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
(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, 2016
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, 2016
SEMI-ANNUAL REPORT
PACIFIC FUNDS
SEMI-ANNUAL REPORT
AS OF SEPTEMBER 30, 2016
A-1 | ||||
Financial Statements: | ||||
B-1 | ||||
B-4 | ||||
B-7 | ||||
B-14 | ||||
C-1 | ||||
D-1 | ||||
D-4 |
Pacific Funds Series Trust, which is a Delaware statutory trust, may be referred to as “Pacific Funds” or the “Trust”.
PACIFIC FUNDSSM
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION CONSERVATIVE
September 30, 2016 (Unaudited)
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE
Schedule of Investments
September 30, 2016 (Unaudited)
| Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.1% | ||||||||
Pacific Funds Core Income ‘P’ | 2,690,817 | $29,007,006 | ||||||
Pacific Funds High Income ‘P’ | 380,339 | 3,803,394 | ||||||
PF Floating Rate Loan Fund ‘P’ | 201,846 | 1,913,502 | ||||||
PF Inflation Managed Fund ‘P’ * | 413,452 | 3,708,665 | ||||||
PF Managed Bond Fund ‘P’ | 16,135,455 | 177,651,355 | ||||||
PF Short Duration Bond Fund ‘P’ | 4,373,802 | 43,606,803 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 591,581 | 6,057,787 | ||||||
PF Comstock Fund ‘P’ | 580,950 | 8,627,103 | ||||||
PF Growth Fund ‘P’ | 109,923 | 2,191,865 | ||||||
PF Large-Cap Growth Fund ‘P’ | 225,506 | 2,270,846 | ||||||
PF Large-Cap Value Fund ‘P’ | 1,265,911 | 19,419,071 | ||||||
PF Main Street Core Fund ‘P’ | 730,459 | 9,430,223 | ||||||
PF Mid-Cap Equity Fund ‘P’ | 159,209 | 1,853,187 | ||||||
PF Mid-Cap Growth Fund ‘P’ | 120,523 | 914,769 | ||||||
PF Mid-Cap Value Fund ‘P’ | 737,639 | 7,855,851 | ||||||
PF Small-Cap Value Fund ‘P’ | 430,845 | 4,782,382 | ||||||
PF Emerging Markets Fund ‘P’ | 422,620 | 5,603,946 | ||||||
PF International Large-Cap Fund ‘P’ | 474,340 | 8,319,915 | ||||||
PF International Small-Cap Fund ‘P’ | 177,372 | 1,942,224 | ||||||
PF International Value Fund ‘P’ | 680,322 | 5,891,588 | ||||||
PF Real Estate Fund ‘P’ | 150,137 | 2,466,754 | ||||||
PF Currency Strategies Fund ‘P’ | 702,781 | 7,245,669 | ||||||
PF Equity Long/Short Fund ‘P’ | 711,516 | 7,620,341 | ||||||
PF Global Absolute Return Fund ‘P’ | 786,766 | 7,442,806 | ||||||
|
| |||||||
Total Affiliated Mutual Funds | 369,627,052 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% | 369,627,052 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) | (487,359 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $369,139,693 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition as a percentage of net assets was as follows: |
Affiliated Fixed Income Funds | 74.0% | |||
Affiliated Equity Funds | 26.1% | |||
|
| |||
100.1% | ||||
Other Assets & Liabilities, Net | (0.1% | ) | ||
|
| |||
100.0% | ||||
|
|
Shares | | |||||||
AFFILIATED MUTUAL FUNDS - 100.3% | ||||||||
Pacific Funds Core Income ‘P’ | 3,058,338 | $32,968,885 | ||||||
Pacific Funds High Income ‘P’ | 274,136 | 2,741,362 | ||||||
PF Floating Rate Loan Fund ‘P’ | 284,208 | 2,694,289 | ||||||
PF Inflation Managed Fund ‘P’ * | 443,184 | 3,975,362 | ||||||
PF Managed Bond Fund ‘P’ | 19,401,078 | 213,605,865 | ||||||
PF Short Duration Bond Fund ‘P’ | 2,434,553 | 24,272,497 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 792,608 | 8,116,305 | ||||||
Pacific Funds Small-Cap Growth ‘P’ * | 154,804 | 1,622,341 | ||||||
PF Comstock Fund ‘P’ | 1,263,455 | 18,762,311 | ||||||
PF Growth Fund ‘P’ | 458,190 | 9,136,314 | ||||||
PF Large-Cap Growth Fund ‘P’ | 939,990 | 9,465,698 | ||||||
PF Large-Cap Value Fund ‘P’ | 2,739,056 | 42,017,126 | ||||||
PF Main Street Core Fund ‘P’ | 1,967,399 | 25,399,119 | ||||||
PF Mid-Cap Equity Fund ‘P’ | 455,061 | 5,296,916 | ||||||
PF Mid-Cap Growth Fund ‘P’ | 172,248 | 1,307,365 | ||||||
PF Mid-Cap Value Fund ‘P’ | 1,305,199 | 13,900,365 | ||||||
PF Small-Cap Growth Fund ‘P’ | 98,895 | 1,093,777 | ||||||
PF Small-Cap Value Fund ‘P’ | 1,033,544 | 11,472,341 | ||||||
PF Emerging Markets Fund ‘P’ | 1,353,234 | 17,943,882 | ||||||
PF International Large-Cap Fund ‘P’ | 1,386,315 | 24,315,964 | ||||||
PF International Small-Cap Fund ‘P’ | 380,124 | 4,162,352 | ||||||
PF International Value Fund ‘P’ | 1,879,935 | 16,280,235 | ||||||
PF Real Estate Fund ‘P’ | 413,573 | 6,795,005 | ||||||
PF Currency Strategies Fund ‘P’ | 1,004,443 | 10,355,808 | ||||||
PF Equity Long/Short Fund ‘P’ | 1,016,899 | 10,890,984 | ||||||
PF Global Absolute Return Fund ‘P’ | 1,125,275 | 10,645,103 | ||||||
|
| |||||||
Total Affiliated Mutual Funds | 529,237,571 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.3% | 529,237,571 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.3%) | (1,597,638 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $527,639,933 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition as a percentage of net assets was as follows: |
Affiliated Fixed Income Funds | 56.7% | |||
Affiliated Equity Funds | 43.6% | |||
|
| |||
100.3% | ||||
Other Assets & Liabilities, Net | (0.3% | ) | ||
|
| |||
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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Pacific Funds Portfolio Optimization Conservative | ||||||||||||||||||
Assets | Affiliated Mutual Funds | $369,627,052 | $369,627,052 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | ||||||||||||||||||
Assets | Affiliated Mutual Funds | $529,237,571 | $529,237,571 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-1
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION MODERATE
Schedule of Investments
September 30, 2016 (Unaudited)
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION GROWTH
Schedule of Investments
September 30, 2016 (Unaudited)
| Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.2% | ||||||||
Pacific Funds Core Income ‘P’ | 4,952,748 | $53,390,622 | ||||||
Pacific Funds High Income ‘P’ | 384,296 | 3,842,957 | ||||||
PF Floating Rate Loan Fund ‘P’ | 348,439 | 3,303,202 | ||||||
PF Inflation Managed Fund ‘P’ * | 580,892 | 5,210,600 | ||||||
PF Managed Bond Fund ‘P’ | 34,795,284 | 383,096,077 | ||||||
PF Short Duration Bond Fund ‘P’ | 2,184,375 | 21,778,219 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 2,226,298 | 22,797,295 | ||||||
Pacific Funds Small-Cap Growth ‘P’ * | 506,608 | 5,309,254 | ||||||
PF Comstock Fund ‘P’ | 4,815,989 | 71,517,437 | ||||||
PF Growth Fund ‘P’ | 2,279,640 | 45,456,029 | ||||||
PF Large-Cap Growth Fund ‘P’ | 4,677,043 | 47,097,825 | ||||||
PF Large-Cap Value Fund ‘P’ | 10,446,880 | 160,255,141 | ||||||
PF Main Street Core Fund ‘P’ | 9,021,135 | 116,462,858 | ||||||
PF Mid-Cap Equity Fund ‘P’ | 2,556,073 | 29,752,695 | ||||||
PF Mid-Cap Growth Fund ‘P’ | 774,034 | 5,874,918 | ||||||
PF Mid-Cap Value Fund ‘P’ | 5,639,734 | 60,063,171 | ||||||
PF Small-Cap Growth Fund ‘P’ | 346,402 | 3,831,201 | ||||||
PF Small-Cap Value Fund ‘P’ | 4,475,547 | 49,678,566 | ||||||
PF Emerging Markets Fund ‘P’ | 6,090,904 | 80,765,393 | ||||||
PF International Large-Cap Fund ‘P’ | 5,999,296 | 105,227,646 | ||||||
PF International Small-Cap Fund ‘P’ | 1,425,987 | 15,614,555 | ||||||
PF International Value Fund ‘P’ | 8,061,162 | 69,809,660 | ||||||
PF Real Estate Fund ‘P’ | 1,505,626 | 24,737,428 | ||||||
PF Currency Strategies Fund ‘P’ | 3,526,239 | 36,355,524 | ||||||
PF Equity Long/Short Fund ‘P’ | 2,854,958 | 30,576,597 | ||||||
PF Global Absolute Return Fund ‘P’ | 3,949,890 | 37,365,959 | ||||||
|
| |||||||
Total Affiliated Mutual Funds | 1,489,170,829 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.2% | 1,489,170,829 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.2%) | (2,846,250 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $1,486,324,579 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition as a percentage of net assets was as follows: |
Affiliated Equity Funds | 64.5% | |||
Affiliated Fixed Income Funds | 35.7% | |||
|
| |||
100.2% | ||||
Other Assets & Liabilities, Net | (0.2% | ) | ||
|
| |||
100.0% | ||||
|
|
| Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.2% | ||||||||
Pacific Funds Core Income ‘P’ | 1,672,263 | $18,026,990 | ||||||
Pacific Funds High Income ‘P’ | 8,299 | 82,989 | ||||||
PF Managed Bond Fund ‘P’ | 12,381,032 | 136,315,165 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 1,431,067 | 14,654,127 | ||||||
Pacific Funds Small-Cap Growth ‘P’ * | 361,593 | 3,789,491 | ||||||
PF Comstock Fund ‘P’ | 4,163,795 | 61,832,352 | ||||||
PF Growth Fund ‘P’ | 2,022,101 | 40,320,693 | ||||||
PF Large-Cap Growth Fund ‘P’ | 4,148,532 | 41,775,721 | ||||||
PF Large-Cap Value Fund ‘P’ | 9,055,753 | 138,915,258 | ||||||
PF Main Street Core Fund ‘P’ | 8,819,302 | 113,857,192 | ||||||
PF Mid-Cap Equity Fund ‘P’ | 2,282,056 | 26,563,134 | ||||||
PF Mid-Cap Growth Fund ‘P’ | 691,031 | 5,244,925 | ||||||
PF Mid-Cap Value Fund ‘P’ | 5,639,156 | 60,057,013 | ||||||
PF Small-Cap Growth Fund ‘P’ | 248,320 | 2,746,421 | ||||||
PF Small-Cap Value Fund ‘P’ | 3,581,545 | 39,755,148 | ||||||
PF Emerging Markets Fund ‘P’ | 4,592,987 | 60,903,010 | ||||||
PF International Large-Cap Fund ‘P’ | 6,156,930 | 107,992,559 | ||||||
PF International Small-Cap Fund ‘P’ | 1,525,103 | 16,699,874 | ||||||
PF International Value Fund ‘P’ | 8,314,154 | 72,000,575 | ||||||
PF Real Estate Fund ‘P’ | 1,751,322 | 28,774,214 | ||||||
PF Currency Strategies Fund ‘P’ | 2,518,599 | 25,966,754 | ||||||
PF Equity Long/Short Fund ‘P’ | 2,038,881 | 21,836,418 | ||||||
PF Global Absolute Return Fund ‘P’ | 2,806,444 | 26,548,958 | ||||||
|
| |||||||
Total Affiliated Mutual Funds | 1,064,658,981 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.2% | 1,064,658,981 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.2%) | (2,414,950 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $1,062,244,031 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition as a percentage of net assets was as follows: |
Affiliated Equity Funds | 81.8% | |||
Affiliated Fixed Income Funds | 18.4% | |||
|
| |||
100.2% | ||||
Other Assets & Liabilities, Net | (0.2% | ) | ||
|
| |||
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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Pacific Funds Portfolio Optimization Moderate | ||||||||||||||||||
Assets | Affiliated Mutual Funds | $1,489,170,829 | $1,489,170,829 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Pacific Funds Portfolio Optimization Growth | ||||||||||||||||||
Assets | Affiliated Mutual Funds | $1,064,658,981 | $1,064,658,981 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-2
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH
Schedule of Investments
September 30, 2016 (Unaudited)
PACIFIC FUNDS
PACIFIC FUNDSSM DIVERSIFIED ALTERNATIVES
Schedule of Investments
September 30, 2016 (Unaudited)
| Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.1% | ||||||||
PF Managed Bond Fund ‘P’ | 316,211 | $3,481,483 | ||||||
Pacific Funds Small-Cap Growth ‘P’ * | 215,350 | 2,256,867 | ||||||
PF Comstock Fund ‘P’ | 1,531,929 | 22,749,143 | ||||||
PF Growth Fund ‘P’ | 1,063,196 | 21,200,123 | ||||||
PF Large-Cap Growth Fund ‘P’ | 2,175,600 | 21,908,291 | ||||||
PF Large-Cap Value Fund ‘P’ | 3,356,715 | 51,492,002 | ||||||
PF Main Street Core Fund ‘P’ | 3,140,126 | 40,539,026 | ||||||
PF Mid-Cap Equity Fund ‘P’ | 889,645 | 10,355,471 | ||||||
PF Mid-Cap Growth Fund ‘P’ | 206,777 | 1,569,435 | ||||||
PF Mid-Cap Value Fund ‘P’ | 1,755,214 | 18,693,028 | ||||||
PF Small-Cap Growth Fund ‘P’ | 147,663 | 1,633,157 | ||||||
PF Small-Cap Value Fund ‘P’ | 1,320,177 | 14,653,961 | ||||||
PF Emerging Markets Fund ‘P’ | 1,494,663 | 19,819,235 | ||||||
PF International Large-Cap Fund ‘P’ | 1,978,398 | 34,701,096 | ||||||
PF International Small-Cap Fund ‘P’ | 454,759 | 4,979,608 | ||||||
PF International Value Fund ‘P’ | 2,693,441 | 23,325,199 | ||||||
PF Real Estate Fund ‘P’ | 423,949 | 6,965,483 | ||||||
PF Currency Strategies Fund ‘P’ | 604,307 | 6,230,405 | ||||||
PF Equity Long/Short Fund ‘P’ | 531,942 | 5,697,096 | ||||||
PF Global Absolute Return Fund ‘P’ | 669,729 | 6,335,634 | ||||||
|
| |||||||
Total Affiliated Mutual Funds | 318,585,743 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% | 318,585,743 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) | (376,475 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $318,209,268 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition as a percentage of net assets was as follows: |
Affiliated Equity Funds | 97.0% | |||
Affiliated Fixed Income Funds | 3.1% | |||
|
| |||
100.1% | ||||
Other Assets & Liabilities, Net | (0.1% | ) | ||
|
| |||
100.0% | ||||
|
|
| Value | |||||||
AFFILIATED MUTUAL FUNDS - 99.7% | ||||||||
Pacific Funds Floating Rate Income ‘P’ | 51,749 | $516,455 | ||||||
PF Inflation Managed Fund ‘P’ * | 35,896 | 321,986 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 64,166 | 657,066 | ||||||
PF Emerging Markets Fund ‘P’ | 35,524 | 471,048 | ||||||
PF International Small-Cap Fund ‘P’ | 30,887 | 338,211 | ||||||
PF Real Estate Fund ‘P’ | 18,643 | 306,311 | ||||||
PF Currency Strategies Fund ‘P’ | 146,512 | 1,510,540 | ||||||
PF Equity Long/Short Fund ‘P’ | 67,887 | 727,067 | ||||||
PF Global Absolute Return Fund ‘P’ | 170,632 | 1,614,177 | ||||||
|
| |||||||
Total Affiliated Mutual Funds | 6,462,861 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.7% | 6,462,861 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.3% | 19,186 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $6,482,047 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition as a percentage of net assets was as follows: |
Affiliated Equity Funds | 51.7% | |||
Affiliated Fixed Income Funds | 48.0% | |||
|
| |||
99.7% | ||||
Other Assets & Liabilities, Net | 0.3% | |||
|
| |||
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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | ||||||||||||||||||
Assets | Affiliated Mutual Funds | $318,585,743 | $318,585,743 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Pacific Funds Diversified Alternatives | ||||||||||||||||||
Assets | Affiliated Mutual Funds | $6,462,861 | $6,462,861 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-3
PACIFIC FUNDS
PACIFIC FUNDSSM SHORT DURATION INCOME
Schedule of Investments
September 30, 2016 (Unaudited)
Principal |
| |||||||
CORPORATE BONDS & NOTES - 79.1% | ||||||||
Basic Materials - 0.8% | ||||||||
Airgas Inc (France) | $1,650,000 | $1,713,328 | ||||||
Glencore Funding LLC (Switzerland) | 500,000 | 501,300 | ||||||
|
| |||||||
2,214,628 | ||||||||
|
| |||||||
Communications - 2.6% |
| |||||||
Charter Communications Operating LLC | 2,700,000 | 2,824,654 | ||||||
DISH DBS Corp |
| |||||||
4.250% due 04/01/18 | 250,000 | 256,875 | ||||||
7.875% due 09/01/19 | 1,000,000 | 1,122,500 | ||||||
Intelsat Jackson Holdings SA (Luxembourg) | 250,000 | 195,000 | ||||||
NBCUniversal Enterprise Inc | 1,500,000 | 1,510,719 | ||||||
Verizon Communications Inc | 1,250,000 | 1,237,859 | ||||||
|
| |||||||
7,147,607 | ||||||||
|
| |||||||
Consumer, Cyclical - 10.5% |
| |||||||
British Airways Pass-Through Trust ‘B’ (United Kingdom) | 952,736 | 993,427 | ||||||
CVS Health Corp | 2,150,000 | 2,231,083 | ||||||
Delta Air Lines Pass-Through Trust ‘A’ | ||||||||
4.750% due 11/07/21 | 732,215 | 784,385 | ||||||
4.950% due 11/23/20 | 533,165 | 552,492 | ||||||
Ford Motor Credit Co LLC | ||||||||
1.675% due 03/12/19 § | 2,000,000 | 2,003,188 | ||||||
2.145% due 01/09/18 | 1,500,000 | 1,508,246 | ||||||
General Motors Co | ||||||||
3.500% due 10/02/18 | 1,000,000 | 1,028,553 | ||||||
General Motors Financial Co Inc | ||||||||
2.400% due 05/09/19 | 1,650,000 | 1,656,933 | ||||||
4.375% due 09/25/21 | 1,000,000 | 1,069,324 | ||||||
4.750% due 08/15/17 | 1,000,000 | 1,027,256 | ||||||
GLP Capital LP | 750,000 | 785,625 | ||||||
Hyundai Capital America | ||||||||
2.000% due 07/01/19 ~ | 1,500,000 | 1,509,186 | ||||||
2.400% due 10/30/18 ~ | 1,000,000 | 1,014,319 | ||||||
Hyundai Capital Services Inc (South Korea) | 1,000,000 | 1,000,639 | ||||||
Lennar Corp | ||||||||
4.125% due 12/01/18 | 750,000 | 774,375 | ||||||
4.500% due 06/15/19 | 1,500,000 | 1,578,750 | ||||||
NCL Corp Ltd | 500,000 | 502,500 | ||||||
Newell Brands Inc | 3,650,000 | 3,735,257 | ||||||
PulteGroup Inc | 400,000 | 422,000 | ||||||
Toll Brothers Finance Corp | 1,850,000 | 1,921,688 | ||||||
United Airlines Pass-Through Trust ‘B’ |
| |||||||
4.625% due 03/03/24 | 904,227 | 911,020 | ||||||
4.750% due 10/11/23 | 679,820 | 687,477 | ||||||
United Continental Holdings Inc | 250,000 | 263,750 | ||||||
Wyndham Worldwide Corp | 1,000,000 | 1,010,758 | ||||||
|
| |||||||
28,972,231 | ||||||||
|
|
Principal |
| |||||||
Consumer, Non-cyclical - 17.8% |
| |||||||
AbbVie Inc | ||||||||
1.800% due 05/14/18 | $2,200,000 | $2,210,113 | ||||||
2.300% due 05/14/21 | 2,000,000 | 2,019,670 | ||||||
Actavis Funding SCS | 2,250,000 | 2,273,843 | ||||||
Aetna Inc | 1,750,000 | 1,765,887 | ||||||
Amgen Inc | 1,650,000 | 1,642,293 | ||||||
Anheuser-Busch InBev Finance Inc (Belgium) | 4,000,000 | 4,041,932 | ||||||
Becton Dickinson and Co | 1,650,000 | 1,658,545 | ||||||
Biogen Inc | 1,650,000 | 1,715,315 | ||||||
Celgene Corp | 2,150,000 | 2,173,880 | ||||||
Constellation Brands Inc | 1,500,000 | 1,582,500 | ||||||
Ecolab Inc | 2,000,000 | 2,024,248 | ||||||
Imperial Brands Finance PLC (United Kingdom) | ||||||||
2.050% due 02/11/18 ~ | 1,000,000 | 1,005,689 | ||||||
2.050% due 07/20/18 ~ | 1,000,000 | 1,007,279 | ||||||
Laboratory Corp of America Holdings | 2,500,000 | 2,549,040 | ||||||
Mylan NV | 3,000,000 | 3,028,383 | ||||||
Perrigo Finance Unlimited Co | 1,000,000 | 1,035,373 | ||||||
Reynolds American Inc | 2,250,000 | 2,282,468 | ||||||
S&P Global Inc | 3,000,000 | 3,048,633 | ||||||
Shire Acquisitions Investments | 2,650,000 | 2,654,343 | ||||||
Stryker Corp | 1,650,000 | 1,671,650 | ||||||
Teva Pharmaceutical Finance Netherlands III BV (Israel) | 900,000 | 898,507 | ||||||
Thermo Fisher Scientific Inc | 750,000 | 758,753 | ||||||
Total System Services Inc | 1,000,000 | 1,062,307 | ||||||
Valeant Pharmaceuticals International Inc | 850,000 | 858,500 | ||||||
Wm Wrigley Jr Co | 1,750,000 | 1,779,208 | ||||||
Zimmer Biomet Holdings Inc | 2,150,000 | 2,165,095 | ||||||
|
| |||||||
48,913,454 | ||||||||
|
| |||||||
Energy - 5.0% | ||||||||
BP Capital Markets PLC (United Kingdom) | 1,500,000 | 1,506,272 | ||||||
Columbia Pipeline Group Inc | 1,000,000 | 1,006,327 | ||||||
Energy Transfer Partners LP | 1,500,000 | 1,510,841 | ||||||
Enterprise Products Operating LLC | 1,750,000 | 1,782,561 | ||||||
Kinder Morgan Energy Partners LP | 1,000,000 | 1,008,906 | ||||||
Kinder Morgan Inc | 850,000 | 869,149 | ||||||
Petrobras Global Finance BV (Brazil) | 1,000,000 | 1,098,200 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-4
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
Schlumberger Holdings Corp | $1,000,000 | $1,006,490 | ||||||
Shell International Finance BV (Netherlands) | 2,500,000 | 2,493,885 | ||||||
TransCanada Pipe Lines Ltd (Canada) | 1,500,000 | 1,506,261 | ||||||
|
| |||||||
13,788,892 | ||||||||
|
| |||||||
Financial - 26.7% |
| |||||||
AerCap Ireland Capital Ltd (Netherlands) | ||||||||
3.750% due 05/15/19 | 1,350,000 | 1,382,063 | ||||||
3.950% due 02/01/22 | 600,000 | 615,750 | ||||||
Air Lease Corp | ||||||||
2.125% due 01/15/18 | 1,000,000 | 1,007,500 | ||||||
3.375% due 01/15/19 | 1,500,000 | 1,544,430 | ||||||
Ally Financial Inc | 1,500,000 | 1,518,750 | ||||||
American Express Credit Corp | 2,000,000 | 2,016,856 | ||||||
American Tower Corp REIT | 2,000,000 | 2,079,140 | ||||||
Ares Capital Corp | 2,500,000 | 2,610,900 | ||||||
Bank of America Corp | 2,000,000 | 2,009,782 | ||||||
Bank of America NA | ||||||||
1.650% due 03/26/18 | 600,000 | 602,603 | ||||||
5.300% due 03/15/17 | 2,000,000 | 2,035,188 | ||||||
Capital One Bank USA NA | 1,000,000 | 1,013,482 | ||||||
Capital One NA | 1,650,000 | 1,670,747 | ||||||
Citigroup Inc | 4,500,000 | 4,525,281 | ||||||
Citizens Bank NA | 1,000,000 | 1,018,955 | ||||||
Citizens Financial Group Inc | 250,000 | 251,173 | ||||||
Credit Suisse Group Funding Guernsey Ltd (Switzerland) | 1,500,000 | 1,532,235 | ||||||
Crown Castle International Corp REIT | 2,000,000 | 2,000,840 | ||||||
HSBC Holdings PLC (United Kingdom) | 2,000,000 | 2,010,446 | ||||||
International Lease Finance Corp | 500,000 | 513,125 | ||||||
JPMorgan Chase & Co | ||||||||
1.625% due 05/15/18 | 2,000,000 | 2,005,264 | ||||||
1.957% due 10/29/20 § | 3,000,000 | 3,057,924 | ||||||
Mitsubishi UFJ Financial Group Inc (Japan) | ||||||||
1.912% due 09/13/21 § | 2,000,000 | 1,999,122 | ||||||
2.722% due 03/01/21 § | 3,000,000 | 3,110,820 | ||||||
Morgan Stanley | ||||||||
2.125% due 04/25/18 | 3,000,000 | 3,026,277 | ||||||
2.450% due 02/01/19 | 2,000,000 | 2,037,388 | ||||||
Och-Ziff Finance Co LLC | 1,000,000 | 967,254 | ||||||
PNC Bank NA | 2,000,000 | 2,017,552 | ||||||
Senior Housing Properties Trust REIT | 500,000 | 504,425 | ||||||
State Street Corp | 1,000,000 | 1,009,984 | ||||||
Synchrony Financial | 2,000,000 | 2,048,814 | ||||||
The Bank of New York Mellon Corp | 2,000,000 | 2,056,860 |
Principal |
| |||||||
The Goldman Sachs Group Inc | ||||||||
1.875% due 04/23/20 § | $3,500,000 | $3,523,489 | ||||||
2.241% due 11/15/21 § | 2,000,000 | 1,991,968 | ||||||
2.875% due 02/25/21 | 1,000,000 | 1,026,748 | ||||||
TIAA Asset Management Finance Co LLC | 1,450,000 | 1,495,044 | ||||||
Trinity Acquisition PLC | 550,000 | 573,932 | ||||||
Voya Financial Inc | 1,525,000 | 1,554,102 | ||||||
WEA Finance LLC REIT (Australia) | 2,500,000 | 2,505,068 | ||||||
Wells Fargo & Co | ||||||||
2.500% due 03/04/21 | 3,000,000 | 3,043,440 | ||||||
2.550% due 12/07/20 | 2,000,000 | 2,040,228 | ||||||
|
| |||||||
73,554,949 | ||||||||
|
| |||||||
Industrial - 3.2% | ||||||||
Ardagh Packaging Finance PLC (Ireland) | 1,000,000 | 1,016,300 | ||||||
Fortive Corp | 1,000,000 | 1,003,336 | ||||||
Harris Corp | 1,000,000 | 1,006,040 | ||||||
Lockheed Martin Corp | 2,650,000 | 2,738,351 | ||||||
Masco Corp | 2,000,000 | 2,080,000 | ||||||
Owens Corning | 83,000 | 96,997 | ||||||
SMBC Aviation Capital Finance DAC (Ireland) | 800,000 | 802,050 | ||||||
|
| |||||||
8,743,074 | ||||||||
|
| |||||||
Technology - 6.1% | ||||||||
Activision Blizzard Inc | 750,000 | 752,769 | ||||||
Apple Inc | 2,500,000 | 2,494,908 | ||||||
Diamond 1 Finance Corp | 2,500,000 | 2,572,453 | ||||||
5.875% due 06/15/21 ~ | 75,000 | 79,720 | ||||||
Fidelity National Information Services Inc | ||||||||
2.250% due 08/15/21 | 1,900,000 | 1,913,300 | ||||||
2.850% due 10/15/18 | 2,150,000 | 2,207,454 | ||||||
Hewlett Packard Enterprise Co | 3,000,000 | 3,051,339 | ||||||
Lam Research Corp | 850,000 | 873,459 | ||||||
Oracle Corp | 2,750,000 | 2,759,100 | ||||||
|
| |||||||
16,704,502 | ||||||||
|
| |||||||
Utilities - 6.4% | ||||||||
AES Corp | 164,000 | 164,820 | ||||||
Ameren Corp | 1,400,000 | 1,444,898 | ||||||
Dominion Resources Inc | 750,000 | 770,256 | ||||||
Duke Energy Corp | 950,000 | 946,100 | ||||||
Emera US Finance LP (Canada) | 2,000,000 | 2,023,054 | ||||||
Exelon Corp | 3,150,000 | 3,152,882 | ||||||
Georgia Power Co | 850,000 | 865,110 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-5
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
NextEra Energy Capital Holdings Inc | ||||||||
1.649% due 09/01/18 | $1,650,000 | $1,656,965 | ||||||
2.056% due 09/01/17 | 3,000,000 | 3,016,899 | ||||||
The Southern Co | 1,800,000 | 1,815,233 | ||||||
WEC Energy Group Inc | 1,900,000 | 1,911,647 | ||||||
|
| |||||||
17,767,864 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 217,807,201 | |||||||
|
| |||||||
SENIOR LOAN NOTES - 12.0% | ||||||||
Basic Materials - 0.3% | ||||||||
Ineos US Finance LLC | 1,000,000 | 1,004,911 | ||||||
|
| |||||||
Communications - 0.7% | ||||||||
CSC Holdings LLC | 1,496,250 | 1,501,861 | ||||||
Zayo Group LLC | 500,000 | 502,634 | ||||||
|
| |||||||
2,004,495 | ||||||||
|
| |||||||
Consumer, Cyclical - 6.1% | ||||||||
Beacon Roofing Supply Inc | 1,488,722 | 1,497,096 | ||||||
Dollar Tree Inc Term B-3 | 94,937 | 95,530 | ||||||
HD Supply Inc | 990,000 | 993,815 | ||||||
Hilton Worldwide Finance LLC | ||||||||
Term B-1 | ||||||||
3.500% due 10/26/20 § | 62,034 | 62,476 | ||||||
Term B-2 | ||||||||
3.100% due 10/25/23 § ¥ | 2,629,154 | 2,651,688 | ||||||
Las Vegas Sands LLC Term B | 1,948,662 | 1,961,710 | ||||||
New Red Finance Inc Term B-2 | 987,411 | 994,915 | ||||||
Nexeo Solutions LLC | 997,500 | 1,006,228 | ||||||
NPC International Inc | 1,500,000 | 1,506,563 | ||||||
Petsmart Inc Tranche B-1 | 1,989,962 | 1,996,181 | ||||||
Rite Aid Corp Tranche 1 (2nd Lien) | 1,875,000 | 1,882,911 | ||||||
Seminole Tribe of Florida | 755,000 | 757,831 | ||||||
UNIVAR USA Inc | 1,324,146 | 1,326,353 | ||||||
|
| |||||||
16,733,297 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 1.1% | ||||||||
Albertson’s LLC Term B-4 | 603,020 | 607,392 | ||||||
Iasis Healthcare LLC Term B-2 | 994,832 | 985,661 | ||||||
US Foods Inc | 1,496,250 | 1,508,808 | ||||||
|
| |||||||
3,101,861 | ||||||||
|
| |||||||
Financial - 1.3% | ||||||||
DTZ Worldwide Ltd | 997,475 | 998,410 | ||||||
MGM Growth Properties Operating Partnership LP Term B | 1,492,500 | 1,507,425 | ||||||
USI Inc | 994,872 | 996,427 | ||||||
|
| |||||||
3,502,262 | ||||||||
|
|
Principal |
| |||||||
Industrial - 1.8% | ||||||||
Berry Plastics Corp Term H | $1,388,171 | $1,393,723 | ||||||
BWay Intermediate Co Inc | 706,730 | 711,074 | ||||||
Reynolds Group Holdings Inc (New Zealand) | 2,746,073 | 2,757,774 | ||||||
|
| |||||||
4,862,571 | ||||||||
|
| |||||||
Technology - 0.7% | ||||||||
Avago Technologies Cayman Ltd Term B-3 (Singapore) | 1,012,079 | 1,025,362 | ||||||
Infor US Inc Tranche B-5 | 467,235 | 464,482 | ||||||
Sensata Technologies BV (Netherlands) | 407,390 | 409,755 | ||||||
|
| |||||||
1,899,599 | ||||||||
|
| |||||||
Total Senior Loan Notes | 33,108,996 | |||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 0.2% | ||||||||
Collateralized Mortgage Obligations - Commercial - 0.2% |
| |||||||
Hilton USA Trust | 226,679 | 226,685 | ||||||
Hyatt Hotel Portfolio Trust | 250,000 | 249,281 | ||||||
|
| |||||||
475,966 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities | 475,966 | |||||||
|
| |||||||
ASSET-BACKED SECURITIES - 5.6% | ||||||||
AmeriCredit Automobile Receivables Trust | 2,500,000 | 2,502,749 | ||||||
Capital Auto Receivables Asset Trust | ||||||||
1.630% due 01/20/21 " | 250,000 | 250,093 | ||||||
2.060% due 10/22/18 " | 400,000 | 401,660 | ||||||
2.110% due 03/22/21 " | 250,000 | 251,985 | ||||||
Carlyle Global Market Strategies CLO Ltd (Cayman) | 500,000 | 499,875 | ||||||
Ford Credit Auto Owner Trust | 2,000,000 | 2,024,050 | ||||||
Madison Park Funding VIII Ltd (Cayman) | 500,000 | 500,124 | ||||||
Navient Student Loan Trust | ||||||||
0.835% due 03/27/23 " § | 720,000 | 719,599 | ||||||
0.945% due 08/27/29 " § | 630,000 | 627,712 | ||||||
Nelnet Student Loan Trust | ||||||||
1.325% due 12/26/33 " § | 356,230 | 350,888 | ||||||
1.375% due 02/25/48 " § ~ | 1,342,959 | 1,346,657 | ||||||
Race Point VI CLO Ltd (Cayman) | 500,000 | 502,830 | ||||||
Santander Drive Auto Receivables Trust | ||||||||
2.080% due 02/16/21 " | 650,000 | 654,980 | ||||||
2.660% due 11/15/21 " | 500,000 | 508,138 | ||||||
SLM Private Education Loan Trust | 963,083 | 976,295 | ||||||
SLM Student Loan Trust | 1,005,493 | 1,004,862 | ||||||
SMB Private Education Loan Trust | 700,000 | 709,265 | ||||||
2.700% due 05/15/31 " ~ | 1,000,000 | 1,020,300 | ||||||
Synchrony Credit Card Master Note Trust | 500,000 | 510,483 | ||||||
Verizon Owner Trust | 250,000 | 250,878 | ||||||
|
| |||||||
Total Asset-Backed Securities | 15,613,423 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-6
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
U.S. TREASURY OBLIGATIONS - 0.6% | ||||||||
U.S. Treasury Notes - 0.6% | ||||||||
0.875% due 11/30/16 | $175,000 | $175,194 | ||||||
1.000% due 03/15/18 | 1,500,000 | 1,506,182 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 1,681,376 | |||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 0.2% |
| |||||||
Export-Import Bank of Korea (South Korea) | 500,000 | 500,621 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes | 500,621 | |||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 2.5% | ||||||||
Money Market Fund - 2.5% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 6,846,564 | 6,846,564 | ||||||
|
| |||||||
Total Short-Term Investment | 6,846,564 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.2% | 276,034,147 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.2%) |
| (668,722 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% | $275,365,425 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 79.1% | |||
Senior Loan Notes | 12.0% | |||
Asset-Backed Securities | 5.6% | |||
Others (each less than 3.0%) | 3.5% | |||
|
| |||
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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $217,807,201 | $— | $217,807,201 | $— | |||||||||||||
Senior Loan Notes | 33,108,996 | — | 33,108,996 | — | ||||||||||||||
Mortgage-Backed Securities | 475,966 | — | 475,966 | — | ||||||||||||||
Asset-Backed Securities | 15,613,423 | — | 15,613,423 | — | ||||||||||||||
U.S. Treasury Obligations | 1,681,376 | — | 1,681,376 | — | ||||||||||||||
Foreign Government Bonds & Notes | 500,621 | — | 500,621 | — | ||||||||||||||
Short-Term Investment | 6,846,564 | 6,846,564 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $276,034,147 | $6,846,564 | $269,187,583 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-7
PACIFIC FUNDS
PACIFIC FUNDSSM CORE INCOME
Schedule of Investments
September 30, 2016 (Unaudited)
Principal |
| |||||||
CORPORATE BONDS & NOTES - 62.8% | ||||||||
Basic Materials - 1.0% | ||||||||
Air Liquide Finance SA (France) | $1,800,000 | $1,828,022 | ||||||
Glencore Funding LLC (Switzerland) | 4,250,000 | 4,234,849 | ||||||
Tronox Finance LLC | 1,500,000 | 1,391,250 | ||||||
|
| |||||||
7,454,121 | ||||||||
|
| |||||||
Communications - 2.7% |
| |||||||
Altice US Finance I Corp | 1,825,000 | 1,888,875 | ||||||
AT&T Inc | ||||||||
3.950% due 01/15/25 | 2,000,000 | 2,127,814 | ||||||
4.750% due 05/15/46 | 2,400,000 | 2,534,820 | ||||||
Charter Communications Operating LLC | 3,500,000 | 3,870,748 | ||||||
T-Mobile USA Inc | ||||||||
6.125% due 01/15/22 | 500,000 | 533,125 | ||||||
6.250% due 04/01/21 | 665,000 | 700,328 | ||||||
Verizon Communications Inc | ||||||||
2.625% due 08/15/26 | 1,850,000 | 1,819,120 | ||||||
3.500% due 11/01/24 | 1,530,000 | 1,635,682 | ||||||
5.150% due 09/15/23 | 3,000,000 | 3,496,791 | ||||||
Virgin Media Secured Finance PLC (United Kingdom) | 2,025,000 | 2,118,656 | ||||||
|
| |||||||
20,725,959 | ||||||||
|
| |||||||
Consumer, Cyclical - 14.7% |
| |||||||
Air Canada Pass-Through Trust ‘A’ (Canada) | 4,844,203 | 5,116,689 | ||||||
Air Canada Pass-Through Trust ‘AA’ (Canada) | 1,800,000 | 1,924,290 | ||||||
American Airlines Pass-Through Trust ‘A’ | 1,200,000 | 1,252,500 | ||||||
American Airlines Pass-Through Trust ‘AA’ | ||||||||
3.575% due 07/15/29 | 4,987,749 | 5,280,779 | ||||||
3.600% due 03/22/29 | 3,026,675 | 3,212,058 | ||||||
American Airlines Pass-Through Trust ‘B’ | ||||||||
3.700% due 11/01/24 | 1,453,219 | 1,422,338 | ||||||
4.375% due 04/01/24 | 821,350 | 838,825 | ||||||
British Airways Pass-Through Trust ‘A’ (United Kingdom) | 3,605,377 | 3,870,088 | ||||||
British Airways Pass-Through Trust ‘B’ (United Kingdom) | 3,416,709 | 3,562,633 | ||||||
CalAtlantic Group Inc | 2,500,000 | 2,759,375 | ||||||
Cedar Fair LP | 2,000,000 | 2,072,278 | ||||||
Continental Airlines Pass-Through Trust ‘A’ | 3,052,297 | 3,239,250 | ||||||
Delta Air Lines Pass-Through Trust ‘A’ | ||||||||
4.750% due 11/07/21 | 5,125,505 | 5,490,697 | ||||||
4.950% due 11/23/20 | 1,039,671 | 1,077,359 | ||||||
Delta Air Lines Pass-Through Trust ‘AA’ | 1,533,244 | 1,634,822 | ||||||
Dollar General Corp | 3,500,000 | 3,818,416 | ||||||
Ford Motor Credit Co LLC | ||||||||
2.021% due 05/03/19 | 2,800,000 | 2,808,215 | ||||||
4.250% due 09/20/22 | 6,500,000 | 7,024,284 | ||||||
General Motors Co | 3,000,000 | 3,139,599 | ||||||
General Motors Financial Co | 5,000,000 | 5,346,620 |
Principal |
| |||||||
GLP Capital LP | $2,450,000 | $2,584,750 | ||||||
Hawaiian Airlines Pass-Through Certificates ‘A’ | 2,168,190 | 2,192,582 | ||||||
Lennar Corp | 3,000,000 | 3,157,500 | ||||||
MGM Resorts International | 2,000,000 | 2,250,000 | ||||||
NCL Corp Ltd | 2,000,000 | 2,010,000 | ||||||
New Red Finance Inc (Canada) | 3,500,000 | 3,648,750 | ||||||
Newell Brands Inc | 4,000,000 | 4,265,136 | ||||||
Norwegian Air Shuttle ASA Pass-Through Trust ‘A’ (Norway) | 2,000,000 | 1,999,154 | ||||||
O’Reilly Automotive Inc | 1,630,000 | 1,732,410 | ||||||
PulteGroup Inc | 1,000,000 | 1,055,000 | ||||||
Signet UK Finance PLC | 3,000,000 | 2,894,442 | ||||||
Six Flags Entertainment Corp | 2,500,000 | 2,581,875 | ||||||
Toll Brothers Finance Corp | ||||||||
4.375% due 04/15/23 | 2,000,000 | 2,060,000 | ||||||
4.875% due 11/15/25 | 1,650,000 | 1,695,375 | ||||||
United Airlines Pass-Through Trust ‘B’ | 5,030,669 | 5,087,329 | ||||||
US Airways Pass-Through Trust ‘A’ | 2,985,987 | 3,213,669 | ||||||
Virgin Australia Trust (Australia) | 1,912,745 | 1,986,863 | ||||||
Walgreens Boots Alliance Inc | 3,250,000 | 3,382,766 | ||||||
|
| |||||||
112,688,716 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 9.0% |
| |||||||
Actavis Funding SCS | 4,000,000 | 4,204,752 | ||||||
Aetna Inc | 2,750,000 | 2,864,491 | ||||||
Altria Group Inc | 1,950,000 | 1,975,239 | ||||||
Amgen Inc | 2,150,000 | 2,273,399 | ||||||
Anheuser-Busch InBev Finance Inc (Belgium) | 9,000,000 | 9,656,640 | ||||||
Biogen Inc | 2,800,000 | 3,314,721 | ||||||
CHS/Community Health Systems Inc | 2,000,000 | 1,985,000 | ||||||
Constellation Brands Inc | 2,000,000 | 2,175,200 | ||||||
Express Scripts Holding Co | 1,750,000 | 1,830,493 | ||||||
HCA Inc | 700,000 | 748,125 | ||||||
Imperial Brand Finance PLC (United Kingdom) | 4,300,000 | 4,568,991 | ||||||
Kraft Heinz Foods Co | 1,500,000 | 1,597,842 | ||||||
Laboratory Corp of America Holdings | 2,500,000 | 2,736,843 | ||||||
Reynolds American Inc | 2,750,000 | 3,075,402 | ||||||
S&P Global Inc | 2,000,000 | 2,240,440 | ||||||
Shire Acquisitions Investments | 3,500,000 | 3,521,511 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-8
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
Teva Pharmaceutical Finance (Israel) | $3,000,000 | $3,022,311 | ||||||
The ADT Corp | 3,875,000 | 4,233,437 | ||||||
Thermo Fisher Scientific Inc | ||||||||
2.950% due 09/19/26 | 1,500,000 | 1,498,286 | ||||||
3.000% due 04/15/23 | 1,000,000 | 1,025,919 | ||||||
Transurban Finance Co Pty (Australia) | 1,800,000 | 1,818,632 | ||||||
United Rentals North America Inc | 3,000,000 | 3,086,250 | ||||||
Valeant Pharmaceuticals International Inc | 2,500,000 | 2,525,000 | ||||||
Zimmer Biomet Holdings Inc | 3,000,000 | 3,099,165 | ||||||
|
| |||||||
69,078,089 | ||||||||
|
| |||||||
Energy - 3.4% |
| |||||||
Anadarko Petroleum Corp | 3,000,000 | 2,769,483 | ||||||
Cimarex Energy Co | 1,500,000 | 1,571,011 | ||||||
Colorado Interstate Gas Co LLC | 1,050,000 | 1,043,729 | ||||||
Concho Resources Inc | 930,000 | 963,712 | ||||||
Energy Transfer Partners LP | 2,500,000 | 2,485,342 | ||||||
Exxon Mobil Corp | 2,000,000 | 2,232,220 | ||||||
Hess Corp | 900,000 | 909,295 | ||||||
Kinder Morgan Inc | ||||||||
4.250% due 09/01/24 | 2,500,000 | 2,578,663 | ||||||
5.550% due 06/01/45 | 2,500,000 | 2,579,655 | ||||||
Korea National Oil Corp (South Korea) | 2,000,000 | 2,018,548 | ||||||
Petrobras Global Finance BV (Brazil) | 2,000,000 | 2,196,400 | ||||||
Sabine Pass Liquefaction | 2,100,000 | 2,157,750 | ||||||
The Williams Cos Inc | 1,500,000 | 1,462,500 | ||||||
Western Gas Partners LP | 1,350,000 | 1,400,621 | ||||||
|
| |||||||
26,368,929 | ||||||||
|
| |||||||
Financial - 22.5% |
| |||||||
AerCap Ireland Capital Ltd (Netherlands) | ||||||||
3.750% due 05/15/19 | 2,150,000 | 2,201,062 | ||||||
3.950% due 02/01/22 | 1,750,000 | 1,795,937 | ||||||
Air Lease Corp | ||||||||
3.875% due 04/01/21 | 5,500,000 | 5,830,000 | ||||||
4.250% due 09/15/24 | 3,000,000 | 3,164,670 | ||||||
Ally Financial Inc | 3,000,000 | 3,041,250 | ||||||
American Tower Corp REIT | ||||||||
3.300% due 02/15/21 | 1,450,000 | 1,517,418 | ||||||
3.500% due 01/31/23 | 2,000,000 | 2,089,726 | ||||||
5.000% due 02/15/24 | 2,000,000 | 2,270,002 | ||||||
Aon PLC | 2,000,000 | 2,140,884 | ||||||
Ares Capital Corp | 4,000,000 | 4,177,440 | ||||||
AvalonBay Communities Inc | 1,150,000 | 1,141,952 | ||||||
Bank of America Corp | ||||||||
3.500% due 04/19/26 | 1,350,000 | 1,406,681 | ||||||
4.200% due 08/26/24 | 5,000,000 | 5,296,100 | ||||||
4.250% due 10/22/26 | 2,500,000 | 2,651,065 |
Principal |
| |||||||
Berkshire Hathaway Inc | $1,850,000 | $1,949,728 | ||||||
Capital One Financial Corp | 3,000,000 | 3,137,556 | ||||||
CBL & Associates LP REIT | 1,500,000 | 1,534,897 | ||||||
CC Holdings GS V LLC | 3,350,000 | 3,594,597 | ||||||
Citigroup Inc | ||||||||
2.255% due 09/01/23 § | 4,500,000 | 4,525,281 | ||||||
3.400% due 05/01/26 | 2,000,000 | 2,071,890 | ||||||
4.400% due 06/10/25 | 3,000,000 | 3,183,906 | ||||||
Columbia Property Trust Operating Partnership LP REIT | 3,500,000 | 3,665,767 | ||||||
Crown Castle International Corp REIT | 1,850,000 | 1,938,160 | ||||||
Discover Bank/Greenwood | 1,500,000 | 1,512,766 | ||||||
Duke Realty LP REIT | 5,250,000 | 5,750,078 | ||||||
HSBC Holdings PLC (United Kingdom) | 2,700,000 | 2,692,994 | ||||||
International Lease Finance Corp | 4,000,000 | 4,375,000 | ||||||
JPMorgan Chase & Co | 5,500,000 | 5,803,232 | ||||||
Kilroy Realty LP REIT | 5,000,000 | 5,203,870 | ||||||
Kimco Realty Corp | 3,200,000 | 3,181,488 | ||||||
Legg Mason Inc | 1,700,000 | 1,841,454 | ||||||
Marsh & McLennan Cos Inc | 3,900,000 | 4,094,887 | ||||||
Mid-America Apartments LP REIT | 1,800,000 | 1,916,906 | ||||||
Morgan Stanley | ||||||||
2.375% due 07/23/19 | 3,000,000 | 3,054,003 | ||||||
2.500% due 04/21/21 | 2,650,000 | 2,678,737 | ||||||
5.000% due 11/24/25 | 4,500,000 | 5,032,881 | ||||||
Piedmont Operating Partnership LP REIT | 5,100,000 | 5,331,851 | ||||||
Principal Life Global Funding II | 2,450,000 | 2,494,700 | ||||||
Senior Housing Properties Trust REIT | 1,500,000 | 1,578,593 | ||||||
SunTrust Bank | 2,600,000 | 2,659,379 | ||||||
The Goldman Sachs Group Inc | ||||||||
2.241% due 11/15/21 § | 3,250,000 | 3,236,948 | ||||||
2.550% due 10/23/19 | 5,500,000 | 5,624,493 | ||||||
2.875% due 02/25/21 | 3,000,000 | 3,080,244 | ||||||
4.250% due 10/21/25 | 3,500,000 | 3,692,465 | ||||||
TIAA Asset Management Finance Co LLC | 2,850,000 | 3,011,324 | ||||||
Trinity Acquisition PLC | 1,650,000 | 1,732,338 | ||||||
UDR Inc | 3,000,000 | 2,986,095 | ||||||
US Bancorp | 2,325,000 | 2,406,196 | ||||||
Ventas Realty LP REIT | ||||||||
3.125% due 06/15/23 | 850,000 | 868,762 | ||||||
3.250% due 10/15/26 | 2,000,000 | 2,024,212 | ||||||
3.500% due 02/01/25 | 4,450,000 | 4,601,629 | ||||||
Visa Inc | ||||||||
3.150% due 12/14/25 | 1,500,000 | 1,587,315 | ||||||
4.300% due 12/14/45 | 3,000,000 | 3,485,355 | ||||||
WEA Finance LLC REIT (Australia) | 4,000,000 | 4,213,716 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-9
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
Wells Fargo & Co | $3,750,000 | $3,837,037 | ||||||
Welltower Inc REIT | 3,000,000 | 3,188,589 | ||||||
|
| |||||||
173,105,506 | ||||||||
|
| |||||||
Industrial - 3.3% |
| |||||||
Lockheed Martin Corp | 2,000,000 | 2,392,582 | ||||||
Louisiana-Pacific Corp | 1,750,000 | 1,754,375 | ||||||
Masco Corp | ||||||||
3.500% due 04/01/21 | 3,385,000 | 3,520,400 | ||||||
4.375% due 04/01/26 | 1,175,000 | 1,242,563 | ||||||
4.450% due 04/01/25 | 525,000 | 560,438 | ||||||
Mexico City Airport Trust (Mexico) | 800,000 | 804,000 | ||||||
Owens Corning | ||||||||
4.200% due 12/15/22 | 3,500,000 | 3,765,496 | ||||||
4.200% due 12/01/24 | 1,750,000 | 1,860,793 | ||||||
Owens-Brockway Glass Container Inc | 2,500,000 | 2,659,375 | ||||||
Penske Truck Leasing Co LP | ||||||||
3.375% due 02/01/22 ~ | 3,000,000 | 3,123,696 | ||||||
4.250% due 01/17/23 ~ | 1,500,000 | 1,585,079 | ||||||
SMBC Aviation Capital Finance (Ireland) | 2,000,000 | 2,005,126 | ||||||
|
| |||||||
25,273,923 | ||||||||
|
| |||||||
Technology - 1.9% |
| |||||||
Activision Blizzard Inc | 2,000,000 | 2,013,978 | ||||||
Diamond 1 Finance Corp | ||||||||
3.480% due 06/01/19 ~ | 2,000,000 | 2,057,962 | ||||||
5.875% due 06/15/21 ~ | 100,000 | 106,293 | ||||||
6.020% due 06/15/26 ~ | 2,400,000 | 2,637,413 | ||||||
Hewlett Packard Enterprise Co | 3,000,000 | 3,209,436 | ||||||
Microsoft Corp | 3,300,000 | 3,306,346 | ||||||
NVIDIA Corp | 900,000 | 903,846 | ||||||
Quintiles Transnational Corp | 500,000 | 516,250 | ||||||
|
| |||||||
14,751,524 | ||||||||
|
| |||||||
Utilities - 4.3% |
| |||||||
Calpine Corp | 2,108,000 | 2,229,210 | ||||||
CMS Energy Corp | 1,500,000 | 1,608,927 | ||||||
Consumers Energy Co | 1,200,000 | 1,187,543 | ||||||
Duke Energy Corp. | 1,300,000 | 1,269,761 | ||||||
Duke Energy Florida LLC | 1,400,000 | 1,369,591 | ||||||
Emera US Finance LP (Canada) | 2,500,000 | 2,697,647 | ||||||
Entergy Corp | 3,000,000 | 3,007,674 | ||||||
Exelon Corp | 4,000,000 | 4,670,732 | ||||||
Jersey Central Power & Light Co | 4,500,000 | 4,937,387 | ||||||
NRG Energy Inc | 2,500,000 | 2,537,500 | ||||||
Southern Power Co | 2,500,000 | 2,698,763 |
Principal |
| |||||||
Talen Energy Supply LLC | $2,000,000 | $1,615,000 | ||||||
The Southern Co | 3,300,000 | 3,427,106 | ||||||
|
| |||||||
33,256,841 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 482,703,608 | |||||||
|
| |||||||
SENIOR LOAN NOTES - 15.4% | ||||||||
Basic Materials - 0.3% | ||||||||
Ineos US Finance LLC | 2,000,000 | 2,009,822 | ||||||
|
| |||||||
Communications - 2.1% | ||||||||
Altice US Finance I Corp | 2,961,779 | 2,983,622 | ||||||
Charter Communications Operating LLC Term H | 1,194,000 | 1,199,784 | ||||||
CSC Holdings LLC | 1,496,250 | 1,501,861 | ||||||
Level 3 Financing Inc | ||||||||
Tranche B | ||||||||
4.000% due 01/15/20 § | 2,500,000 | 2,517,187 | ||||||
Tranche B-III | ||||||||
4.000% due 08/01/19 § | 2,500,000 | 2,515,235 | ||||||
UPC Financing Partnership | 2,000,000 | 2,010,938 | ||||||
Zayo Group LLC | 3,771,056 | 3,790,922 | ||||||
|
| |||||||
16,519,549 | ||||||||
|
| |||||||
Consumer, Cyclical - 5.3% |
| |||||||
Caesars Entertainment Resort Properties LLC | 1,906,010 | 1,900,054 | ||||||
ClubCorp Club Operations Inc Term B | 3,342,891 | 3,359,084 | ||||||
Dollar Tree Inc Term B-3 | 854,430 | 859,771 | ||||||
Federal-Mogul Corp Tranche C | 1,940,202 | 1,879,571 | ||||||
HD Supply Inc | 1,485,000 | 1,490,723 | ||||||
Hilton Worldwide Finance LLC | ||||||||
Term B-1 | ||||||||
3.500% due 10/26/20 § | 187,219 | 188,553 | ||||||
Term B-2 | ||||||||
3.097% due 10/25/23 § ¥ | 3,908,889 | 3,942,392 | ||||||
Las Vegas Sands LLC Term B | ||||||||
3.250% due 12/19/20 § | 4,887,436 | 4,920,162 | ||||||
Michaels Stores Inc Term B-1 | 1,633,285 | 1,640,390 | ||||||
New Red Finance Inc Term B-2 (Canada) | 3,372,404 | 3,398,034 | ||||||
Nexeo Solutions LLC | 1,995,000 | 2,012,456 | ||||||
Petsmart Inc Tranche B-1 | 3,950,000 | 3,962,344 | ||||||
Rite Aid Corp Tranche 1 (2nd Lien) | 4,250,000 | 4,267,931 | ||||||
Seminole Tribe of Florida | 2,677,150 | 2,687,189 | ||||||
Univar USA | 3,983,659 | 3,990,300 | ||||||
|
| |||||||
40,498,954 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-10
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
Consumer, Non-cyclical - 2.0% |
| |||||||
Albertson’s LLC Term B-4 | $2,565,129 | $2,583,726 | ||||||
CHS/Community Health Systems Inc Term H | 2,942,551 | 2,894,366 | ||||||
Iasis Healthcare LLC Term B-2 | 3,445,133 | 3,413,373 | ||||||
Pharmaceutical Product Development Inc | 3,239,299 | 3,253,471 | ||||||
US Foods Inc | 3,491,250 | 3,520,552 | ||||||
|
| |||||||
15,665,488 | ||||||||
|
| |||||||
Financial - 1.3% |
| |||||||
DTZ Worldwide Ltd | 2,992,424 | 2,995,231 | ||||||
HUB International Ltd | 3,912,692 | 3,916,668 | ||||||
Realogy Corp Term B (1st Lien) | 857,227 | 863,656 | ||||||
WaveDivision Holdings LLC | 1,994,855 | 1,998,595 | ||||||
|
| |||||||
9,774,150 | ||||||||
|
| |||||||
Industrial - 2.1% |
| |||||||
Ardagh Holdings USA Inc (Ireland) | 2,796,361 | 2,807,723 | ||||||
BWay Intermediate Co Inc | 2,205,095 | 2,218,647 | ||||||
Quikrete Holdings Inc (1st Lien) | 2,000,000 | 2,017,292 | ||||||
Reynolds Group Holdings Inc (New Zealand) | 3,579,234 | 3,594,485 | ||||||
TransDigm Inc | ||||||||
Tranche D | ||||||||
3.832% due 06/04/21 § | 3,929,949 | 3,933,942 | ||||||
Tranche E | ||||||||
3.750% due 05/14/22 § | 1,971,442 | 1,975,344 | ||||||
|
| |||||||
16,547,433 | ||||||||
|
| |||||||
Technology - 2.3% |
| |||||||
Avago Technologies Cayman Holdings Ltd | 2,019,085 | 2,045,585 | ||||||
First Data Corp | 3,500,000 | 3,525,036 | ||||||
NXP BV Tranche F (Netherlands) | 2,483,400 | 2,498,340 | ||||||
On Semiconductor Corp | 2,812,500 | 2,827,735 | ||||||
Sensata Technologies BV (Netherlands) | 1,213,941 | 1,220,986 | ||||||
Solera LLC | 5,223,750 | 5,283,332 | ||||||
|
| |||||||
17,401,014 | ||||||||
|
| |||||||
Total Senior Loan Notes | 118,416,410 | |||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 0.4% | ||||||||
Collateralized Mortgage Obligations - Commercial - 0.4% |
| |||||||
Hilton USA Trust | 1,360,072 | 1,360,142 | ||||||
Hyatt Hotel Portfolio Trust | 1,550,000 | 1,545,542 | ||||||
|
| |||||||
2,905,684 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities | 2,905,684 | |||||||
|
|
Principal |
| |||||||
ASSET-BACKED SECURITIES - 4.8% | ||||||||
Capital Auto Receivables Asset Trust | ||||||||
1.630% due 01/20/21 " | $600,000 | $600,223 | ||||||
1.690% due 03/20/21 " | 1,250,000 | 1,253,794 | ||||||
2.060% due 10/22/18 " | 970,000 | 974,026 | ||||||
2.110% due 03/22/21 " | 600,000 | 604,764 | ||||||
Carlyle Global Market Strategies CLO Ltd (Cayman) | ||||||||
2.834% due 07/27/26 " § ~ | 1,500,000 | 1,499,625 | ||||||
3.884% due 07/27/26 " § ~ | 1,500,000 | 1,503,857 | ||||||
Chase Issuance Trust | ||||||||
1.360% due 04/15/20 " | 5,000,000 | 5,020,702 | ||||||
1.370% due 06/15/21 " | 4,750,000 | 4,766,273 | ||||||
CNH Equipment Trust | 1,630,000 | 1,632,258 | ||||||
Hyundai Auto Receivables Trust | 1,000,000 | 1,002,991 | ||||||
Madison Park Funding VIII Ltd (Cayman) | 2,500,000 | 2,500,620 | ||||||
Navient Private Education Loan Trust | ||||||||
1.004% due 05/16/22 " § ~ | 176,484 | 176,487 | ||||||
1.224% due 09/16/24 " § ~ | 2,113,357 | 2,110,346 | ||||||
Navient Student Loan Trust | 1,483,625 | 1,485,963 | ||||||
Race Point VI CLO Ltd (Cayman) | ||||||||
2.975% due 05/24/23 " § ~ | 1,500,000 | 1,508,489 | ||||||
3.935% due 05/24/23 " § ~ | 1,500,000 | 1,523,061 | ||||||
Santander Drive Auto Receivables Trust | ||||||||
2.080% due 02/16/21 " | 700,000 | 705,363 | ||||||
2.660% due 11/15/21 " | 1,000,000 | 1,016,276 | ||||||
SLM Student Loan Trust | 1,340,658 | 1,339,815 | ||||||
SMB Private Education Loan Trust | ||||||||
1.974% due 02/17/32 " § ~ | 1,850,000 | 1,874,485 | ||||||
2.700% due 05/15/31 " ~ | 2,500,000 | 2,550,751 | ||||||
Synchrony Credit Card Master Note Trust | 1,000,000 | 1,020,966 | ||||||
Verizon Owner Trust | 600,000 | 602,107 | ||||||
|
| |||||||
Total Asset-Backed Securities | 37,273,242 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY ISSUES - 1.5% |
| |||||||
Fannie Mae | 5,500,000 | 5,613,305 | ||||||
Freddie Mac | 5,500,000 | 5,540,832 | ||||||
|
| |||||||
Total U.S. Government Agency Issues | 11,154,137 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 9.4% |
| |||||||
U.S. Treasury Bonds - 1.5% |
| |||||||
2.500% due 05/15/46 | 5,000,000 | 5,191,995 | ||||||
2.875% due 08/15/45 | 3,000,000 | 3,352,677 | ||||||
3.000% due 11/15/45 | 2,700,000 | 3,091,079 | ||||||
|
| |||||||
11,635,751 | ||||||||
|
| |||||||
U.S. Treasury Notes - 7.9% | ||||||||
1.250% due 01/31/19 | 4,500,000 | 4,544,384 | ||||||
1.375% due 07/31/18 | 4,500,000 | 4,549,657 | ||||||
1.375% due 09/30/18 | 9,000,000 | 9,103,005 | ||||||
1.500% due 10/31/19 | 4,000,000 | 4,070,392 | ||||||
1.625% due 07/31/20 | 9,500,000 | 9,708,003 | ||||||
1.750% due 09/30/22 | 3,000,000 | 3,074,766 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-11
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
1.750% due 01/31/23 | $4,500,000 | $4,607,667 | ||||||
1.875% due 10/31/22 | 3,000,000 | 3,096,093 | ||||||
2.000% due 10/31/21 | 4,000,000 | 4,156,952 | ||||||
2.000% due 08/15/25 | 4,500,000 | 4,660,754 | ||||||
2.125% due 12/31/21 | 5,500,000 | 5,750,613 | ||||||
2.125% due 12/31/22 | 2,000,000 | 2,093,282 | ||||||
2.250% due 11/15/25 | 1,500,000 | 1,584,609 | ||||||
|
| |||||||
61,000,177 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations | 72,635,928 | |||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 2.4% |
| |||||||
Chile Government (Chile) | 5,000,000 | 5,075,000 | ||||||
Export-Import Bank of Korea (South Korea) | 2,900,000 | 2,961,521 | ||||||
Mexico Government (Mexico) | ||||||||
3.500% due 01/21/21 | 3,000,000 | 3,196,500 | ||||||
3.625% due 03/15/22 | 2,000,000 | 2,111,000 | ||||||
4.350% due 01/15/47 | 2,000,000 | 1,975,000 | ||||||
Province of Ontario (Canada) | 3,000,000 | 3,027,600 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes | 18,346,621 | |||||||
|
|
| Value | |||||||
SHORT-TERM INVESTMENT - 3.7% | ||||||||
Money Market Fund - 3.7% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 28,677,164 | $28,677,164 | ||||||
|
| |||||||
Total Short-Term Investment | 28,677,164 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.4% | 772,112,794 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.4%) | (3,272,188 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $768,840,606 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 62.8% | |||
Senior Loan Notes | 15.4% | |||
U.S. Treasury Obligations | 9.4% | |||
Asset-Backed Securities | 4.8% | |||
Short-Term Investment | 3.7% | |||
Others (each less than 3.0%) | 4.3% | |||
|
| |||
100.4% | ||||
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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $482,703,608 | $— | $482,703,608 | $— | |||||||||||||
Senior Loan Notes | 118,416,410 | — | 118,416,410 | — | ||||||||||||||
Mortgage-Backed Securities | 2,905,684 | — | 2,905,684 | — | ||||||||||||||
Asset-Backed Securities | 37,273,242 | — | 37,273,242 | — | ||||||||||||||
U.S. Government Agency Issues | 11,154,137 | — | 11,154,137 | — | ||||||||||||||
U.S. Treasury Obligations | 72,635,928 | — | 72,635,928 | — | ||||||||||||||
Foreign Government Bonds & Notes | 18,346,621 | — | 18,346,621 | — | ||||||||||||||
Short-Term Investment | 28,677,164 | 28,677,164 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $772,112,794 | $28,677,164 | $743,435,630 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-12
PACIFIC FUNDS
PACIFIC FUNDSSM STRATEGIC INCOME
Schedule of Investments
September 30, 2016 (Unaudited)
Shares | | |||||||
COMMON STOCKS - 1.6% |
| |||||||
Consumer, Cyclical - 1.2% |
| |||||||
CalAtlantic Group Inc | 10,114 | $338,212 | ||||||
Cedar Fair LP | 7,400 | 423,946 | ||||||
Las Vegas Sands Corp | 6,365 | 366,242 | ||||||
Lennar Corp ‘A’ | 8,495 | 359,678 | ||||||
MGM Resorts International * | 21,760 | 566,413 | ||||||
Mohawk Industries Inc * | 2,600 | 520,884 | ||||||
Six Flags Entertainment Corp | 9,167 | 491,443 | ||||||
|
| |||||||
3,066,818 | ||||||||
|
| |||||||
Energy - 0.1% |
| |||||||
Sunoco LP | 8,860 | 257,029 | ||||||
|
| |||||||
Financial - 0.1% |
| |||||||
Bank of America Corp | 16,130 | 252,435 | ||||||
|
| |||||||
Industrial - 0.1% |
| |||||||
Owens-Illinois Inc * | 15,000 | 275,850 | ||||||
|
| |||||||
Utilities - 0.1% |
| |||||||
NRG Energy Inc | 17,400 | 195,054 | ||||||
|
| |||||||
Total Common Stocks |
| 4,047,186 | ||||||
|
| |||||||
CLOSED-END MUTUAL FUNDS - 1.5% |
| |||||||
Eaton Vance Senior Income Trust | 158,421 | 1,020,231 | ||||||
First Trust Senior Floating Rate Income Fund II | 53,883 | 736,581 | ||||||
Invesco Senior Income Trust | 205,430 | 889,512 | ||||||
Voya Prime Rate Trust | 173,494 | 916,048 | ||||||
|
| |||||||
Total Closed-End Mutual Funds |
| 3,562,372 | ||||||
|
| |||||||
Principal | ||||||||
CORPORATE BONDS & NOTES - 77.8% |
| |||||||
Basic Materials - 3.9% |
| |||||||
Air Liquide Finance SA (France) | $650,000 | 653,088 | ||||||
ArcelorMittal (Luxembourg) | 250,000 | 271,250 | ||||||
Constellium NV (Netherlands) |
| |||||||
7.875% due 04/01/21 ~ | 250,000 | 267,500 | ||||||
8.000% due 01/15/23 ~ | 500,000 | 506,250 | ||||||
Freeport-McMoRan Inc |
| |||||||
3.550% due 03/01/22 | 500,000 | 457,500 | ||||||
4.000% due 11/14/21 | 1,000,000 | 951,250 | ||||||
Glencore Funding LLC (Switzerland) |
| |||||||
4.125% due 05/30/23 ~ | 1,750,000 | 1,743,761 | ||||||
4.250% due 10/25/22 ~ | 1,400,000 | 1,405,135 | ||||||
Hexion Inc | 600,000 | 529,500 | ||||||
Teck Resources Ltd (Canada) |
| |||||||
3.750% due 02/01/23 | 325,000 | 299,000 | ||||||
8.000% due 06/01/21 ~ | 500,000 | 548,125 | ||||||
Westlake Chemical Corp | 2,000,000 | 2,005,172 | ||||||
|
| |||||||
9,637,531 | ||||||||
|
|
Principal | | |||||||
Communications - 3.9% |
| |||||||
AT&T Inc | $1,000,000 | $1,055,875 | ||||||
Charter Communications Operating LLC | 1,800,000 | 1,883,102 | ||||||
CSC Holdings LLC |
| |||||||
6.625% due 10/15/25 ~ | 200,000 | 217,500 | ||||||
10.125% due 01/15/23 ~ | 400,000 | 462,500 | ||||||
10.875% due 10/15/25 ~ | 400,000 | 469,000 | ||||||
Intelsat Jackson Holdings SA (Luxembourg) | 1,119,000 | 1,127,393 | ||||||
Lamar Media Corp | 750,000 | 810,938 | ||||||
Outfront Media Capital LLC |
| |||||||
5.250% due 02/15/22 | 1,300,000 | 1,356,875 | ||||||
5.875% due 03/15/25 | 300,000 | 316,125 | ||||||
Sprint Communications Inc |
| |||||||
6.000% due 11/15/22 | 350,000 | 329,437 | ||||||
9.000% due 11/15/18 ~ | 350,000 | 387,187 | ||||||
Sprint Corp | 1,150,000 | 1,161,500 | ||||||
|
| |||||||
9,577,432 | ||||||||
|
| |||||||
Consumer, Cyclical - 17.1% |
| |||||||
99 Cents Only Stores LLC | 500,000 | 290,000 | ||||||
Air Canada Pass-Through Trust ‘B’ (Canada) | 978,206 | 952,528 | ||||||
Air Canada Pass-Through Trust ‘C’ (Canada) | 750,000 | 760,350 | ||||||
American Airlines Pass-Through Trust ‘A’ | 1,495,439 | 1,605,728 | ||||||
American Airlines Pass-Through Trust ‘B’ | 1,495,197 | 1,569,957 | ||||||
American Builders & Contractors Supply Co Inc | 900,000 | 938,250 | ||||||
Beazer Homes USA Inc |
| |||||||
5.750% due 06/15/19 | 1,040,000 | 1,086,800 | ||||||
7.250% due 02/01/23 | 400,000 | 400,000 | ||||||
7.500% due 09/15/21 | 650,000 | 659,750 | ||||||
Boyd Gaming Corp | 750,000 | 817,808 | ||||||
British Airways Pass-Through Trust ‘B’ (United Kingdom) | 1,018,442 | 1,061,939 | ||||||
Caesars Entertainment Operating Co Inc |
| |||||||
9.000% due 02/15/20 W | 250,000 | 258,750 | ||||||
11.250% due 06/01/17 W | 100,000 | 103,500 | ||||||
Caesars Entertainment Resort Properties LLC |
| |||||||
8.000% due 10/01/20 | 600,000 | 623,250 | ||||||
11.000% due 10/01/21 | 100,000 | 108,125 | ||||||
CalAtlantic Group Inc |
| |||||||
6.250% due 12/15/21 | 415,000 | 458,056 | ||||||
6.625% due 05/01/20 | 750,000 | 842,812 | ||||||
8.375% due 01/15/21 | 500,000 | 596,250 | ||||||
Carrols Restaurant Group Inc | 750,000 | 814,688 | ||||||
CEC Entertainment Inc | 500,000 | 500,625 | ||||||
Cedar Fair LP |
| |||||||
5.250% due 03/15/21 | 1,050,000 | 1,087,946 | ||||||
5.375% due 06/01/24 | 250,000 | 265,000 | ||||||
ClubCorp Club Operations Inc | 1,500,000 | 1,620,000 | ||||||
Dollar Tree Inc | 1,500,000 | 1,621,875 | ||||||
Ford Motor Credit Co LLC | 1,500,000 | 1,604,280 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-13
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal | | |||||||
General Motors Financial Co Inc |
| |||||||
3.200% due 07/13/20 | $1,050,000 | $1,076,140 | ||||||
4.375% due 09/25/21 | 1,500,000 | 1,603,986 | ||||||
IHO Verwaltungs GmbH (Germany) |
| |||||||
4.125% PIK due 09/15/21 ~ | 200,000 | 202,500 | ||||||
4.750% PIK due 09/15/26 ~ | 200,000 | 201,500 | ||||||
Landry’s Holdings II Inc | 250,000 | 255,925 | ||||||
Landry’s Inc | 425,000 | 433,500 | ||||||
Lennar Corp |
| |||||||
4.750% due 11/15/22 | 1,000,000 | 1,037,500 | ||||||
4.750% due 05/30/25 | 725,000 | 743,125 | ||||||
MGM Resorts International |
| |||||||
6.750% due 10/01/20 | 1,150,000 | 1,293,750 | ||||||
7.750% due 03/15/22 | 500,000 | 581,250 | ||||||
Mohawk Industries Inc | 480,000 | 505,463 | ||||||
Neiman Marcus Group Ltd LLC |
| |||||||
8.000% due 10/15/21 ~ | 400,000 | 334,000 | ||||||
8.750% PIK due 10/15/21 ~ | 400,000 | 318,000 | ||||||
New Red Finance Inc (Canada) | 1,150,000 | 1,198,875 | ||||||
Norwegian Air Shuttle ASA Pass-Through Trust ‘B’ (Norway) | 400,000 | 398,000 | ||||||
NPC International Inc | 400,000 | 420,000 | ||||||
Party City Holdings Inc | 850,000 | 910,562 | ||||||
PetSmart Inc | 750,000 | 789,375 | ||||||
Rite Aid Corp | 1,250,000 | 1,318,984 | ||||||
Signet UK Finance PLC | 1,150,000 | 1,109,536 | ||||||
Six Flags Entertainment Corp | 1,750,000 | 1,807,312 | ||||||
The Men’s Wearhouse Inc | 750,000 | 705,000 | ||||||
United Airlines Pass-Through Trust ‘B’ |
| |||||||
4.625% due 03/03/24 | 452,114 | 455,510 | ||||||
4.750% due 10/11/23 | 135,964 | 137,495 | ||||||
Walgreens Boots Alliance Inc | 2,000,000 | 2,049,084 | ||||||
Wyndham Worldwide Corp |
| |||||||
3.900% due 03/01/23 | 350,000 | 363,108 | ||||||
5.625% due 03/01/21 | 1,250,000 | 1,403,699 | ||||||
|
| |||||||
42,301,446 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 11.0% |
| |||||||
AbbVie Inc | 1,000,000 | 1,017,011 | ||||||
Aetna Inc | 1,250,000 | 1,278,731 | ||||||
Ahern Rentals Inc | 1,000,000 | 652,500 | ||||||
Albertson’s LLC |
| |||||||
5.750% due 03/15/25 ~ | 175,000 | 175,000 | ||||||
6.625% due 06/15/24 ~ | 325,000 | 338,813 | ||||||
Amgen Inc | 800,000 | 798,346 | ||||||
Anheuser-Busch InBev Finance Inc (Belgium) | 2,000,000 | 2,145,920 | ||||||
CHS/Community Health Systems Inc |
| |||||||
5.125% due 08/01/21 | 400,000 | 397,000 | ||||||
6.875% due 02/01/22 | 1,600,000 | 1,384,000 | ||||||
7.125% due 07/15/20 | 400,000 | 373,800 | ||||||
Flowers Foods Inc | 1,400,000 | 1,400,944 |
Principal | | |||||||
Gilead Sciences Inc | $1,750,000 | $1,765,682 | ||||||
Herc Rentals Inc | 1,350,000 | 1,400,625 | ||||||
Jaguar Holding Co II | 500,000 | 521,250 | ||||||
JBS Investments GmbH (Brazil) | 700,000 | 735,000 | ||||||
JBS USA LLC (Brazil) |
| |||||||
5.750% due 06/15/25 ~ | 500,000 | 493,750 | ||||||
7.250% due 06/01/21 ~ | 250,000 | 258,125 | ||||||
MEDNAX Inc | 900,000 | 948,375 | ||||||
Modular Space Corp | 550,000 | 233,750 | ||||||
Mustang Merger Corp | 500,000 | 534,375 | ||||||
Prime Security Services Borrower LLC | 600,000 | 655,500 | ||||||
Reynolds American Inc | 1,500,000 | 1,677,492 | ||||||
Shire Acquisitions Investments | 1,750,000 | 1,756,867 | ||||||
Tenet Healthcare Corp | 1,000,000 | 932,500 | ||||||
Teva Pharmaceutical Finance (Israel) | 400,000 | 399,741 | ||||||
The ADT Corp | 1,300,000 | 1,420,250 | ||||||
TMS International Corp | 450,000 | 387,000 | ||||||
United Rentals North America Inc |
| |||||||
4.625% due 07/15/23 | 1,000,000 | 1,028,750 | ||||||
5.500% due 07/15/25 | 600,000 | 617,250 | ||||||
5.750% due 11/15/24 | 150,000 | 156,375 | ||||||
Universal Health Services Inc |
| |||||||
4.750% due 08/01/22 ~ | 300,000 | 310,500 | ||||||
5.000% due 06/01/26 ~ | 300,000 | 313,125 | ||||||
Valeant Pharmaceuticals I | 850,000 | 762,875 | ||||||
|
| |||||||
27,271,222 | ||||||||
|
| |||||||
Energy - 5.0% |
| |||||||
Antero Midstream Partners | 200,000 | 203,000 | ||||||
Boardwalk Pipelines LP | 850,000 | 941,981 | ||||||
Callon Petroleum Co | 425,000 | 440,938 | ||||||
Cheniere Corpus Christi Holdings LLC | 200,000 | 217,000 | ||||||
Energy Transfer Partners LP |
| |||||||
4.050% due 03/15/25 | 1,200,000 | 1,192,964 | ||||||
4.750% due 01/15/26 | 500,000 | 517,817 | ||||||
Hiland Partners Holdings LLC | 550,000 | 569,938 | ||||||
Kinder Morgan Inc | 1,500,000 | 1,547,198 | ||||||
Sabine Pass Liquefaction LLC |
| |||||||
5.625% due 02/01/21 | 150,000 | 160,312 | ||||||
5.625% due 03/01/25 | 2,525,000 | 2,723,844 | ||||||
Sabine Pass LNG LP | 150,000 | 155,344 | ||||||
Sunoco Finance Corp |
| |||||||
5.500% due 08/01/20 ~ | 275,000 | 277,406 | ||||||
6.250% due 04/15/21 ~ | 300,000 | 309,750 | ||||||
Targa Resources Partners LP |
| |||||||
5.125% due 02/01/25 ~ | 1,050,000 | 1,053,937 | ||||||
5.375% due 02/01/27 ~ | 200,000 | 201,750 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-14
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal | | |||||||
The Williams Cos Inc |
| |||||||
3.700% due 01/15/23 | $1,250,000 | $1,218,750 | ||||||
4.550% due 06/24/24 | 650,000 | 665,957 | ||||||
|
| |||||||
12,397,886 | ||||||||
|
| |||||||
Financial - 20.6% |
| |||||||
AAF Holdings LLC | 538,519 | 554,675 | ||||||
AerCap Ireland Capital Ltd (Netherlands) |
| |||||||
3.950% due 02/01/22 | 750,000 | 769,688 | ||||||
5.000% due 10/01/21 | 250,000 | 267,500 | ||||||
Air Lease Corp |
| |||||||
3.750% due 02/01/22 | 1,750,000 | 1,836,426 | ||||||
4.250% due 09/15/24 | 1,000,000 | 1,054,890 | ||||||
American Tower Corp REIT |
| |||||||
3.125% due 01/15/27 | 1,500,000 | 1,497,305 | ||||||
3.375% due 10/15/26 | 1,000,000 | 1,016,320 | ||||||
Aon PLC | 1,100,000 | 1,177,486 | ||||||
Apollo Management Holdings LP | 1,500,000 | 1,575,896 | ||||||
Ares Capital Corp | 800,000 | 835,488 | ||||||
Avation Capital SA (United Kingdom) | 500,000 | 503,750 | ||||||
Bank of America Corp |
| |||||||
3.500% due 04/19/26 | 200,000 | 208,397 | ||||||
4.200% due 08/26/24 | 1,500,000 | 1,588,830 | ||||||
CBL & Associates LP REIT | 1,500,000 | 1,469,028 | ||||||
Citigroup Inc |
| |||||||
3.400% due 05/01/26 | 2,000,000 | 2,071,890 | ||||||
4.400% due 06/10/25 | 1,500,000 | 1,591,953 | ||||||
Columbia Property Trust Operating Partnership LP REIT | ||||||||
3.650% due 08/15/26 | 750,000 | 756,413 | ||||||
4.150% due 04/01/25 | 850,000 | 890,258 | ||||||
Crown Castle International Corp REIT | 500,000 | 523,064 | ||||||
Double Eagle Acquisition | 100,000 | 102,125 | ||||||
ESH Hospitality Inc REIT | 1,300,000 | 1,304,875 | ||||||
HCP Inc REIT | 1,000,000 | 1,029,213 | ||||||
Host Hotels & Resorts LP REIT |
| |||||||
3.750% due 10/15/23 | 1,750,000 | 1,775,797 | ||||||
4.750% due 03/01/23 | 750,000 | 803,487 | ||||||
HSBC Holdings PLC (United Kingdom) |
| |||||||
2.358% due 01/05/22 § | 1,500,000 | 1,507,835 | ||||||
2.650% due 01/05/22 | 1,000,000 | 997,405 | ||||||
International Lease Finance Corp (Netherlands) | 1,950,000 | 2,118,188 | ||||||
Jefferies Finance LLC |
| |||||||
6.875% due 04/15/22 ~ | 500,000 | 467,500 | ||||||
7.375% due 04/01/20 ~ | 750,000 | 735,000 | ||||||
7.500% due 04/15/21 ~ | 500,000 | 488,125 | ||||||
JPMorgan Chase & Co | 2,100,000 | 2,215,779 | ||||||
Kilroy Realty LP REIT | 1,400,000 | 1,515,242 | ||||||
MGM Growth Properties Operating Partnership LP |
| |||||||
4.500% due 09/01/26 ~ | 100,000 | 100,500 | ||||||
5.625% due 05/01/24 ~ | 275,000 | 298,980 | ||||||
Morgan Stanley | 3,000,000 | 3,355,254 | ||||||
National Retail Properties Inc REIT | 1,750,000 | 1,870,643 | ||||||
Och-Ziff Finance Co LLC | 1,280,000 | 1,238,085 |
Principal | | |||||||
Senior Housing Properties Trust REIT |
| |||||||
4.750% due 05/01/24 | $500,000 | $526,197 | ||||||
6.750% due 04/15/20 | 1,000,000 | 1,103,262 | ||||||
Synchrony Financial | 1,500,000 | 1,588,824 | ||||||
The Goldman Sachs Group Inc |
| |||||||
2.350% due 11/15/21 | 2,000,000 | 1,998,460 | ||||||
3.750% due 02/25/26 | 1,300,000 | 1,368,504 | ||||||
4.250% due 10/21/25 | 1,000,000 | 1,054,990 | ||||||
The Howard Hughes Corp | 1,150,000 | 1,214,688 | ||||||
|
| |||||||
50,968,215 | ||||||||
|
| |||||||
Industrial - 11.5% |
| |||||||
ARD Finance SA (Luxembourg) | 900,000 | 897,750 | ||||||
Ardagh Packaging Finance PLC (Ireland) |
| |||||||
6.250% due 01/31/19 ~ | 500,000 | 513,125 | ||||||
7.000% due 11/15/20 ~ | 167,647 | 173,934 | ||||||
7.250% due 05/15/24 ~ | 400,000 | 429,000 | ||||||
Berry Plastics Corp | 1,025,000 | 1,086,500 | ||||||
BWAY Holding Co | 1,650,000 | 1,732,500 | ||||||
Cloud Crane LLC | 600,000 | 624,000 | ||||||
Cortes NP Acquisition Corp | 200,000 | 200,000 | ||||||
Coveris Holdings SA (Luxembourg) | 1,750,000 | 1,798,125 | ||||||
LafargeHolcim Finance US (Switzerland) | 1,000,000 | 1,021,960 | ||||||
Manitowoc Foodservice Inc | 750,000 | 858,750 | ||||||
Masco Corp |
| |||||||
3.500% due 04/01/21 | 1,075,000 | 1,118,000 | ||||||
4.375% due 04/01/26 | 1,025,000 | 1,083,938 | ||||||
7.750% due 08/01/29 | 500,000 | 598,750 | ||||||
Novelis Corp | 925,000 | 949,281 | ||||||
Owens Corning |
| |||||||
4.200% due 12/15/22 | 500,000 | 537,928 | ||||||
4.200% due 12/01/24 | 1,350,000 | 1,435,468 | ||||||
9.000% due 06/15/19 | 116,000 | 135,562 | ||||||
Owens-Brockway Glass Container Inc |
| |||||||
5.000% due 01/15/22 ~ | 500,000 | 531,875 | ||||||
5.875% due 08/15/23 ~ | 1,100,000 | 1,183,187 | ||||||
Penske Truck Leasing Co LP |
| |||||||
3.200% due 07/15/20 ~ | 1,500,000 | 1,553,640 | ||||||
3.300% due 04/01/21 ~ | 1,000,000 | 1,042,532 | ||||||
Reynolds Group Issuer Inc (New Zealand) |
| |||||||
5.750% due 10/15/20 | 2,100,000 | 2,168,250 | ||||||
7.000% due 07/15/24 ~ | 25,000 | 26,859 | ||||||
Sealed Air Corp |
| |||||||
4.875% due 12/01/22 ~ | 1,250,000 | 1,317,187 | ||||||
5.125% due 12/01/24 ~ | 100,000 | 106,125 | ||||||
Spirit AeroSystems Inc | 500,000 | 520,623 | ||||||
TransDigm Inc | 1,000,000 | 1,030,625 | ||||||
US Concrete Inc | 525,000 | 546,000 | ||||||
USG Corp | 1,250,000 | 1,309,375 | ||||||
Wise Metals Group LLC | 1,000,000 | 1,025,000 | ||||||
Wise Metals Intermediate Holdings LLC | 421,000 | 406,265 | ||||||
Zekelman Industries Inc | 425,000 | 449,437 | ||||||
|
| |||||||
28,411,551 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-15
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal | | |||||||
Technology - 3.9% |
| |||||||
Blackboard Inc | $575,000 | $575,000 | ||||||
Diamond 1 Finance Corp |
| |||||||
5.875% due 06/15/21 ~ | 200,000 | 212,586 | ||||||
6.020% due 06/15/26 ~ | 250,000 | 274,731 | ||||||
Fidelity National Information Services Inc |
| |||||||
3.000% due 08/15/26 | 2,000,000 | 1,983,416 | ||||||
4.500% due 10/15/22 | 1,000,000 | 1,108,323 | ||||||
Infor Software Parent LLC | 800,000 | 780,000 | ||||||
Infor US Inc | 250,000 | 254,375 | ||||||
Microsemi Corp | 750,000 | 858,750 | ||||||
NXP BV (Netherlands) |
| |||||||
3.875% due 09/01/22 ~ | 750,000 | 787,500 | ||||||
4.625% due 06/01/23 ~ | 1,500,000 | 1,644,375 | ||||||
Quintiles Transnational Corp | 1,250,000 | 1,290,625 | ||||||
|
| |||||||
9,769,681 | ||||||||
|
| |||||||
Utilities – 0.9% |
| |||||||
Dynegy Inc | 800,000 | 789,600 | ||||||
GenOn Energy Inc | 650,000 | 487,500 | ||||||
NRG Energy Inc | 375,000 | 383,437 | ||||||
Talen Energy Supply LLC | 800,000 | 646,000 | ||||||
|
| |||||||
2,306,537 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 192,641,501 | ||||||
|
| |||||||
SENIOR LOAN NOTES - 13.9% |
| |||||||
Basic Materials - 0.4% |
| |||||||
Ineos US Finance LLC | 1,000,000 | 1,004,911 | ||||||
|
| |||||||
Communications - 1.0% |
| |||||||
Altice US Finance I Corp | 1,484,809 | 1,495,760 | ||||||
CSC Holdings LLC | 997,500 | 1,001,241 | ||||||
|
| |||||||
2,497,001 | ||||||||
|
| |||||||
Consumer, Cyclical - 4.9% |
| |||||||
Caesars Entertainment Resort Properties LLC Term B | 728,829 | 726,551 | ||||||
CEC Entertainment Inc Term B | 1,979,835 | 1,951,199 | ||||||
Nexeo Solutions LLC | 997,500 | 1,006,228 | ||||||
NPC International Inc | 2,000,000 | 2,008,750 | ||||||
Petco Animal Supplies Inc Tranche B | 1,994,987 | 2,016,047 | ||||||
Petsmart Inc Tranche B-1 | 1,979,950 | 1,986,137 | ||||||
The Neiman Marcus Group Inc | 978,672 | 907,193 | ||||||
Univar USA Inc | 1,496,222 | 1,498,716 | ||||||
|
| |||||||
12,100,821 | ||||||||
|
|
Principal | | |||||||
Consumer, Non-cyclical - 2.7% |
| |||||||
Albertson’s LLC |
| |||||||
4.500% due 08/25/21 § | $424,662 | $427,741 | ||||||
Term B-6 | ||||||||
4.750% due 06/22/23 § | 241,928 | 244,498 | ||||||
CHS/Community Health Systems Inc Term H | 588,510 | 578,873 | ||||||
Pharmaceutical Product Development Inc | 3,476,162 | 3,491,370 | ||||||
Reddy Ice Corp Term B (1st Lien) | 581,437 | 554,909 | ||||||
The Brickman Group Ltd LLC | ||||||||
(1st Lien) | ||||||||
4.000% due 12/18/20 § | 740,506 | 739,515 | ||||||
(2nd Lien) | ||||||||
7.500% due 12/17/21 § | 750,000 | 746,250 | ||||||
|
| |||||||
6,783,156 | ||||||||
|
| |||||||
Industrial - 3.7% | ||||||||
Apex Tool Group LLC | 997,416 | 984,637 | ||||||
BWay Intermediate Co Inc | 942,307 | 948,099 | ||||||
Gardner Denver Inc | 997,429 | 968,504 | ||||||
Gates Global LLC | 965,811 | 952,962 | ||||||
GYP Holdings III Corp (1st Lien) | 1,223,100 | 1,220,042 | ||||||
Ply Gem Industries Inc | 1,241,823 | 1,250,749 | ||||||
Reynolds Group Holdings Inc (New Zealand) | 1,750,000 | 1,757,457 | ||||||
TransDigm Inc Tranche D | 997,449 | 998,462 | ||||||
|
| |||||||
9,080,912 | ||||||||
|
| |||||||
Technology - 1.2% | ||||||||
First Data Corp | 1,500,000 | 1,510,729 | ||||||
Infor US Inc Tranche B-5 | 1,496,016 | 1,487,200 | ||||||
|
| |||||||
2,997,929 | ||||||||
|
| |||||||
Total Senior Loan Notes | 34,464,730 | |||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 0.1% |
| |||||||
Collateralized Mortgage Obligations - Commercial - 0.1% |
| |||||||
Hilton USA Trust | 226,679 | 226,690 | ||||||
|
| |||||||
Total Mortgage-Backed Securities | 226,690 | |||||||
|
| |||||||
ASSET-BACKED SECURITIES - 0.6% | ||||||||
Carlyle Global Market Strategies CLO Ltd (Cayman) | 750,000 | 751,929 | ||||||
Race Point VI CLO Ltd (Cayman) | 750,000 | 761,530 | ||||||
|
| |||||||
Total Asset-Backed Securities | 1,513,459 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-16
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
| Value | |||||||
SHORT-TERM INVESTMENT - 5.3% | ||||||||
Money Market Fund - 5.3% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 13,128,073 | $13,128,073 | ||||||
|
| |||||||
Total Short-Term Investment | 13,128,073 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.8% | 249,584,011 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.8%) | (2,026,233 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $247,557,778 | |||||||
|
|
Notes to Schedule of Investments
(a) As of September 30, 2016, the Fund’s composition as a percentage of net assets was as follows:
Corporate Bonds & Notes | 77.8% | |||
Senior Loan Notes | 13.9% | |||
Short-Term Investment | 5.3% | |||
Others (each less than 3.0%) | 3.8% | |||
|
| |||
100.8% | ||||
Other Assets & Liabilities, Net | (0.8% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Investments with a total aggregate value of $596,000 or 0.2% of the Fund’s net assets were in default as of September 30, 2016. |
(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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $4,047,186 | $4,047,186 | $— | $— | |||||||||||||
Closed-End Mutual Funds | 3,562,372 | 3,562,372 | — | — | ||||||||||||||
Corporate Bonds & Notes | 192,641,501 | — | 192,243,501 | 398,000 | ||||||||||||||
Senior Loan Notes | 34,464,730 | — | 34,464,730 | — | ||||||||||||||
Mortgage-Backed Securities | 226,690 | — | 226,690 | — | ||||||||||||||
Asset-Backed Securities | 1,513,459 | — | 1,513,459 | — | ||||||||||||||
Short-Term Investment | 13,128,073 | 13,128,073 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $249,584,011 | $20,737,631 | $228,448,380 | $398,000 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-17
PACIFIC FUNDS
PACIFIC FUNDSSM FLOATING RATE INCOME
Schedule of Investments
September 30, 2016 (Unaudited)
Principal | | |||||||
CORPORATE BONDS & NOTES - 3.5% | ||||||||
Communications - 1.4% | ||||||||
Altice US Finance I Corp | $1,575,000 | $1,630,125 | ||||||
CSG Holdings LLC | 8,245,000 | 8,966,438 | ||||||
|
| |||||||
10,596,563 | ||||||||
|
| |||||||
Consumer, Cyclical - 1.2% |
| |||||||
ClubCorp Club Operations Inc | 3,000,000 | 3,240,000 | ||||||
NPC International Inc | 4,920,000 | 5,166,000 | ||||||
|
| |||||||
8,406,000 | ||||||||
|
| |||||||
Financial - 0.7% |
| |||||||
Och-Ziff Finance Co LLC | 5,000,000 | 4,836,270 | ||||||
|
| |||||||
Industrial - 0.2% | ||||||||
Owens-Brockway Glass Container Inc | 127,000 | 136,604 | ||||||
Reynolds Group Issuer Inc (New Zealand) | 1,545,000 | 1,595,213 | ||||||
|
| |||||||
1,731,817 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 25,570,650 | |||||||
|
| |||||||
SENIOR LOAN NOTES - 95.1% | ||||||||
Basic Materials - 2.7% | ||||||||
Allnex USA Inc Tranche B-2 | 1,140,647 | 1,153,480 | ||||||
Emerald Performance Materials LLC (2nd Lien) | 750,000 | 750,000 | ||||||
Huntsman International LLC Term B | 3,980,000 | 4,012,338 | ||||||
MacDermid Inc Tranche B-3 | 2,250,000 | 2,261,653 | ||||||
PQ Corp Tranche B-1 | 11,147,063 | 11,237,632 | ||||||
|
| |||||||
19,415,103 | ||||||||
|
| |||||||
Communications - 4.8% |
| |||||||
Altice US Finance I Corp | 8,919,532 | 8,985,312 | ||||||
CB Poly Investments LLC (1st Lien) | 1,750,000 | 1,769,687 | ||||||
CSC Holdings LLC | 6,965,000 | 6,991,118 | ||||||
iHeartCommunications Inc Tranche D | 9,495,000 | 7,313,124 | ||||||
JD Power and Associates (1st Lien) | 2,000,000 | 2,019,999 | ||||||
Level 3 Financing Inc Tranche B | 800,000 | 805,499 | ||||||
Uber Technologies Inc | 7,500,000 | 7,514,843 | ||||||
|
| |||||||
35,399,582 | ||||||||
|
| |||||||
Consumer, Cyclical - 22.9% |
| |||||||
24 Hour Fitness Worldwide | 4,398,750 | 4,247,433 | ||||||
American Builders & Contractors Supply Co Inc | 2,563,202 | 2,572,014 | ||||||
American Tire Distributors Inc | 7,143,680 | 7,065,550 |
Principal | | |||||||
Beacon Roofing Supply Inc | $1,457,481 | $1,465,680 | ||||||
BJ’s Wholesale Club Inc | ||||||||
(1st Lien) | ||||||||
4.500% due 09/26/19 § | 4,255,482 | 4,266,121 | ||||||
(2nd Lien) | ||||||||
8.500% due 03/26/20 § | 7,000,000 | 7,042,000 | ||||||
Boyd Gaming Corp Term B-2 | 500,000 | 504,000 | ||||||
Caesars Entertainment Resort Properties LLC | 11,309,154 | 11,273,813 | ||||||
Caesars Growth Properties Holdings LLC | 5,364,631 | 5,310,985 | ||||||
California Pizza Kitchen Inc (1st Lien) | 4,500,000 | 4,485,002 | ||||||
CEC Entertainment Inc Term B | 7,074,324 | 6,972,001 | ||||||
CityCenter Holdings LLC Term B | 4,210,822 | 4,243,279 | ||||||
ClubCorp Club Operations Inc Term B | 4,933,578 | 4,957,476 | ||||||
Dollar Tree Inc Term B-2 | 7,750,000 | 7,820,238 | ||||||
Doosan Infracore International Inc Tranche B | 5,653,217 | 5,723,882 | ||||||
Federal-Mogul Corp Tranche C | 4,305,834 | 4,171,277 | ||||||
Jo-Ann Stores Inc Term B | 9,487,717 | 9,497,603 | ||||||
Leslie’s Poolmart Inc Term B (1st Lien) | 7,500,000 | 7,560,938 | ||||||
Nexeo Solutions LLC | 8,476,250 | 8,550,417 | ||||||
NPC International Inc | 10,911,623 | 10,959,362 | ||||||
Petco Animal Supplies Inc | ||||||||
Tranche B-1 | ||||||||
5.000% due 01/26/23 § | 11,940,000 | 12,066,039 | ||||||
Tranche B-2 | ||||||||
5.002% due 01/26/23 § | 469,861 | 474,657 | ||||||
Petsmart Inc Tranche B-1 | 7,391,288 | 7,414,386 | ||||||
Rite Aid Corp | ||||||||
Tranche 1 (2nd Lien) | ||||||||
5.750% due 08/21/20 § | 19,583,930 | 19,666,555 | ||||||
Tranche 2 (2nd Lien) | ||||||||
4.875% due 06/21/21 § | 500,000 | 501,813 | ||||||
Spin Holdco Inc (1st Lien) | 397,485 | 395,436 | ||||||
UNIVAR USA | 9,398,797 | 9,414,465 | ||||||
|
| |||||||
168,622,422 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 19.0% |
| |||||||
Advance Pierre Foods | 842,308 | 848,713 | ||||||
Air Medical Group Holdings Inc | ||||||||
4.250% due 04/28/22 § | 5,792,906 | 5,759,597 | ||||||
5.000% due 04/28/22 § | 3,990,000 | 4,014,938 | ||||||
Albertson’s LLC | ||||||||
Term B-4 | ||||||||
4.500% due 08/25/21 § | 5,233,318 | 5,271,259 | ||||||
Term B-5 | ||||||||
4.750% due 12/21/22 § | 1,995,000 | 2,014,701 | ||||||
Term B-6 | ||||||||
4.750% due 06/22/23 § | 1,450,435 | 1,465,846 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-18
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal | | |||||||
Allied Universal Holdco LLC | ||||||||
5.500% due 07/28/22 § | $7,092,715 | $7,121,533 | ||||||
5.536% due 07/28/22 § ¥ | 714,901 | 717,806 | ||||||
(1st Lien) | ||||||||
4.750% due 07/28/22 § | 6,451,249 | 6,418,993 | ||||||
Camelot U.S. Acquisition 1 Co | 10,000,000 | 10,017,190 | ||||||
Candy Intermediate Holdings Inc Term B (1st Lien) | 997,500 | 1,003,734 | ||||||
Chobani LLC | 1,000,000 | 1,002,500 | ||||||
CHS/Community Health Systems Inc | ||||||||
Term G | ||||||||
3.750% due 12/31/19 § | 4,987,374 | 4,898,015 | ||||||
Term H | ||||||||
4.000% due 01/27/21 § | 1,396,465 | 1,373,598 | ||||||
Iasis Healthcare LLC Term B-2 | 8,524,769 | 8,446,179 | ||||||
inVentiv Health Inc | 7,000,000 | 7,014,217 | ||||||
KAR Auction Services Inc Tranche B-3 | 995,000 | 1,009,602 | ||||||
Multiplan Inc | 6,159,308 | 6,243,998 | ||||||
NBTY Inc Term B | 10,471,250 | 10,527,973 | ||||||
Pharmaceutical Product Development Inc | 7,413,712 | 7,446,147 | ||||||
Prime Security Services Borrower LLC | ||||||||
Term B (1st Lien) | ||||||||
4.750% due 07/01/21 § | 4,476,903 | 4,527,828 | ||||||
Term B (2nd Lien) | ||||||||
9.750% due 07/01/22 § | 3,452,885 | 3,515,037 | ||||||
Term B-1 (1st Lien) | ||||||||
4.750% due 05/02/22 § | 8,229,375 | 8,323,239 | ||||||
Reddy Ice Corp Term B (1st Lien) | 8,655,975 | 8,261,046 | ||||||
Revlon Consumer Products Corp Term B | 500,000 | 501,965 | ||||||
The Brickman Group Ltd LLC (2nd Lien) | 8,333,333 | 8,291,667 | ||||||
The Servicemaster Co LLC | 6,827,653 | 6,909,797 | ||||||
Wex Inc Term B | 6,733,125 | 6,817,289 | ||||||
|
| |||||||
139,764,407 | ||||||||
|
| |||||||
Diversified - 0.9% |
| |||||||
Allnex & CY SCA Tranche B-3 (Luxembourg) | 859,353 | 869,020 | ||||||
Arnhold & Bleichroeder Holdings Inc | 5,933,725 | 5,926,308 | ||||||
|
| |||||||
6,795,328 | ||||||||
|
| |||||||
Energy - 3.9% |
| |||||||
C&J Energy Services Ltd | ||||||||
Term B-1 | ||||||||
due 03/24/20 ¥ | 723,409 | 607,362 | ||||||
Term B-2 | ||||||||
due 03/24/22 ¥ | 3,661,670 | 3,068,937 | ||||||
EP Energy LLC | ||||||||
9.750% due 06/30/21 § ¥ | 9,662,764 | 9,509,773 | ||||||
Tranche B-3 | ||||||||
due 05/24/18 ¥ | 180,322 | 172,208 | ||||||
Fieldwood Energy LLC | ||||||||
3.875% due 10/01/18 § ¥ | 7,484,409 | 6,586,280 | ||||||
8.000% due 08/31/20 § | 2,500,000 | 2,071,875 |
Principal | | |||||||
Power Borrower LLC | ||||||||
(1st Lien) | ||||||||
4.250% due 05/06/20 § | $4,987,131 | $4,980,897 | ||||||
(2nd Lien) | ||||||||
8.250% due 11/06/20 § | 1,500,000 | 1,496,250 | ||||||
|
| |||||||
28,493,582 | ||||||||
|
| |||||||
Financial - 9.6% |
| |||||||
AlixPartners LLP | 9,652,500 | 9,686,689 | ||||||
Alliant Holdings I LLC | 498,750 | 502,179 | ||||||
Amwins Group LLC (1st Lien) | 7,182,356 | 7,234,730 | ||||||
DTZ US Borrower LLC (2nd Lien) | 4,705,000 | 4,734,406 | ||||||
DTZ Worldwide Ltd | 9,884,309 | 9,893,580 | ||||||
HUB International Ltd | 11,811,818 | 11,823,819 | ||||||
UFC Holdings LLC (2nd Lien) | 3,000,000 | 3,036,000 | ||||||
USI Inc | 2,935,698 | 2,940,286 | ||||||
Vertafore Inc (1st Lien) | 9,931,732 | 9,975,958 | ||||||
WaveDivision Holdings LLC | 7,948,612 | 7,963,515 | ||||||
Zuffa (1st Lien) | 3,000,000 | 3,024,642 | ||||||
|
| |||||||
70,815,804 | ||||||||
|
| |||||||
Industrial - 20.3% |
| |||||||
Accudyne Industries LLC (Luxembourg) | 3,335,863 | 3,127,372 | ||||||
Allflex Holdings III Inc (1st Lien) | 5,941,759 | 5,930,619 | ||||||
Apex Tool Group LLC | 5,548,750 | 5,477,659 | ||||||
Ardagh Holdings USA Inc (Ireland) | 4,781,693 | 4,801,121 | ||||||
BWay Intermediate Co Inc | 9,092,497 | 9,148,379 | ||||||
Camp International Holding Co | ||||||||
(1st Lien) | ||||||||
4.750% due 08/18/23 § | 3,578,327 | 3,579,447 | ||||||
(2nd Lien) | ||||||||
8.250% due 08/18/24 § | 1,363,399 | 1,369,364 | ||||||
Cortes NP Acquisition Corp | 9,500,000 | 9,310,000 | ||||||
Crosby US Acquisition Corp | ||||||||
(1st Lien) | ||||||||
4.000% due 11/23/20 § | 3,117,554 | 2,631,412 | ||||||
(2nd Lien) | ||||||||
7.000% due 11/22/21 § | 4,000,000 | 2,775,000 | ||||||
EWT Holdings III Corp | ||||||||
(1st Lien) | ||||||||
4.750% due 01/15/21 § | 7,209,896 | 7,227,920 | ||||||
5.500% due 01/15/21 § | 995,000 | 999,975 | ||||||
(2nd Lien) | ||||||||
8.500% due 01/15/22 § | 3,250,000 | 3,225,625 | ||||||
Gardner Denver Inc | 4,961,637 | 4,817,749 | ||||||
Gates Global LLC | 7,907,365 | 7,802,166 | ||||||
GFL Environmental Inc | 2,000,000 | 2,003,750 | ||||||
GYP Holdings III Corp (1st Lien) | 11,512,924 | 11,484,141 | ||||||
Headwaters Inc Term B-1 | 2,493,687 | 2,505,377 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-19
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal | | |||||||
HGIM Corp Term B | $3,700,000 | $2,340,250 | ||||||
Jeld-Wen Inc Term B-1 | 3,960,000 | 3,988,876 | ||||||
Manitowoc Foodservice Inc Term B | 6,106,613 | 6,194,322 | ||||||
Pregis Holding I Corp (1st Lien) | 981,041 | 977,769 | ||||||
Printpack Holdings Inc | 500,000 | 505,613 | ||||||
Quikrete Holdings Inc (1st Lien) | 2,500,000 | 2,521,615 | ||||||
Reynolds Group Holdings Inc | 17,296,951 | 17,370,653 | ||||||
Safway Group Holding LLC | 8,500,000 | 8,570,831 | ||||||
SRS Distribution Inc | ||||||||
Tranche B-1 | ||||||||
5.250% due 08/25/22 § ¥ | 9,125,956 | 9,200,105 | ||||||
(2nd Lien) | ||||||||
9.750% due 02/24/23 § | 1,250,000 | 1,264,844 | ||||||
TransDigm Inc Tranche D | 3,369,017 | 3,372,440 | ||||||
WireCo WorldGroup Inc (Cayman) | 2,000,000 | 2,010,000 | ||||||
Zekelman Industries Inc | 2,992,500 | 3,041,128 | ||||||
|
| |||||||
149,575,522 | ||||||||
|
| |||||||
Technology - 9.0% |
| |||||||
Applied Systems Inc (2nd Lien) | 3,025,074 | 3,048,391 | ||||||
Avago Technologies Cayman Holdings Ltd | 2,621,301 | 2,655,705 | ||||||
Cypress Semiconductor Corp | 5,000,000 | 5,062,500 | ||||||
Datatel | 5,927,329 | 5,937,210 | ||||||
Infor US Inc Tranche B-5 | 2,775,897 | 2,759,539 | ||||||
JDA Software Group Inc | 5,150,000 | 5,137,125 | ||||||
On Semiconductor Corp | 12,750,000 | 12,819,067 | ||||||
Press Ganey Holdings Inc | ||||||||
due 09/30/23 ¥ | 4,500,000 | 4,522,500 | ||||||
due 09/30/24 ¥ | 500,000 | 503,750 | ||||||
RP Crown Parent LLC (1st Lien) | 10,896,987 | 10,893,206 | ||||||
Solera LLC | 12,630,247 | 12,774,307 | ||||||
|
| |||||||
66,113,300 | ||||||||
|
|
Principal | | |||||||
Utilities - 2.0% |
| |||||||
Texas Competitive Electric Holdings Co LLC | ||||||||
5.000% due 10/31/17 § ¥ | $11,807,143 | $11,895,696 | ||||||
Term C | ||||||||
5.000% due 10/31/17 § ¥ | 2,692,857 | 2,713,054 | ||||||
|
| |||||||
14,608,750 | ||||||||
|
| |||||||
Total Senior Loan Notes | 699,603,800 | |||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 4.4% | ||||||||
Money Market Fund - 4.4% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 32,090,096 | 32,090,096 | ||||||
|
| |||||||
Total Short-Term Investment | 32,090,096 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 103.0% | 757,264,546 | |||||||
OTHER ASSETS & LIABILITIES, NET - (3.0%) | (21,736,100 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $735,528,446 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Cyclical | 24.1% | |||
Industrial | 20.5% | |||
Consumer, Non-Cyclical | 19.0% | |||
Financial | 10.3% | |||
Technology | 9.0% | |||
Communications | 6.2% | |||
Energy | 3.9% | |||
Short-Term Investment | 4.4% | |||
Others (each less than 3.0%) | 5.6% | |||
|
| |||
103.0% | ||||
Other Assets & Liabilities, Net | (3.0% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Pursuant to the terms of the following senior loan agreement, the Fund had an unfunded loan commitment of $685,460 or less than 0.1% of net assets as of September 30, 2016, which could be extended at the option of the borrower. |
Borrower | Unfunded Commitment | Value | Unrealized Appreciation (Depreciation) | |||||||
Allied Universal Holdco LLC | $685,460 | $695,197 | $9,737 | |||||||
|
|
|
|
|
(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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $25,570,650 | $— | $25,570,650 | $— | |||||||||||||
Senior Loan Notes | 699,603,800 | — | 693,017,520 | 6,586,280 | ||||||||||||||
Short-Term Investment | 32,090,096 | 32,090,096 | — | — | ||||||||||||||
Unfunded Loan Commitment | 9,737 | — | 9,737 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $757,274,283 | $32,090,096 | $718,597,907 | $6,586,280 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-20
PACIFIC FUNDS
PACIFIC FUNDSSM LIMITED DURATION HIGH INCOME
Schedule of Investments
September 30, 2016 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS & NOTES - 47.7% | ||||||||
Basic Materials - 2.0% | ||||||||
ArcelorMittal (Luxembourg) | $250,000 | $273,124 | ||||||
Freeport-McMoRan Inc | 250,000 | 241,874 | ||||||
Hexion Inc | 150,000 | 132,374 | ||||||
|
| |||||||
647,372 | ||||||||
|
| |||||||
Communications - 10.4% |
| |||||||
Cablevision Systems Corp | 150,000 | 157,780 | ||||||
CCO Holdings LLC | 250,000 | 265,312 | ||||||
Cequel Communications Holdings I LLC | 400,000 | 413,500 | ||||||
Charter Communications Operating LLC | 250,000 | 270,298 | ||||||
Clear Channel Worldwide Holdings Inc | 150,000 | 156,938 | ||||||
DISH DBS Corp | 250,000 | 270,000 | ||||||
Hughes Satellite Systems Corp | 400,000 | 428,000 | ||||||
Intelsat Luxembourg SA (Luxembourg) | 400,000 | 135,000 | ||||||
Outfront Media Capital LLC | 250,000 | 260,938 | ||||||
Sprint Communications Inc |
| |||||||
6.000% due 11/15/22 | 150,000 | 141,188 | ||||||
9.000% due 11/15/18 ~ | 300,000 | 331,875 | ||||||
T-Mobile USA Inc |
| |||||||
6.464% due 04/28/19 | 150,000 | 153,000 | ||||||
6.633% due 04/28/21 | 150,000 | 158,438 | ||||||
WaveDivision Escrow LLC | 250,000 | 259,688 | ||||||
|
| |||||||
3,401,955 | ||||||||
|
| |||||||
Consumer, Cyclical - 10.3% |
| |||||||
Beacon Roofing Supply Inc | 250,000 | 271,250 | ||||||
Beazer Homes USA Inc | 450,000 | 470,250 | ||||||
CalAtlantic Group Inc | 400,000 | 449,500 | ||||||
Cedar Fair LP | 250,000 | 259,035 | ||||||
IHO Verwaltungs GmbH (Germany) | 200,000 | 202,374 | ||||||
Landry’s Inc | 150,000 | 157,530 | ||||||
MGM Resorts International | 250,000 | 281,250 | ||||||
NCL Corp Ltd | 250,000 | 251,250 | ||||||
Neiman Marcus Group Ltd LLC | 150,000 | 125,250 | ||||||
New Red Finance Inc (Canada) | 250,000 | 260,625 | ||||||
NPC International Inc | 350,000 | 367,500 | ||||||
Six Flags Entertainment Corp | 250,000 | 258,188 | ||||||
|
| |||||||
3,354,002 | ||||||||
|
|
Principal | Value | |||||||
Consumer, Non-cyclical - 6.8% |
| |||||||
CHS/Community Health Systems Inc | $350,000 | $327,075 | ||||||
HCA Inc | 400,000 | 427,500 | ||||||
Herc Rentals Inc | 250,000 | 259,375 | ||||||
Modular Space Corp | 300,000 | 127,500 | ||||||
Tenet Healthcare Corp | 250,000 | 246,875 | ||||||
The ADT Corp | 300,000 | 327,750 | ||||||
United Rentals North America Inc | 350,000 | 364,875 | ||||||
Valeant Pharmaceuticals International Inc | 150,000 | 134,625 | ||||||
|
| |||||||
2,215,575 | ||||||||
|
| |||||||
Energy - 2.4% |
| |||||||
Regency Energy Partners LP | 150,000 | 155,230 | ||||||
Sabine Pass LNG LP | 350,000 | 362,469 | ||||||
Sunoco LP | 250,000 | 252,188 | ||||||
|
| |||||||
769,887 | ||||||||
|
| |||||||
Financial - 1.7% |
| |||||||
Ally Financial Inc | 350,000 | 357,438 | ||||||
Jefferies Finance LLC | 200,000 | 196,000 | ||||||
|
| |||||||
553,438 | ||||||||
|
| |||||||
Industrial - 10.8% |
| |||||||
ARD Finance SA (Luxembourg) | 200,000 | 199,500 | ||||||
Ardagh Packaging Finance PLC (Ireland) | 200,000 | 205,250 | ||||||
Berry Plastics Corp | 400,000 | 408,750 | ||||||
BWAY Holding Co | 200,000 | 210,000 | ||||||
Coveris Holdings SA (Luxembourg) | 250,000 | 256,875 | ||||||
Louisiana-Pacific Corp | 175,000 | 175,438 | ||||||
Novelis Corp | 350,000 | 359,188 | ||||||
Owens-Brockway Glass Container Inc | 250,000 | 268,906 | ||||||
Reynolds Group Issuer Inc (New Zealand) | 400,000 | 413,000 | ||||||
Sealed Air Corp | 500,000 | 526,875 | ||||||
TransDigm Inc | 250,000 | 257,656 | ||||||
Wise Metals Group LLC | 250,000 | 256,250 | ||||||
|
| |||||||
3,537,688 | ||||||||
|
| |||||||
Technology - 2.6% |
| |||||||
Blackboard Inc | 200,000 | 200,000 | ||||||
NXP BV (Netherlands) |
| |||||||
4.625% due 06/01/23 ~ | 200,000 | 219,250 | ||||||
5.750% due 02/15/21 ~ | 150,000 | 157,125 | ||||||
Quintiles IMS Inc | 250,000 | 258,125 | ||||||
|
| |||||||
834,500 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-21
PACIFIC FUNDS
PACIFIC FUNDS LIMITED DURATION HIGH INCOME
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal | Value | |||||||
Utilities - 0.7% |
| |||||||
Dynegy Inc | $150,000 | $154,500 | ||||||
NRG Energy Inc | 67,000 | 71,690 | ||||||
|
| |||||||
226,190 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 15,540,607 | ||||||
|
| |||||||
SENIOR LOAN NOTES - 46.3% |
| |||||||
Communications - 1.4% |
| |||||||
Zayo Group LLC | 450,675 | 453,049 | ||||||
|
| |||||||
Consumer, Cyclical - 14.3% |
| |||||||
BJ’s Wholesale Club Inc (2nd Lien) | 248,809 | 250,302 | ||||||
Caesars Entertainment Resort Properties LLC Term B | 243,125 | 242,365 | ||||||
CEC Entertainment Inc Term B | 487,500 | 480,449 | ||||||
ClubCorp Club Operations Inc Term B | 374,521 | 376,335 | ||||||
New Red Finance Inc Term B-2 (Canada) | 374,712 | 377,559 | ||||||
Nexeo Solutions LLC | 249,375 | 251,557 | ||||||
Petco Animal Supplies Inc |
| |||||||
Tranche B-1 5.000% due 01/26/23 § | 663,333 | 670,335 | ||||||
Tranche B-2 5.002% due 01/26/23 § | 82,917 | 83,763 | ||||||
Petsmart Inc Tranche B-1 | 740,625 | 742,939 | ||||||
Rite Aid Corp Tranche 1 (2nd Lien) | 750,000 | 753,164 | ||||||
The Neiman Marcus Group Inc | 486,281 | 450,765 | ||||||
|
| |||||||
4,679,533 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 10.5% |
| |||||||
Albertson’s LLC |
| |||||||
Term B-4 | ||||||||
4.500% due 08/25/21 § | 424,662 | 427,741 | ||||||
Term B-6 | ||||||||
4.750% due 06/22/23 § | 173,239 | 175,079 | ||||||
CHS/Community Health Systems Inc |
| |||||||
Term G | ||||||||
3.750% due 12/31/19 § | 34,337 | 33,722 | ||||||
Term H | ||||||||
4.000% due 01/27/21 § | 63,179 | 62,144 | ||||||
Multiplan Inc | 382,709 | 387,971 | ||||||
NBTY Inc Term B | 249,375 | 250,726 | ||||||
Pharmaceutical Product Development Inc | 592,500 | 595,092 | ||||||
Reddy Ice Corp Term B (1st Lien) | 485,541 | 463,389 | ||||||
The Brickman Group Ltd LLC (2nd Lien) | 300,000 | 298,500 | ||||||
US Foods Inc | 741,267 | 747,489 | ||||||
|
| |||||||
3,441,853 | ||||||||
|
|
Principal | Value | |||||||
Financial - 7.4% |
| |||||||
AlixPartners LLP | $396,992 | $398,399 | ||||||
Amwins Group LLC (1st Lien) | 734,190 | 739,543 | ||||||
HUB International Ltd | 242,531 | 242,778 | ||||||
USI Inc | 291,000 | 291,455 | ||||||
Vertafore Inc (1st Lien) | 500,000 | 502,227 | ||||||
WaveDivision Holdings LLC | 243,060 | 243,516 | ||||||
|
| |||||||
2,417,918 | ||||||||
|
| |||||||
Industrial - 8.2% |
| |||||||
Accudyne Industries LLC (Luxembourg) | 337,434 | 316,344 | ||||||
Crosby US Acquisition Corp (1st Lien) | 487,469 | 411,454 | ||||||
EWT Holdings III Corp (1st Lien) | 291,750 | 292,479 | ||||||
Gates Global LLC | 238,397 | 235,225 | ||||||
Ply Gem Industries Inc | 417,733 | 420,735 | ||||||
Quikrete Holdings Inc (1st Lien) | 252,407 | 254,590 | ||||||
Rexnord LLC Term B | 230,946 | 231,331 | ||||||
Waste Industries USA Inc Term B | 496,222 | 499,013 | ||||||
|
| |||||||
2,661,171 | ||||||||
|
| |||||||
Technology - 4.5% | ||||||||
Applied Systems Inc (1st Lien) | 333,947 | 335,025 | ||||||
Avago Technologies Cayman Ltd Term B-3 (Singapore) | 404,832 | 410,145 | ||||||
First Data Corp | 500,000 | 503,577 | ||||||
Micro Holding LP Term B | 205,794 | 208,023 | ||||||
|
| |||||||
1,456,770 | ||||||||
|
| |||||||
Total Senior Loan Notes | 15,110,294 | |||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 5.0% | ||||||||
Money Market Fund - 5.0% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 1,619,389 | 1,619,389 | ||||||
|
| |||||||
Total Short-Term Investment | 1,619,389 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.0% | 32,270,290 | |||||||
OTHER ASSETS & LIABILITIES, NET - 1.0% | 322,720 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $32,593,010 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-22
PACIFIC FUNDS
PACIFIC FUNDS LIMITED DURATION HIGH INCOME
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Cyclical | 24.6% | |||
Industrial | 19.0% | |||
Consumer, Non-cyclical | 17.3% | |||
Communications | 11.8% | |||
Financial | 9.1% | |||
Technology | 7.1% | |||
Short-Term Investment | 5.0% | |||
Others (each less than 3.0%) | 5.1% | |||
|
| |||
99.0% | ||||
Other Assets & Liabilities, Net | 1.0% | |||
|
| |||
100.0% | ||||
|
|
(b) | An investment with a value of $127,500 or 0.4% of the Fund’s net assets was in default as of September 30, 2016. |
(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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $15,540,607 | $— | $15,540,607 | $— | |||||||||||||
Senior Loan Notes | 15,110,294 | — | 15,110,294 | — | ||||||||||||||
Short-Term Investment | 1,619,389 | 1,619,389 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $32,270,290 | $1,619,389 | $30,650,901 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-23
PACIFIC FUNDS
PACIFIC FUNDSSM HIGH INCOME
Schedule of Investments
September 30, 2016 (Unaudited)
|
| |||||||
COMMON STOCKS - 1.0% | ||||||||
Consumer, Cyclical - 0.3% | ||||||||
Las Vegas Sands Corp | 1,315 | $75,665 | ||||||
|
| |||||||
Energy - 0.3% | ||||||||
Sunoco LP | 3,600 | 104,436 | ||||||
|
| |||||||
Financial - 0.4% | ||||||||
Bank of America Corp | 7,145 | 111,819 | ||||||
|
| |||||||
Total Common Stocks | 291,920 | |||||||
|
| |||||||
CLOSED-END MUTUAL FUNDS - 1.3% | ||||||||
Eaton Vance Senior Income Trust * | 17,808 | 114,684 | ||||||
First Trust Senior Floating Rate Income Fund II * | 8,132 | 111,164 | ||||||
Invesco Senior Income Trust * | 14,023 | 60,720 | ||||||
Voya Prime Rate Trust * | 20,481 | 108,140 | ||||||
|
| |||||||
Total Closed-End Mutual Funds | 394,708 | |||||||
|
| |||||||
Principal | ||||||||
CORPORATE BONDS & NOTES - 81.5% | ||||||||
Basic Materials - 4.7% | ||||||||
AK Steel Corp | $250,000 | 245,000 | ||||||
ArcelorMittal (Luxembourg) | 175,000 | 189,874 | ||||||
Blue Cube Spinco Inc | 125,000 | 147,500 | ||||||
Freeport-McMoRan Inc | 150,000 | 137,249 | ||||||
Glencore Funding LLC (Switzerland) | 325,000 | 323,840 | ||||||
Hexion Inc | 75,000 | 66,188 | ||||||
Teck Resources Ltd (Canada) | 200,000 | 184,000 | ||||||
Tronox Finance LLC | 103,000 | 95,532 | ||||||
|
| |||||||
1,389,183 | ||||||||
|
| |||||||
Communications - 12.6% |
| |||||||
Altice Financing SA | 125,000 | 130,468 | ||||||
CCO Holdings LLC | 425,000 | 446,780 | ||||||
Clear Channel Worldwide Holdings Inc | ||||||||
6.500% due 11/15/22 | 124,000 | 129,734 | ||||||
7.625% due 03/15/20 | 100,000 | 99,624 | ||||||
CSC Holdings LLC | 300,000 | 326,250 | ||||||
DISH DBS Corp | ||||||||
5.125% due 05/01/20 | 50,000 | 52,000 | ||||||
7.750% due 07/01/26 ~ | 125,000 | 133,125 | ||||||
Frontier Communications Corp | 75,000 | 79,780 | ||||||
iHeartCommunications Inc | 25,000 | 19,437 |
Principal |
| |||||||
Intelsat Jackson Holdings SA (Luxembourg) | ||||||||
7.250% due 10/15/20 | $100,000 | $78,000 | ||||||
8.000% due 02/15/24 ~ | 75,000 | 75,562 | ||||||
Intelsat Luxembourg SA (Luxembourg) | 100,000 | 33,750 | ||||||
Lamar Media Corp | 175,000 | 189,218 | ||||||
Level 3 Financing Inc | 175,000 | 181,124 | ||||||
Outfront Media Capital LLC | 225,000 | 237,094 | ||||||
SFR Group SA (France) | 200,000 | 204,688 | ||||||
Sprint Corp | ||||||||
7.250% due 09/15/21 | 250,000 | 252,500 | ||||||
7.625% due 02/15/25 | 250,000 | 248,750 | ||||||
T-Mobile USA Inc | ||||||||
6.000% due 04/15/24 | 100,000 | 107,250 | ||||||
6.375% due 03/01/25 | 100,000 | 109,000 | ||||||
6.625% due 04/01/23 | 275,000 | 296,313 | ||||||
Virgin Media Secured Finance PLC (United Kingdom) | 250,000 | 255,625 | ||||||
|
| |||||||
3,686,072 | ||||||||
|
| |||||||
Consumer, Cyclical - 13.5% |
| |||||||
99 Cents Only Stores LLC | 200,000 | 116,000 | ||||||
American Airlines Pass-Through Trust ‘B’ | 174,440 | 183,162 | ||||||
American Builders & Contractors Supply Co Inc | 150,000 | 156,375 | ||||||
Beazer Homes USA Inc | ||||||||
5.750% due 06/15/19 | 75,000 | 78,375 | ||||||
7.250% due 02/01/23 | 100,000 | 100,000 | ||||||
7.500% due 09/15/21 | 25,000 | 25,375 | ||||||
Caesars Entertainment Resort Properties LLC | ||||||||
8.000% due 10/01/20 | 275,000 | 285,656 | ||||||
11.000% due 10/01/21 | 75,000 | 81,094 | ||||||
CalAtlantic Group Inc | ||||||||
5.375% due 10/01/22 | 100,000 | 104,750 | ||||||
6.625% due 05/01/20 | 75,000 | 84,281 | ||||||
Carrols Restaurant Group Inc | 125,000 | 135,781 | ||||||
CEC Entertainment Inc | 250,000 | 250,313 | ||||||
ClubCorp Club Operations Inc | 175,000 | 189,000 | ||||||
Dollar Tree Inc | 150,000 | 162,188 | ||||||
IHO Verwaltungs GmbH (Germany) | 200,000 | 201,500 | ||||||
Jaguar Land Rover Automotive PLC (United Kingdom) | 200,000 | 210,250 | ||||||
Landry’s Holdings II Inc | 250,000 | 255,925 | ||||||
Landry’s Inc | 75,000 | 76,500 | ||||||
Lennar Corp | ||||||||
4.750% due 05/30/25 | 100,000 | 102,500 | ||||||
4.875% due 12/15/23 | 200,000 | 206,000 | ||||||
Neiman Marcus Group Ltd LLC | 100,000 | 79,500 | ||||||
Party City Holdings Inc | 125,000 | 133,906 | ||||||
PetSmart Inc | 180,000 | 189,450 | ||||||
The Men’s Wearhouse Inc | 75,000 | 70,500 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-24
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
United Airlines Pass-Through Trust ‘B’ | $67,982 | $68,748 | ||||||
US Airways Pass-Through Trust ‘B’ | 203,998 | 210,373 | ||||||
Virgin Australia Trust ‘B’ (Australia) | 27,800 | 28,252 | ||||||
ZF North America Capital Inc (Germany) | 150,000 | 159,188 | ||||||
|
| |||||||
3,944,942 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 13.9% |
| |||||||
Ahern Rentals Inc | 550,000 | 358,875 | ||||||
Albertson’s LLC | ||||||||
5.750% due 03/15/25 ~ | 75,000 | 75,000 | ||||||
6.625% due 06/15/24 ~ | 25,000 | 26,063 | ||||||
CHS/Community Health Systems Inc | ||||||||
6.875% due 02/01/22 | 150,000 | 129,750 | ||||||
8.000% due 11/15/19 | 75,000 | 73,875 | ||||||
DPx Holdings BV | 200,000 | 212,250 | ||||||
HCA Inc | 400,000 | 427,500 | ||||||
Herc Rentals Inc | 175,000 | 181,563 | ||||||
IHS Markit Ltd | 175,000 | 186,043 | ||||||
Jaguar Holding Co II | 175,000 | 182,438 | ||||||
JBS Investments GmbH (Brazil) | 200,000 | 210,000 | ||||||
JBS USA LLC (Brazil) | 50,000 | 51,625 | ||||||
MEDNAX Inc | 200,000 | 210,750 | ||||||
Modular Space Corp | 100,000 | 42,500 | ||||||
Mustang Merger Corp | 100,000 | 106,875 | ||||||
Post Holdings Inc | 125,000 | 140,625 | ||||||
Prime Security Services Borrower LLC | 50,000 | 54,625 | ||||||
Tenet Healthcare Corp |
| |||||||
5.000% due 03/01/19 ~ | 75,000 | 74,063 | ||||||
6.750% due 06/15/23 ~ | 250,000 | 233,125 | ||||||
The ADT Corp | 300,000 | 327,750 | ||||||
TMS International Corp | 125,000 | 107,500 | ||||||
United Rentals North America Inc |
| |||||||
4.625% due 07/15/23 | 75,000 | 77,156 | ||||||
5.500% due 07/15/25 | 50,000 | 51,438 | ||||||
Universal Health Services Inc | 200,000 | 208,750 | ||||||
Valeant Pharmaceuticals International Inc |
| |||||||
5.500% due 03/01/23 ~ | 75,000 | 64,500 | ||||||
7.500% due 07/15/21 ~ | 250,000 | 242,813 | ||||||
|
| |||||||
4,057,452 | ||||||||
|
| |||||||
Energy - 11.7% |
| |||||||
Antero Midstream Partners LP | 75,000 | 76,125 | ||||||
Callon Petroleum Co | 125,000 | 129,688 | ||||||
Concho Resources Inc |
| |||||||
5.500% due 10/01/22 | 125,000 | 130,313 | ||||||
5.500% due 04/01/23 | 125,000 | 129,531 | ||||||
Energy Transfer Equity LP | 100,000 | 104,250 |
Principal |
| |||||||
EP Energy LLC | $225,000 | $135,000 | ||||||
Freeport-McMoran Oil & Gas LLC | 125,000 | 129,063 | ||||||
Halcon Resources Corp | 77,000 | 77,385 | ||||||
MEG Energy Corp (Canada) | 175,000 | 143,719 | ||||||
Newfield Exploration Co | 100,000 | 100,750 | ||||||
PDC Energy Inc | 150,000 | 156,375 | ||||||
QEP Resources Inc | 150,000 | 157,500 | ||||||
Range Resources Corp | 310,000 | 314,650 | ||||||
Rice Energy Inc | 100,000 | 107,500 | ||||||
Rose Rock Midstream LP | 100,000 | 91,500 | ||||||
RSP Permian Inc | 100,000 | 105,250 | ||||||
Sabine Pass Liquefaction LLC |
| |||||||
5.625% due 02/01/21 | 100,000 | 106,875 | ||||||
5.625% due 03/01/25 | 300,000 | 323,625 | ||||||
Sanchez Energy Corp | 100,000 | 88,500 | ||||||
Summit Midstream Holdings LLC | 150,000 | 143,625 | ||||||
Sunoco Finance Corp | 75,000 | 75,656 | ||||||
Targa Resources Partners LP |
| |||||||
5.125% due 02/01/25 ~ | 100,000 | 100,375 | ||||||
5.375% due 02/01/27 ~ | 50,000 | 50,438 | ||||||
6.625% due 10/01/20 | 100,000 | 103,500 | ||||||
6.750% due 03/15/24 | 50,000 | 53,750 | ||||||
Whiting Petroleum Corp | 150,000 | 138,000 | ||||||
WPX Energy Inc | 150,000 | 148,875 | ||||||
|
| |||||||
3,421,818 | ||||||||
|
| |||||||
Financial - 6.0% |
| |||||||
AAF Holdings LLC | 63,371 | 65,272 | ||||||
Ally Financial Inc | 400,000 | 420,000 | ||||||
Double Eagle Acquisition Sub Inc | 25,000 | 25,531 | ||||||
Equinix Inc REIT |
| |||||||
4.875% due 04/01/20 | 175,000 | 182,219 | �� | |||||
5.375% due 04/01/23 | 25,000 | 26,344 | ||||||
Jefferies Finance LLC | 375,000 | 367,500 | ||||||
MGM Growth Properties Operating Partnership LP | 175,000 | 190,260 | ||||||
Ocwen Financial Corp | 100,000 | 89,913 | ||||||
Springleaf Finance Corp | 175,000 | 192,500 | ||||||
The Howard Hughes Corp | 175,000 | 184,844 | ||||||
|
| |||||||
1,744,383 | ||||||||
|
| |||||||
Industrial - 11.1% |
| |||||||
Accudyne Industries LLC (Luxembourg) | 100,000 | 79,750 | ||||||
Allegion PLC | 125,000 | 135,313 | ||||||
Allegion US Holding Co Inc | 100,000 | 104,625 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-25
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
Apex Tool Group LLC | $50,000 | $48,063 | ||||||
ARD Finance SA (Luxembourg) | 200,000 | 199,500 | ||||||
Ardagh Packaging Finance PLC (Ireland) | 61,765 | 64,081 | ||||||
BWAY Holding Co | 225,000 | 236,250 | ||||||
Cloud Crane LLC | 50,000 | 52,000 | ||||||
Cortes NP Acquisition Corp | 50,000 | 50,000 | ||||||
Coveris Holdings SA (Luxembourg) | 141,000 | 144,878 | ||||||
CPG Merger Sub LLC | 125,000 | 128,125 | ||||||
Louisiana-Pacific Corp | 250,000 | 250,625 | ||||||
Manitowoc Foodservice Inc | 165,000 | 188,925 | ||||||
Masco Corp |
| |||||||
4.450% due 04/01/25 | 75,000 | 80,063 | ||||||
7.750% due 08/01/29 | 75,000 | 89,813 | ||||||
Novelis Corp | 75,000 | 76,969 | ||||||
6.250% due 08/15/24 ~ | 175,000 | 186,375 | ||||||
Reynolds Group Issuer Inc (New Zealand) |
| |||||||
5.125% due 07/15/23 ~ | 175,000 | 180,906 | ||||||
7.000% due 07/15/24 ~ | 25,000 | 26,859 | ||||||
Sealed Air Corp |
| |||||||
5.125% due 12/01/24 ~ | 25,000 | 26,531 | ||||||
5.500% due 09/15/25 ~ | 75,000 | 80,625 | ||||||
TransDigm Inc | 125,000 | 128,828 | ||||||
6.500% due 07/15/24 | 175,000 | 185,063 | ||||||
US Concrete Inc | 125,000 | 130,000 | ||||||
Wise Metals Group LLC | 75,000 | 76,875 | ||||||
Wise Metals Intermediate Holdings LLC | 165,687 | 159,888 | ||||||
Zekelman Industries Inc | 125,000 | 132,188 | ||||||
|
| |||||||
3,243,118 | ||||||||
|
| |||||||
Technology - 5.6% |
| |||||||
Blackboard Inc | 125,000 | 125,000 | ||||||
Diamond 1 Finance Corp | 125,000 | 132,866 | ||||||
First Data Corp |
| |||||||
5.000% due 01/15/24 ~ | 125,000 | 127,344 | ||||||
5.750% due 01/15/24 ~ | 100,000 | 103,125 | ||||||
Infor Software Parent LLC | 175,000 | 170,625 | ||||||
Microsemi Corp | 150,000 | 171,750 | ||||||
NXP BV (Netherlands) | 300,000 | 315,000 | ||||||
Quintiles IMS Inc | 250,000 | 258,125 | ||||||
Sensata Technologies BV | 225,000 | 238,500 | ||||||
|
| |||||||
1,642,335 | ||||||||
|
|
Principal |
| |||||||
Utilities - 2.4% |
| |||||||
Calpine Corp |
| |||||||
5.875% due 01/15/24 ~ | $200,000 | $212,250 | ||||||
6.000% due 01/15/22 ~ | 100,000 | 104,813 | ||||||
Dynegy Inc | 100,000 | 98,700 | ||||||
GenOn Energy Inc | 50,000 | 37,500 | ||||||
NRG Energy Inc | 125,000 | 127,813 | ||||||
Talen Energy Supply LLC | 150,000 | 121,125 | ||||||
|
| |||||||
702,201 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 23,831,504 | |||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 16.0% | ||||||||
Money Market Fund - 16.0% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 4,671,365 | 4,671,365 | ||||||
|
| |||||||
Total Short-Term Investment | 4,671,365 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.8% | 29,189,497 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.2% | 53,768 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $29,243,265 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Short-Term Investment | 16.0% | |||
Consumer, Non-cyclical | 13.9% | |||
Consumer, Cyclical | 13.8% | |||
Communications | 12.6% | |||
Energy | 12.0% | |||
Industrial | 11.1% | |||
Financial | 6.4% | |||
Technology | 5.6% | |||
Basic Materials | 4.7% | |||
Others (each less than 3.0%) | 3.7% | |||
|
| |||
99.8% | ||||
Other Assets & Liabilities, Net | 0.2% | |||
|
| |||
100.0% | ||||
|
|
(b) | Investments with a total aggregate value of $119,885 or 0.4% of the Fund’s net assets were in default as of September 30, 2016. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-26
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
(c) | Swap agreements outstanding as of September 30, 2016 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 Liquid High Yield Index | 3-Month USD-LIBOR | JPM | 12/20/16 | $1,000,000 | $23,174 | $— | $23,174 | |||||||||||||||||
iBoxx Liquid High Yield Index | 3-Month USD-LIBOR | JPM | 03/20/17 | 2,000,000 | 84,807 | — | 84,807 | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total | $107,981 | $— | $107,981 | |||||||||||||||||||||
|
|
|
|
|
|
(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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $291,920 | $291,920 | $— | $— | |||||||||||||
Closed-End Mutual Funds | 394,708 | 394,708 | — | — | ||||||||||||||
Corporate Bonds & Notes | 23,831,504 | — | 23,831,504 | |||||||||||||||
Short-Term Investment | 4,671,365 | 4,671,365 | — | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Swaps | 107,981 | — | 107,981 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
$29,297,478 | $5,357,993 | $23,939,485 | $— | |||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-27
PACIFIC FUNDS
PACIFIC FUNDSSM LARGE-CAP
Schedule of Investments
September 30, 2016 (Unaudited)
Shares | | |||||||
COMMON STOCKS - 97.6% | ||||||||
Basic Materials - 2.6% | ||||||||
International Paper Co | 1,779 | $85,356 | ||||||
The Dow Chemical Co | 2,144 | 111,124 | ||||||
|
| |||||||
196,480 | ||||||||
|
| |||||||
Communications - 16.3% | ||||||||
Alphabet Inc ‘A’ * | 174 | 139,907 | ||||||
Alphabet Inc ‘C’ * | 174 | 135,249 | ||||||
Amazon.com Inc * | 156 | 130,620 | ||||||
AT&T Inc | 4,443 | 180,430 | ||||||
CBS Corp ‘B’ | 1,641 | 89,828 | ||||||
Cisco Systems Inc | 3,999 | 126,848 | ||||||
Comcast Corp ‘A’ | 2,277 | 151,056 | ||||||
The Walt Disney Co | 1,133 | 105,210 | ||||||
Verizon Communications Inc | 3,893 | 202,358 | ||||||
|
| |||||||
1,261,506 | ||||||||
|
| |||||||
Consumer, Cyclical - 9.1% | ||||||||
Delta Air Lines Inc | 2,044 | 80,452 | ||||||
Lear Corp | 679 | 82,308 | ||||||
McDonald’s Corp | 963 | 111,092 | ||||||
Michael Kors Holdings Ltd * | 1,682 | 78,701 | ||||||
PulteGroup Inc | 5,146 | 103,126 | ||||||
Skechers U.S.A. Inc ‘A’ * | 2,435 | 55,762 | ||||||
The Goodyear Tire & Rubber Co | 2,233 | 72,126 | ||||||
The Home Depot Inc | 941 | 121,088 | ||||||
|
| |||||||
704,655 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 25.5% | ||||||||
Abbott Laboratories | 2,342 | 99,043 | ||||||
Amgen Inc | 652 | 108,760 | ||||||
Biogen Inc * | 278 | 87,022 | ||||||
Danaher Corp | 1,182 | 92,657 | ||||||
Gilead Sciences Inc | 1,508 | 119,313 | ||||||
Ingredion Inc | 786 | 104,585 | ||||||
Johnson & Johnson | 639 | 75,485 | ||||||
Medtronic PLC | 1,325 | 114,480 | ||||||
Merck & Co Inc | 1,784 | 111,339 | ||||||
Mylan NV * | 1,825 | 69,569 | ||||||
PepsiCo Inc | 1,378 | 149,885 | ||||||
Pfizer Inc | 5,340 | 180,866 | ||||||
Post Holdings Inc * | 1,163 | 89,749 | ||||||
Quanta Services Inc * | 3,080 | 86,209 | ||||||
The Kroger Co | 2,803 | 83,193 | ||||||
The Procter & Gamble Co | 1,108 | 99,443 | ||||||
Tyson Foods Inc ‘A’ | 1,222 | 91,247 | ||||||
UnitedHealth Group Inc | 955 | 133,700 | ||||||
Whole Foods Market Inc | 2,503 | 70,960 | ||||||
|
| |||||||
1,967,505 | ||||||||
|
| |||||||
Energy - 8.1% | ||||||||
Antero Resources Corp * | 3,014 | 81,227 | ||||||
Chevron Corp | 830 | 85,424 | ||||||
ConocoPhillips | 1,672 | 72,682 | ||||||
Exxon Mobil Corp | 2,538 | 221,517 | ||||||
Occidental Petroleum Corp | 1,301 | 94,869 | ||||||
Valero Energy Corp | 1,331 | 70,543 | ||||||
|
| |||||||
626,262 | ||||||||
|
| |||||||
Financial - 12.9% | ||||||||
American Express Co | 898 | 57,508 | ||||||
Ameriprise Financial Inc | 846 | 84,405 | ||||||
Bank of America Corp | 7,255 | 113,541 | ||||||
Boston Properties Inc REIT | 686 | 93,495 | ||||||
Chubb Ltd | 601 | 75,516 | ||||||
Citigroup Inc | 2,589 | 122,278 | ||||||
JPMorgan Chase & Co | 2,504 | 166,741 |
Shares | | |||||||
MetLife Inc | 2,417 | $107,387 | ||||||
State Street Corp | 1,318 | 91,772 | ||||||
SunTrust Banks Inc | 1,998 | 87,512 | ||||||
|
| |||||||
1,000,155 | ||||||||
|
| |||||||
Industrial - 6.7% | ||||||||
Fluor Corp | 1,524 | 78,212 | ||||||
General Electric Co | 1,289 | 38,180 | ||||||
Northrop Grumman Corp | 495 | 105,905 | ||||||
Parker-Hannifin Corp | 693 | 86,992 | ||||||
Stanley Black & Decker Inc | 686 | 84,364 | ||||||
Waste Management Inc | 1,960 | 124,970 | ||||||
|
| |||||||
518,623 | ||||||||
|
| |||||||
Technology - 15.1% | ||||||||
Accenture PLC ‘A’ | 334 | 40,805 | ||||||
Apple Inc | 2,887 | 326,375 | ||||||
Cadence Design Systems Inc * | 3,020 | 77,101 | ||||||
Hewlett Packard Enterprise Co | 4,747 | 107,994 | ||||||
Intel Corp | 4,572 | 172,593 | ||||||
Microsoft Corp | 4,018 | 231,437 | ||||||
Oracle Corp | 2,680 | 105,270 | ||||||
QUALCOMM Inc | 1,569 | 107,477 | ||||||
|
| |||||||
1,169,052 | ||||||||
|
| |||||||
Utilities - 1.3% | ||||||||
American Electric Power Co Inc | 946 | 60,743 | ||||||
Public Service Enterprise Group Inc | 996 | 41,703 | ||||||
|
| |||||||
102,446 | ||||||||
|
| |||||||
Total Common Stocks | 7,546,684 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 2.1% | ||||||||
Money Market Fund - 2.1% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 159,768 | 159,768 | ||||||
|
| |||||||
Total Short-Term Investment | 159,768 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.7% | 7,706,452 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.3% | 22,561 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $7,729,013 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-cyclical | 25.5% | |||
Communications | 16.3% | |||
Technology | 15.1% | |||
Financial | 12.9% | |||
Consumer, Cyclical | 9.1% | |||
Energy | 8.1% | |||
Industrial | 6.7% | |||
Others (each less than 3.0%) | 6.0% | |||
|
| |||
99.7% | ||||
Other Assets & Liabilities, Net | 0.3% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-28
PACIFIC FUNDS
PACIFIC FUNDS LARGE-CAP
Schedule of Investments (Continued)
September 30, 2016 (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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $7,546,684 | $7,546,684 | $— | $— | |||||||||||||
Short-Term Investment | 159,768 | 159,768 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $7,706,452 | $7,706,452 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-29
PACIFIC FUNDS
PACIFIC FUNDSSM LARGE-CAP VALUE
Schedule of Investments
September 30, 2016 (Unaudited)
| Value | |||||||
COMMON STOCKS - 97.1% | ||||||||
Basic Materials - 4.0% | ||||||||
International Paper Co | 7,065 | $338,979 | ||||||
LyondellBasell Industries NV ‘A’ | 4,139 | 333,852 | ||||||
The Dow Chemical Co | 8,711 | 451,491 | ||||||
|
| |||||||
1,124,322 | ||||||||
|
| |||||||
Communications - 11.2% | ||||||||
AT&T Inc | 23,811 | 966,965 | ||||||
CBS Corp ‘B’ | 5,638 | 308,624 | ||||||
Cisco Systems Inc | 19,462 | 617,335 | ||||||
Comcast Corp ‘A’ | 4,893 | 324,602 | ||||||
Time Warner Inc | 3,506 | 279,113 | ||||||
Verizon Communications Inc | 12,608 | 655,364 | ||||||
|
| |||||||
3,152,003 | ||||||||
|
| |||||||
Consumer, Cyclical - 5.6% | ||||||||
Delta Air Lines Inc | 8,273 | 325,625 | ||||||
Lear Corp | 2,409 | 292,019 | ||||||
PulteGroup Inc | 18,581 | 372,363 | ||||||
Skechers U.S.A. Inc ‘A’ * | 10,820 | 247,778 | ||||||
The Home Depot Inc | 2,539 | 326,719 | ||||||
|
| |||||||
1,564,504 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 18.6% | ||||||||
Amgen Inc | 1,580 | 263,560 | ||||||
Becton Dickinson and Co | 2,128 | 382,465 | ||||||
Cardinal Health Inc | 2,569 | 199,611 | ||||||
Danaher Corp | 3,451 | 270,524 | ||||||
Gilead Sciences Inc | 3,482 | 275,496 | ||||||
Johnson & Johnson | 3,562 | 420,779 | ||||||
Merck & Co Inc | 7,672 | 478,809 | ||||||
PepsiCo Inc | 4,389 | 477,391 | ||||||
Pfizer Inc | 28,038 | 949,647 | ||||||
The Kroger Co | 8,370 | 248,422 | ||||||
The Procter & Gamble Co | 6,390 | 573,502 | ||||||
Tyson Foods Inc ‘A’ | 5,798 | 432,937 | ||||||
UnitedHealth Group Inc | 2,002 | 280,280 | ||||||
|
| |||||||
5,253,423 | ||||||||
|
| |||||||
Energy - 13.2% | ||||||||
Antero Resources Corp * | 12,244 | 329,976 | ||||||
Chevron Corp | 6,585 | 677,728 | ||||||
ConocoPhillips | 14,112 | 613,449 | ||||||
EOG Resources Inc | 6,729 | 650,762 | ||||||
Exxon Mobil Corp | 14,453 | 1,261,458 | ||||||
Valero Energy Corp | 3,477 | 184,281 | ||||||
|
| |||||||
3,717,654 | ||||||||
|
| |||||||
Financial - 23.8% | ||||||||
American Express Co | 4,273 | 273,643 | ||||||
American International Group Inc | 5,899 | 350,047 | ||||||
Ameriprise Financial Inc | 2,949 | 294,222 | ||||||
Bank of America Corp | 46,956 | 734,861 | ||||||
Berkshire Hathaway Inc ‘B’ * | 1,190 | 171,919 | ||||||
Boston Properties Inc REIT | 2,231 | 304,063 | ||||||
Chubb Ltd | 3,976 | 499,584 | ||||||
Discover Financial Services | 6,710 | 379,451 | ||||||
Equity LifeStyle Properties Inc REIT | 3,716 | 286,801 | ||||||
JPMorgan Chase & Co | 13,620 | 906,956 | ||||||
M&T Bank Corp | 2,550 | 296,055 | ||||||
MetLife Inc | 6,945 | 308,566 | ||||||
Public Storage REIT | 887 | 197,925 | ||||||
State Street Corp | 4,916 | 342,301 | ||||||
SunTrust Banks Inc | 10,408 | 455,870 | ||||||
The Allstate Corp | 5,530 | 382,565 | ||||||
Wells Fargo & Co | 11,964 | 529,766 | ||||||
|
| |||||||
6,714,595 | ||||||||
|
|
| Value | |||||||
Industrial - 7.8% | ||||||||
Fluor Corp | 7,067 | $362,678 | ||||||
General Electric Co | 13,217 | 391,488 | ||||||
Northrop Grumman Corp | 2,421 | 517,973 | ||||||
Raytheon Co | 1,575 | 214,405 | ||||||
Stanley Black & Decker Inc | 2,293 | 281,993 | ||||||
Waste Management Inc | 6,583 | 419,732 | ||||||
|
| |||||||
2,188,269 | ||||||||
|
| |||||||
Technology - 7.2% | ||||||||
Amdocs Ltd | 5,607 | 324,365 | ||||||
Apple Inc | 1,828 | 206,655 | ||||||
Hewlett Packard Enterprise Co | 15,270 | 347,393 | ||||||
Intel Corp | 17,976 | 678,594 | ||||||
Microsoft Corp | 3,994 | 230,054 | ||||||
QUALCOMM Inc | 3,662 | 250,847 | ||||||
|
| |||||||
2,037,908 | ||||||||
|
| |||||||
Utilities - 5.7% | ||||||||
American Electric Power Co Inc | 8,224 | 528,063 | ||||||
DTE Energy Co | 3,872 | 362,690 | ||||||
Edison International | 6,348 | 458,643 | ||||||
Public Service Enterprise Group Inc | 6,191 | 259,217 | ||||||
|
| |||||||
1,608,613 | ||||||||
|
| |||||||
Total Common Stocks | 27,361,291 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.9% | ||||||||
Money Market Fund - 1.9% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 515,191 | 515,191 | ||||||
|
| |||||||
Total Short-Term Investment | 515,191 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.0% | 27,876,482 | |||||||
OTHER ASSETS & LIABILITIES, NET - 1.0% | 295,317 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $28,171,799 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 23.8% | |||
Consumer, Non-cyclical | 18.6% | |||
Energy | 13.2% | |||
Communications | 11.2% | |||
Industrial | 7.8% | |||
Technology | 7.2% | |||
Utilities | 5.7% | |||
Consumer, Cyclical | 5.6% | |||
Basic Materials | 4.0% | |||
Others (each less than 3.0%) | 1.9% | |||
|
| |||
99.0% | ||||
Other Assets & Liabilities, Net | 1.0% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-30
PACIFIC FUNDS
PACIFIC FUNDS LARGE-CAP VALUE
Schedule of Investments (Continued)
September 30, 2016 (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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $27,361,291 | $27,361,291 | $— | $— | |||||||||||||
Short-Term Investment | 515,191 | 515,191 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $27,876,482 | $27,876,482 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-31
PACIFIC FUNDS
PACIFIC FUNDSSM SMALL/MID-CAP
Schedule of Investments
September 30, 2016 (Unaudited)
| Value | |||||||
RIGHTS - 0.0% | ||||||||
Consumer, Non-cyclical - 0.0% | ||||||||
DYAX Corp - Contingent Value Rights * + | 142 | $158 | ||||||
|
| |||||||
Total Rights | 158 | |||||||
|
| |||||||
COMMON STOCKS - 98.0% | ||||||||
Basic Materials - 3.8% | ||||||||
AK Steel Holding Corp * | 44,635 | 215,587 | ||||||
Ingevity Corp l | — | 23 | ||||||
Kaiser Aluminum Corp | 5,417 | 468,516 | ||||||
Kraton Corp * | 11,053 | 387,297 | ||||||
PolyOne Corp | 10,028 | 339,047 | ||||||
The Chemours Co | 16,199 | 259,184 | ||||||
US Silica Holdings Inc | 7,503 | 349,340 | ||||||
|
| |||||||
2,018,994 | ||||||||
|
| |||||||
Communications - 5.2% | ||||||||
Ciena Corp * | 18,420 | 401,556 | ||||||
Finisar Corp * | 17,983 | 535,893 | ||||||
NETGEAR Inc * | 7,438 | 449,925 | ||||||
NeuStar Inc ‘A’ * | 18,273 | 485,879 | ||||||
Sinclair Broadcast Group Inc ‘A’ | 14,420 | 416,450 | ||||||
TiVo Corp | 10,649 | 207,442 | ||||||
Web.com Group Inc * | 17,088 | 295,110 | ||||||
|
| |||||||
2,792,255 | ||||||||
|
| |||||||
Consumer, Cyclical - 17.0% | ||||||||
Alaska Air Group Inc | 2,610 | 171,895 | ||||||
American Eagle Outfitters Inc | 23,929 | 427,372 | ||||||
American Woodmark Corp * | 5,887 | 474,316 | ||||||
Beacon Roofing Supply Inc * | 8,119 | 341,566 | ||||||
Big Lots Inc | 7,639 | 364,762 | ||||||
Bloomin’ Brands Inc | 24,926 | 429,724 | ||||||
Brinker International Inc | 4,283 | 215,992 | ||||||
Cooper-Standard Holding Inc * | 5,075 | 501,410 | ||||||
Dick’s Sporting Goods Inc | 8,862 | 502,653 | ||||||
G-III Apparel Group Ltd * | 4,422 | 128,901 | ||||||
GNC Holdings Inc ‘A’ | 12,650 | 258,313 | ||||||
Hanesbrands Inc | 14,733 | 372,008 | ||||||
Lithia Motors Inc ‘A’ | 3,320 | 317,126 | ||||||
Marriott Vacations Worldwide Corp | 4,729 | 346,730 | ||||||
Pool Corp | 2,727 | 257,756 | ||||||
PulteGroup Inc | 13,140 | 263,326 | ||||||
Red Robin Gourmet Burgers Inc * | 2,468 | 110,912 | ||||||
Sonic Corp | 15,922 | 416,838 | ||||||
Steven Madden Ltd * | 8,356 | 288,783 | ||||||
Texas Roadhouse Inc | 10,622 | 414,577 | ||||||
The Cheesecake Factory Inc | 5,736 | 287,144 | ||||||
The Children’s Place Inc | 3,532 | 282,101 | ||||||
Vail Resorts Inc | 3,237 | 507,821 | ||||||
Wabash National Corp * | 28,460 | 405,270 | ||||||
Watsco Inc | 4,030 | 567,827 | ||||||
Wolverine World Wide Inc | 11,658 | 268,484 | ||||||
Wyndham Worldwide Corp | 3,163 | 212,965 | ||||||
|
| |||||||
9,136,572 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 20.0% | ||||||||
Acorda Therapeutics Inc * | 8,926 | 186,375 | ||||||
Align Technology Inc * | 6,113 | 573,094 | ||||||
Amedisys Inc * | 7,015 | 332,792 | ||||||
Cardtronics PLC ‘A’ * | 8,287 | 369,600 | ||||||
Charles River Laboratories International Inc * | 5,872 | 489,372 | ||||||
Cynosure Inc ‘A’ * | 8,639 | 440,071 | ||||||
Dean Foods Co | 23,457 | 384,695 |
| Value | |||||||
Deluxe Corp | 7,933 | $530,083 | ||||||
DENTSPLY SIRONA Inc l | — | 37 | ||||||
Euronet Worldwide Inc * | 6,145 | 502,845 | ||||||
Horizon Pharma PLC * | 18,182 | 329,640 | ||||||
INC Research Holdings Inc ‘A’ * | 6,811 | 303,634 | ||||||
Insperity Inc | 6,705 | 487,051 | ||||||
Ionis Pharmaceuticals Inc * | 6,495 | 237,977 | ||||||
J&J Snack Foods Corp | 2,173 | 258,848 | ||||||
LHC Group Inc * | 7,622 | 281,099 | ||||||
ManpowerGroup Inc | 2,090 | 151,023 | ||||||
MarketAxess Holdings Inc | 2,066 | 342,109 | ||||||
Masimo Corp * | 5,012 | 298,164 | ||||||
Merit Medical Systems Inc * | 9,523 | 231,314 | ||||||
Molina Healthcare Inc * | 9,719 | 566,812 | ||||||
NuVasive Inc * | 8,658 | 577,142 | ||||||
Post Holdings Inc | 3,077 | 237,452 | ||||||
Quintiles Transnational Holdings Inc * | 4,808 | 389,736 | ||||||
Service Corp International | 11,713 | 310,863 | ||||||
STERIS PLC | 4,803 | 351,099 | ||||||
Supernus Pharmaceuticals Inc * | 18,688 | 462,154 | ||||||
The Cooper Cos Inc | 2,761 | 494,937 | ||||||
TrueBlue Inc * | 12,483 | 282,865 | ||||||
United Therapeutics Corp * | 2,951 | 348,454 | ||||||
|
| |||||||
10,751,337 | ||||||||
|
| |||||||
Energy - 1.7% | ||||||||
Energen Corp | 5,988 | 345,627 | ||||||
Laredo Petroleum Inc * | 44,066 | 568,451 | ||||||
|
| |||||||
914,078 | ||||||||
|
| |||||||
Financial - 21.4% | ||||||||
Alleghany Corp * | 1,166 | 612,173 | ||||||
AmTrust Financial Services Inc | 20,559 | 551,598 | ||||||
Berkshire Hills Bancorp Inc | 11,429 | 316,698 | ||||||
Brixmor Property Group Inc REIT | 13,207 | 367,023 | ||||||
Chemical Financial Corp | 2,417 | 106,672 | ||||||
DCT Industrial Trust Inc REIT | 9,472 | 459,866 | ||||||
Douglas Emmett Inc REIT | 13,782 | 504,835 | ||||||
DuPont Fabros Technology Inc REIT | 10,560 | 435,600 | ||||||
Endurance Specialty Holdings Ltd | 3,714 | 243,081 | ||||||
Equity LifeStyle Properties Inc REIT | 6,442 | 497,194 | ||||||
Highwoods Properties Inc REIT | 8,706 | 453,757 | ||||||
Huntington Bancshares Inc | 40,396 | 398,305 | ||||||
Investors Bancorp Inc | 32,544 | 390,853 | ||||||
Mack-Cali Realty Corp REIT | 19,407 | 528,259 | ||||||
Medical Properties Trust Inc REIT | 20,674 | 305,355 | ||||||
Mid-America Apartment Communities Inc REIT | 4,793 | 450,494 | ||||||
National Retail Properties Inc REIT | 9,699 | 493,194 | ||||||
PacWest Bancorp | 11,687 | 501,489 | ||||||
PS Business Parks Inc REIT | 4,686 | 532,189 | ||||||
Radian Group Inc | 42,286 | 572,975 | ||||||
Raymond James Financial Inc | 6,309 | 367,247 | ||||||
Reinsurance Group of America Inc | 2,523 | 272,333 | ||||||
Signature Bank * | 3,397 | 402,375 | ||||||
Texas Capital Bancshares Inc * | 4,037 | 221,712 | ||||||
The Hanover Insurance Group Inc | 4,706 | 354,926 | ||||||
Umpqua Holdings Corp | 22,784 | 342,899 | ||||||
Wintrust Financial Corp | 6,791 | 377,376 | ||||||
Zions Bancorp | 13,678 | 424,292 | ||||||
|
| |||||||
11,484,770 | ||||||||
|
| |||||||
Industrial - 11.8% | ||||||||
AAR Corp | 9,339 | 292,497 | ||||||
Aerojet Rocketdyne Holdings Inc * | 18,722 | 329,133 | ||||||
Barnes Group Inc | 9,310 | 377,520 | ||||||
EMCOR Group Inc | 7,963 | 474,754 | ||||||
EnerSys | 5,588 | 386,634 | ||||||
Generac Holdings Inc * | 10,688 | 387,974 | ||||||
Graphic Packaging Holding Co | 41,104 | 575,045 | ||||||
Hub Group Inc ‘A’ * | 5,099 | 207,835 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-32
PACIFIC FUNDS
PACIFIC FUNDS SMALL/MID-CAP
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
| Value | |||||||
ITT Inc | 9,961 | $357,002 | ||||||
Kirby Corp * | 4,262 | 264,926 | ||||||
Lydall Inc * | 7,044 | 360,160 | ||||||
Moog Inc ‘A’ * | 3,393 | 202,019 | ||||||
Owens Corning | 10,408 | 555,683 | ||||||
PerkinElmer Inc | 7,969 | 447,141 | ||||||
Ryder System Inc | 6,909 | 455,649 | ||||||
US Concrete Inc * | 6,448 | 297,027 | ||||||
WestRock Co | 7,127 | 345,517 | ||||||
|
| |||||||
6,316,516 | ||||||||
|
| |||||||
Technology - 14.1% | ||||||||
Aspen Technology Inc * | 9,242 | 432,433 | ||||||
CommVault Systems Inc * | 5,108 | 271,388 | ||||||
Convergys Corp | 15,459 | 470,263 | ||||||
Diebold Inc | 14,555 | 360,818 | ||||||
DST Systems Inc | 3,617 | 426,517 | ||||||
Electronics For Imaging Inc * | 7,069 | 345,815 | ||||||
Fleetmatics Group PLC * | 2,725 | 163,445 | ||||||
Integrated Device Technology Inc * | 21,260 | 491,106 | ||||||
j2 Global Inc | 7,107 | 473,397 | ||||||
Manhattan Associates Inc * | 3,064 | 176,548 | ||||||
Microsemi Corp * | 13,474 | 565,639 | ||||||
MicroStrategy Inc ‘A’ * | 2,197 | 367,866 | ||||||
Nuance Communications Inc * | 22,422 | 325,119 | ||||||
PTC Inc * | 8,959 | 396,973 | ||||||
RealPage Inc * | 21,668 | 556,868 | ||||||
Silicon Laboratories Inc * | 6,893 | 405,308 | ||||||
Synopsys Inc * | 8,791 | 521,746 | ||||||
Take-Two Interactive Software Inc * | 12,763 | 575,356 | ||||||
VeriFone Systems Inc * | 14,721 | 231,709 | ||||||
|
| |||||||
7,558,314 | ||||||||
|
| |||||||
Utilities - 3.0% | ||||||||
Avista Corp | 8,162 | 341,090 | ||||||
Black Hills Corp | 6,985 | 427,622 | ||||||
CMS Energy Corp | 9,922 | 416,823 | ||||||
Portland General Electric Co | 9,872 | 420,448 | ||||||
|
| |||||||
1,605,983 | ||||||||
|
| |||||||
Total Common Stocks | 52,578,819 | |||||||
|
|
| Value | |||||||
SHORT-TERM INVESTMENT - 2.5% | ||||||||
Money Market Fund - 2.5% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 1,343,368 | $1,343,368 | ||||||
|
| |||||||
Total Short-Term Investment | 1,343,368 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.5% | 53,922,345 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.5%) | (290,299 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $53,632,046 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 21.4% | |||
Consumer, Non-cyclical | 20.0% | |||
Consumer, Cyclical | 17.0% | |||
Technology | 14.1% | |||
Industrial | 11.8% | |||
Communications | 5.2% | |||
Basic Materials | 3.8% | |||
Utilities | 3.0% | |||
Others (each less than 3.0%) | 4.2% | |||
|
| |||
100.5% | ||||
Other Assets & Liabilities, Net | (0.5% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | An investment with a value of $158 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) | 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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Rights | $158 | $— | $— | $158 | |||||||||||||
Common Stocks | 52,578,819 | 52,578,819 | — | — | ||||||||||||||
Short-Term Investment | 1,343,368 | 1,343,368 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $53,922,345 | $53,922,187 | $— | $158 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-33
PACIFIC FUNDS
PACIFIC FUNDSSM SMALL-CAP
Schedule of Investments
September 30, 2016 (Unaudited)
| Value | |||||||
COMMON STOCKS - 96.6% | ||||||||
Basic Materials - 5.1% | ||||||||
AK Steel Holding Corp * | 8,615 | $41,610 | ||||||
Clearwater Paper Corp * | 1,075 | 69,520 | ||||||
Kraton Corp * | 1,931 | 67,662 | ||||||
Minerals Technologies Inc | 954 | 67,438 | ||||||
PolyOne Corp | 2,357 | 79,690 | ||||||
The Chemours Co | 2,053 | 32,848 | ||||||
US Silica Holdings Inc | 686 | 31,940 | ||||||
|
| |||||||
390,708 | ||||||||
|
| |||||||
Communications - 7.1% | ||||||||
Ciena Corp * | 2,244 | 48,919 | ||||||
Finisar Corp * | 2,881 | 85,854 | ||||||
LogMeIn Inc | 1,030 | 93,102 | ||||||
NETGEAR Inc * | 1,141 | 69,019 | ||||||
NeuStar Inc ‘A’ * | 2,542 | 67,591 | ||||||
Plantronics Inc | 808 | 41,984 | ||||||
Sinclair Broadcast Group Inc ‘A’ | 1,995 | 57,616 | ||||||
TiVo Corp * | 2,630 | 51,232 | ||||||
Web.com Group Inc * | 1,646 | 28,426 | ||||||
|
| |||||||
543,743 | ||||||||
|
| |||||||
Consumer, Cyclical - 13.7% | ||||||||
