rate | |
ABX HE | Asset-Backed Securities Index - Home Equity | |
CDX HY | Credit Derivatives Index - High Yield | |
CDX IG | Credit Derivatives Index - Investment Grade | |
iTraxx Asia | International Index - Asia | |
iTraxx Crossover | International Index - Europe Sub-Investment Grade | |
iTraxx Europe | International Index - Europe |
See Notes to Financial Statements |
A-119
PACIFIC FUNDS
Schedule of Investments (Continued)
Explanation of Symbols and Terms (Continued)
September 30, 2015 (Unaudited)
Other Abbreviations: | ||
ADR | American Depositary Receipt | |
FDR | Fiduciary Depositary Receipt | |
GDR | Global Depositary Receipt | |
IO | Interest Only | |
NVDR | Non-voting Depositary Receipt | |
‘NY’ | New York Shares | |
PIK | Payment In Kind | |
REIT | Real Estate Investment Trust |
Notes:
(1) | For debt investments, the interest rates disclosed in the Schedule of Investments reflect the stated coupon rate or for discounted investments or zero coupon bonds, the annualized effective yield on the date of purchase. |
(2) | The countries listed in the Schedule of Investments are based on country of risk (See Note 4 in Notes to Financial Statements under Investments and Risks - Foreign and Emerging Markets Investments). |
See Notes to Financial Statements |
A-120
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2015 (Unaudited)
PF Floating Rate Loan Fund | PF Inflation Managed Fund | PF Managed Bond Fund | PF Short Duration Bond Fund | PF Emerging Markets Debt Fund | PF Comstock Fund | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Investments, at cost | $87,915,310 | $78,718,242 | $521,230,134 | $81,949,759 | $112,930,301 | $162,615,134 | ||||||||||||||||||||||
Investments, at value | $83,709,900 | $76,640,039 | $514,772,234 | $81,577,086 | $101,176,460 | $209,910,435 | ||||||||||||||||||||||
Cash (1) | — | 80,063 | 1,816,167 | 1,100 | 388,274 | — | ||||||||||||||||||||||
Foreign currency held, at value (2) | — | 161,940 | 1,128,383 | — | 76,932 | 694 | ||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Dividends and interest | 719,534 | 190,834 | 2,794,203 | 441,048 | 1,904,106 | 395,079 | ||||||||||||||||||||||
Fund shares sold | — | — | — | — | — | 10,357 | ||||||||||||||||||||||
Securities sold | 259,501 | 653,804 | 72,979,033 | — | 814,510 | 66,901 | ||||||||||||||||||||||
Variation margin | — | 564,973 | 3,903,636 | 594 | — | — | ||||||||||||||||||||||
Swap agreements | — | — | 58,866 | — | — | — | ||||||||||||||||||||||
Due from adviser | 8,421 | 9,119 | 33,963 | 12,452 | 13,968 | 12,797 | ||||||||||||||||||||||
Forward foreign currency contracts appreciation | — | 212,685 | 1,249,822 | 34,757 | 731,706 | 190,948 | ||||||||||||||||||||||
Unfunded loan commitment appreciation | 491 | — | — | — | — | — | ||||||||||||||||||||||
Swap agreements, at value | — | 95,050 | 179,111 | — | 941,631 | — | ||||||||||||||||||||||
Prepaid expenses and other assets | 426 | 617 | 2,169 | 891 | 545 | 849 | ||||||||||||||||||||||
Total Assets | 84,698,273 | 78,609,124 | 598,917,587 | 82,067,928 | 106,048,132 | 210,588,060 | ||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Fund shares redeemed | 35,024 | 19,586 | 175,691 | 40,927 | 37,454 | 63,725 | ||||||||||||||||||||||
Securities purchased | 369,375 | 99,239 | 151,760,819 | 409,819 | 757,360 | 520,622 | ||||||||||||||||||||||
Sale-buyback financing transactions | — | 24,186,005 | 5,932,452 | — | — | — | ||||||||||||||||||||||
Swap agreements | — | — | 4,626 | — | — | — | ||||||||||||||||||||||
Due to brokers (3) | — | — | 390,000 | — | — | — | ||||||||||||||||||||||
Accrued advisory fees | 45,350 | 16,900 | 144,076 | 26,810 | 68,503 | 129,450 | ||||||||||||||||||||||
Accrued administration fees | 10,465 | 6,671 | 54,029 | 10,054 | 13,090 | 26,418 | ||||||||||||||||||||||
Accrued support service expenses | 4,741 | 4,579 | 23,523 | 7,201 | 5,881 | 9,983 | ||||||||||||||||||||||
Accrued custodian fees and expenses | 4,517 | 1,852 | 5,158 | 2,039 | 21,023 | 2,295 | ||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 2,133 | 2,256 | 10,523 | 3,554 | 2,625 | 4,169 | ||||||||||||||||||||||
Accrued legal, audit and tax service fees | 8,130 | 8,228 | 40,778 | 12,316 | 10,258 | 18,351 | ||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 950 | 2,792 | 11,506 | 2,390 | 497 | 3,618 | ||||||||||||||||||||||
Accrued other | 19,615 | 16,629 | 59,006 | 33,698 | 13,464 | 12,755 | ||||||||||||||||||||||
Forward foreign currency contracts depreciation | — | 73,836 | 653,989 | — | 809,126 | 1,420 | ||||||||||||||||||||||
Outstanding options written, at value (premiums received $231,953 and $776,403 | — | 138,761 | 720,814 | — | — | — | ||||||||||||||||||||||
Swap agreements, at value | — | 79,349 | 1,393,205 | — | 15,842 | — | ||||||||||||||||||||||
Total Liabilities | 500,300 | 24,656,683 | 161,380,195 | 548,808 | 1,755,123 | 792,806 | ||||||||||||||||||||||
NET ASSETS | $84,197,973 | $53,952,441 | $437,537,392 | $81,519,120 | $104,293,009 | $209,795,254 | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in capital | $86,512,436 | $65,962,602 | $425,715,908 | $81,963,586 | $126,155,232 | $137,230,987 | ||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 3,203,108 | 767,831 | 8,809,392 | 1,176,984 | 1,327,385 | 5,531,605 | ||||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (1,312,652 | ) | (10,550,501 | ) | 12,648,192 | (1,270,331 | ) | (11,022,547 | ) | 19,551,689 | ||||||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (4,204,919 | ) | (2,227,491 | ) | (9,636,100 | ) | (351,119 | ) | (12,167,061 | ) | 47,480,973 | |||||||||||||||||
NET ASSETS | $84,197,973 | $53,952,441 | $437,537,392 | $81,519,120 | $104,293,009 | $209,795,254 | ||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 8,672,118 | 6,333,721 | 40,199,559 | 8,141,565 | 12,310,938 | 13,702,825 | ||||||||||||||||||||||
Net Asset Value Per Share | $9.71 | $8.52 | $10.88 | $10.01 | $8.47 | $15.31 |
(1) | Includes cash collateral segregated for certain derivative instruments (see Notes to Schedules of Investments) in the PF Inflation Managed, PF Managed Bond, and PF Emerging Markets Debt Funds of $80,063, $1,816,167, and $388,274, respectively. |
(2) | The cost of foreign currency for the PF Inflation Managed, PF Managed Bond, PF Emerging Markets Debt, and PF Comstock Funds was $162,541, $1,135,274, $77,001, and $699, respectively. |
(3) | The PF Managed Bond Fund received cash collateral to mitigate risk of loss to certain counterparties, which will be repaid based on master netting arrangements between the Fund and the respective counterparties. The Fund invests such cash collateral in investment securities (See Note 5 in Notes to Financial Statements). |
See Notes to Financial Statements
B-1
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2015 (Unaudited)
PF Growth Fund | PF Large-Cap Growth Fund | PF Large-Cap Value Fund | PF Main Street Core Fund | PF Mid-Cap Equity Fund | PF Mid-Cap Growth Fund | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Investments, at cost | $90,403,770 | $122,774,423 | $188,780,591 | $159,234,149 | $160,797,027 | $59,146,678 | ||||||||||||||||||||||
Investments, at value | $114,376,245 | $145,921,429 | $284,227,002 | $191,113,691 | $169,401,137 | $58,901,372 | ||||||||||||||||||||||
Foreign currency held, at value (1) | — | 91 | — | — | — | — | ||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Dividends and interest | 60,631 | 21,280 | 642,197 | 340,272 | 155,164 | 40,542 | ||||||||||||||||||||||
Fund shares sold | — | 5,720 | — | — | — | — | ||||||||||||||||||||||
Securities sold | 826,051 | 1,196,482 | 2,808,455 | 2,262,982 | 7,304,710 | 416,862 | ||||||||||||||||||||||
Due from adviser | 4,907 | 8,752 | 16,233 | 13,017 | 10,269 | 4,001 | ||||||||||||||||||||||
Prepaid expenses and other assets | 394 | 571 | 1,077 | 763 | 629 | 257 | ||||||||||||||||||||||
Total Assets | 115,268,228 | 147,154,325 | 287,694,964 | 193,730,725 | 176,871,909 | 59,363,034 | ||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Fund shares redeemed | 34,362 | 44,333 | 89,894 | 53,457 | 45,143 | 15,286 | ||||||||||||||||||||||
Securities purchased | 1,413,276 | 2,185,588 | — | 1,323,778 | 6,747,104 | 247,297 | ||||||||||||||||||||||
Accrued advisory fees | 52,617 | 86,778 | 156,265 | 72,364 | 92,496 | 32,529 | ||||||||||||||||||||||
Accrued administration fees | 14,350 | 18,463 | 36,061 | 24,121 | 21,345 | 7,507 | ||||||||||||||||||||||
Accrued support service expenses | 5,587 | 7,245 | 13,157 | 10,121 | 7,975 | 3,036 | ||||||||||||||||||||||
Accrued custodian fees and expenses | 969 | 1,681 | 1,778 | 1,721 | 948 | 422 | ||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 2,378 | 3,077 | 5,467 | 4,424 | 3,379 | 1,307 | ||||||||||||||||||||||
Accrued legal, audit and tax service fees | 9,991 | 12,802 | 23,973 | 18,407 | 14,453 | 5,567 | ||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 3,045 | 7,163 | 5,696 | 1,796 | 1,112 | 3,047 | ||||||||||||||||||||||
Accrued other | 8,700 | 8,386 | 15,291 | 11,661 | 9,423 | 4,801 | ||||||||||||||||||||||
Outstanding options written, at value (premiums received $134,880) | — | — | — | — | — | 215,280 | ||||||||||||||||||||||
Total Liabilities | 1,545,275 | 2,375,516 | 347,582 | 1,521,850 | 6,943,378 | 536,079 | ||||||||||||||||||||||
NET ASSETS | $113,722,953 | $144,778,809 | $287,347,382 | $192,208,875 | $169,928,531 | $58,826,955 | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in capital | $84,808,976 | $103,607,781 | $165,664,610 | $125,434,096 | $150,104,427 | $53,501,303 | ||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 65,813 | (250,589 | ) | 3,522,729 | 2,029,332 | 734,510 | 104,001 | |||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | 4,875,689 | 18,274,716 | 22,713,632 | 32,868,124 | 10,485,484 | 5,547,594 | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 23,972,475 | 23,146,901 | 95,446,411 | 31,877,323 | 8,604,110 | (325,943 | ) | |||||||||||||||||||||
NET ASSETS | $113,722,953 | $144,778,809 | $287,347,382 | $192,208,875 | $169,928,531 | $58,826,955 | ||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 6,169,494 | 14,239,798 | 18,780,567 | 14,177,639 | 15,121,554 | 7,696,824 | ||||||||||||||||||||||
Net Asset Value Per Share | $18.43 | $10.17 | $15.30 | $13.56 | $11.24 | $7.64 |
(1) | The cost of foreign currency for the PF Large-Cap Growth Fund was $91. |
See Notes to Financial Statements
B-2
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2015 (Unaudited)
PF Mid-Cap Value Fund | PF Small-Cap Growth Fund | PF Small-Cap Value Fund | PF Emerging Markets Fund | PF International Large-Cap Fund | PF International Small-Cap Fund | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Investments, at cost | $266,482,429 | $45,116,341 | $197,553,572 | $151,415,241 | $266,142,402 | $119,074,964 | ||||||||||||||||||||||
Investments, at value | $248,577,073 | $47,723,908 | $190,518,356 | $147,667,605 | $296,616,953 | $118,527,646 | ||||||||||||||||||||||
Cash | 213,587 | — | — | — | — | — | ||||||||||||||||||||||
Foreign currency held, at value (1), (2) | — | — | — | 8,873 | 251 | 625,911 | ||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Dividends and interest | 384,147 | — | 190,516 | 198,728 | 1,066,194 | 321,296 | ||||||||||||||||||||||
Fund shares sold | — | 10,768 | — | 30,831 | 19,366 | — | ||||||||||||||||||||||
Securities sold | 1,295,916 | 1,284,074 | 293,190 | 180,779 | — | 841,798 | ||||||||||||||||||||||
Due from adviser | — | 5,182 | 9,057 | 31,840 | 21,008 | — | ||||||||||||||||||||||
Prepaid expenses and other assets | 590 | 230 | 411 | 558 | 764 | 162 | ||||||||||||||||||||||
Total Assets | 250,471,313 | 49,024,162 | 191,011,530 | 148,119,214 | 297,724,536 | 120,316,813 | ||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Fund shares redeemed | 73,010 | 12,330 | 48,127 | 37,103 | 84,185 | 29,235 | ||||||||||||||||||||||
Securities purchased | 615,324 | 1,356,110 | — | 134,039 | 501,891 | 2,379,109 | ||||||||||||||||||||||
Due to custodian | — | — | — | 211,586 | — | — | ||||||||||||||||||||||
Accrued advisory fees | 145,652 | 24,848 | 120,403 | 97,591 | 210,118 | 81,777 | ||||||||||||||||||||||
Accrued administration fees | 31,211 | 6,212 | 24,081 | 18,298 | 37,080 | 14,779 | ||||||||||||||||||||||
Accrued support service expenses | 8,006 | 2,876 | 5,239 | 4,751 | 7,725 | 5,188 | ||||||||||||||||||||||
Accrued custodian fees and expenses | 495 | 376 | 590 | 56,691 | 30,086 | 14,859 | ||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 2,849 | 1,295 | 1,671 | 1,703 | 2,241 | 2,124 | ||||||||||||||||||||||
Accrued legal, audit and tax service fees | 9,156 | 5,606 | 10,281 | 9,409 | 14,191 | 9,210 | ||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | — | 2,061 | 330 | 211 | 1,187 | 122 | ||||||||||||||||||||||
Accrued foreign capital gains tax | — | — | — | 68,721 | — | — | ||||||||||||||||||||||
Accrued offering expenses | 8,221 | — | — | — | — | — | ||||||||||||||||||||||
| Accrued other | 5,919 | 5,197 | 8,342 | 20,166 | 12,028 | 21,065 | |||||||||||||||||||||
Total Liabilities | 899,843 | 1,416,911 | 219,064 | 660,269 | 900,732 | 2,557,468 | ||||||||||||||||||||||
NET ASSETS | $249,571,470 | $47,607,251 | $190,792,466 | $147,458,945 | $296,823,804 | $117,759,345 | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in capital | $268,316,889 | $39,052,323 | $197,328,170 | $161,462,364 | $266,863,502 | $114,153,205 | ||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 502,501 | (236,547 | ) | 637,032 | (345,824 | ) | 3,323,047 | 2,606,028 | ||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (1,342,564 | ) | 6,183,908 | (137,520 | ) | (9,820,181 | ) | (3,789,800 | ) | 1,552,013 | ||||||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (17,905,356 | ) | 2,607,567 | (7,035,216 | ) | (3,837,414 | ) | 30,427,055 | (551,901 | ) | ||||||||||||||||||
NET ASSETS | $249,571,470 | $47,607,251 | $190,792,466 | $147,458,945 | $296,823,804 | $117,759,345 | ||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 26,820,112 | 3,717,251 | 20,354,823 | 12,990,609 | 17,592,827 | 11,467,296 | ||||||||||||||||||||||
Net Asset Value Per Share | $9.31 | $12.81 | $9.37 | $11.35 | $16.87 | $10.27 |
(1) | The cost of foreign currency for the PF International Large-Cap and PF International Small-Cap Funds were $251 and $629,614, respectively. |
(2) | Includes $8,873 of restricted foreign cash in the PF Emerging Markets Fund (See Note 4 in Notes to Financial Statements). |
See Notes to Financial Statements
B-3
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2015 (Unaudited)
PF International Value Fund | PF Real Estate Fund | PF Absolute Return Fund | PF Currency Strategies Fund | PF Equity Long/Short Fund | PF Global Absolute Return Fund | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Investments and repurchase agreements, at cost | $147,492,852 | $48,666,241 | $70,831,982 | $133,382,017 | $119,558,814 | $144,441,409 | ||||||||||||||||||||||
Investments, at value | $145,851,811 | $65,274,508 | $68,623,257 | $132,949,037 | $119,558,814 | $135,744,972 | ||||||||||||||||||||||
Repurchase agreements, at value | — | — | — | — | — | 1,145,605 | ||||||||||||||||||||||
Cash (1) | — | — | — | — | 9,926,485 | — | ||||||||||||||||||||||
Foreign currency held, at value (2) | 103,315 | — | 1,969,031 | — | — | 105,190 | ||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Dividends and interest | 685,469 | 238,990 | 770,621 | 368,751 | — | 2,334,514 | ||||||||||||||||||||||
Fund shares sold | 10,424 | — | — | — | — | — | ||||||||||||||||||||||
Securities sold | 1,521,909 | 181,344 | 303,178 | — | — | 3,951,966 | ||||||||||||||||||||||
Variation margin | — | — | 3,670,500 | — | 7,676,270 | 1,158,897 | ||||||||||||||||||||||
Due from adviser | 22,717 | 2,493 | — | — | — | 10,499 | ||||||||||||||||||||||
Forward foreign currency contracts appreciation | 349,056 | — | 532,795 | 1,610,991 | 24,254 | 2,674,384 | ||||||||||||||||||||||
Swap agreements, at value | — | — | 196,347 | — | 20,900,194 | 4,751,611 | ||||||||||||||||||||||
Prepaid expenses and other assets | 538 | 290 | 14,482 | 633 | 17,348 | 588 | ||||||||||||||||||||||
Total Assets | 148,545,239 | 65,697,625 | 76,080,211 | 134,929,412 | 158,103,365 | 151,878,226 | ||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Fund shares redeemed | 42,304 | 14,487 | 28,973 | 38,097 | 41,952 | 46,572 | ||||||||||||||||||||||
Securities purchased | 1,395,500 | 234,182 | — | — | 539,167 | 4,418,844 | ||||||||||||||||||||||
Securities sold short, at value (proceeds $1,045,738) | — | — | — | — | — | 1,118,803 | ||||||||||||||||||||||
Due to custodian | — | — | 86,796 | — | 579,553 | — | ||||||||||||||||||||||
Due to brokers (3) | — | — | 320,000 | 1,880,000 | — | 1,130,838 | ||||||||||||||||||||||
Accrued advisory fees | 79,920 | 47,414 | 50,208 | 69,961 | 123,902 | 91,170 | ||||||||||||||||||||||
Accrued administration fees | 18,443 | 7,902 | 9,414 | 16,145 | 18,585 | 17,094 | ||||||||||||||||||||||
Accrued support service expenses | 5,180 | 1,763 | 3,121 | 6,506 | 5,086 | 6,177 | ||||||||||||||||||||||
Accrued custodian fees and expenses | 17,659 | 268 | 15,940 | 3,090 | 2,986 | 45,169 | ||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 1,884 | 568 | 1,290 | 2,855 | 1,908 | 2,570 | ||||||||||||||||||||||
Accrued legal, audit and tax service fees | 9,520 | 3,325 | 5,107 | 11,394 | 8,087 | 10,398 | ||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 3,161 | 56 | 98 | 469 | — | 228 | ||||||||||||||||||||||
Accrued interest | — | — | — | — | — | 29,765 | ||||||||||||||||||||||
Accrued other | 11,525 | 3,216 | 7,433 | 5,871 | 20,791 | 15,025 | ||||||||||||||||||||||
Forward foreign currency contracts depreciation | 631,837 | — | 140,880 | 1,152,296 | 130,441 | 2,334,144 | ||||||||||||||||||||||
Unfunded loan commitment depreciation | — | — | — | — | — | 5,817 | ||||||||||||||||||||||
Outstanding options written, at value (premiums received $3,616,798) | — | — | — | — | — | 3,187,184 | ||||||||||||||||||||||
Swap agreements, at value | — | — | 352,708 | — | 741,451 | 2,711,083 | ||||||||||||||||||||||
Total Liabilities | 2,216,933 | 313,181 | 1,021,968 | 3,186,684 | 2,213,909 | 15,170,881 | ||||||||||||||||||||||
NET ASSETS | $146,328,306 | $65,384,444 | $75,058,243 | $131,742,728 | $155,889,456 | $136,707,345 | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in capital | $192,518,139 | $44,826,480 | $78,839,256 | $134,515,675 | $146,052,342 | $136,053,541 | ||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 2,101,122 | 440,757 | 285,528 | 1,071,322 | (838,741 | ) | 10,043,138 | |||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (46,332,005 | ) | 3,508,940 | (1,648,619 | ) | (3,867,046 | ) | (8,166,034 | ) | (1,280,884 | ) | |||||||||||||||||
Net unrealized appreciation (depreciation) on investments | (1,958,950 | ) | 16,608,267 | (2,417,922 | ) | 22,777 | 18,841,889 | (8,108,450 | ) | |||||||||||||||||||
NET ASSETS | $146,328,306 | $65,384,444 | $75,058,243 | $131,742,728 | $155,889,456 | $136,707,345 | ||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 16,909,634 | 4,232,137 | 7,832,398 | 13,433,479 | 14,665,377 | 14,085,016 | ||||||||||||||||||||||
Net Asset Value Per Share | $8.65 | $15.45 | $9.58 | $9.81 | $10.63 | $9.71 |
(1) | Includes cash collateral segregated for certain derivative instruments (see Notes to Schedule of Investments) in the PF Equity Long/Short Fund of $9,926,485. |
(2) | The cost of foreign currency for the PF International Value, PF Absolute Return, and PF Global Absolute Return Funds was $105,111, $1,970,287, and $107,523, respectively. |
(3) | The PF Absolute Return, PF Currency Strategies, and PF Global Absolute Return Funds received cash collateral to mitigate risk of loss to certain counterparties, which will be repaid based on master netting arrangements between the Funds and the respective counterparties. The Funds invest such cash collateral in investment securities (See Note 5 in Notes to Financial Statements). |
See Notes to Financial Statements
B-4
PACIFIC FUNDS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2015 (Unaudited)
PF Floating Rate Loan Fund | PF Inflation Managed Fund | PF Managed Bond Fund | PF Short Duration Bond Fund | PF Emerging Markets Debt Fund | PF Comstock Fund | |||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $361 | $760 | $— | $171 | $— | $2,786,099 | ||||||||||||||||||||||
Interest, net of foreign taxes withheld | 2,473,476 | 2,813,324 | 8,190,874 | 1,227,222 | 4,776,013 | — | ||||||||||||||||||||||
Other | 497 | — | — | — | 2,867 | — | ||||||||||||||||||||||
Total Investment Income | 2,474,334 | 2,814,084 | 8,190,874 | 1,227,393 | 4,778,880 | 2,786,099 | ||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||
Advisory fees | 381,181 | 193,190 | 1,031,625 | 270,542 | 506,994 | 960,248 | ||||||||||||||||||||||
Administration fees | 76,236 | 72,446 | 386,859 | 101,453 | 96,878 | 192,050 | ||||||||||||||||||||||
Support services expenses | 7,789 | 8,033 | 38,971 | 11,035 | 9,571 | 18,421 | ||||||||||||||||||||||
Custodian fees and expenses | 11,994 | 8,885 | 18,443 | 4,496 | 47,395 | 2,705 | ||||||||||||||||||||||
Shareholder report expenses | 2,478 | 2,553 | 12,434 | 3,605 | 3,092 | 5,831 | ||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 5,036 | 5,185 | 25,221 | 7,300 | 6,245 | 11,780 | ||||||||||||||||||||||
Legal, audit and tax service fees | 8,794 | 9,049 | 44,179 | 12,928 | 11,012 | 20,545 | ||||||||||||||||||||||
Trustees’ fees and expenses | 2,485 | 2,565 | 12,448 | 3,614 | 3,083 | 5,814 | ||||||||||||||||||||||
Interest expense | — | 33,264 | 2,564 | — | 100 | — | ||||||||||||||||||||||
Other | 24,599 | 25,428 | 77,109 | 44,317 | 18,406 | 9,097 | ||||||||||||||||||||||
Total Expenses | 520,592 | 360,598 | 1,649,853 | 459,290 | 702,776 | 1,226,491 | ||||||||||||||||||||||
Advisory Fee Waiver (1) | (50,824 | ) | (9,659 | ) | — | — | — | (19,205 | ) | |||||||||||||||||||
Adviser Expense Reimbursement (2) | (63,175 | ) | (61,698 | ) | (228,805 | ) | (87,294 | ) | (98,804 | ) | (74,193 | ) | ||||||||||||||||
Net Expenses | 406,593 | 289,241 | 1,421,048 | 371,996 | 603,972 | 1,133,093 | ||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 2,067,741 | 2,524,843 | 6,769,826 | 855,397 | 4,174,908 | 1,653,006 | ||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||
Investment security transactions | 12,519 | (1,870,694 | ) | 1,967,652 | 225,594 | (1,901,716 | ) | 13,059,342 | ||||||||||||||||||||
Closed short positions | — | 1,074 | 5,468 | — | 722 | — | ||||||||||||||||||||||
Futures contract transactions | — | (612,081 | ) | 604,130 | (6,056 | ) | — | — | ||||||||||||||||||||
Swap transactions | — | 441,365 | (422,387 | ) | — | (374,956 | ) | — | ||||||||||||||||||||
Written option transactions | — | 417,581 | 2,150,641 | — | — | — | ||||||||||||||||||||||
Foreign currency transactions | — | (1,067,544 | ) | (548,440 | ) | 5,398 | (4,318,514 | ) | (906,971 | ) | ||||||||||||||||||
Net Realized Gain (Loss) | 12,519 | (2,690,299 | ) | 3,757,064 | 224,936 | (6,594,464 | ) | 12,152,371 | ||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||
Investment securities | (3,342,220 | ) | (1,879,289 | ) | (16,297,608 | ) | (846,462 | ) | (1,378,203 | ) | (38,177,123 | ) | ||||||||||||||||
Unfunded loan commitments | 491 | — | — | — | — | — | ||||||||||||||||||||||
Futures contracts | — | 90,904 | (1,419,882 | ) | (3,928 | ) | — | — | ||||||||||||||||||||
Swaps | — | (259,872 | ) | 116,120 | — | 40,869 | — | |||||||||||||||||||||
Written options | — | 69,175 | (181,251 | ) | — | — | — | |||||||||||||||||||||
Foreign currencies | — | (693,582 | ) | (517,851 | ) | 5,976 | 151,668 | 557,344 | ||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | (3,341,729 | ) | (2,672,664 | ) | (18,300,472 | ) | (844,414 | ) | (1,185,666 | ) | (37,619,779 | ) | ||||||||||||||||
NET GAIN (LOSS) | (3,329,210 | ) | (5,362,963 | ) | (14,543,408 | ) | (619,478 | ) | (7,780,130 | ) | (25,467,408 | ) | ||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | ($1,261,469 | ) | ($2,838,120 | ) | ($7,773,582 | ) | $235,919 | ($3,605,222 | ) | ($23,814,402 | ) | |||||||||||||||||
Foreign taxes withheld on dividends and interest | $— | $— | $— | $— | $36,722 | $70,700 |
(1) | See Note 6 in Notes to Financial Statements. |
(2) | See Note 7B in Notes to Financial Statements. |
See Notes to Financial Statements
B-5
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2015 (Unaudited)
PF Growth Fund | PF Large-Cap Growth Fund | PF Large-Cap Value Fund | PF Main Street Core Fund | PF Mid-Cap Equity Fund | PF Mid-Cap Growth Fund | |||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $536,791 | $629,517 | $3,648,428 | $2,093,622 | $1,346,013 | $331,992 | ||||||||||||||||||||||
Interest, net of foreign taxes withheld | 1,522 | — | — | — | — | — | ||||||||||||||||||||||
Total Investment Income | 538,313 | 629,517 | 3,648,428 | 2,093,622 | 1,346,013 | 331,992 | ||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||
Advisory fees | 371,889 | 656,127 | 1,094,058 | 560,352 | 654,287 | 271,147 | ||||||||||||||||||||||
Administration fees | 101,424 | 131,226 | 252,475 | 186,784 | 150,989 | 58,103 | ||||||||||||||||||||||
Support services expenses | 9,869 | 12,575 | 24,096 | 18,357 | 14,539 | 5,739 | ||||||||||||||||||||||
Custodian fees and expenses | 2,338 | 4,707 | 4,783 | 5,074 | 2,755 | 1,216 | ||||||||||||||||||||||
Shareholder report expenses | 3,134 | 4,002 | 7,615 | 5,827 | 4,590 | 1,788 | ||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 6,330 | 8,060 | 15,389 | 11,742 | 9,278 | 3,646 | ||||||||||||||||||||||
Legal, audit and tax service fees | 11,054 | 14,110 | 26,816 | 20,522 | 16,159 | 6,295 | ||||||||||||||||||||||
Trustees’ fees and expenses | 3,121 | 3,976 | 7,592 | 5,793 | 4,576 | 1,798 | ||||||||||||||||||||||
Other | 6,755 | 6,254 | 9,904 | 8,374 | 9,027 | 4,650 | ||||||||||||||||||||||
Total Expenses | 515,914 | 841,037 | 1,442,728 | 822,825 | 866,200 | 354,382 | ||||||||||||||||||||||
Advisory Fee Waiver (1) | — | (39,368 | ) | — | — | — | (19,368 | ) | ||||||||||||||||||||
Adviser Expense Reimbursement (2) | (42,601 | ) | (53,684 | ) | (96,195 | ) | (75,689 | ) | (60,924 | ) | (25,133 | ) | ||||||||||||||||
Net Expenses | 473,313 | 747,985 | 1,346,533 | 747,136 | 805,276 | 309,881 | ||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 65,000 | (118,468 | ) | 2,301,895 | 1,346,486 | 540,737 | 22,111 | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||
Investment security transactions | 4,723,624 | 8,926,431 | 17,401,892 | 20,390,461 | 6,518,934 | 3,178,657 | ||||||||||||||||||||||
Written option transactions | — | — | — | — | — | (99,739 | ) | |||||||||||||||||||||
Foreign currency transactions | (171 | ) | (75 | ) | (410 | ) | (354 | ) | — | (51 | ) | |||||||||||||||||
Net Realized Gain (Loss) | 4,723,453 | 8,926,356 | 17,401,482 | 20,390,107 | 6,518,934 | 3,078,867 | ||||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||
Investment securities | (9,195,061 | ) | (14,274,591 | ) | (40,735,331 | ) | (29,445,976 | ) | (21,279,004 | ) | (11,521,070 | ) | ||||||||||||||||
Written options | — | — | — | — | — | (80,618 | ) | |||||||||||||||||||||
Foreign currencies | 319 | — | — | 2,101 | — | (12 | ) | |||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | (9,194,742 | ) | (14,274,591 | ) | (40,735,331 | ) | (29,443,875 | ) | (21,279,004 | ) | (11,601,700 | ) | ||||||||||||||||
NET GAIN (LOSS) | (4,471,289 | ) | (5,348,235 | ) | (23,333,849 | ) | (9,053,768 | ) | (14,760,070 | ) | (8,522,833 | ) | ||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | ($4,406,289 | ) | ($5,466,703 | ) | ($21,031,954 | ) | ($7,707,282 | ) | ($14,219,333 | ) | ($8,500,722 | ) | ||||||||||||||||
Foreign taxes withheld on dividends and interest | $16,599 | $— | $87,147 | $39,847 | $303 | $— |
(1) | See Note 6 in Notes to Financial Statements. |
(2) | See Note 7B in Notes to Financial Statements. |
See Notes to Financial Statements
B-6
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2015 (Unaudited)
PF Mid-Cap Value Fund (1) | PF Small-Cap Growth Fund | PF Small-Cap Value Fund | PF Emerging Markets Fund | PF International Large-Cap Fund | PF International Small-Cap Fund | |||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $924,115 | $58,502 | $1,187,483 | $1,648,834 | $3,424,177 | $1,859,253 | ||||||||||||||||||||||
Interest, net of foreign taxes withheld | 403 | — | — | — | 581 | — | ||||||||||||||||||||||
