Table of Contents
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, 2017
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 the 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.
Table of Contents
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).
Table of Contents
September 30, 2017
SEMI-ANNUAL REPORT
Table of Contents
PACIFIC FUNDS
SEMI-ANNUAL REPORT
AS OF SEPTEMBER 30, 2017
A-1 | ||||
Financial Statements: | ||||
B-1 | ||||
B-4 | ||||
B-7 | ||||
B-13 | ||||
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”.
Table of Contents
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION CONSERVATIVE
Schedule of Investments
September 30, 2017 (Unaudited)
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE
Schedule of Investments
September 30, 2017 (Unaudited)
Shares | | |||||||
AFFILIATED MUTUAL FUNDS - 100.0% | ||||||||
Pacific Funds Core Income ‘P’ | 2,362,272 | $25,299,936 | ||||||
Pacific Funds Floating Rate Income ‘P’ | 1,024,395 | 10,346,388 | ||||||
Pacific Funds High Income ‘P’ | 314,012 | 3,253,161 | ||||||
PF Inflation Managed Fund ‘P’ * | 316,717 | 2,837,784 | ||||||
PF Managed Bond Fund ‘P’ | 12,650,206 | 140,417,286 | ||||||
PF Short Duration Bond Fund ‘P’ | 4,247,622 | 42,348,789 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 526,457 | 5,269,831 | ||||||
PF Comstock Fund ‘P’ | 555,589 | 8,956,091 | ||||||
PF Growth Fund ‘P’ | 101,345 | 2,381,617 | ||||||
PF Large-Cap Growth Fund ‘P’ | 134,580 | 1,536,902 | ||||||
PF Large-Cap Value Fund ‘P’ | 1,154,782 | 20,070,114 | ||||||
PF Main Street Core Fund ‘P’ | 260,811 | 3,961,725 | ||||||
PF Mid-Cap Equity Fund ‘P’ | 139,183 | 1,682,728 | ||||||
PF Mid-Cap Growth Fund ‘P’ | 106,215 | 846,537 | ||||||
PF Mid-Cap Value Fund ‘P’ | 872,996 | 10,650,545 | ||||||
PF Small-Cap Value Fund ‘P’ | 389,770 | 4,950,084 | ||||||
PF Emerging Markets Fund ‘P’ | 607,172 | 9,739,040 | ||||||
PF International Large-Cap Fund ‘P’ | 218,733 | 4,521,217 | ||||||
PF International Small-Cap Fund ‘P’ | 146,053 | 1,768,698 | ||||||
PF International Value Fund ‘P’ | 408,041 | 4,198,746 | ||||||
PF Real Estate Fund ‘P’ | 52,587 | 786,696 | ||||||
PF Currency Strategies Fund ‘P’ | 661,050 | 6,088,266 | ||||||
PF Equity Long/Short Fund ‘P’ | 626,780 | 6,744,158 | ||||||
PF Global Absolute Return Fund ‘P’ | 687,841 | 6,403,798 | ||||||
|
| |||||||
Total Affiliated Mutual Funds | 325,060,137 | |||||||
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| |||||||
TOTAL INVESTMENTS - 100.0% | 325,060,137 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.0%) | (24,640 | ) | ||||||
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| |||||||
NET ASSETS - 100.0% | $325,035,497 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition as a percentage of net assets was as follows: |
Affiliated Fixed Income Funds | 72.7% | |||
Affiliated Equity Funds | 27.3% | |||
|
| |||
100.0% | ||||
Other Assets & Liabilities, Net | (0.0% | ) | ||
|
| |||
100.0% | ||||
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|
Shares | | |||||||
AFFILIATED MUTUAL FUNDS - 100.1% | ||||||||
Pacific Funds Core Income ‘P’ | 3,092,103 | $33,116,419 | ||||||
Pacific Funds Floating Rate Income ‘P’ | 1,377,706 | 13,914,828 | ||||||
Pacific Funds High Income ‘P’ | 346,442 | 3,589,133 | ||||||
PF Inflation Managed Fund ‘P’ * | 460,956 | 4,130,161 | ||||||
PF Managed Bond Fund ‘P’ | 15,242,084 | 169,187,128 | ||||||
PF Short Duration Bond Fund ‘P’ | 3,129,173 | 31,197,852 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 721,734 | 7,224,558 | ||||||
Pacific Funds Small-Cap Growth ‘P’ | 121,661 | 1,453,850 | ||||||
PF Comstock Fund ‘P’ | 1,108,904 | 17,875,538 | ||||||
PF Developing Growth Fund ‘P’ * | 77,547 | 995,698 | ||||||
PF Growth Fund ‘P’ | 327,381 | 7,693,458 | ||||||
PF Large-Cap Growth Fund ‘P’ | 458,038 | 5,230,798 | ||||||
PF Large-Cap Value Fund ‘P’ | 2,382,361 | 41,405,439 | ||||||
PF Main Street Core Fund ‘P’ | 1,525,218 | 23,168,064 | ||||||
PF Mid-Cap Equity Fund ‘P’ | 408,113 | 4,934,081 | ||||||
PF Mid-Cap Growth Fund ‘P’ | 154,841 | 1,234,085 | ||||||
PF Mid-Cap Value Fund ‘P’ | 1,385,847 | 16,907,328 | ||||||
PF Small-Cap Value Fund ‘P’ | 798,472 | 10,140,589 | ||||||
PF Emerging Markets Fund ‘P’ | 1,262,327 | 20,247,732 | ||||||
PF International Large-Cap Fund ‘P’ | 735,569 | 15,204,213 | ||||||
PF International Small-Cap Fund ‘P’ | 425,680 | 5,154,986 | ||||||
PF International Value Fund ‘P’ | 1,433,272 | 14,748,373 | ||||||
PF Real Estate Fund ‘P’ | 153,848 | 2,301,571 | ||||||
PF Currency Strategies Fund ‘P’ | 969,478 | 8,928,894 | ||||||
PF Equity Long/Short Fund ‘P’ | 916,200 | 9,858,315 | ||||||
PF Global Absolute Return Fund ‘P’ | 1,002,585 | 9,334,069 | ||||||
|
| |||||||
Total Affiliated Mutual Funds | 479,177,160 | |||||||
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| |||||||
TOTAL INVESTMENTS - 100.1% | 479,177,160 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) | (485,891 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $478,691,269 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition as a percentage of net assets was as follows: |
Affiliated Fixed Income Funds | 56.8% | |||
Affiliated Equity Funds | 43.3% | |||
|
| |||
100.1% | ||||
Other Assets & Liabilities, Net | (0.1% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | The Funds’ investments are affiliated mutual funds (See Note 7C in Notes to Financial Statements). |
(c) | Fair Value Measurements |
The following is a summary of the Funds’ investments as categorized under the three-tier hierarchy of inputs used in valuing the Funds’ assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Pacific Funds Portfolio Optimization Conservative | ||||||||||||||||||
Assets | Affiliated Mutual Funds | $325,060,137 | $325,060,137 | $— | $— | |||||||||||||
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Pacific Funds Portfolio Optimization Moderate-Conservative |
| |||||||||||||||||
Assets | Affiliated Mutual Funds | $479,177,160 | $479,177,160 | $— | $— | |||||||||||||
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See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-1
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION MODERATE
Schedule of Investments
September 30, 2017 (Unaudited)
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION GROWTH
Schedule of Investments
September 30, 2017 (Unaudited)
Shares | | |||||||
AFFILIATED MUTUAL FUNDS - 99.9% | ||||||||
Pacific Funds Core Income ‘P’ | 3,937,970 | $42,175,657 | ||||||
Pacific Funds Floating Rate Income ‘P’ | 2,629,160 | 26,554,515 | ||||||
Pacific Funds High Income ‘P’ | 332,236 | 3,441,961 | ||||||
PF Inflation Managed Fund ‘P’ * | 515,553 | 4,619,353 | ||||||
PF Managed Bond Fund ‘P’ | 27,317,256 | 303,221,545 | ||||||
PF Short Duration Bond Fund ‘P’ | 6,568,364 | 65,486,590 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 1,387,649 | 13,890,371 | ||||||
Pacific Funds Small-Cap Growth ‘P’ | 407,851 | 4,873,816 | ||||||
PF Comstock Fund ‘P’ | 4,590,755 | 74,002,972 | ||||||
PF Developing Growth Fund ‘P’ * | 280,832 | 3,605,882 | ||||||
PF Growth Fund ‘P’ | 2,058,673 | 48,378,823 | ||||||
PF Large-Cap Growth Fund ‘P’ | 2,813,718 | 32,132,655 | ||||||
PF Large-Cap Value Fund ‘P’ | 9,842,438 | 171,061,581 | ||||||
PF Main Street Core Fund ‘P’ | 7,591,104 | 115,308,870 | ||||||
PF Mid-Cap Equity Fund ‘P’ | 2,363,260 | 28,571,818 | ||||||
PF Mid-Cap Growth Fund ‘P’ | 714,830 | 5,697,194 | ||||||
PF Mid-Cap Value Fund ‘P’ | 6,805,920 | 83,032,219 | ||||||
PF Small-Cap Value Fund ‘P’ | 3,537,754 | 44,929,471 | ||||||
PF Emerging Markets Fund ‘P’ | 5,148,150 | 82,576,328 | ||||||
PF International Large-Cap Fund ‘P’ | 2,754,743 | 56,940,542 | ||||||
PF International Small-Cap Fund ‘P’ | 1,226,366 | 14,851,293 | ||||||
PF International Value Fund ‘P’ | 5,317,771 | 54,719,866 | ||||||
PF Real Estate Fund ‘P’ | 884,839 | 13,237,187 | ||||||
PF Currency Strategies Fund ‘P’ | 3,466,285 | 31,924,486 | ||||||
PF Equity Long/Short Fund ‘P’ | 2,630,738 | 28,306,738 | ||||||
PF Global Absolute Return Fund ‘P’ | 3,587,546 | 33,400,049 | ||||||
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| |||||||
Total Affiliated Mutual Funds | 1,386,941,782 | |||||||
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| |||||||
TOTAL INVESTMENTS - 99.9% | 1,386,941,782 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% | 1,154,093 | |||||||
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| |||||||
NET ASSETS - 100.0% | $1,388,095,875 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition as a percentage of net assets was as follows: |
Affiliated Equity Funds | 64.4% | |||
Affiliated Fixed Income Funds | 35.5% | |||
|
| |||
99.9% | ||||
Other Assets & Liabilities, Net | 0.1% | |||
|
| |||
100.0% | ||||
|
|
Shares | | |||||||
AFFILIATED MUTUAL FUNDS - 100.1% | ||||||||
Pacific Funds Core Income ‘P’ | 1,589,765 | $17,026,387 | ||||||
Pacific Funds Floating Rate Income ‘P’ | 1,937,499 | 19,568,738 | ||||||
PF Managed Bond Fund ‘P’ | 8,678,639 | 96,332,890 | ||||||
PF Short Duration Bond Fund ‘P’ | 1,955,806 | 19,499,391 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 1,387,130 | 13,885,174 | ||||||
Pacific Funds Small-Cap Growth ‘P’ | 302,102 | 3,610,120 | ||||||
PF Comstock Fund ‘P’ | 3,825,525 | 61,667,458 | ||||||
PF Developing Growth Fund ‘P’ * | 208,793 | 2,680,903 | ||||||
PF Growth Fund ‘P’ | 2,211,590 | 51,972,371 | ||||||
PF Large-Cap Growth Fund ‘P’ | 3,009,957 | 34,373,710 | ||||||
PF Large-Cap Value Fund ‘P’ | 8,118,920 | 141,106,830 | ||||||
PF Main Street Core Fund ‘P’ | 7,765,232 | 117,953,869 | ||||||
PF Mid-Cap Equity Fund ‘P’ | 1,972,021 | 23,841,729 | ||||||
PF Mid-Cap Growth Fund ‘P’ | 665,703 | 5,305,650 | ||||||
PF Mid-Cap Value Fund ‘P’ | 5,223,445 | 63,726,024 | ||||||
PF Small-Cap Value Fund ‘P’ | 3,128,529 | 39,732,316 | ||||||
PF Emerging Markets Fund ‘P’ | 4,454,139 | 71,444,390 | ||||||
PF International Large-Cap Fund ‘P’ | 3,617,575 | 74,775,275 | ||||||
PF International Small-Cap Fund ‘P’ | 1,355,671 | 16,417,172 | ||||||
PF International Value Fund ‘P’ | 7,137,672 | 73,446,646 | ||||||
PF Real Estate Fund ‘P’ | 978,007 | 14,630,988 | ||||||
PF Currency Strategies Fund ‘P’ | 2,551,135 | 23,495,958 | ||||||
PF Equity Long/Short Fund ‘P’ | 1,944,678 | 20,924,738 | ||||||
PF Global Absolute Return Fund ‘P’ | 2,643,820 | 24,613,966 | ||||||
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| |||||||
Total Affiliated Mutual Funds | 1,032,032,693 | |||||||
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| |||||||
TOTAL INVESTMENTS - 100.1% | 1,032,032,693 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) | (1,016,209 | ) | ||||||
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NET ASSETS - 100.0% | $1,031,016,484 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition as a percentage of net assets was as follows: |
Affiliated Equity Funds | 81.6% | |||
Affiliated Fixed Income Funds | 18.5% | |||
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| |||
100.1% | ||||
Other Assets & Liabilities, Net | (0.1% | ) | ||
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| |||
100.0% | ||||
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(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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Pacific Funds Portfolio Optimization Moderate | ||||||||||||||||||
Assets | Affiliated Mutual Funds | $1,386,941,782 | $1,386,941,782 | $— | $— | |||||||||||||
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Pacific Funds Portfolio Optimization Growth | �� | |||||||||||||||||
Assets | Affiliated Mutual Funds | $1,032,032,693 | $1,032,032,693 | $— | $— | |||||||||||||
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See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-2
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH
Schedule of Investments
September 30, 2017 (Unaudited)
PACIFIC FUNDS
PACIFIC FUNDSSM DIVERSIFIED ALTERNATIVES
Schedule of Investments
September 30, 2017 (Unaudited)
Shares | | |||||||
AFFILIATED MUTUAL FUNDS - 100.1% | ||||||||
Pacific Funds Floating Rate Income ‘P’ | 358,729 | $3,623,164 | ||||||
PF Managed Bond Fund ‘P’ | 366,000 | 4,062,601 | ||||||
Pacific Funds Small-Cap Growth ‘P’ | 195,594 | 2,337,352 | ||||||
PF Comstock Fund ‘P’ | 1,416,990 | 22,841,877 | ||||||
PF Developing Growth Fund ‘P’ * | 135,289 | 1,737,111 | ||||||
PF Growth Fund ‘P’ | 1,152,860 | 27,092,218 | ||||||
PF Large-Cap Growth Fund ‘P’ | 1,595,380 | 18,219,235 | ||||||
PF Large-Cap Value Fund ‘P’ | 3,017,093 | 52,437,068 | ||||||
PF Main Street Core Fund ‘P’ | 2,955,188 | 44,889,313 | ||||||
PF Mid-Cap Equity Fund ‘P’ | 706,000 | 8,535,539 | ||||||
PF Mid-Cap Growth Fund ‘P’ | 215,168 | 1,714,888 | ||||||
PF Mid-Cap Value Fund ‘P’ | 1,721,912 | 21,007,327 | ||||||
PF Small-Cap Value Fund ‘P’ | 1,357,426 | 17,239,313 | ||||||
PF Emerging Markets Fund ‘P’ | 1,498,170 | 24,030,649 | ||||||
PF International Large-Cap Fund ‘P’ | 1,390,542 | 28,742,496 | ||||||
PF International Small-Cap Fund ‘P’ | 439,150 | 5,318,109 | ||||||
PF International Value Fund ‘P’ | 2,725,769 | 28,048,159 | ||||||
PF Real Estate Fund ‘P’ | 316,113 | 4,729,042 | ||||||
PF Currency Strategies Fund ‘P’ | 658,403 | 6,063,894 | ||||||
PF Equity Long/Short Fund ‘P’ | 547,749 | 5,893,781 | ||||||
PF Global Absolute Return Fund ‘P’ | 680,220 | 6,332,848 | ||||||
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Total Affiliated Mutual Funds | 334,895,984 | |||||||
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TOTAL INVESTMENTS - 100.1% | 334,895,984 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) | (221,591 | ) | ||||||
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NET ASSETS - 100.0% | $334,674,393 | |||||||
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Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition as a percentage of net assets was as follows: |
Affiliated Equity Funds | 95.9% | |||
Affiliated Fixed Income Funds | 4.2% | |||
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100.1% | ||||
Other Assets & Liabilities, Net | (0.1% | ) | ||
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100.0% | ||||
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Shares | | |||||||
AFFILIATED MUTUAL FUNDS - 99.7% | ||||||||
Pacific Funds Floating Rate Income ‘P’ | 180,418 | $1,822,226 | ||||||
PF Inflation Managed Fund ‘P’ * | 113,892 | 1,020,468 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 213,894 | 2,141,078 | ||||||
PF Emerging Markets Fund ‘P’ | 101,227 | 1,623,687 | ||||||
PF International Small-Cap Fund ‘P’ | 94,985 | 1,150,265 | ||||||
PF Real Estate Fund ‘P’ | 42,869 | 641,314 | ||||||
PF Currency Strategies Fund ‘P’ | 536,783 | 4,943,773 | ||||||
PF Equity Long/Short Fund ‘P’ | 222,067 | 2,389,439 | ||||||
PF Global Absolute Return Fund ‘P’ | 550,020 | 5,120,682 | ||||||
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Total Affiliated Mutual Funds | 20,852,932 | |||||||
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TOTAL INVESTMENTS – 99.7% | 20,852,932 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.3% | 57,828 | |||||||
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NET ASSETS - 100.0% | $20,910,760 | |||||||
|
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Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition as a percentage of net assets was as follows: |
Affiliated Equity Funds | 51.4% | |||
Affiliated Fixed Income Funds | 48.3% | |||
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| |||
99.7% | ||||
Other Assets & Liabilities, Net | 0.3% | |||
|
| |||
100.0% | ||||
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(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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | ||||||||||||||||||
Assets | Affiliated Mutual Funds | $334,895,984 | $334,895,984 | $— | $— | |||||||||||||
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Pacific Funds Diversified Alternatives | ||||||||||||||||||
Assets | Affiliated Mutual Funds | $20,852,932 | $20,852,932 | $— | $— | |||||||||||||
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See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-3
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM SHORT DURATION INCOME
Schedule of Investments
September 30, 2017 (Unaudited)
Principal |
| |||||||
CORPORATE BONDS & NOTES - 74.8% | ||||||||
Basic Materials - 2.4% | ||||||||
Airgas Inc (France) | $1,650,000 | $1,688,042 | ||||||
Anglo American Capital PLC (United Kingdom) | 3,000,000 | 3,079,986 | ||||||
The Sherwin-Williams Co | 4,000,000 | 4,017,678 | ||||||
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8,785,706 | ||||||||
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Communications - 7.0% |
| |||||||
Amazon.com Inc | 2,500,000 | 2,496,171 | ||||||
AT&T Inc |
| |||||||
(LIBOR + 0.890%) | ||||||||
2.202% due 02/14/23 § | 1,000,000 | 998,526 | ||||||
2.850% due 02/14/23 | 3,000,000 | 2,988,914 | ||||||
3.200% due 03/01/22 | 3,000,000 | 3,061,771 | ||||||
Charter Communications Operating LLC | 2,700,000 | 2,773,062 | ||||||
Discovery Communications LLC | 1,650,000 | 1,656,072 | ||||||
DISH DBS Corp | 2,000,000 | 2,101,900 | ||||||
eBay Inc | 1,750,000 | 1,755,906 | ||||||
Sprint Spectrum Co LLC | 2,000,000 | 2,035,000 | ||||||
Verizon Communications Inc | 3,250,000 | 3,183,403 | ||||||
(LIBOR + 1.000%) | ||||||||
2.321% due 03/16/22 § | 2,250,000 | 2,284,023 | ||||||
|
| |||||||
25,334,748 | ||||||||
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| |||||||
Consumer, Cyclical - 7.4% |
| |||||||
Alimentation Couche-Tard Inc (Canada) | 3,000,000 | 3,012,144 | ||||||
CVS Health Corp | 2,150,000 | 2,188,704 | ||||||
Delta Air Lines Inc | 1,250,000 | 1,264,614 | ||||||
Ford Motor Credit Co LLC | 3,500,000 | 3,524,423 | ||||||
General Motors Financial Co Inc | ||||||||
(LIBOR + 1.310%) | ||||||||
2.643% due 06/30/22 § | 3,500,000 | 3,530,760 | ||||||
4.375% due 09/25/21 | 1,000,000 | 1,060,834 | ||||||
GLP Capital LP | 1,750,000 | 1,857,188 | ||||||
Hyundai Capital America | ||||||||
2.400% due 10/30/18 ~ | 1,000,000 | 1,003,860 | ||||||
2.600% due 03/19/20 ~ | 1,000,000 | 1,000,022 | ||||||
Lennar Corp | 1,500,000 | 1,548,750 | ||||||
NCL Corp Ltd | 1,500,000 | 1,541,250 | ||||||
Toll Brothers Finance Corp | 3,350,000 | 3,412,813 | ||||||
United Airlines Pass-Through Trust ‘B’ | ||||||||
4.625% due 03/03/24 | 811,151 | 845,625 | ||||||
4.750% due 10/11/23 | 611,543 | 637,900 | ||||||
|
| |||||||
26,428,887 | ||||||||
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Principal |
| |||||||
Consumer, Non-Cyclical - 16.0% |
| |||||||
Abbott Laboratories | $ | 3,650,000 | $ | 3,681,158 | ||||
AbbVie Inc | 2,000,000 | 1,997,962 | ||||||
Anheuser-Busch InBev Finance Inc (Belgium) | 4,000,000 | 4,067,127 | ||||||
BAT Capital Corp (United Kingdom) | ||||||||
(LIBOR + 0.590%) | ||||||||
1.905% due 08/14/20 § ~ | 5,000,000 | 5,011,073 | ||||||
2.764% due 08/15/22 ~ | 2,000,000 | 2,012,873 | ||||||
Becton Dickinson and Co | 4,650,000 | 4,663,347 | ||||||
Biogen Inc | 1,650,000 | 1,692,910 | ||||||
Cardinal Health Inc | 3,000,000 | 3,014,390 | ||||||
Celgene Corp | 4,005,000 | 4,022,509 | ||||||
CHS/Community Health Systems Inc | 500,000 | 495,000 | ||||||
Humana Inc | 2,500,000 | 2,528,965 | ||||||
Laboratory Corp of America Holdings | 2,500,000 | 2,527,683 | ||||||
Mondelez International Holding Netherlands BV | 1,500,000 | 1,489,078 | ||||||
Moody’s Corp | 3,000,000 | 2,984,609 | ||||||
Mylan NV | 3,000,000 | 3,012,763 | ||||||
Reynolds American Inc (United Kingdom) | 2,250,000 | 2,260,250 | ||||||
S&P Global Inc | 3,000,000 | 3,021,037 | ||||||
Shire Acquisitions Investments Ireland DAC | 2,650,000 | 2,645,716 | ||||||
Smithfield Foods Inc | 3,280,000 | 3,293,284 | ||||||
Valeant Pharmaceuticals International Inc | 3,075,000 | 3,251,813 | ||||||
|
| |||||||
57,673,547 | ||||||||
|
| |||||||
Energy - 4.3% |
| |||||||
BP Capital Markets PLC (United Kingdom) | 2,000,000 | 2,014,935 | ||||||
Enterprise Products Operating LLC | 1,750,000 | 1,766,780 | ||||||
EQT Corp | 2,800,000 | 2,811,846 | ||||||
Kinder Morgan Inc | 3,000,000 | 3,017,511 | ||||||
Nabors Industries Inc | 300,000 | 295,500 | ||||||
Petrobras Global Finance BV (Brazil) | 3,400,000 | 3,663,500 | ||||||
Summit Midstream Holdings LLC | 1,750,000 | 1,767,500 | ||||||
|
| |||||||
15,337,572 | ||||||||
|
| |||||||
Financial - 28.6% |
| |||||||
AerCap Ireland Capital DAC (Netherlands) | ||||||||
3.750% due 05/15/19 | 1,350,000 | 1,381,820 | ||||||
4.250% due 07/01/20 | 2,000,000 | 2,090,424 | ||||||
Ally Financial Inc | 1,500,000 | 1,511,888 | ||||||
American Tower Corp REIT | 3,500,000 | 3,564,737 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-4
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
Ares Capital Corp | $ | 3,500,000 | $ | 3,463,070 | ||||
Australia & New Zealand Banking (Australia) | 5,000,000 | 5,023,870 | ||||||
Bank of America Corp | ||||||||
(LIBOR + 0.630%) | ||||||||
2.328% due 10/01/21 § | 2,450,000 | 2,448,684 | ||||||
(LIBOR + 1.180%) | ||||||||
2.487% due 10/21/22 § | 5,500,000 | 5,593,980 | ||||||
BOC Aviation Ltd (Singapore) | 4,500,000 | 4,462,713 | ||||||
CBOE Holdings Inc | 1,750,000 | 1,748,850 | ||||||
Citigroup Inc | 4,500,000 | 4,618,256 | ||||||
Credit Suisse Group AG (Switzerland) | 3,000,000 | 3,024,555 | ||||||
Credit Suisse Group Funding Guernsey Ltd (Switzerland) | 1,500,000 | 1,540,495 | ||||||
Crown Castle International Corp REIT | ||||||||
2.250% due 09/01/21 | 2,000,000 | 1,973,743 | ||||||
4.875% due 04/15/22 | 2,000,000 | 2,178,764 | ||||||
Digital Realty Trust LP | 1,750,000 | 1,743,835 | ||||||
HSBC Holdings PLC (United Kingdom) | ||||||||
(LIBOR + 1.500%) | ||||||||
2.843% due 01/05/22 § | 2,000,000 | 2,064,760 | ||||||
(LIBOR + 1.055%) | ||||||||
3.262% due 03/13/23 § | 3,400,000 | 3,471,477 | ||||||
ING Groep NV (Netherlands) | 2,250,000 | 2,291,515 | ||||||
Jackson National Life Global Funding | 1,650,000 | 1,660,957 | ||||||
JPMorgan Chase & Co | ||||||||
(LIBOR + 0.900%) | ||||||||
2.214% due 04/25/23 § | 3,450,000 | 3,477,142 | ||||||
(LIBOR + 1.230%) | ||||||||
2.543% due 10/24/23 § | 1,500,000 | 1,534,257 | ||||||
Metropolitan Life Global Funding I | 1,000,000 | 997,591 | ||||||
Mitsubishi UFJ Financial Group Inc (Japan) | 5,000,000 | 4,995,521 | ||||||
Morgan Stanley | ||||||||
(LIBOR + 0.930%) | ||||||||
2.243% due 07/22/22 § | 4,000,000 | 4,017,350 | ||||||
2.450% due 02/01/19 | 2,000,000 | 2,014,453 | ||||||
(LIBOR + 1.400%) | ||||||||
2.713% due 10/24/23 § | 1,500,000 | 1,534,836 | ||||||
Nuveen Finance LLC | 1,300,000 | 1,322,126 | ||||||
Royal Bank of Scotland Group PLC (United Kingdom) | 1,850,000 | 1,865,324 | ||||||
Sumitomo Mitsui Financial Group Inc (Japan) | 3,250,000 | 3,260,221 | ||||||
Synchrony Financial | 2,000,000 | 2,033,352 | ||||||
The Bank of New York Mellon Corp | 2,000,000 | 2,020,542 |
Principal |
| |||||||
The Goldman Sachs Group Inc |
| |||||||
(LIBOR + 1.050%) |
| |||||||
2.366% due 06/05/23 § | $ | 3,750,000 | $ | 3,774,082 | ||||
(LIBOR + 1.170%) | ||||||||
2.485% due 11/15/21 § | 2,000,000 | 2,028,351 | ||||||
2.875% due 02/25/21 | 1,000,000 | 1,015,553 | ||||||
UBS Group Funding Switzerland AG (Switzerland) |
| |||||||
(LIBOR + 0.954%) |
| |||||||
2.859% due 08/15/23 § ~ | 2,000,000 | 1,995,129 | ||||||
3.491% due 05/23/23 ~ | 1,400,000 | 1,434,509 | ||||||
Wells Fargo & Co | ||||||||
2.625% due 07/22/22 | 4,400,000 | 4,410,194 | ||||||
3.450% due 02/13/23 | 3,000,000 | 3,075,103 | ||||||
|
| |||||||
102,664,029 | ||||||||
|
| |||||||
Industrial - 1.2% |
| |||||||
Masco Corp | 2,811,000 | 2,900,587 | ||||||
Park Aerospace Holdings Ltd (Ireland) | 1,250,000 | 1,303,281 | ||||||
|
| |||||||
4,203,868 | ||||||||
|
| |||||||
Technology - 4.0% |
| |||||||
Dell International LLC | 2,500,000 | 2,548,852 | ||||||
Fidelity National Information Services Inc | 2,150,000 | 2,175,599 | ||||||
NetApp Inc | 650,000 | 650,003 | ||||||
QUALCOMM Inc | 4,500,000 | 4,526,003 | ||||||
VMware Inc | 4,650,000 | 4,665,968 | ||||||
|
| |||||||
14,566,425 | ||||||||
|
| |||||||
Utilities - 3.9% |
| |||||||
Duke Energy Corp | 2,150,000 | 2,136,502 | ||||||
Emera US Finance LP (Canada) | 3,500,000 | 3,502,495 | ||||||
Enel Finance International NV (Italy) | 1,400,000 | 1,410,629 | ||||||
FirstEnergy Corp | 3,800,000 | 3,811,636 | ||||||
The Southern Co | 3,000,000 | 2,999,431 | ||||||
|
| |||||||
13,860,693 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 268,855,475 | ||||||
|
| |||||||
SENIOR LOAN NOTES - 12.0% |
| |||||||
Basic Materials - 0.7% |
| |||||||
Big River Steel LLC Term B | 500,000 | 505,000 | ||||||
Ineos US Finance LLC Term B (Luxembourg) | 987,472 | 994,076 | ||||||
PQ Corp Term B-1 | 990,000 | 1,000,431 | ||||||
|
| |||||||
2,499,507 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-5
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
Communications - 1.6% |
| |||||||
CSC Holdings LLC | $ | 981,914 | $ | 976,910 | ||||
Frontier Communications Corp Term B-1 | 2,493,750 | 2,377,524 | ||||||
Sprint Communications Inc Term B | 2,487,500 | 2,494,385 | ||||||
|
| |||||||
5,848,819 | ||||||||
|
| |||||||
Consumer, Cyclical - 3.9% |
| |||||||
Beacon Roofing Supply Inc Term B | 1,477,444 | 1,484,677 | ||||||
HD Supply Inc Term B-3 | 1,265,627 | 1,271,758 | ||||||
Hilton Worldwide Finance LLC Term B-2 | 2,655,744 | 2,669,299 | ||||||
Las Vegas Sands LLC Term B | 1,929,102 | 1,938,748 | ||||||
New Red Finance Inc Term B (Canada) | 977,919 | 978,021 | ||||||
Nexeo Solutions LLC Term B | 987,538 | 996,425 | ||||||
Rite Aid Corp (2nd Lien) | 1,875,000 | 1,887,891 | ||||||
SeaWorld Parks & Entertainment Inc Term B-5 | 1,496,241 | 1,457,232 | ||||||
Univar USA Inc Term B | 1,310,896 | 1,317,144 | ||||||
|
| |||||||
14,001,195 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 0.6% |
| |||||||
Albertson’s LLC Term B-4 | 554,047 | 534,438 | ||||||
US Foods Inc Term B | 1,481,250 | 1,492,271 | ||||||
|
| |||||||
2,026,709 | ||||||||
|
| |||||||
Energy - 0.4% |
| |||||||
Arch Coal Inc Term B | 1,496,241 | 1,502,787 | ||||||
|
| |||||||
Financial - 1.4% |
| |||||||
DTZ US Borrower LLC Term B | 987,374 | 990,871 | ||||||
MGM Growth Properties Operating Partnership LP Term B | 1,477,500 | 1,483,568 | ||||||
USI Inc Term B | 1,500,000 | 1,495,469 | ||||||
WaveDivision Holdings LLC Term B | 989,684 | 991,663 | ||||||
|
| |||||||
4,961,571 | ||||||||
|
|
Principal |
| |||||||
Industrial - 2.4% |
| |||||||
Avolon (US) LLC Term B-2 (Ireland) | $ | 1,995,000 | $ | 2,001,234 | ||||
Berry Global Inc Term M | 1,205,010 | 1,208,336 | ||||||
BWAY Corp Term B | 748,125 | 750,463 | ||||||
Proampac PG Borrower LLC | 1,989,975 | 2,013,296 | ||||||
Reynolds Group Holdings Inc Term B | 2,718,664 | 2,732,774 | ||||||
|
| |||||||
8,706,103 | ||||||||
|
| |||||||
Utilities - 1.0% |
| |||||||
Calpine Corp Term B | 681,818 | 683,310 | ||||||
Talen Energy Supply LLC Term B-1 | 1,491,259 | 1,464,230 | ||||||
Vistra Operations Co LLC |
| |||||||
Term B |
| |||||||
(LIBOR + 2.750%) |
| |||||||
3.984% due 12/14/23 § | 1,212,268 | 1,216,164 | ||||||
Term C |
| |||||||
(LIBOR + 2.750%) |
| |||||||
3.982% due 12/14/23 § | 278,571 | 279,467 | ||||||
|
| |||||||
3,643,171 | ||||||||
|
| |||||||
Total Senior Loan Notes |
| 43,189,862 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES - 10.0% |
| |||||||
Ally Auto Receivables Trust |
| |||||||
2.480% due 05/16/22 | 535,000 | 538,701 | ||||||
3.020% due 09/15/23 | 1,000,000 | 1,006,841 | ||||||
ALM XII Ltd (Cayman) | 3,000,000 | 3,010,479 | ||||||
American Express Credit Account Master Trust | 375,000 | 377,226 | ||||||
AmeriCredit Automobile Receivables Trust | ||||||||
1.530% due 07/08/21 | 1,250,000 | 1,245,541 | ||||||
2.300% due 02/18/22 | 1,250,000 | 1,252,855 | ||||||
Babson CLO Ltd (Cayman) | 1,000,000 | 1,002,369 | ||||||
Birchwood Park CLO Ltd (Cayman) | 850,000 | 853,384 | ||||||
Capital Auto Receivables Asset Trust | ||||||||
1.630% due 01/20/21 | 250,000 | 249,371 | ||||||
2.110% due 03/22/21 | 250,000 | 249,945 | ||||||
Carlyle Global Market Strategies CLO (Cayman) |
| |||||||
(LIBOR + 1.550%) |
| |||||||
2.867% due 07/27/26 § ~ | 500,000 | 502,677 | ||||||
(LIBOR + 2.000%) | ||||||||
3.307% due 04/20/27 § ~ | 1,550,000 | 1,557,620 | ||||||
Chase Issuance Trust | 1,300,000 | 1,288,787 | ||||||
Ford Credit Auto Owner Trust | ||||||||
2.140% due 10/15/22 | 2,000,000 | 1,999,228 | ||||||
2.360% due 03/15/29 ~ | 3,000,000 | 2,991,501 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-6
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
OneMain Financial Issuance Trust | $ | 1,600,000 | $ | 1,593,972 | ||||
Regatta IV Funding Ltd (Cayman) | 1,000,000 | 1,001,180 | ||||||
Santander Drive Auto Receivables Trust | ||||||||
2.080% due 02/16/21 | 650,000 | 651,893 | ||||||
2.660% due 11/15/21 | 500,000 | 504,361 | ||||||
SLC Student Loan Trust |
| |||||||
(LIBOR + 0.875%) |
| |||||||
2.192% due 11/25/42 § | 554,001 | 562,622 | ||||||
(LIBOR + 1.600%) | ||||||||
2.920% due 12/15/32 § | 517,079 | 530,837 | ||||||
SLM Private Credit Student Loan Trust |
| |||||||
(LIBOR + 0.290%) |
| |||||||
1.610% due 06/15/39 § | 2,000,000 | 1,911,126 | ||||||
(LIBOR + 0.310%) | ||||||||
1.630% due 12/15/38 § | 800,000 | 749,579 | ||||||
SLM Private Education Loan Trust | ||||||||
2.950% due 02/15/46 ~ | 385,253 | 385,897 | ||||||
3.500% due 06/15/44 § ~ | 720,000 | 730,072 | ||||||
SLM Student Loan Trust | 562,628 | 564,955 | ||||||
SMB Private Education Loan Trust |
| |||||||
(LIBOR + 0.900%) |
| |||||||
2.134% due 09/15/34 § ~ | 2,900,000 | 2,929,784 | ||||||
2.340% due 09/15/34 ~ | 1,500,000 | 1,481,714 | ||||||
(LIBOR + 1.450%) | ||||||||
2.684% due 02/17/32 § ~ | 700,000 | 724,526 | ||||||
2.700% due 05/15/31 ~ | 1,000,000 | 1,003,865 | ||||||
Synchrony Credit Card Master Note Trust | 500,000 | 499,949 | ||||||
Verizon Owner Trust | ||||||||
1.420% due 01/20/21 ~ | 250,000 | 249,125 | ||||||
2.060% due 09/20/21 ~ | 1,000,000 | 1,003,054 | ||||||
Washington Mill CLO Ltd (Cayman) | 500,000 | 502,483 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 35,707,519 | ||||||
|
|
Principal |
| |||||||
MUNICIPAL BONDS - 0.3% |
| |||||||
Pennsylvania Higher Education Assistance Agency ‘A’ | $ | 1,018,361 | $ | 1,018,911 | ||||
|
| |||||||
Total Municipal Bonds |
| 1,018,911 | ||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 3.2% |
| |||||||
Money Market Fund - 3.2% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 11,485,007 | 11,485,007 | ||||||
|
| |||||||
Total Short-Term Investment |
| 11,485,007 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.3% |
| 360,256,774 | ||||||
OTHER ASSETS & LIABILITIES, NET - (0.3%) |
| (904,708 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $359,352,066 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 74.8% | |||
Senior Loan Notes | 12.0% | |||
Asset-Backed Securities | 10.0% | |||
Short-Term Investment | 3.2% | |||
Others (each less than 3.0%) | 0.3% | |||
|
| |||
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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $268,855,475 | $— | $268,855,475 | $— | |||||||||||||
Senior Loan Notes | 43,189,862 | — | 43,189,862 | — | ||||||||||||||
Asset-Backed Securities | 35,707,519 | — | 35,707,519 | — | ||||||||||||||
Municipal Bonds | 1,018,911 | — | 1,018,911 | — | ||||||||||||||
Short-Term Investment | 11,485,007 | 11,485,007 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $360,256,774 | $11,485,007 | $348,771,767 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-7
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM CORE INCOME
Schedule of Investments
September 30, 2017 (Unaudited)
Principal |
| |||||||
CORPORATE BONDS & NOTES - 49.6% | ||||||||
Basic Materials - 2.4% | ||||||||
Anglo American Capital PLC (United Kingdom) | $1,800,000 | $1,781,107 | ||||||
ArcelorMittal (Luxembourg) | 2,000,000 | 2,410,000 | ||||||
Glencore Funding LLC (Switzerland) | 6,000,000 | 6,045,418 | ||||||
Teck Resources Ltd (Canada) | 3,000,000 | 3,277,500 | ||||||
Vale Overseas Ltd (Brazil) | 2,000,000 | 2,280,000 | ||||||
Vale SA (Brazil) | 2,250,000 | 2,290,500 | ||||||
|
| |||||||
18,084,525 | ||||||||
|
| |||||||
Communications - 6.2% |
| |||||||
Altice US Finance I Corp | 1,825,000 | 1,929,937 | ||||||
Amazon.com Inc | 4,000,000 | 4,121,208 | ||||||
AT&T Inc | ||||||||
4.750% due 05/15/46 | 2,400,000 | 2,319,620 | ||||||
4.900% due 08/14/37 | 2,500,000 | 2,537,361 | ||||||
5.250% due 03/01/37 | 2,000,000 | 2,102,821 | ||||||
Charter Communications Operating LLC | ||||||||
5.375% due 05/01/47 ~ | 2,300,000 | 2,388,778 | ||||||
6.384% due 10/23/35 | 3,500,000 | 4,103,373 | ||||||
Discovery Communications LLC | 1,950,000 | 1,948,769 | ||||||
Sprint Corp | 3,000,000 | 3,341,250 | ||||||
Sprint Spectrum Co LLC | 4,400,000 | 4,477,000 | ||||||
Telefonica Emisiones SAU (Spain) | 1,350,000 | 1,490,695 | ||||||
The Priceline Group Inc | 3,500,000 | 3,508,624 | ||||||
Verizon Communications Inc | ||||||||
2.625% due 08/15/26 | 1,850,000 | 1,735,887 | ||||||
4.125% due 03/16/27 | 3,000,000 | 3,136,896 | ||||||
4.500% due 08/10/33 | 3,000,000 | 3,084,644 | ||||||
4.812% due 03/15/39 | 3,356,000 | 3,474,373 | ||||||
5.250% due 03/16/37 | 1,950,000 | 2,144,145 | ||||||
|
| |||||||
47,845,381 | ||||||||
|
| |||||||
Consumer, Cyclical - 8.0% |
| |||||||
Air Canada Pass-Through Trust ‘A’ (Canada) | 4,581,884 | 4,894,094 | ||||||
Air Canada Pass-Through Trust ‘AA’ (Canada) | 1,713,202 | 1,790,596 | ||||||
Alimentation Couche-Tard Inc (Canada) | 3,000,000 | 3,125,257 | ||||||
American Airlines Pass-Through Trust ‘A’ | 1,168,800 | 1,189,897 | ||||||
American Airlines Pass-Through Trust ‘AA’ | ||||||||
3.575% due 07/15/29 | 4,757,966 | 4,917,120 | ||||||
3.600% due 03/22/29 | 2,879,834 | 2,976,452 | ||||||
American Airlines Pass-Through Trust ‘B’ | ||||||||
3.700% due 11/01/24 | 1,290,764 | 1,298,832 | ||||||
4.375% due 04/01/24 | 740,157 | 763,250 | ||||||
British Airways Pass-Through Trust ‘A’ (United Kingdom) | 3,403,767 | 3,657,688 | ||||||
CalAtlantic Group Inc | 2,500,000 | 2,762,500 | ||||||
Continental Airlines Pass-Through Trust ‘A’ | 2,878,108 | 3,025,611 |
Principal |
| |||||||
Delta Air Lines Pass-Through Trust ‘AA’ | $ | 1,463,115 | $ | 1,528,809 | ||||
Ford Motor Credit Co LLC | ||||||||
3.810% due 01/09/24 | 3,500,000 | 3,573,024 | ||||||
4.250% due 09/20/22 | 5,500,000 | 5,793,741 | ||||||
General Motors Co | 3,000,000 | 3,044,256 | ||||||
Hawaiian Airlines Pass-Through Certificates ‘A’ | 2,009,568 | 2,094,975 | ||||||
NCL Corp Ltd | 2,000,000 | 2,055,000 | ||||||
Norwegian Air Shuttle ASA Pass-Through Trust ‘A’ (Norway) | 1,952,551 | 1,986,196 | ||||||
Toll Brothers Finance Corp | 2,000,000 | 2,097,500 | ||||||
United Airlines Pass-Through Trust ‘B’ | 4,525,415 | 4,720,461 | ||||||
US Airways Pass-Through Trust ‘A’ | 2,768,492 | 2,969,208 | ||||||
Virgin Australia Pass-Through Trust ‘A’ (Australia) | 1,504,792 | 1,578,076 | ||||||
|
| |||||||
61,842,543 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 4.5% |
| |||||||
Abbott Laboratories | 1,500,000 | 1,681,153 | ||||||
Anheuser-Busch InBev Finance Inc (Belgium) | 8,000,000 | 8,287,449 | ||||||
BAT Capital Corp (United Kingdom) | 4,500,000 | 4,599,077 | ||||||
CHS/Community Health Systems Inc | 3,500,000 | 3,465,000 | ||||||
MEDNAX Inc | 2,000,000 | 2,100,000 | ||||||
Reynolds American Inc (United Kingdom) | 2,750,000 | 2,954,940 | ||||||
The ADT Corp | 1,875,000 | 2,088,281 | ||||||
United Rentals North America Inc | 3,000,000 | 3,142,500 | ||||||
Valeant Pharmaceuticals International Inc | 3,000,000 | 3,172,500 | ||||||
Zimmer Biomet Holdings Inc | 3,000,000 | 3,032,923 | ||||||
|
| |||||||
34,523,823 | ||||||||
|
| |||||||
Energy - 6.9% |
| |||||||
Anadarko Petroleum Corp | 3,000,000 | 2,864,466 | ||||||
Colorado Interstate Gas Co LLC | 1,050,000 | 1,045,511 | ||||||
Concho Resources Inc | 1,200,000 | 1,253,688 | ||||||
Enbridge Inc (Canada) | 1,400,000 | 1,613,454 | ||||||
Energy Transfer LP | 2,500,000 | 2,537,694 | ||||||
EnLink Midstream Partners LP | 4,000,000 | 4,141,776 | ||||||
EQT Corp | 3,200,000 | 3,205,728 | ||||||
EQT Midstream Partners LP | 2,500,000 | 2,508,739 | ||||||
Kinder Morgan Energy Partners LP | 2,500,000 | 2,498,814 | ||||||
Marathon Oil Corp | 2,000,000 | 2,045,577 | ||||||
MPLX LP | 2,150,000 | 2,192,346 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-8
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
Nabors Industries Inc | $ | 900,000 | $ | 886,500 | ||||
NuStar Logistics LP | 875,000 | 925,313 | ||||||
ONEOK Inc | 2,650,000 | 2,665,750 | ||||||
Petrobras Global Finance BV (Brazil) | ||||||||
5.299% due 01/27/25 ~ | 3,500,000 | 3,499,125 | ||||||
7.250% due 03/17/44 | 1,150,000 | 1,201,750 | ||||||
7.375% due 01/17/27 | 2,000,000 | 2,206,000 | ||||||
8.375% due 05/23/21 | 1,000,000 | 1,158,500 | ||||||
Petroleos Mexicanos (Mexico) | 2,200,000 | 2,445,300 | ||||||
Range Resources Corp | 2,500,000 | 2,493,750 | ||||||
Sabine Pass Liquefaction LLC | ||||||||
4.200% due 03/15/28 | 1,400,000 | 1,413,525 | ||||||
5.000% due 03/15/27 | 2,100,000 | 2,240,569 | ||||||
Summit Midstream Holdings LLC | 3,000,000 | 3,030,000 | ||||||
Western Gas Partners LP | 3,150,000 | 3,306,151 | ||||||
|
| |||||||
53,380,026 | ||||||||
|
| |||||||
Financial - 13.8% |
| |||||||
Air Lease Corp |
| |||||||
3.625% due 04/01/27 | 2,600,000 | 2,605,842 | ||||||
4.250% due 09/15/24 | 3,000,000 | 3,166,852 | ||||||
Ares Capital Corp | 4,000,000 | 3,957,794 | ||||||
Bank of America Corp | ||||||||
3.500% due 04/19/26 | 1,350,000 | 1,374,757 | ||||||
4.183% due 11/25/27 | 2,350,000 | 2,439,349 | ||||||
4.200% due 08/26/24 | 5,000,000 | 5,259,367 | ||||||
4.250% due 10/22/26 | 3,500,000 | 3,664,295 | ||||||
Capital One Financial Corp | 3,000,000 | 3,086,904 | ||||||
Citigroup Inc | ||||||||
3.400% due 05/01/26 | 2,000,000 | 2,007,230 | ||||||
4.400% due 06/10/25 | 3,000,000 | 3,167,591 | ||||||
4.600% due 03/09/26 | 3,948,000 | 4,208,985 | ||||||
Columbia Property Trust Operating | 3,500,000 | 3,588,732 | ||||||
Credit Suisse Group AG (Switzerland) | 3,200,000 | 3,279,337 | ||||||
Duke Realty LP REIT | 2,250,000 | 2,405,921 | ||||||
Hudson Pacific Properties LP REIT | 400,000 | 399,149 | ||||||
JPMorgan Chase & Co | ||||||||
3.125% due 01/23/25 | 5,500,000 | 5,546,465 | ||||||
4.125% due 12/15/26 | 4,000,000 | 4,195,532 | ||||||
Mid-America Apartments LP REIT | 1,800,000 | 1,873,032 | ||||||
Morgan Stanley | 7,500,000 | 8,230,695 | ||||||
Neuberger Berman Group LLC | 2,600,000 | 2,742,272 | ||||||
Nuveen Finance LLC | 2,850,000 | 3,004,180 | ||||||
Piedmont Operating Partnership LP REIT | 3,100,000 | 3,217,788 | ||||||
Teachers Insurance & Annuity Association | 3,000,000 | 3,106,418 | ||||||
The Goldman Sachs Group Inc |
| |||||||
(LIBOR + 1.201%) |
| |||||||
3.272% due 09/29/25 § | 4,500,000 | 4,509,351 | ||||||
3.500% due 11/16/26 | 8,000,000 | 8,029,460 |
Principal |
| |||||||
UDR Inc REIT | $ | 3,000,000 | $ | 2,884,365 | ||||
Ventas Realty LP REIT | 4,450,000 | 4,472,833 | ||||||
Wells Fargo & Co | ||||||||
4.400% due 06/14/46 | 3,750,000 | 3,900,935 | ||||||
4.750% due 12/07/46 | 2,550,000 | 2,804,749 | ||||||
Welltower Inc REIT | 3,000,000 | 3,131,500 | ||||||
|
| |||||||
106,261,680 | ||||||||
|
| |||||||
Industrial - 2.4% |
| |||||||
Allegion US Holding Co Inc | 3,500,000 | 3,483,690 | ||||||
Louisiana-Pacific Corp | 4,000,000 | 4,131,440 | ||||||
Novelis Corp | 2,000,000 | 2,035,000 | ||||||
Owens-Brockway Glass Container Inc | 2,500,000 | 2,656,250 | ||||||
Park Aerospace Holdings Ltd (Ireland) | 2,000,000 | 2,085,250 | ||||||
Penske Truck Leasing Co LP | 4,350,000 | 4,303,552 | ||||||
|
| |||||||
18,695,182 | ||||||||
|
| |||||||
Technology - 1.7% |
| |||||||
Apple Inc | 3,250,000 | 3,238,046 | ||||||
Broadcom Corp | 2,500,000 | 2,578,645 | ||||||
Dell International LLC | 2,400,000 | 2,668,829 | ||||||
Hewlett Packard Enterprise Co | 3,000,000 | 3,177,641 | ||||||
QUALCOMM Inc | 1,500,000 | 1,537,719 | ||||||
|
| |||||||
13,200,880 | ||||||||
|
| |||||||
Utilities - 3.7% |
| |||||||
Calpine Corp | 2,500,000 | 2,500,000 | ||||||
EDP Finance BV (Portugal) | 3,000,000 | 3,033,915 | ||||||
Exelon Corp | 4,000,000 | 4,585,181 | ||||||
FirstEnergy Corp | 3,000,000 | 3,159,038 | ||||||
IPALCO Enterprises Inc | 2,500,000 | 2,508,083 | ||||||
Jersey Central Power & Light Co | 4,500,000 | 4,892,585 | ||||||
NRG Energy Inc | 2,500,000 | 2,590,625 | ||||||
Talen Energy Supply LLC | 2,000,000 | 1,530,000 | ||||||
The Southern Co | 3,300,000 | 3,267,007 | ||||||
|
| |||||||
28,066,434 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 381,900,474 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-9
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
SENIOR LOAN NOTES - 16.2% |
| |||||||
Basic Materials - 0.8% |
| |||||||
Big River Steel LLC Term B | $ | 1,000,000 | $ | 1,010,000 | ||||
Ineos US Finance LLC Term B (Luxembourg) | 1,974,944 | 1,988,153 | ||||||
PQ Corp Term B-1 | 2,970,000 | 3,001,292 | ||||||
|
| |||||||
5,999,445 | ||||||||
|
| |||||||
Communications - 2.3% |
| |||||||
Altice US Finance I Corp Term B | 4,443,239 | 4,446,709 | ||||||
Charter Communications Operating LLC Term H | 1,182,000 | 1,186,843 | ||||||
CSC Holdings LLC | 2,976,914 | 2,961,744 | ||||||
Frontier Communications Corp Term B-1 | 4,987,500 | 4,755,048 | ||||||
Level 3 Financing Inc Term B | 2,500,000 | 2,502,232 | ||||||
Sprint Communications Inc Term B | 1,990,000 | 1,995,508 | ||||||
|
| |||||||
17,848,084 | ||||||||
|
| |||||||
Consumer, Cyclical - 4.3% |
| |||||||
Caesars Entertainment Resort Properties LLC | 1,886,411 | 1,892,425 | ||||||
ClubCorp Holdings Inc Term B | 2,250,000 | 2,239,753 | ||||||
Federal-Mogul Holdings LLC Term C | 728,539 | 732,561 | ||||||
HD Supply Inc Term B-3 | 2,216,438 | 2,227,175 | ||||||
Hilton Worldwide Finance LLC Term B-2 | 4,019,309 | 4,039,823 | ||||||
Las Vegas Sands LLC Term B | 4,838,377 | 4,862,569 | ||||||
New Red Finance Inc Term B (Canada) | 4,334,977 | 4,335,427 | ||||||
Nexeo Solutions LLC Term B | 1,975,075 | 1,992,851 | ||||||
Rite Aid Corp (2nd Lien) | 4,250,000 | 4,279,219 | ||||||
SeaWorld Parks & Entertainment Inc Term B-5 | 3,000,000 | 2,921,787 | ||||||
Univar USA Inc Term B | 3,943,797 | 3,962,593 | ||||||
|
| |||||||
33,486,183 | ||||||||
|
|
Principal |
| |||||||
Consumer, Non-Cyclical - 1.2% |
| |||||||
Albertson’s LLC Term B-4 | $ | 2,356,806 | $ | 2,273,396 | ||||
Jaguar Holding Co II | 3,206,496 | 3,226,171 | ||||||
US Foods Inc Term B | 3,456,250 | 3,481,964 | ||||||
|
| |||||||
8,981,531 | ||||||||
|
| |||||||
Energy - 0.4% |
| |||||||
Arch Coal Inc Term B | 2,992,481 | 3,005,573 | ||||||
|
| |||||||
Financial - 2.0% |
| |||||||
DTZ US Borrower LLC Term B | 2,962,121 | 2,972,613 | ||||||
HUB International Ltd Term B | 3,872,562 | 3,901,374 | ||||||
Realogy Group LLC Term B | 848,665 | 854,235 | ||||||
USI Inc Term B | 3,000,000 | 2,990,937 | ||||||
WaveDivision Holdings LLC Term B | 4,453,616 | 4,462,523 | ||||||
|
| |||||||
15,181,682 | ||||||||
|
| |||||||
Industrial - 2.7% |
| |||||||
Avolon (US) LLC Term B-2 (Ireland) | 3,990,000 | 4,002,469 | ||||||
BWAY Corp Term B | 1,496,250 | 1,500,926 | ||||||
Proampac PG Borrower LLC | 3,979,950 | 4,026,591 | ||||||
Reynolds Group Holdings Inc Term B | 5,523,547 | 5,552,214 | ||||||
TransDigm Inc |
| |||||||
Term D |
| |||||||
(LIBOR + 3.000%) | ||||||||
4.327% due 06/04/21 § | 3,889,745 | 3,904,635 | ||||||
Term E |
| |||||||
(LIBOR + 2.750%) | ||||||||
4.268% due 05/14/22 § | 1,952,404 | 1,959,460 | ||||||
|
| |||||||
20,946,295 | ||||||||
|
| |||||||
Technology - 1.6% |
| |||||||
First Data Corp |
| |||||||
(LIBOR + 2.250%) |
| |||||||
3.487% due 07/10/22 § | 3,206,671 | 3,214,088 | ||||||
(LIBOR + 2.500%) | ||||||||
3.737% due 04/26/24 § | 470,610 | 472,509 | ||||||
ON Semiconductor Corp Term B | 1,891,750 | 1,900,717 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-10
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
Sensata Technologies BV Term B | $ | 1,154,847 | $ | 1,163,749 | ||||
Solera LLC Term B | 5,171,250 | 5,195,183 | ||||||
|
| |||||||
11,946,246 | ||||||||
|
| |||||||
Utilities - 0.9% |
| |||||||
Calpine Corp Term B | 340,909 | 341,655 | ||||||
Talen Energy Supply LLC Term B-1 | 3,975,031 | 3,902,984 | ||||||
Vistra Operations Co LLC |
| |||||||
Term B |
| |||||||
(LIBOR + 2.750%) | ||||||||
3.984% due 12/14/23 § | 2,424,536 | 2,432,328 | ||||||