American Eagle Outfitters Inc | 2,437 | 43,525 | ||||||
American Woodmark Corp * | 703 | 56,641 | ||||||
Beacon Roofing Supply Inc * | 562 | 23,643 | ||||||
Big Lots Inc | 1,412 | 67,423 | ||||||
Bloomin’ Brands Inc | 2,907 | 50,117 | ||||||
Cooper-Standard Holding Inc * | 757 | 74,792 | ||||||
Express Inc * | 2,330 | 27,471 | ||||||
G-III Apparel Group Ltd * | 1,380 | 40,227 | ||||||
GNC Holdings Inc ‘A’ | 1,485 | 30,324 | ||||||
HNI Corp | 468 | 18,626 | ||||||
JAKKS Pacific Inc * | 2,679 | 23,147 | ||||||
Libbey Inc | 1,515 | 27,043 | ||||||
Lithia Motors Inc ‘A’ | 731 | 69,825 | ||||||
Marriott Vacations Worldwide Corp | 845 | 61,955 | ||||||
Papa John’s International Inc | 953 | 75,144 | ||||||
Pool Corp | 199 | 18,809 | ||||||
Red Robin Gourmet Burgers Inc * | 452 | 20,313 | ||||||
Sonic Corp | 1,737 | 45,475 | ||||||
Steven Madden Ltd * | 1,303 | 45,032 | ||||||
Texas Roadhouse Inc | 1,798 | 70,176 | ||||||
The Cheesecake Factory Inc | 825 | 41,300 | ||||||
The Children’s Place Inc | 462 | 36,900 | ||||||
Wabash National Corp * | 3,556 | 50,637 | ||||||
Wolverine World Wide Inc | 1,059 | 24,389 | ||||||
|
| |||||||
1,042,934 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 21.2% | ||||||||
ABM Industries Inc | 1,151 | 45,695 | ||||||
Acorda Therapeutics Inc * | 1,686 | 35,204 | ||||||
Amedisys Inc * | 1,055 | 50,049 | ||||||
Cardtronics PLC ‘A’ * | 781 | 34,833 | ||||||
Charles River Laboratories International Inc * | 914 | 76,173 | ||||||
Cynosure Inc ‘A’ * | 1,415 | 72,080 | ||||||
Dean Foods Co | 3,697 | 60,631 | ||||||
Deluxe Corp | 1,107 | 73,970 | ||||||
Depomed Inc * + | 2,447 | 61,101 | ||||||
Diplomat Pharmacy Inc * | 390 | 10,924 | ||||||
Euronet Worldwide Inc * | 402 | 32,896 | ||||||
FibroGen Inc * | 1,201 | 24,861 | ||||||
HealthSouth Corp | 1,828 | 74,162 | ||||||
Horizon Pharma PLC * | 3,330 | 60,373 | ||||||
ICU Medical Inc * | 597 | 75,449 | ||||||
INC Research Holdings Inc ‘A’ * | 1,029 | 45,873 | ||||||
Inogen Inc * | 806 | 48,279 |
| Value | |||||||
Insperity Inc | 1,090 | $79,178 | ||||||
J&J Snack Foods Corp | 312 | 37,165 | ||||||
Kforce Inc | 1,120 | 22,949 | ||||||
LHC Group Inc * | 1,019 | 37,581 | ||||||
Masimo Corp * | 1,249 | 74,303 | ||||||
Merit Medical Systems Inc * | 2,293 | 55,697 | ||||||
Molina Healthcare Inc * | 1,173 | 68,409 | ||||||
NuVasive Inc * | 1,495 | 99,657 | ||||||
PAREXEL International Corp * | 1,082 | 75,145 | ||||||
RPX Corp * | 2,308 | 24,673 | ||||||
Supernus Pharmaceuticals Inc * | 3,216 | 79,532 | ||||||
TrueBlue Inc * | 2,053 | 46,521 | ||||||
Viad Corp | 1,017 | 37,497 | ||||||
|
| |||||||
1,620,860 | ||||||||
|
| |||||||
Energy - 1.4% | ||||||||
Laredo Petroleum Inc | 3,743 | 48,285 | ||||||
Parker Drilling Co * | 4,517 | 9,802 | ||||||
QEP Resources Inc | 1,342 | 26,209 | ||||||
Western Refining Inc | 708 | 18,734 | ||||||
|
| |||||||
103,030 | ||||||||
|
| |||||||
Financial - 22.3% | ||||||||
AG Mortgage Investment Trust Inc REIT | 2,193 | 34,540 | ||||||
Agree Realty Corp REIT | 1,242 | 61,404 | ||||||
Apollo Commercial Real Estate Finance Inc REIT | 2,846 | 46,589 | ||||||
Argo Group International Holdings Ltd | 814 | 45,926 | ||||||
Banner Corp | 1,098 | 48,027 | ||||||
Berkshire Hills Bancorp Inc | 1,727 | 47,855 | ||||||
Capstead Mortgage Corp REIT | 3,389 | 31,958 | ||||||
Cathay General Bancorp | 1,571 | 48,355 | ||||||
Cedar Realty Trust Inc REIT | 8,313 | 59,854 | ||||||
CenterState Banks Inc | 1,312 | 23,262 | ||||||
Chemical Financial Corp l | — | 4 | ||||||
CNO Financial Group Inc | 3,432 | 52,407 | ||||||
DCT Industrial Trust Inc REIT | 419 | 20,342 | ||||||
DuPont Fabros Technology Inc REIT | 1,747 | 72,064 | ||||||
Federated National Holding Co | 2,152 | 40,221 | ||||||
Hanmi Financial Corp | 2,268 | 59,739 | ||||||
Heritage Insurance Holdings Inc | 1,963 | 28,287 | ||||||
HFF Inc ‘A’ | 2,051 | 56,792 | ||||||
HomeStreet Inc * | 1,725 | 43,229 | ||||||
Infinity Property & Casualty Corp | 447 | 36,936 | ||||||
Investors Bancorp Inc | 6,564 | 78,834 | ||||||
Mack-Cali Realty Corp REIT | 3,460 | 94,181 | ||||||
Medical Properties Trust Inc REIT | 3,434 | 50,720 | ||||||
National Storage Affiliates Trust REIT | 2,624 | 54,947 | ||||||
Old National Bancorp | 2,515 | 35,361 | ||||||
Potlatch Corp REIT | 915 | 35,584 | ||||||
PS Business Parks Inc REIT | 683 | 77,568 | ||||||
Radian Group Inc | 5,749 | 77,899 | ||||||
RLJ Lodging Trust REIT | 1,338 | 28,138 | ||||||
Stifel Financial Corp * | 1,259 | 48,409 | ||||||
Texas Capital Bancshares Inc * | 710 | 38,993 | ||||||
TriCo Bancshares | 1,114 | 29,822 | ||||||
Umpqua Holdings Corp | 3,204 | 48,220 | ||||||
United Community Banks Inc | 2,556 | 53,727 | ||||||
Wintrust Financial Corp | 1,157 | 64,294 | ||||||
WSFS Financial Corp | 724 | 26,419 | ||||||
|
| |||||||
1,700,907 | ||||||||
|
| |||||||
Industrial - 10.6% | ||||||||
AAR Corp | 1,834 | 57,441 | ||||||
Air Transport Services Group Inc * | 3,108 | 44,600 | ||||||
Barnes Group Inc | 1,616 | 65,529 | ||||||
Chart Industries Inc * | 1,706 | 56,008 | ||||||
EMCOR Group Inc | 1,695 | 101,056 | ||||||
EnerSys | 1,156 | 79,984 | ||||||
Generac Holdings Inc * | 1,305 | 47,372 | ||||||
Littelfuse Inc | 561 | 72,262 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-34
PACIFIC FUNDS
PACIFIC FUNDS SMALL-CAP
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
| Value | |||||||
Saia Inc * | 1,351 | $40,476 | ||||||
Standex International Corp | 586 | 54,422 | ||||||
Swift Transportation Co * | 1,930 | 41,437 | ||||||
Universal Forest Products Inc | 627 | 61,753 | ||||||
US Concrete Inc * | 710 | 32,706 | ||||||
Vishay Intertechnology Inc | 4,029 | 56,768 | ||||||
|
| |||||||
811,814 | ||||||||
|
| |||||||
Technology - 12.2% | ||||||||
Cabot Microelectronics Corp | 474 | 25,079 | ||||||
CACI International Inc ‘A’ * | 416 | 41,974 | ||||||
CommVault Systems Inc * | 493 | 26,193 | ||||||
Convergys Corp | 2,033 | 61,844 | ||||||
Diebold Inc | 1,694 | 41,994 | ||||||
Electronics For Imaging Inc * | 1,534 | 75,043 | ||||||
Integrated Device Technology Inc * | 1,990 | 45,969 | ||||||
j2 Global Inc | 1,115 | 74,270 | ||||||
Mentor Graphics Corp | 2,632 | 69,590 | ||||||
Microsemi Corp * | 1,641 | 68,889 | ||||||
MicroStrategy Inc ‘A’ * | 289 | 48,390 | ||||||
Pegasystems Inc | 1,856 | 54,733 | ||||||
Power Integrations Inc | 730 | 46,013 | ||||||
RealPage Inc * | 2,055 | 52,815 | ||||||
Silicon Laboratories Inc * | 580 | 34,104 | ||||||
SYNNEX Corp | 571 | 65,157 | ||||||
Take-Two Interactive Software Inc * | 2,292 | 103,322 | ||||||
|
| |||||||
935,379 | ||||||||
|
| |||||||
Utilities - 3.0% | ||||||||
ALLETE Inc | 978 | 58,307 | ||||||
Avista Corp | 1,322 | 55,245 | ||||||
Black Hills Corp | 1,045 | 63,974 | ||||||
PNM Resources Inc | 1,658 | 54,250 | ||||||
|
| |||||||
231,776 | ||||||||
|
| |||||||
Total Common Stocks | 7,381,151 | |||||||
|
|
| Value | |||||||
SHORT-TERM INVESTMENT - 2.1% | ||||||||
Money Market Fund - 2.1% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 158,315 | $158,315 | ||||||
|
| |||||||
Total Short-Term Investment | 158,315 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 98.7% | 7,539,466 | |||||||
OTHER ASSETS & LIABILITIES, NET - 1.3% | 101,973 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $7,641,439 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 22.3% | |||
Consumer, Non-cyclical | 21.2% | |||
Consumer, Cyclical | 13.7% | |||
Technology | 12.2% | |||
Industrial | 10.6% | |||
Communications | 7.1% | |||
Basic Materials | 5.1% | |||
Utilities | 3.0% | |||
Others (each less than 3.0%) | 3.5% | |||
|
| |||
98.7% | ||||
Other Assets & Liabilities, Net | 1.3% | |||
|
| |||
100.0% | ||||
|
|
(b) | An investment with a value of $61,101 or 0.8% 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) | 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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant | Level 3 Significant | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Basic Materials | $390,708 | $390,708 | $— | $— | ||||||||||||||
Communications | 543,743 | 543,743 | — | — | ||||||||||||||
Consumer, Cyclical | 1,042,934 | 1,042,934 | — | — | ||||||||||||||
Consumer, Non-cyclical | 1,620,860 | 1,559,759 | 61,101 | — | ||||||||||||||
Energy | 103,030 | 103,030 | — | — | ||||||||||||||
Financial | 1,700,907 | 1,700,907 | — | — | ||||||||||||||
Industrial | 811,814 | 811,814 | — | — | ||||||||||||||
Technology | 935,379 | 935,379 | — | — | ||||||||||||||
Utilities | 231,776 | 231,776 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 7,381,151 | 7,320,050 | 61,101 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 158,315 | 158,315 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $7,539,466 | $7,478,365 | $61,101 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-35
PACIFIC FUNDS
PACIFIC FUNDSSM SMALL-CAP VALUE
Schedule of Investments
September 30, 2016 (Unaudited)
|
| |||||||
COMMON STOCKS - 96.7% | ||||||||
Basic Materials - 3.8% | ||||||||
AK Steel Holding Corp * | 37,563 | $181,429 | ||||||
Clearwater Paper Corp * | 3,646 | 235,787 | ||||||
Kaiser Aluminum Corp | 3,146 | 272,098 | ||||||
Kraton Corp * | 9,508 | 333,160 | ||||||
Minerals Technologies Inc | 4,485 | 317,045 | ||||||
|
| |||||||
1,339,519 | ||||||||
|
| |||||||
Communications - 5.2% | ||||||||
Bankrate Inc * | 25,904 | 219,666 | ||||||
Finisar Corp * | 16,611 | 495,008 | ||||||
NETGEAR Inc * | 5,082 | 307,410 | ||||||
NeuStar Inc ‘A’ * | 9,398 | 249,893 | ||||||
Plantronics Inc | 3,584 | 186,225 | ||||||
RetailMeNot Inc * | 19,265 | 190,531 | ||||||
TiVo Corp * | 9,644 | 187,865 | ||||||
|
| |||||||
1,836,598 | ||||||||
|
| |||||||
Consumer, Cyclical - 11.3% | ||||||||
Abercrombie & Fitch Co ‘A’ | 9,166 | 145,648 | ||||||
AMC Entertainment Holdings Inc ‘A’ | 8,600 | 267,374 | ||||||
American Woodmark Corp * | 3,951 | 318,332 | ||||||
Beacon Roofing Supply Inc * | 5,943 | 250,022 | ||||||
Big Lots Inc | 6,881 | 328,568 | ||||||
Caleres Inc | 10,864 | 274,750 | ||||||
Cooper-Standard Holding Inc * | 3,694 | 364,967 | ||||||
Deckers Outdoor Corp * | 3,403 | 202,649 | ||||||
Express Inc * | 17,587 | 207,351 | ||||||
Haverty Furniture Cos Inc | 6,342 | 127,094 | ||||||
HNI Corp | 3,490 | 138,902 | ||||||
JAKKS Pacific Inc * | 16,546 | 142,957 | ||||||
Libbey Inc | 6,333 | 113,044 | ||||||
Marriott Vacations Worldwide Corp | 5,456 | 400,034 | ||||||
Red Robin Gourmet Burgers Inc * | 4,211 | 189,242 | ||||||
The Children’s Place Inc | 4,396 | 351,108 | ||||||
Wabash National Corp * | 12,351 | 175,878 | ||||||
|
| |||||||
3,997,920 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 10.5% | ||||||||
ABM Industries Inc | 8,527 | 338,522 | ||||||
AngioDynamics Inc * | 10,504 | 184,240 | ||||||
Charles River Laboratories International Inc * | 2,677 | 223,101 | ||||||
CONMED Corp | 3,157 | 126,469 | ||||||
Dean Foods Co | 17,665 | 289,706 | ||||||
Deluxe Corp | 5,478 | 366,040 | ||||||
Depomed Inc * + | 8,567 | 213,917 | ||||||
Haemonetics Corp * | 7,922 | 286,856 | ||||||
ICU Medical Inc * | 3,018 | 381,415 | ||||||
LHC Group Inc * | 6,486 | 239,204 | ||||||
Merit Medical Systems Inc * | 11,875 | 288,444 | ||||||
Molina Healthcare Inc * | 6,041 | 352,311 | ||||||
RPX Corp * | 16,062 | 171,703 | ||||||
Viad Corp | 6,826 | 251,675 | ||||||
|
| |||||||
3,713,603 | ||||||||
|
| |||||||
Energy - 2.8% | ||||||||
Bristow Group Inc | 2,563 | 35,933 | ||||||
Energen Corp | 2,280 | 131,602 | ||||||
EP Energy Corp ‘A’ * | 38,047 | 166,646 | ||||||
Helix Energy Solutions Group Inc * | 17,721 | 144,072 | ||||||
Laredo Petroleum Inc * | 18,026 | 232,535 | ||||||
Parker Drilling Co * | 35,874 | 77,847 | ||||||
QEP Resources Inc | 10,441 | 203,913 | ||||||
|
| |||||||
992,548 | ||||||||
|
| |||||||
Financial - 38.5% | ||||||||
AG Mortgage Investment Trust Inc REIT | 11,851 | 186,653 | ||||||
Agree Realty Corp REIT | 6,093 | 301,238 |
|
| |||||||
Aircastle Ltd | 7,123 | $141,463 | ||||||
Apollo Commercial Real Estate Finance Inc REIT | 15,333 | 250,999 | ||||||
Argo Group International Holdings Ltd | 7,267 | 410,004 | ||||||
Banner Corp | 5,748 | 251,417 | ||||||
Beneficial Bancorp Inc | 12,432 | 182,875 | ||||||
Berkshire Hills Bancorp Inc | 10,609 | 293,975 | ||||||
Capstead Mortgage Corp REIT | 26,082 | 245,953 | ||||||
Cardinal Financial Corp | 2,613 | 68,173 | ||||||
Cathay General Bancorp | 8,874 | 273,142 | ||||||
Cedar Realty Trust Inc REIT | 32,883 | 236,758 | ||||||
CenterState Banks Inc | 9,737 | 172,637 | ||||||
Chemical Financial Corp | 1,977 | 87,254 | ||||||
CNO Financial Group Inc | 21,980 | 335,635 | ||||||
Community Trust Bancorp Inc | 4,889 | 181,431 | ||||||
Customers Bancorp Inc * | 8,575 | 215,747 | ||||||
DCT Industrial Trust Inc REIT | 7,196 | 349,366 | ||||||
Enterprise Financial Services Corp | 7,293 | 227,906 | ||||||
EPR Properties REIT | 3,161 | 248,897 | ||||||
Federated National Holding Co | 9,632 | 180,022 | ||||||
Great Southern Bancorp Inc | 5,986 | 243,630 | ||||||
Hanmi Financial Corp | 10,875 | 286,447 | ||||||
Heritage Insurance Holdings Inc | 14,368 | 207,043 | ||||||
Hilltop Holdings Inc * | 7,180 | 161,263 | ||||||
HomeStreet Inc * | 9,142 | 229,098 | ||||||
Hope Bancorp Inc | 17,084 | 296,749 | ||||||
Infinity Property & Casualty Corp | 2,186 | 180,629 | ||||||
Investors Bancorp Inc | 38,917 | 467,393 | ||||||
Life Storage Inc REIT | 3,671 | 326,499 | ||||||
Mack-Cali Realty Corp REIT | 18,596 | 506,183 | ||||||
Maiden Holdings Ltd | 20,220 | 256,592 | ||||||
Medical Properties Trust Inc REIT | 26,849 | 396,560 | ||||||
MFA Financial Inc REIT | 24,209 | 181,083 | ||||||
National Storage Affiliates Trust REIT | 10,421 | 218,216 | ||||||
Old National Bancorp | 14,755 | 207,455 | ||||||
Potlatch Corp REIT | 4,582 | 178,194 | ||||||
Provident Financial Services Inc | 12,578 | 267,031 | ||||||
PS Business Parks Inc REIT | 5,150 | 584,885 | ||||||
Radian Group Inc | 31,528 | 427,204 | ||||||
RLJ Lodging Trust REIT | 10,025 | 210,826 | ||||||
Simmons First National Corp ‘A’ | 2,464 | 122,954 | ||||||
State Bank Financial Corp | 10,931 | 249,445 | ||||||
State National Cos Inc | 13,932 | 154,924 | ||||||
Stifel Financial Corp * | 7,406 | 284,761 | ||||||
Texas Capital Bancshares Inc * | 4,299 | 236,101 | ||||||
The Navigators Group Inc | 1,379 | 133,653 | ||||||
TriCo Bancshares | 8,333 | 223,074 | ||||||
Umpqua Holdings Corp | 23,978 | 360,869 | ||||||
United Community Banks Inc | 12,730 | 267,585 | ||||||
Waterstone Financial Inc | 11,633 | 197,645 | ||||||
Wintrust Financial Corp | 8,285 | 460,397 | ||||||
WSFS Financial Corp | 7,462 | 272,288 | ||||||
|
| |||||||
13,638,221 | ||||||||
|
| |||||||
Industrial - 11.5% | ||||||||
AAR Corp | 6,538 | 204,770 | ||||||
Aerojet Rocketdyne Holdings Inc * | 13,206 | 232,161 | ||||||
Air Transport Services Group Inc * | 17,095 | 245,313 | ||||||
ArcBest Corp | 7,156 | 136,107 | ||||||
Barnes Group Inc | 7,591 | 307,815 | ||||||
Chart Industries Inc * | 8,132 | 266,974 | ||||||
EMCOR Group Inc | 9,358 | 557,924 | ||||||
EnerSys | 6,802 | 470,630 | ||||||
Littelfuse Inc | 1,660 | 213,825 | ||||||
Lydall Inc * | 5,171 | 264,393 | ||||||
Sanmina Corp * | 13,082 | 372,445 | ||||||
Standex International Corp | 2,616 | 242,948 | ||||||
Universal Forest Products Inc | 3,670 | 361,458 | ||||||
Vishay Intertechnology Inc | 15,619 | 220,072 | ||||||
|
| |||||||
4,096,835 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-36
PACIFIC FUNDS
PACIFIC FUNDS SMALL-CAP VALUE
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
|
| |||||||
Technology - 7.6% | ||||||||
Cabot Microelectronics Corp | 3,461 | $183,121 | ||||||
CACI International Inc ‘A’ * | 2,355 | 237,620 | ||||||
Convergys Corp | 15,714 | 478,020 | ||||||
Diebold Inc | 11,173 | 276,979 | ||||||
Insight Enterprises Inc * | 11,448 | 372,632 | ||||||
Mentor Graphics Corp | 14,439 | 381,767 | ||||||
Microsemi Corp * | 6,026 | 252,971 | ||||||
SYNNEX Corp | 3,106 | 354,426 | ||||||
Take-Two Interactive Software Inc * | 3,986 | 179,689 | ||||||
|
| |||||||
2,717,225 | ||||||||
|
| |||||||
Utilities - 5.5% | ||||||||
ALLETE Inc | 8,269 | 492,998 | ||||||
Avista Corp | 10,738 | 448,741 | ||||||
Black Hills Corp | 5,513 | 337,506 | ||||||
PNM Resources Inc | 6,212 | 203,257 | ||||||
Portland General Electric Co | 10,770 | 458,694 | ||||||
|
| |||||||
1,941,196 | ||||||||
|
| |||||||
Total Common Stocks | 34,273,665 | |||||||
|
| |||||||
EXCHANGE-TRADED FUND - 0.7% | ||||||||
iShares Russell 2000 Value | 2,443 | 255,904 | ||||||
|
| |||||||
Total Exchange-Traded Fund | 255,904 | |||||||
|
|
|
| |||||||
SHORT-TERM INVESTMENT - 2.2% | ||||||||
Money Market Fund - 2.2% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 799,811 | $799,811 | ||||||
|
| |||||||
Total Short-Term Investment | 799,811 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.6% | 35,329,380 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.4% | 126,975 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $35,456,355 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 38.5% | |||
Industrial | 11.5% | |||
Consumer, Cyclical | 11.3% | |||
Consumer, Non-cyclical | 10.5% | |||
Technology | 7.6% | |||
Utilities | 5.5% | |||
Communications | 5.2% | |||
Basic Materials | 3.8% | |||
Others (each less than 3.0%) | 5.7% | |||
|
| |||
99.6% | ||||
Other Assets & Liabilities, Net | 0.4% | |||
|
| |||
100.0% | ||||
|
|
(b) | An investment with a value of $213,917 or 0.6% 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) | 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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Basic Materials | $1,339,519 | $1,339,519 | $— | $— | ||||||||||||||
Communications | 1,836,598 | 1,836,598 | — | — | ||||||||||||||
Consumer, Cyclical | 3,997,920 | 3,997,920 | — | — | ||||||||||||||
Consumer, Non-cyclical | 3,713,603 | 3,499,686 | 213,917 | — | ||||||||||||||
Energy | 992,548 | 992,548 | — | — | ||||||||||||||
Financial | 13,638,221 | 13,638,221 | — | — | ||||||||||||||
Industrial | 4,096,835 | 4,096,835 | — | — | ||||||||||||||
Technology | 2,717,225 | 2,717,225 | — | — | ||||||||||||||
Utilities | 1,941,196 | 1,941,196 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 34,273,665 | 34,059,748 | 213,917 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Exchange-Traded Fund | 255,904 | 255,904 | — | — | ||||||||||||||
Short-Term Investment | 799,811 | 799,811 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $35,329,380 | $35,115,463 | $213,917 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-37
PACIFIC FUNDS
PACIFIC FUNDSSM SMALL-CAP GROWTH
Schedule of Investments
September 30, 2016 (Unaudited)
Shares | Value | |||||||
RIGHTS - 0.0% | ||||||||
Consumer, Non-cyclical - 0.0% | ||||||||
Dyax Corp - Contingent Value Rights * + | 375 | $416 | ||||||
|
| |||||||
Total Rights |
| 416 | ||||||
|
| |||||||
COMMON STOCKS - 97.8% | ||||||||
Basic Materials - 3.3% | ||||||||
Kaiser Aluminum Corp | 3,845 | 332,554 | ||||||
PolyOne Corp | 10,903 | 368,630 | ||||||
The Chemours Co | 9,578 | 153,248 | ||||||
US Silica Holdings Inc | 5,568 | 259,246 | ||||||
|
| |||||||
1,113,678 | ||||||||
|
| |||||||
Communications - 12.1% | ||||||||
ChannelAdvisor Corp * | 15,022 | 194,235 | ||||||
Ciena Corp * | 19,766 | 430,899 | ||||||
Infoblox Inc * | 16,835 | 443,939 | ||||||
LogMeIn Inc | 8,146 | 736,317 | ||||||
NETGEAR Inc * | 5,859 | 354,411 | ||||||
NeuStar Inc ‘A’ * | 18,074 | 480,588 | ||||||
RetailMeNot Inc * | 20,360 | 201,360 | ||||||
Shutterfly Inc * | 9,340 | 416,938 | ||||||
Sinclair Broadcast Group Inc ‘A’ | 13,051 | 376,913 | ||||||
TiVo Corp * | 13,545 | 263,857 | ||||||
Web.com Group Inc * | 14,538 | 251,071 | ||||||
|
| |||||||
4,150,528 | ||||||||
|
| |||||||
Consumer, Cyclical - 18.2% | ||||||||
AMC Entertainment Holdings Inc ‘A’ | 11,256 | 349,949 | ||||||
American Eagle Outfitters Inc | 21,148 | 377,703 | ||||||
American Woodmark Corp * | 4,680 | 377,068 | ||||||
Beacon Roofing Supply Inc * | 8,304 | 349,349 | ||||||
Bloomin’ Brands Inc | 23,550 | 406,002 | ||||||
Casey’s General Stores Inc | 1,872 | 224,921 | ||||||
Express Inc * | 17,417 | 205,346 | ||||||
G-III Apparel Group Ltd * | 8,970 | 261,476 | ||||||
GNC Holdings Inc ‘A’ | 13,963 | 285,124 | ||||||
Lithia Motors Inc ‘A’ | 5,042 | 481,612 | ||||||
Sonic Corp | 17,539 | 459,171 | ||||||
Steven Madden Ltd * | 8,888 | 307,169 | ||||||
Texas Roadhouse Inc | 9,781 | 381,752 | ||||||
The Cheesecake Factory Inc | 6,924 | 346,615 | ||||||
The Children’s Place Inc | 3,504 | 279,865 | ||||||
Universal Electronics Inc * | 5,613 | 417,944 | ||||||
Wabash National Corp * | 27,825 | 396,228 | ||||||
Wolverine World Wide Inc | 13,160 | 303,075 | ||||||
|
| |||||||
6,210,369 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 33.7% | ||||||||
Acorda Therapeutics Inc * | 8,444 | 176,311 | ||||||
AMAG Pharmaceuticals Inc * | 8,909 | 218,360 | ||||||
Amedisys Inc * | 7,978 | 378,476 | ||||||
Cardtronics PLC ‘A’ * | 8,444 | 376,602 | ||||||
Cepheid * | 8,297 | 437,169 | ||||||
Cynosure Inc ‘A’ * | 8,163 | 415,823 | ||||||
Deluxe Corp | 10,287 | 687,377 | ||||||
Depomed Inc * + | 16,289 | 406,735 | ||||||
Diplomat Pharmacy Inc * | 4,878 | 136,633 | ||||||
Endologix Inc * | 26,631 | 340,877 | ||||||
Euronet Worldwide Inc * | 3,692 | 302,116 | ||||||
FibroGen Inc * | 8,759 | 181,311 | ||||||
HealthSouth Corp | 8,545 | 346,671 | ||||||
Horizon Pharma PLC * | 21,951 | 397,972 | ||||||
Inogen Inc * | 4,070 | 243,793 |
Shares | Value | |||||||
Insperity Inc | 6,581 | $478,044 | ||||||
Ironwood Pharmaceuticals Inc * | 18,006 | 285,935 | ||||||
J&J Snack Foods Corp | 3,562 | 424,305 | ||||||
LHC Group Inc * | 5,922 | 218,403 | ||||||
Masimo Corp * | 6,977 | 415,062 | ||||||
Merit Medical Systems Inc * | 8,962 | 217,687 | ||||||
Molina Healthcare Inc * | 8,742 | 509,833 | ||||||
Nektar Therapeutics * | 26,546 | 456,060 | ||||||
Neurocrine Biosciences Inc * | 6,522 | 330,274 | ||||||
NuVasive Inc * | 8,209 | 547,212 | ||||||
Otonomy Inc * | 14,149 | 257,370 | ||||||
Pacira Pharmaceuticals Inc * | 6,414 | 219,487 | ||||||
PAREXEL International Corp * | 5,760 | 400,032 | ||||||
Puma Biotechnology Inc * | 3,813 | 255,662 | ||||||
Revance Therapeutics Inc * | 9,948 | 161,257 | ||||||
Supernus Pharmaceuticals Inc * | 18,608 | 460,176 | ||||||
TrueBlue Inc * | 12,054 | 273,144 | ||||||
Ultragenyx Pharmaceutical Inc * | 4,962 | 352,004 | ||||||
USANA Health Sciences Inc * | 1,695 | 234,503 | ||||||
|
| |||||||
11,542,676 | ||||||||
|
| |||||||
Financial - 4.9% | ||||||||
BofI Holding Inc * | 10,825 | 242,480 | ||||||
DuPont Fabros Technology Inc REIT | 9,094 | 375,128 | ||||||
Eagle Bancorp Inc * | 5,193 | 256,171 | ||||||
PS Business Parks Inc REIT | 3,227 | 366,490 | ||||||
Western Alliance Bancorp * | 6,794 | 255,047 | ||||||
WisdomTree Investments Inc | 17,819 | 183,358 | ||||||
|
| |||||||
1,678,674 | ||||||||
|
| |||||||
Industrial - 9.0% | ||||||||
Aerojet Rocketdyne Holdings Inc * | 19,189 | 337,343 | ||||||
Forward Air Corp | 6,032 | 260,944 | ||||||
Generac Holdings Inc * | 11,425 | 414,728 | ||||||
Littelfuse Inc | 4,090 | 526,833 | ||||||
Lydall Inc * | 6,255 | 319,818 | ||||||
Masonite International Corp * | 5,551 | 345,106 | ||||||
Saia Inc * | 9,515 | 285,069 | ||||||
Tennant Co | 4,495 | 291,276 | ||||||
US Concrete Inc * | 6,793 | 312,920 | ||||||
|
| |||||||
3,094,037 | ||||||||
|
| |||||||
Technology - 16.6% | ||||||||
Aspen Technology Inc * | 11,666 | 545,852 | ||||||
CommVault Systems Inc * | 5,393 | 286,530 | ||||||
Diebold Inc | 12,898 | 319,741 | ||||||
Integrated Device Technology Inc * | 17,314 | 399,953 | ||||||
j2 Global Inc | 8,444 | 562,455 | ||||||
Microsemi Corp * | 12,673 | 532,013 | ||||||
MicroStrategy Inc ‘A’ * | 2,108 | 352,964 | ||||||
Power Integrations Inc | 5,653 | 356,309 | ||||||
RealPage Inc * | 17,743 | 455,995 | ||||||
Silicon Laboratories Inc * | 6,301 | 370,499 | ||||||
Synchronoss Technologies Inc * | 12,757 | 525,333 | ||||||
Take-Two Interactive Software Inc * | 17,968 | 809,997 | ||||||
VeriFone Systems Inc * | 10,277 | 161,760 | ||||||
|
| |||||||
5,679,401 | ||||||||
|
| |||||||
Total Common Stocks | 33,469,363 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-38
PACIFIC FUNDS
PACIFIC FUNDS SMALL-CAP GROWTH
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 2.1% | ||||||||
Money Market Fund - 2.1% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 704,968 | $704,968 | ||||||
|
| |||||||
Total Short-Term Investment | 704,968 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.9% | 34,174,747 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% | 46,486 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $34,221,233 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-cyclical | 33.7% | |||
Consumer, Cyclical | 18.2% | |||
Technology | 16.6% | |||
Communications | 12.1% | |||
Industrial | 9.0% | |||
Financial | 4.9% | |||
Basic Materials | 3.3% | |||
Others (each less than 3.0%) | 2.1% | |||
|
| |||
99.9% | ||||
Other Assets & Liabilities, Net | 0.1% | |||
|
| |||
100.0% | ||||
|
|
(b) | Investments with a total aggregate value of $407,151 or 1.2% 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) | 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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Rights | $416 | $— | $— | $416 | |||||||||||||
Common Stocks | ||||||||||||||||||
Basic Materials | 1,113,678 | 1,113,678 | — | — | ||||||||||||||
Communications | 4,150,528 | 4,150,528 | — | — | ||||||||||||||
Consumer, Cyclical | 6,210,369 | 6,210,369 | — | — | ||||||||||||||
Consumer, Non-cyclical | 11,542,676 | 11,135,941 | 406,735 | — | ||||||||||||||
Financial | 1,678,674 | 1,678,674 | — | — | ||||||||||||||
Industrial | 3,094,037 | 3,094,037 | — | — | ||||||||||||||
Technology | 5,679,401 | 5,679,401 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 33,469,363 | 33,062,628 | 406,735 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 704,968 | 704,968 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $34,174,747 | $33,767,596 | $406,735 | $416 | ||||||||||||||
|
|
|
|
|
|
|
|
Transfers between levels of the fair value hierarchy during the six-month period were as follows:
Amount Transferred | Level Transfer | Change in Fair Valuation Measurement Inputs | ||||||||||||||
From | To | From | To | |||||||||||||
$ | 406,735 | 1 | 2 | Unadjusted Exchange-Traded Price | Methodology Approved by The Trustee Valuation Committee (observable inputs) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-40 |
A-39
PACIFIC FUNDS
Schedule of Investments (Continued)
Explanation of Symbols and Terms
September 30, 2016 (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 could be shorter than the stated maturity. | |
§ | Variable rate investments. The rate shown is based on the latest available information as of September 30, 2016. For Senior Loan Notes, the rate shown may represent a weighted average interest rate. | |
W | Investments were in default as of September 30, 2016. | |
¥ | All or a portion of this senior loan position has not settled. Contract rates do not take effect until settlement date. Rates shown, if any, are for the settled portion. | |
~ | 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. | |
+ | 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). | |
l | Total shares owned by the Fund as of September 30, 2016 were less than one share. | |
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:
For debt investments, the interest rates disclosed in the Schedules of Investments reflect the stated coupon rate or for discounted investments or zero coupon bonds, the yield-to-maturity.
The countries listed in the Schedules 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).
The sectors listed in the Schedules of Investments are obtained from a third party source (that is not affiliated with the Trust or the investment adviser) believed to be reliable. Sector names and weightings could be different if obtained from another source.
See Notes to Financial Statements
A-40
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2016 (Unaudited)
Pacific Funds Portfolio Optimization | Pacific Funds Diversified Alternatives | |||||||||||||||||||||||||||||
Conservative | Moderate- Conservative | Moderate | Growth | Aggressive- Growth | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||
Investments in affiliated mutual funds, at cost | $340,804,961 | $475,038,444 | $1,293,822,364 | $903,754,587 | $259,993,389 | $6,176,864 | ||||||||||||||||||||||||
Investments in affiliated mutual funds, at value | $369,627,052 | $529,237,571 | $1,489,170,829 | $1,064,658,981 | $318,585,743 | $6,462,861 | ||||||||||||||||||||||||
Cash | 84,257 | 86,429 | 136,494 | 38,914 | — | 2,025 | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||
Fund shares sold | 427,024 | 437,177 | 1,044,420 | 486,879 | 139,285 | 26,862 | ||||||||||||||||||||||||
Securities sold | 101,608 | 161,399 | 1,041,575 | 902,475 | 48,097 | — | ||||||||||||||||||||||||
Due from adviser | 24,618 | 32,180 | 80,525 | 59,030 | 22,180 | 2,354 | ||||||||||||||||||||||||
Prepaid expenses and other assets | 8,026 | 1,862 | 5,252 | 3,628 | 1,058 | 20,192 | ||||||||||||||||||||||||
Total Assets | 370,272,585 | 529,956,618 | 1,491,479,095 | 1,066,149,907 | 318,796,363 | 6,514,294 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||
Fund shares redeemed | 846,158 | 1,940,920 | 4,217,221 | 3,298,907 | 418,345 | — | ||||||||||||||||||||||||
Securities purchased | 84,257 | 86,429 | 136,494 | 38,914 | — | 28,887 | ||||||||||||||||||||||||
Accrued advisory fees | 60,898 | 87,156 | 245,317 | 175,481 | 52,257 | 1,043 | ||||||||||||||||||||||||
Accrued administration fees | 45,674 | 65,367 | 183,989 | 131,611 | 39,192 | 782 | ||||||||||||||||||||||||
Accrued support service expenses | 3,733 | 5,408 | 15,347 | 11,286 | 3,769 | 49 | ||||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 9,839 | 13,601 | 37,942 | 26,590 | 8,281 | 113 | ||||||||||||||||||||||||
Accrued legal, audit and tax service fees | 30,685 | 43,998 | 123,874 | 87,592 | 25,660 | 366 | ||||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 2,533 | 2,628 | 6,633 | 4,335 | 1,169 | — | ||||||||||||||||||||||||
Accrued distribution and/or service fees | 26,594 | 36,144 | 97,139 | 67,053 | 19,334 | 195 | ||||||||||||||||||||||||
Accrued other | 22,521 | 35,034 | 90,560 | 64,107 | 19,088 | 812 | ||||||||||||||||||||||||
Total Liabilities | 1,132,892 | 2,316,685 | 5,154,516 | 3,905,876 | 587,095 | 32,247 | ||||||||||||||||||||||||
NET ASSETS | $369,139,693 | $527,639,933 | $1,486,324,579 | $1,062,244,031 | $318,209,268 | $6,482,047 | ||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||
Paid-in capital | $345,612,574 | $473,836,916 | $1,269,656,952 | $878,106,805 | $255,965,764 | $6,509,047 | ||||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | (1,676,821 | ) | (2,792,767 | ) | (8,539,334 | ) | (6,713,114 | ) | (2,098,730 | ) | (16,108 | ) | ||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (3,618,151 | ) | 2,396,657 | 29,858,496 | 29,945,946 | 5,749,880 | (296,889 | ) | ||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | 28,822,091 | 54,199,127 | 195,348,465 | 160,904,394 | 58,592,354 | 285,997 | ||||||||||||||||||||||||
NET ASSETS | $369,139,693 | $527,639,933 | $1,486,324,579 | $1,062,244,031 | $318,209,268 | $6,482,047 | ||||||||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||||
Net Assets | $155,630,649 | $253,888,149 | $758,857,119 | $574,117,303 | $175,643,459 | $2,406,858 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 13,954,983 | 20,572,904 | 55,314,900 | 39,424,466 | 11,267,542 | 238,163 | ||||||||||||||||||||||||
Net Asset Value per share* | $11.15 | �� | $12.34 | $13.72 | $14.56 | $15.59 | $10.11 | |||||||||||||||||||||||
Sales Charge — Maximum is 5.50% of offering price | 0.65 | 0.72 | 0.80 | 0.85 | 0.91 | 0.59 | ||||||||||||||||||||||||
Maximum offering price per share | $11.80 | $13.06 | $14.52 | $15.41 | $16.50 | $10.70 | ||||||||||||||||||||||||
Class B Shares: | ||||||||||||||||||||||||||||||
Net Assets | $32,497,509 | $46,595,278 | $139,009,914 | $100,123,039 | $29,266,145 | |||||||||||||||||||||||||
Shares of beneficial interest outstanding | 2,976,003 | 3,843,742 | 10,262,312 | 6,972,300 | 1,918,976 | |||||||||||||||||||||||||
Net Asset Value per share* | $10.92 | $12.12 | $13.55 | $14.36 | $15.25 | |||||||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||||
Net Assets | $166,172,560 | $216,564,333 | $545,353,386 | $360,299,848 | $100,288,951 | $1,196,057 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 15,223,813 | 17,876,061 | 40,323,554 | 25,163,382 | 6,585,958 | 119,799 | ||||||||||||||||||||||||
Net Asset Value per share* | $10.92 | $12.11 | $13.52 | $14.32 | $15.23 | $9.98 | ||||||||||||||||||||||||
Class R Shares: | ||||||||||||||||||||||||||||||
Net Assets | $10,516,691 | $5,736,989 | $25,997,026 | $17,777,575 | $7,295,634 | |||||||||||||||||||||||||
Shares of beneficial interest outstanding | 949,674 | 467,624 | 1,900,687 | 1,224,578 | 470,971 | |||||||||||||||||||||||||
Net Asset Value per share | $11.07 | $12.27 | $13.68 | $14.52 | $15.49 | |||||||||||||||||||||||||
Advisor Class: | ||||||||||||||||||||||||||||||
Net Assets | $4,322,284 | $4,855,184 | $17,107,134 | $9,926,266 | $5,715,079 | $2,879,132 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 386,622 | 392,274 | 1,244,367 | 679,839 | 365,977 | 283,871 | ||||||||||||||||||||||||
Net Asset Value per share | $11.18 | $12.38 | $13.75 | $14.60 | $15.62 | $10.14 |
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. |
See Notes to Financial Statements
B-1
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2016 (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 | $272,871,882 | $750,716,832 | $245,231,477 | $753,556,717 | $32,580,729 | $29,186,744 | ||||||||||||||||||||||||
Investments, at value | $276,034,147 | $772,112,794 | $249,584,011 | $757,264,546 | $32,270,290 | $29,189,497 | ||||||||||||||||||||||||
Cash | — | — | 20,759 | — | — | 6,503 | ||||||||||||||||||||||||
Foreign currency held, at value (1) | — | — | 5,078 | — | — | 635 | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||
Dividends and interest | 1,422,779 | 5,759,192 | 2,792,682 | 3,393,659 | 331,905 | 467,927 | ||||||||||||||||||||||||
Fund shares sold | 3,413,058 | 2,251,014 | 2,804,583 | 12,306,867 | 124 | 36,526 | ||||||||||||||||||||||||
Securities sold | 102,056 | 4,123,813 | 5,192,551 | 53,530,881 | 19,549 | 378,245 | ||||||||||||||||||||||||
Due from adviser | 44,879 | 90,102 | 37,857 | 95,665 | 8,290 | 15,482 | ||||||||||||||||||||||||
Swap agreements, at value | — | — | — | — | — | 107,981 | ||||||||||||||||||||||||
Unfunded loan commitment appreciation | — | — | — | 9,737 | — | — | ||||||||||||||||||||||||
Prepaid expenses and other assets | 28,743 | 3,999 | 29,519 | 9,412 | 23,769 | 21,818 | ||||||||||||||||||||||||
Total Assets | 281,045,662 | 784,340,914 | 260,467,040 | 826,610,767 | 32,653,927 | 30,224,614 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||
Fund shares redeemed | 1,377,629 | 2,111,039 | 660,155 | 2,816,063 | 5,616 | 105,567 | ||||||||||||||||||||||||
Securities purchased | 4,003,738 | 12,186,042 | 11,931,434 | 86,828,274 | — | 802,753 | ||||||||||||||||||||||||
Due to custodian | 45,647 | 353,642 | — | 308,232 | 17,359 | — | ||||||||||||||||||||||||
Income distributions | 35,465 | 229,585 | 80,014 | 408,259 | 714 | 1,196 | ||||||||||||||||||||||||
Accrued advisory fees | 89,761 | 305,812 | 117,989 | 382,668 | 16,741 | 24,677 | ||||||||||||||||||||||||
Accrued administration fees | 67,086 | 169,066 | 58,868 | 160,112 | 5,238 | 7,753 | ||||||||||||||||||||||||
Accrued support service expenses | 3,697 | 6,246 | 2,167 | 7,709 | 502 | 1,692 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 713 | 4,008 | 1,731 | 4,518 | 444 | 972 | ||||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 6,350 | 14,672 | 4,978 | 16,540 | 794 | 3,158 | ||||||||||||||||||||||||
Accrued legal, audit and tax service fees | 20,254 | 50,214 | 17,114 | 56,694 | 2,569 | 10,516 | ||||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 44 | 168 | 56 | 171 | 5 | 26 | ||||||||||||||||||||||||
Accrued distribution and/or service fees | 7,189 | 20,423 | 6,952 | 22,127 | 486 | 722 | ||||||||||||||||||||||||
Accrued other | 22,664 | 49,391 | 27,804 | 70,954 | 10,449 | 22,317 | ||||||||||||||||||||||||
Total Liabilities | 5,680,237 | 15,500,308 | 12,909,262 | 91,082,321 | 60,917 | 981,349 | ||||||||||||||||||||||||
NET ASSETS | $275,365,425 | $768,840,606 | $247,557,778 | $735,528,446 | $32,593,010 | $29,243,265 | ||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||
Paid-in capital | $274,926,184 | $766,728,716 | $256,040,128 | $779,630,333 | $36,398,177 | $38,371,188 | ||||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 12,080 | 52,077 | (47,286 | ) | 71,363 | 3,136 | (156,092 | ) | ||||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (2,735,104 | ) | (19,336,149 | ) | (12,786,009 | ) | (47,890,816 | ) | (3,497,864 | ) | (9,082,412 | ) | ||||||||||||||||||
Net unrealized appreciation (depreciation) on investments and | 3,162,265 | 21,395,962 | 4,350,945 | 3,717,566 | (310,439 | ) | 110,581 | |||||||||||||||||||||||
NET ASSETS | $275,365,425 | $768,840,606 | $247,557,778 | $735,528,446 | $32,593,010 | $29,243,265 | ||||||||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||||
Net Assets | $73,093,587 | $195,252,052 | $60,027,593 | $176,690,463 | $5,245,907 | $6,576,585 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 7,060,289 | 18,173,858 | 5,623,493 | 17,719,560 | 577,194 | 652,063 | ||||||||||||||||||||||||
Net Asset Value per share* | $10.35 | $10.74 | $10.67 | $9.97 | $9.09 | $10.09 | ||||||||||||||||||||||||
Sales Charge (2) | 0.32 | 0.48 | 0.47 | 0.31 | 0.28 | 0.45 | ||||||||||||||||||||||||
Maximum offering price per share | $10.67 | $11.22 | $11.14 | $10.28 | $9.37 | $10.54 | ||||||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||||
Net Assets | $47,621,803 | $136,606,575 | $48,743,063 | $157,910,317 | $3,130,957 | $5,021,544 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 4,608,811 | 12,712,614 | 4,574,685 | 15,862,030 | 345,216 | 498,616 | ||||||||||||||||||||||||
Net Asset Value per share* | $10.33 | $10.75 | $10.65 | $9.96 | $9.07 | $10.07 | ||||||||||||||||||||||||
Class I Shares: | ||||||||||||||||||||||||||||||
Net Assets | $2,500,640 | $4,220,674 | $1,042,711 | $141,646,102 | $22,292,554 | $5,291,565 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 241,877 | 392,538 | 98,223 | 14,185,687 | 2,452,927 | 528,636 | ||||||||||||||||||||||||
Net Asset Value per share | $10.34 | $10.75 | $10.62 | $9.99 | $9.09 | $10.01 | ||||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||||
Net Assets | $133,411,769 | $516,483 | $10,468,925 | |||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 12,374,165 | 51,748 | 1,047,072 | |||||||||||||||||||||||||||
Net Asset Value per share | $10.78 | $9.98 | $10.00 | |||||||||||||||||||||||||||
Advisor Class: | ||||||||||||||||||||||||||||||
Net Assets | $152,149,395 | $299,349,536 | $137,744,411 | $258,765,081 | $1,923,592 | $1,884,646 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 14,695,473 | 27,804,476 | 12,901,484 | 25,866,712 | 211,791 | 186,776 | ||||||||||||||||||||||||
Net Asset Value per share | $10.35 | $10.77 | $10.68 | $10.00 | $9.08 | $10.09 |
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. |
(1) | The cost of foreign currency for Pacific Funds Strategic Income and Pacific Funds High Income was $6,667 and $788, respectively. |
(2) | 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, 2016 (Unaudited)
Pacific Funds Large-Cap | Pacific Funds Large-Cap Value | Pacific Funds Small/Mid-Cap | Pacific Funds Small-Cap | Pacific Funds Small-Cap Value | Pacific Funds Small-Cap Growth | |||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Investments, at cost | $7,281,763 | $26,583,328 | $51,015,523 | $7,148,553 | $32,215,811 | $31,854,285 | ||||||||||||||||||||||
Investments, at value | $7,706,452 | $27,876,482 | $53,922,345 | $7,539,466 | $35,329,380 | $34,174,747 | ||||||||||||||||||||||
Cash | — | — | 703 | 10 | 20 | 34 | ||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Dividends and interest | 7,103 | 31,914 | 32,261 | 7,231 | 56,978 | 6,587 | ||||||||||||||||||||||
Fund shares sold | 17,182 | 40,494 | 92,351 | 76,348 | 55,141 | 25,702 | ||||||||||||||||||||||
Securities sold | — | 309,061 | 84,876 | 31,662 | 124,497 | 103,697 | ||||||||||||||||||||||
Due from adviser | 7,873 | 9,850 | 11,648 | 7,913 | 8,439 | 8,651 | ||||||||||||||||||||||
Prepaid expenses and other assets | 33,369 | 35,288 | 38,468 | 33,122 | 33,173 | 33,154 | ||||||||||||||||||||||
Total Assets | 7,771,979 | 28,303,089 | 54,182,652 | 7,695,752 | 35,607,628 | 34,352,572 | ||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Fund shares redeemed | 34,117 | — | 494,622 | 20,114 | — | 8,562 | ||||||||||||||||||||||
Securities purchased | — | 106,164 | — | 23,435 | 115,547 | 90,461 | ||||||||||||||||||||||
Accrued advisory fees | 3,445 | 14,960 | 37,439 | 4,963 | 24,519 | 23,922 | ||||||||||||||||||||||
Accrued administration fees | 1,671 | 6,728 | 12,203 | 1,660 | 7,504 | 5,687 | ||||||||||||||||||||||
Accrued support service expenses | — | — | 707 | — | — | 49 | ||||||||||||||||||||||
Accrued custodian fees and expenses | 212 | 236 | 137 | 295 | 274 | 265 | ||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 262 | 230 | 453 | 166 | 60 | 113 | ||||||||||||||||||||||
Accrued legal, audit and tax service fees | 1,431 | 1,016 | 1,234 | 612 | 862 | 344 | ||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 21 | 7 | — | 9 | 13 | — | ||||||||||||||||||||||
Accrued distribution and/or service fees | 291 | 259 | 694 | 75 | 65 | 45 | ||||||||||||||||||||||
Accrued other | 1,516 | 1,690 | 3,117 | 2,984 | 2,429 | 1,891 | ||||||||||||||||||||||
Total Liabilities | 42,966 | 131,290 | 550,606 | 54,313 | 151,273 | 131,339 | ||||||||||||||||||||||
NET ASSETS | $7,729,013 | $28,171,799 | $53,632,046 | $7,641,439 | $35,456,355 | $34,221,233 | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in capital | $7,483,986 | $26,677,080 | $50,739,803 | $7,256,537 | $32,117,769 | $31,680,121 | ||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 39,365 | 132,063 | (6,414 | ) | 9,280 | 71,505 | (38,567 | ) | ||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (219,027 | ) | 69,502 | (8,165 | ) | (15,291 | ) | 153,512 | 259,217 | |||||||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 424,689 | 1,293,154 | 2,906,822 | 390,913 | 3,113,569 | 2,320,462 | ||||||||||||||||||||||
NET ASSETS | $7,729,013 | $28,171,799 | $53,632,046 | $7,641,439 | $35,456,355 | $34,221,233 | ||||||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||
Net Assets | $3,026,468 | $1,521,456 | $9,620,862 | $1,446,197 | $287,163 | $272,536 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 296,511 | 153,013 | 903,844 | 137,213 | 27,598 | 26,075 | ||||||||||||||||||||||
Net Asset Value per share* | $10.21 | $9.94 | $10.64 | $10.54 | $10.41 | $10.45 | ||||||||||||||||||||||
Sales Charge — Maximum is 4.25% of offering price | 0.45 | 0.44 | 0.47 | 0.47 | 0.46 | 0.46 | ||||||||||||||||||||||
Maximum offering price per share | $10.66 | $10.38 | $11.11 | $11.01 | $10.87 | $10.91 | ||||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||
Net Assets | $1,760,585 | $1,878,555 | $2,926,135 | $289,274 | $508,147 | $79,565 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 173,430 | 190,021 | 276,430 | 27,610 | 49,083 | 7,651 | ||||||||||||||||||||||
Net Asset Value per share* | $10.15 | $9.89 | $10.59 | $10.48 | $10.35 | $10.40 | ||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||
Net Assets | $12,980,696 | |||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 1,238,354 | |||||||||||||||||||||||||||
Net Asset Value per share | $10.48 | |||||||||||||||||||||||||||
Advisor Class: | ||||||||||||||||||||||||||||
Net Assets | $1,143,251 | $22,973,510 | $29,308,576 | $5,067,382 | $25,326,340 | $10,939,929 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 111,786 | 2,307,301 | 2,751,387 | 480,231 | 2,427,538 | 1,043,256 | ||||||||||||||||||||||
Net Asset Value and offering price per share | $10.23 | $9.96 | $10.65 | $10.55 | $10.43 | $10.49 | ||||||||||||||||||||||
Investor Class: | ||||||||||||||||||||||||||||
Net Assets | $700,006 | $552,219 | $3,653,785 | $183,631 | $98,445 | $1,052,462 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 68,694 | 55,542 | 343,803 | 17,445 | 9,464 | 100,633 | ||||||||||||||||||||||
Net Asset Value per share | $10.19 | $9.94 | $10.63 | $10.53 | $10.40 | $10.46 | ||||||||||||||||||||||
Class S (formerly Institutional Class): | ||||||||||||||||||||||||||||
Net Assets | $1,098,703 | $1,246,059 | $8,122,688 | $654,955 | $9,236,260 | $8,896,045 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 107,457 | 125,018 | 762,515 | 62,079 | 885,955 | 848,361 | ||||||||||||||||||||||
Net Asset Value per share | $10.22 | $9.97 | $10.65 | $10.55 | $10.43 | $10.49 |
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. |
See Notes to Financial Statements
B-3
PACIFIC FUNDS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2016 (Unaudited)
Pacific Funds Portfolio Optimization | Pacific Funds Diversified Alternatives | |||||||||||||||||||||||||||||
Conservative | Moderate- Conservative | Moderate | Growth | Aggressive- Growth | ||||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||
Dividends from affiliated mutual fund investments | $620,781 | $668,574 | $1,206,881 | $432,832 | $— | $11,293 | ||||||||||||||||||||||||
Dividends from mutual fund investments | 3 | 2 | 6 | 5 | 1 | — | ||||||||||||||||||||||||
Total Investment Income | 620,784 | 668,576 | 1,206,887 | 432,837 | 1 | 11,293 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 375,406 | 534,970 | 1,509,597 | 1,072,878 | 317,502 | 6,290 | ||||||||||||||||||||||||
Administration fees | 281,554 | 401,228 | 1,132,198 | 804,659 | 238,127 | 4,718 | ||||||||||||||||||||||||
Support services expenses | 34,316 | 49,089 | 137,990 | 97,471 | 28,329 | 422 | ||||||||||||||||||||||||
Shareholder report expenses | 13,785 | 19,585 | 55,027 | 38,979 | 11,312 | 183 | ||||||||||||||||||||||||
Distribution and/or service fees (1) | ||||||||||||||||||||||||||||||
Class A | 195,789 | 321,338 | 962,424 | 721,121 | 217,938 | 3,760 | ||||||||||||||||||||||||
Class B | 167,230 | 236,584 | 706,934 | 505,742 | 147,761 | |||||||||||||||||||||||||
Class C | 852,331 | 1,100,874 | 2,775,101 | 1,832,810 | 502,638 | 3,455 | ||||||||||||||||||||||||
Class R | 25,691 | 14,487 | 64,133 | 44,768 | 17,649 | |||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 16,927 | 23,996 | 67,413 | 47,637 | 14,156 | 211 | ||||||||||||||||||||||||
Registration fees | 39,987 | 39,929 | 52,129 | 47,272 | 40,006 | 20,557 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 29,146 | 41,552 | 116,850 | 82,810 | 24,167 | 375 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 10,282 | 14,686 | 41,259 | 29,149 | 8,468 | 127 | ||||||||||||||||||||||||
Other | 7,054 | 10,023 | 25,260 | 15,466 | 6,310 | 906 | ||||||||||||||||||||||||
Total Expenses | 2,049,498 | 2,808,341 | 7,646,315 | 5,340,762 | 1,574,363 | 41,004 | ||||||||||||||||||||||||
Adviser Expense Reimbursement (2) | (151,705 | ) | (198,860 | ) | (496,414 | ) | (361,945 | ) | (132,716 | ) | (14,918 | ) | ||||||||||||||||||
Net Expenses | 1,897,793 | 2,609,481 | 7,149,901 | 4,978,817 | 1,441,647 | 26,086 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | (1,277,009 | ) | (1,940,905 | ) | (5,943,014 | ) | (4,545,980 | ) | (1,441,646 | ) | (14,793 | ) | ||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions in affiliated mutual funds | (1,848,989 | ) | (2,168,716 | ) | (4,417,721 | ) | 1,946,010 | 4,206,285 | (83,434 | ) | ||||||||||||||||||||
Net Realized Gain (Loss) | (1,848,989 | ) | (2,168,716 | ) | (4,417,721 | ) | 1,946,010 | 4,206,285 | (83,434 | ) | ||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities in affiliated mutual funds | 20,324,242 | 30,185,711 | 90,320,967 | 63,487,382 | 15,361,999 | 403,611 | ||||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 20,324,242 | 30,185,711 | 90,320,967 | 63,487,382 | 15,361,999 | 403,611 | ||||||||||||||||||||||||
NET GAIN (LOSS) | 18,475,253 | 28,016,995 | 85,903,246 | 65,433,392 | 19,568,284 | 320,177 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $17,198,244 | $26,076,090 | $79,960,232 | $60,887,412 | $18,126,638 | $305,384 |
(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, 2016 (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, net of foreign taxes withheld | $— | $— | $138,148 | $— | $— | $77,392 | ||||||||||||||||||||||||
Interest, net of foreign taxes withheld | 3,290,758 | 11,641,309 | 5,140,317 | 17,897,639 | 828,030 | 3,004,284 | ||||||||||||||||||||||||
Other | 4,673 | 14,609 | 2,006 | 25,757 | 1,364 | — | ||||||||||||||||||||||||
Total Investment Income | 3,295,431 | 11,655,918 | 5,280,471 | 17,923,396 | 829,394 | 3,081,676 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 528,372 | 1,645,776 | 656,816 | 2,255,188 | 108,166 | 310,652 | ||||||||||||||||||||||||
Administration fees | 394,944 | 950,505 | 327,590 | 961,336 | 33,560 | 88,539 | ||||||||||||||||||||||||
Support services expenses | 22,636 | 56,333 | 19,121 | 62,955 | 2,799 | 11,700 | ||||||||||||||||||||||||
Custodian fees and expenses | 4,328 | 12,357 | 4,161 | 20,687 | 2,081 | 2,179 | ||||||||||||||||||||||||
Shareholder report expenses | 9,453 | 22,630 | 7,503 | 25,093 | 1,137 | 4,642 | ||||||||||||||||||||||||
Distribution and/or service fees (1) | ||||||||||||||||||||||||||||||
Class A | 90,732 | 246,518 | 66,930 | 229,342 | 7,980 | 10,177 | ||||||||||||||||||||||||
Class C | 229,016 | 689,218 | 233,238 | 797,024 | 15,431 | 22,929 | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 11,143 | 27,290 | 9,186 | 30,409 | 1,361 | 5,628 | ||||||||||||||||||||||||
Registration fees | 42,553 | 55,954 | 35,020 | 47,395 | 26,564 | 28,383 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 20,031 | 47,870 | 16,037 | 56,013 | 2,436 | 9,976 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 6,761 | 16,754 | 5,663 | 18,704 | 837 | 3,469 | ||||||||||||||||||||||||
Interest expense and commitment fee | — | — | — | 68,625 | — | — | ||||||||||||||||||||||||
Other | 14,734 | 26,331 | 20,592 | 22,323 | 9,687 | 20,845 | ||||||||||||||||||||||||
Total Expenses | 1,374,703 | 3,797,536 | 1,401,857 | 4,595,094 | 212,039 | 519,119 | ||||||||||||||||||||||||
Advisory Fee Waiver (2) | — | — | — | — | (3,328 | ) | — | |||||||||||||||||||||||
Adviser Expense Reimbursement (3) | (262,842 | ) | (558,696 | ) | (226,206 | ) | (574,781 | ) | (52,635 | ) | (72,412 | ) | ||||||||||||||||||
Net Expenses | 1,111,861 | 3,238,840 | 1,175,651 | 4,020,313 | 156,076 | 446,707 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 2,183,570 | 8,417,078 | 4,104,820 | 13,903,083 | 673,318 | 2,634,969 | ||||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions | 522,888 | 3,605,610 | (2,290,467 | ) | 2,656,655 | (12,585 | ) | (2,144,172 | ) | |||||||||||||||||||||
Swap transactions | — | — | — | — | — | 117,904 | ||||||||||||||||||||||||
Net Realized Gain (Loss) | 522,888 | 3,605,610 | (2,290,467 | ) | 2,656,655 | (12,585 | ) | (2,026,268 | ) | |||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities | 1,790,740 | 13,665,233 | 14,423,545 | 12,399,687 | 855,093 | 9,434,458 | ||||||||||||||||||||||||
Unfunded loan commitments | — | — | — | 9,737 | — | — | ||||||||||||||||||||||||
Swaps | — | — | — | — | — | 15,521 | ||||||||||||||||||||||||
Foreign currencies | — | — | (77 | ) | — | — | (6 | ) | ||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 1,790,740 | 13,665,233 | 14,423,468 | 12,409,424 | 855,093 | 9,449,973 | ||||||||||||||||||||||||
NET GAIN (LOSS) | 2,313,628 | 17,270,843 | 12,133,001 | 15,066,079 | 842,508 | 7,423,705 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $4,497,198 | $25,687,921 | $16,237,821 | $28,969,162 | $1,515,826 | $10,058,674 | ||||||||||||||||||||||||
Foreign taxes withheld on dividends and interest | $825 | $3,856 | $— | $— | $— | $— |
(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, 2016 (Unaudited)
Pacific Funds Large-Cap | Pacific Funds Large-Cap Value | Pacific Funds Small/Mid-Cap | Pacific Funds Small-Cap | Pacific Funds Small-Cap Value | Pacific Funds Small-Cap Growth | |||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $72,653 | $202,421 | $168,715 | $26,113 | $166,400 | $60,186 | ||||||||||||||||||||||||
Interest, net of foreign taxes withheld | 49 | 653 | — | 146 | 804 | 1,004 | ||||||||||||||||||||||||
Total Investment Income | 72,702 | 203,074 | 168,715 | 26,259 | 167,204 | 61,190 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 21,287 | 52,763 | 128,173 | 15,868 | 80,502 | 85,321 | ||||||||||||||||||||||||
Administration fees | 8,748 | 23,501 | 41,847 | 5,166 | 24,161 | 20,153 | ||||||||||||||||||||||||
Support services expenses | 1,513 | 948 | 1,032 | 886 | 943 | 403 | ||||||||||||||||||||||||
Custodian fees and expenses | 136 | 350 | 352 | 324 | 346 | 423 | ||||||||||||||||||||||||
Shareholder report expenses | 666 | 414 | 512 | 396 | 414 | 194 | ||||||||||||||||||||||||
Distribution and/or service fees (1) | ||||||||||||||||||||||||||||||
Class A | 2,971 | 1,194 | 10,578 | 1,430 | 236 | 204 | ||||||||||||||||||||||||
Class C | 5,641 | 6,163 | 8,164 | 896 | 1,270 | 286 | ||||||||||||||||||||||||
Investor Class | 880 | 671 | 3,861 | 98 | 103 | 1,257 | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 880 | 552 | 469 | 562 | 347 | 418 | ||||||||||||||||||||||||
Registration fees | 35,999 | 35,937 | 35,946 | 35,933 | 35,945 | 35,957 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 1,243 | 844 | 1,122 | 781 | 751 | 387 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 487 | 305 | 254 | 344 | 156 | 271 | ||||||||||||||||||||||||
Offering expenses | 13,469 | 13,469 | 13,469 | 13,468 | 13,469 | 13,468 | ||||||||||||||||||||||||
Other | 1,889 | 1,643 | 2,931 | 3,101 | 2,566 | 1,974 | ||||||||||||||||||||||||
Total Expenses | 95,809 | 138,754 | 248,710 | 79,253 | 161,209 | 160,716 | ||||||||||||||||||||||||
Advisory Fee Waiver (2) | (3,275 | ) | — | — | — | — | — | |||||||||||||||||||||||
Adviser Expense Reimbursement (3) | (59,197 | ) | (62,296 | ) | (68,134 | ) | (57,352 | ) | (61,552 | ) | (57,650 | ) | ||||||||||||||||||
Net Expenses | 33,337 | 76,458 | 180,576 | 21,901 | 99,657 | 103,066 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 39,365 | 126,616 | (11,861 | ) | 4,358 | 67,547 | (41,876 | ) | ||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions | (84,360 | ) | 80,619 | (2,974 | ) | (2,352 | ) | 173,802 | 282,796 | |||||||||||||||||||||
Net Realized Gain (Loss) | (84,360 | ) | 80,619 | (2,974 | ) | (2,352 | ) | 173,802 | 282,796 | |||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities | 341,514 | 1,201,010 | 2,607,322 | 363,438 | 3,077,434 | 2,314,806 | ||||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 341,514 | 1,201,010 | 2,607,322 | 363,438 | 3,077,434 | 2,314,806 | ||||||||||||||||||||||||
NET GAIN (LOSS) | 257,154 | 1,281,629 | 2,604,348 | 361,086 | 3,251,236 | 2,597,602 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $296,519 | $1,408,245 | $2,592,487 | $365,444 | $3,318,783 | $2,555,726 | ||||||||||||||||||||||||
Foreign taxes withheld on dividends and interest | $62 | $412 | $174 | $— | $— | $— |
(1) | The Class P, Advisor, and Class S 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-6
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
Pacific Funds Portfolio Optimization Conservative | Pacific Funds Portfolio Optimization Moderate-Conservative | Pacific Funds Portfolio Optimization Moderate | ||||||||||||||||||||||||||||||||||||
Six-Month Period Ended September 30, 2016 (1) | Year Ended March 31, 2016 | Six-Month Period Ended September 30, 2016 (1) | Year Ended March 31, 2016 | Six-Month Period Ended September 30, 2016 (1) | Year Ended March 31, 2016 | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | ($1,277,009 | ) | $6,207,397 | ($1,940,905 | ) | $9,467,856 | ($5,943,014 | ) | $23,737,275 | |||||||||||||||||||||||||||||
Net realized gain (loss) | (1,848,989 | ) | 6,825,195 | (2,168,716 | ) | 14,146,859 | (4,417,721 | ) | 61,097,352 | |||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 20,324,242 | (22,221,300 | ) | 30,185,711 | (37,664,761 | ) | 90,320,967 | (132,517,065 | ) | |||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 17,198,244 | (9,188,708 | ) | 26,076,090 | (14,050,046 | ) | 79,960,232 | (47,682,438 | ) | |||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||||||
Class A | — | (3,904,624 | ) | — | (6,508,735 | ) | — | (16,790,588 | ) | |||||||||||||||||||||||||||||
Class B | — | (705,520 | ) | — | (932,057 | ) | — | (2,304,983 | ) | |||||||||||||||||||||||||||||
Class C | — | (3,620,549 | ) | — | (4,371,819 | ) | — | (8,854,712 | ) | |||||||||||||||||||||||||||||
Class R | — | (233,548 | ) | — | (138,296 | ) | — | (450,122 | ) | |||||||||||||||||||||||||||||
Advisor Class | — | (135,864 | ) | — | (149,204 | ) | — | (499,724 | ) | |||||||||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||||||
Class A | — | (1,464,958 | ) | — | (7,380,485 | ) | — | (33,710,166 | ) | |||||||||||||||||||||||||||||
Class B | — | (334,902 | ) | — | (1,376,966 | ) | — | (6,330,818 | ) | |||||||||||||||||||||||||||||
Class C | — | (1,747,944 | ) | — | (6,468,248 | ) | — | (24,455,786 | ) | |||||||||||||||||||||||||||||
Class R | — | (97,645 | ) | — | (172,228 | ) | — | (1,001,296 | ) | |||||||||||||||||||||||||||||
Advisor Class | — | (47,371 | ) | — | (158,780 | ) | — | (914,566 | ) | |||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (12,292,925 | ) | — | (27,656,818 | ) | — | (95,312,761 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 11,890,191 | 39,128,909 | 17,476,723 | 47,922,900 | 38,417,928 | 116,741,636 | ||||||||||||||||||||||||||||||||
Class B | 1,489,103 | 6,925,517 | 1,090,205 | 6,535,490 | 3,711,455 | 15,856,471 | ||||||||||||||||||||||||||||||||
Class C | 10,336,588 | 39,002,555 | 9,407,081 | 35,754,897 | 24,001,996 | 84,727,408 | ||||||||||||||||||||||||||||||||
Class R | 1,016,629 | 1,932,425 | 510,642 | 1,375,825 | 2,596,756 | 7,577,848 | ||||||||||||||||||||||||||||||||
Advisor Class | 685,838 | 1,610,009 | 1,259,301 | 2,225,824 | 1,436,016 | 8,588,539 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | — | 5,250,529 | — | 13,595,937 | — | 49,999,360 | ||||||||||||||||||||||||||||||||
Class B | — | 977,663 | — | 2,244,758 | — | 8,445,179 | ||||||||||||||||||||||||||||||||
Class C | — | 5,115,687 | — | 10,460,939 | — | 32,355,435 | ||||||||||||||||||||||||||||||||
Class R | — | 331,193 | — | 310,524 | — | 1,451,418 | ||||||||||||||||||||||||||||||||
Advisor Class | — | 106,229 | — | 218,922 | — | 1,168,221 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (18,469,780 | ) | (51,179,411 | ) | (31,939,110 | ) | (63,408,157 | ) | (93,462,611 | ) | (167,614,855 | ) | ||||||||||||||||||||||||||
Class B | (4,147,375 | ) | (10,241,258 | ) | (4,264,836 | ) | (8,755,562 | ) | (14,847,657 | ) | (27,549,588 | ) | ||||||||||||||||||||||||||
Class C | (24,866,183 | ) | (52,611,485 | ) | (24,387,663 | ) | (48,371,128 | ) | (61,654,146 | ) | (111,070,721 | ) | ||||||||||||||||||||||||||
Class R | (1,094,233 | ) | (3,425,328 | ) | (819,652 | ) | (2,347,409 | ) | (3,397,064 | ) | (9,685,326 | ) | ||||||||||||||||||||||||||
Advisor Class | (1,565,322 | ) | (4,339,090 | ) | (1,528,262 | ) | (2,670,632 | ) | (5,136,535 | ) | (9,838,319 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (24,724,544 | ) | (21,415,856 | ) | (33,195,571 | ) | (4,906,872 | ) | (108,333,862 | ) | 1,152,706 | |||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (7,526,300 | ) | (42,897,489 | ) | (7,119,481 | ) | (46,613,736 | ) | (28,373,630 | ) | (141,842,493 | ) | ||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 376,665,993 | 419,563,482 | 534,759,414 | 581,373,150 | 1,514,698,209 | 1,656,540,702 | ||||||||||||||||||||||||||||||||
End of Year or Period | $369,139,693 | $376,665,993 | $527,639,933 | $534,759,414 | $1,486,324,579 | $1,514,698,209 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | ($1,676,821 | ) | ($399,812 | ) | ($2,792,767 | ) | ($851,862 | ) | ($8,539,334 | ) | ($2,596,320 | ) |
(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 Diversified Alternatives | ||||||||||||||||||||||||||||||||||||
Six-Month Period Ended September 30, 2016 (1) | Year Ended March 31, 2016 | Six-Month Period Ended | Year Ended March 31, 2016 | Six-Month Period Ended September 30, 2016 (1) | Year Ended March 31, 2016 | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | ($4,545,980 | ) | $10,547,317 | ($1,441,646 | ) | $2,330,611 | ($14,793 | ) | $210,435 | |||||||||||||||||||||||||||||
Net realized gain (loss) | 1,946,010 | 57,827,730 | 4,206,285 | 14,775,806 | (83,434 | ) | (167,542 | ) | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 63,487,382 | (111,596,219 | ) | 15,361,999 | (33,442,284 | ) | 403,611 | (34,634 | ) | |||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 60,887,412 | (43,221,172 | ) | 18,126,638 | (16,335,867 | ) | 305,384 | 8,259 | ||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||||||
Class A | — | (9,672,579 | ) | — | (3,216,598 | ) | — | (97,476 | ) | |||||||||||||||||||||||||||||
Class B | — | (1,162,795 | ) | — | (347,881 | ) | ||||||||||||||||||||||||||||||||
Class C | — | (4,178,994 | ) | — | (1,159,802 | ) | — | (19,607 | ) | |||||||||||||||||||||||||||||
Class R | — | (283,644 | ) | — | (124,319 | ) | ||||||||||||||||||||||||||||||||
Advisor Class | — | (252,100 | ) | — | (201,505 | ) | — | (98,021 | ) | |||||||||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||||||
Class A | — | (34,069,914 | ) | — | (2,096,384 | ) | — | (5,998 | ) | |||||||||||||||||||||||||||||
Class B | — | (6,327,240 | ) | — | (392,900 | ) | ||||||||||||||||||||||||||||||||
Class C | — | (22,532,059 | ) | — | (1,274,589 | ) | — | (2,348 | ) | |||||||||||||||||||||||||||||
Class R | — | (1,116,465 | ) | — | (93,025 | ) | ||||||||||||||||||||||||||||||||
Advisor Class | — | (821,857 | ) | — | (116,716 | ) | — | (9,253 | ) | |||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (80,417,647 | ) | — | (9,023,719 | ) | — | (232,703 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 26,892,964 | 83,995,286 | 8,670,152 | 29,404,009 | 347,636 | 2,050,406 | ||||||||||||||||||||||||||||||||
Class B | 3,207,565 | 9,907,249 | 1,358,495 | 4,362,107 | ||||||||||||||||||||||||||||||||||
Class C | 14,027,196 | 50,635,083 | 6,661,223 | 20,706,552 | 705,363 | 285,780 | ||||||||||||||||||||||||||||||||
Class R | 1,229,898 | 4,037,759 | 765,527 | 1,818,983 | ||||||||||||||||||||||||||||||||||
Advisor Class | 1,168,310 | 10,834,944 | 2,716,768 | 5,273,055 | 414,007 | 376,294 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | — | 43,328,751 | — | 5,249,516 | — | 64,767 | ||||||||||||||||||||||||||||||||
Class B | — | 7,294,906 | — | 730,892 | ||||||||||||||||||||||||||||||||||
Class C | — | 25,933,496 | — | 2,352,130 | — | 15,094 | ||||||||||||||||||||||||||||||||
Class R | — | 1,400,109 | — | 217,344 | ||||||||||||||||||||||||||||||||||
Advisor Class | — | 879,861 | — | 289,976 | — | 107,274 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (56,694,105 | ) | (100,116,980 | ) | (14,124,436 | ) | (27,787,173 | ) | (1,225,657 | ) | (371,869 | ) | ||||||||||||||||||||||||||
Class B | (10,631,689 | ) | (22,060,055 | ) | (3,750,713 | ) | (8,359,195 | ) | ||||||||||||||||||||||||||||||
Class C | (40,592,943 | ) | (65,186,413 | ) | (12,473,460 | ) | (24,540,419 | ) | (199,932 | ) | (171,556 | ) | ||||||||||||||||||||||||||
Class R | (2,789,100 | ) | (6,399,820 | ) | (907,743 | ) | (3,269,903 | ) | ||||||||||||||||||||||||||||||
Advisor Class | (3,947,356 | ) | (8,143,181 | ) | (4,032,463 | ) | (4,514,480 | ) | (137,924 | ) | (1,652,131 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (68,129,260 | ) | 36,340,995 | (15,116,650 | ) | 1,933,394 | (96,507 | ) | 704,059 | |||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (7,241,848 | ) | (87,297,824 | ) | 3,009,988 | (23,426,192 | ) | 208,877 | 479,615 | |||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 1,069,485,879 | 1,156,783,703 | 315,199,280 | 338,625,472 | 6,273,170 | 5,793,555 | ||||||||||||||||||||||||||||||||
End of Year or Period | $1,062,244,031 | $1,069,485,879 | $318,209,268 | $315,199,280 | $6,482,047 | $6,273,170 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | ($6,713,114 | ) | ($2,167,134 | ) | ($2,098,730 | ) | ($657,084 | ) | ($16,108 | ) | ($1,315 | ) |
(1) | Unaudited. |
See Notes to Financial Statements
B-8
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Pacific Funds Short Duration Income | Pacific Funds Core Income | Pacific Funds Strategic Income | ||||||||||||||||||||||||||||||||||||
Six-Month Period Ended September 30, 2016 (1) | Year Ended March 31, 2016 | Six-Month Period Ended September 30, 2016 (1) | Year Ended March 31, 2016 | Six-Month Period Ended September 30, 2016 (1) | Year Ended March 31, 2016 | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $2,183,570 | $2,787,948 | $8,417,078 | $17,960,091 | $4,104,820 | $8,915,648 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | 522,888 | (3,090,621 | ) | 3,605,610 | (19,731,308 | ) | (2,290,467 | ) | (9,377,645 | ) | ||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 1,790,740 | 1,156,485 | 13,665,233 | (2,012,536 | ) | 14,423,468 | (6,372,375 | ) | ||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 4,497,198 | 853,812 | 25,687,921 | (3,783,753 | ) | 16,237,821 | (6,834,372 | ) | ||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||||||
Class A | (599,246 | ) | (892,384 | ) | (2,522,240 | ) | (6,187,597 | ) | (1,034,487 | ) | (2,415,258 | ) | ||||||||||||||||||||||||||
Class C | (205,980 | ) | (321,233 | ) | (1,244,410 | ) | (3,695,540 | ) | (725,940 | ) | (1,539,797 | ) | ||||||||||||||||||||||||||
Class I | (18,315 | ) | (32,531 | ) | (56,569 | ) | (123,656 | ) | (22,571 | ) | (57,518 | ) | ||||||||||||||||||||||||||
Class P | (761,753 | ) | (477,842 | ) | ||||||||||||||||||||||||||||||||||
Advisor Class | (1,376,416 | ) | (1,529,240 | ) | (3,898,089 | ) | (7,477,502 | ) | (2,434,001 | ) | (4,879,588 | ) | ||||||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class C | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class I | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class P | — | — | ||||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Net Decrease from Dividends and | (2,199,957 | ) | (2,775,388 | ) | (8,483,061 | ) | (17,962,137 | ) | (4,216,999 | ) | (8,892,161 | ) | ||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 26,052,829 | 52,194,546 | 29,342,337 | 72,011,353 | 15,182,882 | 31,501,290 | ||||||||||||||||||||||||||||||||
Class C | 11,003,118 | 24,749,265 | 11,183,748 | 30,629,713 | 7,518,253 | 17,608,826 | ||||||||||||||||||||||||||||||||
Class I | 923,167 | 812,407 | 828,146 | 1,241,695 | 199,961 | 123,228,346 | ||||||||||||||||||||||||||||||||
Class P | 126,476,416 | 17,836,568 | ||||||||||||||||||||||||||||||||||||
Advisor Class | 58,136,180 | 120,974,490 | 96,516,530 | 163,576,472 | 48,464,848 | 329,627 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | 562,780 | 774,312 | 2,327,673 | 5,746,936 | 963,896 | 2,252,968 | ||||||||||||||||||||||||||||||||
Class C | 186,829 | 305,231 | 1,101,017 | 3,369,932 | 656,970 | 1,448,846 | ||||||||||||||||||||||||||||||||
Class I | 17,226 | 32,247 | 56,246 | 123,113 | 21,511 | 4,414,462 | ||||||||||||||||||||||||||||||||
Class P | 761,753 | 477,842 | ||||||||||||||||||||||||||||||||||||
Advisor Class | 1,223,625 | 1,296,101 | 2,721,923 | 5,474,042 | 2,123,019 | 55,406 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (23,635,647 | ) | (31,534,279 | ) | (38,118,003 | ) | (92,528,818 | ) | (11,321,854 | ) | (28,395,048 | ) | ||||||||||||||||||||||||||
Class C | (8,152,518 | ) | (11,966,152 | ) | (20,136,439 | ) | (70,900,945 | ) | (6,231,590 | ) | (14,506,198 | ) | ||||||||||||||||||||||||||
Class I | (148,882 | ) | (640,633 | ) | (352,721 | ) | (1,455,198 | ) | (188,275 | ) | (70,036,812 | ) | ||||||||||||||||||||||||||
Class P | (10,335,610 | ) | (1,721,609 | ) | ||||||||||||||||||||||||||||||||||
Advisor Class | (37,907,343 | ) | (43,939,996 | ) | (56,916,396 | ) | (131,518,326 | ) | (34,779,873 | ) | (710,751 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 28,261,364 | 113,057,539 | 145,456,620 | 2,362,770 | 22,609,748 | 67,190,962 | ||||||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 30,558,605 | 111,135,963 | 162,661,480 | (19,383,120 | ) | 34,630,570 | 51,464,429 | |||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 244,806,820 | 133,670,857 | 606,179,126 | 625,562,246 | 212,927,208 | 161,462,779 | ||||||||||||||||||||||||||||||||
End of Year or Period | $275,365,425 | $244,806,820 | $768,840,606 | $606,179,126 | $247,557,778 | $212,927,208 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $12,080 | $28,467 | $52,077 | $118,060 | ($47,286 | ) | $64,893 |
(1) | Unaudited. |
See Notes to Financial Statements
B-9
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Pacific Funds Floating Rate Income | Pacific Funds Limited Duration High Income | Pacific Funds High Income | ||||||||||||||||||||||||||||||||||||
Six-Month Period Ended September 30, 2016 (1) | Year Ended March 31, 2016 | Six-Month Period Ended September 30, 2016 (1) | Year Ended March 31, 2016 | Six-Month Period Ended September 30, 2016 (1) | Year Ended March 31, 2016 | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $13,903,083 | $28,119,514 | $673,318 | $1,651,089 | $2,634,969 | $6,895,189 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | 2,656,655 | (40,657,299 | ) | (12,585 | ) | (3,190,377 | ) | (2,026,268 | ) | (7,360,650 | ) | |||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 12,409,424 | 16,316,885 | 855,093 | 329,629 | 9,449,973 | (9,146,868 | ) | |||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 28,969,162 | 3,779,100 | 1,515,826 | (1,209,659 | ) | 10,058,674 | (9,612,329 | ) | ||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||||||
Class A | (3,690,980 | ) | (8,001,104 | ) | (124,672 | ) | (301,881 | ) | (203,863 | ) | (344,925 | ) | ||||||||||||||||||||||||||
Class C | (2,632,160 | ) | (5,426,961 | ) | (49,486 | ) | (127,205 | ) | (113,397 | ) | (173,195 | ) | ||||||||||||||||||||||||||
Class I | (2,377,793 | ) | (4,062,226 | ) | (464,370 | ) | (1,025,782 | ) | (87,388 | ) | (9,340 | ) | ||||||||||||||||||||||||||
Class P | (11,293 | ) | (20,218 | ) | (2,167,316 | ) | (5,793,264 | ) | ||||||||||||||||||||||||||||||
Advisor Class | (5,299,330 | ) | (10,641,012 | ) | (41,828 | ) | (205,543 | ) | (52,294 | ) | (131,878 | ) | ||||||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class C | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class I | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class P | — | — | — | — | ||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Net Decrease from Dividends and | (14,011,556 | ) | (28,151,521 | ) | (680,356 | ) | (1,660,411 | ) | (2,624,258 | ) | (6,452,602 | ) | ||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 15,619,031 | 57,572,103 | 733,809 | 4,475,132 | 2,225,216 | 13,088,825 | ||||||||||||||||||||||||||||||||
Class C | 10,134,082 | 35,227,123 | 277,356 | 982,447 | 1,007,160 | 985,964 | ||||||||||||||||||||||||||||||||
Class I | 53,169,804 | 30,632,229 | 83,760 | 28,368 | 5,212,876 | 9,700 | ||||||||||||||||||||||||||||||||
Class P | 101,943 | 302,213 | 5,801,465 | 107,612,767 | ||||||||||||||||||||||||||||||||||
Advisor Class | 88,653,144 | 108,596,290 | 413,636 | 3,629,483 | 499,366 | 906,132 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | 3,463,074 | 7,543,692 | 122,390 | 278,229 | 202,769 | 335,187 | ||||||||||||||||||||||||||||||||
Class C | 2,413,391 | 4,943,539 | 46,787 | 123,103 | 110,860 | 170,845 | ||||||||||||||||||||||||||||||||
Class I | 2,103,643 | 3,960,071 | 464,370 | 1,025,782 | 87,354 | 9,340 | ||||||||||||||||||||||||||||||||
Class P | 11,293 | 20,218 | 2,167,316 | 5,793,190 | ||||||||||||||||||||||||||||||||||
Advisor Class | 4,695,774 | 9,527,717 | 41,689 | 203,536 | 50,235 | 128,245 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (37,799,257 | ) | (82,208,193 | ) | (3,275,781 | ) | (3,854,454 | ) | (6,706,199 | ) | (8,242,638 | ) | ||||||||||||||||||||||||||
Class C | (19,423,351 | ) | (53,027,060 | ) | (373,879 | ) | (1,390,787 | ) | (720,022 | ) | (1,755,791 | ) | ||||||||||||||||||||||||||
Class I | (7,807,556 | ) | (27,869,021 | ) | (18,058 | ) | (35,989 | ) | (185,632 | ) | (166,524 | ) | ||||||||||||||||||||||||||
Class P | (176,792 | ) | (434,287 | ) | (117,935,798 | ) | (23,831,252 | ) | ||||||||||||||||||||||||||||||
Advisor Class | (71,278,561 | ) | (148,263,600 | ) | (557,780 | ) | (7,144,202 | ) | (445,782 | ) | (2,827,087 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 43,879,662 | (53,476,966 | ) | (2,041,701 | ) | (1,679,352 | ) | (108,628,816 | ) | 92,216,903 | ||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 58,837,268 | (77,849,387 | ) | (1,206,231 | ) | (4,549,422 | ) | (101,194,400 | ) | 76,151,972 | ||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 676,691,178 | 754,540,565 | 33,799,241 | 38,348,663 | 130,437,665 | 54,285,693 | ||||||||||||||||||||||||||||||||
End of Year or Period | $735,528,446 | $676,691,178 | $32,593,010 | $33,799,241 | $29,243,265 | $130,437,665 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $71,363 | $179,836 | $3,136 | $10,174 | ($156,092 | ) | ($166,803 | ) |
(1) | Unaudited. |
See Notes to Financial Statements
B-10
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Pacific Funds Large-Cap (1) | Pacific Funds Large-Cap Value (1) | |||||||||||||||||||||||||||||||||
Six-Month Period Ended September 30, 2016 (2) | Period Ended | Period Ended November 30, 2015 | Six-Month Period Ended September 30, 2016 (2) | Period Ended | Period Ended November 30, 2015 | |||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||
Net investment income (loss) | $39,365 | $14,164 | $20,210 | $126,616 | $6,957 | $6,447 | ||||||||||||||||||||||||||||
Net realized gain (loss) | (84,360 | ) | (86,266 | ) | (48,401 | ) | 80,619 | (7,797 | ) | (3,320 | ) | |||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 341,514 | 55,075 | 28,100 | 1,201,010 | 95,006 | (2,862 | ) | |||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 296,519 | (17,027 | ) | (91 | ) | 1,408,245 | 94,166 | 265 | ||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||||||||||||||||||
Class C | — | — | — | — | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | ||||||||||||||||||||||||||||||
Investor Class | — | (8,940 | ) | — | — | (13,490 | ) | — | ||||||||||||||||||||||||||
Class S (formerly Institutional Class) | — | (30,967 | ) | — | — | — | ||||||||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||||||||||||||||||
Class C | — | — | — | — | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | ||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Class S (formerly Institutional Class) | — | — | — | — | — | |||||||||||||||||||||||||||||
Return of Capital | ||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||||||||||||||||||
Class C | — | — | — | — | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | ||||||||||||||||||||||||||||||
Investor Class | — | (696 | ) | — | — | — | — | |||||||||||||||||||||||||||
Class S (formerly Institutional Class) | — | (2,409 | ) | — | — | — |
|
| ||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (43,012 | ) | — | — | (13,490 | ) | — | ||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||
Class A | 2,705,450 | 632,295 | 1,045,760 | 468,856 | ||||||||||||||||||||||||||||||
Class C | 1,218,694 | 513,265 | 1,393,370 | 455,798 | ||||||||||||||||||||||||||||||
Advisor Class | 542,462 | 555,638 | 21,066,694 | 725,406 | ||||||||||||||||||||||||||||||
Investor Class | 30,000 | 58,500 | 635,284 | 22,145 | 26,102 | 500,000 | ||||||||||||||||||||||||||||
Class S (formerly Institutional Class) | 91,313 | 31,500 | 1,902,333 | 984,695 | 210,000 | |||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||||||||||||||||||
Class C | — | — | — | — | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | ||||||||||||||||||||||||||||||
Investor Class | — | 9,636 | — | — | 13,490 | — | ||||||||||||||||||||||||||||
Class S (formerly Institutional Class) | — | 33,376 | — | — | — | |||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||
Class A | (350,138 | ) | (104,757 | ) | (67,345 | ) | — | |||||||||||||||||||||||||||
Class C | (33,056 | ) | (2,811 | ) | (39,990 | ) | (2,799 | ) | ||||||||||||||||||||||||||
Advisor Class | (11,186 | ) | — | (97,817 | ) | — | ||||||||||||||||||||||||||||
Investor Class | (43,042 | ) | — | (5,030 | ) | (10,871 | ) | — | — | |||||||||||||||||||||||||
Class S (formerly Institutional Class) | (911,236 | ) | — | (5,866 | ) | (10,881 | ) | — |
|
| ||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 3,239,261 | 1,726,642 | 2,526,721 | 24,285,760 | 1,896,853 | 500,000 | ||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 3,535,780 | 1,666,603 | 2,526,630 | 25,694,005 | 1,977,529 | 500,265 | ||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||
Beginning of Periods | 4,193,233 | 2,526,630 | — | 2,477,794 | 500,265 | — | ||||||||||||||||||||||||||||
End of Periods | $7,729,013 | $4,193,233 | $2,526,630 | $28,171,799 | $2,477,794 | $500,265 | ||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $39,365 | $— | $20,210 | $132,063 | $5,447 | $6,447 |
(1) | Because of the change in fiscal year end from November 30 to March 31 for the Fund, the following periods are shown for the Fund: (i) the period from December 31, 2014 through November 30, 2015, which reflects the fiscal year end for the Predecessor Fund prior to the reorganization, (ii) the period from December 1, 2015 through March 31, 2016, which reflects the change in fiscal year end for the Fund upon the reorganization, and (iii) the six-month period ended September 30, 2016 (see Note 1 in Notes to Financial Statements). |
(2) | Unaudited. |
See Notes to Financial Statements
B-11
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Pacific Funds Small/Mid-Cap (1) | Pacific Funds Small-Cap (1) | |||||||||||||||||||||||||||||||||
Six-Month Period Ended September 30, 2016 (2) | Period Ended | Period Ended November 30, 2015 | Six-Month Period Ended September 30, 2016 (2) | Period Ended | Period Ended | |||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||
Net investment income (loss) | ($11,861 | ) | $989 | $601 | $4,358 | $1,086 | $1,117 | |||||||||||||||||||||||||||
Net realized gain (loss) | (2,974 | ) | (5,191 | ) | 2,560 | (2,352 | ) | (10,991 | ) | (1,948 | ) | |||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 2,607,322 | 278,645 | 20,855 |
|
| 363,438 | 10,916 | 16,559 | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 2,592,487 | 274,443 | 24,016 |
|
| 365,444 | 1,011 | 15,728 | ||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||||||||||||||||||
Class C | — | — | — | — | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | ||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | ||||||||||||||||||||||||||||||
Class S (formerly Institutional Class) | — | (1,676 | ) | — | — | (2,814 | ) | — | ||||||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||||||||||||||||||
Class C | — | — | — | — | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | ||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | ||||||||||||||||||||||||||||||
Class S (formerly Institutional Class) | — | (2,560 | ) | — | — | — | — | |||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (4,236 | ) | — | — | (2,814 | ) | — | ||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||
Class A | 8,322,796 | 2,151,274 | 1,024,984 | 314,370 | ||||||||||||||||||||||||||||||
Class C | 2,340,487 | 556,105 | 214,050 | 121,394 | ||||||||||||||||||||||||||||||
Advisor Class | 28,094,974 | 1,889,964 | 4,806,628 | 162,664 | ||||||||||||||||||||||||||||||
Investor Class | 1,524,208 | 2,210,352 | 167,500 | 17,601 | ||||||||||||||||||||||||||||||
Class S (formerly Institutional Class) | 6,912,122 | 210,000 | 500,000 | 115,500 | 10,000 | 500,000 | ||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||||||||||||||||||
Class C | — | — | — | — | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | ||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | ||||||||||||||||||||||||||||||
Class S (formerly Institutional Class) | — | 4,236 | — | — | 2,814 | — | ||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||
Class A | (1,590,631 | ) | (22,479 | ) | (11,077 | ) | — | |||||||||||||||||||||||||||
Class C | (71,436 | ) | (50,000 | ) | (69,616 | ) | — | |||||||||||||||||||||||||||
Advisor Class | (1,837,165 | ) | (301 | ) | (71,564 | ) | (21,047 | ) | ||||||||||||||||||||||||||
Investor Class | (388,157 | ) | — | (11,055 | ) | — | ||||||||||||||||||||||||||||
Class S (formerly Institutional Class) | (11,013 | ) | — | — | (11,076 | ) | — | — | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 43,296,185 | 6,949,151 | 500,000 | 6,154,274 | 607,796 | 500,000 | ||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 45,888,672 | 7,219,358 | 524,016 | 6,519,718 | 605,993 | 515,728 | ||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||
Beginning of Periods | 7,743,374 | 524,016 | — | 1,121,721 | 515,728 | — | ||||||||||||||||||||||||||||
End of Periods | $53,632,046 | $7,743,374 | $524,016 | $7,641,439 | $1,121,721 | $515,728 | ||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | ($6,414 | ) | $5,447 | $601 | $9,280 | $4,922 | $1,117 |
(1) | Because of the change in fiscal year end from November 30 to March 31 for the Fund, the following periods are shown for the Fund: (i) the period from December 31, 2014 through November 30, 2015, which reflects the fiscal year end for the Predecessor Fund prior to the reorganization, (ii) the period from December 1, 2015 through March 31, 2016, which reflects the change in fiscal year end for the Fund upon the reorganization, and (iii) the six-month period ended September 30, 2016 (see Note 1 in Notes to Financial Statements). |
(2) | Unaudited. |
See Notes to Financial Statements
B-12
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Pacific Funds Small-Cap Value (1) | Pacific Funds Small-Cap Growth (1) | |||||||||||||||||||||||||||||||||
Six-Month Period Ended September 30, 2016 (2) | Period Ended | Period Ended | Six-Month Period Ended September 30, 2016 (2) | Period Ended | Period Ended | |||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||
Net investment income (loss) | $67,547 | $3,326 | $3,320 | ($41,876 | ) | ($2,224 | ) | ($6,672 | ) | |||||||||||||||||||||||||
Net realized gain (loss) | 173,802 | (20,102 | ) | 6,946 | 282,796 | (23,579 | ) | 480 | ||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 3,077,434 | 31,275 | 4,860 | 2,314,806 | (43,014 | ) | 48,670 | |||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 3,318,783 | 14,499 | 15,126 | 2,555,726 | (68,817 | ) | 42,478 | |||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||||||||||||||||||
Class C | — | — | — | — | ||||||||||||||||||||||||||||||
Class P | — | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | ||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | |||||||||||||||||||||||||||||
Class S (formerly Institutional Class) | — | (8,220 | ) | — | — | — | ||||||||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||||||||||||||||||
Class C | — | — | — | — | ||||||||||||||||||||||||||||||
Class P | — | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | ||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | |||||||||||||||||||||||||||||
Class S (formerly Institutional Class) | — | (7,135 | ) | — | — | — | — | |||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (15,355 | ) | — | — | — | — | |||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||
Class A | 175,636 | 135,641 | 228,574 | 41,238 | ||||||||||||||||||||||||||||||
Class C | 388,348 | 114,721 | 54,571 | 32,377 | ||||||||||||||||||||||||||||||
Class P | 14,017,388 | |||||||||||||||||||||||||||||||||
Advisor Class | 22,517,903 | 242,304 | 9,508,383 | 226,672 | ||||||||||||||||||||||||||||||
Investor Class | 42,000 | 54,000 | 2,102 | 10,000 | 1,004,459 | |||||||||||||||||||||||||||||
Class S (formerly Institutional Class) | 7,591,337 | 440,308 | 698,654 | 7,796,632 | 410,000 | |||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||||||||||||||||||
Class C | — | — | — | — | ||||||||||||||||||||||||||||||
Class P | — | |||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | ||||||||||||||||||||||||||||||
Investor Class | — | — | — | — | — | |||||||||||||||||||||||||||||
Class S (formerly Institutional Class) | — | 15,355 | — | — | — | |||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||
Class A | (53,414 | ) | — | (14,755 | ) | — | ||||||||||||||||||||||||||||
Class C | (22,280 | ) | — | (13,524 | ) | — | ||||||||||||||||||||||||||||
Class P | (1,571,139 | ) | ||||||||||||||||||||||||||||||||
Advisor Class | (12,707 | ) | — | (19,590 | ) | — | ||||||||||||||||||||||||||||
Investor Class | (11,261 | ) | — | (10,765 | ) | — | — | |||||||||||||||||||||||||||
Class S (formerly Institutional Class) | (185,045 | ) | (340 | ) | (7,858 | ) | (10,777 | ) | — |
|
| |||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 30,430,517 | 1,001,989 | 690,796 | 29,967,100 | 720,287 | 1,004,459 | ||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 33,749,300 | 1,001,133 | 705,922 | 32,522,826 | 651,470 | 1,046,937 | ||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||
Beginning of Periods | 1,707,055 | 705,922 | — | 1,698,407 | 1,046,937 | — | ||||||||||||||||||||||||||||
End of Periods | $35,456,355 | $1,707,055 | $705,922 | $34,221,233 | $1,698,407 | $1,046,937 | ||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $71,505 | $3,958 | $3,320 | ($38,567 | ) | $3,309 | $— |
(1) | Because of the change in fiscal year end from November 30 to March 31 for the Fund, the following periods are shown for the Fund: (i) the period from December 31, 2014 through November 30, 2015, which reflects the fiscal year end for the Predecessor Fund prior to the reorganization, (ii) the period from December 1, 2015 through March 31, 2016, which reflects the change in fiscal year end for the Fund upon the reorganization, and (iii) the six-month period ended September 30, 2016 (see Note 1 in Notes to Financial Statements). |
(2) | Unaudited. |
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 (1) | 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 | ||||||||||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Conservative |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $10.63 | ($0.01 | ) | $0.53 | $0.52 | $— | $— | $— | $11.15 | 0.68 | % | 0.60 | % | (0.27 | %) | 4.79 | % | $155,631 | 44 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 11.22 | 0.22 | (0.43 | ) | (0.21 | ) | (0.28 | ) | (0.10 | ) | (0.38 | ) | 10.63 | 0.67 | % | 0.60 | % | 1.99 | % | (1.73 | %) | 154,762 | 42 | % | ||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class B |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $10.45 | ($0.05 | ) | $0.52 | $0.47 | $— | $— | $— | $10.92 | 1.43 | % | 1.35 | % | (1.02 | %) | 4.50 | % | $32,498 | 44 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 11.05 | 0.13 | (0.41 | ) | (0.28 | ) | (0.22 | ) | (0.10 | ) | (0.32 | ) | 10.45 | 1.42 | % | 1.35 | % | 1.24 | % | (2.51 | %) | 33,675 | 42 | % | ||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $10.44 | ($0.05 | ) | $0.53 | $0.48 | $— | $— | $— | $10.92 | 1.43 | % | 1.35 | % | (1.02 | %) | 4.50 | % | $166,173 | 44 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 11.05 | 0.13 | (0.42 | ) | (0.29 | ) | (0.22 | ) | (0.10 | ) | (0.32 | ) | 10.44 | 1.42 | % | 1.35 | % | 1.24 | % | (2.51 | %) | 173,137 | 42 | % | ||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class R |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $10.57 | ($0.03 | ) | $0.53 | $0.50 | $— | $— | $— | $11.07 | 0.93 | % | 0.85 | % | (0.52 | %) | 4.73 | % | $10,517 | 44 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 11.16 | 0.19 | (0.42 | ) | (0.23 | ) | (0.26 | ) | (0.10 | ) | (0.36 | ) | 10.57 | 0.92 | % | 0.85 | % | 1.74 | % | (2.05 | %) | 10,116 | 42 | % | ||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Advisor Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $10.65 | ($0.00 | )(7) | $0.53 | $0.53 | $— | $— | $— | $11.18 | 0.43 | % | 0.35 | % | (0.02 | %) | 4.98 | % | $4,322 | 44 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 11.23 | 0.25 | (0.43 | ) | (0.18 | ) | (0.30 | ) | (0.10 | ) | (0.40 | ) | 10.65 | 0.42 | % | 0.35 | % | 2.24 | % | (1.53 | %) | 4,976 | 42 | % | ||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $11.73 | ($0.02 | ) | $0.63 | $0.61 | $— | $— | $— | $12.34 | 0.67 | % | 0.60 | % | (0.35 | %) | 5.11 | % | $253,888 | 40 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 12.61 | 0.25 | (0.50 | ) | (0.25 | ) | (0.29 | ) | (0.34 | ) | (0.63 | ) | 11.73 | 0.67 | % | 0.60 | % | 2.07 | % | (1.87 | %) | 255,376 | 34 | % | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class B |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $11.56 | ($0.07 | ) | $0.63 | $0.56 | $— | $— | $— | $12.12 | 1.42 | % | 1.35 | % | (1.10 | %) | 4.75 | % | $46,595 | 40 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 12.46 | 0.16 | (0.49 | ) | (0.33 | ) | (0.23 | ) | (0.34 | ) | (0.57 | ) | 11.56 | 1.42 | % | 1.35 | % | 1.32 | % | (2.61 | %) | 47,540 | 34 | % | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references on B-23 |
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 (1) | 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 | ||||||||||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative (Continued) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $11.56 | ($0.07 | ) | $0.62 | $0.55 | $— | $— | $— | $12.11 | 1.42 | % | 1.35 | % | (1.10 | %) | 4.76 | % | $216,564 | 40 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 12.45 | 0.16 | (0.48 | ) | (0.32 | ) | (0.23 | ) | (0.34 | ) | (0.57 | ) | 11.56 | 1.42 | % | 1.35 | % | 1.32 | % | (2.61 | %) | 221,192 | 34 | % | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class R |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $11.68 | ($0.04 | ) | $0.63 | $0.59 | $— | $— | $— | $12.27 | 0.92 | % | 0.85 | % | (0.60 | %) | 5.05 | % | $5,737 | 40 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 12.56 | 0.22 | (0.49 | ) | (0.27 | ) | (0.27 | ) | (0.34 | ) | (0.61 | ) | 11.68 | 0.92 | % | 0.85 | % | 1.82 | % | (2.15 | %) | 5,761 | 34 | % | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Advisor Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $11.75 | ($0.01 | ) | $0.64 | $0.63 | $— | $— | $— | $12.38 | 0.42 | % | 0.35 | % | (0.10 | %) | 5.27 | % | $4,855 | 40 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 12.62 | 0.28 | (0.49 | ) | (0.21 | ) | (0.32 | ) | (0.34 | ) | (0.66 | ) | 11.75 | 0.42 | % | 0.35 | % | 2.32 | % | (1.60 | %) | 4,891 | 34 | % | ||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $12.99 | ($0.03 | ) | $0.76 | $0.73 | $— | $— | $— | $13.72 | 0.67 | % | 0.60 | % | (0.44 | %) | 5.62 | % | $758,857 | 35 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 14.20 | 0.25 | (0.60 | ) | (0.35 | ) | (0.28 | ) | (0.58 | ) | (0.86 | ) | 12.99 | 0.66 | % | 0.60 | % | 1.85 | % | (2.50 | %) | 771,853 | 35 | % | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class B |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $12.87 | ($0.08 | ) | $0.76 | $0.68 | $— | $— | $— | $13.55 | 1.42 | % | 1.35 | % | (1.19 | %) | 5.28 | % | $139,010 | 35 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 14.10 | 0.15 | (0.60 | ) | (0.45 | ) | (0.20 | ) | (0.58 | ) | (0.78 | ) | 12.87 | 1.41 | % | 1.35 | % | 1.10 | % | (3.21 | %) | 142,921 | 35 | % | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $12.85 | ($0.08 | ) | $0.75 | $0.67 | $— | $— | $— | $13.52 | 1.42 | % | 1.35 | % | (1.19 | %) | 5.21 | % | $545,353 | 35 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 14.08 | 0.15 | (0.60 | ) | (0.45 | ) | (0.20 | ) | (0.58 | ) | (0.78 | ) | 12.85 | 1.41 | % | 1.35 | % | 1.10 | % | (3.22 | %) | 554,661 | 35 | % | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class R |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $12.97 | ($0.05 | ) | $0.76 | $0.71 | $— | $— | $— | $13.68 | 0.92 | % | 0.85 | % | (0.69 | %) | 5.47 | % | $25,997 | 35 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 14.18 | 0.22 | (0.60 | ) | (0.38 | ) | (0.25 | ) | (0.58 | ) | (0.83 | ) | 12.97 | 0.91 | % | 0.85 | % | 1.60 | % | (2.70 | %) | 25,429 | 35 | % | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Advisor Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $13.00 | ($0.01 | ) | $0.76 | $0.75 | $— | $— | $— | $13.75 | 0.42 | % | 0.35 | % | (0.19 | %) | 5.77 | % | $17,107 | 35 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 14.20 | 0.29 | (0.60 | ) | (0.31 | ) | (0.31 | ) | (0.58 | ) | (0.89 | ) | 13.00 | 0.41 | % | 0.35 | % | 2.10 | % | (2.24 | %) | 19,835 | 35 | % | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references on B-23 |
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 (1) | 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 | ||||||||||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $13.74 | ($0.04 | ) | $0.86 | $0.82 | $— | $— | $— | $14.56 | 0.67 | % | 0.60 | % | (0.52 | %) | 5.97 | % | $574,117 | 30 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 15.34 | 0.19 | (0.69 | ) | (0.50 | ) | (0.23 | ) | (0.87 | ) | (1.10 | ) | 13.74 | 0.66 | % | 0.60 | % | 1.29 | % | (3.35 | %) | 570,267 | 34 | % | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class B |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $13.59 | ($0.09 | ) | $0.86 | $0.77 | $— | $— | $— | $14.36 | 1.42 | % | 1.35 | % | (1.27 | %) | 5.67 | % | $100,123 | 30 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 15.22 | 0.08 | (0.69 | ) | (0.61 | ) | (0.15 | ) | (0.87 | ) | (1.02 | ) | 13.59 | 1.41 | % | 1.35 | % | 0.54 | % | (4.13 | %) | 102,001 | 34 | % | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $13.55 | ($0.09 | ) | $0.86 | $0.77 | $— | $— | $— | $14.32 | 1.42 | % | 1.35 | % | (1.27 | %) | 5.68 | % | $360,300 | 30 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 15.18 | 0.08 | (0.69 | ) | (0.61 | ) | (0.15 | ) | (0.87 | ) | (1.02 | ) | 13.55 | 1.41 | % | 1.35 | % | 0.54 | % | (4.13 | %) | 366,805 | 34 | % | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $13.71 | ($0.05 | ) | $0.86 | $0.81 | $— | $— | $— | $14.52 | 0.92 | % | 0.85 | % | (0.77 | %) | 5.91 | % | $17,778 | 30 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 15.32 | 0.15 | (0.68 | ) | (0.53 | ) | (0.21 | ) | (0.87 | ) | (1.08 | ) | 13.71 | 0.91 | % | 0.85 | % | 1.04 | % | (3.60 | %) | 18,328 | 34 | % | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Advisor Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $13.76 | ($0.02 | ) | $0.86 | $0.84 | $— | $— | $— | $14.60 | 0.42 | % | 0.35 | % | (0.27 | %) | 6.10 | % | $9,926 | 30 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 15.35 | 0.22 | (0.68 | ) | (0.46 | ) | (0.26 | ) | (0.87 | ) | (1.13 | ) | 13.76 | 0.41 | % | 0.35 | % | 1.54 | % | (3.10 | %) | 12,084 | 34 | % | ||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $14.70 | ($0.05 | ) | $0.94 | $0.89 | $— | $— | $— | $15.59 | 0.68 | % | 0.60 | % | (0.60 | %) | 6.05 | % | $175,643 | 29 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 15.85 | 0.16 | (0.85 | ) | (0.69 | ) | (0.28 | ) | (0.18 | ) | (0.46 | ) | 14.70 | 0.68 | % | 0.60 | % | 1.03 | % | (4.37 | %) | 170,874 | 35 | % | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $14.43 | ($0.10 | ) | $0.92 | $0.82 | $— | $— | $— | $15.25 | 1.43 | % | 1.35 | % | (1.35 | %) | 5.68 | % | $29,266 | 29 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 15.57 | 0.04 | (0.84 | ) | (0.80 | ) | (0.16 | ) | (0.18 | ) | (0.34 | ) | 14.43 | 1.43 | % | 1.35 | % | 0.28 | % | (5.15 | %) | 30,038 | 35 | % | ||||||||||||||||||||||||||||||||
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 | )(7) | — | (0.00 | )(7) | 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 | % |
See Notes to Financial Statements | See explanation of references on B-23 |
B-16
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 (1) | 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 | ||||||||||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth (Continued) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $14.41 | ($0.10 | ) | $0.92 | $0.82 | $— | $— | $— | $15.23 | 1.43 | % | 1.35 | % | (1.35 | %) | 5.69 | % | $100,289 | 29 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 15.55 | 0.04 | (0.83 | ) | (0.79 | ) | (0.17 | ) | (0.18 | ) | (0.35 | ) | 14.41 | 1.43 | % | 1.35 | % | 0.28 | % | (5.13 | %) | 100,573 | 35 | % | ||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $14.63 | ($0.06 | ) | $0.92 | $0.86 | $— | $— | $— | $15.49 | 0.93 | % | 0.85 | % | (0.85 | %) | 5.88 | % | $7,296 | 29 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 15.77 | 0.12 | (0.84 | ) | (0.72 | ) | (0.24 | ) | (0.18 | ) | (0.42 | ) | 14.63 | 0.93 | % | 0.85 | % | 0.78 | % | (4.59 | %) | 7,036 | 35 | % | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $14.71 | ($0.03 | ) | $0.94 | $0.91 | $— | $— | $— | $15.62 | 0.43 | % | 0.35 | % | (0.35 | %) | 6.19 | % | $5,715 | 29 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 15.86 | 0.19 | (0.84 | ) | (0.65 | ) | (0.32 | ) | (0.18 | ) | (0.50 | ) | 14.71 | 0.43 | % | 0.35 | % | 1.28 | % | (4.13 | %) | 6,679 | 35 | % | ||||||||||||||||||||||||||||||||
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 Diversified Alternatives |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.63 | ($0.02 | ) | $0.50 | $0.48 | $— | $— | $— | $10.11 | 1.32 | % | 0.85 | % | (0.49 | %) | 4.88 | % | $2,407 | 35 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.00 | 0.35 | (0.31 | ) | 0.04 | (0.37 | ) | (0.04 | ) | (0.41 | ) | 9.63 | 1.36 | % | 0.85 | % | 3.65 | % | 0.55 | % | 3,136 | 73 | % | |||||||||||||||||||||||||||||||||
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 | )(7) | (0.01 | ) | — | — | — | 9.99 | 3.36 | % | 0.85 | % | (0.34 | %) | (0.10 | %) | 10 | 1 | % | ||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.55 | ($0.06 | ) | $0.49 | $0.43 | $— | $— | $— | $9.98 | 2.07 | % | 1.60 | % | (1.24 | %) | 4.39 | % | $1,196 | 35 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 9.92 | 0.28 | (0.31 | ) | (0.03 | ) | (0.30 | ) | (0.04 | ) | (0.34 | ) | 9.55 | 2.11 | % | 1.60 | % | 2.90 | % | (0.19 | %) | 661 | 73 | % | ||||||||||||||||||||||||||||||||
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 | )(7) | (0.03 | ) | — | — | — | 9.97 | 4.11 | % | 1.60 | % | (1.09 | %) | (0.30 | %) | 10 | 1 | % | ||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.65 | ($0.01 | ) | $0.50 | $0.49 | $— | $— | $— | $10.14 | 1.07 | % | 0.60 | % | (0,24 | %) | 4.86 | % | $2,879 | 35 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.01 | 0.39 | (0.33 | ) | 0.06 | (0.38 | ) | (0.04 | ) | (0.42 | ) | 9.65 | 1.11 | % | 0.60 | % | 3.90 | % | 0.86 | % | 2,476 | 73 | % | |||||||||||||||||||||||||||||||||
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 | )(7) | (0.01 | ) | (0.01 | ) | — | — | — | 9.99 | 3.11 | % | 0.60 | % | (0.09 | %) | (0.10 | %) | 1,978 | 1 | % | ||||||||||||||||||||||||||||||||||
Pacific Funds Short Duration Income |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $10.26 | $0.09 | $0.08 | $0.17 | ($0.08 | ) | $— | ($0.08 | ) | $10.35 | 1.05 | % | 0.85 | % | 1.64 | % | 1.71 | % | $73,094 | 33 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.41 | 0.17 | (0.15 | ) | 0.02 | (0.17 | ) | — | (0.17 | ) | 10.26 | 1.06 | % | 0.85 | % | 1.62 | % | 0.15 | % | 69,477 | 41 | % | ||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $10.24 | $0.05 | $0.09 | $0.14 | ($0.05 | ) | $— | ($0.05 | ) | $10.33 | 1.80 | % | 1.60 | % | 0.89 | % | 1.33 | % | $47,622 | 33 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.39 | 0.09 | (0.15 | ) | (0.06 | ) | (0.09 | ) | — | (0.09 | ) | 10.24 | 1.81 | % | 1.60 | % | 0.87 | % | (0.58 | %) | 44,180 | 41 | % | |||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references on B-23 |
B-17
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 (1) | 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 | ||||||||||||||||||||||||||||||||||||||||||
Pacific Funds Short Duration Income (Continued) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class I |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $10.25 | $0.10 | $0.09 | $0.19 | ($0.10 | ) | $— | ($0.10 | ) | $10.34 | 0.65 | % | 0.55 | % | 1.94 | % | 1.86 | % | $2,501 | 33 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.39 | 0.20 | (0.14 | ) | 0.06 | (0.20 | ) | — | (0.20 | ) | 10.25 | 0.66 | % | 0.55 | % | 1.92 | % | 0.54 | % | 1,695 | 41 | % | ||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $10.26 | $0.10 | $0.09 | $0.19 | ($0.10 | ) | $— | ($0.10 | ) | $10.35 | 0.80 | % | 0.60 | % | 1.89 | % | 1.83 | % | $152,149 | 33 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.41 | 0.19 | (0.15 | ) | 0.04 | (0.19 | ) | — | (0.19 | ) | 10.26 | 0.81 | % | 0.60 | % | 1.87 | % | 0.40 | % | 129,455 | 41 | % | ||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $10.45 | $0.14 | $0.29 | $0.43 | ($0.14 | ) | $— | ($0.14 | ) | $10.74 | 1.13 | % | 0.95 | % | 2.59 | % | 4.10 | % | $195,252 | 31 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.79 | 0.31 | (0.34 | ) | (0.03 | ) | (0.31 | ) | — | (0.31 | ) | 10.45 | 1.14 | % | 0.95 | % | 2.92 | % | (0.27 | %) | 196,297 | 74 | % | |||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $10.45 | $0.10 | $0.30 | $0.40 | ($0.10 | ) | $— | ($0.10 | ) | $10.75 | 1.88 | % | 1.70 | % | 1.84 | % | 3.81 | % | $136,607 | 31 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.79 | 0.23 | (0.34 | ) | (0.11 | ) | (0.23 | ) | — | (0.23 | ) | 10.45 | 1.89 | % | 1.70 | % | 2.17 | % | (1.03 | %) | 140,657 | 74 | % | |||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $10.46 | $0.15 | $0.29 | $0.44 | ($0.15 | ) | $— | ($0.15 | ) | $10.75 | 0.73 | % | 0.65 | % | 2.89 | % | 4.26 | % | $4,221 | 31 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.80 | 0.34 | (0.34 | ) | 0.00 | (0.34 | ) | — | (0.34 | ) | 10.46 | 0.74 | % | 0.65 | % | 3.22 | % | 0.03 | % | 3,585 | 74 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class P |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $10.49 | $0.15 | $0.29 | $0.44 | ($0.15 | ) | $— | ($0.15 | ) | $10.78 | 0.73 | % | 0.70 | % | 2.84 | % | 4.23 | % | $133,412 | 31 | % | |||||||||||||||||||||||||||||||||||
4/27/2015 - 3/31/2016 | 10.88 | 0.31 | (0.39 | ) | (0.08 | ) | (0.31 | ) | — | (0.31 | ) | 10.49 | 0.74 | % | 0.70 | % | 3.17 | % | (0.75 | %) | 15,964 | 74 | % | |||||||||||||||||||||||||||||||||
Advisor Class |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $10.47 | $0.15 | $0.30 | $0.45 | ($0.15 | ) | $— | ($0.15 | ) | $10.77 | 0.88 | % | 0.70 | % | 2.84 | % | 4.32 | % | $299,350 | 31 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.81 | 0.33 | (0.34 | ) | (0.01 | ) | (0.33 | ) | — | (0.33 | ) | 10.47 | 0.89 | % | 0.70 | % | 3.17 | % | (0.02 | %) | 249,677 | 74 | % | |||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Pacific Funds Strategic Income |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $10.09 | $0.20 | $0.58 | $0.78 | ($0.20 | ) | $— | ($0.20 | ) | $10.67 | 1.26 | % | 1.05 | % | 3.77 | % | 7.80 | % | $60,028 | 51 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.75 | 0.43 | (0.66 | ) | (0.23 | ) | (0.43 | ) | — | (0.43 | ) | 10.09 | 1.26 | % | 1.05 | % | 4.20 | % | (2.17 | %) | 52,218 | 94 | % | |||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references on B-23 |
B-18
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 (1) | 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 | ||||||||||||||||||||||||||||||||||||||||||
Pacific Funds Strategic Income (Continued) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $10.07 | $0.16 | $0.58 | $0.74 | ($0.16 | ) | $— | ($0.16 | ) | $10.65 | 2.01 | % | 1.80 | % | 3.02 | % | 7.42 | % | $48,743 | 51 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.73 | 0.36 | (0.67 | ) | (0.31 | ) | (0.35 | ) | — | (0.35 | ) | 10.07 | 2.01 | % | 1.80 | % | 3.45 | % | (2.90 | %) | 44,196 | 94 | % | |||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $10.03 | $0.21 | $0.60 | $0.81 | ($0.22 | ) | $— | ($0.22 | ) | $10.62 | 0.86 | % | 0.75 | % | 4.07 | % | 8.11 | % | $1,043 | 51 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.70 | 0.46 | (0.67 | ) | (0.21 | ) | (0.46 | ) | — | (0.46 | ) | 10.03 | 0.86 | % | 0.75 | % | 4.50 | % | (1.98 | %) | 948 | 94 | % | |||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $10.09 | $0.21 | $0.59 | $0.80 | ($0.21 | ) | $— | ($0.21 | ) | $10.68 | 1.01 | % | 0.80 | % | 4.02 | % | 8.04 | % | $137,744 | 51 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.76 | 0.46 | (0.68 | ) | (0.22 | ) | (0.45 | ) | — | (0.45 | ) | 10.09 | 1.01 | % | 0.80 | % | 4.45 | % | (2.01 | %) | 115,565 | 94 | % | |||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.76 | $0.20 | $0.21 | $0.41 | ($0.20 | ) | $— | ($0.20 | ) | $9.97 | 1.30 | % | 1.12 | % | 4.05 | % | 4.25 | % | $176,690 | 80 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.08 | 0.39 | (0.32 | ) | 0.07 | (0.39 | ) | — | (0.39 | ) | 9.76 | 1.30 | % | 1.12 | % | 3.92 | % | 0.72 | % | 191,376 | 99 | % | ||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.74 | $0.16 | $0.22 | $0.38 | ($0.16 | ) | $— | ($0.16 | ) | $9.96 | 2.05 | % | 1.87 | % | 3.30 | % | 3.87 | % | $157,910 | 80 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.06 | 0.31 | (0.31 | ) | 0.00 | (0.32 | ) | — | (0.32 | ) | 9.74 | 2.05 | % | 1.87 | % | 3.17 | % | (0.04 | %) | 161,326 | 99 | % | ||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.77 | $0.22 | $0.22 | $0.44 | ($0.22 | ) | $— | ($0.22 | ) | $9.99 | 0.90 | % | 0.82 | % | 4.35 | % | 4.40 | % | $141,646 | 80 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.09 | 0.42 | (0.32 | ) | 0.10 | (0.42 | ) | — | (0.42 | ) | 9.77 | 0.90 | % | 0.82 | % | 4.22 | % | 1.02 | % | 91,984 | 99 | % | ||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.76 | $0.21 | $0.22 | $0.43 | ($0.21 | ) | $— | ($0.21 | ) | $9.98 | 0.90 | % | 0.87 | % | 4.30 | % | 4.38 | % | $516 | 80 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.09 | 0.41 | (0.33 | ) | 0.08 | (0.41 | ) | — | (0.41 | ) | 9.76 | 0.90 | % | 0.87 | % | 4.17 | % | 0.97 | % | 568 | 99 | % | ||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.79 | $0.21 | $0.21 | $0.42 | ($0.21 | ) | $— | ($0.21 | ) | $10.00 | 1.05 | % | 0.87 | % | 4.30 | % | 4.37 | % | $258,765 | 80 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.11 | 0.41 | (0.32 | ) | 0.09 | (0.41 | ) | — | (0.41 | ) | 9.79 | 1.05 | % | 0.87 | % | 4.17 | % | 0.96 | % | 231,437 | 99 | % | ||||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references on B-23 |
B-19
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 (1) | 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 | ||||||||||||||||||||||||||||||||||||||||||
Pacific Funds Limited Duration High Income |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $8.86 | $0.18 | $0.23 | $0.41 | ($0.18 | ) | $— | ($0.18 | ) | $9.09 | 1.48 | % | 1.08 | % | 3.90 | % | 4.65 | % | $5,246 | 36 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 9.60 | 0.41 | (0.74 | ) | (0.33 | ) | (0.41 | ) | — | (0.41 | ) | 8.86 | 1.45 | % | 1.08 | % | 4.44 | % | (3.48 | %) | 7,503 | 48 | % | |||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class C |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $8.85 | $0.14 | $0.22 | $0.36 | ($0.14 | ) | $— | ($0.14 | ) | $9.07 | 2.23 | % | 1.83 | % | 3.15 | % | 4.15 | % | $3,131 | 36 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 9.58 | 0.34 | (0.73 | ) | (0.39 | ) | (0.34 | ) | — | (0.34 | ) | 8.85 | 2.20 | % | 1.83 | % | 3.69 | % | (4.10 | %) | 3,104 | 48 | % | |||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $8.86 | $0.19 | $0.23 | $0.42 | ($0.19 | ) | $— | ($0.19 | ) | $9.09 | 1.08 | % | 0.78 | % | 4.20 | % | 4.81 | % | $22,293 | 36 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 9.60 | 0.44 | (0.74 | ) | (0.30 | ) | (0.44 | ) | — | (0.44 | ) | 8.86 | 1.05 | % | 0.78 | % | 4.74 | % | (3.19 | %) | 21,217 | 48 | % | |||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $8.86 | $0.19 | $0.22 | $0.41 | ($0.19 | ) | $— | ($0.19 | ) | $9.08 | 1.23 | % | 0.83 | % | 4.15 | % | 4.66 | % | $1,924 | 36 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 9.60 | 0.44 | (0.75 | ) | (0.31 | ) | (0.43 | ) | — | (0.43 | ) | 8.86 | 1.20 | % | 0.83 | % | 4.69 | % | (3.24 | %) | 1,975 | 48 | % | |||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.44 | $0.24 | $0.69 | $0.93 | ($0.28 | ) | $— | ($0.28 | ) | $10.09 | 1.32 | % | 1.05 | % | 4.90 | % | 9.90 | % | $6,577 | 31 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.48 | 0.50 | (1.10 | ) | (0.60 | ) | (0.44 | ) | — | (0.44 | ) | 9.44 | 1.28 | % | 1.05 | % | 5.05 | % | (5.79 | %) | 10,391 | 54 | % | |||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.43 | $0.20 | $0.68 | $0.88 | ($0.24 | ) | $— | ($0.24 | ) | $10.07 | 2.07 | % | 1.80 | % | 4.15 | % | 9.42 | % | $5,022 | 31 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.47 | 0.43 | (1.10 | ) | (0.67 | ) | (0.37 | ) | — | (0.37 | ) | 9.43 | 2.03 | % | 1.80 | % | 4.30 | % | (6.52 | %) | 4,324 | 54 | % | |||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.37 | $0.26 | $0.67 | $0.93 | ($0.29 | ) | $— | ($0.29 | ) | $10.01 | 0.92 | % | 0.75 | % | 5.20 | % | 10.05 | % | $5,292 | 31 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.41 | 0.54 | (1.11 | ) | (0.57 | ) | (0.47 | ) | — | (0.47 | ) | 9.37 | 0.88 | % | 0.75 | % | 5.35 | % | (5.57 | %) | 58 | 54 | % | |||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.36 | $0.25 | $0.68 | $0.93 | ($0.29 | ) | $— | ($0.29 | ) | $10.00 | 0.92 | % | 0.80 | % | 5.15 | % | 10.04 | % | $10,469 | 31 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.40 | 0.52 | (1.09 | ) | (0.57 | ) | (0.47 | ) | — | (0.47 | ) | 9.36 | 0.88 | % | 0.80 | % | 5.30 | % | (5.60 | %) | 113,998 | 54 | % | |||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.44 | $0.25 | $0.69 | $0.94 | ($0.29 | ) | $— | ($0.29 | ) | $10.09 | 1.07 | % | 0.80 | % | 5.15 | % | 10.06 | % | $1,885 | 31 | % | |||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.49 | 0.53 | (1.12 | ) | (0.59 | ) | (0.46 | ) | — | (0.46 | ) | 9.44 | 1.03 | % | 0.80 | % | 5.30 | % | (5.66 | %) | 1,666 | 54 | % | |||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references on B-23 |
B-20
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 (1) | 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 | ||||||||||||||||||||||||||||||||||||||||||
Pacific Funds Large-Cap (8) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.66 | $0.06 | $0.49 | $0.55 | $— | $— | $— | $10.21 | 2.92 | % | 1.00 | % | 1.22 | % | 5.69 | % | $3,026 | 59 | % | |||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.10 | 0.03 | 0.53 | 0.56 | — | — | — | 9.66 | 6.07 | % | 1.00 | % | 1.35 | % | 6.15 | % | 551 | 27 | % | |||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.65 | $0.02 | $0.48 | $0.50 | $— | $— | $— | $10.15 | 3.67 | % | 1.75 | % | 0.47 | % | 5.18 | % | $1,761 | 59 | % | |||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.10 | 0.01 | 0.54 | 0.55 | — | — | — | 9.65 | 6.82 | % | 1.75 | % | 0.60 | % | 6.04 | % | 525 | 27 | % | |||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.67 | $0.07 | $0.49 | $0.56 | $— | $— | $— | $10.23 | 2.67 | % | 0.75 | % | 1.47 | % | 5.79 | % | $1,143 | 59 | % | |||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.10 | 0.03 | 0.54 | 0.57 | — | — | — | 9.67 | 5.82 | % | 0.75 | % | 1.60 | % | 6.26 | % | 564 | 27 | % | |||||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.65 | $0.06 | $0.48 | $0.54 | $— | $— | $— | $10.19 | 2.92 | % | 1.00 | % | 1.22 | % | 5.60 | % | $700 | 59 | % | |||||||||||||||||||||||||||||||||||||
12/1/2015 - 3/31/2016 | 10.07 | 0.04 | (0.31 | ) | (0.27 | ) | (0.15 | )(9) | — | (0.15 | ) | 9.65 | 6.37 | % | 1.00 | % | 1.35 | % | (2.68 | %) | 674 | 27 | % | |||||||||||||||||||||||||||||||||
12/31/2014 - 11/30/2015 | 10.00 | 0.12 | (0.05 | ) | 0.07 | — | — | — | 10.07 | 15.97 | % | 1.00 | % | 1.20 | % | 0.70 | % | 631 | 45 | % | ||||||||||||||||||||||||||||||||||||
Class S (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.66 | $0.08 | $0.48 | $0.56 | $— | $— | $— | $10.22 | 2.52 | % | 0.65 | % | 1.57 | % | 5.80 | % | $1,099 | 59 | % | |||||||||||||||||||||||||||||||||||||
12/1/2015 - 3/31/2016 | 10.09 | 0.05 | (0.30 | ) | (0.25 | ) | (0.18 | )(9) | — | (0.18 | ) | 9.66 | 5.99 | % | 0.65 | % | 1.70 | % | (2.54 | %) | 1,879 | 27 | % | |||||||||||||||||||||||||||||||||
3/20/2015 - 11/30/2015 | 10.26 | 0.12 | (0.29 | ) | (0.17 | ) | — | — | — | 10.09 | 9.85 | % | 0.65 | % | 1.72 | % | (1.66 | %) | 1,895 | 45 | % | |||||||||||||||||||||||||||||||||||
Pacific Funds Large-Cap Value (8) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.46 | $0.07 | $0.41 | $0.48 | $— | $— | $— | $9.94 | 1.87 | % | 1.10 | % | 1.40 | % | 5.07 | % | $1,521 | 32 | % | |||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 8.97 | 0.04 | 0.45 | 0.49 | — | — | — | 9.46 | 10.34 | % | 1.10 | % | 1.92 | % | 5.46 | % | 499 | 48 | % | |||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.45 | $0.03 | $0.41 | $0.44 | $— | $— | $— | $9.89 | 2.62 | % | 1.85 | % | 0.65 | % | 4.66 | % | $1,879 | 32 | % | |||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 8.97 | 0.02 | 0.46 | 0.48 | — | — | — | 9.45 | 11.09 | % | 1.85 | % | 1.17 | % | 5.35 | % | 477 | 48 | % | |||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.47 | $0.08 | $0.41 | $0.49 | $— | $— | $— | $9.96 | 1.62 | % | 0.85 | % | 1.65 | % | 5.18 | % | $22,974 | 32 | % | |||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 8.97 | 0.04 | 0.46 | 0.50 | — | — | — | 9.47 | 10.09 | % | 0.85 | % | 2.17 | % | 5.57 | % | 777 | 48 | % | |||||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.46 | $0.07 | $0.41 | $0.48 | $— | $— | $— | $9.94 | 1.87 | % | 1.10 | % | 1.40 | % | 4.96 | % | $552 | 32 | % | |||||||||||||||||||||||||||||||||||||
12/1/2015 - 3/31/2016 | 10.01 | 0.06 | (0.34 | ) | (0.28 | ) | (0.27 | ) | — | (0.27 | ) | 9.46 | 12.77 | % | 1.07 | % | 1.95 | % | (2.76 | %) | 514 | 48 | % | |||||||||||||||||||||||||||||||||
12/31/2014 - 11/30/2015 | 10.00 | 0.13 | (0.12 | ) | 0.01 | — | — | — | 10.01 | 30.13 | % | 1.00 | % | 1.42 | % | 0.10 | % | 500 | 44 | % | ||||||||||||||||||||||||||||||||||||
Class S (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.47 | $0.09 | $0.41 | $0.50 | $— | $— | $— | $9.97 | 1.47 | % | 0.75 | % | 1.75 | % | 5.28 | % | $1,246 | 32 | % | |||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 8.97 | 0.04 | 0.46 | 0.50 | — | — | — | 9.47 | 9.93 | % | 0.75 | % | 2.27 | % | 5.57 | % | 210 | 48 | % | |||||||||||||||||||||||||||||||||||||
Pacific Funds Small/Mid-Cap (8) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.93 | ($0.01 | ) | $0.72 | $0.71 | $— | $— | $— | $10.64 | 1.77 | % | 1.30 | % | (0.18 | %) | 7.15 | % | $9,621 | 26 | % | ||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.33 | 0.00 | (7) | 0.60 | 0.60 | — | — | — | 9.93 | 5.43 | % | 1.30 | % | 0.07 | % | 6.43 | % | 2,254 | 11 | % | ||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.91 | ($0.05 | ) | $0.73 | $0.68 | $— | $— | $— | $10.59 | 2.52 | % | 2.05 | % | (0.93 | %) | 6.86 | % | $2,926 | 26 | % | ||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.33 | (0.01 | ) | 0.59 | 0.58 | — | — | — | 9.91 | 6.18 | % | 2.05 | % | (0.68 | %) | 6.22 | % | 527 | 11 | % | ||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.92 | $0.00 | (7) | $0.73 | $0.73 | $— | $— | $— | $10.65 | 1.52 | % | 1.05 | % | 0.07 | % | 7.36 | % | $29,309 | 26 | % | ||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.33 | 0.01 | 0.58 | 0.59 | — | — | — | 9.92 | 5.18 | % | 1.05 | % | 0.32 | % | 6.32 | % | 1,965 | 11 | % | |||||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.91 | ($0.01 | ) | $0.73 | $0.72 | $— | $— | $— | $10.63 | 1.77 | % | 1.35 | % | (0.23 | %) | 7.27 | % | $3,654 | 26 | % | ||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.33 | 0.00 | (7) | 0.58 | 0.58 | — | — | — | 9.91 | 5.43 | % | 1.35 | % | 0.02 | % | 6.22 | % | 2,286 | 11 | % | ||||||||||||||||||||||||||||||||||||
Class S (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.92 | $0.01 | $0.72 | $0.73 | $— | $— | $— | $10.65 | 1.37 | % | 1.00 | % | 0.12 | % | 7.36 | % | $8,123 | 26 | % | |||||||||||||||||||||||||||||||||||||
12/1/2015 - 3/31/2016 | 10.48 | 0.01 | (0.49 | ) | (0.48 | ) | (0.03 | ) | (0.05 | ) | (0.08 | ) | 9.92 | 9.62 | % | 1.00 | % | 0.37 | % | (4.55 | %) | 711 | 11 | % | ||||||||||||||||||||||||||||||||
12/31/2014 - 11/30/2015 | 10.00 | 0.01 | 0.47 | 0.48 | — | — | — | 10.48 | 29.84 | % | 1.00 | % | 0.12 | % | 4.80 | % | 524 | 30 | % |
See Notes to Financial Statements | See explanation of references on B-23 |
B-21
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 (1) | 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 | ||||||||||||||||||||||||||||||||||||||||||
Pacific Funds Small-Cap (8) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.68 | $0.01 | $0.85 | $0.86 | $— | $— | $— | $10.54 | 4.39 | % | 1.30 | % | 0.11 | % | 8.89 | % | $1,446 | 42 | % | |||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.10 | 0.01 | 0.57 | 0.58 | — | — | — | 9.68 | 17.67 | % | 1.30 | % | 0.31 | % | 6.37 | % | 324 | 27 | % | |||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.66 | ($0.03 | ) | $0.85 | $0.82 | $— | $— | $— | $10.48 | 5.14 | % | 2.05 | % | (0.64 | %) | 8.49 | % | $289 | 42 | % | ||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.10 | (0.01 | ) | 0.57 | 0.56 | — | — | — | 9.66 | 18.42 | % | 2.05 | % | (0.44 | %) | 6.15 | % | 130 | 27 | % | ||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.68 | $0.02 | $0.85 | $0.87 | $— | $— | $— | $10.55 | 4.14 | % | 1.05 | % | 0.36 | % | 8.99 | % | $5,067 | 42 | % | |||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.10 | 0.01 | 0.57 | 0.58 | — | — | — | 9.68 | 17.42 | % | 1.05 | % | 0.56 | % | 6.37 | % | 153 | 27 | % | |||||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.67 | $0.00 | (7) | $0.86 | $0.86 | $— | $— | $— | $10.53 | 4.39 | % | 1.35 | % | 0.06 | % | 8.89 | % | $184 | 42 | % | ||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.10 | 0.01 | 0.56 | 0.57 | — | — | — | 9.67 | 17.67 | % | 1.35 | % | 0.26 | % | 6.26 | % | 18 | 27 | % | |||||||||||||||||||||||||||||||||||||
Class S (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.67 | $0.02 | $0.86 | $0.88 | $— | $— | $— | $10.55 | 3.99 | % | 1.00 | % | 0.41 | % | 9.10 | % | $655 | 42 | % | |||||||||||||||||||||||||||||||||||||
12/1/2015 - 3/31/2016 | 10.31 | 0.02 | (0.60 | ) | (0.58 | ) | (0.06 | ) | — | (0.06 | ) | 9.67 | 10.38 | % | 1.00 | % | 0.61 | % | (5.68 | %) | 497 | 27 | % | |||||||||||||||||||||||||||||||||
12/31/2014 - 11/30/2015 | 10.00 | 0.02 | 0.29 | 0.31 | — | — | — | 10.31 | 30.41 | % | 1.00 | % | 0.24 | % | 3.10 | % | 516 | 27 | % | |||||||||||||||||||||||||||||||||||||
Pacific Funds Small-Cap Value (8) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.47 | $0.02 | $0.92 | $0.94 | $— | $— | $— | $10.41 | 1.98 | % | 1.30 | % | 0.47 | % | 9.81 | % | $287 | 21 | % | |||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 8.80 | 0.02 | 0.65 | 0.67 | — | — | — | 9.47 | 15.99 | % | 1.30 | % | 0.97 | % | 7.73 | % | 148 | 17 | % | |||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.46 | ($0.01 | ) | $0.90 | $0.89 | $— | $— | $— | $10.35 | 2.73 | % | 2.05 | % | (0.29 | %) | 9.41 | % | $508 | 21 | % | ||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 8.80 | 0.00 | (7) | 0.66 | 0.66 | — | — | — | 9.46 | 16.74 | % | 2.05 | % | 0.22 | % | 7.50 | % | 121 | 17 | % | ||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.48 | $0.04 | $0.91 | $0.95 | $— | $— | $— | $10.43 | 1.73 | % | 1.05 | % | 0.72 | % | 9.91 | % | $25,326 | 21 | % | |||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 8.80 | 0.02 | 0.66 | 0.68 | — | — | — | 9.48 | 15.74 | % | 1.05 | % | 1.22 | % | 7.84 | % | 261 | 17 | % | |||||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.47 | $0.02 | $0.91 | $0.93 | $— | $— | $— | $10.40 | 1.98 | % | 1.35 | % | 0.42 | % | 9.70 | % | $98 | 21 | % | |||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 8.80 | 0.02 | 0.65 | 0.67 | — | — | — | 9.47 | 15.99 | % | 1.35 | % | 0.92 | % | 7.73 | % | 59 | 17 | % | |||||||||||||||||||||||||||||||||||||
Class S (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.47 | $0.04 | $0.92 | $0.96 | $— | $— | $— | $10.43 | 1.58 | % | 1.00 | % | 0.77 | % | 10.02 | % | $9,236 | 21 | % | |||||||||||||||||||||||||||||||||||||
12/1/2015 - 3/31/2016 | 10.14 | 0.04 | (0.49 | ) | (0.45 | ) | (0.12 | ) | (0.10 | ) | (0.22 | ) | 9.47 | 16.02 | % | 1.00 | % | 1.27 | % | (4.37 | %) | 1,118 | 17 | % | ||||||||||||||||||||||||||||||||
12/31/2014 - 11/30/2015 | 10.00 | 0.06 | 0.08 | 0.14 | — | — | — | 10.14 | 26.85 | % | 1.00 | % | 0.63 | % | 1.40 | % | 706 | 29 | % | |||||||||||||||||||||||||||||||||||||
Pacific Funds Small-Cap Growth (8), (11) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.61 | ($0.03 | ) | $0.87 | $0.84 | $— | $— | $— | $10.45 | 2.06 | % | 1.30 | % | (0.69 | %) | 8.52 | % | $273 | 25 | % | ||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.27 | (0.01 | ) | 0.35 | 0.34 | — | — | — | 9.61 | 12.44 | % | 1.30 | % | (0.70 | %) | 3.88 | % | 43 | 7 | % | ||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.61 | ($0.07 | ) | $0.86 | $0.79 | $— | $— | $— | $10.40 | 2.81 | % | 2.05 | % | (1.44 | %) | 8.22 | % | $80 | 25 | % | ||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.27 | (0.03 | ) | 0.37 | 0.34 | — | — | — | 9.61 | 13.19 | % | 2.05 | % | (1.45 | %) | 3.67 | % | 34 | 7 | % | ||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/8/2016 - 9/30/2016 (6) | $10.06 | ($0.01 | ) | $0.43 | $0.42 | $— | $— | $— | $10.48 | 1.35 | % | 1.05 | % | (0.44 | %) | 4.18 | % | $12,981 | 25 | % | ||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.64 | ($0.02 | ) | $0.87 | $0.85 | $— | $— | $— | $10.49 | 1.81 | % | 1.05 | % | (0.44 | %) | 8.82 | % | $10,940 | 25 | % | ||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.27 | (0.01 | ) | 0.38 | 0.37 | — | — | — | 9.64 | 12.19 | % | 1.05 | % | (0.45 | %) | 3.99 | % | 234 | 7 | % | ||||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.62 | ($0.03 | ) | $0.87 | $0.84 | $— | $— | $— | $10.46 | 2.06 | % | 1.25 | % | (0.64 | %) | 8.73 | % | $1,052 | 25 | % | ||||||||||||||||||||||||||||||||||||
12/1/2015 - 3/31/2016 | 10.42 | (0.02 | ) | (0.78 | ) | (0.80 | ) | — | — | — | 9.62 | 12.79 | % | 1.25 | % | (0.65 | %) | (7.68 | %) | 977 | 7 | % | ||||||||||||||||||||||||||||||||||
12/31/2014 - 11/30/2015 | 10.00 | (0.07 | ) | 0.49 | 0.42 | — | — | — | 10.42 | 17.40 | % | 1.25 | % | (0.70 | %) | 4.20 | % | 1,047 | 34 | % | ||||||||||||||||||||||||||||||||||||
Class S (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (6) | $9.63 | ($0.01 | ) | $0.87 | $0.86 | $— | $— | $— | $10.49 | 1.66 | % | 0.90 | % | (0.29 | %) | 8.93 | % | $8,896 | 25 | % | ||||||||||||||||||||||||||||||||||||
1/11/2016 - 3/31/2016 | 9.27 | (0.00 | )(7) | 0.36 | 0.36 | — | — | — | 9.63 | 12.04 | % | 0.90 | % | (0.29 | %) | 3.88 | % | 411 | 7 | % |
See Notes to Financial Statements | See explanation of references on B-23 |
B-22
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Explanation of References
(1) | For share classes that commenced operations after April 1, 2011, the first date reported represents the commencement date of operations for 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 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. |
(5) | The total returns include reinvestment of all dividends and capital gain 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, 2016. |
(7) | Reflects an amount rounding to less than $0.01 per share. |
(8) | Because of the change in fiscal year end from November 30 to March 31 for the Fund, the following periods are shown for the Fund prior to April 1, 2016: (i) the period from December 31, 2014 through November 30, 2015, which reflects the fiscal year end for the Predecessor Fund prior to the reorganization and (ii) the period from December 1, 2015 or class commencement date through March 31, 2016, which reflects the change in fiscal year end for the Fund upon the reorganization (see Note 1 in Notes to Financial Statements). |
(9) | Includes $0.01 per share return of capital distribution. |
(10) | Class S was formerly named Institutional Class. |
(11) | The Class P shares of Pacific Funds Small-Cap Growth commenced operations on June 8, 2016. |
See Notes to Financial Statements |
B-23
PACIFIC FUNDS
(Unaudited)
1. ORGANIZATION
Pacific Funds Series Trust (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 the “Investment Adviser”) serves as investment adviser to the Trust. As of September 30, 2016, the Trust was comprised of forty-two separate funds, eighteen of which are presented in these financial statements (each individually a “Fund”, and collectively the “Funds”):
Fund | Fund | |
Pacific FundsSM Portfolio Optimization Conservative (1) | Pacific FundsSM Floating Rate Income (2) | |
Pacific FundsSM Portfolio Optimization Moderate-Conservative (1) | Pacific FundsSM Limited Duration High Income (2) | |
Pacific FundsSM Portfolio Optimization Moderate (1) | Pacific FundsSM High Income (2) | |
Pacific FundsSM Portfolio Optimization Growth (1) | Pacific FundsSM Large-Cap (3) | |
Pacific FundsSM Portfolio Optimization Aggressive-Growth (1) | Pacific FundsSM Large-Cap Value (3) | |
Pacific FundsSM Diversified Alternatives | Pacific FundsSM Small/Mid-Cap (3) | |
Pacific FundsSM Short Duration Income (2) | Pacific FundsSM Small-Cap (3) | |
Pacific FundsSM Core Income (2) | Pacific FundsSM Small-Cap Value (3) | |
Pacific FundsSM Strategic Income (2) | Pacific FundsSM Small-Cap Growth (3) |
(1) | These Funds are collectively known as the “Portfolio Optimization Funds”. |
(2) | These Funds are collectively known as the “PF Fixed Income Funds”. |
(3) | These Funds are collectively known as the “PF U.S. Equity Funds”. |
Each PF U.S. Equity Fund acquired the assets of and assumed the performance, financial, and other historical information of the respective predecessor funds listed in the table below, each a series of Professionally Managed Portfolios (each a “Predecessor Fund”, together the “Predecessor Funds”), in reorganization transactions that occurred on January 11, 2016. Accordingly, information provided in this report for the PF U.S. Equity Funds for periods prior to January 11, 2016 is that of the Predecessor Funds, which commenced operations on December 31, 2014. With the reorganizations, the PF U.S. Equity Funds changed their financial reporting fiscal year end from November 30 to March 31, effective for the fiscal year ended March 31, 2016. Each PF U.S. Equity Fund’s investment objectives (goals), policies, guidelines, and restrictions are substantially the same as those of its respective Predecessor Fund.