Total Investment Income | 924,518 | 58,502 | 1,187,483 | 1,648,834 | 3,424,758 | 1,859,253 | ||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||
Advisory fees | 314,401 | 234,608 | 671,108 | 596,313 | 1,046,459 | 561,993 | ||||||||||||||||||||||
Administration fees | 67,372 | 58,652 | 134,221 | 111,809 | 184,669 | 99,175 | ||||||||||||||||||||||
Support services expenses | 8,006 | 5,782 | 10,832 | 9,685 | 13,992 | 9,547 | ||||||||||||||||||||||
Custodian fees and expenses | 512 | 1,559 | 1,999 | 141,571 | 61,489 | 31,140 | ||||||||||||||||||||||
Shareholder report expenses | 3,444 | 1,822 | 3,392 | 3,035 | 4,448 | 2,986 | ||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 4,624 | 3,683 | 6,855 | 6,185 | 9,013 | 6,009 | ||||||||||||||||||||||
Legal, audit and tax service fees | 9,156 | 6,413 | 11,889 | 10,702 | 15,742 | 10,420 | ||||||||||||||||||||||
Trustees’ fees and expenses | 2,255 | 1,819 | 3,383 | 3,057 | 4,452 | 2,938 | ||||||||||||||||||||||
Offering expenses | 8,606 | — | — | — | — | 234 | ||||||||||||||||||||||
Other | 3,641 | 6,507 | 7,896 | 32,280 | 14,461 | 10,891 | ||||||||||||||||||||||
Total Expenses | 422,017 | 320,845 | 851,575 | 914,637 | 1,354,725 | 735,333 | ||||||||||||||||||||||
Advisory Fee Waiver (2) | — | — | — | — | — | (13,223 | ) | |||||||||||||||||||||
Adviser Expense Reimbursement (3) | — | (27,585 | ) | (46,246 | ) | (206,514 | ) | (123,597 | ) | (8,049 | ) | |||||||||||||||||
Net Expenses | 422,017 | 293,260 | 805,329 | 708,123 | 1,231,128 | 714,061 | ||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 502,501 | (234,758 | ) | 382,154 | 940,711 | 2,193,630 | 1,145,192 | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||
Investment security transactions | (666,549 | ) | 6,279,526 | (913,608 | ) | (5,539,136 | ) | 4,750,405 | 1,230,714 | |||||||||||||||||||
Futures contract transactions | (676,015 | ) | — | (113,986 | ) | — | 647,994 | (40,410 | ) | |||||||||||||||||||
Foreign currency transactions | — | — | — | (61,101 | ) | (739,470 | ) | 59,734 | ||||||||||||||||||||
Net Realized Gain (Loss) | (1,342,564 | ) | 6,279,526 | (1,027,594 | ) | (5,600,237 | ) | 4,658,929 | 1,250,038 | |||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||
Investment securities (4) | (17,905,356 | ) | (12,847,476 | ) | (19,733,218 | ) | (23,463,479 | ) | (36,821,405 | ) | (7,069,732 | ) | ||||||||||||||||
Foreign currencies | — | — | — | 3,542 | 4,487 | 311 | ||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | (17,905,356 | ) | (12,847,476 | ) | (19,733,218 | ) | (23,459,937 | ) | (36,816,918 | ) | (7,069,421 | ) | ||||||||||||||||
NET GAIN (LOSS) | (19,247,920 | ) | (6,567,950 | ) | (20,760,812 | ) | (29,060,174 | ) | (32,157,989 | ) | (5,819,383 | ) | ||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | ($18,745,419 | ) | ($6,802,708 | ) | ($20,378,658 | ) | ($28,119,463 | ) | ($29,964,359 | ) | ($4,674,191 | ) | ||||||||||||||||
Foreign taxes withheld on dividends and interest | $— | $— | $7,117 | $189,737 | $524,060 | $200,152 |
(1) | PF Mid-Cap Value Fund commenced operations on July 29, 2015. |
(2) | See Note 6 in Notes to Financial Statements. |
(3) | See Note 7B in Notes to Financial Statements. |
(4) | Change in net unrealized appreciation (depreciation) on investment securities for the PF Emerging Markets Fund was net of decrease in deferred foreign capital gains tax of $112,192. |
See Notes to Financial Statements
B-7
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2015 (Unaudited)
PF International Value Fund | PF Real Estate Fund | PF Absolute Return Fund (1) | PF Currency Strategies Fund | PF Equity Long/Short Fund (1) | PF Global Absolute Return Fund | |||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $2,235,048 | $729,150 | $5,781 | $3,615 | $— | $— | ||||||||||||||||||||||
Interest, net of foreign taxes withheld | — | — | 736,666 | 9,152 | 26,708 | 3,970,740 | ||||||||||||||||||||||
Total Investment Income | 2,235,048 | 729,150 | 742,447 | 12,767 | 26,708 | 3,970,740 | ||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||
Advisory fees | 475,563 | 246,980 | 321,368 | 488,907 | 777,605 | 549,050 | ||||||||||||||||||||||
Administration fees | 109,745 | 41,163 | 60,256 | 112,825 | 101,427 | 102,947 | ||||||||||||||||||||||
Support services expenses | 9,556 | 3,326 | 7,379 | 10,915 | 11,373 | 9,369 | ||||||||||||||||||||||
Custodian fees and expenses | 47,337 | 665 | 23,443 | 7,940 | 5,953 | 103,506 | ||||||||||||||||||||||
Shareholder report expenses | 3,026 | 1,056 | 2,053 | 3,495 | 3,197 | 3,053 | ||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 6,111 | 2,135 | 4,202 | 7,059 | 6,479 | 6,166 | ||||||||||||||||||||||
Legal, audit and tax service fees | 10,657 | 3,731 | 6,752 | 12,386 | 10,516 | 10,920 | ||||||||||||||||||||||
Trustees’ fees and expenses | 3,019 | 1,058 | 2,035 | 3,484 | 3,138 | 3,046 | ||||||||||||||||||||||
Offering expenses | — | — | 21,311 | — | 21,311 | — | ||||||||||||||||||||||
Interest expense | — | — | — | — | — | 22,117 | ||||||||||||||||||||||
Other | 20,334 | 3,116 | 8,120 | 2,731 | 25,877 | 21,036 | ||||||||||||||||||||||
Total Expenses | 685,348 | 303,230 | 456,919 | 649,742 | 966,876 | 831,210 | ||||||||||||||||||||||
Advisory Fee Waiver (2) | — | — | — | — | (101,427 | ) | — | |||||||||||||||||||||
Adviser Expense Reimbursement (3) | (100,040 | ) | (15,087 | ) | — | — | — | (88,466 | ) | |||||||||||||||||||
Net Expenses | 585,308 | 288,143 | 456,919 | 649,742 | 865,449 | 742,744 | ||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 1,649,740 | 441,007 | 285,528 | (636,975 | ) | (838,741 | ) | 3,227,996 | ||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||
Investment security transactions | (386,427 | ) | 979,606 | (1,903,675 | ) | (18,926 | ) | 111 | 204,256 | |||||||||||||||||||
Futures contract transactions | 56,872 | — | (522,159 | ) | — | (9,379,699 | ) | (1,684,705 | ) | |||||||||||||||||||
Swap transactions | — | — | 857,459 | — | 1,687,352 | 3,057,446 | ||||||||||||||||||||||
Written option transactions | — | — | 702,350 | — | — | 2,686,945 | ||||||||||||||||||||||
Foreign currency transactions | 31,649 | — | (782,594 | ) | (3,842,183 | ) | (473,798 | ) | (4,520,286 | ) | ||||||||||||||||||
Forward bond contracts | — | — | — | — | — | (3,607 | ) | |||||||||||||||||||||
Net Realized Gain (Loss) | (297,906 | ) | 979,606 | (1,648,619 | ) | (3,861,109 | ) | (8,166,034 | ) | (259,951 | ) | |||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||
Investment securities | (15,550,056 | ) | (6,504,364 | ) | (2,208,725 | ) | 2,271,446 | — | (6,285,554 | ) | ||||||||||||||||||
Unfunded loan commitments | — | — | — | — | — | (182 | ) | |||||||||||||||||||||
Short positions | — | — | — | — | — | (19,061 | ) | |||||||||||||||||||||
Futures contracts | 10,614 | — | (220,627 | ) | — | (1,210,607 | ) | (181,618 | ) | |||||||||||||||||||
Swaps | — | — | (380,217 | ) | — | 20,158,743 | (4,056,777 | ) | ||||||||||||||||||||
Written options | — | — | — | — | — | 5,862,560 | ||||||||||||||||||||||
Foreign currencies | (508,646 | ) | — | 391,647 | (334,074 | ) | (106,247 | ) | (2,537,813 | ) | ||||||||||||||||||
Forward bonds | — | — | — | — | — | 52,646 | ||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | (16,048,088 | ) | (6,504,364 | ) | (2,417,922 | ) | 1,937,372 | 18,841,889 | (7,165,799 | ) | ||||||||||||||||||
NET GAIN (LOSS) | (16,345,994 | ) | (5,524,758 | ) | (4,066,541 | ) | (1,923,737 | ) | 10,675,855 | (7,425,750 | ) | |||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | ($14,696,254 | ) | ($5,083,751 | ) | ($3,781,013 | ) | ($2,560,712 | ) | $9,837,114 | ($4,197,754 | ) | |||||||||||||||||
Foreign taxes withheld on dividends and interest | $307,075 | $— | $855 | $5,134 | $— | $4,291 |
(1) | PF Absolute Return and PF Equity Long/Short Funds commenced operations on April 27, 2015. |
(2) | See Note 6 in Notes to Financial Statements. |
(3) | See Note 7B in Notes to Financial Statements. |
See Notes to Financial Statements
B-8
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
Six-Month Period Ended September 30, 2015 (1) | Year Ended March 31, 2015 | Six-Month Period Ended September 30, 2015 (1) | Year Ended March 31, 2015 | Six-Month Period Ended September 30, 2015 (1) | Year Ended March 31, 2015 | |||||||||||||||||||||||||||
PF Floating Rate Loan Fund | PF Inflation Managed Fund | PF Managed Bond Fund | ||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $2,067,741 | $4,486,703 | $2,524,843 | $1,069,992 | $6,769,826 | $8,656,737 | ||||||||||||||||||||||||||
Net realized gain (loss) | 12,519 | (1,323,615 | ) | (2,690,299 | ) | (863,026 | ) | 3,757,064 | 24,586,442 | |||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (3,341,729 | ) | (850,541 | ) | (2,672,664 | ) | 4,655,716 | (18,300,472 | ) | 5,768,017 | ||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (1,261,469 | ) | 2,312,547 | (2,838,120 | ) | 4,862,682 | (7,773,582 | ) | 39,011,196 | |||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (4,425,588 | ) | — | (3,604,677 | ) | — | (10,397,287 | ) | |||||||||||||||||||||||
Net realized gains - Class P | — | (17,189 | ) | — | — | — | (11,648,530 | ) | ||||||||||||||||||||||||
Net Decrease from Dividends and | — | (4,442,777 | ) | — | (3,604,677 | ) | — | (22,045,817 | ) | |||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 895,604 | 12,400,990 | 4,183,063 | 15,641,976 | 13,922,868 | 94,581,849 | ||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 4,442,777 | — | 3,604,677 | — | 22,045,817 | ||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (42,560,412 | ) | (10,705,218 | ) | (73,546,676 | ) | (80,115,002 | ) | (212,493,433 | ) | (69,464,458 | ) | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (41,664,808 | ) | 6,138,549 | (69,363,613 | ) | (60,868,349 | ) | (198,570,565 | ) | 47,163,208 | ||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (42,926,277 | ) | 4,008,319 | (72,201,733 | ) | (59,610,344 | ) | (206,344,147 | ) | 64,128,587 | ||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Year or Period | 127,124,250 | 123,115,931 | 126,154,174 | 185,764,518 | 643,881,539 | 579,752,952 | ||||||||||||||||||||||||||
End of Year or Period | $84,197,973 | $127,124,250 | $53,952,441 | $126,154,174 | $437,537,392 | $643,881,539 | ||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $3,203,108 | $1,135,367 | $767,831 | ($1,757,012 | ) | $8,809,392 | $2,039,566 | |||||||||||||||||||||||||
PF Short Duration Bond Fund | PF Emerging Markets Debt Fund | PF Comstock Fund | ||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $855,397 | $2,601,158 | $4,174,908 | $7,965,251 | $1,653,006 | $3,552,802 | ||||||||||||||||||||||||||
Net realized gain (loss) | 224,936 | (144,386 | ) | (6,594,464 | ) | (6,640,664 | ) | 12,152,371 | 40,790,115 | |||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (844,414 | ) | (451,214 | ) | (1,185,666 | ) | (10,068,715 | ) | (37,619,779 | ) | (24,050,355 | ) | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 235,919 | 2,005,558 | (3,605,222 | ) | (8,744,128 | ) | (23,814,402 | ) | 20,292,562 | |||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (3,085,384 | ) | — | (5,962,219 | ) | — | (5,782,909 | ) | |||||||||||||||||||||||
Net realized gains - Class P | — | — | — | — | — | (20,835,136 | ) | |||||||||||||||||||||||||
Net Decrease from Dividends and | — | (3,085,384 | ) | — | (5,962,219 | ) | — | (26,618,045 | ) | |||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 1,876,053 | 32,351,679 | 8,313,151 | 55,948,293 | 7,618,493 | 8,417,197 | ||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 3,085,384 | — | 5,962,219 | — | 26,618,045 | ||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (133,926,974 | ) | (50,211,811 | ) | (62,425,600 | ) | (15,709,434 | ) | (43,713,983 | ) | (67,602,421 | ) | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (132,050,921 | ) | (14,774,748 | ) | (54,112,449 | ) | 46,201,078 | (36,095,490 | ) | (32,567,179 | ) | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (131,815,002 | ) | (15,854,574 | ) | (57,717,671 | ) | 31,494,731 | (59,909,892 | ) | (38,892,662 | ) | |||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Year or Period | 213,334,122 | 229,188,696 | 162,010,680 | 130,515,949 | 269,705,146 | 308,597,808 | ||||||||||||||||||||||||||
End of Year or Period | $81,519,120 | $213,334,122 | $104,293,009 | $162,010,680 | $209,795,254 | $269,705,146 | ||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $1,176,984 | $321,587 | $1,327,385 | ($2,847,523 | ) | $5,531,605 | $3,878,599 |
(1) | Unaudited. |
See Notes to Financial Statements
B-9
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Six-Month Period Ended September 30, 2015 (1) | Year Ended March 31, 2015 | Six-Month Period Ended September 30, 2015 (1) | Year Ended March 31, 2015 | Six-Month Period Ended September 30, 2015 (1) | Year Ended March 31, 2015 | |||||||||||||||||||||||||||
PF Growth Fund | PF Large-Cap Growth Fund | PF Large-Cap Value Fund | ||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $65,000 | $376,463 | ($118,468 | ) | ($294,494 | ) | $2,301,895 | $4,916,528 | ||||||||||||||||||||||||
Net realized gain (loss) | 4,723,453 | 2,014,771 | 8,926,356 | 19,639,072 | 17,401,482 | 30,890,520 | ||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (9,194,742 | ) | 14,020,253 | (14,274,591 | ) | 6,699,795 | (40,735,331 | ) | (3,677,051 | ) | ||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (4,406,289 | ) | 16,411,487 | (5,466,703 | ) | 26,044,373 | (21,031,954 | ) | 32,129,997 | |||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (934,282 | ) | — | — | — | (7,915,128 | ) | ||||||||||||||||||||||||
Net realized gains - Class P | — | (1,038,567 | ) | — | (18,093,817 | ) | — | (28,296,928 | ) | |||||||||||||||||||||||
Net Decrease from Dividends and | — | (1,972,849 | ) | — | (18,093,817 | ) | — | (36,212,056 | ) | |||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 5,457,992 | 37,943,943 | 7,002,019 | 15,780,162 | 14,893,823 | 6,185,532 | ||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 1,972,849 | — | 18,093,817 | — | 36,212,056 | ||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (35,221,775 | ) | (7,747,052 | ) | (55,894,289 | ) | (15,300,089 | ) | (50,917,534 | ) | (74,284,892 | ) | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (29,763,783 | ) | 32,169,740 | (48,892,270 | ) | 18,573,890 | (36,023,711 | ) | (31,887,304 | ) | ||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (34,170,072 | ) | 46,608,378 | (54,358,973 | ) | 26,524,446 | (57,055,665 | ) | (35,969,363 | ) | ||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Year or Period | 147,893,025 | 101,284,647 | 199,137,782 | 172,613,336 | 344,403,047 | 380,372,410 | ||||||||||||||||||||||||||
End of Year or Period | $113,722,953 | $147,893,025 | $144,778,809 | $199,137,782 | $287,347,382 | $344,403,047 | ||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $65,813 | $813 | ($250,589 | ) | ($132,121 | ) | $3,522,729 | $1,220,834 | ||||||||||||||||||||||||
PF Main Street Core Fund | PF Mid-Cap Equity Fund | PF Mid-Cap Growth Fund | ||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $1,346,486 | $2,767,554 | $540,737 | $783,450 | $22,111 | $67,258 | ||||||||||||||||||||||||||
Net realized gain (loss) | 20,390,107 | 30,062,767 | 6,518,934 | 15,534,514 | 3,078,867 | 3,264,379 | ||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (29,443,875 | ) | (4,711,178 | ) | (21,279,004 | ) | (824,794 | ) | (11,601,700 | ) | 5,773,848 | |||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (7,707,282 | ) | 28,119,143 | (14,219,333 | ) | 15,493,170 | (8,500,722 | ) | 9,105,485 | |||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (2,609,422 | ) | — | (552,479 | ) | — | (78,530 | ) | |||||||||||||||||||||||
Net realized gains - Class P | — | (33,766,232 | ) | — | (23,955,351 | ) | — | (3,795,355 | ) | |||||||||||||||||||||||
Net Decrease from Dividends and | — | (36,375,654 | ) | — | (24,507,830 | ) | — | (3,873,885 | ) | |||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 8,634,148 | 16,338,975 | 1,566,249 | 42,773,692 | 474,144 | 3,181,727 | ||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 36,375,654 | — | 24,507,830 | — | 3,873,885 | ||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (79,530,747 | ) | (31,220,364 | ) | (35,559,238 | ) | (11,482,907 | ) | (19,135,683 | ) | (17,101,717 | ) | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (70,896,599 | ) | 21,494,265 | (33,992,989 | ) | 55,798,615 | (18,661,539 | ) | (10,046,105 | ) | ||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (78,603,881 | ) | 13,237,754 | (48,212,322 | ) | 46,783,955 | (27,162,261 | ) | (4,814,505 | ) | ||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Year or Period | 270,812,756 | 257,575,002 | 218,140,853 | 171,356,898 | 85,989,216 | 90,803,721 | ||||||||||||||||||||||||||
End of Year or Period | $192,208,875 | $270,812,756 | $169,928,531 | $218,140,853 | $58,826,955 | $85,989,216 | ||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $2,029,332 | $682,846 | $734,510 | $193,773 | $104,001 | $81,890 |
(1) | Unaudited. |
See Notes to Financial Statements
B-10
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Periods Ended September 30, 2015 (1) | Year Ended March 31, 2015 | Six-Month Period Ended September 30, 2015 (1) | Year Ended March 31, 2015 | Six-Month Period Ended September 30, 2015 (1) | Year/Period | |||||||||||||||||||||||||||||||||
PF Mid-Cap | PF Small-Cap | PF Small-Cap Value Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $502,501 | ($234,758 | ) | ($253,016 | ) | $382,154 | $784,571 | |||||||||||||||||||||||||||||||
Net realized gain (loss) | (1,342,564 | ) | 6,279,526 | 6,392,830 | (1,027,594 | ) | 37,370,520 | |||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (17,905,356 | ) | (12,847,476 | ) |
| 2,170,370 | (19,733,218 | ) |
| (22,821,057 | ) | |||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (18,745,419 | ) | (6,802,708 | ) |
| 8,310,184 | (20,378,658 | ) |
| 15,334,034 | ||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | — | — | — | (1,964,806 | ) | ||||||||||||||||||||||||||||||||
Net realized gains - Class P | — | — |
| (9,980,804 | ) | — |
| (42,372,312 | ) | |||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | — |
| (9,980,804 | ) | — |
| (44,337,118 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 272,190,243 | 10,973,132 | 23,567,029 | 71,573,054 | 5,352,768 | |||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | — | 9,980,804 | — | 44,337,117 | |||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (3,873,354 | ) | (40,294,095 | ) |
| (8,067,624 | ) | (6,203,306 | ) |
| (22,587,682 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 268,316,889 | (29,320,963 | ) |
| 25,480,209 | 65,369,748 |
| 27,102,203 | ||||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 249,571,470 | (36,123,671 | ) |
| 23,809,589 | 44,991,090 |
| (1,900,881 | ) | |||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | — | 83,730,922 |
| 59,921,333 | 145,801,376 |
| 147,702,257 | |||||||||||||||||||||||||||||||
End of Year or Period | $249,571,470 | $47,607,251 |
| $83,730,922 | $190,792,466 |
| $145,801,376 | |||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $502,501 | ($236,547 | ) |
| ($1,789 | ) | $637,032 |
| $254,878 | |||||||||||||||||||||||||||||
PF Emerging Markets Fund | PF International Large-Cap Fund | PF International Small-Cap Fund (3) | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $940,711 | $1,265,408 | $2,193,630 | $3,838,274 | $1,145,192 | $350,195 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | (5,600,237 | ) | (813,060 | ) | 4,658,929 | 3,588,949 | 1,250,038 | 1,408,309 | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (23,459,937 | ) |
| (6,907,306 | ) | (36,816,918 | ) |
| (7,448,352 | ) | (7,069,421 | ) |
| 6,517,520 | ||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (28,119,463 | ) |
| (6,454,958 | ) | (29,964,359 | ) |
| (21,129 | ) | (4,674,191 | ) |
| 8,276,024 | ||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (2,127,430 | ) | — | (4,006,574 | ) | — | — | ||||||||||||||||||||||||||||||
Net realized gains - Class P | — |
| (4,072,435 | ) | — |
| — | — |
| — | ||||||||||||||||||||||||||||
Net Decrease from Dividends and | — |
| (6,199,865 | ) | — |
| (4,006,574 | ) | — |
| — | |||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 48,537,090 | 16,226,138 | 138,340,108 | 66,621,995 | 8,427,982 | 120,878,084 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 6,199,865 | — | 4,006,574 | — | — | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (11,200,295 | ) |
| (24,862,187 | ) | (32,450,412 | ) |
| (86,224,547 | ) | (13,487,609 | ) |
| (1,660,945 | ) | |||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 37,336,795 |
| (2,436,184 | ) | 105,889,696 |
| (15,595,978 | ) | (5,059,627 | ) |
| 119,217,139 | ||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 9,217,332 |
| (15,091,007 | ) | 75,925,337 |
| (19,623,681 | ) | (9,733,818 | ) |
| 127,493,163 | ||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 138,241,613 |
| 153,332,620 | 220,898,467 |
| 240,522,148 | 127,493,163 |
| — | |||||||||||||||||||||||||||||
End of Year or Period | $147,458,945 |
| $138,241,613 | $296,823,804 |
| $220,898,467 | $117,759,345 |
| $127,493,163 | |||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | ($345,824 | ) |
| ($1,286,535 | ) | $3,323,047 |
| $1,129,417 | $2,606,028 |
| $1,460,836 |
(1) | Unaudited. |
(2) | PF Mid-Cap Value Fund commenced operations on July 29, 2015. |
(3) | PF International Small-Cap Fund commenced operations on January 14, 2015. |
See Notes to Financial Statements
B-11
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Six-Month Period Ended September 30, 2015 (1) | Year Ended March 31, 2015 | Periods Ended September 30, 2015 (1) | Year Ended March 31, 2015 | Periods Ended September 30, 2015 (1) | Year Ended | |||||||||||||||||||||||||||||
PF International Value Fund | PF Real Estate | PF Absolute | ||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||
Net investment income (loss) | $1,649,740 | $3,615,405 | $441,007 | $895,564 | $285,528 | |||||||||||||||||||||||||||||
Net realized gain (loss) | (297,906 | ) | 3,415,655 | 979,606 | 10,839,909 | (1,648,619 | ) | |||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (16,048,088 | ) | (15,745,887 | ) | (6,504,364 | ) |
| (144,708 | ) | (2,417,922 | ) | |||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (14,696,254 | ) | (8,714,827 | ) | (5,083,751 | ) |
| 11,590,765 | (3,781,013 | ) | ||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (6,815,945 | ) | — | (989,152 | ) | — | |||||||||||||||||||||||||||
Net realized gains - Class P | — | — | — |
| (1,049,057 | ) | — | |||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (6,815,945 | ) | — |
| (2,038,209 | ) | — | ||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 35,747,637 | 29,202,505 | 23,019,140 | 3,243,808 | 108,212,445 | |||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 6,815,945 | — | 2,038,209 | — | |||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (17,376,133 | ) | (54,375,493 | ) | (2,037,119 | ) | (39,175,965 | ) | (29,373,189 | ) | ||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 18,371,504 | (18,357,043 | ) | 20,982,021 |
| (33,893,948 | ) | 78,839,256 | ||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 3,675,250 | (33,887,815 | ) | 15,898,270 |
| (24,341,392 | ) | 75,058,243 | ||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 142,653,056 | 176,540,871 | 49,486,174 |
| 73,827,566 | — | ||||||||||||||||||||||||||||
End of Year or Period | $146,328,306 | $142,653,056 | $65,384,444 |
| $49,486,174 | $75,058,243 | ||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $2,101,122 | $451,382 | $440,757 |
| ($250 | ) | $285,528 | |||||||||||||||||||||||||||
PF Currency | PF Equity | PF Global Absolute Return Fund | ||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||
Net investment income (loss) | ($636,975 | ) | ($1,321,106 | ) | ($838,741 | ) | $3,227,996 | $9,001,761 | ||||||||||||||||||||||||||
Net realized gain (loss) | (3,861,109 | ) | 11,943,545 | (8,166,034 | ) | (259,951 | ) | 8,443,594 | ||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 1,937,372 | 1,522,465 | 18,841,889 | (7,165,799 | ) | (1,196,552 | ) | |||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (2,560,712 | ) | 12,144,904 | 9,837,114 | (4,197,754 | ) | 16,248,803 | |||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (4,113,282 | ) | — | — | (9,239,168 | ) | |||||||||||||||||||||||||||
Net realized gains - Class P | — | — | — | — | — | |||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (4,113,282 | ) | — | — | (9,239,168 | ) | |||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 6,279,603 | 65,220,121 | 166,568,219 | 27,116,932 | 9,675,333 | |||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 4,113,282 | — | — | 9,239,168 | |||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (59,548,355 | ) | (20,815,948 | ) | (20,515,877 | ) | (63,867,342 | ) | (46,628,422 | ) | ||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (53,268,752 | ) | 48,517,455 | 146,052,342 | (36,750,410 | ) | (27,713,921 | ) | ||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (55,829,464 | ) | 56,549,077 | 155,889,456 | (40,948,164 | ) | (20,704,286 | ) | ||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 187,572,192 | 131,023,115 | — | 177,655,509 | 198,359,795 | |||||||||||||||||||||||||||||
End of Year or Period | $131,742,728 | $187,572,192 | $155,889,456 | $136,707,345 | $177,655,509 | |||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $1,071,322 | $1,708,297 | ($838,741 | ) | $10,043,138 | $6,815,142 |
(1) | Unaudited. |
(2) | PF Absolute Return and PF Equity Long/Short Funds commenced operations on April 27, 2015. |
See Notes to Financial Statements
B-12
PACIFIC FUNDS (1)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2015
PF Inflation Managed Fund | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net increase (decrease) in net assets from operations | ($2,838,120 | ) | ||||||
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities: | ||||||||
Purchases of long-term securities | (52,327,339 | ) | ||||||
Proceeds from disposition of long-term securities | 129,845,083 | |||||||
Proceeds of short-term securities, net | (1,183,662 | ) | ||||||
(Increase) decrease in dividends and interest receivable | 134,048 | |||||||
(Increase) decrease in receivable for securities sold | (653,804 | ) | ||||||
(Increase) decrease in receivable due from adviser | 3,240 | |||||||
(Increase) decrease in prepaid expenses and other assets | 1,473 | |||||||
(Increase) decrease in variation margin | (570,962 | ) | ||||||
(Increase) decrease in swap premiums | (251,934 | ) | ||||||
Increase (decrease) in payable for securities purchased | 99,239 | |||||||
Increase (decrease) in payable for swap agreements | (28,616 | ) | ||||||
Increase (decrease) in payable due to brokers | (612,000 | ) | ||||||
Increase (decrease) in accrued advisory fees | (23,757 | ) | ||||||
Increase (decrease) in accrued administration fees | (9,378 | ) | ||||||
Increase (decrease) in accrued support services expenses | 364 | |||||||
Increase (decrease) in accrued custodian fees and expenses | (2,231 | ) | ||||||
Increase (decrease) in accrued transfer agency out-of-pocket expenses | 59 | |||||||
Increase (decrease) in accrued legal, audit and tax service fees | (3,698 | ) | ||||||
Increase (decrease) in accrued trustees’ fees and expenses and deferred compensation | 690 | |||||||
Increase (decrease) in accrued other payables | 546 | |||||||
Increase (decrease) in accrued interest expenses (3) | (579 | ) | ||||||
Change in net unrealized (appreciation) depreciation on investment securities | 1,879,289 | |||||||
Change in net unrealized (appreciation) depreciation on swaps | 259,872 | |||||||
Change in net unrealized (appreciation) depreciation on written options | (69,175 | ) | ||||||
Change in net unrealized (appreciation) depreciation on foreign currencies | 693,582 | |||||||
Net realized (gain) loss on investment security transactions | 1,870,694 | |||||||
Net realized (gain) loss on closed short positions | (1,074 | ) | ||||||
Net realized (gain) loss on written option transactions | (417,581 | ) | ||||||
Net amortization on investments | 193,901 | |||||||
Net cash provided by (used in) operating activities | 75,988,170 | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Proceeds from shares sold | 4,232,788 | |||||||