Term C |
| |||||||
(LIBOR + 2.750%) |
| |||||||
3.982% due 12/14/23 § | 557,143 | 558,933 | ||||||
|
| |||||||
7,235,900 | ||||||||
|
| |||||||
Total Senior Loan Notes |
| 124,630,939 | ||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 1.0% |
| |||||||
Fannie Mae - 0.5% |
| |||||||
2.500% due 10/01/32 | 3,500,000 | 3,523,379 | ||||||
|
| |||||||
Freddie Mac - 0.5% |
| |||||||
2.500% due 10/01/32 | 4,000,000 | 4,027,891 | ||||||
|
| |||||||
Total Mortgage-Backed Securities |
| 7,551,270 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES - 13.3% |
| |||||||
ALM XII Ltd (Cayman) |
| |||||||
(LIBOR + 1.600%) | ||||||||
2.904% due 04/16/27 § ~ | 1,900,000 | 1,908,208 | ||||||
(LIBOR + 2.050%) | �� | |||||||
3.354% due 04/16/27 § ~ | 1,100,000 | 1,105,729 | ||||||
American Express Credit Account Master Trust | 750,000 | 754,452 | ||||||
AmeriCredit Automobile Receivables Trust | ||||||||
1.980% due 12/20/21 | 1,000,000 | 1,002,072 | ||||||
2.240% due 06/19/23 | 950,000 | 947,716 | ||||||
2.300% due 02/18/22 | 2,500,000 | 2,505,709 | ||||||
2.400% due 05/18/22 | 1,850,000 | 1,856,140 | ||||||
2.690% due 06/19/23 | 1,050,000 | 1,051,672 | ||||||
2.710% due 08/18/22 | 1,500,000 | 1,505,589 | ||||||
Apidos CLO XV (Cayman) | 1,250,000 | 1,255,721 | ||||||
Atrium XI (Cayman) | 1,250,000 | 1,256,950 | ||||||
Babson CLO Ltd (Cayman) | 2,000,000 | 2,004,738 | ||||||
Birchwood Park CLO Ltd (Cayman) | 1,600,000 | 1,606,369 | ||||||
BlueMountain CLO Ltd (Cayman) | 2,500,000 | 2,517,750 |
Principal |
| |||||||
Capital Auto Receivables Asset Trust | ||||||||
1.630% due 01/20/21 | $ | 600,000 | $ | 598,491 | ||||
1.690% due 03/20/21 | 1,250,000 | 1,246,722 | ||||||
2.110% due 03/22/21 | 600,000 | 599,868 | ||||||
Carlyle Global Market Strategies CLO Ltd (Cayman) | ||||||||
(LIBOR + 1.150%) | ||||||||
2.467% due 07/27/26 § ~ | 1,500,000 | 1,507,121 | ||||||
(LIBOR + 1.550%) | ||||||||
2.867% due 07/27/26 § ~ | 1,500,000 | 1,508,030 | ||||||
(LIBOR + 2.000%) | ||||||||
3.307% due 04/20/27 § ~ | 2,975,000 | 2,989,626 | ||||||
Chase Issuance Trust | 4,750,000 | 4,719,425 | ||||||
Citibank Credit Card Issuance Trust | ||||||||
1.800% due 09/20/21 # | 4,000,000 | 4,000,000 | ||||||
1.920% due 04/07/22 | 2,500,000 | 2,502,357 | ||||||
(LIBOR + 0.770%) | ||||||||
2.007% due 05/14/29 § | 6,000,000 | 6,068,103 | ||||||
Dryden 31 Senior Loan Fund (Cayman) | 1,250,000 | 1,254,228 | ||||||
Ford Credit Auto Owner Trust | ||||||||
1.730% due 03/15/22 | 850,000 | 840,872 | ||||||
2.240% due 06/15/22 | 1,000,000 | 1,001,983 | ||||||
2.360% due 03/15/29 ~ | 6,000,000 | 5,983,002 | ||||||
Magnetite IX Ltd (Cayman) | 1,000,000 | 1,003,751 | ||||||
Navient Private Education Loan Trust | 1,334,645 | 1,335,561 | ||||||
Navient Student Loan Trust | 632,879 | 634,478 | ||||||
Oak Hill Credit Partners X Ltd (Cayman) | 2,500,000 | 2,506,648 | ||||||
OneMain Financial Issuance Trust | 4,000,000 | 3,984,931 | ||||||
Regatta IV Funding Ltd (Cayman) | 2,000,000 | 2,002,360 | ||||||
Santander Drive Auto Receivables Trust | ||||||||
1.890% due 06/15/21 | 3,000,000 | 2,996,210 | ||||||
2.080% due 02/16/21 | 700,000 | 702,038 | ||||||
2.100% due 06/15/21 | 2,000,000 | 2,000,577 | ||||||
2.660% due 11/15/21 | 1,000,000 | 1,008,723 | ||||||
Securitized Term Auto Receivables Trust (Canada) | 1,000,000 | 1,001,480 | ||||||
SLM Private Credit Student Loan Trust | 4,000,000 | 3,822,251 | ||||||
SMB Private Education Loan Trust |
| |||||||
(LIBOR + 0.900%) | ||||||||
2.134% due 09/15/34 § ~ | 4,600,000 | 4,647,243 | ||||||
2.340% due 09/15/34 ~ | 2,500,000 | 2,469,524 | ||||||
(LIBOR + 1.450%) | ||||||||
2.684% due 02/17/32 § ~ | 1,850,000 | 1,914,818 | ||||||
2.700% due 05/15/31 ~ | 2,500,000 | 2,509,663 | ||||||
2.880% due 09/15/34 ~ | 4,500,000 | 4,543,485 | ||||||
Synchrony Credit Card Master Note Trust | 1,000,000 | 999,897 | ||||||
Verizon Owner Trust | ||||||||
1.420% due 01/20/21 ~ | 600,000 | 597,900 | ||||||
2.060% due 09/20/21 ~ | 3,000,000 | 3,009,161 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-11
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
Volvo Financial Equipment LLC | $ | 1,250,000 | $ | 1,252,700 | ||||
Washington Mill CLO Ltd (Cayman) | 1,000,000 | 1,004,965 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 102,047,007 | ||||||
|
| |||||||
U.S. GOVERNMENT AGENCY ISSUES - 1.4% |
| |||||||
Fannie Mae | 5,500,000 | 5,525,553 | ||||||
Freddie Mac | 5,500,000 | 5,469,464 | ||||||
|
| |||||||
Total U.S. Government Agency Issues |
| 10,995,017 | ||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 12.4% |
| |||||||
U.S. Treasury Bonds - 1.6% |
| |||||||
2.250% due 08/15/46 | 6,000,000 | 5,272,268 | ||||||
2.500% due 02/15/45 | 2,500,000 | 2,330,859 | ||||||
2.500% due 05/15/46 | 5,000,000 | 4,643,362 | ||||||
|
| |||||||
12,246,489 | ||||||||
|
| |||||||
U.S. Treasury Notes - 10.8% |
| |||||||
1.125% due 03/31/20 | 5,000,000 | 4,946,777 | ||||||
1.125% due 04/30/20 | 5,000,000 | 4,944,531 | ||||||
1.125% due 02/28/21 | 4,000,000 | 3,921,484 | ||||||
1.250% due 01/31/19 | 4,500,000 | 4,490,420 | ||||||
1.250% due 07/31/23 | 3,000,000 | 2,868,984 | ||||||
1.375% due 09/30/18 | 7,500,000 | 7,500,586 | ||||||
1.375% due 06/30/23 | 3,600,000 | 3,470,485 | ||||||
1.375% due 08/31/23 | 4,000,000 | 3,847,502 | ||||||
1.375% due 09/30/23 | 4,500,000 | 4,325,276 | ||||||
1.500% due 10/31/19 | 4,000,000 | 4,000,078 | ||||||
1.500% due 08/15/26 | 5,000,000 | 4,680,080 | ||||||
1.625% due 07/31/20 | 5,500,000 | 5,502,578 | ||||||
1.625% due 02/15/26 | 4,000,000 | 3,801,797 | ||||||
1.625% due 05/15/26 | 5,000,000 | 4,741,309 | ||||||
1.750% due 09/30/22 | 3,000,000 | 2,971,875 | ||||||
1.875% due 10/31/22 | 3,000,000 | 2,988,984 | ||||||
2.000% due 10/31/21 | 4,000,000 | 4,028,125 | ||||||
2.125% due 12/31/21 | 5,500,000 | 5,560,908 | ||||||
2.125% due 12/31/22 | 2,000,000 | 2,014,141 | ||||||
2.125% due 03/31/24 | 3,000,000 | 2,999,766 | ||||||
|
| |||||||
83,605,686 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 95,852,175 | ||||||
|
|
Principal |
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 2.3% |
| |||||||
Chile Government (Chile) | $ | 5,000,000 | $ | 4,997,500 | ||||
Export-Import Bank of Korea (South Korea) | 2,900,000 | 2,896,833 | ||||||
Mexico Government (Mexico) | ||||||||
3.625% due 03/15/22 | 2,000,000 | 2,101,000 | ||||||
4.350% due 01/15/47 | 2,000,000 | 1,950,000 | ||||||
Province of British Columbia (Canada) | 3,000,000 | 2,969,465 | ||||||
Province of Ontario (Canada) | 3,000,000 | 2,990,542 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes |
| 17,905,340 | ||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 5.2% |
| |||||||
Money Market Fund - 5.2% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 39,823,139 | 39,823,139 | ||||||
|
| |||||||
Total Short-Term Investment |
| 39,823,139 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 101.4% |
| 780,705,361 | ||||||
OTHER ASSETS & LIABILITIES, NET - (1.4%) |
| (10,645,157 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $770,060,204 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 49.6% | |||
Senior Loan Notes | 16.2% | |||
Asset-Backed Securities | 13.3% | |||
U.S. Treasury Obligations | 12.4% | |||
Short-Term Investment | 5.2% | |||
Others (each less than 3.0%) | 4.7% | |||
|
| |||
101.4% | ||||
Other Assets & Liabilities, Net | (1.4% | ) | ||
|
| |||
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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $381,900,474 | $— | $381,900,474 | $— | |||||||||||||
Senior Loan Notes | 124,630,939 | — | 124,630,939 | — | ||||||||||||||
Mortgage-Backed Securities | 7,551,270 | — | 7,551,270 | — | ||||||||||||||
Asset-Backed Securities | 102,047,007 | — | 102,047,007 | — | ||||||||||||||
U.S. Government Agency Issues | 10,995,017 | — | 10,995,017 | — | ||||||||||||||
U.S. Treasury Obligations | 95,852,175 | — | 95,852,175 | — | ||||||||||||||
Foreign Government Bonds & Notes | 17,905,340 | — | 17,905,340 | — | ||||||||||||||
Short-Term Investment | 39,823,139 | 39,823,139 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $780,705,361 | $39,823,139 | $740,882,222 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-12
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM STRATEGIC INCOME
Schedule of Investments
September 30, 2017 (Unaudited)
Shares |
| |||||||
COMMON STOCKS - 4.6% |
| |||||||
Consumer, Cyclical - 1.6% |
| |||||||
CalAtlantic Group Inc | 10,114 | $370,476 | ||||||
Cedar Fair LP | 12,400 | 795,088 | ||||||
Ford Motor Co | 80,000 | 957,600 | ||||||
Las Vegas Sands Corp | 14,365 | 921,658 | ||||||
Lennar Corp ‘A’ | 19,995 | 1,055,736 | ||||||
Modular Space Corp * ± | 40,245 | 603,675 | ||||||
Mohawk Industries Inc * | 4,600 | 1,138,546 | ||||||
Six Flags Entertainment Corp | 15,667 | 954,747 | ||||||
|
| |||||||
6,797,526 | ||||||||
|
| |||||||
Energy - 0.9% |
| |||||||
Concho Resources Inc * | 6,570 | 865,400 | ||||||
Continental Resources Inc * | 20,750 | 801,157 | ||||||
Diamondback Energy Inc * | 8,200 | 803,272 | ||||||
Pioneer Natural Resources Co | 5,250 | 774,585 | ||||||
WPX Energy Inc * | 57,210 | 657,915 | ||||||
|
| |||||||
3,902,329 | ||||||||
|
| |||||||
Financial - 1.4% |
| |||||||
Bank of America Corp | 44,130 | 1,118,254 | ||||||
Citigroup Inc | 14,000 | 1,018,360 | ||||||
JPMorgan Chase & Co | 11,000 | 1,050,610 | ||||||
The Goldman Sachs Group Inc | 3,500 | 830,165 | ||||||
The PNC Financial Services Group Inc | 7,650 | 1,030,990 | ||||||
Wells Fargo & Co | 15,350 | 846,552 | ||||||
|
| |||||||
5,894,931 | ||||||||
|
| |||||||
Industrial - 0.7% |
| |||||||
Allegion PLC | 16,040 | 1,386,979 | ||||||
Owens-Illinois Inc * | 30,000 | 754,800 | ||||||
Xylem Inc | 15,309 | 958,803 | ||||||
|
| |||||||
3,100,582 | ||||||||
|
| |||||||
Total Common Stocks | 19,695,368 | |||||||
|
| |||||||
EXCHANGE-TRADED FUNDS - 1.2% |
| |||||||
iShares Core S&P 500 | 9,800 | 2,478,714 | ||||||
SPDR S&P 500 Trust | 9,800 | 2,462,054 | ||||||
|
| |||||||
Total Exchange-Traded Funds |
| 4,940,768 | ||||||
|
| |||||||
Principal | ||||||||
CORPORATE BONDS & NOTES - 67.5% |
| |||||||
Basic Materials - 5.4% |
| |||||||
Anglo American Capital PLC (United Kingdom) | ||||||||
4.750% due 04/10/27 ~ | $1,275,000 | 1,332,275 | ||||||
ArcelorMittal (Luxembourg) | ||||||||
7.250% due 03/01/41 | 2,000,000 | 2,377,500 | ||||||
7.500% due 10/15/39 | 750,000 | 903,750 | ||||||
Barminco Finance Pty Ltd (Australia) | 2,000,000 | 1,940,000 | ||||||
Constellium NV (Netherlands) | ||||||||
6.625% due 03/01/25 ~ | 1,250,000 | 1,282,812 | ||||||
8.000% due 01/15/23 ~ | 2,000,000 | 2,125,000 | ||||||
Corp Nacional del Cobre de Chile (Chile) | 3,000,000 | 3,006,390 | ||||||
Glencore Finance Canada Ltd (Switzerland) | 1,400,000 | 1,478,075 | ||||||
Glencore Funding LLC (Switzerland) | 3,750,000 | 3,778,386 |
Principal |
| |||||||
Hexion Inc | ||||||||
6.625% due 04/15/20 | $1,350,000 | $1,215,000 | ||||||
10.375% due 02/01/22 ~ | 625,000 | 603,125 | ||||||
Teck Resources Ltd (Canada) | 1,825,000 | 1,855,021 | ||||||
8.500% due 06/01/24 ~ | 1,000,000 | 1,150,000 | ||||||
|
| |||||||
23,047,334 | ||||||||
|
| |||||||
Communications - 5.5% |
| |||||||
AT&T Inc | ||||||||
3.400% due 08/14/24 | 2,000,000 | 2,005,285 | ||||||
4.900% due 08/14/37 | 100,000 | 101,494 | ||||||
CCO Holdings LLC | 900,000 | 957,375 | ||||||
Charter Communications Operating LLC | ||||||||
3.750% due 02/15/28 ~ | 3,000,000 | 2,930,306 | ||||||
4.200% due 03/15/28 ~ | 1,500,000 | 1,519,928 | ||||||
6.384% due 10/23/35 | 500,000 | 586,196 | ||||||
CSC Holdings LLC | ||||||||
6.625% due 10/15/25 ~ | 200,000 | 219,500 | ||||||
10.125% due 01/15/23 ~ | 400,000 | 462,500 | ||||||
10.875% due 10/15/25 ~ | 1,000,000 | 1,238,750 | ||||||
DISH DBS Corp | 2,850,000 | 2,996,632 | ||||||
Intelsat Jackson Holdings SA (Luxembourg) | 1,119,000 | 1,205,722 | ||||||
Outfront Media Capital LLC | ||||||||
5.250% due 02/15/22 | 1,300,000 | 1,348,750 | ||||||
5.875% due 03/15/25 | 300,000 | 315,375 | ||||||
Sprint Communications Inc | 350,000 | 377,895 | ||||||
Sprint Corp | ||||||||
7.250% due 09/15/21 | 3,375,000 | 3,758,906 | ||||||
7.625% due 02/15/25 | 500,000 | 576,250 | ||||||
Sprint Spectrum Co LLC | 200,000 | 203,500 | ||||||
The Priceline Group Inc | 1,200,000 | 1,202,957 | ||||||
Townsquare Media Inc | 1,250,000 | 1,273,437 | ||||||
|
| |||||||
23,280,758 | ||||||||
|
| |||||||
Consumer, Cyclical - 12.5% |
| |||||||
Air Canada Pass-Through Trust ‘B’ (Canada) | 897,495 | 906,470 | ||||||
Air Canada Pass-Through Trust ‘C’ (Canada) | 750,000 | 768,750 | ||||||
American Airlines Pass-Through Trust ‘A’ | 1,426,913 | 1,501,826 | ||||||
American Airlines Pass-Through Trust ‘B’ | 1,333,282 | 1,423,559 | ||||||
American Axle & Manufacturing Inc | ||||||||
6.250% due 04/01/25 ~ | 1,250,000 | 1,278,125 | ||||||
6.500% due 04/01/27 ~ | 525,000 | 530,906 | ||||||
American Builders & Contractors Supply Co Inc | 900,000 | 960,750 | ||||||
AV Homes Inc | 2,000,000 | 2,065,000 | ||||||
Beazer Homes USA Inc | ||||||||
5.875% due 10/15/27 ~ | 375,000 | 375,937 | ||||||
7.250% due 02/01/23 | 1,440,000 | 1,504,800 | ||||||
Caesars Entertainment Resort Properties LLC | ||||||||
8.000% due 10/01/20 | 600,000 | 615,000 | ||||||
11.000% due 10/01/21 | 100,000 | 106,625 | ||||||
CalAtlantic Group Inc | ||||||||
6.250% due 12/15/21 | 415,000 | 458,575 | ||||||
6.625% due 05/01/20 | 750,000 | 830,250 | ||||||
8.375% due 01/15/21 | 500,000 | 585,150 | ||||||
Carrols Restaurant Group Inc | 750,000 | 800,625 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-13
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
CEC Entertainment Inc | $600,000 | $625,500 | ||||||
Cedar Fair LP | 250,000 | 264,062 | ||||||
Constellation Merger Sub Inc | 2,600,000 | 2,561,000 | ||||||
CRC Escrow Issuer LLC | 1,425,000 | 1,425,000 | ||||||
Ford Motor Co | 250,000 | 260,271 | ||||||
Ford Motor Credit Co LLC | ||||||||
3.810% due 01/09/24 | 2,000,000 | 2,041,728 | ||||||
4.250% due 09/20/22 | 1,250,000 | 1,316,759 | ||||||
Gateway Casinos & Entertainment Ltd (Canada) | 1,275,000 | 1,341,937 | ||||||
General Motors Financial Co Inc | 3,000,000 | 3,026,365 | ||||||
3.200% due 07/06/21 | 1,550,000 | 1,578,239 | ||||||
4.375% due 09/25/21 | 1,500,000 | 1,591,251 | ||||||
Golden Nugget Inc | 1,450,000 | 1,479,000 | ||||||
Hilton Grand Vacations Borrower LLC | 1,200,000 | 1,320,300 | ||||||
IHO Verwaltungs GmbH (Germany) | ||||||||
4.125% Cash or 4.875% PIK due 09/15/21 ~ | 1,200,000 | 1,224,000 | ||||||
4.750% Cash or 5.500% PIK due 09/15/26 ~ | 950,000 | 970,187 | ||||||
Jack Ohio Finance LLC | 1,000,000 | 1,051,250 | ||||||
Landry’s Inc | 2,625,000 | 2,661,094 | ||||||
Mattamy Group Corp (Canada) | 1,450,000 | 1,493,500 | ||||||
MGM Resorts International | ||||||||
6.750% due 10/01/20 | 1,150,000 | 1,270,750 | ||||||
7.750% due 03/15/22 | 500,000 | 585,000 | ||||||
Mohawk Industries Inc | 480,000 | 499,152 | ||||||
New Red Finance Inc (Canada) | 1,675,000 | 1,712,688 | ||||||
Norwegian Air Shuttle ASA | 369,536 | 396,623 | ||||||
Six Flags Entertainment Corp | 750,000 | 765,000 | ||||||
Tesla Inc | 1,900,000 | 1,860,195 | ||||||
The Men’s Wearhouse Inc | 1,100,000 | 1,053,250 | ||||||
United Airlines Pass-Through Trust ‘B’ |
| |||||||
4.625% due 03/03/24 | 405,575 | 422,812 | ||||||
4.750% due 10/11/23 | 122,309 | 127,580 | ||||||
Wyndham Worldwide Corp | ||||||||
3.900% due 03/01/23 | 350,000 | 350,003 | ||||||
4.150% due 04/01/24 | 1,750,000 | 1,776,170 | ||||||
5.625% due 03/01/21 | 1,250,000 | 1,329,283 | ||||||
|
| |||||||
53,092,297 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 9.1% |
| |||||||
Ahern Rentals Inc | 2,900,000 | 2,668,000 | ||||||
Anheuser-Busch InBev Finance Inc (Belgium) | 2,000,000 | 2,071,862 | ||||||
BAT Capital Corp (United Kingdom) | 2,200,000 | 2,207,826 | ||||||
Eagle Holding Co II LLC | 800,000 | 832,000 |
Principal |
| |||||||
HCA Healthcare Inc | $825,000 | $895,125 | ||||||
HCA Inc | 1,875,000 | 2,032,031 | ||||||
5.875% due 03/15/22 | 1,500,000 | 1,665,000 | ||||||
Herc Rentals Inc | 1,202,000 | 1,305,673 | ||||||
Jaguar Holding Co II | 500,000 | 524,375 | ||||||
JBS Investments GmbH (Brazil) | 775,000 | 795,344 | ||||||
JBS USA LUX SA (Brazil) | ||||||||
5.750% due 06/15/25 ~ | 500,000 | 500,625 | ||||||
5.875% due 07/15/24 ~ | 425,000 | 428,188 | ||||||
7.250% due 06/01/21 ~ | 1,575,000 | 1,614,375 | ||||||
McCormick & Co Inc | 2,000,000 | 2,018,881 | ||||||
Pilgrim’s Pride Corp | ||||||||
5.750% due 03/15/25 ~ | 250,000 | 258,750 | ||||||
5.875% due 09/30/27 ~ | 325,000 | 333,938 | ||||||
Prime Security Services Borrower LLC | 2,600,000 | 2,875,756 | ||||||
Reynolds American Inc | 1,500,000 | 1,611,785 | ||||||
Shire Acquisitions Investments Ireland DAC | 1,750,000 | 1,745,080 | ||||||
Tenet Healthcare Corp | ||||||||
4.625% due 07/15/24 ~ | 875,000 | 867,344 | ||||||
5.125% due 05/01/25 ~ | 500,000 | 494,375 | ||||||
6.750% due 06/15/23 | 1,000,000 | 961,250 | ||||||
7.500% due 01/01/22 ~ | 125,000 | 132,656 | ||||||
The ADT Corp | 1,550,000 | 1,726,313 | ||||||
TMS International Corp | 2,300,000 | 2,357,500 | ||||||
Valeant Pharmaceuticals International Inc | ||||||||
5.375% due 03/15/20 ~ | 1,000,000 | 1,002,500 | ||||||
5.625% due 12/01/21 ~ | 850,000 | 799,000 | ||||||
5.875% due 05/15/23 ~ | 900,000 | 797,625 | ||||||
6.375% due 10/15/20 ~ | 1,350,000 | 1,354,644 | ||||||
7.250% due 07/15/22 ~ | 750,000 | 734,063 | ||||||
7.500% due 07/15/21 ~ | 900,000 | 900,000 | ||||||
|
| |||||||
38,511,884 | ||||||||
|
| |||||||
Energy - 9.3% |
| |||||||
Andeavor Logistics LP | 1,325,000 | 1,424,375 | ||||||
Callon Petroleum Co | 1,350,000 | 1,417,500 | ||||||
Cheniere Corpus Christi Holdings LLC | ||||||||
5.125% due 06/30/27 ~ | 250,000 | 258,750 | ||||||
5.875% due 03/31/25 | 450,000 | 486,000 | ||||||
7.000% due 06/30/24 | 1,000,000 | 1,141,250 | ||||||
Cheniere Energy LP | 425,000 | 435,625 | ||||||
Chesapeake Energy Corp | ||||||||
6.125% due 02/15/21 | 900,000 | 909,000 | ||||||
8.000% due 12/15/22 ~ | 411,000 | 444,908 | ||||||
8.000% due 01/15/25 ~ | 1,400,000 | 1,417,500 | ||||||
8.000% due 06/15/27 ~ | 275,000 | 272,938 | ||||||
Continental Resources Inc | 1,225,000 | 1,188,250 | ||||||
Energy Transfer LP | ||||||||
4.050% due 03/15/25 | 1,200,000 | 1,218,093 | ||||||
4.750% due 01/15/26 | 500,000 | 526,989 | ||||||
EP Energy LLC | 975,000 | 989,625 | ||||||
8.000% due 02/15/25 ~ | 900,000 | 705,375 | ||||||
EQT Corp | 650,000 | 651,164 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-14
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
MEG Energy Corp (Canada) | ||||||||
6.375% due 01/30/23 ~ | $1,250,000 | $1,096,875 | ||||||
6.500% due 01/15/25 ~ | 275,000 | 268,813 | ||||||
Noble Holding International Ltd (United Kingdom) | 1,050,000 | 937,125 | ||||||
NuStar Logistics LP | 1,575,000 | 1,665,563 | ||||||
Parsley Energy LLC | 1,125,000 | 1,154,531 | ||||||
Petrobras Global Finance BV (Brazil) | 2,750,000 | 3,033,250 | ||||||
Petroleos Mexicanos (Mexico) | 1,350,000 | 1,500,525 | ||||||
Precision Drilling Corp (Canada) | ||||||||
6.625% due 11/15/20 | 298,955 | 301,571 | ||||||
7.750% due 12/15/23 | 1,125,000 | 1,153,125 | ||||||
Sabine Pass Liquefaction LLC | 2,525,000 | 2,788,667 | ||||||
Sanchez Energy Corp | 2,050,000 | 1,952,625 | ||||||
SemGroup Corp | ||||||||
6.375% due 03/15/25 ~ | 1,500,000 | 1,477,500 | ||||||
7.250% due 03/15/26 ~ | 275,000 | 277,750 | ||||||
SESI LLC | 1,700,000 | 1,742,500 | ||||||
Southwestern Energy Co | 1,150,000 | 1,196,000 | ||||||
Sunoco Logistics Partners Operations LP | 1,200,000 | 1,197,412 | ||||||
Targa Resources Partners LP | ||||||||
5.125% due 02/01/25 | 1,050,000 | 1,085,123 | ||||||
5.375% due 02/01/27 | 200,000 | 209,250 | ||||||
Western Gas Partners LP | 1,500,000 | 1,574,358 | ||||||
Whiting Petroleum Corp | 1,300,000 | 1,285,375 | ||||||
|
| |||||||
39,385,280 | ||||||||
|
| |||||||
Financial - 14.5% |
| |||||||
AAF Holdings LLC | 573,396 | 602,066 | ||||||
AerCap Ireland Capital DAC (Netherlands) | ||||||||
3.950% due 02/01/22 | 750,000 | 781,209 | ||||||
5.000% due 10/01/21 | 250,000 | 269,939 | ||||||
Air Lease Corp | ||||||||
3.625% due 04/01/27 | 1,500,000 | 1,503,370 | ||||||
3.750% due 02/01/22 | 1,750,000 | 1,826,153 | ||||||
4.250% due 09/15/24 | 1,000,000 | 1,055,617 | ||||||
ASP AMC Merger Sub Inc | 1,800,000 | 1,741,500 | ||||||
Avation Capital SA (United Kingdom) | 500,000 | 508,750 | ||||||
Bank of America Corp | 2,000,000 | 2,018,547 | ||||||
3.500% due 04/19/26 | 200,000 | 203,668 | ||||||
4.200% due 08/26/24 | 2,500,000 | 2,629,683 | ||||||
Blackstone Holdings Finance Co LLC | 400,000 | 395,062 | ||||||
BOC Aviation Ltd (Singapore) | 4,000,000 | 3,974,672 | ||||||
Citigroup Inc | 3,000,000 | 3,020,115 | ||||||
4.400% due 06/10/25 | 1,500,000 | 1,583,795 | ||||||
Credit Suisse Group AG (Switzerland) | 2,000,000 | 2,049,586 |
Principal |
| |||||||
HSBC Holdings PLC (United Kingdom) | $1,000,000 | $1,002,569 | ||||||
(LIBOR + 1.500%) 2.843% due 01/05/22 § | 1,500,000 | 1,548,570 | ||||||
International Lease Finance Corp | 1,950,000 | 2,073,228 | ||||||
Jefferies Finance LLC | ||||||||
6.875% due 04/15/22 ~ | 500,000 | 505,000 | ||||||
7.375% due 04/01/20 ~ | 1,500,000 | 1,552,500 | ||||||
7.500% due 04/15/21 ~ | 1,000,000 | 1,040,000 | ||||||
JPMorgan Chase & Co |
| |||||||
(LIBOR + 0.900%) 2.214% due 04/25/23 § | 1,750,000 | 1,763,768 | ||||||
2.972% due 01/15/23 | 2,000,000 | 2,031,864 | ||||||
3.125% due 01/23/25 | 1,100,000 | 1,109,293 | ||||||
MGM Growth Properties Operating Partnership LP REIT | 275,000 | 299,360 | ||||||
Morgan Stanley |
| |||||||
(LIBOR + 1.220%) 2.532% due 05/08/24 § | 2,000,000 | 2,026,625 | ||||||
(LIBOR + 1.340%) 3.591% due 07/22/28 § | 4,000,000 | 4,010,302 | ||||||
5.000% due 11/24/25 | 2,000,000 | 2,194,852 | ||||||
Och-Ziff Finance Co LLC | 1,280,000 | 1,248,000 | ||||||
Senior Housing Properties Trust REIT | ||||||||
4.750% due 05/01/24 | 500,000 | 522,849 | ||||||
6.750% due 04/15/20 | 1,000,000 | 1,078,203 | ||||||
Springleaf Finance Corp | 1,700,000 | 1,804,635 | ||||||
The Goldman Sachs Group Inc |
| |||||||
(LIBOR + 1.000%) 2.313% due 07/24/23 § | 3,000,000 | 3,012,310 | ||||||
2.350% due 11/15/21 | 2,000,000 | 1,986,393 | ||||||
(LIBOR + 1.201%) 3.272% due 09/29/25 § | 2,500,000 | 2,505,195 | ||||||
3.500% due 11/16/26 | 1,000,000 | 1,003,682 | ||||||
3.750% due 02/25/26 | 1,300,000 | 1,332,674 | ||||||
UBS Group Funding Switzerland AG (Switzerland) | 2,000,000 | 2,032,531 | ||||||
|
| |||||||
61,848,135 | ||||||||
|
| |||||||
Industrial - 8.4% |
| |||||||
Apex Tool Group LLC | 1,787,000 | 1,661,910 | ||||||
ARD Finance SA (Luxembourg) | ||||||||
7.125% Cash or 7.875% PIK due 09/15/23 | 2,050,000 | 2,193,500 | ||||||
Ardagh Packaging Finance PLC (Ireland) | ||||||||
6.000% due 02/15/25 ~ | 750,000 | 795,938 | ||||||
7.250% due 05/15/24 ~ | 400,000 | 440,248 | ||||||
BWAY Holding Co | 1,350,000 | 1,412,438 | ||||||
Cloud Crane LLC | 3,300,000 | 3,671,250 | ||||||
Coveris Holdings SA (Luxembourg) | 3,250,000 | 3,217,500 | ||||||
Flex Acquisition Co Inc | 1,500,000 | 1,560,000 | ||||||
JPW Industries Holding Corp | 1,450,000 | 1,489,875 | ||||||
Masco Corp | ||||||||
3.500% due 04/01/21 | 1,075,000 | 1,109,260 | ||||||
4.375% due 04/01/26 | 1,025,000 | 1,093,675 | ||||||
7.750% due 08/01/29 | 233,000 | 307,315 | ||||||
New Enterprise Stone & Lime Co Inc | 1,850,000 | 2,002,625 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-15
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
Novelis Corp | ||||||||
5.875% due 09/30/26 ~ | $1,975,000 | $2,009,563 | ||||||
6.250% due 08/15/24 ~ | 550,000 | 574,860 | ||||||
Owens Corning | ||||||||
4.200% due 12/15/22 | 500,000 | 531,018 | ||||||
4.200% due 12/01/24 | 1,350,000 | 1,423,623 | ||||||
Owens-Brockway Glass Container Inc | 500,000 | 531,250 | ||||||
Park Aerospace Holdings Ltd (Ireland) | ||||||||
5.250% due 08/15/22 ~ | 1,050,000 | 1,094,756 | ||||||
5.500% due 02/15/24 ~ | 450,000 | 473,625 | ||||||
Penske Truck Leasing Co LP | ||||||||
3.200% due 07/15/20 ~ | 1,500,000 | 1,537,909 | ||||||
3.300% due 04/01/21 ~ | 1,000,000 | 1,026,870 | ||||||
TransDigm Inc | 1,000,000 | 1,035,000 | ||||||
US Concrete Inc | 2,025,000 | 2,192,063 | ||||||
Welbilt Inc | 750,000 | 865,313 | ||||||
Zekelman Industries Inc | 1,275,000 | 1,440,750 | ||||||
|
| |||||||
35,692,134 | ||||||||
|
| |||||||
Technology - 1.6% |
| |||||||
Dell International LLC | ||||||||
5.450% due 06/15/23 ~ | 1,000,000 | 1,098,086 | ||||||
5.875% due 06/15/21 ~ | 200,000 | 209,584 | ||||||
Dell International LLC | 250,000 | 278,003 | ||||||
Infor Software Parent LLC | 1,550,000 | 1,585,340 | ||||||
Infor US Inc | 250,000 | 260,468 | ||||||
NXP BV (Netherlands) | ||||||||
3.875% due 09/01/22 ~ | 550,000 | 574,750 | ||||||
4.625% due 06/01/23 ~ | 1,500,000 | 1,616,250 | ||||||
Quintiles IMS Inc | 1,125,000 | 1,175,625 | ||||||
|
| |||||||
6,798,106 | ||||||||
|
| |||||||
Utilities - 1.2% |
| |||||||
Calpine Corp | 1,500,000 | 1,558,200 | ||||||
Dynegy Inc | ||||||||
7.625% due 11/01/24 | 800,000 | 833,000 | ||||||
8.125% due 01/30/26 ~ | 500,000 | 515,625 | ||||||
NRG Energy Inc | ||||||||
6.625% due 03/15/23 | 750,000 | 777,188 | ||||||
7.250% due 05/15/26 | 375,000 | 404,063 | ||||||
Talen Energy Supply LLC | ||||||||
6.500% due 09/15/24 ~ | 500,000 | 379,375 | ||||||
6.500% due 06/01/25 | 800,000 | 612,000 | ||||||
|
| |||||||
5,079,451 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 286,735,379 | |||||||
|
| |||||||
SENIOR LOAN NOTES - 19.9% |
| |||||||
Basic Materials - 0.2% |
| |||||||
Ineos US Finance LLC Term B (Luxembourg) | 987,472 | 994,076 | ||||||
|
|
Principal |
| |||||||
Communications - 2.1% |
| |||||||
Altice US Finance I Corp Term B | $2,472,401 | $2,474,332 | ||||||
CSC Holdings LLC | 654,609 | 651,273 | ||||||
Frontier Communications Corp Term B-1 | 2,493,750 | 2,377,524 | ||||||
Level 3 Financing Inc Term B | 2,000,000 | 2,001,786 | ||||||
Sprint Communications Inc Term B | 1,492,500 | 1,496,631 | ||||||
|
| |||||||
9,001,546 | ||||||||
|
| |||||||
Consumer, Cyclical - 5.5% |
| |||||||
Beacon Roofing Supply Inc | 1,450,000 | 1,446,375 | ||||||
Caesars Entertainment Resort Properties LLC Term B | 3,199,454 | 3,209,654 | ||||||
CEC Entertainment Inc Term B | 2,705,663 | 2,694,037 | ||||||
ClubCorp Holdings Inc Term B | 2,750,000 | 2,737,477 | ||||||
HD Supply Inc Term B-3 | 1,271,988 | 1,278,149 | ||||||
Neiman Marcus Group Ltd LLC | 968,634 | 724,962 | ||||||
New Red Finance Inc Term B (Canada) | 1,985,839 | 1,986,045 | ||||||
Nexeo Solutions LLC Term B | 987,538 | 996,425 | ||||||
Petco Animal Supplies Inc Term B-1 | 1,967,381 | 1,632,926 | ||||||
PetSmart Inc Term B | 1,959,900 | 1,668,715 | ||||||
SeaWorld Parks & Entertainment Inc Term B-5 | 2,493,734 | 2,428,720 | ||||||
Univar USA Inc Term B | 2,473,750 | 2,485,540 | ||||||
|
| |||||||
23,289,025 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 1.7% |
| |||||||
Brightview Landscapes LLC |
| |||||||
(2nd Lien) |
| |||||||
(LIBOR + 6.500%) 7.734% due 12/18/21 § | 351,064 | 352,929 | ||||||
Term B |
| |||||||
(LIBOR + 3.000%) 4.235% due 12/18/20 § | 719,906 | 723,562 | ||||||
Jaguar Holding Co II | 3,440,960 | 3,462,074 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-16
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
Prime Security Services Borrower LLC Term B | $1,492,509 | $1,505,918 | ||||||
Valeant Pharmaceuticals International Inc | 1,257,828 | 1,281,570 | ||||||
|
| |||||||
7,326,053 | ||||||||
|
| |||||||
Energy - 1.1% |
| |||||||
Arch Coal Inc Term B | 2,493,734 | 2,504,644 | ||||||
Peabody Energy Corp | 2,045,132 | 2,056,635 | ||||||
|
| |||||||
4,561,279 | ||||||||
|
| |||||||
Financial - 1.4% |
| |||||||
AmWINS Group Inc Term B | 1,488,750 | 1,493,505 | ||||||
VF Holdings Corp | 2,476,241 | 2,488,278 | ||||||
WaveDivision Holdings LLC Term B | 1,979,367 | 1,983,326 | ||||||
|
| |||||||
5,965,109 | ||||||||
|
| |||||||
Industrial - 5.0% |
| |||||||
Avolon (US) LLC Term B-2 (Ireland) | 1,496,250 | 1,500,926 | ||||||
BWAY Corp Term B | 1,745,625 | 1,751,080 | ||||||
Flex Acquisition Co Inc | 1,995,000 | 2,002,980 | ||||||
Gates Global LLC Term B-1 | 1,419,065 | 1,426,806 | ||||||
GYP Holdings III Corp | 1,210,892 | 1,220,162 | ||||||
Jeld-Wen Inc Term B-3 | 1,142,344 | 1,153,461 | ||||||
Proampac PG Borrower LLC |
| |||||||
(LIBOR + 4.000%) 5.283% due 11/18/23 § | 1,985,000 | 2,008,262 | ||||||
(2nd Lien) |
| |||||||
(LIBOR + 8.500%) 9.816% due 10/18/24 § | 500,000 | 508,750 | ||||||
Quikrete Holdings Inc Term B | 1,488,750 | 1,488,750 | ||||||
Reynolds Group Holdings Inc Term B | 4,208,820 | 4,230,664 | ||||||
TransDigm Inc |
| |||||||
Term D |
| |||||||
(LIBOR + 3.000%) 4.327% due 06/04/21 § | 987,245 | 991,024 | ||||||
Term E |
| |||||||
due 05/14/22 ¥ | 2,992,704 | 3,003,520 | ||||||
|
| |||||||
21,286,385 | ||||||||
|
|
Principal |
| |||||||
Technology - 2.4% |
| |||||||
First Data Corp | $1,374,288 | $1,377,466 | ||||||
Kronos Inc (2nd Lien) | 1,500,000 | 1,551,375 | ||||||
Microsemi Corp Term B | 1,310,377 | 1,314,707 | ||||||
Solera LLC Term B | 3,969,773 | 3,988,145 | ||||||
Tempo Acquisition LLC Term B | 1,995,000 | 1,999,156 | ||||||
|
| |||||||
10,230,849 | ||||||||
|
| |||||||
Utilities - 0.5% |
| |||||||
Talen Energy Supply LLC Term B-1 | 1,994,987 | 1,958,828 | ||||||
|
| |||||||
Total Senior Loan Notes |
| 84,613,150 | ||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 1.0% |
| |||||||
Fannie Mae - 0.5% |
| |||||||
2.500% due 10/01/32 | 2,000,000 | 2,013,359 | ||||||
|
| |||||||
Freddie Mac - 0.5% |
| |||||||
2.500% due 10/01/32 | 2,000,000 | 2,013,945 | ||||||
|
| |||||||
Total Mortgage-Backed Securities |
| 4,027,304 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES - 1.5% |
| |||||||
ALM XII Ltd (Cayman) |
| |||||||
(LIBOR + 1.600%) 2.904% due 04/16/27 § ~ | 900,000 | 903,888 | ||||||
(LIBOR + 2.050%) 3.354% due 04/16/27 § ~ | 600,000 | 603,125 | ||||||
Babson CLO Ltd (Cayman) | 1,000,000 | 1,002,369 | ||||||
Birchwood Park CLO Ltd (Cayman) | 700,000 | 702,786 | ||||||
Carlyle Global Market Strategies (Cayman) | 1,200,000 | 1,205,900 | ||||||
SLM Private Credit Student Loan Trust | 2,000,000 | 1,911,126 | ||||||
|
| |||||||
Total Asset-Backed Securities | 6,329,194 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-17
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Shares |
| |||||||
SHORT-TERM INVESTMENT - 6.8% | ||||||||
Money Market Fund - 6.8% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 28,965,726 | $28,965,726 | ||||||
|
| |||||||
Total Short-Term Investment | 28,965,726 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 102.5% | 435,306,889 | |||||||
OTHER ASSETS & LIABILITIES, NET - (2.5%) | (10,817,128 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $424,489,761 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 67.5% | |||
Senior Loan Notes | 19.9% | |||
Short-Term Investment | 6.8% | |||
Common Stocks | 4.6% | |||
Others (each less than 3.0%) | 3.7% | |||
|
| |||
102.5% | ||||
Other Assets & Liabilities, Net | (2.5% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Pursuant to the terms of the following senior loan agreement, the Fund had an unfunded loan commitment of $2,985,000 or 0.7% of net assets as of September 30, 2017, which could be extended at the option of the borrower. |
Borrower | Unfunded Loan Commitment | Value | Unrealized Appreciation (Depreciation) | |||||||||
Allied Universal Holdco LLC | $2,985,000 | $3,000,312 | $15,312 | |||||||||
|
|
|
|
|
|
(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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $19,695,368 | $19,091,693 | $— | $603,675 | |||||||||||||
Exchange-Traded Funds | 4,940,768 | 4,940,768 | — | — | ||||||||||||||
Corporate Bonds & Notes | 286,735,379 | — | 286,735,379 | — | ||||||||||||||
Senior Loan Notes | 84,613,150 | — | 84,613,150 | — | ||||||||||||||
Mortgage-Backed Securities | 4,027,304 | — | 4,027,304 | — | ||||||||||||||
Asset-Backed Securities | 6,329,194 | — | 6,329,194 | — | ||||||||||||||
Short-Term Investment | 28,965,726 | 28,965,726 | — | — | ||||||||||||||
Unfunded Loan Commitment | 3,000,312 | — | 3,000,312 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $438,307,201 | $52,998,187 | $384,705,339 | $603,675 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-18
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM FLOATING RATE INCOME
Schedule of Investments
September 30, 2017 (Unaudited)
Shares |
| |||||||
COMMON STOCKS - 0.3% | ||||||||
Energy - 0.3% |
| |||||||
Ocean Rig UDW Inc (Cyprus) * | 172,651 | $4,103,914 | ||||||
|
| |||||||
Total Common Stocks | 4,103,914 | |||||||
|
| |||||||
Principal | ||||||||
CORPORATE BONDS & NOTES - 3.2% | ||||||||
Consumer, Cyclical - 0.6% | ||||||||
Caesars Entertainment Resort Properties LLC | $7,000,000 | 7,463,750 | ||||||
|
| |||||||
Consumer, Non-Cyclical - 1.0% |
| |||||||
Prime Security Services Borrower LLC | 8,118,000 | 8,978,995 | ||||||
Valeant Pharmaceuticals International | 2,609,000 | 2,566,604 | ||||||
|
| |||||||
11,545,599 | ||||||||
|
| |||||||
Energy - 0.4% |
| |||||||
EP Energy LLC | ||||||||
8.000% due 11/29/24 ~ | 3,459,000 | 3,510,885 | ||||||
9.375% due 05/01/20 | 2,000,000 | 1,675,000 | ||||||
|
| |||||||
5,185,885 | ||||||||
|
| |||||||
Industrial - 1.2% |
| |||||||
Reynolds Group Issuer Inc (New Zealand) | 14,745,000 | 15,022,206 | ||||||
|
| |||||||
Total Corporate Bonds & Notes | 39,217,440 | |||||||
|
| |||||||
SENIOR LOAN NOTES - 94.7% | ||||||||
Basic Materials - 3.6% | ||||||||
Avantor Performance Materials Holdings LLC | 10,945,000 | 10,932,687 | ||||||
Big River Steel LLC Term B | 4,250,000 | 4,292,500 | ||||||
Huntsman International LLC Term B | 1,768,225 | 1,780,381 | ||||||
MacDermid Inc | ||||||||
Term B-5 | ||||||||
(LIBOR + 3.500%) | ||||||||
4.735% due 06/07/20 § ¥ | 11,884,859 | 11,954,896 | ||||||
Term B-6 | ||||||||
(LIBOR + 3.000%) | ||||||||
4.235% due 06/07/23 § ¥ | 4,713,451 | 4,739,965 | ||||||
PQ Corp Term B-1 | 10,533,027 | 10,644,003 | ||||||
|
| |||||||
44,344,432 | ||||||||
|
|
Principal | Value | |||||||
Communications - 9.8% |
| |||||||
Altice US Finance I Corp Term B | $ | 9,476,250 | $ | 9,483,651 | ||||
Avaya Inc | ||||||||
(LIBOR + 7.500%) | ||||||||
8.736% due 01/23/18 § | 27,416,881 | 27,725,321 | ||||||
Term B-7 | ||||||||
(LIBOR + 5.250%) | ||||||||
6.564% due 05/29/20 § W ¥ | 8,045,879 | 6,889,284 | ||||||
CSC Holdings LLC | 10,057,031 | 10,005,781 | ||||||
Cumulus Media Holdings Inc Term B | 8,616,908 | 7,130,492 | ||||||
Frontier Communications Corp Term B-1 | 9,226,875 | 8,796,838 | ||||||
iHeartCommunications Inc Term D | 11,495,000 | 8,897,130 | ||||||
Intelsat Jackson Holdings SA | 10,592,000 | 10,571,038 | ||||||
Sprint Communications Inc Term B | 9,950,000 | 9,977,542 | ||||||
Telesat Canada Term B-4 (Canada) | 6,417,678 | 6,480,135 | ||||||
Uber Technologies Inc Term B | 13,792,839 | 13,846,286 | ||||||
|
| |||||||
119,803,498 | ||||||||
|
| |||||||
Consumer, Cyclical - 20.5% |
| |||||||
24 Hour Fitness Worldwide Inc Term B | 8,833,601 | 8,847,293 | ||||||
BJ’s Wholesale Club Inc (2nd Lien) | 6,900,000 | 6,624,000 | ||||||
Caesars Entertainment Resort Properties LLC Term B | 22,600,121 | 22,672,170 | ||||||
Caesars Growth Properties Holdings LLC Term B | 15,845,280 | 15,875,988 | ||||||
CEC Entertainment Inc Term B | 14,463,107 | 14,400,959 | ||||||
CityCenter Holdings LLC Term B | 5,985,000 | 6,015,392 | ||||||
ClubCorp Holdings Inc Term B | 11,250,000 | 11,198,767 | ||||||
Dollar Tree Inc Term B-2 | 8,890,000 | 9,036,312 | ||||||
Dragon Merger Sub LLC | ||||||||
(LIBOR + 4.000%) | ||||||||
5.313% due 07/24/24 § | 4,000,000 | 4,047,500 | ||||||
(2nd Lien) | ||||||||
(LIBOR + 8.250%) | ||||||||
9.563% due 07/24/25 § | 2,750,000 | 2,763,750 | ||||||
Federal-Mogul Holdings LLC Term C | 1,592,633 | 1,601,426 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-19
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal | Value | |||||||
Golden Entertainment Inc Term B | $ | 7,000,000 | $ | 6,991,250 | ||||
Golden Nugget Inc | 7,979,834 | 8,031,703 | ||||||
Landry’s Inc | 2,500,000 | 2,510,157 | ||||||
Morsco Inc | 6,132,813 | 6,196,698 | ||||||
NEP/NCP Holdco Inc | 3,487,404 | 3,496,122 | ||||||
New Red Finance Inc Term B (Canada) | 8,199,510 | 8,200,363 | ||||||
Nexeo Solutions LLC Term B | 7,396,581 | 7,463,151 | ||||||
NPC International Inc | ||||||||
(LIBOR + 3.500%) | ||||||||
4.738% due 04/20/24 § | 8,399,682 | 8,464,427 | ||||||
(2nd Lien) | ||||||||
(LIBOR + 7.500%) | ||||||||
8.738% due 04/18/25 § | 3,500,000 | 3,548,125 | ||||||
Petco Animal Supplies Inc Term B-1 | 5,962,331 | 4,948,735 | ||||||
PF Chang’s China Bistro Inc | 8,250,000 | 8,043,750 | ||||||
Playa Resorts Holding BV Term B | 8,054,813 | 8,055,650 | ||||||
Radio Systems Corp Term B | 5,486,250 | 5,534,255 | ||||||
Rite Aid Corp (2nd Lien) | ||||||||
(LIBOR + 4.750%) | ||||||||
5.990% due 08/21/20 § | 23,083,930 | 23,242,632 | ||||||
Term 2 | ||||||||
(LIBOR + 3.875%) | ||||||||
5.115% due 06/21/21 § | 500,000 | 503,437 | ||||||
SeaWorld Parks & Entertainment Inc Term B-5 | 2,792,982 | 2,720,167 | ||||||
Spin Holdco Inc Term B | 9,476,250 | 9,455,099 | ||||||
SRS Distribution Inc | ||||||||
(2nd Lien) | ||||||||
(LIBOR + 8.750%) | ||||||||
9.985% due 02/24/23 § | 12,943,580 | 13,321,105 | ||||||
Term B-4 | ||||||||
(LIBOR + 3.250%) | ||||||||
4.525% due 08/25/22 § | 7,049,159 | 7,102,027 | ||||||
Univar USA Inc Term B | 10,190,568 | 10,239,137 | ||||||
|
| |||||||
251,151,547 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 13.2% |
| |||||||
Air Medical Group Holdings Inc Term B | ||||||||
(LIBOR + 3.500%) | ||||||||
4.485% due 04/28/22 § | 6,981,055 | 6,941,786 | ||||||
due 09/26/24 ¥ | 6,250,000 | 6,255,875 | ||||||
Air Methods Corp | 4,917,199 | 4,861,113 |
Principal | Value | |||||||
Albertson’s LLC Term B-6 | $ | 2,793,000 | $ | 2,689,260 | ||||
Allied Universal Holdco LLC | ||||||||
(LIBOR + 3.750%) | ||||||||
5.083% due 07/28/22 § | 11,046,342 | 11,047,491 | ||||||
(2nd Lien) | ||||||||
(LIBOR + 8.500%) | ||||||||
9.811% due 07/28/23 § | 5,100,000 | 5,106,375 | ||||||
Alphabet Holding Co Inc | ||||||||
(LIBOR + 3.500%) | ||||||||
4.833% due 08/15/24 § ¥ | 6,500,000 | 6,450,574 | ||||||
(2nd Lien) | ||||||||
(LIBOR + 7.750%) | ||||||||
9.083% due 08/15/25 § | 7,750,000 | 7,627,294 | ||||||
Avantor Inc | 7,375,000 | 7,398,047 | ||||||
Avatar Purchaser Inc | 7,000,000 | 6,965,000 | ||||||
Brand Energy & Infrastructure Services Inc | 15,211,875 | 15,301,762 | ||||||
Brightview Landscapes LLC (2nd Lien) | 2,870,922 | 2,886,175 | ||||||
Camelot Finance LP | 7,294 | 7,330 | ||||||
Diamond BC BV | 7,625,000 | 7,618,770 | ||||||
Garda World Security Corp Term B (Canada) | 8,116,060 | 8,199,761 | ||||||
Jaguar Holding Co II | 4,154 | 4,179 | ||||||
NVA Holdings Inc | ||||||||
(2nd Lien) | ||||||||
(LIBOR + 7.000%) | ||||||||
8.333% due 08/14/22 § | 1,142,857 | 1,153,571 | ||||||
Term B-2 | ||||||||
(LIBOR + 3.500%) | ||||||||
4.833% due 08/14/21 § | 8,885,932 | 8,967,851 | ||||||
PAREXEL International Corp Term B | 7,750,000 | 7,813,937 | ||||||
Prime Security Services Borrower LLC Term B | 9,646,585 | 9,733,250 | ||||||
Reddy Ice Corp | 10,578,311 | 10,450,980 | ||||||
Valeant Pharmaceuticals International Inc | 16,967,110 | 17,287,364 | ||||||
WEX Inc Term B | 7,539,634 | 7,619,743 | ||||||
|
| |||||||
162,387,488 | ||||||||
|
| |||||||
Energy - 0.8% |
| |||||||
Arch Coal Inc Term B | 5,486,216 | 5,510,218 | ||||||
EP Energy LLC Term B-3 (2nd Lien) | 180,322 | 167,699 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-20
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal | Value | |||||||
Peabody Energy Corp | $ | 3,408,553 | $ | 3,427,726 | ||||
Traverse Midstream Partners LLC Term B | 1,000,000 | 1,013,750 | ||||||
|
| |||||||
10,119,393 | ||||||||
|
| |||||||
Financial - 10.0% |
| |||||||
AlixPartners LLP Term B | ||||||||
(LIBOR + 2.750%) | ||||||||
4.075% due 04/04/24 § ¥ | 4,000,000 | 4,017,500 | ||||||
(LIBOR + 3.000%) | ||||||||
4.333% due 04/04/24 § | 10,198,750 | 10,243,370 | ||||||
Alliant Holdings Intermediate LLC | 16,124,005 | 16,208,704 | ||||||
AmWINS Group Inc (2nd Lien) | ||||||||
(LIBOR + 6.750%) | ||||||||
7.985% due 01/24/25 § | 3,508,475 | 3,593,264 | ||||||
Term B | ||||||||
(LIBOR + 2.750%) | ||||||||
3.984% due 01/25/24 § | 977,538 | 980,660 | ||||||
DTZ US Borrower LLC | ||||||||
(2nd Lien) | ||||||||
(LIBOR + 8.250%) | ||||||||
9.561% due 11/04/22 § | 400,426 | 402,094 | ||||||
Term B | ||||||||
(LIBOR + 3.250%) | ||||||||
4.566% due 11/04/21 § | 10,774,088 | 10,812,250 | ||||||
HUB International Ltd Term B | 16,418,141 | 16,540,292 | ||||||
NFP Corp Term B | 11,559,162 | 11,656,178 | ||||||
USI Inc Term B | ||||||||
(LIBOR + 3.000%) | ||||||||
3.000% due 05/16/24 § ¥ | 4,000,000 | 3,992,500 | ||||||
(LIBOR + 3.000%) | ||||||||
4.314% due 05/16/24 § | 12,800,000 | 12,761,331 | ||||||
VF Holdings Corp | 18,991,121 | 19,083,437 | ||||||
WaveDivision Holdings LLC Term B | 12,827,825 | 12,853,481 | ||||||
|
| |||||||
123,145,061 | ||||||||
|
| |||||||
Industrial - 24.8% |
| |||||||
Accudyne Industries Borrower SCA | 9,000,000 | 9,033,750 | ||||||
Allflex Holdings III Inc Term B | 5,880,504 | 5,929,506 | ||||||
Anchor Glass Container Corp | 992,500 | 997,876 | ||||||
(2nd Lien) | 5,830,000 | 5,942,956 | ||||||
Avolon (US) LLC (Ireland) | 997,500 | 1,001,953 | ||||||
Term B-2 | ||||||||
(LIBOR + 2.750%) | ||||||||
3.986% due 04/03/22 § ¥ | 16,485,000 | 16,536,516 |
Principal | Value | |||||||
BWAY Corp Term B | $ | 9,975,000 | $ | 10,006,172 | ||||
Clark Equipment Co Term B (South Korea) | 7,462,500 | 7,514,581 | ||||||
Columbus McKinnon Corp Term B | 4,277,268 | 4,305,284 | ||||||
Crosby US Acquisition Corp | ||||||||
(LIBOR + 3.000%) | ||||||||
4.315% due 11/22/20 § | 13,396,911 | 12,417,262 | ||||||
(2nd Lien) | ||||||||
(LIBOR + 6.000%) | ||||||||
7.315% due 11/22/21 § | 2,799,925 | 2,323,937 | ||||||
DiversiTech Holdings Inc | ||||||||
(LIBOR + 3.500%) | ||||||||
4.840% due 06/01/24 § | 8,728,125 | 8,768,126 | ||||||
(2nd Lien) | ||||||||
(LIBOR + 7.500%) | ||||||||
8.840% due 06/02/25 § | 5,750,000 | 5,843,437 | ||||||
Drillship Kithira Owners Inc | 1,049,041 | 1,067,399 | ||||||
Engineered Machinery Holdings Inc | ||||||||
(LIBOR + 3.250%) | ||||||||
4.275% due 07/19/24 § | 44,248 | 44,331 | ||||||
(LIBOR + 3.250%) | ||||||||
4.556% due 07/19/24 § | 442,478 | 443,308 | ||||||
(2nd Lien) | ||||||||
(LIBOR + 7.250%) | ||||||||
7.410% due 07/19/25 § | 19,148 | 19,317 | ||||||
(2nd Lien) | ||||||||
(LIBOR + 7.250%) | ||||||||
8.561% due 07/19/25 § | 1,340,426 | 1,352,154 | ||||||
EWT Holdings III Corp | 9,605,779 | 9,725,851 | ||||||
Filtration Group Inc Term B | 1,989,645 | 2,006,847 | ||||||
Flex Acquisition Co Inc | 17,218,742 | 17,287,617 | ||||||
Forterra Finance LLC | 5,441,297 | 4,622,833 | ||||||
Gardner Denver Inc Term B-1 | 6,625,000 | 6,637,800 | ||||||
Gates Global LLC Term B-1 | 14,021,075 | 14,097,560 | ||||||
GYP Holdings III Corp | 5,633,626 | 5,676,757 | ||||||
HGIM Corp Term B | 11,948,430 | 4,201,869 | ||||||
Jeld-Wen Inc Term B-3 | 10,181,881 | 10,280,972 | ||||||
Kloeckner Pentaplast of America Inc | 12,500,000 | 12,549,475 | ||||||
Power Products LLC | 7,716,861 | 7,789,206 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-21
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal | Value | |||||||
Proampac PG Borrower LLC | ||||||||
(LIBOR + 4.000%) | ||||||||
5.283% due 11/18/23 § | $ | 15,755,290 | $ | 15,939,927 | ||||
(2nd Lien) | ||||||||
(LIBOR + 8.500%) | ||||||||
9.816% due 11/18/24 § | 3,690,000 | 3,754,575 | ||||||
Quikrete Holdings Inc Term B | 12,660,594 | 12,660,594 | ||||||
Reynolds Group Holdings Inc Term B | 18,392,621 | 18,488,079 | ||||||
StandardAero Aviation Holdings Inc | ||||||||
(LIBOR + 3.750%) | ||||||||
due 07/07/22 ¥ | 6,000,000 | 6,046,074 | ||||||
(LIBOR +3.750%) | ||||||||
4.990% due 07/07/22 § | 1,492,386 | 1,505,071 | ||||||
Transcendia Holdings Inc Term B | 5,486,250 | 5,561,686 | ||||||
TransDigm Inc | ||||||||
Term D | ||||||||
(LIBOR + 3.000%) | ||||||||
4.327% due 06/04/21 § | 3,334,552 | 3,347,316 | ||||||
Term F | ||||||||
(LIBOR + 3.000%) | ||||||||
4.269% due 06/09/23 § | 3,959,900 | 3,973,514 | ||||||
Term G | ||||||||
(LIBOR + 3.000%) | ||||||||
4.257% due 08/22/24 § | 17,705,625 | 17,757,272 | ||||||
TricorBraun Inc | 4,060,227 | 4,093,684 | ||||||