Fund | Predecessor Fund | |
Pacific Funds Large-Cap | Rothschild U.S. Large-Cap Core Fund | |
Pacific Funds Large-Cap Value | Rothschild U.S. Large-Cap Value Fund | |
Pacific Funds Small/Mid-Cap | Rothschild U.S. Small/Mid-Cap Core Fund | |
Pacific Funds Small-Cap | Rothschild U.S. Small-Cap Core Fund | |
Pacific Funds Small-Cap Value | Rothschild U.S. Small-Cap Value Fund | |
Pacific Funds Small-Cap Growth | Rothschild U.S. Small-Cap Growth Fund |
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.
The PF Fixed Income Funds 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 PF U.S. Equity Funds offer Class A, Class C, Advisor Class, Investor Class, and Class S (formerly named Institutional Class) shares. Additionally, Pacific Funds Small-Cap Growth offers 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 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 P, Advisor Class, Investor Class, and Class S shares are sold at net
C-1
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 certain other funds of the Trust (collectively, the “PF Underlying Funds”) as well as Class P shares of Pacific Funds Core Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth. 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-4.
On September 21, 2016, the Trust’s Board of Trustees approved plans of liquidation for the PF Floating Rate Loan and PF Absolute Return Funds. All outstanding shares in PF Absolute Return Fund were fully redeemed by the applicable Portfolio Optimization Funds and Pacific Funds Diversified Alternatives (collectively, the “Fund of Funds”) on August 3, 2016. The PF Absolute Return Fund held no assets and had no liabilities as of September 30, 2016. No investments were made by the applicable Fund of Funds subsequent to that date; therefore no financial information for that Fund is presented in this report except in the Transactions with Affiliates disclosure under Investments in Affiliated Funds (see Note 7C). PF Floating Rate Loan Fund has not yet liquidated as of the date of 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.
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. Gains and losses realized on principal paydowns from mortgage-backed and asset-backed securities are recorded as interest income. Litigation settlements on securities that were previously held are recorded as realized gains on investment securities.
B. DISTRIBUTIONS TO SHAREHOLDERS
For the Portfolio Optimization Funds, Pacific Funds Diversified Alternatives, and PF U.S. Equity Funds, dividends on net investment income, if any, are generally declared and paid annually. For the PF Fixed Income Funds, 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, 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.
C-2
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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.
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 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 U.S. 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.
C-3
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Portfolio Optimization Funds
The investments of each Portfolio Optimization Fund consist of Class P shares of the applicable PF Underlying Funds, Pacific Funds Core Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth, which are valued at their respective NAVs.
Pacific Funds Diversified Alternatives
The investments of Pacific Funds Diversified Alternatives consist of Class P shares of the applicable PF Underlying Funds and Pacific Funds Floating Rate Income, 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 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 Investment 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 are reflected as Level 2. Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. Transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the end of the reporting period. A summary of each Fund’s investments as of September 30, 2016, as categorized under the three-tier hierarchy of inputs, 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 (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 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.
C-4
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 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.
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.
A Fund’s transactions in listed securities are settled/paid for upon delivery to or from 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.
C-5
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 and Pacific Funds Diversified Alternatives are exposed to the same risks as the applicable PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth 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, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth. 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, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth 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 and 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 PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth may cause them to underperform other mutual funds with a similar investment objective. Although the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives 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, Pacific Funds Floating Rate Income, Pacific Funds High Income, and Pacific Funds Small-Cap Growth (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.
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The Funds may face potential risks associated with the United Kingdom’s vote on June 23, 2016 to leave the European Union (the “EU”), commonly referred to as “Brexit.” There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations, and treaties. Brexit is expected to occur within two years, but the exact time frame is unknown and may change. Brexit may also increase the likelihood that other EU members may decide to leave the EU. These potential consequences may result in increased market volatility and illiquidity in the United Kingdom, the EU and other financial markets, as well as slower economic growth and fluctuations in exchange rates. Any of these events may have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of the Funds’ investments.
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.
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, 2016, 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
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
the Fund’s books and records maintained by the custodian and/or the manager of the Fund. 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 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 the Funds 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.
C-8
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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. The Portfolio Optimization Funds and Pacific Funds Diversified Alternatives are exposed to the same derivative risks as the applicable PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, and/or Pacific Funds Small-Cap Growth in direct proportion to the allocation of assets among those funds. The semi-annual report of the PF Underlying Funds discusses in further detail the derivative instruments and the reasons a PF Underlying Fund invested in derivatives during the reporting period.
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.
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, primarily for purposes of liquidity.
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, 2016:
Derivative Investments Risk Type | Total Value at September 30, 2016 | |||
Interest rate contracts (Asset) | $107,981 |
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, 2016:
Derivative Investments Risk Type | Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | ||||||
Interest rate contracts | $117,904 | $15,521 |
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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, 2016 were 1 and $66,814, 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, 2016.
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, 2016:
Gross Amounts Presented in the Statements of Assets and Liabilities | Gross Amounts Not Offset | Gross Amounts Presented in the Statements of Assets and Liabilities | Gross Amounts Not Offset | |||||||||||||||||||||||||||||||||
Description | Financial Instruments | Collateral Received | Net Amount | Financial Instruments | Collateral Pledged | Net Amount | ||||||||||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||||||||||||||
Swaps | $107,981 | $— | $— | $107,981 | $— | $— | $— | $— |
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 Investment Adviser to each Fund of the Trust. PLFA manages the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives. PLFA also manages the PF Fixed Income Funds under the name Pacific Asset Management. For the PF U.S. Equity Funds, PLFA has retained another investment management firm to sub-advise each Fund, as discussed later in this section. PLFA receives investment advisory fees from each Fund which are based on the following annual percentage of the 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) | 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% |
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Fund | Advisory Fee Rate | |
Pacific Funds Floating Rate Income (2) Pacific Funds Limited Duration High Income (2), (3) Pacific Funds Large-Cap (4) Pacific Funds Large-Cap Value | 0.65% | |
Pacific Funds Small/Mid-Cap Pacific Funds Small-Cap Pacific Funds Small-Cap Value Pacific Funds Small-Cap Growth | 0.85% |
(1) | PLFA has agreed to waive the following advisory fees through July 31, 2017: 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 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 that date. |
(2) | PLFA has agreed to waive the following advisory fees through July 31, 2017: 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 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 that date. |
(3) | PLFA agreed to waive 0.02% of its advisory fee through July 31, 2017 for Pacific Funds Limited Duration High Income. The fee waiver agreement will terminate: (i) if the investment advisory agreement is terminated; or (ii) upon approval by the Board and 90 days’ prior written notice to PLFA. There is no guarantee that PLFA will continue such waiver after that date. |
(4) | PLFA agreed to waive 0.10% of its advisory fee through January 10, 2018 for Pacific Funds Large-Cap. The fee waiver agreement will terminate: (i) if the investment advisory agreement is terminated; or (ii) if the sub-advisory agreement with Rothschild Asset Management Inc. is terminated. There is no guarantee that PLFA will continue such waiver after that date. |
Pursuant to a Sub-Advisory Agreement, the Trust and PLFA engaged Rothschild Asset Management Inc. under PLFA’s supervision to act as sub-adviser for the PF U.S. Equity Funds. PLFA, as Investment Adviser to each PF U.S. Equity Fund, pays management fees to Rothschild Asset Management Inc. as compensation for its sub-advisory services provided to each PF U.S. Equity Fund.
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 Investment 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 applicable share class presented in these financial statements, which are based on the following 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 | 0.15% | ||
Pacific Funds Diversified Alternatives | A, C, and Advisor | 0.15% | ||
Pacific Funds Short Duration Income Pacific Funds Strategic Income | A, C, and Advisor | 0.30% | ||
Pacific Funds Limited Duration High Income | I | 0.15% | ||
Pacific Funds Core Income Pacific Funds Floating Rate Income | A, C, and Advisor | 0.30% | ||
Pacific Funds High Income | I and P | 0.15% | ||
PF U.S. Equity Funds | A, C, Advisor, and Investor | 0.30% | ||
S | 0.15% | |||
Pacific Funds Small-Cap Growth | P | 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, R, and Investor Class shares. The Distributor also receives service fees pursuant to a non-12b-1 Class A Service Plan (“Class A
C-11
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Plan”). The Distributor receives distribution and/or service fees from each Fund and applicable share class presented in these financial statements, which are based on the following annual percentages 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% | ||||||
Investor | 0.25% | |||||||
Class A Plan | A | 0.25% |
There are no distribution and service fees for Class I, Class P, Advisor Class, and Class S shares. The distribution and service fees are accrued daily. For the six-month period ended September 30, 2016, the Distributor, acting as underwriter, received net commissions (front-end sales charges) of $3,827,956 from the sale of Class A shares and received $205,200 in CDSC from redemptions of Class A, B, and C shares.
Prior to January 11, 2016, each of the Predecessor Funds of the PF U.S. Equity Funds paid the following rates, which were based on an annual percentage of average daily net assets of each Predecessor Fund:
Predecessor Fund | Advisory Fee Rate (1) | Service Fee Rate (2) (Investor Class shares only) | Distribution Fee Rate (3) (Investor Class shares only) | |||||
Rothschild U.S. Large-Cap Core Fund | 0.55% | Up to 0.10% | Up to 0.25% | |||||
Rothschild U.S. Large-Cap Value Fund | ||||||||
Rothschild U.S. Small/Mid-Cap Core Fund | 0.85% | |||||||
Rothschild U.S. Small-Cap Core Fund | ||||||||
Rothschild U.S. Small-Cap Value Fund | ||||||||
Rothschild U.S. Small-Cap Growth Fund | Up to 0.10% | Up to 0.25% |
(1) | The advisory fee was paid to Rothschild Asset Management Inc. pursuant to an Investment Advisory Agreement between Professionally Managed Portfolios and Rothschild Asset Management Inc. |
(2) | The service fee was paid to Rothschild Asset Management Inc. pursuant to a Shareholder Servicing Plan adopted by the Board of Trustees of Professionally Managed Portfolios. |
(3) | The distribution fee was paid to Quasar Distributors, LLC pursuant to a Distribution Plan adopted by the Board of Trustees of Professionally Managed Portfolios. |
7. TRANSACTIONS WITH AFFILIATES
A. ADVISORY FEES, ADMINISTRATION FEES, DISTRIBUTION AND/OR SERVICE FEES, AND EXPENSES FOR SUPPORT SERVICES
The Investment Adviser, the Distributor, and Pacific Life are related parties. The advisory fees earned by the Investment Adviser, including any advisory fee waiver, 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, 2016 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of September 30, 2016 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 expenses; 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
C-12
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
extraordinary expenses 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 | 0.15% through 7/31/2017 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 | 0.20% through 7/31/2017 | ||
I | 0.15% through 7/31/2017 | |||
Pacific Funds Core Income Pacific Funds Floating Rate Income Pacific Funds High Income | P | 0.20% through 7/31/2017 | ||
Pacific Funds Diversified Alternatives | A, C, and Advisor | 0.40% through 7/31/2017 | ||
Pacific Funds Large-Cap Pacific Funds Large-Cap Value | A, C, Advisor, and Investor | 0.20% through 1/10/2019 | ||
S | 0.10% through 1/10/2019 | |||
Pacific Funds Small/Mid-Cap | A, C, and Advisor | 0.20% through 1/10/2019 | ||
Pacific Funds Small-Cap | Investor | 0.25% through 1/10/2019 | ||
Pacific Funds Small-Cap Value | S | 0.15% through 1/10/2019 | ||
Pacific Funds Small-Cap Growth | A, C, and Advisor | 0.20% through 1/10/2019 | ||
Investor | 0.15% through 1/10/2019 | |||
S | 0.05% through 1/10/2019 | |||
P | 0.20% through 1/10/2019 |
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 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 a 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, 2016 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of September 30, 2016 are presented in the Statements of Assets and Liabilities.
The cumulative expense reimbursement amounts, if any, as of September 30, 2016 that are subject to recoupment by PLFA from the Funds presented in these financial statements are as follows:
Fund | 3/31/2017 | 3/31/2018 | 3/31/2019 | 3/31/2020 | ||||||||||||
Pacific Funds Portfolio Optimization Conservative | $485,486 | $341,046 | $289,997 | $151,705 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | 509,594 | 412,969 | 393,236 | 198,860 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate | 1,236,620 | 1,039,248 | 954,419 | 496,414 | ||||||||||||
Pacific Funds Portfolio Optimization Growth | 857,348 | 722,497 | 708,782 | 361,945 | ||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | 297,159 | 255,368 | 259,000 | 132,716 | ||||||||||||
Pacific Funds Diversified Alternatives | — | 77,075 | 37,661 | 14,918 | ||||||||||||
Pacific Funds Short Duration Income | 192,031 | 287,988 | 369,896 | 262,842 | ||||||||||||
Pacific Funds Core Income | 1,326,276 | 1,007,441 | 1,162,780 | 558,696 | ||||||||||||
Pacific Funds Strategic Income | 181,996 | 294,682 | 445,582 | 226,206 | ||||||||||||
Pacific Funds Floating Rate Income | 1,642,470 | 1,908,310 | 1,185,282 | 574,781 | ||||||||||||
Pacific Funds Limited Duration High Income | 82,357 | 119,970 | 105,916 | 52,635 | ||||||||||||
Pacific Funds High Income | 98,786 | 124,757 | 124,097 | 72,412 | ||||||||||||
Pacific Funds Large-Cap | 31,382 | 59,197 | ||||||||||||||
Pacific Funds Large-Cap Value | 29,093 | 62,296 | ||||||||||||||
Pacific Funds Small/Mid-Cap | 27,939 | 68,134 | ||||||||||||||
Pacific Funds Small-Cap | 25,943 | 57,352 | ||||||||||||||
Pacific Funds Small-Cap Value | 29,397 | 61,552 | ||||||||||||||
Pacific Funds Small-Cap Growth | 25,758 | 57,650 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $6,910,123 | $6,591,351 | $6,206,160 | $3,470,311 | ||||||||||||
|
|
|
|
|
|
|
|
There was no recoupment of expense reimbursement by PLFA from any Funds presented in these financial statements for the six-month period ended September 30, 2016.
C. INVESTMENTS IN AFFILIATED FUNDS
As of September 30, 2016, 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
C-13
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Rate Income, Pacific Funds High Income, and/or Pacific Funds Small-Cap Growth. A summary of holdings and transactions with affiliated mutual fund investments as of and for the six-month period ended September 30, 2016 is as follows:
Beginning Value as of April 1, 2016 | Purchase Cost (1) | Distributions Received and | Sales Proceeds | Net Realized Gain (Loss) | Change in Appreciation | As of September 30, 2016 | ||||||||||||||||||||||||||
Fund/Underlying Fund | Ending Value | Shares Balance | ||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Conservative | ||||||||||||||||||||||||||||||||
Pacific Funds Core Income | $3,767,619 | $26,536,854 | $176,778 | $1,600,794 | ($25,774 | ) | $152,323 | $29,007,006 | 2,690,817 | |||||||||||||||||||||||
Pacific Funds High Income | 21,412,757 | 136,594 | 444,003 | 19,462,048 | (1,290,479 | ) | 2,562,567 | 3,803,394 | 380,339 | |||||||||||||||||||||||
PF Floating Rate Loan | 20,848,103 | 80,799 | — | 19,757,715 | (27,100 | ) | 769,415 | 1,913,502 | 201,846 | |||||||||||||||||||||||
PF Inflation Managed | 9,529,694 | 59,199 | — | 6,040,737 | (154,791 | ) | 315,300 | 3,708,665 | 413,452 | |||||||||||||||||||||||
PF Managed Bond | 99,713,795 | 84,634,528 | — | 12,389,099 | 1,391 | 5,690,740 | 177,651,355 | 16,135,455 | ||||||||||||||||||||||||
PF Short Duration Bond | 31,554,039 | 25,968,697 | — | 14,309,115 | (130,070 | ) | 523,252 | 43,606,803 | 4,373,802 | |||||||||||||||||||||||
PF Emerging Markets Debt | 16,126,216 | 2,198,803 | — | 13,833,227 | 4,700 | 1,561,295 | 6,057,787 | 591,581 | ||||||||||||||||||||||||
Pacific Funds Small-Cap Growth | — | 945,236 | — | 951,198 | 5,962 | — | — | — | ||||||||||||||||||||||||
PF Comstock | 15,036,227 | 1,349,853 | — | 8,744,246 | 394,125 | 591,144 | 8,627,103 | 580,950 | ||||||||||||||||||||||||
PF Growth | 8,780,644 | 52,639 | — | 7,010,991 | 786,876 | (417,303 | ) | 2,191,865 | 109,923 | |||||||||||||||||||||||
PF Large-Cap Growth | 10,572,133 | 73,020 | — | 8,883,190 | 96,519 | 412,364 | 2,270,846 | 225,506 | ||||||||||||||||||||||||
PF Large-Cap Value | 25,894,548 | 2,973,071 | — | 10,411,166 | 104,305 | 858,313 | 19,419,071 | 1,265,911 | ||||||||||||||||||||||||
PF Main Street Core | 9,479,754 | 288,642 | — | 916,591 | (144,276 | ) | 722,694 | 9,430,223 | 730,459 | |||||||||||||||||||||||
PF Mid-Cap Equity | 3,817,489 | 21,720 | — | 2,273,142 | 834,993 | (547,873 | ) | 1,853,187 | 159,209 | |||||||||||||||||||||||
PF Mid-Cap Growth | 1,610,994 | 187,468 | — | 977,731 | (53,621 | ) | 147,659 | 914,769 | 120,523 | |||||||||||||||||||||||
PF Mid-Cap Value | 18,535,412 | 109,277 | — | 12,111,092 | 307,751 | 1,014,503 | 7,855,851 | 737,639 | ||||||||||||||||||||||||
PF Small-Cap Value | 3,960,141 | 802,062 | — | 372,277 | 2,776 | 389,680 | 4,782,382 | 430,845 | ||||||||||||||||||||||||
PF Emerging Markets | — | 7,584,529 | — | 2,442,261 | 47,095 | 414,583 | 5,603,946 | 422,620 | ||||||||||||||||||||||||
PF International Large-Cap | 15,985,343 | 104,565 | — | 8,395,615 | (433,554 | ) | 1,059,176 | 8,319,915 | 474,340 | |||||||||||||||||||||||
PF International Small-Cap | — | 3,977,798 | — | 1,969,066 | (95,440 | ) | 28,932 | 1,942,224 | 177,372 | |||||||||||||||||||||||
PF International Value | 8,116,531 | 63,061 | — | 2,555,796 | (182,609 | ) | 450,401 | 5,891,588 | 680,322 | |||||||||||||||||||||||
PF Real Estate | — | 2,538,421 | — | 134,127 | 896 | 61,564 | 2,466,754 | 150,137 | ||||||||||||||||||||||||
PF Absolute Return (3) | 14,210,756 | 98,718 | — | 14,515,599 | (1,164,010 | ) | 1,370,135 | — | — | |||||||||||||||||||||||
PF Currency Strategies | 9,396,143 | 1,847,904 | — | 4,604,934 | 166,203 | 440,353 | 7,245,669 | 702,781 | ||||||||||||||||||||||||
PF Equity Long/Short | 10,454,915 | 1,427,553 | — | 4,552,835 | 95,842 | 194,866 | 7,620,341 | 711,516 | ||||||||||||||||||||||||
PF Global Absolute Return | 18,395,056 | 138,472 | — | 11,652,182 | (996,699 | ) | 1,558,159 | 7,442,806 | 786,766 | |||||||||||||||||||||||
$377,198,309 | $164,199,483 | $620,781 | $190,866,774 | ($1,848,989 | ) | $20,324,242 | $369,627,052 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | ||||||||||||||||||||||||||||||||
Pacific Funds Core Income | $4,343,072 | $31,107,273 | $201,256 | $2,811,906 | ($54,064 | ) | $183,254 | $32,968,885 | 3,058,338 | |||||||||||||||||||||||
Pacific Funds High Income | 24,789,690 | 116,610 | 467,318 | 24,022,617 | (1,637,483 | ) | 3,027,844 | 2,741,362 | 274,136 | |||||||||||||||||||||||
PF Floating Rate Loan | 24,832,892 | 64,338 | — | 23,098,007 | (836,314 | ) | 1,731,380 | 2,694,289 | 284,208 | |||||||||||||||||||||||
PF Inflation Managed | 11,924,833 | 27,639 | — | 8,155,589 | (250,153 | ) | 428,632 | 3,975,362 | 443,184 | |||||||||||||||||||||||
PF Managed Bond | 113,773,420 | 106,453,670 | — | 12,951,120 | (94,037 | ) | 6,423,932 | 213,605,865 | 19,401,078 | |||||||||||||||||||||||
PF Short Duration Bond | 24,177,862 | 15,936,308 | — | 16,117,747 | (10,618 | ) | 286,692 | 24,272,497 | 2,434,553 | |||||||||||||||||||||||
PF Emerging Markets Debt | 20,996,361 | 79,813 | — | 14,842,722 | (198,983 | ) | 2,081,836 | 8,116,305 | 792,608 | |||||||||||||||||||||||
Pacific Funds Small-Cap Growth | — | 1,628,818 | — | 72,405 | 589 | 65,339 | 1,622,341 | 154,804 | ||||||||||||||||||||||||
PF Comstock | 22,413,185 | 1,640,577 | — | 7,003,570 | 701,749 | 1,010,370 | 18,762,311 | 1,263,455 | ||||||||||||||||||||||||
PF Growth | 14,523,411 | 2,353,435 | — | 8,394,790 | 1,242,322 | (588,064 | ) | 9,136,314 | 458,190 | |||||||||||||||||||||||
PF Large-Cap Growth | 16,728,134 | 2,436,586 | — | 10,735,796 | 919,845 | 116,929 | 9,465,698 | 939,990 | ||||||||||||||||||||||||
PF Large-Cap Value | 38,700,795 | 4,655,057 | — | 2,748,039 | (34,309 | ) | 1,443,622 | 42,017,126 | 2,739,056 | |||||||||||||||||||||||
PF Main Street Core | 16,390,394 | 9,956,494 | — | 2,149,998 | 22,946 | 1,179,283 | 25,399,119 | 1,967,399 | ||||||||||||||||||||||||
PF Mid-Cap Equity | 14,836,861 | 39,253 | — | 10,643,358 | 1,052,752 | 11,408 | 5,296,916 | 455,061 | ||||||||||||||||||||||||
PF Mid-Cap Growth | 3,719,570 | 11,893 | — | 2,638,334 | (71,185 | ) | 285,421 | 1,307,365 | 172,248 | |||||||||||||||||||||||
PF Mid-Cap Value | 28,396,904 | 93,434 | — | 16,683,611 | 425,571 | 1,668,067 | 13,900,365 | 1,305,199 | ||||||||||||||||||||||||
PF Small-Cap Growth | 2,109,319 | 9,010 | — | 1,202,731 | (126,339 | ) | 304,518 | 1,093,777 | 98,895 | |||||||||||||||||||||||
PF Small-Cap Value | 10,994,635 | 1,406,259 | — | 1,938,351 | 18,984 | 990,814 | 11,472,341 | 1,033,544 | ||||||||||||||||||||||||
PF Emerging Markets | 6,460,946 | 17,327,428 | — | 7,412,899 | (259,704 | ) | 1,828,111 | 17,943,882 | 1,353,234 | |||||||||||||||||||||||
PF International Large-Cap | 26,317,189 | 2,389,798 | — | 5,591,571 | (620,578 | ) | 1,821,126 | 24,315,964 | 1,386,315 | |||||||||||||||||||||||
PF International Small-Cap | 11,509,958 | 46,994 | — | 7,844,097 | 388,626 | 60,871 | 4,162,352 | 380,124 | ||||||||||||||||||||||||
PF International Value | 12,943,264 | 6,409,607 | — | 3,453,053 | (483,973 | ) | 864,390 | 16,280,235 | 1,879,935 | |||||||||||||||||||||||
PF Real Estate | 2,924,858 | 4,057,036 | — | 440,015 | 4,042 | 249,084 | 6,795,005 | 413,573 | ||||||||||||||||||||||||
PF Absolute Return (3) | 16,866,039 | 45,462 | — | 17,035,929 | (1,516,852 | ) | 1,641,280 | — | — | |||||||||||||||||||||||
PF Currency Strategies | 16,570,366 | 4,869,912 | — | 12,222,574 | 407,362 | 730,742 | 10,355,808 | 1,004,443 | ||||||||||||||||||||||||
PF Equity Long/Short | 21,480,809 | 1,006,737 | — | 11,985,629 | 295,857 | 93,210 | 10,890,984 | 1,016,899 | ||||||||||||||||||||||||
PF Global Absolute Return | 26,459,681 | 84,359 | — | 16,689,788 | (1,454,769 | ) | 2,245,620 | 10,645,103 | 1,125,275 | |||||||||||||||||||||||
$535,184,448 | $214,253,800 | $668,574 | $248,886,246 | ($2,168,716 | ) | $30,185,711 | $529,237,571 |
C-14
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Beginning Value as of April 1, 2016 | Purchase Cost (1) | Distributions Received and | Sales Proceeds | Net Realized Gain (Loss) | Change in Appreciation | As of September 30, 2016 | ||||||||||||||||||||||||||
Fund/Underlying Fund | Ending Value | Shares Balance | ||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate | ||||||||||||||||||||||||||||||||
Pacific Funds Core Income | $7,850,375 | $50,602,469 | $317,213 | $5,608,311 | ($111,642 | ) | $340,518 | $53,390,622 | 4,952,748 | |||||||||||||||||||||||
Pacific Funds High Income | 51,975,300 | 102,305 | 889,668 | 51,850,527 | (3,322,307 | ) | 6,048,518 | 3,842,957 | 384,296 | |||||||||||||||||||||||
PF Floating Rate Loan | 34,119,079 | 3,521,975 | — | 35,627,666 | (804,330 | ) | 2,094,144 | 3,303,202 | 348,439 | |||||||||||||||||||||||
PF Inflation Managed | 25,010,322 | 28,685 | — | 20,155,351 | (203,500 | ) | 530,444 | 5,210,600 | 580,892 | |||||||||||||||||||||||
PF Managed Bond | 170,051,568 | 227,985,566 | — | 25,370,272 | (158,625 | ) | 10,587,840 | 383,096,077 | 34,795,284 | |||||||||||||||||||||||
PF Short Duration Bond | 20,198,425 | 22,718,211 | — | 21,364,224 | 317,657 | (91,850 | ) | 21,778,219 | 2,184,375 | |||||||||||||||||||||||
PF Emerging Markets Debt | 47,860,896 | 53,784 | — | 29,145,607 | (923,630 | ) | 4,951,852 | 22,797,295 | 2,226,298 | |||||||||||||||||||||||
Pacific Funds Small-Cap Growth | — | 5,358,315 | — | 265,280 | 3,443 | 212,776 | 5,309,254 | 506,608 | ||||||||||||||||||||||||
PF Comstock | 89,047,263 | 7,496,668 | — | 31,686,933 | 2,344,595 | 4,315,844 | 71,517,437 | 4,815,989 | ||||||||||||||||||||||||
PF Growth | 48,590,995 | 4,781,520 | — | 10,554,173 | 381,166 | 2,256,521 | 45,456,029 | 2,279,640 | ||||||||||||||||||||||||
PF Large-Cap Growth | 59,837,565 | 6,052,825 | — | 23,202,844 | (856,046 | ) | 5,266,325 | 47,097,825 | 4,677,043 | |||||||||||||||||||||||
PF Large-Cap Value | 120,076,728 | 46,508,788 | — | 10,577,505 | (113,769 | ) | 4,360,899 | 160,255,141 | 10,446,880 | |||||||||||||||||||||||
PF Main Street Core | 82,677,535 | 37,616,209 | — | 9,636,803 | (164,988 | ) | 5,970,905 | 116,462,858 | 9,021,135 | |||||||||||||||||||||||
PF Mid-Cap Equity | 53,187,962 | 62,746 | — | 27,646,102 | 3,140,044 | 1,008,045 | 29,752,695 | 2,556,073 | ||||||||||||||||||||||||
PF Mid-Cap Growth | 25,003,396 | 62,644 | — | 20,599,745 | (1,019,059 | ) | 2,427,682 | 5,874,918 | 774,034 | |||||||||||||||||||||||
PF Mid-Cap Value | 99,088,879 | 116,533 | — | 46,861,905 | 1,198,130 | 6,521,534 | 60,063,171 | 5,639,734 | ||||||||||||||||||||||||
PF Small-Cap Growth | 11,761,759 | 35,797 | — | 8,792,268 | (360,691 | ) | 1,186,604 | 3,831,201 | 346,402 | |||||||||||||||||||||||
PF Small-Cap Value | 74,965,428 | 85,159 | — | 30,887,720 | 1,214,020 | 4,301,679 | 49,678,566 | 4,475,547 | ||||||||||||||||||||||||
PF Emerging Markets | 40,077,962 | 57,103,376 | — | 23,468,342 | (567,851 | ) | 7,620,248 | 80,765,393 | 6,090,904 | |||||||||||||||||||||||
PF International Large-Cap | 111,851,238 | 2,690,013 | — | 14,600,787 | (1,577,336 | ) | 6,864,518 | 105,227,646 | 5,999,296 | |||||||||||||||||||||||
PF International Small-Cap | 48,445,168 | 82,008 | — | 34,839,343 | 1,828,385 | 98,337 | 15,614,555 | 1,425,987 | ||||||||||||||||||||||||
PF International Value | 52,627,712 | 24,104,272 | — | 8,674,100 | (1,275,029 | ) | 3,026,805 | 69,809,660 | 8,061,162 | |||||||||||||||||||||||
PF Real Estate | 25,237,728 | 2,136,882 | — | 3,195,806 | (42,881 | ) | 601,505 | 24,737,428 | 1,505,626 | |||||||||||||||||||||||
PF Absolute Return (3) | 29,182,868 | 71,594 | — | 29,526,908 | (2,582,844 | ) | 2,855,290 | — | — | |||||||||||||||||||||||
PF Currency Strategies | 47,871,586 | 12,841,131 | — | 27,543,631 | 1,001,617 | 2,184,821 | 36,355,524 | 3,526,239 | ||||||||||||||||||||||||
PF Equity Long/Short | 79,726,758 | 80,677 | — | 50,104,196 | 1,116,021 | (242,663 | ) | 30,576,597 | 2,854,958 | |||||||||||||||||||||||
PF Global Absolute Return | 60,794,198 | 7,707,943 | — | 33,279,737 | (2,878,271 | ) | 5,021,826 | 37,365,959 | 3,949,890 | |||||||||||||||||||||||
$1,517,118,693 | $520,008,095 | $1,206,881 | $635,066,086 | ($4,417,721 | ) | $90,320,967 | $1,489,170,829 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth | ||||||||||||||||||||||||||||||||
Pacific Funds Core Income | $— | $18,229,820 | $66,506 | $314,600 | ($366 | ) | $45,630 | $18,026,990 | 1,672,263 | |||||||||||||||||||||||
Pacific Funds High Income | 15,813,461 | 5,445,956 | 366,326 | 22,600,608 | (361,844 | ) | 1,419,698 | 82,989 | 8,299 | |||||||||||||||||||||||
PF Inflation Managed | 5,574,037 | 2,444 | — | 5,626,097 | 29,756 | 19,860 | — | — | ||||||||||||||||||||||||
PF Managed Bond | 37,959,868 | 102,269,558 | — | 6,969,265 | 30,151 | 3,024,853 | 136,315,165 | 12,381,032 | ||||||||||||||||||||||||
PF Short Duration Bond | — | 4,869,801 | — | 4,884,526 | 14,725 | — | — | — | ||||||||||||||||||||||||
PF Emerging Markets Debt | 22,611,246 | 11,026 | — | 10,046,555 | (394,959 | ) | 2,473,369 | 14,654,127 | 1,431,067 | |||||||||||||||||||||||
Pacific Funds Small-Cap Growth | — | 3,815,885 | — | 180,086 | 1,823 | 151,869 | 3,789,491 | 361,593 | ||||||||||||||||||||||||
PF Comstock | 67,529,382 | 70,210 | — | 11,231,233 | 79,538 | 5,384,455 | 61,832,352 | 4,163,795 | ||||||||||||||||||||||||
PF Growth | 38,148,424 | 2,349,130 | — | 2,426,560 | (91,855 | ) | 2,341,554 | 40,320,693 | 2,022,101 | |||||||||||||||||||||||
PF Large-Cap Growth | 47,549,900 | 1,507,446 | — | 11,050,539 | (1,107,925 | ) | 4,876,839 | 41,775,721 | 4,148,532 | |||||||||||||||||||||||
PF Large-Cap Value | 87,769,657 | 60,337,470 | — | 12,314,591 | (58,270 | ) | 3,180,992 | 138,915,258 | 9,055,753 | |||||||||||||||||||||||
PF Main Street Core | 78,861,065 | 37,057,188 | — | 7,031,524 | (473,787 | ) | 5,444,250 | 113,857,192 | 8,819,302 | |||||||||||||||||||||||
PF Mid-Cap Equity | 75,605,089 | 36,586 | — | 54,588,686 | 2,763,465 | 2,746,680 | 26,563,134 | 2,282,056 | ||||||||||||||||||||||||
PF Mid-Cap Growth | 20,524,806 | 20,045 | — | 16,471,246 | 1,460,377 | (289,057 | ) | 5,244,925 | 691,031 | |||||||||||||||||||||||
PF Mid-Cap Value | 77,973,623 | 4,959,845 | — | 29,341,848 | 676,561 | 5,788,832 | 60,057,013 | 5,639,156 | ||||||||||||||||||||||||
PF Small-Cap Growth | 20,029,067 | 22,739 | — | 18,435,198 | (1,550,855 | ) | 2,680,668 | 2,746,421 | 248,320 | |||||||||||||||||||||||
PF Small-Cap Value | 82,867,697 | 39,917 | — | 48,555,388 | 2,450,966 | 2,951,956 | 39,755,148 | 3,581,545 | ||||||||||||||||||||||||
PF Emerging Markets | 52,627,580 | 18,812,991 | — | 16,165,483 | (1,093,026 | ) | 6,720,948 | 60,903,010 | 4,592,987 | |||||||||||||||||||||||
PF International Large-Cap | 98,790,612 | 14,132,772 | — | 9,926,617 | (1,062,852 | ) | 6,058,644 | 107,992,559 | 6,156,930 | |||||||||||||||||||||||
PF International Small-Cap | 42,555,104 | 21,268 | — | 27,872,489 | 1,634,783 | 361,208 | 16,699,874 | 1,525,103 | ||||||||||||||||||||||||
PF International Value | 49,085,542 | 26,366,915 | — | 5,211,152 | (800,173 | ) | 2,559,443 | 72,000,575 | 8,314,154 | |||||||||||||||||||||||
PF Real Estate | 29,991,927 | 1,851,446 | — | 4,023,495 | 144,519 | 809,817 | 28,774,214 | 1,751,322 | ||||||||||||||||||||||||
PF Absolute Return (3) | 7,782,404 | 6,944 | — | 7,864,883 | (685,688 | ) | 761,223 | — | — | |||||||||||||||||||||||
PF Currency Strategies | 45,486,128 | 22,029 | — | 22,229,860 | 741,216 | 1,947,241 | 25,966,754 | 2,518,599 | ||||||||||||||||||||||||
PF Equity Long/Short | 44,170,368 | 849,028 | — | 23,950,918 | 635,180 | 132,760 | 21,836,418 | 2,038,881 | ||||||||||||||||||||||||
PF Global Absolute Return | 21,678,421 | 16,257,201 | — | 12,244,864 | (1,035,450 | ) | 1,893,650 | 26,548,958 | 2,806,444 | |||||||||||||||||||||||
$1,070,985,408 | $319,365,660 | $432,832 | $391,558,311 | $1,946,010 | $63,487,382 | $1,064,658,981 |
C-15
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Beginning Value as of April 1, 2016 | Purchase Cost (1) | Distributions Received and | Sales Proceeds | Net Realized Gain (Loss) | Change in Appreciation | As of September 30, 2016 | ||||||||||||||||||||||||||
Fund/Underlying Fund | Ending Value | Shares Balance | ||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | ||||||||||||||||||||||||||||||||
PF Managed Bond | $— | $3,562,196 | $— | $106,324 | $323 | $25,288 | $3,481,483 | 316,211 | ||||||||||||||||||||||||
Pacific Funds Small-Cap Growth | — | 2,269,134 | — | 102,171 | 982 | 88,922 | 2,256,867 | 215,350 | ||||||||||||||||||||||||
PF Comstock | 20,798,138 | 1,540,426 | — | 1,411,540 | (43,509 | ) | 1,865,628 | 22,749,143 | 1,531,929 | |||||||||||||||||||||||
PF Growth | 12,683,090 | 8,692,477 | — | 1,091,585 | (25,608 | ) | 941,749 | 21,200,123 | 1,063,196 | |||||||||||||||||||||||
PF Large-Cap Growth | 16,278,571 | 5,159,146 | — | 1,178,797 | (128,993 | ) | 1,778,364 | 21,908,291 | 2,175,600 | |||||||||||||||||||||||
PF Large-Cap Value | 27,564,254 | 25,585,659 | — | 2,917,779 | (51,102 | ) | 1,310,970 | 51,492,002 | 3,356,715 | |||||||||||||||||||||||
PF Main Street Core | 24,230,337 | 17,006,523 | — | 2,245,733 | (121,261 | ) | 1,669,160 | 40,539,026 | 3,140,126 | |||||||||||||||||||||||
PF Mid-Cap Equity | 22,100,468 | 205,370 | — | 13,640,106 | 884,942 | 804,797 | 10,355,471 | 889,645 | ||||||||||||||||||||||||
PF Mid-Cap Growth | 7,917,203 | 53,242 | — | 6,851,564 | 1,074,144 | (623,590 | ) | 1,569,435 | 206,777 | |||||||||||||||||||||||
PF Mid-Cap Value | 26,907,733 | 1,167,907 | — | 11,298,453 | 13,298 | 1,902,543 | 18,693,028 | 1,755,214 | ||||||||||||||||||||||||
PF Small-Cap Growth | 8,306,349 | 352,065 | — | 7,520,727 | 920,051 | (424,581 | ) | 1,633,157 | 147,663 | |||||||||||||||||||||||
PF Small-Cap Value | 26,505,738 | 272,554 | — | 13,932,283 | 958,841 | 849,111 | 14,653,961 | 1,320,177 | ||||||||||||||||||||||||
PF Emerging Markets | 18,486,891 | 9,332,525 | — | 9,839,623 | (652,489 | ) | 2,491,931 | 19,819,235 | 1,494,663 | |||||||||||||||||||||||
PF International Large-Cap | 36,847,532 | 573,996 | — | 4,486,480 | (476,850 | ) | 2,242,898 | 34,701,096 | 1,978,398 | |||||||||||||||||||||||
PF International Small-Cap | 15,750,340 | 154,361 | — | 11,677,944 | 725,515 | 27,336 | 4,979,608 | 454,759 | ||||||||||||||||||||||||
PF International Value | 18,068,779 | 7,323,436 | — | 2,686,053 | (471,275 | ) | 1,090,312 | 23,325,199 | 2,693,441 | |||||||||||||||||||||||
PF Real Estate | 12,238,429 | 239,618 | — | 5,610,122 | 1,365,750 | (1,268,192 | ) | 6,965,483 | 423,949 | |||||||||||||||||||||||
PF Currency Strategies | 6,633,661 | 3,799,616 | — | 4,691,155 | 159,573 | 328,710 | 6,230,405 | 604,307 | ||||||||||||||||||||||||
PF Equity Long/Short | 11,053,168 | 122,703 | — | 5,674,820 | 143,161 | 52,884 | 5,697,096 | 531,942 | ||||||||||||||||||||||||
PF Global Absolute Return | 3,158,220 | 3,336,237 | — | 297,374 | (69,208 | ) | 207,759 | 6,335,634 | 669,729 | |||||||||||||||||||||||
$315,528,901 | $90,749,191 | $— | $107,260,633 | $4,206,285 | $15,361,999 | $318,585,743 | ||||||||||||||||||||||||||
Pacific Funds Diversified Alternatives | ||||||||||||||||||||||||||||||||
Pacific Funds Floating Rate Income | $568,387 | $101,943 | $11,293 | $176,792 | ($10,600 | ) | $22,224 | $516,455 | 51,749 | |||||||||||||||||||||||
PF Inflation Managed | 167,000 | 204,526 | — | 56,143 | 60 | 6,543 | 321,986 | 35,896 | ||||||||||||||||||||||||
PF Emerging Markets Debt | 574,018 | 226,088 | — | 208,900 | (21 | ) | 65,881 | 657,066 | 64,166 | |||||||||||||||||||||||
PF Emerging Markets | 435,389 | 89,640 | — | 94,687 | 40 | 40,666 | 471,048 | 35,524 | ||||||||||||||||||||||||
PF International Small-Cap | 327,739 | 79,919 | — | 91,337 | (6,540 | ) | 28,430 | 338,211 | 30,887 | |||||||||||||||||||||||
PF Real Estate | 310,182 | 163,825 | — | 167,010 | 3,903 | (4,589 | ) | 306,311 | 18,643 | |||||||||||||||||||||||
PF Absolute Return (3) | 650,130 | 86,895 | — | 747,600 | (41,282 | ) | 51,857 | — | — | |||||||||||||||||||||||
PF Currency Strategies | 1,261,847 | 484,029 | — | 305,610 | (1,339 | ) | 71,613 | 1,510,540 | 146,512 | |||||||||||||||||||||||
PF Equity Long/Short | 629,603 | 217,919 | — | 147,597 | 132 | 27,010 | 727,067 | 67,887 | ||||||||||||||||||||||||
PF Global Absolute Return | 1,354,906 | 517,583 | — | 324,501 | (27,787 | ) | 93,976 | 1,614,177 | 170,632 | |||||||||||||||||||||||
$6,279,201 | $2,172,367 | $11,293 | $2,320,177 | ($83,434 | ) | $403,611 | $6,462,861 |
(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 Floating Rate Income, Pacific Funds High Income, and/or Pacific Funds Small-Cap Growth. |
(3) | All shares in the PF Absolute Return Fund were fully redeemed on August 3, 2016. |
As of September 30, 2016, 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 Diversified Alternatives | 33.56% | |||
Pacific Funds Limited Duration High Income | 67.82% | |||
Pacific Funds Large-Cap Value | 75.08% | |||
Pacific Funds Small/Mid-Cap | 12.33% | |||
Pacific Funds Small-Cap Value | 69.14% | |||
Pacific Funds Small-Cap Growth | 29.71% |
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 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, Pacific Funds Large-Cap, Pacific Funds Large-Cap Value, Pacific Funds Small/Mid-Cap, Pacific Funds Small-Cap, Pacific Funds Small-Cap Value, and Pacific Funds Small-Cap Growth 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
C-16
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
to expenses (trustees’ fees and expenses). For the six-month period ended September 30, 2016, such expenses increased by $2,201 for all applicable Funds presented in these financial statements as a result of the market value appreciation on such accounts. As of September 30, 2016, the total amount in the DCP Liability accounts for all applicable Funds presented in these financial statements was $18,007.
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, 2016, Pacific Funds Floating Rate Income had an unfunded loan commitment of $685,460 (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, 2016, the actual interest rate on borrowing by the Trust was 1.62%. 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, 2016, 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, 2016, are summarized in the following table:
U.S. Government Securities | Other Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
Pacific Funds Portfolio Optimization Conservative | $— | $— | $164,820,264 | $190,866,774 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | — | — | 214,922,374 | 248,886,246 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate | — | — | 521,214,976 | 635,066,086 | ||||||||||||
Pacific Funds Portfolio Optimization Growth | — | — | 319,798,492 | 391,558,311 | ||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | — | — | 90,749,191 | 107,260,633 | ||||||||||||
Pacific Funds Diversified Alternatives | — | — | 2,183,660 | 2,320,177 | ||||||||||||
Pacific Funds Short Duration Income | 5,118,317 | 8,098,287 | 114,015,997 | 76,550,386 | ||||||||||||
Pacific Funds Core Income | 32,389,806 | 22,690,488 | 299,197,216 | 179,195,435 | ||||||||||||
Pacific Funds Strategic Income | — | — | 133,875,286 | 107,690,671 | ||||||||||||
Pacific Funds Floating Rate Income | — | — | 592,792,603 | 552,623,176 | ||||||||||||
Pacific Funds Limited Duration High Income | — | — | 11,370,147 | 13,736,568 | ||||||||||||
Pacific Funds High Income | — | — | 28,704,752 | 131,372,715 | ||||||||||||
Pacific Funds Large-Cap | — | — | 6,983,826 | 3,665,898 | ||||||||||||
Pacific Funds Large-Cap Value | — | — | 29,132,754 | 5,315,589 | ||||||||||||
Pacific Funds Small/Mid-Cap | — | — | 50,517,890 | 7,730,171 | ||||||||||||
Pacific Funds Small-Cap | — | — | 7,499,060 | 1,503,328 | ||||||||||||
Pacific Funds Small-Cap Value | — | — | 34,061,463 | 4,217,714 | ||||||||||||
Pacific Funds Small-Cap Growth | — | — | 34,338,617 | 4,935,105 |
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, 2016, 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
C-17
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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.
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, 2016:
Distributable Earning | 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 | $— | $— | $4,462,849 | $397,368 | $34,888 | $— | $432,256 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | — | — | 11,434,100 | 849,355 | — | — | 849,355 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate | — | — | 49,691,999 | 2,590,025 | — | — | 2,590,025 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth | — | — | 46,720,893 | 2,163,031 | 1,815,592 | — | 3,978,623 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | — | — | 14,352,367 | 655,972 | — | — | 655,972 | |||||||||||||||||||||||||
Pacific Funds Diversified Alternatives | (99,352 | ) | — | — | 1,315 | — | — | 1,315 | ||||||||||||||||||||||||
Pacific Funds Short Duration Income | (3,257,988 | ) | 62,679 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Core Income | (22,936,324 | ) | 374,103 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Strategic Income | (10,502,568 | ) | 190,962 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Floating Rate Income | (50,433,166 | ) | 322,790 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Limited Duration High Income | (3,485,277 | ) | 11,331 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds High Income | (7,048,170 | ) | 1,273 | — | 28,012 | — | — | 28,012 | ||||||||||||||||||||||||
Pacific Funds Large-Cap | (114,257 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Large-Cap Value | (6,611 | ) | 5,447 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Small/Mid-Cap | (5,137 | ) | 5,447 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Small-Cap | (11,176 | ) | 4,922 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Small-Cap Value | (16,244 | ) | 4,467 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Small-Cap Growth | (23,507 | ) | 3,309 | — | — | — | — | — |
Accumulated capital losses represent net capital loss carryovers as of March 31, 2016 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, 2016 and capital loss carryover from prior years utilized during the year or period ended March 31, 2016:
Unlimited Period of Net | Accumulated Capital Loss Carryover | Capital Loss Utilized During the Year Ended March 31, 2016 | ||||||||||||||
Capital Loss Carryover | ||||||||||||||||
Fund | Short Term | Long Term | ||||||||||||||
Pacific Funds Diversified Alternatives | ($85,633 | ) | ($13,719 | ) | ($99,352 | ) | $— | |||||||||
Pacific Funds Short Duration Income | (287,569 | ) | (2,970,419 | ) | (3,257,988 | ) | — | |||||||||
Pacific Funds Core Income | (5,819,104 | ) | (17,117,220 | ) | (22,936,324 | ) | — | |||||||||
Pacific Funds Strategic Income | (3,184,103 | ) | (7,318,465 | ) | (10,502,568 | ) | — | |||||||||
Pacific Funds Floating Rate Income | (8,464,831 | ) | (41,968,335 | ) | (50,433,166 | ) | — | |||||||||
Pacific Funds Limited Duration High Income | (322,042 | ) | (3,163,235 | ) | (3,485,277 | ) | — | |||||||||
Pacific Funds High Income | (4,882,353 | ) | (2,165,817 | ) | (7,048,170 | ) | — | |||||||||
Pacific Funds Large-Cap | (107,134 | ) | (7,123 | ) | (114,257 | ) | — | |||||||||
Pacific Funds Large-Cap Value | — | (6,611 | ) | (6,611 | ) | 2,731 | ||||||||||
Pacific Funds Small/Mid-Cap | (747 | ) | (4,390 | ) | (5,137 | ) | — | |||||||||
Pacific Funds Small-Cap | (8,658 | ) | (2,518 | ) | (11,176 | ) | — | |||||||||
Pacific Funds Small-Cap Value | (8,039 | ) | (8,205 | ) | (16,244 | ) | — | |||||||||
Pacific Funds Small-Cap Growth | (8,557 | ) | (14,950 | ) | (23,507 | ) | — |
C-18
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments for Federal income tax purposes as of September 30, 2016, 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 | $344,672,188 | $25,123,787 | ($168,923 | ) | $24,954,864 | |||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | 480,691,309 | 48,765,129 | (218,867 | ) | 48,546,262 | |||||||||||
Pacific Funds Portfolio Optimization Moderate | 1,307,433,888 | 182,207,000 | (470,059 | ) | 181,736,941 | |||||||||||
Pacific Funds Portfolio Optimization Growth | 919,976,827 | 144,682,154 | - | 144,682,154 | ||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | 272,155,783 | 46,429,960 | - | 46,429,960 | ||||||||||||
Pacific Funds Diversified Alternatives | 6,329,891 | 133,424 | (454 | ) | 132,970 | |||||||||||
Pacific Funds Short Duration Income | 272,871,883 | 3,312,648 | (150,384 | ) | 3,162,264 | |||||||||||
Pacific Funds Core Income | 750,722,362 | 22,609,271 | (1,218,839 | ) | 21,390,432 | |||||||||||
Pacific Funds Strategic Income | 245,233,939 | 7,210,248 | (2,860,176 | ) | 4,350,072 | |||||||||||
Pacific Funds Floating Rate Income | 753,642,341 | 6,648,673 | (3,026,468 | ) | 3,622,205 | |||||||||||
Pacific Funds Limited Duration High Income | 32,580,729 | 463,286 | (773,725 | ) | (310,439 | ) | ||||||||||
Pacific Funds High Income | 29,200,554 | 868,066 | (879,123 | ) | (11,057 | ) | ||||||||||
Pacific Funds Large-Cap | 7,353,273 | 451,769 | (98,590 | ) | 353,179 | |||||||||||
Pacific Funds Large-Cap Value | 26,594,302 | 1,569,809 | (287,629 | ) | 1,282,180 | |||||||||||
Pacific Funds Small/Mid-Cap | 51,054,239 | 3,828,605 | (960,499 | ) | 2,868,106 | |||||||||||
Pacific Funds Small-Cap | 7,153,583 | 525,745 | (139,862 | ) | 385,883 | |||||||||||
Pacific Funds Small-Cap Value | 32,221,665 | 3,587,948 | (480,233 | ) | 3,107,715 | |||||||||||
Pacific Funds Small-Cap Growth | 31,960,971 | 3,158,228 | (944,452 | ) | 2,213,776 |
(1) | The difference between the total cost of investments on tax basis and 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 as of and after March 31, 2012.
12. TAX CHARACTER OF DISTRIBUTIONS
The tax character of income and capital gains distributions to shareholders during the six-month period ended September 30, 2016 and the year or period ended March 31, 2016, were as follows:
For the Six-Month Period Ended September 30, 2016 | For the Year or Period Ended March 31, 2016 | |||||||||||||||||||||||||||||||
Fund | Ordinary Income | Long-Term Capital Gains | Total Distributions | Ordinary Income | Long-Term Capital Gains | Return of Capital | Total Distributions | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Conservative | $— | $— | $— | $8,600,105 | $3,692,820 | $— | $12,292,925 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | — | — | — | 12,100,111 | 15,556,707 | — | 27,656,818 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate | — | — | — | 28,900,129 | 66,412,632 | — | 95,312,761 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth | — | — | — | 17,018,783 | 63,398,864 | — | 80,417,647 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | — | — | — | 5,050,105 | 3,973,614 | — | 9,023,719 | |||||||||||||||||||||||||
Pacific Funds Diversified Alternatives | — | — | — | 215,205 | 17,498 | — | 232,703 | |||||||||||||||||||||||||
Pacific Funds Short Duration Income | 2,199,957 | — | 2,199,957 | 2,772,117 | — | — | 2,772,117 | |||||||||||||||||||||||||
Pacific Funds Core Income | 8,483,061 | — | 8,483,061 | 17,888,580 | — | — | 17,888,580 | |||||||||||||||||||||||||
Pacific Funds Strategic Income | 4,216,999 | — | 4,216,999 | 8,892,313 | — | — | 8,892,313 | |||||||||||||||||||||||||
Pacific Funds Floating Rate Income | 14,011,556 | — | 14,011,556 | 28,249,565 | — | — | 28,249,565 | |||||||||||||||||||||||||
Pacific Funds Limited Duration High Income | 680,356 | — | 680,356 | 1,665,149 | — | — | 1,665,149 | |||||||||||||||||||||||||
Pacific Funds High Income | 2,624,258 | — | 2,624,258 | 6,452,996 | — | — | 6,452,996 | |||||||||||||||||||||||||
Pacific Funds Large-Cap (1) | — | — | — | 39,907 | — | 3,105 | 43,012 | |||||||||||||||||||||||||
Pacific Funds Large-Cap Value (1) | — | — | — | 13,490 | — | — | 13,490 | |||||||||||||||||||||||||
Pacific Funds Small/Mid-Cap (1) | — | — | — | 4,091 | 145 | — | 4,236 | |||||||||||||||||||||||||
Pacific Funds Small-Cap (1) | — | — | — | 2,814 | — | — | 2,814 | |||||||||||||||||||||||||
Pacific Funds Small-Cap Value (1) | — | — | — | 15,144 | 211 | — | 15,355 |
(1) | Because of the change in fiscal year end from November 30 to March 31 for the Fund, the tax character of income and capital gains distributions to shareholders for the PF U.S. Equity Funds are shown for the period from December 1, 2015 to March 31, 2016, which reflects the change in fiscal year end for the Fund upon the reorganization (see Note 1 on page C-1). There were no distributions for the U.S. Equity Funds for the period from December 31, 2014 through November 30, 2015. |
C-19
PACIFIC 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 unless otherwise determined by the trustees of the Board. Changes in shares of beneficial interest of each Fund for the six-month period ended September 30, 2016 and the year or period ended March 31, 2016, were as follows:
Pacific Funds Portfolio Optimization Conservative | Pacific Funds Portfolio Optimization Moderate-Conservative | Pacific Funds Portfolio Optimization Moderate | Pacific Funds Portfolio Optimization Growth | |||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended 9/30/2016 | Year Ended 3/31/2016 | Six-Month Period Ended 9/30/2016 | Year Ended 3/31/2016 | Six-Month Period Ended 9/30/2016 | Year Ended 3/31/2016 | Six-Month Period Ended 9/30/2016 | Year Ended 3/31/2016 | |||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 1,092,839 | 3,633,577 | 1,454,567 | 3,922,430 | 2,884,456 | 8,525,601 | 1,905,230 | 5,737,542 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 491,817 | — | 1,140,832 | — | 3,756,608 | — | 3,056,609 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (1,690,571 | ) | (4,718,950 | ) | (2,647,260 | ) | (5,256,201 | ) | (6,995,878 | ) | (12,359,512 | ) | (3,998,530 | ) | (6,877,332 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (597,732 | ) | (593,556 | ) | (1,192,693 | ) | (192,939 | ) | (4,111,422 | ) | (77,303 | ) | (2,093,300 | ) | 1,916,819 | |||||||||||||||||||||||||||||
Beginning shares outstanding | 14,552,715 | 15,146,271 | 21,765,597 | 21,958,536 | 59,426,322 | 59,503,625 | 41,517,766 | 39,600,947 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 13,954,983 | 14,552,715 | 20,572,904 | 21,765,597 | 55,314,900 | 59,426,322 | 39,424,466 | 41,517,766 | ||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 139,059 | 655,456 | 92,088 | 543,586 | 282,012 | 1,166,266 | 230,660 | 687,285 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 93,093 | — | 190,754 | — | 639,633 | — | 520,286 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (386,681 | ) | (961,807 | ) | (359,320 | ) | (733,734 | ) | (1,124,620 | ) | (2,045,097 | ) | (762,303 | ) | (1,533,018 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (247,622 | ) | (213,258 | ) | (267,232 | ) | 606 | (842,608 | ) | (239,198 | ) | (531,643 | ) | (325,447 | ) | |||||||||||||||||||||||||||||
Beginning shares outstanding | 3,223,625 | 3,436,883 | 4,110,974 | 4,110,368 | 11,104,920 | 11,344,118 | 7,503,943 | 7,829,390 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 2,976,003 | 3,223,625 | 3,843,742 | 4,110,974 | 10,262,312 | 11,104,920 | 6,972,300 | 7,503,943 | ||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 964,347 | 3,628,313 | 795,072 | 2,962,178 | 1,830,098 | 6,246,680 | 1,012,072 | 3,497,011 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 487,227 | — | 890,155 | — | 2,455,140 | — | 1,855,250 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (2,321,572 | ) | (4,912,299 | ) | (2,059,157 | ) | (4,046,632 | ) | (4,673,812 | ) | (8,273,695 | ) | (2,914,118 | ) | (4,550,331 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (1,357,225 | ) | (796,759 | ) | (1,264,085 | ) | (194,299 | ) | (2,843,714 | ) | 428,125 | (1,902,046 | ) | 801,930 | ||||||||||||||||||||||||||||||
Beginning shares outstanding | 16,581,038 | 17,377,797 | 19,140,146 | 19,334,445 | 43,167,268 | 42,739,143 | 27,065,428 | 26,263,498 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 15,223,813 | 16,581,038 | 17,876,061 | 19,140,146 | 40,323,554 | 43,167,268 | 25,163,382 | 27,065,428 | ||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 93,652 | 180,040 | 42,575 | 114,189 | 195,505 | 575,996 | 87,367 | 277,763 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 31,188 | — | 26,152 | — | 109,181 | — | 98,983 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (100,891 | ) | (313,416 | ) | (68,294 | ) | (194,816 | ) | (256,140 | ) | (705,440 | ) | (199,649 | ) | (435,562 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (7,239 | ) | (102,188 | ) | (25,719 | ) | (54,475 | ) | (60,635 | ) | (20,263 | ) | (112,282 | ) | (58,816 | ) | ||||||||||||||||||||||||||||
Beginning shares outstanding | 956,913 | 1,059,101 | 493,343 | 547,818 | 1,961,322 | 1,981,585 | 1,336,860 | 1,395,676 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 949,674 | 956,913 | 467,624 | 493,343 | 1,900,687 | 1,961,322 | 1,224,578 | 1,336,860 | ||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 62,480 | 148,874 | 102,449 | 179,522 | 107,104 | 623,594 | 82,184 | 735,080 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 9,972 | — | 18,320 | — | 87,961 | — | 65,360 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (143,233 | ) | (392,461 | ) | (126,275 | ) | (222,826 | ) | (388,852 | ) | (727,487 | ) | (280,863 | ) | (584,241 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (80,753 | ) | (233,615 | ) | (23,826 | ) | (24,984 | ) | (281,748 | ) | (15,932 | ) | (198,679 | ) | 216,199 | |||||||||||||||||||||||||||||
Beginning shares outstanding | 467,375 | 700,990 | 416,100 | 441,084 | 1,526,115 | 1,542,047 | 878,518 | 662,319 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 386,622 | 467,375 | 392,274 | 416,100 | 1,244,367 | 1,526,115 | 679,839 | 878,518 |
C-20
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Pacific Funds Portfolio Optimization Aggressive-Growth | Pacific Funds Diversified Alternatives | Pacific Funds Short Duration Income | Pacific Funds Core Income (1) | |||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended 9/30/2016 | Year Ended 3/31/2016 | Six-Month Period Ended 9/30/2016 | Year Ended 3/31/2016 | Six-Month Period Ended 9/30/2016 | Year Ended 3/31/2016 | Six-Month Period Ended 9/30/2016 | Year Ended 3/31/2016 | |||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 578,015 | 1,921,981 | 35,579 | 210,477 | 2,522,003 | 5,082,145 | 2,754,057 | 6,848,241 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 348,261 | — | 6,764 | 54,635 | 75,644 | 218,550 | 550,455 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (933,268 | ) | (1,828,161 | ) | (123,158 | ) | (38,035 | ) | (2,288,365 | ) | (3,064,452 | ) | (3,579,403 | ) | (8,857,927 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (355,253 | ) | 442,081 | (87,579 | ) | 179,206 | 288,273 | 2,093,337 | (606,796 | ) | (1,459,231 | ) | ||||||||||||||||||||||||||||||||
Beginning shares outstanding | 11,622,795 | 11,180,714 | 325,742 | 146,536 | 6,772,016 | 4,678,679 | 18,780,654 | 20,239,885 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 11,267,542 | 11,622,795 | 238,163 | 325,742 | 7,060,289 | 6,772,016 | 18,173,858 | 18,780,654 | ||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 91,741 | 292,021 | ||||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 49,222 | ||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (253,935 | ) | (562,213 | ) | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (162,194 | ) | (220,970 | ) | ||||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 2,081,170 | 2,302,140 | ||||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 1,918,976 | 2,081,170 | ||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 447,971 | 1,388,768 | 71,276 | 28,836 | 1,067,624 | 2,410,872 | 1,049,689 | 2,910,285 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 158,652 | — | 1,586 | 18,139 | 29,747 | 103,302 | 322,200 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (840,987 | ) | (1,657,897 | ) | (20,681 | ) | (17,468 | ) | (791,487 | ) | (1,165,417 | ) | (1,895,746 | ) | (6,826,299 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (393,016 | ) | (110,477 | ) | 50,595 | 12,954 | 294,276 | 1,275,202 | (742,755 | ) | (3,593,814 | ) | ||||||||||||||||||||||||||||||||
Beginning shares outstanding | 6,978,974 | 7,089,451 | 69,204 | 56,250 | 4,314,535 | 3,039,333 | 13,455,369 | 17,049,183 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 6,585,958 | 6,978,974 | 119,799 | 69,204 | 4,608,811 | 4,314,535 | 12,712,614 | 13,455,369 | ||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 89,203 | 78,942 | 77,462 | 117,545 | ||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 1,669 | 3,160 | 5,279 | 11,782 | ||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (14,420 | ) | (62,572 | ) | (32,902 | ) | (139,080 | ) | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) | 76,452 | 19,530 | 49,839 | (9,753 | ) | |||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 165,425 | 145,895 | 342,699 | 352,452 | ||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 241,877 | 165,425 | 392,538 | 342,699 | ||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 11,749,818 | 1,640,627 | ||||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 70,729 | 45,678 | ||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (967,932 | ) | (164,755 | ) | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) | 10,852,615 | 1,521,550 | ||||||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 1,521,550 | — | ||||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 12,374,165 | 1,521,550 | ||||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 51,196 | 120,259 | ||||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 14,473 | ||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (61,256 | ) | (217,758 | ) | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (10,060 | ) | (83,026 | ) | ||||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 481,031 | 564,057 | ||||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 470,971 | 481,031 | ||||||||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 179,897 | 341,548 | 41,453 | 37,578 | 5,628,973 | 11,770,870 | 9,040,539 | 15,561,364 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 19,234 | — | 11,170 | 118,649 | 126,478 | 254,877 | 523,393 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (267,958 | ) | (315,435 | ) | (14,164 | ) | (168,703 | ) | (3,669,117 | ) | (4,268,163 | ) | (5,328,440 | ) | (12,543,745 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (88,061 | ) | 45,347 | 27,289 | (119,955 | ) | 2,078,505 | 7,629,185 | 3,966,976 | 3,541,012 | ||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 454,038 | 408,691 | 256,582 | 376,537 | 12,616,968 | 4,987,783 | 23,837,500 | 20,296,488 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 365,977 | 454,038 | 283,871 | 256,582 | 14,695,473 | 12,616,968 | 27,804,476 | 23,837,500 |
C-21
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Pacific Funds Strategic Income | Pacific Funds Floating Rate Income | Pacific Funds Limited Duration High Income | Pacific Funds High Income | |||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended 9/30/2016 | Year Ended 3/31/2016 | Six-Month Period Ended 9/30/2016 | Year Ended 3/31/2016 | Six-Month Period Ended 9/30/2016 | Year Ended 3/31/2016 | Six-Month Period Ended 9/30/2016 | Year Ended 3/31/2016 | |||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 1,441,652 | 2,992,625 | 1,573,508 | 5,817,413 | 81,436 | 497,063 | 224,518 | 1,355,959 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 92,169 | 220,166 | 349,870 | 764,716 | 13,626 | 30,499 | 20,597 | 34,332 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (1,086,638 | ) | (2,795,296 | ) | (3,818,136 | ) | (8,313,361 | ) | (364,429 | ) | (419,721 | ) | (694,372 | ) | (851,898 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | 447,183 | 417,495 | (1,894,758 | ) | (1,731,232 | ) | (269,367 | ) | 107,841 | (449,257 | ) | 538,393 | ||||||||||||||||||||||||||||||||
Beginning shares outstanding | 5,176,310 | 4,758,815 | 19,614,318 | 21,345,550 | 846,561 | 738,720 | 1,101,320 | 562,927 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 5,623,493 | 5,176,310 | 17,719,560 | 19,614,318 | 577,194 | 846,561 | 652,063 | 1,101,320 | ||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 720,037 | 1,690,276 | 1,023,332 | 3,567,173 | 30,872 | 105,316 | 101,929 | 98,726 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 62,936 | 141,648 | 244,350 | 501,282 | 5,217 | 13,419 | 11,224 | 17,382 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (597,259 | ) | (1,419,233 | ) | (1,966,115 | ) | (5,374,260 | ) | (41,788 | ) | (150,146 | ) | (73,231 | ) | (175,000 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | 185,714 | 412,691 | (698,433 | ) | (1,305,805 | ) | (5,699 | ) | (31,411 | ) | 39,922 | (58,892 | ) | |||||||||||||||||||||||||||||||
Beginning shares outstanding | 4,388,971 | 3,976,280 | 16,560,463 | 17,866,268 | 350,915 | 382,326 | 458,694 | 517,586 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 4,574,685 | 4,388,971 | 15,862,030 | 16,560,463 | 345,216 | 350,915 | 498,616 | 458,694 | ||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 19,361 | 32,262 | 5,347,020 | 3,075,593 | 9,411 | 3,064 | 532,213 | 1,035 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 2,157 | 5,416 | 212,380 | 400,965 | 51,646 | 111,810 | 8,782 | 942 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (17,784 | ) | (72,334 | ) | (787,717 | ) | (2,831,035 | ) | (2,014 | ) | (4,047 | ) | (18,587 | ) | (18,913 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | 3,734 | (34,656 | ) | 4,771,683 | 645,523 | 59,043 | 110,827 | 522,408 | (16,936 | ) | ||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 94,489 | 129,145 | 9,414,004 | 8,768,481 | 2,393,884 | 2,283,057 | 6,228 | 23,164 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 98,223 | 94,489 | 14,185,687 | 9,414,004 | 2,452,927 | 2,393,884 | 528,636 | 6,228 | ||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 10,262 | 30,716 | 598,231 | 10,233,579 | ||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 1,140 | 2,046 | 223,024 | 593,136 | ||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (17,831 | ) | (43,092 | ) | (11,952,732 | ) | (2,390,465 | ) | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (6,429 | ) | (10,330 | ) | (11,131,477 | ) | 8,436,250 | |||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 58,177 | 68,507 | 12,178,549 | 3,742,299 | ||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 51,748 | 58,177 | 1,047,072 | 12,178,549 | ||||||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 4,638,729 | 11,745,239 | 8,914,635 | 10,921,186 | 46,125 | 382,323 | 50,685 | 92,191 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 203,033 | 432,539 | 474,525 | 961,149 | 4,640 | 21,960 | 5,077 | 12,874 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (3,394,188 | ) | (6,880,766 | ) | (7,166,785 | ) | (14,982,811 | ) | (61,981 | ) | (772,008 | ) | (45,464 | ) | (291,615 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | 1,447,574 | 5,297,012 | 2,222,375 | (3,100,476 | ) | (11,216 | ) | (367,725 | ) | 10,298 | (186,550 | ) | ||||||||||||||||||||||||||||||||
Beginning shares outstanding | 11,453,910 | 6,156,898 | 23,644,337 | 26,744,813 | 223,007 | 590,732 | 176,478 | 363,028 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 12,901,484 | 11,453,910 | 25,866,712 | 23,644,337 | 211,791 | 223,007 | 186,776 | 176,478 |
C-22
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Pacific Funds Large Cap (1) | Pacific Funds Large-Cap Value (1) | Pacific Funds Small/Mid-Cap (1) | ||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended 9/30/2016 | Period Ended 3/31/2016 (2) | Period Ended 11/30/2015 (2) | Six-Month Period Ended 9/30/2016 | Period Ended 3/31/2016 (2) | Period Ended 11/30/2015 (2) | Six-Month Period Ended 9/30/2016 | Period Ended 3/31/2016 (2) | Period Ended 11/30/2015 (2) | ||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 274,582 | 68,623 | 107,286 | 52,739 | 830,558 | 229,396 | ||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Shares repurchased | (35,055 | ) | (11,639 | ) | (7,012 | ) | — | (153,799 | ) | (2,311 | ) | |||||||||||||||||||||||||||||||||
Net increase (decrease) | 239,527 | 56,984 | 100,274 | 52,739 | 676,759 | 227,085 | ||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 56,984 | — | 52,739 | — | 227,085 | — | ||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 296,511 | 56,984 | 153,013 | 52,739 | 903,844 | 227,085 | ||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 122,391 | 54,726 | 143,699 | 50,780 | 229,959 | 58,641 | ||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Shares repurchased | (3,376 | ) | (311 | ) | (4,142 | ) | (316 | ) | (6,747 | ) | (5,423 | ) | ||||||||||||||||||||||||||||||||
Net increase (decrease) | 119,015 | 54,415 | 139,557 | 50,464 | 223,212 | 53,218 | ||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 54,415 | — | 50,464 | — | 53,218 | — | ||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 173,430 | 54,415 | 190,021 | 50,464 | 276,430 | 53,218 | ||||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 54,607 | 58,314 | 2,235,104 | 82,103 | 2,731,870 | 198,112 | ||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Shares repurchased | (1,135 | ) | — | (9,906 | ) | — | (178,565 | ) | (30 | ) | ||||||||||||||||||||||||||||||||||
Net increase (decrease) | 53,472 | 58,314 | 2,225,198 | 82,103 | 2,553,305 | 198,082 | ||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 58,314 | — | 82,103 | — | 198,082 | — | ||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 111,786 | 58,314 | 2,307,301 | 82,103 | 2,751,387 | 198,082 | ||||||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 3,071 | 6,203 | 63,215 | 2,314 | 2,948 | 50,000 | 150,328 | 230,581 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 978 | — | — | 1,395 | — | — | — | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (4,283 | ) | — | (490 | ) | (1,115 | ) | — | — | (37,106 | ) | — | ||||||||||||||||||||||||||||||||
Net increase (decrease) | (1,212 | ) | 7,181 | 62,725 | 1,199 | 4,343 | 50,000 | 113,222 | 230,581 | |||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 69,906 | 62,725 | — | 54,343 | 50,000 | — | 230,581 | — | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 68,694 | 69,906 | 62,725 | 55,542 | 54,343 | 50,000 | 343,803 | 230,581 | ||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 9,473 | 3,335 | 188,368 | 103,921 | 22,212 | 691,926 | 21,244 | 50,000 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 3,385 | — | — | — | — | 417 | — | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (96,509 | ) | — | (595 | ) | (1,115 | ) | — | (1,072 | ) | — | — | ||||||||||||||||||||||||||||||||
Net increase (decrease) | (87,036 | ) | 6,720 | 187,773 | 102,806 | 22,212 | 690,854 | 21,661 | 50,000 | |||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 194,493 | 187,773 | — | 22,212 | — | 71,661 | 50,000 | — | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 107,457 | 194,493 | 187,773 | 125,018 | 22,212 | 762,515 | 71,661 | 50,000 |
C-23
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Pacific Funds Small Cap (1) | Pacific Funds Small Cap Value (1) | Pacific Funds Small Cap Growth (1) | ||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended 9/30/2016 | Period Ended 3/31/2016 (2) | Period Ended 11/30/2015 (2) | Six-Month Period Ended 9/30/2016 | Period Ended 3/31/2016 (2) | Period Ended 11/30/2015 (2) | Six-Month Period Ended 9/30/2016 | Period Ended 3/31/2016 (2) | Period Ended 11/30/2015 (2) | ||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 104,884 | 33,428 | 17,487 | 15,572 | 23,050 | 4,491 | ||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Shares repurchased | (1,099 | ) | — | (5,461 | ) | — | (1,466 | ) |
|
| ||||||||||||||||||||||||||||||||||
Net increase (decrease) | 103,785 | 33,428 | 12,026 | 15,572 | 21,584 | 4,491 | ||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 33,428 | — | 15,572 | — | 4,491 | — | ||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 137,213 | 33,428 | 27,598 | 15,572 | 26,075 | 4,491 | ||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 21,198 | 13,453 | 38,591 | 12,748 | 5,522 | 3,498 | ||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Shares repurchased | (7,041 | ) | — | (2,256 | ) | — | (1,369 | ) |
|
| ||||||||||||||||||||||||||||||||||
Net increase (decrease) | 14,157 | 13,453 | 36,335 | 12,748 | 4,153 | 3,498 | ||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 13,453 | — | 12,748 | — | 3,498 | — | ||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 27,610 | 13,453 | 49,083 | 12,748 | 7,651 | 3,498 | ||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 1,393,125 | |||||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | |||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (154,771 | ) | ||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) | 1,238,354 | |||||||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | — | |||||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 1,238,354 | |||||||||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 471,306 | 18,179 | 2,401,246 | 27,567 | 1,020,914 | 24,297 | ||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Shares repurchased | (6,889 | ) | (2,365 | ) | (1,275 | ) | — | (1,955 | ) |
|
| |||||||||||||||||||||||||||||||||
Net increase (decrease) | 464,417 | 15,814 | 2,399,971 | 27,567 | 1,018,959 | 24,297 | ||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 15,814 | — | 27,567 | — | 24,297 | — | ||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 480,231 | 15,814 | 2,427,538 | 27,567 | 1,043,256 | 24,297 | ||||||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 16,658 | 1,886 | 4,322 | 6,278 | 201 | 1,078 | 100,433 | |||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Shares repurchased | (1,099 | ) | — | (1,136 | ) | — | (1,079 | ) |
|
| — | |||||||||||||||||||||||||||||||||
Net increase (decrease) | 15,559 | 1,886 | 3,186 | 6,278 | (878 | ) | 1,078 | 100,433 | ||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 1,886 | — | 6,278 | — | 101,511 | 100,433 | — | |||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 17,445 | 1,886 | 9,464 | 6,278 | 100,633 | 101,511 | 100,433 | |||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 11,798 | 1,099 | 50,000 | 786,038 | 46,852 | 70,356 | 806,759 | 42,681 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 281 | — | — | 1,593 | — | ||||||||||||||||||||||||||||||||||||||
Shares repurchased | (1,099 | ) | — | — | (18,083 | ) | (38 | ) | (763 | ) | (1,079 | ) |
|
| ||||||||||||||||||||||||||||||
Net increase (decrease) | 10,699 | 1,380 | 50,000 | 767,955 | 48,407 | 69,593 | 805,680 | 42,681 | ||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 51,380 | 50,000 | — | 118,000 | 69,593 | — | 42,681 | — | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 62,079 | 51,380 | 50,000 | 885,955 | 118,000 | 69,593 | 848,361 | 42,681 |
(1) | See footnote (1) in Financial Highlights from pages B-14 through B-23 for the commencement date of operations of each share class. |
(2) | Because of the change in fiscal year end from November 30 to March 31 for the Fund, the following periods are shown for the Fund: (i) the period from December 31, 2014 through November 30, 2015, which reflects the fiscal year end for the Predecessor Fund prior to the reorganization and (ii) the period from December 1, 2015 through March 31, 2016, which reflects the change in fiscal year end for the Fund upon the reorganization (see Note 1 on page C-1). |
C-24
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, 2016 to September 30, 2016.
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 9/30/16” 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 04/01/16-09/30/16” 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, 2016 to September 30, 2016.
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 04/01/16-09/30/16.”
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 04/01/16 | Ending Account Value at 09/30/16 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/16 - 09/30/16 (1) | |||||||||||||
Pacific Funds Portfolio Optimization Conservative (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,047.90 | 0.60% | $3.08 | ||||||||||||
Class B | 1,000.00 | 1,045.00 | 1.35% | 6.92 | ||||||||||||
Class C | 1,000.00 | 1,045.00 | 1.35% | 6.92 | ||||||||||||
Class R | 1,000.00 | 1,047.30 | 0.85% | 4.36 | ||||||||||||
Advisor Class | 1,000.00 | 1,049.80 | 0.35% | 1.80 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,022.06 | 0.60% | $3.04 | ||||||||||||
Class B | 1,000.00 | 1,018.30 | 1.35% | 6.83 | ||||||||||||
Class C | 1,000.00 | 1,018.30 | 1.35% | 6.83 | ||||||||||||
Class R | 1,000.00 | 1,020.81 | 0.85% | 4.31 | ||||||||||||
Advisor Class | 1,000.00 | 1,023.31 | 0.35% | 1.78 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,051.10 | 0.60% | $3.09 | ||||||||||||
Class B | 1,000.00 | 1,047.50 | 1.35% | 6.93 | ||||||||||||
Class C | 1,000.00 | 1,047.60 | 1.35% | 6.93 | ||||||||||||
Class R | 1,000.00 | 1,050.50 | 0.85% | 4.37 | ||||||||||||
Advisor Class | 1,000.00 | 1,052.70 | 0.35% | 1.80 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,022.06 | 0.60% | $3.04 | ||||||||||||
Class B | 1,000.00 | 1,018.30 | 1.35% | 6.83 | ||||||||||||
Class C | 1,000.00 | 1,018.30 | 1.35% | 6.83 | ||||||||||||
Class R | 1,000.00 | 1,020.81 | 0.85% | 4.31 | ||||||||||||
Advisor Class | 1,000.00 | 1,023.31 | 0.35% | 1.78 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,056.20 | 0.60% | $3.09 | ||||||||||||
Class B | 1,000.00 | 1,052.80 | 1.35% | 6.95 | ||||||||||||
Class C | 1,000.00 | 1,052.10 | 1.35% | 6.94 | ||||||||||||
Class R | 1,000.00 | 1,054.70 | 0.85% | 4.38 | ||||||||||||
Advisor Class | 1,000.00 | 1,057.70 | 0.35% | 1.81 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,022.06 | 0.60% | $3.04 | ||||||||||||
Class B | 1,000.00 | 1,018.30 | 1.35% | 6.83 | ||||||||||||
Class C | 1,000.00 | 1,018.30 | 1.35% | 6.83 | ||||||||||||
Class R | 1,000.00 | 1,020.81 | 0.85% | 4.31 | ||||||||||||
Advisor Class | 1,000.00 | 1,023.31 | 0.35% | 1.78 | ||||||||||||
Pacific Funds Portfolio Optimization Growth (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,059.70 | 0.60% | $3.10 | ||||||||||||
Class B | 1,000.00 | 1,056.70 | 1.35% | 6.96 | ||||||||||||
Class C | 1,000.00 | 1,056.80 | 1.35% | 6.96 | ||||||||||||
Class R | 1,000.00 | 1,059.10 | 0.85% | 4.39 | ||||||||||||
Advisor Class | 1,000.00 | 1,061.00 | 0.35% | 1.81 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,022.06 | 0.60% | $3.04 | ||||||||||||
Class B | 1,000.00 | 1,018.30 | 1.35% | 6.83 | ||||||||||||
Class C | 1,000.00 | 1,018.30 | 1.35% | 6.83 | ||||||||||||
Class R | 1,000.00 | 1,020.81 | 0.85% | 4.31 | ||||||||||||
Advisor Class | 1,000.00 | 1,023.31 | 0.35% | 1.78 |
See explanation of references on page D-3
D-1
PACIFIC FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
Beginning Account Value at 04/01/16 | Ending Account Value at 09/30/16 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/16 - 09/30/16 (1) | |||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,060.50 | 0.60% | $3.10 | ||||||||||||
Class B | 1,000.00 | 1,056.80 | 1.35% | 6.96 | ||||||||||||
Class C | 1,000.00 | 1,056.90 | 1.35% | 6.96 | ||||||||||||
Class R | 1,000.00 | 1,058.80 | 0.85% | 4.39 | ||||||||||||
Advisor Class | 1,000.00 | 1,061.90 | 0.35% | 1.81 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,022.06 | 0.60% | $3.04 | ||||||||||||
Class B | 1,000.00 | 1,018.30 | 1.35% | 6.83 | ||||||||||||
Class C | 1,000.00 | 1,018.30 | 1.35% | 6.83 | ||||||||||||
Class R | 1,000.00 | 1,020.81 | 0.85% | 4.31 | ||||||||||||
Advisor Class | 1,000.00 | 1,023.31 | 0.35% | 1.78 | ||||||||||||
Pacific Funds Diversified Alternatives (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,048.80 | 0.85% | $4.37 | ||||||||||||
Class C | 1,000.00 | 1,043.90 | 1.60% | 8.20 | ||||||||||||
Advisor Class | 1,000.00 | 1,048.60 | 0.60% | 3.08 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,020.81 | 0.85% | $4.31 | ||||||||||||
Class C | 1,000.00 | 1,017.05 | 1.60% | 8.09 | ||||||||||||
Advisor Class | 1,000.00 | 1,022.06 | 0.60% | 3.04 | ||||||||||||
Pacific Funds Short Duration Income | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,017.10 | 0.85% | $4.30 | ||||||||||||
Class C | 1,000.00 | 1,013.30 | 1.60% | 8.08 | ||||||||||||
Class I | 1,000.00 | 1,018.60 | 0.55% | 2.78 | ||||||||||||
Advisor Class | 1,000.00 | 1,018.30 | 0.60% | 3.04 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,020.81 | 0.85% | $4.31 | ||||||||||||
Class C | 1,000.00 | 1,017.05 | 1.60% | 8.09 | ||||||||||||
Class I | 1,000.00 | 1,022.31 | 0.55% | 2.79 | ||||||||||||
Advisor Class | 1,000.00 | 1,022.06 | 0.60% | 3.04 | ||||||||||||
Pacific Funds Core Income | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,041.00 | 0.95% | $4.86 | ||||||||||||
Class C | 1,000.00 | 1,038.10 | 1.70% | 8.69 | ||||||||||||
Class I | 1,000.00 | 1,042.60 | 0.65% | 3.33 | ||||||||||||
Class P | 1,000.00 | 1,042.30 | 0.70% | 3.58 | ||||||||||||
Advisor Class | 1,000.00 | 1,043.20 | 0.70% | 3.59 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,020.31 | 0.95% | $4.81 | ||||||||||||
Class C | 1,000.00 | 1,016.55 | 1.70% | 8.59 | ||||||||||||
Class I | 1,000.00 | 1,021.81 | 0.65% | 3.29 | ||||||||||||
Class P | 1,000.00 | 1,021.56 | 0.70% | 3.55 | ||||||||||||
Advisor Class | 1,000.00 | 1,021.56 | 0.70% | 3.55 |
Beginning Account Value at 04/01/16 | Ending Account Value at 09/30/16 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/16 - 09/30/16 (1) | |||||||||||||
Pacific Funds Strategic Income | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,078.00 | 1.05% | $5.47 | ||||||||||||
Class C | 1,000.00 | 1,074.20 | 1.80% | 9.36 | ||||||||||||
Class I | 1,000.00 | 1,081.10 | 0.75% | 3.91 | ||||||||||||
Advisor Class | 1,000.00 | 1,080.40 | 0.80% | 4.17 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,019.80 | 1.05% | $5.32 | ||||||||||||
Class C | 1,000.00 | 1,016.04 | 1.80% | 9.10 | ||||||||||||
Class I | 1,000.00 | 1,021.31 | 0.75% | 3.80 | ||||||||||||
Advisor Class | 1,000.00 | 1,021.06 | 0.80% | 4.05 | ||||||||||||
Pacific Funds Floating Rate Income | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,042.50 | 1.12% | $5.73 | ||||||||||||
Class C | 1,000.00 | 1,038.70 | 1.87% | 9.56 | ||||||||||||
Class I | 1,000.00 | 1,044.00 | 0.82% | 4.20 | ||||||||||||
Class P | 1,000.00 | 1,043.80 | 0.87% | 4.46 | ||||||||||||
Advisor Class | 1,000.00 | 1,043.70 | 0.87% | 4.46 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,019.45 | 1.12% | $5.67 | ||||||||||||
Class C | 1,000.00 | 1,015.69 | 1.87% | 9.45 | ||||||||||||
Class I | 1,000.00 | 1,020.96 | 0.82% | 4.15 | ||||||||||||
Class P | 1,000.00 | 1,020.71 | 0.87% | 4.41 | ||||||||||||
Advisor Class | 1,000.00 | 1,020.71 | 0.87% | 4.41 | ||||||||||||
Pacific Funds Limited Duration High Income | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,046.50 | 1.08% | $5.54 | ||||||||||||
Class C | 1,000.00 | 1,041.50 | 1.83% | 9.37 | ||||||||||||
Class I | 1,000.00 | 1,048.10 | 0.78% | 4.00 | ||||||||||||
Advisor Class | 1,000.00 | 1,046.60 | 0.83% | 4.26 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,019.65 | 1.08% | $5.47 | ||||||||||||
Class C | 1,000.00 | 1,015.89 | 1.83% | 9.25 | ||||||||||||
Class I | 1,000.00 | 1,021.16 | 0.78% | 3.95 | ||||||||||||
Advisor Class | 1,000.00 | 1,020.91 | 0.83% | 4.20 | ||||||||||||
Pacific Funds High Income | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,099.00 | 1.05% | $5.52 | ||||||||||||
Class C | 1,000.00 | 1,094.20 | 1.80% | 9.45 | ||||||||||||
Class I | 1,000.00 | 1,100.50 | 0.75% | 3.95 | ||||||||||||
Class P | 1,000.00 | 1,100.40 | 0.80% | 4.21 | ||||||||||||
Advisor Class | 1,000.00 | 1,100.60 | 0.80% | 4.21 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,019.80 | 1.05% | $5.32 | ||||||||||||
Class C | 1,000.00 | 1,016.04 | 1.80% | 9.10 | ||||||||||||
Class I | 1,000.00 | 1,021.31 | 0.75% | 3.80 | ||||||||||||
Class P | 1,000.00 | 1,021.06 | 0.80% | 4.05 | ||||||||||||
Advisor Class | 1,000.00 | 1,021.06 | 0.80% | 4.05 |
See explanation of references on page D-3 |
D-2
PACIFIC FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
Beginning Account Value at 04/01/16 | Ending Account Value at 09/30/16 | Annualized Expense Ratio | Expenses 04/01/16 - | |||||||||||||
Pacific Funds Large-Cap | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,056.90 | 1.00% | $5.16 | ||||||||||||
Class C | 1,000.00 | 1,051.80 | 1.75% | 9.00 | ||||||||||||
Advisor Class | 1,000.00 | 1,057.90 | 0.75% | 3.87 | ||||||||||||
Investor Class | 1,000.00 | 1,056.00 | 1.00% | 5.15 | ||||||||||||
Class S (3) | 1,000.00 | 1,058.00 | 0.65% | 3.35 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,020.05 | 1.00% | $5.06 | ||||||||||||
Class C | 1,000.00 | 1,016.29 | 1.75% | 8.85 | ||||||||||||
Advisor Class | 1,000.00 | 1,021.31 | 0.75% | 3.80 | ||||||||||||
Investor Class | 1,000.00 | 1,020.05 | 1.00% | 5.06 | ||||||||||||
Class S (3) | 1,000.00 | 1,021.81 | 0.65% | 3.29 | ||||||||||||
Pacific Funds Large-Cap Value | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,050.70 | 1.10% | $5.65 | ||||||||||||
Class C | 1,000.00 | 1,046.60 | 1.85% | 9.49 | ||||||||||||
Advisor Class | 1,000.00 | 1,051.80 | 0.85% | 4.37 | ||||||||||||
Investor Class | 1,000.00 | 1,049.60 | 1.10% | 5.65 | ||||||||||||
Class S (3) | 1,000.00 | 1,052.80 | 0.75% | 3.86 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,019.55 | 1.10% | $5.57 | ||||||||||||
Class C | 1,000.00 | 1,015.79 | 1.85% | 9.35 | ||||||||||||
Advisor Class | 1,000.00 | 1,020.81 | 0.85% | 4.31 | ||||||||||||
Investor Class | 1,000.00 | 1,019.55 | 1.10% | 5.57 | ||||||||||||
Class S (3) | 1,000.00 | 1,021.31 | 0.75% | 3.80 | ||||||||||||
Pacific Funds Small/Mid-Cap | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,071.50 | 1.30% | $6.75 | ||||||||||||
Class C | 1,000.00 | 1,068.60 | 2.05% | 10.63 | ||||||||||||
Advisor Class | 1,000.00 | 1,073.60 | 1.05% | 5.46 | ||||||||||||
Investor Class | 1,000.00 | 1,072.70 | 1.35% | 7.01 | ||||||||||||
Class S (3) | 1,000.00 | 1,073.60 | 1.00% | 5.20 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,018.55 | 1.30% | $6.58 | ||||||||||||
Class C | 1,000.00 | 1,014.79 | 2.05% | 10.35 | ||||||||||||
Advisor Class | 1,000.00 | 1,019.80 | 1.05% | 5.32 | ||||||||||||
Investor Class | 1,000.00 | 1,018.30 | 1.35% | 6.83 | ||||||||||||
Class S (3) | 1,000.00 | 1,020.05 | 1.00% | 5.06 | ||||||||||||
Pacific Funds Small-Cap | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,088.90 | 1.30% | $6.81 | ||||||||||||
Class C | 1,000.00 | 1,084.90 | 2.05% | 10.71 | ||||||||||||
Advisor Class | 1,000.00 | 1,089.90 | 1.05% | 5.50 | ||||||||||||
Investor Class | 1,000.00 | 1,088.90 | 1.35% | 7.07 | ||||||||||||
Class S (3) | 1,000.00 | 1,091.00 | 1.00% | 5.24 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,018.55 | 1.30% | $6.58 | ||||||||||||
Class C | 1,000.00 | 1,014.79 | 2.05% | 10.35 | ||||||||||||
Advisor Class | 1,000.00 | 1,019.80 | 1.05% | 5.32 | ||||||||||||
Investor Class | 1,000.00 | 1,018.30 | 1.35% | 6.83 | ||||||||||||
Class S (3) | 1,000.00 | 1,020.05 | 1.00% | 5.06 |
Beginning Account Value at 04/01/16 | Ending Account Value at 09/30/16 | Annualized Expense Ratio | Expenses 04/01/16 - | |||||||||||||
Pacific Funds Small-Cap Value | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,098.10 | 1.30% | $6.84 | ||||||||||||
Class C | 1,000.00 | 1,094.10 | 2.05% | 10.76 | ||||||||||||
Advisor Class | 1,000.00 | 1,099.10 | 1.05% | 5.53 | ||||||||||||
Investor Class | 1,000.00 | 1,097.00 | 1.35% | 7.10 | ||||||||||||
Class S (3) | 1,000.00 | 1,100.20 | 1.00% | 5.26 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,018.55 | 1.30% | $6.58 | ||||||||||||
Class C | 1,000.00 | 1,014.79 | 2.05% | 10.35 | ||||||||||||
Advisor Class | 1,000.00 | 1,019.80 | 1.05% | 5.32 | ||||||||||||
Investor Class | 1,000.00 | 1,018.30 | 1.35% | 6.83 | ||||||||||||
Class S (3) | 1,000.00 | 1,020.05 | 1.00% | 5.06 | ||||||||||||
Pacific Funds Small-Cap Growth | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,085.20 | 1.30% | $6.80 | ||||||||||||
Class C | 1,000.00 | 1,082.20 | 2.05% | 10.70 | ||||||||||||
Class P (4) | 1,000.00 | 1,041.80 | 1.05% | 3.38 | ||||||||||||
Advisor Class | 1,000.00 | 1,088.20 | 1.05% | 5.50 | ||||||||||||
Investor Class | 1,000.00 | 1,087.30 | 1.25% | 6.54 | ||||||||||||
Class S (3) | 1,000.00 | 1,089.30 | 0.90% | 4.71 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,018.55 | 1.30% | $6.58 | ||||||||||||
Class C | 1,000.00 | 1,014.79 | 2.05% | 10.35 | ||||||||||||
Class P (4) | 1,000.00 | 1,019.80 | 1.05% | 5.32 | ||||||||||||
Advisor Class | 1,000.00 | 1,019.80 | 1.05% | 5.32 | ||||||||||||
Investor Class | 1,000.00 | 1,018.80 | 1.25% | 6.33 | ||||||||||||
Class S (3) | 1,000.00 | 1,020.56 | 0.90% | 4.56 |
(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 365 days. |
(2) | The annualized expense ratios for the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives do not include fees and expenses of their respective PF Underlying Funds and the Class P shares of Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income and Pacific Funds Small-Cap Growth in which the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives invest (see Note 1 in Notes to Financial Statements). |
(3) | Class S was formerly named Institutional Class. |
(4) | The Class P shares of Pacific Funds Small-Cap Growth commenced operations on June 8, 2016. The actual fund return and expenses paid during the period for Class P shares was for the period June 8, 2016 to September 30, 2016, 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-3
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 operation 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 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”). 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 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-4
PF Underlying Funds
Semi-Annual Report
As of September 30, 2016
PACIFIC FUNDS
SEMI-ANNUAL REPORT
AS OF SEPTEMBER 30, 2016
A-1 | ||||
Financial Statements: | ||||
B-1 | ||||
B-5 | ||||
B-9 | ||||
B-13 | ||||
B-14 | ||||
C-1 | ||||
D-1 | ||||
D-3 |
Pacific Funds Series Trust, which is a Delaware statutory trust, may be referred to as “Pacific Funds” or the “Trust”.