Payment of shares redeemed | (73,551,303 | ) | ||||||
Increase (decrease) in payable for reverse repurchase agreement | (2,983,375 | ) | ||||||
Increase (decrease) in payable for sale-buyback financing transactions | (3,980,935 | ) | ||||||
Net cash provided by (used in) financing activities | (76,282,825 | ) | ||||||
NET INCREASE (DECREASE) IN CASH AND FOREIGN CURRENCY | (294,655 | ) | ||||||
CASH AND FOREIGN CURRENCY: | ||||||||
Beginning of Period | 536,658 | |||||||
End of Period | $242,003 |
(1) | See Note 1 in Notes to Financial Statements regarding name changes that occurred during the six-month period ended September 30, 2015. |
(2) | Information on financial transactions which have been settled through the receipt or disbursement of cash is presented in the Statement of Cash Flows. The cash amounts shown in the Statement of Cash Flows are the amount included within the Statements of Assets and Liabilities and include cash and foreign currency, if any, on hand at the custodian bank and do not include any short-term investments. The PF Inflation Managed Fund has not met the exemption criteria under the Financial Accounting Standards Board Accounting Standards Codification Topic 230, Statement of Cash Flows, and therefore includes a Statement of Cash Flows. All other funds have met the exemption criteria. |
(3) | Interest paid by the PF Inflation Managed Fund was $33,264. |
See Notes to Financial Statements
B-13
PACIFIC FUNDS
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Fund | Selected Per Share Data | Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (2) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (3) | Expenses After Reductions (3), (4) | Net Investment Income (Loss) (3) | Total Returns (5) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||
PF Floating Rate Loan Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $9.87 | $0.20 | ($0.36 | ) | ($0.16 | ) | $— | $— | $— | $9.71 | 1.02% | 0.80% | 4.07% | (1.62 | %) | $84,198 | 28 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.05 | 0.36 | (0.19 | ) | 0.17 | (0.35 | ) | (0.00 | ) (7) | (0.35 | ) | 9.87 | 1.03% | 0.80% | 3.55% | 1.78 | % | 127,124 | 69 | % | ||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 10.24 | 0.38 | (0.04 | ) | 0.34 | (0.38 | ) | (0.15 | ) | (0.53 | ) | 10.05 | 1.02% | 0.80% | 3.73% | 3.39 | % | 123,116 | 73 | % | ||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 10.10 | 0.46 | 0.18 | 0.64 | (0.47 | ) | (0.03 | ) | (0.50 | ) | 10.24 | 1.03% | 0.80% | 4.45% | 6.40 | % | 110,204 | 94 | % | |||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 10.12 | 0.43 | (0.06 | ) | 0.37 | (0.39 | ) | — | (0.39 | ) | 10.10 | 1.04% | 0.80% | 4.33% | 3.80 | % | 112,088 | 45 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 9.88 | 0.34 | 0.19 | 0.53 | (0.29 | ) | — | (0.29 | ) | 10.12 | 1.22% | 0.90% | 4.29% | 5.51 | % | 86,066 | 92 | % | ||||||||||||||||||||||||||||||||
PF Inflation Managed Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $8.80 | $0.23 | ($0.51 | ) | ($0.28 | ) | $— | $— | $— | $8.52 | 0.75% | 0.60% | 5.23% | (3.18 | %) | $53,952 | 50 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 8.84 | 0.06 | 0.15 | 0.21 | (0.25 | ) | — | (0.25 | ) | 8.80 | 0.68% | 0.58% | 0.68% | 2.38 | % | 126,154 | 139 | % | ||||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 9.73 | 0.07 | (0.78 | ) | (0.71 | ) | (0.04 | ) | (0.14 | ) | (0.18 | ) | 8.84 | 0.64% | 0.56% | 0.83% | (7.40 | %) | 185,765 | 36 | % | |||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 10.79 | 0.21 | 0.52 | 0.73 | (0.51 | ) | (1.28 | ) | (1.79 | ) | 9.73 | 0.69% | 0.58% | 1.95% | 6.79 | % | 164,281 | 111 | % | |||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 10.53 | 0.31 | 0.85 | 1.16 | (0.40 | ) | (0.50 | ) | (0.90 | ) | 10.79 | 0.67% | 0.56% | 2.83% | 11.11 | % | 287,956 | 372 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.10 | 0.24 | 0.61 | 0.85 | (0.21 | ) | (0.21 | ) | (0.42 | ) | 10.53 | 0.82% | 0.64% | 2.31% | 8.56 | % | 229,356 | 323 | % | |||||||||||||||||||||||||||||||
PF Managed Bond Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $11.06 | $0.14 | ($0.32 | ) | ($0.18 | ) | $— | $— | $— | $10.88 | 0.64% | 0.55% | 2.62% | (1.63 | %) | $437,537 | 204 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.76 | 0.15 | 0.52 | 0.67 | (0.17 | ) | (0.20 | ) | (0.37 | ) | 11.06 | 0.63% | 0.55% | 1.37% | 6.32 | % | 643,882 | 578 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 11.11 | 0.13 | (0.27 | ) | (0.14 | ) | (0.15 | ) | (0.06 | ) | (0.21 | ) | 10.76 | 0.63% | 0.55% | 1.16% | (1.22 | %) | 579,753 | 530 | % | |||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 10.86 | 0.20 | 0.55 | 0.75 | (0.35 | ) | (0.15 | ) | (0.50 | ) | 11.11 | 0.66% | 0.56% | 1.75% | 6.85 | % | 565,285 | 495 | % | |||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 10.75 | 0.25 | 0.15 | 0.40 | (0.29 | ) | — | (0.29 | ) | 10.86 | 0.67% | 0.55% | 2.33% | 4.02 | % | 486,215 | 519 | % | ||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.75 | 0.24 | 0.43 | 0.67 | (0.30 | ) | (0.37 | ) | (0.67 | ) | 10.75 | 0.82% | 0.63% | 2.16% | 6.31 | % | 378,982 | 502 | % | |||||||||||||||||||||||||||||||
PF Short Duration Bond Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $10.01 | $0.06 | ($0.06 | ) | $0.00 | (7) | $— | $— | $— | $10.01 | 0.68% | 0.55% | 1.26% | 0.00 | % | $81,519 | 65 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.05 | 0.11 | (0.02 | ) | 0.09 | (0.13 | ) | — | (0.13 | ) | 10.01 | 0.64% | 0.55% | 1.11% | 0.88 | % | 213,334 | 60 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 10.12 | 0.10 | (0.04 | ) | 0.06 | (0.13 | ) | — | (0.13 | ) | 10.05 | 0.64% | 0.55% | 1.02% | 0.64 | % | 229,189 | 43 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 10.07 | 0.11 | 0.08 | 0.19 | (0.14 | ) | (0.00 | )(7) | (0.14 | ) | 10.12 | 0.65% | 0.55% | 1.08% | 1.86 | % | 223,601 | 63 | % | |||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 10.04 | 0.11 | 0.05 | 0.16 | (0.12 | ) | (0.01 | ) | (0.13 | ) | 10.07 | 0.68% | 0.55% | 1.14% | 1.62 | % | 155,368 | 150 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.00 | 0.10 | 0.06 | 0.16 | (0.08 | ) | (0.04 | ) | (0.12 | ) | 10.04 | 0.81% | 0.64% | 1.00% | 1.57 | % | 121,133 | 196 | % | |||||||||||||||||||||||||||||||
PF Emerging Markets Debt Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $8.89 | $0.29 | ($0.71 | ) | ($0.42 | ) | $— | $— | $— | $8.47 | 1.09% | 0.94% | 6.46% | (4.72 | %) | $104,293 | 42 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 9.69 | 0.50 | (0.95 | ) | (0.45 | ) | (0.35 | ) | — | (0.35 | ) | 8.89 | 1.08% | 0.94% | 5.20% | (4.73 | %) | 162,011 | 105 | % | ||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 10.53 | 0.47 | (0.90 | ) | (0.43 | ) | (0.32 | ) | (0.09 | ) | (0.41 | ) | 9.69 | 1.06% | 0.94% | 4.71% | (3.92 | %) | 130,516 | 116 | % | |||||||||||||||||||||||||||||
6/29/2012 - 3/31/2013 | 10.00 | 0.37 | 0.46 | 0.83 | (0.27 | ) | (0.03 | ) | (0.30 | ) | 10.53 | 1.17% | 0.94% | 4.67% | 8.24 | % | 85,846 | 61 | % | |||||||||||||||||||||||||||||||
PF Comstock Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $17.07 | $0.11 | ($1.87 | ) | ($1.76 | ) | $— | $— | $— | $15.31 | 0.96% | 0.89% | 1.29% | (10.31 | %) | $209,795 | 9 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 17.61 | 0.22 | 1.07 | 1.29 | (0.37 | ) | (1.46 | ) | (1.83 | ) | 17.07 | 0.96% | 0.89% | 1.25% | 7.22 | % | 269,705 | 21 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 14.40 | 0.25 | 3.11 | 3.36 | (0.15 | ) | — | (0.15 | ) | 17.61 | 0.97% | 0.89% | 1.53% | 23.36 | % | 308,598 | 14 | % | ||||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 12.47 | 0.19 | 1.91 | 2.10 | (0.17 | ) | — | (0.17 | ) | 14.40 | 0.97% | 0.89% | 1.51% | 16.96 | % | 261,671 | 35 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 12.13 | 0.17 | 0.32 | 0.49 | (0.15 | ) | — | (0.15 | ) | 12.47 | 0.99% | 0.89% | 1.47% | 4.22 | % | 207,330 | 24 | % | ||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.69 | 0.13 | 1.41 | 1.54 | (0.10 | ) | — | (0.10 | ) | 12.13 | 1.13% | 0.99% | 1.16% | 14.55 | % | 166,465 | 31 | % | ||||||||||||||||||||||||||||||||
PF Growth Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $19.30 | $0.01 | ($0.88 | ) | ($0.87 | ) | $— | $— | $— | $18.43 | 0.76% | 0.70% | 0.10% | (4.51 | %) | $113,723 | 18 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 17.33 | 0.05 | 2.19 | 2.24 | (0.13 | ) | (0.14 | ) | (0.27 | ) | 19.30 | 0.76% | 0.70% | 0.30% | 12.96 | % | 147,893 | 39 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 13.93 | 0.03 | 3.47 | 3.50 | (0.10 | ) | — | (0.10 | ) | 17.33 | 0.79% | 0.70% | 0.20% | 25.15 | % | 101,285 | 76 | % | ||||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 13.12 | 0.08 | 0.90 | 0.98 | (0.17 | ) | — | (0.17 | ) | 13.93 | 0.86% | 0.70% | 0.63% | 7.53 | % | 48,611 | 72 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 12.42 | 0.06 | 0.71 | 0.77 | (0.07 | ) | — | (0.07 | ) | 13.12 | 0.85% | 0.70% | 0.54% | 6.26 | % | 108,340 | 84 | % | ||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 11.21 | 0.07 | 1.14 | 1.21 | — | — | — | 12.42 | 0.95% | 0.79% | 0.58% | 10.79 | % | 115,576 | 83 | % | ||||||||||||||||||||||||||||||||||
PF Large-Cap Growth Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $10.71 | ($0.01 | ) | ($0.53 | ) | ($0.54 | ) | $— | $— | $— | $10.17 | 0.96% | 0.85% | (0.14%) | (5.04 | %) | $144,779 | 33 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.28 | (0.02 | ) | 1.51 | 1.49 | — | (1.06 | ) | (1.06 | ) | 10.71 | 0.96% | 0.86% | (0.16%) | 14.84 | % | 199,138 | 100 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 10.40 | (0.01 | ) | 2.41 | 2.40 | (0.02 | ) | (2.50 | ) | (2.52 | ) | 10.28 | 0.97% | 0.84% | (0.06%) | 23.58 | % | 172,613 | 163 | % | ||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 10.30 | 0.03 | 0.70 | 0.73 | — | (0.63 | ) | (0.63 | ) | 10.40 | 0.99% | 0.81% | 0.31% | 7.66 | % | 142,398 | 131 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 9.23 | (0.02 | ) | 1.25 | 1.23 | — | (0.16 | ) | (0.16 | ) | 10.30 | 1.00% | 0.88% | (0.26%) | 13.65 | % | 129,222 | 76 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 7.71 | (0.01 | ) | 1.53 | 1.52 | — | — | — | 9.23 | 1.12% | 0.95% | (0.11%) | 19.72 | % | 99,101 | 102 | % |
See Notes to Financial Statements | See explanation of references, if any, on page B-16 |
B-14
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (1) (Continued)
Selected per share, ratios and supplemental data for each year ended were as follows:
Fund | Selected Per Share Data | Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (2) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (3) | Expenses After Reductions (3), (4) | Net Investment Income (Loss) (3) | Total Returns (5) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||
PF Large-Cap Value Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $16.46 | $0.11 | ($1.27 | ) | ($1.16 | ) | $— | $— | $— | $15.30 | 0.86% | 0.80% | 1.37% | (7.05 | %) | $287,347 | 6 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 16.71 | 0.23 | 1.36 | 1.59 | (0.38 | ) | (1.46 | ) | (1.84 | ) | 16.46 | 0.86% | 0.80% | 1.37% | 9.40 | % | 344,403 | 13 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 13.96 | 0.36 | 2.62 | 2.98 | (0.23 | ) | — | (0.23 | ) | 16.71 | 0.86% | 0.80% | 2.33% | 21.41 | % | 380,372 | 13 | % | ||||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 12.31 | 0.23 | 1.66 | 1.89 | (0.24 | ) | — | (0.24 | ) | 13.96 | 0.87% | 0.80% | 1.80% | 15.54 | % | 324,085 | 26 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 11.59 | 0.22 | 0.71 | 0.93 | (0.21 | ) | — | (0.21 | ) | 12.31 | 0.89% | 0.80% | 1.96% | 8.21 | % | 262,917 | 20 | % | ||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 10.42 | 0.16 | 1.15 | 1.31 | (0.14 | ) | — | (0.14 | ) | 11.59 | 1.01% | 0.89% | 1.56% | 12.69 | % | 228,436 | 19 | % | ||||||||||||||||||||||||||||||||
PF Main Street Core Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $14.26 | $0.08 | ($0.78 | ) | ($0.70 | ) | $— | $— | $— | $13.56 | 0.66% | 0.60% | 1.08% | (4.91 | %) | $192,209 | 24 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 14.85 | 0.16 | 1.51 | 1.67 | (0.14 | ) | (2.12 | ) | (2.26 | ) | 14.26 | 0.66% | 0.60% | 1.06% | 11.36 | % | 270,813 | 46 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 12.20 | 0.13 | 2.65 | 2.78 | (0.13 | ) | — | (0.13 | ) | 14.85 | 0.67% | 0.60% | 0.99% | 22.84 | % | 257,575 | 66 | % | ||||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 11.26 | 0.14 | 0.96 | 1.10 | (0.16 | ) | — | (0.16 | ) | 12.20 | 0.68% | 0.60% | 1.21% | 9.93 | % | 212,428 | 60 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 10.13 | 0.10 | 1.11 | 1.21 | (0.08 | ) | — | (0.08 | ) | 11.26 | 0.70% | 0.60% | 1.00% | 12.12 | % | 193,538 | 48 | % | ||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 9.00 | 0.09 | 1.10 | 1.19 | (0.06 | ) | — | (0.06 | ) | 10.13 | 0.83% | 0.70% | 0.93% | 13.28 | % | 157,890 | 58 | % | ||||||||||||||||||||||||||||||||
PF Mid-Cap Equity Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $12.15 | $0.03 | ($0.94 | ) | ($0.91 | ) | $— | $— | $— | $11.24 | 0.86% | 0.80% | 0.54% | (7.49 | %) | $169,929 | 96 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 12.84 | 0.05 | 0.80 | 0.85 | (0.03 | ) | (1.51 | ) | (1.54 | ) | 12.15 | 0.86% | 0.80% | 0.40% | 7.44 | % | 218,141 | 172 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 11.00 | 0.04 | 2.84 | 2.88 | (0.06 | ) | (0.98 | ) | (1.04 | ) | 12.84 | 0.87% | 0.80% | 0.36% | 26.82 | % | 171,357 | 114 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 10.29 | 0.06 | 0.72 | 0.78 | (0.07 | ) | — | (0.07 | ) | 11.00 | 0.90% | 0.80% | 0.65% | 7.63 | % | 138,416 | 191 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 10.46 | 0.05 | (0.18 | ) | (0.13 | ) | (0.04 | ) | — | (0.04 | ) | 10.29 | 0.89% | 0.80% | 0.51% | (1.17 | %) | 165,168 | 102 | % | ||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 8.66 | 0.08 | 1.79 | 1.87 | (0.07 | ) | — | (0.07 | ) | 10.46 | 1.02% | 0.89% | 0.87% | 21.70 | % | 135,755 | 87 | % | ||||||||||||||||||||||||||||||||
PF Mid-Cap Growth Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $8.71 | $0.00 | (7) | ($1.07 | ) | ($1.07 | ) | $— | $— | $— | $7.64 | 0.91% | 0.80% | 0.06% | (12.28 | %) | $58,827 | 22 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 8.17 | 0.01 | 0.92 | 0.93 | (0.01 | ) | (0.38 | ) | (0.39 | ) | 8.71 | 0.91% | 0.80% | 0.08% | 11.57 | % | 85,989 | 35 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 8.58 | (0.01 | ) | 1.93 | 1.92 | (0.01 | ) | (2.32 | ) | (2.33 | ) | 8.17 | 0.93% | 0.83% | (0.09%) | 23.39 | % | 90,804 | 135 | % | ||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 8.87 | 0.05 | (0.03 | ) | 0.02 | (0.02 | ) | (0.29 | ) | (0.31 | ) | 8.58 | 1.00% | 0.85% | 0.60% | 0.61 | % | 61,557 | 48 | % | ||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 10.28 | (0.02 | ) | (0.28 | ) | (0.30 | ) | (0.05 | ) | (1.06 | ) | (1.11 | ) | 8.87 | 0.98% | 0.85% | (0.21%) | (1.08 | %) | 73,586 | 27 | % | ||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 8.41 | 0.02 | 2.83 | 2.85 | (0.02 | ) | (0.96 | ) | (0.98 | ) | 10.28 | 1.17% | 0.95% | 0.24% | 35.16 | % | 64,476 | 44 | % | |||||||||||||||||||||||||||||||
PF Mid-Cap Value Fund (8) |
| |||||||||||||||||||||||||||||||||||||||||||||||||
7/29/2015 - 9/30/2015 (6) | $10.00 | $0.02 | ($0.71) | ($0.69) | $— | $— | $— | $9.31 | 0.94% | 0.94% | 1.12% | (6.90 | %) | $249,571 | 7 | % | ||||||||||||||||||||||||||||||||||
PF Small-Cap Growth Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $14.80 | ($0.04 | ) | ($1.95 | ) | ($1.99 | ) | $— | $— | $— | $12.81 | 0.82% | 0.75% | (0.60%) | (13.45 | %) | $47,607 | 107 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 15.54 | (0.05 | ) | 1.20 | 1.15 | — | (1.89 | ) | (1.89 | ) | 14.80 | 0.82% | 0.75% | (0.35%) | 8.36 | % | 83,731 | 264 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 13.29 | (0.04 | ) | 2.67 | 2.63 | (0.02 | ) | (0.36 | ) | (0.38 | ) | 15.54 | 0.83% | 0.75% | (0.28%) | 19.90 | % | 59,921 | 84 | % | ||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 11.86 | 0.03 | 1.40 | 1.43 | — | — | — | 13.29 | 0.90% | 0.75% | 0.21% | 12.06 | % | 50,898 | 92 | % | ||||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 11.90 | (0.03 | ) | (0.01 | ) | (0.04 | ) | — | — | — | 11.86 | 0.93% | 0.75% | (0.31%) | (0.34 | %) | 36,370 | 67 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 9.41 | (0.06 | ) | 2.55 | 2.49 | — | — | — | 11.90 | 1.11% | 0.84% | (0.63%) | 26.46 | % | 32,355 | 86 | % | |||||||||||||||||||||||||||||||||
PF Small-Cap Value Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $10.45 | $0.02 | ($1.10 | ) | ($1.08 | ) | $— | $— | $— | $9.37 | 0.95% | 0.90% | 0.43% | (10.34 | %) | $190,792 | 28 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 13.55 | 0.07 | 1.17 | 1.24 | (0.14 | ) | (4.20 | ) | (4.34 | ) | 10.45 | 0.96% | 0.90% | 0.55% | 11.55 | % | 145,801 | 140 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 12.15 | 0.20 | 1.98 | 2.18 | (0.16 | ) | (0.62 | ) | (0.78 | ) | 13.55 | 0.97% | 0.90% | 1.52% | 18.13 | % | 147,702 | 41 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 10.58 | 0.22 | 1.52 | 1.74 | (0.17 | ) | — | (0.17 | ) | 12.15 | 1.00% | 0.90% | 2.08% | 16.72 | % | 125,647 | 38 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 10.60 | 0.16 | (0.05 | ) | 0.11 | (0.13 | ) | — | (0.13 | ) | 10.58 | 1.02% | 0.90% | 1.59% | 1.19 | % | 86,152 | 21 | % | |||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 8.57 | 0.16 | 1.98 | 2.14 | (0.11 | ) | — | (0.11 | ) | 10.60 | 1.13% | 0.97% | 1.71% | 25.11 | % | 76,247 | 31 | % | ||||||||||||||||||||||||||||||||
PF Emerging Markets Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $13.58 | $0.08 | ($2.31 | ) | ($2.23 | ) | $— | $— | $— | $11.35 | 1.23% | 0.95% | 1.26% | (16.42 | %) | $147,459 | 19 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 14.75 | 0.12 | (0.71 | ) | (0.59 | ) | (0.19 | ) | (0.39 | ) | (0.58 | ) | 13.58 | 1.23% | 0.95% | 0.81% | (4.15 | %) | 138,242 | 40 | % | |||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 14.22 | 0.09 | 0.83 | 0.92 | (0.10 | ) | (0.29 | ) | (0.39 | ) | 14.75 | 1.27% | 0.95% | 0.59% | 6.43 | % | 153,333 | 31 | % | |||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 13.55 | 0.08 | 0.68 | 0.76 | (0.09 | ) | — | (0.09 | ) | 14.22 | 1.36% | 0.95% | 0.62% | 5.60 | % | 110,810 | 40 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 14.68 | 0.14 | (0.95 | ) | (0.81 | ) | (0.07 | ) | (0.25 | ) | (0.32 | ) | 13.55 | 1.49% | 0.95% | 1.09% | (5.15 | %) | 85,483 | 30 | % | |||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 12.19 | 0.11 | 2.64 | 2.75 | (0.26 | ) | — | (0.26 | ) | 14.68 | 1.56% | 1.04% | 0.80% | 22.53 | % | 64,270 | 46 | % |
See Notes to Financial Statements | See explanation of references, if any, on page B-16 |
B-15
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (1) (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Fund | Selected Per Share Data | Ratios to Average Net Assets | Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||||||||||||||||||||||||
For the Year or Period Ended | Net Asset Value, Beginning of Year or Period | Net Investment Income (Loss) (2) | Net Realized and Unrealized Gain (Loss) | Total | Net Investment Income | Capital Gains | Total | Net Asset Value, End of Year or Period | Expenses Before Reductions (3) | Expenses After Reductions (3), (4) | Net Investment Income (Loss) (3) | Total Returns (5) | Net Assets, End of Year or Period (in thousands) | Portfolio Turnover Rates | ||||||||||||||||||||||||||||||||||||
PF International Large-Cap Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $18.50 | $0.16 | ($1.79 | ) | ($1.63 | ) | $— | $— | $— | $16.87 | 1.10% | 1.00% | 1.78% | (8.81 | %) | $296,824 | 16 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 18.46 | 0.29 | 0.01 | 0.30 | (0.26 | ) | — | (0.26 | ) | 18.50 | 1.10% | 1.00% | 1.56% | 1.70 | % | 220,898 | 41 | % | ||||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 16.48 | 0.22 | 1.97 | 2.19 | (0.21 | ) | — | (0.21 | ) | 18.46 | 1.10% | 1.00% | 1.23% | 13.28 | % | 240,522 | 14 | % | ||||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 15.12 | 0.23 | 1.40 | 1.63 | (0.27 | ) | — | (0.27 | ) | 16.48 | 1.13% | 1.00% | 1.55% | 10.88 | % | 198,963 | 28 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 15.37 | 0.22 | (0.30 | ) | (0.08 | ) | (0.17 | ) | — | (0.17 | ) | 15.12 | 1.17% | 1.00% | 1.52% | (0.32 | %) | 203,944 | 24 | % | ||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 13.83 | 0.16 | 1.52 | 1.68 | (0.14 | ) | — | (0.14 | ) | 15.37 | 1.30% | 1.09% | 1.16% | 12.36 | % | 138,033 | 34 | % | ||||||||||||||||||||||||||||||||
PF International Small-Cap Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $10.69 | $0.10 | ($0.52 | ) | ($0.42 | ) | $— | $— | $— | $10.27 | 1.11% | 1.08% | 1.73% | (3.93 | %) | $117,759 | 26 | % | ||||||||||||||||||||||||||||||||
1/14/2015 - 3/31/2015 | 10.00 | 0.03 | 0.66 | 0.69 | — | — | — | 10.69 | 1.24% | 1.08% | 1.34% | 6.90 | % | 127,493 | 8 | % | ||||||||||||||||||||||||||||||||||
PF International Value Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $9.51 | $0.11 | ($0.97 | ) | ($0.86 | ) | $— | $— | $— | $8.65 | 0.94% | 0.80% | 2.25% | (9.04 | %) | $146,328 | 35 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.33 | 0.22 | (0.65 | ) | (0.43 | ) | (0.39 | ) | — | (0.39 | ) | 9.51 | 0.91% | 0.80% | 2.19% | (4.07 | %) | 142,653 | 87 | % | ||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 9.10 | 0.39 | 1.08 | 1.47 | (0.24 | ) | — | (0.24 | ) | 10.33 | 0.91% | 0.80% | 3.89% | 16.15 | % | 176,541 | 54 | % | ||||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 8.62 | 0.20 | 0.51 | 0.71 | (0.23 | ) | — | (0.23 | ) | 9.10 | 0.94% | 0.80% | 2.30% | 8.26 | % | 146,550 | 66 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 9.51 | 0.26 | (0.89 | ) | (0.63 | ) | (0.26 | ) | — | (0.26 | ) | 8.62 | 1.02% | 0.80% | 3.06% | (6.20 | %) | 111,119 | 63 | % | ||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 9.19 | 0.18 | 0.35 | 0.53 | (0.21 | ) | — | (0.21 | ) | 9.51 | 1.14% | 0.90% | 2.01% | 5.99 | % | 90,242 | 150 | % | ||||||||||||||||||||||||||||||||
PF Real Estate Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $16.87 | $0.13 | ($1.55 | ) | ($1.42 | ) | $— | $— | $— | $15.45 | 1.10% | 1.05% | 1.61% | (8.42 | %) | $65,384 | 11 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 14.19 | 0.22 | 3.11 | 3.33 | (0.31 | ) | (0.34) | (0.65 | ) | 16.87 | 1.11% | 1.05% | 1.41% | 23.69 | % | 49,486 | 34 | % | ||||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 13.67 | 0.21 | 0.54 | 0.75 | (0.23 | ) | — | (0.23 | ) | 14.19 | 1.12% | 1.05% | 1.52% | 5.61 | % | 73,828 | 18 | % | ||||||||||||||||||||||||||||||||
4/1/2012 - 3/31/2013 | 12.59 | 0.17 | 1.08 | 1.25 | (0.17 | ) | — | (0.17 | ) | 13.67 | 1.16% | 1.05% | 1.35% | 9.98 | % | 60,138 | 23 | % | ||||||||||||||||||||||||||||||||
4/1/2011 - 3/31/2012 | 11.46 | 0.13 | 1.08 | 1.21 | (0.08 | ) | — | (0.08 | ) | 12.59 | 1.18% | 1.05% | 1.13% | 10.62 | % | 52,679 | 24 | % | ||||||||||||||||||||||||||||||||
4/1/2010 - 3/31/2011 | 9.24 | 0.08 | 2.23 | 2.31 | (0.09 | ) | — | (0.09 | ) | 11.46 | 1.34% | 1.14% | 0.77% | 25.16 | % | 41,860 | 32 | % | ||||||||||||||||||||||||||||||||
PF Absolute Return Fund (9) |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/27/2015 - 9/30/2015 (6) | $10.00 | $0.03 | ($0.45 | ) | ($0.42 | ) | $— | $— | $— | $9.58 | 1.14% | 1.14% | 0.71% | (4.30 | %) | $75,058 | 130 | % | ||||||||||||||||||||||||||||||||
PF Currency Strategies Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $9.92 | ($0.04 | ) | ($0.07 | ) | ($0.11 | ) | $— | $— | $— | $9.81 | 0.86% | 0.86% | (0.85%) | (1.11 | %) | $131,743 | 0 | % | |||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 9.41 | (0.07 | ) | 0.79 | 0.72 | (0.21 | ) | — | (0.21 | ) | 9.92 | 0.86% | 0.86% | (0.76%) | 7.69 | % | 187,572 | 141 | % | |||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 10.32 | (0.07 | ) | (0.52 | ) | (0.59 | ) | (0.32 | ) | — | (0.32 | ) | 9.41 | 0.89% | 0.85% | (0.68%) | (5.98 | %) | 131,023 | 49 | % | |||||||||||||||||||||||||||||
12/7/2012 - 3/31/2013 | 10.00 | (0.02 | ) | 0.34 | 0.32 | — | — | — | 10.32 | 0.94% | 0.85% | (0.69%) | 3.20 | % | 118,643 | 49 | % | |||||||||||||||||||||||||||||||||
PF Equity Long/Short Fund (9) |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/27/2015 - 9/30/2015 (6) | $10.00 | ($0.05 | ) | $0.68 | $0.63 | $— | $— | $— | $10.63 | 1.43% | 1.28% | (1.24%) | 6.30 | % | $155,889 | 0 | % | |||||||||||||||||||||||||||||||||
PF Global Absolute Return Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2015 - 9/30/2015 (6) | $10.03 | $0.24 | ($0.56 | ) | ($0.32 | ) | $— | $— | $— | $9.71 | 1.21% | 1.08% | 4.70% | (3.19 | %) | $136,707 | 80 | % | ||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 9.69 | 0.48 | 0.39 | 0.87 | (0.53 | ) | — | (0.53 | ) | 10.03 | 1.21% | 1.10% | 4.82% | 9.13 | % | 177,656 | 132 | % | ||||||||||||||||||||||||||||||||
4/1/2013 - 3/31/2014 | 10.19 | 0.36 | (0.65 | ) | (0.29 | ) | (0.20 | ) | (0.01 | ) | (0.21 | ) | 9.69 | 1.36% | 1.18% | 3.64% | (2.80 | %) | 198,360 | 115 | % | |||||||||||||||||||||||||||||
12/7/2012 - 3/31/2013 | 10.00 | 0.07 | 0.13 | 0.20 | (0.01 | ) | — | (0.01 | ) | 10.19 | 1.20% | 1.06% | 2.25% | 1.96 | % | 171,925 | 38 | % |
(1) | All the funds presented in these financial statements currently offer Class P shares only. Effective July 2, 2010, all Class A shares of those funds that commenced operations prior to that date were converted to Class P shares. Performance information prior to the conversion for these funds pertains to Class A shares and reflects the fees and expenses associated with that share class. |
(2) | Net investment income (loss) per share has been calculated using the average shares method. |
(3) | The ratios are annualized for periods of less than one full year. |
(4) | The ratios of expenses after expense reductions to average net assets are after advisory fee waivers and adviser expense reimbursements, if any, as discussed in Note 6 and Note 7B, respectively, in Notes to the Financial Statements. |
(5) | The total returns include reinvestment of all dividends and capital gains distributions, if any, and do not include deductions of any applicable sales charges. Total returns are not annualized for periods less than one full year. |
(6) | Unaudited for the six-month period ended September 30, 2015. |
(7) | Reflects an amount rounding to less than $0.01 per share. |
(8) | PF Mid-Cap Value Fund commenced operations on July 29, 2015. |
(9) | PF Absolute Return and PF Equity Long/Short Funds commenced operations on April 27, 2015. |
See Notes to Financial Statements |
B-16
PACIFIC FUNDS
(Unaudited)
1. ORGANIZATION
Pacific Funds Series Trust (formerly Pacific Life Funds) (which may be referred to as “Pacific Funds” or the “Trust”) is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as an open-end, management investment company and is organized as a Delaware statutory trust. Pacific Life Fund Advisors LLC (“PLFA” or “Adviser”) serves as investment adviser to the Trust. As of September 30, 2015, the Trust was comprised of thirty-six separate funds, twenty-four of which are presented in these financial statements (each individually, a “Fund”, and collectively the “Funds”):
Fund* | ||||
PF Floating Rate Loan Fund | PF Large-Cap Value Fund | PF International Large-Cap Fund | ||
PF Inflation Managed Fund | PF Main Street® Core Fund | PF International Small-Cap Fund | ||
PF Managed Bond Fund | PF Mid-Cap Equity Fund | PF International Value Fund | ||
PF Short Duration Bond Fund | PF Mid-Cap Growth Fund | PF Real Estate Fund | ||
PF Emerging Markets Debt Fund | PF Mid-Cap Value Fund | PF Absolute Return Fund | ||
PF Comstock Fund | PF Small-Cap Growth Fund | PF Currency Strategies Fund | ||
PF Growth Fund | PF Small-Cap Value Fund | PF Equity Long/Short Fund | ||
PF Large-Cap Growth Fund | PF Emerging Markets Fund | PF Global Absolute Return Fund |
* | These Funds are collectively known as the “PF Underlying Funds.” |
The PF Underlying Funds offer Class P shares only, which are sold at net asset value. Presently, only the following Funds, the Adviser, and certain of its affiliates can invest in Class P shares of the PF Underlying Funds, Pacific FundsSM Floating Rate Income, Pacific FundsSM Core Income, and Pacific FundsSM High Income.