USIC Holdings Inc | 4,466,250 | 4,498,353 | ||||||
Welbilt Inc Term B | 4,546,917 | 4,582,442 | ||||||
Zekelman Industries Inc Term B | 5,295,990 | 5,322,470 | ||||||
Zodiac Pool Solutions LLC | 7,940,100 | 8,010,815 | ||||||
|
| |||||||
303,966,524 | ||||||||
|
| |||||||
Technology - 9.5% |
| |||||||
Almonde Inc | ||||||||
(2nd Lien) | ||||||||
(LIBOR + 7.250%) | ||||||||
8.567% due 06/13/25 § | 750,000 | 766,607 | ||||||
Term B | ||||||||
(LIBOR + 3.500%) | ||||||||
4.817% due 06/16/24 § | 5,750,000 | 5,780,561 | ||||||
Applied Systems Inc | ||||||||
(2nd Lien) | ||||||||
(LIBOR + 7.000%) | ||||||||
8.324% due 09/19/25 § ¥ | 9,220,000 | 9,485,075 | ||||||
Term B | ||||||||
(LIBOR + 3.250%) | ||||||||
4.574% due 09/19/24 § | 3,000,000 | 3,032,499 | ||||||
Bright Bidco BV (Netherlands) | 3,990,000 | 4,032,394 | ||||||
CCC Information Services Inc | ||||||||
(2nd Lien) | ||||||||
(LIBOR + 6.750%) | ||||||||
7.985% due 03/31/25 § | 11,955,000 | 12,343,537 |
Principal | Value | |||||||
Term B | ||||||||
(LIBOR + 3.000%) | ||||||||
4.240% due 03/31/24 § | $ | 7,481,250 | $ | 7,475,796 | ||||
Hyland Software Inc | 2,743,108 | 2,772,467 | ||||||
Kronos Inc | ||||||||
(2nd Lien) | ||||||||
(LIBOR + 8.250%) | ||||||||
9.561% due 11/01/24 § | 15,550,000 | 16,082,588 | ||||||
Term B | ||||||||
(LIBOR + 3.500%) | ||||||||
4.811% due 11/01/23 § | 7,457,553 | 7,508,123 | ||||||
McAfee LLC Term B | 7,500,000 | 7,544,063 | ||||||
Rackspace Hosting Inc Term B | 3,885,512 | 3,886,207 | ||||||
Solera LLC Term B | 20,343,180 | 20,437,329 | ||||||
Tempo Acquisition LLC Term B | 15,960,000 | 15,993,245 | ||||||
|
| |||||||
117,140,491 | ||||||||
|
| |||||||
Utilities - 2.5% |
| |||||||
Energy Future Intermediate Holding Co LLC | 7,500,000 | 7,543,748 | ||||||
Helix Gen Funding LLC Term B | 4,282,388 | 4,334,432 | ||||||
Pike Corp Term B | 6,982,500 | 7,051,452 | ||||||
Talen Energy Supply LLC | ||||||||
Term B-1 | ||||||||
(LIBOR + 4.000%) | ||||||||
5.235% due 07/06/23 § ¥ | 3,491,228 | 3,427,950 | ||||||
Term B-2 | ||||||||
(LIBOR + 4.000%) | ||||||||
5.235% due 04/13/24 § | 2,393,775 | 2,349,890 | ||||||
Vistra Operations Co LLC Term B-2 | 5,466,231 | 5,490,714 | ||||||
|
| |||||||
30,198,186 | ||||||||
|
| |||||||
Total Senior Loan Notes |
| 1,162,256,620 | ||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 6.5% | ||||||||
Money Market Fund - 6.5% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 80,039,318 | 80,039,318 | ||||||
|
| |||||||
Total Short-Term Investment |
| 80,039,318 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 104.7% |
| 1,285,617,292 | ||||||
OTHER ASSETS & LIABILITIES, NET - (4.7%) |
| (57,603,752 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $1,228,013,540 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-22
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition as a percentage of net assets was as follows: |
Industrial | 26.0% | |||
Consumer, Cyclical | 21.1% | |||
Consumer, Non-Cyclical | 14.2% | |||
Financial | 10.0% | |||
Communications | 9.8% | |||
Technology | 9.5% | |||
Short-Term Investment | 6.5% | |||
Basic Materials | 3.6% | |||
Others (each less than 3.0%) | 4.0% | |||
|
| |||
104.7% | ||||
Other Assets & Liabilities, Net | (4.7% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | An investment with a value of $6,889,284 or 0.6% of the Fund’s net assets was in default as of September 30, 2017. |
(c) | Pursuant to the terms of the following senior loan agreements, the Fund had unfunded loan commitments of $561,655 or less than 0.1% of net assets as of September 30, 2017, which could be extended at the option of the borrower. |
Borrower | Unfunded Loan Commitments | Value | Unrealized Appreciation (Depreciation) | |||||||||
Engineered Machinery Holdings Inc | $13,274 | $13,299 | $25 | |||||||||
Engineered Machinery Holdings Inc (2nd Lien) | 140,426 | 141,655 | 1,229 | |||||||||
TricorBraun Inc | 407,955 | 412,462 | 4,507 | |||||||||
|
|
|
|
|
| |||||||
$561,655 | $567,416 | $5,761 | ||||||||||
|
|
|
|
|
|
(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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $4,103,914 | $4,103,914 | $— | $— | |||||||||||||
Corporate Bonds & Notes | 39,217,440 | — | 39,217,440 | — | ||||||||||||||
Senior Loan Notes | 1,162,256,620 | — | 1,162,256,620 | — | ||||||||||||||
Short-Term Investment | 80,039,318 | 80,039,318 | — | — | ||||||||||||||
Unfunded Loan Commitments | 567,416 | — | 567,416 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $1,286,184,708 | $84,143,232 | $1,202,041,476 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-23
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM LIMITED DURATION HIGH INCOME
Schedule of Investments
September 30, 2017 (Unaudited)
|
| |||||||
COMMON STOCKS - 1.0% | ||||||||
Consumer, Cyclical - 1.0% | ||||||||
Modular Space Corp * ± | 21,952 | $329,280 | ||||||
|
| |||||||
Total Common Stocks | 329,280 | |||||||
|
| |||||||
Principal | ||||||||
CORPORATE BONDS & NOTES - 58.3% | ||||||||
Basic Materials - 4.4% | ||||||||
ArcelorMittal (Luxembourg) | $250,000 | 273,125 | ||||||
Barminco Finance Pty Ltd (Australia) | 150,000 | 145,500 | ||||||
Constellium NV (Netherlands) | ||||||||
6.625% due 03/01/25 ~ | 250,000 | 256,563 | ||||||
8.000% due 01/15/23 ~ | 250,000 | 265,625 | ||||||
Freeport-McMoran Inc | 250,000 | 251,437 | ||||||
Hexion Inc | 150,000 | 135,000 | ||||||
Teck Resources Ltd (Canada) | 200,000 | 203,290 | ||||||
|
| |||||||
1,530,540 | ||||||||
|
| |||||||
Communications - 11.1% |
| |||||||
CCO Holdings LLC | 250,000 | 260,000 | ||||||
Cequel Communications Holdings I LLC | 274,000 | 280,508 | ||||||
Charter Communications Operating LLC | 250,000 | 264,298 | ||||||
Clear Channel Worldwide Holdings Inc | 150,000 | 155,250 | ||||||
CSC Holdings LLC | 250,000 | 274,375 | ||||||
DISH DBS Corp | ||||||||
5.875% due 11/15/24 | 150,000 | 157,718 | ||||||
6.750% due 06/01/21 | 250,000 | 275,625 | ||||||
Hughes Satellite Systems Corp | 400,000 | 455,708 | ||||||
Outfront Media Capital LLC | 250,000 | 259,375 | ||||||
Sprint Communications Inc | 150,000 | 161,955 | ||||||
Sprint Corp | 550,000 | 612,562 | ||||||
T-Mobile USA Inc | 250,000 | 265,937 | ||||||
Townsquare Media Inc | 150,000 | 152,812 | ||||||
WaveDivision Escrow LLC | 250,000 | 256,875 | ||||||
|
| |||||||
3,832,998 | ||||||||
|
| |||||||
Consumer, Cyclical - 9.1% |
| |||||||
AV Homes Inc | 200,000 | 206,500 | ||||||
Beacon Roofing Supply Inc | 250,000 | 267,500 | ||||||
Beazer Homes USA Inc | ||||||||
5.875% due 10/15/27 ~ | 50,000 | 50,125 | ||||||
7.250% due 02/01/23 | 450,000 | 470,250 |
Principal | Value | |||||||
CalAtlantic Group Inc | $400,000 | $442,800 | ||||||
Constellation Merger Sub Inc | 180,000 | 177,300 | ||||||
CRC Escrow Issuer LLC | 125,000 | 125,000 | ||||||
IHO Verwaltungs GmbH (Germany) | 200,000 | 204,000 | ||||||
Landry’s Inc | 150,000 | 152,063 | ||||||
Lennar Corp | 250,000 | 265,312 | ||||||
Mattamy Group Corp (Canada) | 125,000 | 128,750 | ||||||
MGM Resorts International | 250,000 | 276,250 | ||||||
NCL Corp Ltd | 250,000 | 256,875 | ||||||
The Men’s Wearhouse Inc | 125,000 | 119,687 | ||||||
|
| |||||||
3,142,412 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 9.0% |
| |||||||
Ahern Rentals Inc | 100,000 | 92,000 | ||||||
HCA Healthcare Inc | 175,000 | 189,875 | ||||||
HCA Inc | 400,000 | 433,500 | ||||||
Herc Rentals Inc | 230,000 | 249,837 | ||||||
JBS USA LUX SA (Brazil) | 300,000 | 307,500 | ||||||
MEDNAX Inc | 250,000 | 262,500 | ||||||
Pilgrim’s Pride Corp | 25,000 | 25,875 | ||||||
Tenet Healthcare Corp | ||||||||
5.125% due 05/01/25 ~ | 100,000 | 98,875 | ||||||
6.750% due 06/15/23 | 250,000 | 240,313 | ||||||
The ADT Corp | 300,000 | 334,125 | ||||||
TMS International Corp | 160,000 | 164,000 | ||||||
Valeant Pharmaceuticals International Inc | ||||||||
5.625% due 12/01/21 ~ | 150,000 | 141,000 | ||||||
5.875% due 05/15/23 ~ | 50,000 | 44,313 | ||||||
6.375% due 10/15/20 ~ | 400,000 | 401,376 | ||||||
7.500% due 07/15/21 ~ | 100,000 | 100,000 | ||||||
|
| |||||||
3,085,089 | ||||||||
|
| |||||||
Energy - 5.9% |
| |||||||
Callon Petroleum Co | 200,000 | 210,000 | ||||||
Cheniere Corpus Christi Holdings LLC | 200,000 | 228,250 | ||||||
Chesapeake Energy Corp | ||||||||
6.125% due 02/15/21 | 150,000 | 151,500 | ||||||
8.000% due 01/15/25 ~ | 25,000 | 25,313 | ||||||
Continental Resources Inc | 150,000 | 145,500 | ||||||
Energy Transfer Partners LP | 150,000 | 153,750 | ||||||
Ensco PLC | 125,000 | 123,437 | ||||||
EP Energy LLC | 150,000 | 152,250 | ||||||
Precision Drilling Corp (Canada) | 125,000 | 128,125 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-24
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS LIMITED DURATION HIGH INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal | Value | |||||||
Range Resources Corp | $100,000 | $103,750 | ||||||
Sanchez Energy Corp | 150,000 | 142,875 | ||||||
SemGroup Corp | ||||||||
6.375% due 03/15/25 ~ | 50,000 | 49,250 | ||||||
7.250% due 03/15/26 ~ | 25,000 | 25,250 | ||||||
SESI LLC | 200,000 | 205,000 | ||||||
Whiting Petroleum Corp | 200,000 | 197,750 | ||||||
|
| |||||||
2,042,000 | ||||||||
|
| |||||||
Financial - 2.6% |
| |||||||
Ally Financial Inc | 350,000 | 363,125 | ||||||
ASP AMC Merger Sub Inc | 175,000 | 169,313 | ||||||
Intelsat Connect Finance SA (Luxembourg) | 156,000 | 153,367 | ||||||
Jefferies Finance LLC | 200,000 | 207,000 | ||||||
|
| |||||||
892,805 | ||||||||
|
| |||||||
Industrial - 12.4% |
| |||||||
Apex Tool Group LLC | 150,000 | 139,500 | ||||||
ARD Finance SA (Luxembourg) | 200,000 | 214,000 | ||||||
Ardagh Packaging Finance PLC (Ireland) | 200,000 | 212,250 | ||||||
Berry Global Inc | 400,000 | 419,500 | ||||||
BWAY Holding Co | 150,000 | 156,937 | ||||||
Cloud Crane LLC | 125,000 | 139,062 | ||||||
Coveris Holdings SA (Luxembourg) | 250,000 | 247,500 | ||||||
Flex Acquisition Co Inc | 165,000 | 171,600 | ||||||
Louisiana-Pacific Corp | 175,000 | 180,751 | ||||||
New Enterprise Stone & Lime Co Inc | 150,000 | 162,375 | ||||||
Novelis Corp | 350,000 | 356,125 | ||||||
Owens-Brockway Glass Container Inc | 250,000 | 276,719 | ||||||
Reynolds Group Issuer Inc (New Zealand) | 400,000 | 407,520 | ||||||
Sealed Air Corp | 500,000 | 533,750 | ||||||
TransDigm Inc | 250,000 | 254,063 | ||||||
US Concrete Inc | 200,000 | 216,500 | ||||||
Zekelman Industries Inc | 150,000 | 169,500 | ||||||
|
| |||||||
4,257,652 | ||||||||
|
| |||||||
Technology - 2.9% |
| |||||||
Infor Software Parent LLC | 250,000 | 255,700 | ||||||
NXP BV (Netherlands) | 200,000 | 215,500 | ||||||
Quintiles IMS Inc | 250,000 | 261,250 | ||||||
Sensata Technologies BV | 250,000 | 276,250 | ||||||
|
| |||||||
1,008,700 | ||||||||
|
|
Principal | Value | |||||||
Utilities - 0.9% |
| |||||||
Calpine Corp | $250,000 | $237,188 | ||||||
NRG Energy Inc | 67,000 | 68,189 | ||||||
|
| |||||||
305,377 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 20,097,573 | ||||||
|
| |||||||
SENIOR LOAN NOTES - 35.3% |
| |||||||
Consumer, Cyclical - 15.4% |
| |||||||
Caesars Entertainment Resort Properties LLC Term B | 240,625 | 241,392 | ||||||
Caesars Growth Properties Holdings LLC Term B | 497,500 | 498,464 | ||||||
CEC Entertainment Inc Term B | 482,500 | 480,427 | ||||||
ClubCorp Holdings Inc Term B | 250,000 | 248,862 | ||||||
Dollar Tree Inc Term B-2 | 625,000 | 635,286 | ||||||
Neiman Marcus Group Ltd LLC | 481,294 | 360,219 | ||||||
New Red Finance Inc Term B (Canada) | 371,110 | 371,148 | ||||||
Nexeo Solutions LLC Term B | 246,884 | 249,106 | ||||||
Petco Animal Supplies Inc Term B-1 | 488,750 | 405,663 | ||||||
PetSmart Inc Term B | 733,125 | 624,204 | ||||||
Rite Aid Corp (2nd Lien) | 750,000 | 755,156 | ||||||
SRS Distribution Inc (2nd Lien) | 448,630 | 461,715 | ||||||
|
| |||||||
5,331,642 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 6.9% |
| |||||||
Brightview Landscapes LLC (2nd Lien) | 140,426 | 141,171 | ||||||
CHS/Community Health Systems Inc | ||||||||
Term G | ||||||||
(LIBOR + 2.750%) | 21,308 | 21,243 | ||||||
4.067% due 12/31/19 § | ||||||||
Term H | ||||||||
(LIBOR + 3.000%) | 39,344 | 39,191 | ||||||
4.317% due 01/27/21 § | ||||||||
Jaguar Holding Co II | 586,500 | 590,099 | ||||||
MPH Acquisition Holdings LLC Term B | 363,689 | 366,719 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-25
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS LIMITED DURATION HIGH INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal | Value | |||||||
Reddy Ice Corp | $481,768 | $475,969 | ||||||
US Foods Inc Term B | 733,836 | 739,296 | ||||||
|
| |||||||
2,373,688 | ||||||||
|
| |||||||
Financial - 2.8% |
| |||||||
HUB International Ltd Term B | 240,044 | 241,830 | ||||||
VF Holdings Corp | 495,000 | 497,406 | ||||||
WaveDivision Holdings LLC Term B | 240,552 | 241,034 | ||||||
|
| |||||||
980,270 | ||||||||
|
| |||||||
Industrial - 4.7% |
| |||||||
Avolon (US) LLC Term B-2 (Ireland) | 498,750 | 500,309 | ||||||
Crosby US Acquisition Corp | 482,456 | 447,176 | ||||||
EWT Holdings III Corp | 288,765 | 292,375 | ||||||
Gates Global LLC Term B-1 | 171,865 | 172,802 | ||||||
RBS Global Inc Term B | 204,401 | 205,350 | ||||||
|
| |||||||
1,618,012 | ||||||||
|
| |||||||
Technology - 2.6% |
| |||||||
First Data Corp | 458,096 | 459,155 | ||||||
Kronos Inc (2nd Lien) | 250,000 | 258,563 | ||||||
Microsemi Corp Term B | 173,355 | 173,928 | ||||||
|
| |||||||
891,646 | ||||||||
|
|
Principal | Value | |||||||
Utilities - 2.9% |
| |||||||
AES Corp Term B | $497,500 | $497,396 | ||||||
Vistra Operations Co LLC |
| |||||||
Term B | ||||||||
(LIBOR + 2.750%) | 404,089 | 405,388 | ||||||
3.984% due 12/14/23 § | ||||||||
Term C | ||||||||
(LIBOR + 2.750%) | 92,857 | 93,156 | ||||||
3.982% due 12/14/23 § | ||||||||
|
| |||||||
995,940 | ||||||||
|
| |||||||
Total Senior Loan Notes |
| 12,191,198 | ||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 6.1% | ||||||||
Money Market Fund - 6.1% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 2,113,396 | 2,113,396 | ||||||
|
| |||||||
Total Short-Term Investment | 2,113,396 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.7% | 34,731,447 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.7%) | (240,442 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $34,491,005 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Cyclical | 25.5% | |||
Industrial | 17.1% | |||
Consumer, Non-Cyclical | 15.9% | |||
Communications | 11.1% | |||
Short-Term Investment | 6.1% | |||
Energy | 5.9% | |||
Technology | 5.5% | |||
Financial | 5.4% | |||
Basic Materials | 4.4% | |||
Utilities | 3.8% | |||
|
| |||
100.7% | ||||
Other Assets & Liabilities, Net | (0.7% | ) | ||
|
| |||
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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $329,280 | $— | $— | $329,280 | |||||||||||||
Corporate Bonds & Notes | 20,097,573 | — | 20,097,573 | — | ||||||||||||||
Senior Loan Notes | 12,191,198 | — | 12,191,198 | — | ||||||||||||||
Short-Term Investment | 2,113,396 | 2,113,396 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $34,731,447 | $2,113,396 | $32,288,771 | $329,280 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-26
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM HIGH INCOME
Schedule of Investments
September 30, 2017 (Unaudited)
| Value | |||||||
COMMON STOCKS - 3.1% | ||||||||
Consumer, Cyclical - 1.8% | ||||||||
Cedar Fair LP | 1,300 | $83,356 | ||||||
Ford Motor Co | 5,000 | 59,850 | ||||||
Las Vegas Sands Corp | 1,315 | 84,370 | ||||||
Lennar Corp ‘A’ | 950 | 50,160 | ||||||
Modular Space Corp * ± | 7,317 | 109,755 | ||||||
Six Flags Entertainment Corp | 755 | 46,010 | ||||||
|
| |||||||
433,501 | ||||||||
|
| |||||||
Financial - 0.7% | ||||||||
Bank of America Corp | 4,245 | 107,568 | ||||||
The PNC Financial Services Group Inc | 235 | 31,671 | ||||||
Wells Fargo & Co | 750 | 41,362 | ||||||
|
| |||||||
180,601 | ||||||||
|
| |||||||
Industrial - 0.6% |
| |||||||
Allegion PLC | 1,340 | 115,870 | ||||||
Xylem Inc | 631 | 39,520 | ||||||
|
| |||||||
155,390 | ||||||||
|
| |||||||
Total Common Stocks | 769,492 | |||||||
|
| |||||||
Principal | ||||||||
CORPORATE BONDS & NOTES - 89.8% | ||||||||
Basic Materials - 5.8% | ||||||||
Anglo American Capital PLC (United Kingdom) | $200,000 | 208,984 | ||||||
ArcelorMittal (Luxembourg) | 175,000 | 210,875 | ||||||
Barminco Finance Pty Ltd (Australia) | 125,000 | 121,250 | ||||||
Blue Cube Spinco Inc | 125,000 | 152,500 | ||||||
Constellium NV (Netherlands) | 250,000 | 256,562 | ||||||
Freeport-McMoRan Inc | 125,000 | 136,875 | ||||||
Hexion Inc | ||||||||
6.625% due 04/15/20 | 75,000 | 67,500 | ||||||
10.375% due 02/01/22 ~ | 50,000 | 48,250 | ||||||
Teck Resources Ltd (Canada) | 250,000 | 254,112 | ||||||
|
| |||||||
1,456,908 | ||||||||
|
| |||||||
Communications - 13.7% |
| |||||||
Altice Financing SA (Luxembourg) | 125,000 | 137,812 | ||||||
CCO Holdings LLC | 250,000 | 259,717 | ||||||
5.875% due 04/01/24 ~ | 100,000 | 106,375 | ||||||
Clear Channel Worldwide Holdings Inc |
| |||||||
6.500% due 11/15/22 | 124,000 | 128,340 | ||||||
7.625% due 03/15/20 | 100,000 | 99,125 | ||||||
CSC Holdings LLC | 300,000 | 329,250 | ||||||
DISH DBS Corp | ||||||||
5.125% due 05/01/20 | 50,000 | 52,547 | ||||||
5.875% due 11/15/24 | 175,000 | 184,004 | ||||||
Intelsat Jackson Holdings SA (Luxembourg) | ||||||||
7.250% due 10/15/20 | 100,000 | 96,750 | ||||||
8.000% due 02/15/24 ~ | 75,000 | 80,812 | ||||||
Lamar Media Corp | 175,000 | 190,531 |
Principal | Value | |||||||
Level 3 Financing Inc | $175,000 | $179,758 | ||||||
Outfront Media Capital LLC | 225,000 | 236,531 | ||||||
SFR Group SA (France) | 200,000 | 216,250 | ||||||
Sprint Corp | ||||||||
7.250% due 09/15/21 | 125,000 | 139,219 | ||||||
7.625% due 02/15/25 | 250,000 | 288,125 | ||||||
T-Mobile USA Inc | ||||||||
6.000% due 04/15/24 | 100,000 | 106,375 | ||||||
6.625% due 04/01/23 | 275,000 | 290,130 | ||||||
Townsquare Media Inc | 125,000 | 127,344 | ||||||
Virgin Media Secured Finance PLC (United Kingdom) | 200,000 | 211,250 | ||||||
|
| |||||||
3,460,245 | ||||||||
|
| |||||||
Consumer, Cyclical - 19.5% | ||||||||
American Airlines Pass-Through Trust ‘B’ | 155,550 | 166,082 | ||||||
American Axle & Manufacturing Inc | ||||||||
6.250% due 04/01/25 ~ | 75,000 | 76,687 | ||||||
6.500% due 04/01/27 ~ | 75,000 | 75,844 | ||||||
American Builders & Contractors Supply Co Inc | 150,000 | 160,125 | ||||||
AV Homes Inc | 175,000 | 180,687 | ||||||
Beazer Homes USA Inc | ||||||||
5.875% due 10/15/27 ~ | 25,000 | 25,062 | ||||||
7.250% due 02/01/23 | 175,000 | 182,875 | ||||||
Caesars Entertainment Resort Properties LLC | ||||||||
8.000% due 10/01/20 | 175,000 | 179,375 | ||||||
11.000% due 10/01/21 | 75,000 | 79,969 | ||||||
CalAtlantic Group Inc | ||||||||
5.375% due 10/01/22 | 100,000 | 109,265 | ||||||
6.625% due 05/01/20 | 75,000 | 83,025 | ||||||
Carrols Restaurant Group Inc | 125,000 | 133,437 | ||||||
CCM Merger Inc | 125,000 | 129,546 | ||||||
CEC Entertainment Inc | 225,000 | 234,562 | ||||||
Constellation Merger Sub Inc | 275,000 | 270,875 | ||||||
CRC Escrow Issuer LLC | 75,000 | 75,000 | ||||||
Dollar Tree Inc | 150,000 | 158,940 | ||||||
Golden Nugget Inc | 150,000 | 153,000 | ||||||
Hilton Grand Vacations Borrower LLC | 200,000 | 220,050 | ||||||
IHO Verwaltungs GmbH (Germany) | 200,000 | 204,250 | ||||||
Jack Ohio Finance LLC | 125,000 | 131,406 | ||||||
Jacobs Entertainment Inc | 125,000 | 135,000 | ||||||
Landry’s Inc | 275,000 | 278,781 | ||||||
Lennar Corp | ||||||||
4.750% due 05/30/25 | 50,000 | 52,437 | ||||||
4.875% due 12/15/23 | 200,000 | 212,250 | ||||||
Lithia Motors Inc | 125,000 | 130,156 | ||||||
Mattamy Group Corp (Canada) | 150,000 | 154,500 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-27
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal | Value | |||||||
New Red Finance Inc (Canada) | ||||||||
5.000% due 10/15/25 ~ | $175,000 | $178,937 | ||||||
Party City Holdings Inc | 125,000 | 130,625 | ||||||
Six Flags Entertainment Corp | ||||||||
4.875% due 07/31/24 ~ | 75,000 | 76,500 | ||||||
5.500% due 04/15/27 ~ | 50,000 | 51,375 | ||||||
Tesla Inc | 150,000 | 146,857 | ||||||
The Men’s Wearhouse Inc | 75,000 | 71,812 | ||||||
United Airlines Pass-Through Trust ‘B’ | 61,154 | 63,790 | ||||||
US Airways Pass-Through Trust ‘B’ | 188,907 | 201,422 | ||||||
Virgin Australia Trust ‘B’ (Australia) | 19,041 | 19,565 | ||||||
|
| |||||||
4,934,069 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 12.5% | ||||||||
Ahern Rentals Inc | 420,000 | 386,400 | ||||||
Eagle Holding Co II LLC | 135,000 | 140,400 | ||||||
HCA Inc | 450,000 | 487,687 | ||||||
Herc Rentals Inc | 161,000 | 174,886 | ||||||
Jaguar Holding Co II | 90,000 | 94,387 | ||||||
JBS Investments GmbH (Brazil) | 200,000 | 205,250 | ||||||
JBS USA LUX SA (Brazil) | ||||||||
5.875% due 07/15/24 ~ | 75,000 | 75,562 | ||||||
7.250% due 06/01/21 ~ | 50,000 | 51,250 | ||||||
Pilgrim’s Pride Corp | ||||||||
5.750% due 03/15/25 ~ | 25,000 | 25,875 | ||||||
5.875% due 09/30/27 ~ | 25,000 | 25,687 | ||||||
Prime Security Services Borrower LLC | 50,000 | 55,303 | ||||||
Tenet Healthcare Corp | ||||||||
4.625% due 07/15/24 ~ | 125,000 | 123,906 | ||||||
5.125% due 05/01/25 ~ | 75,000 | 74,156 | ||||||
6.750% due 06/15/23 | 125,000 | 120,156 | ||||||
7.500% due 01/01/22 ~ | 25,000 | 26,531 | ||||||
The ADT Corp | 200,000 | 222,750 | ||||||
TMS International Corp | 165,000 | 169,125 | ||||||
United Rentals North America Inc | ||||||||
4.625% due 07/15/23 | 75,000 | 78,563 | ||||||
5.500% due 05/15/27 | 75,000 | 80,156 | ||||||
Valeant Pharmaceuticals International Inc | ||||||||
5.875% due 05/15/23 ~ | 50,000 | 44,313 | ||||||
6.375% due 10/15/20 ~ | 200,000 | 200,688 | ||||||
7.250% due 07/15/22 ~ | 50,000 | 48,938 | ||||||
7.500% due 07/15/21 ~ | 250,000 | 250,000 | ||||||
|
| |||||||
3,161,969 | ||||||||
|
| |||||||
Energy - 13.9% | ||||||||
Callon Petroleum Co | 175,000 | 183,750 | ||||||
Cheniere Corpus Christi Holdings LLC | ||||||||
5.125% due 06/30/27 ~ | 25,000 | 25,875 | ||||||
5.875% due 03/31/25 | 75,000 | 81,000 | ||||||
Cheniere Energy Partners LP | 50,000 | 51,250 |
Principal | Value | |||||||
Chesapeake Energy Corp | ||||||||
6.125% due 02/15/21 | $50,000 | $50,500 | ||||||
8.000% due 12/15/22 ~ | 46,000 | 49,795 | ||||||
8.000% due 01/15/25 ~ | 25,000 | 25,313 | ||||||
8.000% due 06/15/27 ~ | 25,000 | 24,813 | ||||||
Continental Resources Inc | 125,000 | 121,250 | ||||||
Energy Transfer Equity LP | 125,000 | 134,844 | ||||||
Ensco PLC | ||||||||
5.750% due 10/01/44 | 50,000 | 36,125 | ||||||
8.000% due 01/31/24 | 50,000 | 49,375 | ||||||
EP Energy LLC | ||||||||
7.750% due 09/01/22 | 175,000 | 111,563 | ||||||
8.000% due 11/29/24 ~ | 25,000 | 25,375 | ||||||
8.000% due 02/15/25 ~ | 25,000 | 19,594 | ||||||
MEG Energy Corp (Canada) | ||||||||
6.375% due 01/30/23 ~ | 100,000 | 87,750 | ||||||
6.500% due 01/15/25 ~ | 25,000 | 24,438 | ||||||
Noble Holding International Ltd (United Kingdom) | 50,000 | 44,625 | ||||||
NuStar Logistics LP | 75,000 | 79,313 | ||||||
Parsley Energy LLC | 125,000 | 128,281 | ||||||
PDC Energy Inc | 150,000 | 157,500 | ||||||
Precision Drilling Corp (Canada) | ||||||||
6.625% due 11/15/20 | 44,843 | 45,236 | ||||||
7.750% due 12/15/23 | 75,000 | 76,875 | ||||||
QEP Resources Inc | 150,000 | 158,625 | ||||||
Range Resources Corp | 160,000 | 166,000 | ||||||
Rice Energy Inc | 100,000 | 108,500 | ||||||
Sanchez Energy Corp | 150,000 | 142,875 | ||||||
SemGroup Corp | ||||||||
5.625% due 11/15/23 | 100,000 | 97,750 | ||||||
6.375% due 03/15/25 ~ | 75,000 | 73,875 | ||||||
7.250% due 03/15/26 ~ | 25,000 | 25,250 | ||||||
SESI LLC | ||||||||
7.125% due 12/15/21 | 100,000 | 102,500 | ||||||
7.750% due 09/15/24 ~ | 50,000 | 51,875 | ||||||
Southwestern Energy Co | 125,000 | 130,000 | ||||||
Summit Midstream Holdings LLC | ||||||||
5.500% due 08/15/22 | 150,000 | 151,500 | ||||||
5.750% due 04/15/25 | 25,000 | 25,500 | ||||||
Targa Resources Partners LP | ||||||||
5.125% due 02/01/25 | 100,000 | 103,345 | ||||||
5.375% due 02/01/27 | 50,000 | 52,313 | ||||||
6.750% due 03/15/24 | 50,000 | 54,500 | ||||||
Transocean Inc | 65,000 | 59,475 | ||||||
Weatherford International Ltd | 50,000 | 51,625 | ||||||
Whiting Petroleum Corp | 150,000 | 148,313 | ||||||
WPX Energy Inc | ||||||||
5.250% due 09/15/24 | 25,000 | 25,188 | ||||||
6.000% due 01/15/22 | 150,000 | 155,813 | ||||||
|
| |||||||
3,519,262 | ||||||||
|
| |||||||
Financial - 6.7% | ||||||||
AAF Holdings LLC | 67,474 | 70,848 | ||||||
Ally Financial Inc | 350,000 | 380,783 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-28
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal | Value | |||||||
ASP AMC Merger Sub Inc | $125,000 | $120,938 | ||||||
Intelsat Connect Finance (Luxembourg) | 39,000 | 38,342 | ||||||
Iron Mountain Inc | 150,000 | 153,563 | ||||||
Jefferies Finance LLC | 375,000 | 388,125 | ||||||
MGM Growth Properties Operating Partnership LP REIT | 175,000 | 190,502 | ||||||
Springleaf Finance Corp | 175,000 | 198,188 | ||||||
The Howard Hughes Corp | 150,000 | 153,375 | ||||||
|
| |||||||
1,694,664 | ||||||||
|
| |||||||
Industrial - 11.3% | ||||||||
Allegion US Holding Co Inc | 50,000 | 51,440 | ||||||
Apex Tool Group LLC | 175,000 | 162,750 | ||||||
BWAY Holding Co | 125,000 | 130,781 | ||||||
CD&R Waterworks Merger Sub LLC | 100,000 | 103,530 | ||||||
Cloud Crane LLC | 150,000 | 166,875 | ||||||
Coveris Holdings SA (Luxembourg) | 141,000 | 139,590 | ||||||
CPG Merger Sub LLC | 125,000 | 129,688 | ||||||
Flex Acquisition Co Inc | 135,000 | 140,400 | ||||||
JPW Industries Holding Corp | 150,000 | 154,125 | ||||||
Louisiana-Pacific Corp | 250,000 | 258,215 | ||||||
New Enterprise Stone & Lime Co Inc | 125,000 | 135,313 | ||||||
Novelis Corp | 125,000 | 130,650 | ||||||
Park Aerospace Holdings Ltd (Ireland) | ||||||||
5.250% due 08/15/22 ~ | 75,000 | 78,197 | ||||||
5.500% due 02/15/24 ~ | 50,000 | 52,625 | ||||||
Sealed Air Corp | ||||||||
4.875% due 12/01/22 ~ | 75,000 | 80,063 | ||||||
5.125% due 12/01/24 ~ | 25,000 | 27,031 | ||||||
5.500% due 09/15/25 ~ | 75,000 | 82,688 | ||||||
TransDigm Inc | 250,000 | 258,750 | ||||||
US Concrete Inc | 215,000 | 232,738 | ||||||
Welbilt Inc | 165,000 | 190,369 | ||||||
Zekelman Industries Inc | 125,000 | 141,250 | ||||||
|
| |||||||
2,847,068 | ||||||||
|
| |||||||
Technology - 3.6% | ||||||||
Dell International LLC | 125,000 | 130,990 | ||||||
Infor Software Parent LLC | 275,000 | 281,270 | ||||||
Nuance Communications Inc | 100,000 | 106,500 |
Principal | Value | |||||||
Quintiles IMS Inc | $125,000 | $130,625 | ||||||
Sensata Technologies BV | 225,000 | 248,625 | ||||||
|
| |||||||
898,010 | ||||||||
|
| |||||||
Utilities - 2.8% | ||||||||
Calpine Corp | 200,000 | 207,760 | ||||||
Dynegy Inc | 100,000 | 104,125 | ||||||
8.125% due 01/30/26 ~ | 100,000 | 103,125 | ||||||
NRG Energy Inc | 165,000 | 177,788 | ||||||
Talen Energy Supply LLC | 150,000 | 114,750 | ||||||
|
| |||||||
707,548 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 22,679,743 | |||||||
|
| |||||||
SENIOR LOAN NOTES - 0.6% | ||||||||
Consumer, Cyclical - 0.6% | ||||||||
Beacon Roofing Supply Inc | 150,000 | 149,625 | ||||||
|
| |||||||
Total Senior Loan Notes | 149,625 | |||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 6.4% | ||||||||
Money Market Fund - 6.4% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 1,627,740 | 1,627,740 | ||||||
|
| |||||||
Total Short-Term Investment | 1,627,740 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.9% | 25,226,600 | |||||||
DERIVATIVES - 0.1% | ||||||||
(See Note (b) in Notes to Schedule of Investments) |
| 24,033 | ||||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - 0.0% |
| 4,484 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $25,255,117 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Cyclical | 21.9% | |||
Energy | 13.9% | |||
Communications | 13.7% | |||
Consumer, Non-Cyclical | 12.5% | |||
Industrial | 11.9% | |||
Financial | 7.4% | |||
Short Term Investment | 6.4% | |||
Basic Materials | 5.8% | |||
Technology | 3.6% | |||
Others (each less than 3.0%) | 2.8% | |||
|
| |||
99.9% | ||||
Derivatives | 0.1% | |||
Other Assets & Liabilities, Net | 0.0% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-29
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
(b) | Swap agreement outstanding as of September 30, 2017 was as follows: |
Total Return Swaps
Receive Total Return | Pay | Payment Frequency Pay/Receive | Counter- party | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
iBoxx Liquid High Yield Index | 3-Month USD-LIBOR | Q / Z | MSC | 12/20/17 | $500,000 | $24,033 | $— | $24,033 | ||||||||||||||||||
|
|
|
|
|
|
(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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $769,492 | $659,737 | $— | $109,755 | |||||||||||||
Corporate Bonds & Notes | 22,679,743 | — | 22,679,743 | — | ||||||||||||||
Senior Loan Notes | 149,625 | — | 149,625 | — | ||||||||||||||
Short-Term Investment | 1,627,740 | 1,627,740 | — | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Swaps | 24,033 | — | 24,033 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $25,250,633 | $2,287,477 | $22,853,401 | $109,755 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-30
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM LARGE-CAP
Schedule of Investments
September 30, 2017 (Unaudited)
Shares | | |||||||
COMMON STOCKS - 98.1% | ||||||||
Basic Materials - 1.7% | ||||||||
DowDuPont Inc | 3,246 | $224,721 | ||||||
|
| |||||||
Communications - 13.3% | ||||||||
Alphabet Inc ‘A’ * | 262 | 255,115 | ||||||
Alphabet Inc ‘C’ * | 188 | 180,313 | ||||||
Amazon.com Inc * | 317 | 304,748 | ||||||
AT&T Inc | 6,567 | 257,229 | ||||||
CBS Corp ‘B’ | 2,424 | 140,592 | ||||||
Cisco Systems Inc | 1,856 | 62,417 | ||||||
Comcast Corp ‘A’ | 6,752 | 259,817 | ||||||
Facebook Inc ‘A’ * | 2,079 | 355,239 | ||||||
|
| |||||||
1,815,470 | ||||||||
|
| |||||||
Consumer, Cyclical - 9.0% | ||||||||
BorgWarner Inc | 2,933 | 150,258 | ||||||
Delta Air Lines Inc | 3,021 | 145,673 | ||||||
Lear Corp | 459 | 79,444 | ||||||
McDonald’s Corp | 1,325 | 207,601 | ||||||
PVH Corp | 1,247 | 157,197 | ||||||
Royal Caribbean Cruises Ltd | 960 | 113,798 | ||||||
The Home Depot Inc | 1,392 | 227,676 | ||||||
Tiffany & Co | 1,553 | 142,534 | ||||||
|
| |||||||
1,224,181 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 23.0% | ||||||||
Allergan PLC | 766 | 156,992 | ||||||
Biogen Inc * | 505 | 158,126 | ||||||
Celgene Corp * | 1,515 | 220,917 | ||||||
Danaher Corp | 1,746 | 149,772 | ||||||
Eli Lilly & Co | 2,600 | 222,404 | ||||||
Gilead Sciences Inc | 2,565 | 207,816 | ||||||
Hill-Rom Holdings Inc | 1,414 | 104,636 | ||||||
Medtronic PLC | 1,958 | 152,274 | ||||||
PepsiCo Inc | 2,075 | 231,217 | ||||||
Pfizer Inc | 5,625 | 200,813 | ||||||
Post Holdings Inc * | 1,293 | 114,133 | ||||||
Quanta Services Inc * | 1,933 | 72,236 | ||||||
The Hershey Co | 1,594 | 174,017 | ||||||
The Procter & Gamble Co | 3,088 | 280,946 | ||||||
Thermo Fisher Scientific Inc | 1,069 | 202,255 | ||||||
Tyson Foods Inc ‘A’ | 2,332 | 164,289 | ||||||
UnitedHealth Group Inc | 1,603 | 313,947 | ||||||
|
| |||||||
3,126,790 | ||||||||
|
| |||||||
Energy - 6.8% | ||||||||
Chevron Corp | 1,178 | 138,415 | ||||||
ConocoPhillips | 3,397 | 170,020 | ||||||
EOG Resources Inc | 1,413 | 136,694 | ||||||
Exxon Mobil Corp | 1,232 | 100,999 | ||||||
Halliburton Co | 2,657 | 122,302 | ||||||
Marathon Petroleum Corp | 1,528 | 85,690 | ||||||
TechnipFMC PLC (United Kingdom) * | 2,800 | 78,176 | ||||||
Valero Energy Corp | 1,238 | 95,239 | ||||||
|
| |||||||
927,535 | ||||||||
|
| |||||||
Financial - 17.2% | ||||||||
American Express Co | 1,674 | 151,430 | ||||||
Bank of America Corp | 8,997 | 227,984 | ||||||
Chubb Ltd | 1,196 | 170,490 | ||||||
Citigroup Inc | 1,693 | 123,149 | ||||||
E*TRADE Financial Corp * | 2,569 | 112,034 | ||||||
Highwoods Properties Inc REIT | 1,255 | 65,373 | ||||||
Huntington Bancshares Inc | 8,660 | 120,894 | ||||||
JPMorgan Chase & Co | 3,701 | 353,482 | ||||||
Prologis Inc REIT | 2,715 | 172,294 |
Shares | | |||||||
Raymond James Financial Inc | 1,815 | $153,059 | ||||||
State Street Corp | 1,948 | 186,112 | ||||||
SunTrust Banks Inc | 2,676 | 159,944 | ||||||
Visa Inc ‘A’ | 2,436 | 256,365 | ||||||
XL Group Ltd (Bermuda) | 2,359 | 93,063 | ||||||
|
| |||||||
2,345,673 | ||||||||
|
| |||||||
Industrial - 8.7% | ||||||||
Cummins Inc | 931 | 156,436 | ||||||
Honeywell International Inc | 966 | 136,921 | ||||||
Ingersoll-Rand PLC | 906 | 80,788 | ||||||
Northrop Grumman Corp | 731 | 210,323 | ||||||
Parker-Hannifin Corp | 1,023 | 179,045 | ||||||
Stanley Black & Decker Inc | 1,011 | 152,631 | ||||||
Waste Management Inc | 1,945 | 152,235 | ||||||
WestRock Co | 1,978 | 112,212 | ||||||
|
| |||||||
1,180,591 | ||||||||
|
| |||||||
Technology - 15.7% | ||||||||
Apple Inc | 3,673 | 566,083 | ||||||
Applied Materials Inc | 3,501 | 182,367 | ||||||
Broadcom Ltd | 739 | 179,237 | ||||||
Cognizant Technology Solutions Corp ‘A’ | 1,293 | 93,794 | ||||||
Electronic Arts Inc * | 1,319 | 155,721 | ||||||
Microsoft Corp | 6,528 | 486,271 | ||||||
ON Semiconductor Corp * | 5,918 | 109,305 | ||||||
Oracle Corp | 5,398 | 260,993 | ||||||
QUALCOMM Inc | 1,835 | 95,126 | ||||||
|
| |||||||
2,128,897 | ||||||||
|
| |||||||
Utilities - 2.7% | ||||||||
Public Service Enterprise Group Inc | 4,733 | 218,901 | ||||||
Xcel Energy Inc | 3,261 | 154,311 | ||||||
|
| |||||||
373,212 | ||||||||
|
| |||||||
Total Common Stocks | 13,347,070 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.2% | ||||||||
Money Market Fund - 1.2% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 159,876 | 159,876 | ||||||
|
| |||||||
Total Short-Term Investment | 159,876 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.3% | 13,506,946 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.7% | 101,133 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $13,608,079 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-Cyclical | 23.0% | |||
Financial | 17.2% | |||
Technology | 15.7% | |||
Communications | 13.3% | |||
Consumer, Cyclical | 9.0% | |||
Industrial | 8.7% | |||
Energy | 6.8% | |||
Others (each less than 3.0%) | 5.6% | |||
|
| |||
99.3% | ||||
Other Assets & Liabilities, Net | 0.7% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-31
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS LARGE-CAP
Schedule of Investments (Continued)
September 30, 2017 (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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $13,347,070 | $13,347,070 | $— | $— | |||||||||||||
Short-Term Investment | 159,876 | 159,876 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $13,506,946 | $13,506,946 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-32
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM LARGE-CAP VALUE
Schedule of Investments
September 30, 2017 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.5% | ||||||||
Basic Materials - 2.4% | ||||||||
DowDuPont Inc | 8,329 | $576,617 | ||||||
Nucor Corp | 3,163 | 177,254 | ||||||
|
| |||||||
753,871 | ||||||||
|
| |||||||
Communications - 7.8% | ||||||||
AT&T Inc | 22,135 | 867,028 | ||||||
CBS Corp ‘B’ | 5,352 | 310,416 | ||||||
Cisco Systems Inc | 11,070 | 372,284 | ||||||
Comcast Corp ‘A’ | 11,961 | 460,259 | ||||||
The Walt Disney Co | 3,999 | 394,181 | ||||||
|
| |||||||
2,404,168 | ||||||||
|
| |||||||
Consumer, Cyclical - 4.6% | ||||||||
BorgWarner Inc | 7,631 | 390,936 | ||||||
Delta Air Lines Inc | 9,581 | 461,996 | ||||||
PVH Corp | 2,142 | 270,020 | ||||||
The Home Depot Inc | 1,903 | 311,255 | ||||||
|
| |||||||
1,434,207 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 22.6% | ||||||||
Allergan PLC | 1,797 | 368,295 | ||||||
Amgen Inc | 1,515 | 282,472 | ||||||
Biogen Inc * | 838 | 262,394 | ||||||
Booz Allen Hamilton Holding Corp | 3,796 | 141,932 | ||||||
Celgene Corp * | 2,899 | 422,732 | ||||||
Danaher Corp | 3,293 | 282,474 | ||||||
Eli Lilly & Co | 2,821 | 241,308 | ||||||
Gilead Sciences Inc | 5,259 | 426,084 | ||||||
Hill-Rom Holdings Inc | 2,366 | 175,084 | ||||||
Johnson & Johnson | 4,816 | 626,128 | ||||||
Medtronic PLC | 4,881 | 379,595 | ||||||
PepsiCo Inc | 4,269 | 475,695 | ||||||
Pfizer Inc | 17,503 | 624,857 | ||||||
Quanta Services Inc * | 8,756 | 327,212 | ||||||
The Hershey Co | 3,172 | 346,287 | ||||||
The Procter & Gamble Co | 4,658 | 423,785 | ||||||
Thermo Fisher Scientific Inc | 2,078 | 393,158 | ||||||
Tyson Foods Inc ‘A’ | 5,314 | 374,371 | ||||||
UnitedHealth Group Inc | 2,194 | 429,695 | ||||||
|
| |||||||
7,003,558 | ||||||||
|
| |||||||
Energy - 9.5% | ||||||||
Chevron Corp | 6,489 | 762,458 | ||||||
ConocoPhillips | 7,761 | 388,438 | ||||||
Energen Corp * | 4,550 | 248,794 | ||||||
EOG Resources Inc | 5,499 | 531,973 | ||||||
Exxon Mobil Corp | 6,405 | 525,082 | ||||||
Halliburton Co | 5,728 | 263,660 | ||||||
Marathon Petroleum Corp | 4,108 | 230,377 | ||||||
|
| |||||||
2,950,782 | ||||||||
|
| |||||||
Financial - 27.1% | ||||||||
American Express Co | 4,134 | 373,962 | ||||||
Ameriprise Financial Inc | 2,834 | 420,877 | ||||||
Bank of America Corp | 40,435 | 1,024,623 | ||||||
Berkshire Hathaway Inc ‘B’ * | 1,092 | 200,185 | ||||||
Chubb Ltd | 4,345 | 619,380 | ||||||
Discover Financial Services | 6,326 | 407,900 | ||||||
E*TRADE Financial Corp * | 6,613 | 288,393 | ||||||
Equity LifeStyle Properties Inc REIT | 3,833 | 326,112 | ||||||
Highwoods Properties Inc REIT | 4,318 | 224,925 | ||||||
Huntington Bancshares Inc | 31,622 | 441,443 | ||||||
JPMorgan Chase & Co | 12,705 | 1,213,455 | ||||||
Morgan Stanley | 6,515 | 313,828 | ||||||
Prologis Inc REIT | 6,752 | 428,482 | ||||||
State Street Corp | 6,087 | 581,552 |
Shares | Value | |||||||
SunTrust Banks Inc | 9,920 | $592,918 | ||||||
The Allstate Corp | 5,223 | 480,046 | ||||||
Wells Fargo & Co | 8,127 | 448,204 | ||||||
|
| |||||||
8,386,285 | ||||||||
|
| |||||||
Industrial - 10.7% | ||||||||
Cummins Inc | 1,811 | 304,302 | ||||||
Honeywell International Inc | 2,213 | 313,671 | ||||||
Northrop Grumman Corp | 1,873 | 538,900 | ||||||
Parker-Hannifin Corp | 3,307 | 578,791 | ||||||
Raytheon Co | 1,437 | 268,115 | ||||||
Stanley Black & Decker Inc | 3,000 | 452,910 | ||||||
Waste Management Inc | 6,475 | 506,798 | ||||||
WestRock Co | 6,048 | 343,103 | ||||||
|
| |||||||
3,306,590 | ||||||||
|
| |||||||
Technology - 7.2% | ||||||||
Broadcom Ltd | 1,097 | 266,066 | ||||||
Hewlett Packard Enterprise Co | 13,730 | 201,968 | ||||||
Micro Focus International PLC ADR (United Kingdom) * l | — | 15 | ||||||
Microsoft Corp | 4,725 | 351,965 | ||||||
ON Semiconductor Corp * | 17,065 | 315,191 | ||||||
Oracle Corp | 14,868 | 718,868 | ||||||
QUALCOMM Inc | 6,895 | 357,437 | ||||||
|
| |||||||
2,211,510 | ||||||||
|
| |||||||
Utilities - 6.6% | ||||||||
American Electric Power Co Inc | 4,997 | 350,989 | ||||||
DTE Energy Co | 2,811 | 301,789 | ||||||
Edison International | 6,035 | 465,721 | ||||||
Public Service Enterprise Group Inc | 9,298 | 430,033 | ||||||
Xcel Energy Inc | 10,696 | 506,135 | ||||||
|
| |||||||
2,054,667 | ||||||||
|
| |||||||
Total Common Stocks | 30,505,638 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.6% | ||||||||
Money Market Fund - 1.6% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 503,739 | 503,739 | ||||||
|
| |||||||
Total Short-Term Investment | 503,739 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% | 31,009,377 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) | (32,126 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $30,977,251 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 27.1% | |||
Consumer, Non-Cyclical | 22.6% | |||
Industrial | 10.7% | |||
Energy | 9.5% | |||
Communications | 7.8% | |||
Technology | 7.2% | |||
Utilities | 6.6% | |||
Consumer, Cyclical | 4.6% | |||
Others (each less than 3.0%) | 4.0% | |||
|
| |||
100.1% | ||||
Other Assets & Liabilities, Net | (0.1% | ) | ||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-33
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS LARGE-CAP VALUE
Schedule of Investments (Continued)
September 30, 2017 (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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $30,505,638 | $30,505,638 | $— | $— | |||||||||||||
Short-Term Investment | 503,739 | 503,739 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $31,009,377 | $31,009,377 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-34
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM SMALL/MID-CAP
Schedule of Investments
September 30, 2017 (Unaudited)
Shares | | |||||||
RIGHTS - 0.0% | ||||||||
Consumer, Non-Cyclical - 0.0% | ||||||||
Dyax Corp - Contingent Value Rights * " ± | 142 | $325 | ||||||
|
| |||||||
Total Rights | 325 | |||||||
|
| |||||||
COMMON STOCKS - 97.1% | ||||||||
Basic Materials - 4.5% | ||||||||
Kaiser Aluminum Corp | 14,516 | 1,497,180 | ||||||
Kraton Corp * | 40,609 | 1,642,228 | ||||||
PolyOne Corp | 24,848 | 994,665 | ||||||
Steel Dynamics Inc | 21,753 | 749,826 | ||||||
The Chemours Co | 39,012 | 1,974,397 | ||||||
US Silica Holdings Inc | 18,980 | 589,709 | ||||||
|
| |||||||
7,448,005 | ||||||||
|
| |||||||
Communications - 4.7% | ||||||||
Ciena Corp * | 46,726 | 1,026,570 | ||||||
Finisar Corp * | 28,420 | 630,071 | ||||||
GrubHub Inc * | 21,863 | 1,151,306 | ||||||
LogMeIn Inc | 10,494 | 1,154,865 | ||||||
NETGEAR Inc * | 19,139 | 911,016 | ||||||
Sinclair Broadcast Group Inc ‘A’ | 35,097 | 1,124,859 | ||||||
TiVo Corp | 33,160 | 658,226 | ||||||
Web.com Group Inc * | 43,361 | 1,084,025 | ||||||
|
| |||||||
7,740,938 | ||||||||
|
| |||||||
Consumer, Cyclical - 15.5% | ||||||||
Alaska Air Group Inc | 6,100 | 465,247 | ||||||
AMC Entertainment Holdings Inc ‘A’ | 32,093 | 471,767 | ||||||
American Eagle Outfitters Inc | 13,043 | 186,515 | ||||||
American Woodmark Corp * | 13,883 | 1,336,239 | ||||||
Aramark | 41,114 | 1,669,640 | ||||||
Beacon Roofing Supply Inc * | 19,500 | 999,375 | ||||||
Big Lots Inc | 18,118 | 970,581 | ||||||
Bloomin’ Brands Inc | 64,030 | 1,126,928 | ||||||
Chico’s FAS Inc | 52,541 | 470,242 | ||||||
Cooper-Standard Holdings Inc * | 13,375 | 1,551,099 | ||||||
iRobot Corp * | 15,932 | 1,227,720 | ||||||
Lithia Motors Inc ‘A’ | 7,785 | 936,613 | ||||||
Marriott Vacations Worldwide Corp | 11,352 | 1,413,665 | ||||||
Meritor Inc * | 57,708 | 1,500,985 | ||||||
Pool Corp | 6,565 | 710,136 | ||||||
Select Comfort Corp * | 33,453 | 1,038,716 | ||||||
SkyWest Inc | 28,332 | 1,243,775 | ||||||
Sonic Corp | 36,326 | 924,497 | ||||||
Steven Madden Ltd * | 18,770 | 812,741 | ||||||
Texas Roadhouse Inc | 26,570 | 1,305,650 | ||||||
The Children’s Place Inc | 8,524 | 1,007,111 | ||||||
Wabash National Corp | 68,281 | 1,558,172 | ||||||
Watsco Inc | 10,393 | 1,674,000 | ||||||
Wolverine World Wide Inc | 29,232 | 843,343 | ||||||
|
| |||||||
25,444,757 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 20.6% | ||||||||
Adtalem Global Education Inc | 28,297 | 1,014,447 | ||||||
Amedisys Inc * | 18,727 | 1,047,963 | ||||||
Cardtronics PLC ‘A’ * | 19,083 | 439,100 | ||||||
Central Garden & Pet Co ‘A’ * | 36,554 | 1,359,443 | ||||||
Charles River Laboratories International Inc * | 15,075 | 1,628,402 | ||||||
Deluxe Corp | 19,601 | 1,430,089 | ||||||
Euronet Worldwide Inc * | 14,752 | 1,398,342 | ||||||
Green Dot Corp ‘A’ * | 26,082 | 1,293,146 | ||||||
Hill-Rom Holdings Inc | 23,192 | 1,716,208 | ||||||
Horizon Pharma PLC * | 43,366 | 549,881 |
Shares | | |||||||
INC Research Holdings Inc ‘A’ * | 26,086 | $1,364,298 | ||||||
Insperity Inc | 16,661 | 1,466,168 | ||||||
Ionis Pharmaceuticals Inc * | 16,104 | 816,473 | ||||||
Ironwood Pharmaceuticals Inc * | 41,753 | 658,445 | ||||||
J&J Snack Foods Corp | 5,121 | 672,387 | ||||||
LHC Group Inc * | 19,344 | 1,371,876 | ||||||
ManpowerGroup Inc | 4,768 | 561,766 | ||||||
MarketAxess Holdings Inc | 5,447 | 1,005,026 | ||||||
Masimo Corp * | 2,212 | 191,471 | ||||||
Merit Medical Systems Inc * | 20,933 | 886,513 | ||||||
Molina Healthcare Inc * | 25,471 | 1,751,386 | ||||||
Nektar Therapeutics * | 39,526 | 948,624 | ||||||
NuVasive Inc * | 18,449 | 1,023,182 | ||||||
Post Holdings Inc * | 7,522 | 663,967 | ||||||
Service Corp International | 47,989 | 1,655,621 | ||||||
Supernus Pharmaceuticals Inc * | 45,136 | 1,805,440 | ||||||
Teleflex Inc | 8,933 | 2,161,518 | ||||||