PF FLOATING RATE LOAN FUND
Schedule of Investments
September 30, 2016 (Unaudited)
Principal Amount | Value | |||||||
SENIOR LOAN NOTES - 0.2% | ||||||||
Technology - 0.2% | ||||||||
Smart Technologies ULC Term B (Canada) | $18,906 | $19,175 | ||||||
|
| |||||||
Total Senior Loan Notes |
| 19,175 | ||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 89.9% | ||||||||
Money Market Fund - 89.9% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 7,109,900 | 7,109,900 | ||||||
|
| |||||||
Total Short-Term Investment |
| 7,109,900 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 90.1% |
| 7,129,075 | ||||||
OTHER ASSETS & LIABILITIES, NET - 9.9% |
| 781,530 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $7,910,605 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition as a percentage of net assets was as follows: |
Short-Term Investment | 89.9% | |||
Others (less than 3.0%) | 0.2% | |||
|
| |||
90.1% | ||||
Other Assets & Liabilities, Net | 9.9% | |||
|
| |||
100.0% | ||||
|
|
(b) | An investment with a value of $19,175 or 0.2% 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) | 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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Senior Loan Notes | $19,175 | $— | $— | $19,175 | |||||||||||||
Short-Term Investment | 7,109,900 | 7,109,900 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $7,129,075 | $7,109,900 | $— | $19,175 | ||||||||||||||
|
|
|
|
|
|
|
|
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, 2016:
Convertible Preferred Stocks | Senior Loan Notes | Total | ||||||||||
Value, Beginning of Period | $11,815 | $2,800,565 | $2,812,380 | |||||||||
Purchases | — | — | — | |||||||||
Sales (Includes Paydowns) | — | (3,445,128 | ) | (3,445,128 | ) | |||||||
Accrued Discounts (Premiums) | — | 18,613 | 18,613 | |||||||||
Net Realized Gains (Losses) | (1,658 | ) | (784,636 | ) | (786,294 | ) | ||||||
Change in Net Unrealized Appreciation (Depreciation) | (10,157 | ) | 1,429,761 | 1,419,604 | ||||||||
Transfers In | — | — | — | |||||||||
Transfers Out | — | — | — | |||||||||
|
|
|
|
|
| |||||||
Value, End of Period | $— | $19,175 | $19,175 | |||||||||
|
|
|
|
|
| |||||||
Change in Net Unrealized Appreciation (Depreciation) on | $— | $270 | $270 | |||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-1
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments
September 30, 2016 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS & NOTES - 1.8% | ||||||||
Financial - 1.6% | ||||||||
International Lease Finance Corp | $100,000 | $109,375 | ||||||
The Goldman Sachs Group Inc | 100,000 | 100,622 | ||||||
|
| |||||||
209,997 | ||||||||
|
| |||||||
Technology - 0.2% | ||||||||
Hewlett Packard Enterprise Co | 35,000 | 35,288 | ||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 245,285 | ||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 16.9% | ||||||||
Collateralized Mortgage Obligations - Commercial - 0.8% |
| |||||||
JP Morgan Chase Commercial Mortgage Securities Trust | 30,885 | 30,891 | ||||||
Morgan Stanley Capital I Trust | 68,600 | 70,440 | ||||||
|
| |||||||
101,331 | ||||||||
|
| |||||||
Collateralized Mortgage Obligations - Residential - 8.3% |
| |||||||
Banc of America Mortgage Trust | 64,976 | 60,164 | ||||||
Bear Stearns Adjustable Rate Mortgage Trust | ||||||||
2.580% due 08/25/35 “ § | 9,842 | 9,911 | ||||||
2.920% due 03/25/35 “ § | 32,552 | 32,756 | ||||||
3.128% due 03/25/35 “ § | 8,367 | 8,451 | ||||||
Citigroup Mortgage Loan Trust Inc | ||||||||
2.430% due 09/25/35 “ § | 14,464 | 14,877 | ||||||
2.760% due 09/25/35 “ § | 12,475 | 12,487 | ||||||
Countrywide Home Loan Mortgage Pass-Through Trust | 34,425 | 33,177 | ||||||
Fannie Mae | ||||||||
0.875% due 07/25/37 “ § | 77,019 | 77,351 | ||||||
0.905% due 07/25/37 “ § | 78,868 | 79,301 | ||||||
0.965% due 05/25/36 “ § | 58,835 | 58,604 | ||||||
0.970% due 02/25/37 “ § | 18,668 | 18,654 | ||||||
1.205% due 02/25/41 “ § | 158,245 | 159,673 | ||||||
First Horizon Mortgage Pass-Through Trust | 37,835 | 37,186 | ||||||
GSR Mortgage Loan Trust | 26,930 | 27,455 | ||||||
JP Morgan Mortgage Trust | 63,810 | 63,197 | ||||||
Merrill Lynch Mortgage Investors Trust | 88,100 | 88,227 | ||||||
Reperforming Loan REMIC Trust | 10,717 | 9,559 | ||||||
Residential Accredit Loans Inc Trust | 109,146 | 48,304 | ||||||
Structured Adjustable Rate Mortgage Loan Trust | 24,630 | 21,315 | ||||||
Structured Asset Mortgage Investments II Trust | 90,107 | 70,071 | ||||||
Wells Fargo Mortgage Backed Securities Trust | 167,680 | 169,417 | ||||||
|
| |||||||
1,100,137 | ||||||||
|
| |||||||
Fannie Mae - 7.8% | ||||||||
3.000% due 11/01/46 “ | 1,000,000 | 1,037,363 | ||||||
|
| |||||||
Total Mortgage-Backed Securities | 2,238,831 | |||||||
|
|
Principal Amount | Value | |||||||
ASSET-BACKED SECURITIES - 2.0% | ||||||||
Bear Stearns Asset-Backed Securities Trust | $266,543 | $259,650 | ||||||
Freddie Mac Structured Pass-Through Securities 0.805% due 09/25/31 “ § | 1,312 | 1,296 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 260,946 | ||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 124.2% | ||||||||
U.S. Treasury Bonds - 8.4% | ||||||||
1.125% due 08/31/21 | 700,000 | 699,426 | ||||||
2.250% due 08/15/46 | 10,000 | 9,851 | ||||||
2.500% due 02/15/46 | 260,000 | 269,664 | ||||||
3.000% due 05/15/45 | 110,000 | 125,834 | ||||||
|
| |||||||
1,104,775 | ||||||||
|
| |||||||
U.S. Treasury Inflation Protected Securities - 115.8% |
| |||||||
0.125% due 04/15/19 ^ | 3,173,430 | 3,228,781 | ||||||
0.125% due 04/15/20 ^ | 308,283 | 314,480 | ||||||
0.125% due 07/15/22 ^ | 104,646 | 107,289 | ||||||
0.125% due 01/15/23 ^ | 1,563,855 | 1,591,008 | ||||||
0.125% due 07/15/26 ^ | 40,158 | 40,679 | ||||||
0.250% due 01/15/25 ^ | 624,846 | 637,587 | ||||||
0.375% due 07/15/23 ^ ‡ | 982,367 | 1,019,691 | ||||||
0.375% due 07/15/25 ^ | 558,124 | 577,508 | ||||||
0.625% due 07/15/21 ^ | 939,594 | 987,675 | ||||||
0.625% due 01/15/24 ^ | 206,272 | 216,781 | ||||||
0.750% due 02/15/42 ^ | 106,500 | 110,465 | ||||||
1.000% due 02/15/46 ^ | 477,346 | 531,112 | ||||||
1.250% due 07/15/20 ^ | 904,829 | 967,651 | ||||||
1.375% due 02/15/44 ^ | 609,210 | 727,283 | ||||||
1.750% due 01/15/28 ^ | 482,450 | 566,202 | ||||||
2.125% due 02/15/40 ^ | 11,134 | 14,894 | ||||||
2.125% due 02/15/41 ^ | 109,889 | 148,380 | ||||||
2.375% due 01/15/25 ^ | 370,231 | 442,015 | ||||||
2.375% due 01/15/27 ^ | 429,588 | 528,013 | ||||||
2.500% due 01/15/29 ^ | 930,306 | 1,184,517 | ||||||
3.625% due 04/15/28 ^ | 238,058 | 329,595 | ||||||
3.875% due 04/15/29 ^ | 717,287 | 1,036,564 | ||||||
|
| |||||||
15,308,170 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 16,412,945 | ||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 16.5% |
| |||||||
Autonomous Community of Catalonia (Spain) | EUR 100,000 | 119,845 | ||||||
Deutsche Bundesrepublik Inflation-Linked (Germany) | 328,284 | 409,867 | ||||||
France Government OAT (France) | 304,658 | 392,412 | ||||||
Italy Buoni Poliennali Del Tesoro (Italy) | ||||||||
2.350% due 09/15/24 ^ ~ | 100,362 | 132,264 | ||||||
3.100% due 09/15/26 ^ ~ | 52,955 | 75,396 | ||||||
Mexican Udibonos (Mexico) | MXN 1,443,308 | 85,506 | ||||||
New Zealand Government (New Zealand) | NZD 200,000 | 158,118 | ||||||
United Kingdom Gilt Inflation-Linked (United Kingdom) | ||||||||
0.125% due 03/22/24 ^ ~ | GBP 65,193 | 100,309 | ||||||
0.125% due 03/22/26 ^ ~ | 377,390 | 599,661 | ||||||
0.125% due 03/22/44 ^ ~ | 43,461 | 93,351 | ||||||
0.125% due 11/22/65 ^ ~ | 5,057 | 16,069 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes |
| 2,182,798 | ||||||
|
| |||||||
PURCHASED OPTIONS - 0.3% | ||||||||
(See Note (g) in Notes to Schedule of Investments) |
| 35,136 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-2
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Shares | Value | |||||||
SHORT-TERM INVESTMENTS - 6.2% | ||||||||
Money Market Fund - 0.9% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 121,740 | $121,740 | ||||||
Principal Amount | ||||||||
U. S. Government Agency Issue - 5.3% | ||||||||
Federal Home Loan Bank | ||||||||
0.264% due 11/23/16 | $700,000 | 699,727 | ||||||
|
| |||||||
Total Short-Term Investments |
| 821,467 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 167.9% |
| 22,197,408 | ||||||
OTHER ASSETS & LIABILITIES, NET - (67.9%) |
| (8,979,736 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $13,217,672 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition as a percentage of net assets was as follows: |
U.S. Treasury Obligations | 124.2% | |||
Mortgage-Backed Securities | 16.9% | |||
Foreign Government Bonds & Notes | 16.5% | |||
Short-Term Investments | 6.2% | |||
Others (each less than 3.0%) | 4.1% | |||
|
| |||
167.9% | ||||
Other Assets & Liabilities, Net | (67.9% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2016, an investment with a value of $1,019,691 was fully or partially segregated with the broker(s)/custodian as collateral for a reverse repurchase agreement, open futures contracts, forward foreign currency contracts, option contracts, and swap agreements. |
(c) | The average amount of borrowings by the Fund on reverse repurchase agreements outstanding for the six-month period ended September 30, 2016 was $897,218 at a weighted average interest rate of 0.830%. 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, 2016 was $13,362,055 at a weighted average interest rate of 0.178%. |
(d) | A reverse repurchase agreement outstanding as of September 30, 2016 was as follows: |
Counterparty | Collateral Pledged | Interest Rate | Trade Date | Maturity Date | Repurchase Amount | Principal Amount | Value | |||||||||||||||||||
RBS | U.S. Treasury Inflation Protected Securities 0.375% due 07/15/23 | 0.850% | 09/28/16 | 10/28/16 | ($985,112 | ) | $984,438 | ($984,438 | ) | |||||||||||||||||
|
|
(e) | Open futures contracts outstanding as of September 30, 2016 were as follows: |
Long Futures Outstanding | Number of Contracts | Unrealized Appreciation (Depreciation) | ||||||
U.S. Treasury 5-Year Notes (12/16) | 7 | $196 | ||||||
|
| |||||||
Short Futures Outstanding | ||||||||
Euro-BTP (12/16) | 1 | 77 | ||||||
Euro-OAT (12/16) | 2 | (3,529 | ) | |||||
Eurodollar (12/16) | 2 | (161 | ) | |||||
U.S. Treasury 2-Year Notes (12/16) | 7 | 691 | ||||||
U.S. Treasury 10-Year Notes (12/16) | 1 | (251 | ) | |||||
U.S. Treasury 30-Year Bonds (12/16) | 4 | 10,558 | ||||||
|
| |||||||
7,385 | ||||||||
|
| |||||||
Total Futures Contracts | $7,581 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-3
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
(f) | Forward foreign currency contracts outstanding as of September 30, 2016 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
BRL | 35,970 | USD | 11,000 | 10/16 | BRC | $7 | ||||||||||||||||
BRL | 35,970 | USD | 11,080 | 10/16 | GSC | 7 | ||||||||||||||||
CAD | 280,000 | USD | 216,220 | 11/16 | CIT | (2,776 | ) | |||||||||||||||
CNY | 65,892 | USD | 9,827 | 10/16 | RBS | 42 | ||||||||||||||||
CNY | 877,262 | USD | 130,158 | 01/17 | JPM | 897 | ||||||||||||||||
EUR | 1,180,000 | USD | 1,322,792 | 10/16 | GSC | 3,014 | ||||||||||||||||
EUR | 23,000 | USD | 25,899 | 10/16 | SCB | (57 | ) | |||||||||||||||
GBP | 729,000 | USD | 945,127 | 10/16 | JPM | (162 | ) | |||||||||||||||
INR | 4,549,940 | USD | 67,168 | 11/16 | BRC | 682 | ||||||||||||||||
JPY | 3,800,000 | USD | 37,488 | 10/16 | SCB | (8 | ) | |||||||||||||||
MXN | 78,493 | USD | 4,045 | 10/16 | GSC | 1 | ||||||||||||||||
MXN | 651,000 | USD | 33,052 | 10/16 | JPM | 444 | ||||||||||||||||
NZD | 199,000 | USD | 144,443 | 10/16 | JPM | 435 | ||||||||||||||||
USD | 66,373 | AUD | 88,000 | 10/16 | WBC | (971 | ) | |||||||||||||||
USD | 11,080 | BRL | 35,970 | 10/16 | BRC | (7 | ) | |||||||||||||||
USD | 11,000 | BRL | 35,970 | 10/16 | GSC | (7 | ) | |||||||||||||||
USD | 216,101 | CAD | 280,000 | 10/16 | CIT | 2,656 | ||||||||||||||||
USD | 9,894 | CNY | 65,892 | 10/16 | DUB | (15 | ) | |||||||||||||||
USD | 67,000 | CNY | 447,996 | 10/16 | GSC | (104 | ) | |||||||||||||||
USD | 133,908 | CNY | 895,764 | 10/16 | JPM | (207 | ) | |||||||||||||||
USD | 64,000 | CNY | 443,008 | 01/17 | DUB | (2,178 | ) | |||||||||||||||
USD | 63,608 | CNY | 434,254 | 01/17 | JPM | (1,093 | ) | |||||||||||||||
USD | 1,342,879 | EUR | 1,203,000 | 10/16 | SCB | (8,769 | ) | |||||||||||||||
USD | 1,317,659 | EUR | 1,174,000 | 11/16 | GSC | (3,175 | ) | |||||||||||||||
USD | 939,654 | GBP | 717,000 | 10/16 | JPM | 10,243 | ||||||||||||||||
USD | 15,557 | GBP | 12,000 | 10/16 | SCB | 2 | ||||||||||||||||
USD | 923,045 | GBP | 712,000 | 11/16 | JPM | (425 | ) | |||||||||||||||
USD | 37,668 | JPY | 3,900,000 | 10/16 | SCB | (798 | ) | |||||||||||||||
USD | 4,045 | MXN | 78,493 | 10/16 | BRC | (1 | ) | |||||||||||||||
USD | 47,092 | MXN | 860,224 | 10/16 | DUB | 2,831 | ||||||||||||||||
USD | 145,499 | NZD | 199,000 | 10/16 | JPM | 621 | ||||||||||||||||
USD | 144,269 | NZD | 199,000 | 11/16 | JPM | (436 | ) | |||||||||||||||
USD | 54,923 | TWD | 1,753,950 | 11/16 | GSC | (1,095 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total Forward Foreign Currency Contracts |
| ($402 | ) | |||||||||||||||||||
|
|
(g) | Purchased options outstanding as of September 30, 2016 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 - 30-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.150% | 06/15/18 | DUB | $100,000 | $10,035 | $12,540 | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Put - 1-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 1.250% | 12/27/16 | CIT | 2,500,000 | 2,178 | 292 | ||||||||||||||||||||||||
Put - 1-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 1.250% | 12/27/16 | GSC | 4,700,000 | 4,177 | 548 | ||||||||||||||||||||||||
Put - 1-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 1.250% | 01/09/17 | JPM | 2,200,000 | 990 | 336 | ||||||||||||||||||||||||
Put - 1-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 1.250% | 02/06/17 | MSC | 2,400,000 | 1,200 | 607 | ||||||||||||||||||||||||
Put - 1-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 1.200% | 02/13/17 | MSC | 2,500,000 | 1,225 | 923 | ||||||||||||||||||||||||
Put - 1-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 1.250% | 02/21/17 | MSC | 2,000,000 | 1,063 | 615 | ||||||||||||||||||||||||
Put - 30-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 2.150% | 06/15/18 | DUB | 100,000 | 10,035 | 5,865 | ||||||||||||||||||||||||
Put - 10-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 2.720% | 07/16/18 | MSC | 200,000 | 2,280 | 1,686 | ||||||||||||||||||||||||
Put - 10-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 2.765% | 07/16/18 | MSC | 400,000 | 4,640 | 3,146 | ||||||||||||||||||||||||
Put - 30-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 2.605% | 10/17/18 | MSC | 100,000 | 9,200 | 3,601 | ||||||||||||||||||||||||
Put - 30-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 2.860% | 10/23/18 | DUB | 200,000 | 13,640 | 4,977 | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
50,628 | 22,596 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
$60,663 | $35,136 | |||||||||||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-4
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Options on Futures
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Cost | Value | ||||||||||||||||||
Call - 2-Year U.S. Treasury Notes (01/17) | $110.88 | 12/23/16 | CME | 14 | $120 | $— | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Put - United Kingdom 90-Day LIBOR (12/16) | GBP 98.50 | 12/21/16 | ICE | 26 | 3,109 | — | ||||||||||||||||||
Put - United Kingdom 90-Day LIBOR (06/17) | 98.50 | 06/21/17 | ICE | 7 | 424 | — | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||
3,533 | — | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
$3,653 | $— | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Purchased Options | $64,316 | $35,136 | ||||||||||||||||||||||
|
|
|
|
(h) | Transactions in written options for the six-month period ended September 30, 2016 were as follows: |
Number of Contracts | Notional Amount in AUD | Notional Amount in EUR | Notional Amount in GBP | Notional Amount in $ | Premium | |||||||||||||||||||
Outstanding, March 31, 2016 | 70 | — | 540,000 | — | 11,860,000 | $170,933 | ||||||||||||||||||
Call Options Written | 97 | — | 286,000 | 60,000 | 3,300,000 | 24,170 | ||||||||||||||||||
Put Options Written | 152 | 60,000 | 350,000 | 100,000 | 5,640,000 | 38,991 | ||||||||||||||||||
Call Options Closed | (108 | ) | — | — | — | (1,100,000 | ) | (22,294 | ) | |||||||||||||||
Put Options Closed | (111 | ) | (60,000 | ) | (200,000 | ) | — | (4,650,000 | ) | (111,906 | ) | |||||||||||||
Call Options Expired | (5 | ) | — | (460,000 | ) | — | (2,580,000 | ) | (9,340 | ) | ||||||||||||||
Put Options Expired | (60 | ) | — | (340,000 | ) | (100,000 | ) | (1,180,000 | ) | (17,127 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Outstanding, September 30, 2016 | 35 | — | 176,000 | 60,000 | 11,290,000 | $73,427 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(i) | Premiums received and value of written options outstanding as of September 30, 2016 were as follows: |
Credit Default Swaptions on Credit Indices - Sell Protection
Description | Exercise Rate | Expiration Date | Counter- Party | Notional Amount | Premium | Value | ||||||||||||||||
Put - iTraxx Europe 25 5Y | 0.900% | 11/16/16 | JPM | EUR 100,000 | $140 | ($49 | ) | |||||||||||||||
|
|
|
|
Foreign Currency Options
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||||
Call - BRL versus USD | BRL 3.40 | 10/06/16 | GSC | $50,000 | $350 | ($18 | ) | |||||||||||||||||
Call - GBP versus USD | $1.37 | 11/04/16 | BRC | GBP 60,000 | 547 | (24 | ) | |||||||||||||||||
Call - EUR versus USD | 1.15 | 11/16/16 | JPM | EUR 26,000 | 270 | (88 | ) | |||||||||||||||||
|
|
|
| |||||||||||||||||||||
1,167 | (130 | ) | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Put - MXN versus USD | MXN 19.00 | 10/27/16 | GSC | $20,000 | 154 | (174 | ) | |||||||||||||||||
Put - MXN versus USD | 18.75 | 11/01/16 | GSC | 20,000 | 108 | (108 | ) | |||||||||||||||||
Put - EUR versus USD | $1.09 | 11/03/16 | SCB | EUR 50,000 | 210 | (51 | ) | |||||||||||||||||
|
|
|
| |||||||||||||||||||||
472 | (333 | ) | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
$1,639 | ($463 | ) | ||||||||||||||||||||||
|
|
|
|
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 - | 03/24/20 | JPM | $700,000 | $7,910 | ($5,651 | ) | ||||||||||||||||
Floor - U.S. CPI Urban Consumers NSA | 0.00 | Maximum of [(1+0.00%)10 - | 04/07/20 | CIT | 2,000,000 | 17,720 | (268 | ) | ||||||||||||||||
Floor - U.S. CPI Urban Consumers NSA | 0.00 | Maximum of [(1+0.00%)10 - | 09/29/20 | CIT | 300,000 | 3,870 | (42 | ) | ||||||||||||||||
Cap - U.S. CPI Urban Consumers NSA | 0.00 | Maximum of [(1+0.00%)10 - | 04/22/24 | JPM | 1,900,000 | 13,823 | (689 | ) | ||||||||||||||||
Cap - U.S. CPI Urban Consumers NSA | 0.00 | Maximum of [(1+0.00%)10 - | 05/16/24 | JPM | 200,000 | 1,390 | (79 | ) | ||||||||||||||||
|
|
|
| |||||||||||||||||||||
$44,713 | ($6,729 | ) | ||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-5
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Interest Rate Swaptions
Description | Pay/Receive Floating Rate | Floating Rate Index | Exercise Rate | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||||||||
Call - 10-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 1.250% | 10/07/16 | GSC | $100,000 | $200 | ($2 | ) | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Put - 10-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 1.550% | 10/07/16 | GSC | 100,000 | 305 | (80 | ) | |||||||||||||||||||||
Put - 1-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 1.500% | 02/06/17 | DUB | 2,400,000 | 451 | (122 | ) | |||||||||||||||||||||
Put - 1-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 1.500% | 02/21/17 | DUB | 2,000,000 | 573 | (142 | ) | |||||||||||||||||||||
Put - 5-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.250% | 10/17/18 | MSC | 500,000 | 9,920 | (3,552 | ) | |||||||||||||||||||||
Put - 5-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.500% | 10/23/18 | DUB | 1,000,000 | 14,080 | (5,068 | ) | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
25,329 | (8,964 | ) | ||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
$25,529 | ($8,966 | ) | ||||||||||||||||||||||||||||
|
|
|
|
Options on Futures
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Premium | Value | ||||||||||||||||
Call - U.S. 10-Year Treasury Notes (11/16) | $131.50 | 10/21/16 | CME | 1 | $327 | ($359 | ) | |||||||||||||||
|
|
|
| |||||||||||||||||||
Put - U.S. 10-Year Treasury Notes (11/16) | 129.00 | 10/21/16 | CME | 1 | 358 | (47 | ) | |||||||||||||||
Put - United Kingdom 90-Day LIBOR (12/16) | GBP 98.00 | 12/21/16 | ICE | 26 | 602 | — | ||||||||||||||||
Put - United Kingdom 90-Day LIBOR (06/17) | 98.00 | 06/21/17 | ICE | 7 | 119 | — | ||||||||||||||||
|
|
|
| |||||||||||||||||||
1,079 | (47 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||
$1,406 | ($406 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Total Written Options | $73,427 | ($16,613 | ) | |||||||||||||||||||
|
|
|
|
(j) | Swap agreements outstanding as of September 30, 2016 were as follows: |
Credit Default Swaps on Sovereign Issues - Sell Protection (1)
Referenced Obligation | Fixed Deal Receive Rate | Expiration Date | Counter- party | Implied Credit Spread at 09/30/16 (2) | Notional Amount (3) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
Colombia Government | 1.000% | 06/20/21 | DUB | 1.511% | $100,000 | ($2,272 | ) | ($2,427 | ) | $155 | ||||||||||||||||||
|
|
|
|
|
|
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) | |||||||||||||||||||||
CMBX NA AAA 7 | 0.500% | 01/17/47 | DUB | $60,000 | ($967 | ) | ($1,864 | ) | $897 | |||||||||||||||||||
CMBX NA AAA 7 | 0.500% | 01/17/47 | MSC | 40,000 | (645 | ) | (1,242 | ) | 597 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
(1,612 | ) | (3,106 | ) | 1,494 | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||
CDX HY 27 5Y | 5.000% | 12/20/21 | ICE | 210,000 | (9,224 | ) | (7,880 | ) | (1,344 | ) | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
($10,836 | ) | ($10,986 | ) | $150 | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
($13,108 | ) | ($13,413 | ) | $305 | ||||||||||||||||||||||||
|
|
|
|
|
|
(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 sovereign 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. |
(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. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-6
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
(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) | |||||||||||||||||||||
Eurostat Eurozone HICP Ex Tobacco | JPM | 0.580% | 10/15/17 | EUR 100,000 | ($357 | ) | $— | ($357 | ) | |||||||||||||||||||
Eurostat Eurozone HICP Ex Tobacco | DUB | 0.605% | 09/15/18 | 100,000 | (298 | ) | — | (298 | ) | |||||||||||||||||||
Eurostat Eurozone HICP Ex Tobacco | CIT | 0.806% | 04/15/21 | 200,000 | 1,261 | — | 1,261 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
606 | — | 606 | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||
3-Month USD-LIBOR | CME | 1.250% | 06/15/18 | $200,000 | 865 | 934 | (69 | ) | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$1,471 | $934 | $537 | ||||||||||||||||||||||||||
|
|
|
|
|
|
Interest Rate Swaps - Receive Floating Rate
Floating Rate Index | Counterparty | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
U.S. CPI Urban Consumers NSA | JPM | 1.340% | 01/01/17 | $100,000 | ($131 | ) | $— | ($131 | ) | |||||||||||||||||||
U.S. CPI Urban Consumers NSA | JPM | 1.413% | 01/15/17 | 100,000 | (137 | ) | — | (137 | ) | |||||||||||||||||||
U.S. CPI Urban Consumers NSA | JPM | 2.004% | 04/15/17 | 300,000 | (456 | ) | — | (456 | ) | |||||||||||||||||||
U.S. CPI Urban Consumers NSA | MSC | 2.058% | 05/12/25 | 700,000 | 22,367 | — | 22,367 | |||||||||||||||||||||
France CPI Excluding Tobacco | CIT | 1.675% | 06/15/25 | EUR 400,000 | 34,049 | — | 34,049 | |||||||||||||||||||||
U.S. CPI Urban Consumers NSA | MSC | 1.788% | 07/18/26 | $100,000 | (929 | ) | — | (929 | ) | |||||||||||||||||||
France CPI Excluding Tobacco | RBS | 1.140% | 08/15/26 | EUR 100,000 | (504 | ) | — | (504 | ) | |||||||||||||||||||
U.S. CPI Urban Consumers NSA | JPM | 1.780% | 09/15/26 | $100,000 | (896 | ) | (104 | ) | (792 | ) | ||||||||||||||||||
U.S. CPI Urban Consumers NSA | MSC | 1.805% | 09/20/26 | 10,000 | (67 | ) | — | (67 | ) | |||||||||||||||||||
GBP Retail Price | CIT | 3.190% | 04/15/30 | GBP 300,000 | 3,904 | — | 3,904 | |||||||||||||||||||||
GBP Retail Price | CIT | 3.430% | 06/15/30 | 200,000 | 13,615 | 138 | 13,477 | |||||||||||||||||||||
GBP Retail Price | DUB | 3.100% | 06/15/31 | 100,000 | (6,633 | ) | — | (6,633 | ) | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
64,182 | 34 | 64,148 | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||
3-Month USD-LIBOR | CME | 1.500% | 12/21/21 | $700,000 | (9,376 | ) | (11,100 | ) | 1,724 | |||||||||||||||||||
3-Month USD-LIBOR | CME | 2.500% | 02/22/26 | 700,000 | (24,734 | ) | — | (24,734 | ) | |||||||||||||||||||
3-Month USD-LIBOR | CME | 2.400% | 03/16/26 | 550,000 | (16,680 | ) | — | (16,680 | ) | |||||||||||||||||||
3-Month USD-LIBOR | CME | 2.300% | 04/21/26 | 300,000 | (7,546 | ) | — | (7,546 | ) | |||||||||||||||||||
3-Month USD-LIBOR | CME | 1.850% | 07/27/26 | 50,000 | (147 | ) | — | (147 | ) | |||||||||||||||||||
3-Month USD-LIBOR | CME | 2.000% | 07/27/26 | 300,000 | (2,969 | ) | — | (2,969 | ) | |||||||||||||||||||
U.S. CPI Urban Consumers NSA | LCH | 1.800% | 09/12/26 | 100,000 | (560 | ) | — | (560 | ) | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.750% | 12/21/26 | 1,070,000 | (26,662 | ) | (6,828 | ) | (19,834 | ) | ||||||||||||||||||
6-Month GBP-LIBOR | CME | 0.750% | 03/15/27 | GBP 820,000 | 5,068 | 18,281 | (13,213 | ) | ||||||||||||||||||||
6-Month GBP-LIBOR | CME | 2.000% | 09/16/45 | 20,000 | (5,869 | ) | 2,271 | (8,140 | ) | |||||||||||||||||||
3-Month USD-LIBOR | CME | 2.250% | 12/21/46 | $180,000 | (19,845 | ) | (19,845 | ) | — | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
(109,320 | ) | (17,221 | ) | (92,099 | ) | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
($45,138 | ) | ($17,187 | ) | ($27,951 | ) | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
($43,667 | ) | ($16,253 | ) | ($27,414 | ) | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Total Swap Agreements | ($56,775 | ) | ($29,666 | ) | ($27,109 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-7
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2016 (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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $245,285 | $— | $245,285 | $— | |||||||||||||
Mortgage-Backed Securities | 2,238,831 | — | 2,238,831 | — | ||||||||||||||
Asset-Backed Securities | 260,946 | — | 260,946 | — | ||||||||||||||
U.S. Treasury Obligations | 16,412,945 | — | 16,412,945 | — | ||||||||||||||
Foreign Government Bonds & Notes | 2,182,798 | — | 2,182,798 | — | ||||||||||||||
Short-Term Investments | 821,467 | 121,740 | 699,727 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 21,882 | — | 21,882 | — | ||||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | 11,522 | 11,522 | — | — | ||||||||||||||
Purchased Options | 35,136 | — | 35,136 | — | ||||||||||||||
Swaps | 81,129 | — | 81,129 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | 127,787 | 11,522 | 116,265 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 149,669 | 11,522 | 138,147 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 22,311,941 | 133,262 | 22,178,679 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Credit Contracts | ||||||||||||||||||
Written Options | (49 | ) | — | (49 | ) | — | ||||||||||||
Swaps | (13,108 | ) | — | (13,108 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Credit Contracts | (13,157 | ) | — | (13,157 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (22,284 | ) | — | (22,284 | ) | — | ||||||||||||
Written Options | (463 | ) | — | (463 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | (22,747 | ) | — | (22,747 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | (3,941 | ) | (3,941 | ) | — | — | ||||||||||||
Written Options | (16,101 | ) | (406 | ) | (15,695 | ) | — | |||||||||||
Swaps | (124,796 | ) | — | (124,796 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | (144,838 | ) | (4,347 | ) | (140,491 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (180,742 | ) | (4,347 | ) | (176,395 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (180,742 | ) | (4,347 | ) | (176,395 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $22,131,199 | $128,915 | $22,002,284 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial statement purposes. As of September 30, 2016, such liabilities are categorized within the three-tier hierarchy of inputs as follows:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Liabilities | Reverse Repurchase Agreement | ($984,438 | ) | $— | ($984,438 | ) | $— | |||||||||||
Sale-buyback Financing Transactions | (7,453,195 | ) | — | (7,453,195 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | ($8,437,633 | ) | $— | ($8,437,633 | ) | $— | ||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-8
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments
September 30, 2016 (Unaudited)
Principal |
| |||||||
CORPORATE BONDS & NOTES - 28.7% | ||||||||
Basic Materials - 0.9% | ||||||||
ArcelorMittal (Luxembourg) | $180,000 | $195,300 | ||||||
Barrick Gold Corp (Canada) | ||||||||
4.100% due 05/01/23 | 394,000 | 426,829 | ||||||
6.950% due 04/01/19 | 104,000 | 116,172 | ||||||
Barrick North America Finance LLC (Canada) | 100,000 | 115,241 | ||||||
BHP Billiton Finance USA Ltd (Australia) |
| |||||||
2.875% due 02/24/22 | 30,000 | 31,522 | ||||||
3.250% due 11/21/21 | 520,000 | 556,839 | ||||||
5.000% due 09/30/43 | 230,000 | 273,203 | ||||||
6.750% due 10/19/75 § ~ | 470,000 | 533,450 | ||||||
Celulosa Arauco y Constitucion SA (Chile) | 260,000 | 273,740 | ||||||
FMG Resources Property Ltd (Australia) | 130,000 | 151,450 | ||||||
Freeport-McMoRan Inc | 190,000 | 173,850 | ||||||
Glencore Finance Canada Ltd (Switzerland) | 700,000 | 701,231 | ||||||
Glencore Funding LLC (Switzerland) | 590,000 | 585,767 | ||||||
GTL Trade Finance Inc (Brazil) | 600,000 | 630,000 | ||||||
OCP SA (Malaysia) | 200,000 | 203,367 | ||||||
Potash Corp of Saskatchewan Inc (Canada) | 100,000 | 109,671 | ||||||
Rio Tinto Finance USA Ltd (United Kingdom) | 340,000 | 368,124 | ||||||
Southern Copper Corp (Peru) | 840,000 | 922,811 | ||||||
Teck Resources Ltd (Canada) | 300,000 | 344,250 | ||||||
Vale Overseas Ltd (Brazil) | 820,000 | 803,600 | ||||||
Westlake Chemical Corp |
| |||||||
4.625% due 02/15/21 ~ | 270,000 | 282,825 | ||||||
4.875% due 05/15/23 ~ | 70,000 | 73,460 | ||||||
|
| |||||||
7,872,702 | ||||||||
|
| |||||||
Communications - 2.9% |
| |||||||
21st Century Fox America Inc | 100,000 | 127,082 | ||||||
Altice Financing SA (Luxembourg) |
| |||||||
5.250% due 02/15/23 ~ | EUR 300,000 | 350,807 | ||||||
6.625% due 02/15/23 ~ | $200,000 | 206,000 | ||||||
Altice SA (Luxembourg) | EUR 800,000 | 904,818 | ||||||
Amazon.com Inc | $280,000 | 343,459 | ||||||
America Movil Sab de CV (Mexico) | 400,000 | 440,311 | ||||||
AT&T Inc |
| |||||||
3.000% due 02/15/22 | 80,000 | 82,712 | ||||||
3.400% due 05/15/25 | 1,270,000 | 1,307,915 | ||||||
4.350% due 06/15/45 | 840,000 | 831,169 | ||||||
5.500% due 02/01/18 | 350,000 | 368,872 | ||||||
Bharti Airtel Ltd (India) | 830,000 | 861,598 | ||||||
British Telecommunications PLC (United Kingdom) | 60,000 | 97,425 | ||||||
CenturyLink Inc |
| |||||||
5.625% due 04/01/25 | 30,000 | 28,838 | ||||||
6.150% due 09/15/19 | 150,000 | 162,750 |
Principal |
| |||||||
Charter Communications Operating LLC |
| |||||||
3.579% due 07/23/20 ~ | $2,000,000 | $2,092,336 | ||||||
4.464% due 07/23/22 ~ | 1,600,000 | 1,729,909 | ||||||
6.384% due 10/23/35 ~ | 150,000 | 177,488 | ||||||
6.484% due 10/23/45 ~ | 130,000 | 158,123 | ||||||
Comcast Cable Communications Holdings Inc | 290,000 | 408,229 | ||||||
Comcast Corp |
| |||||||
3.375% due 08/15/25 | 560,000 | 602,825 | ||||||
5.150% due 03/01/20 | 550,000 | 617,020 | ||||||
5.650% due 06/15/35 | 20,000 | 25,871 | ||||||
6.400% due 03/01/40 | 210,000 | 295,672 | ||||||
6.950% due 08/15/37 | 180,000 | 263,443 | ||||||
DISH DBS Corp |
| |||||||
5.875% due 11/15/24 | 400,000 | 396,500 | ||||||
6.750% due 06/01/21 | 210,000 | 226,800 | ||||||
NBCUniversal Media LLC | 300,000 | 334,036 | ||||||
Netflix Inc | 40,000 | 43,500 | ||||||
SFR Group SA (France) |
| |||||||
6.250% due 05/15/24 ~ | 450,000 | 448,741 | ||||||
7.375% due 05/01/26 ~ | 700,000 | 716,408 | ||||||
Sprint Capital Corp | 330,000 | 339,488 | ||||||
Sprint Communications Inc |
| |||||||
9.000% due 11/15/18 ~ | 280,000 | 309,750 | ||||||
11.500% due 11/15/21 | 130,000 | 150,150 | ||||||
Sprint Corp | 240,000 | 238,800 | ||||||
Telefonica Emisiones SAU (Spain) | 280,000 | 308,926 | ||||||
Time Warner Cable Inc |
| |||||||
4.125% due 02/15/21 | 1,120,000 | 1,190,024 | ||||||
5.500% due 09/01/41 | 10,000 | 10,733 | ||||||
5.875% due 11/15/40 | 530,000 | 591,726 | ||||||
6.550% due 05/01/37 | 190,000 | 226,369 | ||||||
7.300% due 07/01/38 | 90,000 | 115,729 | ||||||
8.250% due 04/01/19 | 60,000 | 69,123 | ||||||
Time Warner Entertainment Co LP | 100,000 | 136,732 | ||||||
Time Warner Inc |
| |||||||
4.750% due 03/29/21 | 100,000 | 112,109 | ||||||
7.700% due 05/01/32 | 820,000 | 1,170,757 | ||||||
Univision Communications Inc | 210,000 | 212,100 | ||||||
Verizon Communications Inc |
| |||||||
4.150% due 03/15/24 | 680,000 | 752,132 | ||||||
4.862% due 08/21/46 | 150,000 | 169,134 | ||||||
5.150% due 09/15/23 | 1,800,000 | 2,098,075 | ||||||
6.400% due 09/15/33 | 590,000 | 767,898 | ||||||
6.550% due 09/15/43 | 610,000 | 829,644 | ||||||
Viacom Inc |
| |||||||
3.875% due 04/01/24 | 130,000 | 134,391 | ||||||
4.250% due 09/01/23 | 40,000 | 42,674 | ||||||
Virgin Media Finance (United Kingdom) | 430,000 | 453,650 | ||||||
Virgin Media Secured Finance PLC (United Kingdom) | 280,000 | 286,300 | ||||||
West Corp |
| |||||||
4.750% due 07/15/21 ~ | 50,000 | 51,625 | ||||||
5.375% due 07/15/22 ~ | 240,000 | 236,100 | ||||||
Windstream Services LLC | 500,000 | 480,000 | ||||||
|
| |||||||
26,134,796 | ||||||||
|
| |||||||
Consumer, Cyclical - 1.8% |
| |||||||
American Airlines Pass-Through Trust ‘B’ | 252,348 | 264,335 | ||||||
American Axle & Manufacturing Inc | 290,000 | 307,763 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-9
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
CVS Health Corp |
| |||||||
2.750% due 12/01/22 | $890,000 | $917,869 | ||||||
3.875% due 07/20/25 | 337,000 | 367,745 | ||||||
5.125% due 07/20/45 | 570,000 | 697,775 | ||||||
Daimler Finance North America LLC (Germany) | 500,000 | 504,257 | ||||||
Delta Air Lines Pass-Through Trust ‘A’ | 305,893 | 355,218 | ||||||
Dollar Tree Inc | 170,000 | 183,813 | ||||||
Fiat Chrysler Automobiles NV (United Kingdom) | 200,000 | 206,576 | ||||||
Ford Motor Co | 280,000 | 292,986 | ||||||
Ford Motor Credit Co LLC |
| |||||||
1.675% due 03/12/19 § | 200,000 | 200,319 | ||||||
2.375% due 01/16/18 | 400,000 | 403,364 | ||||||
3.200% due 01/15/21 | 1,240,000 | 1,274,363 | ||||||
3.664% due 09/08/24 | 290,000 | 299,543 | ||||||
5.875% due 08/02/21 | 400,000 | 456,622 | ||||||
8.125% due 01/15/20 | 600,000 | 709,155 | ||||||
General Motors Co | 100,000 | 118,348 | ||||||
General Motors Financial Co Inc |
| |||||||
3.150% due 01/15/20 | 400,000 | 407,914 | ||||||
3.200% due 07/13/20 | 600,000 | 614,937 | ||||||
3.500% due 07/10/19 | 700,000 | 721,563 | ||||||
4.250% due 05/15/23 | 30,000 | 31,248 | ||||||
4.375% due 09/25/21 | 380,000 | 406,343 | ||||||
GLP Capital LP | 30,000 | 32,325 | ||||||
L Brands Inc | 500,000 | 586,250 | ||||||
McDonald’s Corp | 310,000 | 334,359 | ||||||
MGM Resorts International | 450,000 | 508,500 | ||||||
Motors Liquidation Co | EUR 200,000 | — | ||||||
NCL Corp Ltd | $140,000 | 140,700 | ||||||
New Red Finance Inc (Canada) | 420,000 | 441,000 | ||||||
Newell Brands Inc |
| |||||||
3.150% due 04/01/21 | 130,000 | 135,591 | ||||||
3.850% due 04/01/23 | 270,000 | 287,897 | ||||||
4.200% due 04/01/26 | 190,000 | 207,294 | ||||||
Schaeffler Holding Finance BV (Germany) | EUR 120,000 | 147,353 | ||||||
Scientific Games International Inc | $320,000 | 340,000 | ||||||
Taylor Morrison Communities Inc |
| |||||||
5.250% due 04/15/21 ~ | 300,000 | 311,625 | ||||||
5.625% due 03/01/24 ~ | 440,000 | 455,400 | ||||||
The Goodyear Tire & Rubber Co | 350,000 | 360,063 | ||||||
UAL Pass-Through Trust | 23,386 | 23,959 | ||||||
Wal-Mart Stores Inc |
| |||||||
5.250% due 09/01/35 | 100,000 | 133,312 | ||||||
6.200% due 04/15/38 | 30,000 | 43,255 | ||||||
Walgreens Boots Alliance Inc | 370,000 | 385,115 | ||||||
WestJet Airlines Ltd (Canada) | 1,200,000 | 1,231,134 | ||||||
Wynn Las Vegas LLC | 400,000 | 404,500 | ||||||
ZF North America Capital Inc (Germany) | 430,000 | 453,113 | ||||||
|
| |||||||
16,704,801 | ||||||||
|
|
Principal |
| |||||||
Consumer, Non-cyclical - 2.9% |
| |||||||
AbbVie Inc |
| |||||||
1.750% due 11/06/17 | $100,000 | $100,313 | ||||||
2.850% due 05/14/23 | 2,700,000 | 2,745,930 | ||||||
3.600% due 05/14/25 | 430,000 | 450,527 | ||||||
Actavis Funding SCS |
| |||||||
3.450% due 03/15/22 | 180,000 | 189,214 | ||||||
3.800% due 03/15/25 | 420,000 | 445,537 | ||||||
4.550% due 03/15/35 | 10,000 | 10,675 | ||||||
4.750% due 03/15/45 | 70,000 | 77,036 | ||||||
Aetna Inc |
| |||||||
2.400% due 06/15/21 | 250,000 | 253,375 | ||||||
2.800% due 06/15/23 | 100,000 | 102,299 | ||||||
3.200% due 06/15/26 | 420,000 | 427,720 | ||||||
Altria Group Inc |
| |||||||
2.850% due 08/09/22 | 590,000 | 616,927 | ||||||
5.375% due 01/31/44 | 870,000 | 1,105,964 | ||||||
9.250% due 08/06/19 | 320,000 | 388,965 | ||||||
Amgen Inc |
| |||||||
3.625% due 05/22/24 | 80,000 | 85,904 | ||||||
4.663% due 06/15/51 ~ | 11,000 | 11,848 | ||||||
5.375% due 05/15/43 | 30,000 | 35,693 | ||||||
Anheuser-Busch InBev Finance Inc (Belgium) |
| |||||||
2.650% due 02/01/21 | 370,000 | 382,209 | ||||||
3.300% due 02/01/23 | 590,000 | 622,779 | ||||||
3.650% due 02/01/26 | 1,830,000 | 1,963,517 | ||||||
4.900% due 02/01/46 | 1,420,000 | 1,710,151 | ||||||
Anheuser-Busch InBev Worldwide Inc (Belgium) | ||||||||
2.500% due 07/15/22 | 640,000 | 653,574 | ||||||
5.375% due 01/15/20 | 220,000 | 245,959 | ||||||
Anthem Inc |
| |||||||
3.125% due 05/15/22 | 150,000 | 156,145 | ||||||
3.700% due 08/15/21 | 80,000 | 85,806 | ||||||
Baxalta Inc | 500,000 | 512,671 | ||||||
Becton Dickinson Co |
| |||||||
3.734% due 12/15/24 | 280,000 | 304,352 | ||||||
4.685% due 12/15/44 | 90,000 | 103,321 | ||||||
Celgene Corp |
| |||||||
3.550% due 08/15/22 | 90,000 | 95,759 | ||||||
3.875% due 08/15/25 | 400,000 | 429,134 | ||||||
5.000% due 08/15/45 | 280,000 | 317,288 | ||||||
5.250% due 08/15/43 | 60,000 | 68,263 | ||||||
Centene Corp |
| |||||||
4.750% due 05/15/22 | 60,000 | 62,250 | ||||||
5.625% due 02/15/21 | 80,000 | 85,200 | ||||||
6.125% due 02/15/24 | 50,000 | 54,375 | ||||||
Constellation Brands Inc |
| |||||||
4.250% due 05/01/23 | 90,000 | 95,738 | ||||||
4.750% due 11/15/24 | 240,000 | 261,000 | ||||||
6.000% due 05/01/22 | 80,000 | 92,300 | ||||||
DaVita Inc | 440,000 | 442,750 | ||||||
Diageo Investment Corp (United Kingdom) | 620,000 | 651,141 | ||||||
DJO Finance LLC | 250,000 | 233,125 | ||||||
Ecolab Inc | 130,000 | 146,134 | ||||||
Gilead Sciences Inc |
| |||||||
3.650% due 03/01/26 | 340,000 | 366,602 | ||||||
3.700% due 04/01/24 | 540,000 | 582,168 | ||||||
4.750% due 03/01/46 | 250,000 | 279,787 | ||||||
GlaxoSmithKline Capital PLC (United Kingdom) | 180,000 | 189,578 | ||||||
HCA Inc |
| |||||||
5.250% due 06/15/26 | 20,000 | 21,300 | ||||||
5.375% due 02/01/25 | 30,000 | 31,013 | ||||||
5.875% due 05/01/23 | 170,000 | 181,475 | ||||||
6.500% due 02/15/20 | 210,000 | 233,100 | ||||||
7.500% due 02/15/22 | 80,000 | 92,000 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-10
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
Humana Inc |
| |||||||
3.150% due 12/01/22 | $110,000 | $114,365 | ||||||
4.625% due 12/01/42 | 110,000 | 116,504 | ||||||
Kraft Heinz Foods Co |
| |||||||
3.500% due 06/06/22 | 400,000 | 425,586 | ||||||
3.950% due 07/15/25 | 130,000 | 140,988 | ||||||
4.875% due 02/15/25 ~ | 172,000 | 189,873 | ||||||
5.000% due 07/15/35 | 220,000 | 255,341 | ||||||
5.200% due 07/15/45 | 80,000 | 95,219 | ||||||
Medtronic Inc | 770,000 | 830,574 | ||||||
Merck & Co Inc | 250,000 | 259,493 | ||||||
Mondelez International Inc | 460,000 | 504,359 | ||||||
MPH Acquisition Holdings LLC | 310,000 | 334,025 | ||||||
Pernod Ricard SA (France) |
| |||||||
4.450% due 01/15/22 ~ | 310,000 | 342,360 | ||||||
5.500% due 01/15/42 ~ | 150,000 | 183,914 | ||||||
Philip Morris International Inc |
| |||||||
2.500% due 08/22/22 | 500,000 | 514,021 | ||||||
4.500% due 03/20/42 | 80,000 | 90,706 | ||||||
Reynolds American Inc |
| |||||||
3.250% due 06/12/20 | 81,000 | 85,297 | ||||||
5.850% due 08/15/45 | 1,190,000 | 1,550,664 | ||||||
6.150% due 09/15/43 | 30,000 | 39,787 | ||||||
8.125% due 06/23/19 | 120,000 | 140,639 | ||||||
Spectrum Brands Inc | 310,000 | 336,350 | ||||||
Tenet Healthcare Corp |
| |||||||
6.750% due 06/15/23 | 10,000 | 9,325 | ||||||
8.125% due 04/01/22 | 110,000 | 110,550 | ||||||
Tyson Foods Inc | 90,000 | 106,674 | ||||||
United Rentals North America Inc |
| |||||||
5.500% due 07/15/25 | 120,000 | 123,450 | ||||||
5.875% due 09/15/26 | 90,000 | 93,150 | ||||||
UnitedHealth Group Inc |
| |||||||
3.750% due 07/15/25 | 80,000 | 88,004 | ||||||
3.875% due 10/15/20 | 230,000 | 249,438 | ||||||
Valeant Pharmaceuticals International Inc | 360,000 | 334,800 | ||||||
Wm Wrigley Jr Co | 170,000 | 180,127 | ||||||
|
| |||||||
26,645,474 | ||||||||
|
| |||||||
Energy - 3.5% |
| |||||||
Anadarko Petroleum Corp |
| |||||||
4.500% due 07/15/44 | 200,000 | 184,632 | ||||||
4.850% due 03/15/21 | 80,000 | 86,269 | ||||||
5.550% due 03/15/26 | 100,000 | 113,814 | ||||||
6.450% due 09/15/36 | 630,000 | 739,565 | ||||||
8.700% due 03/15/19 | 420,000 | 478,443 | ||||||
Apache Corp |
| |||||||
3.250% due 04/15/22 | 30,000 | 30,824 | ||||||
4.250% due 01/15/44 | 330,000 | 322,635 | ||||||
5.100% due 09/01/40 | 190,000 | 198,180 | ||||||
Baker Hughes Inc |
| |||||||
3.200% due 08/15/21 | 110,000 | 114,843 | ||||||
5.125% due 09/15/40 | 30,000 | 33,758 | ||||||
BP Capital Markets PLC (United Kingdom) |
| |||||||
3.119% due 05/04/26 | 260,000 | 267,368 | ||||||
3.245% due 05/06/22 | 30,000 | 31,672 | ||||||
3.506% due 03/17/25 | 350,000 | 371,611 | ||||||
Cenovus Energy Inc | 600,000 | 644,454 | ||||||
Chesapeake Energy Corp |
| |||||||
5.750% due 03/15/23 | 50,000 | 42,750 | ||||||
6.125% due 02/15/21 | 230,000 | 210,450 |
Principal |
| |||||||
Chevron Corp | $570,000 | $590,075 | ||||||
CNOOC Finance USA LLC (China) | 1,160,000 | 1,195,408 | ||||||
Concho Resources Inc | 120,000 | 124,350 | ||||||
ConocoPhillips | 100,000 | 129,902 | ||||||
Devon Energy Corp |
| |||||||
3.250% due 05/15/22 | 310,000 | 308,201 | ||||||
5.850% due 12/15/25 | 1,845,000 | 2,094,106 | ||||||
7.950% due 04/15/32 | 270,000 | 332,656 | ||||||
Ecopetrol SA (Colombia) |
| |||||||
5.375% due 06/26/26 | 400,000 | 417,380 | ||||||
5.875% due 05/28/45 | 650,000 | 601,250 | ||||||
Energy Transfer Partners LP | 300,000 | 319,840 | ||||||
Ensco PLC | 100,000 | 89,950 | ||||||
Enterprise Products Operating LLC | 600,000 | 623,230 | ||||||
EOG Resources Inc | 160,000 | 175,189 | ||||||
Exxon Mobil Corp |
| |||||||
3.043% due 03/01/26 | 380,000 | 398,337 | ||||||
4.114% due 03/01/46 | 270,000 | 301,350 | ||||||
Freeport-McMoran Oil & Gas LLC | 310,000 | 320,075 | ||||||
Genesis Energy LP | 400,000 | 394,000 | ||||||
Halliburton Co | 390,000 | 404,199 | ||||||
Kinder Morgan Energy Partners LP |
| |||||||
3.950% due 09/01/22 | 150,000 | 157,455 | ||||||
6.375% due 03/01/41 | 1,000,000 | 1,086,204 | ||||||
6.850% due 02/15/20 | 210,000 | 238,511 | ||||||
Kinder Morgan Inc |
| |||||||
5.000% due 02/15/21 ~ | 400,000 | 432,835 | ||||||
5.625% due 11/15/23 ~ | 1,200,000 | 1,327,574 | ||||||
7.000% due 06/15/17 | 700,000 | 724,515 | ||||||
MPLX LP |
| |||||||
4.875% due 12/01/24 | 230,000 | 238,405 | ||||||
5.500% due 02/15/23 | 250,000 | 258,502 | ||||||
Noble Energy Inc |
| |||||||
5.250% due 11/15/43 | 180,000 | 183,979 | ||||||
8.250% due 03/01/19 | 435,000 | 497,906 | ||||||
Oasis Petroleum Inc |
| |||||||
6.500% due 11/01/21 | 30,000 | 28,800 | ||||||
6.875% due 03/15/22 | 10,000 | 9,625 | ||||||
Occidental Petroleum Corp |
| |||||||
3.400% due 04/15/26 | 290,000 | 307,355 | ||||||
4.625% due 06/15/45 | 240,000 | 272,638 | ||||||
Petrobras Global Finance BV (Brazil) |
| |||||||
5.375% due 01/27/21 | 1,840,000 | 1,826,200 | ||||||
6.250% due 03/17/24 | 1,080,000 | 1,058,400 | ||||||
8.375% due 05/23/21 | 700,000 | 768,740 | ||||||
Petroleos Mexicanos (Mexico) |
| |||||||
6.375% due 01/23/45 | 1,000,000 | 960,000 | ||||||
6.625% due 06/15/35 | 200,000 | 204,570 | ||||||
6.875% due 08/04/26 ~ | 370,000 | 418,082 | ||||||
8.000% due 05/03/19 | 180,000 | 203,220 | ||||||
Pride International Inc |
| |||||||
6.875% due 08/15/20 | 30,000 | 29,663 | ||||||
8.500% due 06/15/19 | 70,000 | 76,213 | ||||||
QEP Resources Inc | 150,000 | 157,500 | ||||||
Range Resources Corp | 310,000 | 304,575 | ||||||
Regency Energy Partners LP |
| |||||||
5.000% due 10/01/22 | 500,000 | 528,425 | ||||||
5.500% due 04/15/23 | 700,000 | 723,461 | ||||||
5.875% due 03/01/22 | 230,000 | 253,826 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-11
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
Sabine Pass Liquefaction LLC | $900,000 | $981,563 | ||||||
Sanchez Energy Corp | 20,000 | 17,700 | ||||||
Schlumberger Holdings Corp |
| |||||||
3.000% due 12/21/20 ~ | 190,000 | 198,247 | ||||||
4.000% due 12/21/25 ~ | 240,000 | 261,565 | ||||||
Shell International Finance BV (Netherlands) |
| |||||||
2.875% due 05/10/26 | 350,000 | 357,059 | ||||||
4.000% due 05/10/46 | 50,000 | 51,422 | ||||||
4.125% due 05/11/35 | 130,000 | 140,446 | ||||||
4.375% due 03/25/20 | 420,000 | 459,047 | ||||||
4.375% due 05/11/45 | 330,000 | 357,316 | ||||||
Sinopec Group Overseas Development Ltd (China) | 930,000 | 1,030,680 | ||||||
SM Energy Co | 30,000 | 28,350 | ||||||
Statoil ASA (Norway) | 50,000 | 50,809 | ||||||
The Williams Cos Inc |
| |||||||
5.750% due 06/24/44 | 40,000 | 41,400 | ||||||
7.500% due 01/15/31 | 450,000 | 515,250 | ||||||
Transcontinental Gas Pipe Co LLC | 1,020,000 | 1,320,060 | ||||||
Western Gas Partners LP | 200,000 | 204,244 | ||||||
Whiting Petroleum Corp |
| |||||||
5.750% due 03/15/21 | 10,000 | 9,400 | ||||||
6.250% due 04/01/23 | 260,000 | 239,200 | ||||||
WPX Energy Inc | 30,000 | 29,775 | ||||||
|
| |||||||
32,261,478 | ||||||||
|
| |||||||
Financial - 13.8% |
| |||||||
ABN AMRO Bank NV (Netherlands) | 200,000 | 210,823 | ||||||
AerCap Ireland Capital Ltd (Netherlands) |
| |||||||
3.750% due 05/15/19 | 1,550,000 | 1,586,813 | ||||||
4.625% due 07/01/22 | 160,000 | 168,600 | ||||||
Ally Financial Inc |
| |||||||
2.750% due 01/30/17 | 1,000,000 | 1,002,674 | ||||||
3.600% due 05/21/18 | 800,000 | 814,000 | ||||||
8.000% due 11/01/31 | 460,000 | 569,250 | ||||||
alstria office REIT-AG (Germany) | EUR 500,000 | 605,641 | ||||||
American International Group Inc | $1,290,000 | 1,356,248 | ||||||
American Tower Corp REIT | 500,000 | 583,913 | ||||||
AvalonBay Communities Inc REIT | 300,000 | 313,251 | ||||||
Bank of America Corp |
| |||||||
2.600% due 01/15/19 | 760,000 | 775,819 | ||||||
3.300% due 01/11/23 | 360,000 | 373,758 | ||||||
3.500% due 04/19/26 | 770,000 | 802,329 | ||||||
3.875% due 08/01/25 | 290,000 | 310,574 | ||||||
4.000% due 04/01/24 | 1,850,000 | 1,997,832 | ||||||
4.100% due 07/24/23 | 500,000 | 542,330 | ||||||
4.125% due 01/22/24 | 1,000,000 | 1,086,749 | ||||||
4.200% due 08/26/24 | 390,000 | 413,096 | ||||||
4.250% due 10/22/26 | 2,970,000 | 3,149,465 | ||||||
4.875% due 04/01/44 | 1,250,000 | 1,458,064 | ||||||
5.000% due 05/13/21 | 1,120,000 | 1,252,337 | ||||||
5.650% due 05/01/18 | 900,000 | 955,022 | ||||||
5.700% due 05/02/17 | 330,000 | 337,780 | ||||||
5.750% due 12/01/17 | 50,000 | 52,401 | ||||||
6.250% § ± | 440,000 | 458,744 | ||||||
6.400% due 08/28/17 | 500,000 | 521,850 | ||||||
Barclays Bank PLC (United Kingdom) | 800,000 | 890,300 |
Principal |
| |||||||
Barclays PLC (United Kingdom) |
| |||||||
6.500% § ± | EUR 1,100,000 | $1,157,070 | ||||||
7.875% § ± | GBP 600,000 | 761,017 | ||||||
BBVA Bancomer SA (Mexico) | $1,000,000 | 1,096,250 | ||||||
BNP Paribas SA (France) | 350,000 | 352,758 | ||||||
BPCE SA (France) | 1,000,000 | 1,090,893 | ||||||
Chubb INA Holdings Inc |
| |||||||
2.300% due 11/03/20 | 120,000 | 123,198 | ||||||
3.350% due 05/03/26 | 150,000 | 160,908 | ||||||
CIT Group Inc | 400,000 | 424,500 | ||||||
Citigroup Inc |
| |||||||
1.763% due 06/07/19 § | 300,000 | 301,758 | ||||||
2.255% due 09/01/23 § | 900,000 | 905,056 | ||||||
2.700% due 03/30/21 | 800,000 | 818,729 | ||||||
4.400% due 06/10/25 | 400,000 | 424,521 | ||||||
4.450% due 09/29/27 | 2,260,000 | 2,371,780 | ||||||
4.650% due 07/30/45 | 740,000 | 838,212 | ||||||
5.300% due 05/06/44 | 260,000 | 294,030 | ||||||
5.500% due 09/13/25 | 520,000 | 594,425 | ||||||
5.950% § ± | 300,000 | 311,154 | ||||||
5.950% § ± | 1,350,000 | 1,378,823 | ||||||
6.675% due 09/13/43 | 70,000 | 92,641 | ||||||
8.125% due 07/15/39 | 10,000 | 15,803 | ||||||
Commonwealth Bank of Australia (Australia) | 160,000 | 175,299 | ||||||
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA (Netherlands) | ||||||||
3.750% due 07/21/26 | 1,000,000 | 1,004,314 | ||||||
4.375% due 08/04/25 | 580,000 | 613,533 | ||||||
4.625% due 12/01/23 | 290,000 | 313,801 | ||||||
6.875% due 03/19/20 | EUR 300,000 | 398,895 | ||||||
11.000% § ± ~ | $380,000 | 461,700 | ||||||
Credit Agricole SA (France) | ||||||||
4.375% due 03/17/25 ~ | 250,000 | 256,077 | ||||||
7.875% § ± ~ | 600,000 | 602,628 | ||||||
8.125% due 09/19/33 § ~ | 400,000 | 433,000 | ||||||
8.375% § ± ~ | 300,000 | 339,996 | ||||||
Credit Suisse Group Funding Guernsey Ltd (Switzerland) | ||||||||
3.750% due 03/26/25 | 500,000 | 497,944 | ||||||
3.800% due 09/15/22 | 800,000 | 818,420 | ||||||
3.800% due 06/09/23 ~ | 1,500,000 | 1,522,629 | ||||||
4.875% due 05/15/45 | 640,000 | 680,320 | ||||||
Deutsche Bank AG (Germany) | 800,000 | 781,292 | ||||||
ERP Operating LP REIT | 200,000 | 209,260 | ||||||
GE Capital International Funding Co | ||||||||
2.342% due 11/15/20 | 383,000 | 393,631 | ||||||
3.373% due 11/15/25 | 485,000 | 525,721 | ||||||
Host Hotels & Resorts LP REIT | 200,000 | 204,255 | ||||||
HSBC Finance Corp | 230,000 | 264,561 | ||||||
HSBC Holdings PLC (United Kingdom) | ||||||||
3.400% due 03/08/21 | 740,000 | 765,875 | ||||||
3.900% due 05/25/26 | 1,530,000 | 1,591,931 | ||||||
4.250% due 03/14/24 | 440,000 | 454,803 | ||||||
4.250% due 08/18/25 | 620,000 | 638,043 | ||||||
4.300% due 03/08/26 | 600,000 | 644,135 | ||||||
5.250% § ± ~ | EUR 500,000 | 550,964 | ||||||
6.375% § ± | $500,000 | 493,125 | ||||||
ICICI Bank Ltd (India) | 1,700,000 | 1,707,652 | ||||||
ING Bank NV (Netherlands) | 440,000 | 492,761 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-12
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
International Lease Finance Corp | ||||||||
5.875% due 08/15/22 | $400,000 | $444,500 | ||||||
6.250% due 05/15/19 | 500,000 | 543,125 | ||||||
Intesa Sanpaolo SPA (Italy) | 880,000 | 804,700 | ||||||
Iron Mountain Inc REIT | 500,000 | 519,219 | ||||||
JPMorgan Chase & Co | ||||||||
2.250% due 01/23/20 | 2,300,000 | 2,330,523 | ||||||
2.550% due 03/01/21 | 300,000 | 305,713 | ||||||
2.700% due 05/18/23 | 1,400,000 | 1,416,142 | ||||||
3.875% due 09/10/24 | 580,000 | 611,977 | ||||||
3.900% due 07/15/25 | 500,000 | 540,055 | ||||||
4.125% due 12/15/26 | 520,000 | 556,365 | ||||||
4.350% due 08/15/21 | 290,000 | 318,666 | ||||||
4.950% due 06/01/45 | 590,000 | 664,108 | ||||||
7.900% § ± | 300,000 | 308,625 | ||||||
KKR Group Finance Co II LLC | 30,000 | 31,776 | ||||||
Lloyds Banking Group PLC (United Kingdom) | ||||||||
3.100% due 07/06/21 | 700,000 | 716,031 | ||||||
4.500% due 11/04/24 | 310,000 | 321,674 | ||||||
7.875% § ± | GBP 600,000 | 810,271 | ||||||
M&T Bank Corp | $450,000 | 453,600 | ||||||
MetLife Inc | 230,000 | 257,645 | ||||||
Morgan Stanley | ||||||||
2.450% due 02/01/19 | 800,000 | 814,955 | ||||||
3.125% due 07/27/26 | 1,000,000 | 1,012,099 | ||||||
5.950% due 12/28/17 | 320,000 | 337,035 | ||||||
Nasdaq Inc | 800,000 | 839,281 | ||||||
Navient Corp | 330,000 | 354,750 | ||||||
Nordea Bank AB (Sweden) | 800,000 | 891,598 | ||||||
Nykredit Realkredit AS (Denmark) | ||||||||
1.000% due 07/01/17 | DKK 14,800,000 | 2,255,985 | ||||||
1.000% due 10/01/17 | 32,500,000 | 4,965,911 | ||||||
2.000% due 04/01/17 | 6,400,000 | 976,817 | ||||||
2.000% due 10/01/17 | 3,200,000 | 493,919 | ||||||
Quicken Loans Inc | $190,000 | 189,525 | ||||||
Realkredit Danmark AS (Denmark) | ||||||||
1.000% due 04/01/17 | DKK 20,600,000 | 3,129,911 | ||||||
1.000% due 10/01/17 | 16,200,000 | 2,469,479 | ||||||
2.000% due 04/01/17 | 48,200,000 | 7,359,563 | ||||||
2.000% due 10/01/17 | 6,400,000 | 986,805 | ||||||
Royal Bank of Scotland Group PLC (United Kingdom) | ||||||||
2.500% due 03/22/23 | EUR 600,000 | 682,056 | ||||||
3.875% due 09/12/23 | $1,400,000 | 1,383,864 | ||||||
5.125% due 05/28/24 | 1,700,000 | 1,710,798 | ||||||
6.125% due 12/15/22 | 160,000 | 169,771 | ||||||
Santander Holdings USA Inc | 1,300,000 | 1,311,727 | ||||||
Santander UK Group Holdings PLC (United Kingdom) | ||||||||
2.875% due 10/16/20 | 1,100,000 | 1,110,544 | ||||||
2.875% due 08/05/21 | 1,000,000 | 1,000,493 | ||||||
Simon Property Group LP REIT | 400,000 | 412,556 | ||||||
Sovran Acquisition LP REIT | 800,000 | 818,578 | ||||||
Standard Chartered PLC (United Kingdom) | 710,000 | 759,935 | ||||||
Teachers Insurance & Annuity Association of America | ||||||||
4.900% due 09/15/44 ~ | 100,000 | 113,017 | ||||||
6.850% due 12/16/39 ~ | 200,000 | 273,000 |
Principal |
| |||||||
The Depository Trust & Clearing Corp | $250,000 | $258,699 | ||||||
The Goldman Sachs Group Inc | ||||||||
2.050% due 09/15/20 § | 500,000 | 503,109 | ||||||
3.500% due 01/23/25 | 700,000 | 725,591 | ||||||
3.750% due 05/22/25 | 2,300,000 | 2,420,856 | ||||||
3.850% due 07/08/24 | 740,000 | 787,372 | ||||||
4.250% due 10/21/25 | 2,560,000 | 2,700,774 | ||||||
4.750% due 10/21/45 | 400,000 | 451,873 | ||||||
5.150% due 05/22/45 | 220,000 | 241,421 | ||||||
5.250% due 07/27/21 | 620,000 | 700,758 | ||||||
6.250% due 02/01/41 | 550,000 | 723,238 | ||||||
6.750% due 10/01/37 | 580,000 | 742,209 | ||||||
The Royal Bank of Scotland NV (Netherlands) | ||||||||
4.650% due 06/04/18 | 70,000 | 71,919 | ||||||
6.934% due 04/09/18 | EUR 200,000 | 244,214 | ||||||
9.500% due 03/16/22 § ~ | $500,000 | 516,429 | ||||||
UBS AG (Switzerland) | 400,000 | 467,000 | ||||||
UBS Group Funding Jersey Ltd (Switzerland) | ||||||||
3.000% due 04/15/21 ~ | 1,000,000 | 1,028,222 | ||||||
4.125% due 09/24/25 ~ | 1,420,000 | 1,491,805 | ||||||
US Capital Funding II Ltd (Cayman) | 600,000 | 408,000 | ||||||
Vesteda Finance BV (Netherlands) | EUR 600,000 | 745,351 | ||||||
Visa Inc | ||||||||
3.150% due 12/14/25 | $760,000 | 804,240 | ||||||
4.300% due 12/14/45 | 960,000 | 1,115,314 | ||||||
WEA Finance LLC REIT (Australia) | 650,000 | 684,729 | ||||||
Wells Fargo & Co | ||||||||
3.450% due 02/13/23 | 110,000 | 113,578 | ||||||
4.300% due 07/22/27 | 2,550,000 | 2,753,676 | ||||||
4.600% due 04/01/21 | 1,310,000 | 1,445,530 | ||||||
4.900% due 11/17/45 | 830,000 | 918,326 | ||||||
5.606% due 01/15/44 | 350,000 | 420,030 | ||||||
5.875% § ± ~ | 60,000 | 65,175 | ||||||
|
| |||||||
126,267,879 | ||||||||
|
| |||||||
Industrial - 1.0% | ||||||||
Ardagh Packaging Finance PLC (Ireland) | 300,000 | 304,890 | ||||||
Caterpillar Financial Services Corp | 220,000 | 219,929 | ||||||
Eaton Corp | ||||||||
1.500% due 11/02/17 | 10,000 | 10,028 | ||||||
2.750% due 11/02/22 | 810,000 | 838,314 | ||||||
4.150% due 11/02/42 | 180,000 | 193,440 | ||||||
Florida East Coast Holdings Corp | 230,000 | 236,900 | ||||||
General Electric Co | ||||||||
3.150% due 09/07/22 | 187,000 | 198,978 | ||||||
4.500% due 03/11/44 | 210,000 | 242,978 | ||||||
5.300% due 02/11/21 | 480,000 | 550,353 | ||||||
5.875% due 01/14/38 | 40,000 | 53,846 | ||||||
6.000% due 08/07/19 | 132,000 | 149,200 | ||||||
6.875% due 01/10/39 | 438,000 | 660,369 | ||||||
Harris Corp | 140,000 | 161,366 | ||||||
Hellenic Railways Organization SA (Greece) | EUR 500,000 | 541,317 | ||||||
John Deere Capital Corp | $100,000 | 100,327 | ||||||
Lockheed Martin Corp | ||||||||
3.100% due 01/15/23 | 20,000 | 21,134 | ||||||
3.550% due 01/15/26 | 420,000 | 455,003 | ||||||
4.500% due 05/15/36 | 70,000 | 80,083 | ||||||
Penske Truck Leasing Co LP | 1,800,000 | 2,011,331 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-13
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
Raytheon Co | $160,000 | $169,827 | ||||||
Reynolds Group Issuer Inc (New Zealand) | ||||||||
5.125% due 07/15/23 ~ | 100,000 | 103,375 | ||||||
5.750% due 10/15/20 | 200,000 | 206,500 | ||||||
Spirit AeroSystems Inc | 600,000 | 624,748 | ||||||
The Boeing Co | 630,000 | 706,338 | ||||||
United Technologies Corp | ||||||||
4.500% due 04/15/20 | 210,000 | 232,266 | ||||||
4.500% due 06/01/42 | 70,000 | 81,470 | ||||||
Waste Management Inc | 240,000 | 259,309 | ||||||
|
| |||||||
9,413,619 | ||||||||
|
| |||||||
Technology - 0.7% | ||||||||
Activision Blizzard Inc | 150,000 | 156,512 | ||||||
Apple Inc | ||||||||
2.450% due 08/04/26 | 620,000 | 622,843 | ||||||
2.850% due 05/06/21 | 300,000 | 316,377 | ||||||
Diamond 1 Finance Corp | ||||||||
3.480% due 06/01/19 ~ | 710,000 | 730,577 | ||||||
4.420% due 06/15/21 ~ | 780,000 | 816,098 | ||||||
5.450% due 06/15/23 ~ | 500,000 | 536,251 | ||||||
5.875% due 06/15/21 ~ | 500,000 | 531,464 | ||||||
7.125% due 06/15/24 ~ | 410,000 | 451,197 | ||||||
First Data Corp | ||||||||
5.000% due 01/15/24 ~ | 390,000 | 397,313 | ||||||
7.000% due 12/01/23 ~ | 220,000 | 233,200 | ||||||
Intel Corp | ||||||||
3.700% due 07/29/25 | 120,000 | 133,355 | ||||||
4.900% due 07/29/45 | 70,000 | 84,188 | ||||||
KLA-Tencor Corp | 60,000 | 66,077 | ||||||
Micron Technology Inc | 20,000 | 19,350 | ||||||
Microsoft Corp | ||||||||
2.400% due 08/08/26 | 1,120,000 | 1,122,154 | ||||||
3.450% due 08/08/36 | 20,000 | 20,445 | ||||||
|
| |||||||
6,237,401 | ||||||||
|
| |||||||
Utilities - 1.2% | ||||||||
Berkshire Hathaway Energy Co | 260,000 | 359,404 | ||||||
Duke Energy Carolinas LLC | 60,000 | 76,322 | ||||||
Dynegy Inc | ||||||||
6.750% due 11/01/19 | 700,000 | 721,000 | ||||||
7.375% due 11/01/22 | 200,000 | 198,500 | ||||||
7.625% due 11/01/24 | 100,000 | 98,700 | ||||||
Emera US Finance LP | 800,000 | 819,629 | ||||||
Entergy Corp | 800,000 | 868,988 | ||||||
FirstEnergy Corp | ||||||||
4.250% due 03/15/23 | 410,000 | 435,550 | ||||||
7.375% due 11/15/31 | 1,410,000 | 1,837,831 | ||||||
IPALCO Enterprises Inc | 800,000 | 824,000 | ||||||
National Fuel Gas Co | 2,000,000 | 2,161,432 | ||||||
Pacific Gas & Electric Co | ||||||||
5.800% due 03/01/37 | 130,000 | 171,910 | ||||||
6.050% due 03/01/34 | 750,000 | 1,003,830 | ||||||
Progress Energy Inc | 60,000 | 65,590 |
Principal |
| |||||||
PSEG Power LLC | $600,000 | $618,068 | ||||||
Virginia Electric & Power Co | 160,000 | 222,542 | ||||||
|
| |||||||
10,483,296 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 262,021,446 | ||||||
|
| |||||||
SENIOR LOAN NOTES - 2.1% | ||||||||
Communications - 0.4% | ||||||||
Charter Communications Operating LLC Term I | 498,747 | 502,522 | ||||||
CSC Holdings LLC | 560,000 | 562,100 | ||||||
Level 3 Financing Inc Tranche B-II | 600,000 | 604,125 | ||||||
T-Mobile USA Inc | 498,744 | 502,974 | ||||||
Univision Communications Inc (1st Lien) | 498,669 | 499,916 | ||||||
UPC Financing Partnership | 500,000 | 502,735 | ||||||
Virgin Media Investment Holdings Ltd (United Kingdom) | 560,000 | 562,916 | ||||||
|
| |||||||
3,737,288 | ||||||||
|
| |||||||
Consumer, Cyclical - 0.8% | ||||||||
Allison Transmission Inc Term B-3 | 560,000 | 563,245 | ||||||
American Airlines Inc | 560,000 | 561,837 | ||||||
American Builders & Contractors Supply Co Inc Term B | 500,000 | 501,916 | ||||||
Aristocrat Leisure Ltd Term B-1 (Australia) | 467,290 | 469,480 | ||||||
Boyd Gaming Corp Term B-2 | 280,000 | 282,240 | ||||||
Chrysler Group LLC Term B (United Kingdom) | 312,421 | 313,398 | ||||||
CWGS Group LLC | 552,222 | 553,776 | ||||||
Dollar Tree Inc Term B-3 | 185,267 | 186,425 | ||||||
Hilton Worldwide Finance LLC Series B-2 | 290,000 | 292,486 | ||||||
Michaels Stores Inc Term B | 560,000 | 562,566 | ||||||
New Red Finance Inc Term B-2 (Canada) | 558,576 | 562,821 | ||||||
Party City Holdings Inc | 558,589 | 560,984 | ||||||
Petco Animal Supplies Inc Tranche B-1 | 1,560,000 | 1,576,467 | ||||||
Petsmart Inc Tranche B-1 | 500,000 | 501,563 | ||||||
Station Casinos Inc Term B | 498,750 | 501,367 | ||||||
|
| |||||||
7,990,571 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 0.3% | ||||||||
Air Medical Group Holdings Inc | 558,586 | 555,374 | ||||||
Albertson’s LLC | ||||||||
Term B-4 4.500% due 08/25/21 § | 418,950 | 421,987 | ||||||
Term B-6 4.750% due 06/22/23 § | 140,000 | 141,488 | ||||||
HCA Inc Tranche B-7 | 448,000 | 452,160 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-14
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
Multiplan Inc | $478,386 | $484,964 | ||||||
Pharmaceutical Product Development Inc | 649,621 | 652,463 | ||||||
The Servicemaster Co LLC | 111,715 | 113,059 | ||||||
|
| |||||||
2,821,495 | ||||||||
|
| |||||||
Financial - 0.2% | ||||||||
Flying Fortress Inc | 500,000 | 503,438 | ||||||
MGM Growth Properties Operating Partnership LP Term B | 558,596 | 564,182 | ||||||
RPI Finance Trust Term B-4 | 560,000 | 563,200 | ||||||
|
| |||||||
1,630,820 | ||||||||
|
| |||||||
Industrial - 0.3% | ||||||||
B/E Aerospace Inc Term B | 560,000 | 566,242 | ||||||
Berry Plastics Corp Term H | 500,000 | 502,000 | ||||||
Reynolds Group Holdings Inc (New Zealand) | 612,000 | 614,608 | ||||||
XPO Logistics Inc | 560,000 | 564,085 | ||||||
Zebra Tech | 553,204 | 560,248 | ||||||
|
| |||||||
2,807,183 | ||||||||
|
| |||||||
Technology - 0.1% | ||||||||
First Data Corp | 560,000 | 564,041 | ||||||
|
| |||||||
Total Senior Loan Notes |
| 19,551,398 | ||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 36.5% | ||||||||
Collateralized Mortgage Obligations - Commercial - 4.1% |
| |||||||
BAMLL Commercial Mortgage Securities Trust | 400,000 | 405,356 | ||||||
BAMLL Re-REMIC Trust | 1,812,145 | 1,214,137 | ||||||
Banc of America Commercial Mortgage Trust | 810,000 | 748,856 | ||||||
BBCCRE Trust | 320,000 | 300,172 | ||||||
Bcrr Trust | 705,866 | 705,883 | ||||||
Bear Stearns Commercial Mortgage Securities Trust | ||||||||
5.273% due 12/11/38 " | 250,000 | 248,897 | ||||||
5.700% due 06/11/50 " | 185,506 | 191,107 | ||||||
CD Commercial Mortgage Trust | 55,378 | 44,638 | ||||||
Citigroup Commercial Mortgage Trust |
| |||||||
3.110% due 04/10/48 " ~ | 150,000 | 106,054 | ||||||
3.172% due 09/10/58 " | 350,000 | 250,328 | ||||||
4.017% due 10/10/47 " | 270,000 | 295,424 | ||||||
Commercial Mortgage Trust |
| |||||||
4.239% due 11/10/47 " | 160,000 | 174,243 | ||||||
4.498% due 02/10/48 " § | 90,000 | 90,297 | ||||||
5.543% due 12/11/49 " § ~ | 587,711 | 591,901 | ||||||
Core Industrial Trust | 400,000 | 389,875 | ||||||
Credit Suisse Commercial Mortgage Trust | 210,000 | 192,072 |
Principal |
| |||||||
CSAIL Commercial Mortgage Trust | $1,060,000 | $1,106,387 | ||||||
CSMC Trust | ||||||||
3.953% due 09/15/37 " ~ | 400,000 | 432,787 | ||||||
4.373% due 09/15/37 " ~ | 370,000 | 322,455 | ||||||
4.373% due 09/15/37 " ~ | 530,000 | 430,143 | ||||||
5.024% due 03/15/17 " § ~ | 390,000 | 378,009 | ||||||
5.342% due 12/16/43 " § ~ | 660,000 | 659,409 | ||||||
6.260% due 08/15/22 " § ~ | 1,500,000 | 1,434,381 | ||||||
DBRR Trust | 700,000 | 708,216 | ||||||
Fannie Mae | ||||||||
2.499% due 09/25/26 " | 570,000 | 580,900 | ||||||
2.711% due 06/25/25 " § | 70,000 | 73,721 | ||||||
Fannie Mae (IO) | 12,260,608 | 320,007 | ||||||
FORT CRE LLC | 1,200,000 | 1,199,485 | ||||||
Freddie Mac Multifamily Structured Pass-Through Certificates (IO) | 23,811,587 | 269,400 | ||||||
FREMF Mortgage Trust | 305,000 | 261,544 | ||||||
GE Commercial Mortgage Co | 200,000 | 130,273 | ||||||
Government National Mortgage Association (IO) | 5,509,749 | 271,081 | ||||||
GRACE Mortgage Trust | 600,000 | 634,511 | ||||||
GS Mortgage Securities Trust | ||||||||
3.203% due 02/10/29 " ~ | 400,000 | 418,551 | ||||||
4.570% due 11/10/48 " § | 720,000 | 768,459 | ||||||
5.622% due 11/10/39 " | 220,000 | 178,602 | ||||||
Hudson Yards Mortgage Trust | 540,000 | 550,779 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust | ||||||||
2.624% due 08/15/27 " § ~ | 210,000 | 209,352 | ||||||
2.804% due 11/15/31 " § ~ | 490,000 | 480,163 | ||||||
2.870% due 08/15/49 " | 700,000 | 720,664 | ||||||
2.962% due 10/05/28 " ~ | 500,000 | 506,958 | ||||||
3.824% due 08/15/27 " § ~ | 120,000 | 119,245 | ||||||
4.724% due 07/15/47 " § | 380,000 | 394,949 | ||||||
5.411% due 05/15/47 " | 1,760,000 | 1,358,720 | ||||||
5.438% due 01/15/49 " ~ | 470,000 | 212,398 | ||||||
5.502% due 06/12/47 " § | 590,000 | 478,776 | ||||||
5.715% due 02/12/49 " § | 1,090,000 | 889,587 | ||||||
JPMBB Commercial Mortgage Securities Trust | ||||||||
3.364% due 09/15/47 " § ~ | 680,000 | 433,764 | ||||||
4.409% due 08/15/46 " § | 1,170,000 | 1,301,686 | ||||||
4.772% due 08/15/48 " § | 610,000 | 631,139 | ||||||
LB-UBS Commercial Mortgage Trust | 432,493 | 448,113 | ||||||
LSTAR Commercial Mortgage Trust | ||||||||
2.729% due 04/20/48 " § ~ | 864,224 | 876,614 | ||||||
3.127% due 04/20/48 " § ~ | 850,000 | 876,245 | ||||||
ML-CFC Commercial Mortgage Trust | 210,000 | 171,788 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 1,000,000 | 1,051,121 | ||||||
Morgan Stanley Capital I Trust | ||||||||
2.782% due 08/15/49 " | 540,000 | 552,786 | ||||||
3.516% due 07/13/29 " § ~ | 600,000 | 634,507 | ||||||
3.560% due 07/13/29 " § ~ | 700,000 | 736,166 | ||||||
6.103% due 06/11/49 " § | 670,000 | 607,727 | ||||||
Motel 6 Trust | 700,000 | 678,643 | ||||||
Wachovia Bank Commercial Mortgage Trust | 600,000 | 603,877 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-15
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
Waterfall Commercial Mortgage | $967,978 | $959,755 | ||||||
Wells Fargo Commercial Mortgage Trust | ||||||||
2.652% due 08/15/49 " | 2,670,000 | 2,724,631 | ||||||
3.184% due 04/15/50 " | 340,000 | 356,947 | ||||||
3.848% due 05/15/48 " § | 380,000 | 379,750 | ||||||
4.432% due 07/15/46 " § | 290,000 | 324,185 | ||||||
WFRBS Commercial Mortgage Trust | 770,000 | 559,312 | ||||||
WFRBS Commercial Mortgage Trust (IO) | 5,326,650 | 247,048 | ||||||
|
| |||||||
37,604,956 | ||||||||
|
| |||||||
Collateralized Mortgage Obligations - Residential - 6.1% |
| |||||||
Alternative Loan Trust | ||||||||
0.695% due 07/25/46 " § | 844,316 | 745,522 | ||||||
0.735% due 05/25/35 " § | 409,795 | 343,009 | ||||||
3.137% due 06/25/37 " § | 254,587 | 227,856 | ||||||
American Home Mortgage Investment Trust | 2,672,136 | 1,243,395 | ||||||
Banc of America Funding Corp | 2,428,927 | 1,425,829 | ||||||
Banc of America Funding Ltd | 5,983 | 5,997 | ||||||
Banc of America Funding Trust | ||||||||
0.808% due 09/29/36 " § ~ | 3,440,341 | 1,545,300 | ||||||
2.729% due 09/26/45 " § ~ | 2,760,000 | 1,888,666 | ||||||
2.997% due 05/25/35 " § | 47,721 | 48,890 | ||||||
BCAP LLC Trust | ||||||||
0.924% due 03/28/37 " § ~ | 2,535,887 | 2,391,861 | ||||||
2.882% due 08/26/35 " § ~ | 2,447,099 | 1,789,600 | ||||||
5.136% due 03/26/37 " § ~ | 65,153 | 62,423 | ||||||
Bear Stearns Adjustable Rate Mortgage Trust | ||||||||
2.950% due 01/25/35 " § | 770,714 | 760,609 | ||||||
3.019% due 08/25/33 " § | 64,125 | 64,028 | ||||||
3.259% due 10/25/36 " § | 20,807 | 17,706 | ||||||
Bear Stearns ALT-A Trust | ||||||||
2.980% due 05/25/35 " § | 34,021 | 32,894 | ||||||
3.086% due 11/25/36 " § | 72,570 | 53,494 | ||||||
Chase Mortgage Finance Trust | ||||||||
3.023% due 02/25/37 " § | 524,430 | 527,813 | ||||||
3.171% due 09/25/36 " § | 132,939 | 117,945 | ||||||
ChaseFlex Trust | 668,204 | 526,895 | ||||||
Chevy Chase Funding LLC | ||||||||
0.775% due 08/25/35 " § ~ | 35,956 | 32,316 | ||||||
0.971% due 05/25/35 " § ~ | 1,365,258 | 988,098 | ||||||
Citigroup Mortgage Loan Trust Inc |
| |||||||
2.760% due 09/25/35 " § | 24,951 | 24,974 | ||||||
5.614% due 06/27/37 " § ~ | 2,000,000 | 1,952,600 | ||||||
CitiMortgage Alternative Loan Trust (IO) | 6,584,356 | 1,302,105 | ||||||
COLT Mortgage Loan Trust | 654,015 | 659,575 | ||||||
Countrywide Home Loan Mortgage | 15,815 | 13,115 | ||||||
Credit Suisse First Boston Mortgage | 76,820 | 62,196 | ||||||
CSMC Trust | 5,370,000 | 3,195,150 | ||||||
Downey Saving & Loan Association Mortgage Loan Trust | 151,293 | 57,708 | ||||||
Eurosail-UK PLC (United Kingdom) |
| |||||||
1.329% due 06/13/45 " § | GBP 534,412 | 650,437 | ||||||
1.329% due 06/13/45 " § ~ | 916,134 | 1,115,035 | ||||||
Fannie Mae |
| |||||||
0.973% due 09/25/46 " § | $1,847,665 | 1,847,846 | ||||||
1.875% due 11/25/23 " § | 81,587 | 83,093 | ||||||
5.500% due 04/25/35 " § | 575,035 | 653,856 |
Principal |
| |||||||
Fannie Mae (IO) | ||||||||
3.000% due 02/25/33 " | $842,554 | $114,734 | ||||||
4.000% due 03/25/43 " | 758,283 | 72,692 | ||||||
4.000% due 04/25/43 " | 3,119,676 | 296,272 | ||||||
5.475% due 11/25/45 " § | 2,567,746 | 652,259 | ||||||
5.575% due 09/25/46 " § | 880,748 | 174,403 | ||||||
Fannie Mae Connecticut Avenue Securities | ||||||||
1.875% due 01/25/29 " § | 1,364,854 | 1,370,916 | ||||||
4.775% due 01/25/29 " § | 2,500,000 | 2,573,931 | ||||||
6.525% due 09/25/28 " § | 1,260,000 | 1,394,054 | ||||||
Freddie Mac | 114,229 | 133,031 | ||||||
Freddie Mac (IO) | ||||||||
3.500% due 04/15/43 " | 1,494,336 | 181,293 | ||||||
4.000% due 04/15/43 " | 758,172 | 76,430 | ||||||
5.576% due 08/15/44 " § | 420,885 | 102,530 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes | ||||||||
4.525% due 08/25/24 " § | 540,000 | 565,668 | ||||||
4.625% due 08/25/24 " § | 760,000 | 806,839 | ||||||
5.275% due 10/25/24 " § | 1,140,000 | 1,219,744 | ||||||
Government National Mortgage Association | ||||||||
1.094% due 07/20/65 " § | 875,639 | 867,327 | ||||||
1.294% due 07/20/66 " § | 1,402,141 | 1,404,692 | ||||||
1.332% due 06/20/66 " § | 700,776 | 702,068 | ||||||
3.705% due 09/20/66 " § | 1,000,000 | 1,135,000 | ||||||
Government National Mortgage Association (IO) | ||||||||
4.000% due 11/20/44 " | 1,879,567 | 240,141 | ||||||
5.618% due 02/20/46 " § | 2,334,266 | 545,634 | ||||||
Great Hall Mortgages PLC (United Kingdom) | 448,711 | 427,517 | ||||||
GSR Mortgage Loan Trust | ||||||||
6.000% due 11/25/35 " | 1,092,643 | 924,455 | ||||||
6.000% due 07/25/37 " | 657,140 | 598,446 | ||||||
HarborView Mortgage Loan Trust | ||||||||
0.685% due 05/25/38 " § | 518,192 | 373,979 | ||||||
0.701% due 12/19/36 " § | 352,233 | 264,493 | ||||||
0.751% due 05/19/35 " § | 486,717 | 407,284 | ||||||
3.087% due 02/25/36 " § | 143,181 | 117,945 | ||||||
3.169% due 08/19/36 " § | 305,816 | 249,397 | ||||||
JP Morgan Mortgage Trust | ||||||||
2.920% due 07/25/35 " § | 87,053 | 85,679 | ||||||
5.750% due 01/25/36 " | 22,855 | 19,443 | ||||||
Ludgate Funding PLC (United Kingdom) | GBP 629,408 | 736,434 | ||||||
Merrill Lynch Mortgage Investors Trust | $1,600,697 | 1,586,512 | ||||||
Morgan Stanley Resecuritization Trust | 1,819,717 | 774,694 | ||||||
Nomura Resecuritization Trust | ||||||||
0.664% due 10/26/36 " § ~ | 3,224,687 | 1,747,701 | ||||||
9.809% due 06/26/35 " § ~ | 1,991,995 | 1,929,492 | ||||||
Prime Mortgage Trust | 1,914,702 | 1,792,569 | ||||||
RBSSP Resecuritization Trust | 383,371 | 385,364 | ||||||
Reperforming Loan REMIC Trust | ||||||||
0.865% due 06/25/35 " § ~ | 53,583 | 47,796 | ||||||
0.865% due 01/25/36 " § ~ | 340,518 | 300,034 | ||||||
Structured Asset Securities Corp Mortgage | 33,258 | 32,773 | ||||||
WaMu Mortgage Pass-Through Certificates Trust | ||||||||
1.864% due 08/25/42 " § | 2,677 | 2,569 | ||||||
4.172% due 02/25/37 " § | 250,180 | 233,546 | ||||||
Wells Fargo Mortgage-Backed Securities Trust | ||||||||
2.894% due 03/25/36 " § | 301,040 | 282,799 | ||||||
2.993% due 04/25/35 " § | 1,206,512 | 1,214,402 | ||||||
3.001% due 04/25/36 " § | 34,095 | 33,402 | ||||||
3.005% due 12/25/34 " § | 37,235 | 37,589 | ||||||
|
| |||||||
55,693,808 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-16
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
Fannie Mae - 20.8% | ||||||||
1.707% due 10/01/44 " § | $24,545 | $25,031 | ||||||
2.310% due 08/01/22 " | 500,000 | 516,236 | ||||||
2.500% due 11/01/31 " | 2,000,000 | 2,068,047 | ||||||
2.610% due 09/01/35 " § | 72,946 | 76,605 | ||||||
2.612% due 12/01/35 " § | 13,832 | 14,114 | ||||||
2.810% due 04/01/25 " | 30,000 | 31,707 | ||||||
2.823% due 11/01/34 " § | 65,278 | 68,993 | ||||||
2.824% due 11/01/32 " § | 90,014 | 95,550 | ||||||
3.000% due 09/01/21-12/01/46 " | 45,505,657 | 47,307,181 | ||||||
3.500% due 10/01/31-11/01/46 " | 45,183,192 | 47,815,900 | ||||||
4.000% due 08/01/18-11/01/46 " | 52,523,246 | 56,527,562 | ||||||
4.311% due 12/01/36 " § | 6,868 | 7,199 | ||||||
4.500% due 07/01/18-11/01/46 " | 24,798,009 | 27,346,981 | ||||||
5.000% due 02/01/25-11/01/46 " | 4,299,555 | 4,806,153 | ||||||
5.500% due 12/01/20-08/01/39 " | 2,651,443 | 2,981,868 | ||||||
6.000% due 02/01/33-06/01/40 " | 467,032 | 537,002 | ||||||
6.500% due 03/01/17 " | 1,022 | 1,030 | ||||||
|
| |||||||
190,227,159 | ||||||||
|
| |||||||
Freddie Mac - 3.4% |
| |||||||
2.594% due 09/01/35 " § | 12,206 | 12,801 | ||||||
2.643% due 11/01/31 " § | 4,094 | 4,347 | ||||||
2.766% due 04/01/32 " § | 13,512 | 14,240 | ||||||
2.933% due 06/01/35 " § | 100,508 | 106,121 | ||||||
3.000% due 10/01/46-11/01/46 " | 21,200,000 | 21,998,795 | ||||||
3.120% due 09/01/35 " § | 68,677 | 73,505 | ||||||
3.500% due 10/01/42-11/01/46 " | 5,307,990 | 5,617,322 | ||||||
4.000% due 12/01/42-11/01/46 " | 1,838,305 | 1,983,852 | ||||||
4.500% due 11/01/44 " | 227,357 | 252,975 | ||||||
5.500% due 03/01/23-05/01/40 " | 1,037,161 | 1,174,986 | ||||||
6.000% due 12/01/22-03/01/23 " | 30,295 | 34,579 | ||||||
|
| |||||||
31,273,523 | ||||||||
|
| |||||||
Government National Mortgage Association - 2.1% | �� | |||||||
3.000% due 11/20/46 " | 4,300,000 | 4,496,440 | ||||||
3.500% due 11/20/46 " | 12,100,000 | 12,839,234 | ||||||
4.000% due 11/20/46 " | 1,000,000 | 1,071,250 | ||||||
5.000% due 10/01/38-04/01/39 " | 706,657 | 794,389 | ||||||
|
| |||||||
19,201,313 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities | 334,000,759 | |||||||
|
| |||||||
ASSET-BACKED SECURITIES - 6.0% |
| |||||||
Aegis Asset Backed Securities Trust | 881,402 | 827,096 | ||||||
Ameriquest Mortgage Securities Trust | 2,010,000 | 1,292,797 | ||||||
ARES CLO Ltd (Cayman) | ||||||||
1.768% due 01/17/24 " ~ | 900,000 | 901,475 | ||||||
2.164% due 10/12/23 " ~ | 700,000 | 699,712 | ||||||
Argent Securities Inc | ||||||||
1.344% due 02/25/34 " § | 959,602 | 881,584 | ||||||
1.650% due 11/25/34 " § | 469,638 | 400,365 | ||||||
Asset-Backed Funding Certificates Trust | 78,711 | 74,800 | ||||||
Basic Asset Backed Securities Trust | 2,000,000 | 1,854,971 | ||||||
Bear Stearns Asset Backed Securities I Trust | ||||||||
0.725% due 12/25/36 " § | 335,368 | 321,409 | ||||||
0.765% due 12/25/36 " § | 1,377,188 | 681,113 | ||||||
0.775% due 08/25/36 " § | 6,686,744 | 3,431,931 | ||||||
1.195% due 06/25/35 " § | 300,000 | 269,784 | ||||||
Bosphorus CLO (Ireland) | EUR 249,936 | 280,870 | ||||||
Bravo Mortgage Asset Trust | $1,021,155 | 997,717 |
Principal |
| |||||||
Business Loan Express Business Loan Trust | $258,756 | $245,409 | ||||||
Chapel BV (Netherlands) | EUR 99,154 | 109,756 | ||||||
CIFC Funding Ltd (Cayman) | $1,000,000 | 1,000,727 | ||||||
Citigroup Mortgage Loan Trust | ||||||||
0.695% due 05/25/37 " § | 400,000 | 375,529 | ||||||
0.974% due 11/25/45 " § ~ | 3,700,000 | 3,453,186 | ||||||
Citigroup Mortgage Loan Trust Inc | 1,122,000 | 1,022,349 | ||||||
Community Funding CLO (Cayman) | 660,000 | 647,255 | ||||||
Countrywide Asset-Backed Certificates | ||||||||
0.655% due 04/25/46 " § | 733,860 | 601,664 | ||||||
0.875% due 05/25/46 " § ~ | 494,193 | 477,866 | ||||||
0.925% due 06/25/36 " § | 500,000 | 419,169 | ||||||
First Franklin Mortgage Loan Trust | 1,000,000 | 985,101 | ||||||
GSAA Home Equity Trust | ||||||||
0.625% due 03/25/37 " § | 634,605 | 347,760 | ||||||
6.000% due 08/25/47 " | 915,235 | 852,914 | ||||||
HERO Funding Trust | 333,286 | 345,956 | ||||||
Hillmark Funding Ltd (Cayman) | 332,460 | 330,849 | ||||||
Home Equity Asset Trust | 807,220 | 793,214 | ||||||
Long Beach Mortgage Loan Trust | ||||||||
0.675% due 09/25/36 " § | 228,211 | 152,597 | ||||||
0.680% due 08/25/36 " § | 780,736 | 431,554 | ||||||
0.825% due 02/25/36 " § | 1,390,311 | 976,316 | ||||||
Malin CLO BV (Netherlands) | EUR 89,732 | 100,598 | ||||||
Mastr Asset Backed Securities | $737,595 | 343,595 | ||||||
Merrill Lynch Mortgage Investors Trust | 500,000 | 284,096 | ||||||
Morgan Stanley Home Equity Loan Trust | ||||||||
0.625% due 12/25/36 " § | 1,208,072 | 712,954 | ||||||
0.665% due 12/25/36 " § | 953,584 | 566,484 | ||||||
0.695% due 04/25/37 " § | 1,175,479 | 747,248 | ||||||
National Collegiate Student Loan Trust | 2,920,000 | 2,198,076 | ||||||
Neuberger Berman CLO Ltd (Cayman) | 700,000 | 699,909 | ||||||
OneMain Financial Issuance Trust | 1,300,000 | 1,314,825 | ||||||
Option One Mortgage Loan Trust | ||||||||
0.655% due 07/25/37 " § | 1,178,220 | 763,932 | ||||||
1.015% due 11/25/35 " § | 6,230,000 | 3,474,621 | ||||||
Palmer Square CLO Ltd (Cayman) | 700,000 | 700,010 | ||||||
Residential Asset Securities | 1,100,000 | 899,743 | ||||||
SBA Small Business Investment Cos | 107,773 | 110,922 | ||||||
Securitized Asset-Backed Receivables LLC Trust | ||||||||
0.655% due 05/25/37 " § | 96,357 | 75,431 | ||||||
0.665% due 05/25/36 " § | 209,007 | 126,475 | ||||||
SLM Student Loan Trust | ||||||||
0.825% due 07/26/21 " § | 1,130,000 | 1,078,470 | ||||||
0.925% due 03/25/25 " § | 806,740 | 782,788 | ||||||
2.365% due 07/25/22 " § | 725,385 | 728,160 | ||||||
2.415% due 07/25/23 " § | 713,466 | 718,083 | ||||||
SMB Private Education Loan Trust | ||||||||
1.674% due 05/15/26 " § ~ | 2,000,000 | 2,012,009 | ||||||
2.024% due 04/15/32 " § ~ | 550,000 | 553,945 | ||||||
3.050% due 05/15/26 " ~ | 1,840,000 | 1,907,685 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-17
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
SoFi Professional Loan Program LLC | $365,948 | $369,783 | ||||||
Structured Asset Investment Loan Trust | ||||||||
0.975% due 05/25/37 " § ~ | 1,000,000 | 835,850 | ||||||
1.260% due 08/25/35 " § | 1,200,000 | 1,173,916 | ||||||
Sunrise SARL (Italy) | EUR 10,977 | 12,347 | ||||||
THL Credit Wind River CLO Ltd (Cayman) | ||||||||
1.830% due 07/15/26 " § ~ | $1,500,000 | 1,521,629 | ||||||
2.119% due 01/18/26 " § ~ | 2,500,000 | 2,500,022 | ||||||
United States Small Business Administration | 331,187 | 352,629 | ||||||
US Residential Opportunity Fund | 983,750 | 988,132 | ||||||
Wood Street BV CLO (Netherlands) | EUR 23,950 | 26,904 | ||||||
|
| |||||||
Total Asset-Backed Securities | 55,166,066 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY ISSUES - 0.9% |
| |||||||
Fannie Mae | ||||||||
2.173% due 10/09/19 | $2,680,000 | 2,573,427 | ||||||
6.625% due 11/15/30 | 1,500,000 | 2,288,634 | ||||||
Freddie Mac | 2,680,000 | 2,688,474 | ||||||
Tennessee Valley Authority | 500,000 | 694,251 | ||||||
|
| |||||||
Total U.S. Government Agency Issues | 8,244,786 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 31.7% |
| |||||||
U.S. Treasury Bonds - 10.4% | ||||||||
2.250% due 08/15/46 | 4,820,000 | 4,748,080 | ||||||
2.500% due 02/15/45 | 1,900,000 | 1,970,137 | ||||||
2.500% due 02/15/46 | 910,000 | 943,823 | ||||||
2.500% due 05/15/46 | 27,030,000 | 28,067,925 | ||||||
2.750% due 08/15/42 | 1,400,000 | 1,530,375 | ||||||
2.750% due 11/15/42 | 3,100,000 | 3,385,538 | ||||||
2.875% due 05/15/43 | 5,380,000 | 6,009,105 | ||||||
2.875% due 08/15/45 | 4,800,000 | 5,364,283 | ||||||
3.000% due 05/15/42 | 6,900,000 | 7,889,584 | ||||||
3.000% due 11/15/44 | 4,770,000 | 5,457,367 | ||||||
3.000% due 05/15/45 | 300,000 | 343,184 | ||||||
3.000% due 11/15/45 | 5,400,000 | 6,182,158 | ||||||
3.125% due 02/15/43 | 3,500,000 | 4,090,898 | ||||||
3.125% due 08/15/44 | 3,000,000 | 3,513,048 | ||||||
3.375% due 05/15/44 | 300,000 | 367,154 | ||||||
3.625% due 08/15/43 | 7,900,000 | 10,087,929 | ||||||
4.250% due 05/15/39 | 400,000 | 549,766 | ||||||
4.375% due 11/15/39 | 1,800,000 | 2,516,414 | ||||||
4.375% due 05/15/40 | 1,000,000 | 1,400,879 | ||||||
4.625% due 02/15/40 | 400,000 | 578,586 | ||||||
|
| |||||||
94,996,233 | ||||||||
|
| |||||||
U.S. Treasury Inflation Protected Securities - 9.1% |
| |||||||
0.125% due 04/15/18 ^ | 624,624 | 631,658 | ||||||
0.125% due 04/15/20 ^ ‡ | 3,802,157 | 3,878,584 | ||||||
0.125% due 01/15/23 ^ | 15,742,807 | 16,016,149 | ||||||
0.125% due 07/15/24 ^ | 5,776,836 | 5,872,472 | ||||||
0.375% due 07/15/25 ^ | 476,942 | 493,507 | ||||||
0.625% due 07/15/21 ^ | 2,562,528 | 2,693,660 | ||||||
0.625% due 01/15/26 ^ | 2,258,499 | 2,379,774 | ||||||
0.625% due 02/15/43 ^ | 2,428,344 | 2,452,098 | ||||||
0.750% due 02/15/42 ^ | 724,200 | 751,165 | ||||||
0.750% due 02/15/45 ^ | 2,258,487 | 2,344,129 |
Principal |
| |||||||
1.000% due 02/15/46 ^ | $4,021,895 | $4,474,897 | ||||||
1.250% due 07/15/20 ^ | 2,868,970 | 3,068,163 | ||||||
1.375% due 02/15/44 ^ | 258,140 | 308,171 | ||||||
1.750% due 01/15/28 ^ | 3,331,201 | 3,909,488 | ||||||
2.125% due 02/15/41 ^ | 208,789 | 281,922 | ||||||
2.375% due 01/15/25 ^ | 12,894,266 | 15,394,309 | ||||||
2.375% due 01/15/27 ^ | 5,250,520 | 6,453,498 | ||||||
2.500% due 01/15/29 ^ | 4,371,315 | 5,565,803 | ||||||
3.875% due 04/15/29 ^ | 3,952,395 | 5,711,681 | ||||||
|
| |||||||
82,681,128 | ||||||||
|
| |||||||
U.S. Treasury Notes - 12.2% |
| |||||||
1.125% due 06/30/21 | 100,000 | 99,904 | ||||||
1.125% due 07/31/21 | 50,000,000 | 49,937,500 | ||||||
1.125% due 08/31/21 | 12,230,000 | 12,219,971 | ||||||
1.250% due 07/31/23 | 7,740,000 | 7,661,841 | ||||||
1.375% due 01/31/21 | 160,000 | 161,775 | ||||||
1.375% due 04/30/21 | 260,000 | 262,778 | ||||||
1.375% due 05/31/21 | 230,000 | 232,552 | ||||||
1.375% due 06/30/23 | 9,820,000 | 9,806,380 | ||||||
1.375% due 08/31/23 | 310,000 | 309,152 | ||||||
1.500% due 08/15/26 | 2,600,000 | 2,576,642 | ||||||
1.625% due 04/30/23 | 90,000 | 91,355 | ||||||
1.625% due 05/31/23 | 8,700,000 | 8,828,969 | ||||||
1.625% due 05/15/26 | 3,270,000 | 3,276,896 | ||||||
1.750% due 09/30/22 | 1,260,000 | 1,291,402 | ||||||
2.000% due 11/30/22 | 10,420,000 | 10,829,068 | ||||||
2.250% due 11/15/24 ‡ | 2,900,000 | 3,063,577 | ||||||
2.500% due 05/15/24 | 100,000 | 107,514 | ||||||
2.750% due 02/15/24 ‡ | 800,000 | 873,375 | ||||||
|
| |||||||
111,630,651 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations | 289,308,012 | |||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 3.5% |
| |||||||
Argentine Republic Government International (Argentina) | ||||||||
6.875% due 04/22/21 ~ | 420,000 | 458,220 | ||||||
7.125% due 07/06/36 ~ | 460,000 | 488,750 | ||||||
7.500% due 04/22/26 ~ | 150,000 | 169,650 | ||||||
Banco Nacional de Desenvoolvimento Economico e Social (Brazil) | EUR 100,000 | 115,272 | ||||||
Brazil Notas do Tesouro Nacional ‘F’ (Brazil) |
| |||||||
10.000% due 01/01/21 | BRL 12,430,000 | 3,647,720 | ||||||
10.000% due 01/01/23 | 5,437,000 | 1,566,175 | ||||||
Brazilian Government International (Brazil) |
| |||||||
5.000% due 01/27/45 | $200,000 | 182,000 | ||||||
5.625% due 01/07/41 | 1,000,000 | 997,500 | ||||||
China Government (China) |
| |||||||
3.310% due 11/30/25 ~ | CNY 3,000,000 | 457,969 | ||||||
3.380% due 11/21/24 ~ | 7,000,000 | 1,071,914 | ||||||
3.390% due 05/21/25 ~ | 1,000,000 | 153,420 | ||||||
Colombia Government (Colombia) | $650,000 | 757,250 | ||||||
Indonesia Government (Indonesia) |
| |||||||
3.750% due 04/25/22 ~ | 750,000 | 791,767 | ||||||
4.875% due 05/05/21 ~ | 500,000 | 551,031 | ||||||
Mexican Bonos (Mexico) |
| |||||||
6.500% due 06/09/22 | MXN 66,710,000 | 3,557,375 | ||||||
7.750% due 11/23/34 | 20,610,000 | 1,209,710 | ||||||
7.750% due 11/13/42 | 73,690,000 | 4,399,011 | ||||||
10.000% due 12/05/24 | 25,400,000 | 1,657,309 | ||||||
Mexico Government International (Mexico) | $1,890,000 | 2,199,488 | ||||||
Peruvian Government International (Peru) |
| |||||||
5.625% due 11/18/50 | 450,000 | 597,375 | ||||||
6.550% due 03/14/37 | 40,000 | 56,852 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-18
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
Province of Ontario (Canada) |
| |||||||
1.650% due 09/27/19 | $200,000 | $201,840 | ||||||
3.150% due 06/02/22 | CAD 900,000 | 754,684 | ||||||
Province of Quebec (Canada) | $600,000 | 645,995 | ||||||
Republic of Poland Government (Poland) |
| |||||||
2.000% due 04/25/21 | PLN 200,000 | 51,876 | ||||||
2.500% due 07/25/26 | 3,230,000 | 816,178 | ||||||
3.250% due 07/25/25 | 2,820,000 | 761,250 | ||||||
Republic of Poland Government International (Poland) | $1,230,000 | 1,361,673 | ||||||
Russian Federal (Russia) |
| |||||||
7.000% due 08/16/23 | RUB 37,760,000 | 568,850 | ||||||
7.050% due 01/19/28 | 95,420,000 | 1,416,618 | ||||||
7.750% due 09/16/26 | 11,420,000 | 178,953 | ||||||
8.150% due 02/03/27 | 21,200,000 | 342,252 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes |
| 32,185,927 | ||||||
|
| |||||||
MUNICIPAL BONDS - 1.1% |
| |||||||
City of Chicago IL | $400,000 | 430,580 | ||||||
City of Chicago IL ‘B’ | 400,000 | 405,064 | ||||||
New Jersey Economic Development | 4,100,000 | 3,888,645 | ||||||
Southern California Public Power Authority | 1,600,000 | 2,128,624 | ||||||
State of California |
| |||||||
7.500% due 04/01/34 | 100,000 | 151,623 | ||||||
7.600% due 11/01/40 | 400,000 | 648,852 | ||||||
Tobacco Settlement Finance Authority of WV ‘A’ | 750,000 | 721,778 | ||||||
University of Arizona ‘A’ | 1,300,000 | 1,489,319 | ||||||
|
| |||||||
Total Municipal Bonds | 9,864,485 | |||||||
|
| |||||||
PURCHASED OPTIONS - 0.0% |
| |||||||
(See Note (f) in Notes to Schedule of Investments) |
| 232,184 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS - 7.6% |
| |||||||
Commercial Paper - 1.0% | ||||||||
Autonation Inc | ||||||||
1.057% due 10/05/16 ~ | 1,000,000 | 999,856 | ||||||
1.106% due 10/06/16 ~ | 1,300,000 | 1,299,765 | ||||||
Credit Suisse AG | 1,900,000 | 1,902,354 | ||||||
Sumitomo Mitsui Banking Corp | 1,800,000 | 1,800,828 | ||||||
Thompson Reuters Corp | 1,300,000 | 1,299,169 | ||||||
Wyndham Worldwide Corp | 1,800,000 | 1,798,974 | ||||||
|
| |||||||
9,100,946 | ||||||||
|
| |||||||
Shares | ||||||||
Money Market Fund - 5.9% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 53,284,834 | 53,284,834 | ||||||
|
|
Principal |
| |||||||
U. S. Government Agency Issues - 0.7% | ||||||||
Federal Home Loan Bank | ||||||||
0.206% due 10/28/16 | $400,000 | $399,937 | ||||||
0.222% due 10/21/16 | 3,200,000 | 3,199,591 | ||||||
0.231% due 10/19/16 | 1,500,000 | 1,499,820 | ||||||
0.248% due 11/14/16 | 1,500,000 | 1,499,542 | ||||||
|
| |||||||
6,598,890 | ||||||||
|
| |||||||
Total Short-Term Investments | 68,984,670 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 118.1% | 1,079,559,733 | |||||||
OTHER ASSETS & LIABILITIES, NET - (18.1%) |
| (165,222,184 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% | $914,337,549 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition as a percentage of net assets was as follows: |
Mortgage-Backed Securities | 36.5% | |||
U.S. Treasury Obligations | 31.7% | |||
Corporate Bonds & Notes | 28.7% | |||
Short-Term Investments | 7.6% | |||
Asset-Backed Securities | 6.0% | |||
Foreign Government Bonds & Notes | 3.5% | |||
Others (each less than 3.0%) | 4.1% | |||
|
| |||
118.1% | ||||
Other Assets & Liabilities, Net | (18.1% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2016, investments with a total aggregate value of $3,074,825 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. |
(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, 2016 was $1,834,203 at a weighted average interest rate of 0.456%. |
(d) | Open futures contracts outstanding as of September 30, 2016 were as follows: |
Long Futures Outstanding | Number of Contracts | Unrealized Appreciation (Depreciation) | ||||||||||
AUD FX (12/16) | 13 | $15,247 | ||||||||||
CAD FX (12/16) | 46 | (24,069 | ) | |||||||||
Euro-Bobl (12/16) | 61 | 4,425 | ||||||||||
Euro-BTP (12/16) | 4 | (1,850 | ) | |||||||||
Eurodollar (12/16) | 13 | (1,180 | ) | |||||||||
Eurodollar (03/17) | 128 | 40,334 | ||||||||||
Eurodollar (06/17) | 34 | 16,527 | ||||||||||
Eurodollar (03/18) | 97 | (9,578 | ) | |||||||||
Eurodollar (12/18) | 27 | 2,612 | ||||||||||
MXN FX (12/16) | 42 | (21,936 | ) | |||||||||
U.S. Treasury 2-Year Notes (12/16) | 361 | 80,474 | ||||||||||
U.S. Treasury 5-Year Notes (12/16) | 2,354 | 324,604 | ||||||||||
U.S. Treasury 10-Year Notes (12/16) | 91 | 15,414 | ||||||||||
U.S. Treasury 30-Year Bonds (12/16) | 169 | (427,714 | ) | |||||||||
U.S. Ultra Long Bonds (12/16) | 111 | (238,660 | ) | |||||||||
|
| |||||||||||
(225,350 | ) | |||||||||||
|
| |||||||||||
Short Futures Outstanding | ||||||||||||
90-Day LIBOR Sterling (09/17) | 20 | (29,734 | ) | |||||||||
90-Day LIBOR Sterling (03/18) | 103 | (75,195 | ) | |||||||||
90-Day LIBOR Sterling (06/18) | 101 | (19,774 | ) | |||||||||
Canada 10-Year Bonds (12/16) | 40 | (9,458 | ) | |||||||||
EUR FX (12/16) | 31 | 1,281 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-19
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Short Futures Outstanding | Number of Contracts | Unrealized Appreciation (Depreciation) | ||||||||||
Euro-Bund (12/16) | 26 | ($34,513 | ) | |||||||||
Euro-Buxl (12/16) | 6 | (887 | ) | |||||||||
Eurodollar (03/17) | 51 | (95,501 | ) | |||||||||
Eurodollar (09/17) | 154 | 23,522 | ||||||||||
Eurodollar (12/17) | 357 | (60,057 | ) | |||||||||
Eurodollar (03/18) | 294 | (42,150 | ) | |||||||||
Eurodollar (06/18) | 109 | (6,875 | ) | |||||||||
Eurodollar (09/18) | 38 | (23,260 | ) | |||||||||
Eurodollar (12/18) | 173 | (101,576 | ) | |||||||||
GBP FX (12/16) | 5 | 9,265 | ||||||||||
Japan 10-Year Bonds (12/16) | 6 | (52,707 | ) | |||||||||
JPY FX (12/16) | 209 | (237,773 | ) | |||||||||
U.S. Treasury 10-Year Notes (12/16) | 899 | (38,271 | ) | |||||||||
U.S. Treasury 10-Year Notes (12/16) | 37 | 5,247 | ||||||||||
U.S. Ultra Long Bonds (12/16) | 219 | 211,754 | ||||||||||
|
| |||||||||||
(576,662 | ) | |||||||||||
|
| |||||||||||
Total Futures Contracts | ($802,012 | ) | ||||||||||
|
|
(e) | Forward foreign currency contracts outstanding as of September 30, 2016 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
BRL | 3,256,750 | USD | 1,017,184 | 10/16 | BRC | ($19,759 | ) | |||||||||||||
CAD | 2,480,000 | USD | 1,892,827 | 10/16 | HSB | (2,455 | ) | |||||||||||||
CAD | 1,687,000 | USD | 1,306,728 | 10/16 | JPM | (20,818 | ) | |||||||||||||
CNH | 8,640,000 | USD | 1,291,287 | 10/16 | BRC | 2,165 | ||||||||||||||
CNY | 46,696,029 | USD | 6,998,805 | 10/16 | BRC | (2,047 | ) | |||||||||||||
DKK | 14,948,000 | USD | 2,250,730 | 10/16 | BRC | 4,919 | ||||||||||||||
DKK | 135,477,000 | USD | 20,388,810 | 10/16 | HSB | 54,631 | ||||||||||||||
EUR | 3,566,909 | USD | 3,953,196 | 10/16 | BRC | 56,316 | ||||||||||||||
EUR | 6,267,000 | USD | 7,034,081 | 10/16 | HSB | 7,296 | ||||||||||||||
EUR | 1,137,692 | USD | 1,278,061 | 11/16 | BOA | 2,374 | ||||||||||||||
GBP | 557,000 | USD | 722,460 | 10/16 | CIT | (301 | ) | |||||||||||||
GBP | 3,215,000 | USD | 4,187,216 | 10/16 | HSB | (19,776 | ) | |||||||||||||
GBP | 294,000 | USD | 390,039 | 10/16 | SCB | (8,942 | ) | |||||||||||||
IDR | 36,335,220,000 | USD | 2,778,124 | 10/16 | CIT | 250 | ||||||||||||||
INR | 372,860,000 | USD | 5,515,202 | 10/16 | CIT | 71,242 | ||||||||||||||
JPY | 50,900,310 | USD | 503,000 | 10/16 | BNP | (967 | ) | |||||||||||||
JPY | 573,359,000 | USD | 5,723,480 | 10/16 | BOA | (66,067 | ) | |||||||||||||
JPY | 122,453,331 | USD | 1,204,000 | 10/16 | JPM | 3,716 | ||||||||||||||
JPY | 56,500,000 | USD | 563,950 | 11/16 | BRC | (5,753 | ) | |||||||||||||
JPY | 798,300,000 | USD | 7,936,918 | 11/16 | HSB | (50,030 | ) | |||||||||||||
JPY | 100,429,000 | USD | 1,001,527 | 11/16 | JPM | (9,328 | ) | |||||||||||||
SGD | 379,314 | USD | 278,000 | 11/16 | BRC | 220 | ||||||||||||||
SGD | 1,290,645 | USD | 948,000 | 11/16 | DUB | (1,335 | ) | |||||||||||||
USD | 373,656 | AUD | 496,000 | 10/16 | JPM | (5,923 | ) | |||||||||||||
USD | 1,206,295 | AUD | 1,583,000 | 10/16 | WBC | (5,143 | ) | |||||||||||||
USD | 958,009 | BRL | 3,256,750 | 10/16 | BRC | (39,417 | ) | |||||||||||||
USD | 1,929,472 | CAD | 2,500,000 | 10/16 | CIT | 23,715 | ||||||||||||||
USD | 4,145,892 | CAD | 5,437,000 | 10/16 | HSB | 1,557 | ||||||||||||||
USD | 1,284,949 | CNH | 8,640,000 | 10/16 | BRC | (8,502 | ) | |||||||||||||
USD | 1,280,854 | CNH | 8,640,000 | 01/17 | CIT | (5,462 | ) | |||||||||||||
USD | 6,967,735 | CNY | 46,696,029 | 10/16 | BRC | (29,024 | ) | |||||||||||||
USD | 6,931,794 | CNY | 46,696,029 | 01/17 | BRC | (41,510 | ) | |||||||||||||
USD | 341,540 | CNY | 2,275,254 | 11/16 | BOA | 1,551 | ||||||||||||||
USD | 2,089,241 | DKK | 13,810,000 | 10/16 | BRC | 5,316 | ||||||||||||||
USD | 3,017,300 | DKK | 20,315,000 | 10/16 | HSB | (48,228 | ) | |||||||||||||
USD | 10,658,888 | DKK | 71,360,000 | 10/16 | JPM | (109,316 | ) | |||||||||||||
USD | 11,608,194 | DKK | 76,498,000 | 04/17 | HSB | (38,602 | ) | |||||||||||||
USD | 2,280,258 | DKK | 14,948,000 | 07/17 | BRC | (6,043 | ) | |||||||||||||
USD | 9,032,006 | DKK | 58,979,000 | 10/17 | HSB | (30,529 | ) | |||||||||||||
USD | 6,996,009 | EUR | 6,267,000 | 10/16 | HSB | (45,368 | ) | |||||||||||||
USD | 112,399 | EUR | 100,000 | 11/16 | BOA | (148 | ) | |||||||||||||
USD | 7,042,604 | EUR | 6,267,000 | 11/16 | HSB | (8,222 | ) | |||||||||||||
USD | 4,598,667 | GBP | 3,509,000 | 10/16 | JPM | 50,130 | ||||||||||||||
USD | 4,189,290 | GBP | 3,215,000 | 11/16 | HSB | 19,406 | ||||||||||||||
USD | 1,382,476 | INR | 92,160,000 | 10/16 | CIT | 1,672 | ||||||||||||||
USD | 500,000 | JPY | 50,481,150 | 10/16 | GSC | 2,121 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-20
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
USD | 85,487 | JPY | 8,700,000 | 11/16 | JPM | ($465 | ) | |||||||||||||||
USD | 713,345 | JPY | 72,000,000 | 11/16 | WBC | 2,007 | ||||||||||||||||
USD | 425,000 | KRW | 474,504,000 | 11/16 | JPM | (5,715 | ) | |||||||||||||||
USD | 9,196,809 | KRW | 10,220,392,080 | 11/16 | UBS | (80,400 | ) | |||||||||||||||
USD | 4,507,565 | MXN | 85,881,393 | 10/16 | CIT | 85,579 | ||||||||||||||||
USD | 4,223,174.000 | MXN | 83,174,000 | 10/16 | JPM | (56,416 | ) | |||||||||||||||
USD | 3,014,826 | MXN | 57,325,404 | 10/16 | JPM | 69,011 | ||||||||||||||||
USD | 1,072,989.000 | MYR | 4,354,189 | 11/16 | DUB | 22,686 | ||||||||||||||||
USD | 934,136 | PLN | 3,740,000 | 10/16 | BRC | (43,604 | ) | |||||||||||||||
USD | 464,055 | SGD | 629,000 | 11/16 | BRC | 2,695 | ||||||||||||||||
USD | 232,000 | SGD | 317,513 | 11/16 | DUB | (890 | ) | |||||||||||||||
USD | 4,642,928 | SGD | 6,227,234 | 11/16 | HSB | 75,364 | ||||||||||||||||
USD | 966,000 | SGD | 1,306,901 | 11/16 | JPM | 7,411 | ||||||||||||||||
USD | 472,000 | TWD | 14,990,720 | 11/16 | HSB | (6,774 | ) | |||||||||||||||
USD | 493,000 | TWD | 15,595,660 | 11/16 | JPM | (5,094 | ) | |||||||||||||||
USD | 1,504,595 | TWD | 47,900,012 | 11/16 | UBS | (25,235 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total Forward Foreign Currency Contracts | ($280,258 | ) | ||||||||||||||||||||
|
|
(f) | Purchased options outstanding as of September 30, 2016 were as follows: |
Foreign Currency Options
Description | Exercise | Expiration Date | Counter- party | Notional Amount | Cost | Value | ||||||||||||||||
Put - MXN versus USD | MXN 18.50 | 10/27/16 | JPM | $8,291,600 | $118,321 | $24,885 | ||||||||||||||||
|
|
|
|
Interest Rate Swaptions
Description | Pay/Receive Floating Rate | Floating Rate Index | Exercise Rate | Expiration Date | Counter- party | Notional Amount | Cost | Value | ||||||||||||||||||||||||
Call - 5-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 1.000% | 12/13/16 | MSC | $3,000,000 | $25,294 | $5,390 | ||||||||||||||||||||||||
Call - 5-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 1.000% | 12/21/16 | MSC | 7,600,000 | 65,900 | 15,698 | ||||||||||||||||||||||||
Call - 2-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.100% | 01/30/18 | JPM | 2,700,000 | 38,340 | 51,912 | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
129,534 | 73,000 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Put - 30-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 2.905% | 08/20/18 | MSC | 900,000 | 88,800 | 18,383 | ||||||||||||||||||||||||
Put - 30-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 2.940% | 08/20/18 | GSC | 300,000 | 29,340 | 5,789 | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
118,140 | 24,172 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
$247,674 | $97,172 | |||||||||||||||||||||||||||||||
|
|
|
|
Options on Futures
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Cost | Value | ||||||||||||||||||
Call - U.S. Treasury 5-Year Notes (11/16) | $121.75 | 10/21/16 | CME | 16 | $3,177 | $3,000 | ||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/16) | 131.00 | 10/21/16 | CME | 27 | 13,916 | 15,609 | ||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/16) | 138.50 | 10/21/16 | CME | 1,000 | 34,500 | — | ||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (12/16) | 139.00 | 10/21/16 | CME | 390 | 13,455 | — | ||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/16) | 139.50 | 10/21/16 | CME | 91 | 3,139 | — | ||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/16) | 141.50 | 10/21/16 | CME | 1,000 | 18,875 | — | ||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/16) | 167.00 | 10/21/16 | CME | 6 | 8,926 | 13,406 | ||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/16) | 168.00 | 10/21/16 | CME | 12 | 18,133 | 19,875 | ||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/16) | 169.00 | 10/21/16 | CME | 3 | 3,760 | 3,563 | ||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/16) | 171.00 | 10/21/16 | CME | 6 | 4,145 | 3,375 | ||||||||||||||||||
Call - EUR FX (11/16) | 1.14 | 11/04/16 | CME | 5 | 2,829 | 3,000 | ||||||||||||||||||
Call - EUR FX (12/16) | 1.14 | 12/09/16 | CME | 5 | 6,454 | 6,688 | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||
131,309 | 68,516 | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Put - JPY FX (10/16) | 97.00 | 10/07/16 | CME | 3 | 2,822 | 225 | ||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (11/16) | 115.50 | 10/21/16 | CME | 1,139 | 21,499 | — | ||||||||||||||||||
Put - JPY FX (11/16) | 98.00 | 11/04/16 | CME | 12 | 13,389 | 14,100 | ||||||||||||||||||
Put - JPY FX (11/16) | 99.00 | 11/04/16 | CME | 7 | 8,910 | 12,425 | ||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (12/16) | 131.00 | 11/25/16 | CME | 12 | 7,726 | 10,125 | ||||||||||||||||||
Put - JPY FX (12/16) | 98.00 | 12/09/16 | CME | 2 | 3,181 | 3,900 | ||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (01/17) | 108.00 | 12/23/16 | CME | 107 | 916 | 836 | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||
58,443 | 41,611 | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
$189,752 | $110,127 | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Purchased Options | $555,747 | $232,184 | ||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-21
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
(g) | Transactions in written options for the six-month period ended September 30, 2016 were as follows: |
Number of Contracts | Notional Amount in AUD | Notional Amount in EUR | Notional Amount in GBP | Notional Amount in $ | Premium | |||||||||||||||||||
Outstanding, March 31, 2016 | 440 | 1,100,000 | 10,600,000 | — | 53,175,000 | $666,690 | ||||||||||||||||||
Call Options Written | 542 | 1,400,000 | 1,800,000 | 1,000,000 | 26,900,000 | 693,018 | ||||||||||||||||||
Put Options Written | 154 | 1,100,000 | — | — | 4,800,000 | 360,360 | ||||||||||||||||||
Call Options Expired | (276 | ) | (2,500,000 | ) | (6,100,000 | ) | (1,000,000 | ) | (7,375,000 | ) | (414,720 | ) | ||||||||||||
Put Options Expired | (164 | ) | (1,100,000 | ) | (6,300,000 | ) | — | (42,400,000 | ) | (528,002 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Outstanding, September 30, 2016 | 696 | — | — | — | 35,100,000 | $777,346 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(h) | Premiums received and value of written options outstanding as of September 30, 2016 were as follows: |
Foreign Currency Options
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||||
Call - MXN versus USD | MXN 20.50 | 10/26/16 | JPM | $1,300,000 | $13,465 | ($4,635 | ) | |||||||||||||||||
Call - RUB versus USD | RUB 87.00 | 12/08/16 | HSB | 400,000 | 17,190 | (56 | ) | |||||||||||||||||
|
|
|
| |||||||||||||||||||||
$30,655 | ($4,691 | ) | ||||||||||||||||||||||
|
|
|
|
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 | ($138 | ) | ||||||||||||||||
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 | (83 | ) | ||||||||||||||||
|
|
|
| |||||||||||||||||||||
$18,060 | ($221 | ) | ||||||||||||||||||||||
|
|
|
|
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 | 0.765% | 12/13/16 | MSC | $6,000,000 | $25,575 | ($1,841 | ) | |||||||||||||||||||||||
Call - 5-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 0.770% | 12/21/16 | MSC | 15,200,000 | 66,275 | (6,507 | ) | |||||||||||||||||||||||
Call - 2-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 1.100% | 01/30/18 | JPM | 2,700,000 | 14,040 | (13,469 | ) | |||||||||||||||||||||||
Call - 2-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 1.600% | 01/30/18 | JPM | 2,700,000 | 24,435 | (30,023 | ) | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
130,325 | (51,840 | ) | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Put - 5-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.800% | 08/20/18 | GSC | 1,200,000 | 26,727 | (3,226 | ) | |||||||||||||||||||||||
Put - 5-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.800% | 08/20/18 | MSC | 3,800,000 | 84,793 | (10,214 | ) | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
111,520 | (13,440 | ) | ||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
$241,845 | ($65,280 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
Options on Futures
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Premium | Value | ||||||||||||||||
Call - EUR FX (10/16) | $1.14 | 10/07/16 | CME | 5 | $3,434 | ($500 | ) | |||||||||||||||
Call - JPY FX (10/16) | 98.00 | 10/07/16 | CME | 21 | 32,794 | (29,400 | ) | |||||||||||||||
Call - JPY FX (10/16) | 99.00 | 10/07/16 | CME | 6 | 8,606 | (3,975 | ) | |||||||||||||||
Call - JPY FX (10/16) | 100.00 | 10/07/16 | CME | 9 | 11,733 | (2,588 | ) | |||||||||||||||
Call - U.S. Treasury 5-Year Notes (11/16) | 122.00 | 10/21/16 | CME | 31 | 4,993 | (3,391 | ) | |||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/16) | 131.50 | 10/21/16 | CME | 70 | 34,632 | (25,156 | ) | |||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/16) | 132.00 | 10/21/16 | CME | 55 | 22,665 | (11,172 | ) | |||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/16) | 170.00 | 10/21/16 | CME | 9 | 11,080 | (7,453 | ) | |||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/16) | 172.00 | 10/21/16 | CME | 36 | 45,086 | (13,500 | ) | |||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/16) | 174.00 | 10/21/16 | CME | 10 | 8,218 | (1,875 | ) | |||||||||||||||
Call - U.S. Treasury 5-Year Notes (12/16) | 122.00 | 11/25/16 | CME | 40 | 15,854 | (11,875 | ) | |||||||||||||||
Call - U.S. Treasury 10-Year Notes (12/16) | 132.00 | 11/25/16 | CME | 100 | 55,456 | (53,125 | ) | |||||||||||||||
Call - U.S. Treasury 10-Year Notes (12/16) | 133.00 | 11/25/16 | CME | 52 | 32,065 | (15,438 | ) | |||||||||||||||
Call - U.S. Treasury 10-Year Notes (12/16) | 134.00 | 11/25/16 | CME | 19 | 5,407 | (3,266 | ) | |||||||||||||||
Call - U.S. Treasury 10-Year Notes (12/16) | 134.50 | 11/25/16 | CME | 13 | 3,005 | (1,828 | ) | |||||||||||||||
Call - U.S. Treasury 30-Year Bonds (12/16) | 170.00 | 11/25/16 | CME | 9 | 11,502 | (17,016 | ) | |||||||||||||||
Call - U.S. Treasury 30-Year Bonds (12/16) | 172.00 | 11/25/16 | CME | 18 | 22,207 | (22,219 | ) | |||||||||||||||
Call - U.S. Treasury 30-Year Bonds (12/16) | 174.00 | 11/25/16 | CME | 39 | 72,045 | (31,078 | ) | |||||||||||||||
|
|
|
| |||||||||||||||||||
400,782 | (254,855 | ) | ||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-22
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Premium | Value | ||||||||||||||||||
Put - JPY FX (10/16) | $94.00 | 10/07/16 | CME | 2 | $1,094 | ($12 | ) | |||||||||||||||||
Put - JPY FX (10/16) | 95.00 | 10/07/16 | CME | 5 | 4,909 | (62 | ) | |||||||||||||||||
Put - JPY FX (10/16) | 96.00 | 10/07/16 | CME | 1 | 1,197 | (19 | ) | |||||||||||||||||
Put - U.S. Treasury 5-Year Notes (11/16) | 121.00 | 10/21/16 | CME | 38 | 11,892 | (4,156 | ) | |||||||||||||||||
Put - U.S. Treasury 10-Year Notes (11/16) | 130.00 | 10/21/16 | CME | 51 | 24,881 | (7,969 | ) | |||||||||||||||||
Put - U.S. Treasury 10-Year Notes (11/16) | 130.75 | 10/21/16 | CME | 9 | 2,783 | (3,234 | ) | |||||||||||||||||
Put - U.S. Treasury 10-Year Notes (11/16) | 131.00 | 10/21/16 | CME | 10 | 3,577 | (4,531 | ) | |||||||||||||||||
Put - U.S. Treasury 30-Year Bonds (11/16) | 164.00 | 10/21/16 | CME | 7 | 10,915 | (2,406 | ) | |||||||||||||||||
Put - JPY FX (11/16) | 95.00 | 11/04/16 | CME | 5 | 5,559 | (1,250 | ) | |||||||||||||||||
Put - JPY FX (11/16) | 97.00 | 11/04/16 | CME | 5 | 2,859 | (3,688 | ) | |||||||||||||||||
Put - U.S. Treasury 10-Year Notes (12/16) | 127.50 | 11/25/16 | CME | 13 | 3,817 | (1,219 | ) | |||||||||||||||||
Put - U.S. Treasury 10-Year Notes (12/16) | 130.50 | 11/25/16 | CME | 3 | 1,912 | (1,875 | ) | |||||||||||||||||
Put - U.S. Treasury 30-Year Bonds (12/16) | 166.00 | 11/25/16 | CME | 2 | 3,119 | (3,531 | ) | |||||||||||||||||
Put - U.S. Treasury 30-Year Bonds (12/16) | 168.00 | 11/25/16 | CME | 3 | 7,490 | (7,875 | ) | |||||||||||||||||
|
|
|
| |||||||||||||||||||||
86,004 | (41,827 | ) | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
$486,786 | ($296,682 | ) | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Written Options | $777,346 | ($366,874 | ) | |||||||||||||||||||||
|
|
|
|
(i) | Swap agreements outstanding as of September 30, 2016 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 09/30/16 (3) | Notional Amount (4) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Volkswagen International Finance NV | 1.000% | 12/20/16 | CIT | 0.300% | EUR 400,000 | $834 | ($3,701 | ) | $4,535 | |||||||||||||||||||||||
Volkswagen International Finance NV | 1.000% | 03/20/17 | CIT | 0.300% | 400,000 | 1,621 | 4,403 | (2,782 | ) | |||||||||||||||||||||||
Colombia Government | 1.000% | 03/20/19 | GSC | 0.839% | $1,800,000 | 7,618 | (16,452 | ) | 24,070 | |||||||||||||||||||||||
Colombia Government | 1.000% | 03/20/19 | HSB | 0.839% | 3,500,000 | 14,813 | (28,642 | ) | 43,455 | |||||||||||||||||||||||
Petrobras International Co SA | 1.000% | 12/20/19 | GSC | 3.640% | 300,000 | (23,924 | ) | (32,995 | ) | 9,071 | ||||||||||||||||||||||
Citigroup Inc | 1.000% | 12/20/20 | JPM | 0.701% | 900,000 | 11,284 | 3,084 | 8,200 | ||||||||||||||||||||||||
Tesco PLC | 1.000% | 06/20/21 | BRC | 1.973% | EUR 800,000 | (39,657 | ) | (80,267 | ) | 40,610 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
($27,411 | ) | ($154,570 | ) | $127,159 | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Credit Default Swaps on Credit Indices – Buy Protection (2) | ||||||||||||||||||||||||||||||||
Referenced Obligation | Fixed Deal Pay Rate | Expiration Date | Exchange | Notional Amount (4) | Value (5) | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
CDX NA 27 2Y | 5.000% | 12/20/21 | ICE | $900,000 | ($39,150 | ) | ($39,150 | ) | $— | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Credit Default Swaps on Credit Indices – Sell Protection (1) | ||||||||||||||||||||||||||||||||
Referenced Obligation | Fixed Deal Receive Rate | Expiration Date | Counter- party | Notional Amount (4) | Value (5) | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
CDX IG 9 10Y | 0.548% | 12/20/17 | GSC | $96,450 | $630 | $— | $630 | |||||||||||||||||||||||||
ABX HE AAA | 0.110% | 05/25/46 | BRC | 2,213,229 | (340,243 | ) | (450,216 | ) | 109,973 | |||||||||||||||||||||||
CMBX NA BBB | 3.000% | 01/17/47 | MSC | 800,000 | (66,442 | ) | (94,454 | ) | 28,012 | |||||||||||||||||||||||
CMBX NA AAA | 0.500% | 10/17/57 | DUB | 800,000 | (19,407 | ) | (41,710 | ) | 22,303 | |||||||||||||||||||||||
CMBX NA AAA | 0.500% | 09/17/58 | DUB | 600,000 | (22,004 | ) | (33,285 | ) | 11,281 | |||||||||||||||||||||||
CMBX NA AAA | 0.500% | 09/17/58 | MSC | 4,700,000 | (172,367 | ) | (202,016 | ) | 29,649 | |||||||||||||||||||||||
CMBX NA BBB | 3.000% | 05/11/63 | MSC | 1,000,000 | (89,374 | ) | (78,081 | ) | (11,293 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
(709,207 | ) | (899,762 | ) | 190,555 | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||||||
CDX IG 23 5Y | 1.000% | 12/20/19 | CME | 990,000 | 12,598 | 13,423 | (825 | ) | ||||||||||||||||||||||||
CDX IG 24 5Y | 1.000% | 06/20/20 | CME | 5,262,000 | 77,764 | 51,913 | 25,851 | |||||||||||||||||||||||||
CDX IG 25 5Y | 1.000% | 12/20/20 | ICE | 2,290,000 | 27,014 | (1,164 | ) | 28,178 | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
117,376 | 64,172 | 53,204 | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
($591,831 | ) | ($835,590 | ) | $243,759 | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
($658,392 | ) | ($1,029,310 | ) | $370,918 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-23
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
(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) | 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. |
(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 and sovereign 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 | CME | 1.185% | 06/13/21 | $6,780,000 | $2,413 | $— | $2,413 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Interest Rate Swaps – Receive Floating Rate | ||||||||||||||||||||||||||||
Floating Rate Index | Exchange | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
6-Month GBP-LIBOR | CME | 0.500% | 03/15/19 | GBP 700,000 | ($1,436 | ) | ($1,046 | ) | ($390 | ) | ||||||||||||||||||
3-Month USD-LIBOR | CME | 1.250% | 06/21/19 | $800,000 | (2,320 | ) | (1,958 | ) | (362 | ) | ||||||||||||||||||
3-Month USD-LIBOR | LCH | 2.000% | 12/16/19 | 700,000 | (20,194 | ) | (15,635 | ) | (4,559 | ) | ||||||||||||||||||
3-Month USD-LIBOR | LCH | 2.000% | 12/16/20 | 8,200,000 | (295,830 | ) | 35,291 | (331,121 | ) | |||||||||||||||||||
3-Month USD-LIBOR | CME | 2.000% | 06/15/21 | 500,000 | (19,002 | ) | (16,248 | ) | (2,754 | ) | ||||||||||||||||||
3-Month USD-LIBOR | LCH | 2.000% | 06/15/21 | 14,000,000 | �� | (536,354 | ) | (501,588 | ) | (34,766 | ) | |||||||||||||||||
3-Month USD-LIBOR | CME | 1.500% | 12/21/21 | 1,500,000 | (20,093 | ) | (18,180 | ) | (1,913 | ) | ||||||||||||||||||
3-Month USD-LIBOR | CME | 1.897% | 08/31/22 | 10,000,000 | (371,803 | ) | — | (371,803 | ) | |||||||||||||||||||
3-Month USD-LIBOR | CME | 1.900% | 11/30/22 | 20,584,000 | (776,287 | ) | — | (776,287 | ) | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 2.250% | 12/16/22 | 17,900,000 | (1,076,554 | ) | (427,592 | ) | (648,962 | ) | ||||||||||||||||||
3-Month USD-LIBOR | CME | 1.267% | 05/15/23 | 20,992,000 | 23,991 | (8,212 | ) | 32,203 | ||||||||||||||||||||
3-Month USD-LIBOR | LCH | 2.500% | 12/16/25 | 1,500,000 | (141,969 | ) | (16,565 | ) | (125,404 | ) | ||||||||||||||||||
3-Month USD-LIBOR | CME | 1.580% | 06/13/26 | 6,760,000 | (64,391 | ) | 954 | (65,345 | ) | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 2.250% | 06/15/26 | 3,100,000 | (229,986 | ) | 2,797 | (232,783 | ) | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.750% | 12/21/26 | 2,300,000 | (57,313 | ) | (57,397 | ) | 84 | |||||||||||||||||||
3-Month USD-LIBOR | CME | 2.750% | 12/16/45 | 26,800,000 | (5,962,636 | ) | (874,965 | ) | (5,087,671 | ) | ||||||||||||||||||
3-Month USD-LIBOR | CME | 0.641% | 05/09/46 | 187,300,000 | (96,277 | ) | — | (96,277 | ) | |||||||||||||||||||
3-Month USD-LIBOR | CME | 2.500% | 06/15/46 | 700,000 | (114,629 | ) | (30,146 | ) | (84,483 | ) | ||||||||||||||||||
3-Month USD-LIBOR | LCH | 2.500% | 06/15/46 | 400,000 | (69,345 | ) | 2,082 | (71,427 | ) | |||||||||||||||||||
6-Month CAD-LIBOR | CME | 1.750% | 12/16/46 | CAD 300,000 | (9,716 | ) | (5,280 | ) | (4,436 | ) | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
($9,842,144 | ) | ($1,933,688 | ) | ($7,908,456 | ) | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
($9,839,731 | ) | ($1,933,688 | ) | ($7,906,043 | ) | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Total Swap Agreements | ($10,498,123 | ) | ($2,962,998 | ) | ($7,535,125 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-24
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant | Level 3 Significant | |||||||||||||||
Assets | Corporate Bonds & Notes | $262,021,446 | $— | $262,021,446 | $— | |||||||||||||
Senior Loan Notes | 19,551,398 | — | 19,551,398 | — | ||||||||||||||
Mortgage-Backed Securities | ||||||||||||||||||
Collateralized Mortgage Obligations - Commercial | 37,604,956 | — | 36,405,471 | 1,199,485 | ||||||||||||||
Collateralized Mortgage Obligations - Residential | 55,693,808 | — | 51,839,083 | 3,854,725 | ||||||||||||||
Fannie Mae | 190,227,159 | — | 190,227,159 | — | ||||||||||||||
Freddie Mac | 31,273,523 | — | 31,273,523 | — | ||||||||||||||
Government National Mortgage Association | 19,201,313 | — | 19,201,313 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Mortgage-Backed Securities | 334,000,759 | — | 328,946,549 | 5,054,210 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Asset-Backed Securities | 55,166,066 | — | 54,518,811 | 647,255 | ||||||||||||||
U.S. Government Agency Issues | 8,244,786 | — | 8,244,786 | — | ||||||||||||||
U.S. Treasury Obligations | 289,308,012 | — | 289,308,012 | — | ||||||||||||||
Foreign Government Bonds & Notes | 32,185,927 | — | 32,185,927 | — | ||||||||||||||
Municipal Bonds | 9,864,485 | — | 9,864,485 | — | ||||||||||||||
Short-Term Investments | 68,984,670 | 53,284,834 | 15,699,836 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | 154,176 | — | 154,176 | — | ||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Futures | 25,793 | 25,793 | — | — | ||||||||||||||
Forward Foreign Currency Contracts | 573,350 | — | 573,350 | — | ||||||||||||||
Purchased Options | 65,223 | — | 65,223 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | 664,366 | 25,793 | 638,573 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | 724,913 | 724,913 | — | — | ||||||||||||||
Purchased Options | 166,961 | 69,789 | 97,172 | — | ||||||||||||||
Swaps | 26,404 | — | 26,404 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | 918,278 | 794,702 | 123,576 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 1,736,820 | 820,495 | 916,325 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 1,081,064,369 | 54,105,329 | 1,021,257,575 | 5,701,465 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | (812,568 | ) | — | (812,568 | ) | — | ||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Futures | (283,778 | ) | (283,778 | ) | — | — | ||||||||||||
Forward Foreign Currency Contracts | (853,608 | ) | — | (853,608 | ) | — | ||||||||||||
Written Options | (46,185 | ) | — | (46,185 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | (1,183,571 | ) | (283,778 | ) | (899,793 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | (1,268,940 | ) | (1,268,940 | ) | — | — | ||||||||||||
Written Options | (320,689 | ) | (255,188 | ) | (65,501 | ) | — | |||||||||||
Swaps | (9,866,135 | ) | — | (9,866,135 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | (11,455,764 | ) | (1,524,128 | ) | (9,931,636 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | �� | (13,451,903 | ) | (1,807,906 | ) | (11,643,997 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (13,451,903 | ) | (1,807,906 | ) | (11,643,997 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $1,067,612,466 | $52,297,423 | $1,009,613,578 | $5,701,465 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-25
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments
September 30, 2016 (Unaudited)
Principal | | |||||||
CORPORATE BONDS & NOTES - 47.0% | ||||||||
Basic Materials - 0.4% | ||||||||
INVISTA Finance LLC | $150,000 | $150,001 | ||||||
LyondellBasell Industries NV | 200,000 | 214,760 | ||||||
|
| |||||||
364,761 | ||||||||
|
| |||||||
Communications - 3.8% |
| |||||||
Alibaba Group Holding Ltd (China) | 220,000 | 224,742 | ||||||
AT&T Inc. | 300,000 | 305,197 | ||||||
Baidu Inc (China) | 210,000 | 215,491 | ||||||
Charter Communications Operating LLC | 120,000 | 125,540 | ||||||
Cisco Systems Inc | 350,000 | 350,510 | ||||||
JD.com Inc (China) | 370,000 | 370,589 | ||||||
Tencent Holdings Ltd (China) | 200,000 | 205,511 | ||||||
The Interpublic Group of Cos Inc | 295,000 | 296,347 | ||||||
Thomson Reuters Corp | 250,000 | 250,676 | ||||||
Time Warner Cable LLC | ||||||||
5.850% due 05/01/17 | 80,000 | 82,008 | ||||||
6.750% due 07/01/18 | 350,000 | 380,441 | ||||||
8.250% due 04/01/19 | 100,000 | 115,205 | ||||||
Verizon Communications Inc | 470,000 | 490,772 | ||||||
|
| |||||||
3,413,029 | ||||||||
|
| |||||||
Consumer, Cyclical - 6.3% |
| |||||||
Brinker International Inc | 395,000 | 395,155 | ||||||
CVS Health Corp | 175,000 | 176,765 | ||||||
Daimler Finance North America LLC (Germany) | 325,000 | 325,778 | ||||||
Delphi Automotive PLC (United Kingdom) | 215,000 | 222,843 | ||||||
Dollar Tree Inc | 100,000 | 104,250 | ||||||
Ford Motor Credit Co LLC | ||||||||
1.684% due 09/08/17 | 200,000 | 200,187 | ||||||
3.000% due 06/12/17 | 460,000 | 464,937 | ||||||
General Motors Financial Co Inc | ||||||||
3.100% due 01/15/19 | 200,000 | 203,965 | ||||||
3.150% due 01/15/20 | 175,000 | 178,462 | ||||||
4.750% due 08/15/17 | 200,000 | 205,451 | ||||||
GLP Capital LP | 150,000 | 157,125 | ||||||
Hilton Domestic Operating Co Inc | 125,000 | 128,125 | ||||||
Hyundai Capital America | ||||||||
1.450% due 02/06/17 ~ | 290,000 | 290,280 | ||||||
2.400% due 10/30/18 ~ | 125,000 | 126,790 | ||||||
2.875% due 08/09/18 ~ | 175,000 | 178,642 | ||||||
Hyundai Capital Services Inc (South Korea) | 200,000 | 203,943 | ||||||
Newell Brands Inc | 590,000 | 594,266 | ||||||
Nissan Motor Acceptance Corp (Japan) | ||||||||
1.550% due 09/13/19 ~ | 200,000 | 199,712 | ||||||
1.950% due 09/12/17 ~ | 275,000 | 276,097 |
Principal | | |||||||
PACCAR Financial Corp | $85,000 | $84,779 | ||||||
Toyota Motor Credit Corp | 175,000 | 175,987 | ||||||
Volkswagen Group of America Finance LLC (Germany) | 250,000 | 249,214 | ||||||
Walgreens Boots Alliance Inc | 175,000 | 176,024 | ||||||
Whirlpool Corp | 290,000 | 290,200 | ||||||
Wyndham Worldwide Corp | 60,000 | 60,279 | ||||||
|
| |||||||
5,669,256 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 6.3% |
| |||||||
AbbVie Inc | ||||||||
1.750% due 11/06/17 | 150,000 | 150,469 | ||||||
1.800% due 05/14/18 | 300,000 | 301,379 | ||||||
2.300% due 05/14/21 | 125,000 | 126,229 | ||||||
Actavis Inc | 405,000 | 406,489 | ||||||
Aetna Inc | 290,000 | 292,633 | ||||||
Anheuser-Busch InBev Finance Inc (Belgium) | 400,000 | 404,193 | ||||||
Anstock II Ltd (Taiwan) | 200,000 | 200,266 | ||||||
Baxalta Inc | ||||||||
1.646% due 06/22/18 § | 40,000 | 39,870 | ||||||
2.000% due 06/22/18 | 50,000 | 50,143 | ||||||
Bunge Ltd Finance Corp | ||||||||
3.200% due 06/15/17 | 430,000 | 435,624 | ||||||
3.500% due 11/24/20 | 55,000 | 57,584 | ||||||
Catholic Health Initiatives | ||||||||
1.600% due 11/01/17 | 65,000 | 65,142 | ||||||
2.600% due 08/01/18 | 130,000 | 132,544 | ||||||
Celgene Corp | ||||||||
1.900% due 08/15/17 | 161,000 | 161,898 | ||||||
2.125% due 08/15/18 | 225,000 | 227,499 | ||||||
EMD Finance LLC (Germany) | 336,000 | 336,509 | ||||||
ERAC USA Finance LLC | ||||||||
2.800% due 11/01/18 ~ | 50,000 | 51,159 | ||||||
6.375% due 10/15/17 ~ | 140,000 | 146,740 | ||||||
Express Scripts Holding Co | 115,000 | 116,712 | ||||||
HPHT Finance Ltd (Singapore) | 200,000 | 201,317 | ||||||
Imperial Brands Finance PLC (United Kingdom) | 400,000 | 402,912 | ||||||
Medco Health Solutions Inc | 80,000 | 86,328 | ||||||
Perrigo Co PLC | 200,000 | 200,780 | ||||||
Perrigo Finance Unlimited Co | 200,000 | 207,075 | ||||||
Reynolds American Inc | 250,000 | 253,608 | ||||||
S&P Global Inc | 35,000 | 35,567 | ||||||
Teva Pharmaceutical Finance Netherlands III BV (Israel) | ||||||||
1.400% due 07/20/18 | 250,000 | 249,461 | ||||||
1.700% due 07/19/19 | 125,000 | 124,793 | ||||||
Thermo Fisher Scientific Inc | 150,000 | 150,318 | ||||||
|
| |||||||
5,615,241 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-26
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
Diversified - 0.2% |
| |||||||
Hutchison Whampoa International Ltd (Hong Kong) | $220,000 | $220,282 | ||||||
|
| |||||||
Energy - 5.0% |
| |||||||
Anadarko Petroleum Corp | 338,000 | 352,454 | ||||||
Cameron International Corp | ||||||||
1.150% due 12/15/16 | 85,000 | 85,029 | ||||||
1.400% due 06/15/17 | 165,000 | 165,015 | ||||||
Canadian Natural Resources Ltd (Canada) | 95,000 | 97,234 | ||||||
China Shenhua Overseas Capital Co Ltd (China) | 300,000 | 308,511 | ||||||
CNOOC Nexen Finance ULC (China) | 245,000 | 245,272 | ||||||
Columbia Pipeline Group Inc | 130,000 | 130,823 | ||||||
ConocoPhillips Co | 90,000 | 89,403 | ||||||
DCP Midstream Operating LP | 325,000 | 324,188 | ||||||
Delek & Avner Tamar Bond Ltd (Israel) | 165,000 | 165,198 | ||||||
Enbridge Energy Partners LP | 445,000 | 448,366 | ||||||
Encana Corp (Canada) | 25,000 | 27,060 | ||||||
Energy Transfer Partners LP | ||||||||
6.125% due 02/15/17 | 50,000 | 50,762 | ||||||
6.700% due 07/01/18 | 95,000 | 101,933 | ||||||
Enterprise Products Operating LLC | 255,000 | 255,184 | ||||||
Hess Corp | 90,000 | 90,001 | ||||||
Kinder Morgan Energy Partners LP | ||||||||
5.950% due 02/15/18 | 55,000 | 57,858 | ||||||
6.000% due 02/01/17 | 50,000 | 50,727 | ||||||
Marathon Oil Corp | 115,000 | 118,941 | ||||||