Fund | ||
Pacific FundsSM Portfolio Optimization Conservative** | Pacific FundsSM Portfolio Optimization Growth** | |
Pacific FundsSM Portfolio Optimization Moderate-Conservative** | Pacific FundsSM Portfolio Optimization Aggressive-Growth** | |
Pacific FundsSM Portfolio Optimization Moderate** | Pacific FundsSM Diversified Alternatives |
** | These Funds are collectively known as the “Portfolio Optimization Funds.” |
There is a separate semi-annual report containing the financial statements for the Portfolio Optimization Funds, Pacific Funds Diversified Alternatives, Pacific Funds Floating Rate Income, Pacific Funds Core Income, and Pacific Funds High Income, which is available without charge. For information on how to obtain the semi-annual report for the Portfolio Optimization Funds, Pacific Funds Diversified Alternatives, Pacific Funds Floating Rate Income, Pacific Funds Core Income, and Pacific Funds High Income, see the Where to Go for More Information section of this report on page D-11.
On April 27, 2015, the PF Precious Metals Fund was liquidated pursuant to a plan of liquidation approved by the Trust’s Board of Trustees. Because the PF Precious Metals Fund was liquidated prior to September 30, 2015, no financial information is presented in this report.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the significant accounting policies followed by the Trust in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America (United States Generally Accepted Accounting Principles, or “U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund qualifies as an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to the Investment Companies Topic of U.S. GAAP.
Effective April 1, 2015, the Trust implemented Accounting Standards Update (“ASU”) No. 2014-11 issued by the Financial Accounting Standards Board (“FASB”). The ASU requires two new disclosures. The first disclosure requires an entity to disclose information on transfers accounted for as sales in transactions that are economically similar to repurchase agreements. The second disclosure provides increased transparency about the types of collateral pledged in repurchase agreements and repurchase-to-maturity transactions accounted for as secured borrowings (see required disclosure in Note 10).
A. INVESTMENT TRANSACTIONS AND INCOME
Investment transactions are recorded on a trade date basis. Securities purchased or sold on a when-issued or delayed-delivery basis as well as certain loan transactions and mortgage securities (such as Government National Mortgage Association (“GNMA”) securities) may be settled a month or more after the trade date. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities, which are recorded as soon as a Fund is informed of the ex-dividend date or upon receipt of the dividend. A Fund’s estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gains distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. Interest income, adjusted for amortization of premium and accretion of discount, is recorded daily on an accrual basis. Investment income is recorded net of foreign taxes withheld, if any.
C-1
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
A Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. A Fund will accrue such taxes and reclaims as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which a Fund invests. Facility fees and other fees (such as origination fees) received from floating rate senior loan notes purchased (see Note 4) by that Fund are amortized over the expected term of each applicable senior loan. Commitment fees received by a Fund relating to unfunded senior loan commitments are amortized to income over the period of the commitment. Consent fees, which are compensation for agreeing to changes in the terms of debt instruments, are recorded as interest income when received. Realized gains and losses from investment transactions are recorded on the basis of identified cost, which is also used for Federal income tax purposes. Gains and losses realized on principal paydowns from mortgage-backed and asset-backed securities are recorded as interest income.
B. DISTRIBUTIONS TO SHAREHOLDERS
Each Fund presented in these financial statements distributes all of its net investment income and realized capital gains, if any, to shareholders at least annually, although distributions could occur more often if advantageous to the applicable Fund and its shareholders. Dividends and distributions paid to shareholders are recorded on the ex-dividend date.
C. FOREIGN CURRENCY TRANSLATION
The Trust’s accounting records are maintained in U.S. dollars. The market value of investments and other assets and liabilities, which are denominated in non-U.S. currencies, are translated into U.S. dollars based on the applicable exchange rates at the end of each business day. Purchases and sales of investments and income and expenses, denominated in foreign currencies, are translated into U.S. dollars at the exchange rates in effect on the transaction date.
None of the Funds separately report the effect of changes in foreign exchange rates from changes in market prices of investments held. Such changes are included with the net realized gain or loss and change in net unrealized appreciation or depreciation on investments. Other foreign currency transactions resulting in realized and unrealized gain or loss, if any, are reported separately as net realized gain or loss on foreign currency transactions and change in net unrealized appreciation or depreciation on foreign currencies.
D. ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES
Certain Trust expenses directly attributable to a particular Fund are charged to that Fund (such as Fund-specific transactional fees, proxies, liquidations, litigation, and organizational/start-up costs). Generally, other Trust expenses are allocated proportionately among all the Funds in relation to the net assets of each Fund.
E. OFFERING COSTS
A new Fund bears all costs (or the applicable pro-rata share if there is more than one new Fund) associated with the offering expenses of the Fund including legal, printing, and support services (see Notes 6 and 7A). All such costs are amortized as an expense of the new Fund on a straight-line basis over twelve months from commencement of operations.
F. RECENT ACCOUNTING PRONOUNCEMENT
In May 2015, the FASB issued an ASU that eliminates the requirement to classify the investments measured at an investment’s fair value using the net asset value per share practical expedient within the fair value hierarchy. In addition, the ASU eliminates the requirement to make specific disclosures for all investments eligible to be assessed at fair value with the net asset value per share practical expedient. Instead, such disclosures are restricted only to investments that the entity has decided to measure using the practical expedient. This ASU is effective for fiscal years beginning after December 15, 2015. Management is currently evaluating the impact that the implementation of this ASU will have on the Trust’s financial statement disclosures.
3. VALUATION AND FAIR VALUE MEASUREMENTS
A. VALUATION POLICY
The Trust’s Board of Trustees (the “Board”) has adopted a policy (“Valuation Policy”) for determining the value of the Trust’s investments each business day. Under the Valuation Policy, the Board has delegated certain functions to the Trustee Valuation Committee (“TVC”) and/or the Valuation Oversight Committee (“VOC”) or its delegate to determine the fair value of certain investments, which includes using third party pricing services. Each valuation committee that values the Funds’ investments does so in accordance with the Valuation Policy. Notes 3B and 3C below describe in greater detail the methodologies used to value each Fund’s investments.
B. NET ASSET VALUE
Each Fund of the Trust presented in these financial statements is divided into shares. The price per share of a Fund’s shares is called the net asset value (“NAV”). The NAV forms the basis for all transactions involving buying, selling, exchanging or reinvesting shares. Each Fund’s NAV is calculated by taking the total value of a Fund’s assets, subtracting a Fund’s liabilities, and dividing by the total number of shares outstanding.
Each Fund’s NAV is calculated once per day, every day the New York Stock Exchange (“NYSE”) is open, including days when foreign markets and/or bond markets are closed. For purposes of calculating the NAV, the value of investments held by each Fund is generally determined as of the scheduled closing time of the NYSE, which is usually 4:00 p.m. Eastern Time. Information that becomes known to the Trust or its agents after the scheduled close of the NYSE on a particular day will not normally be used to retroactively adjust the price of an investment for that same business day. Such information may include late dividend notifications, legal or regulatory matters, corporate actions, and corrected/adjusted last sales prices or official closing prices from an exchange.
Each Fund’s NAV will not be calculated on days when the NYSE is closed. There may be a delay in calculating the NAV if: (i) the NYSE is closed on a day other than a regular holiday or weekend, (ii) trading on the NYSE is restricted, (iii) an emergency exists (as determined by the
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Securities and Exchange Commission (“SEC”)), making the sale of investments or determinations of NAV not practicable, or (iv) the SEC permits a delay for the protection of shareholders.
Certain Funds may hold investments that are primarily listed on foreign exchanges. Because those investments trade on weekends and other days when the Funds do not calculate their NAVs, the value of those investments may change on days when a shareholder will not be able to purchase or redeem shares of those Funds.
C. INVESTMENT VALUATION
The value of each security or other investment is the amount which a Fund might reasonably expect to receive for the investment upon its current sale in the ordinary course of business. For purposes of calculating the NAV, the value of investments held by each Fund is based primarily on pricing data obtained from various sources approved by the Board.
Domestic Equity Investments
For domestic equity investments (including exchange-traded funds), the Trust generally uses the official closing price or last reported sale price from an exchange as of the scheduled closing time of the NYSE and does not normally take into account trading, clearances or settlements that take place after the scheduled close of the NYSE. Investments, for which no official closing price or last reported sales price are reported, are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.
Foreign Equity Investments
For foreign equity investments, the Trust generally uses the official closing price or last reported sale price from the principal foreign exchanges, which may be earlier than the scheduled close of the NYSE. The Trust then may adjust for market events occurring between the close of certain foreign exchanges and the scheduled close of the NYSE. The Trust has retained an independent statistical analysis service approved by the Board to assist in determining the value of certain foreign equity investments. This service utilizes proprietary computer models based on historical performance of markets and other considerations to determine adjustments for market events. Quotations of foreign investments in foreign currencies and those valued using forward currency rates are converted into U.S. dollar equivalents using a foreign exchange quotation from an approved source.
Exchange Traded Futures, Options, and Swaps
Exchange traded futures, options, and swaps are generally valued using the settlement price determined by the relevant exchange. Exchange traded futures, options, and swaps for which no settlement price is reported, are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.
Over-the-Counter (“OTC”) Investments
OTC investments (including swaps and options) are generally valued by approved pricing services that use evaluated prices from various observable market and other factors. Certain OTC swap agreements are generally valued using industry pricing models, broker quotes or other methodologies pursuant to the Valuation Policy. Forward foreign currency contracts are generally valued using the mean between broker-dealer bid and ask quotations, and foreign currency exchange rates gathered from leading market makers.
Domestic and Foreign Debt Investments
Debt investments are generally valued using the mean between bid and ask prices provided by approved pricing and quotation services, which are based upon evaluated prices determined from various observable market and other factors. Certain debt investments are valued by using a benchmark, matrix, or other pricing methodology approved pursuant to the Valuation Policy.
Investments in Other Investment Companies
Fund investments in other investment companies are valued at their respective NAVs.
Investment Values Determined by a Valuation Committee
The Trust’s Valuation Policy includes methodologies approved for valuing investments in circumstances where market quotations are not readily available. In such circumstances, the Valuation Policy provides that the value of such investments may be determined in accordance with Board approved formulas and methodologies (“Alternate Valuation Methodologies”). Under the Valuation Policy these Alternate Valuation Methodologies may include, among others, amortized cost, the use of broker quotes, the use of purchase prices for initial public offerings, and benchmark and matrix pricing. In the event market quotations or Alternate Valuation Methodologies are not readily available or are determined to be unreliable, the value of the investments will be determined in good faith by the TVC, or determined by the VOC or its delegate pursuant to the Valuation Policy and then subsequently submitted for approval or ratification to either the TVC or the Board. Valuations determined by the TVC or the VOC or its delegate may require subjective inputs about the value of such investments. While these valuations are intended to estimate the value a Fund might reasonably expect to receive upon the current sale of the investments in the ordinary course of business, such values may differ from the value that a Fund would actually realize if the investments were sold or values that would be obtained if a different valuation methodology had been used.
Market quotations are considered not readily available if: (i) the market quotations received are deemed unreliable or inaccurate, (ii) approved pricing services do not provide a valuation for a particular investment, or (iii) material events occur after the close of the principal market for a particular investment but prior to the scheduled close of the NYSE.
D. FAIR VALUE MEASUREMENTS AND DISCLOSURES
The Trust characterizes its investments as Level 1, Level 2 or Level 3 based upon the various inputs or methodologies used to value the investments. Under the Valuation Policy, the VOC determines the level in which each investment is characterized. The VOC includes
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investment, legal, and compliance members of the Trust’s Adviser, accounting members of the Trust’s Administrator (see Note 6), and the Trust’s Chief Compliance Officer (“CCO”). The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
• Level 1 - | Quoted prices (unadjusted) in active markets for identical investments |
• Level 2 - | Significant observable market-based inputs, other than Level 1 quoted prices, or unobservable inputs that are corroborated by market data |
• Level 3 - | Significant unobservable inputs that are not corroborated by observable market data |
The VOC reviews the Valuation Policy periodically (at least annually) to determine the appropriateness of the pricing methodologies used to value each Fund’s investments. The VOC also periodically evaluates how the Trust’s investments are characterized within the three-tier hierarchy and the appropriateness of third party pricing sources. The VOC also periodically (at least annually) conducts back-testing of the value of various Level 2 and Level 3 investments to evaluate the effectiveness of the pricing methodologies including the unobservable inputs used to value those investments. Such back-testing includes comparing Level 2 and Level 3 investment values to subsequently available exchange-traded prices, transaction prices, and/or observable vendor prices. All changes to the Valuation Policy are reported to the Board on a quarterly basis with material changes, as determined by the Trust’s CCO, requiring approval by the Board.
The inputs or methodologies used for characterizing each Fund’s investments within the three-tier hierarchy are not necessarily an indication of the relative risks associated with investing in those investments. Foreign equity investments that are valued with the assistance of a statistical research service approved by the Board and based on significant observable inputs (as described in Note 3C) are reflected as Level 2. If a Fund had an amount of Level 3 investments at the beginning and/or end of the reporting period that was meaningful in relation to its net assets, the Trust presents a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. If a Fund had an amount of total transfers between each level within the three-tier hierarchy during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period, the Trust also discloses the amounts and reasons for such transfers. A summary of each Fund’s investments as of September 30, 2015 as categorized under the three-tier hierarchy of inputs, the reconciliation of Level 3 investments, and information on transfers between each level, if applicable, can be found in the Notes to Schedule of Investments section of each Fund’s Schedule of Investments. Additional information about Level 3 fair value measurements as of September 30, 2015, which includes such valuation techniques as Weighted Probability Average and Demand Yield Model, can be found in the Notes to Schedule of Investments section of the PF Floating Rate Loan Fund’s Schedule of Investments on page A-6.
The following is a description of valuation inputs and techniques that the Trust currently utilizes to fair value each major category of assets and liabilities:
Equity Securities (Common and Preferred Stock) and Mutual Funds
Equity securities (foreign or domestic) that are actively traded on a securities exchange are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to these securities, they are categorized as Level 1. Equity securities traded on inactive markets and certain foreign equity securities are fair valued using significant other observable inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from pricing vendors that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable and timely, the fair values of these securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Investments in registered mutual funds, including affiliated registered mutual funds, are valued at their respective NAV and are categorized as Level 1.
U.S. Treasury Obligations
U.S. Treasuries are fair valued based on pricing models that evaluate the mean between the most recently published bid and ask price from market data sources. The models also take into consideration yield curves and data received from active market makers and inter-dealer brokers. Yield curves change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable and timely, the fair values of U.S. Treasury obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Mortgage-Backed Securities and Asset-Backed Securities
Mortgage-backed securities, including government sponsored enterprises, are fair valued using pricing models based on inputs that include issuer type, coupon, and cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic and life caps, the next coupon reset date, and the convertibility of the bond. To the extent that these inputs are observable and timely, the fair values of mortgage-backed securities would be categorized as Level 2; otherwise the fair value would be categorized as Level 3.
Asset-backed securities and collateralized mortgage obligations are fair valued using pricing models based on a security’s average life volatility. The models also take into account tranche characteristics such as coupon average life, collateral types, ratings, the issuer and tranche type, underlying collateral and performance of the collateral, and discount margin for certain floating rate issues. To the extent that these inputs are observable and timely, the fair values of asset-backed securities and collateralized mortgage obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
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Municipal Bonds
Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Foreign Government Bonds and Notes
Foreign government bonds and notes are fair valued based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored daily for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable and timely, the fair values of foreign government bonds and notes would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Corporate Bonds and Notes and U.S. Government Agency Issues
Corporate bonds held by a Fund are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, issuer credit information, and option-adjusted spread models where applicable. Fair values for high yield bonds are based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds, and sector-specific trends. To the extent that these inputs are observable and timely, the fair values of corporate bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
U.S. Government Agency Issues are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer, issuer credit information, and option-adjusted spread models where applicable. To the extent that these inputs are observable and timely, the fair values of U.S. Government Agency Issues would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Futures Contracts
Futures contracts and options on futures contracts that are actively traded on commodity exchanges are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to futures contracts, they are categorized as Level 1. To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Option Contracts
Exchange listed option contracts that are actively traded on securities exchanges are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to exchange listed option contracts, they are categorized as Level 1. If valuation adjustments are applied and such adjustments are observable and timely, the fair values of exchange listed option contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3. OTC option contracts are fair valued based on either broker-dealer quotations or pricing models that incorporate various inputs such as interest rates, credit spreads, currency exchange rates and volatility measurements for in-the-money, at-the-money, and out-of-the-money contracts based on a given strike price. To the extent that these inputs are observable and timely, the fair values of OTC option contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Forward Foreign Currency Contracts
Forward foreign currency contracts are fair valued using various inputs and techniques, which include broker-dealer quotations and foreign currency exchange rates gathered from leading market makers. To the extent that these inputs are observable and timely, the fair values of forward foreign currency contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Forward Bond Contracts
Forward bond contracts are generally valued based on the current price of the underlying bond as provided by a third party pricing service and current interest rates. To the extent that these inputs are observable and timely, the fair values of forward bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Swap Agreements
Interest Rate Swaps – Interest rate swaps that are actively traded and cleared on a securities exchange or swap execution facility are fair valued based on quoted prices from the applicable exchange and are categorized as Level 2. Interest rate swaps traded over-the-counter are fair valued using pricing models that are based on real-time snap shots of relevant interest rate curves that are built using the most actively traded securities for a given maturity. The pricing models also incorporate cash and money market rates. In addition, market data pertaining to interest rate swaps are monitored regularly to ensure that interest rates are properly depicting the current market rate. To the extent that these inputs are observable and timely, the fair values of interest rate swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Credit Default Swaps – Credit default swaps that are actively traded and cleared on a securities exchange or swap execution facility are fair valued based on quoted prices from the applicable exchange and are categorized as Level 2. Credit default swaps traded over-the-counter are
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fair valued using pricing models that take into account, among other factors, information received from market makers and broker-dealers, default probabilities from index specific credit spread curves, recovery rates, and cash flows. To the extent that these inputs are observable and timely, the fair values of credit default swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Total Return Swaps – Total return swaps that are actively traded and cleared on a securities exchange or swap execution facility are fair valued based on quoted prices from the applicable exchange and are categorized as Level 2. Total Return swaps traded over-the-counter are fair valued using pricing models that take into account among other factors, index spread curves, nominal values, modified duration values and cash flows. To the extent that these inputs are observable and timely, the fair values of total return swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Total Return Basket Swaps – The value of total return basket swaps are derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing price on the principal exchange on which the securities are traded; (ii) financing costs; (iii) the value of dividends or accrued interest; (iv) cash balances within the swap; and (v) other factors, as applicable. To the extent that these inputs are observable and timely, the fair values of total return basket swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Volatility Swaps – Volatility swaps traded over-the-counter are fair valued using pricing models that are based on real-time snap shots of relevant discount interest rate curves, volatility inputs, and present value, which are observable from the market and built using the most actively traded securities for a given maturity. In addition, market data pertaining to volatility swaps are monitored regularly to ensure that volatility rates are properly depicting the current volatility rate. To the extent that these inputs are observable and timely, the fair values of volatility swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Senior Loan Notes
Floating rate senior loan notes (“Senior Loans”) are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair values of Senior Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Credit-Oriented Investments
For non-publicly traded instruments that represent debt to the Trust, the carrying amount approximates fair value due to the relatively short-term maturity of these financial instruments. The Trust may use market transactions for identical or similar instruments or a market yield approach, which utilizes expected future cash flows that are discounted using estimated current market rates. Discounted cash flow calculations may be adjusted to reflect current market conditions and/or the perceived credit risk of each Fund as applicable. Consideration may also include an evaluation of collateral. To the extent that these inputs are observable and timely, the fair values for credit-oriented investments are categorized as Level 2; otherwise the fair values would be categorized as Level 3.
4. INVESTMENTS AND RISKS
General Investment Risks
An investment in each Fund represents an indirect investment in the assets owned by that Fund. As with any mutual fund, the value of the assets owned by each Fund may move up or down, and as a result, an investment in a Fund at any point in time may be worth more or less than the original amount invested.
Market and Regulatory Risks
Events in the financial markets and economy may cause volatility and uncertainty and affect Fund performance. Market events may affect a single issuer, industry, sector, or the market as a whole. In addition, because of interdependencies between markets, events in one market may adversely impact other markets or issuers in which a Fund invests in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. During a general downturn in the financial markets, multiple asset classes may decline in value and a Fund may lose value, regardless of the individual results of the securities and other instruments in which the Fund invests. Governmental and regulatory actions, including tax law changes, may also impair Fund management and have unexpected or adverse consequences on particular markets, strategies, or investments. Future market or regulatory events may impact a Fund in unforeseen ways, such as causing the Fund to alter its existing strategies or potentially, to liquidate and close.
Equity Investments
Stock markets are volatile. Equity investments tend to go up or down in value, sometimes rapidly and unpredictably, in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors.
Debt Investments
Debt investments are subject to many risks, including, but not limited to, interest rate risk, credit risk, market and regulatory risk, and liquidity risk, which may affect their value. There is a risk that an issuer or guarantor of a debt investment might be unable or unwilling to meet its financial obligations and might not make interest or principal payments on an instrument when those payments are due (“default”). Defaults may potentially reduce a Fund’s income or ability to recover amounts due and may reduce the value of the debt investment, sometimes dramatically. High Yield or “junk” securities may be more volatile than higher rated securities. High yield securities (including loans) are typically issued by
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companies that are highly leveraged, less creditworthy or financially distressed and are considered to be mostly speculative in nature (high risk), subject to greater liquidity risk, and subject to a greater risk of default than higher rated securities, especially during periods of economic uncertainty or during economic downturns. Debt investments, including bonds, fixed rate loans, and short-term instruments may be affected by changes in interest rates. Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise. Certain debt investments may be difficult to value, purchase, and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale.
Given the historically low interest rate environment in the U.S., risks associated with rising interest rates are heightened. The negative impact on debt investments from potential interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. Substantial redemptions from bond and other income funds may worsen that impact. Additionally, regulations applicable to and changing business practices of broker-dealers that make markets in debt investments may result in those broker-dealers restricting their market making activities for certain debt investments, which may reduce the liquidity and increase the volatility of such debt investments.
Certain asset-backed instruments, such as collateralized debt obligations, collateralized mortgage obligations and other mortgage-related securities, structured investment vehicles, and other debt investments may have exposure to subprime loans or subprime mortgages, which are loans to persons with lower credit ratings. These instruments may present credit risk that is not transparent and that is greater than indicated by their ratings. The value of these instruments may be more acutely affected by downturns in the credit markets or the real estate market than certain other investments, and it may be difficult to value these instruments because of a thin secondary market.
Foreign and Emerging Markets Investments
Exposure to foreign markets can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Investments in or exposure to investments in emerging market countries may be riskier than investments in or exposure to investments in U.S. and certain developed markets.
The countries listed in the Schedules of Investments for individual investment holdings (each a “Holding”) are each considered the country of risk to which a Holding, and therefore the Fund, is exposed. Each Holding’s country of risk is obtained from a third-party source that uses factors such as reporting currency, sales/revenue and location of management of the Holding’s issuer to determine country of risk. The country of risk may not be exclusive, however, as there may be other countries of risk to which a Holding is exposed that are not disclosed, although the country identified is expected to be the primary country of risk for that Holding. A Holding is generally subject to greater country risk based on where it conducts business or is economically tied to rather than where it is formed or incorporated. Foreign markets risks may include currency risk, market and regulatory risk, liquidity risk, emerging markets risk and geographic focus risk, among other risks.
The PF Emerging Markets Fund holds $83,570 Argentine Peso ($8,873 USD equivalent) restricted foreign cash, which represents cash deposits in Argentina required for entities engaging in activities in Argentina. Such cash cannot be withdrawn without the written approval of the Banco Central de la Republica Argentina (“Central Bank of Argentina”). As of September 30, 2015, the Central Bank of Argentina is not providing written approval to withdraw cash for entities not domiciled in Argentina.
Senior Loan Participations and Assignments
Certain Funds may invest in Senior Loans of domestic or foreign corporations, partnerships and other entities (“Borrowers”), the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates. Senior Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, London Interbank Offered Rates (“LIBOR”) or certificates of deposit rates. Senior Loans often require prepayments from excess cash flow or permit the Borrower to repay at its election. The degree to which Borrowers repay cannot be predicted with accuracy. As a result, the actual maturity may be substantially less than the stated maturities. Senior Loans are exempt from registration under the Securities Act of 1933, may contain certain restrictions on resale, and cannot be sold publicly. A Fund’s investments in Senior Loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties.
When a Fund purchases assignments, it acquires all the rights and obligations under the loan agreement of the assigning lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than those held by the assigning lender.
When a Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation. A participation interest in Senior Loans includes the right to receive payments of principal, interest, and any fees to which it is entitled from the lender and only upon receipt by the lender of payments from the Borrower, but not from the Borrower directly. When investing in a participation interest, if a Borrower is unable to meet its obligations under a loan agreement, a Fund generally has no right to enforce compliance with the terms of the loan agreement. As a result, the Fund assumes the credit risk of the Borrower, the selling participant, and any other persons that are interpositioned between the Fund and the Borrower. If the lead lender in a typical lending syndicate becomes insolvent, enters Federal Deposit Insurance Corporation (“FDIC”) receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest. As of September 30, 2015, no participation interest in Senior Loans was held by any of the Funds presented in these financial statements.
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Inflation-Indexed Bonds
Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are debt securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will result in an adjustment to interest income.
Mortgage-Related and Other Asset-Backed Securities
Certain Funds may invest in mortgage-related and other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), collateralized loan obligations (“CLOs”), mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans secured by real property. Mortgage-related and other asset-backed securities are debt securities issued by a corporation, trust or custodian, or by a U.S. Government agency or instrumentality, that are collateralized by a pool of mortgages, mortgage pass-through securities, U.S. Government securities or other assets. The value of some mortgage-related and asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Trust to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgage and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or issuers will meet their obligations.
SMBS represent a participation in, or are secured by and payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. SMBS include interest-only securities (“IOs”), which receive all of the interest, and principal-only securities (“POs”), which receive the entire principal. The cash flows and yields on IOs are extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage loans. If the underlying mortgages experience higher than anticipated prepayments, an investor in IOs of SMBS may fail to recoup fully its initial investment, even if the IOs are highly rated or are derived from securities guaranteed by the U.S. Government. Unlike other debt and other mortgage-backed securities, the market value of IOs tends to move in the same direction as interest rates. As prepayments on the underlying mortgages of POs increase, the yields on POs increase. Payments received from IOs are recorded as interest income. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on the coupon date until maturity. These adjustments are included in interest income. Payments received from POs are treated as reductions to the cost and par value of the securities. Any excess principal paydown gains or losses associated with the payments received are recorded as interest income.
U.S. Government Securities
Certain Funds may invest in securities issued by U.S. Government agencies or government-sponsored enterprises. U.S. Government securities are obligations of, and in certain cases, guaranteed by the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury Bills, Treasury Notes, Treasury Bonds, and securities guaranteed by GNMA (or “Ginnie Mae”), are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Bank, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the “U.S. Treasury”); others, such as those of the Federal National Mortgage Association (“FNMA” or “Fannie Mae”), are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations. Securities not backed by the full faith and credit of the U.S. Government may be subject to a greater risk of default. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.
Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). FNMA and FHLMC are government-sponsored corporations, the common stocks of which are owned entirely by private stockholders. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions, and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates (“PCs”), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.
When-Issued Securities
Certain Funds may purchase and sell securities on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a Fund is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss. Risk may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts, or if the issuer does not issue the securities due to political, economic, or other factors.
Delayed-Delivery Transactions
Certain Funds may purchase or sell securities on a delayed-delivery basis. Payment and delivery may take place after the customary settlement period for that security. The price or yield of the underlying securities is fixed at the time the transaction is negotiated. When delayed-delivery purchases are outstanding, a Fund will set aside, and maintain until the settlement date in a segregated account, liquid assets in an
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amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a capital gain or loss. When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains and losses with respect to the security.
Repurchase Agreements
Certain Funds may enter into repurchase agreements with institutions that the Adviser or sub-adviser has determined are creditworthy. Under the terms of a typical repurchase agreement, a Fund takes possession of an underlying security (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell the security at an agreed upon price and time. Repurchase agreements permit a Fund to maintain liquidity and potentially earn income over periods of time that may be as short as overnight. The collateral for all repurchase agreements are held in safekeeping for the benefit of the Funds at the Trust’s custodian, or broker-dealer, or a designated sub-custodian under a tri-party repurchase agreement. All repurchase agreements entered into by a Fund are collateralized with cash or securities of a type that a Fund is permitted to hold. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the repurchase agreements, including accrued interest, except in the case of a repurchase agreement entered into for the purposes of selling a security short, where the value of the collateral delivered to a Fund must equal or exceed 95% of the value of the repurchase price during the term of the repurchase agreement. The terms of a repurchase agreement entered into for the purposes of selling a security short may provide that the cash purchase price paid by a Fund is more than the value of the collateral received that it is obligated to return to the counterparty under the repurchase agreement. Since in such a transaction, a Fund normally will have used the collateral received to settle the short sale, a Fund will segregate liquid assets equal to the marked to market value of the collateral received that it is obligated to return to the counterparty under the repurchase agreement.