The Cooper Cos Inc | 6,976 | 1,654,079 | ||||||
TrueBlue Inc * | 14,843 | 333,225 | ||||||
Vanda Pharmaceuticals Inc * | 58,109 | 1,040,151 | ||||||
|
| |||||||
33,908,637 | ||||||||
|
| |||||||
Energy - 1.7% | ||||||||
Energen Corp * | 12,589 | 688,367 | ||||||
Laredo Petroleum Inc * | 100,029 | 1,293,375 | ||||||
PDC Energy Inc * | 17,882 | 876,754 | ||||||
|
| |||||||
2,858,496 | ||||||||
|
| |||||||
Financial - 19.7% | ||||||||
Alleghany Corp * | 2,720 | 1,506,907 | ||||||
Brixmor Property Group Inc REIT | 35,558 | 668,490 | ||||||
DCT Industrial Trust Inc REIT | 22,924 | 1,327,758 | ||||||
Digital Realty Trust Inc REIT | 3,000 | 355,038 | ||||||
Douglas Emmett Inc REIT | 31,272 | 1,232,742 | ||||||
East West Bancorp Inc | 25,354 | 1,515,662 | ||||||
Equity LifeStyle Properties Inc REIT | 15,793 | 1,343,668 | ||||||
Everest Re Group Ltd | 3,237 | 739,298 | ||||||
FNB Corp | 125,734 | 1,764,048 | ||||||
Highwoods Properties Inc REIT | 21,466 | 1,118,164 | ||||||
Hudson Pacific Properties Inc REIT | 35,036 | 1,174,757 | ||||||
IBERIABANK Corp | 18,821 | 1,546,145 | ||||||
Investors Bancorp Inc | 76,068 | 1,037,568 | ||||||
Mack-Cali Realty Corp REIT | 50,361 | 1,194,059 | ||||||
Mid-America Apartment Communities Inc REIT | 7,980 | 852,902 | ||||||
Moelis & Co ‘A’ | 8,137 | 350,298 | ||||||
PacWest Bancorp | 31,636 | 1,597,934 | ||||||
PS Business Parks Inc REIT | 5,867 | 783,245 | ||||||
Radian Group Inc | 86,840 | 1,623,040 | ||||||
Raymond James Financial Inc | 15,640 | 1,318,921 | ||||||
Texas Capital Bancshares Inc * | 16,073 | 1,379,063 | ||||||
The Hanover Insurance Group Inc | 10,921 | 1,058,573 | ||||||
Umpqua Holdings Corp | 57,597 | 1,123,717 | ||||||
Washington Real Estate Investment Trust REIT | 41,733 | 1,367,173 | ||||||
Western Alliance Bancorp * | 19,883 | 1,055,390 | ||||||
Wintrust Financial Corp | 18,159 | 1,422,031 | ||||||
Zions Bancorp | 40,775 | 1,923,765 | ||||||
|
| |||||||
32,380,356 | ||||||||
|
| |||||||
Industrial - 15.4% | ||||||||
AAR Corp | 24,327 | 919,074 | ||||||
Aerojet Rocketdyne Holdings Inc * | 42,485 | 1,487,400 | ||||||
Barnes Group Inc | 23,014 | 1,621,106 | ||||||
EMCOR Group Inc | 20,928 | 1,451,985 | ||||||
Generac Holdings Inc * | 27,213 | 1,249,893 | ||||||
Graphic Packaging Holding Co | 102,028 | 1,423,291 | ||||||
Harsco Corp * | 70,354 | 1,470,399 | ||||||
ITT Inc | 27,194 | 1,203,878 | ||||||
Kirby Corp * | 9,435 | 622,238 | ||||||
Knowles Corp * | 59,562 | 909,512 | ||||||
Lydall Inc * | 16,383 | 938,746 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-35
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SMALL/MID-CAP
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Shares | | |||||||
MasTec Inc * | 32,414 | $1,504,010 | ||||||
Owens Corning | 26,193 | 2,026,029 | ||||||
PerkinElmer Inc | 18,856 | 1,300,498 | ||||||
Rogers Corp * | 6,549 | 872,851 | ||||||
Ryder System Inc | 16,749 | 1,416,128 | ||||||
SPX Corp * | 55,349 | 1,623,940 | ||||||
TopBuild Corp * | 15,258 | 994,364 | ||||||
US Concrete Inc * | 16,904 | 1,289,775 | ||||||
WestRock Co | 16,792 | 952,610 | ||||||
|
| |||||||
25,277,727 | ||||||||
|
| |||||||
Technology - 12.5% | ||||||||
Acxiom Corp * | 50,956 | 1,255,556 | ||||||
Ambarella Inc * | 19,077 | 934,964 | ||||||
Aspen Technology Inc * | 17,363 | 1,090,570 | ||||||
Barracuda Networks Inc * | 32,940 | 798,136 | ||||||
Bottomline Technologies Inc * | 17,621 | 560,876 | ||||||
CommVault Systems Inc * | 19,905 | 1,210,224 | ||||||
Diebold Nixdorf Inc | 34,819 | 795,614 | ||||||
Integrated Device Technology Inc * | 34,620 | 920,200 | ||||||
j2 Global Inc | 17,572 | 1,298,219 | ||||||
Microsemi Corp * | 30,241 | 1,556,807 | ||||||
MKS Instruments Inc | 11,361 | 1,073,046 | ||||||
Nuance Communications Inc * | 40,535 | 637,210 | ||||||
PTC Inc * | 19,690 | 1,108,153 | ||||||
RealPage Inc * | 54,129 | 2,159,747 | ||||||
Silicon Laboratories Inc * | 17,764 | 1,419,344 | ||||||
Synopsys Inc * | 18,347 | 1,477,484 | ||||||
Take-Two Interactive Software Inc * | 16,254 | 1,661,646 | ||||||
Xperi Corp | 20,367 | 515,285 | ||||||
|
| |||||||
20,473,081 | ||||||||
|
| |||||||
Utilities - 2.5% | ||||||||
Avista Corp | 19,056 | 986,529 | ||||||
Black Hills Corp | 18,754 | 1,291,588 | ||||||
CMS Energy Corp | 17,747 | 822,041 | ||||||
Portland General Electric Co | 23,307 | 1,063,731 | ||||||
|
| |||||||
4,163,889 | ||||||||
|
| |||||||
Total Common Stocks | 159,695,886 | |||||||
|
|
Shares | | |||||||
SHORT-TERM INVESTMENT - 2.7% | ||||||||
Money Market Fund - 2.7% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 4,405,850 | $4,405,850 | ||||||
|
| |||||||
Total Short-Term Investment |
| 4,405,850 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.8% |
| 164,102,061 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.2% |
| 373,015 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $164,475,076 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-Cyclical | 20.6% | |||
Financial | 19.7% | |||
Consumer, Cyclical | 15.5% | |||
Industrial | 15.4% | |||
Technology | 12.5% | |||
Communications | 4.7% | |||
Basic Materials | 4.5% | |||
Others (each less than 3.0%) | 6.9% | |||
|
| |||
99.8% | ||||
Other Assets & Liabilities, Net | 0.2% | |||
|
| |||
100.0% | ||||
|
|
(b) | An investment with a value of $325 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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Rights | $325 | $— | $— | $325 | |||||||||||||
Common Stocks | 159,695,886 | 159,695,886 | — | — | ||||||||||||||
Short-Term Investment | 4,405,850 | 4,405,850 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $164,102,061 | $164,101,736 | $— | $325 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-36
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM SMALL-CAP
Schedule of Investments
September 30, 2017 (Unaudited)
Shares | | |||||||
COMMON STOCKS - 96.6% | ||||||||
Basic Materials - 2.7% | ||||||||
AK Steel Holding Corp * | 6,673 | $37,302 | ||||||
Kraton Corp * | 3,358 | 135,798 | ||||||
Minerals Technologies Inc | 514 | 36,314 | ||||||
PolyOne Corp | 4,014 | 160,680 | ||||||
US Silica Holdings Inc | 974 | 30,262 | ||||||
|
| |||||||
400,356 | ||||||||
|
| |||||||
Communications - 4.3% | ||||||||
Ciena Corp * | 3,957 | 86,935 | ||||||
Finisar Corp * | 3,579 | 79,346 | ||||||
GrubHub Inc * | 1,832 | 96,473 | ||||||
NETGEAR Inc * | 1,794 | 85,394 | ||||||
Sinclair Broadcast Group Inc ‘A’ | 3,591 | 115,092 | ||||||
TiVo Corp | 4,342 | 86,189 | ||||||
Web.com Group Inc * | 2,835 | 70,875 | ||||||
|
| |||||||
620,304 | ||||||||
|
| |||||||
Consumer, Cyclical - 12.5% | ||||||||
American Woodmark Corp * | 1,052 | 101,255 | ||||||
Beacon Roofing Supply Inc * | 889 | 45,561 | ||||||
Big Lots Inc | 1,670 | 89,462 | ||||||
Bloomin’ Brands Inc | 4,284 | 75,398 | ||||||
Chico’s FAS Inc | 6,017 | 53,852 | ||||||
Cooper-Standard Holdings Inc * | 988 | 114,578 | ||||||
Lithia Motors Inc ‘A’ | 1,042 | 125,363 | ||||||
Marriott Vacations Worldwide Corp | 1,275 | 158,776 | ||||||
Meritor Inc * | 5,003 | 130,128 | ||||||
Papa John’s International Inc | 1,516 | 110,774 | ||||||
Select Comfort Corp * | 3,087 | 95,851 | ||||||
SkyWest Inc | 2,863 | 125,686 | ||||||
Sonic Corp | 2,955 | 75,205 | ||||||
Steven Madden Ltd * | 2,234 | 96,732 | ||||||
Texas Roadhouse Inc | 2,859 | 140,491 | ||||||
The Children’s Place Inc | 906 | 107,044 | ||||||
Wabash National Corp | 5,555 | 126,765 | ||||||
Wolverine World Wide Inc | 1,528 | 44,083 | ||||||
|
| |||||||
1,817,004 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 20.3% | ||||||||
ABM Industries Inc | 1,766 | 73,660 | ||||||
Adtalem Global Education Inc | 3,099 | 111,099 | ||||||
Amedisys Inc * | 1,775 | 99,329 | ||||||
Amphastar Pharmaceuticals Inc * | 4,303 | 76,895 | ||||||
Cardtronics PLC ‘A’ * | 857 | 19,720 | ||||||
Central Garden & Pet Co ‘A’ * | 3,720 | 138,347 | ||||||
Charles River Laboratories International Inc * | 984 | 106,292 | ||||||
Deluxe Corp | 1,623 | 118,414 | ||||||
FibroGen Inc * | 1,786 | 96,087 | ||||||
Green Dot Corp ‘A’ * | 1,675 | 83,047 | ||||||
HealthSouth Corp | 2,849 | 132,051 | ||||||
Horizon Pharma PLC * | 7,442 | 94,365 | ||||||
ICU Medical Inc * | 911 | 169,309 | ||||||
INC Research Holdings Inc ‘A’ * | 2,471 | 129,233 | ||||||
Insperity Inc | 1,732 | 152,416 | ||||||
Ironwood Pharmaceuticals Inc * | 6,230 | 98,247 | ||||||
J&J Snack Foods Corp | 476 | 62,499 | ||||||
LHC Group Inc * | 1,716 | 121,699 | ||||||
Masimo Corp * | 658 | 56,957 | ||||||
Merit Medical Systems Inc * | 3,630 | 153,731 | ||||||
Molina Healthcare Inc * | 1,863 | 128,100 | ||||||
Nektar Therapeutics * | 5,113 | 122,712 | ||||||
NuVasive Inc * | 2,463 | 136,598 | ||||||
PAREXEL International Corp * | 356 | 31,356 | ||||||
RPX Corp * | 2,187 | 29,043 | ||||||
Supernus Pharmaceuticals Inc * | 4,188 | 167,520 | ||||||
TrueBlue Inc * | 3,470 | 77,902 |
Shares | | |||||||
Vanda Pharmaceuticals Inc * | 4,749 | $85,007 | ||||||
Viad Corp | 1,525 | 92,873 | ||||||
|
| |||||||
2,964,508 | ||||||||
|
| |||||||
Energy - 1.3% | ||||||||
Laredo Petroleum Inc * | 5,582 | 72,175 | ||||||
PDC Energy Inc * | 845 | 41,430 | ||||||
QEP Resources Inc * | 3,679 | 31,529 | ||||||
Sanchez Energy Corp * | 8,526 | 41,095 | ||||||
|
| |||||||
186,229 | ||||||||
|
| |||||||
Financial - 24.1% | ||||||||
AG Mortgage Investment Trust Inc REIT | 3,781 | 72,746 | ||||||
Apollo Commercial Real Estate Finance Inc REIT | 2,609 | 47,249 | ||||||
Argo Group International Holdings Ltd | 1,320 | 81,180 | ||||||
Banner Corp | 1,613 | 98,845 | ||||||
Berkshire Hills Bancorp Inc | 1,973 | 76,454 | ||||||
Capstead Mortgage Corp REIT | 4,493 | 43,357 | ||||||
Cathay General Bancorp | 3,168 | 127,354 | ||||||
CenterState Banks Inc | 4,331 | 116,071 | ||||||
CNO Financial Group Inc | 3,504 | 81,783 | ||||||
Enterprise Financial Services Corp | 2,601 | 110,152 | ||||||
First Industrial Realty Trust Inc REIT | 5,281 | 158,905 | ||||||
First Merchants Corp | 2,968 | 127,416 | ||||||
First Midwest Bancorp Inc | 4,399 | 103,025 | ||||||
Hanmi Financial Corp | 2,794 | 86,474 | ||||||
Heritage Insurance Holdings Inc | 4,075 | 53,831 | ||||||
IBERIABANK Corp | 1,722 | 141,462 | ||||||
Independent Bank Corp | 1,901 | 43,058 | ||||||
Invesco Mortgage Capital Inc REIT | 4,789 | 82,036 | ||||||
Investors Bancorp Inc | 6,683 | 91,156 | ||||||
Mack-Cali Realty Corp REIT | 5,788 | 137,233 | ||||||
Moelis & Co ‘A’ | 2,151 | 92,601 | ||||||
National Storage Affiliates Trust REIT | 4,308 | 104,426 | ||||||
Old National Bancorp | 4,895 | 89,579 | ||||||
OM Asset Management PLC | 5,319 | 79,359 | ||||||
Potlatch Corp REIT | 1,524 | 77,724 | ||||||
Preferred Bank | 1,114 | 67,230 | ||||||
PS Business Parks Inc REIT | 980 | 130,830 | ||||||
Radian Group Inc | 7,268 | 135,839 | ||||||
Stifel Financial Corp | 1,831 | 97,885 | ||||||
Sunstone Hotel Investors Inc REIT | 6,373 | 102,414 | ||||||
Texas Capital Bancshares Inc * | 1,606 | 137,795 | ||||||
TriCo Bancshares | 971 | 39,568 | ||||||
United Community Banks Inc | 4,508 | 128,658 | ||||||
Washington Real Estate Investment Trust REIT | 3,595 | 117,772 | ||||||
Wintrust Financial Corp | 1,451 | 113,628 | ||||||
WSFS Financial Corp | 2,408 | 117,390 | ||||||
|
| |||||||
3,512,485 | ||||||||
|
| |||||||
Industrial - 17.9% | ||||||||
AAR Corp | 2,572 | 97,170 | ||||||
Air Transport Services Group Inc * | 4,905 | 119,388 | ||||||
Barnes Group Inc | 2,543 | 179,129 | ||||||
Belden Inc | 427 | 34,386 | ||||||
Chart Industries Inc * | 1,835 | 71,987 | ||||||
EMCOR Group Inc | 2,288 | 158,741 | ||||||
EnerSys | 1,691 | 116,966 | ||||||
Generac Holdings Inc * | 2,007 | 92,182 | ||||||
Harsco Corp * | 8,708 | 181,997 | ||||||
Knight-Swift Transportation Holdings Inc * | 2,194 | 91,181 | ||||||
Knowles Corp * | 7,140 | 109,028 | ||||||
Littelfuse Inc | 854 | 167,282 | ||||||
MasTec Inc * | 3,479 | 161,426 | ||||||
Rogers Corp * | 595 | 79,302 | ||||||
Saia Inc * | 2,413 | 151,174 | ||||||
SPX Corp * | 2,629 | 77,135 | ||||||
SYNNEX Corp | 844 | 106,774 | ||||||
TopBuild Corp * | 1,725 | 112,418 | ||||||
Trinseo SA | 2,571 | 172,514 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-37
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SMALL-CAP
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Shares | | |||||||
Universal Forest Products Inc | 1,139 | $111,804 | ||||||
US Concrete Inc * | 1,208 | 92,170 | ||||||
Vishay Intertechnology Inc | 6,737 | 126,656 | ||||||
|
| |||||||
2,610,810 | ||||||||
|
| |||||||
Technology - 11.1% | ||||||||
Acxiom Corp * | 3,757 | 92,572 | ||||||
Ambarella Inc * | 1,533 | 75,132 | ||||||
Barracuda Networks Inc * | 3,230 | 78,263 | ||||||
Bottomline Technologies Inc * | 1,308 | 41,634 | ||||||
Cabot Microelectronics Corp | 962 | 76,893 | ||||||
CACI International Inc ‘A’ * | 816 | 113,710 | ||||||
CommVault Systems Inc * | 1,844 | 112,115 | ||||||
Diebold Nixdorf Inc | 2,786 | 63,660 | ||||||
Entegris Inc * | 4,712 | 135,941 | ||||||
Integrated Device Technology Inc * | 3,217 | 85,508 | ||||||
j2 Global Inc | 1,760 | 130,029 | ||||||
MKS Instruments Inc | 688 | 64,982 | ||||||
Power Integrations Inc | 1,124 | 82,277 | ||||||
RealPage Inc * | 3,286 | 131,111 | ||||||
Silicon Laboratories Inc * | 899 | 71,830 | ||||||
Silver Spring Networks Inc * | 5,109 | 82,613 | ||||||
Verint Systems Inc * | 2,857 | 119,565 | ||||||
Xperi Corp | 2,674 | 67,652 | ||||||
|
| |||||||
1,625,487 | ||||||||
|
| |||||||
Utilities - 2.4% | ||||||||
ALLETE Inc | 1,871 | 144,610 | ||||||
Avista Corp | 482 | 24,953 | ||||||
Black Hills Corp | 1,411 | 97,176 | ||||||
PNM Resources Inc | 2,187 | 88,136 | ||||||
|
| |||||||
354,875 | ||||||||
|
| |||||||
Total Common Stocks | 14,092,058 | |||||||
|
| |||||||
EXCHANGE-TRADED FUND - 1.5% | ||||||||
iShares Russell 2000 | 1,463 | 216,787 | ||||||
|
| |||||||
Total Exchange-Traded Fund | 216,787 | |||||||
|
|
Shares | | |||||||
SHORT-TERM INVESTMENT - 1.5% | ||||||||
Money Market Fund - 1.5% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 219,152 | $219,152 | ||||||
|
| |||||||
Total Short-Term Investment | 219,152 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.6% | 14,527,997 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.4% | 54,390 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $14,582,387 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 24.1% | |||
Consumer, Non-Cyclical | 20.3% | |||
Industrial | 17.9% | |||
Consumer, Cyclical | 12.5% | |||
Technology | 11.1% | |||
Communications | 4.3% | |||
Others (each less than 3.0%) | 9.4% | |||
|
| |||
99.6% | ||||
Other Assets & Liabilities, Net | 0.4% | |||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $14,092,058 | $14,092,058 | $— | $— | |||||||||||||
Exchange-Traded Fund | 216,787 | 216,787 | — | — | ||||||||||||||
Short-Term Investment | 219,152 | 219,152 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $14,527,997 | $14,527,997 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-38
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM SMALL-CAP VALUE
Schedule of Investments
September 30, 2017 (Unaudited)
Shares | | |||||||
COMMON STOCKS - 96.5% | ||||||||
Basic Materials - 2.6% | ||||||||
AK Steel Holding Corp * | 20,017 | $111,895 | ||||||
Kaiser Aluminum Corp | 2,611 | 269,299 | ||||||
Kraton Corp * | 8,406 | 339,939 | ||||||
Minerals Technologies Inc | 2,932 | 207,146 | ||||||
|
| |||||||
928,279 | ||||||||
|
| |||||||
Communications - 1.8% | ||||||||
Finisar Corp * | 7,338 | 162,683 | ||||||
NETGEAR Inc * | 5,222 | 248,567 | ||||||
TiVo Corp | 11,342 | 225,139 | ||||||
|
| |||||||
636,389 | ||||||||
|
| |||||||
Consumer, Cyclical - 10.3% | ||||||||
AMC Entertainment Holdings Inc ‘A’ | 9,648 | 141,826 | ||||||
Beacon Roofing Supply Inc * | 5,095 | 261,119 | ||||||
Big Lots Inc | 4,157 | 222,690 | ||||||
Caleres Inc | 5,895 | 179,915 | ||||||
Chico’s FAS Inc | 15,795 | 141,365 | ||||||
Cooper-Standard Holdings Inc * | 3,046 | 353,245 | ||||||
FirstCash Inc | 4,415 | 278,807 | ||||||
Haverty Furniture Cos Inc | 4,694 | 122,748 | ||||||
Marriott Vacations Worldwide Corp | 3,557 | 442,953 | ||||||
Meritor Inc * | 11,343 | 295,031 | ||||||
Red Robin Gourmet Burgers Inc * | 2,899 | 194,233 | ||||||
SkyWest Inc | 10,133 | 444,839 | ||||||
The Children’s Place Inc | 2,745 | 324,322 | ||||||
Wabash National Corp | 10,251 | 233,928 | ||||||
|
| |||||||
3,637,021 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 10.9% | ||||||||
ABM Industries Inc | 8,247 | 343,982 | ||||||
Adtalem Global Education Inc | 12,172 | 436,366 | ||||||
AngioDynamics Inc * | 8,744 | 149,435 | ||||||
Central Garden & Pet Co ‘A’ * | 11,016 | 409,685 | ||||||
CONMED Corp | 4,044 | 212,189 | ||||||
Deluxe Corp | 4,681 | 341,526 | ||||||
Haemonetics Corp * | 6,575 | 295,020 | ||||||
Horizon Pharma PLC * | 20,239 | 256,630 | ||||||
LHC Group Inc * | 5,383 | 381,762 | ||||||
Merit Medical Systems Inc * | 2,401 | 101,682 | ||||||
Molina Healthcare Inc * | 6,126 | 421,224 | ||||||
RPX Corp * | 9,882 | 131,233 | ||||||
Viad Corp | 5,851 | 356,326 | ||||||
|
| |||||||
3,837,060 | ||||||||
|
| |||||||
Energy - 2.9% | ||||||||
Exterran Corp * | 5,476 | 173,096 | ||||||
Helix Energy Solutions Group Inc * | 14,707 | 108,685 | ||||||
Laredo Petroleum Inc * | 19,156 | 247,687 | ||||||
Parker Drilling Co * | 28,556 | 31,412 | ||||||
PDC Energy Inc * | 3,783 | 185,480 | ||||||
QEP Resources Inc * | 22,205 | 190,297 | ||||||
Sanchez Energy Corp * | 19,819 | 95,528 | ||||||
|
| |||||||
1,032,185 | ||||||||
|
| |||||||
Financial - 38.9% | ||||||||
AG Mortgage Investment Trust Inc REIT | 9,835 | 189,225 | ||||||
Agree Realty Corp REIT | 2,271 | 111,461 | ||||||
Apollo Commercial Real Estate Finance Inc REIT | 10,481 | 189,808 | ||||||
Argo Group International Holdings Ltd | 5,993 | 368,570 | ||||||
Banner Corp | 4,927 | 301,927 | ||||||
Berkshire Hills Bancorp Inc | 8,804 | 341,155 | ||||||
Camden National Corp | 5,288 | 230,768 | ||||||
Capstead Mortgage Corp REIT | 21,647 | 208,894 | ||||||
Cathay General Bancorp | 9,253 | 371,971 | ||||||
CenterState Bank Corp | 11,466 | 307,289 |
Shares | | |||||||
CNO Financial Group Inc | 9,343 | $218,066 | ||||||
Enterprise Financial Services Corp | 8,121 | 343,924 | ||||||
First Industrial Realty Trust Inc REIT | 15,180 | 456,766 | ||||||
First Interstate BancSystem Inc ‘A’ | 7,638 | 292,154 | ||||||
First Merchants Corp | 9,119 | 391,479 | ||||||
First Midwest Bancorp Inc | 15,493 | 362,846 | ||||||
Heritage Financial Corp | 9,447 | 278,687 | ||||||
Heritage Insurance Holdings Inc | 11,924 | 157,516 | ||||||
Hilltop Holdings Inc | 10,227 | 265,902 | ||||||
Hope Bancorp Inc | 9,189 | 162,737 | ||||||
Horizon Bancorp | 7,529 | 219,621 | ||||||
Hudson Pacific Properties Inc REIT | 9,742 | 326,649 | ||||||
IBERIABANK Corp | 6,243 | 512,862 | ||||||
Independent Bank Corp | 9,807 | 222,129 | ||||||
Invesco Mortgage Capital Inc REIT | 21,797 | 373,383 | ||||||
Investors Bancorp Inc | 28,287 | 385,835 | ||||||
Mack-Cali Realty Corp REIT | 15,433 | 365,916 | ||||||
MFA Financial Inc REIT | 20,092 | 176,006 | ||||||
National Storage Affiliates Trust REIT | 14,176 | 343,626 | ||||||
Old National Bancorp | 12,574 | 230,104 | ||||||
OM Asset Management PLC | 17,569 | 262,129 | ||||||
Potlatch Corp REIT | 6,027 | 307,377 | ||||||
Preferred Bank | 4,345 | 262,221 | ||||||
PS Business Parks Inc REIT | 3,370 | 449,895 | ||||||
Radian Group Inc | 24,184 | 451,999 | ||||||
State Bank Financial Corp | 9,072 | 259,913 | ||||||
Stifel Financial Corp | 6,146 | 328,565 | ||||||
Sunstone Hotel Investors Inc REIT | 18,989 | 305,153 | ||||||
Texas Capital Bancshares Inc * | 4,844 | 415,615 | ||||||
TriCo Bancshares | 4,320 | 176,040 | ||||||
Umpqua Holdings Corp | 15,100 | 294,601 | ||||||
United Community Banks Inc | 12,969 | 370,135 | ||||||
Washington Real Estate Investment Trust REIT | 13,297 | 435,610 | ||||||
Wintrust Financial Corp | 5,363 | 419,977 | ||||||
WSFS Financial Corp | 6,789 | 330,964 | ||||||
|
| |||||||
13,777,470 | ||||||||
|
| |||||||
Industrial - 16.3% | ||||||||
AAR Corp | 5,416 | 204,616 | ||||||
Aerojet Rocketdyne Holdings Inc * | 7,710 | 269,927 | ||||||
Air Transport Services Group Inc * | 9,836 | 239,408 | ||||||
ArcBest Corp | 6,809 | 227,761 | ||||||
Barnes Group Inc | 6,300 | 443,772 | ||||||
Belden Inc | 4,658 | 375,109 | ||||||
Chart Industries Inc * | 6,749 | 264,763 | ||||||
EMCOR Group Inc | 7,196 | 499,258 | ||||||
EnerSys | 2,579 | 178,389 | ||||||
Harsco Corp * | 20,624 | 431,042 | ||||||
Knowles Corp * | 20,805 | 317,692 | ||||||
MasTec Inc * | 5,925 | 274,920 | ||||||
Sanmina Corp * | 10,857 | 403,338 | ||||||
SYNNEX Corp | 2,577 | 326,016 | ||||||
TopBuild Corp * | 5,119 | 333,605 | ||||||
Trinseo SA | 6,204 | 416,288 | ||||||
Universal Forest Products Inc | 3,321 | 325,989 | ||||||
Vishay Intertechnology Inc | 12,962 | 243,686 | ||||||
|
| |||||||
5,775,579 | ||||||||
|
| |||||||
Technology - 8.2% | ||||||||
Acxiom Corp * | 12,989 | 320,049 | ||||||
Ambarella Inc * | 3,381 | 165,703 | ||||||
Bottomline Technologies Inc * | 4,296 | 136,742 | ||||||
Cabot Microelectronics Corp | 2,872 | 229,559 | ||||||
CACI International Inc ‘A’ * | 3,858 | 537,612 | ||||||
Entegris Inc * | 11,769 | 339,536 | ||||||
Insight Enterprises Inc * | 6,929 | 318,180 | ||||||
Silver Spring Networks Inc * | 14,319 | 231,538 | ||||||
Verint Systems Inc * | 11,301 | 472,947 | ||||||
Xperi Corp | 6,308 | 159,592 | ||||||
|
| |||||||
2,911,458 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-39
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SMALL-CAP VALUE
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Shares | | |||||||
Utilities - 4.6% | ||||||||
ALLETE Inc | 6,863 | $530,441 | ||||||
Black Hills Corp | 6,671 | 459,432 | ||||||
PNM Resources Inc | 5,155 | 207,747 | ||||||
Portland General Electric Co | 8,938 | 407,930 | ||||||
|
| |||||||
1,605,550 | ||||||||
|
| |||||||
Total Common Stocks | 34,140,991 | |||||||
|
| |||||||
EXCHANGE-TRADED FUND - 1.4% | ||||||||
iShares Russell 2000 Value | 4,084 | 506,906 | ||||||
|
| |||||||
Total Exchange-Traded Fund | 506,906 | |||||||
|
|
Shares | | |||||||
SHORT-TERM INVESTMENT - 2.1% | ||||||||
Money Market Fund - 2.1% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 748,371 | $ | 748,371 | |||||
|
| |||||||
Total Short-Term Investment | 748,371 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.0% | 35,396,268 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.0% | 686 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $35,396,954 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 38.9% | |||
Industrial | 16.3% | |||
Consumer, Non-Cyclical | 10.9% | |||
Consumer, Cyclical | 10.3% | |||
Technology | 8.2% | |||
Utilities | 4.6% | |||
Others (each less than 3.0%) | 10.8% | |||
|
| |||
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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $34,140,991 | $34,140,991 | $— | $— | |||||||||||||
Exchange-Traded Fund | 506,906 | 506,906 | — | — | ||||||||||||||
Short-Term Investment | 748,371 | 748,371 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $35,396,268 | $35,396,268 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-40
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM SMALL-CAP GROWTH
Schedule of Investments
September 30, 2017 (Unaudited)
| Value | |||||||
RIGHTS - 0.0% | ||||||||
Consumer, Non-Cyclical - 0.0% | ||||||||
Dyax Corp - Contingent Value Rights * " ± | 375 | $859 | ||||||
|
| |||||||
Total Rights | 859 | |||||||
|
| |||||||
COMMON STOCKS - 98.1% | ||||||||
Basic Materials - 2.7% | ||||||||
Kaiser Aluminum Corp | 3,594 | 370,685 | ||||||
PolyOne Corp | 12,355 | 494,571 | ||||||
US Silica Holdings Inc | 5,204 | 161,688 | ||||||
|
| |||||||
1,026,944 | ||||||||
|
| |||||||
Communications - 9.5% | ||||||||
Ciena Corp * | 19,263 | 423,208 | ||||||
GrubHub Inc * | 11,438 | 602,325 | ||||||
NETGEAR Inc * | 7,352 | 349,955 | ||||||
RingCentral Inc ‘A’ * | 14,687 | 613,182 | ||||||
Shutterfly Inc * | 9,026 | 437,581 | ||||||
Sinclair Broadcast Group Inc ‘A’ | 12,198 | 390,946 | ||||||
TiVo Corp | 22,036 | 437,415 | ||||||
Web.com Group Inc * | 13,951 | 348,775 | ||||||
|
| |||||||
3,603,387 | ||||||||
|
| |||||||
Consumer, Cyclical - 15.3% | ||||||||
AMC Entertainment Holdings Inc ‘A’ | 12,786 | 187,954 | ||||||
American Woodmark Corp * | 3,787 | 364,499 | ||||||
Beacon Roofing Supply Inc * | 8,196 | 420,045 | ||||||
Bloomin’ Brands Inc | 22,008 | 387,341 | ||||||
BMC Stock Holdings Inc * | 14,472 | 308,977 | ||||||
Chico’s FAS Inc | 20,214 | 180,915 | ||||||
iRobot Corp * | 3,895 | 300,149 | ||||||
Lithia Motors Inc ‘A’ | 4,713 | 567,021 | ||||||
Select Comfort Corp * | 13,029 | 404,550 | ||||||
Sonic Corp | 16,397 | 417,304 | ||||||
Steven Madden Ltd * | 8,308 | 359,736 | ||||||
Texas Roadhouse Inc | 8,014 | 393,808 | ||||||
The Children’s Place Inc | 3,276 | 387,059 | ||||||
Universal Electronics Inc * | 5,247 | 332,660 | ||||||
Wabash National Corp | 19,501 | 445,013 | ||||||
Wolverine World Wide Inc | 12,716 | 366,857 | ||||||
|
| |||||||
5,823,888 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 31.0% | ||||||||
Aclaris Therapeutics Inc * | 8,556 | 220,830 | ||||||
Amedisys Inc * | 7,457 | 417,294 | ||||||
Amphastar Pharmaceuticals Inc * | 12,327 | 220,283 | ||||||
BioTelemetry Inc * | 10,141 | 334,653 | ||||||
Cardtronics PLC ‘A’ * | 11,442 | 263,280 | ||||||
Deluxe Corp | 9,615 | 701,510 | ||||||
Esperion Therapeutics Inc * | 3,874 | 194,165 | ||||||
FibroGen Inc * | 8,188 | 440,514 | ||||||
Green Dot Corp ‘A’ * | 10,067 | 499,122 | ||||||
HealthSouth Corp | 7,986 | 370,151 | ||||||
Horizon Pharma PLC * | 32,121 | 407,294 | ||||||
ICU Medical Inc * | 2,179 | 404,967 | ||||||
INC Research Holdings Inc ‘A’ * | 7,942 | 415,367 | ||||||
Insperity Inc | 6,607 | 581,416 | ||||||
iRhythm Technologies Inc * | 6,003 | 311,436 | ||||||
Ironwood Pharmaceuticals Inc * | 18,971 | 299,173 | ||||||
J&J Snack Foods Corp | 2,717 | 356,742 | ||||||
LHC Group Inc * | 5,802 | 411,478 | ||||||
Masimo Corp * | 2,491 | 215,621 | ||||||
Merit Medical Systems Inc * | 8,377 | 354,766 | ||||||
Molina Healthcare Inc * | 8,169 | 561,700 |
| Value | |||||||
Nektar Therapeutics * | 27,342 | $656,208 | ||||||
Neurocrine Biosciences Inc * | 6,097 | 373,624 | ||||||
NuVasive Inc * | 6,844 | 379,568 | ||||||
Puma Biotechnology Inc * | 5,691 | 681,497 | ||||||
Revance Therapeutics Inc * | 9,297 | 256,132 | ||||||
Supernus Pharmaceuticals Inc * | 17,199 | 687,960 | ||||||
TrueBlue Inc * | 11,265 | 252,899 | ||||||
Ultragenyx Pharmaceutical Inc * | 4,639 | 247,073 | ||||||
Vanda Pharmaceuticals Inc * | 15,640 | 279,956 | ||||||
|
| |||||||
11,796,679 | ||||||||
|
| |||||||
Energy - 0.2% | ||||||||
Sanchez Energy Corp * | 19,187 | 92,481 | ||||||
|
| |||||||
Financial - 5.5% | ||||||||
BofI Holding Inc * | 10,117 | 288,031 | ||||||
Eagle Bancorp Inc * | 4,855 | 325,528 | ||||||
Home BancShares Inc | 15,730 | 396,711 | ||||||
Moelis & Co ‘A’ | 7,429 | 319,818 | ||||||
PS Business Parks Inc REIT | 3,016 | 402,636 | ||||||
Texas Capital Bancshares Inc * | 3,942 | 338,224 | ||||||
|
| |||||||
2,070,948 | ||||||||
|
| |||||||
Industrial - 16.6% | ||||||||
Aerojet Rocketdyne Holdings Inc * | 16,357 | 572,659 | ||||||
Forward Air Corp | 5,638 | 322,663 | ||||||
Generac Holdings Inc * | 11,677 | 536,325 | ||||||
Littelfuse Inc | 2,869 | 561,980 | ||||||
Lydall Inc * | 6,545 | 375,029 | ||||||
Masonite International Corp * | 5,730 | 396,516 | ||||||
MasTec Inc * | 10,012 | 464,557 | ||||||
Rogers Corp * | 4,204 | 560,309 | ||||||
Saia Inc * | 7,612 | 476,892 | ||||||
SPX Corp * | 16,760 | 491,738 | ||||||
Tetra Tech Inc | 5,999 | 279,253 | ||||||
TopBuild Corp * | 5,530 | 360,390 | ||||||
Trinseo SA | 6,391 | 428,836 | ||||||
US Concrete Inc * | 6,349 | 484,429 | ||||||
|
| |||||||
6,311,576 | ||||||||
|
| |||||||
Technology - 17.3% | ||||||||
Acxiom Corp * | 18,108 | 446,181 | ||||||
Ambarella Inc * | 6,227 | 305,185 | ||||||
Barracuda Networks Inc * | 19,920 | 482,662 | ||||||
Bottomline Technologies de Inc * | 5,847 | 186,110 | ||||||
CommVault Systems Inc * | 9,022 | 548,538 | ||||||
Diebold Nixdorf Inc | 12,748 | 291,292 | ||||||
Integrated Device Technology Inc * | 15,237 | 404,999 | ||||||
j2 Global Inc | 8,128 | 600,497 | ||||||
MACOM Technology Solutions Holdings Inc * | 5,700 | 254,277 | ||||||
MaxLinear Inc * | 14,280 | 339,150 | ||||||
MKS Instruments Inc | 6,154 | 581,245 | ||||||
Power Integrations Inc | 5,283 | 386,716 | ||||||
RealPage Inc * | 16,584 | 661,702 | ||||||
Silicon Laboratories Inc * | 5,890 | 470,611 | ||||||
Silver Spring Networks Inc * | 16,818 | 271,947 | ||||||
Xperi Corp | 13,284 | 336,085 | ||||||
|
| |||||||
6,567,197 | ||||||||
|
| |||||||
Total Common Stocks | 37,293,100 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-41
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SMALL-CAP GROWTH
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
| Value | |||||||
SHORT-TERM INVESTMENT - 2.1% | ||||||||
Money Market Fund - 2.1% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 807,312 | $807,312 | ||||||
|
| |||||||
Total Short-Term Investment | 807,312 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.2% | 38,101,271 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.2%) | (94,222 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $38,007,049 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-Cyclical | 31.0% | |||
Technology | 17.3% | |||
Industrial | 16.6% | |||
Consumer, Cyclical | 15.3% | |||
Communications | 9.5% | |||
Financial | 5.5% | |||
Others (each less than 3.0%) | 5.0% | |||
|
| |||
100.2% | ||||
Other Assets & Liabilities, Net | (0.2% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | An investment with a value of $859 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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Rights | $859 | $— | $— | $859 | |||||||||||||
Common Stocks | 37,293,100 | 37,293,100 | — | — | ||||||||||||||
Short-Term Investment | 807,312 | 807,312 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $38,101,271 | $38,100,412 | $— | $859 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-43 |
A-42
Table of Contents
PACIFIC FUNDS
Schedule of Investments (Continued)
Explanation of Symbols and Terms
September 30, 2017 (Unaudited)
Explanation of Symbols: | ||
* | Non-income producing investments. | |
§ | Variable rate investments. The rate shown is based on the latest available information as of September 30, 2017. For Senior Loan Notes, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. | |
W | Issuer filed bankruptcy and/or is in default as of September 30, 2017. | |
¥ | All or a portion of this senior loan position has not settled. 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). 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, 2017 were less than one share. | |
± | Investments categorized as a significant unobservable input (Level 3) (See Note 3D in Notes to Financial Statements). | |
Counterparty Abbreviation: | ||
MSC | Morgan Stanley | |
Index Abbreviation: | ||
iBoxx | Corporate Bond Index – High Yield | |
Payment Frequency Abbreviations: | ||
Q | Quarterly | |
Z | At Maturity | |
Reference Rate Abbreviation: | ||
LIBOR | London Interbank Offered Rate | |
Other Abbreviations: | ||
ADR | American Depository Receipt | |
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-43
Table of Contents
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2017 (Unaudited)
Pacific Funds Portfolio Optimization | Pacific Funds Diversified Alternatives | |||||||||||||||||||||||||||||
Conservative | Moderate- Conservative | Moderate | Growth | Aggressive- Growth | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||
Investments in affiliated mutual funds, at cost | $289,255,880 | $404,379,793 | $1,101,699,696 | $776,920,776 | $238,379,785 | $20,174,687 | ||||||||||||||||||||||||
Investments in affiliated mutual funds, at value | $325,060,137 | $479,177,160 | $1,386,941,782 | $1,032,032,693 | $334,895,984 | $20,852,932 | ||||||||||||||||||||||||
Cash | 107,916 | 139,933 | 205,604 | 109,364 | 13,063 | 6,215 | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||
Fund shares sold | 400,947 | 112,828 | 2,546,630 | 361,301 | 29,348 | 1,124,998 | ||||||||||||||||||||||||
Securities sold | 169,096 | 206,927 | 868,644 | 396,233 | 311,650 | — | ||||||||||||||||||||||||
Due from adviser | 20,047 | 27,487 | 68,294 | 51,876 | 20,764 | 671 | ||||||||||||||||||||||||
Prepaid expenses and other assets | 6,024 | 4,891 | 10,382 | 8,781 | 4,638 | 20,838 | ||||||||||||||||||||||||
Total Assets | 325,764,167 | 479,669,226 | 1,390,641,336 | 1,032,960,248 | 335,275,447 | 22,005,654 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||
Fund shares redeemed | 431,377 | 561,819 | 1,552,165 | 1,256,075 | 402,588 | 1,408 | ||||||||||||||||||||||||
Securities purchased | 107,916 | 139,933 | 205,604 | 109,364 | 13,063 | 1,084,181 | ||||||||||||||||||||||||
Accrued advisory fees | 53,496 | 78,450 | 227,066 | 168,248 | 54,455 | 3,171 | ||||||||||||||||||||||||
Accrued administration fees | 40,122 | 58,838 | 170,300 | 126,186 | 40,841 | 2,379 | ||||||||||||||||||||||||
Accrued support service expenses | 13,788 | 20,627 | 59,515 | 43,559 | 14,071 | 751 | ||||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 4,575 | 7,037 | 20,311 | 15,198 | 4,909 | 205 | ||||||||||||||||||||||||
Accrued legal, audit and tax service fees | 26,123 | 39,011 | 111,575 | 81,673 | 25,757 | 871 | ||||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 3,271 | 3,709 | 9,693 | 6,567 | 1,864 | 2 | ||||||||||||||||||||||||
Accrued distribution and/or service fees | 29,069 | 40,602 | 112,173 | 79,842 | 24,778 | 465 | ||||||||||||||||||||||||
Accrued other | 18,933 | 27,931 | 77,059 | 57,052 | 18,728 | 1,461 | ||||||||||||||||||||||||
Total Liabilities | 728,670 | 977,957 | 2,545,461 | 1,943,764 | 601,054 | 1,094,894 | ||||||||||||||||||||||||
NET ASSETS | $325,035,497 | $478,691,269 | $1,388,095,875 | $1,031,016,484 | $334,674,393 | $20,910,760 | ||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||
Paid-in capital | $294,545,942 | $406,596,298 | $1,094,282,576 | $771,221,527 | $241,955,194 | $20,621,227 | ||||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | (1,181,150 | ) | (2,360,526 | ) | (8,168,125 | ) | (6,236,899 | ) | (2,097,227 | ) | (36,441 | ) | ||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (4,133,552 | ) | (341,870 | ) | 16,739,338 | 10,919,939 | (1,699,773 | ) | (352,271 | ) | ||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | 35,804,257 | 74,797,367 | 285,242,086 | 255,111,917 | 96,516,199 | 678,245 | ||||||||||||||||||||||||
NET ASSETS | $325,035,497 | $478,691,269 | $1,388,095,875 | $1,031,016,484 | $334,674,393 | $20,910,760 | ||||||||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||||
Net Assets | $134,404,769 | $231,923,077 | $710,314,377 | $562,043,088 | $187,395,742 | $3,460,137 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 11,760,813 | 18,059,978 | 48,933,464 | 35,837,997 | 10,952,350 | 346,138 | ||||||||||||||||||||||||
Net Asset Value per share* | $11.43 | $12.84 | $14.52 | $15.68 | $17.11 | $10.00 | ||||||||||||||||||||||||
Sales Charge — Maximum is 5.50% of offering price | 0.67 | 0.75 | 0.85 | 0.91 | 1.00 | 0.58 | ||||||||||||||||||||||||
Maximum offering price per share | $12.10 | $13.59 | $15.37 | $16.59 | $18.11 | $10.58 | ||||||||||||||||||||||||
Class B Shares: | ||||||||||||||||||||||||||||||
Net Assets | $27,954,243 | $43,699,726 | $131,015,761 | $97,083,407 | $29,486,317 | |||||||||||||||||||||||||
Shares of beneficial interest outstanding | 2,503,717 | 3,473,157 | 9,162,822 | 6,294,275 | 1,767,574 | |||||||||||||||||||||||||
Net Asset Value per share* | $11.17 | $12.58 | $14.30 | $15.42 | $16.68 | |||||||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||||
Net Assets | $147,162,204 | $192,503,535 | $501,428,147 | $339,734,639 | $101,578,484 | $2,575,680 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 13,184,713 | 15,306,688 | 35,125,080 | 22,093,091 | 6,099,187 | 262,146 | ||||||||||||||||||||||||
Net Asset Value per share* | $11.16 | $12.58 | $14.28 | $15.38 | $16.65 | $9.83 | ||||||||||||||||||||||||
Class R Shares: | ||||||||||||||||||||||||||||||
Net Assets | $7,031,584 | $5,195,106 | $25,508,491 | $16,248,524 | $7,866,177 | |||||||||||||||||||||||||
Shares of beneficial interest outstanding | 620,211 | 407,342 | 1,763,670 | 1,039,729 | 463,146 | |||||||||||||||||||||||||
Net Asset Value per share | $11.34 | $12.75 | $14.46 | $15.63 | $16.98 | |||||||||||||||||||||||||
Advisor Class: | ||||||||||||||||||||||||||||||
Net Assets | $8,482,697 | $5,369,825 | $19,829,099 | $15,906,826 | $8,347,673 | $14,874,943 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 740,083 | 416,671 | 1,362,170 | 1,010,955 | 486,600 | 1,482,014 | ||||||||||||||||||||||||
Net Asset Value per share | $11.46 | $12.89 | $14.56 | $15.73 | $17.16 | $10.04 |
* | 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
Table of Contents
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2017 (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 (excluding derivatives) | $357,989,546 | $769,852,155 | $427,002,749 | $1,288,994,616 | $34,600,484 | $24,331,183 | ||||||||||||||||||||||||
Investments, at value (excluding derivatives) | $360,256,774 | $780,705,361 | $435,306,889 | $1,285,617,292 | $34,731,447 | $25,226,600 | ||||||||||||||||||||||||
Cash | 39,909 | 184,993 | 43,147 | — | — | 1 | ||||||||||||||||||||||||
Foreign currency held, at value (1) | — | — | 5,339 | — | — | 667 | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||
Dividends and interest | 1,622,629 | 4,656,127 | 4,107,644 | 4,769,886 | 398,655 | 403,153 | ||||||||||||||||||||||||
Fund shares sold | 3,999,382 | 2,551,580 | 9,827,514 | 4,831,387 | — | — | ||||||||||||||||||||||||
Securities sold | 514,250 | 9,156,856 | 3,828,760 | 92,775,477 | 25,156 | 149,258 | ||||||||||||||||||||||||
Due from adviser | 79,328 | 176,118 | 95,098 | 253,297 | 12,350 | 10,232 | ||||||||||||||||||||||||
Swap agreements, at value | — | — | — | — | — | 24,033 | ||||||||||||||||||||||||
Unfunded loan commitment appreciation | — | — | 15,312 | 5,761 | — | — | ||||||||||||||||||||||||
Prepaid expenses and other assets | 37,737 | 20,142 | 39,991 | 34,708 | 24,644 | 26,121 | ||||||||||||||||||||||||
Total Assets | 366,550,009 | 797,451,177 | 453,269,694 | 1,388,287,808 | 35,192,252 | 25,840,065 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||
Fund shares redeemed | 1,111,840 | 1,796,529 | 755,940 | 2,963,140 | 9,164 | 27,503 | ||||||||||||||||||||||||
Securities purchased | 5,756,060 | 24,592,694 | 27,379,074 | 154,188,387 | 651,700 | 525,762 | ||||||||||||||||||||||||
Due to custodian | — | — | — | 1,186,242 | 2,470 | — | ||||||||||||||||||||||||
Income distributions | 49,489 | 324,024 | 250,101 | 703,115 | 655 | 682 | ||||||||||||||||||||||||
Accrued advisory fees | 115,556 | 314,388 | 201,514 | 646,637 | 17,837 | 12,606 | ||||||||||||||||||||||||
Accrued administration fees | 86,188 | 173,427 | 100,351 | 262,411 | 5,616 | 4,689 | ||||||||||||||||||||||||
Accrued support service expenses | 12,679 | 31,667 | 15,795 | 50,283 | 411 | 1,158 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 7,906 | 20,415 | 8,649 | 34,952 | 2,953 | 1,671 | ||||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 3,979 | 9,862 | 4,849 | 15,353 | 451 | 375 | ||||||||||||||||||||||||
Accrued legal, audit and tax service fees | 22,813 | 58,488 | 26,714 | 84,021 | 2,618 | 2,226 | ||||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 136 | 361 | 149 | 461 | 15 | 14 | ||||||||||||||||||||||||
Accrued distribution and/or service fees | 8,883 | 20,375 | 9,997 | 32,683 | 645 | 850 | ||||||||||||||||||||||||
Accrued other | 22,414 | 48,743 | 26,800 | 106,583 | 6,712 | 7,412 | ||||||||||||||||||||||||
Total Liabilities | 7,197,943 | 27,390,973 | 28,779,933 | 160,274,268 | 701,247 | 584,948 | ||||||||||||||||||||||||
NET ASSETS | $359,352,066 | $770,060,204 | $424,489,761 | $1,228,013,540 | $34,491,005 | $25,255,117 | ||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||
Paid-in capital | $358,806,448 | $772,995,405 | $427,337,603 | $1,266,002,686 | $38,077,041 | $33,389,190 | ||||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 44,286 | 126,528 | 84,875 | 254,304 | (17,740 | ) | 12,332 | |||||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (1,765,896 | ) | (13,914,935 | ) | (11,250,868 | ) | (34,871,887 | ) | (3,699,259 | ) | (9,065,734 | ) | ||||||||||||||||||
Net unrealized appreciation (depreciation) on investments and | 2,267,228 | 10,853,206 | 8,318,151 | (3,371,563 | ) | 130,963 | 919,329 | |||||||||||||||||||||||
NET ASSETS | $359,352,066 | $770,060,204 | $424,489,761 | $1,228,013,540 | $34,491,005 | $25,255,117 | ||||||||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||||
Net Assets | $88,798,647 | $151,314,639 | $71,987,369 | $207,745,925 | $5,101,037 | $5,360,022 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 8,572,890 | 14,174,406 | 6,646,069 | 20,591,328 | 557,584 | 512,423 | ||||||||||||||||||||||||
Net Asset Value per share* | $10.36 | $10.68 | $10.83 | $10.09 | $9.15 | $10.46 | ||||||||||||||||||||||||
Sales Charge (2) | 0.32 | 0.47 | 0.48 | 0.31 | 0.28 | 0.46 | ||||||||||||||||||||||||
Maximum offering price per share | $10.68 | $11.15 | $11.31 | $10.40 | $9.43 | $10.92 | ||||||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||||
Net Assets | $42,950,812 | $110,774,529 | $55,323,100 | $186,788,642 | $3,434,769 | $4,879,772 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 4,154,403 | 10,374,172 | 5,117,612 | 18,547,809 | 376,321 | 467,247 | ||||||||||||||||||||||||
Net Asset Value per share* | $10.34 | $10.68 | $10.81 | $10.07 | $9.13 | $10.44 | ||||||||||||||||||||||||
Class I Shares: | ||||||||||||||||||||||||||||||
Net Assets | $3,953,518 | $4,922,492 | $3,332,252 | $235,412,119 | $23,412,457 | $2,661,432 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 382,211 | 460,723 | 309,366 | 23,301,928 | 2,559,418 | 256,514 | ||||||||||||||||||||||||
Net Asset Value per share | $10.34 | $10.68 | $10.77 | $10.10 | $9.15 | $10.38 | ||||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||||
Net Assets | $117,662,524 | $75,840,469 | $10,288,348 | |||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 10,982,110 | 7,507,906 | 992,690 | |||||||||||||||||||||||||||
Net Asset Value per share | $10.71 | $10.10 | $10.36 | |||||||||||||||||||||||||||
Advisor Class: | ||||||||||||||||||||||||||||||
Net Assets | $223,649,089 | $385,386,020 | $293,847,040 | $522,226,385 | $2,542,742 | $2,065,543 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 21,589,078 | 36,022,786 | 27,123,966 | 51,587,832 | 278,151 | 197,367 | ||||||||||||||||||||||||
Net Asset Value per share | $10.36 | $10.70 | $10.83 | $10.12 | $9.14 | $10.47 |
* | 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 $6,640 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
Table of Contents
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2017 (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 (excluding derivatives) | $11,489,805 | $26,650,851 | $144,218,644 | $12,403,690 | $28,892,655 | $31,861,401 | ||||||||||||||||||||||
Investments, at value (excluding derivatives) | $13,506,946 | $31,009,377 | $164,102,061 | $14,527,997 | $35,396,268 | $38,101,271 | ||||||||||||||||||||||
Cash | — | 3 | — | 44 | 2 | — | ||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Dividends and interest | 9,181 | 31,490 | 75,940 | 12,352 | 50,224 | 7,204 | ||||||||||||||||||||||
Fund shares sold | 55,353 | — | 472,155 | 94,535 | 33,652 | 6,500 | ||||||||||||||||||||||
Securities sold | 50,942 | 170,277 | 315,659 | 13,797 | 71,274 | — | ||||||||||||||||||||||
Due from adviser | 6,746 | 9,049 | 25,067 | 6,812 | 8,541 | 8,642 | ||||||||||||||||||||||
Prepaid expenses and other assets | — | 112 | 4,173 | 56 | 256 | 244 | ||||||||||||||||||||||
Total Assets | 13,629,168 | 31,220,308 | 164,995,055 | 14,655,593 | 35,560,217 | 38,123,861 | ||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Fund shares redeemed | 3,000 | 207,236 | 10,317 | — | 5,321 | 34,215 | ||||||||||||||||||||||
Securities purchased | — | — | 325,665 | 51,489 | 114,437 | 36,333 | ||||||||||||||||||||||
Due to custodian | 2,359 | — | 5,326 | — | — | — | ||||||||||||||||||||||
Accrued advisory fees | 6,060 | 16,260 | 109,635 | 9,523 | 23,328 | 25,599 | ||||||||||||||||||||||