Murphy Oil Corp | 310,000 | 315,460 | ||||||
ONEOK Partners LP | 40,000 | 40,774 | ||||||
Panhandle Eastern Pipe Line Co LP | 20,000 | 20,780 | ||||||
Petroleos Mexicanos (Mexico) | ||||||||
3.125% due 01/23/19 | 80,000 | 80,920 | ||||||
3.500% due 07/23/20 | 70,000 | 70,665 | ||||||
Rowan Cos Inc | 120,000 | 121,350 | ||||||
Shell International Finance BV (Netherlands) | 400,000 | 401,262 | ||||||
Transocean Inc | 130,000 | 130,772 | ||||||
Williams Partners LP | 115,000 | 117,111 | ||||||
|
| |||||||
4,463,053 | ||||||||
|
| |||||||
Financial - 17.2% |
| |||||||
AerCap Ireland Capital Ltd (Netherlands) | 150,000 | 153,937 | ||||||
Air Lease Corp | 195,000 | 194,519 | ||||||
American Express Co | 350,000 | 350,955 | ||||||
American International Group Inc | ||||||||
2.300% due 07/16/19 | 250,000 | 254,740 | ||||||
5.850% due 01/16/18 | 175,000 | 184,677 |
Principal |
| |||||||
Bank of America Corp | ||||||||
1.700% due 08/25/17 | $200,000 | $200,338 | ||||||
2.000% due 01/11/18 | 150,000 | 150,734 | ||||||
5.650% due 05/01/18 | 175,000 | 185,699 | ||||||
6.400% due 08/28/17 | 390,000 | 407,043 | ||||||
6.875% due 04/25/18 | 155,000 | 167,211 | ||||||
Banque Federative du Credit Mutuel SA (France) | 225,000 | 228,860 | ||||||
Barclays Bank PLC (United Kingdom) | 205,000 | 214,477 | ||||||
BB&T Corp | 250,000 | 252,603 | ||||||
Berkshire Hathaway Finance Corp | 205,000 | 206,945 | ||||||
Berkshire Hathaway Inc | 110,000 | 110,009 | ||||||
BPCE SA (France) | 300,000 | 306,094 | ||||||
Capital One NA | ||||||||
1.650% due 02/05/18 | 250,000 | 250,364 | ||||||
1.850% due 09/13/19 | 265,000 | 265,152 | ||||||
Citigroup Inc | ||||||||
1.550% due 08/14/17 | 275,000 | 275,384 | ||||||
1.800% due 02/05/18 | 500,000 | 501,412 | ||||||
Citizens Bank NA | 340,000 | 344,088 | ||||||
CNA Financial Corp | 50,000 | 53,191 | ||||||
CNO Financial Group Inc | 75,000 | 77,156 | ||||||
Commonwealth Bank of Australia (Australia) | 440,000 | 442,406 | ||||||
Credit Suisse AG (Switzerland) | ||||||||
1.375% due 05/26/17 | 250,000 | 249,751 | ||||||
1.645% due 09/12/17 § | 225,000 | 225,279 | ||||||
Crown Castle International Corp REIT | ||||||||
2.250% due 09/01/21 | 255,000 | 255,107 | ||||||
3.400% due 02/15/21 | 110,000 | 115,242 | ||||||
Discover Bank | 410,000 | 467,968 | ||||||
Fidelity National Financial Inc | 380,000 | 390,775 | ||||||
JPMorgan Chase & Co | 325,000 | 326,846 | ||||||
KeyBank NA | 250,000 | 250,108 | ||||||
Kimco Realty Corp REIT | 30,000 | 34,418 | ||||||
MassMutual Global Funding II | 400,000 | 406,272 | ||||||
Morgan Stanley | ||||||||
2.125% due 04/25/18 | 600,000 | 605,255 | ||||||
2.500% due 01/24/19 | 225,000 | 229,307 | ||||||
New York Life Global Funding | 425,000 | 427,293 | ||||||
PNC Bank NA | 250,000 | 252,194 | ||||||
Principal Life Global Funding II | 200,000 | 199,816 | ||||||
Regions Bank | 250,000 | 272,144 | ||||||
Reinsurance Group of America Inc | 30,000 | 34,006 | ||||||
Santander UK Group Holdings PLC (United Kingdom) | 55,000 | 55,527 | ||||||
Skandinaviska Enskilda Bank (Sweden) | 250,000 | 248,830 | ||||||
Standard Chartered PLC (United Kingdom) | ||||||||
1.500% due 09/08/17 ~ | 195,000 | 194,616 | ||||||
2.100% due 08/19/19 ~ | 200,000 | 200,044 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-27
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
Sumitomo Mitsui Banking Corp (Japan) | $400,000 | $402,541 | ||||||
SunTrust Banks Inc | 160,000 | 163,629 | ||||||
Swedbank AB (Sweden) | 250,000 | 251,331 | ||||||
The Bank of Tokyo-Mitsubishi UFJ Ltd (Japan) | 225,000 | 227,017 | ||||||
The Goldman Sachs Group Inc | ||||||||
5.950% due 01/18/18 | 310,000 | 327,155 | ||||||
6.150% due 04/01/18 | 505,000 | 538,058 | ||||||
The Toronto-Dominion Bank (Canada) | ||||||||
1.400% due 04/30/18 | 250,000 | 250,126 | ||||||
1.450% due 09/06/18 | 190,000 | 190,087 | ||||||
Trinity Acquisition PLC | 45,000 | 46,958 | ||||||
Ventas Realty LP REIT | 170,000 | 171,071 | ||||||
4.000% due 04/30/19 | 220,000 | 231,237 | ||||||
Voya Financial Inc | 205,000 | 208,912 | ||||||
WEA Finance LLC REIT (Australia) | 600,000 | 601,216 | ||||||
Westpac Banking Corp (Australia) | 400,000 | 405,621 | ||||||
XLIT Ltd (Ireland) | 150,000 | 151,857 | ||||||
|
| |||||||
15,385,608 | ||||||||
|
| |||||||
Industrial - 4.5% |
| |||||||
Agilent Technologies Inc | 87,000 | 91,637 | ||||||
Amphenol Corp | 95,000 | 95,153 | ||||||
Eagle Materials Inc | 50,000 | 50,780 | ||||||
GATX Corp | ||||||||
1.250% due 03/04/17 | 220,000 | 219,872 | ||||||
2.375% due 07/30/18 | 110,000 | 111,155 | ||||||
2.600% due 03/30/20 | 90,000 | 91,259 | ||||||
Harris Corp | 310,000 | 311,872 | ||||||
Kansas City Southern | 235,000 | 237,069 | ||||||
Keysight Technologies Inc | 300,000 | 305,560 | ||||||
Martin Marietta Materials Inc | 305,000 | 305,772 | ||||||
Penske Truck Leasing Co LP | ||||||||
2.500% due 06/15/19 ~ | 170,000 | 172,587 | ||||||
2.875% due 07/17/18 ~ | 310,000 | 316,126 | ||||||
3.750% due 05/11/17 ~ | 40,000 | 40,551 | ||||||
Roper Technologies Inc | ||||||||
2.050% due 10/01/18 | 470,000 | 475,180 | ||||||
3.000% due 12/15/20 | 25,000 | 26,015 | ||||||
SBA Tower Trust | ||||||||
2.240% due 04/15/43 ~ | 300,000 | 301,032 | ||||||
2.933% due 12/15/42 ~ | 170,000 | 171,000 | ||||||
3.598% due 04/15/43 ~ | 250,000 | 250,999 | ||||||
Stanley Black & Decker Inc | 467,000 | 477,352 | ||||||
|
| |||||||
4,050,971 | ||||||||
|
| |||||||
Technology - 1.1% |
| |||||||
Fidelity National Information Services Inc | ||||||||
1.450% due 06/05/17 | 165,000 | 165,081 | ||||||
2.250% due 08/15/21 | 125,000 | 125,875 | ||||||
Hewlett Packard Enterprise Co | 660,000 | 665,438 | ||||||
|
| |||||||
956,394 | ||||||||
|
|
Principal |
| |||||||
Utilities - 2.2% |
| |||||||
Dominion Resources Inc | ||||||||
1.500% due 09/30/18 ~ | $120,000 | $119,948 | ||||||
2.125% due 02/15/18 ~ | 200,000 | 199,310 | ||||||
2.962% due 07/01/19 § | 45,000 | 46,215 | ||||||
Monongahela Power Co | 65,000 | 66,238 | ||||||
NextEra Energy Capital Holdings Inc | ||||||||
1.649% due 09/01/18 | 75,000 | 75,317 | ||||||
2.056% due 09/01/17 | 35,000 | 35,197 | ||||||
2.300% due 04/01/19 | 50,000 | 50,821 | ||||||
NiSource Finance Corp | 330,000 | 352,401 | ||||||
PPL Capital Funding Inc | 160,000 | 160,675 | ||||||
San Diego Gas & Electric Co | 153,215 | 153,107 | ||||||
The Cleveland Electric Illuminating Co | 350,000 | 372,300 | ||||||
Zhejiang Energy Group Hong Kong Ltd (Hong Kong) | 385,000 | 384,817 | ||||||
|
| |||||||
2,016,346 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 42,154,941 | |||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 17.5% | ||||||||
Collateralized Mortgage Obligations - Commercial - 4.8% |
| |||||||
BAMLL Commercial Mortgage Securities Trust | 205,000 | 207,611 | ||||||
Banc of America Commercial Mortgage Trust | ||||||||
5.448% due 09/10/47 " | 26,943 | 26,927 | ||||||
6.005% due 02/10/51 " § | 25,000 | 25,782 | ||||||
Citigroup Commercial Mortgage Trust | ||||||||
1.485% due 10/10/47 " | 59,903 | 60,058 | ||||||
1.637% due 06/10/48 " | 223,898 | 225,105 | ||||||
1.643% due 09/10/58 " | 52,341 | 52,548 | ||||||
Commercial Mortgage Trust | ||||||||
1.377% due 02/13/32 " § ~ | 180,000 | 179,610 | ||||||
1.443% due 08/10/49 " | 74,271 | 74,200 | ||||||
1.445% due 12/10/47 " | 179,710 | 180,063 | ||||||
1.604% due 10/10/48 " | 78,526 | 78,804 | ||||||
1.667% due 07/10/50 " | 243,624 | 245,048 | ||||||
1.770% due 02/10/49 " | 9,302 | 9,364 | ||||||
3.221% due 10/10/53 " | 200,000 | 211,303 | ||||||
Freddie Mac Multifamily Structured Pass-Through Certificates | ||||||||
1.369% due 05/25/19 " | 265,586 | 266,043 | ||||||
1.426% due 08/25/17 " | 361,804 | 362,350 | ||||||
GS Mortgage Securities Trust | ||||||||
1.429% due 10/10/49 " | 65,000 | 65,077 | ||||||
1.593% due 07/10/48 " | 77,711 | 78,068 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust | 245,000 | 245,270 | ||||||
JPMBB Commercial Mortgage Securities Trust | ||||||||
1.445% due 10/15/48 " | 68,799 | 68,849 | ||||||
1.539% due 11/15/47 " | 48,920 | 49,050 | ||||||
1.626% due 05/15/48 " | 96,444 | 96,647 | ||||||
JPMDB Commercial Mortgage Securities Trust | 28,590 | 28,605 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | ||||||||
1.389% due 09/15/49 " | 425,000 | 425,350 | ||||||
1.597% due 05/15/49 " | 23,855 | 23,955 | ||||||
1.686% due 10/15/47 " | 172,292 | 173,292 | ||||||
1.706% due 05/15/48 " | 161,251 | 162,234 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-28
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
Morgan Stanley Capital I Trust | $150,780 | $151,677 | ||||||
Wells Fargo Commercial Mortgage Trust | ||||||||
1.441% due 10/15/49 " | 55,000 | 55,019 | ||||||
1.471% due 04/15/50 " | 150,981 | 151,138 | ||||||
1.531% due 05/15/48 " | 133,748 | 134,023 | ||||||
1.577% due 01/15/59 " | 59,628 | 59,784 | ||||||
WFRBS Commercial Mortgage Trust | ||||||||
1.390% due 11/15/47 " | 33,521 | 33,520 | ||||||
1.663% due 10/15/57 " | 94,134 | 94,658 | ||||||
|
| |||||||
4,301,032 | ||||||||
|
| |||||||
Collateralized Mortgage Obligations - Residential - 2.5% |
| |||||||
Deutsche Alt-A Securities Inc Mortgage Loan Trust | 142,871 | 126,812 | ||||||
DSLA Mortgage Loan Trust | 442,763 | 413,517 | ||||||
Fannie Mae | 51,579 | 52,897 | ||||||
Fannie Mae Connecticut Avenue Securities | 187,635 | 189,829 | ||||||
Freddie Mac Structured Agency Credit Risk Debt | ||||||||
1.625% due 05/25/25 " § | 144,957 | 145,301 | ||||||
1.775% due 03/25/28 " § | 73,627 | 73,731 | ||||||
2.275% due 09/25/28 " § | 238,873 | 239,993 | ||||||
GS Mortgage-Backed Securities Trust | 57,092 | 57,783 | ||||||
HarborView Mortgage Loan Trust | 107,760 | 90,174 | ||||||
JP Morgan Alternative Loan Trust | 61,736 | 59,497 | ||||||
Mill City Mortgage Loan Trust | 98,447 | 99,230 | ||||||
Structured Adjustable Rate Mortgage Loan Trust | 134,792 | 133,314 | ||||||
Towd Point Mortgage Trust | ||||||||
2.250% due 07/25/56 " § ~ | 100,000 | 100,498 | ||||||
2.750% due 02/25/55 " § ~ | 84,742 | 85,893 | ||||||
2.750% due 04/25/55 " § ~ | 138,801 | 141,396 | ||||||
2.750% due 05/25/55 " § ~ | 122,424 | 124,065 | ||||||
2.750% due 08/25/55 " § ~ | 92,751 | 94,241 | ||||||
|
| |||||||
2,228,171 | ||||||||
|
| |||||||
Fannie Mae - 9.1% | ||||||||
2.500% due 10/01/27 - 04/01/28 " | 195,545 | 202,802 | ||||||
3.000% due 11/01/29 - 10/01/31 " | 1,081,714 | 1,138,302 | ||||||
3.500% due 06/01/29 - 10/01/46 " | 2,276,284 | 2,404,676 | ||||||
4.000% due 09/01/26 - 10/01/46 " | 1,363,359 | 1,463,991 | ||||||
4.500% due 04/01/26 - 10/01/46 " | 1,361,596 | 1,479,638 | ||||||
5.000% due 07/01/19 - 02/01/41 " | 765,940 | 843,174 | ||||||
5.500% due 10/01/35 - 06/01/39 " | 380,845 | 432,796 | ||||||
6.000% due 11/01/35 - 09/01/39 " | 192,533 | 221,691 | ||||||
|
| |||||||
8,187,070 | ||||||||
|
| |||||||
Freddie Mac - 0.2% | ||||||||
4.000% due 09/01/44 " | 44,318 | 47,558 | ||||||
5.000% due 11/01/16 - 04/01/18 " | 10,651 | 10,951 | ||||||
5.500% due 01/01/20 - 12/01/39 " | 52,888 | 59,395 | ||||||
|
| |||||||
117,904 | ||||||||
|
| |||||||
Government National Mortgage Association - 0.9% |
| |||||||
4.000% due 10/20/45 " | 573,164 | 615,426 | ||||||
6.000% due 07/15/36 " | 178,828 | 209,820 | ||||||
|
| |||||||
825,246 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities | 15,659,423 | |||||||
|
|
Principal |
| |||||||
ASSET-BACKED SECURITIES - 19.4% | ||||||||
AmeriCredit Automobile Receivables | ||||||||
1.700% due 07/08/20 " | $75,000 | $75,021 | ||||||
1.810% due 10/08/20 " | 25,000 | 25,151 | ||||||
AmeriCredit Automobile Receivables Trust | ||||||||
1.600% due 07/08/19 " | 300,000 | 300,644 | ||||||
2.290% due 11/08/19 " | 270,000 | 271,668 | ||||||
2.580% due 09/08/20 " | 325,000 | 330,388 | ||||||
ARI Fleet Lease Trust | 100,000 | 100,147 | ||||||
Ascentium Equipment Receivables LLC | 295,000 | 296,472 | ||||||
Ascentium Equipment Receivables Trust | 45,000 | 45,271 | ||||||
Capital Auto Receivables Asset Trust | ||||||||
1.540% due 08/20/20 " | 60,000 | 60,053 | ||||||
1.620% due 03/20/19 " | 200,000 | 200,599 | ||||||
1.630% due 01/20/21 " | 40,000 | 40,015 | ||||||
1.730% due 09/20/19 " | 155,000 | 155,681 | ||||||
1.730% due 04/20/20 " | 75,000 | 75,352 | ||||||
Capital One Multi-Asset Execution Trust | 325,000 | 324,696 | ||||||
CarMax Auto Owner Trust | ||||||||
1.520% due 02/16/21 " | 95,000 | 95,641 | ||||||
1.690% due 08/15/19 " | 45,000 | 45,278 | ||||||
1.930% due 11/15/19 " | 65,000 | 65,317 | ||||||
CCG Receivables Trust | ||||||||
1.060% due 11/15/21 " ~ | 77,087 | 77,020 | ||||||
1.460% due 11/14/18 " ~ | 210,502 | 210,676 | ||||||
Chase Issuance Trust | 360,000 | 365,784 | ||||||
Citigroup Mortgage Loan Trust Inc | 143,822 | 138,877 | ||||||
CNH Equipment Trust | ||||||||
1.370% due 07/15/20 " | 370,000 | 370,699 | ||||||
1.370% due 10/15/20 " | 300,000 | 299,871 | ||||||
1.440% due 12/15/21 " | 135,000 | 135,187 | ||||||
DB Master Finance LLC | 458,025 | 461,603 | ||||||
Discover Card Execution Note Trust | 335,000 | 335,641 | ||||||
Domino’s Pizza Master Issuer LLC | 205,122 | 211,694 | ||||||
Elara HGV Timeshare Issuer LLC | 110,651 | 111,515 | ||||||
Enterprise Fleet Financing LLC | ||||||||
1.300% due 09/20/20 " ~ | 208,449 | 208,058 | ||||||
1.590% due 02/22/21 " ~ | 288,243 | 288,956 | ||||||
1.740% due 02/22/22 " ~ | 400,000 | 400,602 | ||||||
1.830% due 09/20/21 " ~ | 355,000 | 355,956 | ||||||
Ford Credit Auto Owner Trust | ||||||||
1.390% due 07/15/20 " | 55,000 | 55,196 | ||||||
2.030% due 12/15/27 " ~ | 350,000 | 353,437 | ||||||
Ford Credit Floorplan Master Owner Trust | ||||||||
1.420% due 01/15/20 " | 380,000 | 381,109 | ||||||
1.550% due 07/15/21 " | 240,000 | 239,980 | ||||||
GM Financial Automobile Leasing Trust | 75,000 | 75,469 | ||||||
1.620% due 09/20/19 " | 140,000 | 140,783 | ||||||
GMF Floorplan Owner Revolving Trust | ||||||||
1.650% due 05/15/20 " ~ | 145,000 | 144,969 | ||||||
1.960% due 05/17/21 " ~ | 280,000 | 281,122 | ||||||
2.410% due 05/17/21 " ~ | 100,000 | 100,549 | ||||||
GreatAmerica Leasing Receivables | 84,474 | 84,458 | ||||||
GreatAmerica Leasing Receivables Funding LLC | 110,000 | 110,386 | ||||||
GSAA Home Equity Trust | ||||||||
0.510% due 07/25/37 " § | 365,306 | 323,086 | ||||||
0.805% due 10/25/35 " § | 59,290 | 55,361 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-29
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
Hilton Grand Vacations Trust | $163,278 | $162,136 | ||||||
Honda Auto Receivables Owner Trust | 185,000 | 184,873 | ||||||
Hyundai Auto Lease Securitization Trust | ||||||||
1.520% due 10/15/19 " ~ | 100,000 | 100,264 | ||||||
1.600% due 07/15/19 " ~ | 100,000 | 100,426 | ||||||
1.650% due 07/15/20 " ~ | 100,000 | 100,103 | ||||||
Hyundai Auto Receivables Trust | ||||||||
1.450% due 11/15/22 " | 320,000 | 320,957 | ||||||
1.560% due 09/15/20 " | 45,000 | 45,332 | ||||||
John Deere Owner Trust | ||||||||
1.250% due 06/15/20 " | 85,000 | 85,164 | ||||||
1.360% due 04/15/20 " | 105,000 | 105,128 | ||||||
1.440% due 10/15/19 " | 155,000 | 155,497 | ||||||
1.490% due 05/15/23 " | 55,000 | 54,939 | ||||||
Kubota Credit Owner Trust | ||||||||
1.540% due 03/15/19 " ~ | 530,000 | 531,970 | ||||||
1.670% due 07/15/20 " ~ | 365,000 | 367,089 | ||||||
Mercedes-Benz Auto Lease Trust | ||||||||
1.520% due 03/15/19 " | 280,000 | 281,304 | ||||||
Mercedes-Benz Auto Receivables Trust | ||||||||
1.260% due 02/16/21 " | 215,000 | 215,583 | ||||||
MMAF Equipment Finance LLC | ||||||||
1.390% due 10/16/19 " ~ | 140,000 | 140,147 | ||||||
1.480% due 06/15/20 " ~ | 100,000 | 100,351 | ||||||
1.590% due 02/08/22 " ~ | 500,000 | 502,807 | ||||||
MVW Owner Trust | 44,755 | 44,693 | ||||||
Nationstar HECM Loan Trust | 94,851 | 94,851 | ||||||
Nissan Auto Lease Trust | 160,000 | 160,229 | ||||||
Nissan Auto Receivables Owner Trust | ||||||||
1.320% due 01/15/21 " | 40,000 | 40,174 | ||||||
1.340% due 10/15/20 " | 95,000 | 95,365 | ||||||
Nissan Master Owner Trust Receivables | ||||||||
1.440% due 01/15/20 " | 365,000 | 365,906 | ||||||
1.540% due 06/15/21 " | 75,000 | 74,795 | ||||||
Sierra Timeshare Receivables Funding LLC | ||||||||
2.050% due 06/20/31 " ~ | 85,948 | 86,023 | ||||||
2.300% due 10/20/31 " ~ | 125,032 | 125,322 | ||||||
2.330% due 07/20/33 " ~ | 90,325 | 90,408 | ||||||
SLM Student Loan Trust | ||||||||
2.215% due 04/25/23 " § | 60,563 | 60,755 | ||||||
2.365% due 07/25/22 " § | 99,368 | 99,748 | ||||||
2.415% due 07/25/23 " § | 96,043 | 96,665 | ||||||
SMART Trust (Australia) | ||||||||
0.990% due 08/14/17 " | 18,063 | 18,047 | ||||||
1.180% due 02/14/19 " | 346,284 | 345,401 | ||||||
1.660% due 08/14/19 " | 220,000 | 219,281 | ||||||
Synchrony Credit Card Master Note Trust | 485,000 | 487,058 | ||||||
USAA Auto Owner Trust | 165,000 | 165,909 | ||||||
Volkswagen Auto Loan Enhanced Trust | 655,000 | 652,772 | ||||||
Volvo Financial Equipment LLC | 55,000 | 55,412 | ||||||
Wells Fargo Dealer Floorplan Master Note Trust | 315,000 | 314,959 | ||||||
Wells Fargo Home Equity Trust | 162,913 | 157,049 | ||||||
Wendys Funding LLC | 341,550 | 344,099 | ||||||
Wheels SPV LLC | ||||||||
0.840% due 03/20/23 " ~ | 55,572 | 55,522 | ||||||
1.270% due 04/22/24 " ~ | 146,385 | 146,428 | ||||||
1.590% due 05/20/25 " ~ | 200,000 | 200,679 |
Principal |
| |||||||
World Omni Auto Receivables Trust | ||||||||
1.300% due 02/15/22 " | $295,000 | $295,320 | ||||||
1.340% due 05/15/20 " | 135,000 | 135,399 | ||||||
|
| |||||||
Total Asset-Backed Securities | 17,407,777 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 11.3% | ||||||||
U.S. Treasury Notes - 11.3% | ||||||||
0.750% due 07/31/18 | 3,490,000 | 3,489,456 | ||||||
0.750% due 07/15/19 | 6,675,000 | 6,653,360 | ||||||
|
| |||||||
10,142,816 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations | 10,142,816 | |||||||
|
| |||||||
MUNICIPAL BONDS - 0.2% | ||||||||
State Board of Administration Finance Corp ‘A’ FL | 150,000 | 153,216 | ||||||
|
| |||||||
Total Municipal Bonds | 153,216 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS - 7.1% | ||||||||
Commercial Paper - 4.1% | ||||||||
Anheuser-Busch InBev Worldwide Inc (Belgium) | 250,000 | 247,235 | ||||||
AXA Financial Inc | 250,000 | 247,127 | ||||||
Enbridge Energy Partners LP | 320,000 | 319,490 | ||||||
Energy Transfer Partners LP | 250,000 | 249,469 | ||||||
Ford Motor Credit Co LLC | 445,000 | 438,695 | ||||||
Manhattan Asset Funding Co LLC | 440,000 | 433,811 | ||||||
Pentair Finance SA (United Kingdom) | 865,000 | 864,628 | ||||||
Plains All American Pipeline LP | 655,000 | 654,210 | ||||||
Reckitt Benckiser Treasury Services PLC (United Kingdom) | 250,000 | 247,341 | ||||||
|
| |||||||
3,702,006 | ||||||||
|
| |||||||
Shares | ||||||||
Money Market Fund - 3.0% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 2,681,535 | 2,681,535 | ||||||
|
| |||||||
Total Short-Term Investments | 6,383,541 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 102.5% | 91,901,714 | |||||||
OTHER ASSETS & LIABILITIES, NET - (2.5%) | (2,240,014 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $89,661,700 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-30
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 47.0% | |||
Asset-Backed Securities | 19.4% | |||
Mortgage-Backed Securities | 17.5% | |||
U.S. Treasury Obligations | 11.3% | |||
Short-Term Investments | 7.1% | |||
Others (each less than 3.0%) | 0.2% | |||
|
| |||
102.5% | ||||
Other Assets & Liabilities, Net | (2.5% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Open futures contracts outstanding as of September 30, 2016 were as follows: |
Long Futures Outstanding | Number of Contracts | Unrealized Appreciation (Depreciation) | ||||||
U.S. Treasury 2-Year Notes (12/16) | 3 | ($5 | ) | |||||
U.S. Treasury 5-Year Notes (12/16) | 11 | 1,685 | ||||||
|
| |||||||
1,680 | ||||||||
|
| |||||||
Short Futures Outstanding | ||||||||
U.S. Treasury 10-Year Notes (12/16) | 2 | 247 | ||||||
|
| |||||||
Total Futures Contracts |
| $1,927 | ||||||
|
|
(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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $42,154,941 | $— | $42,154,941 | $— | |||||||||||||
Mortgage-Backed Securities | 15,659,423 | — | 15,659,423 | — | ||||||||||||||
Asset-Backed Securities | 17,407,777 | — | 17,407,777 | — | ||||||||||||||
U.S. Treasury Obligations | 10,142,816 | — | 10,142,816 | — | ||||||||||||||
Municipal Bonds | 153,216 | — | 153,216 | — | ||||||||||||||
Short-Term Investments | 6,383,541 | 2,681,535 | 3,702,006 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | 1,932 | 1,932 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 91,903,646 | 2,683,467 | 89,220,179 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | (5 | ) | (5 | ) | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (5 | ) | (5 | ) | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $91,903,641 | $2,683,462 | $89,220,179 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-31
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments
September 30, 2016 (Unaudited)
Principal |
| |||||||
CORPORATE BONDS & NOTES - 25.0% | ||||||||
Azerbaijan - 0.5% | ||||||||
Southern Gas Corridor CJSC | $220,000 | $247,038 | ||||||
|
| |||||||
Brazil - 2.3% |
| |||||||
Marfrig Holding Europe BV | 200,000 | 204,000 | ||||||
Minerva Luxembourg SA | 300,000 | 328,500 | ||||||
Petrobras Global Finance BV |
| |||||||
5.375% due 01/27/21 | 110,000 | 109,175 | ||||||
5.750% due 01/20/20 | 130,000 | 134,290 | ||||||
6.250% due 03/17/24 | 50,000 | 49,000 | ||||||
6.850% due 06/05/15 | 19,000 | 16,169 | ||||||
6.875% due 01/20/40 | 90,000 | 79,097 | ||||||
8.750% due 05/23/26 | 100,000 | 110,750 | ||||||
Vale Overseas Ltd |
| |||||||
5.875% due 06/10/21 | 25,000 | 26,238 | ||||||
6.875% due 11/21/36 | 40,000 | 39,200 | ||||||
6.875% due 11/10/39 | 80,000 | 77,800 | ||||||
|
| |||||||
1,174,219 | ||||||||
|
| |||||||
Chile - 0.8% |
| |||||||
Corp Nacional del Cobre de Chile |
| |||||||
3.875% due 11/03/21 ~ | 200,000 | 209,468 | ||||||
4.875% due 11/04/44 ~ | 200,000 | 206,575 | ||||||
|
| |||||||
416,043 | ||||||||
|
| |||||||
China - 0.9% |
| |||||||
Sinochem Overseas Capital Co Ltd | 200,000 | 217,694 | ||||||
Sinopec Group Overseas Development Ltd | 200,000 | 236,283 | ||||||
|
| |||||||
453,977 | ||||||||
|
| |||||||
Colombia - 0.1% |
| |||||||
Ecopetrol SA | 40,000 | 45,750 | ||||||
|
| |||||||
Costa Rica - 0.3% |
| |||||||
Instituto Costarricense de Electricidad | 200,000 | 175,500 | ||||||
|
| |||||||
Dominican Republic - 0.8% |
| |||||||
Aeropuertos Dominicanos Siglo XXI SA | 400,000 | 421,200 | ||||||
|
| |||||||
Ecuador - 0.7% |
| |||||||
EP PetroEcuador | 351,217 | 343,315 | ||||||
|
| |||||||
Georgia - 0.4% |
| |||||||
Georgian Railway JSC | 200,000 | 227,175 | ||||||
|
| |||||||
Hong Kong - 0.2% |
| |||||||
Industrial & Commercial Bank of China Asia Ltd | 100,000 | 110,467 | ||||||
|
|
Principal |
| |||||||
Indonesia - 0.9% |
| |||||||
Majapahit Holding BV |
| |||||||
7.750% due 01/20/20 ~ | $100,000 | $115,250 | ||||||
8.000% due 08/07/19 ~ | 100,000 | 114,750 | ||||||
P.T. Pertamina Persero | 200,000 | 220,668 | ||||||
|
| |||||||
450,668 | ||||||||
|
| |||||||
Jamaica - 0.7% |
| |||||||
Digicel Group Ltd | 400,000 | 349,500 | ||||||
|
| |||||||
Kazakhstan - 2.5% |
| |||||||
Development Bank of Kazakhstan JSC | 220,000 | 216,761 | ||||||
Kazakhstan Temir Zholy Finance BV | 300,000 | 327,390 | ||||||
Kazkommertsbank JSC |
| |||||||
5.500% due 12/21/22 ~ | 100,474 | 69,697 | ||||||
6.875% due 02/13/17 | EUR 200,000 | 223,570 | ||||||
8.500% due 05/11/18 ~ | $290,000 | 284,200 | ||||||
KazMunayGas National Co JSC | 203,000 | 206,096 | ||||||
|
| |||||||
1,327,714 | ||||||||
|
| |||||||
Luxembourg - 0.4% |
| |||||||
Altice Financing SA | 200,000 | 208,500 | ||||||
|
| |||||||
Malaysia - 0.5% |
| |||||||
Wakala Global Sukuk Bhd | 250,000 | 280,350 | ||||||
|
| |||||||
Mexico - 1.6% |
| |||||||
Comision Federal de Electricidad |
| |||||||
4.875% due 01/15/24 ~ | 200,000 | 211,000 | ||||||
5.750% due 02/14/42 ~ | 200,000 | 208,000 | ||||||
Petroleos Mexicanos |
| |||||||
5.500% due 06/27/44 | 46,000 | 40,107 | ||||||
5.625% due 01/23/46 | 49,000 | 43,034 | ||||||
6.000% due 03/05/20 | 20,000 | 21,650 | ||||||
6.500% due 06/02/41 | 50,000 | 48,875 | ||||||
6.750% due 09/21/47 | 115,000 | 114,828 | ||||||
6.875% due 08/04/26 ~ | 112,000 | 126,554 | ||||||
7.190% due 09/12/24 ~ | MXN 650,000 | 31,045 | ||||||
|
| |||||||
845,093 | ||||||||
|
| |||||||
Netherlands - 0.7% |
| |||||||
New World Resources NV | EUR 156,460 | — | ||||||
Zhaikmunai LLP |
| |||||||
6.375% due 02/14/19 ~ | $200,000 | 185,000 | ||||||
7.125% due 11/13/19 ~ | 200,000 | 185,500 | ||||||
|
| |||||||
370,500 | ||||||||
|
| |||||||
Philippines - 0.8% |
| |||||||
Development Bank of the Philippines | 200,000 | 228,504 | ||||||
Power Sector Assets & Liabilities Management Corp | 130,000 | 177,365 | ||||||
|
| |||||||
405,869 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-32
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
Russia - 1.6% |
| |||||||
Gazprom Neft OAO | $200,000 | $201,760 | ||||||
Gazprom OAO |
| |||||||
8.625% due 04/28/34 ~ | 95,000 | 125,306 | ||||||
9.250% due 04/23/19 ~ | 60,000 | 69,175 | ||||||
Sberbank of Russia | 200,000 | 202,250 | ||||||
SCF Capital Ltd | 232,000 | 243,485 | ||||||
|
| |||||||
841,976 | ||||||||
|
| |||||||
South Africa - 1.5% |
| |||||||
Eskom Holdings SOC Ltd | ||||||||
5.750% due 01/26/21 ~ | 356,000 | 354,006 | ||||||
6.750% due 08/06/23 ~ | 200,000 | 206,118 | ||||||
7.125% due 02/11/25 ~ | 200,000 | 206,218 | ||||||
|
| |||||||
766,342 | ||||||||
|
| |||||||
Ukraine - 0.4% |
| |||||||
MHP SA | 240,000 | 231,000 | ||||||
|
| |||||||
United Arab Emirates - 0.6% |
| |||||||
Dubai DOF Sukuk Ltd | 50,000 | 58,404 | ||||||
Emirates Airline | 80,952 | 83,240 | ||||||
Topaz Marine SA | 200,000 | 194,694 | ||||||
|
| |||||||
336,338 | ||||||||
|
| |||||||
Venezuela - 5.8% |
| |||||||
Petroleos de Venezuela SA |
| |||||||
5.125% due 10/28/16 | 400,361 | 389,351 | ||||||
5.250% due 04/12/17 ~ | 685,200 | 585,777 | ||||||
5.375% due 04/12/27 ~ | 93,000 | 39,065 | ||||||
8.500% due 11/02/17 ~ | 2,097,961 | 1,806,345 | ||||||
9.000% due 11/17/21 ~ | 119,354 | 68,121 | ||||||
9.750% due 05/17/35 ~ | 146,278 | 76,467 | ||||||
12.750% due 02/17/22 ~ | 101,000 | 66,418 | ||||||
|
| |||||||
3,031,544 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 13,060,078 | |||||||
|
| |||||||
CONVERTIBLE CORPORATE BONDS & NOTES - 0.0% |
| |||||||
Netherlands - 0.0% | ||||||||
New World Resources NV | EUR 121,873 | — | ||||||
|
| |||||||
Total Convertible Corporate Bonds & Notes | — | |||||||
|
| |||||||
SENIOR LOAN NOTES - 1.5% | ||||||||
United Arab Emirates - 1.5% | ||||||||
Dubai Drydocks LLC | $131,214 | 103,659 | ||||||
Term A 0.100% due 10/18/27 § | 287,369 | 54,600 | ||||||
Dubai World Term B1 | 703,872 | 592,661 | ||||||
|
| |||||||
Total Senior Loan Notes | 750,920 | |||||||
|
|
Principal |
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 62.9% |
| |||||||
Argentina - 1.2% | ||||||||
Argentine Republic Government | ||||||||
2.500% due 12/31/38 § | $282,217 | $201,785 | ||||||
6.875% due 04/22/21 ~ | 153,000 | 166,923 | ||||||
7.500% due 04/22/26 ~ | 252,000 | 284,886 | ||||||
|
| |||||||
653,594 | ||||||||
|
| |||||||
Azerbaijan - 0.5% |
| |||||||
State Oil Co of the Azerbaijan Republic | 250,000 | 247,100 | ||||||
|
| |||||||
Belarus - 0.6% |
| |||||||
Republic of Belarus International | 300,000 | 316,350 | ||||||
|
| |||||||
Brazil - 9.3% |
| |||||||
Banco Nacional de Desenvolvimento Economico e Social | 70,000 | 75,775 | ||||||
Brazil Letras do Tesouro Nacional |
| |||||||
11.441% due 01/01/19 | BRL 7,660,000 | 1,844,950 | ||||||
11.485% due 01/01/20 | 610,000 | 131,667 | ||||||
Brazil Notas do Tesouro Nacional ‘F’ |
| |||||||
10.000% due 01/01/21 | 2,860,000 | 839,298 | ||||||
10.000% due 01/01/23 | 1,977,000 | 569,492 | ||||||
10.000% due 01/01/25 | 1,699,000 | 483,551 | ||||||
10.000% due 01/01/27 | 636,000 | 178,164 | ||||||
Brazilian Government |
| |||||||
4.250% due 01/07/25 | $175,000 | 174,956 | ||||||
4.875% due 01/22/21 | 100,000 | 107,000 | ||||||
5.000% due 01/27/45 | 141,000 | 128,310 | ||||||
5.875% due 01/15/19 | 90,000 | 97,785 | ||||||
7.125% due 01/20/37 | 100,000 | 117,250 | ||||||
8.250% due 01/20/34 | 30,000 | 38,550 | ||||||
8.875% due 04/15/24 | 60,000 | 78,450 | ||||||
|
| |||||||
4,865,198 | ||||||||
|
| |||||||
Chile - 0.2% |
| |||||||
Chile Government | CLP 60,000,000 | 97,682 | ||||||
|
| |||||||
Colombia - 4.5% |
| |||||||
Colombia Government |
| |||||||
5.000% due 06/15/45 | $262,000 | 285,318 | ||||||
6.125% due 01/18/41 | 183,000 | 222,803 | ||||||
7.375% due 09/18/37 | 120,000 | 162,000 | ||||||
8.125% due 05/21/24 | 155,000 | 205,569 | ||||||
11.750% due 02/25/20 | 78,000 | 102,375 | ||||||
Colombian TES |
| |||||||
5.000% due 11/21/18 | COP 1,970,700,000 | 668,078 | ||||||
7.000% due 05/04/22 | 1,423,900,000 | 504,576 | ||||||
11.000% due 07/24/20 | 366,000,000 | 146,175 | ||||||
Empresa de Telecomunicaciones de Bogota | 144,000,000 | 37,363 | ||||||
|
| |||||||
2,334,257 | ||||||||
|
| |||||||
Costa Rica - 0.3% |
| |||||||
Costa Rica Government |
| |||||||
4.375% due 04/30/25 ~ | $90,000 | 87,750 | ||||||
5.625% due 04/30/43 ~ | 90,000 | 83,250 | ||||||
|
| |||||||
171,000 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-33
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
Croatia - 1.2% |
| |||||||
Croatia Government |
| |||||||
6.000% due 01/26/24 ~ | $310,000 | $357,275 | ||||||
6.625% due 07/14/20 ~ | 160,000 | 179,640 | ||||||
6.750% due 11/05/19 ~ | 100,000 | 111,032 | ||||||
|
| |||||||
647,947 | ||||||||
|
| |||||||
Dominican Republic - 2.0% |
| |||||||
Dominican Republic |
| |||||||
5.500% due 01/27/25 ~ | 130,000 | 138,450 | ||||||
5.875% due 04/18/24 ~ | 260,000 | 283,400 | ||||||
6.600% due 01/28/24 ~ | 100,000 | 113,125 | ||||||
6.850% due 01/27/45 ~ | 140,000 | 157,500 | ||||||
6.875% due 01/29/26 ~ | 140,000 | 162,400 | ||||||
7.500% due 05/06/21 ~ | 170,000 | 190,825 | ||||||
|
| |||||||
1,045,700 | ||||||||
|
| |||||||
Ecuador - 3.7% |
| |||||||
Ecuador Government |
| |||||||
7.950% due 06/20/24 ~ | 368,000 | 331,200 | ||||||
10.500% due 03/24/20 ~ | 1,388,000 | 1,419,230 | ||||||
10.750% due 03/28/22 ~ | 200,000 | 204,500 | ||||||
|
| |||||||
1,954,930 | ||||||||
|
| |||||||
Egypt - 0.2% |
| |||||||
Egypt Government | 100,000 | 96,750 | ||||||
|
| |||||||
El Salvador - 0.3% |
| |||||||
El Salvador Government |
| |||||||
5.875% due 01/30/25 ~ | 40,000 | 40,050 | ||||||
6.375% due 01/18/27 ~ | 60,000 | 60,600 | ||||||
7.650% due 06/15/35 ~ | 35,000 | 36,794 | ||||||
8.250% due 04/10/32 ~ | 37,000 | 41,394 | ||||||
|
| |||||||
178,838 | ||||||||
|
| |||||||
Ethiopia - 0.6% |
| |||||||
Ethiopia International | 310,000 | 306,900 | ||||||
|
| |||||||
Gabon - 0.4% |
| |||||||
Gabon Government | 250,000 | 229,964 | ||||||
|
| |||||||
Hungary - 2.3% |
| |||||||
Hungary Government |
| |||||||
4.125% due 02/19/18 | 148,000 | 153,196 | ||||||
5.375% due 02/21/23 | 240,000 | 275,634 | ||||||
5.375% due 03/25/24 | 84,000 | 97,704 | ||||||
5.500% due 06/24/25 | HUF 32,650,000 | 144,888 | ||||||
5.750% due 11/22/23 | $240,000 | 283,113 | ||||||
6.250% due 01/29/20 | 101,000 | 113,643 | ||||||
7.625% due 03/29/41 | 96,000 | 150,857 | ||||||
|
| |||||||
1,219,035 | ||||||||
|
| |||||||
India - 0.4% |
| |||||||
Export-Import Bank of India | 200,000 | 203,681 | ||||||
|
| |||||||
Indonesia - 3.9% |
| |||||||
Indonesia Government |
| |||||||
3.750% due 06/14/28 ~ | EUR 100,000 | 123,057 | ||||||
5.875% due 03/13/20 ~ | $100,000 | 112,082 | ||||||
5.950% due 01/08/46 ~ | 200,000 | 253,555 | ||||||
6.875% due 01/17/18 ~ | 115,000 | 122,616 |
Principal |
| |||||||
Indonesia Treasury |
| |||||||
5.625% due 05/15/23 | IDR 1,239,000,000 | $88,705 | ||||||
6.625% due 05/15/33 | 711,000,000 | 50,403 | ||||||
7.000% due 05/15/22 | 303,000,000 | 23,427 | ||||||
7.000% due 05/15/27 | 536,000,000 | 41,077 | ||||||
8.250% due 07/15/21 | 3,214,000,000 | 260,475 | ||||||
8.250% due 05/15/36 | 1,236,000,000 | 102,586 | ||||||
8.375% due 09/15/26 | 5,336,000,000 | 445,654 | ||||||
8.750% due 05/15/31 | 2,264,000,000 | 195,668 | ||||||
Perusahaan Penerbit SBSN Indonesia III | $200,000 | 215,000 | ||||||
|
| |||||||
2,034,305 | ||||||||
|
| |||||||
Ivory Coast - 1.7% |
| |||||||
Ivory Coast Government |
| |||||||
5.375% due 07/23/24 ~ | 390,000 | 392,925 | ||||||
5.750% due 12/31/32 § ~ | 492,030 | 485,068 | ||||||
|
| |||||||
877,993 | ||||||||
|
| |||||||
Kazakhstan - 0.9% |
| |||||||
KazAgro National Management Holding JSC | 200,000 | 193,500 | ||||||
Kazakhstan Government | 230,000 | 287,602 | ||||||
|
| |||||||
481,102 | ||||||||
|
| |||||||
Lebanon - 1.4% | ||||||||
Lebanon Government | ||||||||
5.150% due 11/12/18 ~ | 70,000 | 69,755 | ||||||
5.450% due 11/28/19 ~ | 30,000 | 29,768 | ||||||
6.000% due 01/27/23 ~ | 60,000 | 58,860 | ||||||
6.100% due 10/04/22 ~ | 94,000 | 93,079 | ||||||
6.200% due 02/26/25 ~ | 60,000 | 58,018 | ||||||
6.375% due 03/09/20 | 126,000 | 127,683 | ||||||
6.600% due 11/27/26 ~ | 81,000 | 79,878 | ||||||
6.750% due 11/29/27 ~ | 60,000 | 59,491 | ||||||
8.250% due 04/12/21 ~ | 165,000 | 179,302 | ||||||
|
| |||||||
755,834 | ||||||||
|
| |||||||
Lithuania - 0.9% | ||||||||
Lithuania Government | ||||||||
6.625% due 02/01/22 ~ | 200,000 | 247,347 | ||||||
7.375% due 02/11/20 ~ | 178,000 | 211,620 | ||||||
|
| |||||||
458,967 | ||||||||
|
| |||||||
Malaysia - 0.6% | ||||||||
Malaysia Government | ||||||||
3.418% due 08/15/22 | MYR 84,000 | 20,267 | ||||||
3.480% due 03/15/23 | 27,000 | 6,530 | ||||||
3.900% due 11/30/26 | 33,000 | 8,209 | ||||||
4.070% due 09/30/26 | 175,000 | 43,958 | ||||||
4.181% due 07/15/24 | 212,000 | 53,359 | ||||||
4.254% due 05/31/35 | 33,000 | 8,123 | ||||||
4.390% due 07/07/23 | 174,000 | 44,263 | ||||||
4.392% due 04/15/26 | 22,000 | 5,611 | ||||||
4.498% due 04/15/30 | 399,000 | 101,633 | ||||||
4.736% due 03/15/46 | 67,000 | 16,957 | ||||||
|
| |||||||
308,910 | ||||||||
|
| |||||||
Mexico - 2.5% | ||||||||
Mexican Udibonos | MXN 18,389,217 | 990,807 | ||||||
Mexico Government | ||||||||
4.000% due 03/15/15 | EUR 166,000 | 177,062 | ||||||
4.750% due 03/08/44 | $38,000 | 39,615 | ||||||
5.550% due 01/21/45 | 31,000 | 36,076 | ||||||
5.750% due 10/12/10 | 60,000 | 63,750 | ||||||
|
| |||||||
1,307,310 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-34
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
Morocco - 0.7% | ||||||||
Morocco Government | $320,000 | $340,333 | ||||||
|
| |||||||
Pakistan - 1.6% | ||||||||
Pakistan Government | ||||||||
6.750% due 12/03/19 ~ | 350,000 | 369,398 | ||||||
8.250% due 04/15/24 ~ | 200,000 | 219,482 | ||||||
8.250% due 09/30/25 ~ | 200,000 | 223,100 | ||||||
|
| |||||||
811,980 | ||||||||
|
| |||||||
Panama - 0.9% |
| |||||||
Panama Government | ||||||||
4.000% due 09/22/24 | 200,000 | 219,750 | ||||||
6.700% due 01/26/36 | 100,000 | 137,000 | ||||||
8.875% due 09/30/27 | 50,000 | 75,250 | ||||||
9.375% due 04/01/29 | 40,000 | 62,100 | ||||||
|
| |||||||
494,100 | ||||||||
|
| |||||||
Peru - 1.9% |
| |||||||
Peruvian Government | ||||||||
5.625% due 11/18/50 | 163,000 | 216,383 | ||||||
5.700% due 08/12/24 ~ | PEN 302,000 | 91,678 | ||||||
6.350% due 08/12/28 ~ | 148,000 | 43,683 | ||||||
6.950% due 08/12/31 ~ | 340,000 | 109,527 | ||||||
7.350% due 07/21/25 | $178,000 | 247,865 | ||||||
8.200% due 08/12/26 ~ | PEN 56,000 | 19,716 | ||||||
8.750% due 11/21/33 | $165,000 | 268,125 | ||||||
|
| |||||||
996,977 | ||||||||
|
| |||||||
Philippines - 1.5% |
| |||||||
Philippine Government | ||||||||
3.900% due 11/26/22 | PHP 10,000,000 | 206,722 | ||||||
7.750% due 01/14/31 | $170,000 | 265,366 | ||||||
9.500% due 02/02/30 | 100,000 | 172,665 | ||||||
10.625% due 03/16/25 | 76,000 | 124,158 | ||||||
|
| |||||||
768,911 | ||||||||
|
| |||||||
Poland - 1.0% |
| |||||||
Republic of Poland Government | ||||||||
2.500% due 07/25/26 | PLN 341,000 | 86,166 | ||||||
3.000% due 03/17/23 | $37,000 | 38,548 | ||||||
3.250% due 07/25/25 | PLN 829,000 | 223,786 | ||||||
4.000% due 10/25/23 | 477,000 | 135,526 | ||||||
5.000% due 03/23/22 | $39,000 | 44,542 | ||||||
|
| |||||||
528,568 | ||||||||
|
| |||||||
Romania - 1.2% |
| |||||||
Romanian Government | ||||||||
4.375% due 08/22/23 ~ | 254,000 | 281,602 | ||||||
6.125% due 01/22/44 ~ | 38,000 | 51,437 | ||||||
6.750% due 02/07/22 ~ | 242,000 | 292,177 | ||||||
|
| |||||||
625,216 | ||||||||
|
| |||||||
Serbia - 0.4% |
| |||||||
Serbia Government | 200,000 | 212,325 | ||||||
|
| |||||||
South Africa - 4.6% | ||||||||
Republic of South Africa Government | ||||||||
4.300% due 10/12/28 # | 224,000 | 222,880 | ||||||
6.875% due 05/27/19 | 146,000 | 163,739 | ||||||
7.000% due 02/28/31 | ZAR 5,510,000 | 336,104 | ||||||
7.750% due 02/28/23 | 3,010,000 | 213,107 | ||||||
8.000% due 01/31/30 | 1,880,000 | 126,184 | ||||||
8.250% due 03/31/32 | 2,130,000 | 143,798 | ||||||
8.500% due 01/31/37 | 2,900,000 | 195,777 | ||||||
8.750% due 01/31/44 | 3,180,000 | 217,081 |
Principal |
| |||||||
8.750% due 02/28/48 | ZAR 4,430,000 | $301,763 | ||||||
10.500% due 12/21/26 | 5,760,000 | 471,168 | ||||||
|
| |||||||
2,391,601 | ||||||||
|
| |||||||
Thailand - 0.5% |
| |||||||
Thailand Government | ||||||||
1.250% due 03/12/28 ^ ~ | THB 2,057,310 | 55,628 | ||||||
3.400% due 06/17/36 | 5,139,000 | 167,462 | ||||||
4.675% due 06/29/44 | 659,000 | 26,548 | ||||||
|
| |||||||
249,638 | ||||||||
|
| |||||||
Turkey - 3.9% |
| |||||||
Turkey Government | ||||||||
3.000% due 02/23/22 ^ | TRY 444,103 | 153,934 | ||||||
3.250% due 03/23/23 | $200,000 | 188,466 | ||||||
5.625% due 03/30/21 | 100,000 | 106,750 | ||||||
6.750% due 04/03/18 | 150,000 | 158,783 | ||||||
6.750% due 05/30/40 | 110,000 | 128,707 | ||||||
7.000% due 06/05/20 | 20,000 | 22,169 | ||||||
7.375% due 02/05/25 | 30,000 | 35,561 | ||||||
7.500% due 07/14/17 | 120,000 | 124,967 | ||||||
7.500% due 11/07/19 | 100,000 | 111,380 | ||||||
9.400% due 07/08/20 | TRY 590,000 | 199,666 | ||||||
10.600% due 02/11/26 | 480,000 | 170,839 | ||||||
10.700% due 02/17/21 | 1,760,000 | 621,806 | ||||||
|
| |||||||
2,023,028 | ||||||||
|
| |||||||
Ukraine - 0.5% |
| |||||||
Ukraine Government | ||||||||
4.873% due 05/31/40 § ~ | $53,000 | 17,174 | ||||||
7.750% due 09/01/22 ~ | 114,000 | 110,580 | ||||||
7.750% due 09/01/23 ~ | 114,000 | 109,796 | ||||||
|
| |||||||
237,550 | ||||||||
|
| |||||||
United Arab Emirates - 0.4% |
| |||||||
Abu Dhabi Government | 200,000 | 209,339 | ||||||
|
| |||||||
Uruguay - 0.9% |
| |||||||
Uruguay Government |
| |||||||
4.125% due 11/20/45 | 78,548 | 74,031 | ||||||
4.500% due 08/14/24 | 114,235 | 126,087 | ||||||
5.100% due 06/18/50 | 20,000 | 20,800 | ||||||
7.625% due 03/21/36 | 102,000 | 144,330 | ||||||
7.875% due 01/15/33 | 93,000 | 131,828 | ||||||
|
| |||||||
497,076 | ||||||||
|
| |||||||
Venezuela - 2.6% |
| |||||||
Venezuela Government | ||||||||
6.000% due 12/09/20 ~ | 103,000 | 55,981 | ||||||
7.750% due 10/13/19 ~ | 110,000 | 68,145 | ||||||
8.250% due 10/13/24 ~ | 232,000 | 115,072 | ||||||
9.000% due 05/07/23 ~ | 166,000 | 84,992 | ||||||
9.250% due 09/15/27 | 172,000 | 94,342 | ||||||
9.250% due 05/07/28 ~ | 165,000 | 85,346 | ||||||
11.750% due 10/21/26 ~ | 672,000 | 400,512 | ||||||
11.950% due 08/05/31 ~ | 724,200 | 438,141 | ||||||
12.750% due 08/23/22 ~ | 41,000 | 26,855 | ||||||
|
| |||||||
1,369,386 | ||||||||
|
| |||||||
Vietnam - 0.4% |
| |||||||
Vietnam Government | 180,000 | 201,217 | ||||||
|
| |||||||
Zambia - 0.3% |
| |||||||
Zambia Government | 160,000 | 158,600 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes | 32,909,192 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-35
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal |
| |||||||
SHORT-TERM INVESTMENTS - 6.7% | ||||||||
Foreign Government Issues - 0.2% | ||||||||
Letras del Banco Central de la Republic Argentina (Argentina) | ||||||||
25.903% due 01/04/17 | ARS 625,728 | $38,344 | ||||||
25.853% due 01/11/17 | 1,653,489 | 100,889 | ||||||
|
| |||||||
139,233 | ||||||||
|
| |||||||
Shares | ||||||||
Money Market Fund - 6.5% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 3,382,649 | 3,382,649 | ||||||
|
| |||||||
Total Short-Term Investments | 3,521,882 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 96.1% | 50,242,072 | |||||||
OTHER ASSETS & LIABILITIES, NET - 3.9% | 2,049,515 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $52,291,587 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition as a percentage of net assets was as follows: |
Foreign Government Bonds & Notes | 62.9% | |||
Corporate Bonds & Notes | 25.0% | |||
Short-Term Investment | 6.7% | |||
Others (each less than 3.0%) | 1.5% | |||
|
| |||
96.1% | ||||
Other Assets & Liabilities, Net | 3.9% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2016, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
Brazil | 11.6% | |||
Venezuela | 8.4% | |||
United States (Includes Short-Term Investments) | 6.5% | |||
South Africa | 6.1% | |||
Indonesia | 4.8% | |||
Colombia | 4.6% | |||
Ecuador | 4.4% | |||
Mexico | 4.1% | |||
Turkey | 3.9% | |||
Kazakhstan | 3.4% | |||
Others (each less than 3.0%) | 38.3% | |||
|
| |||
96.1% | ||||
Other Assets & Liabilities, Net | 3.9% | |||
|
| |||
100.0% | ||||
|
|
(c) | Forward foreign currency contracts outstanding as of September 30, 2016 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
ARS | 3,202,712 | USD | 206,360 | 10/16 | BNP | $1,428 | ||||||||||||||
ARS | 1,983,924 | USD | 127,077 | 11/16 | BNP | (574 | ) | |||||||||||||
BRL | 2,820,107 | USD | 867,392 | 10/16 | GSC | (1,230 | ) | |||||||||||||
BRL | 850,590 | USD | 260,000 | 11/16 | MER | (978 | ) | |||||||||||||
BRL | 3,959,268 | USD | 1,189,596 | 01/17 | DUB | (6,061 | ) | |||||||||||||
BRL | 2,156,050 | USD | 650,000 | 01/17 | GSC | (5,497 | ) | |||||||||||||
BRL | 1,020,337 | USD | 306,490 | 01/17 | MER | (1,483 | ) | |||||||||||||
CLP | 151,413,425 | USD | 228,153 | 10/16 | BNP | 1,548 | ||||||||||||||
CNH | 2,269,178 | USD | 343,503 | 10/16 | BNP | (3,719 | ) | |||||||||||||
CNH | 3,378,872 | USD | 497,698 | 10/16 | BNP | 8,250 | ||||||||||||||
CNH | 4,321,800 | USD | 650,050 | 01/17 | HSB | (6,184 | ) | |||||||||||||
CNH | 12,427,231 | USD | 1,950,616 | 03/17 | HSB | (104,515 | ) | |||||||||||||
CNH | 7,234,593 | USD | 1,081,204 | 05/17 | HSB | (10,318 | ) | |||||||||||||
CNY | 8,454,368 | USD | 1,268,092 | 10/16 | HSB | (2,231 | ) | |||||||||||||
COP | 596,809,320 | USD | 200,000 | 10/16 | BNP | 5,736 | ||||||||||||||
CZK | 16,369,143 | USD | 669,769 | 10/16 | JPM | 11,541 | ||||||||||||||
CZK | 1,068,158 | EUR | 39,876 | 09/17 | JPM | 12 | ||||||||||||||
CZK | 14,467,140 | EUR | 540,000 | 09/17 | MER | 259 | ||||||||||||||
HUF | 365,965,721 | USD | 1,280,899 | 10/16 | DUB | 53,823 | ||||||||||||||
ILS | 1,393,639 | USD | 361,965 | 10/16 | DUB | 10,266 | ||||||||||||||
INR | 22,285,816 | USD | 334,000 | 10/16 | HSB | (916 | ) | |||||||||||||
INR | 65,815,893 | USD | 974,423 | 10/16 | JPM | 9,263 | ||||||||||||||
INR | 16,397,783 | USD | 242,427 | 11/16 | ANZ | 1,252 | ||||||||||||||
INR | 8,530,000 | USD | 125,969 | 11/16 | BNP | 791 | ||||||||||||||
INR | 12,600,307 | USD | 186,092 | 11/16 | BRC | 1,155 | ||||||||||||||
INR | 4,473,137 | USD | 66,279 | 11/16 | DUB | 195 | ||||||||||||||
INR | 8,400,000 | USD | 124,095 | 11/16 | HSB | 733 | ||||||||||||||
INR | 19,378,000 | USD | 286,858 | 11/16 | UBS | 1,108 | ||||||||||||||
KRW | 1,454,930,061 | USD | 1,325,049 | 10/16 | BRC | (4,306 | ) | |||||||||||||
MXN | 5,946,445 | USD | 318,085 | 10/16 | BNP | (12,512 | ) | |||||||||||||
MXN | 6,466,871 | USD | 328,942 | 10/16 | BNP | 3,375 | ||||||||||||||
MXN | 16,650,838 | USD | 897,286 | 10/16 | BRC | (41,639 | ) | |||||||||||||
MXN | 1,022,625 | USD | 54,415 | 10/16 | CIT | (1,865 | ) | |||||||||||||
MXN | 19,689,047 | USD | 1,049,096 | 10/16 | JPM | (37,323 | ) | |||||||||||||
MXN | 614,926 | USD | 32,695 | 10/16 | MER | (1,095 | ) | |||||||||||||
MXN | 23,321,465 | USD | 1,310,710 | 03/17 | BNP | (132,070 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-36
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
MXN | 23,321,273 | USD | 1,305,271 | 03/17 | MER | ($126,640 | ) | |||||||||||||
MYR | 6,528,400 | USD | 1,633,734 | 10/16 | UBS | (57,872 | ) | |||||||||||||
PEN | 1,369,617 | USD | 414,000 | 10/16 | BNP | (10,346 | ) | |||||||||||||
PEN | 412,347 | USD | 124,595 | 10/16 | CIT | (3,068 | ) | |||||||||||||
PEN | 1,391,712 | USD | 420,000 | 10/16 | CSF | (9,835 | ) | |||||||||||||
PEN | 548,123 | USD | 164,232 | 10/16 | DUB | (2,689 | ) | |||||||||||||
PHP | 1,524,701 | USD | 32,846 | 10/16 | HSB | (1,428 | ) | |||||||||||||
PLN | 1,440,797 | USD | 363,548 | 10/16 | DUB | 12,967 | ||||||||||||||
PLN | 4,410,221 | USD | 1,148,009 | 11/16 | HSB | 3,782 | ||||||||||||||
PLN | 3,623,997 | USD | 947,475 | 12/16 | HSB | (1,095 | ) | |||||||||||||
RON | 253,409 | USD | 63,210 | 10/16 | BRC | 886 | ||||||||||||||
RON | 473,792 | USD | 117,435 | 10/16 | MER | 2,403 | ||||||||||||||
RON | 1,683,746 | USD | 427,249 | 11/16 | JPM | (1,104 | ) | |||||||||||||
RON | 1,481,382 | USD | 374,806 | 12/16 | MER | 237 | ||||||||||||||
RUB | 9,113,388 | USD | 136,420 | 10/16 | CIT | 7,642 | ||||||||||||||
RUB | 18,405,858 | USD | 284,590 | 10/16 | GSC | 6,366 | ||||||||||||||
RUB | 2,301,950 | USD | 35,000 | 10/16 | HSB | 1,389 | ||||||||||||||
RUB | 112,878,598 | USD | 1,703,249 | 11/16 | BRC | 67,302 | ||||||||||||||
RUB | 14,190,318 | USD | 218,819 | 11/16 | CSF | 3,763 | ||||||||||||||
RUB | 7,274,066 | USD | 112,391 | 11/16 | JPM | 1,706 | ||||||||||||||
RUB | 50,174,413 | USD | 773,002 | 12/16 | DUB | 12,230 | ||||||||||||||
SGD | 2,189,550 | USD | 1,627,011 | 10/16 | HSB | (21,063 | ) | |||||||||||||
THB | 47,355,444 | USD | 1,356,617 | 10/16 | HSB | 9,451 | ||||||||||||||
TRY | 1,682,249 | USD | 561,636 | 11/16 | DUB | (8,056 | ) | |||||||||||||
TRY | 171,785 | USD | 57,050 | 11/16 | HSB | (520 | ) | |||||||||||||
TWD | 24,197,873 | USD | 768,430 | 11/16 | JPM | 4,838 | ||||||||||||||
USD | 215,455 | ARS | 3,315,136 | 10/16 | BNP | 1,406 | ||||||||||||||
USD | 79,194 | ARS | 1,218,788 | 10/16 | JPM | 122 | ||||||||||||||
USD | 85,004 | ARS | 1,332,435 | 11/16 | BNP | 42 | ||||||||||||||
USD | 85,294 | ARS | 1,331,212 | 11/16 | JPM | 411 | ||||||||||||||
USD | 553,860 | BRL | 1,799,770 | 10/16 | DUB | 1,083 | ||||||||||||||
USD | 314,628 | BRL | 1,020,337 | 10/16 | MER | 1,243 | ||||||||||||||
USD | 508,673 | BRL | 2,212,729 | 01/17 | GSC | (152,773 | ) | |||||||||||||
USD | 346,261 | BRL | 1,376,907 | 01/17 | MER | (65,335 | ) | |||||||||||||
USD | 772,312 | BRL | 3,042,137 | 03/17 | BNP | (122,624 | ) | |||||||||||||
USD | 650,000 | BRL | 2,313,958 | 10/17 | DUB | 4,330 | ||||||||||||||
USD | 650,000 | BRL | 2,309,450 | 10/17 | GSC | 5,588 | ||||||||||||||
USD | 111,000 | CLP | 72,949,200 | 10/16 | BNP | 333 | ||||||||||||||
USD | 860,000 | CNH | 5,648,050 | 10/16 | BNP | 14,268 | ||||||||||||||
USD | 630,000 | CNH | 4,321,800 | 01/17 | HSB | (13,866 | ) | |||||||||||||
USD | 1,963,192 | CNH | 12,427,231 | 03/17 | HSB | 117,089 | ||||||||||||||
USD | 1,081,000 | CNH | 7,234,593 | 05/17 | HSB | 10,114 | ||||||||||||||
USD | 56,001 | COP | 162,956,750 | 10/16 | BNP | (174 | ) | |||||||||||||
USD | 250,000 | COP | 747,415,000 | 10/16 | DUB | (7,653 | ) | |||||||||||||
USD | 110,000 | COP | 330,258,500 | 10/16 | GSC | (3,849 | ) | |||||||||||||
USD | 309,222 | COP | 923,260,041 | 10/16 | JPM | (9,050 | ) | |||||||||||||
USD | 244,000 | CZK | 5,975,550 | 10/16 | DUB | (4,712 | ) | |||||||||||||
USD | 548,095 | EUR | 487,148 | 10/16 | BRC | 322 | ||||||||||||||
USD | 450,000 | HUF | 128,570,670 | 10/16 | CIT | (18,913 | ) | |||||||||||||
USD | 20,183 | IDR | 267,150,000 | 10/16 | BRC | (194 | ) | |||||||||||||
USD | 16,191 | IDR | 213,976,435 | 10/16 | HSB | (130 | ) | |||||||||||||
USD | 45,451 | IDR | 607,000,000 | 11/16 | ANZ | (617 | ) | |||||||||||||
USD | 168,919 | ILS | 650,357 | 10/16 | DUB | (4,787 | ) | |||||||||||||
USD | 237,550 | KRW | 262,436,213 | 10/16 | BNP | (682 | ) | |||||||||||||
USD | 113,450 | MXN | 2,105,259 | 10/16 | BRC | 5,266 | ||||||||||||||
USD | 2,339,975 | MXN | 44,216,947 | 10/16 | CIT | 67,772 | ||||||||||||||
USD | 45,000 | MXN | 837,594 | 10/16 | GSC | 1,958 | ||||||||||||||
USD | 110,096 | MXN | 2,062,038 | 10/16 | HSB | 4,133 | ||||||||||||||
USD | 512,780 | MXN | 10,194,582 | 10/16 | MER | (11,095 | ) | |||||||||||||
USD | 870,000 | MXN | 16,955,539 | 03/17 | JPM | 13,086 | ||||||||||||||
USD | 114,737 | MYR | 472,165 | 10/16 | ANZ | 763 | ||||||||||||||
USD | 85,000 | MYR | 347,353 | 10/16 | HSB | 1,154 | ||||||||||||||
USD | 482,000 | PEN | 1,612,338 | 10/16 | BNP | 6,812 | ||||||||||||||
USD | 30,000 | PHP | 1,398,900 | 10/16 | ANZ | 1,174 | ||||||||||||||
USD | 881,000 | PLN | 3,510,765 | 10/16 | CIT | (36,449 | ) | |||||||||||||
USD | 55,000 | PLN | 215,216 | 10/16 | MER | (1,241 | ) | |||||||||||||
USD | 135,000 | RON | 538,495 | 10/16 | MER | (1,204 | ) | |||||||||||||
USD | 357,000 | RON | 1,448,209 | 10/16 | UBS | (9,301 | ) | |||||||||||||
USD | 1,036,000 | RUB | 67,696,695 | 10/16 | BRC | (34,134 | ) | |||||||||||||
USD | 131,570 | RUB | 9,016,229 | 10/16 | MSC | (10,957 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-37
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
USD | 1,013,000 | SGD | 1,364,642 | 10/16 | CIT | $12,089 | ||||||||||||||||
USD | 40,000 | SGD | 54,329 | 10/16 | MER | 152 | ||||||||||||||||
USD | 229,172 | SGD | 310,551 | 10/16 | UBS | 1,395 | ||||||||||||||||
USD | 312,000 | TRY | 988,531 | 10/16 | GSC | (15,352 | ) | |||||||||||||||
USD | 172,808 | TRY | 531,490 | 10/16 | HSB | (3,195 | ) | |||||||||||||||
USD | 180,146 | ZAR | 2,457,198 | 10/16 | BRC | 2,136 | ||||||||||||||||
USD | 362,000 | ZAR | 4,952,728 | 10/16 | JPM | 3,203 | ||||||||||||||||
ZAR | 1,916,689 | USD | 137,400 | 10/16 | BRC | 1,453 | ||||||||||||||||
ZAR | 1,037,930 | USD | 71,266 | 10/16 | DUB | 3,926 | ||||||||||||||||
ZAR | 1,913,539 | USD | 138,600 | 10/16 | GSC | 25 | ||||||||||||||||
ZAR | 3,632,011 | USD | 250,778 | 10/16 | HSB | 12,341 | ||||||||||||||||
|
| |||||||||||||||||||||
Total Forward Foreign Currency Contracts |
| ($605,633 | ) | |||||||||||||||||||
|
|
(d) | Swap agreements outstanding as of September 30, 2016 were as follows: |
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) | |||||||||||||||||||||
3-Month MYR-KLIBOR | HSB | 3.555% | 03/18/18 | MYR 4,500,000 | $3,575 | $— | $3,575 | |||||||||||||||||||||
Brazil CETIP Interbank | BNP | 11.998% | 01/02/19 | BRL 3,828,062 | 9,312 | — | 9,312 | |||||||||||||||||||||
Brazil CETIP Interbank | BNP | 12.016% | 01/02/19 | 2,147,719 | 5,761 | — | 5,761 | |||||||||||||||||||||
Brazil CETIP Interbank | BNP | 12.055% | 01/02/19 | 1,760,369 | 5,101 | — | 5,101 | |||||||||||||||||||||
Brazil CETIP Interbank | HSB | 12.220% | 01/02/19 | 1,741,192 | 6,465 | — | 6,465 | |||||||||||||||||||||
Brazil CETIP Interbank | HSB | 13.850% | 01/02/19 | 4,675,388 | 73,383 | — | 73,383 | |||||||||||||||||||||
Brazil CETIP Interbank | HSB | 15.715% | 01/04/21 | 1,721,567 | 119,840 | — | 119,840 | |||||||||||||||||||||
6-Month PLN-WIBOR | BRC | 2.110% | 07/07/26 | PLN 500,000 | (1,624 | ) | — | (1,624 | ) | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$221,813 | $— | $221,813 | ||||||||||||||||||||||||||
|
|
|
|
|
|
Total Return Swaps
Receive Total Return | Counter- party | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Indonesia Treasury 12.800% due 06/15/21 | SCB | 06/15/21 | IDR 621,000,000 | $60,303 | $64,502 | ($4,199 | ) | |||||||||||||||||
Indonesia Treasury 8.375% due 03/15/24 | ANZ | 03/15/24 | 369,000,000 | 30,767 | 32,065 | (1,298 | ) | |||||||||||||||||
Indonesia Treasury 8.375% due 03/15/24 | SCB | 03/15/24 | 489,000,000 | 40,774 | 42,493 | (1,719 | ) | |||||||||||||||||
Indonesia Treasury 11.000% due 09/15/25 | SCB | 09/15/25 | 432,000,000 | 41,693 | 50,712 | (9,019 | ) | |||||||||||||||||
Indonesia Treasury 8.375% due 09/15/26 | SCB | 09/15/26 | 814,000,000 | 68,215 | 67,472 | 743 | ||||||||||||||||||
Indonesia Treasury 7.000% due 05/15/27 | SCB | 05/15/27 | 100,000,000 | 7,866 | 7,782 | 84 | ||||||||||||||||||
Indonesia Treasury 9.000% due 03/15/29 | ANZ | 03/15/29 | 880,000,000 | 77,372 | 68,532 | 8,840 | ||||||||||||||||||
Indonesia Treasury 10.500% due 08/15/30 | SCB | 08/15/30 | 622,000,000 | 61,399 | 73,111 | (11,712 | ) | |||||||||||||||||
Indonesia Treasury 6.625% due 05/15/33 | SCB | 05/15/33 | 270,000,000 | 19,658 | 22,772 | (3,114 | ) | |||||||||||||||||
Indonesia Treasury 8.375% due 03/15/34 | ANZ | 03/15/34 | 1,261,000,000 | 105,964 | 100,277 | 5,687 | ||||||||||||||||||
Indonesia Treasury 8.375% due 03/15/34 | SCB | 03/15/34 | 42,000,000 | 3,529 | 3,340 | 189 | ||||||||||||||||||
Indonesia Treasury 8.250% due 05/15/36 | SCB | 05/15/36 | 980,000,000 | 83,678 | 71,070 | 12,608 | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
$601,218 | $604,128 | ($2,910 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
Total Swap Agreements | $823,031 | $604,128 | $218,903 | |||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-38
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2016 (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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $13,060,078 | $— | $13,060,078 | $— | |||||||||||||
Senior Loan Notes | 750,920 | — | 750,920 | — | ||||||||||||||
Foreign Government Bonds & Notes | 32,909,192 | — | 32,909,192 | — | ||||||||||||||
Short-Term Investments | 3,521,882 | 3,382,649 | 139,233 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 540,886 | — | 540,886 | — | ||||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Swaps | 824,655 | — | 824,655 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 1,365,541 | — | 1,365,541 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 51,607,613 | 3,382,649 | 48,224,964 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (1,146,519 | ) | — | (1,146,519 | ) | — | ||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Swaps | (1,624 | ) | — | (1,624 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (1,148,143 | ) | — | (1,148,143 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (1,148,143 | ) | — | (1,148,143 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $50,459,470 | $3,382,649 | $47,076,821 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-39
PACIFIC FUNDS
PF COMSTOCK FUND
Schedule of Investments
September 30, 2016 (Unaudited)
|
| |||||||
COMMON STOCKS - 92.6% | ||||||||
Basic Materials - 2.3% | ||||||||
Alcoa Inc | 170,464 | $1,728,505 | ||||||
CF Industries Holdings Inc | 40,687 | 990,728 | ||||||
International Paper Co | 32,130 | 1,541,597 | ||||||
|
| |||||||
4,260,830 | ||||||||
|
| |||||||
Communications - 11.4% | ||||||||
CBS Corp ‘B’ | 15,542 | 850,769 | ||||||
Charter Communications Inc ‘A’ * | 4,619 | 1,246,918 | ||||||
Cisco Systems Inc | 150,110 | 4,761,489 | ||||||
Comcast Corp ‘A’ | 47,378 | 3,143,056 | ||||||
eBay Inc * | 85,041 | 2,797,849 | ||||||
Frontier Communications Corp | 353,496 | 1,470,543 | ||||||
Symantec Corp | 43,356 | 1,088,236 | ||||||
Time Warner Inc | 10,819 | 861,301 | ||||||
Twenty-First Century Fox Inc ‘B’ | 68,534 | 1,695,531 | ||||||
Viacom Inc ‘B’ | 46,219 | 1,760,944 | ||||||
Vodafone Group PLC (United Kingdom) | 252,366 | 723,763 | ||||||
Yahoo! Inc * | 13,978 | 602,452 | ||||||
|
| |||||||
21,002,851 | ||||||||
|
| |||||||
Consumer, Cyclical - 7.6% | ||||||||
Advance Auto Parts Inc | 5,316 | 792,722 | ||||||
Carnival Corp | 93,139 | 4,547,046 | ||||||
CVS Health Corp | 20,890 | 1,859,001 | ||||||
General Motors Co | 95,841 | 3,044,869 | ||||||
Target Corp | 26,182 | 1,798,180 | ||||||
Wal-Mart Stores Inc | 26,009 | 1,875,769 | ||||||
|
| |||||||
13,917,587 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 12.2% | ||||||||
AbbVie Inc | 19,548 | 1,232,892 | ||||||
Anthem Inc | 13,602 | 1,704,467 | ||||||
Biogen Inc * | 6,302 | 1,972,715 | ||||||
Gilead Sciences Inc | 18,118 | 1,433,496 | ||||||
Medtronic PLC | 17,214 | 1,487,290 | ||||||
Merck & Co Inc | 43,740 | 2,729,813 | ||||||
Mondelez International Inc ‘A’ | 11,872 | 521,181 | ||||||
Novartis AG (Switzerland) | 26,947 | 2,126,666 | ||||||
PayPal Holdings Inc * | 32,367 | 1,326,076 | ||||||
Pfizer Inc | 106,823 | 3,618,095 | ||||||
Sanofi ADR (France) | 65,679 | 2,508,281 | ||||||
The Coca-Cola Co | 18,187 | 769,674 | ||||||
Unilever NV ‘NY’ (United Kingdom) | 22,364 | 1,030,980 | ||||||
|
| |||||||
22,461,626 | ||||||||
|
| |||||||
Energy - 15.5% | ||||||||
BP PLC ADR (United Kingdom) | 91,002 | 3,199,630 | ||||||
Canadian Natural Resources Ltd (Canada) | 51,911 | 1,659,474 | ||||||
Chevron Corp | 28,645 | 2,948,143 | ||||||
Devon Energy Corp | 69,474 | 3,064,498 | ||||||
Halliburton Co | 41,531 | 1,863,911 | ||||||
Hess Corp | 36,109 | 1,936,165 | ||||||
Marathon Oil Corp | 68,538 | 1,083,586 | ||||||
Occidental Petroleum Corp | 22,556 | 1,644,783 | ||||||
QEP Resources Inc | 83,577 | 1,632,259 | ||||||
Royal Dutch Shell PLC ‘A’ ADR (Netherlands) | 69,253 | 3,467,498 | ||||||
Suncor Energy Inc (Canada) | 137,692 | 3,825,084 | ||||||
Weatherford International PLC * | 358,943 | 2,017,260 | ||||||
|
| |||||||
28,342,291 | ||||||||
|
| |||||||
Financial - 29.2% | ||||||||
Aflac Inc | 24,736 | 1,777,776 | ||||||
Ally Financial Inc | 122,428 | 2,383,673 | ||||||
American International Group Inc | 43,818 | 2,600,160 | ||||||
Bank of America Corp | 355,183 | 5,558,614 | ||||||
Citigroup Inc | 181,634 | 8,578,574 |
|
| |||||||
Citizens Financial Group Inc | 60,865 | $1,503,974 | ||||||
Fifth Third Bancorp | 125,997 | 2,577,899 | ||||||
JPMorgan Chase & Co | 102,090 | 6,798,173 | ||||||
MetLife Inc | 73,597 | 3,269,915 | ||||||
Morgan Stanley | 87,576 | 2,807,687 | ||||||
State Street Corp | 45,322 | 3,155,771 | ||||||
The Allstate Corp | 35,826 | 2,478,443 | ||||||
The Bank of New York Mellon Corp | 48,476 | 1,933,223 | ||||||
The Goldman Sachs Group Inc | 9,692 | 1,563,029 | ||||||
The PNC Financial Services Group Inc | 32,272 | 2,907,384 | ||||||
US Bancorp | 16,734 | 717,721 | ||||||
Wells Fargo & Co | 65,417 | 2,896,665 | ||||||
|
| |||||||
53,508,681 | ||||||||
|
| |||||||
Industrial - 7.7% | ||||||||
Caterpillar Inc | 39,106 | 3,471,440 | ||||||
Emerson Electric Co | 36,684 | 1,999,645 | ||||||
General Electric Co | 77,398 | 2,292,529 | ||||||
Ingersoll-Rand PLC | 17,693 | 1,202,062 | ||||||
Johnson Controls International PLC | 60,494 | 2,814,786 | ||||||
Textron Inc | 57,007 | 2,266,028 | ||||||
|
| |||||||
14,046,490 | ||||||||
|
| |||||||
Technology - 6.0% | ||||||||
Citrix Systems Inc * | 6,413 | 546,516 | ||||||
HP Inc | 74,132 | 1,151,270 | ||||||
Intel Corp | 72,985 | 2,755,184 | ||||||
Microsoft Corp | 51,667 | 2,976,019 | ||||||
NetApp Inc | 96,106 | 3,442,516 | ||||||
QUALCOMM Inc | 3,309 | 226,667 | ||||||
|
| |||||||
11,098,172 | ||||||||
|
| |||||||
Utilities - 0.7% | ||||||||
FirstEnergy Corp | 17,758 | 587,435 | ||||||
PG&E Corp | 10,837 | 662,899 | ||||||
|
| |||||||
1,250,334 | ||||||||
|
| |||||||
Total Common Stocks |
| 169,888,862 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 7.4% | ||||||||
Money Market Fund - 7.4% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 13,643,937 | 13,643,937 | ||||||
|
| |||||||
Total Short-Term Investment | 13,643,937 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.0% | 183,532,799 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.0%) | (85,179 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $183,447,620 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-40
PACIFIC FUNDS
PF COMSTOCK FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 29.2% | |||
Energy | 15.5% | |||
Consumer, Non-cyclical | 12.2% | |||
Communications | 11.4% | |||
Industrial | 7.7% | |||
Consumer, Cyclical | 7.6% | |||
Short-Term Investment | 7.4% | |||
Technology | 6.0% | |||
Others (each less than 3.0%) | 3.0% | |||
|
| |||
100.0% | ||||
Other Assets & Liabilities, Net | (0.0%) | |||
|
| |||
100.0% | ||||
|
|
(b) | Forward foreign currency contracts outstanding as of September 30, 2016 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
USD | 1,086,631 | CAD | 1,436,983 | 10/16 | BRC | ($8,842 | ) | |||||||||||||||
USD | 1,087,560 | CAD | 1,436,993 | 10/16 | CIB | (7,920 | ) | |||||||||||||||
USD | 1,087,577 | CAD | 1,436,984 | 10/16 | GSC | (7,896 | ) | |||||||||||||||
USD | 1,086,386 | CAD | 1,436,984 | 10/16 | RBC | (9,088 | ) | |||||||||||||||
USD | 460,676 | CHF | 450,080 | 10/16 | CIB | (3,193 | ) | |||||||||||||||
USD | 460,907 | CHF | 450,090 | 10/16 | DUB | (2,972 | ) | |||||||||||||||
USD | 460,642 | CHF | 450,080 | 10/16 | GSC | (3,227 | ) | |||||||||||||||
USD | 460,850 | CHF | 450,080 | 10/16 | RBC | (3,019 | ) | |||||||||||||||
USD | 1,454,856 | EUR | 1,300,680 | 10/16 | BRC | (7,695 | ) | |||||||||||||||
USD | 1,454,734 | EUR | 1,300,681 | 10/16 | CIB | (7,818 | ) | |||||||||||||||
USD | 1,454,748 | EUR | 1,300,659 | 10/16 | GSC | (7,779 | ) | |||||||||||||||
USD | 1,454,983 | EUR | 1,300,681 | 10/16 | RBC | (7,569 | ) | |||||||||||||||
USD | 797,968 | GBP | 614,545 | 10/16 | BRC | 1,087 | ||||||||||||||||
USD | 797,595 | GBP | 614,556 | 10/16 | CIB | 700 | ||||||||||||||||
USD | 797,915 | GBP | 614,556 | 10/16 | DUB | 1,020 | ||||||||||||||||
USD | 797,428 | GBP | 614,556 | 10/16 | GSC | 532 | ||||||||||||||||
|
| |||||||||||||||||||||
Total Forward Foreign Currency Contracts |
| ($73,679 | ) | |||||||||||||||||||
|
|
(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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Basic Materials | $4,260,830 | $4,260,830 | $— | $— | ||||||||||||||
Communications | 21,002,851 | 20,279,088 | 723,763 | — | ||||||||||||||
Consumer, Cyclical | 13,917,587 | 13,917,587 | — | — | ||||||||||||||
Consumer, Non-cyclical | 22,461,626 | 20,334,960 | 2,126,666 | — | ||||||||||||||
Energy | 28,342,291 | 28,342,291 | — | — | ||||||||||||||
Financial | 53,508,681 | 53,508,681 | — | — | ||||||||||||||
Industrial | 14,046,490 | 14,046,490 | — | — | ||||||||||||||
Technology | 11,098,172 | 11,098,172 | — | — | ||||||||||||||
Utilities | 1,250,334 | 1,250,334 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 169,888,862 | 167,038,433 | 2,850,429 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 13,643,937 | 13,643,937 | — | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 3,339 | — | 3,339 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 183,536,138 | 180,682,370 | 2,853,768 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (77,018 | ) | — | (77,018 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (77,018 | ) | — | (77,018 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $183,459,120 | $180,682,370 | $2,776,750 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-41
PACIFIC FUNDS
PF GROWTH FUND
Schedule of Investments
September 30, 2016 (Unaudited)
|
| |||||||
COMMON STOCKS - 99.6% | ||||||||
Basic Materials - 2.0% | ||||||||
Monsanto Co | 8,067 | $824,447 | ||||||
The Sherwin-Williams Co | 5,826 | 1,611,821 | ||||||
|
| |||||||
2,436,268 | ||||||||
|
| |||||||
Communications - 20.3% | ||||||||
Alphabet Inc ‘A’ * | 5,675 | 4,563,041 | ||||||
Alphabet Inc ‘C’ * | 4,169 | 3,240,522 | ||||||
Amazon.com Inc * | 6,748 | 5,650,168 | ||||||
Comcast Corp ‘A’ | 27,414 | 1,818,645 | ||||||
Facebook Inc ‘A’ * | 44,517 | 5,710,196 | ||||||
Netflix Inc * | 11,365 | 1,120,021 | ||||||
The Priceline Group Inc * | 1,285 | 1,890,865 | ||||||
Time Inc l | — | 4 | ||||||
|
| |||||||
23,993,462 | ||||||||
|
| |||||||
Consumer, Cyclical - 10.5% | ||||||||
AutoZone Inc * | 1,374 | 1,055,699 | ||||||
Costco Wholesale Corp | 8,096 | 1,234,721 | ||||||
CVS Health Corp | 2,631 | 234,133 | ||||||
Dollar Tree Inc * | 20,828 | 1,643,954 | ||||||
LKQ Corp * | 18,716 | 663,669 | ||||||
lululemon athletica Inc * | 4,476 | 272,946 | ||||||
Marriott International Inc ‘A’ | 9,800 | 659,834 | ||||||
NIKE Inc ‘B’ | 24,410 | 1,285,186 | ||||||
Ross Stores Inc | 31,418 | 2,020,177 | ||||||
Starbucks Corp | 22,171 | 1,200,338 | ||||||
The TJX Cos Inc | 19,864 | 1,485,430 | ||||||
Tractor Supply Co | 7,645 | 514,891 | ||||||
VF Corp | 2,127 | 119,218 | ||||||
|
| |||||||
12,390,196 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 28.2% | ||||||||
Abbott Laboratories | 25,400 | 1,074,166 | ||||||
Alexion Pharmaceuticals Inc * | 5,396 | 661,226 | ||||||
Allergan PLC * | 4,320 | 994,939 | ||||||
Aramark | 42,900 | 1,631,487 | ||||||
BioMarin Pharmaceutical Inc * | 4,185 | 387,196 | ||||||
Bristol-Myers Squibb Co | 20,771 | 1,119,972 | ||||||
Celgene Corp * | 16,222 | 1,695,686 | ||||||
Colgate-Palmolive Co | 14,749 | 1,093,491 | ||||||
Constellation Brands Inc ‘A’ | 11,443 | 1,905,145 | ||||||
CR Bard Inc | 3,920 | 879,178 | ||||||
Danaher Corp | 29,290 | 2,296,043 | ||||||
Danone SA (France) | 8,325 | 618,158 | ||||||
Ecolab Inc | 4,072 | 495,644 | ||||||
Edwards Lifesciences Corp * | 4,779 | 576,156 | ||||||
Eli Lilly & Co | 12,548 | 1,007,102 | ||||||
Equifax Inc | 8,620 | 1,160,080 | ||||||
FleetCor Technologies Inc * | 8,821 | 1,532,472 | ||||||
McKesson Corp | 4,806 | 801,401 | ||||||
Mead Johnson Nutrition Co | 5,000 | 395,050 | ||||||
Medtronic PLC | 23,943 | 2,068,675 | ||||||
Mondelez International Inc ‘A’ | 13,367 | 586,811 | ||||||
Monster Beverage Corp * | 5,064 | 743,446 | ||||||
Pernod Ricard SA (France) | 2,660 | 315,037 | ||||||
Regeneron Pharmaceuticals Inc * | 1,640 | 659,313 | ||||||
Reynolds American Inc | 13,192 | 622,003 | ||||||
Sabre Corp | 18,207 | 513,073 | ||||||
Stryker Corp | 7,164 | 833,961 | ||||||
The Cooper Cos Inc | 2,612 | 468,227 | ||||||
The Estee Lauder Cos Inc ‘A’ | 11,899 | 1,053,775 | ||||||
Thermo Fisher Scientific Inc | 18,088 | 2,877,077 | ||||||
Verisk Analytics Inc * | 11,688 | 950,001 | ||||||
VWR Corp * | 11,643 | 330,195 | ||||||
Zoetis Inc | 18,662 | 970,611 | ||||||
|
| |||||||
33,316,797 | ||||||||
|
|
|
| |||||||
Energy - 1.2% | ||||||||
Concho Resources Inc * | 4,072 | $559,289 | ||||||
Pioneer Natural Resources Co | 4,423 | 821,130 | ||||||
|
| |||||||
1,380,419 | ||||||||
|
| |||||||
Financial - 12.7% | ||||||||
American Tower Corp REIT | 27,633 | 3,131,648 | ||||||
Aon PLC | 6,880 | 773,931 | ||||||
Intercontinental Exchange Inc | 7,528 | 2,027,742 | ||||||
Mastercard Inc ‘A’ | 29,892 | 3,042,109 | ||||||
The Blackstone Group LP | 4,029 | 102,860 | ||||||
The Charles Schwab Corp | 41,922 | 1,323,478 | ||||||
Visa Inc ‘A’ | 56,047 | 4,635,087 | ||||||
|
| |||||||
15,036,855 | ||||||||
|
| |||||||
Industrial - 7.2% | ||||||||
AMETEK Inc | 12,392 | 592,090 | ||||||
Amphenol Corp ‘A’ | 11,884 | 771,509 | ||||||
Canadian Pacific Railway Ltd (Canada) | 6,870 | 1,049,049 | ||||||
Flowserve Corp | 12,046 | 581,099 | ||||||
Fortive Corp | 12,179 | 619,911 | ||||||
Honeywell International Inc | 6,385 | 744,427 | ||||||
Roper Technologies Inc | 6,610 | 1,206,127 | ||||||
Union Pacific Corp | 10,802 | 1,053,519 | ||||||
Vulcan Materials Co | 13,157 | 1,496,346 | ||||||
Xylem Inc | 7,558 | 396,417 | ||||||
|
| |||||||
8,510,494 | ||||||||
|
| |||||||
Technology - 17.5% | ||||||||
Activision Blizzard Inc | 26,584 | 1,177,671 | ||||||
Adobe Systems Inc * | 29,020 | 3,149,831 | ||||||
Akamai Technologies Inc * | 2,188 | 115,942 | ||||||
Apple Inc | 17,579 | 1,987,306 | ||||||
Broadcom Ltd (Singapore) | 10,709 | 1,847,517 | ||||||
Cognizant Technology Solutions Corp ‘A’ * | 22,777 | 1,086,691 | ||||||
Electronic Arts Inc * | 19,150 | 1,635,410 | ||||||
Fidelity National Information Services Inc | 9,779 | 753,276 | ||||||
Fiserv Inc * | 16,837 | 1,674,776 | ||||||
Intuit Inc | 12,319 | 1,355,213 | ||||||
Microsoft Corp | 54,613 | 3,145,709 | ||||||
NVIDIA Corp | 14,118 | 967,365 | ||||||
salesforce.com Inc * | 25,157 | 1,794,449 | ||||||
|
| |||||||
20,691,156 | ||||||||
|
| |||||||
Total Common Stocks | 117,755,647 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 0.3% | ||||||||
Money Market Fund - 0.3% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 370,205 | 370,205 | ||||||
|
| |||||||
Total Short-Term Investment | 370,205 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.9% |
| 118,125,852 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% |
| 156,815 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $118,282,667 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-42
PACIFIC FUNDS
PF GROWTH FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-cyclical | 28.2% | |||
Communications | 20.3% | |||
Technology | 17.5% | |||
Financial | 12.7% | |||
Consumer, Cyclical | 10.5% | |||
Industrial | 7.2% | |||
Others (each less than 3.0%) | 3.5% | |||
|
| |||
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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Basic Materials | $2,436,268 | $2,436,268 | $— | $— | ||||||||||||||
Communications | 23,993,462 | 23,993,462 | — | — | ||||||||||||||
Consumer, Cyclical | 12,390,196 | 12,390,196 | — | — | ||||||||||||||
Consumer, Non-cyclical | 33,316,797 | 32,383,602 | 933,195 | — | ||||||||||||||
Energy | 1,380,419 | 1,380,419 | — | — | ||||||||||||||
Financial | 15,036,855 | 15,036,855 | — | — | ||||||||||||||
Industrial | 8,510,494 | 8,510,494 | — | — | ||||||||||||||
Technology | 20,691,156 | 20,691,156 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 117,755,647 | 116,822,452 | 933,195 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 370,205 | 370,205 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $118,125,852 | $117,192,657 | $933,195 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-43
PACIFIC FUNDS
PF LARGE-CAP GROWTH FUND
Schedule of Investments
September 30, 2016 (Unaudited)
| Value | |||||||
COMMON STOCKS - 98.4% | ||||||||
Basic Materials - 1.3% | ||||||||
The Sherwin-Williams Co | 5,854 | $1,619,568 | ||||||
|
| |||||||
Communications - 30.1% | ||||||||
Alphabet Inc ‘A’ * | 11,926 | 9,589,220 | ||||||
Amazon.com Inc * | 10,779 | 9,025,364 | ||||||
Facebook Inc ‘A’ * | 50,617 | 6,492,643 | ||||||
Liberty Global PLC ‘A’ (United Kingdom) * | 28,241 | 965,277 | ||||||
Liberty Global PLC LiLAC ‘A’ (United Kingdom) * l | — | 7 | ||||||
Netflix Inc * | 31,155 | 3,070,325 | ||||||
Tencent Holdings Ltd (China) | 135,200 | 3,758,835 | ||||||
The Priceline Group Inc * | 2,111 | 3,106,315 | ||||||
TripAdvisor Inc * | 13,514 | 853,814 | ||||||
|
| |||||||
36,861,800 | ||||||||
|
| |||||||
Consumer, Cyclical - 7.5% |
| |||||||
Chipotle Mexican Grill Inc * | 2,954 | 1,251,019 | ||||||
Costco Wholesale Corp | 8,124 | 1,238,991 | ||||||
Domino’s Pizza Inc | 6,984 | 1,060,520 | ||||||
NIKE Inc ‘B’ | 40,227 | 2,117,952 | ||||||
Starbucks Corp | 11,693 | 633,059 | ||||||
The Home Depot Inc | 22,194 | 2,855,924 | ||||||
|
| |||||||
9,157,465 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 30.3% |
| |||||||
Alexion Pharmaceuticals Inc * | 32,473 | 3,979,241 | ||||||
Anheuser-Busch InBev SA/NV ADR (Belgium) | 23,932 | 3,144,904 | ||||||
AstraZeneca PLC ADR (United Kingdom) | 41,857 | 1,375,421 | ||||||
Becton Dickinson and Co | 12,103 | 2,175,272 | ||||||
Biogen Inc * | 3,997 | 1,251,181 | ||||||
Boston Scientific Corp * | 69,334 | 1,650,149 | ||||||
Constellation Brands Inc ‘A’ | 18,360 | 3,056,756 | ||||||
Ecolab Inc | 8,136 | 990,314 | ||||||
FleetCor Technologies Inc * | 16,550 | 2,875,231 | ||||||
Global Payments Inc | 25,197 | 1,934,122 | ||||||
Illumina Inc * | 15,495 | 2,814,822 | ||||||
Intuitive Surgical Inc * | 539 | 390,683 | ||||||
Mead Johnson Nutrition Co | 8,286 | 654,677 | ||||||
Regeneron Pharmaceuticals Inc * | 8,314 | 3,342,394 | ||||||
UnitedHealth Group Inc | 36,713 | 5,139,820 | ||||||
Vantiv Inc ‘A’ * | 19,115 | 1,075,601 | ||||||
Vertex Pharmaceuticals Inc * | 14,223 | 1,240,388 | ||||||
|
| |||||||
37,090,976 | ||||||||
|
| |||||||
Energy - 3.9% |
| |||||||
Concho Resources Inc * | 14,285 | 1,962,045 | ||||||
EOG Resources Inc | 12,415 | 1,200,655 | ||||||
Pioneer Natural Resources Co | 8,806 | 1,634,834 | ||||||
|
| |||||||
4,797,534 | ||||||||
|
| |||||||
Financial - 7.8% |
| |||||||
Berkshire Hathaway Inc ‘B’ * | 17,985 | 2,598,293 | ||||||
Crown Castle International Corp REIT | 11,456 | 1,079,270 | ||||||
Visa Inc ‘A’ | 70,797 | 5,854,912 | ||||||
|
| |||||||
9,532,475 | ||||||||
|
| |||||||
Industrial - 6.2% |
| |||||||
Acuity Brands Inc | 5,446 | 1,441,012 | ||||||
Norfolk Southern Corp | 19,428 | 1,885,682 | ||||||
Roper Technologies Inc | 7,355 | 1,342,067 | ||||||
SBA Communications Corp ‘A’ * | 16,216 | 1,818,786 | ||||||
TransDigm Group Inc * | 3,849 | 1,112,823 | ||||||
|
| |||||||
7,600,370 | ||||||||
|
|
| Value | |||||||
Technology - 11.3% |
| |||||||
Activision Blizzard Inc | 66,158 | $2,930,799 | ||||||
Apple Inc | 8,992 | 1,016,546 | ||||||
ASML Holding Netherlands | 12,029 | 1,318,138 | ||||||
Broadcom Ltd (Singapore) | 9,227 | 1,591,842 | ||||||
Fiserv Inc * | 8,948 | 890,058 | ||||||
Microsoft Corp | 71,233 | 4,103,021 | ||||||
salesforce.com Inc * | 27,742 | 1,978,837 | ||||||
|
| |||||||
13,829,241 | ||||||||
|
| |||||||
Total Common Stocks |
| 120,489,429 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.5% | ||||||||
Money Market Fund - 1.5% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 1,867,066 | 1,867,066 | ||||||
|
| |||||||
Total Short-Term Investment | 1,867,066 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.9% | 122,356,495 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% | 136,468 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $122,492,963 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-cyclical | 30.3% | |||
Communications | 30.1% | |||
Technology | 11.3% | |||
Financial | 7.8% | |||
Consumer, Cyclical | 7.5% | |||
Industrial | 6.2% | |||
Energy | 3.9% | |||
Others (each less than 3.0%) | 2.8% | |||
|
| |||
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-107 and A-108 |
A-44
PACIFIC FUNDS
PF LARGE-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2016 (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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Basic Materials | $1,619,568 | $1,619,568 | $— | $— | ||||||||||||||
Communications | 36,861,800 | 33,102,965 | 3,758,835 | — | ||||||||||||||
Consumer, Cyclical | 9,157,465 | 9,157,465 | — | — | ||||||||||||||
Consumer, Non-cyclical | 37,090,976 | 37,090,976 | — | — | ||||||||||||||
Energy | 4,797,534 | 4,797,534 | — | — | ||||||||||||||
Financial | 9,532,475 | 9,532,475 | — | — | ||||||||||||||
Industrial | 7,600,370 | 7,600,370 | — | — | ||||||||||||||
Technology | 13,829,241 | 13,829,241 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 120,489,429 | 116,730,594 | 3,758,835 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 1,867,066 | 1,867,066 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $122,356,495 | $118,597,660 | $3,758,835 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-45
PACIFIC FUNDS
PF LARGE-CAP VALUE FUND
Schedule of Investments
September 30, 2016 (Unaudited)
| Value | |||||||
COMMON STOCKS - 99.0% | ||||||||
Basic Materials - 2.1% | ||||||||
Air Products & Chemicals Inc | 27,250 | $4,096,765 | ||||||
Freeport-McMoRan Inc | 435,934 | 4,734,243 | ||||||
|
| |||||||
8,831,008 | ||||||||
|
| |||||||
Communications - 13.1% | ||||||||
Charter Communications Inc ‘A’ * | 30,403 | 8,207,821 | ||||||
DISH Network Corp ‘A’ * | 230,576 | 12,630,953 | ||||||
Motorola Solutions Inc | 94,360 | 7,197,781 | ||||||
SES SA FDR ‘A’ (Luxembourg) | 221,968 | 5,450,426 | ||||||
Time Warner Inc | 155,215 | 12,356,666 | ||||||
Twenty-First Century Fox Inc ‘B’ | 321,908 | 7,964,004 | ||||||
|
| |||||||
53,807,651 | ||||||||
|
| |||||||
Consumer, Cyclical - 6.3% | ||||||||
CVS Health Corp | 149,282 | 13,284,605 | ||||||
Target Corp | 92,768 | 6,371,306 | ||||||
The Home Depot Inc | 48,035 | 6,181,144 | ||||||
|
| |||||||
25,837,055 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 19.2% | ||||||||
AmerisourceBergen Corp | 65,050 | 5,254,739 | ||||||
Amgen Inc | 50,390 | 8,405,556 | ||||||
Anheuser-Busch InBev SA/NV ADR (Belgium) | 33,999 | 4,467,809 | ||||||
Anthem Inc | 60,862 | 7,626,617 | ||||||
Johnson & Johnson | 69,307 | 8,187,236 | ||||||
Kimberly-Clark Corp | 38,016 | 4,795,338 | ||||||
Merck & Co Inc | 178,379 | 11,132,633 | ||||||
Novartis AG ADR (Switzerland) | 49,063 | 3,874,014 | ||||||
Philip Morris International Inc | 94,014 | 9,140,041 | ||||||
Reynolds American Inc | 127,419 | 6,007,806 | ||||||
Teva Pharmaceutical Industries Ltd ADR (Israel) | 127,057 | 5,845,893 | ||||||
UnitedHealth Group Inc | 32,577 | 4,560,780 | ||||||
|
| |||||||
79,298,462 | ||||||||
|
| |||||||
Energy - 12.4% | ||||||||
Chevron Corp | 76,823 | 7,906,623 | ||||||
Exxon Mobil Corp | 103,366 | 9,021,784 | ||||||
Halliburton Co | 222,971 | 10,006,938 | ||||||
National Oilwell Varco Inc | 143,039 | 5,255,253 | ||||||
Royal Dutch Shell PLC ‘A’ ADR (Netherlands) | 101,362 | 5,075,195 | ||||||
Schlumberger Ltd | 92,492 | 7,273,571 | ||||||
Suncor Energy Inc (Canada) | 240,236 | 6,673,756 | ||||||
|
| |||||||
51,213,120 | ||||||||
|
| |||||||
Financial - 24.0% | ||||||||
American Express Co | 121,204 | 7,761,904 | ||||||
American Tower Corp REIT | 56,222 | 6,371,639 | ||||||
Capital One Financial Corp | 62,787 | 4,509,990 | ||||||
Citigroup Inc | 128,988 | 6,092,103 | ||||||
JPMorgan Chase & Co | 210,831 | 14,039,236 | ||||||
Marsh & McLennan Cos Inc | 111,951 | 7,528,705 | ||||||
MetLife Inc | 93,244 | 4,142,831 | ||||||
State Street Corp | 99,209 | 6,907,923 | ||||||
Synchrony Financial | 151,311 | 4,236,708 | ||||||
The Bank of New York Mellon Corp | 120,418 | 4,802,270 | ||||||
The Progressive Corp | 91,165 | 2,871,698 | ||||||
The Travelers Cos Inc | 62,770 | 7,190,304 | ||||||
US Bancorp | 246,575 | 10,575,602 | ||||||
Wells Fargo & Co | 271,740 | 12,032,647 | ||||||
|
| |||||||
99,063,560 | ||||||||
|
| |||||||
Industrial - 14.7% | ||||||||
Crown Holdings Inc * | 139,312 | 7,953,322 | ||||||
General Electric Co | 341,281 | 10,108,743 | ||||||
Honeywell International Inc | 101,374 | 11,819,195 | ||||||
Illinois Tool Works Inc | 85,063 | 10,193,950 |
| Value | |||||||
Martin Marietta Materials Inc | 35,449 | $6,349,270 | ||||||
TE Connectivity Ltd (Switzerland) | 115,107 | 7,410,589 | ||||||
United Technologies Corp | 67,342 | 6,841,947 | ||||||
|
| |||||||
60,677,016 | ||||||||
|
| |||||||
Technology - 5.5% | ||||||||
Dell Technologies Inc ‘V’ * | 27,563 | 1,317,525 | ||||||
International Business Machines Corp | 20,798 | 3,303,762 | ||||||
Microsoft Corp | 132,548 | 7,634,765 | ||||||
Nuance Communications Inc * | 333,851 | 4,840,840 | ||||||
Xerox Corp | 547,845 | 5,549,670 | ||||||
|
| |||||||
22,646,562 | ||||||||
|
| |||||||
Utilities - 1.7% | ||||||||
Sempra Energy | 64,091 | 6,869,914 | ||||||
|
| |||||||
Total Common Stocks | 408,244,348 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 0.9% | ||||||||
Money Market Fund - 0.9% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 3,733,312 | 3,733,312 | ||||||
|
| |||||||
Total Short-Term Investment | 3,733,312 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.9% | 411,977,660 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% | 233,998 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $412,211,658 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 24.0% | |||
Consumer, Non-cyclical | 19.2% | |||
Industrial | 14.7% | |||
Communications | 13.1% | |||
Energy | 12.4% | |||
Consumer, Cyclical | 6.3% | |||
Technology | 5.5% | |||
Others (each less than 3.0%) | 4.7% | |||
|
| |||
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-107 and A-108 |
A-46
PACIFIC FUNDS
PF LARGE-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2016 (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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Basic Materials | $8,831,008 | $8,831,008 | $— | $— | ||||||||||||||
Communications | 53,807,651 | 48,357,225 | 5,450,426 | — | ||||||||||||||
Consumer, Cyclical | 25,837,055 | 25,837,055 | — | — | ||||||||||||||
Consumer, Non-cyclical | 79,298,462 | 79,298,462 | — | — | ||||||||||||||
Energy | 51,213,120 | 51,213,120 | — | — | ||||||||||||||
Financial | 99,063,560 | 99,063,560 | — | — | ||||||||||||||
Industrial | 60,677,016 | 60,677,016 | — | — | ||||||||||||||
Technology | 22,646,562 | 22,646,562 | — | — | ||||||||||||||
Utilities | 6,869,914 | 6,869,914 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 408,244,348 | 402,793,922 | 5,450,426 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 3,733,312 | 3,733,312 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $411,977,660 | $406,527,234 | $5,450,426 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-47
PACIFIC FUNDS
PF MAIN STREET® CORE FUND
Schedule of Investments
September 30, 2016 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 99.7% | ||||||||
Basic Materials - 1.5% | ||||||||
EI du Pont de Nemours & Co | 30,065 | $2,013,453 | ||||||
PPG Industries Inc | 25,405 | 2,625,861 | ||||||
|
| |||||||
4,639,314 | ||||||||
|
| |||||||
Communications - 14.1% | ||||||||
Alphabet Inc ‘C’ * | 19,071 | 14,823,697 | ||||||
Amazon.com Inc * | 3,726 | 3,119,817 | ||||||
Cisco Systems Inc | 74,120 | 2,351,086 | ||||||
Comcast Corp ‘A’ | 157,744 | 10,464,737 | ||||||
Facebook Inc ‘A’ * | 45,190 | 5,796,521 | ||||||
Verizon Communications Inc | 123,508 | 6,419,946 | ||||||
|
| |||||||
42,975,804 | ||||||||
|
| |||||||
Consumer, Cyclical - 6.0% | ||||||||
AutoZone Inc * | 4,531 | 3,481,349 | ||||||
CarMax Inc * | 19,445 | 1,037,391 | ||||||
Delphi Automotive PLC (United Kingdom) | 22,344 | 1,593,574 | ||||||
McDonald’s Corp | 49,700 | 5,733,392 | ||||||
The Home Depot Inc | 50,429 | 6,489,204 | ||||||
|
| |||||||
18,334,910 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 27.9% | ||||||||
Boston Scientific Corp * | 156,376 | 3,721,749 | ||||||
Celgene Corp * | 28,412 | 2,969,906 | ||||||
Express Scripts Holding Co * | 89,356 | 6,302,279 | ||||||
Humana Inc | 13,906 | 2,459,832 | ||||||
Johnson & Johnson | 50,565 | 5,973,243 | ||||||
McKesson Corp | 17,938 | 2,991,162 | ||||||
Merck & Co Inc | 93,350 | 5,825,974 | ||||||
Mondelez International Inc ‘A’ | 203,089 | 8,915,607 | ||||||
Mylan NV * | 48,698 | 1,856,368 | ||||||
Nielsen Holdings PLC | 71,087 | 3,808,131 | ||||||
PayPal Holdings Inc * | 104,139 | 4,266,575 | ||||||
PepsiCo Inc | 78,669 | 8,556,827 | ||||||
Philip Morris International Inc | 85,438 | 8,306,282 | ||||||
S&P Global Inc | 25,358 | 3,209,308 | ||||||
Stryker Corp | 18,600 | 2,165,226 | ||||||
The Kraft Heinz Co | 81,407 | 7,286,741 | ||||||
UnitedHealth Group Inc | 41,051 | 5,747,140 | ||||||
Valeant Pharmaceuticals International Inc * | 40,830 | 1,002,377 | ||||||
|
| |||||||
85,364,727 | ||||||||
|
| |||||||
Energy - 6.5% | ||||||||
Chevron Corp | 77,913 | 8,018,806 | ||||||
HollyFrontier Corp | 59,423 | 1,455,864 | ||||||
Magellan Midstream Partners LP | 49,773 | 3,520,942 | ||||||
Noble Energy Inc | 76,555 | 2,736,076 | ||||||
Suncor Energy Inc (Canada) | 149,869 | 4,163,361 | ||||||
|
| |||||||
19,895,049 | ||||||||
|
| |||||||
Financial - 17.8% | ||||||||
American Express Co | 36,920 | 2,364,357 | ||||||
Berkshire Hathaway Inc ‘B’ * | 58,996 | 8,523,152 | ||||||
Citigroup Inc | 171,708 | 8,109,769 | ||||||
CME Group Inc ‘A’ | 70,755 | 7,395,313 | ||||||
Discover Financial Services | 69,348 | 3,921,629 | ||||||
Marsh & McLennan Cos Inc | 31,644 | 2,128,059 | ||||||
MetLife Inc | 51,900 | 2,305,917 | ||||||
Mid-America Apartment Communities Inc REIT | 24,190 | 2,273,618 | ||||||
Simon Property Group Inc REIT | 12,772 | 2,643,932 | ||||||
SunTrust Banks Inc | 78,054 | 3,418,765 | ||||||
The Bank of New York Mellon Corp | 107,327 | 4,280,201 | ||||||
The Progressive Corp | 115,015 | 3,622,973 | ||||||
US Bancorp | 82,664 | 3,545,459 | ||||||
|
| |||||||
54,533,144 | ||||||||
|
|
Shares | Value | |||||||
Industrial - 12.4% | ||||||||
Agilent Technologies Inc | 33,039 | $1,555,807 | ||||||
Canadian National Railway Co (Canada) | 41,458 | 2,711,353 | ||||||
Canadian Pacific Railway Ltd (Canada) | 19,979 | 3,050,793 | ||||||
Deere & Co | 40,304 | 3,439,946 | ||||||
General Electric Co | 416,937 | 12,349,674 | ||||||
Johnson Controls International PLC | 80,742 | 3,756,925 | ||||||
Lockheed Martin Corp | 12,575 | 3,014,479 | ||||||
Republic Services Inc | 26,014 | 1,312,406 | ||||||
United Technologies Corp | 27,125 | 2,755,900 | ||||||
Vulcan Materials Co | 18,810 | 2,139,261 | ||||||
Waste Connections Inc (Canada) | 25,610 | 1,913,067 | ||||||
|
| |||||||
37,999,611 | ||||||||
|
| |||||||
Technology - 10.6% | ||||||||
Amdocs Ltd | 87,617 | 5,068,643 | ||||||
Apple Inc | 152,322 | 17,220,002 | ||||||
Applied Materials Inc | 90,816 | 2,738,102 | ||||||
Cerner Corp * | 38,023 | 2,347,920 | ||||||
Western Digital Corp | 45,220 | 2,644,013 | ||||||
Xerox Corp | 233,590 | 2,366,267 | ||||||
|
| |||||||
32,384,947 | ||||||||
|
| |||||||
Utilities - 2.9% | ||||||||
AmeriGas Partners LP | 42,720 | 1,950,595 | ||||||
PG&E Corp | 111,083 | 6,794,947 | ||||||
|
| |||||||
8,745,542 | ||||||||
|
| |||||||
Total Common Stocks |
| 304,873,048 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 0.6% | ||||||||
Money Market Fund - 0.6% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 1,744,548 | 1,744,548 | ||||||
|
| |||||||
Total Short-Term Investment |
| 1,744,548 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.3% | 306,617,596 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.3%) | (1,035,568 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $305,582,028 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-cyclical | 27.9% | |||
Financial | 17.8% | |||
Communications | 14.1% | |||
Industrial | 12.4% | |||
Technology | 10.6% | |||
Energy | 6.5% | |||
Consumer, Cyclical | 6.0% | |||
Others (each less than 3.0%) | 5.0% | |||
|
| |||
100.3% | ||||
Other Assets & Liabilities, Net | (0.3% | ) | ||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-48
PACIFIC FUNDS
PF MAIN STREET CORE FUND
Schedule of Investments (Continued)
September 30, 2016 (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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $304,873,048 | $304,873,048 | $— | $— | |||||||||||||
Short-Term Investment | 1,744,548 | 1,744,548 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $306,617,596 | $306,617,596 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-49
PACIFIC FUNDS
PF MID-CAP EQUITY FUND
Schedule of Investments
September 30, 2016 (Unaudited)
| Value | |||||||
COMMON STOCKS - 99.7% | ||||||||
Basic Materials - 5.3% | ||||||||
Albemarle Corp | 9,803 | $838,058 | ||||||
Celanese Corp ‘A’ | 8,244 | 548,721 | ||||||
Newmont Mining Corp | 13,712 | 538,744 | ||||||
Silver Wheaton Corp (Canada) | 9,563 | 258,488 | ||||||
Steel Dynamics Inc | 10,062 | 251,449 | ||||||
US Silica Holdings Inc | 20,618 | 959,974 | ||||||
Westlake Chemical Corp | 8,915 | 476,953 | ||||||
|
| |||||||
3,872,387 | ||||||||
|
| |||||||
Communications - 3.9% | ||||||||
Arista Networks Inc * | 7,423 | 631,549 | ||||||
DISH Network Corp ‘A’ * | 12,674 | 694,282 | ||||||
Expedia Inc | 3,944 | 460,344 | ||||||
IAC/InterActiveCorp | 4,574 | 285,738 | ||||||
Match Group Inc * | 22,866 | 406,786 | ||||||
Palo Alto Networks Inc * | 2,700 | 430,191 | ||||||
|
| |||||||
2,908,890 | ||||||||
|
| |||||||
Consumer, Cyclical - 17.2% | ||||||||
Alaska Air Group Inc | 8,506 | 560,205 | ||||||
American Eagle Outfitters Inc | 44,226 | 789,876 | ||||||
Big Lots Inc | 14,558 | 695,145 | ||||||
Brunswick Corp | 6,249 | 304,826 | ||||||
Casey’s General Stores Inc | 2,470 | 296,771 | ||||||
Chipotle Mexican Grill Inc * | 353 | 149,496 | ||||||
Darden Restaurants Inc | 10,119 | 620,497 | ||||||
DR Horton Inc | 7,061 | 213,242 | ||||||
Foot Locker Inc | 2,237 | 151,490 | ||||||
Harman International Industries Inc | 3,534 | 298,446 | ||||||
Lear Corp | 4,998 | 605,858 | ||||||
NVR Inc * | 127 | 208,263 | ||||||
O’Reilly Automotive Inc * | 577 | 161,623 | ||||||
Panera Bread Co ‘A’ * | 4,114 | 801,078 | ||||||
Polaris Industries Inc | 5,084 | 393,705 | ||||||
PulteGroup Inc | 18,822 | 377,193 | ||||||
PVH Corp | 2,268 | 250,614 | ||||||
Royal Caribbean Cruises Ltd | 7,644 | 572,918 | ||||||
Skechers U.S.A. Inc ‘A’ * | 16,703 | 382,499 | ||||||
Southwest Airlines Co | 22,626 | 879,925 | ||||||
Spirit Airlines Inc * | 10,973 | 466,682 | ||||||
Tenneco Inc * | 7,869 | 458,527 | ||||||
Texas Roadhouse Inc | 7,248 | 282,889 | ||||||
The Cheesecake Factory Inc | 8,627 | 431,868 | ||||||
Thor Industries Inc | 16,110 | 1,364,517 | ||||||
Ulta Salon Cosmetics & Fragrance Inc * | 1,453 | 345,785 | ||||||
Vail Resorts Inc | 3,757 | 589,398 | ||||||
|
| |||||||
12,653,336 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 15.4% | ||||||||
ABIOMED Inc * | 12,614 | 1,621,908 | ||||||
Alkermes PLC * | 8,288 | 389,785 | ||||||
BioMarin Pharmaceutical Inc * | 2,366 | 218,902 | ||||||
ConAgra Foods Inc | 15,831 | 745,798 | ||||||
DaVita Inc * | 4,717 | 311,652 | ||||||
Edwards Lifesciences Corp * | 10,130 | 1,221,273 | ||||||
Hologic Inc * | 13,454 | 522,419 | ||||||
Hormel Foods Corp | 15,438 | 585,563 | ||||||
Humana Inc | 604 | 106,842 | ||||||
Incyte Corp * | 4,538 | 427,888 | ||||||
Ionis Pharmaceuticals Inc * | 7,880 | 288,723 | ||||||
ManpowerGroup Inc | 6,440 | 465,354 | ||||||
MarketAxess Holdings Inc | 2,594 | 429,540 | ||||||
Molina Healthcare Inc * | 6,388 | 372,548 | ||||||
Monster Beverage Corp * | 2,473 | 363,061 | ||||||
NuVasive Inc * | 8,274 | 551,545 | ||||||
Robert Half International Inc | 11,821 | 447,543 |
| Value | |||||||
The Clorox Co | 2,649 | $ 331,602 | ||||||
The Cooper Cos Inc | 2,236 | 400,825 | ||||||
The JM Smucker Co | 2,734 | 370,566 | ||||||
Tyson Foods Inc ‘A’ | 8,063 | 602,064 | ||||||
United Rentals Inc * | 7,820 | 613,792 | ||||||
|
| |||||||
11,389,193 | ||||||||
|
| |||||||
Energy - 4.7% | ||||||||
Gulfport Energy Corp * | 14,656 | 414,032 | ||||||
Oceaneering International Inc | 12,855 | 353,641 | ||||||
Parsley Energy Inc ‘A’ * | 11,034 | 369,749 | ||||||
Patterson-UTI Energy Inc | 37,089 | 829,681 | ||||||
Range Resources Corp | 10,542 | 408,503 | ||||||
Rice Energy Inc * | 16,027 | 418,465 | ||||||
RPC Inc * | 42,000 | 705,600 | ||||||
|
| |||||||
3,499,671 | ||||||||
|
| |||||||
Financial - 21.2% | ||||||||
Affiliated Managers Group Inc * | 2,009 | 290,702 | ||||||
Arch Capital Group Ltd (Bermuda) * | 8,609 | 682,349 | ||||||
Axis Capital Holdings Ltd | 10,982 | 596,652 | ||||||
CBOE Holdings Inc | 8,109 | 525,869 | ||||||
Citizens Financial Group Inc | 117,871 | 2,912,592 | ||||||
Ellie Mae Inc * | 2,855 | 300,632 | ||||||
EPR Properties REIT | 17,563 | 1,382,911 | ||||||
Four Corners Property Trust Inc REIT l | — | 21 | ||||||
Host Hotels & Resorts Inc REIT | 41,431 | 645,081 | ||||||
KeyCorp | 57,256 | 696,806 | ||||||
Lamar Advertising Co ‘A’ REIT | 17,531 | 1,144,950 | ||||||
Lincoln National Corp | 15,784 | 741,532 | ||||||
National Retail Properties Inc REIT | 8,052 | 409,444 | ||||||
Omega Healthcare Investors Inc REIT | 10,653 | 377,649 | ||||||
Outfront Media Inc REIT | 46,149 | 1,091,424 | ||||||
Senior Housing Properties Trust REIT | 51,309 | 1,165,227 | ||||||
T Rowe Price Group Inc | 14,010 | 931,665 | ||||||
Unum Group | 12,459 | 439,927 | ||||||
White Mountains Insurance Group Ltd | 914 | 758,620 | ||||||
XL Group Ltd (Ireland) | 15,755 | 529,841 | ||||||
|
| |||||||
15,623,894 | ||||||||
|
| |||||||
Industrial - 10.7% | ||||||||
Acuity Brands Inc | 6,792 | 1,797,163 | ||||||
AMERCO | 1,318 | 427,335 | ||||||
BWX Technologies Inc | 15,436 | 592,279 | ||||||
FLIR Systems Inc | 5,531 | 173,784 | ||||||
Harris Corp | 7,326 | 671,135 | ||||||
Huntington Ingalls Industries Inc | 4,391 | 673,667 | ||||||
Louisiana-Pacific Corp * | 4,463 | 84,038 | ||||||
Martin Marietta Materials Inc | 3,070 | 549,868 | ||||||
Masco Corp | 15,032 | 515,748 | ||||||
Orbital ATK Inc | 3,858 | 294,095 | ||||||
PerkinElmer Inc | 5,514 | 309,391 | ||||||
Textron Inc | 16,103 | 640,094 | ||||||
Vulcan Materials Co | 3,197 | 363,595 | ||||||
Xylem Inc | 14,590 | 765,246 | ||||||
|
| |||||||
7,857,438 | ||||||||
|
| |||||||
Technology - 14.8% | ||||||||
Activision Blizzard Inc | 7,178 | 317,985 | ||||||
Ambarella Inc * | 4,059 | 298,783 | ||||||
Applied Materials Inc | 9,684 | 291,973 | ||||||
Broadridge Financial Solutions Inc | 3,859 | 261,602 | ||||||
Computer Sciences Corp | 42,693 | 2,229,002 | ||||||
CSRA Inc | 32,824 | 882,966 | ||||||
DST Systems Inc | 4,204 | 495,736 | ||||||
Electronic Arts Inc * | 3,838 | 327,765 | ||||||
Fiserv Inc * | 3,052 | 303,582 | ||||||
Integrated Device Technology Inc * | 20,268 | 468,191 | ||||||
Jack Henry & Associates Inc | 2,098 | 179,484 | ||||||
Lam Research Corp | 6,849 | 648,669 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-50
PACIFIC FUNDS
PF MID-CAP EQUITY FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
| Value | |||||||
Micron Technology Inc * | 43,943 | $ 781,307 | ||||||
NVIDIA Corp | 15,829 | 1,084,603 | ||||||
NXP Semiconductors NV (Netherlands) * | 5,833 | 595,024 | ||||||
Science Applications International Corp | 7,502 | 520,414 | ||||||
Skyworks Solutions Inc | 4,829 | 367,680 | ||||||
Take-Two Interactive Software Inc * | 5,554 | 250,374 | ||||||
Western Digital Corp | 10,888 | 636,621 | ||||||
|
| |||||||
10,941,761 | ||||||||
|
| |||||||
Utilities - 6.5% | ||||||||
American States Water Co | 10,462 | 419,003 | ||||||
American Water Works Co Inc | 6,366 | 476,431 | ||||||
Atmos Energy Corp | 39,777 | 2,962,193 | ||||||
ONE Gas Inc | 7,574 | 468,376 | ||||||
Xcel Energy Inc | 12,259 | 504,335 | ||||||
|
| |||||||
4,830,338 | ||||||||
|
| |||||||
Total Common Stocks | 73,576,908 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 0.6% | ||||||||
Money Market Fund - 0.6% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | �� | 463,700 | 463,700 | |||||
|
| |||||||
Total Short-Term Investment |
| 463,700 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.3% |
| 74,040,608 | ||||||
OTHER ASSETS & LIABILITIES, NET - (0.3%) |
| (249,581 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $73,791,027 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 21.2% | |||
Consumer, Cyclical | 17.2% | |||
Consumer, Non-cyclical | 15.4% | |||
Technology | 14.8% | |||
Industrial | 10.7% | |||
Utilities | 6.5% | |||
Basic Materials | 5.3% | |||
Energy | 4.7% | |||
Communications | 3.9% | |||
Others (each less than 3.0%) | 0.6% | |||
|
| |||
100.3% | ||||
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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $73,576,908 | $73,576,908 | $— | $— | |||||||||||||
Short-Term Investment | 463,700 | 463,700 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $74,040,608 | $74,040,608 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-51
PACIFIC FUNDS
PF MID-CAP GROWTH FUND
Schedule of Investments
September 30, 2016 (Unaudited)
| Value | |||||||
COMMON STOCKS - 98.4% | ||||||||
Communications - 4.0% | ||||||||
GrubHub Inc * | 6,979 | $300,027 | ||||||
Pandora Media Inc * | 21,071 | 301,947 | ||||||
|
| |||||||
601,974 | ||||||||
|
| |||||||
Consumer, Cyclical - 24.7% | ||||||||
Bed Bath & Beyond Inc | 4,631 | 199,642 | ||||||
BorgWarner Inc | 6,677 | 234,897 | ||||||
Burberry Group PLC (United Kingdom) | 9,282 | 165,630 | ||||||
DR Horton Inc | 8,147 | 246,039 | ||||||
DSW Inc ‘A’ | 7,431 | 152,187 | ||||||
Dunkin’ Brands Group Inc | 6,314 | 328,833 | ||||||
Fastenal Co | 10,899 | 455,360 | ||||||
Kate Spade & Co * | 9,274 | 158,864 | ||||||
lululemon athletica Inc * | 3,273 | 199,588 | ||||||
Mattel Inc | 9,076 | 274,821 | ||||||
Mobileye NV * | 2,423 | 103,147 | ||||||
Polaris Industries Inc | 3,233 | 250,364 | ||||||
The Scotts Miracle-Gro Co ‘A’ | 2,308 | 192,187 | ||||||
Tiffany & Co | 3,679 | 267,206 | ||||||
Tractor Supply Co | 3,678 | 247,713 | ||||||
Williams-Sonoma Inc | 3,917 | 200,080 | ||||||
|
| |||||||
3,676,558 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 28.8% | ||||||||
Acadia Healthcare Co Inc * | 2,211 | 109,555 | ||||||
ACADIA Pharmaceuticals Inc * | 3,798 | 120,814 | ||||||
Align Technology Inc * | 2,609 | 244,594 | ||||||
Alkermes PLC * | 4,844 | 227,813 | ||||||
BioMarin Pharmaceutical Inc * | 2,442 | 225,934 | ||||||
Blue Buffalo Pet Products Inc * | 7,293 | 173,282 | ||||||
CoStar Group Inc * | 1,906 | 412,706 | ||||||
Diplomat Pharmacy Inc * | 3,759 | 105,290 | ||||||
Edwards Lifesciences Corp * | 2,642 | 318,520 | ||||||
Henry Schein Inc * | 865 | 140,978 | ||||||
Intuitive Surgical Inc * ‡ | 651 | 471,864 | ||||||
Laboratory Corp of America Holdings * | 1,667 | 229,179 | ||||||
Mead Johnson Nutrition Co | 4,390 | 346,854 | ||||||
The Hain Celestial Group Inc * | 5,807 | 206,613 | ||||||
Verisk Analytics Inc * | 2,835 | 230,429 | ||||||
Whole Foods Market Inc | 9,327 | 264,420 | ||||||
Zoetis Inc | 8,940 | 464,969 | ||||||
|
| |||||||
4,293,814 | ||||||||
|
| |||||||
Energy - 4.8% | ||||||||
Cabot Oil & Gas Corp | 6,582 | 169,816 | ||||||
Cimarex Energy Co | 1,119 | 150,360 | ||||||
Continental Resources Inc * | 4,394 | 228,312 | ||||||
Noble Energy Inc | 4,768 | 170,408 | ||||||
|
| |||||||
718,896 | ||||||||
|
| |||||||
Financial - 10.3% | ||||||||
CME Group Inc ‘A’ | 3,567 | 372,823 | ||||||
Ellie Mae Inc * | 1,481 | 155,949 | ||||||
First Republic Bank | 3,612 | 278,521 | ||||||
Northern Trust Corp | 5,472 | 372,041 | ||||||
Oaktree Capital Group LLC | 2,919 | 123,766 | ||||||
Signature Bank * | 1,892 | 224,107 | ||||||
|
| |||||||
1,527,207 | ||||||||
|
| |||||||
Industrial - 12.1% | ||||||||
AO Smith Corp | 1,800 | 177,822 | ||||||
Expeditors International of Washington Inc | 5,930 | 305,514 | ||||||
Fortune Brands Home & Security Inc | 4,075 | 236,758 | ||||||
Generac Holdings Inc * | 3,542 | 128,575 | ||||||
Harris Corp | 2,599 | 238,094 | ||||||
IDEX Corp | 2,431 | 227,469 |
| Value | |||||||
Trimble Navigation Ltd * | 11,002 | $314,217 | ||||||
Wabtec Corp | 939 | 76,669 | ||||||
Woodward Inc | 1,618 | 101,093 | ||||||
|
| |||||||
1,806,211 | ||||||||
|
| |||||||
Technology - 13.7% | ||||||||
Akamai Technologies Inc * | 1,144 | 60,621 | ||||||
ANSYS Inc * | 2,524 | 233,748 | ||||||
Electronic Arts Inc * | 4,668 | 398,647 | ||||||
Guidewire Software Inc * | 2,702 | 162,066 | ||||||
Maxim Integrated Products Inc | 4,262 | 170,182 | ||||||
Microchip Technology Inc | 6,835 | 424,727 | ||||||
Monolithic Power Systems Inc | 413 | 33,246 | ||||||
Red Hat Inc * | 3,095 | 250,169 | ||||||
ServiceNow Inc * | 3,946 | 312,326 | ||||||
|
| |||||||
2,045,732 | ||||||||
|
| |||||||
Total Common Stocks | 14,670,392 | |||||||
|
| |||||||
PURCHASED OPTIONS - 0.1% | ||||||||
(See Note (c) in Notes to Schedule of Investments) | 19,081 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.3% | ||||||||
Money Market Fund - 1.3% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 190,678 | 190,678 | ||||||
|
| |||||||
Total Short-Term Investment |
| 190,678 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.8% |
| 14,880,151 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.2% |
| 30,650 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $14,910,801 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-cyclical | 28.8% | |||
Consumer, Cyclical | 24.7% | |||
Technology | 13.7% | |||
Industrial | 12.1% | |||
Financial | 10.3% | |||
Energy | 4.8% | |||
Communications | 4.0% | |||
Others (each less than 3.0%) | 1.4% | |||
|
| |||
99.8% | ||||
Other Assets & Liabilities, Net | 0.2% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2016, an investment with a value of $326,898 was fully or partially segregated with the broker(s)/custodian as collateral for option contracts. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-52
PACIFIC FUNDS
PF MID-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
(c) | Purchased options outstanding as of September 30, 2016 were as follows: |
Options on Indices
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Cost | Value | ||||||||||||||||||
Put - Russell 2000 (10/16) | 1,220.00 | 10/28/16 | CME | 7 | $9,282 | $8,281 | ||||||||||||||||||
Put - S&P 500 (10/16) | 2,125.00 | 10/28/16 | CME | 2 | 3,326 | 2,620 | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||
$12,608 | $10,901 | |||||||||||||||||||||||
|
|
|
|
Options on Securities
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Cost | Value | ||||||||||||||||||
Call - MarketAxess Holdings Inc (11/16) | $175.00 | 11/18/16 | CME | 4 | $1,641 | $1,160 | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Counter- | ||||||||||||||||||||||||
Put - SPDR S&P MidCap 400 ETF Trust (10/16) | 275.00 | 10/28/16 | CIT | 36 | 8,712 | 7,020 | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||
$10,353 | $8,180 | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Purchased Options | $22,961 | $19,081 | ||||||||||||||||||||||
|
|
|
|
(d) | Transactions in written options for the six-month period ended September 30, 2016 were as follows: |
Number of Contracts | Premium | |||||||
Outstanding, March 31, 2016 | 52 | $149,432 | ||||||
Call Options Written | 106 | 26,738 | ||||||
Put Options Written | 286 | 220,994 | ||||||
Call Options Closed | (76 | ) | (18,760 | ) | ||||
Put Options Closed | (252 | ) | (305,253 | ) | ||||
Call Options Expired | (30 | ) | (7,977 | ) | ||||
Put Options Expired | (23 | ) | (990 | ) | ||||
|
|
|
| |||||
Outstanding, September 30, 2016 | 63 | $64,184 | ||||||
|
|
|
|
(e) | Premium received and value of written options outstanding as of September 30, 2016 were as follows: |
Options on Indices
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Premium | Value | ||||||||||||||||||
Put - Russell 2000 (10/16) | 1,110.00 | 10/28/16 | CME | 7 | $1,512 | ($1,036 | ) | |||||||||||||||||
Put - S&P 500 (10/16) | 1,975.00 | 10/28/16 | CME | 2 | 554 | (380 | ) | |||||||||||||||||
|
|
|
| |||||||||||||||||||||
$2,066 | ($1,416 | ) | ||||||||||||||||||||||
|
|
|
|
Options on Securities
Description | Exercise Price | Expiration Date | Counter- party | Number of Contracts | Premium | Value | ||||||||||||||||||
Put - SPDR S&P MidCap 400 ETF Trust (10/16) | $255.00 | 10/28/16 | CIT | 36 | $1,404 | ($1,530 | ) | |||||||||||||||||
Put - Pacira Pharmaceuticals Inc (12/16) | 85.00 | 12/16/16 | GSC | 14 | 58,940 | (71,092 | ) | |||||||||||||||||
|
|
|
| |||||||||||||||||||||
60,344 | (72,622 | ) | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Exchange | ||||||||||||||||||||||||
Put - MarketAxess Holdings Inc (11/16) | 150.00 | 11/18/16 | CME | 4 | 1,774 | (830 | ) | |||||||||||||||||
|
|
|
| |||||||||||||||||||||
$62,118 | ($73,452 | ) | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Written Options | $64,184 | ($74,868 | ) | |||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-53
PACIFIC FUNDS
PF MID-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
(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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Communications | $601,974 | $601,974 | $— | $— | ||||||||||||||
Consumer, Cyclical | 3,676,558 | 3,510,928 | 165,630 | — | ||||||||||||||
Consumer, Non-cyclical | 4,293,814 | 4,293,814 | — | — | ||||||||||||||
Energy | 718,896 | 718,896 | — | — | ||||||||||||||
Financial | 1,527,207 | 1,527,207 | — | — | ||||||||||||||
Industrial | 1,806,211 | 1,806,211 | — | — | ||||||||||||||
Technology | 2,045,732 | 2,045,732 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 14,670,392 | 14,504,762 | 165,630 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 190,678 | 190,678 | — | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Equity Contracts | ||||||||||||||||||
Purchased Options | 19,081 | 12,061 | 7,020 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 14,880,151 | 14,707,501 | 172,650 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Equity Contracts | ||||||||||||||||||
Written Options | (74,868 | ) | (1,416 | ) | (73,452 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (74,868 | ) | (1,416 | ) | (73,452 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $14,805,283 | $14,706,085 | $99,198 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-54
PACIFIC FUNDS
PF MID-CAP VALUE FUND
Schedule of Investments
September 30, 2016 (Unaudited)
| Value | |||||||
COMMON STOCKS - 98.2% | ||||||||
Basic Materials - 2.1% | ||||||||
Ingevity Corp * l | — | $38 | ||||||
PPG Industries Inc | 9,903 | 1,023,574 | ||||||
Steel Dynamics Inc | 37,309 | 932,352 | ||||||
The Mosaic Co | 13,498 | 330,161 | ||||||
The Valspar Corp | 10,979 | 1,164,543 | ||||||
|
| |||||||
3,450,668 | ||||||||
|
| |||||||
Communications - 3.5% | ||||||||
eBay Inc * | 45,194 | 1,486,883 | ||||||
Expedia Inc | 7,303 | 852,406 | ||||||
IAC/InterActiveCorp | 13,889 | 867,646 | ||||||
Omnicom Group Inc | 11,282 | 958,970 | ||||||
TEGNA Inc | 17,089 | 373,566 | ||||||
The Interpublic Group of Cos Inc | 45,713 | 1,021,686 | ||||||
|
| |||||||
5,561,157 | ||||||||
|
| |||||||
Consumer, Cyclical - 6.7% | ||||||||
Advance Auto Parts Inc | 3,597 | 536,381 | ||||||
Best Buy Co Inc | 19,053 | 727,444 | ||||||
Brunswick Corp | 36,045 | 1,758,275 | ||||||
Harley-Davidson Inc | 15,049 | 791,427 | ||||||
HD Supply Holdings Inc * | 20,341 | 650,505 | ||||||
Lear Corp | 3,538 | 428,876 | ||||||
Newell Brands Inc | 36,719 | 1,933,623 | ||||||
PulteGroup Inc | 35,289 | 707,192 | ||||||
Tenneco Inc * | 17,178 | 1,000,962 | ||||||
WABCO Holdings Inc * | 7,210 | 818,551 | ||||||
WESCO International Inc * | 22,967 | 1,412,241 | ||||||
|
| |||||||
10,765,477 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 12.7% | ||||||||
Avery Dennison Corp | 5,062 | 393,773 | ||||||
Becton Dickinson and Co | 8,713 | 1,565,987 | ||||||
Boston Scientific Corp * | 78,722 | 1,873,584 | ||||||
Bruker Corp | 18,302 | 414,540 | ||||||
Cardinal Health Inc | 18,372 | 1,427,504 | ||||||
Coca-Cola European Partners PLC (United Kingdom) | 20,591 | 821,581 | ||||||
Constellation Brands Inc ‘A’ | 2,944 | 490,147 | ||||||
DaVita Inc * | 14,868 | 982,329 | ||||||
Equifax Inc | 6,002 | 807,749 | ||||||
ICON PLC * | 9,264 | 716,756 | ||||||
Laboratory Corp of America Holdings * | 10,000 | 1,374,800 | ||||||
ManpowerGroup Inc | 18,970 | 1,370,772 | ||||||
Moody’s Corp | 5,304 | 574,317 | ||||||
Perrigo Co PLC | 5,472 | 505,230 | ||||||
Robert Half International Inc | 47,133 | 1,784,455 | ||||||
St Jude Medical Inc | 19,136 | 1,526,287 | ||||||
Total System Services Inc | 25,912 | 1,221,751 | ||||||
Universal Health Services Inc ‘B’ | 3,893 | 479,695 | ||||||
Zimmer Biomet Holdings Inc | 16,277 | 2,116,336 | ||||||
|
| |||||||
20,447,593 | ||||||||
|
| |||||||
Energy - 9.3% | ||||||||
Anadarko Petroleum Corp | 8,738 | 553,640 | ||||||
Cimarex Energy Co | 3,018 | 405,529 | ||||||
Diamondback Energy Inc * | 18,301 | 1,766,779 | ||||||
Energen Corp | 37,618 | 2,171,311 | ||||||
EQT Corp | 20,365 | 1,478,906 | ||||||
Gulfport Energy Corp * | 22,802 | 644,157 | ||||||
Marathon Oil Corp | 91,564 | 1,447,627 | ||||||
Marathon Petroleum Corp | 21,940 | 890,545 | ||||||
Newfield Exploration Co * | 33,831 | 1,470,295 | ||||||
Parsley Energy Inc ‘A’ * | 61,751 | 2,069,276 | ||||||
QEP Resources Inc | 21,745 | 424,680 |
| Value | |||||||
Rice Energy Inc * | 16,343 | $426,716 | ||||||
RSP Permian Inc * | 29,163 | 1,130,941 | ||||||
|
| |||||||
14,880,402 | ||||||||
|
| |||||||
Financial - 32.2% | ||||||||
Alleghany Corp * | 3,963 | 2,080,654 | ||||||
Alliance Data Systems Corp * | 3,821 | 819,719 | ||||||
Ally Financial Inc | 24,627 | 479,488 | ||||||
American Assets Trust Inc REIT | 14,754 | 640,029 | ||||||
American Homes 4 Rent ‘A’ REIT | 32,286 | 698,669 | ||||||
Aon PLC | 22,791 | 2,563,760 | ||||||
BB&T Corp | 27,020 | 1,019,194 | ||||||
Boston Properties Inc REIT | 15,699 | 2,139,617 | ||||||
Discover Financial Services | 41,542 | 2,349,200 | ||||||
Douglas Emmett Inc REIT | 26,631 | 975,494 | ||||||
East West Bancorp Inc | 33,397 | 1,226,004 | ||||||
Equity Residential REIT | 20,478 | 1,317,350 | ||||||
Essex Property Trust Inc REIT | 3,646 | 811,964 | ||||||
Fifth Third Bancorp | 121,218 | 2,480,120 | ||||||
General Growth Properties Inc REIT | 26,084 | 719,918 | ||||||
Huntington Bancshares Inc | 201,960 | 1,991,326 | ||||||
Kilroy Realty Corp REIT | 9,416 | 653,000 | ||||||
Kimco Realty Corp REIT | 52,055 | 1,506,992 | ||||||
Loews Corp | 28,512 | 1,173,269 | ||||||
Marsh & McLennan Cos Inc | 26,254 | 1,765,582 | ||||||
Navient Corp | 68,897 | 996,940 | ||||||
Raymond James Financial Inc | 34,299 | 1,996,545 | ||||||
Regency Centers Corp REIT | 27,719 | 2,147,945 | ||||||
Reinsurance Group of America Inc | 15,868 | 1,712,792 | ||||||
SEI Investments Co | 26,835 | 1,223,944 | ||||||
SL Green Realty Corp REIT | 21,897 | 2,367,066 | ||||||
SLM Corp * | 83,152 | 621,145 | ||||||
State Street Corp | 13,074 | 910,343 | ||||||
SunTrust Banks Inc | 45,820 | 2,006,916 | ||||||
TD Ameritrade Holding Corp | 69,529 | 2,450,202 | ||||||
The Allstate Corp | 25,029 | 1,731,506 | ||||||
The Charles Schwab Corp | 15,546 | 490,787 | ||||||
The Macerich Co REIT | 10,312 | 833,931 | ||||||
Torchmark Corp | 14,425 | 921,613 | ||||||
Unum Group | 65,732 | 2,320,997 | ||||||
WR Berkley Corp | 20,591 | 1,189,336 | ||||||
XL Group Ltd (Ireland) | 12,592 | 423,469 | ||||||
|
| |||||||
51,756,826 | ||||||||
|
| |||||||
Industrial - 16.8% | ||||||||
Arrow Electronics Inc * | 25,864 | 1,654,520 | ||||||
Berry Plastics Group Inc * | 30,263 | 1,327,033 | ||||||
Crown Holdings Inc * | 9,683 | 552,802 | ||||||
Curtiss-Wright Corp | 10,030 | 913,833 | ||||||
Flex Ltd * | 96,221 | 1,310,530 | ||||||
Fluor Corp | 11,244 | 577,042 | ||||||
Graphic Packaging Holding Co | 152,514 | 2,133,671 | ||||||
Harris Corp | 26,048 | 2,386,257 | ||||||
Hubbell Inc | 7,133 | 768,509 | ||||||
Huntington Ingalls Industries Inc | 14,301 | 2,194,059 | ||||||
Ingersoll-Rand PLC | 26,138 | 1,775,816 | ||||||
Jabil Circuit Inc | 30,720 | 670,310 | ||||||
Masco Corp | 65,375 | 2,243,016 | ||||||
Packaging Corp of America | 14,627 | 1,188,590 | ||||||
Sealed Air Corp | 27,641 | 1,266,511 | ||||||
Stanley Black & Decker Inc | 18,414 | 2,264,554 | ||||||
TE Connectivity Ltd (Switzerland) | 16,629 | 1,070,575 | ||||||
Textron Inc | 25,475 | 1,012,631 | ||||||
The Timken Co | 19,664 | 690,993 | ||||||
WestRock Co | 18,596 | 901,542 | ||||||
|
| |||||||
26,902,794 | ||||||||
|
| |||||||
Technology - 8.5% | ||||||||
Activision Blizzard Inc | 61,175 | 2,710,053 | ||||||
Amdocs Ltd | 39,661 | 2,294,389 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-55
PACIFIC FUNDS
PF MID-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
| Value | |||||||
Broadcom Ltd (Singapore) | 4,608 | $ 794,972 | ||||||
Fidelity National Information Services Inc | 32,472 | 2,501,318 | ||||||
Leidos Holdings Inc | 13,557 | 586,747 | ||||||
Microsemi Corp * | 32,425 | 1,361,202 | ||||||
NetEase Inc ADR (China) | 6,004 | 1,445,643 | ||||||
ON Semiconductor Corp * | 37,828 | 466,041 | ||||||
Qorvo Inc * | 12,910 | 719,603 | ||||||
Western Digital Corp | 12,521 | 732,103 | ||||||
|
| |||||||
13,612,071 | ||||||||
|
| |||||||
Utilities - 6.4% | ||||||||
Alliant Energy Corp | 25,359 | 971,503 | ||||||
Ameren Corp | 16,675 | 820,077 | ||||||
American Electric Power Co Inc | 33,118 | 2,126,507 | ||||||
Edison International | 32,524 | 2,349,859 | ||||||
FirstEnergy Corp | 11,290 | 373,473 | ||||||
Great Plains Energy Inc | 39,772 | 1,085,378 | ||||||
PG&E Corp | 26,286 | 1,607,915 | ||||||
Portland General Electric Co | 23,144 | 985,703 | ||||||
|
| |||||||
10,320,415 | ||||||||
|
| |||||||
Total Common Stocks | 157,697,403 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.8% | ||||||||
Money Market Fund - 1.8% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 2,893,634 | 2,893,634 | ||||||
|
| |||||||
Total Short-Term Investment | 2,893,634 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.0% | 160,591,037 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.0%) | (58,066 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $160,532,971 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 32.2% | |||
Industrial | 16.8% | |||
Consumer, Non-cyclical | 12.7% | |||
Energy | 9.3% | |||
Technology | 8.5% | |||
Consumer, Cyclical | 6.7% | |||
Utilities | 6.4% | |||
Communications | 3.5% | |||
Others (each less than 3.0%) | 3.9% | |||
|
| |||
100.0% | ||||
Other Assets & Liabilities, Net | (0.0% | ) | ||
|
| |||
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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $157,697,403 | $157,697,403 | $— | $— | |||||||||||||
Short-Term Investment | 2,893,634 | 2,893,634 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $160,591,037 | $160,591,037 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-56
PACIFIC FUNDS
PF SMALL-CAP GROWTH FUND
Schedule of Investments
September 30, 2016 (Unaudited)
| Value | |||||||
WARRANTS - 0.0% | ||||||||
Consumer, Non-cyclical - 0.0% | ||||||||
Neuralstem Inc Exercise @ $3.64 | 15,525 | $34 | ||||||
|
| |||||||
Total Warrants | 34 | |||||||
|
| |||||||
COMMON STOCKS - 99.3% | ||||||||
Basic Materials - 0.7% | ||||||||
Minerals Technologies Inc | 883 | 62,419 | ||||||
|
| |||||||
Communications - 14.9% | ||||||||
8x8 Inc * | 340 | 5,246 | ||||||
Acacia Communications Inc * | 655 | 67,648 | ||||||
Cogent Communications Holdings Inc | 968 | 35,632 | ||||||
DigitalGlobe Inc * | 3,520 | 96,800 | ||||||
Etsy Inc * | 7,782 | 111,127 | ||||||
Gigamon Inc * | 1,771 | 97,051 | ||||||
GoDaddy Inc ‘A’ * | 1,750 | 60,427 | ||||||
GrubHub Inc * | 4,112 | 176,775 | ||||||
Match Group Inc * | 4,388 | 78,063 | ||||||
Shopify Inc ‘A’ (Canada) * | 2,991 | 128,374 | ||||||
Shutterstock Inc * | 1,598 | 101,793 | ||||||
Stamps.com Inc * | 526 | 49,712 | ||||||
The Trade Desk Inc ‘A’ * | 251 | 7,332 | ||||||
Wayfair Inc ‘A’ * | 1,519 | 59,803 | ||||||
Wix.com Ltd (Israel) * | 3,978 | 172,765 | ||||||
Zendesk Inc * | 4,395 | 134,970 | ||||||
|
| |||||||
1,383,518 | ||||||||
|
| |||||||
Consumer, Cyclical - 11.6% | ||||||||
Beacon Roofing Supply Inc * | 4,039 | 169,921 | ||||||
Burlington Stores Inc * | 1,367 | 110,754 | ||||||
Dave & Buster’s Entertainment Inc * | 3,492 | 136,817 | ||||||
Five Below Inc * | 2,265 | 91,257 | ||||||
iRobot Corp * | 1,726 | 75,909 | ||||||
Ollie’s Bargain Outlet Holdings Inc * | 2,180 | 57,138 | ||||||
Panera Bread Co ‘A’ * | 244 | 47,512 | ||||||
Planet Fitness Inc ‘A’ * | 5,800 | 116,406 | ||||||
Pool Corp | 924 | 87,336 | ||||||
Shake Shack Inc ‘A’ * | 758 | 26,280 | ||||||
SiteOne Landscape Supply Inc * | 188 | 6,755 | ||||||
Universal Electronics Inc * | 640 | 47,654 | ||||||
Vail Resorts Inc | 331 | 51,927 | ||||||
Watsco Inc | 367 | 51,710 | ||||||
|
| |||||||
1,077,376 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 34.9% | ||||||||
ABIOMED Inc * | 1,124 | 144,524 | ||||||
ACADIA Pharmaceuticals Inc * | 2,705 | 86,046 | ||||||
Agios Pharmaceuticals Inc * | 1,349 | 71,254 | ||||||
ARIAD Pharmaceuticals Inc * | 6,765 | 92,613 | ||||||
Bio-Techne Corp | 647 | 70,846 | ||||||
Blue Buffalo Pet Products Inc * | 2,431 | 57,761 | ||||||
Calavo Growers Inc | 1,043 | 68,243 | ||||||
Cardtronics PLC ‘A’ * | 1,638 | 73,055 | ||||||
Charles River Laboratories International Inc * | 570 | 47,504 | ||||||
Cimpress NV (Netherlands) * | 489 | 49,477 | ||||||
Cotiviti Holdings Inc * | 2,343 | 78,561 | ||||||
elf Beauty Inc * | 538 | 15,129 | ||||||
Exact Sciences Corp * | 6,063 | 112,590 | ||||||
Exelixis Inc * | 10,297 | 131,699 | ||||||
Glaukos Corp * | 2,991 | 112,880 | ||||||
GW Pharmaceuticals PLC ADR (United Kingdom) * | 377 | 50,039 |
| Value | |||||||
HealthEquity Inc * | 375 | $14,194 | ||||||
Insperity Inc | 577 | 41,913 | ||||||
Insulet Corp * | 2,156 | 88,267 | ||||||
Integra LifeSciences Holdings Corp * | 1,149 | 94,850 | ||||||
LendingTree Inc * | 693 | 67,159 | ||||||
Live Nation Entertainment Inc * | 3,434 | 94,366 | ||||||
MarketAxess Holdings Inc | 604 | 100,016 | ||||||
Masimo Corp * | 828 | 49,258 | ||||||
Neurocrine Biosciences Inc * | 915 | 46,336 | ||||||
Nevro Corp * | 1,576 | 164,519 | ||||||
Pacific Biosciences of California Inc * | 11,442 | 102,520 | ||||||
Patheon NV * | 1,734 | 51,378 | ||||||
Paylocity Holdings Corp * | 3,008 | 133,736 | ||||||
Penumbra Inc * | 2,005 | 152,360 | ||||||
Performance Food Group Co * | 3,926 | 97,365 | ||||||
Sage Therapeutics Inc * | 1,520 | 69,996 | ||||||
Sarepta Therapeutics Inc * | 801 | 49,189 | ||||||
Spark Therapeutics Inc * | 1,686 | 101,261 | ||||||
TESARO Inc * | 1,450 | 145,348 | ||||||
TransUnion * | 1,954 | 67,413 | ||||||
Ultragenyx Pharmaceutical Inc * | 416 | 29,511 | ||||||
VCA Inc * | 670 | 46,887 | ||||||
Zeltiq Aesthetics Inc * | 4,686 | 183,785 | ||||||
|
| |||||||
3,253,848 | ||||||||
|
| |||||||
Financial - 4.6% | ||||||||
CoreSite Realty Corp REIT | 348 | 25,766 | ||||||
CyrusOne Inc REIT | 435 | 20,693 | ||||||
Ellie Mae Inc * | 1,492 | 157,108 | ||||||
WageWorks Inc * | 2,180 | 132,784 | ||||||
Western Alliance Bancorp * | 1,884 | 70,725 | ||||||
WisdomTree Investments Inc | 2,204 | 22,679 | ||||||
|
| |||||||
429,755 | ||||||||
|
| |||||||
Industrial - 9.4% | ||||||||
B/E Aerospace Inc | 662 | 34,199 | ||||||
Belden Inc | 1,757 | 121,215 | ||||||
Builders FirstSource Inc * | 9,389 | 108,067 | ||||||
Coherent Inc * | 424 | 46,869 | ||||||
Dycom Industries Inc * | 1,409 | 115,228 | ||||||
GasLog Ltd (Monaco) | 6,485 | 94,357 | ||||||
HEICO Corp | 338 | 23,390 | ||||||
IMAX Corp * | 2,393 | 69,325 | ||||||
Nordson Corp | 1,043 | 103,914 | ||||||
RBC Bearings Inc * | 48 | 3,671 | ||||||
TASER International Inc * | 3,820 | 109,290 | ||||||
Universal Display Corp * | 794 | 44,075 | ||||||
|
| |||||||
873,600 | ||||||||
|
| |||||||
Technology - 22.7% | ||||||||
2U Inc * | 3,761 | 144,009 | ||||||
Ambarella Inc * | 1,084 | 79,793 | ||||||
Atlassian Corp PLC ‘A’ (Australia) * | 3,390 | 101,598 | ||||||
Benefitfocus Inc * | 2,626 | 104,830 | ||||||
BroadSoft Inc * | 2,723 | 126,756 | ||||||
Callidus Software Inc * | 2,151 | 39,471 | ||||||
Cirrus Logic Inc * | 2,998 | 159,344 | ||||||
EPAM Systems Inc * | 339 | 23,496 | ||||||
Fair Isaac Corp | 872 | 108,642 | ||||||
Five9 Inc * | 3,574 | 56,040 | ||||||
HubSpot Inc * | 1,776 | 102,333 | ||||||
Inphi Corp * | 2,600 | 113,126 | ||||||
Instructure Inc * | 1,926 | 48,863 | ||||||
Materialise NV ADR (Belgium) * | 2,520 | 19,404 | ||||||
MaxLinear Inc ‘A’ * | 2,693 | 54,587 | ||||||
Medidata Solutions Inc * | 418 | 23,308 | ||||||
Mellanox Technologies Ltd (Israel) * | 531 | 22,966 | ||||||
Monolithic Power Systems Inc | 1,148 | 92,414 | ||||||
Nutanix Inc ‘A’ * | 863 | 31,931 | ||||||
Paycom Software Inc * | 3,315 | 166,181 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-57
PACIFIC FUNDS
PF SMALL-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
| Value | |||||||
Proofpoint Inc * | 1,707 | $127,769 | ||||||
Silicon Motion Technology Corp ADR (Taiwan) | 1,791 | 92,756 | ||||||
The Ultimate Software Group Inc * | 350 | 71,536 | ||||||
Twilio Inc ‘A’ * | 553 | 35,591 | ||||||
Veeva Systems Inc ‘A’ * | 4,126 | 170,321 | ||||||
|
| |||||||
2,117,065 | ||||||||
|
| |||||||
Utilities - 0.5% | ||||||||
New Jersey Resources Corp | 418 | 13,735 | ||||||
ONE Gas Inc | 223 | 13,790 | ||||||
Portland General Electric Co | 447 | 19,038 | ||||||
|
| |||||||
46,563 | ||||||||
|
| |||||||
Total Common Stocks | 9,244,144 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.0% | ||||||||
Money Market Fund - 1.0% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 93,799 | 93,799 | ||||||
|
| |||||||
Total Short-Term Investment | 93,799 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.3% | 9,337,977 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.3%) | (26,950 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $9,311,027 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-cyclical | 34.9% | |||
Technology | 22.7% | |||
Communications | 14.9% | |||
Consumer, Cyclical | 11.6% | |||
Industrial | 9.4% | |||
Financial | 4.6% | |||
Others (each less than 3.0%) | 2.2% | |||
|
| |||
100.3% | ||||
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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Warrants | $34 | $— | $34 | $— | |||||||||||||
Common Stocks | 9,244,144 | 9,244,144 | — | — | ||||||||||||||
Short-Term Investment | 93,799 | 93,799 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $9,337,977 | $9,337,943 | $34 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-58
PACIFIC FUNDS
PF SMALL-CAP VALUE FUND
Schedule of Investments
September 30, 2016 (Unaudited)
| Value | |||||||
COMMON STOCKS - 98.8% | ||||||||
Basic Materials - 0.7% | ||||||||
Ingevity Corp * | 17,440 | $803,983 | ||||||
|
| |||||||
Communications - 7.2% | ||||||||
Extreme Networks Inc * | 228,230 | 1,024,753 | ||||||
Finisar Corp * | 67,380 | 2,007,924 | ||||||
FTD Cos Inc * | 67,010 | 1,378,395 | ||||||
Infinera Corp * | 69,110 | 624,063 | ||||||
NETGEAR Inc * | 15,150 | 916,424 | ||||||
Scholastic Corp | 40,130 | 1,579,517 | ||||||
Shutterfly Inc * | 25,280 | 1,128,499 | ||||||
|
| |||||||
8,659,575 | ||||||||
|
| |||||||
Consumer, Cyclical - 15.3% | ||||||||
Anixter International Inc * | 19,610 | 1,264,845 | ||||||
Big Lots Inc | 18,710 | 893,403 | ||||||
Bloomin’ Brands Inc | 78,520 | 1,353,685 | ||||||
Caleres Inc | 47,490 | 1,201,022 | ||||||
Citi Trends Inc | 75,770 | 1,510,096 | ||||||
Crocs Inc * | 113,810 | 944,623 | ||||||
Dana Inc | 111,410 | 1,736,882 | ||||||
Ethan Allen Interiors Inc | 26,100 | 816,147 | ||||||
Office Depot Inc | 196,410 | 701,184 | ||||||
Red Robin Gourmet Burgers Inc * | 30,400 | 1,366,176 | ||||||
Regal Entertainment Group ‘A’ | 68,930 | 1,499,228 | ||||||
SkyWest Inc | 63,595 | 1,679,543 | ||||||
Tenneco Inc * | 22,310 | 1,300,003 | ||||||
The Children’s Place Inc | 14,130 | 1,128,563 | ||||||
Wesco Aircraft Holdings Inc * | 77,400 | 1,039,482 | ||||||
|
| |||||||
18,434,882 | ||||||||
|
| |||||||
Consumer, Non-cyclical - 10.4% | ||||||||
ABM Industries Inc | 35,390 | 1,404,983 | ||||||
Booz Allen Hamilton Holding Corp | 52,400 | 1,656,364 | ||||||
Cott Corp (Canada) | 67,830 | 966,578 | ||||||
ICON PLC * | 21,490 | 1,662,681 | ||||||
LifePoint Health Inc * | 21,890 | 1,296,545 | ||||||
Molina Healthcare Inc * | 29,660 | 1,729,771 | ||||||
Sotheby’s | 30,380 | 1,155,048 | ||||||
Viad Corp | 40,540 | 1,494,710 | ||||||
WellCare Health Plans Inc * | 9,430 | �� | 1,104,159 | |||||
|
| |||||||
12,470,839 | ||||||||
|
| |||||||
Energy - 9.7% | ||||||||
Gulfport Energy Corp * | 49,980 | 1,411,935 | ||||||
MRC Global Inc * | 62,300 | 1,023,589 | ||||||
Noble Energy Inc l | — | 32 | ||||||
Oil States International Inc * | 43,380 | 1,369,507 | ||||||
Patterson-UTI Energy Inc | 68,200 | 1,525,634 | ||||||
QEP Resources Inc | 92,280 | 1,802,228 | ||||||
RPC Inc * | 96,020 | 1,613,136 | ||||||
SM Energy Co | 33,390 | 1,288,186 | ||||||
Synergy Resources Corp * | 239,850 | 1,662,161 | ||||||
|
| |||||||
11,696,408 | ||||||||
|
| |||||||
Financial - 25.6% | ||||||||
1st Source Corp | 26,109 | 931,961 | ||||||
Associated Banc-Corp | 85,440 | 1,673,770 | ||||||
Customers Bancorp Inc * | 47,376 | 1,191,980 | ||||||
Education Realty Trust Inc REIT | 26,980 | 1,163,917 | ||||||
Essent Group Ltd * | 46,190 | 1,229,116 | ||||||
First American Financial Corp | 35,450 | 1,392,476 | ||||||