In the event of default on the obligation to repurchase a security held by a Fund as collateral, the Fund has the right to liquidate the security and apply the proceeds to the counterparty’s obligations to a Fund under the repurchase agreement. Upon an event of default under the repurchase agreement, if the seller defaults and the value of the collateral declines or if the seller enters an insolvency proceeding, realization of the collateral by the Fund may be delayed, limited or wholly denied.
Borrowings and Other Financing Transactions
The following disclosures contain information on a Fund’s ability to lend or borrow cash or securities to the extent permitted under the 1940 Act, which may be viewed as borrowing or financing transactions by a Fund. The location and fair value amounts of these instruments are described below. For a detailed description of credit and counterparty risks that can be associated with borrowings and other financing transactions see Note 5.
Reverse Repurchase Agreements – Certain Funds may enter into reverse repurchase agreements. In a reverse repurchase agreement, a Fund sells a security that it holds to a financial institution with an agreement to repurchase the same security at an agreed-upon price and date. Securities sold under reverse repurchase agreements are recorded as a liability. Interest payments made are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to the Fund. A reverse repurchase agreement involves the risk that the market value of the security sold by a Fund may decline below the repurchase price of the security. A Fund will segregate assets determined to be liquid by the fund manager or otherwise cover its obligations under reverse repurchase agreements.
Sale-Buybacks Financing Transactions – Certain Funds may enter into transactions referred to as sale-buybacks. A sale-buyback transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. Such transactions are recorded as secured borrowings. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are recorded as a liability. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the price drop. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income. Interest payments based upon negotiated financing terms made by the Fund to counterparties are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to a Fund. A Fund will segregate assets determined to be liquid or otherwise cover its obligations under sale-buyback transactions.
Short Sales – Certain Funds may enter into short sales. A short sale is a transaction in which a Fund sells securities it does not own. A Fund’s use of short sales involves the risk that the price of the security in the open market may be higher when purchased to close out the Fund’s short position, resulting in a loss to the Fund. Such a loss is theoretically unlimited because there is no limit on the potential increase in the price of a security or guarantee as to the price at which the manager would be able to purchase the security in the open market.
When a Fund sells securities short, it must borrow those securities to make delivery to the buyer. The Fund incurs an expense for such borrowing. The Fund may be required to pledge a portion of its assets to the broker as collateral for the borrowed securities. The Fund may not be able to purchase a security that it needs to deliver to close out a short position at an acceptable price. This may result in losses and/or require the Fund to sell long positions before the manager had intended. A Fund may not be able to successfully implement its short sale strategy, which may limit its ability to achieve its investment goal, due to limited availability of desired or eligible securities, the cost of borrowing
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securities, regulatory changes limiting or barring short sales, or for other reasons. Securities sold in short sale transactions and the interest and dividends payable on such securities, if any, are recorded as a liability.
The use of proceeds received from selling short to purchase additional securities (long positions) results in leverage, which may increase a Fund’s exposure to long positions. Leverage could magnify gains and losses and, therefore, increases a Fund’s volatility.
Segregation and Collateral
If a Fund engages in certain transactions, such as derivative investments, repurchase agreements, or repurchase-to-maturity transactions accounted for as secured borrowings, it may require collateral in the form of cash or investments to be held in segregated accounts at the Trust’s custodian, with an exchange or clearing member firm, or segregated on the Fund’s books and records maintained by the custodian and/or the fund manager. In each instance that segregation of collateral is required, it is done so in accordance with the 1940 Act and/or any interpretive guidance issued by the SEC. In the event of the counterparty default on the transaction, a Fund has the right to liquidate the collateral and apply the proceeds to the counterparty’s obligations to that Fund. Upon an event of default, if the seller defaults and the value of the collateral declines, or if the seller enters an insolvency proceeding, realization of the collateral by the Fund may be delayed, limited or wholly denied. There is also a possibility that a Fund could experience a delay in selling investments that are segregated as collateral.
5. DERIVATIVE INVESTMENTS AND RISKS, AND ENFORCEABLE MASTER NETTING ARRANGEMENTS
A. PRINCIPAL MARKET RISKS MANAGED BY INVESTING IN DERIVATIVES
Derivative instruments are investments whose values are tied to the value of an underlying security or asset, a group of assets, interest rates, exchange rates, currency or an index. Certain Funds are permitted to invest in derivative instruments, including, but not limited to, futures contracts, option contracts, forward foreign currency contracts and swap agreements. Derivatives may have little or no initial cash investment value relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This is sometimes referred to as leverage. Leverage can magnify a Fund’s gains and losses and therefore increase its volatility. A Fund’s investments in derivatives may increase, decrease or change the level or types of exposure to certain risk factors. The primary risks a Fund may attempt to manage through investing in derivative instruments include, but are not limited to, interest rate, foreign investments and currency, price volatility, and credit (including counterparty) risks.
Interest Rate Risk – A Fund may be exposed to interest rate risk through investments in debt securities. Interest rate risk is the risk that debt securities will decline in value as a result of changes in interest rates. For example, the value of bonds, fixed rate loans and short-term money market instruments may decline in value when interest rates rise. In a low interest rate environment, the risks associated with rising interest rates are heightened. Debt securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt securities with shorter durations or money market instruments. Therefore, duration is a potentially useful tool to measure the sensitivity of a debt security’s yield (market price to interest rate movement). To manage these risks, certain Funds may invest in derivative instruments tied to interest rates.
Foreign Investments and Currency Risk – A Fund may be exposed to foreign investments and/or currency risk through direct investment in securities or through options, futures or currency transactions. The prices of foreign securities that are denominated in foreign currencies are affected by the value of the U.S. dollar. With respect to securities denominated in foreign currencies, in general, as the value of the U.S. dollar rises, the U.S. dollar price of a foreign security will fall. As the value of the U.S. dollar falls, the U.S. dollar value of the foreign security will rise. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons. Foreign investments may be riskier than U.S. investments for many reasons, including changes in currency exchange rates, unstable political and economic conditions, a lack of adequate and timely company information, differences in the way securities markets operate, relatively lower market liquidity, less stringent financial reporting and accounting guidance and controls, less secure foreign banks or securities depositories than those in the U.S., foreign taxation issues and foreign controls on investments. As a result, a Fund’s investments in foreign currency-denominated securities and other foreign investments may reduce the returns of the Fund. To manage these risks, certain Funds may invest in derivative instruments tied to foreign investments and/or currencies.
Price Volatility Risk – Derivatives tied to equity and debt securities are exposed to potential price volatility. Debt securities are affected by many factors, including prevailing interest rates, market conditions and market liquidity. Volatility of below investment grade debt securities (including loans) may be relatively greater than for investment grade debt securities. Equity securities tend to go up or down in value, sometimes rapidly and unpredictably. The prices of equity securities change in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions, and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors. To manage these risks, certain Funds may invest in various derivative instruments. Derivative instruments may be used to manage a Fund’s exposure to price volatility risk but may also be subject to greater price volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political, and regulatory developments.
Credit and Counterparty Risk – Credit risk is the risk that a debt security’s issuer (or borrower or counterparty) will be unable or unwilling to meet its financial obligations (e.g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or may go bankrupt. This is also sometimes described as counterparty risk. A Fund may lose money if the issuer or guarantor of debt security, or counterparty of a derivative contract, repurchase or reverse repurchase agreement, or a loan of Fund securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. A Fund may attempt to minimize
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concentrations of credit risk by undertaking transactions with a large number of borrowers or counterparties on recognized and reputable exchanges. A Fund’s investments in debt investments may range in quality from those rated in the lowest category in which it is permitted to invest to those rated in the highest category by a rating agency, or if unrated, determined by the manager to be of comparable quality.
Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which a Fund has unsettled or open transactions will default. Financial assets of counterparties, which potentially expose a Fund to counterparty risk, consist mainly of cash due from counterparties and investments. Certain managers may attempt to minimize credit risks to a Fund by performing extensive reviews of each counterparty, entering into transactions with counterparties that the manager believes to be creditworthy at the time of the transaction and requiring the posting of collateral in applicable transactions. To manage these risks, certain Funds may invest in derivative instruments tied to a security issuers’ financial strength.
A Fund’s transactions in listed securities are settled/paid for upon delivery with their counterparties. Therefore, the risk of counterparty default for listed securities is considered minimal, as delivery of securities sold is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligations.
B. DERIVATIVE INVESTMENTS
In addition to managing the market risks described above, certain Funds, if permitted by their investment objectives, may also invest in derivatives for purposes of hedging, duration management, to gain exposure to specific investment opportunities, as a substitute for securities, to enhance returns, or to otherwise help achieve a Fund’s investment goal. Each derivative instrument and the reasons a Fund invested in derivatives during the reporting period are discussed in further detail below.
Futures Contracts – A futures contract is a commitment to buy or sell a specific amount of a financial instrument or commodity at a negotiated price on a specified future date. Futures contracts are subject to the possibility of illiquid markets, and the possibility of an imperfect correlation between the value of the instruments and the underlying securities. Initial margin deposits are made upon entering into futures contracts and can be funded with either cash or securities. During the period a futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking-to-market on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s cost of the contract. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
During the reporting period, the following Funds entered into futures contracts for the reasons described: the PF Inflation Managed Fund used futures to manage interest rate risk and yield curve exposures, to capture relative value opportunities, as a substitute for cash bond exposure, and for purposes of liquidity. The PF Managed Bond Fund used futures contracts to manage interest rate risk and yield curve exposures, to manage foreign currency exposure, as a substitute for cash bond exposure, for purposes of liquidity, to manage duration and currency exposure, and to contribute to performance. The PF Short Duration Bond Fund entered into interest rate futures to manage duration. The PF Mid-Cap Value, PF Small-Cap Value, PF International Large-Cap, and PF International Small-Cap Funds utilized futures to gain market exposure with the cash generated during PLFA’s reallocation of assets related to the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives. The PF Absolute Return Fund entered into futures to hedge interest rate duration risk and as part of the Fund’s investment strategy. The PF Equity Long/Short Fund used futures to gain exposure to equity indices. The PF Global Absolute Return Fund entered into futures contracts to manage duration and interest rate risk, to maintain full exposure to the equity markets, to manage exposure to various securities markets and movements in interest rates, to provide daily liquidity for the Fund’s inflows and outflows, and as a part of the Fund’s investment strategy.
Option Contracts – An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a specified future date. On the other hand, the writer of an option contract is obligated, upon the exercise of the option, to buy or sell an underlying asset at a specific price on or before a specified future date. A swaption is an option contract granting the owner the right to enter into an underlying swap. Inflation-capped options are options on U.S. inflation rates at a stated strike price. The seller of an inflation-capped option receives an upfront premium and in return the buyer receives the right to receive a payment at the expiration of the option if the cumulative annualized inflation rate over the life of the option is above (for caps) or below (for floors) the stated strike price. The purpose of inflation-capped options is to protect the buyer from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products below a certain rate on a given notional exposure. Writing put options or purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Writing call options or purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes or purchases a call, put, or inflation-capped option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an investment, respectively, and subsequently adjusted to the current market value, based on the quoted daily settlement price of the option written or purchased. Certain options may be written or purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. Premiums received or paid from writing or purchasing options, which expire unexercised, are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or realized is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or loss on investment transactions. A Fund, as a writer of an option, may have no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the underlying written option. In addition, an illiquid market may make it difficult for a fund to close out an option contract.
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The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid.
During the reporting period, the following Funds entered into option contracts for the reasons described: the PF Inflation Managed and PF Managed Bond Funds wrote and purchased options and swaptions on futures, volatility and swaps, as a means of capitalizing on anticipated changes in market volatility, to manage duration, to generate income, to manage interest rate risk and yield curve exposures, and to capture relative value opportunities. Both Funds also wrote inflation caps and floors to hedge duration. The PF Mid-Cap Growth Fund purchased and wrote options to establish, increase or gain exposure to an underlying security, to generate income, and to hedge market risk on equity investments. The PF Absolute Return Fund purchased and wrote options for hedging purposes and to enhance returns. The PF Global Absolute Return Fund purchased and wrote options for purposes of risk management to protect gains and to enhance returns.
Forward Foreign Currency Contracts – A forward foreign currency contract (“Forward Contract”) is a commitment to buy or sell a specific amount of a foreign currency at a negotiated price on a specified future date. Forward Contracts can help a Fund manage the risk of changes in currency exchange rates. These contracts are marked-to-market daily at the applicable forward currency translation rates. A Fund records realized gains or losses at the time the Forward Contract is closed. A Forward Contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. A Fund’s maximum risk of loss from counterparty credit risk related to Forward Contracts is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.
During the reporting period, the following Funds entered into forward foreign currency contracts for the reasons described: the PF Inflation Managed and PF Managed Bond Funds entered into Forward Contracts in connection with settling planned purchases or sales of investments, to hedge the currency exposure associated with some or all of the Funds’ investments, to manage interest rate risk and yield curve exposures, to capture relative value opportunities, and as part of these Funds’ investment strategies. The PF Short Duration Bond Fund entered into Forward Contracts to manage base currency exposure. The PF Emerging Markets Debt Fund entered into Forward Contracts to gain exposure to various markets, for purposes of hedging and as part of the Fund’s investment strategy. The PF Comstock Fund entered into Forward Contracts for risk management purposes to mitigate currency risk and to isolate securities selection as the primary driver of performance. The PF International Value Fund entered into Forward Contracts for risk management purposes and to manage currency deviations relative to the benchmark. The PF Absolute Return Fund entered into Forward Contracts for hedging purposes and to take positions as a part of the Fund’s investment strategy. The PF Currency Strategies Fund and PF Equity Long/Short Fund purchased and sold non-deliverable Forward Contracts to gain or increase exposure to various currencies (both long and short positions) for hedging purposes to protect the Fund’s returns against adverse currency movements and as a part of the Fund’s investment strategy. The PF Global Absolute Return Fund entered into Forward Contracts to hedge against currency exposure associated with the Fund’s investments, to shift foreign currency exposure back to U.S. dollars, to shift investment exposure from one currency to another, to increase returns, and as a substitute for securities.
Forward Bond Contracts – Forward bond contracts represent a short-term forward contract to purchase a bond denominated in a non-deliverable foreign currency at a fixed price on a future date. For forward bond contracts, unrealized gains and losses, based on changes in the value of the contract, are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.
During the reporting period, the PF Global Absolute Return Fund entered into forward bond contracts for hedging purposes to protect the Fund’s returns against adverse currency movements, to shift exposure from one currency to another, to enhance returns, and as a substitute for securities.
Swap Agreements – Swap agreements are bilaterally negotiated agreements between the Funds and their counterparties to exchange swap investment cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market or may be executed in a multilateral or other execution facility platform, such as a registered commodities exchange (“centrally cleared swaps”). In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency. Swaps are marked-to-market daily based upon values received from third party vendors or quotations from market makers. Market values greater than zero are recorded as an asset and market values less than zero are recorded as a liability. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recorded as unrealized appreciation or depreciation. Daily changes in valuation of centrally cleared swaps, if any, are recorded as variation margin receivable or payable. OTC swap payments received or made at the beginning of the measurement period are recorded as an asset or liability and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gain or loss when the swap is closed. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss. Net periodic payments received by a Fund are recorded as realized gain.
Interest Rate Swaps – Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the
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extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different money markets.
A Fund investing in interest rate swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates. A Fund’s maximum risk of loss from counterparty credit risk related to interest rate swaps is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.
Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.
During the reporting period, the following Funds entered into interest rate swap agreements for the reasons described: the PF Inflation Managed and PF Managed Bond Funds entered into interest rate swaps to manage nominal or real interest rate risk in various global markets, as a substitute for cash bond exposure, and as part of each Funds’ investment strategy. The PF Emerging Markets Debt Fund and the PF Absolute Return Fund entered into interest rate swaps to gain exposure to various markets, for purposes of hedging and as part of the Fund’s investment strategy. The PF Global Absolute Return Fund entered into interest rate swaps for hedging purposes to manage interest rate risk, to gain or mitigate currency exposure and exposure to various securities markets, and to increase returns.
Credit Default Swaps – Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided there is no credit event. As the seller, a Fund would effectively add leverage to its Fund because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.
A Fund investing in credit default swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates.
If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
Credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. Treasury obligation issues involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).
Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate and sovereign issues of an emerging country, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedowns or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts.
Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. Credit default swap agreements on indices are benchmarks for protecting investors owning bonds against default. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole.
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These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index.
An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Wider credit spreads, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues, sovereign issues of an emerging country or U.S. Treasury obligation issues as of period end, are disclosed in the Notes to Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk.
A Fund may use pair trades of credit default swaps. Pair trades attempt to match a long position with a short position of two securities in the same market sector for hedging purposes. Pair trades of credit default swaps attempt to gain exposure to credit risk while hedging or offsetting the effects of overall market movements. For example, a Fund may purchase protection through a credit default swap referenced to the debt of an issuer, and simultaneously selling protection through a credit default swap referenced to the debt of a different issuer with the intent to realize gains from the pricing differences of the two issuers who are expected to have similar market risks.
A Fund may use spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same issuer but with different maturities. Spread curves attempt to gain exposure to credit risk on a forward basis by realizing gains on the expected differences in spreads.
A Fund’s maximum risk of loss from counterparty credit risk related to credit default swaps, either as the buyer or seller of protection, is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.
The aggregate fair value of credit default swaps in a net liability position is reflected as unrealized depreciation and is disclosed in the Notes to Schedules of Investments. The collateral posted, net of assets received as collateral, for swap agreements is also disclosed in the Notes to Schedules of Investments. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement is an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of September 30, 2015 for which a Fund is the seller of protection are disclosed in the Notes to Schedules of Investments. These potential amounts are partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities.
During the reporting period, the following Funds entered into credit default swap agreements for the reasons described: the PF Inflation Managed Fund entered into credit default swaps on credit indices to obtain exposure to the credit risk of individual securities or to the broader investment grade sector. The PF Managed Bond Fund entered into credit default swaps on credit indices to manage exposure to and within the credit sector and to obtain exposure to the credit risk of individual securities or the broader investment grade, high yield, or emerging markets sectors, and to contribute to performance. The PF Absolute Return Fund utilized credit default swaps for hedging purposes and to increase returns. The PF Global Absolute Return Fund entered into credit default swaps to increase or decrease credit exposure to individual issuers of debt securities or to a specific debt security or basket of debt securities, and to increase returns.
Total Return Swaps – A Fund investing in total return swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or that there may be unfavorable changes in the value of the underlying index or reference instrument (generally caused by changes in interest rates or declines in credit quality). A total return swap agreement is one in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying index or reference instrument, which includes both the income it generates and any capital gains. To the extent the total return of the index or reference instrument underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty. A Fund’s maximum risk of loss from counterparty credit risk related to total return swaps is the discounted net value of the cash flows to be received from or paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover a Fund’s exposure to the counterparty.
A Fund may enter into fully funded total return swaps which involves one party making an initial payment equal to the estimated value of the reference instrument. The parties to the swap then exchange respective commitments to pay or receive a net amount based on the change in the fair value of a reference instrument and a specified notional amount.
During the reporting period, the following Funds entered into total return swap agreements for the reasons described: the PF Emerging Markets Debt Fund entered into total return swaps to gain exposure to various markets, for purposes of hedging and as part of the Fund’s investment strategy. The PF Equity Long/Short Fund entered into total return swaps to gain exposure to equity indices and to gain security level
C-14
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
stock exposure. The PF Global Absolute Return Fund entered into total return swaps to gain currency exposure in various markets, to increase or decrease credit exposure to individual issuers of debt securities, to increase or decrease credit exposure to a specific debt security or basket of debt securities, and to increase returns.
A total return basket swap is designed to function as a Fund of direct investments in long and short equity or fixed income positions. The Fund has the ability to trade in and out of long and short positions within the swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation or depreciation, corporate actions, and dividends and interest received and paid, all of which are reflected in the swap value. The swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on defined market rates plus or minus a specified spread and are referred to herein as “financing costs”. Positions within the swap are reset periodically, and financing costs are reset monthly. During a reset, any unrealized gain or loss on positions and accrued financing costs become available for cash settlement between the Fund and the swap counterparty. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement, and is generally determined based on limits and thresholds established as part of the Master Agreement between the Fund and the counterparty. A change in the market value of a total return basket swap contract is recognized as a change in unrealized appreciation or depreciation on swaps in the Statements of Operations. Cash settlements between a Fund and the counterparty are recognized as realized gain or loss on swap transactions in the Statements of Operations. Total return basket swap agreements outstanding at period end, if any, are disclosed in Notes to Schedule of Investments.
During the reporting period, the PF Equity Long/Short Fund entered into total return basket swaps to gain exposure to equity indices and to gain security level stock exposure.
Volatility Swaps – Volatility swap agreements involve two parties agreeing to exchange cash flows based on the measured variance (or square of volatility) of a specified underlying asset. One party agrees to exchange a “fixed rate” or strike price payment for the “floating rate” or realized price variance on the underlying asset with respect to the notional amount. At inception, the strike price is generally chosen such that the fair value of the swap is zero.
At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price variance of the underlying asset and the strike price multiplied by the notional amount. As a receiver of the realized price variance, the Fund would receive the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would owe the payoff amount when the variance is less than the strike. As a payer of the realized price variance, the Fund would owe the payoff amount when the realized price variance of the underlying asset is greater than the strike price and would receive the payoff amount when the variance is less than the strike. This type of agreement is essentially a forward contract on the future realized price variance of the underlying asset.
During the reporting period, the PF Inflation Managed Fund utilized volatility swaps to take a small position on the volatility of currencies.
The following is a summary of the location of fair value amounts of derivative investments, if any, disclosed in the Trust’s Statements of Assets and Liabilities:
Location on the Statements of Assets and Liabilities | ||||||
Derivative Investments Risk Type | Asset Derivative Investments | Liability Derivative Investments | ||||
Credit contracts | Investments, at value | Outstanding options written, at value | ||||
Equity contracts | Receivable: Variation margin | Payable: Variation margin | ||||
Interest rate contracts | Swap agreements, at value | Swap agreements, at value | ||||
Forward bond contracts appreciation | Forward bond contracts depreciation | |||||
Foreign currency contracts | Investments, at value | Outstanding options written, at value | ||||
Receivable: Variation margin | Payable: Variation margin | |||||
Forward foreign currency contracts appreciation | Forward foreign currency contracts depreciation | |||||
Swap agreements, at value | Swap agreements, at value |
The following is a summary of fair values of derivative investments disclosed in the Trust’s Statements of Assets and Liabilities, categorized by primary risk exposure as of September 30, 2015:
Asset Derivative Investments Value | ||||||||||||||||||||
Fund | Total Value at September 30, 2015 | Credit Contracts | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||||||||||||||
PF Inflation Managed | $620,399 | $7,506 | * | $— | $212,688 | $400,205 | * | |||||||||||||
PF Managed Bond | 3,389,245 | 358,156 | — | 1,283,552 | * | 1,747,537 | * | |||||||||||||
PF Short Duration Bond | 34,757 | — | — | 34,757 | — | |||||||||||||||
PF Emerging Markets Debt | 1,673,337 | — | — | 733,211 | 940,126 | |||||||||||||||
PF Comstock | 190,948 | — | — | 190,948 | — | |||||||||||||||
PF International Value | 349,056 | — | — | 349,056 | — | |||||||||||||||
PF Absolute Return | 783,507 | 242,732 | * | 1,833 | 532,795 | 6,147 | * | |||||||||||||
PF Currency Strategies | 1,610,991 | — | — | 1,610,991 | — | |||||||||||||||
PF Equity Long/Short | 20,927,166 | — | 20,902,912 | * | 24,254 | — | ||||||||||||||
PF Global Absolute Return | 12,278,609 | 2,757,076 | 588,634 | * | 6,480,172 | 2,452,727 | * |
C-15
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Liability Derivative Investments Value | ||||||||||||||||||||
Fund | Total Value at September 30, 2015 | Credit Contracts | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||||||||||||||
PF Inflation Managed | ($757,158 | ) | ($61,121 | ) | $— | ($73,836 | ) | ($622,201 | )* | |||||||||||
PF Managed Bond | (6,351,824 | ) | (941,442 | )* | — | (755,772 | )* | (4,654,610 | )* | |||||||||||
PF Short Duration Bond | (12,509 | ) | — | — | — | (12,509 | )* | |||||||||||||
PF Emerging Markets Debt | (824,968 | ) | — | — | (809,126 | ) | (15,842 | ) | ||||||||||||
PF Comstock | (1,420 | ) | — | — | (1,420 | ) | — | |||||||||||||
PF Mid-Cap Growth | (215,280 | ) | — | (215,280 | ) | — | — | |||||||||||||
PF International Value | (631,837 | ) | — | — | (631,837 | ) | — | |||||||||||||
PF Absolute Return | (1,088,926 | ) | (283,962 | ) | — | (140,880 | ) | (664,084 | )* | |||||||||||
PF Currency Strategies | (1,152,296 | ) | — | — | (1,152,296 | ) | — | |||||||||||||
PF Equity Long/Short | (2,085,217 | ) | — | (1,954,776 | )* | (130,441 | ) | — | ||||||||||||
PF Global Absolute Return | (9,744,394 | ) | (807,090 | ) | (586,019 | )* | (5,002,154 | ) | (3,349,131 | )* |
* | Includes cumulative appreciation and depreciation of futures contracts and centrally cleared options and swaps as reported in the Notes to Schedules of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
The following is a summary of the location of realized gains and losses and changes in net unrealized appreciation and depreciation of derivative investments, if any, disclosed in the Trust’s Statements of Operations:
Derivative Investments Risk Type | Location of Gain (Loss) on Derivative Investments Recognized in the Statements of Operations | |||
Credit contracts | Net realized gain (loss) on investment security transactions | |||
Equity contracts | Net realized gain (loss) on futures contract transactions | |||
Interest rate contracts | Net realized gain (loss) on swap transactions | |||
Net realized gain (loss) on written option transactions | ||||
Net realized gain (loss) on forward bond contracts | ||||
Change in net unrealized appreciation (depreciation) on investment securities | ||||
Change in net unrealized appreciation (depreciation) on futures contracts | ||||
Change in net unrealized appreciation (depreciation) on swaps | ||||
Change in net unrealized appreciation (depreciation) on written options | ||||
Change in net unrealized appreciation (depreciation) on forward bonds | ||||
Foreign currency contracts | Net realized gain (loss) on investment security transactions | |||
Net realized gain (loss) on futures contract transactions | ||||
Net realized gain (loss) on swap transactions | ||||
Net realized gain (loss) on written option transactions | ||||
Net realized gain (loss) on foreign currency transactions | ||||
Change in net unrealized appreciation (depreciation) on investment securities | ||||
Change in net unrealized appreciation (depreciation) on futures contracts | ||||
Change in net unrealized appreciation (depreciation) on swaps | ||||
Change in net unrealized appreciation (depreciation) on written options | ||||
Change in net unrealized appreciation (depreciation) on foreign currencies |
The following is a summary of each Fund’s net realized gain and/or loss and change in net unrealized appreciation and/or depreciation on derivative investments recognized in the Trust’s Statements of Operations categorized by primary risk exposure for the six-month period ended September 30, 2015:
Realized Gain (Loss) on Derivative Investments Recognized in the Statements of Operations | ||||||||||||||||||||
Fund | Total | Credit Contracts | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||||||||||||||
PF Inflation Managed | $456,162 | ($12,866 | ) | $— | $496,596 | ($27,568 | ) | |||||||||||||
PF Managed Bond | 2,746,398 | (190,588 | ) | — | 867,446 | 2,069,540 | ||||||||||||||
PF Short Duration Bond | 112,755 | — | — | 118,811 | (6,056 | ) | ||||||||||||||
PF Emerging Markets Debt | (972,773 | ) | — | — | (597,817 | ) | (374,956 | ) | ||||||||||||
PF Comstock | (914,571 | ) | — | — | (914,571 | ) | — | |||||||||||||
PF Mid-Cap Growth | 52,836 | — | 52,836 | — | — | |||||||||||||||
PF Mid-Cap Value | (676,015 | ) | — | (676,015 | ) | — | — | |||||||||||||
PF Small-Cap Value | (113,986 | ) | — | — | — | (113,986 | ) | |||||||||||||
PF International Large-Cap | 647,994 | — | 647,994 | — | — | |||||||||||||||
PF International Small-Cap | (40,410 | ) | — | (40,410 | ) | — | — | |||||||||||||
PF International Value | 78,792 | — | 56,872 | 21,920 | — | |||||||||||||||
PF Absolute Return | 75,044 | 171,284 | 44,948 | (192,129 | ) | 50,941 | ||||||||||||||
PF Currency Strategies | (1,326,311 | ) | — | — | (1,326,311 | ) | — | |||||||||||||
PF Equity Long/Short | (8,164,450 | ) | — | (7,692,347 | ) | (472,103 | ) | — | ||||||||||||
PF Global Absolute Return | 5,666,938 | (374,822 | ) | (502,743 | ) | 4,182,756 | 2,361,747 |
C-16
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Change in Net Unrealized Appreciation (Depreciation) on Derivative Investments Recognized in the Statements of Operations | ||||||||||||||||||||
Fund | Total | Credit Contracts | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||||||||||||||
PF Inflation Managed | ($791,343 | ) | ($3,607 | ) | $— | ($635,047 | ) | ($152,689 | ) | |||||||||||
PF Managed Bond | (1,989,819 | ) | (193,501 | ) | — | (685,388 | ) | (1,110,930 | ) | |||||||||||
PF Short Duration Bond | 1,498 | — | — | 5,426 | (3,928 | ) | ||||||||||||||
PF Emerging Markets Debt | 171,525 | — | — | 132,161 | 39,364 | |||||||||||||||
PF Comstock | 560,522 | — | — | 560,522 | — | |||||||||||||||
PF Mid-Cap Growth | (80,618 | ) | — | (80,618 | ) | — | — | |||||||||||||
PF International Value | (488,521 | ) | — | 10,614 | (499,135 | ) | — | |||||||||||||
PF Absolute Return | (258,886 | ) | 57,093 | (49,957 | ) | 391,915 | (657,937 | ) | ||||||||||||
PF Currency Strategies | (380,271 | ) | — | — | (380,271 | ) | — | |||||||||||||
PF Equity Long/Short | 18,841,949 | — | 18,948,136 | (106,187 | ) | — | ||||||||||||||
PF Global Absolute Return | (8,584,318 | ) | (616,832 | ) | (82,884 | ) | (6,954,124 | ) | (930,478 | ) |
For financial reporting purposes, the Trust does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (receivables) or the obligation to return cash collateral (payables) arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement.