Accrued administration fees | 3,244 | 7,303 | 37,582 | 3,323 | 7,010 | 6,292 | ||||||||||||||||||||||
Accrued support service expenses | 419 | 1,257 | 6,123 | 419 | 1,294 | 1,676 | ||||||||||||||||||||||
Accrued custodian fees and expenses | 667 | 1,043 | 1,994 | 674 | 1,172 | 1,138 | ||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 129 | 386 | 1,801 | 129 | 386 | 515 | ||||||||||||||||||||||
Accrued legal, audit and tax service fees | 856 | 2,229 | 9,055 | 855 | 2,401 | 3,085 | ||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 6 | 13 | 41 | 6 | 15 | 19 | ||||||||||||||||||||||
Accrued distribution and/or service fees | 587 | 682 | 2,597 | 159 | 264 | 113 | ||||||||||||||||||||||
Accrued other | 3,762 | 6,648 | 9,843 | 6,629 | 7,635 | 7,827 | ||||||||||||||||||||||
Total Liabilities | 21,089 | 243,057 | 519,979 | 73,206 | 163,263 | 116,812 | ||||||||||||||||||||||
NET ASSETS | $13,608,079 | $30,977,251 | $164,475,076 | $14,582,387 | $35,396,954 | $38,007,049 | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in capital | $11,647,583 | $25,708,820 | $144,946,461 | $12,328,265 | $25,924,616 | $30,716,170 | ||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 66,686 | 293,427 | (90,188 | ) | 2,876 | 88,616 | (103,394 | ) | ||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (123,331 | ) | 616,478 | (264,614 | ) | 126,939 | 2,880,109 | 1,154,403 | ||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 2,017,141 | 4,358,526 | 19,883,417 | 2,124,307 | 6,503,613 | 6,239,870 | ||||||||||||||||||||||
NET ASSETS | $13,608,079 | $30,977,251 | $164,475,076 | $14,582,387 | $35,396,954 | $38,007,049 | ||||||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||
Net Assets | $4,298,695 | $3,052,243 | $20,400,464 | $1,508,467 | $1,135,851 | $514,685 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 358,815 | 271,661 | 1,611,931 | 120,058 | 93,260 | 43,291 | ||||||||||||||||||||||
Net Asset Value per share* | $11.98 | $11.24 | $12.66 | $12.56 | $12.18 | $11.89 | ||||||||||||||||||||||
Sales Charge – Maximum is 4.25% of offering price | 0.53 | 0.50 | 0.56 | 0.56 | 0.54 | 0.53 | ||||||||||||||||||||||
Maximum offering price per share | $12.51 | $11.74 | $13.22 | $13.12 | $12.72 | $12.42 | ||||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||
Net Assets | $3,182,848 | $4,200,015 | $12,161,307 | $807,136 | $1,646,084 | $406,470 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 267,807 | 377,537 | 973,665 | 64,564 | 136,326 | 34,616 | ||||||||||||||||||||||
Net Asset Value per share* | $11.88 | $11.12 | $12.49 | $12.50 | $12.07 | $11.74 | ||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||
Net Assets | $12,278,731 | |||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 1,027,208 | |||||||||||||||||||||||||||
Net Asset Value per share | $11.95 | |||||||||||||||||||||||||||
Advisor Class: | ||||||||||||||||||||||||||||
Net Assets | $5,273,229 | $21,960,593 | $114,781,242 | $11,926,007 | $22,056,235 | $12,815,941 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 438,093 | 1,946,248 | 9,046,805 | 938,164 | 1,797,926 | 1,071,734 | ||||||||||||||||||||||
Net Asset Value per share | $12.04 | $11.28 | $12.69 | $12.71 | $12.27 | $11.96 | ||||||||||||||||||||||
Investor Class: | ||||||||||||||||||||||||||||
Net Assets | $345,298 | $100,686 | $7,803,364 | $15,942 | $84,561 | $1,246,459 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 29,214 | 9,058 | 617,948 | 1,262 | 6,951 | 104,963 | ||||||||||||||||||||||
Net Asset Value per share | $11.82 | $11.12 | $12.63 | $12.63 | $12.16 | $11.88 | ||||||||||||||||||||||
Class S: | ||||||||||||||||||||||||||||
Net Assets | $508,009 | $1,663,714 | $9,328,699 | $324,835 | $10,474,223 | $10,744,763 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 42,518 | 147,890 | 735,169 | 27,753 | 856,046 | 897,289 | ||||||||||||||||||||||
Net Asset Value per share | $11.95 | $11.25 | $12.69 | $11.70 | $12.24 | $11.97 |
* | 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
Table of Contents
PACIFIC FUNDS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2017 (Unaudited)
Pacific Funds Portfolio Optimization | Pacific Funds Diversified Alternatives | |||||||||||||||||||||||||||||
Conservative | Moderate- Conservative | Moderate | Growth | Aggressive- Growth | ||||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||
Dividends from affiliated mutual fund investments | $682,201 | $887,662 | $1,301,093 | $684,337 | $81,162 | $31,527 | ||||||||||||||||||||||||
Total Investment Income | 682,201 | 887,662 | 1,301,093 | 684,337 | 81,162 | 31,527 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 328,677 | 485,063 | 1,398,689 | 1,029,981 | 329,365 | 16,347 | ||||||||||||||||||||||||
Administration fees | 246,508 | 363,797 | 1,049,017 | 772,486 | 247,023 | 12,261 | ||||||||||||||||||||||||
Support services expenses | 31,438 | 47,530 | 136,011 | 100,312 | 31,489 | 1,015 | ||||||||||||||||||||||||
Shareholder report expenses | 15,008 | 22,680 | 64,885 | 47,843 | 15,011 | 476 | ||||||||||||||||||||||||
Distribution and/or service fees (1) | ||||||||||||||||||||||||||||||
Class A | 168,345 | 292,614 | 894,594 | 698,768 | 230,355 | 3,718 | ||||||||||||||||||||||||
Class B | 143,805 | 222,690 | 665,430 | 489,602 | 148,843 | |||||||||||||||||||||||||
Class C | 756,259 | 978,195 | 2,540,139 | 1,714,891 | 500,178 | 9,601 | ||||||||||||||||||||||||
Class R | 18,827 | 13,318 | 58,941 | 39,668 | 18,883 | |||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 12,738 | 19,291 | 55,437 | 40,774 | 12,839 | 402 | ||||||||||||||||||||||||
Registration fees | 35,838 | 36,408 | 42,348 | 41,529 | 36,724 | 22,389 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 23,136 | 34,980 | 100,258 | 73,911 | 23,342 | 846 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 7,067 | 10,681 | 30,552 | 22,531 | 7,065 | 218 | ||||||||||||||||||||||||
Other | 7,217 | 10,396 | 26,526 | 19,663 | 6,931 | 1,042 | ||||||||||||||||||||||||
Total Expenses | 1,794,863 | 2,537,643 | 7,062,827 | 5,091,959 | 1,608,048 | 68,315 | ||||||||||||||||||||||||
Adviser Expense Reimbursement (2) | (132,442 | ) | (181,967 | ) | (456,016 | ) | (346,563 | ) | (133,401 | ) | (5,954 | ) | ||||||||||||||||||
Net Expenses | 1,662,421 | 2,355,676 | 6,606,811 | 4,745,396 | 1,474,647 | 62,361 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | (980,220 | ) | (1,468,014 | ) | (5,305,718 | ) | (4,061,059 | ) | (1,393,485 | ) | (30,834 | ) | ||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions in affiliated mutual funds | 653,965 | 2,962,290 | 9,052,760 | 7,695,802 | 1,698,907 | (58,316 | ) | |||||||||||||||||||||||
Net Realized Gain (Loss) | 653,965 | 2,962,290 | 9,052,760 | 7,695,802 | 1,698,907 | (58,316 | ) | |||||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities in affiliated mutual funds | 12,867,558 | 22,054,368 | 77,501,207 | 67,765,099 | 25,534,707 | 587,575 | ||||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 12,867,558 | 22,054,368 | 77,501,207 | 67,765,099 | 25,534,707 | 587,575 | ||||||||||||||||||||||||
NET GAIN (LOSS) | 13,521,523 | 25,016,658 | 86,553,967 | 75,460,901 | 27,233,614 | 529,259 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | $12,541,303 | $23,548,644 | $81,248,249 | $71,399,842 | $25,840,129 | $498,425 |
(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
Table of Contents
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2017 (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 | $41,717 | $92,832 | $229,894 | $374,678 | $6,048 | $26,572 | ||||||||||||||||||||||||
Interest, net of foreign taxes withheld | 4,251,851 | 12,895,024 | 8,575,335 | 30,461,232 | 838,301 | 748,837 | ||||||||||||||||||||||||
Other | — | — | — | 63,054 | — | — | ||||||||||||||||||||||||
Total Investment Income | 4,293,568 | 12,987,856 | 8,805,229 | 30,898,964 | 844,349 | 775,409 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 627,638 | 1,882,220 | 1,134,199 | 3,855,866 | 111,207 | 80,903 | ||||||||||||||||||||||||
Administration fees | 467,900 | 1,035,222 | 564,864 | 1,553,192 | 33,927 | 29,634 | ||||||||||||||||||||||||
Support services expenses | 27,714 | 71,235 | 33,256 | 106,752 | 3,082 | 2,743 | ||||||||||||||||||||||||
Custodian fees and expenses | 5,546 | 13,729 | 6,355 | 31,725 | 2,151 | 1,280 | ||||||||||||||||||||||||
Shareholder report expenses | 13,207 | 33,970 | 15,809 | 50,698 | 1,469 | 1,309 | ||||||||||||||||||||||||
Distribution and/or service fees (1) | ||||||||||||||||||||||||||||||
Class A | 96,365 | 196,392 | 85,011 | 263,282 | 6,566 | 6,879 | ||||||||||||||||||||||||
Class C | 214,450 | 578,195 | 259,833 | 928,460 | 17,069 | 24,260 | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 11,255 | 28,985 | 13,422 | 43,097 | 1,254 | 1,118 | ||||||||||||||||||||||||
Registration fees | 36,968 | 46,875 | 34,614 | 50,240 | 30,204 | 27,532 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 20,621 | 52,722 | 25,082 | 82,485 | 2,321 | 1,947 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 6,057 | 15,582 | 7,250 | 23,250 | 673 | 600 | ||||||||||||||||||||||||
Interest expense and commitment fee | — | — | — | 76,250 | — | — | ||||||||||||||||||||||||
Other | 14,508 | 26,126 | 19,784 | 33,221 | 7,834 | 8,971 | ||||||||||||||||||||||||
Total Expenses | 1,542,229 | 3,981,253 | 2,199,479 | 7,098,518 | 217,757 | 187,176 | ||||||||||||||||||||||||
Advisory Fee Waiver (2) | — | — | — | (22,959 | ) | (3,422 | ) | — | ||||||||||||||||||||||
Adviser Expense Reimbursement (3) | (446,867 | ) | (1,007,383 | ) | (544,509 | ) | (1,462,384 | ) | (71,793 | ) | (59,369 | ) | ||||||||||||||||||
Net Expenses | 1,095,362 | 2,973,870 | 1,654,970 | 5,613,175 | 142,542 | 127,807 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 3,198,206 | 10,013,986 | 7,150,259 | 25,285,789 | 701,807 | 647,602 | ||||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions | 759,673 | 4,559,235 | 1,344,707 | 4,181,321 | (51,680 | ) | 139,593 | |||||||||||||||||||||||
Swap transactions | — | — | — | — | — | 13,760 | ||||||||||||||||||||||||
Net Realized Gain (Loss) | 759,673 | 4,559,235 | 1,344,707 | 4,181,321 | (51,680 | ) | 153,353 | |||||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities | 252,178 | 6,985,110 | 3,922,458 | (11,009,779 | ) | 196,347 | 312,171 | |||||||||||||||||||||||
Unfunded loan commitments | — | — | 15,312 | (38,953 | ) | — | — | |||||||||||||||||||||||
Swaps | — | — | — | — | — | 14,414 | ||||||||||||||||||||||||
Foreign currencies | — | — | 330 | — | — | 41 | ||||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 252,178 | 6,985,110 | 3,938,100 | (11,048,732 | ) | 196,347 | 326,626 | |||||||||||||||||||||||
NET GAIN (LOSS) | 1,011,851 | 11,544,345 | 5,282,807 | (6,867,411 | ) | 144,667 | 479,979 | |||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $4,210,057 | $21,558,331 | $12,433,066 | $18,418,378 | $846,474 | $1,127,581 | ||||||||||||||||||||||||
Foreign taxes withheld on dividends and interest | $4,597 | $4,455 | $8,095 | $— | $375 | $301 |
(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
Table of Contents
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2017 (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 | $110,953 | $335,309 | $723,473 | $72,155 | $258,061 | $125,980 | ||||||||||||||||||||||||
Total Investment Income | 110,953 | 335,309 | 723,473 | 72,155 | 258,061 | 125,980 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 39,034 | 96,290 | 594,882 | 52,171 | 140,302 | 157,017 | ||||||||||||||||||||||||
Administration fees | 17,628 | 43,310 | 203,341 | 18,234 | 42,205 | 38,780 | ||||||||||||||||||||||||
Support services expenses | 941 | 2,847 | 11,711 | 941 | 2,595 | 3,788 | ||||||||||||||||||||||||
Custodian fees and expenses | 505 | 746 | 1,442 | 514 | 813 | 805 | ||||||||||||||||||||||||
Shareholder report expenses | 451 | 1,354 | 5,539 | 451 | 1,242 | 1,805 | ||||||||||||||||||||||||
Distribution and/or service fees (1) | ||||||||||||||||||||||||||||||
Class A | 5,249 | 3,702 | 23,500 | 2,151 | 1,257 | 663 | ||||||||||||||||||||||||
Class C | 15,210 | 18,440 | 46,911 | 3,821 | 7,481 | 1,616 | ||||||||||||||||||||||||
Investor Class | 454 | 121 | 8,835 | 403 | 241 | 1,480 | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 389 | 1,152 | 4,687 | 389 | 1,068 | 1,541 | ||||||||||||||||||||||||
Registration fees | 28,554 | 28,538 | 33,653 | 28,554 | 28,513 | 28,513 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 696 | 2,113 | 9,032 | 695 | 1,934 | 2,807 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 207 | 621 | 2,538 | 207 | 569 | 828 | ||||||||||||||||||||||||
Other | 2,801 | 3,137 | 5,475 | 3,123 | 3,464 | 3,420 | ||||||||||||||||||||||||
Total Expenses | 112,119 | 202,371 | 951,546 | 111,654 | 231,684 | 243,063 | ||||||||||||||||||||||||
Advisory Fee Waiver (2) | (6,005 | ) | — | — | — | — | — | |||||||||||||||||||||||
Adviser Expense Reimbursement (3) | (40,420 | ) | (54,945 | ) | (137,885 | ) | (40,811 | ) | (51,781 | ) | (53,191 | ) | ||||||||||||||||||
Net Expenses | 65,694 | 147,426 | 813,661 | 70,843 | 179,903 | 189,872 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 45,259 | 187,883 | (90,188 | ) | 1,312 | 78,158 | (63,892 | ) | ||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions | 23,309 | 266,474 | (224,308 | ) | 103,486 | 1,051,571 | 1,290,203 | |||||||||||||||||||||||
Net Realized Gain (Loss) | 23,309 | 266,474 | (224,308 | ) | 103,486 | 1,051,571 | 1,290,203 | |||||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities | 903,199 | 899,471 | 9,331,589 | 782,117 | 822,799 | 1,177,947 | ||||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 903,199 | 899,471 | 9,331,589 | 782,117 | 822,799 | 1,177,947 | ||||||||||||||||||||||||
NET GAIN (LOSS) | 926,508 | 1,165,945 | 9,107,281 | 885,603 | 1,874,370 | 2,468,150 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $971,767 | $1,353,828 | $9,017,093 | $886,915 | $1,952,528 | $2,404,258 |
(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
Table of Contents
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 | Year Ended | Six-Month | Year Ended | Six-Month | Year Ended | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | ($980,220 | ) | $4,679,620 | ($1,468,014 | ) | $6,771,647 | ($5,305,718 | ) | $18,477,814 | |||||||||||||||||||||||||||||
Net realized gain (loss) | 653,965 | 2,778,068 | 2,962,290 | 5,252,361 | 9,052,760 | 26,425,429 | ||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 12,867,558 | 14,438,850 | 22,054,368 | 28,729,583 | 77,501,207 | 102,713,381 | ||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 12,541,303 | 21,896,538 | 23,548,644 | 40,753,591 | 81,248,249 | 147,616,624 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||||||
Class A | — | (2,896,693 | ) | — | (4,726,702 | ) | — | (13,130,548 | ) | |||||||||||||||||||||||||||||
Class B | — | (439,380 | ) | — | (651,590 | ) | — | (1,685,804 | ) | |||||||||||||||||||||||||||||
Class C | — | (2,195,350 | ) | — | (2,924,445 | ) | — | (6,559,239 | ) | |||||||||||||||||||||||||||||
Class R | — | (193,444 | ) | — | (104,475 | ) | — | (375,854 | ) | |||||||||||||||||||||||||||||
Advisor Class | — | (89,445 | ) | — | (92,773 | ) | — | (314,926 | ) | |||||||||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||||||
Class A | — | (1,861,955 | ) | — | (5,435,852 | ) | — | (25,233,447 | ) | |||||||||||||||||||||||||||||
Class B | — | (397,080 | ) | — | (1,034,360 | ) | — | (4,712,449 | ) | |||||||||||||||||||||||||||||
Class C | — | (2,020,417 | ) | — | (4,740,186 | ) | — | (18,432,497 | ) | |||||||||||||||||||||||||||||
Class R | — | (134,051 | ) | — | (129,428 | ) | — | (806,091 | ) | |||||||||||||||||||||||||||||
Advisor Class | — | (49,454 | ) | — | (94,380 | ) | — | (508,114 | ) | |||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (10,277,269 | ) | — | (19,934,191 | ) | — | (71,758,969 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 7,425,596 | 20,641,518 | 12,125,935 | 29,875,459 | 29,182,604 | 70,798,439 | ||||||||||||||||||||||||||||||||
Class B | 708,139 | 2,827,965 | 695,922 | 2,703,181 | 2,026,808 | 8,030,046 | ||||||||||||||||||||||||||||||||
Class C | 5,617,576 | 21,242,698 | 6,210,314 | 17,661,394 | 14,828,119 | 45,860,306 | ||||||||||||||||||||||||||||||||
Class R | 1,205,055 | 2,087,592 | 370,531 | 1,069,627 | 4,086,990 | 5,214,365 | ||||||||||||||||||||||||||||||||
Advisor Class | 4,014,464 | 3,092,771 | 1,431,945 | 3,539,110 | 5,641,759 | 9,290,977 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | — | 4,531,370 | — | 9,961,916 | — | 37,969,820 | ||||||||||||||||||||||||||||||||
Class B | — | 801,904 | — | 1,645,794 | — | 6,254,491 | ||||||||||||||||||||||||||||||||
Class C | — | 4,045,927 | — | 7,399,874 | — | 24,326,639 | ||||||||||||||||||||||||||||||||
Class R | — | 327,495 | — | 233,903 | — | 1,181,945 | ||||||||||||||||||||||||||||||||
Advisor Class | — | 90,870 | — | 140,834 | — | 665,876 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (15,324,505 | ) | (47,987,873 | ) | (28,725,017 | ) | (68,788,872 | ) | (82,123,883 | ) | (199,648,777 | ) | ||||||||||||||||||||||||||
Class B | (3,537,950 | ) | (8,585,320 | ) | (4,257,747 | ) | (8,504,928 | ) | (13,236,123 | ) | (29,401,294 | ) | ||||||||||||||||||||||||||
Class C | (17,409,461 | ) | (50,196,070 | ) | (22,941,018 | ) | (54,450,785 | ) | (57,565,367 | ) | (136,343,420 | ) | ||||||||||||||||||||||||||
Class R | (2,816,797 | ) | (4,475,168 | ) | (1,371,590 | ) | (1,359,415 | ) | (4,187,867 | ) | (8,909,350 | ) | ||||||||||||||||||||||||||
Advisor Class | (1,193,095 | ) | (2,925,769 | ) | (1,238,479 | ) | (3,864,077 | ) | (4,907,038 | ) | (12,744,303 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (21,310,978 | ) | (54,480,090 | ) | (37,699,204 | ) | (62,736,985 | ) | (106,253,998 | ) | (177,454,240 | ) | ||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (8,769,675 | ) | (42,860,821 | ) | (14,150,560 | ) | (41,917,585 | ) | (25,005,749 | ) | (101,596,585 | ) | ||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 333,805,172 | 376,665,993 | 492,841,829 | 534,759,414 | 1,413,101,624 | 1,514,698,209 | ||||||||||||||||||||||||||||||||
End of Year or Period | $325,035,497 | $333,805,172 | $478,691,269 | $492,841,829 | $1,388,095,875 | $1,413,101,624 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | ($1,181,150 | ) | ($200,930 | ) | ($2,360,526 | ) | ($892,512 | ) | ($8,168,125 | ) | ($2,862,407 | ) |
(1) | Unaudited. |
See Notes to Financial Statements
B-7
Table of Contents
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 | Year Ended | Six-Month | Year Ended | Six-Month | Year Ended | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | ($4,061,059 | ) | $12,850,495 | ($1,393,485 | ) | $3,003,547 | ($30,834 | ) | $433,954 | |||||||||||||||||||||||||||||
Net realized gain (loss) | 7,695,802 | 23,413,481 | 1,698,907 | 12,803,315 | (58,316 | ) | (80,215 | ) | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 67,765,099 | 89,929,806 | 25,534,707 | 27,751,137 | 587,575 | 208,284 | ||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 71,399,842 | 126,193,782 | 25,840,129 | 43,557,999 | 498,425 | 562,023 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||||||
Class A | — | (9,094,417 | ) | — | (2,203,191 | ) | — | (150,590 | ) | |||||||||||||||||||||||||||||
Class B | — | (1,058,850 | ) | — | (206,477 | ) | ||||||||||||||||||||||||||||||||
Class C | — | (3,759,307 | ) | — | (705,928 | ) | — | (76,046 | ) | |||||||||||||||||||||||||||||
Class R | — | (218,727 | ) | — | (74,738 | ) | ||||||||||||||||||||||||||||||||
Advisor Class | — | (196,174 | ) | — | (86,145 | ) | — | (211,895 | ) | |||||||||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||||||
Class A | — | (25,096,077 | ) | — | (9,677,910 | ) | — | — | ||||||||||||||||||||||||||||||
Class B | — | (4,451,793 | ) | — | (1,616,412 | ) | ||||||||||||||||||||||||||||||||
Class C | — | (16,040,093 | ) | — | (5,560,851 | ) | — | — | ||||||||||||||||||||||||||||||
Class R | — | (693,273 | ) | — | (382,436 | ) | ||||||||||||||||||||||||||||||||
Advisor Class | — | (439,770 | ) | — | (281,707 | ) | — | — | ||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (61,048,481 | ) | — | (20,795,795 | ) | — | (438,531 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 24,420,008 | 53,513,336 | 7,619,645 | 18,570,332 | 1,071,274 | 676,037 | ||||||||||||||||||||||||||||||||
Class B | 1,955,701 | 6,937,497 | 785,765 | 3,291,525 | ||||||||||||||||||||||||||||||||||
Class C | 11,303,487 | 28,988,316 | 5,917,389 | 13,026,047 | 1,385,372 | 1,137,079 | ||||||||||||||||||||||||||||||||
Class R | 1,226,067 | 3,136,442 | 625,632 | 1,377,281 | ||||||||||||||||||||||||||||||||||
Advisor Class | 3,783,532 | 6,810,080 | 2,096,392 | 5,782,462 | 6,244,400 | 6,383,645 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | — | 33,892,955 | — | 11,753,676 | — | 134,927 | ||||||||||||||||||||||||||||||||
Class B | — | 5,370,543 | — | 1,802,299 | ||||||||||||||||||||||||||||||||||
Class C | — | 19,283,093 | — | 6,062,645 | — | 75,677 | ||||||||||||||||||||||||||||||||
Class R | — | 912,000 | — | 457,174 | ||||||||||||||||||||||||||||||||||
Advisor Class | — | 573,035 | — | 351,442 | — | 211,895 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (62,432,286 | ) | (133,069,630 | ) | (14,779,849 | ) | (34,153,004 | ) | (347,152 | ) | (1,356,105 | ) | ||||||||||||||||||||||||||
Class B | (9,699,404 | ) | (22,051,722 | ) | (3,505,758 | ) | (7,239,118 | ) | ||||||||||||||||||||||||||||||
Class C | (42,049,696 | ) | (89,208,884 | ) | (11,542,701 | ) | (27,017,151 | ) | (311,964 | ) | (401,172 | ) | ||||||||||||||||||||||||||
Class R | (1,425,367 | ) | (8,078,468 | ) | (667,574 | ) | (2,057,339 | ) | ||||||||||||||||||||||||||||||
Advisor Class | (2,186,165 | ) | (6,919,008 | ) | (1,546,707 | ) | (6,137,725 | ) | (598,222 | ) | (290,018 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (75,104,123 | ) | (99,910,415 | ) | (14,997,766 | ) | (14,129,454 | ) | 7,443,708 | 6,571,965 | ||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (3,704,281 | ) | (34,765,114 | ) | 10,842,363 | 8,632,750 | 7,942,133 | 6,695,457 | ||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 1,034,720,765 | 1,069,485,879 | 323,832,030 | 315,199,280 | 12,968,627 | 6,273,170 | ||||||||||||||||||||||||||||||||
End of Year or Period | $1,031,016,484 | $1,034,720,765 | $334,674,393 | $323,832,030 | $20,910,760 | $12,968,627 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | ($6,236,899 | ) | ($2,175,840 | ) | ($2,097,227 | ) | ($703,742 | ) | ($36,441 | ) | ($5,607 | ) |
(1) | Unaudited. |
See Notes to Financial Statements
B-8
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Pacific Funds Short Duration Income | Pacific Funds Core Income | Pacific Funds Strategic Income | ||||||||||||||||||||||||||||||||||||
Six-Month 2017 (1) | Year Ended March 31, 2017 | Six-Month 2017 (1) | Year Ended March 31, 2017 | Six-Month 2017 (1) | Year Ended March 31, 2017 | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $3,198,206 | $4,816,269 | $10,013,986 | $18,482,368 | $7,150,259 | $9,448,942 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | 759,673 | 731,984 | 4,559,235 | 4,466,294 | 1,344,707 | (2,029,475 | ) | |||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 252,178 | 643,525 | 6,985,110 | (3,862,633 | ) | 3,938,100 | 14,452,574 | |||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 4,210,057 | 6,191,778 | 21,558,331 | 19,086,029 | 12,433,066 | 21,872,041 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||||||
Class A | (767,513 | ) | (1,227,149 | ) | (2,028,226 | ) | (4,826,887 | ) | (1,245,885 | ) | (2,172,945 | ) | ||||||||||||||||||||||||||
Class C | (252,888 | ) | (454,025 | ) | (1,060,065 | ) | (2,444,399 | ) | (775,416 | ) | (1,405,025 | ) | ||||||||||||||||||||||||||
Class I | (40,922 | ) | (54,322 | ) | (72,543 | ) | (120,832 | ) | (59,581 | ) | (56,031 | ) | ||||||||||||||||||||||||||
Class P | (1,672,299 | ) | (2,531,674 | ) | ||||||||||||||||||||||||||||||||||
Advisor Class | (2,130,623 | ) | (3,070,775 | ) | (5,193,589 | ) | (8,536,077 | ) | (5,072,658 | ) | (5,862,236 | ) | ||||||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class C | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class I | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class P | — | — | ||||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Net Decrease from Dividends and | (3,191,946 | ) | (4,806,271 | ) | (10,026,722 | ) | (18,459,869 | ) | (7,153,540 | ) | (9,496,237 | ) | ||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 32,685,239 | 43,294,940 | 13,944,837 | 53,216,416 | 14,659,039 | 33,503,568 | ||||||||||||||||||||||||||||||||
Class C | 7,423,728 | 17,051,848 | 5,288,447 | 19,632,417 | 10,035,549 | 15,648,664 | ||||||||||||||||||||||||||||||||
Class I | 1,468,489 | 2,142,132 | 1,016,154 | 1,739,345 | 1,036,230 | 1,806,030 | ||||||||||||||||||||||||||||||||
Class P | 391,113 | 133,255,892 | ||||||||||||||||||||||||||||||||||||
Advisor Class | 107,435,815 | 136,012,122 | 110,758,519 | 231,900,698 | 112,536,060 | 151,557,523 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | 720,186 | 1,165,652 | 1,796,394 | 4,409,873 | 1,032,764 | 1,977,405 | ||||||||||||||||||||||||||||||||
Class C | 237,114 | 411,509 | 945,566 | 2,157,620 | 678,749 | 1,254,878 | ||||||||||||||||||||||||||||||||
Class I | 40,805 | 53,032 | 72,011 | 119,602 | 58,662 | 53,586 | ||||||||||||||||||||||||||||||||
Class P | 1,672,299 | 2,531,674 | ||||||||||||||||||||||||||||||||||||
Advisor Class | 1,931,970 | 2,752,103 | 3,742,223 | 6,151,740 | 4,139,863 | 5,061,475 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (11,753,295 | ) | (47,411,008 | ) | (27,132,631 | ) | (94,720,079 | ) | (11,457,446 | ) | (23,925,551 | ) | ||||||||||||||||||||||||||
Class C | (7,962,738 | ) | (18,790,677 | ) | (17,825,472 | ) | (42,744,488 | ) | (6,140,598 | ) | (13,699,228 | ) | ||||||||||||||||||||||||||
Class I | (977,032 | ) | (488,855 | ) | (803,819 | ) | (889,532 | ) | (249,001 | ) | (423,951 | ) | ||||||||||||||||||||||||||
Class P | (8,543,065 | ) | (27,196,114 | ) | ||||||||||||||||||||||||||||||||||
Advisor Class | (48,869,839 | ) | (106,431,612 | ) | (72,233,063 | ) | (150,931,268 | ) | (43,829,386 | ) | (61,407,661 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 82,380,442 | 29,761,186 | 13,089,513 | 138,633,796 | 82,500,485 | 111,406,738 | ||||||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 83,398,553 | 31,146,693 | 24,621,122 | 139,259,956 | 87,780,011 | 123,782,542 | ||||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 275,953,513 | 244,806,820 | 745,439,082 | 606,179,126 | 336,709,750 | 212,927,208 | ||||||||||||||||||||||||||||||||
End of Year or Period | $359,352,066 | $275,953,513 | $770,060,204 | $745,439,082 | $424,489,761 | $336,709,750 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $44,286 | $38,026 | $126,528 | $139,264 | $84,875 | $88,156 |
(1) | Unaudited. |
See Notes to Financial Statements
B-9
Table of Contents
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 2017 (1) | Year Ended March 31, 2017 | Six-Month 2017 (1) | Year Ended March 31, 2017 | Six-Month 2017 (1) | Year Ended March 31, 2017 | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $25,285,789 | $33,450,844 | $701,807 | $1,327,270 | $647,602 | $3,260,551 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | 4,181,321 | 11,494,263 | (51,680 | ) | (162,300 | ) | 153,353 | (1,783,038 | ) | |||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (11,048,732 | ) | 16,369,027 | 196,347 | 1,100,148 | 326,626 | 9,932,095 | |||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 18,418,378 | 61,314,134 | 846,474 | 2,265,118 | 1,127,581 | 11,409,608 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||||||
Class A | (4,448,042 | ) | (7,537,571 | ) | (107,271 | ) | (225,008 | ) | (146,249 | ) | (362,887 | ) | ||||||||||||||||||||||||||
Class C | (3,308,273 | ) | (5,464,855 | ) | (59,200 | ) | (96,954 | ) | (112,220 | ) | (228,459 | ) | ||||||||||||||||||||||||||
Class I | (5,055,343 | ) | (6,718,654 | ) | (508,226 | ) | (924,173 | ) | (108,952 | ) | (235,771 | ) | ||||||||||||||||||||||||||
Class P | (1,707,843 | ) | (286,295 | ) | (287,840 | ) | (2,450,055 | ) | ||||||||||||||||||||||||||||||
Advisor Class | (11,053,565 | ) | (13,081,724 | ) | (52,838 | ) | (83,321 | ) | (60,324 | ) | (116,166 | ) | ||||||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class C | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class I | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class P | — | — | — | — | ||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Net Decrease from Dividends and | (25,573,066 | ) | (33,089,099 | ) | (727,535 | ) | (1,329,456 | ) | (715,585 | ) | (3,393,338 | ) | ||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 37,240,786 | 82,939,080 | 497,035 | 1,628,742 | 1,647,082 | 3,274,163 | ||||||||||||||||||||||||||||||||
Class C | 22,013,811 | 43,488,000 | 510,085 | 658,538 | 333,927 | 1,284,968 | ||||||||||||||||||||||||||||||||
Class I | 46,980,317 | 164,737,598 | 2,598 | 83,759 | 346,800 | 5,292,386 | ||||||||||||||||||||||||||||||||
Class P | 1,175,129 | 79,129,961 | 58,863 | 7,026,921 | ||||||||||||||||||||||||||||||||||
Advisor Class | 156,766,501 | 336,633,817 | 800,982 | 1,099,678 | 498,713 | 1,574,589 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | 4,066,636 | 6,984,894 | 106,111 | 220,218 | 144,861 | 360,665 | ||||||||||||||||||||||||||||||||
Class C | 2,980,078 | 4,965,005 | 55,762 | 91,087 | 110,907 | 223,956 | ||||||||||||||||||||||||||||||||
Class I | 3,106,669 | 4,730,223 | 508,226 | 924,173 | 108,918 | 235,287 | ||||||||||||||||||||||||||||||||
Class P | 1,707,843 | 286,295 | 287,840 | 2,450,055 | ||||||||||||||||||||||||||||||||||
Advisor Class | 9,585,418 | 11,318,848 | 52,691 | 83,017 | 58,528 | 112,291 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (39,547,867 | ) | (81,263,712 | ) | (1,027,857 | ) | (4,025,446 | ) | (2,144,742 | ) | (8,988,593 | ) | ||||||||||||||||||||||||||
Class C | (17,683,639 | ) | (35,425,874 | ) | (347,491 | ) | (733,142 | ) | (443,584 | ) | (1,431,053 | ) | ||||||||||||||||||||||||||
Class I | (63,225,367 | ) | (16,253,229 | ) | (21 | ) | (18,058 | ) | (3,049,762 | ) | (605,738 | ) | ||||||||||||||||||||||||||
Class P | (5,253,380 | ) | (1,052,617 | ) | (776,308 | ) | (119,565,200 | ) | ||||||||||||||||||||||||||||||
Advisor Class | (91,826,841 | ) | (139,052,368 | ) | (349,902 | ) | (1,183,622 | ) | (828,453 | ) | (1,209,101 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 68,086,094 | 462,165,921 | 808,219 | (1,171,056 | ) | (3,646,410 | ) | (109,964,404 | ) | |||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 60,931,406 | 490,390,956 | 927,158 | (235,394 | ) | (3,234,414 | ) | (101,948,134 | ) | |||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 1,167,082,134 | 676,691,178 | 33,563,847 | 33,799,241 | 28,489,531 | 130,437,665 | ||||||||||||||||||||||||||||||||
End of Year or Period | $1,228,013,540 | $1,167,082,134 | $34,491,005 | $33,563,847 | $25,255,117 | $28,489,531 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $254,304 | $541,581 | ($17,740 | ) | $7,988 | $12,332 | $80,315 |
(1) | Unaudited. |
See Notes to Financial Statements
B-10
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Pacific Funds Large-Cap | Pacific Funds Large-Cap Value | Pacific Funds Small/Mid-Cap | ||||||||||||||||||||||||||||||||||||
Six-Month Period Ended September 30, 2017 (1) | Year Ended March 31, 2017 | Six-Month Period Ended September 30, 2017 (1) | Year Ended March 31, 2017 | Six-Month Period Ended September 30, 2017 (1) | Year Ended March 31, 2017 | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $45,259 | $78,588 | $187,883 | $349,055 | ($90,188 | ) | ($37,140 | ) | ||||||||||||||||||||||||||||||
Net realized gain (loss) | 23,309 | (11,973 | ) | 266,474 | 427,273 | (224,308 | ) | 171,935 | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 903,199 | 1,030,767 | 899,471 | 3,366,911 | 9,331,589 | 10,252,328 | ||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 971,767 | 1,097,382 | 1,353,828 | 4,143,239 | 9,017,093 | 10,387,123 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||||||
Class A | — | (29,632 | ) | — | (20,862 | ) | — | — | ||||||||||||||||||||||||||||||
Class C | — | (9,343 | ) | — | (13,567 | ) | — | — | ||||||||||||||||||||||||||||||
Advisor Class | — | (15,121 | ) | — | (214,064 | ) | — | (21,749 | ) | |||||||||||||||||||||||||||||
Investor Class | — | (5,861 | ) | — | (4,572 | ) | — | — | ||||||||||||||||||||||||||||||
Class S | — | (18,654 | ) | — | (18,228 | ) | — | (8,326 | ) | |||||||||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||||||
Class A | — | — | — | (4,816 | ) | — | (39,391 | ) | ||||||||||||||||||||||||||||||
Class C | — | — | — | (4,860 | ) | — | (9,936 | ) | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | (53,074 | ) | — | (87,592 | ) | ||||||||||||||||||||||||||||||
Investor Class | — | — | — | (513 | ) | — | (9,984 | ) | ||||||||||||||||||||||||||||||
Class S | — | — | — | (2,889 | ) | — | (20,534 | ) | ||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (78,611 | ) | — | (337,445 | ) | — | (197,512 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 1,636,599 | 4,071,979 | 892,362 | 2,488,423 | 6,971,908 | 23,533,423 | ||||||||||||||||||||||||||||||||
Class C | 415,355 | 2,217,279 | 1,131,083 | 2,425,871 | 4,668,983 | 6,514,556 | ||||||||||||||||||||||||||||||||
Advisor Class | 5,733,743 | 1,498,606 | 644,654 | 21,759,017 | 47,623,271 | 73,752,828 | ||||||||||||||||||||||||||||||||
Investor Class | 71,737 | 124,900 | — | 288,145 | 1,928,745 | 5,564,036 | ||||||||||||||||||||||||||||||||
Class S | 182,500 | 94,312 | 250,500 | 984,695 | 274,200 | 6,912,122 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | — | 29,244 | — | 21,351 | — | 39,301 | ||||||||||||||||||||||||||||||||
Class C | — | 6,898 | — | 14,612 | — | 9,079 | ||||||||||||||||||||||||||||||||
Advisor Class | — | 13,694 | — | 266,822 | — | 102,575 | ||||||||||||||||||||||||||||||||
Investor Class | — | 5,861 | — | 5,085 | — | 9,934 | ||||||||||||||||||||||||||||||||
Class S | — | 18,654 | — | 21,117 | — | 28,860 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (2,256,633 | ) | (470,964 | ) | (552,923 | ) | (662,237 | ) | (6,064,798 | ) | (9,476,400 | ) | ||||||||||||||||||||||||||
Class C | (266,224 | ) | (180,400 | ) | (153,737 | ) | (80,513 | ) | (524,649 | ) | (256,162 | ) | ||||||||||||||||||||||||||
Advisor Class | (2,995,686 | ) | (85,123 | ) | (4,431,409 | ) | (1,181,401 | ) | (9,356,353 | ) | (11,022,181 | ) | ||||||||||||||||||||||||||
Investor Class | (54,698 | ) | (560,461 | ) | — | (754,855 | ) | (1,383,334 | ) | (1,758,049 | ) | |||||||||||||||||||||||||||
Class S | (893,510 | ) | (933,354 | ) | (25,946 | ) | (10,881 | ) | (22,472 | ) | (544,425 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 1,573,183 | 5,851,125 | (2,245,416 | ) | 25,585,251 | 44,115,501 | 93,409,497 | |||||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 2,544,950 | 6,869,896 | (891,588 | ) | 29,391,045 | 53,132,594 | 103,599,108 | |||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 11,063,129 | 4,193,233 | 31,868,839 | 2,477,794 | 111,342,482 | 7,743,374 | ||||||||||||||||||||||||||||||||
End of Year or Period | $13,608,079 | $11,063,129 | $30,977,251 | $31,868,839 | $164,475,076 | $111,342,482 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $66,686 | $21,427 | $293,427 | $105,544 | ($90,188 | ) | $— |
(1) | Unaudited. |
See Notes to Financial Statements
B-11
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Pacific Funds Small-Cap | Pacific Funds Small-Cap Value | Pacific Funds Small-Cap Growth | ||||||||||||||||||||||||||||||||||||
Six-Month Period Ended September 30, 2017 (1) | Year Ended March 31, 2017 | Six-Month Period Ended September 30, 2017 (1) | Year Ended March 31, 2017 | Six-Month Period Ended September 30, 2017 (1) | Year Ended March 31, 2017 | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $1,312 | $6,199 | $78,158 | $131,321 | ($63,892 | ) | ($112,237 | ) | ||||||||||||||||||||||||||||||
Net realized gain (loss) | 103,486 | 36,392 | 1,051,571 | 2,025,062 | 1,290,203 | 600,294 | ||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 782,117 | 1,314,715 | 822,799 | 5,644,679 | 1,177,947 | 5,056,267 | ||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 886,915 | 1,357,306 | 1,952,528 | 7,801,062 | 2,404,258 | 5,544,324 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||||||
Class A | — | (14,555 | ) | — | (2,105 | ) | — | — | ||||||||||||||||||||||||||||||
Class C | — | — | — | (1,057 | ) | — | — | |||||||||||||||||||||||||||||||
Class P | — | — | ||||||||||||||||||||||||||||||||||||
Advisor Class | — | (5,176 | ) | — | (93,814 | ) | — | — | ||||||||||||||||||||||||||||||
Investor Class | — | (382 | ) | — | (776 | ) | — | (2,474 | ) | |||||||||||||||||||||||||||||
Class S | — | (10,854 | ) | — | (54,308 | ) | — | (835 | ) | |||||||||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||||||
Class A | — | — | — | (1,689 | ) | — | (7,302 | ) | ||||||||||||||||||||||||||||||
Class C | — | — | — | (2,819 | ) | — | (2,156 | ) | ||||||||||||||||||||||||||||||
Class P | — | (241,918 | ) | |||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | (124,783 | ) | — | (217,288 | ) | ||||||||||||||||||||||||||||||
Investor Class | — | — | — | (487 | ) | — | (20,495 | ) | ||||||||||||||||||||||||||||||
Class S | — | — | — | (41,373 | ) | — | (172,777 | ) | ||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (30,967 | ) | — | (323,211 | ) | — | (665,245 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 198,258 | 1,862,736 | 568,239 | 695,651 | 77,609 | 440,356 | ||||||||||||||||||||||||||||||||
Class C | 210,452 | 568,990 | 756,820 | 966,236 | 212,862 | 152,043 | ||||||||||||||||||||||||||||||||
Class P | 28,112 | 14,045,027 | ||||||||||||||||||||||||||||||||||||
Advisor Class | 4,832,250 | 7,736,431 | 654,115 | 24,518,128 | 743,905 | 11,027,246 | ||||||||||||||||||||||||||||||||
Investor Class | 17,464 | 540,100 | 42,000 | 142,826 | 31,193 | 14,046 | ||||||||||||||||||||||||||||||||
Class S | 181,700 | 115,500 | 248,900 | 7,595,633 | 413,000 | 7,796,633 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | — | 12,324 | — | 3,750 | — | 7,302 | ||||||||||||||||||||||||||||||||
Class C | — | — | — | 2,490 | — | 2,156 | ||||||||||||||||||||||||||||||||
Class P | — | 241,918 | ||||||||||||||||||||||||||||||||||||
Advisor Class | — | 2,523 | — | 216,384 | — | 217,288 | ||||||||||||||||||||||||||||||||
Investor Class | — | 382 | — | 1,263 | — | 22,969 | ||||||||||||||||||||||||||||||||
Class S | — | 10,854 | — | 95,681 | — | 173,612 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (535,690 | ) | (678,286 | ) | (236,248 | ) | (143,206 | ) | (109,111 | ) | (17,255 | ) | ||||||||||||||||||||||||||
Class C | (94,992 | ) | (121,196 | ) | (299,148 | ) | (60,297 | ) | (16,168 | ) | (15,583 | ) | ||||||||||||||||||||||||||
Class P | (931,859 | ) | (3,251,562 | ) | ||||||||||||||||||||||||||||||||||
Advisor Class | (1,894,256 | ) | (553,730 | ) | (439,800 | ) | (10,074,494 | ) | (2,033,956 | ) | (170,930 | ) | ||||||||||||||||||||||||||
Investor Class | (590,174 | ) | (20,571 | ) | (164,339 | ) | (15,458 | ) | (18,104 | ) | (10,765 | ) | ||||||||||||||||||||||||||
Class S | (15,132 | ) | (538,525 | ) | (12,550 | ) | (803,056 | ) | (35,902 | ) | (10,777 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 2,309,880 | 8,937,532 | 1,117,989 | 23,141,531 | (1,638,419 | ) | 30,663,724 | |||||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 3,196,795 | 10,263,871 | 3,070,517 | 30,619,382 | 765,839 | 35,542,803 | ||||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 11,385,592 | 1,121,721 | 32,326,437 | 1,707,055 | 37,241,210 | 1,698,407 | ||||||||||||||||||||||||||||||||
End of Year or Period | $14,582,387 | $11,385,592 | $35,396,954 | $32,326,437 | $38,007,049 | $37,241,210 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $2,876 | $1,564 | $88,616 | $10,458 | ($103,394 | ) | ($39,502 | ) |
(1) | Unaudited. |
See Notes to Financial Statements
B-12
Table of Contents
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.98 | ($0.01 | ) | $0.46 | $0.45 | $— | $— | $— | $11.43 | 0.68 | % | 0.60 | % | (0.18 | %) | 4.10 | % | $134,405 | 1 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.63 | 0.19 | 0.52 | 0.71 | (0.22 | ) | (0.14 | ) | (0.36 | ) | 10.98 | 0.68 | % | 0.60 | % | 1.70 | % | 6.59 | % | 136,881 | 57 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.76 | ($0.05 | ) | $0.46 | $0.41 | $— | $— | $— | $11.17 | 1.43 | % | 1.35 | % | (0.93 | %) | 3.72 | % | $27,954 | 1 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.45 | 0.10 | 0.50 | 0.60 | (0.15 | ) | (0.14 | ) | (0.29 | ) | 10.76 | 1.43 | % | 1.35 | % | 0.95 | % | 5.89 | % | 29,734 | 57 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.76 | ($0.05 | ) | $0.45 | $0.40 | $— | $— | $— | $11.16 | 1.43 | % | 1.35 | % | (0.93 | %) | 3.72 | % | $147,162 | 1 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.44 | 0.10 | 0.51 | 0.61 | (0.15 | ) | (0.14 | ) | (0.29 | ) | 10.76 | 1.43 | % | 1.35 | % | 0.95 | % | 5.79 | % | 153,433 | 57 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.90 | ($0.02 | ) | $0.46 | $0.44 | $— | $— | $— | $11.34 | 0.93 | % | 0.85 | % | (0.43 | %) | 4.04 | % | $7,032 | 1 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.57 | 0.16 | 0.51 | 0.67 | (0.20 | ) | (0.14 | ) | (0.34 | ) | 10.90 | 0.93 | % | 0.85 | % | 1.45 | % | 6.36 | % | 8,354 | 57 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.00 | $0.00 | (7) | $0.46 | $0.46 | $— | $— | $— | $11.46 | 0.43 | % | 0.35 | % | 0.07 | % | 4.18 | % | $8,483 | 1 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.65 | 0.21 | 0.52 | 0.73 | (0.24 | ) | (0.14 | ) | (0.38 | ) | 11.00 | 0.43 | % | 0.35 | % | 1.95 | % | 6.89 | % | 5,404 | 57 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $12.21 | ($0.01 | ) | $0.64 | $0.63 | $— | $— | $— | $12.84 | 0.67 | % | 0.60 | % | (0.23 | %) | 5.16 | % | $231,923 | 1 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 11.73 | 0.20 | 0.79 | 0.99 | (0.24 | ) | (0.27 | ) | (0.51 | ) | 12.21 | 0.67 | % | 0.60 | % | 1.68 | % | 8.49 | % | 236,725 | 53 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $12.01 | ($0.06 | ) | $0.63 | $0.57 | $— | $— | $— | $12.58 | 1.42 | % | 1.35 | % | (0.98 | %) | 4.75 | % | $43,700 | 1 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 11.56 | 0.11 | 0.78 | 0.89 | (0.17 | ) | (0.27 | ) | (0.44 | ) | 12.01 | 1.42 | % | 1.35 | % | 0.93 | % | 7.75 | % | 45,184 | 53 | % | ||||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references on B-23 |
B-13
Table of Contents
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $12.00 | ($0.06 | ) | $0.64 | $0.58 | $— | $— | $— | $12.58 | 1.42 | % | 1.35 | % | (0.98 | %) | 4.83 | % | $192,504 | 1 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 11.56 | 0.11 | 0.77 | 0.88 | (0.17 | ) | (0.27 | ) | (0.44 | ) | 12.00 | 1.42 | % | 1.35 | % | 0.93 | % | 7.74 | % | 200,105 | 53 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $12.14 | ($0.03 | ) | $0.64 | $0.61 | $— | $— | $— | $12.75 | 0.92 | % | 0.85 | % | (0.48 | %) | 5.02 | % | $5,195 | 1 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 11.68 | 0.17 | 0.78 | 0.95 | (0.22 | ) | (0.27 | ) | (0.49 | ) | 12.14 | 0.92 | % | 0.85 | % | 1.43 | % | 8.26 | % | 5,934 | 53 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $12.24 | $0.00 | (7) | $0.65 | $0.65 | $— | $— | $— | $12.89 | 0.42 | % | 0.35 | % | 0.02 | % | 5.31 | % | $5,370 | 1 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 11.75 | 0.23 | 0.79 | 1.02 | (0.26 | ) | (0.27 | ) | (0.53 | ) | 12.24 | 0.42 | % | 0.35 | % | 1.93 | % | 8.78 | % | 4,895 | 53 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $13.67 | ($0.03 | ) | $0.88 | $0.85 | $— | $— | $— | $14.52 | 0.66 | % | 0.60 | % | (0.41 | %) | 6.22 | % | $710,314 | 0 | %(7) | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 12.99 | 0.22 | 1.17 | 1.39 | (0.24 | ) | (0.47 | ) | (0.71 | ) | 13.67 | 0.66 | % | 0.60 | % | 1.60 | % | 10.94 | % | 720,438 | 48 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $13.52 | ($0.08 | ) | $0.86 | $0.78 | $— | $— | $— | $14.30 | 1.41 | % | 1.35 | % | (1.16 | %) | 5.77 | % | $131,016 | 0 | %(7) | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 12.87 | 0.11 | 1.17 | 1.28 | (0.16 | ) | (0.47 | ) | (0.63 | ) | 13.52 | 1.41 | % | 1.35 | % | 0.85 | % | 10.18 | % | 134,766 | 48 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $13.50 | ($0.08 | ) | $0.86 | $0.78 | $— | $— | $— | $14.28 | 1.41 | % | 1.35 | % | (1.16 | %) | 5.78 | % | $501,428 | 0 | %(7) | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 12.85 | 0.11 | 1.17 | 1.28 | (0.16 | ) | (0.47 | ) | (0.63 | ) | 13.50 | 1.41 | % | 1.35 | % | 0.85 | % | 10.19 | % | 515,691 | 48 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $13.64 | ($0.05 | ) | $0.87 | $0.82 | $— | $— | $— | $14.46 | 0.91 | % | 0.85 | % | (0.66 | %) | 6.01 | % | $25,508 | 0 | %(7) | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 12.97 | 0.18 | 1.17 | 1.35 | (0.21 | ) | (0.47 | ) | (0.68 | ) | 13.64 | 0.91 | % | 0.85 | % | 1.35 | % | 10.66 | % | 24,224 | 48 | % | ||||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references on B-23 |