First Commonwealth Financial Corp | 72,500 | 731,525 | ||||||
Fulton Financial Corp | 85,620 | 1,243,202 | ||||||
Gramercy Property Trust REIT | 201,156 | 1,939,148 | ||||||
HomeStreet Inc * | 42,910 | 1,075,325 | ||||||
Hope Bancorp Inc | 67,301 | 1,169,019 | ||||||
Huntington Bancshares Inc | 111,938 | 1,103,705 |
| Value | |||||||
Independent Bank Group Inc | 25,380 | $1,121,035 | ||||||
Kite Realty Group Trust REIT | 37,440 | 1,037,837 | ||||||
National Storage Affiliates Trust REIT | 70,980 | 1,486,321 | ||||||
Ramco-Gershenson Properties Trust REIT | 80,560 | 1,509,694 | ||||||
Selective Insurance Group Inc | 22,730 | 906,018 | ||||||
State Auto Financial Corp | 20,250 | 482,153 | ||||||
Sterling Bancorp | 77,210 | 1,351,175 | ||||||
Synovus Financial Corp | 34,070 | 1,108,297 | ||||||
Texas Capital Bancshares Inc * | 37,620 | 2,066,090 | ||||||
Validus Holdings Ltd | 18,110 | 902,240 | ||||||
Webster Financial Corp | 44,310 | 1,684,223 | ||||||
WSFS Financial Corp | 24,405 | 890,538 | ||||||
Zions Bancorp | 44,810 | 1,390,006 | ||||||
|
| |||||||
30,780,771 | ||||||||
|
| |||||||
Industrial - 14.7% | ||||||||
AECOM * | 43,529 | 1,294,108 | ||||||
Air Transport Services Group Inc * | 50,260 | 721,231 | ||||||
Atlas Air Worldwide Holdings Inc * | 10,193 | 436,464 | ||||||
Covenant Transportation Group Inc ‘A’ * | 69,413 | 1,341,753 | ||||||
EMCOR Group Inc | 24,760 | 1,476,191 | ||||||
EnerSys | 18,930 | 1,309,767 | ||||||
Esterline Technologies Corp * | 18,320 | 1,393,053 | ||||||
Graphic Packaging Holding Co | 111,940 | 1,566,041 | ||||||
Mistras Group Inc * | 28,530 | 669,599 | ||||||
Oshkosh Corp | 33,830 | 1,894,479 | ||||||
Regal Beloit Corp | 12,520 | 744,815 | ||||||
Saia Inc * | 44,176 | 1,323,513 | ||||||
SPX FLOW Inc * | 13,720 | 424,222 | ||||||
TTM Technologies Inc * | 75,265 | 861,784 | ||||||
Tutor Perini Corp * | 41,440 | 889,717 | ||||||
Vishay Intertechnology Inc | 97,760 | 1,377,438 | ||||||
|
| |||||||
17,724,175 | ||||||||
|
| |||||||
Technology - 11.9% | ||||||||
Advanced Micro Devices Inc * | 135,600 | 936,996 | ||||||
Cabot Microelectronics Corp | 19,500 | 1,031,745 | ||||||
CSG Systems International Inc | 35,430 | 1,464,322 | ||||||
Cypress Semiconductor Corp | 117,466 | 1,428,387 | ||||||
FormFactor Inc * | 144,763 | 1,570,679 | ||||||
Integrated Device Technology Inc * | 24,050 | 555,555 | ||||||
Mitel Networks Corp * | 196,360 | 1,445,210 | ||||||
MKS Instruments Inc | 24,500 | 1,218,384 | ||||||
NCR Corp * | 43,620 | 1,404,128 | ||||||
Unisys Corp * | 99,171 | 965,926 | ||||||
Verint Systems Inc * | 40,600 | 1,527,778 | ||||||
Virtusa Corp * | 33,320 | 822,338 | ||||||
|
| |||||||
14,371,448 | ||||||||
|
| |||||||
Utilities - 3.3% | ||||||||
PNM Resources Inc | 49,330 | 1,614,078 | ||||||
Portland General Electric Co | 28,910 | 1,231,277 | ||||||
Southwest Gas Corp | 16,671 | 1,164,636 | ||||||
|
| |||||||
4,009,991 | ||||||||
|
| |||||||
Total Common Stocks |
| 118,952,072 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 0.9% | ||||||||
Money Market Fund - 0.9% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 1,036,017 | 1,036,017 | ||||||
|
| |||||||
Total Short-Term Investment | 1,036,017 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.7% | 119,988,089 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.3% | 384,593 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $120,372,682 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-59
PACIFIC FUNDS
PF SMALL-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 25.6% | |||
Consumer, Cyclical | 15.3% | |||
Industrial | 14.7% | |||
Technology | 11.9% | |||
Consumer, Non-cyclical | 10.4% | |||
Energy | 9.7% | |||
Communications | 7.2% | |||
Utilities | 3.3% | |||
Others (each less than 3.0%) | 1.6% | |||
|
| |||
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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $118,952,072 | $118,952,072 | $— | $— | |||||||||||||
Short-Term Investment | 1,036,017 | 1,036,017 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $119,988,089 | $119,988,089 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-60
PACIFIC FUNDS
PF EMERGING MARKETS FUND
Schedule of Investments
September 30, 2016 (Unaudited)
Shares | Value | |||||||
WARRANTS - 0.0% | ||||||||
Malaysia - 0.0% | ||||||||
Genting Bhd Exercise @ MYR 7.96 | 137,750 | $46,633 | ||||||
|
| |||||||
Total Warrants |
| 46,633 | ||||||
|
| |||||||
PREFERRED STOCKS - 2.6% | ||||||||
Brazil - 2.6% | ||||||||
Lojas Americanas SA | 771,018 | 4,798,491 | ||||||
|
| |||||||
India - 0.0% | ||||||||
Zee Entertainment Enterprises Ltd | 708,924 | 100,727 | ||||||
|
| |||||||
Total Preferred Stocks |
| 4,899,218 | ||||||
|
| |||||||
COMMON STOCKS - 93.6% | ||||||||
Argentina - 0.1% | ||||||||
MercadoLibre Inc | 1,380 | 255,259 | ||||||
|
| |||||||
Brazil - 4.9% | ||||||||
Ambev SA ADR | 251,420 | 1,531,148 | ||||||
BM&FBovespa SA | 491,416 | 2,553,674 | ||||||
Cielo SA | 19,600 | 196,955 | ||||||
Embraer SA ADR | 73,250 | 1,264,295 | ||||||
Estacio Participacoes SA | 275,800 | 1,518,017 | ||||||
Kroton Educacional SA | 265,943 | 1,218,440 | ||||||
Sul America SA | 171,935 | 857,521 | ||||||
|
| |||||||
9,140,050 | ||||||||
|
| |||||||
China - 22.8% | ||||||||
3SBio Inc * ~ | 130,000 | 147,675 | ||||||
Alibaba Group Holding Ltd ADR * | 89,926 | 9,513,272 | ||||||
Baidu Inc ADR * | 39,290 | 7,153,530 | ||||||
China Lodging Group Ltd ADR | 29,920 | 1,349,093 | ||||||
China Pacific Insurance Group Co Ltd ‘H’ | 467,800 | 1,749,493 | ||||||
Ctrip.com International Ltd ADR * | 86,120 | 4,010,608 | ||||||
New Oriental Education & Technology | 55,220 | 2,559,999 | ||||||
Sinopharm Group Co Ltd ‘H’ | 548,200 | 2,655,112 | ||||||
SOHO China Ltd | 1,234,000 | 669,542 | ||||||
Tencent Holdings Ltd | 364,522 | 10,134,454 | ||||||
Tingyi Cayman Islands Holding Corp | 946,000 | 1,100,557 | ||||||
Want Want China Holdings Ltd | 1,960,000 | 1,219,779 | ||||||
|
| |||||||
42,263,114 | ||||||||
|
| |||||||
Colombia - 1.9% | ||||||||
Almacenes Exito SA GDR ~ | 54,800 | 279,710 | ||||||
Grupo Aval Acciones y Valores SA ADR | 204,829 | 1,808,640 | ||||||
Grupo de Inversiones Suramericana SA | 111,357 | 1,452,911 | ||||||
|
| |||||||
3,541,261 | ||||||||
|
| |||||||
Egypt - 0.7% | ||||||||
Commercial International Bank Egypt SAE | 227,074 | 1,230,284 | ||||||
|
|
Shares | Value | |||||||
France - 2.7% | ||||||||
Kering | 10,717 | $2,162,520 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 16,556 | 2,822,994 | ||||||
|
| |||||||
4,985,514 | ||||||||
|
| |||||||
Hong Kong - 6.1% | ||||||||
AIA Group Ltd | 714,600 | 4,805,502 | ||||||
Hang Lung Group Ltd | 249,000 | 952,190 | ||||||
Hong Kong Exchanges and Clearing Ltd | 50,312 | 1,331,525 | ||||||
Jardine Strategic Holdings Ltd | 76,911 | 2,521,096 | ||||||
Melco Crown Entertainment Ltd ADR | 104,740 | 1,687,361 | ||||||
|
| |||||||
11,297,674 | ||||||||
|
| |||||||
India - 15.1% | ||||||||
Apollo Hospitals Enterprise Ltd | 73,169 | 1,445,168 | ||||||
Asian Paints Ltd | 29,359 | 512,537 | ||||||
Dr Reddy’s Laboratories Ltd | 42,364 | 1,976,828 | ||||||
Glenmark Pharmaceuticals Ltd | 54,855 | 762,674 | ||||||
Housing Development Finance Corp Ltd | 440,316 | 9,235,630 | ||||||
Infosys Ltd | 286,488 | 4,455,529 | ||||||
Kotak Mahindra Bank Ltd | 163,322 | 1,909,739 | ||||||
Sun Pharmaceutical Industries Ltd | 68,406 | 764,694 | ||||||
Tata Consultancy Services Ltd | 52,908 | 1,933,527 | ||||||
UltraTech Cement Ltd | 24,715 | 1,431,158 | ||||||
Zee Entertainment Enterprises Ltd | 426,300 | 3,509,177 | ||||||
|
| |||||||
27,936,661 | ||||||||
|
| |||||||
Indonesia - 2.2% | ||||||||
P.T. Astra International Tbk | 2,358,800 | 1,496,716 | ||||||
P.T. Bank Mandiri Persero Tbk | 1,445,800 | 1,247,469 | ||||||
P.T. Indocement Tunggal Prakarsa Tbk | 696,200 | 928,226 | ||||||
P.T. Semen Indonesia Persero Tbk | 433,000 | 336,355 | ||||||
|
| |||||||
4,008,766 | ||||||||
|
| |||||||
Italy - 1.4% | ||||||||
PRADA SPA | 818,100 | 2,627,328 | ||||||
|
| |||||||
Japan - 2.1% | ||||||||
Fast Retailing Co Ltd | 5,100 | 1,642,325 | ||||||
Murata Manufacturing Co Ltd | 16,700 | 2,179,903 | ||||||
|
| |||||||
3,822,228 | ||||||||
|
| |||||||
Malaysia - 1.9% | ||||||||
Genting Bhd | 1,360,800 | 2,612,133 | ||||||
Genting Malaysia Bhd | 834,100 | 918,249 | ||||||
|
| |||||||
3,530,382 | ||||||||
|
| |||||||
Mexico - 4.2% |
| |||||||
Fomento Economico Mexicano SAB de CV | 202,535 | 1,864,203 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 7,420 | 682,937 | ||||||
Grupo Aeroportuario del Sureste SAB de CV ‘B’ | 54,321 | 794,598 | ||||||
Grupo Financiero Banorte SAB de CV ‘O’ | 388,052 | 2,037,149 | ||||||
Grupo Financiero Inbursa SAB de CV ‘O’ | 1,092,854 | 1,724,691 | ||||||
Kimberly-Clark de Mexico SAB de CV ‘A’ | 34,185 | 77,327 | ||||||
Wal-Mart de Mexico SAB de CV | 282,496 | 618,469 | ||||||
|
| |||||||
7,799,374 | ||||||||
|
| |||||||
Nigeria - 0.6% | ||||||||
Nigerian Breweries PLC | 1,361,882 | 648,515 | ||||||
Zenith Bank PLC | 8,450,943 | 408,060 | ||||||
|
| |||||||
1,056,575 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-61
PACIFIC FUNDS
PF EMERGING MARKETS FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Shares | Value | |||||||
Philippines - 3.1% | ||||||||
Ayala Land Inc | 353,400 | $287,636 | ||||||
Jollibee Foods Corp | 265,670 | 1,354,515 | ||||||
SM Investments Corp | 164,738 | 2,294,201 | ||||||
SM Prime Holdings Inc | 3,100,670 | 1,805,927 | ||||||
|
| |||||||
5,742,279 | ||||||||
|
| |||||||
Poland - 0.9% | ||||||||
Bank Pekao SA | 48,985 | 1,586,005 | ||||||
|
| |||||||
Russia - 8.5% | ||||||||
Alrosa PJSC | 1,251,914 | 1,726,503 | ||||||
Magnit PJSC (RTS) | 36,266 | 6,001,115 | ||||||
Moscow Exchange MICEX-RTS PJSC | 403,141 | 812,852 | ||||||
Novatek OJSCR GDR (LI) ~ | 44,570 | 4,913,173 | ||||||
Sberbank of Russia PJSC ADR | 245,873 | 2,314,878 | ||||||
|
| |||||||
15,768,521 | ||||||||
|
| |||||||
Singapore - 0.5% | ||||||||
Global Logistic Properties Ltd | 665,000 | 917,269 | ||||||
|
| |||||||
South Korea - 1.4% | ||||||||
LG Household & Health Care Ltd | 296 | 257,593 | ||||||
NAVER Corp | 2,854 | 2,297,650 | ||||||
|
| |||||||
2,555,243 | ||||||||
|
| |||||||
Switzerland - 0.7% | ||||||||
Glencore PLC * | 470,386 | 1,287,992 | ||||||
|
| |||||||
Taiwan - 4.1% | ||||||||
Taiwan Semiconductor Manufacturing Co Ltd | 1,280,995 | 7,529,873 | ||||||
|
| |||||||
Thailand - 0.7% | ||||||||
Airports of Thailand PCL | 31,200 | 359,273 | ||||||
CP ALL PCL | 513,600 | 911,584 | ||||||
|
| |||||||
1,270,857 | ||||||||
|
| |||||||
Turkey - 1.0% | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 142,874 | 864,864 | ||||||
BIM Birlesik Magazalar AS | 60,454 | 1,008,428 | ||||||
|
| |||||||
1,873,292 | ||||||||
|
| |||||||
United Arab Emirates - 1.6% | ||||||||
DP World Ltd | 162,351 | 3,073,154 | ||||||
|
| |||||||
United Kingdom - 2.0% | ||||||||
Old Mutual PLC | 793,087 | 2,083,425 | ||||||
SABMiller PLC | 29,481 | 1,717,244 | ||||||
|
| |||||||
3,800,669 | ||||||||
|
| |||||||
United States - 2.4% | ||||||||
Cognizant Technology Solutions Corp ‘A’ * | 21,130 | 1,008,112 | ||||||
Las Vegas Sands Corp | 40,300 | 2,318,862 | ||||||
Tiffany & Co | 15,160 | 1,101,071 | ||||||
|
| |||||||
4,428,045 | ||||||||
|
| |||||||
Total Common Stocks |
| 173,327,669 | ||||||
|
|
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 3.0% | ||||||||
Money Market Fund - 3.0% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 5,594,958 | $5,594,958 | ||||||
|
| |||||||
Total Short-Term Investment |
| 5,594,958 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.2% |
| 183,868,478 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.8% |
| 1,381,714 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $185,250,192 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 23.6% | |||
Communications | 19.9% | |||
Consumer, Non-cyclical | 18.0% | |||
Consumer, Cyclical | 16.8% | |||
Technology | 8.1% | |||
Industrial | 3.9% | |||
Short-Term Investment | 3.0% | |||
Others (each less than 3.0%) | 5.9% | |||
|
| |||
99.2% | ||||
Other Assets & Liabilities, Net | 0.8% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2016, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
China | 22.8% | |||
India | 15.1% | |||
Russia | 8.5% | |||
Brazil | 7.5% | |||
Hong Kong | 6.1% | |||
United States (Includes Short-Term Investment) | 5.4% | |||
Mexico | 4.2% | |||
Taiwan | 4.1% | |||
Philippines | 3.1% | |||
Others (each less than 3.0%) | 22.4% | |||
|
| |||
99.2% | ||||
Other Assets & Liabilities, Net | 0.8% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-62
PACIFIC FUNDS
PF EMERGING MARKETS FUND
Schedule of Investments (Continued)
September 30, 2016 (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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Warrants | $46,633 | $46,633 | $— | $— | |||||||||||||
Preferred Stocks | 4,899,218 | 4,899,218 | — | — | ||||||||||||||
Common Stocks | ||||||||||||||||||
Argentina | 255,259 | 255,259 | — | — | ||||||||||||||
Brazil | 9,140,050 | 9,140,050 | — | — | ||||||||||||||
China | 42,263,114 | 24,586,502 | 17,676,612 | — | ||||||||||||||
Colombia | 3,541,261 | 3,261,551 | 279,710 | — | ||||||||||||||
Egypt | 1,230,284 | — | 1,230,284 | — | ||||||||||||||
France | 4,985,514 | — | 4,985,514 | — | ||||||||||||||
Hong Kong | 11,297,674 | 1,687,361 | 9,610,313 | — | ||||||||||||||
India | 27,936,661 | — | 27,936,661 | — | ||||||||||||||
Indonesia | 4,008,766 | — | 4,008,766 | — | ||||||||||||||
Italy | 2,627,328 | — | 2,627,328 | — | ||||||||||||||
Japan | 3,822,228 | — | 3,822,228 | — | ||||||||||||||
Malaysia | 3,530,382 | — | 3,530,382 | — | ||||||||||||||
Mexico | 7,799,374 | 7,799,374 | — | — | ||||||||||||||
Nigeria | 1,056,575 | 1,056,575 | — | — | ||||||||||||||
Philippines | 5,742,279 | — | 5,742,279 | — | ||||||||||||||
Poland | 1,586,005 | — | 1,586,005 | — | ||||||||||||||
Russia | 15,768,521 | 1,955,809 | 13,812,712 | — | ||||||||||||||
Singapore | 917,269 | — | 917,269 | — | ||||||||||||||
South Korea | 2,555,243 | — | 2,555,243 | — | ||||||||||||||
Switzerland | 1,287,992 | — | 1,287,992 | — | ||||||||||||||
Taiwan | 7,529,873 | — | 7,529,873 | — | ||||||||||||||
Thailand | 1,270,857 | — | 1,270,857 | — | ||||||||||||||
Turkey | 1,873,292 | — | 1,873,292 | — | ||||||||||||||
United Arab Emirates | 3,073,154 | — | 3,073,154 | — | ||||||||||||||
United Kingdom | 3,800,669 | — | 3,800,669 | — | ||||||||||||||
United States | 4,428,045 | 4,428,045 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 173,327,669 | 54,170,526 | 119,157,143 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 5,594,958 | 5,594,958 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $183,868,478 | $64,711,335 | $119,157,143 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
Transfers between levels of the fair value hierarchy during the six-month period were as follows:
Amount Transferred | Level Transfer | Change in Fair Valuation Measurement Inputs | ||||||||||||||||
From | To | From | To | |||||||||||||||
$ | 4,216,885 | 1 | 2 | Unadjusted Exchange-Traded Price | Adjusted Exchange-Traded Price using an Applied Foreign Fair | |||||||||||||
408,060 | 2 | 1 | Adjusted Exchange-Traded Price using an Applied Foreign Fair | Unadjusted Exchange-Traded Price |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-63
PACIFIC FUNDS
PF INTERNATIONAL LARGE-CAP FUND
Schedule of Investments
September 30, 2016 (Unaudited)
| Value | |||||||
COMMON STOCKS - 98.9% | ||||||||
Australia - 0.5% | ||||||||
Orica Ltd | 115,419 | $1,352,103 | ||||||
|
| |||||||
Belgium - 0.9% | ||||||||
KBC Group NV * | 44,329 | 2,587,757 | ||||||
|
| |||||||
Brazil - 0.7% | ||||||||
Ambev SA ADR | 333,252 | 2,029,505 | ||||||
|
| |||||||
Canada - 4.3% | ||||||||
Canadian National Railway Co | 81,212 | 5,311,265 | ||||||
Element Financial Corp | 148,262 | 1,855,606 | ||||||
Loblaw Cos Ltd | 40,641 | 2,090,985 | ||||||
Suncor Energy Inc | 103,435 | 2,871,377 | ||||||
|
| |||||||
12,129,233 | ||||||||
|
| |||||||
China - 1.0% | ||||||||
Alibaba Group Holding Ltd ADR * | 25,163 | 2,661,994 | ||||||
|
| |||||||
Denmark - 0.6% | ||||||||
Carlsberg AS ‘B’ | 19,035 | 1,819,249 | ||||||
|
| |||||||
France - 15.2% | ||||||||
Air Liquide SA | 56,360 | 6,043,841 | ||||||
Bureau Veritas SA | 70,927 | 1,521,749 | ||||||
Danone SA | 88,029 | 6,536,436 | ||||||
Dassault Systemes | 24,554 | 2,131,555 | ||||||
Engie SA | 212,059 | 3,287,931 | ||||||
Hermes International | 1,780 | 724,662 | ||||||
L’Oreal SA | 15,095 | 2,853,113 | ||||||
Legrand SA | 42,336 | 2,495,683 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 30,040 | 5,122,176 | ||||||
Pernod Ricard SA | 53,519 | 6,338,513 | ||||||
Schneider Electric SE | 84,325 | 5,866,003 | ||||||
|
| |||||||
42,921,662 | ||||||||
|
| |||||||
Germany - 10.9% | ||||||||
Bayer AG | 85,825 | 8,619,473 | ||||||
Beiersdorf AG | 55,160 | 5,206,749 | ||||||
Linde AG | 22,631 | 3,845,496 | ||||||
Merck KGaA | 27,176 | 2,931,352 | ||||||
MTU Aero Engines AG | 13,092 | 1,325,569 | ||||||
ProSiebenSat.1 Media SE | 45,746 | 1,961,378 | ||||||
SAP SE | 70,829 | 6,477,514 | ||||||
|
| |||||||
30,367,531 | ||||||||
|
| |||||||
Hong Kong - 3.3% | ||||||||
AIA Group Ltd | 1,015,862 | 6,831,412 | ||||||
Global Brands Group Holding Ltd * | 8,770,639 | 899,046 | ||||||
Li & Fung Ltd | 2,889,358 | 1,488,797 | ||||||
|
| |||||||
9,219,255 | ||||||||
|
| |||||||
India - 2.4% | ||||||||
Housing Development Finance Corp Ltd | 157,572 | 3,305,073 | ||||||
Tata Consultancy Services Ltd | 91,651 | 3,349,394 | ||||||
|
| |||||||
6,654,467 | ||||||||
|
| |||||||
Ireland - 0.3% | ||||||||
Experian PLC | 45,548 | 909,952 | ||||||
|
| |||||||
Israel - 0.9% | ||||||||
Check Point Software Technologies Ltd * | 31,059 | 2,410,489 | ||||||
|
|
| Value | |||||||
Italy - 1.1% | ||||||||
Eni SPA | 118,349 | $ 1,705,453 | ||||||
Luxottica Group SPA | 31,056 | 1,483,340 | ||||||
|
| |||||||
3,188,793 | ||||||||
|
| |||||||
Japan - 12.7% | ||||||||
Daikin Industries Ltd | 27,900 | 2,603,513 | ||||||
Denso Corp | 106,700 | 4,257,815 | ||||||
FANUC Corp | 16,600 | 2,803,997 | ||||||
Hoya Corp | 176,200 | 7,088,145 | ||||||
Inpex Corp | 167,700 | 1,524,807 | ||||||
Japan Tobacco Inc | 105,000 | 4,298,199 | ||||||
Kubota Corp | 161,200 | 2,439,845 | ||||||
Kyocera Corp | 65,700 | 3,157,100 | ||||||
Shin-Etsu Chemical Co Ltd | 30,500 | 2,128,072 | ||||||
Terumo Corp | 141,000 | 5,423,651 | ||||||
|
| |||||||
35,725,144 | ||||||||
|
| |||||||
Netherlands - 5.5% | ||||||||
Akzo Nobel NV | 67,760 | 4,583,305 | ||||||
Heineken NV | 16,422 | 1,443,521 | ||||||
ING Groep NV | 400,857 | 4,948,852 | ||||||
Randstad Holding NV | 95,869 | 4,359,422 | ||||||
|
| |||||||
15,335,100 | ||||||||
|
| |||||||
Singapore - 1.9% | ||||||||
DBS Group Holdings Ltd | 360,900 | 4,095,079 | ||||||
Singapore Telecommunications Ltd | 459,762 | 1,344,754 | ||||||
|
| |||||||
5,439,833 | ||||||||
|
| |||||||
Spain - 1.6% | ||||||||
Amadeus IT Group SA | 88,949 | 4,439,730 | ||||||
|
| |||||||
Sweden - 1.2% | ||||||||
Hennes & Mauritz AB ‘B’ | 115,564 | 3,261,867 | ||||||
|
| |||||||
Switzerland - 13.3% | ||||||||
Julius Baer Group Ltd | 58,858 | 2,399,168 | ||||||
Kuehne + Nagel International AG | 8,474 | 1,231,495 | ||||||
Nestle SA | 138,603 | 10,944,658 | ||||||
Novartis AG | 68,978 | 5,443,766 | ||||||
Roche Holding AG | 33,662 | 8,364,960 | ||||||
Sonova Holding AG | 8,980 | 1,273,330 | ||||||
UBS Group AG | 379,299 | 5,181,398 | ||||||
Zurich Insurance Group AG | 9,676 | 2,495,383 | ||||||
|
| |||||||
37,334,158 | ||||||||
|
| |||||||
Taiwan - 3.0% | ||||||||
Hon Hai Precision Industry Co Ltd | 230,233 | 582,642 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd ADR | 253,251 | 7,746,948 | ||||||
|
| |||||||
8,329,590 | ||||||||
|
| |||||||
United Kingdom - 15.4% | ||||||||
Barclays PLC | 881,926 | 1,912,024 | ||||||
Compass Group PLC | 436,302 | 8,449,662 | ||||||
Delphi Automotive PLC | 17,131 | 1,221,783 | ||||||
Diageo PLC | 157,496 | 4,511,224 | ||||||
Prudential PLC | 103,498 | 1,834,664 | ||||||
Reckitt Benckiser Group PLC | 65,931 | 6,207,034 | ||||||
Rio Tinto PLC | 68,995 | 2,293,121 | ||||||
Rolls-Royce Holdings PLC * | 222,837 | 2,078,991 | ||||||
Sky PLC | 296,123 | 3,432,080 | ||||||
Smiths Group PLC | 104,883 | 1,990,919 | ||||||
WPP PLC | 395,946 | 9,306,909 | ||||||
|
| |||||||
43,238,411 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-64
PACIFIC FUNDS
PF INTERNATIONAL LARGE-CAP FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
| Value | |||||||
United States - 2.2% | ||||||||
Yum! Brands Inc | 66,826 | $ 6,068,469 | ||||||
|
| |||||||
Total Common Stocks | 277,424,292 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS - 0.7% | ||||||||
Commercial Paper - 0.6% | ||||||||
GE Capital Treasury Services LLC 0.340% due 10/03/16 | $1,519,000 | 1,518,971 | ||||||
|
| |||||||
Shares | ||||||||
Money Market Fund - 0.1% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 311,596 | 311,596 | ||||||
|
| |||||||
Total Short-Term Investments | 1,830,567 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.6% | 279,254,859 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.4% | 1,244,134 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $280,498,993 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-cyclical | 33.2% | |||
Industrial | 14.4% | |||
Financial | 13.3% | |||
Consumer, Cyclical | 11.7% | |||
Technology | 9.5% | |||
Basic Materials | 6.7% | |||
Communications | 6.7% | |||
Others (each less than 3.0%) | 4.1% | |||
|
| |||
99.6% | ||||
Other Assets & Liabilities, Net | 0.4% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2016, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
United Kingdom | 15.4% | |||
France | 15.2% | |||
Switzerland | 13.3% | |||
Japan | 12.7% | |||
Germany | 10.9% | |||
Netherlands | 5.5% | |||
Canada | 4.3% | |||
Hong Kong | 3.3% | |||
Taiwan | 3.0% | |||
Others (each less than 3.0%) | 16.0% | |||
|
| |||
99.6% | ||||
Other Assets & Liabilities, Net | 0.4% | |||
|
| |||
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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Australia | $1,352,103 | $— | $1,352,103 | $— | ||||||||||||||
Belgium | 2,587,757 | — | 2,587,757 | — | ||||||||||||||
Brazil | 2,029,505 | 2,029,505 | — | — | ||||||||||||||
Canada | 12,129,233 | 12,129,233 | — | — | ||||||||||||||
China | 2,661,994 | 2,661,994 | — | — | ||||||||||||||
Denmark | 1,819,249 | — | 1,819,249 | — | ||||||||||||||
France | 42,921,662 | — | 42,921,662 | — | ||||||||||||||
Germany | 30,367,531 | — | 30,367,531 | — | ||||||||||||||
Hong Kong | 9,219,255 | — | 9,219,255 | — | ||||||||||||||
India | 6,654,467 | — | 6,654,467 | — | ||||||||||||||
Ireland | 909,952 | — | 909,952 | — | ||||||||||||||
Israel | 2,410,489 | 2,410,489 | — | — | ||||||||||||||
Italy | 3,188,793 | — | 3,188,793 | — | ||||||||||||||
Japan | 35,725,144 | — | 35,725,144 | — | ||||||||||||||
Netherlands | 15,335,100 | 4,948,852 | 10,386,248 | — | ||||||||||||||
Singapore | 5,439,833 | — | 5,439,833 | — | ||||||||||||||
Spain | 4,439,730 | — | 4,439,730 | — | ||||||||||||||
Sweden | 3,261,867 | — | 3,261,867 | — | ||||||||||||||
Switzerland | 37,334,158 | — | 37,334,158 | — | ||||||||||||||
Taiwan | 8,329,590 | 7,746,948 | 582,642 | — | ||||||||||||||
United Kingdom | 43,238,411 | 1,221,783 | 42,016,628 | — | ||||||||||||||
United States | 6,068,469 | 6,068,469 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 277,424,292 | 39,217,273 | 238,207,019 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investments | 1,830,567 | 311,596 | 1,518,971 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $279,254,859 | $39,528,869 | $239,725,990 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-65
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments
September 30, 2016 (Unaudited)
| Value | |||||||
COMMON STOCKS - 99.1% | ||||||||
Australia - 5.3% | ||||||||
Abacus Property Group REIT | 40,262 | $89,509 | ||||||
Asaleo Care Ltd | 75,488 | 92,338 | ||||||
Austal Ltd | 73,446 | 83,459 | ||||||
Beach Energy Ltd | 139,899 | 71,578 | ||||||
Collins Foods Ltd | 38,918 | 135,398 | ||||||
CSR Ltd | 50,729 | 141,438 | ||||||
Genworth Mortgage Insurance Australia Ltd | 45,747 | 94,567 | ||||||
GWA Group Ltd | 87,378 | 193,222 | ||||||
Investa Office Fund REIT | 73,399 | 257,606 | ||||||
JB Hi-Fi Ltd | 9,415 | 209,553 | ||||||
Link Administration Holdings Ltd | 20,523 | 130,162 | ||||||
Metcash Ltd * | 84,889 | 136,486 | ||||||
Orora Ltd | 108,499 | 263,141 | ||||||
Pact Group Holdings Ltd | 25,285 | 122,938 | ||||||
Resolute Mining Ltd | 102,336 | 152,397 | ||||||
Sirtex Medical Ltd | 3,208 | 77,983 | ||||||
Southern Cross Media Group Ltd | 76,229 | 86,127 | ||||||
|
| |||||||
2,337,902 | ||||||||
|
| |||||||
Austria - 1.0% | ||||||||
CA Immobilien Anlagen AG | 10,043 | 191,466 | ||||||
Conwert Immobilien Invest SE | 6,977 | 131,320 | ||||||
Wienerberger AG | 5,748 | 97,591 | ||||||
|
| |||||||
420,377 | ||||||||
|
| |||||||
Belgium - 0.3% | ||||||||
Orange Belgium SA * | 4,702 | 115,074 | ||||||
|
| |||||||
Canada - 9.1% | ||||||||
Bird Construction Inc | 10,600 | 91,703 | ||||||
Boyd Group Income Fund | 1,900 | 118,566 | ||||||
Canfor Pulp Products Inc | 9,400 | 73,512 | ||||||
Capital Power Corp | 7,800 | 122,593 | ||||||
Cascades Inc | 22,600 | 221,013 | ||||||
Celestica Inc * | 11,100 | 120,057 | ||||||
Chorus Aviation Inc | 36,000 | 168,756 | ||||||
Colliers International Group Inc | 2,300 | 96,544 | ||||||
Detour Gold Corp * | 7,900 | 171,856 | ||||||
Enerplus Corp | 29,000 | 186,120 | ||||||
Evertz Technologies Ltd | 7,900 | 100,982 | ||||||
Genworth MI Canada Inc | 5,642 | 145,184 | ||||||
Gran Tierra Energy Inc * | 34,200 | 102,448 | ||||||
Granite REIT | 2,800 | 85,540 | ||||||
Intertape Polymer Group Inc | 9,900 | 170,842 | ||||||
Kinaxis Inc * | 2,500 | 127,349 | ||||||
Linamar Corp | 2,300 | 96,036 | ||||||
Maple Leaf Foods Inc | 7,257 | 166,552 | ||||||
Martinrea International Inc | 16,000 | 99,394 | ||||||
Paramount Resources Ltd ‘A’ * | 10,200 | 114,599 | ||||||
Parex Resources Inc * | 15,400 | 195,442 | ||||||
Penn West Petroleum Ltd | 78,200 | 140,074 | ||||||
Pure Industrial Real Estate Trust REIT | 56,354 | 236,679 | ||||||
Sandvine Corp | 56,400 | 125,529 | ||||||
SEMAFO Inc * | 33,600 | 139,835 | ||||||
Sleep Country Canada Holdings Inc ~ | 6,900 | 163,776 | ||||||
Trican Well Service Ltd * | 55,600 | 114,001 | ||||||
Whistler Blackcomb Holdings Inc | 5,435 | 154,937 | ||||||
Wi-LAN Inc | 8,922 | 13,805 | ||||||
Yamana Gold Inc | 21,500 | 92,591 | ||||||
|
| |||||||
3,956,315 | ||||||||
|
| |||||||
Denmark - 2.2% | ||||||||
ALK-Abello AS | 622 | 88,258 | ||||||
Bakkafrost PF | 5,012 | 209,674 | ||||||
Dfds AS | 3,805 | 192,803 | ||||||
GN Store Nord AS | 6,542 | 141,074 |
| Value | |||||||
Royal Unibrew AS | 4,426 | $218,981 | ||||||
Schouw & Co AB | 1,783 | 116,186 | ||||||
|
| |||||||
966,976 | ||||||||
|
| |||||||
Finland - 0.3% | ||||||||
YIT OYJ | 17,155 | 138,249 | ||||||
|
| |||||||
France - 6.4% | ||||||||
Air France-KLM * | 13,685 | 73,642 | ||||||
Alten SA | 1,680 | 117,521 | ||||||
Atos SE | 2,494 | 268,502 | ||||||
Eiffage SA | 2,426 | 188,536 | ||||||
Euler Hermes Group | 1,257 | 106,872 | ||||||
Faurecia | 3,933 | 154,342 | ||||||
Fonciere Des Regions REIT | 1,618 | 150,772 | ||||||
Ipsen SA | 2,537 | 178,239 | ||||||
IPSOS | 5,578 | 182,207 | ||||||
Lagardere SCA | 5,141 | 130,923 | ||||||
Nexans SA * | 3,703 | 212,447 | ||||||
Nexity SA | 2,568 | 135,622 | ||||||
SCOR SE | 6,911 | 214,919 | ||||||
Tarkett SA | 4,231 | 171,101 | ||||||
Technip SA | 2,780 | 170,899 | ||||||
Trigano SA | 2,075 | 145,601 | ||||||
Valeo SA | 3,615 | 211,004 | ||||||
|
| |||||||
2,813,149 | ||||||||
|
| |||||||
Germany - 7.8% | ||||||||
AURELIUS Equity Opportunities SE & Co KGaA | 2,446 | 154,568 | ||||||
Aurubis AG | 2,706 | 151,737 | ||||||
Bechtle AG | 982 | 113,693 | ||||||
Carl Zeiss Meditec AG | 3,338 | 127,758 | ||||||
Cewe Stiftung & Co KGaA | 1,558 | 140,156 | ||||||
Covestro AG ~ | 3,634 | 215,054 | ||||||
Deutsche Pfandbriefbank AG ~ | 11,783 | 110,206 | ||||||
Deutsche Wohnen AG | 2,941 | 107,018 | ||||||
Deutz AG | 29,163 | 147,331 | ||||||
Gerresheimer AG | 1,959 | 166,561 | ||||||
Grammer AG | 3,625 | 219,922 | ||||||
HOCHTIEF AG | 1,577 | 222,555 | ||||||
Jenoptik AG | 9,182 | 168,003 | ||||||
KION Group AG | 3,046 | 197,362 | ||||||
OSRAM Licht AG | 3,695 | 217,069 | ||||||
PATRIZIA Immobilien AG * | 5,268 | 115,387 | ||||||
RHOEN-KLINIKUM AG | 4,393 | 133,595 | ||||||
SMA Solar Technology AG | 1,772 | 56,640 | ||||||
Software AG | 6,176 | 261,750 | ||||||
STADA Arzneimittel AG | 3,056 | 170,034 | ||||||
Talanx AG | 4,051 | 123,617 | ||||||
TLG Immobilien AG | 4,247 | 95,863 | ||||||
|
| |||||||
3,415,879 | ||||||||
|
| |||||||
Hong Kong - 1.7% | ||||||||
Fortune REIT | 54,000 | 67,860 | ||||||
Giordano International Ltd | 202,000 | 104,122 | ||||||
HK Electric Investments & HK Electric Investments Ltd ~ » | 202,500 | 198,534 | ||||||
Kerry Properties Ltd | 35,500 | 116,627 | ||||||
Lifestyle International Holdings Ltd | 50,500 | 69,421 | ||||||
Man Wah Holdings Ltd | 146,800 | 94,414 | ||||||
SmarTone Telecommunications Holdings Ltd | 65,000 | 107,676 | ||||||
|
| |||||||
758,654 | ||||||||
|
| |||||||
India - 0.5% | ||||||||
Vedanta Resources PLC | 25,975 | 196,193 | ||||||
|
| |||||||
Ireland - 0.3% | ||||||||
C&C Group PLC | 31,613 | 132,107 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-66
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
| Value | |||||||
Israel - 0.6% | ||||||||
Orbotech Ltd * | 4,698 | $139,108 | ||||||
Syneron Medical Ltd * | 17,090 | 122,364 | ||||||
|
| |||||||
261,472 | ||||||||
|
| |||||||
Italy - 2.7% | ||||||||
A2A SPA | 111,315 | 157,218 | ||||||
Autogrill SPA | 16,830 | 142,647 | ||||||
Banca Popolare dell’Emilia Romagna SC | 28,412 | 105,874 | ||||||
De’ Longhi SPA | 5,538 | 134,131 | ||||||
DiaSorin SPA | 2,189 | 140,698 | ||||||
Moncler SPA | 7,428 | 126,803 | ||||||
OVS SPA ~ | 13,374 | 77,391 | ||||||
Saras SPA | 96,065 | 152,856 | ||||||
Societa Iniziative Autostradali e Servizi SPA | 15,524 | 148,376 | ||||||
|
| |||||||
1,185,994 | ||||||||
|
| |||||||
Japan - 23.5% | ||||||||
Accordia Golf Co Ltd | 9,600 | 97,937 | ||||||
Adastria Co Ltd | 3,300 | 75,817 | ||||||
Asahi Diamond Industrial Co Ltd | 13,800 | 111,900 | ||||||
Central Glass Co Ltd | 30,000 | 118,148 | ||||||
Create SD Holdings Co Ltd | 4,500 | 107,501 | ||||||
Daikyonishikawa Corp | 12,300 | 151,949 | ||||||
Daiwabo Holdings Co Ltd | 68,000 | 160,723 | ||||||
EDION Corp | 13,900 | 116,437 | ||||||
EPS Holdings Inc | 7,000 | 96,160 | ||||||
FIDEA Holdings Co Ltd | 82,900 | 130,305 | ||||||
Foster Electric Co Ltd | 4,800 | 88,210 | ||||||
Fujitsu General Ltd | 11,000 | 238,328 | ||||||
Fukuda Corp | 12,000 | 132,763 | ||||||
Furukawa Electric Co Ltd | 6,500 | 176,859 | ||||||
Glory Ltd | 3,400 | 112,112 | ||||||
Goldcrest Co Ltd | 9,400 | 154,446 | ||||||
Hanwa Co Ltd | 40,000 | 242,860 | ||||||
Haseko Corp | 14,000 | 134,662 | ||||||
Heiwado Co Ltd | 6,100 | 119,135 | ||||||
Hokuhoku Financial Group Inc | 5,800 | 78,042 | ||||||
Idemitsu Kosan Co Ltd | 8,100 | 167,704 | ||||||
Japan Aviation Electronics Industry Ltd | 7,000 | 109,840 | ||||||
Kinden Corp | 11,000 | 126,814 | ||||||
Kitagawa Iron Works Co Ltd | 4,500 | 74,335 | ||||||
Kohnan Shoji Co Ltd | 7,600 | 147,812 | ||||||
Kyudenko Corp | 4,422 | 162,256 | ||||||
Leopalace21 Corp | 22,100 | 146,053 | ||||||
Lion Corp | 14,000 | 226,838 | ||||||
Maruwa Co Ltd/Aichi | 5,100 | 192,746 | ||||||
Marvelous Inc | 12,500 | 97,588 | ||||||
Matsumotokiyoshi Holdings Co Ltd | 3,600 | 186,013 | ||||||
Megmilk Snow Brand Co Ltd | 3,600 | 131,631 | ||||||
Meidensha Corp | 37,000 | 122,034 | ||||||
Meisei Industrial Co Ltd | 18,800 | 89,713 | ||||||
Miraca Holdings Inc | 3,900 | 194,468 | ||||||
Mochida Pharmaceutical Co Ltd | 1,500 | 117,642 | ||||||
Morinaga & Co Ltd | 4,600 | 221,805 | ||||||
Musashi Seimitsu Industry Co Ltd | 5,200 | 122,075 | ||||||
Nagase & Co Ltd | 14,200 | 170,852 | ||||||
Nihon Unisys Ltd | 12,700 | 163,265 | ||||||
Nippon Piston Ring Co Ltd | 9,000 | 136,466 | ||||||
Nippon Suisan Kaisha Ltd | 44,400 | 190,974 | ||||||
Obayashi Road Corp | 16,900 | 106,852 | ||||||
Penta-Ocean Construction Co Ltd | 27,900 | 159,146 | ||||||
Riso Kagaku Corp | 6,400 | 104,888 | ||||||
Ryobi Ltd | 31,000 | 137,874 | ||||||
SAMTY Co Ltd | 11,500 | 119,460 | ||||||
Sanyo Special Steel Co Ltd | 42,000 | 235,746 | ||||||
Sapporo Holdings Ltd | 4,500 | 124,748 | ||||||
Seikagaku Corp | 8,700 | 143,036 | ||||||
Shinoken Group Co Ltd | 5,200 | 109,756 |
| Value | |||||||
Ship Healthcare Holdings Inc | 4,400 | $135,225 | ||||||
Sumitomo Forestry Co Ltd | 10,800 | 144,543 | ||||||
Sumitomo Real Estate Sales Co Ltd | 5,900 | 120,487 | ||||||
Takuma Co Ltd | 20,000 | 188,879 | ||||||
The Gunma Bank Ltd | 25,000 | 113,571 | ||||||
The Okinawa Electric Power Co Inc | 7,150 | 161,227 | ||||||
TOA ROAD Corp | 30,000 | 75,443 | ||||||
Tokai Carbon Co Ltd | 43,000 | 116,976 | ||||||
Token Corp | 2,800 | 208,627 | ||||||
Tokuyama Corp * | 39,000 | 163,463 | ||||||
Tokyo Tekko Co Ltd | 26,000 | 103,590 | ||||||
Tokyu Construction Co Ltd | 11,300 | 113,024 | ||||||
TonenGeneral Sekiyu KK | 13,000 | 131,832 | ||||||
Tosei Corp | 17,500 | 131,687 | ||||||
Toyo Engineering Corp | 48,000 | 155,517 | ||||||
Toyota Boshoku Corp | 5,200 | 116,400 | ||||||
Ulvac Inc | 4,200 | 125,522 | ||||||
Unitika Ltd * | 311,000 | 179,458 | ||||||
Valor Holdings Co Ltd | 3,600 | 101,537 | ||||||
Yodogawa Steel Works Ltd | 4,500 | 120,838 | ||||||
Yuasa Trading Co Ltd | 6,800 | 156,228 | ||||||
Zenkoku Hosho Co Ltd | 5,500 | 228,178 | ||||||
|
| |||||||
10,276,976 | ||||||||
|
| |||||||
Luxembourg - 0.4% | ||||||||
APERAM SA | 3,715 | 167,492 | ||||||
|
| |||||||
Malta - 0.2% | ||||||||
Unibet Group PLC SDR | 10,082 | 93,700 | ||||||
|
| |||||||
Netherlands - 1.4% | ||||||||
Boskalis Westminster | 4,136 | 147,204 | ||||||
Corbion NV | 6,074 | 163,500 | ||||||
Delta Lloyd NV | 17,067 | 78,280 | ||||||
Euronext NV ~ | 2,453 | 104,667 | ||||||
Wereldhave NV REIT | 2,219 | 112,343 | ||||||
|
| |||||||
605,994 | ||||||||
|
| |||||||
Norway - 0.2% | ||||||||
Protector Forsikring ASA | 10,800 | 102,824 | ||||||
|
| |||||||
Portugal - 0.2% | ||||||||
CTT-Correios de Portugal SA | 9,722 | 65,448 | ||||||
|
| |||||||
Singapore - 1.6% | ||||||||
CDL Hospitality Trusts REIT | 80,100 | 82,292 | ||||||
Mapletree Greater China Commercial Trust REIT | 150,709 | 121,739 | ||||||
Mapletree Industrial Trust REIT | 109,800 | 143,849 | ||||||
SATS Ltd | 31,700 | 115,876 | ||||||
Starhill Global REIT | 157,500 | 94,841 | ||||||
Venture Corp Ltd | 17,900 | 118,497 | ||||||
|
| |||||||
677,094 | ||||||||
|
| |||||||
South Africa - 0.3% | ||||||||
Mondi PLC | 5,611 | 117,886 | ||||||
|
| |||||||
South Korea - 5.3% | ||||||||
Able C&C Co Ltd | 4,344 | 94,955 | ||||||
Amotech Co Ltd * | 6,214 | 89,719 | ||||||
CJ O Shopping Co Ltd | 739 | 108,327 | ||||||
Dongbu Insurance Co Ltd | 1,544 | 95,991 | ||||||
Dongwon Development Co Ltd | 24,622 | 108,412 | ||||||
Eugene Technology Co Ltd | 7,065 | 124,177 | ||||||
Hyundai Development Co-Engineering & Construction | 3,055 | 143,205 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-67
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
| Value | |||||||
Hyundai Marine & Fire Insurance Co Ltd | 4,777 | $157,710 | ||||||
Hyundai Mipo Dockyard Co Ltd * | 1,556 | 105,787 | ||||||
KB Insurance Co Ltd | 3,997 | 99,140 | ||||||
LG International Corp | 4,074 | 129,830 | ||||||
LG Uplus Corp | 11,036 | 118,025 | ||||||
LS Corp | 3,699 | 196,518 | ||||||
Nexen Tire Corp | 9,022 | 121,589 | ||||||
Partron Co Ltd | 11,783 | 97,544 | ||||||
Silicon Works Co Ltd | 3,318 | 90,322 | ||||||
Spigen Korea Co Ltd | 1,958 | 94,508 | ||||||
Tongyang Life Insurance Co Ltd | 16,178 | 167,366 | ||||||
Vieworks Co Ltd | 3,218 | 190,794 | ||||||
|
| |||||||
2,333,919 | ||||||||
|
| |||||||
Spain - 2.9% | ||||||||
Acciona SA | 1,859 | 140,510 | ||||||
Cellnex Telecom SA ~ | 6,229 | 112,725 | ||||||
Cia de Distribucion Integral Logista Holdings SA | 6,375 | 142,299 | ||||||
CIE Automotive SA | 6,041 | 118,940 | ||||||
Gamesa Corp Tecnologica SA | 15,338 | 367,498 | ||||||
Grupo Catalana Occidente SA | 4,988 | 148,267 | ||||||
Mediaset Espana Comunicacion SA | 11,874 | 140,757 | ||||||
Saeta Yield SA | 10,384 | 103,241 | ||||||
|
| |||||||
1,274,237 | ||||||||
|
| |||||||
Sweden - 3.3% | ||||||||
Axfood AB | 7,647 | 135,000 | ||||||
Boliden AB | 7,357 | 172,924 | ||||||
Bonava AB ‘B’ * | 7,819 | 98,617 | ||||||
Dometic Group AB * ~ | 16,136 | 129,443 | ||||||
Intrum Justitia AB | 4,813 | 155,225 | ||||||
Mycronic AB | 16,867 | 210,691 | ||||||
NCC AB ‘B’ | 4,819 | 126,283 | ||||||
NetEnt AB | 9,359 | 85,711 | ||||||
Nobia AB | 10,516 | 99,904 | ||||||
Peab AB | 11,930 | 102,905 | ||||||
Wihlborgs Fastigheter AB | 5,585 | 118,858 | ||||||
|
| |||||||
1,435,561 | ||||||||
|
| |||||||
Switzerland - 9.8% | ||||||||
Actelion Ltd | 1,234 | 214,141 | ||||||
Adecco Group AG | 2,187 | 123,272 | ||||||
Ascom Holding AG | 5,771 | 103,967 | ||||||
BKW AG | 2,522 | 120,843 | ||||||
Cembra Money Bank AG | 2,381 | 186,781 | ||||||
Coca-Cola HBC AG | 7,782 | 180,787 | ||||||
Emmi AG | 223 | 152,918 | ||||||
Flughafen Zuerich AG | 1,161 | 226,968 | ||||||
Forbo Holding AG | 149 | 200,450 | ||||||
Geberit AG | 262 | 114,845 | ||||||
Givaudan SA | 80 | 163,098 | ||||||
Implenia AG | 1,577 | 111,510 | ||||||
Kudelski SA | 5,555 | 103,570 | ||||||
Logitech International SA | 10,485 | 235,348 | ||||||
Lonza Group AG | 2,001 | 382,989 | ||||||
Oriflame Holding AG * | 7,131 | 261,182 | ||||||
Partners Group Holding AG | 625 | 315,772 | ||||||
Rieter Holding AG | 585 | 118,682 | ||||||
Sika AG | 63 | 306,942 | ||||||
Straumann Holding AG | 590 | 230,809 | ||||||
Swiss Life Holding AG | 1,137 | 294,850 | ||||||
Vontobel Holding AG | 2,552 | 126,878 | ||||||
|
| |||||||
4,276,602 | ||||||||
|
| |||||||
Thailand - 0.3% | ||||||||
GFPT PCL NVDR | 336,904 | 143,221 | ||||||
|
|
| Value | |||||||
United Kingdom - 11.0% | ||||||||
3i Group PLC | 27,117 | $228,633 | ||||||
Acacia Mining PLC | 28,665 | 184,841 | ||||||
Aldermore Group PLC * | 31,910 | 69,319 | ||||||
Barratt Developments PLC | 20,839 | 133,411 | ||||||
Beazley PLC | 42,480 | 212,780 | ||||||
Bellway PLC | 7,157 | 219,475 | ||||||
Booker Group PLC | 70,830 | 163,384 | ||||||
Computacenter PLC | 8,922 | 82,106 | ||||||
Cranswick PLC | 4,439 | 134,519 | ||||||
Daily Mail & General Trust PLC ‘A’ | 14,161 | 136,456 | ||||||
De La Rue PLC | 16,039 | 123,694 | ||||||
Fevertree Drinks PLC | 11,811 | 148,218 | ||||||
Go-Ahead Group PLC | 3,766 | 99,215 | ||||||
Inchcape PLC | 18,476 | 157,651 | ||||||
John Wood Group PLC | 15,348 | 151,076 | ||||||
Kennedy Wilson Europe Real Estate PLC | 8,088 | 105,206 | ||||||
Man Group PLC | 67,234 | 97,942 | ||||||
Marshalls PLC | 23,662 | 87,469 | ||||||
Mitie Group PLC | 30,696 | 76,368 | ||||||
National Express Group PLC | 28,549 | 127,464 | ||||||
Northgate PLC | 20,412 | 114,294 | ||||||
Novae Group PLC | 11,912 | 118,191 | ||||||
OneSavings Bank PLC | 25,521 | 83,921 | ||||||
PayPoint PLC | 8,288 | 110,707 | ||||||
Persimmon PLC | 6,821 | 160,378 | ||||||
Phoenix Group Holdings | 11,275 | 128,361 | ||||||
Premier Foods PLC * | 185,614 | 126,907 | ||||||
QinetiQ Group PLC | 46,280 | 141,790 | ||||||
Rentokil Initial PLC | 56,361 | 161,991 | ||||||
Safestore Holdings PLC REIT | 31,641 | 157,602 | ||||||
St Modwen Properties PLC | 22,383 | 85,294 | ||||||
Taylor Wimpey PLC | 63,363 | 126,382 | ||||||
UBM PLC | 29,627 | 273,873 | ||||||
WH Smith PLC | 6,777 | 135,196 | ||||||
WS Atkins PLC | 7,629 | 156,876 | ||||||
|
| |||||||
4,820,990 | ||||||||
|
| |||||||
United States - 0.5% | ||||||||
Milestone Apartments REIT | 7,396 | 108,802 | ||||||
Orion Engineered Carbons SA | 6,687 | 125,314 | ||||||
|
| |||||||
234,116 | ||||||||
|
| |||||||
Total Common Stocks | 43,324,401 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 0.5% | ||||||||
Money Market Fund - 0.5% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 222,965 | 222,965 | ||||||
|
| |||||||
Total Short-Term Investment | 222,965 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.6% | 43,547,366 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.4% | 183,773 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $43,731,139 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-68
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Industrial | 23.1% | |||
Financial | 19.0% | |||
Consumer, Non-cyclical | 17.4% | |||
Consumer, Cyclical | 16.5% | |||
Basic Materials | 7.9% | |||
Technology | 5.5% | |||
Energy | 4.1% | |||
Communications | 3.4% | |||
Others (each less than 3.0%) | 2.7% | |||
|
| |||
99.6% | ||||
Other Assets & Liabilities, Net | 0.4% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2016, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
Japan | 23.5% | |||
United Kingdom | 11.0% | |||
Switzerland | 9.8% | |||
Canada | 9.1% | |||
Germany | 7.8% | |||
France | 6.4% | |||
Australia | 5.3% | |||
South Korea | 5.3% | |||
Sweden | 3.3% | |||
Others (each less than 3.0%) | 18.1% | |||
|
| |||
99.6% | ||||
Other Assets & Liabilities, Net | 0.4% | |||
|
| |||
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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Australia | $2,337,902 | $— | $2,337,902 | $— | ||||||||||||||
Austria | 420,377 | 131,320 | 289,057 | — | ||||||||||||||
Belgium | 115,074 | — | 115,074 | — | ||||||||||||||
Canada | 3,956,315 | 3,956,315 | — | — | ||||||||||||||
Denmark | 966,976 | — | 966,976 | — | ||||||||||||||
Finland | 138,249 | — | 138,249 | — | ||||||||||||||
France | 2,813,149 | — | 2,813,149 | — | ||||||||||||||
Germany | 3,415,879 | — | 3,415,879 | — | ||||||||||||||
Hong Kong | 758,654 | — | 758,654 | — | ||||||||||||||
India | 196,193 | — | 196,193 | — | ||||||||||||||
Ireland | 132,107 | 132,107 | — | — | ||||||||||||||
Israel | 261,472 | 261,472 | — | — | ||||||||||||||
Italy | 1,185,994 | — | 1,185,994 | — | ||||||||||||||
Japan | 10,276,976 | — | 10,276,976 | — | ||||||||||||||
Luxembourg | 167,492 | — | 167,492 | — | ||||||||||||||
Malta | 93,700 | — | 93,700 | — | ||||||||||||||
Netherlands | 605,994 | — | 605,994 | — | ||||||||||||||
Norway | 102,824 | — | 102,824 | — | ||||||||||||||
Portugal | 65,448 | — | 65,448 | — | ||||||||||||||
Singapore | 677,094 | — | 677,094 | — | ||||||||||||||
South Africa | 117,886 | — | 117,886 | — | ||||||||||||||
South Korea | 2,333,919 | — | 2,333,919 | — | ||||||||||||||
Spain | 1,274,237 | — | 1,274,237 | — | ||||||||||||||
Sweden | 1,435,561 | 98,617 | 1,336,944 | — | ||||||||||||||
Switzerland | 4,276,602 | 247,721 | 4,028,881 | — | ||||||||||||||
Thailand | 143,221 | — | 143,221 | — | ||||||||||||||
United Kingdom | 4,820,990 | 1,025,714 | 3,795,276 | — | ||||||||||||||
United States | 234,116 | 234,116 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 43,324,401 | 6,087,382 | 37,237,019 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 222,965 | 222,965 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $43,547,366 | $6,310,347 | $37,237,019 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
Transfers between levels of the fair value hierarchy during the six-month period were as follows:
Amount Transferred | Level Transfer | Change in Fair Valuation Measurement Inputs | ||||||||||||||
From | To | From | To | |||||||||||||
$ | 516,290 | 2 | 1 | Adjusted Exchange-Traded Price using an Applied Foreign Fair Value Factor | Unadjusted Exchange-Traded Price |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-69
PACIFIC FUNDS
PF INTERNATIONAL VALUE FUND
Schedule of Investments
September 30, 2016 (Unaudited)
| Value | |||||||
RIGHTS - 0.1% | ||||||||
France - 0.1% | ||||||||
Air Liquide SA | 2,154 | $230,948 | ||||||
|
| |||||||
Total Rights | 230,948 | |||||||
|
| |||||||
COMMON STOCKS - 99.6% | ||||||||
Australia - 4.2% | ||||||||
Australia & New Zealand Banking Group Ltd | 261,935 | 5,579,631 | ||||||
Goodman Group REIT | 427,247 | 2,394,588 | ||||||
|
| |||||||
7,974,219 | ||||||||
|
| |||||||
Belgium - 2.1% | ||||||||
Anheuser-Busch InBev SA/NV | 16,071 | 2,113,473 | ||||||
KBC Group NV * | 31,526 | 1,840,367 | ||||||
|
| |||||||
3,953,840 | ||||||||
|
| |||||||
Canada - 1.2% | ||||||||
TransCanada Corp | 47,058 | 2,234,982 | ||||||
|
| |||||||
Chile - 0.5% | ||||||||
Banco Santander Chile ADR | 46,580 | 963,740 | ||||||
|
| |||||||
China - 1.6% | ||||||||
China Overseas Land & Investment Ltd | 316,000 | 1,086,407 | ||||||
CNOOC Ltd | 1,457,000 | 1,838,025 | ||||||
|
| |||||||
2,924,432 | ||||||||
|
| |||||||
Denmark - 0.6% | ||||||||
Pandora AS | 8,708 | 1,054,710 | ||||||
|
| |||||||
Finland - 2.1% | ||||||||
Outokumpu OYJ * | 239,536 | 1,644,576 | ||||||
UPM-Kymmene OYJ | 112,469 | 2,374,748 | ||||||
|
| |||||||
4,019,324 | ||||||||
|
| |||||||
France - 15.4% | ||||||||
Air Liquide SA | 17,229 | 1,847,588 | ||||||
Airbus Group SE | 31,446 | 1,907,247 | ||||||
AXA SA | 173,936 | 3,698,278 | ||||||
BNP Paribas SA | 84,015 | 4,321,215 | ||||||
Capgemini SA | 19,731 | 1,934,505 | ||||||
Natixis SA | 351,166 | 1,638,508 | ||||||
Renault SA | 32,263 | 2,654,265 | ||||||
Schneider Electric SE | 33,443 | 2,326,436 | ||||||
Technip SA | 29,092 | 1,788,417 | ||||||
TOTAL SA | 140,040 | 6,660,419 | ||||||
|
| |||||||
28,776,878 | ||||||||
|
| |||||||
Germany - 7.9% | ||||||||
Bayer AG | 17,829 | 1,790,581 | ||||||
Brenntag AG | 32,788 | 1,791,837 | ||||||
Daimler AG | 51,226 | 3,612,869 | ||||||
HeidelbergCement AG | 11,242 | 1,063,182 | ||||||
Infineon Technologies AG | 89,221 | 1,590,955 | ||||||
Siemens AG | 42,352 | 4,966,234 | ||||||
|
| |||||||
14,815,658 | ||||||||
|
| |||||||
Hong Kong - 1.6% | ||||||||
CK Hutchison Holdings Ltd | 229,021 | 2,927,405 | ||||||
|
|
| Value | |||||||
Ireland - 0.4% | ||||||||
Ryanair Holdings PLC ADR | 11,395 | $854,967 | ||||||
|
| |||||||
Israel - 1.3% | ||||||||
Teva Pharmaceutical Industries Ltd ADR | 54,449 | 2,505,198 | ||||||
|
| |||||||
Italy - 3.7% | ||||||||
Enel SPA | 827,136 | 3,686,334 | ||||||
Intesa Sanpaolo SPA | 831,528 | 1,846,090 | ||||||
Telecom Italia SPA * | 1,587,456 | 1,319,026 | ||||||
|
| |||||||
6,851,450 | ||||||||
|
| |||||||
Japan - 23.4% | ||||||||
Bridgestone Corp | 30,300 | 1,116,367 | ||||||
Daikin Industries Ltd | 33,100 | 3,088,755 | ||||||
Daiwa House Industry Co Ltd | 105,300 | 2,889,925 | ||||||
Dentsu Inc | 30,900 | 1,572,738 | ||||||
DMG Mori Co Ltd | 80,600 | 840,900 | ||||||
Honda Motor Co Ltd | 112,200 | 3,238,126 | ||||||
Japan Airlines Co Ltd | 58,300 | 1,713,756 | ||||||
Mitsubishi Corp | 64,500 | 1,470,347 | ||||||
Mitsubishi UFJ Financial Group Inc | 955,800 | 4,842,165 | ||||||
Mitsui Fudosan Co Ltd | 110,000 | 2,340,186 | ||||||
NGK Spark Plug Co Ltd | 61,900 | 1,093,794 | ||||||
NH Foods Ltd | 53,000 | 1,280,343 | ||||||
Nippon Telegraph & Telephone Corp | 83,800 | 3,832,676 | ||||||
Sompo Japan Nipponkoa Holdings Inc | 69,500 | 2,059,800 | ||||||
Sony Corp | 41,100 | 1,361,667 | ||||||
Sumitomo Electric Industries Ltd | 148,800 | 2,103,543 | ||||||
Sumitomo Mitsui Financial Group Inc | 44,600 | 1,506,571 | ||||||
Sumitomo Mitsui Trust Holdings Inc | 58,200 | 1,901,488 | ||||||
Suzuken Co Ltd | 28,300 | 934,481 | ||||||
Suzuki Motor Corp | 83,300 | 2,790,136 | ||||||
Yamato Holdings Co Ltd | 77,000 | 1,794,839 | ||||||
|
| |||||||
43,772,603 | ||||||||
|
| |||||||
Luxembourg - 1.0% | ||||||||
ArcelorMittal * | 296,028 | 1,805,295 | ||||||
|
| |||||||
Netherlands - 6.5% | ||||||||
ASR Nederland NV * | 42,845 | 870,572 | ||||||
ING Groep NV | 291,570 | 3,599,630 | ||||||
NN Group NV | 47,334 | 1,453,181 | ||||||
Royal Dutch Shell PLC ‘A’ | 254,112 | 6,321,741 | ||||||
|
| |||||||
12,245,124 | ||||||||
|
| |||||||
Norway - 1.1% | ||||||||
Norsk Hydro ASA | 489,883 | 2,118,140 | ||||||
|
| |||||||
South Korea - 1.6% | ||||||||
Samsung Electronics Co Ltd | 2,007 | 2,923,722 | ||||||
|
| |||||||
Spain - 1.1% | ||||||||
Bankia SA | 2,475,554 | 2,031,384 | ||||||
|
| |||||||
Sweden - 1.7% | ||||||||
Nordea Bank AB | 330,851 | 3,285,508 | ||||||
|
| |||||||
Switzerland - 4.9% | ||||||||
LafargeHolcim Ltd | 25,308 | 1,370,810 | ||||||
Roche Holding AG | 7,380 | 1,833,920 | ||||||
Wolseley PLC | 40,395 | 2,271,904 | ||||||
Zurich Insurance Group AG | 14,661 | 3,780,985 | ||||||
|
| |||||||
9,257,619 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-70
PACIFIC FUNDS
PF INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
| Value | |||||||
United Kingdom - 14.3% | ||||||||
Barratt Developments PLC | 176,823 | $1,132,020 | ||||||
British American Tobacco PLC | 32,545 | 2,075,581 | ||||||
Centrica PLC | 654,125 | 1,934,082 | ||||||
GlaxoSmithKline PLC | 207,731 | 4,424,343 | ||||||
InterContinental Hotels Group PLC | 22,805 | 939,884 | ||||||
Lloyds Banking Group PLC | 1,326,974 | 937,523 | ||||||
National Grid PLC | 140,262 | 1,980,886 | ||||||
Prudential PLC | 194,885 | 3,454,641 | ||||||
Rio Tinto PLC | 100,505 | 3,340,388 | ||||||
Standard Chartered PLC * | 253,262 | 2,060,974 | ||||||
Vodafone Group PLC | 1,573,668 | 4,513,138 | ||||||
|
| |||||||
26,793,460 | ||||||||
|
| |||||||
United States - 1.4% | ||||||||
Shire PLC | 40,187 | 2,598,605 | ||||||
|
| |||||||
Total Common Stocks | 186,688,263 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 0.9% | ||||||||
Money Market Fund - 0.9% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 1,638,635 | 1,638,635 | ||||||
|
| |||||||
Total Short-Term Investment | 1,638,635 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.6% | 188,557,846 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.6%) | (1,194,823 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $187,363,023 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 30.7% | |||
Consumer, Cyclical | 16.2% | |||
Consumer, Non-cyclical | 10.4% | |||
Energy | 10.1% | |||
Industrial | 9.3% | |||
Basic Materials | 8.1% | |||
Communications | 6.0% | |||
Utilities | 4.0% | |||
Technology | 3.4% | |||
Others (each less than 3.0%) | 2.4% | |||
|
| |||
100.6% | ||||
Other Assets & Liabilities, Net | (0.6% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2016, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
Japan | 23.4% | |||
France | 15.5% | |||
United Kingdom | 14.3% | |||
Germany | 7.9% | |||
Netherlands | 6.5% | |||
Switzerland | 4.9% | |||
Australia | 4.2% | |||
Italy | 3.7% | |||
Others (each less than 3.0%) | 20.2% | |||
|
| |||
100.6% | ||||
Other Assets & Liabilities, Net | (0.6% | ) | ||
|
| |||
100.0% | ||||
|
|
(c) | Forward foreign currency contracts outstanding as of September 30, 2016 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
AUD | 8,927,015 | USD | 6,681,205 | 11/16 | SCB | $145,729 | ||||||||||||||
CHF | 11,444,562 | USD | 11,686,997 | 11/16 | MER | 117,312 | ||||||||||||||
DKK | 11,431,536 | USD | 1,714,155 | 11/16 | TDB | 13,482 | ||||||||||||||
EUR | 503,172 | USD | 566,693 | 11/16 | ANZ | (563 | ) | |||||||||||||
EUR | 395,955 | USD | 441,665 | 11/16 | DUB | 3,832 | ||||||||||||||
EUR | 472,617 | USD | 529,561 | 11/16 | MER | 2,190 | ||||||||||||||
EUR | 597,618 | USD | 673,304 | 11/16 | SCB | (911 | ) | |||||||||||||
EUR | 914,186 | USD | 1,027,110 | 11/16 | SGN | 1,459 | ||||||||||||||
GBP | 866,135 | EUR | 1,017,780 | 11/16 | DUB | (21,722 | ) | |||||||||||||
GBP | 317,565 | USD | 411,735 | 11/16 | ANZ | (2,605 | ) | |||||||||||||
GBP | 473,753 | USD | 617,077 | 11/16 | ANZ | 156 | ||||||||||||||
GBP | 448,847 | USD | 584,895 | 11/16 | CIT | (2,727 | ) | |||||||||||||
GBP | 551,575 | USD | 731,366 | 11/16 | DUB | (15,956 | ) | |||||||||||||
GBP | 347,131 | USD | 456,088 | 11/16 | GSC | (5,849 | ) | |||||||||||||
GBP | 462,409 | USD | 604,660 | 11/16 | MSC | (4,902 | ) | |||||||||||||
GBP | 1,068,724 | USD | 1,420,267 | 11/16 | SGN | (34,100 | ) | |||||||||||||
JPY | 97,571,785 | EUR | 854,137 | 11/16 | SGN | 2,534 | ||||||||||||||
JPY | 58,391,650 | USD | 579,517 | 11/16 | HSB | (2,862 | ) | |||||||||||||
JPY | 39,310,052 | USD | 386,368 | 11/16 | SCB | 1,844 | ||||||||||||||
SEK | 4,195,160 | USD | 494,197 | 11/16 | CIT | (4,353 | ) | |||||||||||||
SEK | 4,516,051 | USD | 528,734 | 11/16 | DUB | (1,421 | ) | |||||||||||||
SEK | 5,563,065 | USD | 652,576 | 11/16 | GSC | (3,010 | ) | |||||||||||||
SEK | 3,356,780 | USD | 391,531 | 11/16 | GSC | 420 | ||||||||||||||
SGD | 2,969,528 | USD | 2,196,278 | 11/16 | SCB | (18,227 | ) | |||||||||||||
USD | 861,854 | AUD | 1,147,508 | 11/16 | MER | (15,702 | ) | |||||||||||||
USD | 1,652,319 | CAD | 2,174,479 | 11/16 | SCB | (5,536 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-71
PACIFIC FUNDS
PF INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
USD | 696,745 | CHF | 672,321 | 11/16 | MER | $3,290 | ||||||||||||||||
USD | 559,013 | CHF | 536,295 | 11/16 | MSC | 5,860 | ||||||||||||||||
USD | 484,742 | CHF | 469,029 | 11/16 | SGN | 970 | ||||||||||||||||
USD | 9,140,730 | EUR | 8,193,739 | 11/16 | CIT | (78,220 | ) | |||||||||||||||
USD | 453,576 | EUR | 405,501 | 11/16 | CSF | (2,662 | ) | |||||||||||||||
USD | 1,073,318 | EUR | 950,220 | 11/16 | DUB | 4,205 | ||||||||||||||||
USD | 1,086,643 | EUR | 972,557 | 11/16 | GSC | (7,602 | ) | |||||||||||||||
USD | 1,998,466 | EUR | 1,786,048 | 11/16 | RBC | (11,055 | ) | |||||||||||||||
USD | 787,570 | EUR | 701,515 | 11/16 | SCB | (1,720 | ) | |||||||||||||||
USD | 396,933 | GBP | 305,484 | 11/16 | RBC | 711 | ||||||||||||||||
USD | 10,190,804 | GBP | 7,733,188 | 11/16 | SCB | 160,624 | ||||||||||||||||
USD | 1,263,378 | JPY | 129,204,925 | 11/16 | ANZ | (12,604 | ) | |||||||||||||||
USD | 1,533,020 | JPY | 154,425,725 | 11/16 | ANZ | 7,967 | ||||||||||||||||
USD | 706,737 | NOK | 6,048,711 | 11/16 | CIT | (49,957 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total Forward Foreign Currency Contracts |
| $168,319 | ||||||||||||||||||||
|
|
(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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | |||||||||||||||
Assets | Rights | $230,948 | $— | $230,948 | $— | |||||||||||||
Common Stocks | ||||||||||||||||||
Australia | 7,974,219 | — | 7,974,219 | — | ||||||||||||||
Belgium | 3,953,840 | — | 3,953,840 | — | ||||||||||||||
Canada | 2,234,982 | 2,234,982 | — | — | ||||||||||||||
Chile | 963,740 | 963,740 | — | — | ||||||||||||||
China | 2,924,432 | — | 2,924,432 | — | ||||||||||||||
Denmark | 1,054,710 | — | 1,054,710 | — | ||||||||||||||
Finland | 4,019,324 | — | 4,019,324 | — | ||||||||||||||
France | 28,776,878 | — | 28,776,878 | — | ||||||||||||||
Germany | 14,815,658 | — | 14,815,658 | — | ||||||||||||||
Hong Kong | 2,927,405 | — | 2,927,405 | — | ||||||||||||||
Ireland | 854,967 | 854,967 | — | — | ||||||||||||||
Israel | 2,505,198 | 2,505,198 | — | — | ||||||||||||||
Italy | 6,851,450 | — | 6,851,450 | — | ||||||||||||||
Japan | 43,772,603 | — | 43,772,603 | — | ||||||||||||||
Luxembourg | 1,805,295 | — | 1,805,295 | — | ||||||||||||||
Netherlands | 12,245,124 | 3,599,630 | 8,645,494 | — | ||||||||||||||
Norway | 2,118,140 | — | 2,118,140 | — | ||||||||||||||
South Korea | 2,923,722 | — | 2,923,722 | — | ||||||||||||||
Spain | 2,031,384 | — | 2,031,384 | — | ||||||||||||||
Sweden | 3,285,508 | — | 3,285,508 | — | ||||||||||||||
Switzerland | 9,257,619 | — | 9,257,619 | — | ||||||||||||||
United Kingdom | 26,793,460 | — | 26,793,460 | — | ||||||||||||||
United States | 2,598,605 | — | 2,598,605 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 186,688,263 | 10,158,517 | 176,529,746 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 1,638,635 | 1,638,635 | — | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 472,585 | — | 472,585 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 189,030,431 | 11,797,152 | 177,233,279 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (304,266 | ) | — | (304,266 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (304,266 | ) | — | (304,266 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $188,726,165 | $11,797,152 | $176,929,013 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-72
PACIFIC FUNDS
PF REAL ESTATE FUND
Schedule of Investments
September 30, 2016 (Unaudited)
| Value | |||||||
COMMON STOCKS - 97.2% | ||||||||
Consumer, Cyclical - 2.8% | ||||||||
Gaming & Leisure Properties Inc REIT | 20,140 | $673,683 | ||||||
Hilton Worldwide Holdings Inc | 56,355 | 1,292,220 | ||||||
|
| |||||||
1,965,903 | ||||||||
|
| |||||||
Financial - 94.4% | ||||||||
Acadia Realty Trust REIT | 3,246 | 117,635 | ||||||
American Homes 4 Rent ‘A’ REIT | 5,700 | 123,348 | ||||||
Apartment Investment & Management Co ‘A’ REIT | 19,071 | 875,550 | ||||||
AvalonBay Communities Inc REIT | 17,183 | 3,055,825 | ||||||
Boston Properties Inc REIT | 29,356 | 4,000,929 | ||||||
Brixmor Property Group Inc REIT | 14,196 | 394,507 | ||||||
Camden Property Trust REIT | 21,548 | 1,804,430 | ||||||
CBL & Associates Properties Inc REIT | 2,710 | 32,899 | ||||||
Chesapeake Lodging Trust REIT | 26,109 | 597,896 | ||||||
Columbia Property Trust Inc REIT | 3,740 | 83,739 | ||||||
Corporate Office Properties Trust REIT | 10,447 | 296,172 | ||||||
Cousins Properties Inc REIT | 32,038 | 334,477 | ||||||
CubeSmart REIT | 10,598 | 288,901 | ||||||
DCT Industrial Trust Inc REIT | 2,178 | 105,742 | ||||||
DDR Corp REIT | 27,143 | 473,102 | ||||||
Digital Realty Trust Inc REIT | 4,650 | 451,608 | ||||||
Douglas Emmett Inc REIT | 26,096 | 955,896 | ||||||
Duke Realty Corp REIT | 27,414 | 749,225 | ||||||
Equity LifeStyle Properties Inc REIT | 4,506 | 347,773 | ||||||
Equity One Inc REIT | 14,349 | 439,223 | ||||||
Equity Residential REIT | 78,989 | 5,081,362 | ||||||
Essex Property Trust Inc REIT | 6,712 | 1,494,762 | ||||||
Federal Realty Investment Trust REIT | 118 | 18,164 | ||||||
General Growth Properties Inc REIT | 98,213 | 2,710,679 | ||||||
Healthcare Realty Trust Inc REIT | 12,382 | 421,731 | ||||||
Host Hotels & Resorts Inc REIT | 171,221 | 2,665,911 | ||||||
Hudson Pacific Properties Inc REIT | 43,633 | 1,434,217 | ||||||
Kimco Realty Corp REIT | 44,443 | 1,286,625 | ||||||
LaSalle Hotel Properties REIT | 56,967 | 1,359,802 | ||||||
Liberty Property Trust REIT | 6,713 | 270,870 | ||||||
Life Storage Inc REIT | 7,805 | 694,177 | ||||||
Mack-Cali Realty Corp REIT | 2,135 | 58,115 | ||||||
Mid-America Apartment Communities Inc REIT | 2,176 | 204,522 | ||||||
National Retail Properties Inc REIT | 20,745 | 1,054,883 | ||||||
Omega Healthcare Investors Inc REIT | 20,124 | 713,396 | ||||||
Paramount Group Inc REIT | 35,128 | 575,748 | ||||||
Post Properties Inc REIT | 2,839 | 187,743 | ||||||
Prologis Inc REIT | 25,269 | 1,352,902 | ||||||
Public Storage REIT | 12,895 | 2,877,390 | ||||||
QTS Realty Trust Inc ‘A’ REIT | 9,277 | 490,289 | ||||||
Regency Centers Corp REIT | 31,620 | 2,450,234 | ||||||
Rexford Industrial Realty Inc REIT | 12,000 | 274,680 | ||||||
Senior Housing Properties Trust REIT | 22,317 | 506,819 |
| Value | |||||||
Simon Property Group Inc REIT | 46,144 | $ 9,552,269 | ||||||
SL Green Realty Corp REIT | 2,860 | 309,166 | ||||||
Spirit Realty Capital Inc REIT | 12,160 | 162,093 | ||||||
STORE Capital Corp REIT | 19,267 | 567,799 | ||||||
Sunstone Hotel Investors Inc REIT | 29,036 | 371,370 | ||||||
Tanger Factory Outlet Centers Inc REIT | 40,776 | 1,588,633 | ||||||
Taubman Centers Inc REIT | 7,678 | 571,320 | ||||||
The RMR Group Inc ‘A’ l | — | 17 | ||||||
Ventas Inc REIT | 30,313 | 2,141,007 | ||||||
Vornado Realty Trust REIT | 50,198 | 5,080,540 | ||||||
Welltower Inc REIT | 24,878 | 1,860,128 | ||||||
Xenia Hotels & Resorts Inc REIT | 13,136 | 199,405 | ||||||
|
| |||||||
66,117,645 | ||||||||
|
| |||||||
Total Common Stocks | 68,083,548 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 2.3% | ||||||||
Money Market Fund - 2.3% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 1,582,095 | 1,582,095 | ||||||
|
| |||||||
Total Short-Term Investment | 1,582,095 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.5% | 69,665,643 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.5% | 365,212 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $70,030,855 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition by property sector as a percentage of net assets was as follows: |
REITS - Regional Malls | 20.6% | |||
REITS - Apartments | 18.3% | |||
REITS - Office Property | 11.0% | |||
REITS - Diversified | 9.8% | |||
REITS - Heath Care | 8.1% | |||
REITS - Hotels | 7.4% | |||
REITS - Shopping Centers | 7.4% | |||
REITS - Storage | 5.5% | |||
REITS - Warehouse/Industrial | 3.2% | |||
Others (each less than 3.0%) | 5.9% | |||
|
| |||
97.2% | ||||
Short-Term Investment | 2.3% | |||
Other Assets & Liabilities, Net | 0.5% | |||
|
| |||
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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $68,083,548 | $68,083,548 | $— | $— | |||||||||||||
Short-Term Investment | 1,582,095 | 1,582,095 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $69,665,643 | $69,665,643 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-73
PACIFIC FUNDS
PF CURRENCY STRATEGIES FUND
Schedule of Investments
September 30, 2016 (Unaudited)
Principal | Value | |||||||
U.S. TREASURY OBLIGATIONS - 4.7% | ||||||||
U.S. Treasury Notes - 4.7% | ||||||||
0.625% due 11/15/16 ‡ | $4,100,000 | $4,102,153 | ||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 4,102,153 | ||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 16.5% |
| |||||||
Canada - 4.3% | ||||||||
Canadian Government | CAD 4,950,000 | 3,785,460 | ||||||
|
| |||||||
France - 3.7% | ||||||||
France Government OAT | EUR 2,850,000 | 3,280,943 | ||||||
|
| |||||||
Germany - 4.3% | ||||||||
Bundesrepublik Deutschland | 3,275,000 | 3,720,471 | ||||||
|
| |||||||
United Kingdom - 4.2% | ||||||||
United Kingdom Gilt | GBP 2,800,000 | 3,658,676 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes |
| 14,445,550 | ||||||
|
| |||||||
PURCHASED OPTIONS - 0.1% | ||||||||
(See Note (d) in Notes to Schedule of Investments) |
| 111,059 | ||||||
|
|
| Value | |||||||
SHORT-TERM INVESTMENTS - 78.6% | ||||||||
Money Market Fund - 35.3% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 30,920,502 | $30,920,502 | ||||||
|
| |||||||
Principal | ||||||||
U.S. Treasury Bills - 43.3% | ||||||||
0.316% due 02/02/17 ‡ | $8,000,000 | 7,991,392 | ||||||
0.356% due 03/02/17 | 8,000,000 | 7,988,120 | ||||||
0.368% due 10/20/16 | 6,000,000 | 5,998,797 | ||||||
0.368% due 11/10/16 | 8,000,000 | 7,996,711 | ||||||
0.456% due 04/27/17 | 8,000,000 | 7,979,256 | ||||||
|
| |||||||
37,954,276 | ||||||||
|
| |||||||
Total Short-Term Investments |
| 68,874,778 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.9% |
| 87,533,540 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% |
| 105,322 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $87,638,862 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition as a percentage of net assets was as follows: |
Short-Term Investments | 78.6% | |||
Foreign Government Bonds & Notes | 16.5% | |||
U.S. Treasury Obligations | 4.7% | |||
Other (each less than 3.0%) | 0.1% | |||
|
| |||
99.9% | ||||
Other Assets & Liabilities, Net | 0.1% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2016, investments with a total aggregate value of $678,612 were fully or partially segregated with the broker(s)/custodian as collateral for forward foreign currency contracts. |
(c) | Forward foreign currency contracts outstanding as of September 30, 2016 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
AUD | 5,851,100 | USD | 4,357,191 | 10/16 | ANZ | $120,227 | ||||||||||||||
AUD | 6,185,000 | USD | 4,650,613 | 10/16 | BRC | 80,887 | ||||||||||||||
AUD | 510,000 | USD | 390,292 | 10/16 | GSC | (26 | ) | |||||||||||||
CAD | 23,870,045 | USD | 18,220,129 | 10/16 | ANZ | (24,864 | ) | |||||||||||||
CAD | 23,263,601 | USD | 17,910,588 | 10/16 | RBC | (177,593 | ) | |||||||||||||
CHF | 8,617,302 | USD | 8,856,780 | 10/16 | ANZ | 17,053 | ||||||||||||||
CHF | 15,075,532 | USD | 15,620,951 | 10/16 | BRC | (96,631 | ) | |||||||||||||
CHF | 290,000 | USD | 300,104 | 10/16 | CSF | (1,237 | ) | |||||||||||||
CHF | 290,000 | USD | 298,688 | 10/16 | CSF | 179 | ||||||||||||||
CHF | 4,688,099 | USD | 4,875,368 | 10/16 | GSC | (47,708 | ) | |||||||||||||
CHF | 4,323,054 | USD | 4,426,193 | 10/16 | SCB | 25,555 | ||||||||||||||
CLP | 194,200,000 | USD | 293,753 | 10/16 | CSF | 1,055 | ||||||||||||||
COP | 13,480,601,111 | USD | 4,513,846 | 10/16 | BRC | 143,239 | ||||||||||||||
EUR | 3,926,870 | USD | 4,432,121 | 10/16 | BRC | (19,416 | ) | |||||||||||||
EUR | 5,760,000 | USD | 6,474,240 | 10/16 | CIB | 2,297 | ||||||||||||||
EUR | 3,017,707 | USD | 3,376,753 | 10/16 | SCB | 14,306 | ||||||||||||||
EUR | 7,781,753 | USD | 8,700,000 | 10/16 | SSB | 44,516 | ||||||||||||||
GBP | 10,180,436 | USD | 13,307,275 | 10/16 | BRC | (110,084 | ) | |||||||||||||
GBP | 10,116,872 | USD | 13,200,000 | 10/16 | GSC | (85,209 | ) | |||||||||||||
GBP | 3,650,971 | USD | 4,737,285 | 10/16 | RBC | (4,426 | ) | |||||||||||||
INR | 310,860,000 | USD | 4,630,372 | 10/16 | BRC | 22,255 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-74
PACIFIC FUNDS
PF CURRENCY STRATEGIES FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation/ (Depreciation) | ||||||||||||||||
JPY | 1,337,151,695 | USD | 12,995,731 | 10/16 | ANZ | $194,324 | ||||||||||||||
JPY | 295,936,095 | USD | 2,897,026 | 10/16 | GSC | 22,175 | ||||||||||||||
JPY | 457,159,113 | USD | 4,500,000 | 10/16 | RBC | 9,551 | ||||||||||||||
JPY | 1,773,537,310 | USD | 17,375,220 | 10/16 | SCB | 119,470 | ||||||||||||||
JPY | 724,015,154 | USD | 7,085,822 | 10/16 | SEB | 56,075 | ||||||||||||||
JPY | 883,136,056 | USD | 8,800,000 | 10/16 | SGN | (88,488 | ) | |||||||||||||
MXN | 254,350,000 | USD | 13,298,303 | 10/16 | CSF | (211,117 | ) | |||||||||||||
MXN | 93,701,893 | USD | 4,856,258 | 10/16 | JPM | (34,972 | ) | |||||||||||||
MXN | 2,950,000 | USD | 148,398 | 10/16 | JPM | 3,390 | ||||||||||||||
NOK | 35,729,276 | USD | 4,400,000 | 10/16 | BRC | 69,297 | ||||||||||||||
NOK | 79,658,156 | USD | 9,716,315 | 10/16 | GSC | 247,951 | ||||||||||||||
NOK | 37,259,055 | USD | 4,500,000 | 10/16 | SSB | 160,654 | ||||||||||||||
NZD | 6,149,948 | USD | 4,455,502 | 10/16 | ANZ | 21,298 | ||||||||||||||
NZD | 4,067,730 | USD | 2,909,749 | 10/16 | BRC | 51,319 | ||||||||||||||
NZD | 503,977 | USD | 360,707 | 10/16 | GSC | 6,159 | ||||||||||||||
NZD | 23,227,586 | USD | 16,617,712 | 10/16 | SSB | 290,603 | ||||||||||||||
RUB | 155,246,521 | USD | 2,372,857 | 10/16 | MSC | 87,664 | ||||||||||||||
SEK | 102,135,575 | USD | 11,934,236 | 10/16 | SSB | (24,501 | ) | |||||||||||||
USD | 13,185,107 | AUD | 17,465,151 | 10/16 | ANZ | (179,694 | ) | |||||||||||||
USD | 253,213 | AUD | 330,000 | 10/16 | BRC | 765 | ||||||||||||||
USD | 10,328,884 | AUD | 13,682,997 | 10/16 | GSC | (141,711 | ) | |||||||||||||
USD | 4,400,346 | AUD | 5,723,544 | 10/16 | RBC | 20,538 | ||||||||||||||
USD | 8,980,875 | CAD | 11,741,389 | 10/16 | ANZ | 30,842 | ||||||||||||||
USD | 8,463,835 | CAD | 11,085,000 | 10/16 | CSF | 13,333 | ||||||||||||||
USD | 4,960,643 | CAD | 6,500,189 | 10/16 | RBC | 5,786 | ||||||||||||||
USD | 8,800,000 | CAD | 11,589,160 | 10/16 | SGN | (33,994 | ) | |||||||||||||
USD | 8,700,000 | CAD | 11,517,747 | 10/16 | SSB | (79,559 | ) | |||||||||||||
USD | 44,833,024 | CHF | 43,289,859 | 10/16 | BRC | 254,456 | ||||||||||||||
USD | 22,751,026 | CHF | 22,095,000 | 10/16 | CSF | (19,525 | ) | |||||||||||||
USD | 258,379 | CHF | 250,000 | 10/16 | CSF | 736 | ||||||||||||||
USD | 13,200,000 | CHF | 12,809,005 | 10/16 | GSC | 9,680 | ||||||||||||||
USD | 4,500,000 | CHF | 4,379,805 | 10/16 | SSB | (10,189 | ) | |||||||||||||
USD | 4,710,757 | CLP | 3,166,100,000 | 10/16 | MSC | (95,578 | ) | |||||||||||||
USD | 4,500,000 | EUR | 3,986,252 | 10/16 | GSC | 20,567 | ||||||||||||||
USD | 26,855,659 | EUR | 24,002,037 | 10/16 | SCB | (115,923 | ) | |||||||||||||
USD | 6,708,122 | EUR | 5,997,105 | 10/16 | SEB | (30,948 | ) | |||||||||||||
USD | 4,455,502 | GBP | 3,434,628 | 10/16 | ANZ | 3,096 | ||||||||||||||
USD | 8,357,736 | GBP | 6,285,000 | 10/16 | BRC | 208,140 | ||||||||||||||
USD | 9,201,230 | GBP | 7,090,877 | 10/16 | GSC | 9,124 | ||||||||||||||
USD | 8,877,962 | GBP | 6,669,142 | 10/16 | SCB | 232,562 | ||||||||||||||
USD | 777,185 | JPY | 78,698,500 | 10/16 | GSC | 880 | ||||||||||||||
USD | 13,148,111 | JPY | 1,330,900,479 | 10/16 | RBC | 19,720 | ||||||||||||||
USD | 8,935,000 | JPY | 909,745,617 | 10/16 | SCB | (38,997 | ) | |||||||||||||
USD | 13,439,050 | KRW | 15,009,000,000 | 10/16 | BRC | (186,775 | ) | |||||||||||||
USD | 3,717,538 | NOK | 31,474,439 | 10/16 | BRC | (219,532 | ) | |||||||||||||
USD | 4,372,091 | NOK | 37,011,062 | 10/16 | GSC | (257,542 | ) | |||||||||||||
USD | 2,524,795 | NOK | 21,358,627 | 10/16 | SCB | (146,909 | ) | |||||||||||||
USD | 3,482,577 | NOK | 29,482,804 | 10/16 | SEB | (205,362 | ) | |||||||||||||
USD | 1,517,118 | NOK | 12,843,013 | 10/16 | SSB | (89,386 | ) | |||||||||||||
USD | 4,399,163 | NZD | 6,149,880 | 10/16 | BRC | (77,588 | ) | |||||||||||||
USD | 17,949,480 | NZD | 24,525,000 | 10/16 | BRC | 106,309 | ||||||||||||||
USD | 1,160,781 | NZD | 1,599,400 | 10/16 | GSC | (3,488 | ) | |||||||||||||
USD | 8,872,297 | NZD | 12,119,300 | 10/16 | RBC | 50,160 | ||||||||||||||
USD | 5,646,361 | SEK | 47,685,226 | 10/16 | BRC | 85,924 | ||||||||||||||
USD | 5,018,650 | SEK | 42,557,650 | 10/16 | GSC | 56,125 | ||||||||||||||
USD | 1,362,205 | SEK | 11,557,220 | 10/16 | SEB | 14,551 | ||||||||||||||
USD | 6,516,086 | SEK | 55,765,964 | 10/16 | SSB | 13,377 | ||||||||||||||
|
| |||||||||||||||||||
Total Forward Foreign Currency Contracts | $109,198 | |||||||||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-75
PACIFIC FUNDS
PF CURRENCY STRATEGIES FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
(d) | Purchased options outstanding as of September 30, 2016 were as follows: |
Foreign Currency Options
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Cost | Value | ||||||||||||||||
Call - JPY versus USD | JPY 106.00 | 10/27/16 | SGN | $43,220,000 | $25,500 | $25,500 | ||||||||||||||||
Call - AUD versus USD | $0.80 | 01/03/17 | ANZ | AUD 5,786,200 | 33,127 | 24,512 | ||||||||||||||||
Call - CAD versus USD | CAD 1.54 | 01/03/17 | RBC | $18,025,800 | 128,379 | 5,900 | ||||||||||||||||
Call - JPY versus USD | JPY 124.75 | 01/03/17 | GSC | 2,893,100 | 21,892 | 231 | ||||||||||||||||
Call - CHF versus JPY | 130.00 | 01/03/17 | GSC | CHF 15,132,000 | 138,130 | 2,770 | ||||||||||||||||
|
|
|
| |||||||||||||||||||
347,028 | 58,913 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Put - CHF versus NZD | CHF 0.57 | 01/03/17 | GSC | NZD 29,044,400 | 443,701 | 9,322 | ||||||||||||||||
Put - EUR versus USD | $0.98 | 01/03/17 | BRC | EUR 2,626,300 | 29,875 | 1,104 | ||||||||||||||||
Put - SEK versus USD | SEK 7.50 | 01/03/17 | GSC | $6,391,500 | 45,800 | 969 | ||||||||||||||||
Put - NOK versus USD | NOK 7.65 | 01/03/17 | SEB | 6,391,500 | 56,415 | 40,751 | ||||||||||||||||
|
|
|
| |||||||||||||||||||
575,791 | 52,146 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Total Purchased Options | $922,819 | $111,059 | ||||||||||||||||||||
|
|
|
|
(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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | U.S. Treasury Obligations | $4,102,153 | $— | $4,102,153 | $— | |||||||||||||
Foreign Government Bonds & Notes | 14,445,550 | — | 14,445,550 | — | ||||||||||||||
Short-Term Investments | 68,874,778 | 30,920,502 | 37,954,276 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 2,968,170 | — | 2,968,170 | — | ||||||||||||||
Purchased Options | 111,059 | — | 111,059 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | 3,079,229 | — | 3,079,229 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 90,501,710 | 30,920,502 | 59,581,208 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (2,858,972 | ) | — | (2,858,972 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (2,858,972 | ) | — | (2,858,972 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $87,642,738 | $30,920,502 | $56,722,236 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-76
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments
September 30, 2016 (Unaudited)
| | |||||||
SHORT-TERM INVESTMENTS - 79.1% | ||||||||
Money Market Fund - 17.1% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 13,205,243 | $13,205,243 | ||||||
|
| |||||||
Principal | ||||||||
U.S. Treasury Bills - 62.0% |
| |||||||
0.106% due 10/20/16 ‡ | $23,958,500 | 23,957,110 | ||||||
0.165% due 10/27/16 | 23,958,500 | 23,955,577 | ||||||
|
| |||||||
47,912,687 | ||||||||
|
| |||||||
Total Short-Term Investments | 61,117,930 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 79.1% | 61,117,930 | |||||||
OTHER ASSETS & LIABILITIES, NET - 20.9% |
| 16,194,371 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $77,312,301 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition as a percentage of net assets was as follows: |
Short-Term Investments | 79.1% | |||
Other Assets & Liabilities, Net | 20.9% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2016, an investment with a value of $9,959,173 was fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currencies contracts, and swap agreements. |
(c) | Open futures contracts outstanding as September 30, 2016 were as follows: |
Long Futures Outstanding | Number of Contracts | Unrealized Appreciation (Depreciation) | ||||||
AEX Index (10/16) | 9 | $8,923 | ||||||
CAC 40 Index (10/16) | 35 | 1,412 | ||||||
DAX Index (12/16) | 4 | 5,551 | ||||||
FTSE 100 Index (12/16) | 34 | 77,569 | ||||||
FTSE MIB Index (12/16) | 5 | (4,530 | ) | |||||
Hang Seng Index (10/16) | 3 | (2,849 | ) | |||||
IBEX 35 Index (10/16) | 3 | (1,193 | ) | |||||
OMX Index (10/16) | 30 | 8,189 | ||||||
S&P 500 E-Mini Index (12/16) | 232 | 180,347 | ||||||
S&P/TSE 60 Index (12/16) | 10 | 2,392 | ||||||
SGX MSCI Index (10/16) | 16 | 3,751 | ||||||
SPI 200 Index (12/16) | 12 | 48,891 | ||||||
TOPIX Index (12/16) | 29 | (46,241 | ) | |||||
|
| |||||||
Total Futures Contracts | $282,212 | |||||||
|
|
(d) | Forward foreign currency contracts outstanding as of September 30, 2016 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
AUD | 1,410,000 | USD | 1,061,595 | 12/16 | CIT | $15,550 | ||||||||||||||||
CAD | 1,774,000 | USD | 1,366,864 | 12/16 | CIT | (13,870 | ) | |||||||||||||||
CHF | 1,252,000 | USD | 1,293,977 | 12/16 | CIT | 1,357 | ||||||||||||||||
DKK | 1,866,000 | USD | 284,249 | 12/16 | CIT | (1,587 | ) | |||||||||||||||
EUR | 3,850,000 | USD | 4,337,997 | 12/16 | CIT | 3,530 | ||||||||||||||||
GBP | 2,048,000 | USD | 2,690,719 | 12/16 | CIT | (31,562 | ) | |||||||||||||||
HKD | 3,837,000 | USD | 495,224 | 12/16 | CIT | (126 | ) | |||||||||||||||
ILS | 425,000 | USD | 113,458 | 12/16 | CIT | 203 | ||||||||||||||||
JPY | 350,537,000 | USD | 3,441,119 | 12/16 | CIT | 28,573 | ||||||||||||||||
NOK | 730,000 | USD | 88,642 | 12/16 | CIT | 2,690 | ||||||||||||||||
NZD | 41,000 | USD | 29,986 | 12/16 | CIT | (226 | ) | |||||||||||||||
SEK | 3,390,000 | USD | 402,823 | 12/16 | CIT | (5,992 | ) | |||||||||||||||
SGD | 251,000 | USD | 184,610 | 12/16 | CIT | (495 | ) | |||||||||||||||
USD | 48,963 | AUD | 64,000 | 12/16 | CIT | 71 | ||||||||||||||||
USD | 23,052 | DKK | 152,000 | 12/16 | CIT | 27 | ||||||||||||||||
USD | 20,111 | GBP | 15,000 | 12/16 | CIT | 634 | ||||||||||||||||
USD | 5,883 | ILS | 22,000 | 12/16 | CIT | (1 | ) | |||||||||||||||
USD | 1,487 | SGD | 2,000 | 12/16 | CIT | 20 | ||||||||||||||||
|
| |||||||||||||||||||||
Total Forward Foreign Currency Contracts | ($1,204 | ) | ||||||||||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-77
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
(e) | Swap agreements outstanding as of September 30, 2016 were as follows: |
Total Return Basket Swaps
Description | Counter- party | Expiration Date (1) | Value | |||||||
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Month USD-LIBOR, plus a specified spread as negotiated by the parties, which is denominated in USD based on the local currencies of the positions within the swap. | GSC | 12/22/20 | $2,140,790 | |||||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2016:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: |
| |||||||||||
Bermuda | ||||||||||||
Aspen Insurance Holdings Ltd | 2,980 | $132,759 | $6,079 | |||||||||
Marvell Technology Group Ltd | 17,321 | 146,709 | 83,141 | |||||||||
|
| |||||||||||
89,220 | ||||||||||||
|
| |||||||||||
Switzerland | ||||||||||||
TE Connectivity Ltd | 2,818 | 171,855 | 9,568 | |||||||||
|
| |||||||||||
United States | ||||||||||||
3M Co | 1,752 | 260,785 | 47,970 | |||||||||
Aaron’s Inc | 1,070 | 24,553 | 2,646 | |||||||||
Abercrombie & Fitch Co ‘A’ | 12,731 | 255,609 | (53,314 | ) | ||||||||
Accenture PLC ‘A’ | 309 | 31,907 | 5,843 | |||||||||
Activision Blizzard Inc | 526 | 23,347 | (45 | ) | ||||||||
Advanced Micro Devices Inc | 5,405 | 32,708 | 4,640 | |||||||||
Aetna Inc | 1,460 | 158,936 | 9,621 | |||||||||
Aflac Inc | 4,276 | 258,185 | 49,131 | |||||||||
AGCO Corp | 2,033 | 90,631 | 9,636 | |||||||||
Agilent Technologies Inc | 7,483 | 305,157 | 47,218 | |||||||||
Akamai Technologies Inc | 3,865 | 192,970 | 11,837 | |||||||||
Allied World Assurance Co Holdings AG | 2,088 | 65,403 | 18,994 | |||||||||
Allscripts Healthcare Solutions Inc | 8,427 | 108,167 | 2,816 | |||||||||
Alphabet Inc ‘A’ | 198 | 150,735 | 8,469 | |||||||||
Altria Group Inc | 5,590 | 326,624 | 26,832 | |||||||||
Amazon.com Inc | 152 | 86,559 | 40,712 | |||||||||
AMC Networks Inc ‘A’ | 620 | 31,574 | 579 | |||||||||
Amdocs Ltd | 8,168 | 448,096 | 24,422 | |||||||||
Ameren Corp | 13,029 | 586,747 | 54,020 | |||||||||
American Eagle Outfitters Inc | 8,462 | 128,876 | 22,255 | |||||||||
American Electric Power Co Inc | 2,255 | 129,482 | 15,311 | |||||||||
American Financial Group Inc | 990 | 67,275 | 6,975 | |||||||||
American International Group Inc | 2,939 | 165,037 | 9,364 | |||||||||
American Water Works Co Inc | 2,471 | 165,842 | 19,088 | |||||||||
Ameriprise Financial Inc | 2,478 | 260,438 | (13,208 | ) | ||||||||
AmerisourceBergen Corp | 1,439 | 147,267 | (31,025 | ) | ||||||||
Amgen Inc | 295 | 47,622 | 1,587 | |||||||||
Anadarko Petroleum Corp | 415 | 23,757 | 2,537 | |||||||||
Analog Devices Inc | 3,312 | 181,322 | 32,137 | |||||||||
ANSYS Inc | 231 | 21,104 | 289 | |||||||||
Antero Resources Corp | 3,387 | 88,034 | 3,246 | |||||||||
Anthem Inc | 2,560 | 360,868 | (40,075 | ) | ||||||||
AO Smith Corp | 5,016 | 359,233 | 136,298 | |||||||||
Applied Materials Inc | 15,226 | 361,932 | 97,132 | |||||||||
Archer-Daniels-Midland Co | 7,611 | 261,239 | 59,717 | |||||||||
Armstrong Flooring Inc l | — | 5 | 5 | |||||||||
Arrow Electronics Inc | 6,189 | 338,662 | 57,248 | |||||||||
Assurant Inc | 1,927 | 155,875 | 21,891 | |||||||||
Assured Guaranty Ltd | 16,608 | 420,348 | 40,524 | |||||||||
Avery Dennison Corp | 7,404 | 515,570 | 60,387 | |||||||||
Avnet Inc | 9,289 | 398,219 | (16,813 | ) | ||||||||
Axis Capital Holdings Ltd | 4,104 | 219,361 | 3,610 | |||||||||
Baker Hughes Inc | 1,913 | 92,373 | 4,176 | |||||||||
Baxter International Inc | 9,046 | 339,861 | 90,729 | |||||||||
Bed Bath & Beyond Inc | 1,644 | 85,011 | (14,138 | ) |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Belden Inc | 958 | $45,478 | $20,614 | |||||||||
Bemis Co Inc | 6,117 | 273,521 | 38,507 | |||||||||
Berry Plastics Group Inc | 4,390 | 190,958 | 1,543 | |||||||||
Best Buy Co Inc | 10,551 | 314,420 | 88,417 | |||||||||
Big Lots Inc | 6,556 | 247,668 | 65,381 | |||||||||
Biogen Inc | 1,310 | 372,118 | 37,952 | |||||||||
Boston Scientific Corp | 3,663 | 86,505 | 675 | |||||||||
Brinker International Inc | 3,081 | 139,200 | 16,175 | |||||||||
Broadridge Financial Solutions Inc | 2,738 | 147,496 | 38,113 | |||||||||
Brocade Communications Systems Inc | 58,693 | 517,672 | 24,064 | |||||||||
Bruker Corp | 27,343 | 727,166 | (107,847 | ) | ||||||||
Brunswick Corp | 5,702 | 228,767 | 49,376 | |||||||||
Bunge Ltd | 1,989 | 118,825 | (1,016 | ) | ||||||||
Burlington Stores Inc | 1,209 | 83,302 | 14,651 | |||||||||
BWX Technologies Inc | 11,137 | 348,213 | 79,114 | |||||||||
CA Inc | 11,042 | 314,697 | 50,572 | |||||||||
Cabot Corp | 6,479 | 309,221 | 30,343 | |||||||||
Cadence Design Systems Inc | 8,984 | 185,199 | 44,162 | |||||||||
Capital One Financial Corp | 3,734 | 277,735 | (9,522 | ) | ||||||||
Cardinal Health Inc | 1,126 | 99,043 | (11,553 | ) | ||||||||
Carlisle Cos Inc | 7,024 | 687,058 | 33,394 | |||||||||
Carnival Corp | 1,369 | 68,894 | (2,059 | ) | ||||||||
Carpenter Technology Corp | 1,933 | 66,371 | 13,385 | |||||||||
Carter’s Inc | 3,177 | 283,738 | (8,260 | ) | ||||||||
CDW Corp | 4,599 | 196,331 | 13,981 | |||||||||
Celanese Corp ‘A’ | 1,985 | 121,826 | 10,296 | |||||||||
Celgene Corp | 943 | 101,997 | (3,425 | ) | ||||||||
CenterPoint Energy Inc | 11,433 | 258,106 | 7,483 | |||||||||
CenturyLink Inc | 7,888 | 227,380 | (11,012 | ) | ||||||||
Cerner Corp | 3,301 | 176,650 | 27,187 | |||||||||
CH Robinson Worldwide Inc | 1,638 | 119,463 | (4,050 | ) | ||||||||
Charles River Laboratories International Inc | 3,836 | 306,736 | 12,957 | |||||||||
Chico’s FAS Inc | 14,724 | 157,612 | 17,603 | |||||||||
Choice Hotels International Inc | 974 | 45,019 | (1,111 | ) | ||||||||
Church & Dwight Co Inc | 3,422 | 145,846 | 18,137 | |||||||||
Churchill Downs Inc | 225 | 28,059 | 4,870 | |||||||||
Cintas Corp | 2,493 | 225,666 | 55,045 | |||||||||
Cisco Systems Inc | 14,974 | 400,105 | 74,870 | |||||||||
Citigroup Inc | 3,263 | 148,696 | 5,415 | |||||||||
Citrix Systems Inc | 4,523 | 330,070 | 55,380 | |||||||||
Cognizant Technology Solutions Corp ‘A’ | 4,028 | 235,334 | (43,158 | ) | ||||||||
Colgate-Palmolive Co | 3,465 | 224,059 | 32,836 | |||||||||
Comerica Inc | 1,939 | 89,832 | 1,921 | |||||||||
Commerce Bancshares Inc | 517 | 20,225 | 5,242 | |||||||||
Commercial Metals Co | 12,768 | 185,044 | 21,670 | |||||||||
Community Health Systems Inc | 7,302 | 98,554 | (14,289 | ) | ||||||||
CommVault Systems Inc | 469 | 24,594 | 324 | |||||||||
Computer Sciences Corp | 303 | 9,090 | 6,730 | |||||||||
comScore Inc | 3,380 | 86,841 | 16,790 | |||||||||
ConAgra Foods Inc | 1,196 | 53,532 | 2,811 | |||||||||
ConocoPhillips | 5,936 | 240,406 | 17,632 | |||||||||
Consolidated Edison Inc | 4,424 | 284,109 | 49,018 | |||||||||
Convergys Corp | 7,573 | 194,940 | 35,430 | |||||||||
CoreLogic Inc | 2,021 | 72,574 | 6,690 | |||||||||
Corning Inc | 2,180 | 39,436 | 12,121 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-78
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
CR Bard Inc | 939 | $178,992 | $31,607 | |||||||||
Crane Co | 3,862 | 176,606 | 66,739 | |||||||||
Cree Inc | 578 | 14,198 | 669 | |||||||||
Crown Holdings Inc | 5,777 | 297,280 | 32,529 | |||||||||
CSX Corp | 10,170 | 263,150 | 47,035 | |||||||||
Cummins Inc | 2,098 | 180,344 | 88,515 | |||||||||
Curtiss-Wright Corp | 1,658 | 137,561 | 13,499 | |||||||||
Dana Inc | 18,218 | 221,256 | 62,763 | |||||||||
Danaher Corp | 794 | 72,961 | (10,719 | ) | ||||||||
Darden Restaurants Inc | 2,163 | 126,298 | 6,338 | |||||||||
Dean Foods Co | 19,272 | 336,742 | (20,682 | ) | ||||||||
Deckers Outdoor Corp | 1,497 | 86,556 | 2,591 | |||||||||
Delta Air Lines Inc | 1,493 | 54,934 | 3,830 | |||||||||
Deluxe Corp | 342 | 20,392 | 2,461 | |||||||||
Denbury Resources Inc | 28,333 | 115,796 | (24,281 | ) | ||||||||
DeVry Education Group Inc | 5,316 | 101,072 | 21,515 | |||||||||
Diamond Offshore Drilling Inc | 5,899 | 120,721 | (16,840 | ) | ||||||||
Dick’s Sporting Goods Inc | 1,041 | 37,674 | 21,372 | |||||||||
Dillard’s Inc ‘A’ | 2,602 | 170,648 | (6,696 | ) | ||||||||
Discover Financial Services | 5,489 | 295,747 | 14,656 | |||||||||
Dolby Laboratories Inc ‘A’ | 528 | 26,271 | 2,394 | |||||||||
Dollar General Corp | 811 | 58,019 | (1,257 | ) | ||||||||
Domino’s Pizza Inc | 257 | 35,510 | 3,515 | |||||||||
Domtar Corp | 2,415 | 89,524 | 145 | |||||||||
DR Horton Inc | 4,177 | 109,050 | 17,096 | |||||||||
Dr Pepper Snapple Group Inc | 5,014 | 466,452 | (8,624 | ) | ||||||||
Dril-Quip Inc | 2,103 | 115,446 | 1,775 | |||||||||
DST Systems Inc | 886 | 101,427 | 3,050 | |||||||||
DTE Energy Co | 957 | 76,512 | 13,130 | |||||||||
E*TRADE Financial Corp | 490 | 13,805 | 464 | |||||||||
Eaton Corp PLC | 327 | 17,274 | 4,213 | |||||||||
eBay Inc | 16,756 | 470,006 | 81,267 | |||||||||
Edison International | 741 | 45,127 | 8,410 | |||||||||
Edwards Lifesciences Corp | 1,027 | 83,177 | 40,638 | |||||||||
Electronic Arts Inc | 657 | 46,726 | 9,382 | |||||||||
Emerson Electric Co | 4,444 | 199,980 | 42,262 | |||||||||
Endo International PLC | 1,545 | 36,058 | (4,926 | ) | ||||||||
Energen Corp | 2,951 | 138,364 | 31,967 | |||||||||
Energizer Holdings Inc | 3,181 | 146,135 | 12,788 | |||||||||
Entergy Corp | 3,378 | 229,953 | 29,241 | |||||||||
Esterline Technologies Corp | 5,533 | 338,695 | 82,034 | |||||||||
Euronet Worldwide Inc | 416 | 29,049 | 4,993 | |||||||||
Exelon Corp | 2,868 | 88,980 | 6,495 | |||||||||
Expeditors International of Washington Inc | 1,538 | 71,225 | 8,013 | |||||||||
Express Scripts Holding Co | 640 | 46,120 | (981 | ) | ||||||||
F5 Networks Inc | 2,630 | 251,696 | 76,108 | |||||||||
Facebook Inc ‘A’ | 990 | 112,228 | 14,760 | |||||||||
FedEx Corp | 1,097 | 166,568 | 25,055 | |||||||||
Fifth Third Bancorp | 758 | 15,376 | 133 | |||||||||
First Solar Inc | 662 | 32,297 | (6,155 | ) | ||||||||
FirstEnergy Corp | 11,380 | 380,564 | (4,114 | ) | ||||||||
Flex Ltd | 19,588 | 215,762 | 51,027 | |||||||||
Foot Locker Inc | 3,343 | 213,985 | 12,403 | |||||||||
Fortinet Inc | 2,632 | 74,511 | 22,689 | |||||||||
Fortive Corp l | — | 22 | 3 | |||||||||
Franklin Resources Inc | 3,720 | 131,874 | 446 | |||||||||
FTI Consulting Inc | 9,671 | 370,922 | 60,017 | |||||||||
GameStop Corp ‘A’ | 1,550 | 46,886 | (4,122 | ) | ||||||||
General Dynamics Corp | 1,187 | 163,996 | 20,179 | |||||||||
General Mills Inc | 1,109 | 61,187 | 9,656 | |||||||||
General Motors Co | 15,564 | 530,888 | (36,420 | ) | ||||||||
Genpact Ltd | 8,312 | 216,099 | (17,027 | ) | ||||||||
Gilead Sciences Inc | 4,282 | 346,236 | (7,444 | ) | ||||||||
Graham Holdings Co ‘B’ | 304 | 150,781 | (4,444 | ) | ||||||||
Graphic Packaging Holding Co | 22,116 | 288,146 | 21,257 | |||||||||
Great Plains Energy Inc | 3,821 | 117,704 | (13,429 | ) | ||||||||
Greif Inc ‘A’ | 1,455 | 65,438 | 6,715 | |||||||||
Groupon Inc ‘A’ | 32,585 | 103,478 | 64,335 | |||||||||
HCA Holdings Inc | 656 | 42,469 | 7,144 |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
HD Supply Holdings Inc | 10,423 | $241,657 | $91,670 | |||||||||
Herman Miller Inc | 18,433 | 527,532 | (348 | ) | ||||||||
Hertz Global Holdings Inc | 289 | 13,924 | (2,318 | ) | ||||||||
Hewlett Packard Enterprise Co | 6,628 | 146,446 | 4,341 | |||||||||
Hill-Rom Holdings Inc | 857 | 41,035 | 12,082 | |||||||||
HollyFrontier Corp | 1,186 | 42,559 | (13,502 | ) | ||||||||
Hologic Inc | 4,277 | 151,132 | 14,944 | |||||||||
Hormel Foods Corp | 1,475 | 58,624 | (2,677 | ) | ||||||||
HP Inc | 42,675 | 469,892 | 192,851 | |||||||||
HSN Inc | 4,141 | 190,667 | (25,855 | ) | ||||||||
Hubbell Inc | 2,964 | 280,121 | 39,220 | |||||||||
Huntington Ingalls Industries Inc | 4,055 | 521,046 | 101,073 | |||||||||
Huntsman Corp | 29,400 | 359,633 | 118,705 | |||||||||
IAC/InterActiveCorp | 3,431 | 211,075 | 3,259 | |||||||||
Illinois Tool Works Inc | 452 | 41,833 | 12,335 | |||||||||
Ingersoll-Rand PLC | 4,634 | 271,517 | 43,317 | |||||||||
Ingredion Inc | 3,446 | 337,893 | 120,632 | |||||||||
Integrated Device Technology Inc | 14,615 | 369,404 | (31,798 | ) | ||||||||
Intel Corp | 4,298 | 144,003 | 18,246 | |||||||||
InterDigital Inc | 1,336 | 99,202 | 6,609 | |||||||||
International Business Machines Corp | 1,490 | 203,758 | 32,929 | |||||||||
International Game Technology PLC | 1,332 | 32,140 | 335 | |||||||||
International Paper Co | 3,347 | 126,249 | 34,340 | |||||||||
Intrexon Corp | 3,607 | 98,307 | 2,761 | |||||||||
Intuit Inc | 575 | 56,275 | 6,981 | |||||||||
Intuitive Surgical Inc | 140 | 87,754 | 13,722 | |||||||||
Invesco Ltd | 5,807 | 181,120 | 465 | |||||||||
Ionis Pharmaceuticals Inc | 897 | 24,237 | 8,629 | |||||||||
ITT Inc | 2,955 | 101,849 | 4,058 | |||||||||
j2 Global Inc | 2,687 | 161,942 | 17,039 | |||||||||
Jabil Circuit Inc | 13,124 | 271,437 | 14,929 | |||||||||
Jack Henry & Associates Inc | 1,900 | 151,115 | 11,430 | |||||||||
Jack in the Box Inc | 1,901 | 146,713 | 35,669 | |||||||||
Jacobs Engineering Group Inc | 3,218 | 146,814 | 19,621 | |||||||||
Jazz Pharmaceuticals PLC | 1,071 | 134,683 | (4,578 | ) | ||||||||
JetBlue Airways Corp | 4,142 | 86,461 | (15,053 | ) | ||||||||
John Wiley & Sons Inc ‘A’ | 4,367 | 185,446 | 39,934 | |||||||||
Johnson & Johnson | 1,702 | 176,395 | 24,662 | |||||||||
JPMorgan Chase & Co | 629 | 41,400 | 485 | |||||||||
Juniper Networks Inc | 10,494 | 289,575 | (37,090 | ) | ||||||||
Kate Spade & Co | 3,138 | 59,883 | (6,129 | ) | ||||||||
KB Home | 9,396 | 129,711 | 21,752 | |||||||||
KBR Inc | 11,366 | 152,179 | 19,788 | |||||||||
Kennametal Inc | 6,150 | 133,601 | 44,872 | |||||||||
KeyCorp | 3,496 | 42,733 | (186 | ) | ||||||||
Kimberly-Clark Corp | 2,522 | 317,368 | 757 | |||||||||
Kinder Morgan Inc | 667 | 10,215 | 5,213 | |||||||||
Kohl’s Corp | 1,617 | 61,730 | 9,014 | |||||||||
L-3 Communications Holdings Inc | 2,812 | 336,418 | 87,434 | |||||||||
Lam Research Corp | 1,369 | 107,740 | 21,918 | |||||||||
Lancaster Colony Corp | 2,983 | 319,916 | 74,109 | |||||||||
Landstar System Inc | 2,074 | 122,020 | 19,178 | |||||||||
Lear Corp | 3,829 | 463,977 | 175 | |||||||||
Leidos Holdings Inc | 1,805 | 74,810 | 3,310 | |||||||||
Lennox International Inc | 1,382 | 170,179 | 46,837 | |||||||||
Level 3 Communications Inc | 1,613 | 78,265 | (3,454 | ) | ||||||||
Lexmark International Inc ‘A’ | 1,574 | 54,877 | 8,020 | |||||||||
Liberty Interactive Corp QVC Group ‘A’ | 5,369 | 139,566 | (32,133 | ) | ||||||||
Lincoln Electric Holdings Inc | 2,475 | 124,740 | 30,245 | |||||||||
Lincoln National Corp | 5,702 | 286,468 | (18,589 | ) | ||||||||
Lowe’s Cos Inc | 2,161 | 161,859 | (5,813 | ) | ||||||||
LyondellBasell Industries NV ‘A’ | 2,412 | 204,761 | (10,209 | ) | ||||||||
Macy’s Inc | 1,761 | 53,643 | 11,602 | |||||||||
Mallinckrodt PLC | 1,612 | 98,121 | 14,364 | |||||||||
Manhattan Associates Inc | 2,243 | 134,067 | (4,825 | ) | ||||||||
ManpowerGroup Inc | 3,509 | 295,282 | (41,722 | ) | ||||||||
Marathon Oil Corp | 2,042 | 18,533 | 13,751 | |||||||||
Marathon Petroleum Corp | 2,688 | 115,046 | (5,940 | ) | ||||||||
MarketAxess Holdings Inc | 336 | 55,312 | 326 | |||||||||
Masco Corp | 9,246 | 262,309 | 54,921 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-79
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Maxim Integrated Products Inc | 6,368 | $238,609 | $15,666 | |||||||||
McDonald’s Corp | 173 | 20,421 | (464 | ) | ||||||||
McKesson Corp | 897 | 160,004 | (10,429 | ) | ||||||||
Mentor Graphics Corp | 11,891 | 228,940 | 85,458 | |||||||||
Merck & Co Inc | 2,992 | 157,559 | 29,172 | |||||||||
MetLife Inc | 2,749 | 130,495 | (8,357 | ) | ||||||||
Michael Kors Holdings Ltd | 4,850 | 191,236 | 35,696 | |||||||||
Micron Technology Inc | 3,993 | 43,802 | 27,194 | |||||||||
Microsoft Corp | 2,607 | 145,210 | 4,953 | |||||||||
Molina Healthcare Inc | 1,622 | 99,244 | (4,649 | ) | ||||||||
Mondelez International Inc ‘A’ | 587 | 26,039 | (270 | ) | ||||||||
Morgan Stanley | 4,430 | 139,832 | 2,194 | |||||||||
Morningstar Inc | 984 | 75,246 | 2,756 | |||||||||
Motorola Solutions Inc | 3,047 | 210,621 | 21,804 | |||||||||
MSC Industrial Direct Co Inc ‘A’ | 638 | 46,989 | (153 | ) | ||||||||
MSCI Inc | 3,960 | 274,712 | 57,691 | |||||||||
Murphy USA Inc | 2,774 | 173,264 | 24,689 | |||||||||
Mylan NV | 1,410 | 58,054 | (4,305 | ) | ||||||||
Nabors Industries Ltd | 1,433 | 13,753 | 3,672 | |||||||||
Nasdaq Inc | 6,501 | 369,741 | 69,337 | |||||||||
NCR Corp | 1,500 | 38,400 | 9,885 | |||||||||
NetApp Inc | 3,532 | 99,956 | 26,561 | |||||||||
NeuStar Inc ‘A’ | 6,550 | 159,977 | 14,187 | |||||||||
Newmont Mining Corp | 4,510 | 175,173 | 2,025 | |||||||||
News Corp ‘A’ | 5,909 | 69,570 | 13,038 | |||||||||
NIKE Inc ‘B’ | 1,173 | 76,374 | (14,616 | ) | ||||||||
NiSource Inc | 2,473 | 57,750 | 1,874 | |||||||||
Norfolk Southern Corp | 3,426 | 286,956 | 45,571 | |||||||||
Northrop Grumman Corp | 923 | 173,810 | 23,666 | |||||||||
NOW Inc | 4,767 | 83,633 | 18,524 | |||||||||
Nu Skin Enterprises Inc ‘A’ | 6,915 | 260,121 | 187,832 | |||||||||
Nuance Communications Inc | 19,554 | 352,187 | (68,654 | ) | ||||||||
Nucor Corp | 642 | 29,353 | 2,394 | |||||||||
NVIDIA Corp | 221 | 13,862 | 1,281 | |||||||||
Oceaneering International Inc | 7,433 | 253,985 | (49,504 | ) | ||||||||
Office Depot Inc | 35,318 | 124,939 | 1,146 | |||||||||
Old Republic International Corp | 7,405 | 133,432 | (2,956 | ) | ||||||||
Omnicom Group Inc | 1,271 | 93,635 | 14,400 | |||||||||
ON Semiconductor Corp | 23,911 | 185,921 | 108,662 | |||||||||
ONE Gas Inc | 1,410 | 92,415 | (5,221 | ) | ||||||||
Oracle Corp | 1,892 | 69,872 | 4,446 | |||||||||
Orbital ATK Inc | 452 | 38,884 | (4,428 | ) | ||||||||
Oshkosh Corp | 1,359 | 76,234 | (130 | ) | ||||||||
Owens & Minor Inc | 6,191 | 246,185 | (31,171 | ) | ||||||||
Owens Corning | 10,320 | 483,802 | 67,183 | |||||||||
Packaging Corp of America | 584 | 37,914 | 9,541 | |||||||||
Parker-Hannifin Corp | 1,697 | 161,537 | 51,487 | |||||||||
PepsiCo Inc | 4,917 | 492,683 | 42,139 | |||||||||
PerkinElmer Inc | 1,018 | 53,591 | 3,529 | |||||||||
Pfizer Inc | 4,324 | 148,921 | (2,467 | ) | ||||||||
PG&E Corp | 2,257 | 121,539 | 16,521 | |||||||||
Philip Morris International Inc | 968 | 93,315 | 794 | |||||||||
Pilgrim’s Pride Corp | 3,936 | 99,704 | (16,576 | ) | ||||||||
Pinnacle West Capital Corp | 4,393 | 279,351 | 54,473 | |||||||||
Pitney Bowes Inc | 5,703 | 113,033 | (9,467 | ) | ||||||||
Plantronics Inc | 6,746 | 262,414 | 88,108 | |||||||||
PolyOne Corp | 657 | 20,715 | 1,498 | |||||||||
Popular Inc | 2,032 | 63,383 | 14,280 | |||||||||
Prudential Financial Inc | 1,735 | 126,717 | 14,946 | |||||||||
Public Service Enterprise Group Inc | 16,549 | 630,682 | 62,224 | |||||||||
PVH Corp | 2,514 | 180,666 | 97,131 | |||||||||
QEP Resources Inc | 5,691 | 84,331 | 26,814 | |||||||||
QUALCOMM Inc | 5,182 | 247,589 | 107,378 | |||||||||
Quanta Services Inc | 16,888 | 320,774 | 151,921 | |||||||||
Quest Diagnostics Inc | 1,024 | 67,286 | 19,375 | |||||||||
Quintiles Transnational Holdings Inc | 4,375 | 295,834 | 58,803 | |||||||||
Ralph Lauren Corp ‘A’ | 1,337 | 150,747 | (15,523 | ) | ||||||||
Raytheon Co | 1,584 | 201,912 | 13,717 | |||||||||
Red Hat Inc | 717 | 48,821 | 9,134 | |||||||||
Regal Beloit Corp | 4,265 | 242,782 | 10,943 |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Regions Financial Corp | 4,506 | $43,843 | $631 | |||||||||
Reinsurance Group of America Inc | 2,512 | 217,363 | 53,782 | |||||||||
Reliance Steel & Aluminum Co | 3,574 | 236,196 | 21,239 | |||||||||
Republic Services Inc | 6,137 | 282,334 | 27,278 | |||||||||
ResMed Inc | 637 | 36,539 | 4,733 | |||||||||
Rice Energy Inc | 1,665 | 42,723 | 751 | |||||||||
Robert Half International Inc | 6,734 | 278,561 | (23,611 | ) | ||||||||
Rockwell Automation Inc | 1,190 | 119,024 | 26,561 | |||||||||
Rowan Cos PLC ‘A’ | 4,917 | 75,718 | (1,176 | ) | ||||||||
RR Donnelley & Sons Co | 11,136 | 157,351 | 17,707 | |||||||||
Sally Beauty Holdings Inc | 810 | 26,218 | (5,417 | ) | ||||||||
SCANA Corp | 4,896 | 332,305 | 22,019 | |||||||||
Science Applications International Corp | 955 | 63,703 | 2,545 | |||||||||
Scripps Networks Interactive Inc ‘A’ | 1,061 | 68,879 | (1,516 | ) | ||||||||
Sealed Air Corp | 675 | 33,619 | (2,691 | ) | ||||||||
Silicon Laboratories Inc | 852 | 42,458 | 7,639 | |||||||||
Skechers U.S.A. Inc ‘A’ | 5,046 | 145,324 | (29,770 | ) | ||||||||
Snap-on Inc | 455 | 77,555 | (8,413 | ) | ||||||||
Sonoco Products Co | 7,428 | 353,397 | 39,024 | |||||||||
Southwestern Energy Co | 4,919 | 62,858 | 5,221 | |||||||||
Spirit AeroSystems Holdings Inc ‘A’ | 11,297 | 547,227 | (44,058 | ) | ||||||||
Stanley Black & Decker Inc | 1,703 | 185,742 | 23,693 | |||||||||
Staples Inc | 16,658 | 148,985 | (6,559 | ) | ||||||||
Steel Dynamics Inc | 7,769 | 145,008 | 49,139 | |||||||||
SunTrust Banks Inc | 2,548 | 111,311 | 292 | |||||||||
SUPERVALU Inc | 31,943 | 137,239 | 22,157 | |||||||||
Symantec Corp | 1,985 | 37,082 | 12,742 | |||||||||
Synaptics Inc | 7,171 | 434,235 | (14,158 | ) | ||||||||
Synchrony Financial | 5,505 | 155,330 | (1,190 | ) | ||||||||
SYNNEX Corp | 4,273 | 383,163 | 104,429 | |||||||||
Synopsys Inc | 6,309 | 285,293 | 89,146 | |||||||||
Sysco Corp | 1,905 | 81,767 | 11,597 | |||||||||
Tableau Software Inc ‘A’ | 1,158 | 55,523 | 8,480 | |||||||||
Target Corp | 716 | 51,788 | (2,613 | ) | ||||||||
TCF Financial Corp | 9,058 | 114,613 | 16,818 | |||||||||
Tech Data Corp | 4,949 | 329,213 | 90,017 | |||||||||
TEGNA Inc | 3,612 | 76,458 | 2,500 | |||||||||
Teleflex Inc | 205 | 32,568 | 1,882 | |||||||||
Telephone & Data Systems Inc | 6,159 | 158,835 | 8,567 | |||||||||
Teradata Corp | 8,397 | 222,250 | 38,057 | |||||||||
Teradyne Inc | 13,981 | 288,288 | 13,422 | |||||||||
Tesoro Corp | 3,350 | 273,877 | (7,351 | ) | ||||||||
Texas Instruments Inc | 630 | 37,048 | 7,165 | |||||||||
Textron Inc | 6,251 | 208,658 | 39,819 | |||||||||
The Allstate Corp | 2,511 | 156,611 | 17,100 | |||||||||
The Boeing Co | 446 | 59,439 | (683 | ) | ||||||||
The Boston Beer Co Inc ‘A’ | 331 | 49,170 | 2,222 | |||||||||
The Cheesecake Factory Inc | 4,401 | 204,313 | 16,001 | |||||||||
The Clorox Co | 1,990 | 261,262 | (12,154 | ) | ||||||||
The Coca-Cola Co | 2,820 | 120,406 | (1,064 | ) | ||||||||
The Dow Chemical Co | 1,597 | 80,249 | 2,523 | |||||||||
The Dun & Bradstreet Corp | 1,525 | 158,722 | 49,624 | |||||||||
The Estee Lauder Cos Inc ‘A’ | 1,976 | 176,279 | (1,284 | ) | ||||||||
The Gap Inc | 2,301 | 57,985 | (6,811 | ) | ||||||||
The Hanover Insurance Group Inc | 341 | 29,359 | (3,641 | ) | ||||||||
The Hartford Financial Services Group Inc | 1,054 | 45,649 | (516 | ) | ||||||||
The Interpublic Group of Cos Inc | 8,548 | 192,245 | (1,197 | ) | ||||||||
The Michaels Cos Inc | 1,502 | 43,348 | (7,045 | ) | ||||||||
The New York Times Co ‘A’ | 13,751 | 168,375 | (4,050 | ) | ||||||||
The PNC Financial Services Group Inc | 3,285 | 299,527 | (3,581 | ) | ||||||||
The Priceline Group Inc | 84 | 108,605 | 15,000 | |||||||||
The Procter & Gamble Co | 5,229 | 419,836 | 49,466 | |||||||||
The Progressive Corp | 2,686 | 88,675 | (4,066 | ) | ||||||||
The Sherwin-Williams Co | 477 | 135,374 | (3,407 | ) | ||||||||
The Timken Co | 7,914 | 243,926 | 34,172 | |||||||||
The TJX Cos Inc | 2,164 | 152,887 | 8,937 | |||||||||
The Travelers Cos Inc | 1,194 | 135,244 | 1,528 | |||||||||
Thor Industries Inc | 4,829 | 259,093 | 149,923 | |||||||||
Time Inc | 3,433 | 47,834 | 1,876 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-80
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Total System Services Inc | 1,683 | $76,690 | $2,663 | |||||||||
Trimble Navigation Ltd | 3,630 | 92,850 | 10,823 | |||||||||
Trinity Industries Inc | 4,376 | 76,721 | 29,090 | |||||||||
TripAdvisor Inc | 265 | 16,455 | 287 | |||||||||
Tupperware Brands Corp | 720 | 40,025 | 7,042 | |||||||||
Tyson Foods Inc ‘A’ | 6,288 | 383,431 | 86,094 | |||||||||
UGI Corp | 1,852 | 84,054 | (270 | ) | ||||||||
Union Pacific Corp | 1,887 | 145,922 | 38,117 | |||||||||
United Continental Holdings Inc | 7,126 | 324,352 | 49,549 | |||||||||
United Natural Foods Inc | 2,253 | 77,082 | 13,128 | |||||||||
United States Steel Corp | 2,704 | 43,173 | 7,825 | |||||||||
United Technologies Corp | 351 | 35,446 | 215 | |||||||||
United Therapeutics Corp | 4,105 | 516,986 | (32,268 | ) | ||||||||
UnitedHealth Group Inc | 105 | 12,518 | 2,182 | |||||||||
Universal Health Services Inc ‘B’ | 1,103 | 128,080 | 7,831 | |||||||||
Unum Group | 6,386 | 211,185 | 14,305 | |||||||||
Urban Outfitters Inc | 8,165 | 215,725 | 66,131 | |||||||||
US Bancorp | 741 | 32,478 | (697 | ) | ||||||||
Valero Energy Corp | 4,243 | 292,537 | (67,658 | ) | ||||||||
Validus Holdings Ltd | 5,383 | 243,981 | 24,200 | |||||||||
VCA Inc | 415 | 22,298 | 6,744 | |||||||||
Vectren Corp | 4,711 | 204,032 | 32,460 | |||||||||
Veeva Systems Inc ‘A’ | 359 | 14,242 | 578 | |||||||||
VeriFone Systems Inc | 4,550 | 128,344 | (56,727 | ) | ||||||||
Verizon Communications Inc | 3,074 | 155,608 | 4,179 | |||||||||
Vishay Intertechnology Inc | 14,447 | 170,547 | 33,011 | |||||||||
Visteon Corp | 1,590 | 111,032 | 2,907 | |||||||||
VMware Inc ‘A’ | 906 | 46,162 | 20,293 | |||||||||
Voya Financial Inc | 1,906 | 69,969 | (15,038 | ) | ||||||||
VWR Corp | 10,535 | 304,982 | (6,209 | ) | ||||||||
Waddell & Reed Financial Inc ‘A’ | 13,621 | 283,629 | (36,272 | ) | ||||||||
Wal-Mart Stores Inc | 8,088 | 477,030 | 106,276 | |||||||||
Waste Management Inc | 3,527 | 187,919 | 36,963 | |||||||||
Waters Corp | 193 | 26,073 | 4,516 | |||||||||
Watsco Inc | 2,383 | 315,207 | 20,557 | |||||||||
WellCare Health Plans Inc | 4,895 | 465,458 | 107,698 | |||||||||
Wells Fargo & Co | 1,195 | 58,468 | (5,553 | ) | ||||||||
Werner Enterprises Inc | 4,609 | 107,001 | 250 | |||||||||
West Pharmaceutical Services Inc | 1,033 | 84,340 | (7,381 | ) | ||||||||
Western Refining Inc | 3,930 | 88,595 | 15,393 | |||||||||
Westlake Chemical Corp | 4,612 | 234,142 | 12,600 | |||||||||
Whirlpool Corp | 656 | 99,708 | 6,669 | |||||||||
World Fuel Services Corp | 6,166 | 231,176 | 54,063 | |||||||||
Worthington Industries Inc | 3,999 | 142,562 | 49,510 | |||||||||
Xcel Energy Inc | 503 | 19,065 | 1,629 | |||||||||
Xerox Corp | 30,678 | 312,609 | (1,841 | ) | ||||||||
Xilinx Inc | 4,236 | 199,516 | 30,669 | |||||||||
Xylem Inc | 1,747 | 68,833 | 22,797 | |||||||||
Yelp Inc | 2,643 | 59,041 | 51,172 | |||||||||
Yum! Brands Inc | 892 | 61,564 | 19,439 | |||||||||
Zynga Inc ‘A’ | 23,963 | 62,304 | 7,429 | |||||||||
|
| |||||||||||
7,343,791 | ||||||||||||
|
| |||||||||||
Total Long Positions | 7,442,579 | |||||||||||
|
| |||||||||||
Short Positions: | ||||||||||||
Canada | ||||||||||||
Waste Connections Inc | 750 | 49,060 | (6,965 | ) | ||||||||
|
| |||||||||||
Ireland | ||||||||||||
XL Group Ltd | 4,735 | 158,776 | (462 | ) | ||||||||
|
| |||||||||||
Singapore | ||||||||||||
Broadcom Ltd | 1,708 | 246,672 | (47,992 | ) | ||||||||
|
|
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Sweden | ||||||||||||
Autoliv Inc | 354 | $37,937 | $129 | |||||||||
|
| |||||||||||
United Kingdom | ||||||||||||
Delphi Automotive PLC | 4,316 | 320,183 | 12,366 | |||||||||
Liberty Global PLC ‘A’ | 8,656 | 283,805 | (12,057 | ) | ||||||||
Liberty Global PLC LiLAC ‘A’ l | — | 22 | 5 | |||||||||
Noble Corp PLC | 12,255 | 66,276 | (11,421 | ) | ||||||||
Pentair PLC | 2,075 | 91,324 | (41,974 | ) | ||||||||
|
| |||||||||||
(53,081 | ) | |||||||||||
|
| |||||||||||
United States | ||||||||||||
AbbVie Inc | 446 | 26,958 | (1,171 | ) | ||||||||
Acadia Healthcare Co Inc | 16,181 | 934,528 | 132,759 | |||||||||
ACI Worldwide Inc | 3,536 | 67,070 | (1,458 | ) | ||||||||
Acuity Brands Inc | 1,581 | 400,362 | (17,971 | ) | ||||||||
Acxiom Corp | 1,132 | 24,757 | (5,411 | ) | ||||||||
Advance Auto Parts Inc | 1,310 | 200,043 | 4,696 | |||||||||
AECOM | 7,361 | 215,105 | (3,738 | ) | ||||||||
Air Lease Corp | 11,157 | 292,491 | (26,376 | ) | ||||||||
Akorn Inc | 2,412 | 69,717 | 3,965 | |||||||||
Albemarle Corp | 738 | 37,795 | (25,297 | ) | ||||||||
Alcoa Inc | 9,555 | 77,361 | (19,527 | ) | ||||||||
Alexion Pharmaceuticals Inc | 217 | 40,316 | 13,725 | |||||||||
Alkermes PLC | 2,981 | 144,751 | 4,555 | |||||||||
Alleghany Corp | 119 | 56,986 | (5,492 | ) | ||||||||
Allegheny Technologies Inc | 7,105 | 107,632 | (20,755 | ) | ||||||||
Allegion PLC | 2,664 | 170,786 | (12,790 | ) | ||||||||
Allergan PLC | 935 | 212,850 | (2,490 | ) | ||||||||
Alliance Data Systems Corp | 1,118 | 300,809 | 60,965 | |||||||||
Alliant Energy Corp | 4,769 | 151,916 | (30,784 | ) | ||||||||
Ally Financial Inc | 4,152 | 65,245 | (15,595 | ) | ||||||||
Alnylam Pharmaceuticals Inc | 4,715 | 268,187 | (51,396 | ) | ||||||||
AMERCO | 429 | 149,337 | 10,242 | |||||||||
American Airlines Group Inc | 7,600 | 227,640 | (50,596 | ) | ||||||||
AMETEK Inc | 2,738 | 146,620 | 15,798 | |||||||||
Amphenol Corp ‘A’ | 3,408 | 179,704 | (41,544 | ) | ||||||||
AmTrust Financial Services Inc | 8,427 | 214,050 | (12,046 | ) | ||||||||
Aon PLC | 1,276 | 119,013 | (24,525 | ) | ||||||||
Apache Corp | 3,389 | 145,558 | (70,898 | ) | ||||||||
Apple Inc | 456 | 44,398 | (7,153 | ) | ||||||||
AptarGroup Inc | 1,429 | 112,340 | 1,721 | |||||||||
Aqua America Inc | 1,471 | 46,381 | 1,545 | |||||||||
Arista Networks Inc | 774 | 41,744 | (24,108 | ) | ||||||||
Armstrong World Industries Inc | 792 | 35,815 | 3,089 | |||||||||
ARRIS International PLC | 16,242 | 412,856 | (47,279 | ) | ||||||||
Arthur J Gallagher & Co | 429 | 18,886 | (2,937 | ) | ||||||||
Artisan Partners Asset Management Inc ‘A’ | 4,343 | 135,879 | 17,750 | |||||||||
Ascena Retail Group Inc | 26,343 | 196,348 | 49,091 | |||||||||
Ashland Global Holdings Inc | 1,408 | 137,846 | (25,411 | ) | ||||||||
athenahealth Inc | 624 | 84,685 | 5,986 | |||||||||
Autodesk Inc | 2,491 | 134,729 | (45,445 | ) | ||||||||
AutoNation Inc | 3,847 | 197,258 | 9,871 | |||||||||
AutoZone Inc | 94 | 70,607 | (1,617 | ) | ||||||||
Avangrid Inc | 2,036 | 82,743 | (2,321 | ) | ||||||||
Avis Budget Group Inc | 10,262 | 269,355 | (81,708 | ) | ||||||||
Avon Products Inc | 4,625 | 25,698 | (480 | ) | ||||||||
Axalta Coating Systems Ltd | 4,853 | 133,499 | (3,695 | ) | ||||||||
B/E Aerospace Inc | 390 | 16,306 | (3,842 | ) | ||||||||
Ball Corp | 11,047 | 774,140 | (131,162 | ) | ||||||||
Bank of Hawaii Corp | 1,645 | 106,946 | (12,514 | ) | ||||||||
Bank of the Ozarks Inc | 4,737 | 184,819 | 2,918 | |||||||||
BankUnited Inc | 2,914 | 98,454 | 10,452 | |||||||||
BB&T Corp | 1,687 | 56,761 | (6,872 | ) | ||||||||
BioMarin Pharmaceutical Inc | 1,749 | 144,700 | (17,117 | ) | ||||||||
Bio-Techne Corp | 3,521 | 307,093 | (78,456 | ) | ||||||||
Black Hills Corp | 2,493 | 142,640 | (9,982 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-81
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
BlackRock Inc | 260 | $79,082 | ($15,158 | ) | ||||||||
BorgWarner Inc | 12,032 | 439,501 | 16,215 | |||||||||
Bristol-Myers Squibb Co | 3,648 | 227,897 | 31,196 | |||||||||
Brookdale Senior Living Inc | 52,189 | 950,884 | 40,186 | |||||||||
Brown & Brown Inc | 3,212 | 101,207 | (19,917 | ) | ||||||||
Brown-Forman Corp ‘B’ | 8,730 | 438,963 | 24,812 | |||||||||
Buffalo Wild Wings Inc | 230 | 34,651 | 2,281 | |||||||||
Cabela’s Inc | 3,763 | 174,566 | (32,136 | ) | ||||||||
Cable One Inc | 203 | 83,910 | (34,642 | ) | ||||||||
Cabot Oil & Gas Corp | 902 | 13,846 | (9,426 | ) | ||||||||
CalAtlantic Group Inc | 8,521 | 250,913 | (34,029 | ) | ||||||||
Calpine Corp | 3,441 | 49,318 | 5,824 | |||||||||
CarMax Inc | 5,755 | 328,898 | 21,869 | |||||||||
Casey’s General Stores Inc | 693 | 80,214 | (3,050 | ) | ||||||||
Catalent Inc | 9,723 | 241,664 | (9,579 | ) | ||||||||
Caterpillar Inc | 1,681 | 109,097 | (40,125 | ) | ||||||||
CBOE Holdings Inc | 2,435 | 156,255 | (1,655 | ) | ||||||||
CDK Global Inc | 1,793 | 86,154 | (16,693 | ) | ||||||||
CEB Inc | 1,740 | 108,076 | 13,298 | |||||||||
Centene Corp | 1,912 | 133,774 | 5,747 | |||||||||
CF Industries Holdings Inc | 17,467 | 452,638 | 27,317 | |||||||||
Cheniere Energy Inc | 9,429 | 337,031 | (74,074 | ) | ||||||||
Chesapeake Energy Corp | 22,095 | 93,837 | (44,698 | ) | ||||||||
Chevron Corp | 440 | 39,838 | (5,447 | ) | ||||||||
Chicago Bridge & Iron Co NV | 2,000 | 69,071 | 13,011 | |||||||||
Chipotle Mexican Grill Inc | 1,174 | 579,972 | 82,783 | |||||||||
Ciena Corp | 4,659 | 98,131 | (3,436 | ) | ||||||||
Cimarex Energy Co | 309 | 29,584 | (11,937 | ) | ||||||||
Cincinnati Financial Corp | 3,546 | 211,519 | (55,920 | ) | ||||||||
CMS Energy Corp | 4,640 | 168,577 | (26,350 | ) | ||||||||
CNO Financial Group Inc | 17,355 | 282,835 | 17,825 | |||||||||
Coach Inc | 2,580 | 100,806 | 6,481 | |||||||||
Cognex Corp | 5,381 | 210,337 | (74,102 | ) | ||||||||
CommScope Holding Co Inc | 3,708 | 99,793 | (11,855 | ) | ||||||||
Compass Minerals International Inc | 3,171 | 223,848 | (9,855 | ) | ||||||||
Concho Resources Inc | 2,422 | 231,228 | (101,433 | ) | ||||||||
CONSOL Energy Inc | 1,757 | 28,218 | (5,517 | ) | ||||||||
Constellation Brands Inc ‘A’ | 83 | 11,611 | (2,208 | ) | ||||||||
Copart Inc | 5,450 | 218,403 | (73,499 | ) | ||||||||
Core Laboratories NV | 1,278 | 121,477 | (22,081 | ) | ||||||||
CoStar Group Inc | 933 | 191,497 | (10,526 | ) | ||||||||
Costco Wholesale Corp | 1,444 | 220,435 | 211 | |||||||||
Covanta Holding Corp | 26,508 | 401,090 | (6,868 | ) | ||||||||
CST Brands Inc | 1,614 | 59,312 | (18,305 | ) | ||||||||
Cullen/Frost Bankers Inc | 1,944 | 95,243 | (44,608 | ) | ||||||||
CVS Health Corp | 731 | 74,496 | 9,444 | |||||||||
Cypress Semiconductor Corp | 13,110 | 108,086 | (51,332 | ) | ||||||||
Deere & Co | 1,944 | 144,897 | (21,023 | ) | ||||||||
Devon Energy Corp | 361 | 12,450 | (3,473 | ) | ||||||||
DexCom Inc | 6,164 | 488,649 | (51,687 | ) | ||||||||
Diebold Inc | 15,922 | 431,946 | 37,239 | |||||||||
Discovery Communications Inc ‘A’ | 4,000 | 101,506 | (6,174 | ) | ||||||||
DISH Network Corp ‘A’ | 1,410 | 81,977 | 4,738 | |||||||||
Dollar Tree Inc | 3,652 | 279,670 | (8,582 | ) | ||||||||
Dominion Resources Inc | 10,282 | 697,560 | (66,084 | ) | ||||||||
Donaldson Co Inc | 1,469 | 41,981 | (12,857 | ) | ||||||||
Dunkin’ Brands Group Inc | 4,630 | 201,776 | (39,355 | ) | ||||||||
Eagle Materials Inc | 513 | 25,493 | (14,162 | ) | ||||||||
Ecolab Inc | 435 | 50,156 | (2,793 | ) | ||||||||
Eli Lilly & Co | 831 | 59,176 | (7,520 | ) | ||||||||
Envision Healthcare Holdings Inc | 13,082 | 266,591 | (24,745 | ) | ||||||||
EOG Resources Inc | 1,426 | 93,592 | (44,317 | ) | ||||||||
EQT Corp | 409 | 19,530 | (10,172 | ) | ||||||||
Exxon Mobil Corp | 828 | 64,551 | (7,717 | ) | ||||||||
Fastenal Co | 6,037 | 275,292 | 23,066 | |||||||||
Fidelity National Information Services Inc | 3,775 | 233,396 | (57,393 | ) | ||||||||
FireEye Inc | 7,923 | 142,080 | 25,374 | |||||||||
First Data Corp ‘A’ | 30,838 | 344,790 | (61,038 | ) | ||||||||
First Horizon National Corp | 9,370 | 127,518 | (15,187 | ) |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
First Republic Bank | 2,196 | $129,489 | ($39,844 | ) | ||||||||
FleetCor Technologies Inc | 771 | 110,091 | (23,855 | ) | ||||||||
Flowers Foods Inc | 7,938 | 121,877 | 1,854 | |||||||||
FMC Corp | 3,269 | 114,831 | (43,193 | ) | ||||||||
FNB Corp | 3,174 | 38,306 | (734 | ) | ||||||||
FNF Group | 2,596 | 84,237 | (11,581 | ) | ||||||||
Fortune Brands Home & Security Inc | 3,249 | 159,210 | (29,557 | ) | ||||||||
Fossil Group Inc | 2,605 | 69,528 | (2,813 | ) | ||||||||
Freeport-McMoRan Inc | 3,934 | 45,467 | 2,744 | |||||||||
Frontier Communications Corp | 83,748 | 397,277 | 48,885 | |||||||||
Garmin Ltd | 3,510 | 143,691 | (25,175 | ) | ||||||||
GATX Corp | 9,627 | 414,331 | (14,552 | ) | ||||||||
General Electric Co | 12,832 | 400,913 | 20,830 | |||||||||
Genesee & Wyoming Inc ‘A’ | 4,425 | 231,175 | (73,928 | ) | ||||||||
Gentex Corp | 12,869 | 192,050 | (33,929 | ) | ||||||||
Genworth Financial Inc ‘A’ | 50,723 | 123,445 | (128,141 | ) | ||||||||
Global Payments Inc | 961 | 65,951 | (7,815 | ) | ||||||||
GoDaddy Inc ‘A’ | 2,752 | 82,839 | (12,188 | ) | ||||||||
Granite Construction Inc | 5,983 | 257,960 | (39,634 | ) | ||||||||
Guess? Inc | 3,795 | 56,931 | 1,486 | |||||||||
Guidewire Software Inc | 2,037 | 125,831 | 3,652 | |||||||||
Halliburton Co | 5,509 | 188,298 | (58,946 | ) | ||||||||
Halyard Health Inc | 3,535 | 104,639 | (17,884 | ) | ||||||||
Hancock Holding Co | 2,959 | 71,253 | (24,708 | ) | ||||||||
Hanesbrands Inc | 9,535 | 276,267 | 35,508 | |||||||||
Harley-Davidson Inc | 8,250 | 374,715 | (59,153 | ) | ||||||||
Harman International Industries Inc | 1,180 | 94,500 | (5,151 | ) | ||||||||
Harris Corp | 5,501 | 456,600 | (47,347 | ) | ||||||||
HEICO Corp | 1,884 | 128,059 | (2,314 | ) | ||||||||
Helmerich & Payne Inc | 2,768 | 144,065 | (42,221 | ) | ||||||||
Henry Schein Inc | 549 | 93,908 | 4,432 | |||||||||
Herc Holdings Inc l | — | 5 | (1 | ) | ||||||||
Hertz Global Holdings Inc l | — | — | (24 | ) | ||||||||
Hess Corp | 397 | 21,052 | (235 | ) | ||||||||
Hexcel Corp | 6,028 | 277,228 | 10,187 | |||||||||
Hilton Worldwide Holdings Inc | 7,281 | 158,624 | (8,330 | ) | ||||||||
Huntington Bancshares Inc | 16,554 | 183,738 | 20,516 | |||||||||
IDEX Corp | 165 | 11,483 | (3,956 | ) | ||||||||
IDEXX Laboratories Inc | 184 | 12,849 | (7,894 | ) | ||||||||
IHS Markit Ltd | 4,899 | 172,596 | (11,362 | ) | ||||||||
Illumina Inc | 4,565 | 827,406 | (1,872 | ) | ||||||||
Incyte Corp | 1,721 | 117,413 | (44,860 | ) | ||||||||
Intercontinental Exchange Inc | 469 | 121,074 | (5,256 | ) | ||||||||
International Flavors & Fragrances Inc | 1,655 | 189,348 | (47,268 | ) | ||||||||
IPG Photonics Corp | 1,671 | 144,952 | 7,345 | |||||||||
Janus Capital Group Inc | 4,839 | 73,260 | 5,466 | |||||||||
JB Hunt Transport Services Inc | 1,628 | 119,813 | (12,282 | ) | ||||||||
JC Penney Co Inc | 29,447 | 249,815 | (21,686 | ) | ||||||||
Johnson Controls International PLC | 8,042 | 346,534 | (27,657 | ) | ||||||||
Kansas City Southern | 914 | 61,972 | (23,323 | ) | ||||||||
KAR Auction Services Inc | 1,137 | 42,638 | (6,435 | ) | ||||||||
Kellogg Co | 382 | 27,355 | (2,239 | ) | ||||||||
Kirby Corp | 2,458 | 165,105 | 12,316 | |||||||||
KLX Inc | 8,884 | 282,038 | (30,678 | ) | ||||||||
Knowles Corp | 19,027 | 238,665 | (28,664 | ) | ||||||||
Kosmos Energy Ltd | 31,895 | 160,179 | (44,268 | ) | ||||||||
L Brands Inc | 861 | 61,598 | 665 | |||||||||
Laredo Petroleum Inc | 4,494 | 49,230 | (8,743 | ) | ||||||||
Las Vegas Sands Corp | 478 | 19,990 | (7,514 | ) | ||||||||
Leggett & Platt Inc | 2,509 | 108,590 | (5,771 | ) | ||||||||
Leidos Holdings Inc | 5 | 130 | (75 | ) | ||||||||
Lennar Corp ‘A’ | 5,759 | 277,537 | 33,701 | |||||||||
Leucadia National Corp | 14,845 | 252,644 | (30,004 | ) | ||||||||
Liberty Broadband Corp ‘C’ | 4,137 | 233,519 | (62,194 | ) | ||||||||
LifePoint Health Inc | 2,558 | 148,153 | (3,358 | ) | ||||||||
Lions Gate Entertainment Corp | 1,052 | 22,343 | 1,313 | |||||||||
Live Nation Entertainment Inc | 7,409 | 184,552 | (19,047 | ) | ||||||||
LKQ Corp | 2,600 | 83,865 | (8,331 | ) | ||||||||
Lockheed Martin Corp | 2,563 | 559,027 | (55,375 | ) | ||||||||
Loews Corp | 7,034 | 251,986 | (37,464 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-82
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Louisiana-Pacific Corp | 9,309 | $157,694 | ($17,594 | ) | ||||||||
lululemon athletica Inc | 1,540 | 80,053 | (13,856 | ) | ||||||||
M&T Bank Corp | 594 | 74,096 | 5,132 | |||||||||
Macquarie Infrastructure Corp | 11,299 | 705,184 | (235,345 | ) | ||||||||
Manitowoc Foodservice Inc | 15,358 | 209,823 | (39,284 | ) | ||||||||
Marsh & McLennan Cos Inc | 4,684 | 261,274 | (53,725 | ) | ||||||||
Martin Marietta Materials Inc | 872 | 124,469 | (31,715 | ) | ||||||||
MasterCard Inc ‘A’ | 902 | 89,596 | (2,201 | ) | ||||||||
Mattel Inc | 8,694 | 233,434 | (29,820 | ) | ||||||||
MAXIMUS Inc | 7,571 | 380,563 | (47,653 | ) | ||||||||
McCormick & Co Inc | 330 | 27,981 | (4,993 | ) | ||||||||
MDU Resources Group Inc | 17,356 | 299,133 | (142,404 | ) | ||||||||
Mead Johnson Nutrition Co | 790 | 64,378 | 1,960 | |||||||||
MEDNAX Inc | 7,345 | 502,738 | 16,132 | |||||||||
Mercury General Corp | 1,859 | 95,584 | (6,382 | ) | ||||||||
Mettler-Toledo International Inc | 72 | 23,908 | (6,319 | ) | ||||||||
MGM Resorts International | 3,114 | 66,795 | (14,262 | ) | ||||||||
Microchip Technology Inc | 3,381 | 160,244 | (49,851 | ) | ||||||||
Microsemi Corp | 8,610 | 282,233 | (79,215 | ) | ||||||||
Mohawk Industries Inc | 793 | 153,319 | (5,551 | ) | ||||||||
Molson Coors Brewing Co ‘B’ | 888 | 78,722 | (18,780 | ) | ||||||||
Monster Beverage Corp | 2,507 | 365,336 | (2,717 | ) | ||||||||
Moody’s Corp | 1,500 | 142,034 | (20,386 | ) | ||||||||
Murphy Oil Corp | 1,274 | 23,437 | (15,293 | ) | ||||||||
National Instruments Corp | 7,048 | 198,901 | (1,263 | ) | ||||||||
National Oilwell Varco Inc | 2,209 | 72,843 | (8,316 | ) | ||||||||
Navient Corp | 6,391 | 77,517 | (14,961 | ) | ||||||||
Netflix Inc | 2,020 | 212,999 | 13,928 | |||||||||
NetScout Systems Inc | 17,953 | 392,672 | (132,453 | ) | ||||||||
Neurocrine Biosciences Inc | 6,689 | 319,837 | (18,894 | ) | ||||||||
New Jersey Resources Corp | 1,235 | 41,135 | 553 | |||||||||
Newell Brands Inc | 6,878 | 297,048 | (65,148 | ) | ||||||||
Newfield Exploration Co | 1,201 | 30,525 | (21,670 | ) | ||||||||
NewMarket Corp | 96 | 33,549 | (7,666 | ) | ||||||||
NextEra Energy Inc | 1,576 | 162,974 | (29,802 | ) | ||||||||
Nielsen Holdings PLC | 5,098 | 235,783 | (37,317 | ) | ||||||||
Noble Energy Inc | 2,457 | 78,084 | (9,729 | ) | ||||||||
NorthStar Asset Management | 31,389 | 354,196 | (51,663 | ) | ||||||||
Norwegian Cruise Line Holdings Ltd | 7,322 | 382,662 | 106,622 | |||||||||
NRG Energy Inc | 9,635 | 123,627 | 15,619 | |||||||||
Occidental Petroleum Corp | 3,003 | 199,459 | (19,520 | ) | ||||||||
OGE Energy Corp | 3,494 | 108,678 | (1,803 | ) | ||||||||
Oil States International Inc | 691 | 21,304 | (511 | ) | ||||||||
Old Dominion Freight Line Inc | 703 | 47,839 | (394 | ) | ||||||||
Olin Corp | 9,778 | 133,638 | (67,007 | ) | ||||||||
OneMain Holdings Inc | 1,653 | 50,258 | (902 | ) | ||||||||
ONEOK Inc | 4,059 | 86,616 | (121,976 | ) | ||||||||
Owens-Illinois Inc | 11,994 | 184,758 | (35,812 | ) | ||||||||
PACCAR Inc | 1,696 | 77,066 | (22,625 | ) | ||||||||
PacWest Bancorp | 4,834 | 209,828 | 2,401 | |||||||||
Palo Alto Networks Inc | 3,881 | 638,846 | 20,486 | |||||||||
Pandora Media Inc | 23,941 | 228,520 | (114,555 | ) | ||||||||
Panera Bread Co ‘A’ | 525 | 105,253 | 3,025 | |||||||||
PAREXEL International Corp | 2,875 | 172,343 | (27,326 | ) | ||||||||
Patterson Cos Inc | 5,825 | 253,400 | (14,201 | ) | ||||||||
Patterson-UTI Energy Inc | 8,038 | 102,510 | (77,300 | ) | ||||||||
Paychex Inc | 1,263 | 76,644 | 3,554 | |||||||||
PayPal Holdings Inc | 2,514 | 83,952 | (19,046 | ) | ||||||||
PBF Energy Inc ‘A’ | 4,873 | 111,252 | 927 | |||||||||
Penske Automotive Group Inc | 3,328 | 124,034 | (36,309 | ) | ||||||||
People’s United Financial Inc | 4,876 | 79,284 | 2,145 | |||||||||
Perrigo Co PLC | 2,515 | 326,511 | 94,301 | |||||||||
Pinnacle Foods Inc | 285 | 14,266 | (32 | ) | ||||||||
Platform Specialty Products Corp | 34,643 | 278,718 | (2,237 | ) | ||||||||
Praxair Inc | 479 | 49,299 | (8,579 | ) | ||||||||
Premier Inc ‘A’ | 8,602 | 285,411 | 7,222 | |||||||||
Prestige Brands Holdings Inc | 3,569 | 197,355 | 25,079 | |||||||||
Primerica Inc | 1,899 | 88,086 | (12,618 | ) | ||||||||
Principal Financial Group Inc | 1,238 | 55,995 | (7,775 | ) |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Prosperity Bancshares Inc | 1,523 | $65,645 | ($17,953 | ) | ||||||||
PulteGroup Inc | 9,633 | 159,462 | (33,583 | ) | ||||||||
QIAGEN NV | 5,561 | 150,488 | (2,106 | ) | ||||||||
Range Resources Corp | 2,261 | 87,865 | 251 | |||||||||
Restoration Hardware Holdings Inc | 9,669 | 277,081 | (57,273 | ) | ||||||||
Rockwell Collins Inc | 4,589 | 420,087 | 33,051 | |||||||||
Rollins Inc | 4,593 | 127,861 | (6,622 | ) | ||||||||
Roper Technologies Inc | 720 | 129,667 | (1,711 | ) | ||||||||
Royal Caribbean Cruises Ltd | 1,431 | 134,442 | 27,189 | |||||||||
Royal Gold Inc | 864 | 69,690 | 2,791 | |||||||||
RPC Inc | 12,897 | 167,181 | (49,489 | ) | ||||||||
Ryder System Inc | 1,791 | 105,367 | (12,750 | ) | ||||||||
Sabre Corp | 3,883 | 103,151 | (6,272 | ) | ||||||||
salesforce.com inc | 828 | 64,940 | 5,879 | |||||||||
Santander Consumer USA Holdings Inc | 13,255 | 134,608 | (26,572 | ) | ||||||||
SBA Communications Corp ‘A’ | 4,396 | 444,040 | (49,015 | ) | ||||||||
Schlumberger Ltd | 2,116 | 143,933 | (22,470 | ) | ||||||||
Seagate Technology PLC | 382 | 9,966 | (4,760 | ) | ||||||||
Seattle Genetics Inc | 5,278 | 184,098 | (100,967 | ) | ||||||||
Sempra Energy | 3,414 | 327,573 | (38,373 | ) | ||||||||
Sensata Technologies Holding NV | 15,440 | 569,771 | (28,992 | ) | ||||||||
ServiceMaster Global Holdings Inc | 1,613 | 62,726 | 8,400 | |||||||||
ServiceNow Inc | 2,050 | 167,315 | 5,057 | |||||||||
Signet Jewelers Ltd | 2,944 | 299,679 | 80,263 | |||||||||
Silgan Holdings Inc | 3,851 | 203,836 | 9,014 | |||||||||
Sirius XM Holdings Inc | 8,844 | 35,553 | (1,327 | ) | ||||||||
Six Flags Entertainment Corp | 1,142 | 60,837 | (386 | ) | ||||||||
Skyworks Solutions Inc | 423 | 32,058 | (149 | ) | ||||||||
SLM Corp | 42,882 | 277,875 | (42,453 | ) | ||||||||
SM Energy Co | 1,817 | 62,911 | (7,189 | ) | ||||||||
Snyder’s-Lance Inc | 13,977 | 460,691 | (8,657 | ) | ||||||||
Sotheby’s | 4,229 | 120,917 | (39,870 | ) | ||||||||
Spectrum Brands Holdings Inc | 1,707 | 169,027 | (66,010 | ) | ||||||||
Spirit Airlines Inc | 12,084 | 536,311 | 22,378 | |||||||||
Splunk Inc | 4,034 | 185,566 | (51,150 | ) | ||||||||
Sprouts Farmers Market Inc | 10,601 | 272,340 | 53,429 | |||||||||
SS&C Technologies Holdings Inc | 13,845 | 396,760 | (48,356 | ) | ||||||||
Starbucks Corp | 406 | 21,780 | (201 | ) | ||||||||
Stericycle Inc | 4,348 | 518,045 | 169,597 | |||||||||
STERIS PLC | 1,979 | 137,593 | (7,072 | ) | ||||||||
Stifel Financial Corp | 3,552 | 120,139 | (16,436 | ) | ||||||||
Superior Energy Services Inc | 3,334 | 53,637 | (6,042 | ) | ||||||||
SVB Financial Group | 537 | 64,417 | 5,057 | |||||||||
Targa Resources Corp | 1,293 | 39,725 | (23,774 | ) | ||||||||
Tempur Sealy International Inc | 1,823 | 134,683 | 31,246 | |||||||||
Tenet Healthcare Corp | 9,561 | 253,922 | 37,270 | |||||||||
The Charles Schwab Corp | 6,670 | 221,511 | 10,939 | |||||||||
The Cooper Cos Inc | 1,028 | 144,838 | (39,441 | ) | ||||||||
The Goodyear Tire & Rubber Co | 3,722 | 97,927 | (22,294 | ) | ||||||||
The Hain Celestial Group Inc | 5,023 | 206,445 | 27,727 | |||||||||
The Howard Hughes Corp | 2,740 | 297,451 | (16,279 | ) | ||||||||
The Kroger Co | 2,059 | 76,088 | 14,977 | |||||||||
The Madison Square Garden Co ‘A’ | 406 | 70,001 | 1,220 | |||||||||
The Middleby Corp | 2,283 | 221,688 | (60,536 | ) | ||||||||
The Mosaic Co | 6,954 | 179,033 | 8,939 | |||||||||
The Southern Co | 491 | 22,836 | (2,352 | ) | ||||||||
The Ultimate Software Group Inc | 1,441 | 274,364 | (20,162 | ) | ||||||||
The Walt Disney Co | 862 | 96,553 | 16,507 | |||||||||
The Wendy’s Co | 4,978 | 53,996 | 234 | |||||||||
The Western Union Co | 972 | 19,710 | (527 | ) | ||||||||
The Williams Cos Inc | 1,444 | 38,319 | (6,055 | ) | ||||||||
Thermo Fisher Scientific Inc | 134 | 19,395 | (1,919 | ) | ||||||||
Thomson Reuters Corp | 389 | 14,728 | (1,369 | ) | ||||||||
Tiffany & Co | 4,048 | 294,718 | 711 | |||||||||