The following is a summary of the average number of positions and values of derivative investments by derivative type for the six-month period ended September 30, 2015:
Average Positions and Values of Derivative Investments by Derivative Type | ||||||||||||||||||||||||||||||||||||||
Futures Contracts | Forward Contracts | Options Contracts | Swap Agreements | |||||||||||||||||||||||||||||||||||
Fund | Number of Positions | Value | Number of Positions | Value | Number of Positions | Value | Number of Positions | Value | ||||||||||||||||||||||||||||||
PF Inflation Managed | 15 | ($73,617 | ) | 41 | $207,087 | 36 | ($45,754 | ) | 34 | ($312,729 | ) | |||||||||||||||||||||||||||
PF Managed Bond | 31 | (74,478 | ) | 76 | 447,951 | 83 | (304,267 | ) | 63 | (1,560,539 | ) | |||||||||||||||||||||||||||
PF Short Duration Bond | 1 | (6,930 | ) | 2 | 26,186 | - | - | - | - | |||||||||||||||||||||||||||||
PF Emerging Markets Debt | - | - | 138 | (137,729 | ) | - | - | 20 | 2,087,046 | |||||||||||||||||||||||||||||
PF Comstock | - | - | 19 | 18,510 | - | - | - | - | ||||||||||||||||||||||||||||||
PF Mid-Cap Growth | - | - | - | - | 4 | (26,613 | ) | - | - | |||||||||||||||||||||||||||||
PF International Value | 2 | (5,307 | ) | 54 | (27,591 | ) | - | - | - | - | ||||||||||||||||||||||||||||
PF Absolute Return | 9 | (99,843 | ) | 13 | 403,742 | 2 | 65,667 | 35 | 220,186 | |||||||||||||||||||||||||||||
PF Currency Strategies | - | - | 71 | 379,835 | - | - | - | - | ||||||||||||||||||||||||||||||
PF Equity Long/Short | 14 | (1,563,614 | ) | 27 | 108,741 | - | - | 14 | 12,259,524 | |||||||||||||||||||||||||||||
PF Global Absolute Return | 15 | (822,737 | ) | 125 | 1,361,033 | 37 | 1,007,020 | 128 | 4,926,967 |
The table shown above and the amounts of net realized gains and losses and changes in net unrealized appreciation and depreciation on derivative investments as disclosed in the Statements of Operations, serve as indicators of volume of derivative activity for each applicable Fund for the six-month period ended September 30, 2015. The table shown above excludes futures contracts that were utilized by PF Mid-Cap Value, PF Small-Cap Value, PF International Large-Cap, and PF International Small-Cap Funds to gain market exposure with the cash generated during PLFA’s reallocation of assets related to the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives.
C. ENFORCEABLE MASTER NETTING ARRANGEMENTS
Master Agreements and Netting Arrangements – Certain Funds are parties to various agreements, including but not limited to International Swaps and Derivatives Association Agreements and related Credit Support Annex, Master Repurchase Agreements, and Master Securities Forward Transactions Agreements (collectively “Master Agreements”), which govern the terms of certain transactions with select counterparties. These Master Agreements generally include provisions for general obligations, representations, agreements, collateral, and certain events of default or termination. These Master Agreements also include provisions for netting arrangements that help reduce credit and counterparty risk associated with relevant transactions. The netting arrangements are generally tied to credit related events that, if triggered, would cause an event of default or termination giving a Fund or counterparty the right to terminate early and cause settlement, on a net basis, of all transactions under the applicable Master Agreement. In the event of an early termination as a result of an event of default under the Master Agreement, the total value exposure of all transactions will be offset against collateral exchanged to date, which would result in a net receivable or payable that would be due from or to the counterparty. Credit related events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, a material decline in net assets, decline in credit rating or repudiation/moratorium. Any election made by a counterparty to early terminate the transactions under a Master Agreement could have a material adverse impact on a Fund’s financial statements. A Fund’s overall exposure to credit risk, subject to netting arrangements can change substantially within a short period, as it is affected by each transaction subject to the arrangement.
Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions under the relevant Master Agreement with a counterparty in a given Fund exceeds a specified threshold, net of collateral already in place, which typically ranges from $0 to $250,000 depending on the counterparty and the type of Master Agreement. Collateral under the Master Agreements is usually in the form of cash or U.S. Treasury Bills but could include other types of securities. The value of all derivative transactions outstanding under a Master Agreement is calculated daily to determine the amount of collateral to be received or pledged by the counterparty. Posting of collateral for OTC derivative
C-17
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
transactions are covered under tri-party collateral agreements between the Trust, the Trust’s Custodian, and each counterparty. Collateral for centrally cleared derivatives transactions are posted with the applicable derivatives clearing organization.
The following is a summary of financial and derivative instruments that are subject to enforceable master netting agreements (or similar arrangements) and collateral received and pledged in connection with the master netting agreements (or similar arrangements) as of September 30, 2015:
Gross Amounts Presented in the Statements of Assets and Liabilities | Gross Amounts Not Offset in Statements of Assets and Liabilities | Gross Amounts Presented in the Statements of Assets and Liabilities | Gross Amounts Not Offset in Statements of Assets and Liabilities | |||||||||||||||||||||||||||||||
Description | Financial Instruments | Collateral Received | Net Amount | Financial Instruments | Collateral Pledged | Net Amount | ||||||||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||||||||||||
PF Inflation Managed | ||||||||||||||||||||||||||||||||||
Swap agreements | $95,050 | ($24,489 | ) | $- | $70,561 | ($79,349 | ) | $24,489 | $- | ($54,860 | ) | |||||||||||||||||||||||
Option contracts | 116,226 | (81,167 | ) | - | 35,059 | (120,823 | ) | 81,167 | 17,280 | (22,376 | ) | |||||||||||||||||||||||
Foreign currency contracts | 212,685 | (72,022 | ) | - | 140,663 | (73,836 | ) | 72,022 | - | (1,814 | ) | |||||||||||||||||||||||
Sale-buyback financing transactions | (24,186,005 | ) | 24,186,005 | - | - | |||||||||||||||||||||||||||||
PF Managed Bond | ||||||||||||||||||||||||||||||||||
Swap agreements | 179,111 | (134,261 | ) | (20,456 | ) | 24,394 | (1,393,205 | ) | 134,261 | - | (1,258,944 | ) | ||||||||||||||||||||||
Option contracts | 220,065 | (190,261 | ) | (13,593 | ) | 16,211 | (288,910 | ) | 190,261 | - | (98,649 | ) | ||||||||||||||||||||||
Foreign currency contracts | 1,249,822 | (488,063 | ) | (347,430 | ) | 414,329 | (653,989 | ) | 488,063 | - | (165,926 | ) | ||||||||||||||||||||||
Sale-buyback financing transactions | (5,932,452 | ) | 5,932,452 | - | - | |||||||||||||||||||||||||||||
PF Short Duration Bond | ||||||||||||||||||||||||||||||||||
Foreign currency contracts | 34,757 | - | - | 34,757 | - | - | - | - | ||||||||||||||||||||||||||
PF Emerging Markets Debt | ||||||||||||||||||||||||||||||||||
Swap agreements | 941,631 | (15,842 | ) | - | 925,789 | (15,842 | ) | 15,842 | - | - | ||||||||||||||||||||||||
Foreign currency contracts | 731,706 | (576,380 | ) | - | 155,326 | (809,126 | ) | 576,380 | 9,859 | (222,887 | ) | |||||||||||||||||||||||
PF Comstock | ||||||||||||||||||||||||||||||||||
Foreign currency contracts | 190,948 | (1,420 | ) | - | 189,528 | (1,420 | ) | 1,420 | - | - | ||||||||||||||||||||||||
PF Mid-Cap Growth | ||||||||||||||||||||||||||||||||||
Option contracts | - | - | - | - | (215,280 | ) | - | - | (215,280 | ) | ||||||||||||||||||||||||
PF International Value | ||||||||||||||||||||||||||||||||||
Foreign currency contracts | 349,056 | (290,841 | ) | - | 58,215 | (631,837 | ) | 290,841 | - | (340,996 | ) | |||||||||||||||||||||||
PF Absolute Return | ||||||||||||||||||||||||||||||||||
Swap agreements | 196,347 | (159,684 | ) | (21,368 | ) | 15,295 | (352,708 | ) | 159,684 | - | (193,024 | ) | ||||||||||||||||||||||
Foreign currency contracts | 532,795 | (20,414 | ) | (298,632 | ) | 213,749 | (140,880 | ) | 20,414 | - | (120,466 | ) | ||||||||||||||||||||||
PF Currency Strategies | ||||||||||||||||||||||||||||||||||
Foreign currency contracts | 1,610,991 | (882,781 | ) | (499,374 | ) | 228,836 | (1,152,296 | ) | 882,781 | 230,263 | (39,252 | ) | ||||||||||||||||||||||
PF Equity Long/Short | ||||||||||||||||||||||||||||||||||
Swap agreements | 20,900,194 | (741,451 | ) | - | 20,158,743 | (741,451 | ) | 741,451 | - | - | ||||||||||||||||||||||||
Foreign currency contracts | 24,254 | (24,254 | ) | - | - | (130,441 | ) | 24,254 | 53,140 | (53,047 | ) | |||||||||||||||||||||||
PF Global Absolute Return | ||||||||||||||||||||||||||||||||||
Swap agreements | 4,751,611 | (2,042,643 | ) | (1,611,096 | ) | 1,097,872 | (2,711,083 | ) | 2,042,643 | 105,398 | (563,042 | ) | ||||||||||||||||||||||
Option contracts | 3,647,280 | (3,124,031 | ) | (311,190 | ) | 212,059 | (3,187,184 | ) | 3,124,031 | 9,958 | (53,195 | ) | ||||||||||||||||||||||
Foreign currency contracts | 2,674,384 | (1,968,713 | ) | (419,681 | ) | 285,990 | (2,334,144 | ) | 1,968,713 | 57,620 | (307,811 | ) |
As of September 30, 2015, certain Funds had investments in repurchase agreements. The gross value and related collateral received for these investments are presented in each applicable Fund’s Schedule of Investments and the value of these investments is also presented in the Statements of Assets and Liabilities. The value of the related collateral held by each applicable Fund presented in these financial statements, except for the PF Global Absolute Return Fund, exceeded the value of the repurchase agreements as of September 30, 2015. For the PF Global Absolute Return Fund (see page A-109), the value of the related collateral (Spain Government) of $1,064,816 held by the Fund for a repurchase agreement (JPMorgan Chase & Co), which was entered into by the Fund for the purpose of selling a security short, exceeded 95% of the value of the repurchase price of the repurchase agreement ($1,086,576) as of September 30, 2015. As discussed in Note 4 on page C-9, in the case of a repurchase agreement entered into by a Fund for the purposes of selling a security short, the value of the collateral delivered to a Fund must be equal to or exceed 95% of the value of the repurchase price during the term of the repurchase agreement.
C-18
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
6. INVESTMENT ADVISORY, ADMINISTRATION AND SHAREHOLDER SERVICES, SUPPORT SERVICES, AND DISTRIBUTION AGREEMENTS
Pursuant to an Investment Advisory Agreement, PLFA, a wholly-owned subsidiary of Pacific Life Insurance Company (‘‘Pacific Life”), serves as Adviser to each Fund of the Trust. For the PF Underlying Funds, PLFA has retained other investment management firms to sub-advise each Fund, as discussed later in this section. PLFA receives investment advisory fees from each Fund based on the following advisory fee rates, which are based on an annual percentage of average daily net assets of each Fund:
PF Floating Rate Loan (1) | 0.75% | PF Large-Cap Value | 0.65% | PF International Large-Cap | 0.85% | |||||
PF Inflation Managed (1) | 0.40% | PF Main Street Core | 0.45% | PF International Small-Cap (1) | 0.85% | |||||
PF Managed Bond | 0.40% | PF Mid-Cap Equity | 0.65% | PF International Value | 0.65% | |||||
PF Short Duration Bond | 0.40% | PF Mid-Cap Growth (1) | 0.70% | PF Real Estate | 0.90% | |||||
PF Emerging Markets Debt | 0.785% | PF Mid-Cap Value | 0.70% | PF Absolute Return | 0.80% | |||||
PF Comstock (1) | 0.75% | PF Small-Cap Growth | 0.60% | PF Currency Strategies | 0.65% | |||||
PF Growth | 0.55% | PF Small-Cap Value | 0.75% | PF Equity Long/Short (1) | 1.15% | |||||
PF Large-Cap Growth (1) | 0.75% | PF Emerging Markets | 0.80% | PF Global Absolute Return | 0.80% |
(1) | PLFA agreed to waive its advisory fees through July 31, 2016 for the following Funds: 0.10% for the PF Floating Rate Loan Fund; 0.02% for the PF Inflation Managed Fund; 0.015% for the PF Comstock Fund; 0.045% for the PF Large-Cap Growth Fund; 0.05% for the PF Mid-Cap Growth Fund; 0.02% for the PF International Small-Cap Fund; and 0.15% for the PF Equity Long/Short Fund. The agreements will terminate if the investment advisory agreement is terminated or upon approval by the Board and prior written notice to the Adviser. There is no guarantee that PLFA will continue such waivers after those dates. |
Pursuant to Fund Management Agreements, as of September 30, 2015, the Trust and PLFA engage investment management firms under PLFA’s supervision for the PF Underlying Funds. PLFA, as Adviser to each Fund of the Trust, pays the related management fees to these sub-advisers as compensation for their sub-advisory services provided to the Trust. As of September 30, 2015, the following firms serve as sub-advisers for their respective Fund(s):
Fund | Sub-Adviser | Fund | Sub-Adviser | |||
PF Floating Rate Loan PF Global Absolute Return | Eaton Vance Investment Managers | PF Mid-Cap Growth | Ivy Investment Management Company | |||
PF Inflation Managed PF Managed Bond | Pacific Investment Management Company LLC and Western Asset Management Company (co-sub-advisers) | PF Mid-Cap Value | Boston Partners | |||
PF Short Duration Bond | T. Rowe Price Associates, Inc. | PF Small-Cap Growth | Lord, Abbett & Co. LLC | |||
PF Emerging Markets Debt | Ashmore Investment Management Limited | PF Small-Cap Value | AllianceBernstein L.P. | |||
PF Comstock | Invesco Advisers, Inc. | PF International Small-Cap | QS Batterymarch Financial Management, Inc. | |||
PF Growth PF International Large-Cap | MFS Investment Management | PF International Value | J.P. Morgan Investment Management Inc. | |||
PF Large-Cap Growth | BlackRock Investment Management, LLC | PF Real Estate | Morgan Stanley Investment Management Inc. | |||
PF Large-Cap Value | ClearBridge Investments, LLC | PF Absolute Return | BlueBay Asset Management LLP | |||
PF Main Street Core PF Emerging Markets | OppenheimerFunds, Inc. | PF Currency Strategies | Macro Currency Group and UBS Global Asset Management (Americas) Inc. (co-sub-advisers) | |||
PF Mid-Cap Equity | Scout Investments, Inc. | PF Equity Long/Short | AQR Capital Management, LLC |
Pursuant to an Administration and Shareholder Services Agreement (the “Administration Agreement”), Pacific Life serves as administrator (the “Administrator”) to the Trust. The Trust paid the Administrator an administration fee at an annual rate of 0.15% for each of the PF Underlying Funds. The administration fee is for procuring or providing administrative, transfer agency, and shareholder services. In addition, Pacific Life and PLFA provide support services to the Trust that are outside the scope of the Administrator’s and Adviser’s responsibilities under the Administration Agreement and Investment Advisory Agreement. Under the Support Services Agreement, the Trust compensates Pacific Life and PLFA for their expenses in providing support services to the Trust in connection with various matters, some of which include the time spent by legal, accounting, and compliance personnel of Pacific Life and PLFA (including individuals who may be officers or Trustees of the Trust) to attend meetings of the Board and to provide assistance with the coordination and supervision in connection with the services procured for the Trust under the Administration Agreement. Support services do not include any services for which PLFA is responsible pursuant to the Investment Advisory Agreement. The Trust reimburses Pacific Life and PLFA for these support services on an approximate cost basis.
Pursuant to a Distribution Agreement, Pacific Select Distributors, LLC (the “Distributor”), a wholly-owned subsidiary of Pacific Life, serves as distributor of the Trust’s shares. Under the Distribution Agreement, the Distributor bears all expenses of providing services, including costs of sales presentations, mailings, advertisements, and other marketing efforts by the Distributor in connection with the distribution or sale of the Trust’s shares and makes distribution and/or service payments to selling groups in connection with the sale of certain of the Trust’s shares and
C-19
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
subsequent servicing needs of shareholders provided by selling groups. The Class P shares of the PF Underlying Funds presented in these financial statements are not subject to a distribution and/or service fee.
7. TRANSACTIONS WITH AFFILIATES
A. ADVISORY FEES, ADMINISTRATION FEES AND EXPENSES FOR SUPPORT SERVICES
The Adviser, the Distributor, and Pacific Life are related parties. The advisory fees earned by the Adviser, including any advisory fee waiver, the administration fees earned by Pacific Life, and expenses for support services recovered by PLFA and Pacific Life (see Note 6) from each Fund presented in these financial statements for the six-month period ended September 30, 2015 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of September 30, 2015 are presented in the Statements of Assets and Liabilities.
B. EXPENSE LIMITATION AGREEMENTS
To help limit the Trust’s expenses, PLFA has entered into expense limitation agreements with the Trust and has contractually agreed to reimburse each Fund (other than the PF Absolute Return and PF Equity Long/Short Funds) presented in these financial statements for certain operating expenses that exceed an annual rate based on a percentage of a Fund’s average daily net assets. These operating expenses include, but are not limited to: administration fees; organizational expenses; custody expenses; expenses for audit, tax, and certain legal services; preparation, printing, filing, and distribution to existing shareholders of proxies, prospectuses and shareholder reports, and other regulatory documents, as applicable; independent trustees’ fees; and establishing, overseeing, and administering the Trust’s compliance program. These operating expenses do not include: investment advisory fees; distribution and/or service fees, if any; interest; taxes (including foreign taxes on dividends, interest or gains); brokerage commissions and other transactional expenses; dividends on securities sold short; acquired fund fees and expenses; and extraordinary expenses such as litigation expenses and other expenses not incurred in the ordinary course of each Fund’s business. The current expense cap for the PF Underlying Funds, except the PF Mid-Cap Value, PF International Small-Cap, PF Absolute Return, PF Currency Strategies, PF Equity Long/Short, and PF Global Absolute Return Funds is 0.15% through July 31, 2016 and 0.30% thereafter through July 31, 2022. The expense cap for the PF Mid-Cap Value, PF International Small-Cap, PF Currency Strategies, and PF Global Absolute Return Funds is 0.25% through July 31, 2016. There is no expense cap for the PF Absolute Return and PF Equity Long/Short Funds.
There is no guarantee that PLFA will continue to reimburse expenses for a Fund upon the expiration of the expense cap. In addition, any expense reimbursements made by PLFA to a Fund are subject to recoupment by PLFA from such Fund for a period as permitted under regulatory and accounting guidance (currently three years from the end of the fiscal year in which the reimbursement took place) to the extent such recoupments would not cause the Fund to exceed the expense cap that was in effect at the time of the reimbursement. Any amounts repaid to PLFA will have the effect of increasing such expenses of the Fund, but not above the expense cap. The amounts of adviser reimbursement to each of the applicable Funds presented in these financial statements for the six-month period ended September 30, 2015 are presented in the Statements of Operations. Any amounts that remained due from the Adviser as of September 30, 2015 are presented in the Statements of Assets and Liabilities. There was no recoupment of expense reimbursement by PLFA from any Funds presented in these financial statements during the six-month period ended September 30, 2015.
The cumulative expense reimbursement amounts, if any, as of September 30, 2015 that are subject to recoupment by PLFA from each Fund presented in these financial statements are as follows:
Expiration Date | ||||||||||||||||
Fund | 3/31/2016 | 3/31/2017 | 3/31/2018 | 3/31/2019 | ||||||||||||
PF Floating Rate Loan | $138,319 | $145,911 | $159,103 | $63,175 | ||||||||||||
PF Inflation Managed | 210,150 | 147,422 | 150,774 | 61,698 | ||||||||||||
PF Managed Bond | 511,150 | 474,658 | 512,975 | 228,805 | ||||||||||||
PF Short Duration Bond | 200,776 | 214,263 | 214,257 | 87,294 | ||||||||||||
PF Emerging Markets Debt | 149,277 | 136,611 | 219,179 | 98,804 | ||||||||||||
PF Comstock | 179,416 | 188,193 | 174,160 | 74,193 | ||||||||||||
PF Growth | 95,666 | 66,117 | 81,452 | 42,601 | ||||||||||||
PF Large-Cap Growth | 120,927 | 108,743 | 113,036 | 53,684 | ||||||||||||
PF Large-Cap Value | 217,662 | 225,998 | 211,881 | 96,195 | ||||||||||||
PF Main Street Core | 167,926 | 158,976 | 154,305 | 75,689 | ||||||||||||
PF Mid-Cap Equity | 137,581 | 101,037 | 116,418 | 60,924 | ||||||||||||
PF Mid-Cap Growth | 95,060 | 60,241 | 53,935 | 25,133 | ||||||||||||
PF Small-Cap Growth | 63,952 | 45,628 | 50,330 | 27,585 | ||||||||||||
PF Small-Cap Value | 101,068 | 99,142 | 90,161 | 46,246 | ||||||||||||
PF Emerging Markets | 408,692 | 425,076 | 445,820 | 206,514 | ||||||||||||
PF International Large-Cap | 257,028 | 225,808 | 253,588 | 123,597 | ||||||||||||
PF International Small-Cap | 37,089 | 8,049 | ||||||||||||||
PF International Value | 187,506 | 180,640 | 182,705 | 100,040 | ||||||||||||
PF Real Estate | 60,947 | 42,886 | 40,632 | 15,087 | ||||||||||||
PF Currency Strategies | 31,042 | 49,987 | 4,400 | — | ||||||||||||
PF Global Absolute Return | 68,978 | 319,375 | 210,688 | 88,466 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
$3,403,123 | $3,416,712 | $3,476,888 | $1,583,779 | |||||||||||||
|
|
|
|
|
|
|
|
C-20
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
C. INDEPENDENT TRUSTEES
The Trust pays each independent trustee of the Board retainer fees and specified amounts for various Board and committee services and for chairing those committees. The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations. Each independent trustee of the Board is eligible to participate in the Trust’s Deferred Compensation Plan (the “Plan”). The Plan allows each independent trustee to voluntarily defer receipt of all or a percentage of fees which otherwise would be payable for services performed. Amounts in the deferral account are obligations of each Fund at the time of such deferral and are payable in accordance with the Plan. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain Funds. An independent trustee who defers compensation has the option to select credit rate options that track the performance, at NAV without a sales load, of Class A shares of the Portfolio Optimization Funds, Pacific Funds Diversified Alternatives, Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income, Pacific Funds Limited Duration High Income, and/or Pacific Funds High Income, and/or Class P shares of the PF Underlying Funds. The obligation of each Fund under the Plan (the “DCP Liability”) is recorded as a liability (accrued trustees’ fees and expenses and deferred compensation). Accordingly, the market value appreciation or depreciation on a Fund’s DCP Liability account will cause the expenses of that Fund to increase or decrease due to market fluctuation. The change in net unrealized appreciation or depreciation on a Fund’s DCP Liability account is recorded as an increase or decrease to expenses (trustees’ fees and expenses). For the six-month period ended September 30, 2015, such expenses decreased by $1,402 for all applicable Funds presented in these financial statements as a result of the market value depreciation on such accounts. As of September 30, 2015, the total amount in the DCP Liability accounts was $43,267 for all applicable Funds presented in these financial statements.
D. OFFICERS OF THE TRUST
None of the officers of the Trust received compensation from the Trust.
E. INDEMNIFICATIONS
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of performance of their duties to the Trust. In addition, the Trust entered into an agreement with each of the trustees which provides that the Trust will indemnify and hold harmless each trustee against any expenses actually and reasonably incurred by any trustee in any proceeding arising out of or in connection with the trustee’s services to the Trust, to the fullest extent permitted by the Trust’s Declaration of Trust and By-Laws, the general trust law of the State of Delaware, the Securities Act of 1933, and the 1940 Act, each as now or hereinafter in force. In the normal course of business, the Trust enters into contracts with service providers and others that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements and agreements is dependent on future claims that may be made against the Trust and/or the trustees and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.
8. UNFUNDED SENIOR LOAN COMMITMENTS
Unfunded loan commitments on senior loan participations and assignments (see Note 4), if any, are marked to market daily and valued according to the Trust’s valuation policies and procedures. Any outstanding unfunded loan commitments are presented in the Notes to Schedules of Investments section of each applicable Fund’s Schedule of Investments. Any applicable net unrealized appreciation or depreciation at the end of the reporting period is recorded as an asset (unfunded loan commitment appreciation) or a liability (unfunded loan commitment depreciation) and any change in net unrealized appreciation or depreciation for the reporting period is recorded as a change in net unrealized appreciation or depreciation on unfunded loan commitment. As of September 30, 2015, the PF Floating Rate Loan Fund and PF Global Absolute Return Fund had unfunded loan commitments of $104,713 and $82,416, respectively (see details in the Notes to Schedules of Investments).
9. PURCHASES AND SALES OF INVESTMENTS
The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the six-month period ended September 30, 2015, are summarized in the following table:
U.S. Government Securities | Other Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
PF Floating Rate Loan | $— | $— | $26,475,074 | $64,395,851 | ||||||||||||
PF Inflation Managed | 54,676,261 | 132,052,797 | 3,038,456 | 10,018,688 | ||||||||||||
PF Managed Bond | 970,597,942 | 1,074,625,078 | 85,251,403 | 147,307,173 | ||||||||||||
PF Short Duration Bond | 66,060,141 | 93,980,225 | 14,869,215 | 111,912,894 | ||||||||||||
PF Emerging Markets Debt | — | — | 46,151,249 | 80,323,664 | ||||||||||||
PF Comstock | — | — | 20,967,391 | 47,159,652 | ||||||||||||
PF Growth | — | — | 22,603,151 | 52,381,092 | ||||||||||||
PF Large-Cap Growth | — | — | 56,061,042 | 109,875,044 | ||||||||||||
PF Large-Cap Value | — | — | 19,528,198 | 58,561,452 | ||||||||||||
PF Main Street Core | — | — | 56,398,446 | 122,828,747 | ||||||||||||
PF Mid-Cap Equity | — | — | 185,357,404 | 221,411,074 | ||||||||||||
PF Mid-Cap Growth | — | — | 16,349,191 | 34,311,204 | ||||||||||||
PF Mid-Cap Value | — | — | 276,876,040 | 13,594,903 | ||||||||||||
PF Small-Cap Growth | — | — | 76,440,915 | 106,522,492 | ||||||||||||
PF Small-Cap Value | — | — | 113,092,186 | 49,843,468 | ||||||||||||
PF Emerging Markets | — | — | 63,158,677 | 26,827,832 | ||||||||||||
PF International Large-Cap | — | — | 145,999,711 | 39,538,329 | ||||||||||||
PF International Small-Cap | — | — | 33,317,485 | 34,332,840 | ||||||||||||
PF International Value | — | — | 71,313,523 | 49,892,950 |
C-21
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
U.S. Government Securities | Other Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
PF Real Estate | $— | $— | $27,932,509 | $6,106,019 | ||||||||||||
PF Absolute Return | 9,109,288 | 2,719,548 | 113,869,236 | 58,938,398 | ||||||||||||
PF Global Absolute Return | 10,113,862 | 11,416,114 | 72,020,961 | 104,142,007 |
10. SECURED BORROWINGS
The contractual maturity of secured borrowings, and type of collateral pledged as of September 30, 2015, are summarized in the following table:
Remaining Contractual Maturity of the Agreements | ||||||||||||||||||||||||
Secured Borrowings | Collateral Type | Overnight and Continuous | Up to 30 days | 31-90 days | Greater Than 90 Days | Total | ||||||||||||||||||
PF Inflation Managed | ||||||||||||||||||||||||
Sale-buyback financing transactions | U.S.Treasury Obligations | $208,677 | $23,977,327 | $— | $— | $24,186,004 | ||||||||||||||||||
Total borrowings | $208,677 | $23,977,327 | $— | $— | $24,186,004 | |||||||||||||||||||
PF Managed Bond | ||||||||||||||||||||||||
Sale-buyback financing transactions | U.S.Treasury Obligations | $724,089 | $5,208,363 | $— | $— | $5,932,452 | ||||||||||||||||||
Total borrowings | $724,089 | $5,208,363 | $— | $— | $5,932,452 |
11. FEDERAL INCOME TAX INFORMATION
Each Fund intends to qualify each year as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). A Fund that qualifies as a RIC does not have to pay income tax as long as it distributes sufficient taxable income and net capital gains. Each Fund declared and paid sufficient dividends on net investment income and capital gains distributions during the year or period ended March 31, 2015, to qualify as a RIC and is not required to pay Federal income tax under the Code. Accordingly, no provision for Federal income taxes is required in the financial statements. Required distributions are based on net investment income and net realized gains determined in accordance with income tax regulations, which may differ from U.S. GAAP for financial reporting purposes. These differences are primarily due to differing treatments for sale-buyback financing transactions, futures and options, swap income, paydown gain/loss, partnership income, foreign currency transactions, passive foreign investment companies, late year ordinary and post-October capital losses, capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of capital accounts. In addition, the year in which amounts are distributed may differ from the year in which the net investment income is earned and the net gains are realized by each Fund.