B-14
Table of Contents
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 (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $13.69 | ($0.01 | ) | $0.88 | $0.87 | $— | $— | $— | $14.56 | 0.41 | % | 0.35 | % | (0.16 | %) | 6.28 | % | $19,829 | 0 | %(7) | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 13.00 | 0.25 | 1.18 | 1.43 | (0.27 | ) | (0.47 | ) | (0.74 | ) | 13.69 | 0.41 | % | 0.35 | % | 1.85 | % | 11.30 | % | 17,983 | 48 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $14.61 | ($0.04 | ) | $1.11 | $1.07 | $— | $— | $— | $15.68 | 0.67 | % | 0.60 | % | (0.47 | %) | 7.32 | % | $562,043 | 0 | %(7) | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 13.74 | 0.22 | 1.54 | 1.76 | (0.23 | ) | (0.66 | ) | (0.89 | ) | 14.61 | 0.67 | % | 0.60 | % | 1.55 | % | 13.08 | % | 560,395 | 43 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $14.42 | ($0.09 | ) | $1.09 | $1.00 | $— | $— | $— | $15.42 | 1.42 | % | 1.35 | % | (1.22 | %) | 6.94 | % | $97,083 | 0 | %(7) | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 13.59 | 0.11 | 1.53 | 1.64 | (0.15 | ) | (0.66 | ) | (0.81 | ) | 14.42 | 1.42 | % | 1.35 | % | 0.80 | % | 12.30 | % | 98,256 | 43 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $14.38 | ($0.09 | ) | $1.09 | $1.00 | $— | $— | $— | $15.38 | 1.42 | % | 1.35 | % | (1.22 | %) | 6.95 | % | $339,735 | 0 | %(7) | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 13.55 | 0.11 | 1.53 | 1.64 | (0.15 | ) | (0.66 | ) | (0.81 | ) | 14.38 | 1.42 | % | 1.35 | % | 0.80 | % | 12.33 | % | 347,447 | 43 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $14.57 | ($0.05 | ) | $1.11 | $1.06 | $— | $— | $— | $15.63 | 0.92 | % | 0.85 | % | (0.72 | %) | 7.20 | % | $16,249 | 0 | %(7) | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 13.71 | 0.18 | 1.54 | 1.72 | (0.20 | ) | (0.66 | ) | (0.86 | ) | 14.57 | 0.92 | % | 0.85 | % | 1.30 | % | 12.86 | % | 15,347 | 43 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $14.64 | ($0.02 | ) | $1.11 | $1.09 | $— | $— | $— | $15.73 | 0.42 | % | 0.35 | % | (0.22 | %) | 7.45 | % | $15,907 | 0 | %(7) | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 13.76 | 0.26 | 1.54 | 1.80 | (0.26 | ) | (0.66 | ) | (0.92 | ) | 14.64 | 0.42 | % | 0.35 | % | 1.80 | % | 13.34 | % | 13,275 | 43 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $15.79 | ($0.05 | ) | $1.37 | $1.32 | $— | $— | $— | $17.11 | 0.68 | % | 0.60 | % | (0.55 | %) | 8.29 | % | $187,396 | 1 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 14.70 | 0.19 | 1.96 | 2.15 | (0.19 | ) | (0.87 | ) | (1.06 | ) | 15.79 | 0.68 | % | 0.60 | % | 1.25 | % | 15.06 | % | 179,825 | 41 | % | ||||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references on B-23 |
B-15
Table of Contents
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 B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $15.46 | ($0.10 | ) | $1.32 | $1.22 | $— | $— | $— | $16.68 | 1.43 | % | 1.35 | % | (1.30 | %) | 7.89 | % | $29,486 | 1 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 14.43 | 0.07 | 1.93 | 2.00 | (0.10 | ) | (0.87 | ) | (0.97 | ) | 15.46 | 1.43 | % | 1.35 | % | 0.50 | % | 14.22 | % | 29,946 | 41 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $15.43 | ($0.10 | ) | $1.32 | $1.22 | $— | $— | $— | $16.65 | 1.43 | % | 1.35 | % | (1.30 | %) | 7.91 | % | $101,578 | 1 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 14.41 | 0.07 | 1.93 | 2.00 | (0.11 | ) | (0.87 | ) | (0.98 | ) | 15.43 | 1.43 | % | 1.35 | % | 0.50 | % | 14.18 | % | 99,582 | 41 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $15.70 | ($0.07 | ) | $1.35 | $1.28 | $— | $— | $— | $16.98 | 0.93 | % | 0.85 | % | (0.80 | %) | 8.15 | % | $7,866 | 1 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 14.63 | 0.15 | 1.95 | 2.10 | (0.16 | ) | (0.87 | ) | (1.03 | ) | 15.70 | 0.93 | % | 0.85 | % | 1.00 | % | 14.71 | % | 7,313 | 41 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $15.82 | ($0.02 | ) | $1.36 | $1.34 | $— | $— | $— | $17.16 | 0.43 | % | 0.35 | % | (0.30 | %) | 8.47 | % | $8,348 | 1 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 14.71 | 0.23 | 1.97 | 2.20 | (0.22 | ) | (0.87 | ) | (1.09 | ) | 15.82 | 0.43 | % | 0.35 | % | 1.50 | % | 15.32 | % | 7,166 | 41 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $9.70 | ($0.02 | ) | $0.32 | $0.30 | $— | $— | $— | $10.00 | 0.92 | % | 0.85 | % | (0.46 | %) | 3.09 | % | $3,460 | 6 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.63 | 0.58 | 0.11 | 0.69 | (0.62 | ) | — | (0.62 | ) | 9.70 | 1.24 | % | 0.85 | % | 5.96 | % | 7.28 | % | 2,647 | 37 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $9.57 | ($0.06 | ) | $0.32 | $0.26 | $— | $— | $— | $9.83 | 1.67 | % | 1.60 | % | (1.21 | %) | 2.72 | % | $2,576 | 6 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.55 | 0.51 | 0.10 | 0.61 | (0.59 | ) | — | (0.59 | ) | 9.57 | 1.99 | % | 1.60 | % | 5.21 | % | 6.48 | % | 1,452 | 37 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $9.73 | ($0.01 | ) | $0.32 | $0.31 | $— | $— | $— | $10.04 | 0.67 | % | 0.60 | % | (0.21 | %) | 3.19 | % | $14,875 | 6 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.65 | 0.61 | 0.12 | 0.73 | (0.65 | ) | — | (0.65 | ) | 9.73 | 0.99 | % | 0.60 | % | 6.21 | % | 7.49 | % | 8,870 | 37 | % | |||||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references on B-23 |
B-16
Table of Contents
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.32 | $0.10 | $0.04 | $0.14 | ($0.10 | ) | $— | ($0.10 | ) | $10.36 | 1.04 | % | 0.75 | % | 1.99 | % | 1.36 | % | $88,799 | 41 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.26 | 0.18 | 0.06 | 0.24 | (0.18 | ) | — | (0.18 | ) | 10.32 | 1.05 | % | 0.83 | % | 1.77 | % | 2.36 | % | 66,901 | 86 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.30 | $0.06 | $0.04 | $0.10 | ($0.06 | ) | $— | ($0.06 | ) | $10.34 | 1.79 | % | 1.50 | % | 1.24 | % | 0.99 | % | $42,951 | 41 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.24 | 0.11 | 0.05 | 0.16 | (0.10 | ) | — | (0.10 | ) | 10.30 | 1.80 | % | 1.58 | % | 1.02 | % | 1.60 | % | 43,092 | 86 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.30 | $0.12 | $0.03 | $0.15 | ($0.11 | ) | $— | ($0.11 | ) | $10.34 | 0.64 | % | 0.50 | % | 2.24 | % | 1.49 | % | $3,954 | 41 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.25 | 0.21 | 0.05 | 0.26 | (0.21 | ) | — | (0.21 | ) | 10.30 | 0.65 | % | 0.53 | % | 2.06 | % | 2.56 | % | 3,407 | 86 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.32 | $0.12 | $0.03 | $0.15 | ($0.11 | ) | $— | ($0.11 | ) | $10.36 | 0.79 | % | 0.50 | % | 2.24 | % | 1.48 | % | $223,649 | 41 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.26 | 0.21 | 0.06 | 0.27 | (0.21 | ) | — | (0.21 | ) | 10.32 | 0.80 | % | 0.57 | % | 2.02 | % | 2.62 | % | 162,554 | 86 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.51 | $0.14 | $0.17 | $0.31 | ($0.14 | ) | $— | ($0.14 | ) | $10.68 | 1.13 | % | 0.85 | % | 2.60 | % | 2.95 | % | $151,315 | 38 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.45 | 0.28 | 0.06 | 0.34 | (0.28 | ) | — | (0.28 | ) | 10.51 | 1.13 | % | 0.93 | % | 2.63 | % | 3.23 | % | 160,226 | 82 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.51 | $0.10 | $0.17 | $0.27 | ($0.10 | ) | $— | ($0.10 | ) | $10.68 | 1.88 | % | 1.60 | % | 1.85 | % | 2.56 | % | $110,775 | 38 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.45 | 0.20 | 0.06 | 0.26 | (0.20 | ) | — | (0.20 | ) | 10.51 | 1.88 | % | 1.68 | % | 1.88 | % | 2.46 | % | 120,546 | 82 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.52 | $0.15 | $0.16 | $0.31 | ($0.15 | ) | $— | ($0.15 | ) | $10.68 | 0.73 | % | 0.55 | % | 2.90 | % | 3.01 | % | $4,922 | 38 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.46 | 0.31 | 0.06 | 0.37 | (0.31 | ) | — | (0.31 | ) | 10.52 | 0.73 | % | 0.62 | % | 2.93 | % | 3.54 | % | 4,563 | 82 | % | |||||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references on B-23 |
B-17
Table of Contents
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 Core Income (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.55 | $0.15 | $0.16 | $0.31 | ($0.15 | ) | $— | ($0.15 | ) | $10.71 | 0.73 | % | 0.65 | % | 2.80 | % | 2.95 | % | $117,663 | 38 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.49 | 0.30 | 0.06 | 0.36 | (0.30 | ) | — | (0.30 | ) | 10.55 | 0.73 | % | 0.70 | % | 2.86 | % | 3.46 | % | 122,260 | 82 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.53 | $0.16 | $0.16 | $0.32 | ($0.15 | ) | $— | ($0.15 | ) | $10.70 | 0.88 | % | 0.55 | % | 2.90 | % | 3.10 | % | $385,386 | 38 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.47 | 0.31 | 0.05 | 0.36 | (0.30 | ) | — | (0.30 | ) | 10.53 | 0.88 | % | 0.66 | % | 2.90 | % | 3.50 | % | 337,844 | 82 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.68 | $0.20 | $0.15 | $0.35 | ($0.20 | ) | $— | ($0.20 | ) | $10.83 | 1.23 | % | 0.95 | % | 3.71 | % | 3.27 | % | $71,987 | 50 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.09 | 0.39 | 0.59 | 0.98 | (0.39 | ) | — | (0.39 | ) | 10.68 | 1.25 | % | 1.02 | % | 3.71 | % | 9.82 | % | 66,765 | 116 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.66 | $0.16 | $0.15 | $0.31 | ($0.16 | ) | $— | ($0.16 | ) | $10.81 | 1.98 | % | 1.65 | % | 3.01 | % | 2.92 | % | $55,323 | 50 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.07 | 0.31 | 0.59 | 0.90 | (0.31 | ) | — | (0.31 | ) | 10.66 | 2.00 | % | 1.76 | % | 2.97 | % | 9.03 | % | 50,016 | 116 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.62 | $0.22 | $0.14 | $0.36 | ($0.21 | ) | $— | ($0.21 | ) | $10.77 | 0.83 | % | 0.65 | % | 4.01 | % | 3.44 | % | $3,332 | 50 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.03 | 0.42 | 0.59 | 1.01 | (0.42 | ) | — | (0.42 | ) | 10.62 | 0.85 | % | 0.71 | % | 4.01 | % | 10.20 | % | 2,446 | 116 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.68 | $0.21 | $0.15 | $0.36 | ($0.21 | ) | $— | ($0.21 | ) | $10.83 | 0.98 | % | 0.70 | % | 3.96 | % | 3.40 | % | $293,847 | 50 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.09 | 0.42 | 0.58 | 1.00 | (0.41 | ) | — | (0.41 | ) | 10.68 | 1.00 | % | 0.77 | % | 3.96 | % | 10.09 | % | 217,482 | 116 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.15 | $0.21 | ($0.05 | ) | $0.16 | ($0.22 | ) | $— | ($0.22 | ) | $10.09 | 1.28 | % | 1.01 | % | 4.20 | % | 1.55 | % | $207,746 | 74 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.76 | 0.42 | 0.38 | 0.80 | (0.41 | ) | — | (0.41 | ) | 10.15 | 1.30 | % | 1.09 | % | 4.21 | % | 8.32 | % | 207,238 | 168 | % | |||||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references on B-23 |
B-18
Table of Contents
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 Floating Rate Income (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.13 | $0.18 | ($0.06 | ) | $0.12 | ($0.18 | ) | $— | ($0.18 | ) | $10.07 | 2.03 | % | 1.71 | % | 3.50 | % | 1.20 | % | $186,789 | 74 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.74 | 0.35 | 0.37 | 0.72 | (0.33 | ) | — | (0.33 | ) | 10.13 | 2.05 | % | 1.83 | % | 3.47 | % | 7.54 | % | 180,612 | 168 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.16 | $0.23 | ($0.06 | ) | $0.17 | ($0.23 | ) | $— | ($0.23 | ) | $10.10 | 0.88 | % | 0.71 | % | 4.50 | % | 1.70 | % | $235,412 | 74 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.77 | 0.45 | 0.38 | 0.83 | (0.44 | ) | — | (0.44 | ) | 10.16 | 0.89 | % | 0.78 | % | 4.52 | % | 8.63 | % | 249,811 | 168 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.16 | $0.22 | ($0.05 | ) | $0.17 | ($0.23 | ) | $— | ($0.23 | ) | $10.10 | 0.88 | % | 0.81 | % | 4.40 | % | 1.64 | % | $75,840 | 74 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.76 | 0.45 | 0.38 | 0.83 | (0.43 | ) | — | (0.43 | ) | 10.16 | 0.89 | % | 0.87 | % | 4.43 | % | 8.56 | % | 78,660 | 168 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.18 | $0.23 | ($0.06 | ) | $0.17 | ($0.23 | ) | $— | ($0.23 | ) | $10.12 | 1.03 | % | 0.76 | % | 4.45 | % | 1.67 | % | $522,226 | 74 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.79 | 0.45 | 0.37 | 0.82 | (0.43 | ) | — | (0.43 | ) | 10.18 | 1.04 | % | 0.83 | % | 4.47 | % | 8.56 | % | 450,761 | 168 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Pacific Funds Limited Duration High Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $9.12 | $0.18 | $0.04 | $0.22 | ($0.19 | ) | $— | ($0.19 | ) | $9.15 | 1.49 | % | 0.95 | % | 3.99 | % | 2.43 | % | $5,101 | 32 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 8.86 | 0.35 | 0.26 | 0.61 | (0.35 | ) | — | (0.35 | ) | 9.12 | 1.47 | % | 1.05 | % | 3.87 | % | 7.01 | % | 5,506 | 77 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $9.10 | $0.15 | $0.04 | $0.19 | ($0.16 | ) | $— | ($0.16 | ) | $9.13 | 2.24 | % | 1.65 | % | 3.29 | % | 2.08 | % | $3,435 | 32 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 8.85 | 0.28 | 0.26 | 0.54 | (0.29 | ) | — | (0.29 | ) | 9.10 | 2.22 | % | 1.78 | % | 3.14 | % | 6.12 | % | 3,206 | 77 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $9.11 | $0.19 | $0.05 | $0.24 | ($0.20 | ) | $— | ($0.20 | ) | $9.15 | 1.09 | % | 0.70 | % | 4.24 | % | 2.56 | % | $23,412 | 32 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 8.86 | 0.38 | 0.25 | 0.63 | (0.38 | ) | — | (0.38 | ) | 9.11 | 1.07 | % | 0.76 | % | 4.16 | % | 7.32 | % | 22,819 | 77 | % | |||||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references on B-23 |
B-19
Table of Contents
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 (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $9.11 | $0.19 | $0.04 | $0.23 | ($0.20 | ) | $— | ($0.20 | ) | $9.14 | 1.24 | % | 0.70 | % | 4.24 | % | 2.56 | % | $2,543 | 32 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 8.86 | 0.37 | 0.25 | 0.62 | (0.37 | ) | — | (0.37 | ) | 9.11 | 1.22 | % | 0.79 | % | 4.13 | % | 7.17 | % | 2,032 | 77 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.29 | $0.25 | $0.20 | $0.45 | ($0.28 | ) | $— | ($0.28 | ) | $10.46 | 1.49 | % | 0.95 | % | 4.80 | % | 4.39 | % | $5,360 | 35 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.44 | 0.48 | 0.92 | 1.40 | (0.55 | ) | — | (0.55 | ) | 10.29 | 1.32 | % | 1.03 | % | 4.81 | % | 15.16 | % | 5,626 | 61 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.28 | $0.21 | $0.19 | $0.40 | ($0.24 | ) | $— | ($0.24 | ) | $10.44 | 2.24 | % | 1.65 | % | 4.10 | % | 3.93 | % | $4,880 | 35 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.43 | 0.41 | 0.92 | 1.33 | (0.48 | ) | — | (0.48 | ) | 10.28 | 2.07 | % | 1.76 | % | 4.07 | % | 14.36 | % | 4,802 | 61 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.21 | $0.26 | $0.20 | $0.46 | ($0.29 | ) | $— | ($0.29 | ) | $10.38 | 1.09 | % | 0.70 | % | 5.05 | % | 4.56 | % | $2,661 | 35 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.37 | 0.51 | 0.91 | 1.42 | (0.58 | ) | — | (0.58 | ) | 10.21 | 0.90 | % | 0.73 | % | 5.10 | % | 15.52 | % | 5,204 | 61 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.20 | $0.26 | $0.19 | $0.45 | ($0.29 | ) | $— | ($0.29 | ) | $10.36 | 1.09 | % | 0.77 | % | 4.98 | % | 4.42 | % | $10,288 | 35 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.36 | 0.49 | 0.93 | 1.42 | (0.58 | ) | — | (0.58 | ) | 10.20 | 0.95 | % | 0.80 | % | 5.04 | % | 15.47 | % | 10,554 | 61 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.30 | $0.26 | $0.20 | $0.46 | ($0.29 | ) | $— | ($0.29 | ) | $10.47 | 1.24 | % | 0.70 | % | 5.05 | % | 4.52 | % | $2,066 | 35 | % | |||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.44 | 0.51 | 0.93 | 1.44 | (0.58 | ) | — | (0.58 | ) | 10.30 | 1.06 | % | 0.77 | % | 5.07 | % | 15.58 | % | 2,304 | 61 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Pacific Funds Large-Cap (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.08 | $0.05 | $0.85 | $0.90 | $— | $— | $— | $11.98 | 1.77 | % | 1.00 | % | 0.85 | % | 8.12 | % | $4,299 | 66 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.66 | 0.11 | 1.40 | 1.51 | (0.09 | ) | — | (0.09 | ) | 11.08 | 2.86 | % | 1.00 | % | 1.08 | % | 15.69 | % | 4,599 | 108 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.03 | $0.01 | $0.84 | $0.85 | $— | $— | $— | $11.88 | 2.52 | % | 1.75 | % | 0.10 | % | 7.71 | % | $3,183 | 66 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.65 | 0.03 | 1.39 | 1.42 | (0.04 | ) | — | (0.04 | ) | 11.03 | 3.61 | % | 1.75 | % | 0.33 | % | 14.74 | % | 2,804 | 108 | % | |||||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references on B-23 |
B-20
Table of Contents
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 (Continued) (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.11 | $0.06 | $0.87 | $0.93 | $— | $— | $— | $12.04 | 1.52 | % | 0.75 | % | 1.10 | % | 8.37 | % | $5,273 | 66 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.67 | 0.14 | 1.39 | 1.53 | (0.09 | ) | — | (0.09 | ) | 11.11 | 2.61 | % | 0.75 | % | 1.33 | % | 15.89 | % | 2,176 | 108 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.93 | $0.05 | $0.84 | $0.89 | $— | $— | $— | $11.82 | 1.77 | % | 1.00 | % | 0.85 | % | 8.14 | % | $345 | 66 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.65 | 0.11 | 1.39 | 1.50 | (0.22 | ) | — | (0.22 | ) | 10.93 | 2.86 | % | 1.00 | % | 1.08 | % | 15.66 | % | 299 | 108 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.03 | $0.07 | $0.85 | $0.92 | $— | $— | $— | $11.95 | 1.37 | % | 0.65 | % | 1.20 | % | 8.34 | % | $508 | 66 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.66 | 0.15 | 1.39 | 1.54 | (0.17 | ) | — | (0.17 | ) | 11.03 | 2.46 | % | 0.65 | % | 1.43 | % | 16.08 | % | 1,184 | 108 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.75 | $0.06 | $0.43 | $0.49 | $— | $— | $— | $11.24 | 1.47 | % | 1.10 | % | 1.16 | % | 4.56 | % | $3,052 | 29 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.46 | 0.14 | 1.27 | 1.41 | (0.10 | ) | (0.02 | ) | (0.12 | ) | 10.75 | 1.79 | % | 1.10 | % | 1.35 | % | 14.92 | % | 2,572 | 65 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.69 | $0.02 | $0.41 | $0.43 | $— | $— | $— | $11.12 | 2.22 | % | 1.85 | % | 0.41 | % | 4.02 | % | $4,200 | 29 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.45 | 0.06 | 1.26 | 1.32 | (0.06 | ) | (0.02 | ) | (0.08 | ) | 10.69 | 2.54 | % | 1.85 | % | 0.60 | % | 14.03 | % | 3,056 | 65 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.78 | $0.08 | $0.42 | $0.50 | $— | $— | $— | $11.28 | 1.22 | % | 0.85 | % | 1.41 | % | 4.64 | % | $21,961 | 29 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.47 | 0.16 | 1.26 | 1.42 | (0.09 | ) | (0.02 | ) | (0.11 | ) | 10.78 | 1.54 | % | 0.85 | % | 1.60 | % | 15.10 | % | 24,779 | 65 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.64 | $0.06 | $0.42 | $0.48 | $— | $— | $— | $11.12 | 1.47 | % | 1.10 | % | 1.16 | % | 4.51 | % | $101 | 29 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.46 | 0.13 | 1.28 | 1.41 | (0.21 | ) | (0.02 | ) | (0.23 | ) | 10.64 | 1.79 | % | 1.10 | % | 1.35 | % | 14.84 | % | 96 | 65 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.75 | $0.08 | $0.42 | $0.50 | $— | $— | $— | $11.25 | 1.07 | % | 0.75 | % | 1.51 | % | 4.65 | % | $1,664 | 29 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.47 | 0.17 | 1.28 | 1.45 | (0.15 | ) | (0.02 | ) | (0.17 | ) | 10.75 | 1.39 | % | 0.75 | % | 1.70 | % | 15.35 | % | 1,365 | 65 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.93 | ($0.02 | ) | $0.75 | $0.73 | $— | $— | $— | $12.66 | 1.50 | % | 1.30 | % | (0.27 | %) | 6.12 | % | $20,400 | 13 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.93 | (0.02 | ) | 2.05 | 2.03 | — | (0.03 | ) | (0.03 | ) | 11.93 | 1.71 | % | 1.30 | % | (0.19 | %) | 20.44 | % | 18,360 | 45 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.81 | ($0.06 | ) | $0.74 | $0.68 | $— | $— | $— | $12.49 | 2.25 | % | 2.05 | % | (1.02 | %) | 5.76 | % | $12,161 | 13 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.91 | (0.10 | ) | 2.03 | 1.93 | — | (0.03 | ) | (0.03 | ) | 11.81 | 2.46 | % | 2.05 | % | (0.94 | %) | 19.47 | % | 7,383 | 45 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.94 | ($0.00 | )(7) | $0.75 | $0.75 | $— | $— | $— | $12.69 | 1.25 | % | 1.05 | % | (0.02 | %) | 6.28 | % | $114,781 | 13 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.92 | 0.01 | 2.05 | 2.06 | (0.01 | ) | (0.03 | ) | (0.04 | ) | 11.94 | 1.46 | % | 1.05 | % | 0.06 | % | 20.73 | % | 70,260 | 45 | % | ||||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references on B-23 |
B-21
Table of Contents
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/Mid-Cap (Continued) (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.90 | ($0.02 | ) | $0.75 | $0.73 | $— | $— | $— | $12.63 | 1.50 | % | 1.35 | % | (0.32 | %) | 6.14 | % | $7,803 | 13 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.91 | (0.03 | ) | 2.05 | 2.02 | — | (0.03 | ) | (0.03 | ) | 11.90 | 1.71 | % | 1.35 | % | (0.24 | %) | 20.38 | % | 6,808 | 45 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.94 | $0.00 | (7) | $0.75 | $0.75 | $— | $— | $— | $12.69 | 1.11 | % | 1.00 | % | 0.03 | % | 6.28 | % | $9,329 | 13 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.92 | 0.01 | 2.05 | 2.06 | (0.01 | ) | (0.03 | ) | (0.04 | ) | 11.94 | 1.31 | %�� | 1.00 | % | 0.11 | % | 20.78 | % | 8,531 | 45 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||||
Pacific Funds Small-Cap (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.77 | ($0.01 | ) | $0.80 | $0.79 | $— | $— | $— | $12.56 | 1.97 | % | 1.30 | % | (0.12 | %) | 6.71 | % | $1,508 | 37 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.68 | (0.00 | )(7) | 2.19 | 2.19 | (0.10 | ) | — | (0.10 | ) | 11.77 | 3.44 | % | 1.30 | % | (0.04 | %) | 22.70 | % | 1,759 | 62 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.76 | ($0.05 | ) | $0.79 | $0.74 | $— | $— | $— | $12.50 | 2.72 | % | 2.05 | % | (0.87 | %) | 6.29 | % | $807 | 37 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.66 | (0.09 | ) | 2.19 | 2.10 | — | — | — | 11.76 | 4.19 | % | 2.05 | % | (0.79 | %) | 21.74 | % | 641 | 62 | % | ||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.90 | $0.01 | $0.80 | $0.81 | $— | $— | $— | $12.71 | 1.72 | % | 1.05 | % | 0.13 | % | 6.81 | % | $11,926 | 37 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.68 | 0.02 | 2.21 | 2.23 | (0.01 | ) | — | (0.01 | ) | 11.90 | 3.19 | % | 1.05 | % | 0.21 | % | 23.03 | % | 8,265 | 62 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.84 | ($0.01 | ) | $0.80 | $0.79 | $— | $— | $— | $12.63 | 1.97 | % | 1.35 | % | (0.18 | %) | 6.67 | % | $16 | 37 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.67 | (0.01 | ) | 2.20 | 2.19 | (0.02 | ) | — | (0.02 | ) | 11.84 | 3.44 | % | 1.35 | % | (0.09 | %) | 22.65 | % | 580 | 62 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $10.95 | $0.01 | $0.74 | $0.75 | $— | $— | $— | $11.70 | 1.57 | % | 1.00 | % | 0.18 | % | 6.85 | % | $325 | 37 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.67 | 0.03 | 2.17 | 2.20 | (0.92 | ) | — | (0.92 | ) | 10.95 | 3.04 | % | 1.00 | % | 0.26 | % | 23.03 | % | 140 | 62 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.52 | $0.02 | $0.64 | $0.66 | $— | $— | $— | $12.18 | 1.64 | % | 1.30 | % | 0.26 | % | 5.73 | % | $1,136 | 23 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.47 | 0.03 | 2.13 | 2.16 | (0.06 | ) | (0.05 | ) | (0.11 | ) | 11.52 | 1.90 | % | 1.30 | % | 0.23 | % | 22.65 | % | 743 | 76 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.46 | ($0.03 | ) | $0.64 | $0.61 | $— | $— | $— | $12.07 | 2.39 | % | 2.05 | % | (0.49 | %) | 5.32 | % | $1,646 | 23 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.46 | (0.06 | ) | 2.12 | 2.06 | (0.01 | ) | (0.05 | ) | (0.06 | ) | 11.46 | 2.65 | % | 2.05 | % | (0.52 | %) | 21.81 | % | 1,105 | 76 | % | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.59 | $0.03 | $0.65 | $0.68 | $— | $— | $— | $12.27 | 1.39 | % | 1.05 | % | 0.51 | % | 5.87 | % | $22,056 | 23 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.48 | 0.05 | 2.15 | 2.20 | (0.04 | ) | (0.05 | ) | (0.09 | ) | 11.59 | 1.65 | % | 1.05 | % | 0.48 | % | 23.02 | % | 20,617 | 76 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.51 | $0.01 | $0.64 | $0.65 | $— | $— | $— | $12.16 | 1.64 | % | 1.35 | % | 0.21 | % | 5.65 | % | $85 | 23 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.47 | 0.02 | 2.13 | 2.15 | (0.06 | ) | (0.05 | ) | (0.11 | ) | 11.51 | 1.90 | % | 1.35 | % | 0.18 | % | 22.59 | % | 206 | 76 | % | ||||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references on B-23 |
B-22
Table of Contents
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 Value (Continued) (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.55 | $0.03 | $0.66 | $0.69 | $— | $— | $— | $12.24 | 1.24 | % | 1.00 | % | 0.56 | % | 5.97 | % | $10,474 | 23 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.47 | 0.06 | 2.13 | 2.19 | (0.06 | ) | (0.05 | ) | (0.11 | ) | 11.55 | 1.50 | % | 1.00 | % | 0.53 | % | 23.02 | % | 9,655 | 76 | % | ||||||||||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.14 | ($0.04 | ) | $0.79 | $0.75 | $— | $— | $— | $11.89 | 1.63 | % | 1.30 | % | (0.62 | %) | 6.73 | % | $515 | 24 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.61 | (0.07 | ) | 1.80 | 1.73 | — | (0.20 | ) | (0.20 | ) | 11.14 | 1.93 | % | 1.30 | % | (0.68 | %) | 17.83 | % | 514 | 49 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.05 | ($0.08 | ) | $0.77 | $0.69 | $— | $— | $— | $11.74 | 2.38 | % | 2.05 | % | (1.37 | %) | 6.25 | % | $406 | 24 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.61 | (0.15 | ) | 1.79 | 1.64 | — | (0.20 | ) | (0.20 | ) | 11.05 | 2.68 | % | 2.05 | % | (1.43 | %) | 17.14 | % | 187 | 49 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.19 | ($0.02 | ) | $0.78 | $0.76 | $— | $— | $— | $11.95 | 1.23 | % | 1.05 | % | (0.37 | %) | 6.79 | % | $12,279 | 24 | % | ||||||||||||||||||||||||||||||||||||
6/8/2016 - 3/31/2017 | 10.06 | (0.04 | ) | 1.37 | 1.33 | — | (0.20 | ) | (0.20 | ) | 11.19 | 1.43 | % | 1.05 | % | (0.43 | %) | 13.29 | % | 12,385 | 49 | % | ||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.19 | ($0.02 | ) | $0.79 | $0.77 | $— | $— | $— | $11.96 | 1.38 | % | 1.05 | % | (0.37 | %) | 6.88 | % | $12,816 | 24 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.64 | (0.05 | ) | 1.80 | 1.75 | — | (0.20 | ) | (0.20 | ) | 11.19 | 1.68 | % | 1.05 | % | (0.43 | %) | 18.23 | % | 13,321 | 49 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.13 | ($0.03 | ) | $0.78 | $0.75 | $— | $— | $— | $11.88 | 1.63 | % | 1.25 | % | (0.57 | %) | 6.74 | % | $1,246 | 24 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.62 | (0.06 | ) | 1.79 | 1.73 | (0.02 | ) | (0.20 | ) | (0.22 | ) | 11.13 | 1.93 | % | 1.25 | % | (0.63 | %) | 18.11 | % | 1,155 | 49 | % | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (6) | $11.20 | ($0.01 | ) | $0.78 | $0.77 | $— | $— | $— | $11.97 | 1.23 | % | 0.90 | % | (0.22 | %) | 6.88 | % | $10,745 | 24 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.63 | (0.03 | ) | 1.80 | 1.77 | (0.00 | )(7) | (0.20 | ) | (0.20 | ) | 11.20 | 1.53 | % | 0.90 | % | (0.28 | %) | 18.47 | % | 9,680 | 49 | % | |||||||||||||||||||||||||||||||||
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 | % |
(1) | For share classes that commenced operations after April 1, 2012, 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, 2017. |
(7) | Reflects an amount rounding to less than $0.01 per share or less than 1%. |
(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 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. |
(9) | Includes $0.01 per share return of capital distribution. |
See Notes to Financial Statements
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(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, 2017, the Trust was comprised of forty 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��. |
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. Class B shares were closed to any new or additional purchases (except through reinvestment of dividends and capital gains distributions) as of the close of business on July 31, 2017.
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 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 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 Floating Rate 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 these Funds, see the Where to Go for More Information section of this report on page D-4.
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 (“U.S. GAAP”), which may require management to
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NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund qualifies as an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to the Investment Companies Topic of U.S. GAAP.
Effective January 1, 2017, the Trust implemented Accounting Standards Update (“ASU”) No. 2016-19, Technical Corrections and Improvements issued by the Financial Accounting Standards Board (“FASB”). This ASU made technical changes to various sections of the accounting standards codification (“ASC”), including modifications to Topic 820, Fair Value Measurement and requires disclosure of reason(s) for the change in valuation approach and valuation technique. Changes in valuation approach and valuation technique, if any, are disclosed in Note 3D.
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 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.
D. ALLOCATION OF INCOME, EXPENSES, GAINS AND LOSSES
Income, non-class specific expenses, and realized and unrealized gains and losses are allocated on a daily basis to each class of shares based upon the relative portion of net assets of each class. Certain Trust expenses directly attributable to a particular Fund are charged to that Fund (such as fund-specific transactional fees, proxies, liquidations, litigation, and organizational/start-up costs) and class-specific fees and expenses are charged directly to the respective share class within each Fund. Generally, other Trust expenses are allocated proportionately among all the Funds in relation to the net assets of each Fund.
E. OFFERING COSTS
A new Fund bears all costs (or the applicable pro-rata share if there is more than one new Fund) associated with the offering expenses of the Fund including legal, printing, and support services (see Notes 6 and 7A). All such costs are amortized as an expense of the new Fund on a straight-line basis over twelve months from commencement of operations.
F. NEW PRONOUNCEMENTS
On October 13, 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules (the “Reporting Rules”) and amended existing rules (the “Amended Rules”) intended to modernize reporting and enhance the disclosure of information for most registered investment companies. The Amended Rules include amendments relating to Regulation S-X, which modify the form and content of the financial statements of the Trust, went into effect as of August 1, 2017 and are reflected in this semi-annual report. For the Trust, the effective date of the Reporting
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NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Rules will be June 1, 2018. At this time, management is evaluating the implications of the Reporting Rules and determining their impact on the Trust’s financial statements and accompanying notes.
On March 30, 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities, that would require that the premium associated with the purchase of callable debt securities be amortized to the earliest call date and no longer amortized through the contractual life of the instrument. The changes are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of this ASU and its impact on the financial statements of the Trust.
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. DETERMINATION OF NET ASSET VALUE (“NAV”)
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 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 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 swap agreements and option contracts) are generally valued by approved pricing services that use evaluated prices from various observable market and other factors. Certain OTC swap agreements are generally valued using industry pricing models, broker quotes or other methodologies pursuant to the Valuation Policy.
Domestic and Foreign Debt Investments
Debt investments are generally valued using the mean between bid and ask prices provided by approved pricing and quotation services, which are based upon evaluated prices determined from various observable market and other factors. Certain debt investments are valued by using a benchmark, matrix, or other pricing methodology approved pursuant to the Valuation Policy.
Portfolio Optimization Funds
The investments of each Portfolio Optimization Fund consist of Class P shares of 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.
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NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Investments in Other Investment Companies
Fund investments in other investment companies are valued at their respective published 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, last reported sale/trade 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, 2017, 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.
Investments in registered mutual funds, including affiliated registered mutual funds, are valued at their respective published 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.
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 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.
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.
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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.
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. The exact time frame for the implementation of Brexit 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.
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(Unaudited)
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, 2017, no participation interest in Senior Loans was held by any of the Funds presented in these financial statements.
Unfunded loan commitments on senior loan participations and assignments, 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, 2017, Pacific Funds Strategic Income and Pacific Funds Floating Rate Income had unfunded loan commitments of $2,985,000 and $561,655, respectively (see details in the Notes to Schedules of Investments).
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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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.
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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 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 are executed in a multilateral or other execution facility platform, such as a registered commodities exchange (“centrally cleared swaps”). In connection with these agreements, cash and 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, 2017:
Derivative Investments Risk Type | Total Value at September 30, 2017 | |||
Interest rate contracts (Asset) | $24,033 |
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 |
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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 period ended September 30, 2017:
Derivative Investments Risk Type | Realized Gain (Loss) | Change in Net Unrealized Appreciation (Depreciation) | ||||||
Interest rate contracts | $13,760 | $14,414 |
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 period ended September 30, 2017 were 1 and $21,403, 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 period ended September 30, 2017.
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 (“netting arrangements”). 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. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency. 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 agreements with netting arrangements (or similar arrangements) and collateral received and pledged in connection with the master agreements with netting arrangements (or similar arrangements) for Pacific Funds High Income as of September 30, 2017:
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 | |||||||||||||||||||||||||||||||||||
Swap agreements | $24,033 | $— | $— | $24,033 | $— | $— | $— | $— |
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
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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) Pacific Funds Diversified Alternatives (1) | 0.20% | |
Pacific Funds Short Duration Income (2) | 0.40% | |
Pacific Funds Core Income (2) | 0.50% | |
Pacific Funds Strategic Income (2) Pacific Funds High Income (2) | 0.60% | |
Pacific Funds Floating Rate Income (2) Pacific Funds Limited Duration High Income (2), (3) 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, 2018: 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. There is no guarantee that PLFA will continue such waiver after that date. As of the period ended September 30, 2017, none of the Funds meet net asset levels where portions of the advisory fee would be waived. |
(2) | PLFA has agreed to waive the following advisory fees through July 31, 2018: 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. There is no guarantee that PLFA will continue such waiver after that date. As of the period ended September 30, 2017, none of the Funds meet net asset levels where portions of the advisory fee would be waived with exception of Pacific Funds Floating Rate Income. |
(3) | PLFA agreed to waive 0.02% of its advisory fee through July 31, 2018 for Pacific Funds Limited Duration High Income. 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 July 31, 2018 for Pacific Funds Large-Cap. 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 related 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. 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 Pacific Funds Limited Duration High Income | A, C, and Advisor | 0.30% | ||
I | 0.15% | |||
Pacific Funds Core Income Pacific Funds Floating Rate Income Pacific Funds High Income | A, C, and Advisor | 0.30% | ||
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
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Class B, C, R, and Investor Class shares. The Distributor also receives service fees pursuant to a non-12b-1 service plan for Class A shares (“Class A 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 period ended September 30, 2017, the Distributor, acting as underwriter, received net commissions (front-end sales charges) of $3,329,872 from the sale of Class A shares and received $139,752 in CDSC from redemptions of Class A, B, and C shares.
7. TRANSACTIONS WITH AFFILIATES
A. ADVISORY FEES, ADMINISTRATION FEES, DISTRIBUTION AND/OR SERVICE FEES, AND EXPENSES FOR SUPPORT SERVICES
The 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 period ended September 30, 2017 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of September 30, 2017 are presented in the Statements of Assets and Liabilities.
B. EXPENSE LIMITATION AGREEMENTS
To help limit the Trust’s expenses, PLFA 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 and expenses; 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); taxes (including foreign taxes on dividends, interest or gains); brokerage commissions and other transactional expenses; and 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 7/31/2018 and 0.30% thereafter through 7/31/2023 | ||
Pacific Funds Short Duration Income | A, C, I, and Advisor | 0.10% through 7/31/2018 | ||
Pacific Funds Core Income | A and C | 0.10% through 7/31/2018 | ||
I and Advisor | 0.05% through 7/31/2018 | |||
P | 0.20% through 7/31/2017 and 0.05% thereafter through 7/31/2018 | |||
Pacific Funds Strategic Income | A and Advisor | 0.10% through 7/31/2018 | ||
C and I | 0.05% through 7/31/2018 | |||
Pacific Funds Floating Rate Income | A and Advisor | 0.10% through 7/31/2018 | ||
C and I | 0.05% through 7/31/2018 | |||
P | 0.20% through 7/31/2017 and 0.05% thereafter through 7/31/2018 | |||
Pacific Funds Limited Duration High Income | A, I, and Advisor | 0.07% through 7/31/2018 | ||
C | 0.02% through 7/31/2018 | |||
Pacific Funds High Income | A, I, and Advisor | 0.10% through 7/31/2018 | ||
C | 0.05% through 7/31/2018 | |||
P | 0.20% through 7/31/2017 and 0.10% thereafter through 7/31/2018 | |||
Pacific Funds Diversified Alternatives | A, C, and Advisor | 0.40% through 7/31/2018 | ||
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 Pacific Funds Small-Cap Pacific Funds Small-Cap Value | A, C, and Advisor | 0.20% through 1/10/2019 | ||
Investor | 0.25% through 1/10/2019 | |||
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 |
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
There is no guarantee that PLFA will continue to cap 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 in future periods, not to exceed three years from the date on which the reimbursement took place, provided that the recoupment would be limited to the lesser of: (i) the expense cap in effect at the time of the reimbursement or (ii) the expense cap in effect at the time of recoupment. The amounts of adviser reimbursement to each of the applicable Funds presented in these financial statements for the period ended September 30, 2017 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of September 30, 2017 are presented in the Statements of Assets and Liabilities.
The cumulative expense reimbursement amounts, if any, as of September 30, 2017 that are subject to recoupment by PLFA from the Funds presented in these financial statements are as follows:
Fund | 3/31/2018 | 3/31/2019 | 3/31/2020 | 3/31/2021 | ||||||||||||
Pacific Funds Portfolio Optimization Conservative | $341,046 | $289,997 | $290,877 | $132,442 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | 412,969 | 393,236 | 376,333 | 181,967 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate | 1,039,248 | 954,419 | 946,295 | 456,016 | ||||||||||||
Pacific Funds Portfolio Optimization Growth | 722,497 | 708,782 | 694,650 | 346,563 | ||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | 255,368 | 259,000 | 256,470 | 133,401 | ||||||||||||
Pacific Funds Diversified Alternatives | 77,075 | 37,661 | 28,564 | 5,954 | ||||||||||||
Pacific Funds Short Duration Income | 287,988 | 369,896 | 600,137 | 446,867 | ||||||||||||
Pacific Funds Core Income | 1,007,441 | 1,162,780 | 1,321,088 | 1,007,383 | ||||||||||||
Pacific Funds Strategic Income | 294,682 | 445,582 | 587,614 | 544,509 | ||||||||||||
Pacific Funds Floating Rate Income | 1,908,310 | 1,185,282 | 1,512,901 | 1,462,384 | ||||||||||||
Pacific Funds Limited Duration High Income | 119,970 | 105,916 | 108,215 | 71,793 | ||||||||||||
Pacific Funds High Income | 124,757 | 124,097 | 118,054 | 59,369 | ||||||||||||
Pacific Funds Large-Cap | 31,382 | 136,174 | 40,420 | |||||||||||||
Pacific Funds Large-Cap Value | 29,093 | 157,996 | 54,945 | |||||||||||||
Pacific Funds Small/Mid-Cap | 27,939 | 202,048 | 137,885 | |||||||||||||
Pacific Funds Small-Cap | 25,943 | 135,916 | 40,811 | |||||||||||||
Pacific Funds Small-Cap Value | 29,397 | 161,192 | 51,781 | |||||||||||||
Pacific Funds Small-Cap Growth | 25,758 | 150,256 | 53,191 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $6,591,351 | $6,206,160 | $7,784,780 | $5,227,681 | ||||||||||||
|
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|
|
|
|
|
|
There was no recoupment of expense reimbursement by PLFA from any Funds presented in these financial statements for the period ended September 30, 2017.