T-Mobile US Inc | 808 | 38,004 | 254 | |||||||||
Tractor Supply Co | 1,760 | 152,664 | 34,128 | |||||||||
TransDigm Group Inc | 2,357 | 533,461 | (147,995 | ) | ||||||||
Transocean Ltd | 1,872 | 17,103 | (2,852 | ) | ||||||||
TreeHouse Foods Inc | 3,811 | 312,179 | (20,102 | ) | ||||||||
TRI Pointe Group Inc | 6,649 | 64,168 | (23,466 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-83
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Triumph Group Inc | 1,785 | $51,865 | $2,099 | |||||||||
Twenty-First Century Fox Inc ‘A’ | 5,386 | 156,562 | 26,113 | |||||||||
Twitter Inc | 8,922 | 162,685 | (42,967 | ) | ||||||||
Tyler Technologies Inc | 2,142 | 287,514 | (79,261 | ) | ||||||||
Ulta Salon Cosmetics & Fragrance Inc | 267 | 51,266 | (12,275 | ) | ||||||||
Under Armour Inc ‘A’ | 9,009 | 371,423 | 22,955 | |||||||||
Under Armour Inc ‘C’ l | — | 3 | — | |||||||||
USG Corp | 1,469 | 36,876 | (1,098 | ) | ||||||||
Valley National Bancorp | 7,918 | 74,036 | (3,006 | ) | ||||||||
Verisk Analytics Inc | 8,139 | 615,953 | (45,585 | ) | ||||||||
Vertex Pharmaceuticals Inc | 1,737 | 176,844 | 25,360 | |||||||||
VF Corp | 2,025 | 116,348 | 2,847 | |||||||||
ViaSat Inc | 3,261 | 237,052 | (6,382 | ) | ||||||||
Visa Inc ‘A’ | 4,422 | 347,967 | (17,732 | ) | ||||||||
Vista Outdoor Inc | 2,151 | 96,431 | 10,692 | |||||||||
Vulcan Materials Co | 1,451 | 123,818 | (41,204 | ) | ||||||||
WABCO Holdings Inc | 156 | 15,224 | (2,487 | ) | ||||||||
Walgreens Boots Alliance Inc | 1,492 | 124,343 | 4,058 | |||||||||
Weatherford International PLC | 72,205 | 469,685 | 63,893 | |||||||||
Webster Financial Corp | 3,336 | 118,494 | (8,308 | ) | ||||||||
WEC Energy Group Inc | 8,487 | 448,856 | (59,346 | ) | ||||||||
Western Digital Corp | 2,399 | 122,162 | (18,108 | ) | ||||||||
WestRock Co | 8,291 | 321,233 | (80,715 | ) | ||||||||
WEX Inc | 737 | 63,743 | (15,919 | ) | ||||||||
WGL Holdings Inc | 4,386 | 296,456 | 21,454 |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Whiting Petroleum Corp | 8,612 | $63,725 | ($11,544 | ) | ||||||||
Whole Foods Market Inc | 7,470 | 238,564 | 26,789 | |||||||||
Willis Towers Watson PLC | 785 | 95,932 | (8,293 | ) | ||||||||
WisdomTree Investments Inc | 38,992 | 416,802 | 15,574 | |||||||||
Workday Inc ‘A’ | 3,259 | 239,499 | (59,319 | ) | ||||||||
WPX Energy Inc | 2,297 | 21,038 | (9,259 | ) | ||||||||
WR Berkley Corp | 307 | 17,336 | (396 | ) | ||||||||
Wynn Resorts Ltd | 2,338 | 170,625 | (57,143 | ) | ||||||||
Yahoo! Inc | 3,420 | 101,420 | (45,982 | ) | ||||||||
Zayo Group Holdings Inc | 17,422 | 445,951 | (71,656 | ) | ||||||||
Zebra Technologies Corp ‘A’ | 2,125 | 141,035 | (6,886 | ) | ||||||||
Zillow Group Inc ‘C’ | 1,873 | 66,262 | 1,362 | |||||||||
Zimmer Biomet Holdings Inc | 1,252 | 152,724 | (10,061 | ) | ||||||||
Zions Bancorp | 3,311 | 91,913 | (10,794 | ) | ||||||||
Zoetis Inc | 4,354 | 184,613 | (41,838 | ) | ||||||||
|
| |||||||||||
(5,197,442 | ) | |||||||||||
|
| |||||||||||
Total Short Positions |
| (5,305,813 | ) | |||||||||
|
| |||||||||||
Total Long and Short Positions |
| 2,136,766 | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| 4,024 | ||||||||||
|
| |||||||||||
$2,140,790 | ||||||||||||
|
|
Description | Counter- party | Expiration Dates (1) | Value | |||||||
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Month AUD-BBSW, plus a specified spread as negotiated by the parties, which is denominated in AUD based on the local currencies of the positions within the swap. | JPM |
| 07/17/17 08/11/17 | -
| $182,701 | |||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2016:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: |
| |||||||||||
Australia | ||||||||||||
AGL Energy Ltd | 36,644 | $519,065 | $17,416 | |||||||||
Amcor Ltd | 8,539 | 91,896 | 7,560 | |||||||||
Ansell Ltd | 3,088 | 43,090 | 11,427 | |||||||||
Aurizon Holdings Ltd | 91,674 | 310,402 | 21,058 | |||||||||
Boral Ltd | 53,321 | 257,292 | 20,083 | |||||||||
Caltex Australia Ltd | 11,730 | 287,292 | 22,835 | |||||||||
CIMIC Group Ltd | 22,479 | 595,912 | (98,057 | ) | ||||||||
Coca-Cola Amatil Ltd | 61,773 | 395,739 | 91,351 | |||||||||
Cochlear Ltd | 2,573 | 234,111 | 44,784 | |||||||||
Flight Centre Travel Group Ltd | 4,899 | 114,981 | 22,164 | |||||||||
Fortescue Metals Group Ltd | 36,312 | 84,765 | 54,222 | |||||||||
Harvey Norman Holdings Ltd | 16,872 | 56,876 | 10,662 | |||||||||
Iluka Resources Ltd | 12,085 | 60,567 | (2,030 | ) | ||||||||
Incitec Pivot Ltd | 26,597 | 64,666 | (6,859 | ) | ||||||||
Newcrest Mining Ltd | 10,277 | 172,837 | 641 | |||||||||
Oil Search Ltd | 2,913 | 14,621 | 1,422 | |||||||||
Orica Ltd | 6,002 | 56,401 | 13,910 | |||||||||
Qantas Airways Ltd | 57,959 | 123,626 | 15,581 | |||||||||
Tabcorp Holdings Ltd | 43,014 | 137,944 | 26,772 | |||||||||
Tatts Group Ltd | 49,333 | 139,812 | (1,158 | ) | ||||||||
Telstra Corp Ltd | 37,656 | 150,249 | (110 | ) | ||||||||
The Star Entertainment Grp Ltd | 50,616 | 210,642 | 24,116 | |||||||||
Treasury Wine Estates Ltd | 47,502 | 352,499 | 50,636 | |||||||||
Woodside Petroleum Ltd | 5,347 | 104,480 | 14,078 | |||||||||
|
| |||||||||||
362,504 | ||||||||||||
|
| |||||||||||
Total Long Positions | 362,504 | |||||||||||
|
|
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Short Positions: | ||||||||||||
Australia | ||||||||||||
ALS Ltd | 45,439 | $175,214 | ($33,668 | ) | ||||||||
Alumina Ltd | 77,886 | 81,032 | (6,656 | ) | ||||||||
AMP Ltd | 55,488 | 219,330 | (6,250 | ) | ||||||||
APA Group | 99,436 | 647,412 | (4,050 | ) | ||||||||
Australia & New Zealand | 3,244 | 57,218 | (11,884 | ) | ||||||||
Bank of Queensland Ltd | 13,275 | 104,827 | (11,443 | ) | ||||||||
Bendigo & Adelaide Bank Ltd | 5,127 | 36,521 | (6,002 | ) | ||||||||
Challenger Ltd/Australia | 16,130 | 106,889 | (19,421 | ) | ||||||||
Commonwealth Bank of Australia | 3,683 | 201,944 | (3,433 | ) | ||||||||
Computershare Ltd | 31,208 | 232,982 | (14,546 | ) | ||||||||
Crown Resorts Ltd | 5,501 | 46,811 | (8,680 | ) | ||||||||
CSL Ltd | 1,594 | 132,350 | 1,274 | |||||||||
Healthscope Ltd | 162,018 | 334,708 | (47,975 | ) | ||||||||
Insurance Australia Group Ltd | 80,750 | 342,069 | 1,992 | |||||||||
LendLease Group | 4,344 | 42,603 | (4,471 | ) | ||||||||
National Australia Bank Ltd | 1,958 | 37,193 | (4,896 | ) | ||||||||
Platinum Asset Management Ltd | 45,709 | 204,823 | 27,941 | |||||||||
Ramsay Health Care Ltd | 4,241 | 225,043 | (33,017 | ) | ||||||||
REA Group Ltd | 4,937 | 203,432 | (11,303 | ) | ||||||||
SEEK Ltd | 50,353 | 581,325 | (22,309 | ) | ||||||||
Sonic Healthcare Ltd | 12,961 | 206,763 | (12,720 | ) | ||||||||
Suncorp Group Ltd | 1,493 | 13,629 | (300 | ) | ||||||||
Transurban Group | 5,520 | 48,743 | 502 | |||||||||
Vocus Communications Ltd | 32,446 | 212,128 | 56,523 | |||||||||
Westpac Banking Corp | 5,891 | 128,422 | (5,611 | ) | ||||||||
|
| |||||||||||
(180,403 | ) | |||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-84
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Ireland | ||||||||||||
James Hardie Industries PLC | 2,556 | $38,507 | ($1,511 | ) | ||||||||
|
| |||||||||||
Total Short Positions |
| (181,914 | ) | |||||||||
|
| |||||||||||
Total Long and Short Positions |
| 180,590 | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| 2,111 | ||||||||||
|
| |||||||||||
$182,701 | ||||||||||||
|
|
Description | Counter- party | Expiration Dates (1) | Value | |||||||
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Month GBP-LIBOR, plus a specified spread as negotiated by the parties, which is denominated in GBP based on the local currencies of the positions within the swap. | JPM |
| 07/17/17 10/30/17 | -
| $281,173 | |||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2016:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: |
| |||||||||||
Germany | ||||||||||||
TUI AG | 1,242 | $17,449 | $200 | |||||||||
|
| |||||||||||
India | ||||||||||||
Vedanta Resources PLC | 24,612 | 136,446 | 49,452 | |||||||||
|
| |||||||||||
South Africa | ||||||||||||
Investec PLC | 12,696 | 79,832 | (2,441 | ) | ||||||||
|
| |||||||||||
Switzerland | ||||||||||||
Coca-Cola HBC AG | 17,302 | 349,067 | 52,883 | |||||||||
Glencore PLC | 36,161 | 67,806 | 31,208 | |||||||||
|
| |||||||||||
84,091 | ||||||||||||
|
| |||||||||||
United Kingdom | ||||||||||||
Amec Foster Wheeler PLC | 19,536 | 117,441 | 27,476 | |||||||||
Anglo American PLC | 8,637 | 75,734 | 31,975 | |||||||||
ASOS PLC | 3,707 | 183,807 | 49,466 | |||||||||
Barclays PLC | 29,371 | 68,778 | (5,102 | ) | ||||||||
Barratt Developments PLC | 62,650 | 445,655 | (44,570 | ) | ||||||||
Bellway PLC | 7,990 | 241,242 | 3,778 | |||||||||
BP PLC | 2,518 | 14,135 | 541 | |||||||||
Britvic PLC | 22,006 | 194,257 | (22,208 | ) | ||||||||
BT Group PLC | 23,367 | 134,382 | (16,816 | ) | ||||||||
Burberry Group PLC | 1,217 | 21,025 | 692 | |||||||||
Centrica PLC | 121,192 | 351,510 | 6,824 | |||||||||
Close Brothers Group PLC | 816 | 14,775 | (302 | ) | ||||||||
Daily Mail & General Trust PLC ‘A’ | 11,770 | 104,411 | 9,005 | |||||||||
DCC PLC | 2,234 | 200,792 | 2,181 | |||||||||
Direct Line Insurance Group PLC | 12,782 | 63,976 | (3,598 | ) | ||||||||
Dixons Carphone PLC | 27,726 | 114,169 | 18,263 | |||||||||
Drax Group PLC | 4,052 | 17,159 | (1,124 | ) | ||||||||
GKN PLC | 26,232 | 102,290 | 6,560 | |||||||||
GlaxoSmithKline PLC | 1,081 | 22,853 | 171 | |||||||||
Greene King PLC | 2,831 | 35,114 | (6,732 | ) | ||||||||
Howden Joinery Group PLC | 15,337 | 70,323 | 15,603 | |||||||||
Imperial Brands PLC | 7,521 | 392,006 | (4,898 | ) | ||||||||
Inchcape PLC | 23,618 | 214,270 | (12,744 | ) | ||||||||
Indivior PLC | 6,288 | 27,161 | (2,155 | ) | ||||||||
Informa PLC | 3,094 | 28,827 | (282 | ) | ||||||||
Intermediate Capital Group PLC | 8,366 | 77,299 | (13,422 | ) | ||||||||
International Consolidated Airlines Group SA | 4,023 | 21,811 | (1,027 | ) | ||||||||
ITV PLC | 15,460 | 44,479 | (6,977 | ) | ||||||||
John Wood Group PLC | 35,346 | 324,669 | 23,254 |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Johnson Matthey PLC | 1,591 | $66,603 | $1,259 | |||||||||
Jupiter Fund Management PLC | 2,595 | 14,749 | (442 | ) | ||||||||
Kingfisher PLC | 47,924 | 244,495 | (10,672 | ) | ||||||||
Lloyds Banking Group PLC | 36,995 | 27,201 | (1,064 | ) | ||||||||
Man Group PLC | 17,109 | 28,678 | (3,755 | ) | ||||||||
Marks & Spencer Group PLC | 10,969 | 55,945 | (8,887 | ) | ||||||||
Micro Focus International PLC | 1,541 | 42,865 | 998 | |||||||||
Moneysupermarket.com Group PLC | 3,899 | 15,718 | (555 | ) | ||||||||
Paysafe Group PLC | 3,974 | 22,763 | 195 | |||||||||
Persimmon PLC | 19,679 | 521,788 | (59,087 | ) | ||||||||
Petrofac Ltd | 15,163 | 154,488 | 21,017 | |||||||||
Playtech PLC | 1,339 | 15,002 | 801 | |||||||||
Reckitt Benckiser Group PLC | 489 | 45,486 | 551 | |||||||||
Regus PLC | 36,310 | 157,840 | (35,057 | ) | ||||||||
Rio Tinto PLC | 1,083 | 30,026 | 5,969 | |||||||||
Royal Mail PLC | 93,264 | 668,608 | (76,793 | ) | ||||||||
Severn Trent PLC | 16,450 | 528,192 | 5,573 | |||||||||
Sky PLC | 5,747 | 71,450 | (4,842 | ) | ||||||||
Smiths Group PLC | 32,492 | 509,937 | 106,835 | |||||||||
Sports Direct International PLC | 7,427 | 27,786 | (153 | ) | ||||||||
SSE PLC | 8,108 | 171,165 | (6,527 | ) | ||||||||
Stagecoach Group PLC | 59,004 | 195,697 | (34,400 | ) | ||||||||
Tate & Lyle PLC | 11,345 | 103,863 | 6,259 | |||||||||
Taylor Wimpey PLC | 113,193 | 286,588 | (60,817 | ) | ||||||||
The Sage Group PLC | 7,997 | 75,731 | 677 | |||||||||
Thomas Cook Group PLC | 46,480 | 41,504 | 143 | |||||||||
United Utilities Group PLC | 3,169 | 42,170 | (1,009 | ) | ||||||||
William Hill PLC | 90,280 | 346,997 | 9,156 | |||||||||
Wm Morrison Supermarkets PLC | 103,518 | 253,386 | 38,911 | |||||||||
WPP PLC | 5,946 | 129,236 | 10,527 | |||||||||
|
| |||||||||||
(41,357 | ) | |||||||||||
|
| |||||||||||
Total Long Positions | 89,945 | |||||||||||
|
| |||||||||||
Short Positions: | ||||||||||||
Australia | ||||||||||||
BHP Billiton PLC | 6,578 | 84,933 | (13,990 | ) | ||||||||
|
| |||||||||||
Chile | ||||||||||||
Antofagasta PLC | 30,156 | 181,057 | (23,217 | ) | ||||||||
|
| |||||||||||
Jordan | ||||||||||||
Hikma Pharmaceuticals PLC | 1,822 | 50,268 | 2,675 | |||||||||
|
| |||||||||||
Netherlands | ||||||||||||
Royal Dutch Shell PLC ‘A’ | 5,499 | 128,923 | (7,880 | ) | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-85
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
United Kingdom |
| |||||||||||
AA PLC | 4,837 | $18,954 | $499 | |||||||||
Aberdeen Asset Management PLC | 15,913 | 57,653 | (9,513 | ) | ||||||||
Admiral Group PLC | 13,616 | 363,855 | 2,474 | |||||||||
Aggreko PLC | 8,974 | 127,834 | 17,199 | |||||||||
Ashtead Group PLC | 12,970 | 186,955 | (26,197 | ) | ||||||||
Associated British Foods PLC | 9,281 | 383,083 | 70,363 | |||||||||
AstraZeneca PLC | 1,447 | 79,875 | (13,820 | ) | ||||||||
Aviva PLC | 38,939 | 229,981 | 7,793 | |||||||||
BAE Systems PLC | 3,034 | 20,815 | 204 | |||||||||
Balfour Beatty PLC | 59,690 | 187,404 | (28,587 | ) | ||||||||
Berkeley Group Holdings PLC | 5,002 | 164,786 | (2,349 | ) | ||||||||
Booker Group PLC | 71,864 | 176,273 | 10,503 | |||||||||
British American Tobacco PLC | 4,747 | 282,727 | (20,016 | ) | ||||||||
BTG PLC | 31,366 | 293,944 | 36,302 | |||||||||
Bunzl PLC | 9,891 | 286,014 | (5,654 | ) | ||||||||
Capita PLC | 34,258 | 494,812 | 198,046 | |||||||||
Cobham PLC | 33,513 | 70,570 | (2,337 | ) | ||||||||
Croda International PLC | 632 | 26,534 | (1,985 | ) | ||||||||
easyJet PLC | 10,390 | 208,274 | 72,800 | |||||||||
Essentra PLC | 10,622 | 80,633 | 13,753 | |||||||||
Halma PLC | 25,941 | 350,434 | (1,762 | ) | ||||||||
Hargreaves Lansdown PLC | 24,461 | 428,262 | 25,483 | |||||||||
Hays PLC | 33,071 | 51,729 | (3,934 | ) | ||||||||
Hiscox Ltd | 1,960 | 25,508 | (939 | ) | ||||||||
HSBC Holdings PLC | 116 | 823 | (49 | ) | ||||||||
ICAP PLC | 14,941 | 80,717 | (9,262 | ) | ||||||||
IMI PLC | 3,251 | 45,031 | (214 | ) | ||||||||
Inmarsat PLC | 13,211 | 130,505 | 10,071 | |||||||||
J Sainsbury PLC | 17,867 | 60,368 | 3,460 | |||||||||
Legal & General Group PLC | 30,043 | 93,246 | 8,104 | |||||||||
Meggitt PLC | 9,679 | 57,101 | 608 |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Merlin Entertainments PLC ~ | 25,131 | $149,643 | $6,580 | |||||||||
Next PLC | 1,019 | 73,042 | 9,967 | |||||||||
Old Mutual PLC | 232,440 | 584,083 | (25,192 | ) | ||||||||
Pennon Group PLC | 5,750 | 66,273 | (208 | ) | ||||||||
Provident Financial PLC | 6,848 | 259,421 | (9,467 | ) | ||||||||
Prudential PLC | 14,047 | 245,831 | (3,174 | ) | ||||||||
Rolls-Royce Holdings PLC | 29,647 | 260,179 | (16,417 | ) | ||||||||
Rotork PLC | 25,965 | 71,155 | 157 | |||||||||
Royal Bank of Scotland Group PLC | 82,180 | 215,588 | 25,337 | |||||||||
RSA Insurance Group PLC | 16,970 | 111,621 | (8,231 | ) | ||||||||
Schroders PLC | 4,514 | 158,788 | 1,154 | |||||||||
Smith & Nephew PLC | 3,019 | 48,408 | (283 | ) | ||||||||
Spectris PLC | 3,445 | 82,083 | (5,638 | ) | ||||||||
St James’s Place PLC | 34,066 | 382,381 | (35,779 | ) | ||||||||
Standard Chartered PLC | 20,026 | 144,200 | (18,766 | ) | ||||||||
Standard Life PLC | 24,342 | 107,168 | (1,272 | ) | ||||||||
Tesco PLC | 174,251 | 375,676 | (37,027 | ) | ||||||||
Travis Perkins PLC | 1,936 | 38,537 | (77 | ) | ||||||||
Vodafone Group PLC | 4,746 | 13,564 | (47 | ) | ||||||||
Whitbread PLC | 1,559 | 82,314 | 3,192 | |||||||||
Worldpay Group PLC ~ | 33,740 | 131,221 | 1,855 | |||||||||
|
| |||||||||||
237,708 | ||||||||||||
|
| |||||||||||
United States | ||||||||||||
Shire PLC | 2,006 | 125,824 | (3,890 | ) | ||||||||
|
| |||||||||||
Total Short Positions |
| 191,406 | ||||||||||
|
| |||||||||||
Total Long and Short Positions |
| 281,351 | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| (178 | ) | |||||||||
|
| |||||||||||
$281,173 | ||||||||||||
|
|
Description | Counter- party | Expiration Dates (1) | Value | |||||||
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Month HKD-HIBOR, plus a specified spread as negotiated by the parties, which is denominated in HKD based on the local currencies of the positions within the swap. | JPM |
| 07/17/17 10/23/17 | -
| ($53,121) | |||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2016:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: |
| |||||||||||
Hong Kong | ||||||||||||
BOC Hong Kong Holdings Ltd | 16,500 | $48,909 | $7,231 | |||||||||
Cheung Kong Property Holdings Ltd | 4,500 | 32,898 | 204 | |||||||||
CLP Holdings Ltd | 33,500 | 324,235 | 22,727 | |||||||||
Henderson Land | 17,710 | 94,492 | 11,180 | |||||||||
HKT Trust & HKT Ltd | 126,000 | 188,122 | (10,730 | ) | ||||||||
Kerry Properties Ltd | 80,000 | 195,893 | 66,929 | |||||||||
Li & Fung Ltd | 362,000 | 171,568 | 14,959 | |||||||||
New World Development Co Ltd | 163,000 | 153,771 | 59,970 | |||||||||
Power Assets Holdings Ltd | 9,500 | 87,179 | 5,785 | |||||||||
Sino Land Co Ltd | 74,000 | 114,061 | 17,831 | |||||||||
SJM Holdings Ltd | 136,000 | 83,955 | 16,830 | |||||||||
Sun Hung Kai Properties Ltd | 4,000 | 57,096 | 3,715 | |||||||||
Swire Properties Ltd | 6,000 | 17,175 | 472 | |||||||||
Techtronic Industries Co Ltd | 5,500 | 21,240 | 305 | |||||||||
The Wharf Holdings Ltd | 10,000 | 57,221 | 16,144 | |||||||||
VTech Holdings Ltd | 16,300 | 177,429 | 8,964 | |||||||||
WH Group Ltd ~ | 351,500 | 265,912 | 18,185 | |||||||||
Wheelock & Co Ltd | 48,000 | 219,178 | 65,930 | |||||||||
Xinyi Glass Holdings Ltd | 82,000 | 75,507 | (955 | ) | ||||||||
Yue Yuen Industrial Holdings Ltd | 99,500 | 378,883 | 32,335 | |||||||||
|
| |||||||||||
358,011 | ||||||||||||
|
| |||||||||||
Total Long Positions | 358,011 | |||||||||||
|
|
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Short Positions: |
| |||||||||||
Hong Kong | ||||||||||||
AIA Group Ltd | 25,800 | $148,628 | ($24,870 | ) | ||||||||
ASM Pacific Technology Ltd | 18,000 | 133,109 | (15,883 | ) | ||||||||
Cathay Pacific Airways Ltd | 178,639 | 273,266 | 23,540 | |||||||||
Galaxy Entertainment Group Ltd | 30,115 | 86,928 | (27,592 | ) | ||||||||
Haitong International Securities Group Ltd | 93,741 | 54,685 | (8,233 | ) | ||||||||
Hang Lung Properties Ltd | 146,871 | 281,536 | (51,617 | ) | ||||||||
Hong Kong & China Gas Co Ltd | 299,245 | 516,009 | (52,196 | ) | ||||||||
Hysan Development Co Ltd | 23,000 | 100,101 | (8,115 | ) | ||||||||
MTR Corp Ltd | 41,103 | 190,312 | (36,826 | ) | ||||||||
Sands China Ltd | 21,200 | 69,161 | (23,761 | ) | ||||||||
Value Partners Group Ltd | 205,276 | 187,356 | (25,319 | ) | ||||||||
|
| |||||||||||
(250,872 | ) | |||||||||||
|
| |||||||||||
Macao | ||||||||||||
MGM China Holdings Ltd | 284,597 | 376,434 | (121,213 | ) | ||||||||
Wynn Macau Ltd | 165,170 | 238,644 | (37,060 | ) | ||||||||
|
| |||||||||||
(158,273 | ) | |||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-86
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
United States | ||||||||||||
Samsonite International SA | 9,092 | $27,329 | ($1,987 | ) | ||||||||
|
| |||||||||||
Total Short Positions | (411,132 | ) | ||||||||||
|
| |||||||||||
Total Long and Short Positions |
| (53,121 | ) | |||||||||
Net Cash and Other Receivables (Payables) (3) |
| — | ||||||||||
|
| |||||||||||
($53,121 | ) | |||||||||||
|
|
Description | Counter- party | Expiration Date (1) | Value | |||||||
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Month SGD-SIBOR, plus a specified spread as negotiated by the parties, which is denominated in SGD based on the local currencies of the positions within the swap. | JPM | 07/17/17 | ($12,818) | |||||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2016:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: |
| |||||||||||
China | ||||||||||||
Yangzijiang Shipbuilding Holdings Ltd | 567,606 | $378,229 | ($64,236 | ) | ||||||||
|
| |||||||||||
Singapore | ||||||||||||
ComfortDelGro Corp Ltd | 48,200 | 95,104 | 4,597 | |||||||||
Genting Singapore PLC | 500,100 | 272,753 | 3,611 | |||||||||
SATS Ltd | 73,100 | 223,526 | 43,683 | |||||||||
Singapore Airlines Ltd | 26,800 | 210,521 | (3,473 | ) | ||||||||
StarHub Ltd | 46,700 | 125,727 | (7,808 | ) | ||||||||
Wilmar International Ltd | 24,500 | 60,199 | (2,031 | ) | ||||||||
|
| |||||||||||
38,579 | ||||||||||||
|
| |||||||||||
Total Long Positions |
| (25,657 | ) | |||||||||
|
|
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Short Positions: | ||||||||||||
Singapore | ||||||||||||
CapitaLand Ltd | 96,800 | $213,341 | ($15,181 | ) | ||||||||
Keppel Corp Ltd | 120,586 | 478,956 | (979 | ) | ||||||||
Singapore Post Ltd | 288,600 | 331,083 | 21,377 | |||||||||
Singapore Telecommunications Ltd | 99,600 | 295,425 | 4,106 | |||||||||
|
| |||||||||||
9,323 | ||||||||||||
|
| |||||||||||
Total Short Positions |
| 9,323 | ||||||||||
|
| |||||||||||
Total Long and Short Positions |
| (16,334 | ) | |||||||||
Net Cash and Other Receivables (Payables) (3) |
| 3,516 | ||||||||||
|
| |||||||||||
($12,818 | ) | |||||||||||
|
|
Description | Counter- party | Expiration Date (1) | Value | |||||||
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Month USD-LIBOR, plus a specified spread as negotiated by the parties, which is denominated in USD based on the local currencies of the positions within the swap. | JPM | 07/17/17 | $155,402 | |||||||
|
The following table represents the individual short positions and related values within the total return basket swap as of September 30, 2016:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Short Position: |
| |||||||||||
Hong Kong | ||||||||||||
Hutchison Port Holdings Trust | 116,600 | $53,053 | $1,001 | |||||||||
|
| |||||||||||
Total Short Position |
| 1,001 | ||||||||||
|
| |||||||||||
Net Cash and Other Receivables (Payables) (3) |
| 154,401 | ||||||||||
|
| |||||||||||
$155,402 | ||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-87
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Description | Counter- party | Expiration Date (1) | Value | |||||||
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Day CAD-USD Discount Rate, plus a specified spread as negotiated by the parties, which is denominated in CAD based on the local currencies of the positions within the swap. | MSC | 05/03/17 | $27,264 | |||||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2016:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: |
| |||||||||||
Canada | ||||||||||||
Agnico Eagle Mines Ltd | 753 | $41,560 | ($838 | ) | ||||||||
Air Canada | 27,725 | 157,686 | 66,320 | |||||||||
Alimentation Couche-Tard Inc ‘B’ | 808 | 34,899 | 4,259 | |||||||||
Barrick Gold Corp | 9,530 | 132,426 | 36,317 | |||||||||
BCE Inc | 644 | 28,566 | 1,176 | |||||||||
CAE Inc | 8,756 | 112,231 | 12,107 | |||||||||
Canadian Tire Corp Ltd ‘A’ | 1,802 | 172,693 | 7,761 | |||||||||
Canfor Corp | 3,203 | 41,268 | (5,697 | ) | ||||||||
CCL Industries Inc ‘B’ | 377 | 50,198 | 22,392 | |||||||||
CI Financial Corp | 2,449 | 70,156 | (23,172 | ) | ||||||||
Constellation Software Inc | 66 | 26,549 | 3,204 | |||||||||
Dollarama Inc | 4,678 | 264,984 | 100,249 | |||||||||
Eldorado Gold Corp | 7,387 | 36,175 | (7,121 | ) | ||||||||
Empire Co Ltd ‘A’ | 16,555 | 308,203 | (61,257 | ) | ||||||||
Encana Corp | 8,233 | 57,834 | 28,202 | |||||||||
Enerplus Corp | 15,594 | 46,603 | 53,478 | |||||||||
Finning International Inc | 4,250 | 78,789 | 254 | |||||||||
First Quantum Minerals Ltd | 8,314 | 71,444 | (2,623 | ) | ||||||||
George Weston Ltd | 3,653 | 299,336 | 5,389 | |||||||||
IGM Financial Inc | 679 | 25,132 | (6,801 | ) | ||||||||
Industrial Alliance Insurance & Financial Services Inc | 6,438 | 189,165 | 42,602 | |||||||||
Kinross Gold Corp | 33,822 | 108,039 | 34,524 | |||||||||
Linamar Corp | 5,915 | 272,367 | (25,388 | ) | ||||||||
Loblaw Cos Ltd | 2,920 | 156,769 | (6,534 | ) | ||||||||
Lundin Mining Corp | 32,719 | 109,656 | 19,779 | |||||||||
Magna International Inc | 3,231 | 178,744 | (40,042 | ) | ||||||||
Metro Inc | 2,364 | 77,226 | 381 | |||||||||
Open Text Corp | 2,039 | 102,658 | 29,415 | |||||||||
Quebecor Inc ‘B’ | 978 | 24,290 | 5,432 | |||||||||
Saputo Inc | 6,728 | 200,967 | 32,830 | |||||||||
Teck Resources Ltd | 1,562 | 25,223 | 2,935 | |||||||||
Tourmaline Oil Corp | 1,587 | 43,032 | (41 | ) | ||||||||
TransAlta Corp | 7,203 | 36,476 | (4,467 | ) | ||||||||
WestJet Airlines Ltd | 1,585 | 25,520 | 2,170 | |||||||||
Yamana Gold Inc | 25,335 | 111,511 | (2,404 | ) | ||||||||
|
| |||||||||||
324,791 | ||||||||||||
|
| |||||||||||
Total Long Positions | 324,791 | |||||||||||
|
|
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Short Positions: |
| |||||||||||
Canada | ||||||||||||
AltaGas Ltd | 5,692 | $142,344 | ($4,040 | ) | ||||||||
BlackBerry Ltd | 9,314 | 65,944 | (8,315 | ) | ||||||||
Bombardier Inc ‘B’ | 114,591 | 169,484 | 12,265 | |||||||||
Cameco Corp | 4,604 | 41,792 | 2,453 | |||||||||
Canadian National Railway Co | 5,321 | 300,637 | (47,188 | ) | ||||||||
Canadian Natural Resources Ltd | 721 | 19,751 | (3,298 | ) | ||||||||
Canadian Utilities Ltd ‘A’ | 10,111 | 283,419 | (1,888 | ) | ||||||||
Cenovus Energy Inc | 3,012 | 48,699 | 5,469 | |||||||||
DH Corp | 4,835 | 131,070 | 26,554 | |||||||||
Element Financial Corp | 8,043 | 87,409 | (13,254 | ) | ||||||||
Enbridge Inc | 6,322 | 207,151 | (70,700 | ) | ||||||||
Fairfax Financial Holdings Ltd | 47 | 25,115 | (2,424 | ) | ||||||||
Franco-Nevada Corp | 789 | 55,333 | 209 | |||||||||
Gildan Activewear Inc | 13,203 | 385,948 | 17,216 | |||||||||
Goldcorp Inc | 1,282 | 19,846 | (1,310 | ) | ||||||||
Imperial Oil Ltd | 1,659 | 54,875 | 2,978 | |||||||||
Keyera Corp | 928 | 28,342 | (1,664 | ) | ||||||||
Manulife Financial Corp | 14,839 | 218,832 | 9,472 | |||||||||
Methanex Corp | 9,259 | 281,920 | (47,944 | ) | ||||||||
Pembina Pipeline Corp | 3,648 | 100,628 | (10,540 | ) | ||||||||
Potash Corp of Saskatchewan Inc | 13,407 | 218,023 | (155 | ) | ||||||||
Power Financial Corp | 5,503 | 140,030 | 12,517 | |||||||||
PrairieSky Royalty Ltd | 5,558 | 103,294 | (10,034 | ) | ||||||||
Restaurant Brands International Inc | 2,479 | 75,330 | (35,209 | ) | ||||||||
Rogers Communications Inc ‘B’ | 3,197 | 115,952 | (19,682 | ) | ||||||||
Silver Wheaton Corp | 2,941 | 31,629 | (47,817 | ) | ||||||||
TransCanada Corp | 1,617 | 52,815 | (23,983 | ) | ||||||||
Veresen Inc | 8,904 | 63,282 | (27,662 | ) | ||||||||
West Fraser Timber Co Ltd | 843 | 29,413 | 3,435 | |||||||||
Whitecap Resources Inc | 5,397 | 35,264 | (9,822 | ) | ||||||||
WSP Global Inc | 5,809 | 179,976 | (3,024 | ) | ||||||||
|
| |||||||||||
(297,385 | ) | |||||||||||
|
| |||||||||||
United States | ||||||||||||
Valeant Pharmaceuticals International Inc | 2,328 | 56,605 | (515 | ) | ||||||||
|
| |||||||||||
Total Short Positions |
| (297,900 | ) | |||||||||
|
| |||||||||||
Total Long and Short Positions |
| 26,891 | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| 373 | ||||||||||
|
| |||||||||||
$27,264 | ||||||||||||
|
|
Description | Counter- party | Expiration Date (1) | Value | |||||||
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Day CHF-TOIS, plus a specified spread as negotiated by the parties, which is denominated in CHF based on the local currencies of the positions within the swap. | MSC | 05/03/17 | $411,354 | |||||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2016:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: |
| |||||||||||
Switzerland | ||||||||||||
ABB Ltd | 19,169 | $386,171 | $45,860 | |||||||||
Actelion Ltd | 1,932 | 288,872 | 46,396 | |||||||||
Adecco Group AG | 4,495 | 271,538 | (18,174 | ) | ||||||||
Flughafen Zuerich AG | 2,214 | 341,201 | 91,622 | |||||||||
Galenica AG | 35 | 40,955 | (3,735 | ) | ||||||||
Geberit AG | 40 | 17,147 | 387 |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Georg Fischer AG | 263 | $209,952 | $20,619 | |||||||||
Helvetia Holding AG | 44 | 25,087 | (2,891 | ) | ||||||||
Kuehne + Nagel International AG | 466 | 70,226 | (2,504 | ) | ||||||||
Lonza Group AG | 1,994 | 275,532 | 106,117 | |||||||||
SGS SA | 28 | 56,753 | 5,989 | |||||||||
Sika AG | 13 | 62,782 | 556 | |||||||||
Straumann Holding AG | 286 | 96,178 | 15,706 | |||||||||
Sunrise Communications Group AG | 205 | 13,670 | 639 | |||||||||
Swiss Life Holding AG | 1,600 | 390,302 | 24,614 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-88
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Swiss Re AG | 1,106 | $100,882 | ($990 | ) | ||||||||
Temenos Group AG | 668 | 41,294 | 829 | |||||||||
|
| |||||||||||
331,040 | ||||||||||||
|
| |||||||||||
Total Long Positions | 331,040 | |||||||||||
|
| |||||||||||
Short Positions: | ||||||||||||
Austria | ||||||||||||
ams AG | 6,191 | 190,202 | (10,962 | ) | ||||||||
|
| |||||||||||
Switzerland | ||||||||||||
Aryzta AG | 5,572 | 275,655 | 27,803 | |||||||||
Barry Callebaut AG | 101 | 119,454 | (14,963 | ) | ||||||||
Chocoladefabriken Lindt & | 32 | 195,545 | 10,483 | |||||||||
Cie Financiere Richemont SA ‘A’ | 4,077 | 356,930 | 108,283 | |||||||||
Credit Suisse Group AG | 28,218 | 441,588 | 70,729 |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
DKSH Holding AG | 301 | $21,506 | ($636 | ) | ||||||||
Dufry AG | 2,279 | 250,279 | (35,442 | ) | ||||||||
Julius Baer Group Ltd | 6,807 | 278,818 | 1,352 | |||||||||
LafargeHolcim Ltd | 4,586 | 198,079 | (50,322 | ) | ||||||||
Nestle SA | 177 | 13,854 | (122 | ) | ||||||||
Novartis AG | 1,381 | 103,039 | (5,950 | ) | ||||||||
OC Oerlikon Corp AG | 1,575 | 13,757 | (1,982 | ) | ||||||||
Sonova Holding AG | 287 | 40,152 | (544 | ) | ||||||||
Swisscom AG | 315 | 150,501 | 665 | |||||||||
The Swatch Group AG | 983 | 259,778 | (18,890 | ) | ||||||||
|
| |||||||||||
90,464 | ||||||||||||
|
| |||||||||||
Total Short Positions |
| 79,502 | ||||||||||
|
| |||||||||||
Total Long and Short Positions |
| 410,542 | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| 812 | ||||||||||
|
| |||||||||||
$411,354 | ||||||||||||
|
|
Description | Counter- party | Expiration Date (1) | Value | |||||||
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Day EUR-EONIA, plus a specified spread as negotiated by the parties, which is denominated in EUR based on the local currencies of the positions within the swap. | MSC | 05/03/17 | $1,339,484 | |||||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2016:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: |
| |||||||||||
Belgium | ||||||||||||
Ageas | 7,781 | $293,674 | ($9,173 | ) | ||||||||
bpost SA | 8,835 | 217,801 | 21,782 | |||||||||
Proximus SADP | 7,629 | 283,948 | (55,718 | ) | ||||||||
Umicore SA | 396 | 23,465 | 1,400 | |||||||||
|
| |||||||||||
(41,709 | ) | |||||||||||
|
| |||||||||||
Finland | ||||||||||||
Cargotec OYJ ‘B’ | 5,173 | 174,325 | 63,082 | |||||||||
Elisa OYJ | 3,480 | 121,309 | 6,941 | |||||||||
Fortum OYJ | 918 | 13,596 | 1,239 | |||||||||
Huhtamaki OYJ | 670 | 30,795 | 413 | |||||||||
Kesko OYJ ‘B’ | 9,260 | 358,812 | 67,797 | |||||||||
Neste OYJ | 7,183 | 233,984 | 72,416 | |||||||||
Orion OYJ ‘B’ | 685 | 26,580 | 425 | |||||||||
UPM-Kymmene OYJ | 4,077 | 81,908 | 4,177 | |||||||||
|
| |||||||||||
216,490 | ||||||||||||
|
| |||||||||||
France | ||||||||||||
Air France-KLM | 23,057 | 169,527 | (45,452 | ) | ||||||||
Arkema SA | 1,578 | 127,786 | 18,309 | |||||||||
Atos SE | 5,343 | 450,796 | 124,427 | |||||||||
BioMerieux | 319 | 40,286 | 7,254 | |||||||||
BNP Paribas SA | 968 | 44,189 | 5,599 | |||||||||
Capgemini SA | 1,050 | 94,047 | 8,899 | |||||||||
Cie de Saint-Gobain | 4,777 | 206,994 | (292 | ) | ||||||||
Cie Generale des Etablissements Michelin | 3,491 | 365,574 | 21,004 | |||||||||
CNP Assurances | 12,295 | 187,415 | 19,153 | |||||||||
Eiffage SA | 4,367 | 289,375 | 50,006 | |||||||||
Elior Group | 2,942 | 64,547 | 2,817 | |||||||||
Eutelsat Communications SA | 1,337 | 25,949 | 1,724 | |||||||||
Faurecia | 4,135 | 148,427 | 13,842 | |||||||||
Ipsen SA | 2,146 | 126,341 | 24,428 | |||||||||
Lagardere SCA | 7,799 | 201,712 | (3,100 | ) | ||||||||
Orange SA | 10,267 | 168,128 | (7,268 | ) | ||||||||
Peugeot SA | 19,616 | 337,004 | (37,451 | ) | ||||||||
Publicis Groupe SA | 1,248 | 103,354 | (8,920 | ) | ||||||||
Renault SA | 2,281 | 168,861 | 18,796 | |||||||||
Rexel SA | 1,570 | 23,549 | 501 | |||||||||
Safran SA | 1,059 | 73,131 | 3,034 |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Sanofi | 715 | $73,473 | ($19,025 | ) | ||||||||
Schneider Electric SE | 710 | 46,966 | 2,425 | |||||||||
SCOR SE | 5,706 | 202,236 | (24,790 | ) | ||||||||
SEB SA | 143 | 19,657 | 540 | |||||||||
Societe BIC SA | 1,230 | 193,458 | (11,602 | ) | ||||||||
Sodexo SA | 851 | 85,657 | 15,715 | |||||||||
Suez | 6,390 | 98,247 | 7,350 | |||||||||
Technip SA | 3,088 | 160,110 | 29,724 | |||||||||
Teleperformance | 6,184 | 504,644 | 155,014 | |||||||||
Thales SA | 4,005 | 305,728 | 63,058 | |||||||||
TOTAL SA | 495 | 21,091 | 2,452 | |||||||||
Valeo SA | 3,013 | 161,869 | 13,997 | |||||||||
Veolia Environnement SA | 11,111 | 254,623 | 1,394 | |||||||||
|
| |||||||||||
453,562 | ||||||||||||
|
| |||||||||||
Germany | ||||||||||||
Allianz SE | 504 | 80,669 | (5,769 | ) | ||||||||
Aurubis AG | 3,334 | 155,168 | 31,783 | |||||||||
Bayer AG | 1,318 | 129,313 | 3,055 | |||||||||
Brenntag AG | 1,726 | 103,365 | (9,040 | ) | ||||||||
Covestro AG ~ | 6,019 | 252,489 | 103,706 | |||||||||
Deutsche Post AG | 2,222 | 60,415 | 9,153 | |||||||||
Evonik Industries AG | 9,108 | 292,233 | 16,114 | |||||||||
Fraport AG Frankfurt Airport Services Worldwide | 1,286 | 74,239 | (3,856 | ) | ||||||||
Freenet AG | 7,035 | 229,842 | (23,936 | ) | ||||||||
Hannover Rueck SE | 684 | 70,125 | 3,197 | |||||||||
HeidelbergCement AG | 1,094 | 98,197 | 5,265 | |||||||||
Henkel AG & Co KGaA | 105 | 13,966 | 325 | |||||||||
HOCHTIEF AG | 3,132 | 333,897 | 108,109 | |||||||||
HUGO BOSS AG | 572 | 35,886 | (4,223 | ) | ||||||||
Infineon Technologies AG | 3,519 | 57,813 | 4,937 | |||||||||
KION Group AG | 4,738 | 219,325 | 87,668 | |||||||||
METRO AG | 470 | 13,648 | 342 | |||||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 1,022 | 191,741 | (865 | ) | ||||||||
OSRAM Licht AG | 4,535 | 235,788 | 30,628 | |||||||||
Rheinmetall AG | 5,343 | 374,688 | (2,264 | ) | ||||||||
Salzgitter AG | 3,940 | 124,313 | 4,861 | |||||||||
Siemens AG | 1,781 | 207,678 | 1,164 | |||||||||
Software AG | 8,555 | 288,201 | 74,375 | |||||||||
STADA Arzneimittel AG | 5,414 | 258,916 | 42,315 | |||||||||
Suedzucker AG | 7,253 | 154,898 | 46,814 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-89
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Talanx AG | 4,054 | $123,077 | $631 | |||||||||
thyssenkrupp AG | 2,648 | 56,812 | 6,457 | |||||||||
Uniper SE | 2,881 | 33,040 | 2,258 | |||||||||
|
| |||||||||||
533,204 | ||||||||||||
|
| |||||||||||
Italy | ||||||||||||
A2A SPA | 404,045 | 499,715 | 70,947 | |||||||||
Assicurazioni Generali SPA | 4,433 | 48,715 | 5,386 | |||||||||
Autogrill SPA | 24,313 | 220,896 | (14,824 | ) | ||||||||
Banca Popolare dell’Emilia Romagna SC | 20,368 | 75,023 | 877 | |||||||||
Buzzi Unicem SPA | 1,021 | 20,450 | 486 | |||||||||
DiaSorin SPA | 233 | 14,379 | 597 | |||||||||
Enel SPA | 64,551 | 280,921 | 6,767 | |||||||||
Hera SPA | 45,514 | 130,241 | (7,673 | ) | ||||||||
Leonardo-Finmeccanica SPA | 10,713 | 128,959 | (7,530 | ) | ||||||||
Mediaset SPA | 6,406 | 19,842 | 270 | |||||||||
Mediobanca SPA | 5,620 | 41,971 | (5,394 | ) | ||||||||
Moncler SPA | 5,772 | 99,505 | (972 | ) | ||||||||
Poste Italiane SPA ~ | 24,336 | 183,496 | (16,527 | ) | ||||||||
Prysmian SPA | 9,486 | 210,992 | 37,404 | |||||||||
Recordati SPA | 4,038 | 107,570 | 22,211 | |||||||||
Snam SPA | 43,735 | 247,150 | (4,644 | ) | ||||||||
|
| |||||||||||
87,381 | ||||||||||||
|
| |||||||||||
Luxemburg | ||||||||||||
APERAM SA | 766 | 25,822 | 8,713 | |||||||||
|
| |||||||||||
Netherlands | ||||||||||||
ABN AMRO Group NV | 3,462 | 68,718 | 2,864 | |||||||||
Akzo Nobel NV | 554 | 42,299 | (4,827 | ) | ||||||||
ASM International NV | 3,514 | 142,609 | 1,035 | |||||||||
Boskalis Westminster | 4,163 | 217,070 | (68,904 | ) | ||||||||
Delta Lloyd NV | 53,467 | 180,242 | 64,991 | |||||||||
Fugro NV | 4,684 | 58,199 | 17,584 | |||||||||
Heineken NV | 1,167 | 97,037 | 5,545 | |||||||||
Koninklijke Ahold Delhaize NV | 18,178 | 391,270 | 22,752 | |||||||||
Koninklijke DSM NV | 272 | 17,824 | 546 | |||||||||
Koninklijke Vopak NV | 963 | 39,924 | 10,583 | |||||||||
NN Group NV | 17,769 | 579,074 | (33,555 | ) | ||||||||
Wolters Kluwer NV | 4,295 | 162,195 | 21,422 | |||||||||
|
| |||||||||||
40,036 | ||||||||||||
|
| |||||||||||
Portugal | ||||||||||||
NOS SGPS SA | 535 | 4,427 | (786 | ) | ||||||||
|
| |||||||||||
Spain | ||||||||||||
Acciona SA | 971 | 74,023 | (631 | ) | ||||||||
ACS Actividades de Construccion y Servicios SA | 8,012 | 227,579 | 14,616 | |||||||||
Aena SA | 540 | 77,869 | 1,840 | |||||||||
Almirall SA | 7,246 | 129,289 | (17,848 | ) | ||||||||
Ebro Foods SA | 6,985 | 157,711 | 4,764 | |||||||||
Enagas SA | 3,929 | 120,760 | (2,566 | ) | ||||||||
Endesa SA | 7,691 | 153,189 | 11,705 | |||||||||
Gamesa Corp Tecnologica SA | 19,359 | 345,383 | 118,457 | |||||||||
Iberdrola SA | 16,697 | 113,377 | 153 | |||||||||
Mediaset Espana Comunicacion SA | 7,260 | 96,970 | (10,909 | ) | ||||||||
Prosegur Cia de Seguridad SA | 15,663 | 92,581 | 16,759 | |||||||||
Repsol SA | 21,048 | 222,416 | 63,507 | |||||||||
Tecnicas Reunidas SA | 3,738 | 139,078 | 6,761 | |||||||||
|
| |||||||||||
206,608 | ||||||||||||
|
| |||||||||||
Switzerland | ||||||||||||
STMicroelectronics NV | 44,634 | 244,214 | 119,690 | |||||||||
|
| |||||||||||
United Kingdom | ||||||||||||
Dialog Semiconductor PLC | 6,121 | 239,166 | (3,098 | ) | ||||||||
Fiat Chrysler Automobiles NV | 26,972 | 171,417 | 23 | |||||||||
|
| |||||||||||
(3,075 | ) | |||||||||||
|
| |||||||||||
Total Long Positions | 1,620,114 | |||||||||||
|
| |||||||||||
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Short Positions: | ||||||||||||
Belgium | ||||||||||||
Anheuser-Busch InBev SA/NV | 702 | $83,340 | ($8,979 | ) | ||||||||
Telenet Group Holding NV | 2,801 | 139,468 | (6,852 | ) | ||||||||
UCB SA | 1,271 | 100,651 | 2,268 | |||||||||
|
| |||||||||||
(13,563 | ) | |||||||||||
|
| |||||||||||
Finland | ||||||||||||
Amer Sports OYJ | 1,044 | 31,761 | (171 | ) | ||||||||
Nokia OYJ | 35,968 | 216,272 | 7,787 | |||||||||
Sampo OYJ ‘A’ | 4,926 | 236,851 | 18,000 | |||||||||
Wartsila OYJ Abp | 1,921 | 81,837 | (4,645 | ) | ||||||||
|
| |||||||||||
20,971 | ||||||||||||
|
| |||||||||||
France | ||||||||||||
Accor SA | 7,946 | 326,391 | 11,098 | |||||||||
Aeroports de Paris | 201 | 20,711 | 766 | |||||||||
Air Liquide SA | 1,376 | 146,634 | (924 | ) | ||||||||
Airbus Group SE | 2,897 | 201,349 | 25,642 | |||||||||
Bollore SA | 110,760 | 520,233 | 134,652 | |||||||||
Bouygues SA | 4,554 | 150,588 | (439 | ) | ||||||||
Bureau Veritas SA | 3,156 | 64,911 | (2,801 | ) | ||||||||
Carrefour SA | 7,954 | 261,309 | 55,073 | |||||||||
Casino Guichard Perrachon SA | 2,052 | 99,021 | (859 | ) | ||||||||
Credit Agricole SA | 6,027 | 60,622 | 1,172 | |||||||||
Danone SA | 1,716 | 117,067 | (10,351 | ) | ||||||||
Edenred | 31,190 | 593,609 | (135,233 | ) | ||||||||
Electricite de France SA | 20,081 | 258,828 | 14,397 | |||||||||
Essilor International SA | 1,192 | 144,066 | (9,697 | ) | ||||||||
Iliad SA | 292 | 61,081 | (221 | ) | ||||||||
Ingenico Group SA | 3,226 | 363,344 | 81,280 | |||||||||
JCDecaux SA | 1,727 | 62,527 | 6,685 | |||||||||
Kering | 437 | 72,634 | (15,545 | ) | ||||||||
Legrand SA | 591 | 30,156 | (4,683 | ) | ||||||||
Natixis SA | 28,411 | 128,532 | (4,031 | ) | ||||||||
Orpea | 2,413 | 194,105 | (19,763 | ) | ||||||||
Pernod Ricard SA | 3,582 | 395,601 | (28,633 | ) | ||||||||
Plastic Omnium SA | 2,677 | 86,014 | (2,821 | ) | ||||||||
Remy Cointreau SA | 2,384 | 176,953 | (26,484 | ) | ||||||||
Vallourec SA | 45,555 | 158,300 | (46,123 | ) | ||||||||
Zodiac Aerospace | 17,484 | 446,462 | 20,941 | |||||||||
|
| |||||||||||
43,098 | ||||||||||||
|
| |||||||||||
Germany | ||||||||||||
Axel Springer SE | 1,430 | 75,383 | 2,104 | |||||||||
Bayerische Motoren Werke AG | 1,730 | 149,169 | 3,511 | |||||||||
Bilfinger SE | 907 | 28,134 | (1,765 | ) | ||||||||
Commerzbank AG | 13,507 | 182,470 | 95,201 | |||||||||
Daimler AG | 4,495 | 309,661 | (7,362 | ) | ||||||||
Deutsche Bank AG | 15,111 | 256,438 | 59,492 | |||||||||
Deutsche Lufthansa AG | 1,951 | 23,644 | 1,894 | |||||||||
Duerr AG | 1,113 | 71,408 | (22,176 | ) | ||||||||
E.ON SE | 18,820 | 134,667 | 903 | |||||||||
Fresenius Medical Care AG & Co KGaA | 738 | 63,704 | (861 | ) | ||||||||
Merck KGaA | 2,173 | 196,559 | (37,833 | ) | ||||||||
MTU Aero Engines AG | 1,264 | 118,577 | (9,403 | ) | ||||||||
Nordex SE | 2,642 | 75,703 | (4,812 | ) | ||||||||
RWE AG | 33,354 | 442,149 | (133,861 | ) | ||||||||
SAP SE | 615 | 46,434 | (9,810 | ) | ||||||||
Schaeffler AG Preferred | 13,399 | 195,288 | (16,903 | ) | ||||||||
Symrise AG | 380 | 25,347 | (2,521 | ) | ||||||||
Telefonica Deutschland Holding AG | 19,434 | 86,766 | 8,409 | |||||||||
United Internet AG | 1,962 | 86,456 | (436 | ) | ||||||||
Volkswagen AG Preferred | 2,633 | 354,153 | 7,300 | |||||||||
Zalando SE ~ | 7,351 | 229,624 | (77,512 | ) | ||||||||
|
| |||||||||||
(146,441 | ) | |||||||||||
|
| |||||||||||
Italy | ||||||||||||
Azimut Holding SPA | 11,752 | 219,028 | 46,108 | |||||||||
Banca Generali SPA | 716 | 14,645 | 902 | |||||||||
Banco Popolare SC | 57,488 | 134,680 | (885 | ) | ||||||||
Eni SPA | 6,668 | 96,626 | 538 | |||||||||
Luxottica Group SPA | 6,886 | 367,414 | 38,515 | |||||||||
Saipem SPA | 381,484 | 153,412 | (8,214 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-90
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Salvatore Ferragamo SPA | 16,469 | $365,301 | ($52,701 | ) | ||||||||
Telecom Italia SPA | 36,443 | 41,596 | 11,316 | |||||||||
UniCredit SPA | 64,321 | 147,770 | (2,157 | ) | ||||||||
Unione di Banche Italiane SPA | 105,146 | 295,773 | 53,434 | |||||||||
Yoox Net-A-Porter Group SPA | 1,454 | 44,353 | (710 | ) | ||||||||
|
| |||||||||||
86,146 | ||||||||||||
|
| |||||||||||
Luxembourg | ||||||||||||
ArcelorMittal | 10,416 | 57,388 | (6,133 | ) | ||||||||
Eurofins Scientific SE | 597 | 222,796 | (48,409 | ) | ||||||||
SES SA | 2,426 | 60,403 | 832 | |||||||||
Tenaris SA | 21,006 | 281,689 | (17,506 | ) | ||||||||
|
| |||||||||||
(71,216 | ) | |||||||||||
|
| |||||||||||
Netherlands | ||||||||||||
Aegon NV | 43,315 | 183,559 | 18,336 | |||||||||
Altice NV ‘A’ | 29,971 | 434,096 | (102,674 | ) | ||||||||
Gemalto NV | 1,431 | 90,114 | (1,569 | ) | ||||||||
Koninklijke KPN NV | 101,686 | 384,847 | 47,477 | |||||||||
OCI NV | 10,639 | 147,010 | (9,789 | ) | ||||||||
SBM Offshore NV | 28,427 | 367,864 | (35,810 | ) | ||||||||
|
| |||||||||||
(84,029 | ) | |||||||||||
|
| |||||||||||
Spain | ||||||||||||
Amadeus IT Group SA ‘A’ | 6,017 | 256,215 | (44,112 | ) | ||||||||
Atresmedia Corp de Medios de Comunicacion SA | 4,628 | 44,266 | (6,492 | ) | ||||||||
Banco de Sabadell SA | 31,237 | 52,015 | 11,996 |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Banco Popular Espanol SA | 130,355 | $163,556 | $2,220 | |||||||||
Bankia SA | 43,891 | 35,808 | (208 | ) | ||||||||
Bankinter SA | 7,586 | 51,592 | (2,383 | ) | ||||||||
CaixaBank SA | 59,545 | 168,316 | 17,844 | |||||||||
Cellnex Telecom SAU ~ | 19,986 | 337,080 | (24,603 | ) | ||||||||
Distribuidora Internacional de Alimentacion SA | 40,355 | 235,347 | (14,551 | ) | ||||||||
Ferrovial SA | 2,154 | 43,246 | (2,619 | ) | ||||||||
Grifols SA | 9,878 | 217,536 | 4,612 | |||||||||
Industria de Diseno Textil SA | 1,917 | 60,891 | (10,188 | ) | ||||||||
Mapfre SA | 31,220 | 64,107 | (23,241 | ) | ||||||||
Telefonica SA | 11,819 | 119,935 | 408 | |||||||||
Zardoya Otis SA | 16,617 | 169,378 | 9,500 | |||||||||
|
| |||||||||||
(81,817 | ) | |||||||||||
|
| |||||||||||
United Kingdom | ||||||||||||
CNH Industrial NV | 10,005 | 61,609 | (10,032 | ) | ||||||||
RELX NV | 1,903 | 33,441 | (598 | ) | ||||||||
|
| |||||||||||
(10,630 | ) | |||||||||||
|
| |||||||||||
United States | ||||||||||||
QIAGEN NV | 5,139 | 115,470 | (26,230 | ) | ||||||||
|
| |||||||||||
Total Short Positions |
| (283,711 | ) | |||||||||
|
| |||||||||||
Total Long and Short Positions |
| 1,336,403 | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| 3,081 | ||||||||||
|
| |||||||||||
$1,339,484 | ||||||||||||
|
|
Description | Counter- party | Expiration Date (1) | Value | |||||||
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Day JPY-MUTSC, plus a specified spread as negotiated by the parties, which is denominated in JPY based on the local currencies of the positions within the swap. | MSC | 05/07/18 | $1,332,451 | |||||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2016:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: |
| |||||||||||
Japan | ||||||||||||
Ajinomoto Co Inc | 5,100 | $112,370 | $1,342 | |||||||||
Alfresa Holdings Corp | 12,400 | 237,048 | 25,514 | |||||||||
Amada Holdings Co Ltd | 35,300 | 321,625 | 45,576 | |||||||||
Aozora Bank Ltd | 12,000 | 45,452 | (4,090 | ) | ||||||||
Astellas Pharma Inc | 17,200 | 246,446 | 22,201 | |||||||||
Bandai Namco Holdings Inc | 14,800 | 290,369 | 162,631 | |||||||||
Bridgestone Corp | 4,000 | 140,668 | 6,707 | |||||||||
Central Japan Railway Co | 600 | 107,251 | (4,528 | ) | ||||||||
Century Tokyo Leasing Corp | 1,000 | 36,708 | (368 | ) | ||||||||
Chiyoda Corp | 43,000 | 288,190 | 65,873 | |||||||||
Chubu Electric Power Co Inc | 37,100 | 500,020 | 39,803 | |||||||||
Citizen Holdings Co Ltd | 48,300 | 257,897 | (4,934 | ) | ||||||||
Coca-Cola West Co Ltd | 1,100 | 26,744 | 4,042 | |||||||||
Daicel Corp | 11,900 | 145,336 | 5,045 | |||||||||
Daido Steel Co Ltd | 3,000 | 10,633 | 3,125 | |||||||||
Dai-ichi Life Insurance Co Ltd | 2,100 | 23,316 | 5,495 | |||||||||
Daiichi Sankyo Co Ltd | 4,700 | 112,596 | 337 | |||||||||
Disco Corp | 1,300 | 117,118 | 36,849 | |||||||||
East Japan Railway Co | 800 | 70,730 | 1,481 | |||||||||
Ezaki Glico Co Ltd | 300 | 15,073 | 3,148 | |||||||||
Fuji Heavy Industries Ltd | 10,700 | 377,137 | 24,322 | |||||||||
FUJIFILM Holdings Corp | 1,800 | 73,560 | (6,883 | ) | ||||||||
Fujitsu Ltd | 17,000 | 63,256 | 28,232 | |||||||||
Hakuhodo DY Holdings Inc | 23,800 | 255,434 | 23,505 | |||||||||
Haseko Corp | 8,500 | 78,326 | 3,433 | |||||||||
Hisamitsu Pharmaceutical Co Inc | 2,100 | 106,267 | 7,237 | |||||||||
Hitachi Capital Corp | 2,400 | 54,178 | (3,149 | ) |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Hitachi Chemical Co Ltd | 17,700 | $306,965 | $99,726 | |||||||||
Hitachi High-Technologies Corp | 7,400 | 184,963 | 111,266 | |||||||||
Hitachi Metals Ltd | 13,100 | 174,471 | (13,312 | ) | ||||||||
Hokuhoku Financial Group Inc | 1,500 | 33,898 | (13,714 | ) | ||||||||
Hoya Corp | 8,200 | 321,236 | 8,632 | |||||||||
Ibiden Co Ltd | 6,000 | 64,340 | 16,338 | |||||||||
Idemitsu Kosan Co Ltd | 11,300 | 190,374 | 43,583 | |||||||||
Inpex Corp | 3,000 | 24,758 | 2,520 | |||||||||
ITOCHU Corp | 2,200 | 27,247 | 450 | |||||||||
Itochu Techno-Solutions Corp | 15,900 | 309,155 | 99,985 | |||||||||
Japan Airlines Co Ltd | 10,100 | 337,648 | (40,754 | ) | ||||||||
Japan Petroleum Exploration Co Ltd | 6,500 | 149,761 | (5,827 | ) | ||||||||
JSR Corp | 11,700 | 198,611 | (14,716 | ) | ||||||||
JTEKT Corp | 8,500 | 118,787 | 8,883 | |||||||||
JX Holdings Inc | 44,100 | 168,836 | 9,662 | |||||||||
Kaken Pharmaceutical Co Ltd | 1,900 | 124,189 | (7,413 | ) | ||||||||
Kamigumi Co Ltd | 16,000 | 141,975 | (2,392 | ) | ||||||||
Kaneka Corp | 38,000 | 305,277 | (4,414 | ) | ||||||||
Kewpie Corp | 3,100 | 67,966 | 28,011 | |||||||||
Kobayashi Pharmaceutical Co Ltd | 1,800 | 77,267 | 16,758 | |||||||||
Konami Holdings Corp | 5,007 | 116,952 | 76,520 | |||||||||
Konica Minolta Inc | 8,500 | 73,520 | (1,540 | ) | ||||||||
Kose Corp | 200 | 17,492 | 2,988 | |||||||||
Kuraray Co Ltd | 4,000 | 52,317 | 7,023 | |||||||||
Kurita Water Industries Ltd | 2,400 | 59,015 | (1,988 | ) | ||||||||
Kyushu Financial Group Inc | 3,200 | 19,277 | 2,526 | |||||||||
Lion Corp | 5,000 | 70,162 | 10,851 | |||||||||
LIXIL Group Corp | 9,800 | 161,164 | 48,787 | |||||||||
Matsumotokiyoshi Holdings Co Ltd | 1,400 | 69,597 | 2,741 | |||||||||
Mazda Motor Corp | 11,586 | 156,933 | 20,816 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-91
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Medipal Holdings Corp | 18,700 | $306,300 | $17,848 | |||||||||
MEIJI Holdings Co Ltd | 1,100 | 66,852 | 42,368 | |||||||||
Miraca Holdings Inc | 4,600 | 197,691 | 31,681 | |||||||||
Mitsubishi Chemical Holdings Corp | 27,500 | 164,697 | 7,712 | |||||||||
Mitsubishi Electric Corp | 28,000 | 294,447 | 64,421 | |||||||||
Mitsubishi Gas Chemical Co Inc | 14,500 | 157,300 | 50,297 | |||||||||
Mitsubishi Motors Corp | 61,600 | 349,739 | (61,989 | ) | ||||||||
Mitsubishi Tanabe Pharma Corp | 31,500 | 542,222 | 132,459 | |||||||||
Mitsui & Co Ltd | 3,400 | 47,505 | (385 | ) | ||||||||
Mitsui Chemicals Inc | 55,000 | 183,659 | 77,962 | |||||||||
Mixi Inc | 11,300 | 408,035 | 1,374 | |||||||||
MS&AD Insurance Group Holdings Inc | 8,600 | 244,232 | (4,539 | ) | ||||||||
Nexon Co Ltd | 14,900 | 232,475 | 1,583 | |||||||||
NHK Spring Co Ltd | 32,400 | 303,660 | 10,432 | |||||||||
Nikon Corp | 22,600 | 311,684 | 25,831 | |||||||||
Nippon Express Co Ltd | 90,000 | 425,278 | (4,530 | ) | ||||||||
Nippon Shokubai Co Ltd | 5,200 | 274,462 | 50,400 | |||||||||
Nippon Telegraph & Telephone Corp | 8,800 | 330,466 | 72,011 | |||||||||
Nissan Motor Co Ltd | 2,700 | 26,871 | (387 | ) | ||||||||
Nisshin Seifun Group Inc | 5,400 | 89,883 | (7,573 | ) | ||||||||
Nitori Holdings Co Ltd | 400 | 33,856 | 14,093 | |||||||||
Nomura Research Institute Ltd | 3,660 | 134,557 | (8,235 | ) | ||||||||
NSK Ltd | 7,500 | 68,615 | 8,281 | |||||||||
NTN Corp | 8,000 | 26,169 | 1,795 | |||||||||
NTT Data Corp | 4,600 | 224,387 | 5,357 | |||||||||
Obayashi Corp | 11,300 | 115,053 | (2,971 | ) | ||||||||
Oji Holdings Corp | 9,000 | 35,796 | (124 | ) | ||||||||
Oracle Corp Japan | 2,200 | 113,066 | 11,229 | |||||||||
Osaka Gas Co Ltd | 61,000 | 232,031 | 23,816 | |||||||||
Otsuka Corp | 5,100 | 256,468 | (14,235 | ) | ||||||||
Panasonic Corp | 10,400 | 144,356 | (40,340 | ) | ||||||||
Pola Orbis Holdings Inc | 1,600 | 103,076 | 40,151 | |||||||||
Recruit Holdings Co Ltd | 4,600 | 150,086 | 37,562 | |||||||||
Resona Holdings Inc | 17,000 | 90,777 | (19,282 | ) | ||||||||
Rohm Co Ltd | 6,100 | 261,973 | 59,561 | |||||||||
Sankyo Co Ltd | 7,715 | 289,043 | (25,465 | ) | ||||||||
Santen Pharmaceutical Co Ltd | 5,200 | 72,233 | 4,552 | |||||||||
Seiko Epson Corp | 12,600 | 195,076 | 47,542 | |||||||||
Sekisui Chemical Co Ltd | 12,800 | 151,700 | 32,392 | |||||||||
Shimadzu Corp | 7,000 | 102,434 | 4,397 | |||||||||
Shimamura Co Ltd | 2,100 | 202,679 | 52,978 | |||||||||
Shin-Etsu Chemical Co Ltd | 1,000 | 62,534 | 7,239 | |||||||||
Shionogi & Co Ltd | 2,700 | 112,924 | 25,406 | |||||||||
Sojitz Corp | 225,300 | 435,039 | 142,200 | |||||||||
Square Enix Holdings Co Ltd | 400 | 12,363 | 1,430 | |||||||||
Sugi Holdings Co Ltd | 300 | 15,898 | 423 | |||||||||
Sumitomo Chemical Co Ltd | 47,000 | 210,535 | (1,694 | ) | ||||||||
Sumitomo Corp | 17,100 | 176,246 | 15,182 | |||||||||
Sumitomo Electric Industries Ltd | 10,500 | 140,880 | 7,555 | |||||||||
Sumitomo Heavy Industries Ltd | 25,000 | 143,091 | (19,567 | ) | ||||||||
Sumitomo Mitsui Trust Holdings Inc | 2,900 | 96,590 | (1,843 | ) | ||||||||
Sumitomo Rubber Industries Ltd | 11,100 | 172,252 | (4,355 | ) | ||||||||
Sundrug Co Ltd | 800 | 55,400 | 11,752 | |||||||||
Suzuken Co Ltd | 12,800 | 445,480 | (22,818 | ) | ||||||||
Suzuki Motor Corp | 7,900 | 203,773 | 60,838 | |||||||||
Taiheiyo Cement Corp | 58,000 | 149,468 | 17,425 | |||||||||
TDK Corp | 400 | 23,491 | 3,309 | |||||||||
Teijin Ltd | 7,800 | 133,753 | 17,568 | |||||||||
The Gunma Bank Ltd | 19,200 | 121,558 | (34,335 | ) | ||||||||
The Hachijuni Bank Ltd | 3,700 | 25,398 | (6,128 | ) | ||||||||
The Hiroshima Bank Ltd | 3,000 | 16,990 | (4,546 | ) | ||||||||
Toho Gas Co Ltd | 23,000 | 179,747 | 35,629 | |||||||||
Tohoku Electric Power Co Inc | 8,700 | 117,607 | (4,150 | ) | ||||||||
Tokyo Broadcasting System Holdings Inc | 6,600 | 89,715 | 13,634 | |||||||||
Tokyo Electric Power Co Holdings Inc | 27,700 | 165,814 | (45,820 | ) | ||||||||
Tokyo Electron Ltd | 1,400 | 124,242 | (505 | ) | ||||||||
Tokyo Gas Co Ltd | 62,000 | 276,738 | (898 | ) | ||||||||
Toppan Printing Co Ltd | 58,000 | 500,508 | 23,054 | |||||||||
Tosoh Corp | 40,000 | 158,659 | 87,885 |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Toyo Suisan Kaisha Ltd | 8,800 | $328,128 | $45,196 | |||||||||
Toyoda Gosei Co Ltd | 9,000 | 177,176 | 32,074 | |||||||||
Toyota Boshoku Corp | 14,100 | 228,181 | 87,441 | |||||||||
Toyota Tsusho Corp | 10,700 | 239,451 | 9,214 | |||||||||
Tsuruha Holdings Inc | 300 | 36,189 | (1,508 | ) | ||||||||
West Japan Railway Co | 3,500 | 221,778 | (4,658 | ) | ||||||||
Yamaguchi Financial Group Inc | 4,000 | 49,855 | (7,218 | ) | ||||||||
Yamaha Corp | 1,200 | 31,306 | 7,539 | |||||||||
Yamazaki Baking Co Ltd | 2,200 | 47,228 | 6,868 | |||||||||
|
| |||||||||||
2,242,790 | ||||||||||||
|
| |||||||||||
Total Long Positions | 2,242,790 | |||||||||||
|
| |||||||||||
Short Positions: | ||||||||||||
Japan | ||||||||||||
ABC-Mart Inc | 200 | 12,961 | (659 | ) | ||||||||
Advantest Corp | 7,600 | 78,874 | (24,076 | ) | ||||||||
Aeon Co Ltd | 42,800 | 548,900 | (84,346 | ) | ||||||||
AEON Financial Service Co Ltd | 5,500 | 120,878 | 24,605 | |||||||||
Air Water Inc | 2,000 | 35,908 | (1,859 | ) | ||||||||
Aisin Seiki Co Ltd | 3,100 | 126,543 | (15,479 | ) | ||||||||
Alps Electric Co Ltd | 9,800 | 210,804 | (25,746 | ) | ||||||||
ANA Holdings Inc | 38,000 | 105,669 | 2,433 | |||||||||
Asahi Glass Co Ltd | 11,000 | 62,491 | (8,634 | ) | ||||||||
Asics Corp | 19,500 | 392,422 | (470 | ) | ||||||||
Brother Industries Ltd | 6,600 | 107,768 | (8,270 | ) | ||||||||
Calbee Inc | 9,900 | 399,535 | 24,442 | |||||||||
Canon Inc | 7,100 | 201,355 | (4,775 | ) | ||||||||
Casio Computer Co Ltd | 5,600 | 94,672 | 16,266 | |||||||||
Chugai Pharmaceutical Co Ltd | 8,700 | 295,105 | (19,349 | ) | ||||||||
Credit Saison Co Ltd | 7,100 | 125,818 | 7,942 | |||||||||
Daikin Industries Ltd | 200 | 13,809 | (4,854 | ) | ||||||||
Daiwa Securities Group Inc | 18,000 | 105,161 | 3,816 | |||||||||
Denso Corp | 8,000 | 317,015 | (2,222 | ) | ||||||||
Don Quijote Holdings Co Ltd | 8,700 | 318,300 | (862 | ) | ||||||||
Eisai Co Ltd | 3,000 | 196,605 | 8,975 | |||||||||
Electric Power Development Co Ltd | 7,000 | 212,369 | 44,129 | |||||||||
FANUC Corp | 1,600 | 240,926 | (29,338 | ) | ||||||||
Fast Retailing Co Ltd | 1,100 | 296,874 | (57,353 | ) | ||||||||
Hamamatsu Photonics KK | 14,604 | 384,956 | (64,343 | ) | ||||||||
Hitachi Ltd | 9,000 | 50,656 | 8,477 | |||||||||
Hokuriku Electric Power Co | 3,900 | 46,570 | (955 | ) | ||||||||
IHI Corp | 59,000 | 89,348 | (82,118 | ) | ||||||||
Isetan Mitsukoshi Holdings Ltd | 34,500 | 426,174 | 86,475 | |||||||||
Izumi Co Ltd | 1,200 | 51,436 | (275 | ) | ||||||||
J Front Retailing Co Ltd | 13,500 | 224,213 | 47,444 | |||||||||
Japan Display Inc | 56,300 | 225,669 | 137,475 | |||||||||
Japan Post Bank Co Ltd | 2,000 | 25,680 | 1,914 | |||||||||
Japan Post Holdings Co Ltd | 1,500 | 19,574 | 717 | |||||||||
Japan Tobacco Inc | 10,700 | 387,063 | (50,944 | ) | ||||||||
JFE Holdings Inc | 8,500 | 118,006 | (6,251 | ) | ||||||||
JGC Corp | 5,000 | 71,163 | (15,879 | ) | ||||||||
Kakaku.com Inc | 4,900 | 91,316 | 2,587 | |||||||||
Kansai Paint Co Ltd | 7,300 | 106,344 | (53,677 | ) | ||||||||
Keihan Holdings Co Ltd | 8,000 | 55,686 | (267 | ) | ||||||||
Keikyu Corp | 28,000 | 242,864 | (49,302 | ) | ||||||||
Keio Corp | 25,000 | 207,006 | (11,613 | ) | ||||||||
Keisei Electric Railway Co Ltd | 1,000 | 26,208 | 1,206 | |||||||||
Keyence Corp | 200 | 116,167 | (30,370 | ) | ||||||||
Kikkoman Corp | 5,000 | 147,577 | (12,557 | ) | ||||||||
Kintetsu Group Holdings Co Ltd | 62,000 | 216,426 | (43,786 | ) | ||||||||
Kirin Holdings Co Ltd | 14,400 | 211,828 | (27,495 | ) | ||||||||
Kobe Steel Ltd | 30,800 | 279,021 | (332 | ) | ||||||||
Koito Manufacturing Co Ltd | 1,400 | 63,510 | (4,628 | ) | ||||||||
Kubota Corp | 5,800 | 92,868 | 5,082 | |||||||||
Kyowa Hakko Kirin Co Ltd | 4,400 | 75,370 | 5,871 | |||||||||
Kyushu Electric Power Co Inc | 7,400 | 73,264 | 3,806 | |||||||||
M3 Inc | 500 | 14,883 | (2,232 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-92
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Mabuchi Motor Co Ltd | 3,100 | $147,571 | ($24,450 | ) | ||||||||
Makita Corp | 1,457 | 84,790 | (19,021 | ) | ||||||||
Marubeni Corp | 35,400 | 159,376 | (22,478 | ) | ||||||||
Marui Group Co Ltd | 33,753 | 448,501 | 2,631 | |||||||||
Minebea Co Ltd | 20,400 | 281,267 | 88,331 | |||||||||
MISUMI Group Inc | 13,000 | 216,602 | (27,703 | ) | ||||||||
Mitsubishi Heavy Industries Ltd | 44,000 | 169,561 | (14,496 | ) | ||||||||
Mitsubishi Logistics Corp | 28,000 | 375,923 | (29,031 | ) | ||||||||
Mitsubishi Materials Corp | 1,700 | 49,752 | 3,253 | |||||||||
Mitsui OSK Lines Ltd | 49,000 | 104,321 | (9,624 | ) | ||||||||
Mizuho Financial Group Inc | 19,200 | 29,625 | (2,735 | ) | ||||||||
Murata Manufacturing Co Ltd | 1,100 | 126,900 | (16,687 | ) | ||||||||
Nagoya Railroad Co Ltd | 36,000 | 176,024 | (19,875 | ) | ||||||||
Nankai Electric Railway Co Ltd | 4,000 | 19,152 | (68 | ) | ||||||||
NGK Insulators Ltd | 6,400 | 138,540 | 5,544 | |||||||||
NGK Spark Plug Co Ltd | 18,200 | 459,959 | 138,359 | |||||||||
Nidec Corp | 4,500 | 312,437 | (103,512 | ) | ||||||||
Nifco Inc | 300 | 15,866 | (72 | ) | ||||||||
Nintendo Co Ltd | 500 | 108,959 | (24,917 | ) | ||||||||
Nippon Paint Holdings Co Ltd | 3,500 | 66,389 | (50,730 | ) | ||||||||
Nippon Steel & Sumitomo Metal Corp | 1,100 | 20,242 | (2,331 | ) | ||||||||
Nippon Yusen KK | 73,000 | 125,227 | (11,454 | ) | ||||||||
Nissin Foods Holdings Co Ltd | 400 | 23,778 | (534 | ) | ||||||||
Nomura Holdings Inc | 33,100 | 137,578 | (10,761 | ) | ||||||||
Odakyu Electric Railway Co Ltd | 20,500 | 444,789 | (11,687 | ) | ||||||||
Omron Corp | 3,600 | 109,724 | (19,858 | ) | ||||||||
Ono Pharmaceutical Co Ltd | 4,500 | 153,085 | 27,443 | |||||||||
Oriental Land Co Ltd | 5,600 | 317,829 | (23,198 | ) | ||||||||
Park24 Co Ltd | 6,600 | 185,541 | (29,110 | ) | ||||||||
Pigeon Corp | 18,000 | 416,516 | (128,688 | ) | ||||||||
Rakuten Inc | 38,200 | 389,680 | (108,956 | ) | ||||||||
Ricoh Co Ltd | 35,700 | 351,206 | 28,142 | |||||||||
Ryohin Keikaku Co Ltd | 100 | 18,953 | (1,243 | ) | ||||||||
Sawai Pharmaceutical Co Ltd | 800 | 54,438 | (2,575 | ) | ||||||||
Sega Sammy Holdings Inc | 9,500 | 114,166 | (21,351 | ) | ||||||||
Seibu Holdings Inc | 8,500 | 227,860 | 87,541 | |||||||||
Sekisui House Ltd | 8,800 | 156,104 | 6,181 | |||||||||
Seven & i Holdings Co Ltd | 2,000 | 84,804 | (9,746 | ) | ||||||||
Seven Bank Ltd | 53,100 | 194,231 | 24,158 | |||||||||
Shikoku Electric Power Co Inc | 32,800 | 443,555 | 119,195 | |||||||||
Shimano Inc | 3,200 | 488,343 | 13,067 | |||||||||
Shimizu Corp | 29,000 | 269,627 | 10,439 | |||||||||
Shinsei Bank Ltd | 82,000 | 114,055 | (10,292 | ) | ||||||||
Shiseido Co Ltd | 6,300 | 140,382 | (26,478 | ) | ||||||||
SoftBank Group Corp | 3,200 | 153,156 | (54,231 | ) |
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Sohgo Security Services Co Ltd | 3,500 | $187,032 | ($1,068 | ) | ||||||||
Sony Corp | 3,300 | 94,718 | (14,613 | ) | ||||||||
Sony Financial Holdings Inc | 21,600 | 301,898 | 4,429 | |||||||||
Sosei Group Corp | 100 | 16,571 | (1,081 | ) | ||||||||
Stanley Electric Co Ltd | 500 | 13,020 | (499 | ) | ||||||||
Sumco Corp | 25,900 | 155,420 | (57,690 | ) | ||||||||
Sumitomo Metal Mining Co Ltd | 9,000 | 97,850 | (26,455 | ) | ||||||||
Sumitomo Mitsui Financial Group Inc | 1,000 | 32,434 | (1,346 | ) | ||||||||
Suruga Bank Ltd | 2,300 | 44,715 | (10,416 | ) | ||||||||
Sysmex Corp | 500 | 26,655 | (10,441 | ) | ||||||||
Taiyo Nippon Sanso Corp | 1,900 | 19,437 | (388 | ) | ||||||||
Takashimaya Co Ltd | 3,000 | 24,694 | 61 | |||||||||
Takeda Pharmaceutical Co Ltd | 2,100 | 90,323 | (10,329 | ) | ||||||||
The Bank of Kyoto Ltd | 28,000 | 187,379 | (17,576 | ) | ||||||||
The Chiba Bank Ltd | 19,000 | 107,293 | (611 | ) | ||||||||
The Chugoku Electric Power Co Inc | 34,500 | 460,696 | 26,882 | |||||||||
The Kansai Electric Power Co Inc | 12,900 | 112,180 | (5,177 | ) | ||||||||
The Shizuoka Bank Ltd | 3,000 | 23,967 | (69 | ) | ||||||||
The Yokohama Rubber Co Ltd | 9,700 | 129,017 | (26,254 | ) | ||||||||
THK Co Ltd | 5,200 | 107,924 | 5,639 | |||||||||
Tobu Railway Co Ltd | 13,000 | 62,737 | (3,486 | ) | ||||||||
Toho Co Ltd | 2,100 | 57,278 | (12,478 | ) | ||||||||
Tokio Marine Holdings Inc | 400 | 15,113 | (227 | ) | ||||||||
Tokyu Corp | 21,000 | 176,720 | 16,525 | |||||||||
Toray Industries Inc | 8,000 | 68,900 | (9,016 | ) | ||||||||
TOTO Ltd | 900 | 35,358 | 1,332 | |||||||||
Toyota Industries Corp | 10,300 | 521,988 | 43,897 | |||||||||
Toyota Motor Corp | 2,300 | 121,666 | (11,749 | ) | ||||||||
Trend Micro Inc | 600 | 21,695 | 764 | |||||||||
Unicharm Corp | 13,100 | 251,855 | (88,058 | ) | ||||||||
Welcia Holdings Co Ltd | 300 | 19,604 | (1,078 | ) | ||||||||
Yahoo Japan Corp | 18,600 | 75,734 | 1,542 | |||||||||
Yakult Honsha Co Ltd | 10,300 | 522,454 | 56,928 | |||||||||
Yamaha Motor Co Ltd | 16,500 | 271,403 | (61,952 | ) | ||||||||
Yamato Holdings Co Ltd | 13,400 | 275,004 | (37,345 | ) | ||||||||
Yaskawa Electric Corp | 17,100 | 189,072 | (66,691 | ) | ||||||||
|
| |||||||||||
(913,356 | ) | |||||||||||
|
| |||||||||||
Total Short Positions |
| (913,356 | ) | |||||||||
|
| |||||||||||
Total Long and Short Positions |
| 1,329,434 | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| 3,017 | ||||||||||
|
| |||||||||||
$1,332,451 | ||||||||||||
|
|
Description | Counter- party | Expiration Date (1) | Value | |||||||
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Week DKK-CIBOR, plus a specified spread as negotiated by the parties, which is denominated in DKK based on the local currencies of the positions within the swap. | MSC | 05/02/17 | $98,782 | |||||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2016:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: |
| |||||||||||
Denmark | ||||||||||||
Carlsberg AS ‘B’ | 905 | $85,254 | $1,240 | |||||||||
Genmab AS | 181 | 29,560 | 1,418 | |||||||||
GN Store Nord AS | 1,757 | 35,076 | 2,812 | |||||||||
H Lundbeck AS | 867 | 34,223 | (5,748 | ) | ||||||||
ISS AS | 8,855 | 321,338 | 46,629 | |||||||||
TDC AS | 60,242 | 290,548 | 64,240 | |||||||||
Vestas Wind Systems AS | 2,880 | 225,484 | 12,414 | |||||||||
|
| |||||||||||
123,005 | ||||||||||||
|
| |||||||||||
Total Long Positions | 123,005 | |||||||||||
|
|
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Short Positions: | ||||||||||||
Denmark | ||||||||||||
Chr Hansen Holding AS | 228 | $13,620 | $39 | |||||||||
Novozymes AS ‘B’ | 4,493 | 186,708 | (11,460 | ) | ||||||||
Tryg AS | 10,309 | 194,239 | (12,898 | ) | ||||||||
|
| |||||||||||
(24,319 | ) | |||||||||||
|
| |||||||||||
Total Short Positions |
| (24,319 | ) | |||||||||
|
| |||||||||||
Total Long and Short Positions |
| 98,686 | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| 96 | ||||||||||
|
| |||||||||||
$98,782 | ||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-93
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Description | Counter- party | Expiration Date (1) | Value | |||||||
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Week NOK-NIBOR, plus a specified spread as negotiated by the parties, which is denominated in NOK based on the local currencies of the positions within the swap. | MSC | 05/03/17 | ($69,966) | |||||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2016:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: |
| |||||||||||
Norway | ||||||||||||
Leroy Seafood Group ASA | 470 | $21,672 | $2,120 | |||||||||
Norsk Hydro ASA | 23,586 | 118,166 | (16,186 | ) | ||||||||
Orkla ASA | 5,852 | 54,431 | 6,167 | |||||||||
Salmar ASA | 650 | 18,475 | 1,397 | |||||||||
Yara International ASA | 6,068 | 295,779 | (93,575 | ) | ||||||||
|
| |||||||||||
(100,077 | ) | |||||||||||
|
| |||||||||||
United Kingdom | ||||||||||||
Subsea 7 SA | 3,048 | 19,285 | 13,606 | |||||||||
|
| |||||||||||
Total Long Positions | (86,471 | ) | ||||||||||
|
|
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Short Positions: | ||||||||||||
Norway | ||||||||||||
DNB ASA | 2,144 | $26,090 | ($2,096 | ) | ||||||||
Schibsted ASA ‘A’ | 13,265 | 409,202 | 18,566 | |||||||||
|
| |||||||||||
16,470 | ||||||||||||
|
| |||||||||||
Total Short Positions |
| 16,470 | ||||||||||
|
| |||||||||||
Total Long and Short Positions |
| (70,001 | ) | |||||||||
Net Cash and Other Receivables (Payables) (3) |
| 35 | ||||||||||
|
| |||||||||||
($69,966 | ) | |||||||||||
|
|
Description | Counter- party | Expiration Date (1) | Value | |||||||
The Fund receives or pays the net total return on all positions within the basket and pays financing based upon the then-current 1-Week SEK-STIBOR, plus a specified spread as negotiated by the parties, which is denominated in SEK based on the local currencies of the positions within the swap. | MSC | 05/03/17 | ($118,614) | |||||||
|
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2016:
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Long Positions: |
| |||||||||||
Luxembourg | ||||||||||||
Millicom International Cellular SA | 271 | $15,461 | ($1,420 | ) | ||||||||
|
| |||||||||||
Malta | ||||||||||||
Unibet Group PLC | 2,777 | 24,358 | 1,451 | |||||||||
|
| |||||||||||
Sweden | ||||||||||||
Axfood AB | 2,116 | 38,901 | (1,545 | ) | ||||||||
BillerudKorsnas AB | 3,357 | 55,945 | 3,458 | |||||||||
Boliden AB | 11,517 | 244,582 | 26,121 | |||||||||
Electrolux AB ‘B’ | 9,574 | 255,517 | (15,719 | ) | ||||||||
Holmen AB ‘B’ | 433 | 15,085 | 339 | |||||||||
Husqvarna AB ‘B’ | 19,024 | 140,248 | 25,785 | |||||||||
NCC AB ‘B’ | 21,499 | 481,266 | 82,121 | |||||||||
Saab AB ‘B’ | 5,315 | 176,704 | 12,528 | |||||||||
Securitas AB ‘B’ | 1,029 | 17,356 | (124 | ) | ||||||||
Skanska AB ‘B’ | 5,022 | 108,352 | 8,975 | |||||||||
SSAB AB ‘A’ | 25,302 | 80,405 | (6,623 | ) | ||||||||
Swedish Match AB | 11,737 | 408,789 | 21,862 | |||||||||
Telefonaktiebolaget LM Ericsson ‘B’ | 21,231 | 162,939 | (9,645 | ) | ||||||||
|
| |||||||||||
147,533 | ||||||||||||
|
| |||||||||||
Total Long Positions | 147,564 | |||||||||||
|
|
Referenced Entity | Shares | Notional Amount (2) | Unrealized Appreciation (Depreciation) | |||||||||
Short Positions: | ||||||||||||
Sweden | ||||||||||||
Alfa Laval AB | 3,182 | $60,218 | $10,331 | |||||||||
Assa Abloy AB ‘B’ | 18,015 | 356,468 | (9,374 | ) | ||||||||
Atlas Copco AB ‘A’ | 1,013 | 24,931 | (5,565 | ) | ||||||||
Getinge AB ‘B’ | 6,229 | 153,647 | 32,891 | |||||||||
Hennes & Mauritz AB ‘B’ | 12,573 | 427,314 | 72,433 | |||||||||
Hexagon AB ‘B’ | 8,602 | 320,979 | (54,684 | ) | ||||||||
Hexpol AB | 2,233 | 21,319 | 1,297 | |||||||||
Modern Times Group MTG AB ‘B’ | 661 | 19,003 | 2,070 | |||||||||
Nordea Bank AB | 5,502 | 56,391 | 1,753 | |||||||||
Sandvik AB | 1,352 | 16,794 | 1,917 | |||||||||
Skandinaviska Enskilda Banken AB ‘A’ | 10,043 | 97,565 | (3,381 | ) | ||||||||
Svenska Handelsbanken AB ‘A’ | 16,198 | 203,645 | (19,013 | ) | ||||||||
Swedbank AB ‘A’ | 6,204 | 123,061 | (22,712 | ) | ||||||||
Tele2 AB ‘B’ | 6,825 | 55,997 | (2,917 | ) | ||||||||
Volvo AB ‘B’ | 3,724 | 49,567 | 7,047 | |||||||||
|
| |||||||||||
12,093 | ||||||||||||
|
| |||||||||||
Total Short Positions |
| 12,093 | ||||||||||
|
| |||||||||||
Total Long and Short Positions |
| 159,657 | ||||||||||
Net Cash and Other Receivables (Payables) (3) |
| (278,271 | ) | |||||||||
|
| |||||||||||
($118,614 | ) | |||||||||||
|
| |||||||||||
Total Basket Swaps | $5,714,882 | |||||||||||
|
|
(1) | The expiration date(s) of the underlying investments in each basket swap are equal to or fall within the range disclosed. |
(2) | Notional amount represents the 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. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-94
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Total Return Swaps
Receive Total Return | Pay Total Return | Counter- Party | Expiration Date | Number of Contracts | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Positive return on MSCI | | Negative return on MSCI Singapore Index | | GSC | 10/31/16 | 2 | $548 | $— | $548 | |||||||||||||||||||
Positive return on Swiss | | Negative return on Swiss Market Index | | GSC | 12/16/16 | 19 | (15,325 | ) | — | (15,325 | ) | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
($14,777 | ) | $— | ($14,777 | ) | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Total Swap Agreements | $5,700,105 | $— | $5,700,105 | |||||||||||||||||||||||||
|
|
|
|
|
|
(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, 2016:
Total Value at September 30, 2016 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Short-Term Investments | $61,117,930 | $13,205,243 | $47,912,687 | $— | |||||||||||||
Derivatives: | ||||||||||||||||||
Equity Contracts | ||||||||||||||||||
Futures | 337,025 | 337,025 | — | — | ||||||||||||||
Swaps | 5,969,949 | — | 5,969,949 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Equity Contracts | 6,306,974 | 337,025 | 5,969,949 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 52,655 | — | 52,655 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 6,359,629 | 337,025 | 6,022,604 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 67,477,559 | 13,542,268 | 53,935,291 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Equity Contracts | ||||||||||||||||||
Futures | (54,813 | ) | (54,813 | ) | — | — | ||||||||||||
Swaps | (269,844 | ) | — | (269,844 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Equity Contracts | (324,657 | ) | (54,813 | ) | (269,844 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (53,859 | ) | — | (53,859 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (378,516 | ) | (54,813 | ) | (323,703 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (378,516 | ) | (54,813 | ) | (323,703 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $67,099,043 | $13,487,455 | $53,611,588 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-95
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments
September 30, 2016 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 1.0% | ||||||||
Canada - 0.3% | ||||||||
Turquoise Hill Resources Ltd * | 87,000 | $258,390 | ||||||
|
| |||||||
Singapore - 0.7% | ||||||||
Yoma Strategic Holdings Ltd | 1,447,467 | 628,581 | ||||||
|
| |||||||
Total Common Stocks | 886,971 | |||||||
|
| |||||||
Principal Amount | ||||||||
CORPORATE BONDS & NOTES - 1.0% | ||||||||
Azerbaijan - 0.4% | ||||||||
International Bank of Azerbaijan OJSC | $400,000 | 401,600 | ||||||
|
| |||||||
Croatia - 0.2% | ||||||||
Agrokor dd | EUR 140,000 | 164,878 | ||||||
|
| |||||||
Georgia - 0.4% | ||||||||
Georgian Oil & Gas Corp JSC | $300,000 | 316,500 | ||||||
|
| |||||||
Total Corporate Bonds & Notes | 882,978 | |||||||
|
| |||||||
SENIOR LOAN NOTES - 1.4% | ||||||||
Ethiopia - 0.8% | ||||||||
Ethiopian Railways Corp | 700,000 | 680,239 | ||||||
|
| |||||||
Suriname - 0.6% | ||||||||
The Republic of Suriname | 560,000 | 567,757 | ||||||
|
| |||||||
Total Senior Loan Notes | 1,247,996 | |||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 0.4% | ||||||||
United States - 0.4% | ||||||||
Fannie Mae (IO) | ||||||||
5.625% due 01/25/43 ‘’ § | 1,983,803 | 389,562 | ||||||
|
| |||||||
Total Mortgage-Backed Securities | 389,562 | |||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 63.9% |
| |||||||
Albania - 1.9% | ||||||||
Albania Government | EUR 1,334,000 | 1,663,248 | ||||||
|
|
Principal Amount | Value | |||||||
Argentina - 1.5% | ||||||||
City of Buenos Aires Argentina | $1,211,000 | $ | 1,321,807 | |||||
|
| |||||||
Armenia - 1.1% | ||||||||
Republic of Armenia | 907,000 | 968,404 | ||||||
|
| |||||||
Barbados - 1.1% | ||||||||
Barbados Government | ||||||||
6.625% due 12/05/35 ~ | 1,021,000 | 865,298 | ||||||
7.000% due 08/04/22 ~ | 145,000 | 145,000 | ||||||
|
| |||||||
1,010,298 | ||||||||
|
| |||||||
Belarus - 2.1% | ||||||||
Republic of Belarus International | 1,756,000 | 1,851,702 | ||||||
|
| |||||||
Croatia - 1.0% | ||||||||
Croatia Government | EUR 776,000 | 892,057 | ||||||
|
| |||||||
Cyprus - 6.2% | ||||||||
Cyprus Government | ||||||||
3.750% due 07/26/23 ~ | 1,686,000 | 1,953,164 | ||||||
3.875% due 05/06/22 ~ | 1,223,000 | 1,434,726 | ||||||
4.250% due 11/04/25 ~ | 1,793,000 | 2,153,658 | ||||||
|
| |||||||
5,541,548 | ||||||||
|
| |||||||
Dominican Republic - 3.8% | ||||||||
Dominican Republic | ||||||||
10.375% due 03/04/22 ~ | DOP 37,700,000 | 820,642 | ||||||
10.400% due 05/10/19 ~ | 28,500,000 | 630,332 | ||||||
13.500% due 08/04/17 ~ | 3,000,000 | 67,025 | ||||||
14.000% due 06/08/18 ~ | 19,100,000 | 441,970 | ||||||
15.000% due 04/05/19 ~ | 18,200,000 | 444,056 | ||||||
15.950% due 06/04/21 ~ | 5,800,000 | 152,432 | ||||||
16.000% due 02/10/17 ~ | 16,400,000 | 363,365 | ||||||
16.000% due 07/10/20 ~ | 17,300,000 | 444,160 | ||||||
16.950% due 02/04/22 ~ | 2,900,000 | 80,067 | ||||||
|
| |||||||
3,444,049 | ||||||||
|
| |||||||
Ecuador - 2.8% | ||||||||
Ecuador Government | ||||||||
7.950% due 06/20/24 ~ | $2,581,000 | 2,322,900 | ||||||
10.500% due 03/24/20 ~ | 200,000 | 204,500 | ||||||
|
| |||||||
2,527,400 | ||||||||
|
| |||||||
El Salvador - 1.2% | ||||||||
El Salvador Government | ||||||||
5.875% due 01/30/25 ~ | 90,000 | 90,113 | ||||||
6.375% due 01/18/27 ~ | 571,000 | 576,710 | ||||||
7.650% due 06/15/35 ~ | 208,000 | 218,660 | ||||||
7.750% due 01/24/23 ~ | 74,000 | 82,695 | ||||||
8.250% due 04/10/32 ~ | 127,000 | 142,081 | ||||||
|
| |||||||
1,110,259 | ||||||||
|
| |||||||
Honduras - 0.8% | ||||||||
Honduras Government | 644,000 | 742,210 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-96
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal Amount | Value | |||||||
Indonesia - 1.6% | ||||||||
Indonesia Treasury | ||||||||
8.250% due 05/15/36 | IDR 13,963,000,000 | $ | 1,158,902 | |||||
8.750% due 05/15/31 | 3,506,000,000 | 303,009 | ||||||
|
| |||||||
1,461,911 | ||||||||
|
| |||||||
Iraq - 2.2% | ||||||||
Iraq International | $2,409,000 | 1,968,442 | ||||||
|
| |||||||
Kenya - 0.7% | ||||||||
Kenya Government | 600,000 | 621,000 | ||||||
|
| |||||||
Lebanon - 0.1% | ||||||||
Lebanon Treasury | LBP 193,550,000 | 128,636 | ||||||
|
| |||||||
Macedonia - 4.5% | ||||||||
Macedonia Government | ||||||||
3.975% due 07/24/21 ~ | EUR 1,765,000 | 2,036,762 | ||||||
4.875% due 12/01/20 ~ | 1,669,000 | 1,991,077 | ||||||
|
| |||||||
4,027,839 | ||||||||
|
| |||||||
Mongolia - 1.7% | ||||||||
Development Bank of Mongolia LLC | $680,000 | 671,493 | ||||||
Mongolia Government | 911,000 | 876,837 | ||||||
|
| |||||||
1,548,330 | ||||||||
|
| |||||||
New Zealand - 1.9% | ||||||||
New Zealand Government | ||||||||
2.500% due 09/20/35 ^ ~ | NZD 891,165 | 733,682 | ||||||
3.000% due 09/20/30 ^ ~ | 1,137,251 | 972,890 | ||||||
|
| |||||||
1,706,572 | ||||||||
|
| |||||||
Nigeria - 1.0% | ||||||||
Nigeria Government | ||||||||
5.125% due 07/12/18 ~ | $884,000 | 892,884 | ||||||
|
| |||||||
Russia - 4.1% | ||||||||
Russia Federal | RUB 227,438,000 | 3,730,581 | ||||||
|
| |||||||
Rwanda - 0.8% | ||||||||
Rwanda Government | $669,000 | 678,366 | ||||||
|
| |||||||
Serbia - 7.0% | ||||||||
Serbia Treasury | ||||||||
5.750% due 07/21/23 | RSD 312,210,000 | 2,880,615 | ||||||
10.000% due 03/02/18 | 138,200,000 | 1,362,331 | ||||||
10.000% due 02/05/22 | 186,800,000 | 2,051,550 | ||||||
|
| |||||||
6,294,496 | ||||||||
|
| |||||||
South Africa - 0.3% | ||||||||
Republic of South Africa | $264,000 | 265,558 | ||||||
|
|
Principal Amount | Value | |||||||
Sri Lanka - 8.9% | ||||||||
Sri Lanka Government | ||||||||
5.875% due 07/25/22 ~ | $ 406,000 | $ 418,790 | ||||||
6.850% due 11/03/25 ~ | 438,000 | 471,622 | ||||||
8.000% due 11/15/18 | LKR 8,220,000 | 53,310 | ||||||
8.750% due 10/15/18 | 53,000,000 | 349,873 | ||||||
9.250% due 05/01/20 | 66,020,000 | 428,187 | ||||||
9.450% due 10/15/21 | 47,000,000 | 298,992 | ||||||
10.000% due 10/01/22 | 197,100,000 | 1,271,966 | ||||||
10.250% due 03/15/25 | 190,360,000 | 1,217,762 | ||||||
10.600% due 07/01/19 | 2,630,000 | 17,869 | ||||||
10.600% due 09/15/19 | 122,000,000 | 827,113 | ||||||
10.750% due 03/01/21 | 66,000,000 | 447,466 | ||||||
11.000% due 08/01/21 | 50,270,000 | 340,515 | ||||||
11.000% due 08/01/24 | 10,000,000 | 66,952 | ||||||
11.000% due 08/01/25 | 5,000,000 | 33,412 | ||||||
11.000% due 06/01/26 | 180,300,000 | 1,199,884 | ||||||
11.000% due 05/15/30 | 32,000,000 | 207,412 | ||||||
11.200% due 07/01/22 | 15,380,000 | 104,600 | ||||||
11.500% due 08/01/26 | 35,000,000 | 241,257 | ||||||
11.500% due 09/01/28 | 7,060,000 | 47,901 | ||||||
|
| |||||||
8,044,883 | ||||||||
|
| |||||||
Tanzania - 2.9% | ||||||||
Tanzania Government | $2,529,341 | 2,649,485 | ||||||
|
| |||||||
Thailand - 1.2% | ||||||||
Thailand Government | THB 39,264,768 | 1,061,680 | ||||||
|
| |||||||
Zambia - 1.5% | ||||||||
Zambia Government | ||||||||
5.375% due 09/20/22 ~ | $1,003,000 | 886,612 | ||||||
8.500% due 04/14/24 ~ | 451,000 | 444,235 | ||||||
|
| |||||||
1,330,847 | ||||||||
|
| |||||||
Total Foreign Government Bonds & Notes | 57,484,492 | |||||||
|
| |||||||
PURCHASED OPTIONS - 1.5% | ||||||||
(See Note (h) in Notes to Schedule of Investments) |
| 1,384,742 | ||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS - 28.8% | ||||||||
Money Market Fund - 19.7% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 17,723,463 | 17,723,463 | ||||||
|
| |||||||
Principal Amount | ||||||||
Repurchase Agreement - 1.3% | ||||||||
JPMorgan Chase & Co | EUR 1,017,870 | 1,143,430 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-97
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Principal Amount | Value | |||||||
U.S. Treasury Bills - 7.8% | ||||||||
0.160% due 10/27/16 ‡ | $2,500,000 | $2,499,422 | ||||||
0.310% due 11/25/16 ‡ | 1,750,000 | 1,749,554 | ||||||
0.300% due 11/17/16 | 2,750,000 | 2,748,941 | ||||||
|
| |||||||
6,997,917 | ||||||||
|
| |||||||
Total Short-Term Investments | 25,864,810 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 98.0% | 88,141,551 | |||||||
SECURITIES SOLD SHORT - (1.2%) | ||||||||
(See Note (e) in Notes to Schedule of Investments) |
| (1,084,101 | ) | |||||
OTHER ASSETS & LIABILITIES, NET - 3.2% | 2,895,831 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $89,953,281 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2016, the Fund’s composition as a percentage of net assets was as follows: |
Foreign Government Bonds & Notes | 63.9% | |||
Short-Term Investments | 28.8% | |||
Others (each less than 3.0%) | 5.3% | |||
|
| |||
98.0% | ||||
Securities Sold Short | (1.2% | ) | ||
Other Assets & Liabilities, Net | 3.2% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2016, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
United States (Includes Short-Term Investments) | 27.9% | |||
Sri Lanka | 8.9% | |||
Serbia | 7.0% | |||
Cyprus | 6.2% | |||
Macedonia | 4.5% | |||
Russia | 4.1% | |||
Dominican Republic | 3.8% | |||
Others (each less than 3.0%) | 34.1% | |||
|
| |||
96.5% | ||||
Purchased Options | 1.5% | |||
Securities Sold Short | (1.2% | ) | ||
Other Assets & Liabilities, Net | 3.2% | |||
|
| |||
100.0% | ||||
|
|
(c) | Investments with a total aggregate value of $1,247,996 or 1.4% 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. |
(d) | As of September 30, 2016, investments with a total aggregate value of $450,921 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, options contracts, and swap agreements. |
(e) | Securities sold short outstanding as of September 30, 2016 were as follows: |
Description | Principal Amount | Value | ||||||
Foreign Government Bonds & Notes - (1.2%) |
| |||||||
Spain Government | ||||||||
5.400% due 01/31/23 | EUR 730,000 | ($1,084,101 | ) | |||||
|
| |||||||
Total Securities Sold Short | ($1,084,101 | ) | ||||||
|
|
(f) | Open futures contracts outstanding as of September 30, 2016 were as follows: |
Short Futures Outstanding | Number of Contracts | Unrealized Appreciation (Depreciation) | ||||||
U.S. 5-Year Interest Rate Swap (12/16) | 42 | ($7,536) | ||||||
U.S. 10-Year Interest Rate Swap (12/16) | 47 | (29,512) | ||||||
U.S. 30-Year Interest Rate Swap (12/16) | 1 | (2,437) | ||||||
|
| |||||||
Total Futures Contracts | ($39,485) | |||||||
|
|
(g) | Forward foreign currency contracts outstanding as of September 30, 2016 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
AED | 16,217,000 | USD | 4,384,964 | 02/18 | BNP | $10,588 | ||||||||||||||
AUD | 1,942,000 | USD | 1,475,699 | 12/16 | SCB | 8,290 | ||||||||||||||
BRL | 3,032,000 | USD | 907,268 | 10/16 | BNP | 23,974 | ||||||||||||||
CNH | 16,508,000 | USD | 2,487,268 | 11/16 | CIT | (21,621 | ) | |||||||||||||
CNH | 5,445,000 | USD | 819,968 | 11/16 | DUB | (7,258 | ) | |||||||||||||
CNH | 20,105,000 | USD | 3,032,880 | 11/16 | GSC | (29,485 | ) | |||||||||||||
CNH | 13,088,000 | USD | 1,970,788 | 11/16 | SCB | (17,296 | ) | |||||||||||||
CNH | 3,328,000 | USD | 500,632 | 12/16 | BNP | (4,377 | ) | |||||||||||||
CNH | 8,507,000 | USD | 1,277,753 | 12/16 | SCB | (9,360 | ) | |||||||||||||
CNH | 5,157,000 | USD | 776,973 | 01/17 | SCB | (8,903 | ) | |||||||||||||
CNH | 14,675,000 | USD | 2,206,004 | 02/17 | SCB | (24,077 | ) | |||||||||||||
CNH | 6,783,000 | USD | 1,012,282 | 03/17 | CIT | (5,432 | ) | |||||||||||||
CNH | 11,558,000 | USD | 1,705,835 | 03/17 | GSC | 10,115 | ||||||||||||||
CNH | 8,893,000 | USD | 1,329,167 | 03/17 | SCB | (8,665 | ) | |||||||||||||
CNH | 8,115,000 | USD | 1,195,250 | 03/17 | SCB | 9,319 | ||||||||||||||
CNH | 34,699,465 | USD | 5,143,979 | 06/17 | BNP | (17,376 | ) | |||||||||||||
CNH | 5,312,600 | USD | 783,801 | 06/17 | CIT | 1,099 | ||||||||||||||
CNH | 5,155,000 | USD | 764,181 | 06/17 | GSC | (2,566 | ) | |||||||||||||
COP | 1,169,100,000 | USD | 394,892 | 11/16 | JPM | 8,062 | ||||||||||||||
COP | 1,488,550,000 | USD | 500,185 | 12/16 | BNP | 10,398 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-98
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
EUR | 2,622,974 | RON | 11,935,247 | 02/17 | BNP | ($60,430 | ) | |||||||||||||
EUR | 991,989 | RON | 4,520,000 | 03/17 | BNP | (24,122 | ) | |||||||||||||
EUR | 304,473 | SEK | 2,910,184 | 10/16 | GSC | 2,784 | ||||||||||||||
EUR | 1,316,550 | SEK | 12,606,583 | 11/16 | GSC | 9,276 | ||||||||||||||
EUR | 1,637,000 | USD | 1,817,615 | 10/16 | DUB | 23,539 | ||||||||||||||
EUR | 5,018,968 | USD | 5,640,067 | 10/16 | JPM | (672 | ) | |||||||||||||
EUR | 498,271 | USD | 561,913 | 12/16 | SCB | (229 | ) | |||||||||||||
GBP | 166,000 | USD | 219,995 | 10/16 | GSC | (4,778 | ) | |||||||||||||
GBP | 397,000 | USD | 519,087 | 10/16 | JPM | (4,382 | ) | |||||||||||||
IDR | 4,378,970,000 | USD | 331,088 | 11/16 | JPM | 2,140 | ||||||||||||||
IDR | 11,328,586,000 | USD | 842,587 | 12/16 | DUB | 16,161 | ||||||||||||||
IDR | 22,962,029,000 | USD | 1,707,849 | 12/16 | JPM | 33,460 | ||||||||||||||
INR | 176,770,000 | USD | 2,619,141 | 10/16 | BNP | 26,567 | ||||||||||||||
INR | 176,780,000 | USD | 2,619,774 | 10/16 | GSC | 26,084 | ||||||||||||||
JPY | 171,563,000 | USD | 1,681,726 | 12/16 | SCB | 15,940 | ||||||||||||||
KES | 12,868,000 | USD | 124,089 | 11/16 | CIT | 2,395 | ||||||||||||||
KES | 3,782,000 | USD | 36,488 | 11/16 | SCB | 680 | ||||||||||||||
KES | 3,878,000 | USD | 37,089 | 12/16 | JPM | 816 | ||||||||||||||
KES | 65,641,000 | USD | 620,425 | 02/17 | CIT | 14,841 | ||||||||||||||
KES | 11,108,000 | USD | 105,289 | 03/17 | CIT | 1,549 | ||||||||||||||
KES | 6,811,000 | USD | 64,621 | 03/17 | SCB | 935 | ||||||||||||||
MXN | 33,916,000 | USD | 1,840,161 | 11/16 | BNP | (101,747 | ) | |||||||||||||
MYR | 3,497,161 | USD | 874,228 | 10/16 | BNP | (29,205 | ) | |||||||||||||
MYR | 300,726 | USD | 75,257 | 10/16 | DUB | (2,592 | ) | |||||||||||||
MYR | 90,300 | USD | 22,609 | 10/16 | GSC | (790 | ) | |||||||||||||
MYR | 2,687,814 | USD | 665,013 | 10/16 | SCB | (15,553 | ) | |||||||||||||
NZD | 2,165,693 | USD | 1,575,684 | 11/16 | DUB | (1,702 | ) | |||||||||||||
OMR | 858,000 | USD | 2,189,055 | 06/17 | BNP | 11,454 | ||||||||||||||
PEN | 2,296,654 | USD | 686,019 | 11/16 | BNP | (11,230 | ) | |||||||||||||
PEN | 6,485,654 | USD | 1,904,174 | 11/16 | BNP | 6,717 | ||||||||||||||
PEN | 14,346 | USD | 4,245 | 11/16 | CIT | (34 | ) | |||||||||||||
PEN | 32,000 | USD | 9,412 | 11/16 | SCB | (19 | ) | |||||||||||||
PEN | 3,005,160 | USD | 877,147 | 11/16 | SCB | 8,014 | ||||||||||||||
PEN | 5,684,000 | USD | 1,663,127 | 12/16 | SCB | 3,007 | ||||||||||||||
PHP | 21,140,000 | USD | 453,016 | 11/16 | SCB | (17,701 | ) | |||||||||||||
RON | 19,455,247 | EUR | 4,325,209 | 02/17 | BNP | 43,473 | ||||||||||||||
RON | 6,693,000 | EUR | 1,484,079 | 03/17 | BNP | 18,530 | ||||||||||||||
RON | 11,436,000 | EUR | 2,534,831 | 03/17 | DUB | 32,928 | ||||||||||||||
RON | 790,000 | EUR | 173,550 | 05/17 | BNP | 3,620 | ||||||||||||||
RSD | 61,436,840 | EUR | 496,861 | 10/16 | DUB | 1,501 | ||||||||||||||
RUB | 33,143,284 | USD | 517,500 | 10/16 | CIT | 7,044 | ||||||||||||||
RUB | 95,309,586 | USD | 1,472,254 | 10/16 | DUB | 36,885 | ||||||||||||||
RUB | 218,726,025 | USD | 3,337,647 | 11/16 | DUB | 99,375 | ||||||||||||||
RUB | 39,177,000 | USD | 591,165 | 12/16 | BNP | 20,271 | ||||||||||||||
RUB | 36,823,000 | USD | 555,316 | 12/16 | DUB | 19,381 | ||||||||||||||
SEK | 20,052,000 | EUR | 2,120,162 | 10/16 | GSC | (44,163 | ) | |||||||||||||
SEK | 31,906,583 | EUR | 3,355,349 | 11/16 | GSC | (49,575 | ) | |||||||||||||
SEK | 5,912,573 | EUR | 615,542 | 11/16 | SCB | (2,097 | ) | |||||||||||||
SGD | 2,680,007 | USD | 1,966,689 | 10/16 | DUB | (1,149 | ) | |||||||||||||
SGD | 4,704,100 | USD | 3,447,960 | 10/16 | SCB | 1,895 | ||||||||||||||
THB | 15,652,000 | USD | 451,991 | 11/16 | DUB | (577 | ) | |||||||||||||
THB | 7,500,000 | USD | 209,996 | 11/16 | SCB | 6,325 | ||||||||||||||
TRY | 3,213,802 | USD | 1,078,242 | 10/16 | SCB | (12,923 | ) | |||||||||||||
TRY | 3,214,000 | USD | 1,064,344 | 11/16 | BNP | (6,265 | ) | |||||||||||||
TRY | 2,340,000 | USD | 785,947 | 11/16 | CIT | (13,495 | ) | |||||||||||||
TRY | 2,126,234 | USD | 708,178 | 12/16 | BNP | (10,885 | ) | |||||||||||||
TRY | 8,341,649 | USD | 2,777,900 | 12/16 | DUB | (33,394 | ) | |||||||||||||
TWD | 7,250,000 | USD | 225,577 | 10/16 | BNP | 5,797 | ||||||||||||||
TWD | 3,200,000 | USD | 99,564 | 10/16 | DUB | 2,559 | ||||||||||||||
TWD | 6,550,000 | USD | 203,762 | 10/16 | GSC | 5,272 | ||||||||||||||
TWD | 12,000,000 | USD | 373,329 | 10/16 | JPM | 9,634 | ||||||||||||||
TWD | 12,095,000 | USD | 378,797 | 10/16 | SCB | 7,198 | ||||||||||||||
TWD | 111,683,000 | USD | 3,458,700 | 01/17 | BNP | 115,634 | ||||||||||||||
TWD | 23,343,000 | USD | 724,488 | 01/17 | CIT | 22,507 | ||||||||||||||
TWD | 40,000,000 | USD | 1,238,568 | 01/17 | DUB | 41,376 | ||||||||||||||
TWD | 23,038,000 | USD | 714,689 | 01/17 | GSC | 22,589 | ||||||||||||||
TWD | 13,734,000 | USD | 425,531 | 01/17 | JPM | 13,903 | ||||||||||||||
TWD | 50,462,000 | USD | 1,557,120 | 02/17 | BNP | 59,173 | ||||||||||||||
TWD | 23,109,000 | USD | 719,234 | 02/17 | CIT | 21,107 | ||||||||||||||
TWD | 76,381,000 | USD | 2,361,269 | 02/17 | GSC | 84,371 | ||||||||||||||
TWD | 41,580,000 | USD | 1,288,903 | 02/17 | SCB | 42,323 | ||||||||||||||
USD | 9,665,939 | AED | 36,312,000 | 02/18 | BNP | (176,339 | ) | |||||||||||||
USD | 2,830,641 | AUD | 3,773,584 | 12/16 | GSC | (53,092 | ) | |||||||||||||
USD | 838,154 | AUD | 1,103,000 | 12/16 | SCB | (4,709 | ) | |||||||||||||
USD | 920,749 | BRL | 3,032,000 | 10/16 | BNP | (10,493 | ) | |||||||||||||
USD | 636,356 | CAD | 827,000 | 12/16 | JPM | 5,662 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-99
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
USD | 272,744 | CLP | 178,593,000 | 11/16 | SCB | $2,196 | ||||||||||||||
USD | 2,497,168 | CNH | 16,508,000 | 11/16 | CIT | 31,520 | ||||||||||||||
USD | 823,503 | CNH | 5,445,000 | 11/16 | DUB | 10,792 | ||||||||||||||
USD | 3,033,842 | CNH | 20,105,000 | 11/16 | GSC | 30,447 | ||||||||||||||
USD | 1,979,357 | CNH | 13,088,000 | 11/16 | SCB | 25,865 | ||||||||||||||
USD | 493,915 | CNH | 3,328,000 | 12/16 | BNP | (2,339 | ) | |||||||||||||
USD | 1,259,736 | CNH | 8,507,000 | 12/16 | SCB | (8,656 | ) | |||||||||||||
USD | 744,860 | CNH | 5,157,000 | 01/17 | SCB | (23,210 | ) | |||||||||||||
USD | 2,170,537 | CNH | 14,675,000 | 02/17 | SCB | (11,390 | ) | |||||||||||||
USD | 1,027,494 | CNH | 6,783,000 | 03/17 | CIT | 20,643 | ||||||||||||||
USD | 1,752,456 | CNH | 11,558,000 | 03/17 | GSC | 36,507 | ||||||||||||||
USD | 2,579,064 | CNH | 17,008,000 | 03/17 | SCB | 53,992 | ||||||||||||||
USD | 5,757,045 | CNH | 39,126,029 | 06/17 | BNP | (23,552 | ) | |||||||||||||
USD | 791,483 | CNH | 5,312,600 | 06/17 | CIT | 6,584 | ||||||||||||||
USD | 768,062 | CNH | 5,155,000 | 06/17 | GSC | 6,447 | ||||||||||||||
USD | 569,902 | CNH | 3,840,000 | 08/17 | BNP | 4,836 | ||||||||||||||
USD | 544,664 | CNH | 3,670,216 | 08/17 | JPM | 4,582 | ||||||||||||||
USD | 1,988,407 | CNH | 13,614,227 | 09/17 | DUB | (11,422 | ) | |||||||||||||
USD | 927,346 | CNH | 6,350,000 | 09/17 | SCB | (5,422 | ) | |||||||||||||
USD | 5,579,970 | EUR | 5,018,968 | 10/16 | JPM | (59,424 | ) | |||||||||||||
USD | 2,780,219 | EUR | 2,506,641 | 10/16 | SCB | (39,161 | ) | |||||||||||||
USD | 1,666,456 | EUR | 1,485,726 | 11/16 | DUB | (7,149 | ) | |||||||||||||
USD | 1,007,346 | EUR | 893,764 | 12/16 | GSC | (576 | ) | |||||||||||||
USD | 6,782,178 | EUR | 5,981,728 | 12/16 | GSC | 39,459 | ||||||||||||||
USD | 3,000,806 | EUR | 2,662,000 | 12/16 | SCB | (280 | ) | |||||||||||||
USD | 3,667,794 | EUR | 3,238,484 | 12/16 | SCB | 17,166 | ||||||||||||||
USD | 5,436,766 | EUR | 4,813,981 | 01/17 | JPM | 2,195 | ||||||||||||||
USD | 965,391 | INR | 65,155,785 | 10/16 | BNP | (9,793 | ) | |||||||||||||
USD | 965,591 | INR | 65,157,215 | 10/16 | GSC | (9,614 | ) | |||||||||||||
USD | 656,054 | NOK | 5,404,000 | 12/16 | JPM | (20,038 | ) | |||||||||||||
USD | 3,596,178 | NZD | 5,049,741 | 10/16 | JPM | (78,825 | ) | |||||||||||||
USD | 1,557,364 | NZD | 2,165,693 | 11/16 | DUB | (16,619 | ) | |||||||||||||
USD | 859,443 | NZD | 1,194,069 | 11/16 | MSC | (8,197 | ) | |||||||||||||
USD | 1,576,040 | NZD | 2,165,693 | 12/16 | JPM | 3,212 | ||||||||||||||
USD | 2,296,392 | OMR | 891,000 | 03/17 | BNP | (1,876 | ) | |||||||||||||
USD | 1,459,873 | OMR | 573,000 | 05/17 | BNP | (11,024 | ) | |||||||||||||
USD | 2,188,608 | OMR | 858,000 | 06/17 | BNP | (11,901 | ) | |||||||||||||
USD | 2,263,516 | OMR | 888,000 | 08/17 | BNP | (938 | ) | |||||||||||||
USD | 3,988,074 | OMR | 1,565,000 | 08/17 | BNP | 1,779 | ||||||||||||||
USD | 1,317,362 | PEN | 4,528,654 | 11/16 | BNP | (16,932 | ) | |||||||||||||
USD | 1,382,148 | PEN | 4,962,160 | 11/16 | SCB | (79,611 | ) | |||||||||||||
USD | 692,478 | PEN | 2,343,000 | 11/16 | SCB | 4,777 | ||||||||||||||
USD | 1,139,510 | PEN | 4,133,000 | 12/16 | BNP | (72,422 | ) | |||||||||||||
USD | 459,419 | PEN | 1,551,000 | 12/16 | BNP | 5,217 | ||||||||||||||
USD | 1,204,589 | RUB | 80,026,894 | 10/16 | BNP | (61,960 | ) | |||||||||||||
USD | 815,360 | RUB | 53,000,000 | 10/16 | CIT | (24,843 | ) | |||||||||||||
USD | 4,052,495 | RUB | 265,572,152 | 11/16 | DUB | (120,659 | ) | |||||||||||||
USD | 1,977,063 | SGD | 2,680,007 | 10/16 | DUB | 11,523 | ||||||||||||||
USD | 2,371,556 | SGD | 3,215,000 | 10/16 | GSC | 13,648 | ||||||||||||||
USD | 4,238,413 | SGD | 5,748,000 | 10/16 | JPM | 22,781 | ||||||||||||||
USD | 3,610,136 | SGD | 4,864,790 | 10/16 | SCB | 42,435 | ||||||||||||||
USD | 1,966,761 | SGD | 2,680,007 | 12/16 | SCB | 909 | ||||||||||||||
USD | 2,487,316 | SGD | 3,352,000 | 03/17 | GSC | 28,496 | ||||||||||||||
USD | 393,296 | SGD | 535,000 | 03/17 | SCB | 851 | ||||||||||||||
USD | 729,682 | THB | 25,744,917 | 11/16 | DUB | (12,819 | ) | |||||||||||||
USD | 122,721 | THB | 4,348,000 | 11/16 | JPM | (2,678 | ) | |||||||||||||
USD | 466,222 | THB | 16,439,000 | 11/16 | SCB | (7,925 | ) | |||||||||||||
USD | 1,078,385 | TRY | 3,213,802 | 10/16 | SCB | 13,066 | ||||||||||||||
USD | 1,071,905 | TRY | 3,214,000 | 11/16 | BNP | 13,825 | ||||||||||||||
USD | 784,958 | TRY | 2,340,000 | 11/16 | CIT | 12,506 | ||||||||||||||
USD | 701,403 | TRY | 2,126,234 | 12/16 | BNP | 4,110 | ||||||||||||||
USD | 2,764,607 | TRY | 8,341,649 | 12/16 | DUB | 20,100 | ||||||||||||||
USD | 704,139 | TWD | 22,267,000 | 10/16 | BNP | (6,481 | ) | |||||||||||||
USD | 1,434,004 | TWD | 48,352,000 | 01/17 | BNP | (113,346 | ) | |||||||||||||
USD | 692,260 | TWD | 23,343,000 | 01/17 | CIT | (54,735 | ) | |||||||||||||
USD | 1,188,498 | TWD | 40,000,000 | 01/17 | DUB | (91,446 | ) | |||||||||||||
USD | 678,906 | TWD | 23,038,000 | 01/17 | GSC | (58,372 | ) | |||||||||||||
USD | 2,296,143 | TWD | 77,065,000 | 01/17 | JPM | (170,274 | ) | |||||||||||||
USD | 1,508,319 | TWD | 50,462,000 | 02/17 | BNP | (107,973 | ) | |||||||||||||
USD | 688,793 | TWD | 23,109,000 | 02/17 | CIT | (51,549 | ) | |||||||||||||
USD | 2,277,988 | TWD | 76,381,000 | 02/17 | GSC | (167,652 | ) | |||||||||||||
USD | 1,237,095 | TWD | 41,580,000 | 02/17 | SCB | (94,130 | ) | |||||||||||||
USD | 1,977,281 | ZAR | 27,937,000 | 11/16 | SCB | (44,981 | ) | |||||||||||||
USD | 2,621,034 | ZAR | 35,477,000 | 11/16 | SCB | 62,168 | ||||||||||||||
ZAR | 21,807,000 | USD | 1,534,645 | 11/16 | SCB | 43,888 | ||||||||||||||
|
| |||||||||||||||||||
Total Forward Foreign Currency Contracts | ($935,893 | ) | ||||||||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-100
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
(h) | Purchased options outstanding as of September 30, 2016 were as follows: |
Foreign Currency Options | ||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Cost | Value | ||||||||||||||||
Call - CNH versus USD | CNH 6.63 | 10/18/16 | BNP | $1,885,000 | $29,048 | $15,958 | ||||||||||||||||
Call - CNH versus USD | 6.63 | 10/18/16 | JPM | 1,825,000 | 28,219 | 15,450 | ||||||||||||||||
Call - EUR versus USD | $1.10 | 11/01/16 | DUB | 5,440,000 | 268,138 | 12,131 | ||||||||||||||||
Call - EUR versus USD | 1.18 | 11/01/16 | DUB | 5,337,000 | 288,831 | 249,019 | ||||||||||||||||
Call - EUR versus USD | 1.28 | 11/01/16 | DUB | 5,446,000 | 228,623 | 639,851 | ||||||||||||||||
Call - CNH versus USD | CNH 6.68 | 11/02/16 | SCB | 276,000 | 3,062 | 1,618 | ||||||||||||||||
Call - CNH versus USD | 6.66 | 11/03/16 | BNP | 5,380,000 | 58,642 | 41,647 | ||||||||||||||||
Call - CNH versus USD | 6.66 | 11/03/16 | JPM | 4,451,000 | 49,183 | 35,439 | ||||||||||||||||
Call - CNH versus USD | 6.74 | 03/07/17 | JPM | 2,550,000 | 41,437 | 36,613 | ||||||||||||||||
Call - CNH versus USD | 6.47 | 06/15/17 | SCB | 3,668,000 | 82,232 | 176,097 | ||||||||||||||||
|
|
|
| |||||||||||||||||||
1,077,415 | 1,223,823 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Put - SEK versus EUR | SEK 9.57 | 11/02/16 | GSC | EUR 2,472,000 | 35,929 | 10,955 | ||||||||||||||||
Put - SEK versus EUR | 9.52 | 11/30/16 | GSC | 816,000 | 12,179 | 4,042 | ||||||||||||||||
|
|
|
| |||||||||||||||||||
48,108 | 14,997 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||
$1,125,523 | $1,238,820 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Options on Indices | ||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Counter- party | Number of Contracts | Cost | Value | ||||||||||||||||
Call - Nikkei 225 (03/21) | 21,000.00 | 03/12/21 | GSC | 16 | $173,150 | $145,922 | ||||||||||||||||
|
|
|
| |||||||||||||||||||
Total Purchased Options | $1,298,673 | $1,384,742 | ||||||||||||||||||||
|
|
|
|
(i) | Transactions in written options for the six-month period ended September 30, 2016 were as follows: |
Notional Amount in $ | Premium | |||||||
Outstanding, March 31, 2016 | 21,578,000 | $1,421,192 | ||||||
Call Options Expired | (5,355,000) | (275,683) | ||||||
|
|
|
| |||||
Outstanding, September 30, 2016 | 16,223,000 | $1,145,509 | ||||||
|
|
|
|
(j) | Premiums received and value of written options outstanding as of September 30, 2016 were as follows: |
Foreign Currency Options | ||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||
Call - EUR versus USD | $1.10 | 11/01/16 | CIT | $5,440,000 | $187,997 | ($10,537 | ) | |||||||||||||||
Call - EUR versus USD | 1.18 | 11/01/16 | DUB | 5,337,000 | 443,665 | (249,019 | ) | |||||||||||||||
Call - EUR versus USD | 1.28 | 11/01/16 | DUB | 5,446,000 | 513,847 | (639,851 | ) | |||||||||||||||
|
|
|
| |||||||||||||||||||
Total Written Options | $1,145,509 | ($899,407 | ) | |||||||||||||||||||
|
|
|
|
(k) | Swap agreements outstanding as of September 30, 2016 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 09/30/16 (3) | Notional Amount (4) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
Croatia Government | 1.000% | 12/20/16 | MSC | 0.279% | $198,000 | ($377 | ) | $10,567 | ($10,944 | ) | ||||||||||||||||||||
Croatia Government | 1.000% | 03/20/18 | CIT | 0.493% | 1,200,000 | (9,297 | ) | 83,000 | (92,297 | ) | ||||||||||||||||||||
Thailand Government | 1.000% | 03/20/18 | CIT | 0.243% | 475,000 | (5,436 | ) | (2,363 | ) | (3,073 | ) | |||||||||||||||||||
Croatia Government | 1.000% | 03/20/18 | HSB | 0.493% | 313,000 | (2,424 | ) | 29,014 | (31,438 | ) | ||||||||||||||||||||
China Government | 1.000% | 03/20/18 | JPM | 0.324% | 1,100,000 | (11,263 | ) | (17,333 | ) | 6,070 | ||||||||||||||||||||
Croatia Government | 1.000% | 03/20/18 | MSC | 0.493% | 2,262,000 | (17,524 | ) | 194,313 | (211,837 | ) | ||||||||||||||||||||
Lebanon Government | 5.000% | 03/20/18 | JPM | 3.102% | 689,000 | (19,850 | ) | (29,026 | ) | 9,176 | ||||||||||||||||||||
Croatia Government | 1.000% | 06/20/18 | CIT | 0.582% | 800,000 | (5,991 | ) | 76,719 | (82,710 | ) | ||||||||||||||||||||
Croatia Government | 1.000% | 06/20/18 | MSC | 0.582% | 921,000 | (6,897 | ) | 92,071 | (98,968 | ) | ||||||||||||||||||||
Lebanon Government | 5.000% | 12/20/18 | GSC | 3.659% | 663,000 | (19,902 | ) | (39,103 | ) | 19,201 | ||||||||||||||||||||
Qatar Government | 1.000% | 03/20/19 | GSC | 0.511% | 490,000 | (6,024 | ) | (8,606 | ) | 2,582 | ||||||||||||||||||||
Croatia Government | 1.000% | 03/20/20 | BNP | 1.336% | 330,000 | 3,651 | 23,005 | (19,354 | ) | |||||||||||||||||||||
Croatia Government | 1.000% | 06/20/20 | CIT | 1.460% | 443,000 | 7,226 | 34,132 | (26,906 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-101
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Referenced Obligation | Fixed Deal Pay Rate | Expiration Date | Counter- party | Implied Credit Spread at 09/30/16 (3) | Notional Amount (4) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Croatia Government | 1.000% | 06/20/20 | GSC | 1.460% | $700,000 | $11,418 | $54,113 | ($42,695 | ) | |||||||||||||||||||||||
Qatar Government | 1.000% | 12/20/20 | GSC | 0.778% | 1,120,000 | (10,523 | ) | 21,582 | (32,105 | ) | ||||||||||||||||||||||
Qatar Government | 1.000% | 06/20/21 | BNP | 0.868% | 710,000 | (4,499 | ) | 3,456 | (7,955 | ) | ||||||||||||||||||||||
Qatar Government | 1.000% | 06/20/21 | CIT | 0.868% | 937,457 | (5,940 | ) | 5,720 | (11,660 | ) | ||||||||||||||||||||||
Qatar Government | 1.000% | 06/20/21 | DUB | 0.868% | 2,040,000 | (12,926 | ) | 11,255 | (24,181 | ) | ||||||||||||||||||||||
Qatar Government | 1.000% | 06/20/21 | GSC | 0.868% | 1,241,000 | (7,864 | ) | 5,274 | (13,138 | ) | ||||||||||||||||||||||
Lebanon Government | 5.000% | 06/20/21 | GSC | 4.654% | 500,000 | (7,897 | ) | (3,949 | ) | (3,948 | ) | |||||||||||||||||||||
Qatar Government | 1.000% | 12/20/22 | GSC | 1.071% | 350,000 | 1,357 | (3,911 | ) | 5,268 | |||||||||||||||||||||||
Mexico Government | 1.000% | 12/20/22 | HSB | 1.862% | 146,000 | 7,087 | 4,881 | 2,206 | ||||||||||||||||||||||||
Qatar Government | 1.000% | 12/20/23 | GSC | 1.164% | 300,000 | 3,225 | 284 | 2,941 | ||||||||||||||||||||||||
Qatar Government | 1.000% | 09/20/24 | GSC | 1.230% | 290,000 | 4,802 | (622 | ) | 5,424 | |||||||||||||||||||||||
South Africa Government | 1.000% | 12/20/25 | BNP | 3.048% | 4,107,000 | 636,726 | 748,574 | (111,848 | ) | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
520,858 | 1,293,047 | (772,189 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||||||
Colombia Government | 1.000% | 06/20/21 | ICE | 1.503% | 1,849,063 | 41,330 | 105,241 | (63,911 | ) | |||||||||||||||||||||||
Mexico Government | 1.000% | 06/20/21 | ICE | 1.501% | 1,530,000 | 34,038 | 49,401 | (15,363 | ) | |||||||||||||||||||||||
South Africa Government | 1.000% | 06/20/21 | ICE | 2.348% | 6,450,000 | 376,706 | 543,308 | (166,602 | ) | |||||||||||||||||||||||
Spain Government | 1.000% | 06/20/21 | ICE | 0.781% | 1,000,000 | (9,923 | ) | (3,275 | ) | (6,648 | ) | |||||||||||||||||||||
Italy Government | 1.000% | 12/20/21 | ICE | 1.523% | 5,535,000 | 139,327 | 110,185 | 29,142 | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
581,478 | 804,860 | (223,382 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$1,102,336 | $2,097,907 | ($995,571 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|
Credit Default Swaps on Sovereign Issues – Sell Protection (2)
Referenced Obligation | Fixed Deal Receive Rate | Expiration Date | Counter– party | Implied Credit Spread at 09/30/16 (3) | Notional Amount (4) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Belarus Government | 5.000% | 12/20/16 | DUB | 6.352% | $300,000 | ($430 | ) | ($3,253 | ) | $2,823 | ||||||||||||||||||||||
Croatia Government | 1.000% | 03/20/17 | CIT | 0.279% | 290,000 | 1,072 | (4,056 | ) | 5,128 | |||||||||||||||||||||||
Turkey Government | 1.000% | 12/20/17 | GSC | 0.683% | 360,000 | 1,495 | (6,409 | ) | 7,904 | |||||||||||||||||||||||
Turkey Government | 1.000% | 09/20/18 | GSC | 1.134% | 2,615,000 | (6,032 | ) | (48,135 | ) | 42,103 | ||||||||||||||||||||||
Turkey Government | 1.000% | 09/20/18 | MSC | 1.134% | 2,940,000 | (6,781 | ) | (54,511 | ) | 47,730 | ||||||||||||||||||||||
Slovenia Government | 1.000% | 03/20/20 | GSC | 0.675% | 955,000 | 10,903 | (11,642 | ) | 22,545 | |||||||||||||||||||||||
Turkey Government | 1.000% | 06/20/20 | BNP | 2.000% | 2,488,000 | (88,035 | ) | (125,661 | ) | 37,626 | ||||||||||||||||||||||
Kazakhstan Government | 1.000% | 06/20/20 | GSC | 1.469% | 710,000 | (11,801 | ) | (36,149 | ) | 24,348 | ||||||||||||||||||||||
Turkey Government | 1.000% | 09/20/20 | BNP | 2.095% | 900,000 | (37,055 | ) | (68,295 | ) | 31,240 | ||||||||||||||||||||||
Saudi Arabia Government | 1.000% | 12/20/20 | CIT | 1.485% | 461,352 | (8,937 | ) | (11,132 | ) | 2,195 | ||||||||||||||||||||||
Saudi Arabia Government | 1.000% | 12/20/20 | DUB | 1.485% | 230,000 | (4,455 | ) | (5,126 | ) | 671 | ||||||||||||||||||||||
Saudi Arabia Government | 1.000% | 12/20/20 | HSB | 1.485% | 320,000 | (6,198 | ) | (7,524 | ) | 1,326 | ||||||||||||||||||||||
Kazakhstan Government | 1.000% | 12/20/20 | MSC | 1.675% | 230,000 | (6,232 | ) | (16,865 | ) | 10,633 | ||||||||||||||||||||||
Saudi Arabia Government | 1.000% | 06/20/21 | CIT | 1.595% | 1,390,000 | (36,751 | ) | (35,641 | ) | (1,110 | ) | |||||||||||||||||||||
Kazakhstan Government | 1.000% | 06/20/21 | GSC | 1.835% | 250,000 | (9,290 | ) | (16,208 | ) | 6,918 | ||||||||||||||||||||||
Saudi Arabia Government | 1.000% | 06/20/21 | GSC | 1.595% | 831,000 | (21,971 | ) | (25,322 | ) | 3,351 | ||||||||||||||||||||||
Saudi Arabia Government | 1.000% | 06/20/21 | JPM | 1.595% | 300,000 | (7,932 | ) | (7,753 | ) | (179 | ) | |||||||||||||||||||||
Kazakhstan Government | 1.000% | 06/20/21 | MSC | 1.835% | 790,000 | (29,370 | ) | (62,866 | ) | 33,496 | ||||||||||||||||||||||
Mexico Government | 1.000% | 12/20/21 | BNP | 1.650% | 2,110,000 | (66,449 | ) | (67,094 | ) | 645 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
(334,249 | ) | (613,642 | ) | 279,393 | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||||||
Mexico Government | 1.000% | 12/20/21 | ICE | 1.650% | 350,000 | (11,212 | ) | (11,212 | ) | — | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
($345,461 | ) | ($624,854 | ) | $279,393 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
Credit Default Swaps on Credit Indices – Sell Protection (2)
Referenced Obligation | Fixed Deal Receive Rate | Expiration Date | Exchange | Notional Amount (4) | Value (5) | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
CDX EM 25 5Y | 1.000% | 06/20/21 | ICE | $220,000 | ($13,461 | ) | ($19,906 | ) | $6,445 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$743,414 | $1,453,147 | ($709,733 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
(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. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-102
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
(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 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 | Counter- party | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
7-Day CNY-CNRR07 | DUB | 2.450% | 06/18/17 | CNY 15,476,000 | ($2,408 | ) | $— | ($2,408 | ) | |||||||||||||||||||
7-Day CNY-CNRR07 | GSC | 2.450% | 06/18/17 | 15,475,000 | (2,408 | ) | — | (2,408 | ) | |||||||||||||||||||
7-Day CNY-CNRR07 | GSC | 2.490% | 06/25/17 | 16,023,000 | (1,805 | ) | — | (1,805 | ) | |||||||||||||||||||
7-Day CNY-CNRR07 | DUB | 2.457% | 07/16/17 | 15,201,000 | (2,434 | ) | — | (2,434 | ) | |||||||||||||||||||
7-Day CNY-CNRR07 | GSC | 2.450% | 08/20/17 | 14,103,000 | (2,472 | ) | — | (2,472 | ) | |||||||||||||||||||
7-Day CNY-CNRR07 | SCB | 2.450% | 08/21/17 | 9,025,000 | (1,583 | ) | — | (1,583 | ) | |||||||||||||||||||
7-Day CNY-CNRR07 | SCB | 2.215% | 03/30/18 | 36,464,000 | (28,934 | ) | — | (28,934 | ) | |||||||||||||||||||
7-Day CNY-CNRR07 | GSC | 2.560% | 05/23/18 | 14,390,000 | (230 | ) | — | (230 | ) | |||||||||||||||||||
3-Month RUB-MOSPRIME | GSC | 10.160% | 03/18/20 | RUB 309,937,000 | 378,655 | — | 378,655 | |||||||||||||||||||||
3-Month NZD Bank Bills | JPM | 4.060% | 06/04/23 | NZD 810,000 | 73,439 | — | 73,439 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
409,820 | — | 409,820 | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||
1-Day BRL-CETIP | CME | 11.770% | 01/02/19 | BRL 12,381,470 | 15,292 | — | 15,292 | |||||||||||||||||||||
1-Day BRL-CETIP | CME | 11.775% | 01/02/19 | 8,185,722 | 12,301 | — | 12,301 | |||||||||||||||||||||
1-Day BRL-CETIP | CME | 11.860% | 01/02/19 | 5,507,658 | 10,239 | — | 10,239 | |||||||||||||||||||||
1-Day BRL-CETIP | CME | 11.910% | 01/02/19 | 2,189,582 | 4,798 | — | 4,798 | |||||||||||||||||||||
1-Day BRL-CETIP | CME | 11.920% | 01/02/19 | 1,627,988 | 3,754 | — | 3,754 | |||||||||||||||||||||
1-Day BRL-CETIP | CME | 12.000% | 01/02/19 | 9,620,814 | 27,049 | — | 27,049 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.795% | 06/29/20 | $420,000 | 10,952 | — | 10,952 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.800% | 06/29/20 | 790,000 | 20,154 | — | 20,154 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.744% | 07/31/20 | 1,800,000 | 43,082 | — | 43,082 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.750% | 07/31/20 | 535,000 | 12,859 | — | 12,859 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.784% | 07/31/20 | 535,000 | 13,606 | — | 13,606 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.555% | 08/22/20 | 366,000 | 6,200 | — | 6,200 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.560% | 08/22/20 | 713,000 | 12,215 | — | 12,215 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.650% | 09/18/20 | 652,000 | 13,528 | — | 13,528 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.541% | 09/23/20 | 90,000 | 1,487 | — | 1,487 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.545% | 09/23/20 | 80,000 | 1,334 | — | 1,334 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.424% | 10/28/20 | 680,000 | 8,270 | — | 8,270 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.426% | 10/28/20 | 680,000 | 8,338 | — | 8,338 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.523% | 11/04/20 | 1,160,000 | 18,698 | — | 18,698 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.533% | 11/05/20 | 706,000 | 11,666 | — | 11,666 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.540% | 11/05/20 | 706,000 | 11,880 | — | 11,880 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.555% | 11/09/20 | 683,000 | 11,919 | — | 11,919 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.114% | 02/23/21 | 441,000 | (496 | ) | — | (496 | ) | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.117% | 02/23/21 | 126,000 | (125 | ) | — | (125 | ) | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.150% | 03/03/21 | 428,000 | 181 | — | 181 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.272% | 03/07/21 | 1,072,000 | 6,103 | — | 6,103 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.158% | 06/23/21 | 344,000 | (69 | ) | — | (69 | ) | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.170% | 06/24/21 | 230,000 | 89 | — | 89 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.179% | 06/24/21 | 315,000 | 253 | — | 253 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.189% | 06/27/21 | 315,000 | 393 | — | 393 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.207% | 06/27/21 | 316,000 | 652 | — | 652 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.209% | 06/27/21 | 315,000 | 687 | — | 687 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 0.966% | 06/28/21 | 350,000 | (3,196 | ) | — | (3,196 | ) | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 0.959% | 06/29/21 | 316,000 | (2,991 | ) | — | (2,991 | ) | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 0.965% | 06/29/21 | 190,000 | (1,745 | ) | — | (1,745 | ) | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 0.968% | 06/29/21 | 315,000 | (2,842 | ) | — | (2,842 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-103
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Floating Rate Index | Exchange | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.206% | 07/25/21 | $3,600,000 | $6,858 | $— | $6,858 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.199% | 09/01/21 | 1,503,000 | 1,726 | — | 1,726 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.212% | 09/02/21 | 1,283,000 | 2,273 | — | 2,273 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 2.100% | 07/27/22 | 737,000 | 36,758 | — | 36,758 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 2.058% | 07/30/22 | 748,000 | 35,137 | — | 35,137 | |||||||||||||||||||||
3-Month NZD Bank Bills | LCH | 3.923% | 06/25/25 | NZD 2,142,000 | 192,479 | — | 192,479 | |||||||||||||||||||||
28-Day MXN-TIIE | CME | 6.235% | 10/02/25 | MXN 14,959,000 | (6,411 | ) | — | (6,411 | ) | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.606% | 05/10/26 | $1,913,000 | 28,235 | — | 28,235 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.686% | 06/03/26 | 480,000 | 10,524 | — | 10,524 | |||||||||||||||||||||
6-Month EUR-LIBOR | LCH | 1.000% | 06/15/26 | EUR 27 | 2 | (2 | ) | 4 | ||||||||||||||||||||
28-Day MXN-TIIE | CME | 6.088% | 06/30/26 | MXN 18,000,000 | (21,912 | ) | — | (21,912 | ) | |||||||||||||||||||
28-Day MXN-TIIE | CME | 6.126% | 06/30/26 | 32,200,000 | (34,330 | ) | — | (34,330 | ) | |||||||||||||||||||
28-Day MXN-TIIE | CME | 6.235% | 07/08/26 | 27,900,000 | (17,613 | ) | — | (17,613 | ) | |||||||||||||||||||
3-Month NZD Bank Bills | LCH | 2.485% | 07/25/26 | NZD 1,000,000 | 3,836 | — | 3,836 | |||||||||||||||||||||
6-Month PLN-WIBOR | LCH | 2.226% | 07/28/26 | PLN 1,850,000 | (1,684 | ) | — | (1,684 | ) | |||||||||||||||||||
6-Month PLN-WIBOR | LCH | 2.220% | 08/01/26 | 1,334,000 | (1,423 | ) | — | (1,423 | ) | |||||||||||||||||||
6-Month PLN-WIBOR | LCH | 2.280% | 09/21/26 | 483,000 | 60 | — | 60 | |||||||||||||||||||||
6-Month PLN-WIBOR | LCH | 2.300% | 09/21/26 | 1,787,000 | 1,057 | — | 1,057 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
512,087 | (2 | ) | 512,089 | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$921,907 | ($2 | ) | $921,909 | |||||||||||||||||||||||||
|
|
|
|
|
|
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) | |||||||||||||||||||||
3-Month SAR-SAIBOR | DUB | 3.010% | 06/28/20 | SAR 2,960,000 | $10,166 | $— | $10,166 | |||||||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.170% | 06/29/20 | 1,570,000 | 18,668 | — | 18,668 | |||||||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.160% | 08/03/20 | 3,990,000 | 56,089 | — | 56,089 | |||||||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.350% | 08/12/20 | 5,188,000 | 63,821 | — | 63,821 | |||||||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.328% | 08/17/20 | 5,598,000 | 70,574 | — | 70,574 | |||||||||||||||||||||
3-Month SAR-SAIBOR | GSC | 3.410% | 08/22/20 | 4,051,000 | 7,615 | — | 7,615 | |||||||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.228% | 09/28/20 | 3,152,000 | 44,830 | — | 44,830 | |||||||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.350% | 10/29/20 | 2,700,000 | 23,424 | — | 23,424 | |||||||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.540% | 11/04/20 | 4,550,000 | 29,066 | — | 29,066 | |||||||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.560% | 11/05/20 | 5,460,000 | 33,596 | — | 33,596 | |||||||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.580% | 11/05/20 | 2,730,000 | 16,109 | — | 16,109 | |||||||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.645% | 02/23/21 | 2,118,000 | 18,139 | — | 18,139 | |||||||||||||||||||||
3-Month SAR-SAIBOR | DUB | 2.620% | 03/03/21 | 1,675,000 | 15,117 | — | 15,117 | |||||||||||||||||||||
3-Month SAR-SAIBOR | DUB | 2.760% | 03/07/21 | 4,235,000 | 31,103 | — | 31,103 | |||||||||||||||||||||
3-Month AED-EIBOR | GSC | 2.500% | 06/13/21 | AED 360,000 | (573 | ) | — | (573 | ) | |||||||||||||||||||
3-Month AED-EIBOR | GSC | 2.505% | 06/15/21 | 360,000 | (586 | ) | — | (586 | ) | |||||||||||||||||||
3-Month AED-EIBOR | GSC | 2.590% | 06/16/21 | 359,000 | (972 | ) | — | (972 | ) | |||||||||||||||||||
3-Month AED-EIBOR | GSC | 2.520% | 06/21/21 | 359,000 | (620 | ) | — | (620 | ) | |||||||||||||||||||
3-Month AED-EIBOR | GSC | 2.755% | 06/23/21 | 1,350,000 | (7,011 | ) | — | (7,011 | ) | |||||||||||||||||||
3-Month AED-EIBOR | DUB | 2.740% | 06/27/21 | 1,123,000 | (5,518 | ) | — | (5,518 | ) | |||||||||||||||||||
3-Month AED-EIBOR | DUB | 2.760% | 06/27/21 | 1,123,000 | (5,810 | ) | — | (5,810 | ) | |||||||||||||||||||
3-Month AED-EIBOR | GSC | 2.785% | 06/27/21 | 899,000 | (4,944 | ) | — | (4,944 | ) | |||||||||||||||||||
3-Month AED-EIBOR | DUB | 2.795% | 06/27/21 | 1,123,000 | (6,321 | ) | — | (6,321 | ) | |||||||||||||||||||
3-Month AED-EIBOR | GSC | 2.795% | 06/27/21 | 899,000 | (5,061 | ) | — | (5,061 | ) | |||||||||||||||||||
3-Month AED-EIBOR | DUB | 2.395% | 06/28/21 | 1,100,000 | (459 | ) | — | (459 | ) | |||||||||||||||||||
3-Month AED-EIBOR | DUB | 2.370% | 06/29/21 | 1,248,000 | (91 | ) | — | (91 | ) | |||||||||||||||||||
3-Month AED-EIBOR | DUB | 2.390% | 06/29/21 | 1,135,000 | (378 | ) | — | (378 | ) | |||||||||||||||||||
3-Month AED-EIBOR | DUB | 2.345% | 07/25/21 | 6,100,000 | 9,481 | — | 9,481 | |||||||||||||||||||||
3-Month SAR-SAIBOR | DUB | 3.435% | 07/25/21 | SAR 9,700,000 | 44,862 | — | 44,862 | |||||||||||||||||||||
3-Month ILS-TELBOR | GSC | 0.728% | 09/01/21 | ILS 5,597,000 | (8,260 | ) | — | (8,260 | ) | |||||||||||||||||||
3-Month ILS-TELBOR | GSC | 0.761% | 09/02/21 | 4,900,000 | (9,316 | ) | — | (9,316 | ) | |||||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.640% | 07/27/22 | SAR 2,892,000 | 58,306 | — | 58,306 | |||||||||||||||||||||
3-Month SAR-SAIBOR | GSC | 2.613% | 07/30/22 | 2,868,000 | 59,126 | — | 59,126 | |||||||||||||||||||||
3-Month SAR-SAIBOR | GSC | 3.380% | 05/10/26 | 8,945,000 | 212,537 | — | 212,537 | |||||||||||||||||||||
3-Month SAR-SAIBOR | GSC | 3.710% | 06/06/26 | 1,540,000 | 26,332 | — | 26,332 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
793,041 | — | 793,041 | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.250% | 12/21/18 | $813,000 | (3,278 | ) | (3,031 | ) | (247 | ) | ||||||||||||||||||
6-Month EUR-LIBOR | LCH | 0.250% | 12/21/21 | EUR 6,484,000 | (127,338 | ) | (112,167 | ) | (15,171 | ) | ||||||||||||||||||
1-Day BRL-CETIP | CME | 11.701% | 01/02/23 | BRL 3,884,574 | (24,090 | ) | — | (24,090 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-104
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2016 (Unaudited)
Floating Rate Index | Exchange | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
1-Day BRL-CETIP | CME | 11.840% | 01/02/23 | BRL 1,726,544 | ($15,984 | ) | $— | ($15,984 | ) | |||||||||||||||||||
1-Day BRL-CETIP | CME | 11.842% | 01/02/23 | 2,597,748 | (24,688 | ) | — | (24,688 | ) | |||||||||||||||||||
1-Day BRL-CETIP | CME | 11.930% | 01/02/23 | 687,138 | (7,712 | ) | — | (7,712 | ) | |||||||||||||||||||
1-Day BRL-CETIP | CME | 11.940% | 01/02/23 | 512,510 | (5,888 | ) | — | (5,888 | ) | |||||||||||||||||||
1-Day BRL-CETIP | CME | 12.020% | 01/02/23 | 3,042,306 | (40,213 | ) | — | (40,213 | ) | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.295% | 07/13/26 | $838,000 | 12,394 | — | 12,394 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.300% | 07/13/26 | 559,000 | 7,980 | — | 7,980 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.368% | 07/14/26 | 623,000 | 4,944 | — | 4,944 | |||||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.427% | 07/21/26 | 820,000 | 2,075 | — | 2,075 | |||||||||||||||||||||
6-Month HUF-BUBOR | LCH | 1.923% | 07/28/26 | HUF 131,000,000 | 149 | — | 149 | |||||||||||||||||||||
6-Month HUF-BUBOR | LCH | 1.940% | 08/01/26 | 92,200,000 | (354 | ) | — | (354 | ) | |||||||||||||||||||
3-Month USD-LIBOR | LCH | 1.418% | 08/18/26 | $1,061,000 | 4,002 | — | 4,002 | |||||||||||||||||||||
6-Month HUF-BUBOR | LCH | 1.888% | 09/21/26 | HUF 89,324,000 | 1,751 | — | 1,751 | |||||||||||||||||||||
6-Month HUF-BUBOR | LCH | 1.930% | 09/21/26 | 36,212,000 | 198 | — | 198 | |||||||||||||||||||||
6-Month HUF-BUBOR | LCH | 1.935% | 09/21/26 | 35,307,000 | 134 | — | 134 | |||||||||||||||||||||
6-Month EUR-LIBOR | LCH | 0.750% | 12/21/26 | EUR 1,949,000 | (90,153 | ) | (71,422 | ) | (18,731 | ) | ||||||||||||||||||
3-Month USD-LIBOR | LCH | 2.250% | 12/21/46 | $370,000 | (40,617 | ) | (36,997 | ) | (3,620 | ) | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
(346,688 | ) | (223,617 | ) | (123,071 | ) | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$446,353 | ($223,617 | ) | $669,970 | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$1,368,260 | ($223,619 | ) | $1,591,879 | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Total Swap Agreements | $2,111,674 | $1,229,528 | $882,146 | |||||||||||||||||||||||||
|
|
|
|
|
|
(l) | 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, 2016:
| Total Value at September 30, 2016 | | | Level 1 Quoted Price | | | Level 2 Significant Observable Inputs | | | Level 3 Significant Unobservable Inputs | | |||||||
Assets | Common Stocks | |||||||||||||||||
Canada | $258,390 | $258,390 | $— | $— | ||||||||||||||
Singapore | 628,581 | — | 628,581 | |||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 886,971 | 258,390 | 628,581 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Corporate Bond & Notes | 882,978 | — | 882,978 | — | ||||||||||||||
Senior Loan Notes | 1,247,996 | — | — | 1,247,996 | ||||||||||||||
Mortgage-Backed Securities | 389,562 | — | 389,562 | — | ||||||||||||||
Foreign Government Bonds & Notes | 57,484,492 | — | 57,484,492 | — | ||||||||||||||
Short-Term Investments | 25,864,810 | 17,723,463 | 8,141,347 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | 1,280,363 | — | 1,280,363 | — | ||||||||||||||
Equity Contracts | ||||||||||||||||||
Purchased Options | 145,922 | — | 145,922 | — | ||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 1,637,059 | — | 1,637,059 | — | ||||||||||||||
Purchased Options | 1,238,820 | — | 1,238,820 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | 2,875,879 | — | 2,875,879 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Swaps | 1,941,606 | — | 1,941,606 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 6,243,770 | — | 6,243,770 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 93,000,579 | 17,981,853 | 73,770,730 | 1,247,996 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Securities Sold Short: | |||||||||||||||||
Foreign Government Bonds & Notes | (1,084,101 | ) | — | (1,084,101 | ) | — | ||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | (536,949 | ) | — | (536,949 | ) | — | ||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (2,572,952 | ) | — | (2,572,952 | ) | — | ||||||||||||
Written Options | (899,407 | ) | — | (899,407 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | (3,472,359 | ) | — | (3,472,359 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | (39,485 | ) | (39,485 | ) | — | — | ||||||||||||
Swaps | (573,346 | ) | — | (573,346 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | (612,831 | ) | (39,485 | ) | (573,346 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (4,622,139 | ) | (39,485 | ) | (4,582,654 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (5,706,240 | ) | (39,485 | ) | (5,666,755 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $87,294,339 | $17,942,368 | $68,103,975 | $1,247,996 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-105
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2016 (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, 2016:
Senior Loan Notes | Foreign Government | Total | ||||||||||
Value, Beginning of Period | $— | $2,124,945 | $2,124,945 | |||||||||
Purchases | 558,600 | 414,110 | 972,710 | |||||||||
Sales (Includes Paydowns) | — | (1,359,521 | ) | (1,359,521 | ) | |||||||
Accrued Discounts (Premiums) | 436 | (12,165 | ) | (11,729 | ) | |||||||
Net Realized Gains (Losses) | — | (49,365 | ) | (49,365 | ) | |||||||
Change in Net Unrealized Appreciation (Depreciation) | 8,721 | 21,323 | 30,044 | |||||||||
Transfers In | 680,239 | — | 680,239 | |||||||||
Transfers Out | — | (1,139,327 | ) | (1,139,327 | ) | |||||||
|
|
|
|
|
| |||||||
Value, End of Period | $1,247,996 | $— | $1,247,996 | |||||||||
|
|
|
|
|
| |||||||
Change in Net Unrealized Appreciation (Depreciation) on | $8,721 | $21,323 | $30,044 | |||||||||
|
|
|
|
|
|
Additional information about Level 3 fair value measurements as of September 30, 2016 was as follows:
Value at 09/30/16 | Valuation Technique | Unobservable Input | Range | Weighted Average | ||||||||||||||||
Senior Loan Notes | $1,247,996 | Demand Yield Model | Spread on comparable bonds | 511.8 - 933.7 | 717.9 |
A significant increase in the discount in the spread to U.S. Treasuries could result in a decrease to the fair value measurement. Conversely, significant movements in the opposite direction of this unobservable input could have the inverse effect on the fair value measurement.