The following table shows the accumulated capital losses and components of distributable earnings on a tax basis, and late year ordinary losses and post-October capital losses deferred, if any, as of March 31, 2015:
Distributable Earnings | Late-Year Ordinary and Post-October Losses Deferral | |||||||||||||||||||||||||||||
Fund | Accumulated Capital Losses | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Late-Year Ordinary Losses | Short-Term Capital Losses | Long-Term Capital Losses | Total | |||||||||||||||||||||||
PF Floating Rate Loan | ($1,308,857 | ) | $1,135,851 | $— | $— | $— | $— | $— | ||||||||||||||||||||||
PF Inflation Managed | (4,319,485 | ) | — | — | 26,353 | — | — | 26,353 | ||||||||||||||||||||||
PF Managed Bond | — | 10,217,524 | 4,606,718 | — | — | — | — | |||||||||||||||||||||||
PF Short Duration Bond | (1,449,748 | ) | 362,742 | — | — | — | — | — | ||||||||||||||||||||||
PF Emerging Markets Debt | (3,864,326 | ) | — | — | 2,876,604 | — | — | 2,876,604 | ||||||||||||||||||||||
PF Comstock | — | 3,510,782 | 12,100,220 | — | — | — | — | |||||||||||||||||||||||
PF Growth | — | — | 474,198 | — | — | — | — | |||||||||||||||||||||||
PF Large-Cap Growth | — | — | 10,226,878 | 125,361 | 717,919 | — | 843,280 | |||||||||||||||||||||||
PF Large-Cap Value | — | 1,472,537 | 6,774,779 | — | — | — | — | |||||||||||||||||||||||
PF Main Street Core | — | 1,663,653 | 11,965,948 | — | — | — | — | |||||||||||||||||||||||
PF Mid-Cap Equity | — | 410,785 | 5,635,134 | — | — | — | — | |||||||||||||||||||||||
PF Mid-Cap Growth | — | 995,471 | 1,563,635 | — | — | — | — | |||||||||||||||||||||||
PF Small-Cap Growth | — | — | 1,452,396 | — | — | — | — | |||||||||||||||||||||||
PF Small-Cap Value | — | 814,372 | 537,129 | — | — | — | — | |||||||||||||||||||||||
PF Emerging Markets | — | 849,552 | — | — | 1,575,487 | — | 1,575,487 | |||||||||||||||||||||||
PF International Large-Cap | (5,151,117 | ) | 1,837,377 | — | — | — | — | — | ||||||||||||||||||||||
PF International Small-Cap | — | 2,087,295 | 40,950 | — | — | — | — | |||||||||||||||||||||||
PF International Value | (44,175,460 | ) | 1,170,057 | — | — | — | — | — | ||||||||||||||||||||||
PF Real Estate | — | — | 3,736,141 | — | — | — | — | |||||||||||||||||||||||
PF Currency Strategies | (5,937 | ) | 2,681,451 | — | — | — | — | — | ||||||||||||||||||||||
PF Global Absolute Return | (2,014,962 | ) | 11,761,492 | — | — | — | — | — |
C-22
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Accumulated capital losses represent net capital loss carryovers as of March 31, 2015 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. The following table shows the expiration dates and the amounts of capital loss carryover, if any, by each of the applicable Funds as of March 31, 2015 and capital loss carryover from prior years utilized during the year ended March 31, 2015:
Net Capital Loss Carryover Expiring In | Unlimited Period of Net Capital Loss Carryover | Accumulated Capital Loss Carryover | Capital Loss Carryover Utilized 2015 | |||||||||||||||||||||||||||
Fund | 2017 | 2018 | 2019 | Short-Term | Long- Term | |||||||||||||||||||||||||
PF Floating Rate Loan | $— | $— | $— | ($363,201 | ) | ($945,656 | ) | ($1,308,857 | ) | $— | ||||||||||||||||||||
PF Inflation Managed | — | — | — | — | (4,319,485 | ) | (4,319,485 | ) | — | |||||||||||||||||||||
PF Short Duration Bond | — | — | — | (830,548 | ) | (619,200 | ) | (1,449,748 | ) | — | ||||||||||||||||||||
PF Emerging Markets Debt | — | — | — | (2,149,196 | ) | (1,715,130 | ) | (3,864,326 | ) | — | ||||||||||||||||||||
PF Comstock | — | — | — | — | — | — | 2,589,476 | |||||||||||||||||||||||
PF Growth | — | — | — | — | — | — | 64,515 | |||||||||||||||||||||||
PF International Large-Cap | — | (2,498,954 | ) | (2,652,163 | ) | — | — | (5,151,117 | ) | 3,329,854 | ||||||||||||||||||||
PF International Value | (5,634,042 | ) | (38,541,418 | ) | — | — | — | (44,175,460 | ) | 2,549,353 | ||||||||||||||||||||
PF Real Estate | — | — | — | — | — | — | 5,601,478 | |||||||||||||||||||||||
PF Currency Strategies | — | — | — | (5,937 | ) | — | (5,937 | ) | — | |||||||||||||||||||||
PF Global Absolute Return | — | — | — | (188,154 | ) | (1,826,808 | ) | (2,014,962 | ) | — |
The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments for Federal income tax purposes as of September 30, 2015, were as follows:
Fund | Total Cost of Investments on Tax Basis (1) | Gross Unrealized Appreciation on Investments | Gross Unrealized Depreciation on Investments | Net Unrealized Appreciation (Depreciation) on Investments | ||||||||||||
PF Floating Rate Loan | $87,925,236 | $221,814 | ($4,437,150 | ) | ($4,215,336 | ) | ||||||||||
PF Inflation Managed | 80,721,407 | 644,189 | (4,725,557 | ) | (4,081,368 | ) | ||||||||||
PF Managed Bond | 522,318,748 | 7,062,425 | (14,608,939 | ) | (7,546,514 | ) | ||||||||||
PF Short Duration Bond | 81,949,926 | 396,215 | (769,055 | ) | (372,840 | ) | ||||||||||
PF Emerging Markets Debt | 113,560,240 | 969,512 | (13,353,292 | ) | (12,383,780 | ) | ||||||||||
PF Comstock | 167,469,366 | 55,184,056 | (12,742,987 | ) | 42,441,069 | |||||||||||
PF Growth | 90,623,589 | 25,529,760 | (1,777,104 | ) | 23,752,656 | |||||||||||
PF Large-Cap Growth | 123,114,222 | 25,095,147 | (2,287,940 | ) | 22,807,207 | |||||||||||
PF Large-Cap Value | 189,981,764 | 103,137,896 | (8,892,658 | ) | 94,245,238 | |||||||||||
PF Main Street Core | 160,015,345 | 40,818,467 | (9,720,121 | ) | 31,098,346 | |||||||||||
PF Mid-Cap Equity | 162,919,657 | 13,515,961 | (7,034,481 | ) | 6,481,480 | |||||||||||
PF Mid-Cap Growth | 59,579,548 | 7,852,965 | (8,531,141 | ) | (678,176 | ) | ||||||||||
PF Mid-Cap Value | 266,559,413 | 2,896,007 | (20,878,347 | ) | (17,982,340 | ) | ||||||||||
PF Small-Cap Growth | 46,134,577 | 4,428,142 | (2,838,811 | ) | 1,589,331 | |||||||||||
PF Small-Cap Value | 197,902,541 | 11,381,497 | (18,765,682 | ) | (7,384,185 | ) | ||||||||||
PF Emerging Markets | 155,139,448 | 19,038,360 | (26,510,203 | ) | (7,471,843 | ) | ||||||||||
PF International Large-Cap | 269,679,277 | 39,947,588 | (13,009,912 | ) | 26,937,676 | |||||||||||
PF International Small-Cap | 119,074,964 | 9,941,795 | (10,489,113 | ) | (547,318 | ) | ||||||||||
PF International Value | 149,120,093 | 9,834,658 | (13,102,940 | ) | (3,268,282 | ) | ||||||||||
PF Real Estate | 49,968,958 | 16,364,476 | (1,058,926 | ) | 15,305,550 | |||||||||||
PF Absolute Return | 70,965,296 | 231,749 | (2,573,788 | ) | (2,342,039 | ) | ||||||||||
PF Currency Strategies | 133,382,017 | 91,468 | (524,448 | ) | (432,980 | ) | ||||||||||
PF Equity Long/Short | 119,558,814 | — | — | — | ||||||||||||
PF Global Absolute Return | 144,449,526 | 3,114,750 | (10,673,699 | ) | (7,558,949 | ) |
(1) | The difference between total cost of investments on tax basis and total investments, at cost, as presented in the Statements of Assets and Liabilities is primarily due to wash sale loss deferrals. |
Each Fund recognizes the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon examination by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax liability for unrecognized tax benefits with a corresponding income tax expense. Management has analyzed all open tax years, as defined by the statute of limitations, for all major jurisdictions and has determined that no provision for income tax is required in the financial statements. Each Fund remains subject to examination by Federal and State tax authorities for the returns filed for tax years ended after March 31, 2011.
C-23
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
12. TAX CHARACTER OF DISTRIBUTIONS
The tax character of income and capital gains distributions to shareholders during the year or period ended March 31, 2015, were as follows:
Fund | Ordinary Income | Long-Term Capital Gains | Total Distributions | |||||||||
PF Floating Rate Loan | $4,425,695 | $17,082 | $4,442,777 | |||||||||
PF Inflation Managed | 3,604,677 | — | 3,604,677 | |||||||||
PF Managed Bond | 19,686,964 | 2,358,853 | 22,045,817 | |||||||||
PF Short Duration Bond | 3,085,384 | — | 3,085,384 | |||||||||
PF Emerging Markets Debt | 5,962,219 | — | 5,962,219 | |||||||||
PF Comstock | 5,782,909 | 20,835,136 | 26,618,045 | |||||||||
PF Growth | 516,621 | 1,456,228 | 1,972,849 | |||||||||
PF Large-Cap Growth | 7,264,938 | 10,828,879 | 18,093,817 | |||||||||
PF Large-Cap Value | 7,915,128 | 28,296,928 | 36,212,056 | |||||||||
PF Main Street Core | 4,972,594 | 31,403,060 | 36,375,654 | |||||||||
PF Mid-Cap Equity | 7,669,254 | 16,838,576 | 24,507,830 | |||||||||
PF Mid-Cap Growth | 3,048,287 | 825,598 | 3,873,885 | |||||||||
PF Small-Cap Growth | — | 9,980,804 | 9,980,804 | |||||||||
PF Small-Cap Value | 7,232,658 | 37,104,460 | 44,337,118 | |||||||||
PF Emerging Markets | 2,127,430 | 4,072,435 | 6,199,865 | |||||||||
PF International Large-Cap | 4,006,574 | — | 4,006,574 | |||||||||
PF International Value | 6,815,945 | — | 6,815,945 | |||||||||
PF Real Estate | 962,640 | 1,075,569 | 2,038,209 | |||||||||
PF Currency Strategies | 4,113,282 | — | 4,113,282 | |||||||||
PF Global Absolute Return | 9,239,168 | — | 9,239,168 |
There were no income and capital gains distributions to shareholders by any of the Funds presented in these financial statements during the six-month period ended September 30, 2015.
C-24
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
13. SHARES OF BENEFICIAL INTEREST
Each Fund is authorized to issue an unlimited number of shares of beneficial interest with no par value. Changes in shares of beneficial interest of each Fund for the six-month period ended September 30, 2015 and the year or period ended March 31, 2015, were as follows:
Six-Month Period ended 9/30/2015 | Year ended 3/31/2015 | Six-Month Period ended 9/30/2015 | Year ended 3/31/2015 | Six-Month Period ended 9/30/2015 | Year ended 3/31/2015 | Six-Month Period ended 9/30/2015 | Year ended 3/31/2015 | |||||||||||||||||||||||||||||||
PF Floating Rate Loan Fund | PF Inflation Managed Fund | PF Managed Bond Fund | PF Short Duration Bond Fund | |||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||
Shares sold | 90,586 | 1,230,881 | 474,452 | 1,729,290 | 1,271,043 | 8,641,636 | 187,265 | 3,208,915 | ||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 458,889 | — | 415,764 | — | 2,024,643 | — | 310,401 | ||||||||||||||||||||||||||||||
Shares repurchased | (4,291,867 | ) | (1,071,089 | ) | (8,473,399 | ) | (8,831,217 | ) | (19,294,729 | ) | (6,323,155 | ) | (13,365,862 | ) | (5,013,668 | ) | ||||||||||||||||||||||
Net increase (decrease) | (4,201,281 | ) | 618,681 | (7,998,947 | ) | (6,686,163 | ) | (18,023,686 | ) | 4,343,124 | (13,178,597 | ) | (1,494,352 | ) | ||||||||||||||||||||||||
Beginning shares outstanding | 12,873,399 | 12,254,718 | 14,332,668 | 21,018,831 | 58,223,245 | 53,880,121 | 21,320,162 | 22,814,514 | ||||||||||||||||||||||||||||||
Ending shares outstanding | 8,672,118 | 12,873,399 | 6,333,721 | 14,332,668 | 40,199,559 | 58,223,245 | 8,141,565 | 21,320,162 | ||||||||||||||||||||||||||||||
PF Emerging Markets Debt Fund | PF Comstock Fund | PF Growth Fund | PF Large-Cap Growth Fund | |||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||
Shares sold | 927,479 | 5,766,262 | 443,909 | 482,602 | 271,541 | 2,136,098 | 617,196 | 1,522,605 | ||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 671,421 | — | 1,516,836 | — | 104,361 | — | 1,746,507 | ||||||||||||||||||||||||||||||
Shares repurchased | (6,839,252 | ) | (1,677,735 | ) | (2,537,810 | ) | (3,727,001 | ) | (1,763,151 | ) | (424,003 | ) | (4,978,483 | ) | (1,459,489 | ) | ||||||||||||||||||||||
Net increase (decrease) | (5,911,773 | ) | 4,759,948 | (2,093,901 | ) | (1,727,563 | ) | (1,491,610 | ) | 1,816,456 | (4,361,287 | ) | 1,809,623 | |||||||||||||||||||||||||
Beginning shares outstanding | 18,222,711 | 13,462,763 | 15,796,726 | 17,524,289 | 7,661,104 | 5,844,648 | 18,601,085 | 16,791,462 | ||||||||||||||||||||||||||||||
Ending shares outstanding | 12,310,938 | 18,222,711 | 13,702,825 | 15,796,726 | 6,169,494 | 7,661,104 | 14,239,798 | 18,601,085 | ||||||||||||||||||||||||||||||
PF Large-Cap Value Fund | PF Main Street Core Fund | PF Mid-Cap Equity Fund | PF Mid-Cap Growth Fund | |||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||
Shares sold | 890,060 | 361,636 | 588,144 | 1,174,490 | 130,348 | 3,392,520 | 54,708 | 391,121 | ||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 2,135,114 | — | 2,539,706 | — | 2,143,418 | — | 461,649 | ||||||||||||||||||||||||||||||
Shares repurchased | (3,039,415 | ) | (4,325,277 | ) | (5,399,165 | ) | (2,066,816 | ) | (2,965,096 | ) | (928,195 | ) | (2,228,182 | ) | (2,092,392 | ) | ||||||||||||||||||||||
Net increase (decrease) | (2,149,355 | ) | (1,828,527 | ) | (4,811,021 | ) | 1,647,380 | (2,834,748 | ) | 4,607,743 | (2,173,474 | ) | (1,239,622 | ) | ||||||||||||||||||||||||
Beginning shares outstanding | 20,929,922 | 22,758,449 | 18,988,660 | 17,341,280 | 17,956,302 | 13,348,559 | 9,870,298 | 11,109,920 | ||||||||||||||||||||||||||||||
Ending shares outstanding | 18,780,567 | 20,929,922 | 14,177,639 | 18,988,660 | 15,121,554 | 17,956,302 | 7,696,824 | 9,870,298 | ||||||||||||||||||||||||||||||
PF Mid-Cap Value Fund (1) | PF Small-Cap Growth Fund | PF Small-Cap Value Fund | PF Emerging Markets Fund | |||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||
Shares sold | 27,220,795 | 738,220 | 1,647,600 | 7,023,972 | 408,539 | 3,658,293 | 1,127,924 | |||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | — | 727,464 | — | 4,505,238 | — | 434,908 | |||||||||||||||||||||||||||||||
Shares repurchased | (400,683 | ) | (2,677,197 | ) | (574,546 | ) | (615,344 | ) | (1,868,509 | ) | (845,849 | ) | (1,778,242 | ) | ||||||||||||||||||||||||
Net increase (decrease) | 26,820,112 | (1,938,977 | ) | 1,800,518 | 6,408,628 | 3,045,268 | 2,812,444 | (215,410 | ) | |||||||||||||||||||||||||||||
Beginning shares outstanding | — | 5,656,228 | 3,855,710 | 13,946,195 | 10,900,927 | 10,178,165 | 10,393,575 | |||||||||||||||||||||||||||||||
Ending shares outstanding | 26,820,112 | 3,717,251 | 5,656,228 | 20,354,823 | 13,946,195 | 12,990,609 | 10,178,165 | |||||||||||||||||||||||||||||||
PF International Large-Cap Fund | PF International Small-Cap Fund (2) | PF International Value Fund | PF Real Estate Fund | |||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||
Shares sold | 7,341,840 | 3,601,288 | 742,635 | 12,087,220 | 3,651,761 | 2,933,931 | 1,428,207 | 206,512 | ||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 226,488 | — | — | — | 736,859 | — | 124,971 | ||||||||||||||||||||||||||||||
Shares repurchased | (1,688,722 | ) | (4,919,463 | ) | (1,203,464 | ) | (159,095 | ) | (1,748,291 | ) | (5,759,382 | ) | (128,828 | ) | (2,602,346 | ) | ||||||||||||||||||||||
Net increase (decrease) | 5,653,118 | (1,091,687 | ) | (460,829 | ) | 11,928,125 | 1,903,470 | (2,088,592 | ) | 1,299,379 | (2,270,863 | ) | ||||||||||||||||||||||||||
Beginning shares outstanding | 11,939,709 | 13,031,396 | 11,928,125 | — | 15,006,164 | 17,094,756 | 2,932,758 | 5,203,621 | ||||||||||||||||||||||||||||||
Ending shares outstanding | 17,592,827 | 11,939,709 | 11,467,296 | 11,928,125 | 16,909,634 | 15,006,164 | 4,232,137 | 2,932,758 | ||||||||||||||||||||||||||||||
PF Absolute Return Fund (3) | PF Currency Strategies Fund | PF Equity Long/Short Fund (3) | PF Global Absolute Return Fund | |||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||
Shares sold | 10,822,675 | 649,755 | 6,658,387 | 16,624,586 | 2,695,717 | 979,298 | ||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | — | 416,746 | — | — | 952,492 | ||||||||||||||||||||||||||||||||
Shares repurchased | (2,990,277 | ) | (6,128,891 | ) | (2,083,100 | ) | (1,959,209 | ) | (6,324,040 | ) | (4,688,664 | ) | ||||||||||||||||||||||||||
Net increase (decrease) | 7,832,398 | (5,479,136 | ) | 4,992,033 | 14,665,377 | (3,628,323 | ) | (2,756,874 | ) | |||||||||||||||||||||||||||||
Beginning shares outstanding | — | 18,912,615 | 13,920,582 | — | 17,713,339 | 20,470,213 | ||||||||||||||||||||||||||||||||
Ending shares outstanding | 7,832,398 | 13,433,479 | 18,912,615 | 14,665,377 | 14,085,016 | 17,713,339 |
(1) | PF Mid-Cap Value Fund commenced operations on July 29, 2015. |
(2) | PF International Small-Cap Fund commenced operations on January 14, 2015. |
(3) | PF Absolute Return and PF Equity Long/Short Funds commenced operations on April 27, 2015. |
C-25
PACIFIC FUNDS
(Unaudited)
We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur ongoing costs, which include advisory fees, administration fees and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in each fund and to compare these costs with those of other mutual funds. The example is based on an investment of $1,000.00 made at the beginning of the period and held for the entire six-month period from April 1, 2015 to September 30, 2015.
ACTUAL EXPENSES
The first section of the table for each fund entitled “Actual Fund Return”, provides information about actual account values and actual expenses based on each fund’s actual performance and each fund’s actual expenses, after any applicable advisory fee waivers and adviser expense reimbursements (See Notes 6 and 7B in Notes to Financial Statements). The “Ending Account Value at 09/30/15” column shown is derived from the fund’s actual performance; the “Annualized Expense Ratio” column shows the fund’s actual annualized expense ratio; and the “Expenses Paid During the Period 04/01/15-09/30/15” column shows the dollar amount that would have been paid by you. All the information illustrated in the following table is based on the past six-month period from April 1, 2015 to September 30, 2015.
You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, for each fund in your account, simply divide that fund’s value by $1,000.00 (for example, an $8,600.00 fund value divided by $1,000.00 = 8.6), then multiply the result by the number given for your fund(s) in the “Expenses Paid During the Period 04/01/15-09/30/15.”
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second section of the table for each fund, entitled “Hypothetical”, provides information about hypothetical account values and hypothetical expenses based on a 5% per year hypothetical rate of return and actual fund’s expenses, after any applicable advisory fee waivers and adviser expense reimbursements (See Notes 6 and 7B in Notes to Financial Statements). It assumes that the fund had an annual 5% rate of return before expenses, but that the expense ratio is unchanged. The hypothetical account values and expenses may not be used to estimate the actual ending account values or expenses you paid for the period.
You may use the hypothetical example information to compare the ongoing costs of investing in the fund compared to other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these other costs were included, your costs would have been higher.
Beginning Account Value at 04/01/15 | Ending Account Value at 09/30/15 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/15 - 09/30/15 (1) | |||||||||||||
PF Floating Rate Loan Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $983.80 | 0.80% | $3.97 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.00 | 0.80% | $4.04 | ||||||||||||
PF Inflation Managed Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $968.20 | 0.60% | $2.95 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,022.00 | 0.60% | $3.03 | ||||||||||||
PF Managed Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $983.70 | 0.55% | $2.73 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,022.25 | 0.55% | $2.78 | ||||||||||||
PF Short Duration Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,000.00 | 0.55% | $2.75 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,022.25 | 0.55% | $2.78 | ||||||||||||
�� PF Emerging Markets Debt Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $952.80 | 0.94% | $4.59 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.30 | 0.94% | $4.75 | ||||||||||||
PF Comstock Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $896.90 | 0.89% | $4.22 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.55 | 0.89% | $4.50 | ||||||||||||
PF Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $954.90 | 0.70% | $3.42 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.50 | 0.70% | $3.54 | ||||||||||||
PF Large-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $949.60 | 0.85% | $4.14 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.75 | 0.85% | $4.29 | ||||||||||||
PF Large-Cap Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $929.50 | 0.80% | $3.86 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.00 | 0.80% | $4.04 | ||||||||||||
PF Main Street Core Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $950.90 | 0.60% | $2.93 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,022.00 | 0.60% | $3.03 |
See explanation of references on page D-2
D-1
PACIFIC FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
Beginning Account Value at 04/01/15 | Ending Account Value at 09/30/15 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/15 - 09/30/15 (1) | |||||||||||||
PF Mid-Cap Equity Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $925.10 | 0.80% | $3.85 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.00 | 0.80% | $4.04 | ||||||||||||
PF Mid-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $877.20 | 0.80% | $3.75 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.00 | 0.80% | $4.04 | ||||||||||||
PF Mid-Cap Value Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P (2) | $1,000.00 | $931.00 | 0.94% | $1.59 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P (2) | $1,000.00 | $1,020.30 | 0.94% | $4.75 | ||||||||||||
PF Small-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $865.50 | 0.75% | $3.50 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.25 | 0.75% | $3.79 | ||||||||||||
PF Small-Cap Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $896.60 | 0.90% | $4.27 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.50 | 0.90% | $4.55 | ||||||||||||
PF Emerging Markets Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $835.80 | 0.95% | $4.36 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.25 | 0.95% | $4.80 | ||||||||||||
PF International Large-Cap Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $911.90 | 1.00% | $4.78 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.00 | 1.00% | $5.05 | ||||||||||||
PF International Small-Cap Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $960.70 | 1.08% | $5.29 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,019.60 | 1.08% | $5.45 | ||||||||||||
PF International Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $909.60 | 0.80% | $3.82 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.00 | 0.80% | $4.04 | ||||||||||||
PF Real Estate Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $915.80 | 1.05% | $5.03 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,019.75 | 1.05% | $5.30 |
Beginning Account Value at 04/01/15 | Ending Account Value at 09/30/15 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/15 - 09/30/15 (1) | |||||||||||||
PF Absolute Return Fund (3) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P (3) | $1,000.00 | $957.00 | 1.14% | $4.79 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P (3) | $1,000.00 | $1,019.30 | 1.14% | $5.76 | ||||||||||||
PF Currency Strategies Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $988.90 | 0.86% | $4.28 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.70 | 0.86% | $4.34 | ||||||||||||
PF Equity Long/Short Fund (3) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P (3) | $1,000.00 | $1,063.00 | 1.28% | $5.66 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P (3) | $1,000.00 | $1,018.60 | 1.28% | $6.46 | ||||||||||||
PF Global Absolute Return Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $968.10 | 1.08% | $5.31 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,019.60 | 1.08% | $5.45 |
(1) | Expenses paid during the period are equal to the fund's annualized expense ratio (shown in table above), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year or applicable period, then divided by 366 days. |
(2) | PF Mid-Cap Value Fund commenced operations on July 29, 2015. The actual fund return and expenses paid during the period for this fund was for the period July 29, 2015 to September 30, 2015, instead of the entire six-month period. The hypothetical return and expenses paid during the period are based on the entire six-month period for comparison purposes. |
(3) | PF Absolute Return and PF Equity Long/Short Funds commenced operations on April 27, 2015. The actual fund returns and expenses paid during the period for these funds were for the period April 27, 2015 to September 30, 2015, instead of the entire six-month period. The hypothetical returns and expenses paid during the period are based on the entire six-month period for comparison purposes. |
D-2
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS
(Unaudited)
I. Introduction and Background
The Board of Trustees (the “Trustees” or “Board��) of Pacific Funds Series Trust (“Pacific Funds” or the “Trust”) oversees the management of each of the separate funds of the Trust (each a “Fund” and collectively, the “Funds”) and, as required by Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), initially approves and determines annually whether to renew the investment advisory agreement (the “Advisory Agreement”) with Pacific Life Fund Advisors LLC (“PLFA”) and each sub-advisory agreement (the “Sub-Advisory Agreements,” together with the Advisory Agreement, the “Agreements”) with the various sub-advisers (“Sub-Advisers”). PLFA serves as the investment adviser for all of the Funds and directly manages Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income, Pacific Funds Limited Duration High Income, and Pacific Funds High Income (the “PAM Managed Funds”) under the name Pacific Asset Management (“PAM”); Pacific Funds Portfolio Optimization Conservative, Pacific Funds Portfolio Optimization Moderate-Conservative, Pacific Funds Portfolio Optimization Moderate, Pacific Funds Portfolio Optimization Growth, and Pacific Funds Portfolio Optimization Aggressive-Growth (the “Portfolio Optimization Funds”); and Pacific Funds Diversified Alternatives (together with the Portfolio Optimization Funds and PAM Managed Funds, the “Directly Managed Funds”). For all other Funds, PLFA has retained other firms to serve as sub-advisers under PLFA’s supervision. The Board, including all of the Trustees who are not “interested persons,” as that term is defined in the 1940 Act (“Independent Trustees”), last renewed the Agreements at an in-person meeting of the Trustees held on December 9-10, 2014.1 The descriptions below do not relate to the annual renewal of the Advisory Agreement and Sub-Advisory Agreements discussed above, but to approvals for three new Funds, as described in further detail below.
The Trustees’ determinations were made on the basis of each Trustee’s business judgment after consideration of all the information presented. In reviewing the materials presented and in considering the information in the management presentations, the Trustees did not identify any single issue or particular information that, in isolation, would be a controlling factor in making a final decision regarding the proposed Agreements. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. The following summaries describe the most important, but not all, of the factors considered by the Trustees in approving the Agreements, and in the case of the Independent Trustees, certain factors were considered in light of the legal advice furnished to them by independent legal counsel. This discussion is not intended to be all-inclusive.
II. Board Consideration of the Investment Advisory and Sub-Advisory Agreements for New Funds
PF Mid-Cap Value Fund
At an in-person meeting on March 25, 2015, the Board, including all of the Independent Trustees, approved the establishment and designation of a newly-organized fund of the Trust, the PF Mid-Cap Value Fund, effective on or about August 1, 2015. In connection with this approval, the Board also approved, effective on or about August 1, 2015, the Advisory Agreement with PLFA (the “Mid-Cap Value Advisory Agreement”) and the Sub-Advisory Agreement with Robeco Investment Management, Inc., doing business as Boston Partners (“Boston Partners”) (the “Boston Partners Sub-Advisory Agreement”).
In evaluating the Advisory Agreement for the PF Mid-Cap Value Fund (for this section only, the “Fund”) and the Boston Partners Sub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:
A. Nature, Extent and Quality of Services to be Provided
Fund Oversight and Supervision – PLFA, its personnel and its resources. The Trustees considered the depth and quality of PLFA’s investment management process, including its sophisticated monitoring and oversight of Sub-Advisers; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; and the overall financial strength and stability of its organization. The Trustees considered the high quality of the products and services provided by PLFA and its affiliates, such as the many educational services and tools offered to assist intermediaries in effectively understanding and meeting shareholder needs. The Trustees also noted that PLFA regularly informs them about matters relevant to the Trust, its shareholders and investing.
The Trustees also considered that PLFA’s investment, legal, compliance and accounting professionals have access to and utilize a variety of resources and systems relating to investment management, compliance, trading, performance analysis, security valuation and portfolio accounting. The Trustees further considered PLFA’s continuing need to attract and retain qualified personnel and to maintain and enhance its resources and systems.
The Trustees considered the benefits to shareholders of retaining PLFA to serve as the investment adviser to the Fund in light of the nature, extent, and quality of services expected to be provided by PLFA. The Trustees considered PLFA’s ability to provide an appropriate level of support and resources to the Fund, and that PLFA has sufficiently qualified personnel to provide the appropriate investment management, compliance and monitoring services required for the Fund. The Trustees based this review on information and materials provided to them throughout the year by PLFA. The Trustees considered PLFA’s continued development and use of analytical tools for assessing fund performance and the performance of Sub-Advisers, conducting an attribution analysis on performance and reporting on performance to the Trustees. The Trustees noted that PLFA uses these tools to monitor and identify underperformance relative to applicable benchmarks or peer groups, and then conducts various analyses to try to assess the sources of and reasons for underperformance. The Trustees noted that PLFA has developed processes to oversee and monitor a Sub-Adviser’s execution of investment strategies. The Trustees noted that PLFA provides the Board with analysis of this data over rolling periods to assist the Board in identifying trends in fund performance and other areas, and periodically provides the Trustees with information on economic and market trends to provide a context for assessing recent performance.
1 | At the December 9-10 meeting, the Board did not consider the continuance of the Sub-Advisory Agreements relating to the PF Small-Cap Growth and PF Small-Cap Value Funds, the Sub-Advisory Agreements with Western Asset Management Company relating to the PF Managed Bond and PF Inflation Managed Funds, and the Sub-Advisory Agreement with Principal Global Investors, LLC, doing business as Macro Currency Group, relating to the PF Currency Strategies Fund, as those agreements were not up for renewal at that time. |
D-3
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
The Trustees also noted that PLFA conducts periodic due diligence on Sub-Advisers involving on-site visits, in-person meetings and telephonic meetings to gather information that PLFA uses to attempt to gain an in-depth understanding of a Sub-Adviser’s investment process and to seek to identify issues that may be relevant to a Sub-Adviser’s services to a fund or a fund’s performance. The Trustees also considered the background and experience of PLFA’s senior management, and the experience of and amount of attention expected to be given to the Fund by PLFA’s management and staff. The Trustees considered that the Fund will serve only as an underlying fund option for the Portfolio Optimization Funds and not as a stand-alone investment option.
The Trustees also considered PLFA’s compliance operations with respect to the Trust, including the measures taken by PLFA to assist the Trust in complying with Rule 38a-1 under the 1940 Act. The Trustees further considered the monitoring and additional services that would be provided by PLFA to the Fund, including assistance with performance evaluation, risk management oversight, preparation of periodic performance and financial reports, review of trade execution and coordination of the services of other service providers to the Trust.
The Board concluded that it was satisfied with the nature, extent and quality of the investment management services to be provided by PLFA to the Fund under the Mid-Cap Value Advisory Agreement.
Boston Partners. The Trustees considered the benefits to shareholders of retaining Boston Partners as sub-adviser to the Fund, particularly in light of the nature, extent, and quality of the services expected to be provided by Boston Partners. In this regard, the Trustees considered various materials relating to Boston Partners, including copies of the proposed Boston Partners Sub-Advisory Agreement; copies of Boston Partners’ Form ADV; financial information; and other information deemed relevant to the Trustees’ evaluation, including comprehensive assessments from senior management of PLFA.
The Trustees considered that under the Boston Partners Sub-Advisory Agreement, Boston Partners would be responsible for providing the investment management services for the Fund’s assets, including investment research, advice and supervision, and determining which securities would be purchased or sold by the Fund. The Trustees considered the quality of the management services expected to be provided to the Fund over both the short- and long-term, the organizational depth and resources of Boston Partners, including the background and experience of Boston Partners’ management and the expertise of the portfolio management team, as well as the investment strategies, processes and philosophy to be used with respect to the investment strategy.
In addition, the Trustees considered that the Trust’s Chief Compliance Officer (“CCO”) had reviewed the written compliance policies and procedures of Boston Partners. The Trustees also considered the CCO’s assessment of Boston Partners’ compliance program required under Rule 38a-1 of the 1940 Act and its code of ethics, prior to the effectiveness of the Boston Partners Sub-Advisory Agreement.
The Trustees took note of the due diligence PLFA conducted with respect to Boston Partners and were aided by the assessment and recommendation of PLFA and the in-person presentation and materials provided by Boston Partners.
The Board concluded that it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the Fund by PLFA under the Mid-Cap Value Advisory Agreement and Boston Partners under the Boston Partners Sub-Advisory Agreement.