C. INVESTMENTS IN AFFILIATED FUNDS
As of September 30, 2017, each of the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives (aggregate of all share classes) owned Class P shares in each of the applicable affiliated PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, 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 period ended September 30, 2017 is as follows:
Beginning Value as of | Purchase | Distributions | Sales | Net Realized | Change in Appreciation | As of September 30, 2017 | ||||||||||||||||||||||||||
Fund/Underlying Fund | Ending Value | Shares Balance | ||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Conservative | ||||||||||||||||||||||||||||||||
Pacific Funds Core Income | $26,197,345 | $249,790 | $358,534 | $1,896,613 | ($30,758 | ) | $421,638 | $25,299,936 | 2,362,272 | |||||||||||||||||||||||
Pacific Funds Floating Rate Income | 10,732,721 | 177,373 | 232,921 | 735,522 | (3,341 | ) | (57,764 | ) | 10,346,388 | 1,024,395 | ||||||||||||||||||||||
Pacific Funds High Income | 3,329,211 | 44,856 | 90,746 | 262,455 | 7,678 | 43,125 | 3,253,161 | 314,012 | ||||||||||||||||||||||||
PF Inflation Managed | 3,024,870 | 47,813 | — | 247,792 | 4,251 | 8,642 | 2,837,784 | 316,717 | ||||||||||||||||||||||||
PF Managed Bond | 145,401,365 | 1,246,125 | — | 12,018,547 | 76,652 | 5,711,691 | 140,417,286 | 12,650,206 | ||||||||||||||||||||||||
PF Short Duration Bond | 44,247,111 | 728,595 | — | 3,021,312 | (7,079 | ) | 401,474 | 42,348,789 | 4,247,622 | |||||||||||||||||||||||
PF Emerging Markets Debt | 5,390,649 | 63,482 | — | 522,907 | 33,726 | 304,881 | 5,269,831 | 526,457 | ||||||||||||||||||||||||
PF Comstock | 8,792,188 | 147,356 | — | 611,048 | (1,180 | ) | 628,775 | 8,956,091 | 555,589 | |||||||||||||||||||||||
PF Growth | 2,330,880 | 20,682 | — | 245,098 | 17,304 | 257,849 | 2,381,617 | 101,345 | ||||||||||||||||||||||||
PF Large-Cap Growth | 1,494,341 | 13,602 | — | 157,561 | 64,589 | 121,931 | 1,536,902 | 134,580 | ||||||||||||||||||||||||
PF Large-Cap Value | 20,400,496 | 218,237 | — | 1,468,736 | 14,056 | 906,061 | 20,070,114 | 1,154,782 | ||||||||||||||||||||||||
PF Main Street Core | 3,965,204 | 36,276 | — | 353,699 | 78,172 | 235,772 | 3,961,725 | 260,811 | ||||||||||||||||||||||||
PF Mid-Cap Equity | 1,659,730 | 15,115 | — | 148,574 | 67,911 | 88,546 | 1,682,728 | 139,183 | ||||||||||||||||||||||||
PF Mid-Cap Growth | 831,952 | 7,556 | — | 87,523 | (3,173 | ) | 97,725 | 846,537 | 106,215 | |||||||||||||||||||||||
PF Mid-Cap Value | 10,767,032 | 111,948 | — | 796,594 | 11,177 | 556,982 | 10,650,545 | 872,996 | ||||||||||||||||||||||||
PF Small-Cap Value | 4,993,610 | 60,411 | — | 339,479 | (920 | ) | 236,462 | 4,950,084 | 389,770 | |||||||||||||||||||||||
PF Emerging Markets | 9,314,328 | 77,703 | — | 1,077,680 | 142,631 | 1,282,058 | 9,739,040 | 607,172 | ||||||||||||||||||||||||
PF International Large-Cap | 4,425,014 | 37,412 | — | 518,883 | 178,242 | 399,432 | 4,521,217 | 218,733 | ||||||||||||||||||||||||
PF International Small-Cap | 1,707,669 | 14,390 | — | 199,571 | 6,245 | 239,965 | 1,768,698 | 146,053 | ||||||||||||||||||||||||
PF International Value | 4,230,816 | 35,972 | — | 484,649 | 89,013 | 327,594 | 4,198,746 | 408,041 | ||||||||||||||||||||||||
PF Real Estate | 845,369 | 9,464 | — | 68,821 | (3,625 | ) | 4,309 | 786,696 | 52,587 | |||||||||||||||||||||||
PF Currency Strategies | 6,700,420 | 106,251 | — | 530,537 | (40,817 | ) | (147,051 | ) | 6,088,266 | 661,050 | ||||||||||||||||||||||
PF Equity Long/Short | 6,532,630 | 77,856 | — | 496,834 | (8,945 | ) | 639,451 | 6,744,158 | 626,780 | |||||||||||||||||||||||
PF Global Absolute Return | 6,630,330 | 106,349 | — | 452,630 | (38,261 | ) | 158,010 | 6,403,798 | 687,841 | |||||||||||||||||||||||
$333,945,281 | $3,654,614 | $682,201 | $26,743,065 | $653,548 | $12,867,558 | $325,060,137 |
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Beginning Value as of | Purchase | Distributions | Sales | Net Realized | Change in Appreciation | As of September 30, 2017 | ||||||||||||||||||||||||||
Fund/Underlying Fund | Ending Value | Shares Balance | ||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | ||||||||||||||||||||||||||||||||
Pacific Funds Core Income | $34,511,446 | $130,429 | $471,598 | $2,514,443 | ($33,836 | ) | $551,225 | $33,116,419 | 3,092,103 | |||||||||||||||||||||||
Pacific Funds Floating Rate Income | 14,635,674 | 104,793 | 315,442 | 1,059,018 | (4,786 | ) | (77,277 | ) | 13,914,828 | 1,377,706 | ||||||||||||||||||||||
Pacific Funds High Income | 3,688,600 | 13,283 | 100,622 | 270,059 | (7,551 | ) | 64,238 | 3,589,133 | 346,441 | |||||||||||||||||||||||
PF Inflation Managed | 4,468,845 | 31,438 | — | 389,410 | 7,570 | 11,718 | 4,130,161 | 460,955 | ||||||||||||||||||||||||
PF Managed Bond | 176,858,945 | 633,030 | — | 15,340,302 | 10,927 | 7,024,528 | 169,187,128 | 15,242,084 | ||||||||||||||||||||||||
PF Short Duration Bond | 33,050,478 | 235,785 | — | 2,382,762 | (4,601 | ) | 298,952 | 31,197,852 | 3,129,173 | |||||||||||||||||||||||
PF Emerging Markets Debt | 7,466,510 | 28,109 | — | 738,382 | 7,603 | 460,718 | 7,224,558 | 721,734 | ||||||||||||||||||||||||
Pacific Funds Small-Cap Growth | 1,484,356 | 9,384 | — | 134,443 | 14,883 | 79,670 | 1,453,850 | 121,661 | ||||||||||||||||||||||||
PF Comstock | 17,797,209 | 129,245 | — | 1,306,111 | 342,995 | 912,200 | 17,875,538 | 1,108,904 | ||||||||||||||||||||||||
PF Developing Growth | 992,712 | 3,539 | — | 108,548 | 5,399 | 102,596 | 995,698 | 77,547 | ||||||||||||||||||||||||
PF Growth | 7,624,629 | 27,452 | — | 858,221 | 278,370 | 621,228 | 7,693,458 | 327,381 | ||||||||||||||||||||||||
PF Large-Cap Growth | 5,150,899 | 18,596 | — | 581,373 | 214,740 | 427,936 | 5,230,798 | 458,038 | ||||||||||||||||||||||||
PF Large-Cap Value | 42,287,304 | 285,945 | — | 3,071,144 | 519,008 | 1,384,326 | 41,405,439 | 2,382,361 | ||||||||||||||||||||||||
PF Main Street Core | 23,186,452 | 84,127 | — | 1,938,964 | 246,497 | 1,589,952 | 23,168,064 | 1,525,218 | ||||||||||||||||||||||||
PF Mid-Cap Equity | 4,903,641 | 17,711 | — | 448,416 | 106,223 | 354,922 | 4,934,081 | 408,113 | ||||||||||||||||||||||||
PF Mid-Cap Growth | 1,229,058 | 4,428 | — | 138,421 | 4,992 | 134,028 | 1,234,085 | 154,841 | ||||||||||||||||||||||||
PF Mid-Cap Value | 17,128,871 | 111,571 | — | 1,235,507 | 19,724 | 882,669 | 16,907,328 | 1,385,847 | ||||||||||||||||||||||||
PF Small-Cap Value | 10,327,064 | 72,721 | — | 741,309 | 110,091 | 372,022 | 10,140,589 | 798,472 | ||||||||||||||||||||||||
PF Emerging Markets | 19,623,947 | 68,186 | — | 2,438,462 | 357,956 | 2,636,105 | 20,247,732 | 1,262,327 | ||||||||||||||||||||||||
PF International Large-Cap | 15,087,149 | 53,133 | — | 1,900,100 | 630,221 | 1,333,810 | 15,204,213 | 735,569 | ||||||||||||||||||||||||
PF International Small-Cap | 5,046,045 | 17,711 | — | 633,366 | 66,700 | 657,896 | 5,154,986 | 425,680 | ||||||||||||||||||||||||
PF International Value | 15,001,601 | 53,133 | — | 1,781,348 | 214,598 | 1,260,389 | 14,748,373 | 1,433,272 | ||||||||||||||||||||||||
PF Real Estate | 2,497,786 | 17,466 | — | 216,341 | (16,814 | ) | 19,474 | 2,301,571 | 153,848 | |||||||||||||||||||||||
PF Currency Strategies | 9,898,304 | 69,039 | — | 759,162 | (37,548 | ) | (241,739 | ) | 8,928,894 | 969,478 | ||||||||||||||||||||||
PF Equity Long/Short | 9,645,873 | 39,125 | — | 752,051 | (32,194 | ) | 957,562 | 9,858,315 | 916,200 | |||||||||||||||||||||||
PF Global Absolute Return | 9,794,988 | 69,363 | — | 706,011 | (59,491 | ) | 235,220 | 9,334,069 | 1,002,585 | |||||||||||||||||||||||
$493,388,386 | $2,328,742 | $887,662 | $42,443,674 | $2,961,676 | $22,054,368 | $479,177,160 | ||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate | ||||||||||||||||||||||||||||||||
Pacific Funds Core Income | $43,930,994 | $9,001 | $600,759 | $3,023,750 | ($41,928 | ) | $700,581 | $42,175,657 | 3,937,970 | |||||||||||||||||||||||
Pacific Funds Floating Rate Income | 28,045,584 | 13,031 | 603,863 | 1,950,814 | (8,731 | ) | (148,418 | ) | 26,554,515 | 2,629,160 | ||||||||||||||||||||||
Pacific Funds High Income | 3,534,206 | 724 | 96,471 | 243,794 | 1,070 | 53,284 | 3,441,961 | 332,236 | ||||||||||||||||||||||||
PF Inflation Managed | 4,995,346 | 1,929 | — | 399,644 | 9,103 | 12,619 | 4,619,353 | 515,553 | ||||||||||||||||||||||||
PF Managed Bond | 315,853,739 | 64,197 | — | 25,292,378 | (45,367 | ) | 12,641,354 | 303,221,545 | 27,317,256 | |||||||||||||||||||||||
PF Short Duration Bond | 69,666,294 | 28,966 | — | 4,828,248 | (14,894 | ) | 634,472 | 65,486,590 | 6,568,364 | |||||||||||||||||||||||
PF Emerging Markets Debt | 14,307,707 | 2,898 | — | 1,320,841 | 56,386 | 844,221 | 13,890,371 | 1,387,649 | ||||||||||||||||||||||||
Pacific Funds Small-Cap Growth | 4,977,924 | 2,193 | — | 422,884 | 48,431 | 268,152 | 4,873,816 | 407,851 | ||||||||||||||||||||||||
PF Comstock | 73,971,553 | 35,668 | — | 5,218,403 | 95,290 | 5,118,864 | 74,002,972 | 4,590,755 | ||||||||||||||||||||||||
PF Developing Growth | 3,566,974 | 724 | — | 351,864 | 82,122 | 307,926 | 3,605,882 | 280,832 | ||||||||||||||||||||||||
PF Growth | 48,074,923 | 9,854 | — | 5,368,974 | 801,037 | 4,861,983 | 48,378,823 | 2,058,673 | ||||||||||||||||||||||||
PF Large-Cap Growth | 31,727,129 | 7,034 | — | 3,553,014 | 1,172,244 | 2,779,262 | 32,132,655 | 2,813,718 | ||||||||||||||||||||||||
PF Large-Cap Value | 175,343,140 | 83,670 | — | 12,241,311 | 148,201 | 7,727,881 | 171,061,581 | 9,842,438 | ||||||||||||||||||||||||
PF Main Street Core | 115,054,900 | 32,192 | — | 8,913,760 | 1,225,160 | 7,910,378 | 115,308,870 | 7,591,104 | ||||||||||||||||||||||||
PF Mid-Cap Equity | 28,190,915 | 7,336 | — | 2,287,811 | 331,770 | 2,329,608 | 28,571,818 | 2,363,260 | ||||||||||||||||||||||||
PF Mid-Cap Growth | 5,652,549 | 1,325 | — | 596,967 | (1,579 | ) | 641,866 | 5,697,194 | 714,830 | |||||||||||||||||||||||
PF Mid-Cap Value | 84,405,247 | 40,001 | — | 5,852,434 | 98,392 | 4,341,013 | 83,032,219 | 6,805,920 | ||||||||||||||||||||||||
PF Small-Cap Value | 45,942,046 | 21,108 | — | 3,170,045 | 502,833 | 1,633,529 | 44,929,471 | 3,537,754 | ||||||||||||||||||||||||
PF Emerging Markets | 79,848,861 | 15,796 | — | 9,513,371 | 1,516,660 | 10,708,382 | 82,576,328 | 5,148,150 | ||||||||||||||||||||||||
PF International Large-Cap | 56,376,394 | 11,303 | — | 6,807,734 | 2,254,334 | 5,106,245 | 56,940,542 | 2,754,743 | ||||||||||||||||||||||||
PF International Small-Cap | 14,504,353 | 2,898 | — | 1,745,572 | 192,665 | 1,896,949 | 14,851,293 | 1,226,366 | ||||||||||||||||||||||||
PF International Value | 55,338,398 | 11,159 | — | 6,089,411 | 764,174 | 4,695,546 | 54,719,866 | 5,317,771 | ||||||||||||||||||||||||
PF Real Estate | 14,359,383 | 5,517 | — | 1,141,844 | 390,980 | (376,849 | ) | 13,237,187 | 884,839 | |||||||||||||||||||||||
PF Currency Strategies | 35,565,076 | 13,362 | — | 2,652,514 | (206,550 | ) | (794,888 | ) | 31,924,486 | 3,466,285 | ||||||||||||||||||||||
PF Equity Long/Short | 27,661,043 | 8,441 | — | 2,017,784 | (115,287 | ) | 2,770,325 | 28,306,738 | 2,630,738 | |||||||||||||||||||||||
PF Global Absolute Return | 35,193,032 | 14,133 | — | 2,438,509 | (205,529 | ) | 836,922 | 33,400,049 | 3,587,546 | |||||||||||||||||||||||
$1,416,087,710 | $444,460 | $1,301,093 | $117,443,675 | $9,050,987 | $77,501,207 | $1,386,941,782 |
C-14
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Beginning Value as of | Purchase | Distributions | Sales | Net Realized | Change in Appreciation | As of September 30, 2017 | ||||||||||||||||||||||||||
Fund/Underlying Fund | Ending Value | Shares Balance | ||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth | ||||||||||||||||||||||||||||||||
Pacific Funds Core Income | $17,627,318 | $1,892 | $241,408 | $1,108,261 | ($12,985 | ) | $277,015 | $17,026,387 | 1,589,765 | |||||||||||||||||||||||
Pacific Funds Floating Rate Income | 20,520,738 | 2,226 | 442,929 | 1,281,866 | (5,275 | ) | (110,014 | ) | 19,568,738 | 1,937,499 | ||||||||||||||||||||||
PF Managed Bond | 99,642,190 | 10,628 | — | 7,296,957 | (22,359 | ) | 3,999,388 | 96,332,890 | 8,678,639 | |||||||||||||||||||||||
PF Short Duration Bond | 20,595,676 | 2,226 | — | 1,281,866 | (4,275 | ) | 187,630 | 19,499,391 | 1,955,806 | |||||||||||||||||||||||
PF Emerging Markets Debt | 14,132,939 | 1,502 | — | 1,142,328 | (25,518 | ) | 918,579 | 13,885,174 | 1,387,130 | |||||||||||||||||||||||
Pacific Funds Small-Cap Growth | 3,642,238 | 389 | — | 265,600 | 29,924 | 203,169 | 3,610,120 | 302,102 | ||||||||||||||||||||||||
PF Comstock | 61,205,154 | 6,733 | — | 3,877,680 | 565,349 | 3,767,902 | 61,667,458 | 3,825,525 | ||||||||||||||||||||||||
PF Developing Growth | 2,609,859 | 278 | — | 216,416 | 59,454 | 227,728 | 2,680,903 | 208,793 | ||||||||||||||||||||||||
PF Growth | 51,211,678 | 5,509 | — | 5,280,867 | 504,922 | 5,531,129 | 51,972,371 | 2,211,590 | ||||||||||||||||||||||||
PF Large-Cap Growth | 33,531,647 | 3,617 | — | 3,342,677 | 619,398 | 3,561,725 | 34,373,710 | 3,009,957 | ||||||||||||||||||||||||
PF Large-Cap Value | 143,630,147 | 15,635 | — | 9,005,316 | 663,200 | 5,803,164 | 141,106,830 | 8,118,920 | ||||||||||||||||||||||||
PF Main Street Core | 116,009,936 | 12,575 | — | 7,325,806 | 928,707 | 8,328,457 | 117,953,869 | 7,765,232 | ||||||||||||||||||||||||
PF Mid-Cap Equity | 23,205,115 | 2,504 | — | 1,569,983 | 287,493 | 1,916,600 | 23,841,729 | 1,972,021 | ||||||||||||||||||||||||
PF Mid-Cap Growth | 5,169,854 | 556 | — | 453,918 | 43,501 | 545,657 | 5,305,650 | 665,703 | ||||||||||||||||||||||||
PF Mid-Cap Value | 64,331,090 | 6,955 | — | 4,005,895 | 61,092 | 3,332,782 | 63,726,024 | 5,223,445 | ||||||||||||||||||||||||
PF Small-Cap Value | 40,337,435 | 4,340 | — | 2,499,674 | 397,615 | 1,492,600 | 39,732,316 | 3,128,529 | ||||||||||||||||||||||||
PF Emerging Markets | 68,608,472 | 7,122 | — | 7,685,467 | 1,137,912 | 9,376,351 | 71,444,390 | 4,454,139 | ||||||||||||||||||||||||
PF International Large-Cap | 73,509,502 | 7,734 | — | 8,345,937 | 1,517,687 | 8,086,289 | 74,775,275 | 3,617,575 | ||||||||||||||||||||||||
PF International Small-Cap | 15,918,977 | 1,669 | — | 1,801,280 | 195,388 | 2,102,418 | 16,417,172 | 1,355,671 | ||||||||||||||||||||||||
PF International Value | 73,093,034 | 7,734 | — | 6,924,578 | 605,275 | 6,665,181 | 73,446,646 | 7,137,672 | ||||||||||||||||||||||||
PF Real Estate | 15,759,866 | 1,669 | — | 1,146,137 | 426,963 | (411,373 | ) | 14,630,988 | 978,007 | |||||||||||||||||||||||
PF Currency Strategies | 26,022,438 | 2,782 | — | 1,798,337 | (111,150 | ) | (619,775 | ) | 23,495,958 | 2,551,135 | ||||||||||||||||||||||
PF Equity Long/Short | 20,271,769 | 2,226 | — | 1,300,850 | (84,190 | ) | 2,035,783 | 20,924,738 | 1,944,678 | |||||||||||||||||||||||
PF Global Absolute Return | 25,750,455 | 2,782 | — | 1,602,358 | (83,627 | ) | 546,714 | 24,613,966 | 2,643,820 | |||||||||||||||||||||||
$1,036,337,527 | $111,283 | $684,337 | $80,560,054 | $7,694,501 | $67,765,099 | $1,032,032,693 | ||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | ||||||||||||||||||||||||||||||||
Pacific Funds Floating Rate Income | $3,693,132 | $34,939 | $81,162 | $164,688 | ($762 | ) | ($20,619 | ) | $3,623,164 | 358,729 | ||||||||||||||||||||||
PF Managed Bond | 4,082,207 | 20,831 | — | 205,844 | (324 | ) | 165,731 | 4,062,601 | 366,000 | |||||||||||||||||||||||
Pacific Funds Small-Cap Growth | 2,279,926 | 16,146 | — | 108,932 | 10,334 | 139,878 | 2,337,352 | 195,594 | ||||||||||||||||||||||||
PF Comstock | 22,005,391 | 231,490 | — | 995,293 | 46,370 | 1,553,919 | 22,841,877 | 1,416,990 | ||||||||||||||||||||||||
PF Developing Growth | 1,633,649 | 7,071 | — | 88,289 | 8,762 | 175,918 | 1,737,111 | 135,289 | ||||||||||||||||||||||||
PF Growth | 25,904,792 | 113,133 | — | 2,022,725 | 242,265 | 2,854,753 | 27,092,218 | 1,152,860 | ||||||||||||||||||||||||
PF Large-Cap Growth | 17,276,219 | 75,657 | — | 1,319,055 | 160,912 | 2,025,502 | 18,219,235 | 1,595,380 | ||||||||||||||||||||||||
PF Large-Cap Value | 51,832,193 | 538,140 | — | 2,319,966 | 163,565 | 2,223,136 | 52,437,068 | 3,017,093 | ||||||||||||||||||||||||
PF Main Street Core | 43,056,847 | 258,434 | — | 1,918,983 | 212,719 | 3,280,296 | 44,889,313 | 2,955,188 | ||||||||||||||||||||||||
PF Mid-Cap Equity | 8,069,808 | 41,878 | — | 358,021 | 61,812 | 720,062 | 8,535,539 | 706,000 | ||||||||||||||||||||||||
PF Mid-Cap Growth | 1,618,068 | 7,071 | — | 98,545 | 9,888 | 178,406 | 1,714,888 | 215,168 | ||||||||||||||||||||||||
PF Mid-Cap Value | 20,617,446 | 192,752 | — | 916,532 | 13,032 | 1,100,629 | 21,007,327 | 1,721,912 | ||||||||||||||||||||||||
PF Small-Cap Value | 16,994,556 | 170,629 | — | 751,846 | 470 | 825,504 | 17,239,313 | 1,357,426 | ||||||||||||||||||||||||
PF Emerging Markets | 22,313,188 | 94,041 | — | 1,866,621 | 293,605 | 3,196,436 | 24,030,649 | 1,498,170 | ||||||||||||||||||||||||
PF International Large-Cap | 27,312,051 | 116,669 | — | 2,315,733 | 208,898 | 3,420,611 | 28,742,496 | 1,390,542 | ||||||||||||||||||||||||
PF International Small-Cap | 4,982,548 | 21,213 | — | 421,042 | 46,048 | 689,342 | 5,318,109 | 439,150 | ||||||||||||||||||||||||
PF International Value | 26,992,101 | 115,961 | — | 1,804,292 | 154,124 | 2,590,265 | 28,048,159 | 2,725,769 | ||||||||||||||||||||||||
PF Real Estate | 4,932,674 | 37,773 | — | 247,010 | 125,495 | (119,890 | ) | 4,729,042 | 316,112 | |||||||||||||||||||||||
PF Currency Strategies | 6,515,930 | 51,122 | — | 316,136 | (24,583 | ) | (162,439 | ) | 6,063,894 | 658,403 | ||||||||||||||||||||||
PF Equity Long/Short | 5,551,912 | 47,008 | — | 250,619 | (19,259 | ) | 564,739 | 5,893,781 | 547,749 | |||||||||||||||||||||||
PF Global Absolute Return | 6,447,732 | 53,876 | — | 286,412 | (14,876 | ) | 132,528 | 6,332,848 | 680,220 | |||||||||||||||||||||||
$324,112,370 | $2,245,834 | $81,162 | $18,776,584 | $1,698,495 | $25,534,707 | $334,895,984 | ||||||||||||||||||||||||||
Pacific Funds Diversified Alternatives | ||||||||||||||||||||||||||||||||
Pacific Funds Floating Rate Income | $1,019,403 | $842,767 | $31,527 | $61,471 | ($310 | ) | ($9,690 | ) | $1,822,226 | 180,418 | ||||||||||||||||||||||
PF Inflation Managed | 647,480 | 406,816 | — | 36,884 | (155 | ) | 3,211 | 1,020,468 | 113,892 | |||||||||||||||||||||||
PF Emerging Markets Debt | 1,297,055 | 813,631 | — | 73,767 | (3,048 | ) | 107,207 | 2,141,078 | 213,894 | |||||||||||||||||||||||
PF Emerging Markets | 927,717 | 569,542 | — | 51,637 | 83 | 177,982 | 1,623,687 | 101,227 | ||||||||||||||||||||||||
PF International Small-Cap | 656,824 | 406,816 | — | 36,884 | (1,502 | ) | 125,011 | 1,150,265 | 94,985 | |||||||||||||||||||||||
PF Real Estate | 651,300 | 331,534 | — | 340,411 | (20,167 | ) | 19,058 | 641,314 | 42,869 | |||||||||||||||||||||||
PF Currency Strategies | 3,101,046 | 2,144,577 | — | 179,498 | (18,393 | ) | (103,959 | ) | 4,943,773 | 536,783 | ||||||||||||||||||||||
PF Equity Long/Short | 1,395,304 | 894,995 | — | 81,144 | (1,314 | ) | 181,598 | 2,389,439 | 222,067 | |||||||||||||||||||||||
PF Global Absolute Return | 3,197,393 | 2,034,078 | — | 184,419 | (13,527 | ) | 87,157 | 5,120,682 | 550,020 | |||||||||||||||||||||||
$12,893,522 | $8,444,756 | $31,527 | $1,046,115 | ($58,333 | ) | $587,575 | $20,852,932 |
(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) | Net realized gain (loss) includes capital gains distributions 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, if any. |
C-15
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
As of September 30, 2017, Pacific Life owned the following percentages of the total shares outstanding (aggregate of all share classes) of each of the following Funds:
Fund | Ownership | |||
Pacific Funds Diversified Alternatives | 10.92% | |||
Pacific Funds Limited Duration High Income | 67.50% | |||
Pacific Funds Large-Cap Value | 64.31% | |||
Pacific Funds Small-Cap Value | 52.91% | |||
Pacific Funds Small-Cap Growth | 31.07% |
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 to expenses (trustees’ fees and expenses). For the period ended September 30, 2017, such expenses increased by $3,829 for all applicable Funds presented in these financial statements as a result of the market value appreciation on such accounts. As of September 30, 2017, the total amount in the DCP Liability accounts for all applicable Funds presented in these financial statements was $25,077.
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. 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 under the line of credit agreement 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 0.20% per annum on the daily unused portion of the committed line up to a maximum of $150,000. As of September 30, 2017, the actual interest rate on borrowing by the Trust was 2.38%. The commitment fees and interest incurred by Pacific Funds Floating Rate Income are recorded as an expense. For the period ended September 30, 2017, Pacific Funds Floating Rate Income had no loans outstanding in connection with this revolving line of credit.
C-16
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
9. PURCHASES AND SALES OF INVESTMENTS
The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the period ended September 30, 2017, are summarized in the following table:
U.S. Government Securities | Other Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
Pacific Funds Portfolio Optimization Conservative | $— | $— | $4,336,815 | $26,743,065 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | — | — | 3,216,404 | 42,443,674 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate | — | — | 1,745,553 | 117,443,675 | ||||||||||||
Pacific Funds Portfolio Optimization Growth | — | — | 795,620 | 80,560,054 | ||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | — | — | 2,326,996 | 18,776,584 | ||||||||||||
Pacific Funds Diversified Alternatives | — | — | 8,476,283 | 1,046,115 | ||||||||||||
Pacific Funds Short Duration Income | 2,000,000 | 7,261,346 | 199,181,637 | 116,253,139 | ||||||||||||
Pacific Funds Core Income | 19,946,875 | 15,225,253 | 269,313,627 | 259,278,841 | ||||||||||||
Pacific Funds Strategic Income | 4,040,781 | — | 254,967,846 | 180,454,290 | ||||||||||||
Pacific Funds Floating Rate Income | — | — | 871,737,191 | 843,021,234 | ||||||||||||
Pacific Funds Limited Duration High Income | — | — | 10,768,178 | 10,481,717 | ||||||||||||
Pacific Funds High Income | — | — | 8,596,133 | 11,945,539 | ||||||||||||
Pacific Funds Large-Cap | — | — | 9,432,719 | 7,811,955 | ||||||||||||
Pacific Funds Large-Cap Value | — | — | 8,337,424 | 10,141,777 | ||||||||||||
Pacific Funds Small/Mid-Cap | — | — | 57,536,540 | 17,354,841 | ||||||||||||
Pacific Funds Small-Cap | — | — | 6,686,519 | 4,415,432 | ||||||||||||
Pacific Funds Small-Cap Value | — | — | 8,650,143 | 7,536,747 | ||||||||||||
Pacific Funds Small-Cap Growth | — | — | 8,913,970 | 10,414,022 |
10. 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, 2017, to qualify as a RIC and is not required to pay Federal income tax under the Code. Accordingly, no provision for Federal income taxes is required in the financial statements. Required distributions are based on net investment income and net realized gains determined in accordance with income tax regulations, which may differ from U.S. GAAP for financial reporting purposes. These differences are primarily due to differing treatments for short-term capital gain distributions received, late year ordinary and post-October capital losses, capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of capital accounts. In addition, the year in which amounts are distributed may differ from the year in which the net investment income is earned and the net gains are realized by each Fund.
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, 2017:
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 | ($1,090,496 | ) | $— | $— | $198,283 | $— | $— | $198,283 | ||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | — | — | 1,816,501 | 889,727 | — | — | 889,727 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate | — | — | 19,302,876 | 2,855,336 | — | — | 2,855,336 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth | — | — | 17,409,402 | 2,171,187 | — | — | 2,171,187 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | — | — | 8,513,593 | 702,468 | — | — | 702,468 | |||||||||||||||||||||||||
Pacific Funds Diversified Alternatives | (109,306 | ) | — | — | 5,607 | — | — | 5,607 | ||||||||||||||||||||||||
Pacific Funds Short Duration Income | (2,466,088 | ) | 76,119 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Core Income | (18,473,940 | ) | 410,384 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Strategic Income | (12,590,210 | ) | 332,253 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Floating Rate Income | (39,006,199 | ) | 1,273,914 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Limited Duration High Income | (3,647,579 | ) | 32,414 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds High Income | (9,117,938 | ) | 118,513 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Large-Cap | (76,446 | ) | 21,427 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Large-Cap Value | — | 519,456 | 8,639 | — | — | — | — | |||||||||||||||||||||||||
Pacific Funds Small/Mid-Cap | — | 158,695 | 25,777 | — | — | — | — | |||||||||||||||||||||||||
Pacific Funds Small-Cap | — | 57,658 | — | — | — | — | — | |||||||||||||||||||||||||
Pacific Funds Small-Cap Value | — | 1,779,439 | 94,422 | — | — | — | — | |||||||||||||||||||||||||
Pacific Funds Small-Cap Growth | — | — | 59,713 | 39,502 | 44,987 | — | 84,489 |
C-17
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Accumulated capital losses represent net capital loss carryovers as of March 31, 2017 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, 2017 and capital loss carryover from prior years utilized during the year or period ended March 31, 2017:
Unlimited Period of Net | Accumulated Capital Loss Carryover | Capital Loss Carryover Utilized During the Year Ended March 31, 2017 | ||||||||||||||
Capital Loss Carryover | ||||||||||||||||
Fund | Short Term | Long Term | ||||||||||||||
Pacific Funds Portfolio Optimization Conservative | ($1,090,496 | ) | $— | ($1,090,496 | ) | $— | ||||||||||
Pacific Funds Diversified Alternatives | (82,635 | ) | (26,671 | ) | (109,306 | ) | 2,998 | |||||||||
Pacific Funds Short Duration Income | (31,496 | ) | (2,434,592 | ) | (2,466,088 | ) | 791,900 | |||||||||
Pacific Funds Core Income | (4,649,238 | ) | (13,824,702 | ) | (18,473,940 | ) | 4,462,384 | |||||||||
Pacific Funds Strategic Income | (1,922,571 | ) | (10,667,639 | ) | (12,590,210 | ) | 1,261,532 | |||||||||
Pacific Funds Floating Rate Income | — | (39,006,199 | ) | (39,006,199 | ) | 11,426,967 | ||||||||||
Pacific Funds Limited Duration High Income | (254,552 | ) | (3,393,027 | ) | (3,647,579 | ) | 67,490 | |||||||||
Pacific Funds High Income | (3,385,377 | ) | (5,732,561 | ) | (9,117,938 | ) | 1,496,976 | |||||||||
Pacific Funds Large-Cap | (76,446 | ) | — | (76,446 | ) | 37,811 | ||||||||||
Pacific Funds Large-Cap Value | — | — | — | 6,611 | ||||||||||||
Pacific Funds Small/Mid-Cap | — | — | — | 5,137 | ||||||||||||
Pacific Funds Small-Cap | — | — | — | 11,176 | ||||||||||||
Pacific Funds Small-Cap Value | — | — | — | 16,244 | ||||||||||||
Pacific Funds Small-Cap Growth | — | — | — | 23,507 |
The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments and net unrealized appreciation and/or depreciation on derivatives for Federal income tax purposes as of September 30, 2017, 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 | Net Unrealized | Net Unrealized | ||||||||||||||||||
Pacific Funds Portfolio Optimization Conservative | $292,743,193 | $33,043,068 | ($726,124 | ) | $32,316,944 | $— | $32,316,944 | |||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | 409,240,097 | 70,895,518 | (958,455 | ) | 69,937,063 | — | 69,937,063 | |||||||||||||||||
Pacific Funds Portfolio Optimization Moderate | 1,112,765,131 | 277,216,477 | (3,039,826 | ) | 274,176,651 | — | 274,176,651 | |||||||||||||||||
Pacific Funds Portfolio Optimization Growth | 789,929,024 | 243,581,355 | (1,477,686 | ) | 242,103,669 | — | 242,103,669 | |||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | 249,327,189 | 85,959,160 | (390,365 | ) | 85,568,795 | — | 85,568,795 | |||||||||||||||||
Pacific Funds Diversified Alternatives | 20,414,249 | 567,173 | (128,490 | ) | 438,683 | — | 438,683 | |||||||||||||||||
Pacific Funds Short Duration Income | 358,049,001 | 2,563,108 | (355,335 | ) | 2,207,773 | — | 2,207,773 | |||||||||||||||||
Pacific Funds Core Income | 769,852,276 | 13,590,919 | (2,737,834 | ) | 10,853,085 | — | 10,853,085 | |||||||||||||||||
Pacific Funds Strategic Income | 427,005,059 | 10,854,454 | (2,552,624 | ) | 8,301,830 | — | 8,301,830 | |||||||||||||||||
Pacific Funds Floating Rate Income | 1,289,145,490 | 6,530,949 | (10,059,147 | ) | (3,528,198 | ) | — | (3,528,198 | ) | |||||||||||||||
Pacific Funds Limited Duration High Income | 34,600,484 | 669,030 | (538,067 | ) | 130,963 | — | 130,963 | |||||||||||||||||
Pacific Funds High Income | 24,342,201 | 1,097,841 | (213,442 | ) | 884,399 | 24,033 | 908,432 | |||||||||||||||||
Pacific Funds Large-Cap | 11,624,777 | 1,925,485 | (43,316 | ) | 1,882,169 | — | 1,882,169 | |||||||||||||||||
Pacific Funds Large-Cap Value | 26,722,076 | 4,552,413 | (265,112 | ) | 4,287,301 | — | 4,287,301 | |||||||||||||||||
Pacific Funds Small/Mid-Cap | 144,520,236 | 22,793,138 | (3,211,313 | ) | 19,581,825 | — | 19,581,825 | |||||||||||||||||
Pacific Funds Small-Cap | 12,520,165 | 2,224,205 | (216,373 | ) | 2,007,832 | — | 2,007,832 | |||||||||||||||||
Pacific Funds Small-Cap Value | 28,894,960 | 7,118,057 | (616,749 | ) | 6,501,308 | — | 6,501,308 | |||||||||||||||||
Pacific Funds Small-Cap Growth | 31,994,139 | 7,317,036 | (1,209,904 | ) | 6,107,132 | — | 6,107,132 |
(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. |
(2) | Other includes net appreciation or depreciation on derivatives. |
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, 2013.
C-18
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
11. TAX CHARACTER OF DISTRIBUTIONS
The tax character of income and capital gains distributions to shareholders during the period ended September 30, 2017 and the year or period ended March 31, 2017, were as follows:
For the Six-Month Period Ended September 30, 2017 | For the Year Ended March 31, 2017 | |||||||||||||||||||||||||||||||||||
Fund | Ordinary Income | Long-Term Capital Gains | Return of Capital | Total Distributions | Ordinary Income | Long-Term Capital Gains | Return of Capital | Total Distributions | ||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Conservative | $— | $— | $— | $— | $5,814,312 | $4,462,957 | $— | $10,277,269 | ||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | — | — | — | — | 8,499,985 | 11,434,206 | — | 19,934,191 | ||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate | — | — | — | — | 22,066,371 | 49,692,598 | — | 71,758,969 | ||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth | — | — | — | — | 14,327,475 | 46,721,006 | — | 61,048,481 | ||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | — | — | — | — | 3,276,479 | 17,519,316 | — | 20,795,795 | ||||||||||||||||||||||||||||
Pacific Funds Diversified Alternatives | — | — | — | — | 438,531 | — | — | 438,531 | ||||||||||||||||||||||||||||
Pacific Funds Short Duration Income | 3,191,946 | — | — | 3,191,946 | 4,802,390 | — | — | 4,802,390 | ||||||||||||||||||||||||||||
Pacific Funds Core Income | 10,026,722 | — | — | 10,026,722 | 18,444,792 | �� | — | 18,444,792 | ||||||||||||||||||||||||||||
Pacific Funds Strategic Income | 7,153,540 | — | — | 7,153,540 | 9,412,691 | — | — | 9,412,691 | ||||||||||||||||||||||||||||
Pacific Funds Floating Rate Income | 25,573,066 | — | — | 25,573,066 | 32,499,720 | — | — | 32,499,720 | ||||||||||||||||||||||||||||
Pacific Funds Limited Duration High Income | 727,535 | — | — | 727,535 | 1,329,456 | — | — | 1,329,456 | ||||||||||||||||||||||||||||
Pacific Funds High Income | 715,585 | — | — | 715,585 | 3,393,419 | — | — | 3,393,419 | ||||||||||||||||||||||||||||
Pacific Funds Large-Cap | — | — | — | — | 78,611 | — | — | 78,611 | ||||||||||||||||||||||||||||
Pacific Funds Large-Cap Value | — | — | — | — | 337,445 | — | — | 337,445 | ||||||||||||||||||||||||||||
Pacific Funds Small/Mid-Cap | — | — | — | — | 197,512 | — | — | 197,512 | ||||||||||||||||||||||||||||
Pacific Funds Small-Cap | — | — | — | — | 30,967 | — | — | 30,967 | ||||||||||||||||||||||||||||
Pacific Funds Small-Cap Value | — | — | — | — | 322,372 | — | — | 322,372 | ||||||||||||||||||||||||||||
Pacific Funds Small-Cap Growth | — | — | — | — | 606,829 | 58,416 | — | 665,245 |
12. 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 period ended September 30, 2017 and the year or period ended March 31, 2017, 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 9/30/2017 | Year Ended 3/31/2017 | Six-Month Period Ended 9/30/2017 | Year Ended 3/31/2017 | Six-Month Period Ended 9/30/2017 | Year Ended 3/31/2017 | Six-Month Period Ended 9/30/2017 | Year Ended 3/31/2017 | |||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 662,302 | 1,890,752 | 966,440 | 2,475,492 | 2,076,625 | 5,276,412 | 1,620,860 | 3,754,929 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 418,969 | — | 831,373 | — | 2,843,340 | — | 2,389,226 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (1,371,720 | ) | (4,392,205 | ) | (2,294,622 | ) | (5,684,302 | ) | (5,839,574 | ) | (14,849,661 | ) | (4,146,933 | ) | (9,297,851 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (709,418 | ) | (2,082,484 | ) | (1,328,182 | ) | (2,377,437 | ) | (3,762,949 | ) | (6,729,909 | ) | (2,526,073 | ) | (3,153,696 | ) | ||||||||||||||||||||||||||||
Beginning shares outstanding | 12,470,231 | 14,552,715 | 19,388,160 | 21,765,597 | 52,696,413 | 59,426,322 | 38,364,070 | 41,517,766 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 11,760,813 | 12,470,231 | 18,059,978 | 19,388,160 | 48,933,464 | 52,696,413 | 35,837,997 | 38,364,070 | ||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 65,000 | 263,649 | 57,009 | 227,371 | 147,434 | 605,017 | 133,221 | 493,424 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 75,508 | — | 139,557 | — | 473,576 | — | 383,632 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (323,499 | ) | (800,566 | ) | (346,623 | ) | (715,131 | ) | (954,390 | ) | (2,213,735 | ) | (652,777 | ) | (1,567,168 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (258,499 | ) | (461,409 | ) | (289,614 | ) | (348,203 | ) | (806,956 | ) | (1,135,142 | ) | (519,556 | ) | (690,112 | ) | ||||||||||||||||||||||||||||
Beginning shares outstanding | 2,762,216 | 3,223,625 | 3,762,771 | 4,110,974 | 9,969,778 | 11,104,920 | 6,813,831 | 7,503,943 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 2,503,717 | 2,762,216 | 3,473,157 | 3,762,771 | 9,162,822 | 9,969,778 | 6,294,275 | 6,813,831 | ||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 511,559 | 1,981,634 | 506,414 | 1,487,544 | 1,074,388 | 3,468,847 | 765,592 | 2,068,777 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 381,110 | — | 627,774 | — | 1,845,550 | — | 1,382,132 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (1,585,161 | ) | (4,685,467 | ) | (1,871,824 | ) | (4,583,366 | ) | (4,161,100 | ) | (10,269,873 | ) | (2,840,093 | ) | (6,348,745 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (1,073,602 | ) | (2,322,723 | ) | (1,365,410 | ) | (2,468,048 | ) | (3,086,712 | ) | (4,955,476 | ) | (2,074,501 | ) | (2,897,836 | ) | ||||||||||||||||||||||||||||
Beginning shares outstanding | 14,258,315 | 16,581,038 | 16,672,098 | 19,140,146 | 38,211,792 | 43,167,268 | 24,167,592 | 27,065,428 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 13,184,713 | 14,258,315 | 15,306,688 | 16,672,098 | 35,125,080 | 38,211,792 | 22,093,091 | 24,167,592 | ||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 107,379 | 191,730 | 29,792 | 88,903 | 286,609 | 389,499 | 81,264 | 220,934 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 30,462 | — | 19,629 | — | 88,738 | — | 64,456 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (253,435 | ) | (412,838 | ) | (111,228 | ) | (113,097 | ) | (299,013 | ) | (663,485 | ) | (94,591 | ) | (569,194 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (146,056 | ) | (190,646 | ) | (81,436 | ) | (4,565 | ) | (12,404 | ) | (185,248 | ) | (13,327 | ) | (283,804 | ) | ||||||||||||||||||||||||||||
Beginning shares outstanding | 766,267 | 956,913 | 488,778 | 493,343 | 1,776,074 | 1,961,322 | 1,053,056 | 1,336,860 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 620,211 | 766,267 | 407,342 | 488,778 | 1,763,670 | 1,776,074 | 1,039,729 | 1,053,056 | ||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 355,106 | 282,213 | 114,665 | 290,140 | 398,685 | 687,375 | 249,860 | 475,009 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 8,390 | — | 11,730 | — | 49,802 | — | 40,383 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (106,425 | ) | (266,576 | ) | (97,943 | ) | (318,021 | ) | (349,794 | ) | (950,013 | ) | (145,855 | ) | (486,960 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | 248,681 | 24,027 | 16,722 | (16,151 | ) | 48,891 | (212,836 | ) | 104,005 | 28,432 | ||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 491,402 | 467,375 | 399,949 | 416,100 | 1,313,279 | 1,526,115 | 906,950 | 878,518 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 740,083 | 491,402 | 416,671 | 399,949 | 1,362,170 | 1,313,279 | 1,010,955 | 906,950 |
C-19
Table of Contents
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 | |||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended 9/30/2017 | Year Ended 3/31/2017 | Six-Month Period Ended 9/30/2017 | Year Ended 3/31/2017 | Six-Month Period Ended 9/30/2017 | Year Ended 3/31/2017 | Six-Month Period Ended 9/30/2017 | Year Ended 3/31/2017 | |||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 467,797 | 1,216,635 | 108,817 | 69,431 | 3,155,326 | 4,194,724 | 1,312,077 | 5,010,760 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 772,029 | — | 14,293 | 69,557 | 113,206 | 168,856 | 416,698 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (900,738 | ) | (2,226,168 | ) | (35,500 | ) | (136,645 | ) | (1,134,988 | ) | (4,596,951 | ) | (2,548,960 | ) | (8,965,679 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (432,941 | ) | (237,504 | ) | 73,317 | (52,921 | ) | 2,089,895 | (289,021 | ) | (1,068,027 | ) | (3,538,221 | ) | ||||||||||||||||||||||||||||||
Beginning shares outstanding | 11,385,291 | 11,622,795 | 272,821 | 325,742 | 6,482,995 | 6,772,016 | 15,242,433 | 18,780,654 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 10,952,350 | 11,385,291 | 346,138 | 272,821 | 8,572,890 | 6,482,995 | 14,174,406 | 15,242,433 | ||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 49,580 | 219,638 | ||||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 121,129 | ||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (219,416 | ) | (484,527 | ) | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (169,836 | ) | (143,760 | ) | ||||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 1,937,410 | 2,081,170 | ||||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 1,767,574 | 1,937,410 | ||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 370,694 | 869,084 | 142,677 | 115,889 | 718,293 | 1,655,175 | 496,475 | 1,851,314 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 408,431 | — | 8,111 | 22,946 | 39,998 | 88,864 | 203,792 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (724,686 | ) | (1,803,310 | ) | (32,197 | ) | (41,538 | ) | (770,634 | ) | (1,825,910 | ) | (1,676,160 | ) | (4,045,482 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (353,992 | ) | (525,795 | ) | 110,480 | 82,462 | (29,395 | ) | (130,737 | ) | (1,090,821 | ) | (1,990,376 | ) | ||||||||||||||||||||||||||||||
Beginning shares outstanding | 6,453,179 | 6,978,974 | 151,666 | 69,204 | 4,183,798 | 4,314,535 | 11,464,993 | 13,455,369 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 6,099,187 | 6,453,179 | 262,146 | 151,666 | 4,154,403 | 4,183,798 | 10,374,172 | 11,464,993 | ||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 142,097 | 207,447 | 95,588 | 163,720 | ||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 3,948 | 5,253 | 6,763 | 11,303 | ||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (94,499 | ) | (47,460 | ) | (75,404 | ) | (83,946 | ) | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) | 51,546 | 165,240 | 26,947 | 91,077 | ||||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 330,665 | 165,425 | 433,776 | 342,699 | ||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 382,211 | 330,665 | 460,723 | 433,776 | ||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 36,516 | 12,396,863 | ||||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 156,629 | 238,533 | ||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (800,334 | ) | (2,567,647 | ) | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (607,189 | ) | 10,067,749 | |||||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 11,589,299 | 1,521,550 | ||||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 10,982,110 | 11,589,299 | ||||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 38,368 | 90,924 | ||||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 30,232 | ||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (41,056 | ) | (136,353 | ) | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (2,688 | ) | (15,197 | ) | ||||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 465,834 | 481,031 | ||||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 463,146 | 465,834 | ||||||||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 127,918 | 378,874 | 630,975 | 662,659 | 10,369,326 | 13,183,137 | 10,378,621 | 21,898,290 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 23,071 | — | 22,399 | 186,580 | 267,237 | 350,988 | 580,811 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (94,388 | ) | (402,913 | ) | (60,683 | ) | (29,918 | ) | (4,718,537 | ) | (10,315,633 | ) | (6,778,319 | ) | (14,245,105 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | 33,530 | (968 | ) | 570,292 | 655,140 | 5,837,369 | 3,134,741 | 3,951,290 | 8,233,996 | |||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 453,070 | 454,038 | 911,722 | 256,582 | 15,751,709 | 12,616,968 | 32,071,496 | 23,837,500 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 486,600 | 453,070 | 1,482,014 | 911,722 | 21,589,078 | 15,751,709 | 36,022,786 | 32,071,496 |
C-20
Table of Contents
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 9/30/2017 | Year Ended 3/31/2017 | Six-Month Period Ended 9/30/2017 | Year Ended 3/31/2017 | Six-Month Period Ended 9/30/2017 | Year Ended 3/31/2017 | Six-Month Period Ended 9/30/2017 | Year Ended 3/31/2017 | |||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 1,361,358 | 3,161,537 | 3,671,312 | 8,223,582 | 54,319 | 179,997 | 158,737 | 327,013 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 95,921 | 187,637 | 401,782 | 698,572 | 11,605 | 24,390 | 13,964 | 36,115 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (1,064,041 | ) | (2,272,653 | ) | (3,900,320 | ) | (8,117,918 | ) | (112,369 | ) | (446,919 | ) | (206,819 | ) | (917,907 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | 393,238 | 1,076,521 | 172,774 | 804,236 | (46,445 | ) | (242,532 | ) | (34,118 | ) | (554,779 | ) | ||||||||||||||||||||||||||||||||
Beginning shares outstanding | 6,252,831 | 5,176,310 | 20,418,554 | 19,614,318 | 604,029 | 846,561 | 546,541 | 1,101,320 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 6,646,069 | 6,252,831 | 20,591,328 | 20,418,554 | 557,584 | 604,029 | 512,423 | 546,541 | ||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 933,510 | 1,485,820 | 2,173,947 | 4,321,348 | 55,818 | 72,834 | 32,209 | 129,064 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 63,157 | 119,373 | 294,974 | 497,422 | 6,112 | 10,103 | 10,709 | 22,367 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (571,804 | ) | (1,301,415 | ) | (1,747,231 | ) | (3,553,114 | ) | (38,083 | ) | (81,378 | ) | (42,830 | ) | (142,966 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | 424,863 | 303,778 | 721,690 | 1,265,656 | 23,847 | 1,559 | 88 | 8,465 | ||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 4,692,749 | 4,388,971 | 17,826,119 | 16,560,463 | 352,474 | 350,915 | 467,159 | 458,694 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 5,117,612 | 4,692,749 | 18,547,809 | 17,826,119 | 376,321 | 352,474 | 467,247 | 467,159 | ||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 96,755 | 170,929 | 4,624,228 | 16,312,206 | 284 | 9,412 | 33,668 | 540,027 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 5,478 | 5,192 | 306,604 | 472,000 | 55,585 | 102,269 | 10,593 | 23,423 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (23,247 | ) | (40,230 | ) | (6,207,779 | ) | (1,619,335 | ) | (2 | ) | (2,014 | ) | (297,241 | ) | (60,184 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | 78,986 | 135,891 | (1,276,947 | ) | 15,164,871 | 55,867 | 109,667 | (252,980 | ) | 503,266 | ||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 230,380 | 94,489 | 24,578,875 | 9,414,004 | 2,503,551 | 2,393,884 | 509,494 | 6,228 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 309,366 | 230,380 | 23,301,928 | 24,578,875 | 2,559,418 | 2,503,551 | 256,514 | 509,494 | ||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 115,792 | 7,758,276 | 5,700 | 718,855 | ||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 168,547 | 28,212 | 28,008 | 251,058 | ||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (517,304 | ) | (103,794 | ) | (75,531 | ) | (12,113,949 | ) | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (232,965 | ) | 7,682,694 | (41,823 | ) | (11,144,036 | ) | |||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 7,740,871 | 58,177 | 1,034,513 | 12,178,549 | ||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 7,507,906 | 7,740,871 | 992,690 | 1,034,513 | ||||||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 10,447,101 | 14,328,334 | 15,400,264 | 33,337,402 | 87,491 | 121,710 | 48,014 | 156,239 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 384,355 | 480,505 | 944,223 | 1,128,020 | 5,768 | 9,195 | 5,641 | 11,165 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (4,072,095 | ) | (5,898,144 | ) | (9,022,307 | ) | (13,844,107 | ) | (38,234 | ) | (130,786 | ) | (79,996 | ) | (120,174 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | 6,759,361 | 8,910,695 | 7,322,180 | 20,621,315 | 55,025 | 119 | (26,341 | ) | 47,230 | |||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 20,364,605 | 11,453,910 | 44,265,652 | 23,644,337 | 223,126 | 223,007 | 223,708 | 176,478 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 27,123,966 | 20,364,605 | 51,587,832 | 44,265,652 | 278,151 | 223,126 | 197,367 | 223,708 |
C-21
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Pacific Funds Large Cap | Pacific Funds Large-Cap Value | Pacific Funds Small/Mid-Cap | Pacific Funds Small-Cap | |||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended 9/30/2017 | Year Ended 3/31/2017 | Six-Month Period Ended 9/30/2017 | Year Ended 3/31/2017 | Six-Month Period Ended 9/30/2017 | Year Ended 3/31/2017 | Six-Month Period Ended 9/30/2017 | Year Ended 3/31/2017 | |||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 144,241 | 401,920 | 83,128 | 246,956 | 574,639 | 2,173,102 | 16,504 | 179,504 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 2,769 | — | 2,055 | — | 3,389 | — | 1,076 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (200,647 | ) | (46,452 | ) | (50,624 | ) | (62,593 | ) | (502,350 | ) | (863,934 | ) | (45,816 | ) | (64,638 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (56,406 | ) | 358,237 | 32,504 | 186,418 | 72,289 | 1,312,557 | (29,312 | ) | 115,942 | ||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 415,221 | 56,984 | 239,157 | 52,739 | 1,539,642 | 227,085 | 149,370 | 33,428 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 358,815 | 415,221 | 271,661 | 239,157 | 1,611,931 | 1,539,642 | 120,058 | 149,370 | ||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 36,822 | 216,157 | 106,058 | 242,134 | 392,642 | 593,776 | 18,113 | 52,812 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 654 | — | 1,403 | — | 787 | — | — | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (23,220 | ) | (17,021 | ) | (14,499 | ) | (8,023 | ) | (43,955 | ) | (22,803 | ) | (8,067 | ) | (11,747 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | 13,602 | 199,790 | 91,559 | 235,514 | 348,687 | 571,760 | 10,046 | 41,065 | ||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 254,205 | 54,415 | 285,978 | 50,464 | 624,978 | 53,218 | 54,518 | 13,453 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 267,807 | 254,205 | 377,537 | 285,978 | 973,665 | 624,978 | 64,564 | 54,518 | ||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 507,987 | 144,202 | 59,226 | 2,304,006 | 3,936,559 | 6,631,504 | 400,374 | 729,346 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 1,293 | — | 25,475 | — | 8,897 | — | 218 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (265,736 | ) | (7,967 | ) | (410,749 | ) | (113,813 | ) | (774,294 | ) | (953,943 | ) | (156,927 | ) | (50,661 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | 242,251 | 137,528 | (351,523 | ) | 2,215,668 | 3,162,265 | 5,686,458 | 243,447 | 678,903 | |||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 195,842 | 58,314 | 2,297,771 | 82,103 | 5,884,540 | 198,082 | 694,717 | 15,814 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 438,093 | 195,842 | 1,946,248 | 2,297,771 | 9,046,805 | 5,884,540 | 938,164 | 694,717 | ||||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 6,503 | 12,133 | — | 28,767 | 159,776 | 498,571 | 1,503 | 49,010 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 562 | — | 492 | — | 862 | — | 33 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (4,683 | ) | (55,207 | ) | — | (74,544 | ) | (113,798 | ) | (158,044 | ) | (49,264 | ) | (1,906 | ) | |||||||||||||||||||||||||||||
Net increase (decrease) | 1,820 | (42,512 | ) | — | (45,285 | ) | 45,978 | 341,389 | (47,761 | ) | 47,137 | |||||||||||||||||||||||||||||||||
Beginning shares outstanding | 27,394 | 69,906 | 9,058 | 54,343 | 571,970 | 230,581 | 49,023 | 1,886 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 29,214 | 27,394 | 9,058 | 9,058 | 617,948 | 571,970 | 1,262 | 49,023 | ||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 16,138 | 9,756 | 23,259 | 103,921 | 22,420 | 691,926 | 16,296 | 11,798 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 1,775 | — | 2,022 | — | 2,494 | — | 1,020 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (81,015 | ) | (98,629 | ) | (2,409 | ) | (1,115 | ) | (1,843 | ) | (51,489 | ) | (1,361 | ) | (51,380 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (64,877 | ) | (87,098 | ) | 20,850 | 104,828 | 20,577 | 642,931 | 14,935 | (38,562 | ) | |||||||||||||||||||||||||||||||||
Beginning shares outstanding | 107,395 | 194,493 | 127,040 | 22,212 | 714,592 | 71,661 | 12,818 | 51,380 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 42,518 | 107,395 | 147,890 | 127,040 | 735,169 | 714,592 | 27,753 | 12,818 |
C-22
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Pacific Funds Small-Cap Value | Pacific Funds Small-Cap Growth | |||||||||||||||||||||||
Six-Month Period Ended 9/30/2017 | Year Ended 3/31/2017 | Six-Month Period Ended 9/30/2017 | Year Ended 3/31/2017 | |||||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 49,350 | 62,697 | 6,824 | 42,667 | ||||||||||||||||||||
Dividends and distribution reinvested | — | 319 | — | 667 | ||||||||||||||||||||
Shares repurchased | (20,641 | ) | (14,037 | ) | (9,668 | ) | (1,690 | ) | ||||||||||||||||
Net increase (decrease) | 28,709 | 48,979 | (2,844 | ) | 41,644 | |||||||||||||||||||
Beginning shares outstanding | 64,551 | 15,572 | 46,135 | 4,491 | ||||||||||||||||||||
Ending shares outstanding | 93,260 | 64,551 | 43,291 | 46,135 | ||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares sold | 66,709 | 88,998 | 19,163 | 14,763 | ||||||||||||||||||||
Dividends and distribution reinvested | — | 212 | — | 198 | ||||||||||||||||||||
Shares repurchased | (26,824 | ) | (5,517 | ) | (1,448 | ) | (1,558 | ) | ||||||||||||||||
Net increase (decrease) | 39,885 | 83,693 | 17,715 | 13,403 | ||||||||||||||||||||
Beginning shares outstanding | 96,441 | 12,748 | 16,901 | 3,498 | ||||||||||||||||||||
Ending shares outstanding | 136,326 | 96,441 | 34,616 | 16,901 | ||||||||||||||||||||
Class P | ||||||||||||||||||||||||
Shares sold | 2,478 | 1,395,678 | ||||||||||||||||||||||
Dividends and distribution reinvested | — | 22,013 | ||||||||||||||||||||||
Shares repurchased | (82,012 | ) | (310,949 | ) | ||||||||||||||||||||
Net increase (decrease) | (79,534 | ) | 1,106,742 | |||||||||||||||||||||
Beginning shares outstanding | 1,106,742 | — | ||||||||||||||||||||||
Ending shares outstanding | 1,027,208 | 1,106,742 | ||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||
Shares sold | 56,957 | 2,578,419 | 65,110 | 1,161,626 | ||||||||||||||||||||
Dividends and distribution reinvested | — | 18,336 | — | 19,771 | ||||||||||||||||||||
Shares repurchased | (38,508 | ) | (844,845 | ) | (183,303 | ) | (15,767 | ) | ||||||||||||||||
Net increase (decrease) | 18,449 | 1,751,910 | (118,193 | ) | 1,165,630 | |||||||||||||||||||
Beginning shares outstanding | 1,779,477 | 27,567 | 1,189,927 | 24,297 | ||||||||||||||||||||
Ending shares outstanding | 1,797,926 | 1,779,477 | 1,071,734 | 1,189,927 | ||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||
Shares sold | 3,695 | 13,015 | 2,763 | 1,274 | ||||||||||||||||||||
Dividends and distribution reinvested | — | 108 | — | 2,101 | ||||||||||||||||||||
Shares repurchased | (14,641 | ) | (1,504 | ) | (1,607 | ) | (1,079 | ) | ||||||||||||||||
Net increase (decrease) | (10,946 | ) | 11,619 | 1,156 | 2,296 | |||||||||||||||||||
Beginning shares outstanding | 17,897 | 6,278 | 103,807 | 101,511 | ||||||||||||||||||||
Ending shares outstanding | 6,951 | 17,897 | 104,963 | 103,807 | ||||||||||||||||||||
Class S | ||||||||||||||||||||||||
Shares sold | 21,457 | 786,410 | 36,291 | 806,759 | ||||||||||||||||||||
Dividends and distribution reinvested | — | 8,126 | — | 15,799 | ||||||||||||||||||||
Shares repurchased | (1,093 | ) | (76,854 | ) | (3,162 | ) | (1,079 | ) | ||||||||||||||||
Net increase (decrease) | 20,364 | 717,682 | 33,129 | 821,479 | ||||||||||||||||||||
Beginning shares outstanding | 835,682 | 118,000 | 864,160 | 42,681 | ||||||||||||||||||||
Ending shares outstanding | 856,046 | 835,682 | 897,289 | 864,160 |
C-23
Table of Contents
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, 2017 to September 30, 2017.
ACTUAL EXPENSES
The first section of the table for each fund entitled “Actual Fund Return”, provides information about actual account values and actual expenses based on each fund’s actual performance and each fund’s actual expenses, after any applicable fee waivers and expense reimbursements (See Notes 6 and 7B in Notes to Financial Statements). The “Ending Account Value at 09/30/17” 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 04/01/17-09/30/17” 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, 2017 to September 30, 2017.
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 04/01/17-09/30/17.”