Demand Yield: In fair valuing a senior loan note, the investment adviser utilizes one or more of the valuation techniques to assess the likelihood that the borrower will make a full repayment of the loan based on the performance of comparable credit quality senior loans of other companies. If the investment adviser believes that there is a reasonable likelihood of full repayment, the investment adviser will determine fair value using a matrix pricing approach that considers the yield on the senior loan note.
Transfers between levels of the fair value hierarchy during the six-month period were as follows:
Amount Transferred | Level Transfer | Change in Fair Valuation Measurement Inputs | ||||||||||||||||
From | To | From | To | |||||||||||||||
$680,239 | 2 | 3 | Methodology Approved By The Trustee Valuation Committee (observable inputs) | Methodology Approved By The Trustee Valuation Committee (unobservable inputs) | ||||||||||||||
1,139,327 | 3 | 2 | Unobservable Single Broker Quote | Vendor Price |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-106
PACIFIC FUNDS
Schedule of Investments (Continued)
Explanation of Symbols and Terms
September 30, 2016 (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 could be 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, 2016. For Senior Loan Notes, the rate shown may represent a weighted average interest rate. | |
W | Investments were in default as of September 30, 2016. | |
± | The security is a perpetual bond and has no definite maturity date. | |
¥ | All or a portion of this senior loan position has not settled. Contract rates do not take effect until settlement date. Rates shown, if any, are for the settled portion. | |
# | Securities purchased on a when-issued basis. | |
~ | Securities are not registered under the Securities Act of 1933 (1933 Act) and 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 reverse repurchase agreements, futures contracts, forward foreign currency contracts, option contracts and/or swap agreements as of September 30, 2016. | |
+ | 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). | |
l | Total shares owned by the Fund as of September 30, 2016 were less than one share. | |
» | Stapled Security. A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately. | |
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 | |
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 | |
TDB | Toronto Dominion Bank | |
UBS | UBS | |
WBC | Westpac Banking Corporation |
Currency Abbreviations: | ||
AED | United Arab Emirates Dirham | |
ARS | Argentine Peso | |
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 | |
KES | Kenyan Shilling | |
KRW | Korean Won | |
LBP | Lebanese Pound | |
LKR | Sri Lankan Rupee | |
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 | |
ZAR | South African Rand | |
Index Abbreviations: | ||
1-Day CAD-USD Discount Rate | Canadian Dollar - United States Dollar Discount Rate | |
1-Day CHF-TOIS | Switzerland Tomnext Offered Indexed Swaps | |
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 EM | Credit Derivatives Index - Emerging Markets | |
CDX HY | Credit Derivatives Index - High Yield | |
CDX IG | Credit Derivatives Index - Investment Grade | |
CMBX | Commercial Mortgage-Backed Swaps | |
iTraxx Europe | International Index - Europe |
See Notes to Financial Statements |
A-107
PACIFIC FUNDS
Schedule of Investments (Continued)
Explanation of Symbols and Terms (Continued)
September 30, 2016 (Unaudited)
Other Abbreviations: | ||
ADR | American Depositary Receipt | |
FDR | Fiduciary Depositary Receipt | |
GDR | Global Depositary Receipt | |
IO | Interest Only | |
NVDR | Non-Voting Depositary Receipts | |
‘NY’ | New York Shares | |
PIK | Payment In Kind | |
REIT | Real Estate Investment Trust | |
SDR | Swedish Depositary Receipt |
Notes:
For debt investments, the interest rates disclosed in the Schedules of Investments reflect the stated coupon rate or for discounted investments or zero coupon bonds, the yield-to-maturity.
The countries listed in the Schedules 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).
The sectors listed in the Schedules of Investments are obtained from a third party source (that is not affiliated with the Trust or the investment adviser) believed to be reliable. Sector names and weightings could be different if obtained from another source.
See Notes to Financial Statements. |
A-108
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2016 (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 | $7,128,469 | $21,871,586 | $1,064,068,575 | $91,626,507 | $47,634,147 | $131,943,386 | ||||||||||||||||||||||||
Investments, at value | $7,129,075 | $22,197,408 | $1,079,559,733 | $91,901,714 | $50,242,072 | $183,532,799 | ||||||||||||||||||||||||
Cash | — | — | 1,808,685 | 1,701,524 | 1,366,308 | — | ||||||||||||||||||||||||
Cash (segregated for derivative instruments) | — | 285,929 | 8,006,760 | 9,300 | 478,274 | — | ||||||||||||||||||||||||
Foreign currency held, at value (1) | — | 29,232 | 1,958,308 | — | 100,333 | 9,163 | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||
Dividends and interest | 74,030 | 50,877 | 5,505,246 | 376,455 | 821,614 | 258,675 | ||||||||||||||||||||||||
Fund shares sold | — | 1,343 | — | — | 2,686 | — | ||||||||||||||||||||||||
Securities sold | 883,704 | 210,129 | 143,166,836 | 111,976 | 5,998 | 340,640 | ||||||||||||||||||||||||
Swap agreements | — | — | 18,706 | — | 1,915 | — | ||||||||||||||||||||||||
Due from adviser | 10,047 | 1,854 | 25,668 | 8,402 | 12,732 | 10,326 | ||||||||||||||||||||||||
Forward foreign currency contracts appreciation | — | 21,882 | 573,350 | — | 540,886 | 3,339 | ||||||||||||||||||||||||
Swap agreements, at value | — | 75,196 | 36,800 | — | 824,655 | — | ||||||||||||||||||||||||
Prepaid expenses and other assets | 287 | 215 | 1,454 | 324 | 329 | 810 | ||||||||||||||||||||||||
Total Assets | 8,097,143 | 22,874,065 | 1,240,661,546 | 94,109,695 | 54,397,802 | 184,155,752 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||
Fund shares redeemed | — | 5,440 | 458,589 | 36,241 | 28,922 | 102,592 | ||||||||||||||||||||||||
Securities purchased | 10,188 | 1,064,767 | 323,161,361 | 4,331,840 | 850,705 | 349,338 | ||||||||||||||||||||||||
Sale-buyback financing transactions | — | 7,453,195 | — | — | — | — | ||||||||||||||||||||||||
Reverse repurchase agreement | — | 984,438 | — | — | — | — | ||||||||||||||||||||||||
Due to custodian | 134,453 | 65 | — | — | — | — | ||||||||||||||||||||||||
Swap agreements | — | — | — | — | 1,873 | — | ||||||||||||||||||||||||
Due to brokers (2) | — | — | 10,000 | — | — | — | ||||||||||||||||||||||||
Variation margin | — | 59,981 | 139,756 | 1,594 | — | — | ||||||||||||||||||||||||
Accrued advisory fees | 4,234 | 4,123 | 301,832 | 29,684 | 33,540 | 110,684 | ||||||||||||||||||||||||
Accrued administration fees | 977 | 1,628 | 113,187 | 11,131 | 6,409 | 22,589 | ||||||||||||||||||||||||
Accrued support service expenses | 1,200 | 591 | 3,814 | 994 | 1,240 | 2,018 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 2,078 | 2,599 | 3,205 | 1,291 | 4,767 | 1,453 | ||||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 2,007 | 1,345 | 9,771 | 1,901 | 2,462 | 5,030 | ||||||||||||||||||||||||
Accrued legal, audit and tax service fees | 6,810 | 4,723 | 34,335 | 6,746 | 8,433 | 17,757 | ||||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 534 | 2,083 | 9,603 | 1,249 | 24 | 3,295 | ||||||||||||||||||||||||
Accrued other | 24,057 | 18,226 | 84,644 | 25,324 | 19,697 | 16,358 | ||||||||||||||||||||||||
Forward foreign currency contracts depreciation | — | 22,284 | 853,608 | — | 1,146,519 | 77,018 | ||||||||||||||||||||||||
Outstanding options written, at value (premiums received $73,427 and $777,346, respectively) | — | 16,613 | 366,874 | — | — | — | ||||||||||||||||||||||||
Swap agreements, at value | — | 14,292 | 773,418 | — | 1,624 | — | ||||||||||||||||||||||||
Total Liabilities | 186,538 | 9,656,393 | 326,323,997 | 4,447,995 | 2,106,215 | 708,132 | ||||||||||||||||||||||||
NET ASSETS | $7,910,605 | $13,217,672 | $914,337,549 | $89,661,700 | $52,291,587 | $183,447,620 | ||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||
Paid-in capital | $12,091,486 | $22,459,772 | $889,145,836 | $90,554,405 | $56,523,557 | $119,897,009 | ||||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 1,936,551 | 702,737 | 14,731,954 | 684,975 | 757,887 | 3,478,731 | ||||||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (6,118,038 | ) | (10,307,199 | ) | 3,123,940 | (1,854,814 | ) | (7,206,693 | ) | 8,559,452 | ||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | 606 | 362,362 | 7,335,819 | 277,134 | 2,216,836 | 51,512,428 | ||||||||||||||||||||||||
NET ASSETS | $7,910,605 | $13,217,672 | $914,337,549 | $89,661,700 | $52,291,587 | $183,447,620 | ||||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 834,494 | 1,473,425 | 83,029,055 | 8,992,729 | 5,105,720 | 12,356,118 | ||||||||||||||||||||||||
Net Asset Value Per Share | $9.48 | $8.97 | $11.01 | $9.97 | $10.24 | $14.85 |
(1) | The cost of foreign currency for the PF Inflation Managed, PF Managed Bond, PF Emerging Markets Debt, and PF Comstock Funds was $29,204, $1,951,492, $100,230, and $9,206, respectively. |
(2) | 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, 2016 (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 | $82,905,152 | $92,621,849 | $301,576,682 | $250,944,593 | $61,549,821 | $12,082,185 | ||||||||||||||||||||||||
Investments, at value | $118,125,852 | $122,356,495 | $411,977,660 | $306,617,596 | $74,040,608 | $14,880,151 | ||||||||||||||||||||||||
Cash | — | 12 | — | 8,828 | 4 | — | ||||||||||||||||||||||||
Foreign currency held, at value (1) | — | 60 | — | — | — | — | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||
Dividends and interest | 58,039 | 13,899 | 786,323 | 528,421 | 50,974 | 7,449 | ||||||||||||||||||||||||
Securities sold | 354,759 | 1,027,650 | — | — | 1,354,011 | 141,822 | ||||||||||||||||||||||||
Due from adviser | 6,281 | 7,404 | 15,611 | 12,025 | 9,668 | 3,622 | ||||||||||||||||||||||||
Prepaid expenses and other assets | 404 | 559 | 1,047 | 725 | 576 | 187 | ||||||||||||||||||||||||
Total Assets | 118,545,335 | 123,406,079 | 412,780,641 | 307,167,595 | 75,455,841 | 15,033,231 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||
Fund shares redeemed | 65,797 | 65,836 | 234,614 | 178,181 | 42,129 | 8,602 | ||||||||||||||||||||||||
Securities purchased | 100,311 | 726,124 | — | 1,212,923 | 1,537,805 | 12,409 | ||||||||||||||||||||||||
Accrued advisory fees | 53,570 | 70,701 | 221,353 | 113,700 | 39,073 | 8,319 | ||||||||||||||||||||||||
Accrued administration fees | 14,610 | 15,043 | 51,081 | 37,900 | 9,017 | 1,849 | ||||||||||||||||||||||||
Accrued support service expenses | 1,075 | 1,321 | 3,152 | 2,373 | 1,979 | 1,110 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 521 | 1,050 | 563 | 1,651 | 888 | 449 | ||||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 2,809 | 3,369 | 7,176 | 5,040 | 4,143 | 1,441 | ||||||||||||||||||||||||
Accrued legal, audit and tax service fees | 9,835 | 11,963 | 24,900 | 17,365 | 14,190 | 4,698 | ||||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 2,795 | 6,842 | 5,318 | 1,151 | 778 | 2,868 | ||||||||||||||||||||||||
Accrued other | 11,345 | 10,867 | 20,826 | 15,283 | 14,812 | 5,817 | ||||||||||||||||||||||||
Outstanding options written, at value (premiums received $64,184) | — | — | — | — | — | 74,868 | ||||||||||||||||||||||||
Total Liabilities | 262,668 | 913,116 | 568,983 | 1,585,567 | 1,664,814 | 122,430 | ||||||||||||||||||||||||
NET ASSETS | $118,282,667 | $122,492,963 | $412,211,658 | $305,582,028 | $73,791,027 | $14,910,801 | ||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||
Paid-in capital | $80,435,181 | $86,041,757 | $290,601,695 | $247,639,411 | $50,909,962 | $10,532,477 | ||||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 128,676 | (83,419 | ) | 3,766,327 | 2,163,411 | 1,128,198 | 328,680 | |||||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | 2,498,110 | 6,799,958 | 7,442,658 | 107,854 | 9,262,080 | 1,262,362 | ||||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 35,220,700 | 29,734,667 | 110,400,978 | 55,671,352 | 12,490,787 | 2,787,282 | ||||||||||||||||||||||||
NET ASSETS | $118,282,667 | $122,492,963 | $412,211,658 | $305,582,028 | $73,791,027 | $14,910,801 | ||||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 5,933,050 | 12,166,671 | 26,864,317 | 23,678,421 | 6,342,047 | 1,964,615 | ||||||||||||||||||||||||
Net Asset Value Per Share | $19.94 | $10.07 | $15.34 | $12.91 | $11.64 | $7.59 |
(1) | The cost of foreign currency for the PF Large-Cap Growth Fund was $60. |
See Notes to Financial Statements
B-2
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2016 (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 | $145,136,687 | $7,184,738 | $100,754,665 | $143,106,878 | $225,946,826 | $39,137,368 | ||||||||||||||||||||||||
Investments, at value | $160,591,037 | $9,337,977 | $119,988,089 | $183,868,478 | $279,254,859 | $43,547,366 | ||||||||||||||||||||||||
Foreign currency held, at value (1), (2) | — | — | — | 1,033,400 | 5,454 | 49,914 | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||
Dividends and interest | 312,259 | 1,158 | 109,088 | 194,517 | 1,162,352 | 214,545 | ||||||||||||||||||||||||
Fund shares sold | — | — | — | 1,880 | — | 1,343 | ||||||||||||||||||||||||
Securities sold | — | 255,023 | 646,885 | 1,371,570 | 1,467,460 | — | ||||||||||||||||||||||||
Due from adviser | — | 2,661 | 10,806 | 18,940 | 25,015 | 5,696 | ||||||||||||||||||||||||
Prepaid expenses and other assets | 641 | 210 | 622 | 318 | 919 | 375 | ||||||||||||||||||||||||
Total Assets | 160,903,937 | 9,597,029 | 120,755,490 | 186,489,103 | 281,916,059 | 43,819,239 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||
Fund shares redeemed | 92,080 | 6,689 | 100,507 | 142,281 | 214,863 | 32,445 | ||||||||||||||||||||||||
Securities purchased | 118,729 | 260,303 | 153,162 | 759,475 | 907,654 | — | ||||||||||||||||||||||||
Due to custodian | — | — | 23 | — | — | 1,081 | ||||||||||||||||||||||||
Accrued advisory fees | 92,524 | 4,592 | 74,168 | 122,465 | 197,418 | 30,329 | ||||||||||||||||||||||||
Accrued administration fees | 19,826 | 1,148 | 14,834 | 22,962 | 34,838 | 5,352 | ||||||||||||||||||||||||
Accrued support service expenses | 3,179 | 344 | 2,348 | 1,544 | 2,642 | 1,182 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 913 | 804 | 736 | 26,748 | 5,266 | — | ||||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 6,149 | 784 | 4,767 | 2,792 | 6,739 | 2,691 | ||||||||||||||||||||||||
Accrued legal, audit and tax service fees | 20,515 | 2,954 | 16,167 | 9,338 | 23,446 | 9,366 | ||||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 56 | 1,814 | 368 | 586 | 2,542 | 30 | ||||||||||||||||||||||||
Accrued foreign capital gains tax | — | — | — | 137,688 | — | — | ||||||||||||||||||||||||
Accrued other | 16,995 | 6,570 | 15,728 | 13,032 | 21,658 | 5,624 | ||||||||||||||||||||||||
Total Liabilities | 370,966 | 286,002 | 382,808 | 1,238,911 | 1,417,066 | 88,100 | ||||||||||||||||||||||||
NET ASSETS | $160,532,971 | $9,311,027 | $120,372,682 | $185,250,192 | $280,498,993 | $43,731,139 | ||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||
Paid-in capital | $149,064,308 | $10,481,702 | $97,636,616 | $172,828,048 | $240,208,950 | $35,274,904 | ||||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 1,749,314 | (68,273 | ) | 782,181 | (513,370 | ) | 4,055,347 | 791,757 | ||||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (5,735,001 | ) | (3,255,641 | ) | 2,720,461 | (27,660,930 | ) | (17,048,360 | ) | 3,249,180 | ||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 15,454,350 | 2,153,239 | 19,233,424 | 40,596,444 | 53,283,056 | 4,415,298 | ||||||||||||||||||||||||
NET ASSETS | $160,532,971 | $9,311,027 | $120,372,682 | $185,250,192 | $280,498,993 | $43,731,139 | ||||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 15,076,943 | 841,280 | 10,841,659 | 13,989,933 | 15,995,278 | 3,994,230 | ||||||||||||||||||||||||
Net Asset Value Per Share | $10.65 | $11.07 | $11.10 | $13.24 | $17.54 | $10.95 |
(1) | The cost of foreign currency for the PF Emerging Markets, PF International Large-Cap, and PF International Small-Cap Funds was $1,058,508, $5,462, and $49,986, respectively. |
(2) | Includes $5,441 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, 2016 (Unaudited)
PF International Value Fund | PF Real Estate Fund | PF Currency Strategies Fund | PF Equity Long/Short Fund | PF Global Absolute Return Fund | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Investments and repurchase agreements, at cost | $178,947,445 | $46,981,262 | $88,251,078 | $61,147,332 | $85,862,254 | |||||||||||||||||||||
Investments, at value | $188,557,846 | $69,665,643 | $87,533,540 | $61,117,930 | $86,998,121 | |||||||||||||||||||||
Repurchase agreements, at value | — | — | — | — | 1,143,430 | |||||||||||||||||||||
Cash | 21 | — | 2,106 | 103,203 | 1,005,800 | |||||||||||||||||||||
Cash (segregated for derivative instruments) | — | — | — | 9,462,027 | — | |||||||||||||||||||||
Foreign currency held, at value (1) | — | — | 1,320 | — | 305,890 | |||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||
Dividends and interest | 934,374 | 463,490 | 174,870 | — | 1,305,378 | |||||||||||||||||||||
Fund shares sold | — | 1,343 | 6,447 | 2,955 | 6,716 | |||||||||||||||||||||
Securities sold | 769,473 | 15,090 | — | — | 264,067 | |||||||||||||||||||||
Variation margin | — | — | — | 1,935,887 | 1,236,834 | |||||||||||||||||||||
Swap agreements | — | — | — | — | 144,871 | |||||||||||||||||||||
Due from adviser | 10,378 | 3,723 | — | — | 8,422 | |||||||||||||||||||||
Forward foreign currency contracts appreciation | 472,585 | — | 2,968,170 | 52,655 | 1,637,059 | |||||||||||||||||||||
Swap agreements, at value | — | — | — | 5,969,949 | 1,990,017 | |||||||||||||||||||||
Prepaid expenses and other assets | 485 | 210 | 548 | 534 | 453 | |||||||||||||||||||||
Total Assets | 190,745,162 | 70,149,499 | 90,687,001 | 78,645,140 | 96,047,058 | |||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||
Fund shares redeemed | 174,672 | 43,033 | 49,451 | 42,511 | 49,451 | |||||||||||||||||||||
Securities purchased | 2,576,799 | — | 25,500 | — | 491,281 | |||||||||||||||||||||
Securities sold short, at value (proceeds $988,401) | — | — | — | — | 1,084,101 | |||||||||||||||||||||
Due to custodian (1) | 161,243 | 14 | — | 844,426 | — | |||||||||||||||||||||
Swap agreements | — | — | — | — | 19,203 | |||||||||||||||||||||
Due to brokers (2) | — | — | 30,000 | — | 250,000 | |||||||||||||||||||||
Accrued advisory fees | 101,411 | 52,691 | 47,247 | 62,904 | 59,371 | |||||||||||||||||||||
Accrued administration fees | 23,403 | 8,782 | 10,903 | 9,436 | 11,132 | |||||||||||||||||||||
Accrued support service expenses | 1,477 | 690 | 860 | 1,204 | 654 | |||||||||||||||||||||
Accrued custodian fees and expenses | 5,248 | 285 | 2,955 | 2,406 | 18,418 | |||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 3,364 | 1,570 | 3,044 | 3,830 | 2,938 | |||||||||||||||||||||
Accrued legal, audit and tax service fees | 11,672 | 5,391 | 10,732 | 13,158 | 10,664 | |||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 3,443 | 281 | 48 | 56 | 50 | |||||||||||||||||||||
Accrued other | 15,141 | 5,907 | 8,427 | 29,205 | 23,608 | |||||||||||||||||||||
Forward foreign currency contracts depreciation | 304,266 | — | 2,858,972 | 53,859 | 2,572,952 | |||||||||||||||||||||
Outstanding options written, at value (premiums received $1,145,509) | — | — | — | — | 899,407 | |||||||||||||||||||||
Swap agreements, at value | — | — | — | 269,844 | 600,547 | |||||||||||||||||||||
Total Liabilities | 3,382,139 | 118,644 | 3,048,139 | 1,332,839 | 6,093,777 | |||||||||||||||||||||
NET ASSETS | $187,363,023 | $70,030,855 | $87,638,862 | $77,312,301 | $89,953,281 | |||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||
Paid-in capital | $234,109,962 | $45,090,863 | $79,976,456 | $69,126,865 | $93,990,891 | |||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 3,608,786 | 1,115,671 | 4,324,410 | (2,492,665 | ) | 6,062,389 | ||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (60,117,518 | ) | 1,139,940 | 3,945,459 | 4,726,165 | (12,450,566 | ) | |||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | 9,761,793 | 22,684,381 | (607,463 | ) | 5,951,936 | 2,350,567 | ||||||||||||||||||||
NET ASSETS | $187,363,023 | $70,030,855 | $87,638,862 | $77,312,301 | $89,953,281 | |||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 21,629,013 | 4,263,250 | 8,502,883 | 7,222,081 | 9,508,737 | |||||||||||||||||||||
Net Asset Value Per Share | $8.66 | $16.43 | $10.31 | $10.70 | $9.46 |
(1) | The cost of foreign currency, including amounts due to custodian in foreign currency, for the PF International Value, PF Currency Strategies, PF Equity Long/Short, and PF Global Absolute Return Funds was ($160,865), $1,313, ($844,647), and $308,392, respectively. |
(2) | The 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
STATEMENTS OF OPERATIONS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2016 (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 | $8,290 | $1,406 | $— | $2,780 | $3,778 | $2,339,324 | ||||||||||||||||||||||||
Interest, net of foreign taxes withheld | 1,282,541 | 667,618 | 10,305,039 | 583,343 | 3,485,622 | 11,769 | ||||||||||||||||||||||||
Other | 999 | — | — | — | — | — | ||||||||||||||||||||||||
Total Investment Income | 1,291,830 | 669,024 | 10,305,039 | 586,123 | 3,489,400 | 2,351,093 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 212,807 | 57,475 | 1,375,682 | 145,103 | 314,392 | 728,046 | ||||||||||||||||||||||||
Administration fees | 42,561 | 21,553 | 515,881 | 54,414 | 60,075 | 145,609 | ||||||||||||||||||||||||
Support services expenses | 7,353 | 5,160 | 38,200 | 7,147 | 9,255 | 19,685 | ||||||||||||||||||||||||
Custodian fees and expenses | 9,523 | 6,610 | 16,593 | 2,806 | 32,379 | 3,153 | ||||||||||||||||||||||||
Shareholder report expenses | 2,939 | 2,102 | 15,342 | 2,839 | 3,757 | 7,783 | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 3,555 | 2,511 | 18,502 | 3,448 | 4,500 | 9,483 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 6,322 | 4,424 | 32,352 | 6,084 | 7,964 | 16,558 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 2,201 | 1,550 | 11,447 | 2,137 | 2,759 | 5,871 | ||||||||||||||||||||||||
Interest expense | — | 35,862 | 4,634 | — | — | — | ||||||||||||||||||||||||
Other | 24,977 | 16,882 | 71,849 | 27,220 | 17,147 | 8,469 | ||||||||||||||||||||||||
Total Expenses | 312,238 | 154,129 | 2,100,482 | 251,198 | 452,228 | 944,657 | ||||||||||||||||||||||||
Advisory Fee Waiver (1) | (28,374 | ) | (2,874 | ) | — | — | — | (14,561 | ) | |||||||||||||||||||||
Adviser Expense Reimbursement (2) | (56,870 | ) | (39,239 | ) | (202,164 | ) | (51,682 | ) | (77,761 | ) | (71,001 | ) | ||||||||||||||||||
Net Expenses | 226,994 | 112,016 | 1,898,318 | 199,516 | 374,467 | 859,095 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 1,064,836 | 557,008 | 8,406,721 | 386,607 | 3,114,933 | 1,491,998 | ||||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions (3) | (3,224,022 | ) | 1,335,311 | 3,585,091 | 220,248 | (389,634 | ) | 9,609,271 | ||||||||||||||||||||||
Closed short positions | — | — | (56,360 | ) | — | — | — | |||||||||||||||||||||||
Futures contract transactions | — | (49,238 | ) | 1,271,084 | (28,491 | ) | — | — | ||||||||||||||||||||||
Swap transactions | — | (418,084 | ) | (1,846,666 | ) | — | 227,076 | — | ||||||||||||||||||||||
Written option transactions | — | 66,534 | 2,162,308 | — | — | — | ||||||||||||||||||||||||
Foreign currency transactions | — | (338,855 | ) | (1,134,653 | ) | — | 1,205,279 | 64,129 | ||||||||||||||||||||||
Net Realized Gain (Loss) | (3,224,022 | ) | 595,668 | 3,980,804 | 191,757 | 1,042,721 | 9,673,400 | |||||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities | 5,121,268 | (696,712 | ) | 14,572,739 | 364,871 | 7,665,681 | 5,078,040 | |||||||||||||||||||||||
Unfunded loan commitments | (1,580 | ) | — | — | — | — | — | |||||||||||||||||||||||
Short positions | — | — | (270 | ) | — | — | — | |||||||||||||||||||||||
Futures contracts | — | (34,011 | ) | 79,731 | 1,817 | — | — | |||||||||||||||||||||||
Swaps | — | 113,768 | (1,674,420 | ) | — | 249,222 | — | |||||||||||||||||||||||
Written options | — | 11,818 | 225,693 | — | — | — | ||||||||||||||||||||||||
Foreign currencies | — | 191,275 | 250,015 | — | (2,434,758 | ) | 412,536 | |||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 5,119,688 | (413,862 | ) | 13,453,488 | 366,688 | 5,480,145 | 5,490,576 | |||||||||||||||||||||||
NET GAIN (LOSS) | 1,895,666 | 181,806 | 17,434,292 | 558,445 | 6,522,866 | 15,163,976 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | $2,960,502 | $738,814 | $25,841,013 | $945,052 | $9,637,799 | $16,655,974 | ||||||||||||||||||||||||
Foreign taxes withheld on dividends and interest | $— | $— | $23,234 | $1,588 | $14,441 | $46,634 |
(1) | See Note 6 in Notes to Financial Statements. |
(2) | See Note 7B in Notes to Financial Statements. |
(3) | Net realized gain (loss) on investment security transactions for the PF Emerging Markets Debt Fund is net of foreign capital gains tax withheld of $9,756. |
See Notes to Financial Statements
B-5
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2016 (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 | $520,261 | $479,974 | $4,145,692 | $2,540,099 | $893,710 | $181,441 | ||||||||||||||||||||||||
Interest, net of foreign taxes withheld | 918 | 1,138 | — | — | — | — | ||||||||||||||||||||||||
Total Investment Income | 521,179 | 481,112 | 4,145,692 | 2,540,099 | 893,710 | 181,441 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 328,089 | 489,231 | 1,204,175 | 603,999 | 365,463 | 113,509 | ||||||||||||||||||||||||
Administration fees | 89,479 | 97,846 | 277,887 | 201,333 | 84,338 | 24,323 | ||||||||||||||||||||||||
Support services expenses | 11,005 | 13,244 | 27,659 | 19,196 | 15,739 | 4,966 | ||||||||||||||||||||||||
Custodian fees and expenses | 1,828 | 2,752 | 3,943 | 4,938 | 2,133 | 869 | ||||||||||||||||||||||||
Shareholder report expenses | 4,423 | 5,209 | 11,066 | 7,734 | 6,351 | 2,002 | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 5,332 | 6,368 | 13,378 | 9,307 | 7,635 | 2,408 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 9,328 | 11,093 | 23,503 | 16,427 | 13,472 | 4,368 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 3,294 | 3,949 | 8,269 | 5,744 | 4,716 | 1,486 | ||||||||||||||||||||||||
Other | 7,098 | 5,455 | 9,508 | 7,719 | 9,232 | 4,338 | ||||||||||||||||||||||||
Total Expenses | 459,876 | 635,147 | 1,579,388 | 876,397 | 509,079 | 158,269 | ||||||||||||||||||||||||
Advisory Fee Waiver (1) | — | (29,354 | ) | — | — | — | (7,473 | ) | ||||||||||||||||||||||
Adviser Expense Reimbursement (2) | (42,308 | ) | (48,070 | ) | (97,326 | ) | (71,064 | ) | (59,278 | ) | (20,437 | ) | ||||||||||||||||||
Net Expenses | 417,568 | 557,723 | 1,482,062 | 805,333 | 449,801 | 130,359 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 103,611 | (76,611 | ) | 2,663,630 | 1,734,766 | 443,909 | 51,082 | |||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions | 2,904,060 | 7,372,362 | 6,191,099 | 681,842 | 17,152,109 | 1,850,019 | ||||||||||||||||||||||||
Futures contract transactions | — | — | — | — | 913,582 | 487,029 | ||||||||||||||||||||||||
Written option transactions | — | — | — | — | — | (19,115 | ) | |||||||||||||||||||||||
Foreign currency transactions | (136 | ) | (57 | ) | (1,754 | ) | 49 | — | (237 | ) | ||||||||||||||||||||
Net Realized Gain (Loss) | 2,903,924 | 7,372,305 | 6,189,345 | 681,891 | 18,065,691 | 2,317,696 | ||||||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities | 3,826,505 | 4,080,616 | 2,297,093 | 11,546,537 | (5,887,439 | ) | 986,450 | |||||||||||||||||||||||
Written options | — | — | — | — | — | (7,712 | ) | |||||||||||||||||||||||
Foreign currencies | — | 82 | — | (195 | ) | — | — | |||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 3,826,505 | 4,080,698 | 2,297,093 | 11,546,342 | (5,887,439 | ) | 978,738 | |||||||||||||||||||||||
NET GAIN (LOSS) | 6,730,429 | 11,453,003 | 8,486,438 | 12,228,233 | 12,178,252 | 3,296,434 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | $6,834,040 | $11,376,392 | $11,150,068 | $13,962,999 | $12,622,161 | $3,347,516 | ||||||||||||||||||||||||
Foreign taxes withheld on dividends and interest | $7,424 | $13,361 | $83,593 | $15,288 | $457 | $— |
(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, 2016 (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 | |||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $1,753,133 | $44,814 | $889,055 | $1,767,399 | $4,817,774 | $1,544,464 | ||||||||||||||||||||||||
Interest, net of foreign taxes withheld | — | — | — | 9,984 | 3,606 | — | ||||||||||||||||||||||||
Total Investment Income | 1,753,133 | 44,814 | 889,055 | 1,777,383 | 4,821,380 | 1,544,464 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 682,874 | 64,483 | 567,530 | 671,035 | 1,227,365 | 332,511 | ||||||||||||||||||||||||
Administration fees | 146,330 | 16,121 | 113,506 | 125,819 | 216,594 | 58,678 | ||||||||||||||||||||||||
Support services expenses | 23,143 | 3,103 | 18,049 | 10,332 | 26,454 | 10,398 | ||||||||||||||||||||||||
Custodian fees and expenses | 2,679 | 708 | 2,293 | 114,728 | 49,509 | 29,295 | ||||||||||||||||||||||||
Shareholder report expenses | 9,238 | 1,132 | 7,249 | 4,202 | 10,495 | 4,124 | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 11,183 | 1,454 | 8,741 | 5,023 | 12,744 | 5,014 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 19,768 | 2,494 | 15,437 | 8,923 | 22,246 | 8,787 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 6,865 | 915 | 5,401 | 3,106 | 7,892 | 3,082 | ||||||||||||||||||||||||
Offering expenses | 229 | — | — | — | — | — | ||||||||||||||||||||||||
Other | 7,545 | 6,530 | 8,904 | 25,070 | 19,355 | 7,129 | ||||||||||||||||||||||||
Total Expenses | 909,854 | 96,940 | 747,110 | 968,238 | 1,592,654 | 459,018 | ||||||||||||||||||||||||
Advisory Fee Waiver (1) | — | — | — | — | — | (6,371 | ) | |||||||||||||||||||||||
Adviser Expense Reimbursement (2) | — | (16,337 | ) | (66,074 | ) | (171,384 | ) | (148,696 | ) | (28,710 | ) | |||||||||||||||||||
Net Expenses | 909,854 | 80,603 | 681,036 | 796,854 | 1,443,958 | 423,937 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 843,279 | (35,789 | ) | 208,019 | 980,529 | 3,377,422 | 1,120,527 | |||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions | (413,077 | ) | 4,397,242 | 4,273,329 | (4,028,413 | ) | (5,681,574 | ) | 5,431,275 | |||||||||||||||||||||
Futures contract transactions | 891,868 | 405,914 | 907,755 | (737,603 | ) | — | 695,581 | |||||||||||||||||||||||
Foreign currency transactions | — | — | — | (203,090 | ) | (33,771 | ) | 207,840 | ||||||||||||||||||||||
Net Realized Gain (Loss) | 478,791 | 4,803,156 | 5,181,084 | (4,969,106 | ) | (5,715,345 | ) | 6,334,696 | ||||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities (3) | 18,092,855 | (2,120,918 | ) | 8,739,249 | 20,371,318 | 16,097,457 | (2,346,153 | ) | ||||||||||||||||||||||
Foreign currencies | — | — | — | (9,212 | ) | (13,837 | ) | (4,239 | ) | |||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 18,092,855 | (2,120,918 | ) | 8,739,249 | 20,362,106 | 16,083,620 | (2,350,392 | ) | ||||||||||||||||||||||
NET GAIN (LOSS) | 18,571,646 | 2,682,238 | 13,920,333 | 15,393,000 | 10,368,275 | 3,984,304 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | $19,414,925 | $2,646,449 | $14,128,352 | $16,373,529 | $13,745,697 | $5,104,831 | ||||||||||||||||||||||||
Foreign taxes withheld on dividends and interest | $1,519 | $— | $2,069 | $186,027 | $518,744 | $176,749 |
(1) | See Note 6 in Notes to Financial Statements. |
(2) | See Note 7B in Notes to Financial Statements. |
(3) | Change in net unrealized appreciation (depreciation) on investment securities for the PF Emerging Markets Fund was net of increase in deferred foreign capital gains tax of $125,504. |
See Notes to Financial Statements
B-7
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2016 (Unaudited)
PF International Value Fund | PF Real Estate Fund | PF Currency Strategies Fund | PF Equity Long/Short Fund | PF Global Absolute Return Fund | ||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $3,403,050 | $1,080,569 | $55,882 | $— | $2,896 | |||||||||||||||||||||
Interest, net of foreign taxes withheld | — | 2,442 | 92,628 | 191,347 | 3,003,782 | |||||||||||||||||||||
Total Investment Income | 3,403,050 | 1,083,011 | 148,510 | 191,347 | 3,006,678 | |||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||
Advisory fees | 561,620 | 320,274 | 384,966 | 722,802 | 403,117 | |||||||||||||||||||||
Administration fees | 129,604 | 53,379 | 88,838 | 94,279 | 75,585 | |||||||||||||||||||||
Support services expenses | 12,991 | 6,051 | 12,244 | 15,295 | 12,116 | |||||||||||||||||||||
Custodian fees and expenses | 28,397 | 815 | 7,263 | 6,835 | 61,820 | |||||||||||||||||||||
Shareholder report expenses | 5,161 | 2,421 | 4,994 | 6,178 | 4,815 | |||||||||||||||||||||
Transfer agency out-of-pocket expenses | 6,268 | 2,926 | 5,963 | 7,424 | 5,848 | |||||||||||||||||||||
Legal, audit and tax service fees | 10,988 | 5,136 | 10,368 | 12,942 | 10,060 | |||||||||||||||||||||
Trustees’ fees and expenses | 3,881 | 1,810 | 3,656 | 4,859 | 3,598 | |||||||||||||||||||||
Offering expenses | — | — | — | 2,749 | — | |||||||||||||||||||||
Interest expense | — | — | — | — | 22,124 | |||||||||||||||||||||
Other | 10,185 | 3,836 | 3,019 | 25,717 | 20,985 | |||||||||||||||||||||
Total Expenses | 769,095 | 396,648 | 521,311 | 899,080 | 620,068 | |||||||||||||||||||||
Advisory Fee Waiver (1) | — | — | — | (94,279 | ) | — | ||||||||||||||||||||
Adviser Expense Reimbursement (2) | (77,871 | ) | (22,995 | ) | — | — | (68,852 | ) | ||||||||||||||||||
Net Expenses | 691,224 | 373,653 | 521,311 | 804,801 | 551,216 | |||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 2,711,826 | 709,358 | (372,801 | ) | (613,454 | ) | 2,455,462 | |||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||
Investment security transactions (3) | (5,517,799 | ) | 1,273,265 | (593,211 | ) | 9,819 | (1,330,668 | ) | ||||||||||||||||||
Futures contract transactions | (371,476 | ) | — | — | 6,183,048 | (386,025 | ) | |||||||||||||||||||
Swap transactions | — | — | — | 5,343,285 | (370,244 | ) | ||||||||||||||||||||
Written options transactions | — | — | — | — | 775,591 | |||||||||||||||||||||
Foreign currency transactions | 1,340,498 | — | 4,540,523 | 979,413 | (5,840,200 | ) | ||||||||||||||||||||
Net Realized Gain (Loss) | (4,548,777 | ) | 1,273,265 | 3,947,312 | 12,515,565 | (7,151,546 | ) | |||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||
Investment securities | 7,310,889 | (84,951 | ) | (828,289 | ) | (29,402 | ) | 4,969,218 | ||||||||||||||||||
Short positions | — | — | — | — | (3,055 | ) | ||||||||||||||||||||
Futures contracts | — | — | — | (1,040,196 | ) | 126,511 | ||||||||||||||||||||
Swaps | — | — | — | (7,288,566 | ) | 951,743 | ||||||||||||||||||||
Written options | — | — | — | — | (153,740 | ) | ||||||||||||||||||||
Foreign currencies | (558,077 | ) | — | 5,374,983 | (1,107,003 | ) | 3,431,512 | |||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 6,752,812 | (84,951 | ) | 4,546,694 | (9,465,167 | ) | 9,322,189 | |||||||||||||||||||
NET GAIN (LOSS) | 2,204,035 | 1,188,314 | 8,494,006 | 3,050,398 | 2,170,643 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | $4,915,861 | $1,897,672 | $8,121,205 | $2,436,944 | $4,626,105 | |||||||||||||||||||||
Foreign taxes withheld on dividends and interest | $396,476 | $— | $— | $— | $— |
(1) | See Note 6 in Notes to Financial Statements. |
(2) | See Note 7B in Notes to Financial Statements. |
(3) | Net realized gain (loss) on investment security transactions for the PF Global Absolute Return Fund is net of foreign capital gains tax withheld of $44,585. |
See Notes to Financial Statements
B-8
STATEMENTS OF CHANGES IN NET ASSETS
Six-Month 2016 (1) | Year Ended March 31, 2016 | Six-Month Period Ended 2016 (1) | Year Ended March 31, 2016 | Six-Month Period Ended 2016 (1) | Year Ended March 31, 2016 | |||||||||||||||||||||||||||||||||
PF Floating Rate Loan Fund | PF Inflation Managed Fund | PF Managed Bond Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $1,064,836 | $3,838,414 | $557,008 | $1,760,338 | $8,406,721 | $12,156,640 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | (3,224,022 | ) | (1,568,845 | ) | 595,668 | (3,680,024 | ) | 3,980,804 | 6,996,383 | |||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 5,119,688 | (4,255,892 | ) | (413,862 | ) | 331,051 | 13,453,488 | (14,782,041 | ) | |||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 2,960,502 | (1,986,323 | ) | 738,814 | (1,588,635 | ) | 25,841,013 | 4,370,982 | ||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (4,102,066 | ) | — | — | — | (10,290,929 | ) | ||||||||||||||||||||||||||||||
Net realized gains - Class P | — | — | — | — | — | (14,324,419 | ) | |||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (4,102,066 | ) | — | — | — | (24,615,348 | ) | ||||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 3,667,112 | 2,328,122 | 322,493 | 4,646,365 | 524,905,522 | 14,775,062 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 4,102,066 | — | — | — | 24,615,348 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (78,483,387 | ) | (47,699,671 | ) | (40,033,919 | ) | (77,021,620 | ) | (57,786,081 | ) | (241,650,488 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (74,816,275 | ) | (41,269,483 | ) | (39,711,426 | ) | (72,375,255 | ) | 467,119,441 | (202,260,078 | ) | |||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (71,855,773 | ) | (47,357,872 | ) | (38,972,612 | ) | (73,963,890 | ) | 492,960,454 | (222,504,444 | ) | |||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 79,766,378 | 127,124,250 | 52,190,284 | 126,154,174 | 421,377,095 | 643,881,539 | ||||||||||||||||||||||||||||||||
End of Year or Period | $7,910,605 | $79,766,378 | $13,217,672 | $52,190,284 | $914,337,549 | $421,377,095 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $1,936,551 | $871,715 | $702,737 | $145,729 | $14,731,954 | $6,325,233 | ||||||||||||||||||||||||||||||||
PF Short Duration Bond Fund | PF Emerging Markets Debt Fund | PF Comstock Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $386,607 | $1,257,465 | $3,114,933 | $8,053,702 | $1,491,998 | $4,071,430 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | 191,757 | (239,317 | ) | 1,042,721 | (11,272,339 | ) | 9,673,400 | 17,201,693 | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 366,688 | (582,849 | ) | 5,480,145 | 7,718,086 | 5,490,576 | (39,078,900 | ) | ||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 945,052 | 435,299 | 9,637,799 | 4,499,449 | 16,655,974 | (17,805,777 | ) | |||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (1,592,671 | ) | — | (112,217 | ) | — | (5,679,637 | ) | |||||||||||||||||||||||||||||
Net realized gains - Class P | — | — | — | — | — | (25,998,618 | ) | |||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (1,592,671 | ) | — | (112,217 | ) | — | (31,678,255 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 69,493,009 | 2,163,697 | 2,569,514 | 9,943,024 | 12,097,735 | 17,178,131 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 1,592,671 | — | 112,217 | — | 31,678,255 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (56,675,611 | ) | (140,033,868 | ) | (68,077,009 | ) | (68,291,870 | ) | (60,077,520 | ) | (54,306,069 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 12,817,398 | (136,277,500 | ) | (65,507,495 | ) | (58,236,629 | ) | (47,979,785 | ) | (5,449,683 | ) | |||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 13,762,450 | (137,434,872 | ) | (55,869,696 | ) | (53,849,397 | ) | (31,323,811 | ) | (54,933,715 | ) | |||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 75,899,250 | 213,334,122 | 108,161,283 | 162,010,680 | 214,771,431 | 269,705,146 | ||||||||||||||||||||||||||||||||
End of Year or Period | $89,661,700 | $75,899,250 | $52,291,587 | $108,161,283 | $183,447,620 | $214,771,431 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $684,975 | $298,368 | $757,887 | ($2,357,046 | ) | $3,478,731 | $1,986,733 |
(1) | Unaudited. |
See Notes to Financial Statements
B-9
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Six-Month 2016 (1) | Year Ended March 31, 2016 | Six-Month Period Ended 2016 (1) | Year Ended March 31, 2016 | Six-Month Period Ended 2016 (1) | Year Ended March 31, 2016 | |||||||||||||||||||||||||||||||||
PF Growth Fund | PF Large-Cap Growth Fund | PF Large-Cap Value Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $103,611 | $142,844 | ($76,611 | ) | ($262,408 | ) | $2,663,630 | $4,590,991 | ||||||||||||||||||||||||||||||
Net realized gain (loss) | 2,903,924 | 4,804,267 | 7,372,305 | 9,571,072 | 6,189,345 | 19,732,624 | ||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 3,826,505 | (1,773,022 | ) | 4,080,698 | (11,767,523 | ) | 2,297,093 | (28,077,857 | ) | |||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 6,834,040 | 3,174,089 | 11,376,392 | (2,458,859 | ) | 11,150,068 | (3,754,242 | ) | ||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (616,981 | ) | — | — | — | (4,585,247 | ) | ||||||||||||||||||||||||||||||
Net realized gains - Class P | — | (5,369,917 | ) | — | (19,104,058 | ) | — | (23,915,342 | ) | |||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (5,986,898 | ) | — | (19,104,058 | ) | — | (28,500,589 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 18,229,201 | 12,728,671 | 15,229,022 | 17,679,799 | 140,060,043 | 24,816,651 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 5,986,898 | — | 19,104,058 | — | 28,500,589 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (29,478,099 | ) | (41,098,260 | ) | (55,051,164 | ) | (63,420,009 | ) | (38,969,077 | ) | (65,494,832 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (11,248,898 | ) | (22,382,691 | ) | (39,822,142 | ) | (26,636,152 | ) | 101,090,966 | (12,177,592 | ) | |||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (4,414,858 | ) | (25,195,500 | ) | (28,445,750 | ) | (48,199,069 | ) | 112,241,034 | (44,432,423 | ) | |||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 122,697,525 | 147,893,025 | 150,938,713 | 199,137,782 | 299,970,624 | 344,403,047 | ||||||||||||||||||||||||||||||||
End of Year or Period | $118,282,667 | $122,697,525 | $122,492,963 | $150,938,713 | $412,211,658 | $299,970,624 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $128,676 | $25,065 | ($83,419 | ) | ($6,808 | ) | $3,766,327 | $1,102,697 | ||||||||||||||||||||||||||||||
PF Main Street Core Fund | PF Mid-Cap Equity Fund | PF Mid-Cap Growth Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $1,734,766 | $2,884,671 | $443,909 | $2,470,031 | $51,082 | $216,736 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | 681,891 | 21,947,862 | 18,065,691 | 1,480,965 | 2,317,696 | 2,172,665 | ||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 11,546,342 | (17,196,188 | ) | (5,887,439 | ) | (11,504,888 | ) | 978,738 | (9,467,213 | ) | ||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 13,962,999 | 7,636,345 | 12,622,161 | (7,553,892 | ) | 3,347,516 | (7,077,812 | ) | ||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (2,885,953 | ) | — | (1,965,042 | ) | — | (104,146 | ) | |||||||||||||||||||||||||||||
Net realized gains - Class P | — | (35,252,835 | ) | — | (14,265,599 | ) | — | (5,613,608 | ) | |||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (38,138,788 | ) | — | (16,230,641 | ) | — | (5,717,754 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 101,925,055 | 22,398,161 | 365,676 | 2,030,218 | 335,292 | 1,758,665 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 38,138,788 | — | 16,230,641 | — | 5,717,754 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (21,980,650 | ) | (89,172,638 | ) | (108,791,394 | ) | (43,022,595 | ) | (47,538,618 | ) | (21,903,458 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 79,944,405 | (28,635,689 | ) | (108,425,718 | ) | (24,761,736 | ) | (47,203,326 | ) | (14,427,039 | ) | |||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 93,907,404 | (59,138,132 | ) | (95,803,557 | ) | (48,546,269 | ) | (43,855,810 | ) | (27,222,605 | ) | |||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 211,674,624 | 270,812,756 | 169,594,584 | 218,140,853 | 58,766,611 | 85,989,216 | ||||||||||||||||||||||||||||||||
End of Year or Period | $305,582,028 | $211,674,624 | $73,791,027 | $169,594,584 | $14,910,801 | $58,766,611 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $2,163,411 | $428,645 | $1,128,198 | $684,289 | $328,680 | $277,598 |
(1) | Unaudited. |
See Notes to Financial Statements
B-10
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Six-Month Period Ended 2016 (1) | Year/Period Ended March 31, 2016 | Six-Month Period Ended 2016 (1) | Year Ended March 31, 2016 | Six-Month Period Ended 2016 (1) | Year Ended March 31, 2016 | |||||||||||||||||||||||||||||||||
PF Mid-Cap Value Fund (2) | PF Small-Cap Growth Fund | PF Small-Cap Value Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $843,279 | $2,261,292 | ($35,789 | ) | ($314,173 | ) | $208,019 | $621,459 | ||||||||||||||||||||||||||||||
Net realized gain (loss) | 478,791 | (6,220,931 | ) | 4,803,156 | (1,063,878 | ) | 5,181,084 | (2,241,069 | ) | |||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 18,092,855 | (2,638,505 | ) | (2,120,918 | ) | (11,180,886 | ) | 8,739,249 | (2,203,827 | ) | ||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 19,414,925 | (6,598,144 | ) | 2,646,449 | (12,558,937 | ) | 14,128,352 | (3,823,437 | ) | |||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (1,349,467 | ) | — | — | — | (295,333 | ) | ||||||||||||||||||||||||||||||
Net realized gains - Class P | — | — | — | (6,615,823 | ) | — | (1,116,470 | ) | ||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (1,349,467 | ) | — | (6,615,823 | ) | — | (1,411,803 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 6,446,995 | 273,457,147 | 419,609 | 13,539,783 | 2,605,949 | 72,068,525 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 1,349,467 | — | 6,615,823 | — | 1,411,803 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (116,296,909 | ) | (15,891,043 | ) | (35,950,924 | ) | (42,515,875 | ) | (95,686,018 | ) | (14,722,065 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (109,849,914 | ) | 258,915,571 | (35,531,315 | ) | (22,360,269 | ) | (93,080,069 | ) | 58,758,263 | ||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (90,434,989 | ) | 250,967,960 | (32,884,866 | ) | (41,535,029 | ) | (78,951,717 | ) | 53,523,023 | ||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 250,967,960 | — | 42,195,893 | 83,730,922 | 199,324,399 | 145,801,376 | ||||||||||||||||||||||||||||||||
End of Year or Period | $160,532,971 | $250,967,960 | $9,311,027 | $42,195,893 | $120,372,682 | $199,324,399 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $1,749,314 | $906,035 | ($68,273 | ) | ($32,484 | ) | $782,181 | $574,162 | ||||||||||||||||||||||||||||||
PF Emerging Markets Fund | PF International Large-Cap Fund | PF International Small-Cap Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $980,529 | $1,160,253 | $3,377,422 | $3,155,913 | $1,120,527 | $1,711,951 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | (4,969,106 | ) | (18,678,978 | ) | (5,715,345 | ) | (3,609,384 | ) | 6,334,696 | (1,749,070 | ) | |||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 20,362,106 | 611,815 | 16,083,620 | (30,044,537 | ) | (2,350,392 | ) | 248,170 | ||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 16,373,529 | (16,906,910 | ) | 13,745,697 | (30,498,008 | ) | 5,104,831 | 211,051 | ||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (1,160,519 | ) | — | (2,882,307 | ) | — | (3,640,853 | ) | |||||||||||||||||||||||||||||
Net realized gains - Class P | — | — | — | — | — | (1,499,499 | ) | |||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (1,160,519 | ) | — | (2,882,307 | ) | — | (5,140,352 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 110,250,491 | 52,300,891 | 19,891,144 | 146,247,322 | 4,362,349 | 9,639,231 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 1,160,519 | — | 2,882,307 | — | 5,140,352 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (59,423,297 | ) | (55,586,125 | ) | (43,001,070 | ) | (46,784,559 | ) | (84,294,278 | ) | (18,785,208 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 50,827,194 | (2,124,715 | ) | (23,109,926 | ) | 102,345,070 | (79,931,929 | ) | (4,005,625 | ) | ||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 67,200,723 | (20,192,144 | ) | (9,364,229 | ) | 68,964,755 | (74,827,098 | ) | (8,934,926 | ) | ||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 118,049,469 | 138,241,613 | 289,863,222 | 220,898,467 | 118,558,237 | 127,493,163 | ||||||||||||||||||||||||||||||||
End of Year or Period | $185,250,192 | $118,049,469 | $280,498,993 | $289,863,222 | $43,731,139 | $118,558,237 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | ($513,370 | ) | ($1,493,899 | ) | $4,055,347 | $677,925 | $791,757 | ($328,770 | ) |
(1) | Unaudited. |
(2) | PF Mid-Cap Value Fund commenced operations on July 29, 2015. |
See Notes to Financial Statements
B-11
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Six-Month Period Ended 2016 (1) | Year/Period Ended March 31, 2016 | Six-Month Period Ended 2016 (1) | Year Ended March 31, 2016 | Six-Month Period Ended 2016 (1) | Year Ended March 31, 2016 | |||||||||||||||||||||||||||||||||
PF International Value Fund | PF Real Estate Fund | PF Currency Strategies Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $2,711,826 | $2,626,636 | $709,358 | $1,417,277 | ($372,801 | ) | ($1,105,650 | ) | ||||||||||||||||||||||||||||||
Net realized gain (loss) | (4,548,777 | ) | (9,436,419 | ) | 1,273,265 | 2,180,037 | 3,947,312 | 3,855,282 | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 6,752,812 | (11,080,157 | ) | (84,951 | ) | (343,299 | ) | 4,546,694 | (3,239,562 | ) | ||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 4,915,861 | (17,889,940 | ) | 1,897,672 | 3,254,015 | 8,121,205 | (489,930 | ) | ||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (2,279,281 | ) | — | (1,010,714 | ) | — | (2,682,631 | ) | |||||||||||||||||||||||||||||
Net realized gains - Class P | — | — | — | (4,842,696 | ) | — | — | |||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (2,279,281 | ) | — | (5,853,410 | ) | — | (2,682,631 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 64,267,290 | 40,520,023 | 10,987,226 | 23,253,133 | 23,864,622 | 6,782,211 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 2,279,281 | — | 5,853,410 | — | 2,682,631 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (22,580,154 | ) | (24,523,113 | ) | (13,570,575 | ) | (5,276,790 | ) | (71,597,763 | ) | (66,613,675 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 41,687,136 | 18,276,191 | (2,583,349 | ) | 23,829,753 | (47,733,141 | ) | (57,148,833 | ) | |||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 46,602,997 | (1,893,030 | ) | (685,677 | ) | 21,230,358 | (39,611,936 | ) | (60,321,394 | ) | ||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 140,760,026 | 142,653,056 | 70,716,532 | 49,486,174 | 127,250,798 | 187,572,192 | ||||||||||||||||||||||||||||||||
End of Year or Period | $187,363,023 | $140,760,026 | $70,030,855 | $70,716,532 | $87,638,862 | $127,250,798 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $3,608,786 | $896,960 | $1,115,671 | $406,313 | $4,324,410 | $4,697,211 | ||||||||||||||||||||||||||||||||
PF Equity Long/Short Fund (2) | PF Global Absolute Return Fund | |||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | ($613,454 | ) | ($1,807,551 | ) | $2,455,462 | $6,649,125 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | 12,515,565 | 15,979,567 | (7,151,546 | ) | (2,373,213 | ) | ||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (9,465,167 | ) | 15,417,103 | 9,322,189 | (6,028,971 | ) | ||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 2,436,944 | 29,589,119 | 4,626,105 | (1,753,059 | ) | |||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (23,876,574 | ) | — | (11,762,214 | ) | ||||||||||||||||||||||||||||||||
Net realized gains - Class P | — | — | — | — | ||||||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (23,876,574 | ) | — | (11,762,214 | ) | ||||||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 3,704,616 | 166,889,425 | 28,041,796 | 27,895,423 | ||||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 23,876,574 | — | 11,762,214 | ||||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (96,415,995 | ) | (28,891,808 | ) | (74,488,445 | ) | (72,024,048 | ) | ||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (92,711,379 | ) | 161,874,191 | (46,446,649 | ) | (32,366,411 | ) | |||||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (90,274,435 | ) | 167,586,736 | (41,820,544 | ) | (45,881,684 | ) | |||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 167,586,736 | — | 131,773,825 | 177,655,509 | ||||||||||||||||||||||||||||||||||
End of Year or Period | $77,312,301 | $167,586,736 | $89,953,281 | $131,773,825 | ||||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | ($2,492,665 | ) | ($1,879,211 | ) | $6,062,389 | $3,606,927 |
(1) | Unaudited. |
(2) | PF Equity Long/Short Fund commenced operations on April 27, 2015. |
See Notes to Financial Statements
B-12
PACIFIC FUNDS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2016 (Unaudited)
PF Inflation Managed Fund | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES (2): | ||||||||||
Net increase (decrease) in net assets from operations | $738,814 | |||||||||
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 | (39,154,914 | ) | ||||||||
Proceeds from disposition of long-term securities | 89,268,412 | |||||||||
Proceeds (purchases) of short-term securities, net | 17,823 | |||||||||
Proceeds (purchases) from foreign currency transactions | (1,592 | ) | ||||||||
(Increase) decrease in dividends and interest receivable | 91,200 | |||||||||
(Increase) decrease in receivable for securities sold | 233,997 | |||||||||
(Increase) decrease in receivable due from adviser | (574 | ) | ||||||||
(Increase) decrease in prepaid expenses and other assets | 4,427 | |||||||||
(Increase) decrease in variation margin | (203,879 | ) | ||||||||
(Increase) decrease in swap premiums | (15,030 | ) | ||||||||
Increase (decrease) in payable for securities purchased | (484,965 | ) | ||||||||
Increase (decrease) in payable for due to custodian | 65 | |||||||||
Increase (decrease) in payable due to brokers | (270,000 | ) | ||||||||
Increase (decrease) in accrued advisory fees | (12,512 | ) | ||||||||
Increase (decrease) in accrued administration fees | (4,939 | ) | ||||||||
Increase (decrease) in accrued support services expenses | (1,010 | ) | ||||||||
Increase (decrease) in accrued custodian fees and expenses | 508 | |||||||||
Increase (decrease) in accrued transfer agency out-of-pocket expenses | 454 | |||||||||
Increase (decrease) in accrued legal, audit and tax service fees | (2,112 | ) | ||||||||
Increase (decrease) in accrued trustees’ fees and expenses and deferred compensation | 29 | |||||||||
Increase (decrease) in accrued other payable | (2,878 | ) | ||||||||
Change in net unrealized (appreciation) depreciation on investment securities | 696,712 | |||||||||
Change in net unrealized (appreciation) depreciation on swaps (3) | 37,116 | |||||||||
Change in net unrealized (appreciation) depreciation on written options | (11,818 | ) | ||||||||
Change in net unrealized (appreciation) depreciation on foreign currencies | (191,275 | ) | ||||||||
Net realized (gain) loss on investment security transactions | (1,335,311 | ) | ||||||||
Net realized (gain) loss on written option transactions | (66,534 | ) | ||||||||
Net realized gain (loss) on foreign currency | 338,855 | |||||||||
Net amortization on investments | 97,271 | |||||||||
Net cash provided by (used in) operating activities | 49,766,340 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
Proceeds from shares sold | 321,255 | |||||||||
Payment of shares redeemed | (40,059,584 | ) | ||||||||
Increase (decrease) in payable for reverse repurchase agreement | 984,438 | |||||||||
Increase (decrease) in payable for sale-buyback financing transactions | (11,387,534 | ) | ||||||||
Net cash provided by (used in) financing activities | (50,141,425 | ) | ||||||||
NET INCREASE (DECREASE) IN CASH AND FOREIGN CURRENCY | (375,085 | ) | ||||||||
CASH AND FOREIGN CURRENCY (4): | ||||||||||
Beginning of Period | 690,246 | |||||||||
End of Period | $315,161 |
(1) | 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. |
(2) | Interest paid by the PF Inflation Managed Fund was $35,862. |
(3) | Excludes centrally cleared swaps included in variation margin. |
(4) | Includes cash (segregated for derivative instruments) of $285,929. |
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) (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 | ||||||||||||||||||||||||||||||||||||||||||
PF Floating Rate Loan Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $9.14 | $0.18 | $0.16 | $0.34 | $— | $— | $— | $9.48 | 1.10 | % | 0.80 | % | 3.75 | % | 3.72 | % | $7,911 | 37 | % | |||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 9.87 | 0.41 | (0.66 | ) | (0.25 | ) | (0.48 | ) | — | (0.48 | ) | 9.14 | 1.02 | % | 0.80 | % | 4.21 | % | (2.40 | %) | 79,766 | 47 | % | |||||||||||||||||||||||||||||||||
4/1/2014 - 3/31/2015 | 10.05 | 0.36 | (0.19 | ) | 0.17 | (0.35 | ) | (0.00 | )(6) | (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 | % | ||||||||||||||||||||||||||||||||||
PF Inflation Managed Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $8.73 | $0.17 | $0.07 | $0.24 | $— | $— | $— | $8.97 | 1.07 | % | 0.78 | % | 3.88 | % | 2.75 | % | $13,218 | 93 | % | |||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 8.80 | 0.20 | (0.27 | ) | (0.07 | ) | — | — | — | 8.73 | 0.79 | % | 0.64 | % | 2.36 | % | (0.80 | %) | 52,190 | 89 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
PF Managed Bond Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $10.57 | $0.13 | $0.31 | $0.44 | $— | $— | $— | $11.01 | 0.61 | % | 0.55 | % | 2.44 | % | 4.16 | % | $914,338 | 146 | % | |||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 11.06 | 0.28 | (0.16 | ) | 0.12 | (0.25 | ) | (0.36 | ) | (0.61 | ) | 10.57 | 0.64 | % | 0.55 | % | 2.58 | % | 1.31 | % | 421,377 | 370 | % | |||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
PF Short Duration Bond Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $9.84 | $0.05 | $0.08 | $0.13 | $— | $— | $— | $9.97 | 0.69 | % | 0.55 | % | 1.07 | % | 1.32 | % | $89,662 | 151 | % | |||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.01 | 0.12 | (0.09 | ) | 0.03 | (0.20 | ) | — | (0.20 | ) | 9.84 | 0.65 | % | 0.55 | % | 1.18 | % | 0.35 | % | 75,899 | 98 | % | ||||||||||||||||||||||||||||||||||
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 | )(6) | (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 | % | ||||||||||||||||||||||||||||||||||
PF Emerging Markets Debt Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $9.14 | $0.37 | $0.73 | $1.10 | $— | $— | $— | $10.24 | 1.13 | % | 0.94 | % | 7.78 | % | 12.04 | % | $52,292 | 42 | % | |||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 8.89 | 0.61 | (0.35 | ) | 0.26 | (0.01 | ) | — | (0.01 | ) | 9.14 | 1.07 | % | 0.94 | % | 6.91 | % | 2.93 | % | 108,161 | 80 | % | ||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $13.66 | $0.11 | $1.08 | $1.19 | $— | $— | $— | $14.85 | 0.97 | % | 0.89 | % | 1.54 | % | 8.71 | % | $183,448 | 10 | % | |||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 17.07 | 0.27 | (1.46 | ) | (1.19 | ) | (0.36 | ) | (1.86 | ) | (2.22 | ) | 13.66 | 0.96 | % | 0.89 | % | 1.73 | % | (7.54 | %) | 214,771 | 16 | % | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
PF Growth Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $18.82 | $0.02 | $1.10 | $1.12 | $— | $— | $— | $19.94 | 0.77 | % | 0.70 | % | 0.17 | % | 5.95 | % | $118,283 | 20 | % | |||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 19.30 | 0.02 | 0.43 | 0.45 | (0.09 | ) | (0.84 | ) | (0.93 | ) | 18.82 | 0.76 | % | 0.70 | % | 0.11 | % | 2.17 | % | 122,698 | 35 | % | ||||||||||||||||||||||||||||||||||
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 | % | 108,140 | 84 | % | |||||||||||||||||||||||||||||||||||
PF Large-Cap Growth Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $9.24 | ($0.01 | ) | $0.84 | $0.83 | $— | $— | $— | $10.07 | 0.97 | % | 0.86 | % | (0.12 | %) | 8.98 | % | $122,493 | 39 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.71 | (0.02 | ) | (0.17 | ) | (0.19 | ) | — | (1.28 | ) | (1.28 | ) | 9.24 | 0.96 | % | 0.86 | % | (0.15 | %) | (2.67 | %) | 150,939 | 83 | % | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references, if any, on B-16 |
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 | ||||||||||||||||||||||||||||||||||||||||||
PF Large-Cap Value Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $14.78 | $0.11 | $0.45 | $0.56 | $— | $— | $— | $15.34 | 0.85 | % | 0.80 | % | 1.44 | % | 3.79 | % | $412,212 | 7 | % | |||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 16.46 | 0.23 | (0.43 | ) | (0.20 | ) | (0.22 | ) | (1.26 | ) | (1.48 | ) | 14.78 | 0.86 | % | 0.80 | % | 1.45 | % | (1.29 | %) | 299,971 | 10 | % | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
PF Main Street Core Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $12.16 | $0.08 | $0.67 | $0.75 | $— | $— | $— | $12.91 | 0.65 | % | 0.60 | % | 1.29 | % | 6.17 | % | $305,582 | 17 | % | |||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 14.26 | 0.17 | 0.26 | 0.43 | (0.16 | ) | (2.37 | ) | (2.53 | ) | 12.16 | 0.66 | % | 0.60 | % | 1.27 | % | 2.87 | % | 211,675 | 50 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
PF Mid-Cap Equity Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $10.63 | $0.04 | $0.97 | $1.01 | $— | $— | $— | $11.64 | 0.91 | % | 0.80 | % | 0.79 | % | 9.50 | % | $73,791 | 57 | % | |||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 12.15 | 0.15 | (0.59 | ) | (0.44 | ) | (0.12 | ) | (0.96 | ) | (1.08 | ) | 10.63 | 0.86 | % | 0.80 | % | 1.34 | % | (3.79 | %) | 169,595 | 184 | % | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||
PF Mid-Cap Growth Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $7.11 | $0.01 | $0.47 | $0.48 | $— | $— | $— | $7.59 | 0.98 | % | 0.80 | % | 0.32 | % | 6.75 | % | $14,911 | 8 | % | |||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 8.71 | 0.03 | (0.89 | ) | (0.86 | ) | (0.01 | ) | (0.73 | ) | (0.74 | ) | 7.11 | 0.91 | % | 0.80 | % | 0.32 | % | (10.01 | %) | 58,767 | 43 | % | ||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||
PF Mid-Cap Value Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $9.72 | $0.04 | $0.89 | $0.93 | $— | $— | $— | $10.65 | 0.93 | % | 0.93 | % | 0.86 | % | 9.57 | % | $160,533 | 19 | % | |||||||||||||||||||||||||||||||||||||
7/29/2015 - 3/31/2016 | 10.00 | 0.09 | (0.32 | ) | (0.23 | ) | (0.05 | ) | — | (0.05 | ) | 9.72 | 0.93 | % | 0.93 | % | 1.34 | % | (2.30 | %) | 250,968 | 32 | % | |||||||||||||||||||||||||||||||||
PF Small-Cap Growth Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $9.80 | ($0.02 | ) | $1.29 | $1.27 | $— | $— | $— | $11.07 | 0.90 | % | 0.75 | % | (0.33 | %) | 12.86 | % | $9,311 | 55 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 14.80 | (0.07 | ) | (3.18 | ) | (3.25 | ) | — | (1.75 | ) | (1.75 | ) | 9.80 | 0.82 | % | 0.75 | % | (0.51 | %) | (23.59 | %) | 42,196 | 229 | % | ||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
PF Small-Cap Value Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $10.14 | $0.01 | $0.95 | $0.96 | $— | $— | $— | $11.10 | 0.99 | % | 0.90 | % | 0.27 | % | 9.47 | % | $120,373 | 26 | % | |||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.45 | 0.03 | (0.27 | ) | (0.24 | ) | (0.01 | ) | (0.06 | ) | (0.07 | ) | 10.14 | 0.96 | % | 0.90 | % | 0.33 | % | (2.29 | %) | 199,324 | 55 | % | ||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
PF Emerging Markets Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $12.09 | $0.07 | $1.08 | $1.15 | $— | $— | $— | $13.24 | 1.15 | % | 0.95 | % | 1.17 | % | 9.68 | % | $185,250 | 44 | % | |||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 13.58 | 0.10 | (1.47 | ) | (1.37 | ) | (0.12 | ) | — | (0.12 | ) | 12.09 | 1.23 | % | 0.95 | % | 0.84 | % | (10.09 | %) | 118,049 | 65 | % | |||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references, if any, on B-16 |
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 | ||||||||||||||||||||||||||||||||||||||||||
PF International Large-Cap Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $16.69 | $0.20 | $0.65 | $0.85 | $— | $— | $— | $17.54 | 1.10 | % | 1.00 | % | 2.34 | % | 5.09 | % | $280,499 | 9 | % | |||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 18.50 | 0.20 | (1.85 | ) | (1.65 | ) | (0.16 | ) | — | (0.16 | ) | 16.69 | 1.10 | % | 1.00 | % | 1.17 | % | (8.93 | %) | 289,863 | 24 | % | |||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||
PF International Small-Cap Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $10.27 | $0.15 | $0.53 | $0.68 | $— | $— | $— | $10.95 | 1.17 | % | 1.08 | % | 2.86 | % | 6.62 | % | $43,731 | 29 | % | |||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.69 | 0.15 | (0.12 | ) | 0.03 | (0.32 | ) | (0.13 | ) | (0.45 | ) | 10.27 | 1.11 | % | 1.08 | % | 1.37 | % | 0.22 | % | 118,558 | 51 | % | |||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $8.35 | $0.13 | $0.18 | $0.31 | $— | $— | $— | $8.66 | 0.89 | % | 0.80 | % | 3.14 | % | 3.71 | % | $187,363 | 34 | % | |||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 9.51 | 0.16 | (1.19 | ) | (1.03 | ) | (0.13 | ) | — | (0.13 | ) | 8.35 | 0.92 | % | 0.80 | % | 1.80 | % | (10.87 | %) | 140,760 | 73 | % | |||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||
PF Real Estate Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $15.99 | $0.16 | $0.28 | $0.44 | $— | $— | $— | $16.43 | 1.11 | % | 1.05 | % | 1.99 | % | 2.75 | % | $70,031 | 10 | % | |||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 16.87 | 0.36 | 0.15 | 0.51 | (0.23 | ) | (1.16 | ) | (1.39 | ) | 15.99 | 1.12 | % | 1.05 | % | 2.33 | % | 3.61 | % | 70,717 | 26 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
PF Currency Strategies Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $9.75 | ($0.03 | ) | $0.59 | $0.56 | $— | $— | $— | $10.31 | 0.88 | % | 0.88 | % | (0.63 | %) | 5.74 | % | $87,639 | 0 | % | ||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 9.92 | (0.08 | ) | 0.11 | 0.03 | (0.20 | ) | — | (0.20 | ) | 9.75 | 0.86 | % | 0.86 | % | (0.78 | %) | 0.35 | % | 127,251 | 82 | % | ||||||||||||||||||||||||||||||||||
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 |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $10.31 | ($0.05 | ) | $0.44 | $0.39 | $— | $— | $— | $10.70 | 1.43 | % | 1.28 | % | (0.98 | %) | 3.88 | % | $77,312 | 0 | % | ||||||||||||||||||||||||||||||||||||
4/27/2015 - 3/31/2016 | 10.00 | (0.12) | 2.09 | 1.97 | (1.66 | ) | — | (1.66 | ) | 10.31 | 1.42 | % | 1.27 | % | (1.21 | %) | 20.01 | % | 167,587 | 0 | % | |||||||||||||||||||||||||||||||||||
PF Global Absolute Return Fund |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2016 - 9/30/2016 (5) | $9.04 | $0.23 | $0.19 | $0.42 | $— | $— | $— | $9.46 | 1.23 | % | 1.09 | % | 4.87 | % | 4.65 | % | $89,953 | 61 | % | |||||||||||||||||||||||||||||||||||||
4/1/2015 - 3/31/2016 | 10.03 | 0.47 | (0.61 | ) | (0.14 | ) | (0.85 | ) | — | (0.85 | ) | 9.04 | 1.17 | % | 1.08 | % | 4.87 | % | (1.46 | %) | 131,774 | 127 | % | |||||||||||||||||||||||||||||||||
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) | 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 Note 6 and Note 7B, respectively, in Notes to the Financial Statements. |
(4) | The total returns include reinvestment of all dividends and capital gains distribution, if any. Total returns are not annualized for periods less than one full year. |
(5) | Unaudited for the six-month period ended September 30, 2016. |
(6) | Reflects an amount rounding to less than $0.01 per share. |
See Notes to Financial Statements |
B-16
PACIFIC FUNDS
(Unaudited)
1. ORGANIZATION
Pacific Funds Series Trust (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 the “Investment Adviser”) serves as investment adviser to the Trust. As of September 30, 2016, the Trust was comprised of forty-two separate funds, twenty-four of which are presented in these financial statements (each individually a “Fund”, and collectively the “Funds”). All of the Funds listed in the table below (collectively known as the “PF Underlying Funds”) offer Class P shares only, which are sold at net asset value:
PF Underlying Funds | ||||
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 (renamed PF Developing Growth Fund effective October 31, 2016) | 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 |
Presently, only the following Fund of Funds, the Investment 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, Pacific FundsSM High Income, and Pacific FundsSM Small-Cap Growth.
Fund of Funds | ||
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, Pacific Funds High Income and Pacific Funds Small-Cap Growth, which is available without charge. For information on how to obtain the semi-annual report for these Funds, see the Where to Go for More Information section of this report on page D-3.
On September 21, 2016, the Trust’s Board of Trustees approved plans of liquidation for the PF Floating Rate Loan and PF Absolute Return Funds. All outstanding shares in PF Absolute Return Fund were fully redeemed by the applicable Portfolio Optimization Funds and Pacific Funds Diversified Alternatives (collectively, the “Fund of Funds”) on August 3, 2016. The PF Absolute Return Fund held no assets and had no liabilities as of September 30, 2016. No investments were made by the applicable Fund of Funds subsequent to that date; therefore no financial information for that Fund is presented in this report. PF Floating Rate Loan Fund has not yet liquidated as of the date of 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.
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 gain 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
C-1
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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. Gains and losses realized on principal paydowns from mortgage-backed and asset-backed securities are recorded as interest income. Litigation settlements on securities that were previously held are recorded as realized gains on investment securities.
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.
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 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 U.S. 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.
C-2
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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, 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 Investment 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
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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 (as described in Note 3C) and based on significant observable inputs are reflected as Level 2. Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. Transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the end of the reporting period. A summary of each Fund’s investments as of September 30, 2016, as categorized under the three-tier hierarchy of inputs, 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 (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 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.
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
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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.
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 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.
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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.
A Fund’s transactions in listed securities are settled/paid for upon delivery to or from 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.
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, 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,
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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 Funds may face potential risks associated with the United Kingdom’s vote on June 23, 2016 to leave the European Union (the “EU”), commonly referred to as “Brexit.” There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations, and treaties. Brexit is expected to occur within two years, but the exact time frame is unknown and may change. Brexit may also increase the likelihood that other EU members may decide to leave the EU. These potential consequences may result in increased market volatility and illiquidity in the United Kingdom, the EU and other financial markets, as well as slower economic growth and fluctuations in exchange rates. Any of these events may have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of the Funds’ investments.
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.
As of September 30, 2016, the PF Emerging Markets Fund held 83,570 Argentine Peso ($5,441 USD equivalent) restricted foreign cash, which represents cash deposits in Argentina required for entities engaging in activities in Argentina. The Trust has been advised that such cash cannot be withdrawn without the written approval of the Banco Central de la Republica Argentina (“Central Bank of Argentina”) and that, as of September 30, 2016, 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, 2016, no participation interest in Senior Loans was held by any of the Funds presented in these financial statements.
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 a Fund 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.
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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 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 Investment 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
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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 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 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, increase 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 manager of the Fund. 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
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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 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 the Funds 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.
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
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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 manage duration, 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 exposure, as a substitute for cash bond exposure, and for purposes of liquidity. The PF Short Duration Bond Fund entered into interest rate futures to manage duration and yield curve exposure. The PF Mid-Cap Equity, PF Mid-Cap Growth, PF Mid-Cap Value, PF Small-Cap Growth, PF Small-Cap Value, PF Emerging Markets, PF International Small-Cap, and PF International Value Funds utilized futures to gain market exposure with the cash generated during PLFA’s allocation of assets related to the Funds of Funds. The PF International Value Fund also used futures to gain exposure to the equity markets. 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.
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 purchased and wrote options and swaptions on futures, currencies, volatility and swaps as a means of capitalizing on anticipated changes in market volatility, to manage duration and yield curve exposure, and to generate income. The PF Inflation Managed and PF Managed Bond Funds also held inflation caps and floors to hedge duration. The PF Mid-Cap Growth Fund purchased and wrote options to gain exposure to certain companies, to generate income, as a liquidity enhancement for entering and existing equity positions, and to hedge market risk on equity investments. The PF Currency Strategies Fund purchased options to hedge risk on currency investments. The PF Global Absolute Return Fund purchased and wrote options 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 and manage the currency exposure associated with some or all of the Funds’ investments, to manage interest rate risk and yield curve exposures, and as part of the investment strategy of these Funds. 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
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Forward Contracts for risk management purposes to mitigate currency risk and isolate securities selection as the primary driver of performance. The PF International Value Fund entered into Forward Contracts for risk management purposes to manage currency deviations relative to the benchmark. The PF Currency Strategies and PF Equity Long/Short Funds 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 Funds’ returns against adverse currency movements and as a part of the investment strategy of these Funds. The PF Global Absolute Return Fund entered into Forward Contracts to hedge against currency exposure associated with some or all of the Fund’s investments, to shift foreign currency exposure back to U.S. dollars, to shift investment 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 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.
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, to manage duration and yield curve exposure, as a substitute for cash bond exposure, and as part of each Funds’ investment strategy. The PF Emerging Markets Debt 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 to gain or hedge interest rate risk, to gain or mitigate exposure to various markets, and to increase returns.
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 cross-currency swaps for the reasons described: the PF Emerging Markets Debt Fund utilized cross-currency swaps to manage interest rate risk. The PF Global Absolute Return Fund entered into cross-currency swaps to gain or mitigate exposure on currency risk, for purposes of hedging, and as part of the Fund’s investment strategy.
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.
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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 and sovereign 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, 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. 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 and sovereign issues 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.
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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, 2016 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, high yield or emerging market sectors. The PF Managed Bond Fund entered into credit default swaps to obtain exposure to the credit risk of individual securities or to the broader investment grade, high yield, emerging markets or mortgage sectors through the use of credit default swaps on credit indices. 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 a basket of debt securities, and to enhance 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 used total return swaps to gain exposure to various markets.
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. At maturity, 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. None of the Funds presented in these financial statements held volatility swaps as of September 30, 2016.
C-14
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 | ||||
Foreign currency contracts | Investments, at value | Outstanding options written, at value | ||||
Receivable: Variation margin | Payable: Variation margin | |||||
Swap agreements, at value | Swap agreements, at value | |||||
Forward foreign currency contracts appreciation | Forward foreign currency contracts depreciation |
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, 2016:
Asset Derivative Investments Value | ||||||||||||||||||||
Fund | Total Value at September 30, 2016 | Credit Contracts | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||||||||||||||
PF Inflation Managed | $149,669 | $— | $— | $21,882 | $127,787 | * | ||||||||||||||
PF Managed Bond | 1,736,820 | 154,176 | * | — | 664,366 | * | 918,278 | * | ||||||||||||
PF Short Duration Bond | 1,932 | — | — | — | 1,932 | * | ||||||||||||||
PF Emerging Markets Debt | 1,365,541 | — | — | 540,886 | 824,655 | |||||||||||||||
PF Comstock | 3,339 | — | — | 3,339 | — | |||||||||||||||
PF Mid-Cap Growth | 19,081 | — | 19,081 | * | — | — | ||||||||||||||
PF International Value | 472,585 | — | — | 472,585 | — | |||||||||||||||
PF Currency Strategies | 3,079,229 | — | — | 3,079,229 | — | |||||||||||||||
PF Equity Long/Short | 6,359,629 | — | 6,306,974 | * | 52,655 | — | ||||||||||||||
PF Global Absolute Return | 6,243,770 | 1,280,363 | * | 145,922 | 2,875,879 | 1,941,606 | * | |||||||||||||
Liability Derivative Investments Value | ||||||||||||||||||||
Fund | Total Value at September 30, 2016 | Credit Contracts | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||||||||||||||
PF Inflation Managed | ($180,742 | ) | ($13,157 | )* | $— | ($22,747 | ) | ($144,838 | )* | |||||||||||
PF Managed Bond | (13,451,903 | ) | (812,568 | )* | — | (1,183,571 | )* | (11,455,764 | )* | |||||||||||
PF Short Duration Bond | (5 | ) | — | — | — | (5 | )* | |||||||||||||
PF Emerging Markets Debt | (1,148,143 | ) | — | — | (1,146,519 | ) | (1,624 | ) | ||||||||||||
PF Comstock | (77,018 | ) | — | — | (77,018 | ) | — | |||||||||||||
PF Mid-Cap Growth | (74,868 | ) | — | (74,868 | )* | — | — | |||||||||||||
PF International Value | (304,266 | ) | — | — | (304,266 | ) | — | |||||||||||||
PF Currency Strategies | (2,858,972 | ) | — | — | (2,858,972 | ) | — | |||||||||||||
PF Equity Long/Short | (378,516 | ) | — | (324,657 | )* | (53,859 | ) | — | ||||||||||||
PF Global Absolute Return | (4,622,139 | ) | (536,949 | )* | — | (3,472,359 | ) | (612,831 | )* |
* | Includes cumulative appreciation (depreciation) of futures contracts, centrally cleared options, and/or centrally cleared swaps as reported in the Notes to Schedules of Investments. |
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 | ||||
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 | ||||
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 |
C-15
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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, 2016:
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 | ($507,407 | ) | ($51,501 | ) | $— | ($7,087 | ) | ($448,819 | ) | |||||||||||
PF Managed Bond | 401,944 | 423,788 | — | (894,998 | ) | 873,154 | ||||||||||||||
PF Short Duration Bond | (28,491 | ) | — | — | — | (28,491 | ) | |||||||||||||
PF Emerging Markets Debt | 2,248,587 | — | — | 2,009,140 | 239,447 | |||||||||||||||
PF Mid-Cap Equity | 913,582 | — | 913,582 | — | — | |||||||||||||||
PF Mid-Cap Growth | 342,950 | — | 342,950 | — | — | |||||||||||||||
PF Mid-Cap Value | 891,868 | — | 891,868 | — | — | |||||||||||||||
PF Small-Cap Growth | 405,914 | — | 405,914 | — | — | |||||||||||||||
PF Small-Cap Value | 907,755 | — | 907,755 | — | — | |||||||||||||||
PF Emerging Markets | (737,603 | ) | — | (737,603 | ) | — | — | |||||||||||||
PF International Small-Cap | 695,581 | — | 695,581 | — | — | |||||||||||||||
PF International Value | 1,319,328 | — | (371,476 | ) | 1,690,804 | — | ||||||||||||||
PF Currency Strategies | 4,259,473 | — | — | 4,259,473 | — | |||||||||||||||
PF Equity Long/Short | 12,296,159 | — | 11,526,333 | 769,826 | — | |||||||||||||||
PF Global Absolute Return | (4,405,130 | ) | (2,361,041 | ) | 160,017 | (3,737,493 | ) | 1,533,387 |
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 | $305,346 | $33,112 | $— | $191,475 | $80,759 | |||||||||||||||
PF Managed Bond | (1,238,723 | ) | 339,752 | — | 524,188 | (2,102,663 | ) | |||||||||||||
PF Short Duration Bond | 1,817 | — | — | — | 1,817 | |||||||||||||||
PF Emerging Markets Debt | (2,174,237 | ) | — | — | (2,406,855 | ) | 232,618 | |||||||||||||
PF Comstock | 413,746 | — | — | 413,746 | — | |||||||||||||||
PF Mid-Cap Growth | 78,343 | — | 78,343 | — | — | |||||||||||||||
PF International Value | (552,428 | ) | — | — | (552,428 | ) | — | |||||||||||||
PF Currency Strategies | 4,996,211 | — | — | 4,996,211 | — | |||||||||||||||
PF Equity Long/Short | (9,435,887 | ) | — | (8,328,762 | ) | (1,107,125 | ) | — | ||||||||||||
PF Global Absolute Return | 4,340,682 | 263,844 | 32,348 | 3,554,566 | 489,924 |
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, 2016:
Average Positions and Values of Derivative Investments by Derivative Type | ||||||||||||||||||||||||||||||||||||||||||||
Futures Contract | 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 | 9 | $18,582 | 33 | ($32,946 | ) | 39 | ($600 | ) | 29 | ($175,488 | ) | |||||||||||||||||||||||||||||||||
PF Managed Bond | 33 | 602,628 | 69 | (73,050 | ) | 84 | (193,473 | ) | 56 | (9,161,087 | ) | |||||||||||||||||||||||||||||||||
PF Short Duration Bond | 3 | (6,014 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
PF Emerging Markets Debt | — | — | 109 | 296,264 | — | — | 20 | 1,068,632 | ||||||||||||||||||||||||||||||||||||
PF Comstock | — | — | 17 | (37,945 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||
PF Mid-Cap Growth | — | — | — | — | 6 | (92,425 | ) | — | — | |||||||||||||||||||||||||||||||||||
PF International Value | — | — | 43 | 612,064 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
PF Currency Strategies | — | — | 83 | (253,134 | ) | 8 | 515,671 | — | — | |||||||||||||||||||||||||||||||||||
PF Equity Long/Short | 13 | 673,651 | 20 | 363,122 | — | — | 15 | 8,373,572 | ||||||||||||||||||||||||||||||||||||
PF Global Absolute Return | 5 | (126,073 | ) | 158 | (2,277,554 | ) | 18 | 592,139 | 154 | 2,243,042 |
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, 2016. The realized gains and losses on futures contract transactions as disclosed in the Statements of Operations serve as indicators of volume of derivative activity for the PF Mid-Cap Equity, PF Mid-Cap Growth, PF Mid-Cap Value, PF Small-Cap Growth, PF Small-Cap Value, PF Emerging Markets, PF International Small-Cap, and PF International Value Funds.
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
C-16
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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) as of September 30, 2016:
| 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 | $75,196 | ($1,641 | ) | $— | $73,555 | ($14,292 | ) | $1,641 | $— | ($12,651 | ) | ||||||||||||||||||||||||||||||||||
Option contracts | 35,136 | (9,894 | ) | — | 25,242 | (16,207 | ) | 9,894 | — | (6,313 | ) | ||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 21,882 | (10,204 | ) | — | 11,678 | (22,284 | ) | 10,204 | — | (12,080 | ) | ||||||||||||||||||||||||||||||||||
Reverse repurchase agreements | (984,438 | ) | — | 984,438 | — | ||||||||||||||||||||||||||||||||||||||||
Sale-buyback financing transactions | (7,453,195 | ) | 7,453,195 | — | — | ||||||||||||||||||||||||||||||||||||||||
PF Managed Bond | |||||||||||||||||||||||||||||||||||||||||||||
Swap agreements | 36,800 | (8,248 | ) | (137 | ) | 28,415 | (773,418 | ) | 8,248 | 311,141 | (454,029 | ) | |||||||||||||||||||||||||||||||||
Option contracts | 122,057 | (69,915 | ) | — | 52,142 | (70,192 | ) | 69,915 | — | (277 | ) | ||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 573,350 | (374,073 | ) | (9,863 | ) | 189,414 | (853,608 | ) | 374,073 | 96,462 | (383,073 | ) | |||||||||||||||||||||||||||||||||
PF Emerging Markets Debt | |||||||||||||||||||||||||||||||||||||||||||||
Swap agreements | 824,655 | — | — | 824,655 | (1,624 | ) | — | — | (1,624 | ) | |||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 540,886 | (446,244 | ) | — | 94,642 | (1,146,519 | ) | 446,244 | 471,048 | (229,227 | ) | ||||||||||||||||||||||||||||||||||
PF Comstock | |||||||||||||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 3,339 | (3,339 | ) | — | — | (77,018 | ) | 3,339 | — | (73,679 | ) | ||||||||||||||||||||||||||||||||||
PF Mid-Cap Growth | |||||||||||||||||||||||||||||||||||||||||||||
Option contracts | 7,020 | (1,530 | ) | — | 5,490 | (72,622 | ) | 1,530 | — | (71,092 | ) | ||||||||||||||||||||||||||||||||||
PF International Value | |||||||||||||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 472,585 | (69,252 | ) | — | 403,333 | (304,266 | ) | 69,252 | — | (235,014 | ) | ||||||||||||||||||||||||||||||||||
PF Currency Strategies | |||||||||||||||||||||||||||||||||||||||||||||
Option contracts | 111,059 | — | — | 111,059 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 2,968,170 | (2,075,447 | ) | (272,346 | ) | 620,377 | (2,858,972 | ) | 2,075,447 | 335,328 | (448,197 | ) | |||||||||||||||||||||||||||||||||
PF Equity Long/Short | |||||||||||||||||||||||||||||||||||||||||||||
Swap agreements | 5,969,949 | (269,844 | ) | — | 5,700,105 | (269,844 | ) | 269,844 | — | — | |||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 52,655 | (52,655 | ) | — | — | (53,859 | ) | 52,655 | 1,204 | — | |||||||||||||||||||||||||||||||||||
PF Global Absolute Return | |||||||||||||||||||||||||||||||||||||||||||||
Swap agreements | 1,990,017 | (437,260 | ) | (842,795 | ) | 709,962 | (600,547 | ) | 437,260 | — | (163,287 | ) | |||||||||||||||||||||||||||||||||
Option contracts | 1,384,742 | (888,870 | ) | (217,150 | ) | 278,722 | (899,407 | ) | 888,870 | — | (10,537 | ) | |||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 1,637,059 | (1,627,725 | ) | — | 9,334 | (2,572,952 | ) | 1,627,725 | 107,950 | (837,277 | ) |
As of September 30, 2016, 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,
C-17
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
except for the PF Global Absolute Return Fund, exceeded the value of the repurchase agreements as of September 30, 2016. For the PF Global Absolute Return Fund (see page A-97), the value of the related collateral (Spain Government) of $1,113,501 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 ($1,142,944) as of September 30, 2016. As discussed in Note 4 on page C-8, 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.
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 Investment 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 which are based on the following annual percentages of the 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 (2) | 0.40% | PF Main Street Core | 0.45% | PF International Small-Cap (3) | 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, 2017 for the following Funds: 0.10% for the PF Floating Rate Loan Fund; 0.015% for the PF Comstock Fund; 0.045% for the PF Large-Cap Growth Fund; 0.025% (0.05% prior to August 1, 2016) for the PF Mid-Cap Growth 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 Investment Adviser. There is no guarantee that PLFA will continue such waivers after that date. |
(2) | PLFA waived advisory fees of 0.02% for the PF Inflation Managed Fund through October 31, 2016. On that date, Western Asset Management Company was terminated as co-sub-adviser of the PF Inflation Managed Fund. As a result, the advisory fee waiver agreement for this Fund was terminated. |
(3) | PLFA agreed to waive 0.02% of its advisory fees for the PF International Small-Cap Fund through July 31, 2016. |
Pursuant to Sub-Advisory Agreements, the Trust and PLFA engage investment management firms under PLFA’s supervision to sub-advise the PF Underlying Funds presented in these financial statements. PLFA, as Investment Adviser to each Fund of the Trust, pays management fees to these sub-advisers as compensation for their sub-advisory services provided to the Trust. As of September 30, 2016, 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) (1) | 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 Investors, LLC | |||
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 Asset Management (Americas) Inc. (co-sub-advisers) | |||
PF Mid-Cap Equity | Scout Investments, Inc. | PF Equity Long/Short | AQR Capital Management, LLC |
(1) Western Asset Management Company, as co-sub-adviser of the PF Inflation Managed Fund, was terminated effective October 31, 2016.
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 Investment Adviser’s
C-18
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 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 Investment Adviser, the Distributor, and Pacific Life are related parties. The advisory fees earned by the Investment 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, 2016 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of September 30, 2016 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 Equity Long/Short 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 expenses; 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 Currency Strategies, and PF Global Absolute Return Funds is 0.15% through July 31, 2017 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, 2017. There is no expense cap for the PF Equity Long/Short Fund.
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 a 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, 2016 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of September 30, 2016 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, 2016.
C-19
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The cumulative expense reimbursement amounts, if any, as of September 30, 2016 that are subject to recoupment by PLFA from the Funds presented in these financial statements are as follows:
Expiration Date | ||||||||||||||||
Fund | 3/31/2017 | 3/31/2018 | 3/31/2019 | 3/31/2020 | ||||||||||||
PF Floating Rate Loan | $145,911 | $159,103 | $109,207 | $56,870 | ||||||||||||
PF Inflation Managed | 147,422 | 150,774 | 95,880 | 39,239 | ||||||||||||
PF Managed Bond | 474,658 | 512,975 | 415,627 | 202,164 | ||||||||||||
PF Short Duration Bond | 214,263 | 214,257 | 108,855 | 51,682 | ||||||||||||
PF Emerging Markets Debt | 136,611 | 219,179 | 154,900 | 77,761 | ||||||||||||
PF Comstock | 188,193 | 174,160 | 145,785 | 71,001 | ||||||||||||
PF Growth | 66,117 | 81,452 | 80,955 | 42,308 | ||||||||||||
PF Large-Cap Growth | 108,743 | 113,036 | 100,786 | 48,070 | ||||||||||||
PF Large-Cap Value | 225,998 | 211,881 | 188,396 | 97,326 | ||||||||||||
PF Main Street Core | 158,976 | 154,305 | 134,981 | 71,064 | ||||||||||||
PF Mid-Cap Equity | 101,037 | 116,418 | 116,181 | 59,278 | ||||||||||||
PF Mid-Cap Growth | 60,241 | 53,935 | 42,669 | 20,437 | ||||||||||||
PF Small-Cap Growth | 45,628 | 50,330 | 45,591 | 16,337 | ||||||||||||
PF Small-Cap Value | 99,142 | 90,161 | 120,806 | 66,074 | ||||||||||||
PF Emerging Markets | 425,076 | 445,820 | 383,441 | 171,384 | ||||||||||||
PF International Large-Cap | 225,808 | 253,588 | 282,785 | 148,696 | ||||||||||||
PF International Small-Cap | 37,089 | 17,806 | 28,710 | |||||||||||||
PF International Value | 180,640 | 182,705 | 181,062 | 77,871 | ||||||||||||
PF Real Estate | 42,886 | 40,632 | 41,737 | 22,995 | ||||||||||||
PF Currency Strategies | 49,987 | 4,400 | — | — | ||||||||||||
PF Global Absolute Return | 319,375 | 210,688 | 117,298 | 68,852 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $3,416,712 | $3,476,888 | $2,884,748 | $1,438,119 | ||||||||||||
|
|
|
|
|
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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, Pacific Funds High Income, Pacific Funds Large-Cap, Pacific Funds Large-Cap Value, Pacific Funds Small/Mid-Cap, Pacific Funds Small-Cap, Pacific Funds Small-Cap Value, and/or Pacific Funds Small-Cap Growth, 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, 2016, such expenses increased by $1,564 for all applicable Funds presented in these financial statements as a result of the market value appreciation on such accounts. As of September 30, 2016, the total amount in the DCP Liability accounts was $46,069 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.
F. CROSS TRANSACTIONS
In accordance with Rule 17a-7 under the 1940 Act and applicable Trust policies and procedures, purchase and sale transactions may be conducted between a Fund of the Trust and another Fund of the Trust or certain affiliates of the Trust if conducted at the independent “current market price” (the last sales price, intra-day price, or average of highest bid/lowest offer, as applicable) on a commission-free basis with no
C-20
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
remuneration paid in connection with the transaction (other than cash payment against prompt delivery). At the quarterly Board meeting subsequent to the purchase and sale transactions taking place, the Board will be asked to determine that the transactions were conducted in compliance with applicable Trust policies and procedures.
For the six-month period ended September 30, 2016, the purchase and sale transactions in compliance with Rule 17a-7 under the 1940 Act that were the direct result of rebalancing the Fund of Funds using an asset allocation process are summarized in the following table:
Fund | Purchases | Sales | ||||||
PF Comstock | $— | $16,012,933 | ||||||
PF Large-Cap Growth | — | 9,891,140 | ||||||
PF Large-Cap Value | 19,463,532 | — | ||||||
PF Main Street Core | 18,274,416 | — | ||||||
PF Mid-Cap Equity | — | 2,818,425 | ||||||
PF Mid-Cap Growth | — | 1,583,685 | ||||||
PF Mid-Cap Value | — | 7,635,398 | ||||||
PF International Value | 203,633 | — | ||||||
$37,941,581 | $37,941,581 |
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.
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, 2016, are summarized in the following table:
U.S. Government Securities | Other Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
PF Floating Rate Loan | $— | $— | $15,861,668 | $94,842,306 | ||||||||||||
PF Inflation Managed | 37,852,538 | 81,748,349 | 1,235,793 | 8,090,533 | ||||||||||||
PF Managed Bond | 1,300,743,082 | 973,035,122 | 259,203,743 | 69,013,840 | ||||||||||||
PF Short Duration Bond | 77,688,525 | 70,019,903 | 36,470,541 | 35,902,192 | ||||||||||||
PF Emerging Markets Debt | — | — | 30,391,053 | 92,841,839 | ||||||||||||
PF Comstock | — | — | 18,639,931 | 65,673,781 | ||||||||||||
PF Growth | — | — | 23,964,992 | 35,078,990 | ||||||||||||
PF Large-Cap Growth | — | — | 51,719,671 | 93,079,750 | ||||||||||||
PF Large-Cap Value | — | — | 126,545,396 | 23,755,594 | ||||||||||||
PF Main Street Core | — | — | 132,513,576 | 45,447,006 | ||||||||||||
PF Mid-Cap Equity | — | — | 66,459,509 | 172,737,111 | ||||||||||||
PF Mid-Cap Growth | — | — | 2,670,804 | 48,677,553 | ||||||||||||
PF Mid-Cap Value | — | — | 37,362,081 | 142,678,440 | ||||||||||||
PF Small-Cap Growth | — | — | 12,519,432 | 46,712,812 | ||||||||||||
PF Small-Cap Value | — | — | 40,406,392 | 130,907,962 | ||||||||||||
PF Emerging Markets | — | — | 117,995,915 | 67,695,568 | ||||||||||||
PF International Large-Cap | — | — | 24,966,634 | 44,174,726 | ||||||||||||
PF International Small-Cap | — | — | 22,658,451 | 97,991,314 | ||||||||||||
PF International Value | — | — | 104,285,075 | 56,962,847 | ||||||||||||
PF Real Estate | — | — | 7,030,632 | 8,611,465 | ||||||||||||
PF Currency Strategies | — | — | — | 2,385,420 | ||||||||||||
PF Global Absolute Return | — | 279,148 | 50,438,777 | 104,472,853 |
10. SECURED BORROWINGS
The contractual maturity of secured borrowings and type of collateral pledged as of September 30, 2016, 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 | $— | $7,453,195 | $— | $— | $7,453,195 | ||||||||||||||||
Reverse repurchase agreement | U.S. Treasury Obligations | 984,438 | — | — | — | 984,438 | ||||||||||||||||
Total borrowings | $984,438 | $7,453,195 | $— | $— | $8,437,633 |
C-21
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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, 2016, 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, 2016:
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 | ($2,585,690 | ) | $872,239 | $— | $— | $— | $— | $— | ||||||||||||||||||||||||
PF Inflation Managed | (9,421,623 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
PF Managed Bond | — | 1,904,158 | — | — | — | — | — | |||||||||||||||||||||||||
PF Short Duration Bond | (2,027,523 | ) | 299,604 | — | — | — | — | — | ||||||||||||||||||||||||
PF Emerging Markets Debt | (7,408,593 | ) | — | — | 477,405 | — | — | 477,405 | ||||||||||||||||||||||||
PF Comstock | — | 1,361,600 | 3,180,298 | — | — | — | — | |||||||||||||||||||||||||
PF Growth | — | — | — | — | 777,983 | (652,446 | ) | 125,537 | ||||||||||||||||||||||||
PF Large-Cap Growth | — | 115,659 | — | — | 4,323,276 | (4,295,767 | ) | 27,509 | ||||||||||||||||||||||||
PF Large-Cap Value | — | 1,107,948 | 2,233,694 | — | — | — | — | |||||||||||||||||||||||||
PF Main Street Core | — | 429,751 | 314,668 | — | — | — | — | |||||||||||||||||||||||||
PF Mid-Cap Equity | — | 685,032 | — | — | 6,943,590 | (2,225,155 | ) | 4,718,435 | ||||||||||||||||||||||||
PF Mid-Cap Growth | — | 197,631 | — | — | 307,059 | 483,669 | 790,728 | |||||||||||||||||||||||||
PF Mid-Cap Value | (5,665,619 | ) | 889,328 | — | — | — | — | — | ||||||||||||||||||||||||
PF Small-Cap Growth | — | — | — | 30,675 | 7,384,038 | (238,751 | ) | 7,175,962 | ||||||||||||||||||||||||
PF Small-Cap Value | (2,068,574 | ) | 559,345 | — | — | — | — | — | ||||||||||||||||||||||||
PF Emerging Markets | (19,245,692 | ) | 602,482 | — | — | — | — | — | ||||||||||||||||||||||||
PF International Large-Cap | (58,376 | ) | 1,326,166 | — | — | 4,354,848 | 4,086,487 | 8,441,335 | ||||||||||||||||||||||||
PF International Small-Cap | — | 153,875 | — | — | 1,839,532 | 1,245,984 | 3,085,516 | |||||||||||||||||||||||||
PF International Value | (54,119,177 | ) | 1,542,470 | — | — | — | — | — | ||||||||||||||||||||||||
PF Real Estate | — | 406,579 | 1,182,756 | — | — | — | — | |||||||||||||||||||||||||
PF Currency Strategies | (1,853 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
PF Equity Long/Short | (6,242,730 | ) | 12,227,818 | — | — | — | — | — | ||||||||||||||||||||||||
PF Global Absolute Return | (5,463,318 | ) | 3,029,845 | — | — | — | — | — |
Accumulated capital losses represent net capital loss carryovers as of March 31, 2016 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, 2016 and capital loss carryover from prior years utilized during the year ended March 31, 2016:
Unlimited Period of Net | Accumulated Capital Loss Carryover | Capital Loss Carryover Utilized During the Year Ended March 31, 2016 | ||||||||||||||||||||||||||||||
Net Capital Loss Carryover Expiring In | Capital Loss Carryover | |||||||||||||||||||||||||||||||
Fund | 2017 | 2018 | 2019 | Short-Term | Long-Term | |||||||||||||||||||||||||||
PF Floating Rate Loan | $— | $— | $— | ($43,480 | ) | ($2,542,210 | ) | ($2,585,690 | ) | $319,721 | ||||||||||||||||||||||
PF Inflation Managed | — | — | — | (1,599,978 | ) | (7,821,645 | ) | (9,421,623 | ) | — | ||||||||||||||||||||||
PF Short Duration Bond | — | — | — | (878,741 | ) | (1,148,782 | ) | (2,027,523 | ) | — | ||||||||||||||||||||||
PF Emerging Markets Debt | — | — | — | (3,069,479 | ) | (4,339,114 | ) | (7,408,593 | ) | — | ||||||||||||||||||||||
PF Mid-Cap Value | — | — | — | (5,260,010 | ) | (405,609 | ) | (5,665,619 | ) | — | ||||||||||||||||||||||
PF Small-Cap Value | — | — | — | (1,527,831 | ) | (540,743 | ) | (2,068,574 | ) | — | ||||||||||||||||||||||
PF Emerging Markets | — | — | — | (9,175,779 | ) | (10,069,913 | ) | (19,245,692 | ) | — | ||||||||||||||||||||||
PF International Large-Cap | — | — | (58,376 | ) | — | — | (58,376 | ) | 5,092,741 | |||||||||||||||||||||||
PF International Value | (5,634,042 | ) | (38,541,418 | ) | — | (7,801,415 | ) | (2,142,302 | ) | (54,119,177 | ) | — | ||||||||||||||||||||
PF Currency Strategies | — | — | — | (1,853 | ) | — | (1,853 | ) | 4,084 | |||||||||||||||||||||||
PF Equity Long/Short | — | — | — | (5,139,960 | ) | (1,102,770 | ) | (6,242,730 | ) | — | ||||||||||||||||||||||
PF Global Absolute Return | — | — | — | (3,488,049 | ) | (1,975,269 | ) | (5,463,318 | ) | — |
C-22
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments for Federal income tax purposes as of September 30, 2016, 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 | $7,128,469 | $606 | $— | $606 | ||||||||||||
PF Inflation Managed | 22,084,366 | 319,065 | (206,023 | ) | 113,042 | |||||||||||
PF Managed Bond | 1,065,233,145 | 21,703,969 | (7,377,381 | ) | 14,326,588 | |||||||||||
PF Short Duration Bond | 91,626,548 | 370,502 | (95,336 | ) | 275,166 | |||||||||||
PF Emerging Markets Debt | 48,182,956 | 2,752,617 | (693,501 | ) | 2,059,116 | |||||||||||
PF Comstock | 135,854,186 | 52,164,257 | (4,485,644 | ) | 47,678,613 | |||||||||||
PF Growth | 83,174,940 | 35,162,784 | (211,872 | ) | 34,950,912 | |||||||||||
PF Large-Cap Growth | 93,303,434 | 29,304,045 | (250,984 | ) | 29,053,061 | |||||||||||
PF Large-Cap Value | 302,547,426 | 117,868,969 | (8,438,735 | ) | 109,430,234 | |||||||||||
PF Main Street Core | 252,112,808 | 57,026,733 | (2,521,945 | ) | 54,504,788 | |||||||||||
PF Mid-Cap Equity | 63,348,216 | 11,294,397 | (602,005 | ) | 10,692,392 | |||||||||||
PF Mid-Cap Growth | 12,285,900 | 3,265,711 | (671,460 | ) | 2,594,251 | |||||||||||
PF Mid-Cap Value | 146,126,489 | 17,446,719 | (2,982,171 | ) | 14,464,548 | |||||||||||
PF Small-Cap Growth | 7,438,293 | 1,949,630 | (49,946 | ) | 1,899,684 | |||||||||||
PF Small-Cap Value | 101,877,058 | 20,628,833 | (2,517,802 | ) | 18,111,031 | |||||||||||
PF Emerging Markets | 146,371,885 | 40,494,305 | (2,997,712 | ) | 37,496,593 | |||||||||||
PF International Large-Cap | 229,804,911 | 69,707,106 | (20,257,158 | ) | 49,449,948 | |||||||||||
PF International Small-Cap | 39,154,793 | 6,489,777 | (2,097,204 | ) | 4,392,573 | |||||||||||
PF International Value | 182,200,346 | 11,840,787 | (5,483,287 | ) | 6,357,500 | |||||||||||
PF Real Estate | 48,294,252 | 21,790,039 | (418,648 | ) | 21,371,391 | |||||||||||
PF Currency Strategies | 88,251,078 | 207,381 | (924,919 | ) | (717,538 | ) | ||||||||||
PF Equity Long/Short | 61,147,332 | — | (29,402 | ) | (29,402 | ) | ||||||||||
PF Global Absolute Return | 85,892,039 | 3,275,530 | (1,026,018 | ) | 2,249,512 |
(1) | The difference between the total cost of investments on tax basis and 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 as of and after March 31, 2012.
12. TAX CHARACTER OF DISTRIBUTIONS
The tax character of income and capital gain distributions to shareholders during the year or period ended March 31, 2016, were as follows:
Funds | Ordinary Income | Long-Term Capital Gains | Total Distributions | |||||||||
PF Floating Rate Loan | $4,102,066 | $— | $4,102,066 | |||||||||
PF Managed Bond | 20,008,630 | 4,606,718 | 24,615,348 | |||||||||
PF Short Duration Bond | 1,592,671 | — | 1,592,671 | |||||||||
PF Emerging Markets Debt | 112,217 | — | 112,217 | |||||||||
PF Comstock | 5,679,637 | 25,998,618 | 31,678,255 | |||||||||
PF Growth | 616,981 | 5,369,917 | 5,986,898 | |||||||||
PF Large-Cap Growth | 201,555 | 18,902,503 | 19,104,058 | |||||||||
PF Large-Cap Value | 5,763,319 | 22,737,270 | 28,500,589 | |||||||||
PF Main Street Core | 4,155,658 | 33,983,130 | 38,138,788 | |||||||||
PF Mid-Cap Equity | 2,181,564 | 14,049,077 | 16,230,641 | |||||||||
PF Mid-Cap Growth | 998,612 | 4,719,142 | 5,717,754 | |||||||||
PF Mid-Cap Value | 1,349,467 | — | 1,349,467 | |||||||||
PF Small-Cap Growth | — | 6,615,823 | 6,615,823 | |||||||||
PF Small-Cap Value | 874,674 | 537,129 | 1,411,803 | |||||||||
PF Emerging Markets | 1,160,519 | — | 1,160,519 | |||||||||
PF International Large-Cap | 2,882,307 | — | 2,882,307 | |||||||||
PF International Small-Cap | 5,099,402 | 40,950 | 5,140,352 | |||||||||
PF International Value | 2,279,281 | — | 2,279,281 | |||||||||
PF Real Estate | 1,010,714 | 4,842,696 | 5,853,410 | |||||||||
PF Currency Strategies | 2,682,631 | — | 2,682,631 | |||||||||
PF Equity Long/Short | 23,876,574 | — | 23,876,574 | |||||||||
PF Global Absolute Return | 11,762,214 | — | 11,762,214 |
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, 2016.
C-23
PACIFIC 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, 2016 and the year or period ended March 31, 2016, were as follows:
Six-Month Period ended 9/30/2016 | Year/ Period ended 3/31/2016 | Six-Month Period ended 9/30/2016 | Year/ Period ended 3/31/2016 | Six-Month Period ended 9/30/2016 | Year ended 3/31/2016 | Six-Month Period ended 9/30/2016 | Year ended 3/31/2016 | |||||||||||||||||||||||||||||||||||||
PF Floating Rate Loan Fund | PF Inflation Managed Fund | PF Managed Bond Fund | PF Short Duration Bond Fund | |||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 388,658 | 245,978 | 36,598 | 529,328 | 48,467,192 | 1,353,242 | 6,983,059 | 216,521 | ||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 457,310 | — | — | — | 2,353,699 | — | 163,183 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (8,285,026 | ) | (4,845,825 | ) | (4,543,230 | ) | (8,881,939 | ) | (5,315,015 | ) | (22,053,308 | ) | (5,706,826 | ) | (13,983,370 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (7,896,368 | ) | (4,142,537 | ) | (4,506,632 | ) | (8,352,611 | ) | 43,152,177 | (18,346,367 | ) | 1,276,233 | (13,603,666 | ) | ||||||||||||||||||||||||||||||
Beginning shares outstanding | 8,730,862 | 12,873,399 | 5,980,057 | 14,332,668 | 39,876,878 | 58,223,245 | 7,716,496 | 21,320,162 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 834,494 | 8,730,862 | 1,473,425 | 5,980,057 | 83,029,055 | 39,876,878 | 8,992,729 | 7,716,496 | ||||||||||||||||||||||||||||||||||||
PF Emerging Markets Debt Fund | PF Comstock Fund | PF Growth Fund | PF Large-Cap Growth Fund | |||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 267,024 | 1,121,307 | 837,665 | 1,053,523 | 924,576 | 631,559 | 1,571,484 | 1,585,938 | ||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 13,186 | — | 2,166,055 | — | 306,430 | — | 1,912,318 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (6,995,958 | ) | (7,522,550 | ) | (4,208,062 | ) | (3,289,789 | ) | (1,512,597 | ) | (2,078,022 | ) | (5,743,158 | ) | (5,760,996 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (6,728,934 | ) | (6,388,057 | ) | (3,370,397 | ) | (70,211 | ) | (588,021 | ) | (1,140,033 | ) | (4,171,674 | ) | (2,262,740 | ) | ||||||||||||||||||||||||||||
Beginning shares outstanding | 11,834,654 | 18,222,711 | 15,726,515 | 15,796,726 | 6,521,071 | 7,661,104 | 16,338,345 | 18,601,085 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 5,105,720 | 11,834,654 | 12,356,118 | 15,726,515 | 5,933,050 | 6,521,071 | 12,166,671 | 16,338,345 | ||||||||||||||||||||||||||||||||||||
PF Large-Cap Value Fund | PF Main Street Core Fund | PF Mid-Cap Equity Fund | PF Mid-Cap Growth Fund | |||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 9,119,227 | 1,514,235 | 8,002,028 | 1,526,901 | 33,081 | 176,662 | 45,004 | 232,916 | ||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 1,883,192 | — | 3,070,189 | — | 1,485,419 | — | 784,387 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (2,553,016 | ) | (4,029,243 | ) | (1,728,137 | ) | (6,181,220 | ) | (9,640,977 | ) | (3,668,440 | ) | (6,347,053 | ) | (2,620,937 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | 6,566,211 | (631,816 | ) | 6,273,891 | (1,584,130 | ) | (9,607,896 | ) | (2,006,359 | ) | (6,302,049 | ) | (1,603,634 | ) | ||||||||||||||||||||||||||||||
Beginning shares outstanding | 20,298,106 | 20,929,922 | 17,404,530 | 18,988,660 | 15,949,943 | 17,956,302 | 8,266,664 | 9,870,298 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 26,864,317 | 20,298,106 | 23,678,421 | 17,404,530 | 6,342,047 | 15,949,943 | 1,964,615 | 8,266,664 | ||||||||||||||||||||||||||||||||||||
PF Mid-Cap Value Fund (1) | PF Small-Cap Growth Fund | PF Small-Cap Value Fund | PF Emerging Markets Fund | |||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 620,832 | 27,356,653 | 40,526 | 955,583 | 247,422 | 7,078,218 | 8,977,755 | 3,973,956 | ||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 136,724 | — | 581,867 | — | 139,247 | — | 98,017 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (11,356,910 | ) | (1,680,356 | ) | (3,506,031 | ) | (2,886,893 | ) | (9,059,969 | ) | (1,509,454 | ) | (4,755,297 | ) | (4,482,663 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (10,736,078 | ) | 25,813,021 | (3,465,505 | ) | (1,349,443 | ) | (8,812,547 | ) | 5,708,011 | 4,222,458 | (410,690 | ) | |||||||||||||||||||||||||||||||
Beginning shares outstanding | 25,813,021 | — | 4,306,785 | 5,656,228 | 19,654,206 | 13,946,195 | 9,767,475 | 10,178,165 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 15,076,943 | 25,813,021 | 841,280 | 4,306,785 | 10,841,659 | 19,654,206 | 13,989,933 | 9,767,475 | ||||||||||||||||||||||||||||||||||||
PF International Large-Cap Fund | PF International Small-Cap Fund | PF International Value Fund | PF Real Estate Fund | |||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 1,157,027 | 7,804,302 | 406,136 | 859,937 | 7,441,038 | 4,197,745 | 682,561 | 1,443,867 | ||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 165,080 | — | 489,907 | — | 255,812 | — | 389,036 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (2,524,955 | ) | (2,545,885 | ) | (7,958,966 | ) | (1,730,909 | ) | (2,679,309 | ) | (2,592,437 | ) | (841,020 | ) | (343,952 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (1,367,928 | ) | 5,423,497 | (7,552,830 | ) | (381,065 | ) | 4,761,729 | 1,861,120 | (158,459 | ) | 1,488,951 | ||||||||||||||||||||||||||||||||
Beginning shares outstanding | 17,363,206 | 11,939,709 | 11,547,060 | 11,928,125 | 16,867,284 | 15,006,164 | 4,421,709 | 2,932,758 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 15,995,278 | 17,363,206 | 3,994,230 | 11,547,060 | 21,629,013 | 16,867,284 | 4,263,250 | 4,421,709 | ||||||||||||||||||||||||||||||||||||
PF Currency Strategies Fund | PF Equity Long/Short Fund (2) | PF Global Absolute Return Fund | ||||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 2,359,074 | 700,085 | 363,170 | 16,656,601 | 3,020,613 | 2,777,907 | ||||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 276,560 | — | 2,359,345 | — | 1,285,488 | ||||||||||||||||||||||||||||||||||||||
Shares repurchased | (6,904,370 | ) | (6,841,081 | ) | (9,388,966 | ) | (2,768,069 | ) | (8,096,002 | ) | (7,192,608 | ) | ||||||||||||||||||||||||||||||||
Net increase (decrease) | (4,545,296 | ) | (5,864,436 | ) | (9,025,796 | ) | 16,247,877 | (5,075,389 | ) | (3,129,213 | ) | |||||||||||||||||||||||||||||||||
Beginning shares outstanding | 13,048,179 | 18,912,615 | 16,247,877 | — | 14,584,126 | 17,713,339 | ||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 8,502,883 | 13,048,179 | 7,222,081 | 16,247,877 | 9,508,737 | 14,584,126 |
(1) | PF Mid-Cap Value Fund commenced operations on July 29, 2015. |
(2) | PF Equity Long/Short Fund commenced operations on April 27, 2015. |
C-24
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, 2016 to September 30, 2016.
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 09/30/16” 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 04/01/16-09/30/16” 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, 2016 to September 30, 2016.
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 04/01/16-09/30/16.”
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 04/01/16 | Ending Account Value at 09/30/16 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/16 - 09/30/16 (1) | |||||||||||||
PF Floating Rate Loan Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,037.20 | 0.80% | $4.09 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.06 | 0.80% | $4.05 | ||||||||||||
PF Inflation Managed Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,027.50 | 0.78% | $3.96 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.16 | 0.78% | $3.95 | ||||||||||||
PF Managed Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,041.60 | 0.55% | $2.81 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,022.31 | 0.55% | $2.79 | ||||||||||||
PF Short Duration Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,013.20 | 0.55% | $2.78 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,022.31 | 0.55% | $2.79 | ||||||||||||
PF Emerging Markets Debt Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,120.40 | 0.94% | $5.00 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.36 | 0.94% | $4.76 | ||||||||||||
PF Comstock Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,087.10 | 0.89% | $4.66 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.61 | 0.89% | $4.51 | ||||||||||||
PF Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,059.50 | 0.70% | $3.61 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.56 | 0.70% | $3.55 | ||||||||||||
PF Large-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,089.80 | 0.86% | $4.51 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.76 | 0.86% | $4.36 | ||||||||||||
PF Large-Cap Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,037.90 | 0.80% | $4.09 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.06 | 0.80% | $4.05 | ||||||||||||
PF Main Street Core Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,061.70 | 0.60% | $3.10 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,022.06 | 0.60% | $3.04 |
See explanation of references on page D-2
D-1
PACIFIC FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
Beginning Account Value at 04/01/16 | Ending Account Value at 09/30/16 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/16 - 09/30/16 (1) | |||||||||||||
PF Mid-Cap Equity Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,095.00 | 0.80% | $4.20 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.06 | 0.80% | $4.05 | ||||||||||||
PF Mid-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,067.50 | 0.80% | $4.15 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.06 | 0.80% | $4.05 | ||||||||||||
PF Mid-Cap Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,095.70 | 0.93% | $4.89 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.41 | 0.93% | $4.71 | ||||||||||||
PF Small-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,128.60 | 0.75% | $4.00 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.31 | 0.75% | $3.80 | ||||||||||||
PF Small-Cap Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,094.70 | 0.90% | $4.73 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.56 | 0.90% | $4.56 | ||||||||||||
PF Emerging Markets Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,096.80 | 0.95% | $4.99 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.31 | 0.95% | $4.81 | ||||||||||||
PF International Large-Cap Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,050.90 | 1.00% | $5.14 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.05 | 1.00% | $5.06 | ||||||||||||
PF International Small-Cap Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,066.20 | 1.08% | $5.59 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,019.65 | 1.08% | $5.47 | ||||||||||||
PF International Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,037.10 | 0.80% | $4.09 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.06 | 0.80% | $4.05 | ||||||||||||
PF Real Estate Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,027.50 | 1.05% | $5.34 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,019.80 | 1.05% | $5.32 |
Beginning Account Value at 04/01/16 | Ending Account Value at 09/30/16 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/16 - 09/30/16 (1) | |||||||||||||
PF Currency Strategies Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,057.40 | 0.88% | $4.54 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.66 | 0.88% | $4.46 | ||||||||||||
PF Equity Long/Short Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,038.80 | 1.28% | $6.54 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,018.65 | 1.28% | $6.48 | ||||||||||||
PF Global Absolute Return Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,046.50 | 1.09% | $5.59 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,019.60 | 1.09% | $5.52 |
(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 365 days. |
D-2
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 operation 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 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”). 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 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
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 the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) provide reasonable assurances that material information relating to the 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 the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is 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 5, 2016 |
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 5, 2016 |
By: | /s/ Eddie D. Tung | |||
Eddie D. Tung | ||||
Treasurer (Principal Financial and Accounting Officer) | ||||
Date: | December 5, 2016 |