B. Performance
The Trustees considered PLFA’s efforts to identify advisory firms that are qualified to manage a mid-cap value strategy and PLFA’s identification of Boston Partners to serve as sub-adviser with regard to the Fund’s day-to-day investment activities. Because this consideration related to a newly-organized fund, no actual performance record for the Fund was available. However, the Trustees considered the investment process and techniques to be used by Boston Partners for the Fund and Boston Partners’ experience managing mid-cap value strategies, as well as other factors concerning performance in connection with their consideration of this matter and in connection with approval of the Boston Partners Sub-Advisory Agreement, including the factors described below.
The Trustees considered information about the historical performance of an account managed by the same Boston Partners portfolio manager that would manage the Fund using similar investment strategies (the “Boston Partners Comparable Performance”). The Trustees considered the Boston Partners Comparable Performance against a pertinent benchmark and against the applicable peer group for the one-, three-, five- and ten-year periods as of December 31, 2014. The Trustees also considered the Boston Partners Comparable Performance against a pertinent benchmark and an applicable peer group for each of the previous ten calendar years. Additionally, the Trustees considered the weighted average market capitalization, standard deviation, risk-adjusted returns and other performance metrics of the Boston Partners Comparable Performance during certain periods.
The Trustees considered additional information about the historical performance of a composite and other funds managed by Boston Partners using similar investment strategies as those proposed for the Fund against a pertinent benchmark for the one-, three-, five- and ten-year and since inception periods, as applicable, as of December 31, 2014. Additionally, the Trustees considered performance information presented by PLFA for another potential manager of the Fund. In addition, the Trustees considered the need for Boston Partners to adhere to the Fund’s general investment mandate in order to function appropriately in the Portfolio Optimization Funds.
The Board determined that Boston Partners’ performance record with respect to similarly managed accounts was acceptable.
C. Advisory and Sub-Advisory Fees
PLFA. The Trustees requested, received and reviewed information from PLFA relating to the proposed advisory fee and total operating expenses for the Fund. The Trustees reviewed the proposed advisory fee compared with the average fees of other funds in an applicable peer group. The Trustees considered that the proposed advisory fee was in line with industry averages for similar investment products based on the data presented to the Board.
The Board concluded that the compensation payable to PLFA under the Mid-Cap Value Advisory Agreement is fair and reasonable.
D-4
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
Boston Partners. The Trustees considered information regarding the comparative advisory fees charged under other investment advisory contracts of Boston Partners with regard to other accounts with substantially similar investment strategies as the Fund. The Trustees also considered that the proposed sub-advisory fee schedule under the Sub-Advisory Agreement contains breakpoints and will be based on the combined net assets of the Mid-Cap Value Portfolio of Pacific Select Fund and the Fund. In comparing the proposed sub-advisory fees to be paid by the Fund to fees charged by Boston Partners for the other similarly-managed accounts, the Trustees noted that there were differences in the nature of the Fund and those accounts, the services provided to each and the competitive landscape surrounding each that could reasonably be expected to account for differences in fee schedules.
The Trustees noted that the fee rates were the result of arms’-length negotiations between PLFA and Boston Partners, and that the Fund’s sub-advisory fees are paid by PLFA and are not paid directly by the Fund.
The Board concluded that the compensation payable under the Boston Partners Sub-Advisory Agreement is fair and reasonable.
D. Costs, Level of Profits and Economies of Scale
Costs and Profitability. The Trustees reviewed information regarding PLFA’s projected costs of sponsoring the Fund and information regarding the anticipated projected profitability of the proposed Fund to PLFA. The Trustees considered the projected cost of services to be provided and projected profits to be realized by PLFA from the relationship with the Fund based on the projected assets, income and expenses of PLFA in its relationship with the Fund. The Trustees noted that this projected information contains estimates because there is no actual operating history for the Fund. The Trustees also considered the overall financial soundness of PLFA.
The Trustees considered information regarding the costs to Boston Partners of sub-advising the Fund and the projected profitability of the Boston Partners Sub-Advisory Agreement to Boston Partners, to the extent practicable based on the financial information provided by Boston Partners. The Trustees noted that any assessment of projected profitability would involve assumptions regarding expense allocations and other factors. Given the arms’-length nature of the relationship between PLFA and Boston Partners with respect to the negotiation of Fund sub-advisory fees, the fact that such fees are paid by PLFA, and the fact that the projected profitability of the Boston Partners Sub-Advisory Agreement to Boston Partners is an estimate because it had not yet begun to manage the Fund, the Trustees considered that projected profitability information for Boston Partners at this time was of limited utility.
Economies of Scale. The Trustees considered the extent to which economies of scale may be realized by the Fund as assets grow. Because the Fund has no operating history and no assets, no economies of scale exist at this time with respect to the Fund. However, the Trustees considered the estimated initial allocations to the Fund by the Portfolio Optimization Funds and that although the advisory fee schedule for the Fund does not contain breakpoints, the projected net expense ratio for the Fund is competitive with peers.
The Board concluded that the Fund’s fee structure reflected in the Mid-Cap Value Advisory Agreement and Boston Partners Sub-Advisory Agreement is fair and reasonable.
E. Ancillary Benefits
The Trustees received information from PLFA and Boston Partners concerning other benefits that may be received by PLFA and Boston Partners and their affiliates as a result of their relationship with the Fund, including commissions that may be paid to broker-dealers affiliated with Boston Partners and the anticipated use of soft-dollars by Boston Partners. In this regard, the Trustees noted that Boston Partners represented that it does not anticipate utilizing an affiliated broker-dealer and that it anticipates using soft dollar credits generated by Fund commissions to pay for research services. With respect to PLFA, the Trustees considered that the potential benefits that may be derived by PLFA from its relationship with the Fund could include larger assets under management and reputational benefits, which are consistent with those generally derived by investment advisers to mutual funds. The Trustees also considered benefits that may be derived by affiliates of PLFA, including Pacific Life Insurance Company (“Pacific Life”). The Trustees also considered potential benefits to be derived by Boston Partners and that such benefits were consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.
F. Conclusion
Based on their review, including the consideration of each of the factors referred to above, the Board found that: (i) the Mid-Cap Value Advisory Agreement and Boston Partners Sub-Advisory Agreement are in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the Mid-Cap Value Advisory Agreement and Boston Partners Sub-Advisory Agreement is fair and reasonable. No single factor was determinative of the Board’s findings, but rather the Trustees based their determination on the total mix of information available to them.
PF Absolute Return Fund
At an in-person meeting on December 9-10, 2014, the Board, including all of the Independent Trustees, approved the establishment and designation of a newly-organized fund of the Trust, the PF Absolute Return Fund, effective on or about May 1, 2015. In connection with this approval, the Board also approved, effective on or about May 1, 2015, the Advisory Agreement with PLFA (the “Absolute Return Advisory Agreement”) and the Sub-Advisory Agreement with BlueBay Asset Management LLP (“BlueBay”) (the “BlueBay Sub-Advisory Agreement”).
In evaluating the Advisory Agreement for the PF Absolute Return Fund (for this section only, the “Fund”) and the BlueBay Sub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:
A. Nature, Extent and Quality of Services to be Provided
Fund Oversight and Supervision – PLFA, its personnel and its resources. The Trustees considered the depth and quality of PLFA’s investment management process, including its sophisticated monitoring and oversight of Sub-Advisers; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; and the overall financial strength and stability of its
D-5
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
organization. The Trustees considered the high quality of the products and services provided by PLFA and its affiliates, such as the many educational services and tools offered to assist intermediaries in effectively understanding and meeting shareholder needs. The Trustees also noted that PLFA regularly informs them about matters relevant to the Trust, its shareholders and investing.
The Trustees also considered that PLFA’s investment, legal, compliance and accounting professionals have access to and utilize a variety of resources and systems relating to investment management, compliance, trading, performance analysis, security valuation and portfolio accounting. The Trustees further considered PLFA’s continuing need to attract and retain qualified personnel and to maintain and enhance its resources and systems.
The Trustees considered the benefits to shareholders of retaining PLFA to serve as the investment adviser to the Fund in light of the nature, extent, and quality of services expected to be provided by PLFA. The Trustees considered PLFA’s ability to provide an appropriate level of support and resources to the Fund, and that PLFA has sufficiently qualified personnel to provide the appropriate investment management, compliance and monitoring services required for the Fund. The Trustees based this review on information and materials provided to them throughout the year by PLFA. The Trustees considered PLFA’s continued development and use of analytical tools for assessing fund performance and the performance of Sub-Advisers, conducting an attribution analysis on performance and reporting on performance to the Trustees. The Trustees noted that PLFA uses these tools to monitor and identify underperformance relative to applicable benchmarks or peer groups, and then conducts various analyses to try to assess the sources of and reasons for underperformance. The Trustees noted that PLFA has developed processes to oversee and monitor a Sub-Adviser’s execution of investment strategies. The Trustees noted that PLFA provides the Board with analysis of this data over rolling periods to assist the Board in identifying trends in fund performance and other areas, and periodically provides the Trustees with information on economic and market trends to provide a context for assessing recent performance.
The Trustees also noted that PLFA conducts periodic due diligence on Sub-Advisers involving on-site visits, in-person meetings and telephonic meetings to gather information that PLFA uses to attempt to gain an in-depth understanding of a Sub-Adviser’s investment process and to seek to identify issues that may be relevant to a Sub-Adviser’s services to a fund or a fund’s performance. The Trustees also considered the background and experience of PLFA’s senior management, and the experience of and amount of attention expected to be given to the Fund by PLFA’s management and staff. The Trustees considered that the Fund will serve only as an underlying fund option for the Portfolio Optimization Funds and not as a stand-alone investment option.
The Trustees also considered PLFA’s compliance operations with respect to the Trust, including the measures taken by PLFA to assist the Trust in complying with Rule 38a-1 under the 1940 Act. The Trustees further considered the monitoring and additional services that would be provided by PLFA to the Fund, including assistance with performance evaluation, risk management oversight, preparation of periodic performance and financial reports, review of trade execution and coordination of the services of other service providers to the Trust.
The Board concluded that it was satisfied with the nature, extent and quality of the investment management services to be provided by PLFA to the Fund under the Absolute Return Advisory Agreement.
BlueBay. The Trustees considered the benefits to shareholders of retaining BlueBay as sub-adviser to the Fund, particularly in light of the nature, extent, and quality of the services expected to be provided by BlueBay. In this regard, the Trustees considered various materials relating to the proposed Sub-Adviser, including copies of the proposed BlueBay Sub-Advisory Agreement; copies of BlueBay’s Form ADV; financial information; and other information deemed relevant to the Trustees’ evaluation, including comprehensive assessments from senior management of PLFA.
The Trustees considered that under the BlueBay Sub-Advisory Agreement, BlueBay would be responsible for providing the investment management services for the Fund’s assets, including investment research, advice, supervision of investment management services provided by BlueBay Asset Management USA LLC (the “Sub-Advisory Affiliate”), and determining which securities would be purchased or sold by the Fund. The Trustees considered the quality of the management services expected to be provided to the Fund over both the short- and long-term, the organizational depth and resources of BlueBay, including the background and experience of BlueBay’s management and the expertise of the portfolio management team, as well as the investment strategies, processes and philosophy to be used with respect to the investment strategy.
In addition, the Trustees considered that the Trust’s CCO had reviewed the written compliance policies and procedures of BlueBay, including the assessment of its compliance program as required under Rule 38a-1 of the 1940 Act and its code of ethics, prior to the effectiveness of the BlueBay Sub-Advisory Agreement.
In making these assessments, the Trustees took note of the due diligence PLFA conducted with respect to BlueBay and were aided by the assessment and recommendation of PLFA and the in-person presentation and materials provided by BlueBay.
The Board concluded that it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the Fund by PLFA under the Absolute Return Advisory Agreement and BlueBay under the BlueBay Sub-Advisory Agreement, including the Sub-Advisory Affiliate Agreement.
B. Performance
The Trustees considered PLFA’s efforts to identify advisory firms that are qualified to manage an absolute return strategy and PLFA’s identification of BlueBay to serve as sub-adviser with regard to the Fund’s day-to-day investment activities. Because this consideration related to a newly-organized fund, no actual performance record for the Fund was available. However, the Trustees considered the investment process and techniques to be used by BlueBay for the Fund and BlueBay’s experience managing an absolute return strategy, as well as other factors concerning performance in connection with their consideration of this matter and in connection with approval of the BlueBay Sub-Advisory Agreement, including the factors described below.
D-6
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
The Trustees considered information about the historical performance of a fund managed by the same BlueBay portfolio management team that would manage the Fund using similar investment strategies (the “BlueBay Comparable Performance”). The Trustees considered the BlueBay Comparable Performance against a pertinent benchmark and against the applicable peer group for the year-to-date, one-, two- and three-year and since inception periods as of September 30, 2014. The Trustees also considered the BlueBay Comparable Performance against a pertinent benchmark and an applicable peer group for the previous three calendar years. Additionally, the Trustees considered the standard deviation, risk-adjusted returns and other performance metrics of the BlueBay Comparable Performance during certain periods.
The Trustees considered additional information about the historical performance of composites managed by BlueBay using similar investment strategies as those proposed for the Fund against a pertinent benchmark for the one- and three-year and since inception periods, as applicable, as of September 30, 2014. In addition, the Trustees considered the need for BlueBay to adhere to the Fund’s general investment mandate in order to function appropriately in the Portfolio Optimization Funds.
The Board determined that BlueBay’s performance record with respect to similarly managed accounts was acceptable.
C. Advisory and Sub-Advisory Fees
PLFA. The Trustees requested, received and reviewed information from PLFA relating to the proposed advisory fee and total operating expenses for the Fund. The Trustees reviewed the proposed advisory fee compared with the average fees of other funds in an applicable peer group. The Trustees considered that the proposed advisory fee was in line with industry averages for similar investment products based on the data presented to the Board.
The Board concluded that the compensation payable to PLFA under the Absolute Return Advisory Agreement is fair and reasonable.
BlueBay. The Trustees considered information regarding the comparative advisory fees charged under other investment advisory contracts of the Sub-Adviser with regard to other accounts with substantially similar investment strategies as the Fund. The Trustees also considered that the proposed sub-advisory fees payable to BlueBay under the Sub-Advisory Agreement contain a breakpoint, and that the sub-advisory fees will be based on the combined net assets of the Absolute Return Portfolio of Pacific Select Fund and the Fund. In comparing the proposed sub-advisory fees to be paid by the Fund to fees charged by BlueBay for other similarly managed accounts, the Trustees noted that there were differences in the nature of the accounts. These differences explained differences in fee schedules.
The Trustees noted that the fee rates were the result of arms’-length negotiations between PLFA and BlueBay, and that the Fund’s sub-advisory fees are paid by PLFA and are not paid directly by the Fund.
The Board concluded that the compensation payable under the BlueBay Sub-Advisory Agreement and the Sub-Advisory Affiliate Agreement is fair and reasonable.
D. Costs, Level of Profits and Economies of Scale
Costs and Profitability. The Trustees reviewed information regarding PLFA’s projected costs of sponsoring the Fund and information regarding the anticipated projected profitability of the proposed Fund to PLFA. The Trustees considered the projected cost of services to be provided and projected profits to be realized by PLFA from the relationship with the Fund based on the projected assets, income and expenses of PLFA in its relationship with the Fund. The Trustees noted that this projected information contains estimates because there is no actual operating history for the Fund. The Trustees also considered the overall financial soundness of PLFA.
The Trustees considered information regarding the costs to BlueBay of sub-advising the Fund and the projected profitability of the BlueBay Sub-Advisory Agreement to BlueBay, to the extent practicable based on the financial information provided by BlueBay. The Trustees noted that any assessment of projected profitability would involve assumptions regarding expense allocations and other factors. The Trustees focused their consideration on other information provided in connection with this matter, given the arms’-length nature of the relationship between PLFA and BlueBay with respect to the negotiation of Fund sub-advisory fees, the fact that such fees are paid by PLFA and the fact that the projected profitability of the BlueBay Sub-Advisory Agreement to BlueBay is an estimate.
Economies of Scale. The Trustees considered the extent to which economies of scale may be realized by the Fund as assets grow. Because the Fund has no operating history and no assets, no economies of scale exist at this time with respect to the Fund. However, the Trustees considered the estimated initial allocations to the Fund by the Portfolio Optimization Funds and that although the advisory fee schedule for the Fund does not contain breakpoints, the projected net expense ratio for the Fund is competitive with peers.
The Board concluded that the Fund’s fee structure reflected in the Absolute Return Advisory Agreement, BlueBay Sub-Advisory Agreement and Sub-Advisory Affiliate Agreement is fair and reasonable.
E. Ancillary Benefits
The Trustees received information from PLFA and BlueBay concerning other benefits that may be received by PLFA and BlueBay and their affiliates as a result of their relationship with the Fund, including commissions that may be paid to broker-dealers affiliated with BlueBay and the anticipated use of soft-dollars by BlueBay. In this regard, the Trustees noted that BlueBay represented that it does not anticipate utilizing an affiliated broker-dealer and that it does not anticipate using soft dollar credits generated by Fund commissions to pay for research services. With respect to PLFA, the Trustees considered that the potential benefits that may be derived by PLFA from its relationship with the Fund could include larger assets under management and reputational benefits, which are consistent with those generally derived by investment advisers to mutual funds. The Trustees also considered benefits that may be derived by affiliates of PLFA, including Pacific Life. The Trustees also considered potential benefits to be derived by BlueBay and that such benefits were consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.
D-7
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
F. Conclusion
Based on their review, including the consideration of each of the factors referred to above, the Board found that: (i) the Absolute Return Advisory Agreement, BlueBay Sub- Advisory Agreement and Sub-Advisory Affiliate Agreement are in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the Absolute Return Advisory Agreement, BlueBay Sub-Advisory Agreement and Sub-Advisory Affiliate Agreement is fair and reasonable. No single factor was determinative of the Board’s findings, but rather the Trustees based their determination on the total mix of information available to them.
PF Equity Long/Short Fund
At an in-person meeting on December 9-10, 2014, the Board, including all of the Independent Trustees, approved the establishment and designation of a newly-organized fund of the Trust, the PF Equity Long/Short Fund, effective on or about May 1, 2015. In connection with this approval, the Board also approved, effective on or about May 1, 2015, the Advisory Agreement with PLFA (the “Equity Long/Short Advisory Agreement”) and the Sub-Advisory Agreement with AQR Capital Management, LLC (“AQR”) (the “AQR Sub-Advisory Agreement”).
In evaluating the Advisory Agreement for the PF Equity Long/Short Fund (for this section only, the “Fund”) and AQR Sub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:
A. Nature, Extent and Quality of Services to be Provided
Fund Oversight and Supervision – PLFA, its personnel and its resources. The Trustees considered the depth and quality of PLFA’s investment management process, including its sophisticated monitoring and oversight of Sub-Advisers; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; and the overall financial strength and stability of its organization. The Trustees considered the high quality of the products and services provided by PLFA and its affiliates, such as the many educational services and tools offered to assist intermediaries in effectively understanding and meeting shareholder needs. The Trustees also noted that PLFA regularly informs them about matters relevant to the Trust, its shareholders and investing.
The Trustees also considered that PLFA’s investment, legal, compliance and accounting professionals have access to and utilize a variety of resources and systems relating to investment management, compliance, trading, performance analysis, security valuation and portfolio accounting. The Trustees further considered PLFA’s continuing need to attract and retain qualified personnel and to maintain and enhance its resources and systems.
The Trustees considered the benefits to shareholders of retaining PLFA to serve as the investment adviser to the Fund in light of the nature, extent, and quality of services expected to be provided by PLFA. The Trustees considered PLFA’s ability to provide an appropriate level of support and resources to the Fund, and that PLFA has sufficiently qualified personnel to provide the appropriate investment management, compliance and monitoring services required for the Fund. The Trustees based this review on information and materials provided to them throughout the year by PLFA. The Trustees considered PLFA’s continued development and use of analytical tools for assessing fund performance and the performance of Sub-Advisers, conducting an attribution analysis on performance and reporting on performance to the Trustees. The Trustees noted that PLFA uses these tools to monitor and identify underperformance relative to applicable benchmarks or peer groups, and then conducts various analyses to try to assess the sources of and reasons for underperformance. The Trustees noted that PLFA has developed processes to oversee and monitor a Sub-Adviser’s execution of investment strategies. The Trustees noted that PLFA provides the Board with analysis of this data over rolling periods to assist the Board in identifying trends in fund performance and other areas, and periodically provides the Trustees with information on economic and market trends to provide a context for assessing recent performance.
The Trustees also noted that PLFA conducts periodic due diligence on Sub-Advisers involving on-site visits, in-person meetings and telephonic meetings to gather information that PLFA uses to attempt to gain an in-depth understanding of a Sub-Adviser’s investment process and to seek to identify issues that may be relevant to a Sub-Adviser’s services to a fund or a fund’s performance. The Trustees also considered the background and experience of PLFA’s senior management, and the experience of and amount of attention expected to be given to the Fund by PLFA’s management and staff. The Trustees considered that the Fund will serve only as an underlying fund option for the Portfolio Optimization Funds and not as a stand-alone investment option.
The Trustees also considered PLFA’s compliance operations with respect to the Trust, including the measures taken by PLFA to assist the Trust in complying with Rule 38a-1 under the 1940 Act. The Trustees further considered the monitoring and additional services that would be provided by PLFA to the Fund, including assistance with performance evaluation, risk management oversight, preparation of periodic performance and financial reports, review of trade execution and coordination of the services of other service providers to the Trust.
The Board concluded that it was satisfied with the nature, extent and quality of the investment management services to be provided by PLFA to the Fund under the Equity Long/Short Advisory Agreement.
AQR. The Trustees considered the benefits to shareholders of retaining AQR as sub-adviser to the Fund, particularly in light of the nature, extent, and quality of the services expected to be provided by AQR. In this regard, the Trustees considered various materials relating to the proposed Sub-Adviser, including copies of the proposed AQR Sub-Advisory Agreement; copies of AQR’s Form ADV; financial information; and other information deemed relevant to the Trustees’ evaluation, including comprehensive assessments from senior management of PLFA.
The Trustees considered that under the AQR Sub-Advisory Agreement, AQR would be responsible for providing the investment management services for the Fund’s assets, including investment research, advice and supervision, and determining which securities would be purchased or sold by the Fund. The Trustees considered the quality of the management services expected to be provided to the Fund over both the short- and long-term, the organizational depth and resources of AQR, including the background and experience of AQR’s management and the expertise of the portfolio management team, as well as the investment strategies, processes and philosophy to be used with respect to the investment strategy.
D-8
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
In addition, the Trustees considered that the Trust’s CCO had reviewed the written compliance policies and procedures of AQR, including the assessment of its compliance program as required under Rule 38a-1 of the 1940 Act and its code of ethics, prior to the effectiveness of the AQR Sub-Advisory Agreement.
In making these assessments, the Trustees took note of the due diligence PLFA conducted with respect to AQR and were aided by the assessment and recommendation of PLFA and the in-person presentation and materials provided by AQR.
The Board concluded that it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the Fund by PLFA under the Equity Long/Short Advisory Agreement and AQR under the AQR Sub-Advisory Agreement.
B. Performance
The Trustees considered PLFA’s efforts to identify advisory firms that are qualified to manage a long/short equity strategy and PLFA’s identification of AQR to serve as sub-adviser with regard to the Fund’s day-to-day investment activities. Because this consideration related to a newly-organized fund, no actual performance record for the Fund was available. However, the Trustees considered the investment process and techniques to be used by AQR for the Fund and AQR’s experience managing long/short equity strategies, as well as other factors concerning performance in connection with their consideration of this matter and in connection with approval of the AQR Sub-Advisory Agreement, including the factors described below.
The Trustees considered information about the historical performance of a fund managed by the same AQR portfolio management team that would manage the Fund using similar investment strategies (the “AQR Comparable Performance”). The Trustees noted that the AQR Comparable Performance reflected actual performance for the fund since July 2013 and that periods prior to that date reflected simulated performance for a portion of the fund’s strategy. The Trustees considered the AQR Comparable Performance against a pertinent benchmark and against the applicable peer group for the year-to-date, one-, three-, five- and ten-year periods as of September 30, 2014. The Trustees also considered the AQR Comparable Performance against a pertinent benchmark and an applicable peer group for the previous nine calendar years. Additionally, the Trustees considered the standard deviation, risk-adjusted returns and other performance metrics of the AQR Comparable Performance during certain periods.
The Trustees considered additional information about the historical performance of a fund managed by AQR using similar investment strategies as those proposed for the Fund against a custom benchmark for the one-year and since inception periods as of September 30, 2014. Additionally, the Trustees considered performance information presented by PLFA for another potential manager of the Fund. In addition, the Trustees considered the need for AQR to adhere to the Fund’s general investment mandate in order to function appropriately in the Portfolio Optimization Funds.
The Board determined that AQR’s performance record with respect to similarly managed accounts was acceptable.
C. Advisory and Sub-Advisory Fees
PLFA. The Trustees requested, received and reviewed information from PLFA relating to the proposed advisory fee and total operating expenses for the Fund. The Trustees reviewed the proposed advisory fee compared with the average fees of other funds in an applicable peer group. The Trustees also noted that the Fund would be subject to a contractual fee waiver agreed to by PLFA. The Trustees considered that the proposed advisory fee was in line with industry averages for similar investment products based on the data presented to the Board.
The Board concluded that the compensation payable to PLFA under the Equity Long/Short Advisory Agreement is fair and reasonable.
AQR. The Trustees considered information regarding the comparative advisory fees charged under other investment advisory contracts of the Sub-Adviser with regard to another fund with substantially similar investment strategies as the Fund. The Trustees also considered that the proposed sub-advisory fees payable to AQR under the Sub-Advisory Agreement contain a breakpoint, and that the sub-advisory fees will be based on the combined net assets of the Equity Long/Short Portfolio of Pacific Select Fund and the Fund. In comparing the proposed sub-advisory fees to be paid by the Fund to fees charged by AQR for the other similarly-managed fund, the Trustees noted that there were differences in the nature of the accounts. These differences explained differences in fee schedules.
The Trustees noted that the fee rates were the result of arms’-length negotiations between PLFA and AQR, and that the Fund’s sub-advisory fees are paid by PLFA and are not paid directly by the Fund.
The Board concluded that the compensation payable under the AQR Sub-Advisory Agreement is fair and reasonable.
D. Costs, Level of Profits and Economies of Scale
Costs and Profitability. The Trustees reviewed information regarding PLFA’s projected costs of sponsoring the Fund and information regarding the anticipated projected profitability of the proposed Fund to PLFA. The Trustees considered the projected cost of services to be provided and projected profits to be realized by PLFA from the relationship with the Fund based on the projected assets, income and expenses of PLFA in its relationship with the Fund. The Trustees noted that this projected information contains estimates because there is no actual operating history for the Fund. The Trustees also considered the overall financial soundness of PLFA.
The Trustees considered information regarding the costs to AQR of sub-advising the Fund and the projected profitability of the AQR Sub-Advisory Agreement to AQR, to the extent practicable based on the financial information provided by AQR. The Trustees noted that any assessment of projected profitability would involve assumptions regarding expense allocations and other factors. The Trustees focused their consideration on other information provided in connection with this matter, given the arms’-length nature of the relationship between PLFA and AQR with respect to the negotiation of Fund sub-advisory fees, the fact that such fees are paid by PLFA and the fact that the projected profitability of the AQR Sub-Advisory Agreement to AQR is an estimate.
D-9
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
Economies of Scale. The Trustees considered the extent to which economies of scale may be realized by the Fund as assets grow. Because the Fund has no operating history and no assets, no economies of scale exist at this time with respect to the Fund. However, the Trustees considered the estimated initial allocations to the Fund by the Portfolio Optimization Funds and that although the advisory fee schedule for the Fund does not contain breakpoints, there would be an advisory fee waiver agreement in place for the Fund through July 31, 2016.
The Board concluded that the Fund’s fee structure reflected in the Equity Long/Short Advisory Agreement and AQR Sub-Advisory Agreement is fair and reasonable.
E. Ancillary Benefits
The Trustees received information from PLFA and AQR concerning other benefits that may be received by PLFA and AQR and their affiliates as a result of their relationship with the Fund, including commissions that may be paid to broker-dealers affiliated with AQR and the anticipated use of soft-dollars by AQR. In this regard, the Trustees noted that AQR represented that it does not anticipate utilizing an affiliated broker-dealer and that it does not anticipate using soft dollar credits generated by Fund commissions to pay for research services. With respect to PLFA, the Trustees considered that the potential benefits that may be derived by PLFA from its relationship with the Fund could include larger assets under management and reputational benefits, which are consistent with those generally derived by investment advisers to mutual funds. The Trustees also considered benefits that may be derived by affiliates of PLFA, including Pacific Life. The Trustees also considered potential benefits to be derived by AQR and that such benefits were consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.
F. Conclusion
Based on their review, including the consideration of each of the factors referred to above, the Board found that: (i) the Equity Long/Short Advisory Agreement and AQR Sub-Advisory Agreement are in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the Equity Long/Short Advisory Agreement and AQR Sub-Advisory Agreement is fair and reasonable. No single factor was determinative of the Board’s findings, but rather the Trustees based their determination on the total mix of information available to them.
D-10
PACIFIC FUNDS
WHERE TO GO FOR MORE INFORMATION
Availability of Quarterly Holdings
The Trust files Form N-Q (complete schedules of fund holdings) with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year not later than 60 days after the close of the applicable quarter end. The Trust’s Form N-Q, (when required) is filed pursuant to applicable regulations and is available after filing (i) on the SEC’s website at http://www.sec.gov; (ii) for review and copying at the SEC’s Public Reference Room in Washington, D.C. (information on the operations of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330); and (iii) on the Trust’s website at https://www.pacificlife.com/pacificfunds.html. The SEC may charge you a fee for this information.
Availability of Proxy Voting Record
By August 31 of each year, the Trust files information regarding how the Trust’s fund managers voted proxies relating to fund securities during the most recent twelve-month period ended June 30. Such information is available after filing on the Trust’s’ website and on the SEC’s website noted below.
Information Relating to Investments Held by the Trust
For complete descriptions of the various securities and other instruments held by the Trust and their risks, please see the Trust’s Prospectus and Statement of Additional Information (“SAI”). For a description of bond ratings, please see the Trust’s SAI. The Prospectus and SAI are available as noted below.
Availability of Proxy Voting Policies
A description of the Proxy Voting Policies and Procedures that the Trust uses to determine how to vote proxies relating to fund securities is described in the Trust’s SAI.
How to obtain Information
The Trust’s Prospectus, SAI (including Proxy Voting Policies) and the Portfolio Optimization Funds’ annual and semi-annual reports are available:
• | On the Trust’s website at https://www.pacificlife.com/pacificfunds.html |
• | On the SEC’s website at http://www.sec.gov |
• | Upon request by calling, without charge, 1-800-722-2333, 7 a.m. through 5 p.m. Pacific Time |
D-11
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.
Item 11. Controls and Procedures.
(a) | The Chief Executive Officer and Treasurer have concluded that Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) provide reasonable assurances that material information relating to Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report. |
(b) | There were no changes in Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Exhibits.
(a)(1) | Not applicable. |
(a)(2) | Separate certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99 CERT. |
(a)(3) | Not applicable. |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is attached hereto as Exhibit 99.906 CERT pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Pacific Funds Series Trust | ||
By: | /s/ Mary Ann Brown | |
Mary Ann Brown | ||
Chief Executive Officer | ||
Date: December 4, 2015 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Mary Ann Brown | |
Mary Ann Brown | ||
Chief Executive Officer | ||
Date: December 4, 2015 | ||
By: | /s/ Eddie D. Tung | |
Eddie D. Tung | ||
Treasurer (Principal Financial and Accounting Officer) | ||
Date: December 4, 2015 |