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 04/01/17 | Ending Account Value at 09/30/17 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/17 - 09/30/17 (1) | |||||||||||||
Pacific Funds Portfolio Optimization Conservative (2) | ||||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $1,041.00 | 0.60% | $3.07 | ||||||||||||
Class B | 1,000.00 | 1,037.20 | 1.35% | 6.89 | ||||||||||||
Class C | 1,000.00 | 1,037.20 | 1.35% | 6.89 | ||||||||||||
Class R | 1,000.00 | 1,040.40 | 0.85% | 4.35 | ||||||||||||
Advisor Class | 1,000.00 | 1,041.80 | 0.35% | 1.79 | ||||||||||||
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 | $1,051.60 | 0.60% | $3.09 | ||||||||||||
Class B | 1,000.00 | 1,047.50 | 1.35% | 6.93 | ||||||||||||
Class C | 1,000.00 | 1,048.30 | 1.35% | 6.93 | ||||||||||||
Class R | 1,000.00 | 1,050.20 | 0.85% | 4.37 | ||||||||||||
Advisor Class | 1,000.00 | 1,053.10 | 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 | $1,062.20 | 0.60% | $3.10 | ||||||||||||
Class B | 1,000.00 | 1,057.70 | 1.35% | 6.96 | ||||||||||||
Class C | 1,000.00 | 1,057.80 | 1.35% | 6.96 | ||||||||||||
Class R | 1,000.00 | 1,060.10 | 0.85% | 4.39 | ||||||||||||
Advisor Class | 1,000.00 | 1,062.80 | 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 | $1,073.20 | 0.60% | $3.12 | ||||||||||||
Class B | 1,000.00 | 1,069.40 | 1.35% | 7.00 | ||||||||||||
Class C | 1,000.00 | 1,069.50 | 1.35% | 7.00 | ||||||||||||
Class R | 1,000.00 | 1,072.00 | 0.85% | 4.42 | ||||||||||||
Advisor Class | 1,000.00 | 1,074.50 | 0.35% | 1.82 | ||||||||||||
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
Table of Contents
PACIFIC FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
Beginning Account Value at 04/01/17 | Ending Account Value at 09/30/17 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/17 - 09/30/17 (1) | |||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth (2) | ||||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $1,082.90 | 0.60% | $3.13 | ||||||||||||
Class B | 1,000.00 | 1,078.90 | 1.35% | 7.04 | ||||||||||||
Class C | 1,000.00 | 1,079.10 | 1.35% | 7.04 | ||||||||||||
Class R | 1,000.00 | 1,081.50 | 0.85% | 4.44 | ||||||||||||
Advisor Class | 1,000.00 | 1,084.70 | 0.35% | 1.83 | ||||||||||||
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 | $1,030.90 | 0.85% | $4.33 | ||||||||||||
Class C | 1,000.00 | 1,027.20 | 1.60% | 8.13 | ||||||||||||
Advisor Class | 1,000.00 | 1,031.90 | 0.60% | 3.06 | ||||||||||||
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 | $1,013.60 | 0.75% | $3.79 | ||||||||||||
Class C | 1,000.00 | 1,009.90 | 1.50% | 7.56 | ||||||||||||
Class I | 1,000.00 | 1,014.90 | 0.50% | 2.53 | ||||||||||||
Advisor Class | 1,000.00 | 1,014.80 | 0.50% | 2.53 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,021.31 | 0.75% | $3.80 | ||||||||||||
Class C | 1,000.00 | 1,017.55 | 1.50% | 7.59 | ||||||||||||
Class I | 1,000.00 | 1,022.56 | 0.50% | 2.54 | ||||||||||||
Advisor Class | 1,000.00 | 1,022.56 | 0.50% | 2.54 | ||||||||||||
Pacific Funds Core Income | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,029.50 | 0.85% | $4.32 | ||||||||||||
Class C | 1,000.00 | 1,025.60 | 1.60% | 8.12 | ||||||||||||
Class I | 1,000.00 | 1,030.10 | 0.55% | 2.80 | ||||||||||||
Class P | 1,000.00 | 1,029.50 | 0.65% | 3.31 | ||||||||||||
Advisor Class | 1,000.00 | 1,031.00 | 0.55% | 2.80 | ||||||||||||
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 | ||||||||||||
Class P | 1,000.00 | 1,021.81 | 0.65% | 3.29 | ||||||||||||
Advisor Class | 1,000.00 | 1,022.31 | 0.55% | 2.79 |
Beginning Account Value at 04/01/17 | Ending Account Value at 09/30/17 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/17 - 09/30/17 (1) | |||||||||||||
Pacific Funds Strategic Income | ||||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $1,032.70 | 0.95% | $4.84 | ||||||||||||
Class C | 1,000.00 | 1,029.20 | 1.65% | 8.39 | ||||||||||||
Class I | 1,000.00 | 1,034.40 | 0.65% | 3.31 | ||||||||||||
Advisor Class | 1,000.00 | 1,034.00 | 0.70% | 3.57 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,020.31 | 0.95% | $4.81 | ||||||||||||
Class C | 1,000.00 | 1,016.80 | 1.65% | 8.34 | ||||||||||||
Class I | 1,000.00 | 1,021.81 | 0.65% | 3.29 | ||||||||||||
Advisor Class | 1,000.00 | 1,021.56 | 0.70% | 3.55 | ||||||||||||
Pacific Funds Floating Rate Income | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,015.50 | 1.01% | $5.10 | ||||||||||||
Class C | 1,000.00 | 1,012.00 | 1.71% | 8.62 | ||||||||||||
Class I | 1,000.00 | 1,017.00 | 0.71% | 3.59 | ||||||||||||
Class P | 1,000.00 | 1,016.40 | 0.81% | 4.09 | ||||||||||||
Advisor Class | 1,000.00 | 1,016.70 | 0.76% | 3.84 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,020.00 | 1.01% | $5.11 | ||||||||||||
Class C | 1,000.00 | 1,016.50 | 1.71% | 8.64 | ||||||||||||
Class I | 1,000.00 | 1,021.51 | 0.71% | 3.60 | ||||||||||||
Class P | 1,000.00 | 1,021.01 | 0.81% | 4.10 | ||||||||||||
Advisor Class | 1,000.00 | 1,021.26 | 0.76% | 3.85 | ||||||||||||
Pacific Funds Limited Duration High Income | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,024.30 | 0.95% | $4.82 | ||||||||||||
Class C | 1,000.00 | 1,020.80 | 1.65% | 8.36 | ||||||||||||
Class I | 1,000.00 | 1,025.60 | 0.70% | 3.55 | ||||||||||||
Advisor Class | 1,000.00 | 1,025.60 | 0.70% | 3.55 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,020.31 | 0.95% | $4.81 | ||||||||||||
Class C | 1,000.00 | 1,016.80 | 1.65% | 8.34 | ||||||||||||
Class I | 1,000.00 | 1,021.56 | 0.70% | 3.55 | ||||||||||||
Advisor Class | 1,000.00 | 1,021.56 | 0.70% | 3.55 | ||||||||||||
Pacific Funds High Income |
| |||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $1,043.90 | 0.95% | $4.87 | ||||||||||||
Class C | 1,000.00 | 1,039.30 | 1.65% | 8.44 | ||||||||||||
Class I | 1,000.00 | 1,045.60 | 0.70% | 3.59 | ||||||||||||
Class P | 1,000.00 | 1,044.20 | 0.77% | 3.95 | ||||||||||||
Advisor Class | 1,000.00 | 1,045.20 | 0.70% | 3.59 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,020.31 | 0.95% | $4.81 | ||||||||||||
Class C | 1,000.00 | 1,016.80 | 1.65% | 8.34 | ||||||||||||
Class I | 1,000.00 | 1,021.56 | 0.70% | 3.55 | ||||||||||||
Class P | 1,000.00 | 1,021.21 | 0.77% | 3.90 | ||||||||||||
Advisor Class | 1,000.00 | 1,021.56 | 0.70% | 3.55 |
See explanation of references on page D-3 |
D-2
Table of Contents
PACIFIC FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
Beginning Account Value at 04/01/17 | Ending Account Value at 09/30/17 | Annualized Expense Ratio | Expenses 04/01/17 - | |||||||||||||
Pacific Funds Large-Cap | ||||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $1,081.20 | 1.00% | $5.22 | ||||||||||||
Class C | 1,000.00 | 1,077.10 | 1.75% | 9.11 | ||||||||||||
Advisor Class | 1,000.00 | 1,083.70 | 0.75% | 3.92 | ||||||||||||
Investor Class | 1,000.00 | 1,081.40 | 1.00% | 5.22 | ||||||||||||
Class S | 1,000.00 | 1,083.40 | 0.65% | 3.39 | ||||||||||||
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 | 1,000.00 | 1,021.81 | 0.65% | 3.29 | ||||||||||||
Pacific Funds Large-Cap Value | ||||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $1,045.60 | 1.10% | $5.64 | ||||||||||||
Class C | 1,000.00 | 1,040.20 | 1.85% | 9.46 | ||||||||||||
Advisor Class | 1,000.00 | 1,046.40 | 0.85% | 4.36 | ||||||||||||
Investor Class | 1,000.00 | 1,045.10 | 1.10% | 5.64 | ||||||||||||
Class S | 1,000.00 | 1,046.50 | 0.75% | 3.85 | ||||||||||||
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 | 1,000.00 | 1,021.31 | 0.75% | 3.80 | ||||||||||||
Pacific Funds Small/Mid-Cap | ||||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $1,061.20 | 1.30% | $6.72 | ||||||||||||
Class C | 1,000.00 | 1,057.60 | 2.05% | 10.57 | ||||||||||||
Advisor Class | 1,000.00 | 1,062.80 | 1.05% | 5.43 | ||||||||||||
Investor Class | 1,000.00 | 1,061.40 | 1.35% | 6.98 | ||||||||||||
Class S | 1,000.00 | 1,062.80 | 1.00% | 5.17 | ||||||||||||
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 | 1,000.00 | 1,020.05 | 1.00% | 5.06 | ||||||||||||
Pacific Funds Small-Cap | ||||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $1,067.10 | 1.30% | $6.74 | ||||||||||||
Class C | 1,000.00 | 1,062.90 | 2.05% | 10.60 | ||||||||||||
Advisor Class | 1,000.00 | 1,068.10 | 1.05% | 5.44 | ||||||||||||
Investor Class | 1,000.00 | 1,066.70 | 1.35% | 6.99 | ||||||||||||
Class S | 1,000.00 | 1,068.50 | 1.00% | 5.19 | ||||||||||||
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 | 1,000.00 | 1,020.05 | 1.00% | 5.06 |
Beginning Account Value at 04/01/17 | Ending Account Value at 09/30/17 | Annualized Expense Ratio | Expenses 04/01/17 - | |||||||||||||
Pacific Funds Small-Cap Value | ||||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $1,057.30 | 1.30% | $6.70 | ||||||||||||
Class C | 1,000.00 | 1,053.20 | 2.05% | 10.55 | ||||||||||||
Advisor Class | 1,000.00 | 1,058.70 | 1.05% | 5.42 | ||||||||||||
Investor Class | 1,000.00 | 1,056.50 | 1.35% | 6.96 | ||||||||||||
Class S | 1,000.00 | 1,059.70 | 1.00% | 5.16 | ||||||||||||
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 | 1,000.00 | 1,020.05 | 1.00% | 5.06 | ||||||||||||
Pacific Funds Small-Cap Growth | ||||||||||||||||
Actual Fund Return |
| |||||||||||||||
Class A | $1,000.00 | $1,067.30 | 1.30% | $6.74 | ||||||||||||
Class C | 1,000.00 | 1,062.50 | 2.05% | 10.60 | ||||||||||||
Class P | 1,000.00 | 1,067.90 | 1.05% | 5.44 | ||||||||||||
Advisor Class | 1,000.00 | 1,068.80 | 1.05% | 5.45 | ||||||||||||
Investor Class | 1,000.00 | 1,067.40 | 1.25% | 6.48 | ||||||||||||
Class S | 1,000.00 | 1,068.80 | 0.90% | 4.67 | ||||||||||||
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 | 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 | 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). |
D-3
Table of Contents
PACIFIC FUNDS
WHERE TO GO FOR MORE INFORMATION
(Unaudited)
Availability of Quarterly Holdings
The Trust files Form N-Q (complete schedules of fund holdings) with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year not later than 60 days after the close of the applicable quarter end. The Trust’s Form N-Q, (when required) is filed pursuant to applicable regulations and is available after filing (i) on the SEC’s website at http://www.sec.gov; (ii) for review and copying at the SEC’s Public Reference Room in Washington, D.C. (information on the 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
Table of Contents
Pacific Funds
Mailing address:
P.O. Box 9768
Providence, RI 02940-9768
ADDRESS SERVICE REQUESTED
Semi-Annual Report as of September 30, 2017 for:
• Pacific Funds
Form Nos. | 3167-17A |
Table of Contents
PF Underlying Funds
Semi-Annual Report
As of September 30, 2017
Table of Contents
PACIFIC FUNDS
SEMI-ANNUAL REPORT
AS OF SEPTEMBER 30, 2017
A-1 | ||||
Financial Statements: | ||||
B-1 | ||||
B-5 | ||||
B-9 | ||||
B-13 | ||||
B-14 | ||||
C-1 | ||||
D-1 | ||||
Approval of Investment Advisory Agreement and Sub-Advisory Agreements | D-3 | |||
D-6 |
Pacific Funds Series Trust, which is a Delaware statutory trust, may be referred to as “Pacific Funds” or the “Trust”.
Table of Contents
PF INFLATION MANAGED FUND
Schedule of Investments
September 30, 2017 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS & NOTES - 1.7% | ||||||||
Financial - 1.6% | ||||||||
International Lease Finance Corp | $100,000 | $104,725 | ||||||
The Goldman Sachs Group Inc | 100,000 | 101,936 | ||||||
|
| |||||||
206,661 | ||||||||
|
| |||||||
Technology - 0.1% | ||||||||
Hewlett Packard Enterprise Co | 11,000 | 11,001 | ||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 217,662 | ||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 11.9% | ||||||||
Collateralized Mortgage Obligations - Residential - 4.7% |
| |||||||
Banc of America Mortgage Trust | 57,454 | 53,894 | ||||||
Countrywide Home Loan Mortgage | 20,546 | 20,436 | ||||||
Fannie Mae | ||||||||
(LIBOR + 0.350%) 1.587% due 07/25/37 § | 37,803 | 37,777 | ||||||
(LIBOR + 0.380%) 1.617% due 07/25/37 § | 48,662 | 48,937 | ||||||
(LIBOR + 0.440%) 1.677% due 05/25/36 § | 25,286 | 25,298 | ||||||
(LIBOR + 0.445%) 1.682% due 02/25/37 § | 10,422 | 10,411 | ||||||
(LIBOR + 0.680%) 1.917% due 02/25/41 § | 120,844 | 122,903 | ||||||
GSR Mortgage Loan Trust | 20,299 | 20,748 | ||||||
JP Morgan Mortgage Trust | 54,007 | 53,855 | ||||||
Merrill Lynch Mortgage Investors Trust | 66,769 | 67,290 | ||||||
Residential Accredit Loans Inc Trust | 100,367 | 48,711 | ||||||
Structured Adjustable Rate Mortgage Loan Trust | 20,316 | 18,495 | ||||||
Structured Asset Mortgage Investments II Trust | 81,305 | 64,270 | ||||||
|
| |||||||
593,025 | ||||||||
|
| |||||||
Fannie Mae - 7.2% | ||||||||
3.000% due 11/13/47 | 500,000 | 500,625 | ||||||
3.500% due 12/13/47 | 400,000 | 410,758 | ||||||
|
| |||||||
911,383 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities | 1,504,408 | |||||||
|
|
Principal | Value | |||||||
ASSET-BACKED SECURITIES - 0.2% | ||||||||
Asset Backed Funding Corp Trust | $21,723 | $21,568 | ||||||
Freddie Mac Structured Pass-Through Securities | 1,154 | 1,141 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 22,709 | ||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 116.6% | ||||||||
U.S. Treasury Bonds - 0.8% |
| |||||||
3.000% due 05/15/47 | 100,000 | 102,844 | ||||||
|
| |||||||
U.S. Treasury Inflation Protected Securities - 108.4% |
| |||||||
0.125% due 04/15/18 ^ | 10,590 | 10,597 | ||||||
0.125% due 04/15/19 ^ | 1,232,711 | 1,237,511 | ||||||
0.125% due 04/15/20 ^ | 313,587 | 315,125 | ||||||
0.125% due 04/15/21 ^ | 795,271 | 797,640 | ||||||
0.125% due 04/15/22 ^ | 100,654 | 100,651 | ||||||
0.125% due 07/15/22 ^ | 244,826 | 246,042 | ||||||
0.125% due 01/15/23 ^ | 1,590,750 | 1,586,920 | ||||||
0.125% due 07/15/24 ^ | 350,509 | 347,000 | ||||||
0.125% due 07/15/26 ^ | 40,848 | 39,724 | ||||||
0.250% due 01/15/25 ^ | 676,936 | 670,191 | ||||||
0.375% due 07/15/23 ^ | 925,637 | 937,823 | ||||||
0.375% due 07/15/25 ^ | 774,173 | 774,245 | ||||||
0.375% due 07/15/27 ^ | 100,069 | 99,091 | ||||||
0.625% due 07/15/21 ^ | 173,774 | 178,576 | ||||||
0.625% due 01/15/24 ^ | 188,838 | 192,839 | ||||||
0.625% due 01/15/26 ^ | 432,684 | 438,526 | ||||||
0.750% due 02/15/42 ^ | 108,331 | 104,678 | ||||||
0.750% due 02/15/45 ^ | 114,346 | 109,088 | ||||||
0.875% due 02/15/47 ^ | 101,406 | 99,948 | ||||||
1.000% due 02/15/46 ^ | 440,096 | 446,532 | ||||||
1.250% due 07/15/20 ^ | 527,542 | 549,697 | ||||||
1.375% due 02/15/44 ^ | 493,650 | 544,735 | ||||||
1.750% due 01/15/28 ^ | 455,696 | 510,203 | ||||||
2.000% due 01/15/26 ^ | 12,333 | 13,870 | ||||||
2.125% due 02/15/40 ^ | 11,325 | 14,253 | ||||||
2.125% due 02/15/41 ^ | 111,779 | 141,460 | ||||||
2.375% due 01/15/25 ^ | 363,614 | 415,384 | ||||||
2.500% due 01/15/29 ^ | 1,504,972 | 1,816,988 | ||||||
3.625% due 04/15/28 ^ | 272,421 | 356,729 | ||||||
3.875% due 04/15/29 ^ | 416,928 | 567,328 | ||||||
|
| |||||||
13,663,394 | ||||||||
|
| |||||||
U.S. Treasury Notes - 7.4% |
| |||||||
1.750% due 11/30/21 | 440,000 | 438,410 | ||||||
1.875% due 02/28/22 | 200,000 | 200,020 | ||||||
2.125% due 07/31/24 | 200,000 | 199,629 | ||||||
2.250% due 08/15/27 | 100,000 | 99,287 | ||||||
|
| |||||||
937,346 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 14,703,584 | ||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 9.7% |
| |||||||
Argentina POM Politica Monetaria (Argentina) | ARS 200,000 | 12,100 | ||||||
Autonomous Community of Catalonia (Spain) | EUR 100,000 | 124,411 | ||||||
French Republic Government Bond OAT (France) | 32,912 | 43,882 | ||||||
Italy Buoni Poliennali Del Tesoro (Italy) | 101,952 | 122,277 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-1
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal | Value | |||||||
Mexican Bonos (Mexico) | MXN 693,000 | $40,371 | ||||||
New Zealand Government (New Zealand) | NZD 200,000 | 147,567 | ||||||
United Kingdom Gilt Inflation-Linked (United Kingdom) | GBP 402,626 | 632,935 | ||||||
0.125% due 03/22/46 ^ ~ | 34,934 | 73,281 | ||||||
0.125% due 11/22/65 ^ ~ | 11,527 | 33,436 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes |
| 1,230,260 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS - 2.6% | ||||||||
Foreign Government Issues - 1.2% | ||||||||
Argentina Treasury Bill (Argentina) | $100,000 | 99,452 | ||||||
Mexico Cetes (Mexico) | MXN 9,800,000 | 52,807 | ||||||
|
| |||||||
152,259 | ||||||||
|
|
| Value | |||||||
Money Market Fund - 1.4% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 171,636 | $171,636 | ||||||
|
| |||||||
Total Short-Term Investments |
| 323,895 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 142.7% |
| 18,002,518 | ||||||
DERIVATIVES - 0.5% | ||||||||
(See Notes (c) through (g) in Notes to Schedule of Investments) | 55,867 | |||||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - (43.2%) |
| (5,447,344 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $12,611,041 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition as a percentage of net assets was as follows: |
U.S. Treasury Obligations | 116.6% | |||
Mortgage-Backed Securities | 11.9% | |||
Foreign Government Bonds & Notes | 9.7% | |||
Others (each less than 3.0%) | 4.5% | |||
|
| |||
142.7% | ||||
|
| |||
Derivatives | 0.5% | |||
Other Assets & Liabilities, Net | (43.2% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | 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, 2017 was $4,446,391 at a weighted average interest rate of 0.013%. |
(c) | Open futures contracts outstanding as of September 30, 2017 were as follows: |
Short Futures Outstanding | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||
Long Gilt (12/17) | 2 | $340,331 | $331,998 | $8,333 | ||||||||||||
U.S. Treasury 2-Year Notes (12/17) | 3 | 648,818 | 647,110 | 1,708 | ||||||||||||
U.S. Treasury 10-Year Notes (12/17) | 7 | 885,137 | 877,188 | 7,949 | ||||||||||||
U.S. Treasury 30-Year Bonds (12/17) | 2 | 310,513 | 305,625 | 4,888 | ||||||||||||
|
| |||||||||||||||
Total Futures Contracts | $22,878 | |||||||||||||||
|
|
(d) | Forward foreign currency contracts outstanding as of September 30, 2017 were as follows: |
Currency | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
ARS | 153,120 | USD | 8,450 | 12/17 | GSC | $46 | ||||||||||||||
BRL | 87,608 | USD | 27,616 | 10/17 | DUB | 30 | ||||||||||||||
BRL | 87,608 | USD | 27,654 | 10/17 | JPM | (9 | ) | |||||||||||||
BRL | 87,608 | USD | 27,832 | 11/17 | JPM | (308 | ) | |||||||||||||
EUR | 247,000 | USD | 291,460 | 10/17 | DUB | 532 | ||||||||||||||
GBP | 22,000 | USD | 29,819 | 10/17 | GSC | (335 | ) | |||||||||||||
GBP | 561,000 | USD | 751,151 | 10/17 | JPM | 689 | ||||||||||||||
GBP | 14,000 | USD | 18,050 | 10/17 | SCB | 712 | ||||||||||||||
INR | 2,152,434 | USD | 32,799 | 12/17 | GSC | (101 | ) | |||||||||||||
INR | 784,788 | USD | 12,000 | 12/17 | JPM | (78 | ) | |||||||||||||
NZD | 216,000 | USD | 155,341 | 10/17 | JPM | 663 | ||||||||||||||
RUB | 1,846,980 | USD | 32,000 | 10/17 | DUB | (31 | ) | |||||||||||||
USD | 3,000 | ARS | 56,880 | 02/18 | JPM | (47 | ) | |||||||||||||
USD | 62,579 | AUD | 79,000 | 10/17 | JPM | 615 | ||||||||||||||
USD | 27,654 | BRL | 87,608 | 10/17 | DUB | 9 | ||||||||||||||
USD | 27,945 | BRL | 87,608 | 10/17 | JPM | 300 | ||||||||||||||
USD | 8,000 | BRL | 25,493 | 11/17 | GSC | (9 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-2
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Currency | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
USD | 32,222 | CAD | 41,000 | 11/17 | GSC | ($647 | ) | |||||||||||||||
USD | 4,124 | CAD | 5,000 | 11/17 | GSC | 116 | ||||||||||||||||
USD | 177,567 | EUR | 147,000 | 10/17 | JPM | 3,790 | ||||||||||||||||
USD | 117,423 | EUR | 100,000 | 10/17 | SCB | (792 | ) | |||||||||||||||
USD | 291,921 | EUR | 247,000 | 11/17 | DUB | (551 | ) | |||||||||||||||
USD | 627,555 | GBP | 485,000 | 10/17 | GSC | (22,431 | ) | |||||||||||||||
USD | 151,879 | GBP | 112,000 | 10/17 | RBC | 1,779 | ||||||||||||||||
USD | 751,898 | GBP | 561,000 | 11/17 | JPM | (675 | ) | |||||||||||||||
USD | 11,000 | INR | 725,725 | 12/17 | JPM | (25 | ) | |||||||||||||||
USD | 9,000 | INR | 584,775 | 12/17 | JPM | 116 | ||||||||||||||||
USD | 21,000 | KRW | 23,910,600 | 12/17 | DUB | 106 | ||||||||||||||||
USD | 11,000 | KRW | 12,520,200 | 12/17 | JPM | 59 | ||||||||||||||||
USD | 42,665 | MXN | 769,215 | 12/17 | GSC | 944 | ||||||||||||||||
USD | 47,857 | MXN | 980,000 | 01/18 | GSC | (5,139 | ) | |||||||||||||||
USD | 156,898 | NZD | 216,000 | 10/17 | GSC | 895 | ||||||||||||||||
USD | 155,256 | NZD | 216,000 | 11/17 | JPM | (653 | ) | |||||||||||||||
USD | 30,901 | RUB | 1,811,200 | 10/17 | GSC | (449 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total Forward Foreign Currency Contracts |
| ($20,879 | ) | |||||||||||||||||||
|
|
(e) | Purchased options outstanding as of September 30, 2017 were as follows: |
Interest Rate Cap Options
Description | Exercise Rate | Floating Rate Index | Expiration Date | Counter- party | Notional Amount | Cost | Value | |||||||||||||||||
Cap - ICE Swap Rate | 0.263% | 5-Year/10-Year ICE Swap Rate | 03/29/18 | DUB | $600,000 | $270 | $270 | |||||||||||||||||
|
|
|
|
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 | $50,000 | $5,018 | $694 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Put - 30-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 2.150% | 06/15/18 | DUB | 50,000 | 5,017 | 5,021 | ||||||||||||||||||||||
Put - 10-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 2.765% | 07/16/18 | MSC | 150,000 | 1,740 | 1,230 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
6,757 | 6,251 | |||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Total Interest Rate Swaptions | $11,775 | $6,945 | ||||||||||||||||||||||||||||
|
|
|
|
Options on Futures
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Notional Amount | Cost | Value | |||||||||||||||||||||
Put - Eurodollar (03/18) | $98.25 | 3/19/18 | CME | 6 | $1,473,750 | $597 | $338 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Purchased Options | $12,642 | $7,553 | ||||||||||||||||||||||||||
|
|
|
|
(f) | Premiums received and value of written options outstanding as of September 30, 2017 were as follows: |
Foreign Currency Options
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||
Call - EUR versus USD | $1.20 | 10/06/17 | SCB | EUR 37,000 | $189 | ($13 | ) | |||||||||||||||
|
|
|
|
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 | ($1,258 | ) | |||||||||||||||
Floor - U.S. CPI Urban Consumers NSA | 0.00 | Maximum of [(1+0.00%)10 - | 04/07/20 | CIT | 2,000,000 | 17,720 | (7 | ) | ||||||||||||||||
Floor - U.S. CPI Urban Consumers NSA | 0.00 | Maximum of [(1+0.00%)10 - | 09/29/20 | CIT | 300,000 | 3,870 | (2 | ) | ||||||||||||||||
Cap - U.S. CPI Urban Consumers NSA | 0.00 | Maximum of [(1+0.00%)10 - | 04/22/24 | JPM | 1,900,000 | 13,823 | (760 | ) | ||||||||||||||||
Cap - U.S. CPI Urban Consumers NSA | 0.00 | Maximum of [(1+0.00%)10 - | 05/16/24 | JPM | 200,000 | 1,390 | (87 | ) | ||||||||||||||||
|
|
|
| |||||||||||||||||||||
$44,713 | ($2,114 | ) | ||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-3
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Interest Rate Cap Options
Description | Exercise Rate | Floating Rate Index | Expiration Date | Counter- party | Notional Amount | Premium | Value | |||||||||||||||||
Cap - ICE Swap Rate | 0.230% | 10-Year/30-Year ICE Swap Rate | 03/29/18 | DUB | $600,000 | $270 | ($270 | ) | ||||||||||||||||
|
|
|
|
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 | 1.800% | 11/07/17 | RBS | $50,000 | $435 | $— | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Put - 5-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.600% | 11/07/17 | RBS | 50,000 | 435 | (193 | ) | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
Total Interest Rate Swaptions | $870 | ($193 | ) | |||||||||||||||||||||||||||
|
|
|
|
Options on Futures
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Notional Amount | Premium | Value | |||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/17) | $127.00 | 10/27/17 | CME | 1 | $127,000 | $280 | ($94 | ) | ||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/17) | 128.00 | 10/27/17 | CME | 1 | 128,000 | 514 | (47 | ) | ||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (12/17) | 127.50 | 11/24/17 | CME | 1 | 127,500 | 608 | (172 | ) | ||||||||||||||||||
Call - Eurodollar (03/18) | 98.75 | 03/19/18 | CME | 6 | 1,481,250 | 684 | (113 | ) | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
2,086 | (426 | ) | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (11/17) | 125.00 | 10/27/17 | CME | 2 | 250,000 | 406 | (781 | ) | ||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (11/17) | 125.50 | 10/27/17 | CME | 1 | 125,500 | 327 | (641 | ) | ||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (11/17) | 126.00 | 10/27/17 | CME | 2 | 252,000 | 654 | (1,906 | ) | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
1,387 | (3,328 | ) | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Total Options on Futures | $3,473 | ($3,754 | ) | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Total Written Options | $49,515 | ($6,344 | ) | |||||||||||||||||||||||
|
|
|
|
(g) | Swap agreements outstanding as of September 30, 2017 were as follows: |
Credit Default Swaps on Credit Indices - Buy Protection (1)
Referenced Obligation | Payment Frequency | Fixed Deal Rate | Expiration Date | Exchange | Notional Amount (2) | Value (3) | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
CDX HY 28 5Y | Q | 5.000% | 06/20/22 | ICE | $10,000 | ($772 | ) | ($690 | ) | ($82 | ) | |||||||||||||||||||||
iTraxx Main 28 5Y | Q | 1.000% | 12/20/22 | ICE | EUR 40,000 | (1,073 | ) | (1,059 | ) | (14 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
($1,845 | ) | ($1,749 | ) | ($96 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
Credit Default Swaps on Credit Indices - Sell Protection (4)
Referenced Obligation | Payment Frequency | Fixed Deal Receive Rate | Expiration Date | Counter- party | Notional Amount (2) | Value (3) | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
CMBX NA AAA 7 | M | 0.500% | 01/17/47 | DUB | $60,000 | $377 | ($1,864 | ) | $2,241 | |||||||||||||||||||||||
CMBX NA AAA 7 | M | 0.500% | 01/17/47 | MSC | 40,000 | 251 | (1,242 | ) | 1,493 | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$628 | ($3,106 | ) | $3,734 | |||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Credit Default Swaps | ($1,217 | ) | ($4,855 | ) | $3,638 | |||||||||||||||||||||||||||
|
|
|
|
|
|
(1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(2) | 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. |
(3) | 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 (buy protection) or decreasing values (sell protection), 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. |
(4) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-4
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Interest Rate Swaps - Pay Floating Rate
Floating Rate Index | Payment Frequency Rate | Exchange | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
U.S. CPI Urban Consumers NSA | Z / Z | LCH | 1.710% | 04/27/18 | $100,000 | ($283 | ) | $— | ($283 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 1.250% | 06/15/18 | 200,000 | (333 | ) | 934 | (1,267 | ) | ||||||||||||||||||||||
3-Month CAD-CDOR | S / S | CME | 1.750% | 09/17/19 | CAD 900,000 | (2,247 | ) | (841 | ) | (1,406 | ) | |||||||||||||||||||||
3-Month CAD-CDOR | S / S | CME | 1.450% | 12/13/19 | 100,000 | (843 | ) | (871 | ) | 28 | ||||||||||||||||||||||
U.S. CPI Urban Consumers NSA | Z / Z | LCH | 2.027% | 11/23/20 | $100,000 | (145 | ) | — | (145 | ) | ||||||||||||||||||||||
U.S. CPI Urban Consumers NSA | Z / Z | LCH | 2.021% | 11/25/20 | 100,000 | (127 | ) | — | (127 | ) | ||||||||||||||||||||||
Eurostat Eurozone HICP | Z / Z | LCH | 1.165% | 12/15/21 | EUR 50,000 | 393 | 42 | 351 | ||||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 2.678% | 10/25/23 | $200,000 | 4,411 | — | 4,411 | ||||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 2.500% | 12/19/23 | 120,000 | 1,523 | (305 | ) | 1,828 | |||||||||||||||||||||||
28-Day MXN TIIE | L / L | CME | 7.200% | 06/05/24 | MXN 500,000 | 461 | 5 | 456 | ||||||||||||||||||||||||
28-Day MXN TIIE | L / L | CME | 8.035% | 12/17/26 | 500,000 | 1,932 | (53 | ) | 1,985 | |||||||||||||||||||||||
28-Day MXN TIIE | L / L | CME | 7.733% | 02/25/27 | 400,000 | 1,060 | 581 | 479 | ||||||||||||||||||||||||
28-Day MXN TIIE | L / L | CME | 7.200% | 06/11/27 | 100,000 | 55 | 52 | 3 | ||||||||||||||||||||||||
28-Day MXN TIIE | L / L | CME | 8.310% | 11/28/36 | 200,000 | 1,170 | 1,060 | 110 | ||||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 2.750% | 12/20/47 | $100,000 | 3,748 | 3,805 | (57 | ) | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$10,775 | $4,409 | $6,366 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
Interest Rate Swaps - Receive Floating Rate
Floating Rate Index | Payment Frequency Fixed Rate / Floating Rate | Counterparty | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
U.S. CPI Urban Consumers NSA | Z / Z | MSC | 2.058% | 05/12/25 | $700,000 | $6,378 | $— | $6,378 | ||||||||||||||||||||||||
U.S. CPI Urban Consumers NSA | Z / Z | MSC | 1.788% | 07/18/26 | 100,000 | (2,968 | ) | — | (2,968 | ) | ||||||||||||||||||||||
U.S. CPI Urban Consumers NSA | Z / Z | MSC | 1.805% | 09/20/26 | 10,000 | (273 | ) | — | (273 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
3,137 | — | 3,137 | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||||||
U.S. CPI Urban Consumers NSA | Z / Z | LCH | 1.935% | 04/27/19 | 100,000 | 526 | — | 526 | ||||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 1.250% | 06/21/19 | 1,000,000 | 7,482 | 5,944 | 1,538 | ||||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 2.000% | 12/20/19 | 100,000 | (379 | ) | (709 | ) | 330 | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 2.400% | 03/16/26 | 130,000 | 528 | — | 528 | ||||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 2.300% | 04/21/26 | 300,000 | 2,684 | — | 2,684 | ||||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 1.850% | 07/27/26 | 50,000 | 1,498 | — | 1,498 | ||||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 2.000% | 07/27/26 | 500,000 | 11,667 | 5,823 | 5,844 | ||||||||||||||||||||||||
U.S. CPI Urban Consumers NSA | Z / Z | LCH | 1.800% | 09/12/26 | 100,000 | (2,779 | ) | (1,009 | ) | (1,770 | ) | |||||||||||||||||||||
U.S. CPI Urban Consumers NSA | Z / Z | LCH | 1.780% | 09/15/26 | 100,000 | (3,000 | ) | (4,854 | ) | 1,854 | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 2.400% | 12/07/26 | 500,000 | 3,548 | 3,115 | 433 | ||||||||||||||||||||||||
Eurostat Eurozone HICP | Z / Z | LCH | 1.385% | 12/15/26 | EUR 90,000 | (516 | ) | 289 | (805 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 1.750% | 12/21/26 | $340,000 | 14,304 | (2,170 | ) | 16,474 | |||||||||||||||||||||||
France CPI Ex Tobacco | Z / Z | LCH | 1.438% | 06/15/27 | EUR 30,000 | (157 | ) | — | (157 | ) | ||||||||||||||||||||||
U.S. CPI Urban Consumers NSA | Z / Z | LCH | 2.180% | 09/20/27 | $20,000 | 43 | — | 43 | ||||||||||||||||||||||||
6-Month GBP-LIBOR | S / S | LCH | 1.500% | 03/21/28 | GBP 520,000 | (511 | ) | (17,799 | ) | 17,288 | ||||||||||||||||||||||
6-Month JPY-LIBOR | S / S | LCH | 0.450% | 03/20/29 | JPY 40,000,000 | (2,001 | ) | (2,227 | ) | 226 | ||||||||||||||||||||||
GBP Retail Price | Z / Z | LCH | 3.190% | 04/15/30 | GBP 300,000 | (4,890 | ) | (16,852 | ) | 11,962 | ||||||||||||||||||||||
GBP Retail Price | Z / Z | LCH | 3.400% | 06/15/30 | 200,000 | 4,149 | 2,397 | 1,752 | ||||||||||||||||||||||||
GBP Retail Price | Z / Z | LCH | 3.530% | 10/15/31 | 60,000 | 959 | 568 | 391 | ||||||||||||||||||||||||
GBP Retail Price | Z / Z | LCH | 3.470% | 09/15/32 | 30,000 | (53 | ) | (7 | ) | (46 | ) | |||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 2.250% | 12/21/46 | $190,000 | 13,321 | 1,900 | 11,421 | ||||||||||||||||||||||||
U.S. Fed Funds | A / A | LCH | 2.000% | 12/15/47 | 40,000 | 1,455 | (72 | ) | 1,527 | |||||||||||||||||||||||
6-Month GBP-LIBOR | S / S | LCH | 1.750% | 03/21/48 | GBP 40,000 | (1,140 | ) | (995 | ) | (145 | ) | |||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 2.948% | 10/19/48 | $30,000 | (2,146 | ) | — | (2,146 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 2.969% | 10/25/48 | 50,000 | (3,797 | ) | — | (3,797 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 2.750% | 12/19/48 | 30,000 | (831 | ) | 508 | (1,339 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
39,964 | (26,150 | ) | 66,114 | |||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Interest Rate Swaps - Receive Floating Rate |
| $43,101 | ($26,150 | ) | $69,251 | |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Interest Rate Swaps | $53,876 | ($21,741 | ) | $75,617 | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Swap Agreements | $52,659 | ($26,596 | ) | $79,255 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-5
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
(h) | 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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $217,662 | $— | $217,662 | $— | |||||||||||||
Mortgage-Backed Securities | 1,504,408 | — | 1,504,408 | — | ||||||||||||||
Asset-Backed Securities | 22,709 | — | 22,709 | — | ||||||||||||||
U.S. Treasury Obligations | 14,703,584 | — | 14,703,584 | — | ||||||||||||||
Foreign Government Bonds & Notes | 1,230,260 | — | 1,230,260 | — | ||||||||||||||
Short-Term Investments | 323,895 | 171,636 | 152,259 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | 628 | — | 628 | — | ||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 11,401 | — | 11,401 | — | ||||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | 22,878 | 22,878 | — | — | ||||||||||||||
Purchased Options | 7,553 | — | 7,553 | — | ||||||||||||||
Swaps | 83,295 | — | 83,295 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | 113,726 | 22,878 | 90,848 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 125,755 | 22,878 | 102,877 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 18,128,273 | 194,514 | 17,933,759 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Sale-buyback Financing Transactions | (4,686,142 | ) | — | (4,686,142 | ) | — | |||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | (1,845 | ) | — | (1,845 | ) | — | ||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (32,280 | ) | — | (32,280 | ) | — | ||||||||||||
Written Options | (13 | ) | — | (13 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | (32,293 | ) | — | (32,293 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Written Options | (6,331 | ) | — | (6,331 | ) | — | ||||||||||||
Swaps | (29,419 | ) | — | (29,419 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | (35,750 | ) | — | (35,750 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (69,888 | ) | — | (69,888 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (4,756,030 | ) | — | (4,756,030 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $13,372,243 | $194,514 | $13,177,729 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-6
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments
September 30, 2017 (Unaudited)
Principal |
| |||||||
CORPORATE BONDS & NOTES - 33.2% | ||||||||
Basic Materials - 1.1% | ||||||||
Alcoa Nederland Holding BV | $220,000 | $244,750 | ||||||
Anglo American Capital PLC (United Kingdom) | 450,000 | 449,237 | ||||||
3.750% due 04/10/22 ~ | 240,000 | 246,399 | ||||||
ArcelorMittal (Luxembourg) | 180,000 | 216,900 | ||||||
Barrick Gold Corp (Canada) | 30,000 | 34,449 | ||||||
Barrick North America Finance LLC (Canada) | 170,000 | 203,321 | ||||||
BHP Billiton Finance USA Ltd (Australia) | 15,000 | 15,365 | ||||||
5.000% due 09/30/43 | 230,000 | 272,449 | ||||||
(USD Swap + 5.093%) | 770,000 | 908,600 | ||||||
Equate Petrochemical BV (Kuwait) | 370,000 | 381,396 | ||||||
FMG Resources Property Ltd (Australia) | 130,000 | 146,510 | ||||||
Freeport-McMoRan Inc | 190,000 | 187,566 | ||||||
5.450% due 03/15/43 | 100,000 | 93,937 | ||||||
6.875% due 02/15/23 | 210,000 | 229,950 | ||||||
Glencore Finance Canada Ltd (Switzerland) | 700,000 | 700,857 | ||||||
Glencore Funding LLC (Switzerland) | 640,000 | 644,845 | ||||||
4.125% due 05/30/23 ~ | 50,000 | 52,118 | ||||||
GTL Trade Finance Inc (Brazil) | 600,000 | 601,500 | ||||||
OCP SA (Malaysia) | 200,000 | 201,860 | ||||||
Potash Corp of Saskatchewan Inc (Canada) | 100,000 | 105,526 | ||||||
Southern Copper Corp (Peru) | 840,000 | 1,034,889 | ||||||
Vale Overseas Ltd (Brazil) | 820,000 | 943,000 | ||||||
Westlake Chemical Corp | 110,000 | 113,850 | ||||||
4.875% due 05/15/23 | 70,000 | 73,150 | ||||||
|
| |||||||
8,102,424 | ||||||||
|
| |||||||
Communications - 2.9% | ||||||||
21st Century Fox America Inc | 100,000 | 124,602 | ||||||
Altice Financing SA (Luxembourg) | EUR 300,000 | 373,913 | ||||||
6.625% due 02/15/23 ~ | $200,000 | 212,500 | ||||||
Altice Luxembourg SA (Luxembourg) | EUR 800,000 | 1,027,987 | ||||||
Amazon.com Inc | $310,000 | 311,836 | ||||||
3.875% due 08/22/37 ~ | 160,000 | 162,218 | ||||||
4.050% due 08/22/47 ~ | 200,000 | 203,093 | ||||||
4.950% due 12/05/44 | 280,000 | 324,432 | ||||||
America Movil Sab de CV (Mexico) | 400,000 | 428,290 | ||||||
AT&T Inc |
| |||||||
(LIBOR + 0.650%) | 500,000 | 502,568 | ||||||
3.000% due 02/15/22 | 80,000 | 80,906 | ||||||
3.400% due 05/15/25 | 170,000 | 167,558 | ||||||
3.900% due 08/14/27 | 270,000 | 270,855 | ||||||
4.250% due 03/01/27 | 90,000 | 92,637 | ||||||
4.350% due 06/15/45 | 840,000 | 773,519 |
Principal |
| |||||||
4.900% due 08/14/37 | $140,000 | $142,092 | ||||||
5.500% due 02/01/18 | 350,000 | 354,439 | ||||||
Bharti Airtel Ltd (India) | 830,000 | 841,845 | ||||||
British Telecommunications PLC | 60,000 | 90,962 | ||||||
CCO Holdings LLC | 140,000 | 142,275 | ||||||
Charter Communications Operating LLC | 2,000,000 | 2,054,120 | ||||||
4.200% due 03/15/28 ~ | 140,000 | 141,860 | ||||||
4.464% due 07/23/22 | 600,000 | 634,316 | ||||||
6.384% due 10/23/35 | 50,000 | 58,620 | ||||||
Comcast Corp | 150,000 | 154,873 | ||||||
5.150% due 03/01/20 | 550,000 | 592,317 | ||||||
5.650% due 06/15/35 | 20,000 | 24,568 | ||||||
6.400% due 03/01/40 | 110,000 | 147,402 | ||||||
DISH DBS Corp | 400,000 | 420,580 | ||||||
6.750% due 06/01/21 | 210,000 | 231,525 | ||||||
Myriad International Holdings BV (South Africa) | 450,000 | 466,425 | ||||||
NBCUniversal Media LLC | 300,000 | 322,936 | ||||||
Netflix Inc | 40,000 | 43,850 | ||||||
SFR Group SA (France) | 450,000 | 476,887 | ||||||
Sprint Capital Corp | 350,000 | 448,437 | ||||||
Sprint Communications Inc | 104,000 | 111,800 | ||||||
Sprint Corp | 240,000 | 276,600 | ||||||
7.875% due 09/15/23 | 20,000 | 23,250 | ||||||
Telefonica Emisiones SAU (Spain) | 280,000 | 300,486 | ||||||
Time Warner Cable LLC | 1,120,000 | 1,163,574 | ||||||
5.875% due 11/15/40 | 410,000 | 451,162 | ||||||
6.550% due 05/01/37 | 100,000 | 117,748 | ||||||
7.300% due 07/01/38 | 190,000 | 239,086 | ||||||
8.250% due 04/01/19 | 60,000 | 65,254 | ||||||
Time Warner Entertainment Co LP | 100,000 | 136,211 | ||||||
Time Warner Inc | 100,000 | 107,737 | ||||||
Univision Communications Inc | 210,000 | 212,362 | ||||||
Verizon Communications Inc | 20,000 | 18,766 | ||||||
3.376% due 02/15/25 ~ | 846,000 | 851,728 | ||||||
3.500% due 11/01/24 | 80,000 | 81,553 | ||||||
3.850% due 11/01/42 | 60,000 | 53,211 | ||||||
4.125% due 03/16/27 | 1,200,000 | 1,254,758 | ||||||
4.150% due 03/15/24 | 680,000 | 720,714 | ||||||
4.522% due 09/15/48 | 100,000 | 97,108 | ||||||
5.500% due 03/16/47 | 100,000 | 111,378 | ||||||
Viacom Inc | 130,000 | 130,318 | ||||||
4.250% due 09/01/23 | 40,000 | 41,140 | ||||||
Virgin Media Finance PLC (United Kingdom) | 430,000 | 450,962 | ||||||
Virgin Media Secured Finance PLC | 280,000 | 295,750 | ||||||
West Corp | 50,000 | 50,750 | ||||||
5.375% due 07/15/22 ~ | 310,000 | 313,875 | ||||||
|
| |||||||
20,524,524 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-7
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
Consumer, Cyclical - 2.0% | ||||||||
American Airlines Pass-Through Trust ‘B’ | $226,382 | $237,701 | ||||||
American Axle & Manufacturing Inc | 290,000 | 300,320 | ||||||
Cintas Corp | 210,000 | 214,093 | ||||||
3.700% due 04/01/27 | 210,000 | 219,667 | ||||||
CVS Health Corp | 890,000 | 892,788 | ||||||
3.875% due 07/20/25 | 277,000 | 289,285 | ||||||
5.125% due 07/20/45 | 370,000 | 426,931 | ||||||
Daimler Finance North America LLC (Germany) | 500,000 | 501,407 | ||||||
Delta Air Lines Pass-Through Trust ‘A’ | 237,296 | 273,935 | ||||||
Dollar Tree Inc | 170,000 | 180,132 | ||||||
Fiat Chrysler Automobiles NV (United Kingdom) | 200,000 | 208,970 | ||||||
Ford Motor Co | 100,000 | 98,346 | ||||||
Ford Motor Credit Co LLC | 400,000 | 400,880 | ||||||
3.200% due 01/15/21 | 900,000 | 918,640 | ||||||
3.664% due 09/08/24 | 290,000 | 291,324 | ||||||
5.875% due 08/02/21 | 400,000 | 445,204 | ||||||
8.125% due 01/15/20 | 600,000 | 676,034 | ||||||
General Motors Co | 100,000 | 114,617 | ||||||
General Motors Financial Co Inc | 400,000 | 407,147 | ||||||
3.200% due 07/13/20 | 600,000 | 615,469 | ||||||
3.500% due 07/10/19 | 700,000 | 717,172 | ||||||
4.250% due 05/15/23 | 30,000 | 31,407 | ||||||
4.350% due 01/17/27 | 130,000 | 133,783 | ||||||
4.375% due 09/25/21 | 380,000 | 403,117 | ||||||
GLP Capital LP | 30,000 | 32,812 | ||||||
Hilton Worldwide Finance LLC | 250,000 | 263,125 | ||||||
Lennar Corp | 140,000 | 144,519 | ||||||
McDonald’s Corp | 100,000 | 102,948 | ||||||
3.700% due 01/30/26 | 310,000 | 323,426 | ||||||
NCL Corp Ltd | 140,000 | 143,850 | ||||||
4.750% due 12/15/21 ~ | 120,000 | 124,800 | ||||||
New Red Finance Inc (Canada) | 140,000 | 143,150 | ||||||
6.000% due 04/01/22 ~ | 202,000 | 208,489 | ||||||
Newell Brands Inc | 130,000 | 133,074 | ||||||
3.850% due 04/01/23 | 270,000 | 284,143 | ||||||
4.200% due 04/01/26 | 190,000 | 200,212 | ||||||
Scientific Games International Inc | 320,000 | 340,400 | ||||||
Taylor Morrison Communities Inc | 300,000 | 308,250 | ||||||
5.625% due 03/01/24 ~ | 440,000 | 459,800 | ||||||
The Goodyear Tire & Rubber Co | 350,000 | 366,187 | ||||||
The TJX Cos Inc | 50,000 | 46,566 | ||||||
Wal-Mart Stores Inc | 100,000 | 123,050 | ||||||
6.200% due 04/15/38 | 30,000 | 40,824 |
Principal |
| |||||||
Walgreens Boots Alliance Inc | $270,000 | $269,490 | ||||||
WestJet Airlines Ltd (Canada) | 600,000 | 610,818 | ||||||
ZF North America Capital Inc (Germany) | 430,000 | 455,262 | ||||||
|
| |||||||
14,123,564 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 3.3% | ||||||||
Abbott Laboratories | 350,000 | 359,668 | ||||||
4.750% due 11/30/36 | 160,000 | 176,794 | ||||||
4.900% due 11/30/46 | 290,000 | 325,023 | ||||||
AbbVie Inc | 700,000 | 706,096 | ||||||
3.600% due 05/14/25 | 430,000 | 446,379 | ||||||
Aetna Inc | 100,000 | 100,631 | ||||||
Allergan Funding SCS | 180,000 | 186,980 | ||||||
3.800% due 03/15/25 | 420,000 | 436,713 | ||||||
4.550% due 03/15/35 | 30,000 | 32,089 | ||||||
4.750% due 03/15/45 | 21,000 | 22,822 | ||||||
Altria Group Inc | 330,000 | 337,109 | ||||||
9.250% due 08/06/19 | 320,000 | 362,469 | ||||||
Amgen Inc | 80,000 | 83,521 | ||||||
4.663% due 06/15/51 | 11,000 | 12,110 | ||||||
5.375% due 05/15/43 | 30,000 | 34,856 | ||||||
Anheuser-Busch InBev Finance Inc (Belgium) | 370,000 | 376,209 | ||||||
3.300% due 02/01/23 | 470,000 | 487,705 | ||||||
3.650% due 02/01/26 | 550,000 | 569,762 | ||||||
4.900% due 02/01/46 | 750,000 | 856,975 | ||||||
Anheuser-Busch InBev Worldwide Inc (Belgium) | 640,000 | 645,846 | ||||||
5.375% due 01/15/20 | 220,000 | 236,828 | ||||||
Anthem Inc | 150,000 | 153,300 | ||||||
3.700% due 08/15/21 | 80,000 | 83,490 | ||||||
BAT Capital Corp (United Kingdom) |
| |||||||
2.195% due 08/15/22 § ~ | 800,000 | 803,158 | ||||||
3.557% due 08/15/27 ~ | 1,160,000 | 1,165,885 | ||||||
4.540% due 08/15/47 ~ | 490,000 | 505,940 | ||||||
Baxalta Inc | 500,000 | 507,703 | ||||||
Becton Dickinson & Co | 460,000 | 464,783 | ||||||
3.734% due 12/15/24 | 130,000 | 132,947 | ||||||
4.685% due 12/15/44 | 90,000 | 95,452 | ||||||
Cardinal Health Inc | 140,000 | 139,998 | ||||||
3.079% due 06/15/24 | 180,000 | 181,449 | ||||||
Celgene Corp | 90,000 | 94,456 | ||||||
3.875% due 08/15/25 | 320,000 | 338,075 | ||||||
5.000% due 08/15/45 | 200,000 | 226,851 | ||||||
5.250% due 08/15/43 | 60,000 | 69,016 | ||||||
Centene Corp | 140,000 | 146,825 | ||||||
4.750% due 01/15/25 | 140,000 | 145,600 | ||||||
6.125% due 02/15/24 | 50,000 | 54,187 | ||||||
Constellation Brands Inc | 70,000 | 75,101 | ||||||
4.750% due 11/15/24 | 190,000 | 208,525 | ||||||
6.000% due 05/01/22 | 70,000 | 80,098 | ||||||
Cott Holdings Inc (Canada) | 200,000 | 208,600 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-8
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
Danone SA (France) | $940,000 | $924,392 | ||||||
DaVita Inc | 10,000 | 9,887 | ||||||
Diageo Investment Corp (United Kingdom) | 620,000 | 635,801 | ||||||
DJO Finance LLC | 250,000 | 240,625 | ||||||
Ecolab Inc | 130,000 | 140,706 | ||||||
Eli Lilly & Co | 160,000 | 161,050 | ||||||
Gilead Sciences Inc | 90,000 | 94,042 | ||||||
3.700% due 04/01/24 | 200,000 | 211,340 | ||||||
4.150% due 03/01/47 | 300,000 | 309,770 | ||||||
4.750% due 03/01/46 | 30,000 | 33,802 | ||||||
GlaxoSmithKline Capital PLC (United Kingdom) | 180,000 | 184,169 | ||||||
HCA Inc | 10,000 | 10,250 | ||||||
5.250% due 06/15/26 | 20,000 | 21,600 | ||||||
5.375% due 02/01/25 | 20,000 | 21,125 | ||||||
5.875% due 05/01/23 | 170,000 | 185,300 | ||||||
6.500% due 02/15/20 | 210,000 | 229,162 | ||||||
7.500% due 02/15/22 | 80,000 | 91,975 | ||||||
Humana Inc | 110,000 | 112,098 | ||||||
3.950% due 03/15/27 | 150,000 | 157,113 | ||||||
4.625% due 12/01/42 | 110,000 | 119,209 | ||||||
4.800% due 03/15/47 | 20,000 | 22,349 | ||||||
4.950% due 10/01/44 | 80,000 | 90,885 | ||||||
Johnson & Johnson | 230,000 | 240,433 | ||||||
Kraft Heinz Foods Co | 160,000 | 153,713 | ||||||
3.500% due 06/06/22 | 170,000 | 176,426 | ||||||
3.950% due 07/15/25 | 130,000 | 134,066 | ||||||
4.875% due 02/15/25 ~ | 172,000 | 183,908 | ||||||
5.000% due 07/15/35 | 150,000 | 163,828 | ||||||
5.000% due 06/04/42 | 50,000 | 53,720 | ||||||
5.200% due 07/15/45 | 80,000 | 87,916 | ||||||
Lamb Weston Holdings Inc | 190,000 | 199,975 | ||||||
Medtronic Global Holdings SCA | 240,000 | 246,880 | ||||||
Medtronic Inc | 770,000 | 803,549 | ||||||
Merck & Co Inc | 210,000 | 210,780 | ||||||
MPH Acquisition Holdings LLC | 310,000 | 334,025 | ||||||
Pernod Ricard SA (France) | 310,000 | 333,179 | ||||||
5.500% due 01/15/42 ~ | 150,000 | 180,555 | ||||||
Philip Morris International Inc | 500,000 | 500,244 | ||||||
4.500% due 03/20/42 | 80,000 | 86,799 | ||||||
Reynolds American Inc | 81,000 | 83,277 | ||||||
5.850% due 08/15/45 | 150,000 | 184,075 | ||||||
6.150% due 09/15/43 | 30,000 | 37,735 | ||||||
8.125% due 06/23/19 | 120,000 | 132,250 | ||||||
Spectrum Brands Inc | 310,000 | 331,700 | ||||||
Tenet Healthcare Corp | 120,000 | 122,400 | ||||||
Teva Pharmaceutical Finance Co BV (Israel) | 100,000 | 97,218 |
Principal |
| |||||||
Teva Pharmaceutical Finance Netherlands III BV (Israel) | $10,000 | $9,626 | ||||||
2.800% due 07/21/23 | 40,000 | 38,289 | ||||||
3.150% due 10/01/26 | 150,000 | 138,496 | ||||||
United Rentals North America Inc | 30,000 | 30,187 | ||||||
5.500% due 07/15/25 | 90,000 | 96,971 | ||||||
5.875% due 09/15/26 | 90,000 | 98,100 | ||||||
UnitedHealth Group Inc | 80,000 | 84,952 | ||||||
3.875% due 10/15/20 | 230,000 | 241,708 | ||||||
Valeant Pharmaceuticals International Inc | 30,000 | 30,075 | ||||||
5.625% due 12/01/21 ~ | 40,000 | 37,600 | ||||||
5.875% due 05/15/23 ~ | 50,000 | 44,313 | ||||||
6.125% due 04/15/25 ~ | 140,000 | 123,375 | ||||||
6.500% due 03/15/22 ~ | 60,000 | 63,450 | ||||||
7.000% due 03/15/24 ~ | 170,000 | 181,475 | ||||||
7.500% due 07/15/21 ~ | 280,000 | 280,000 | ||||||
Wm Wrigley Jr Co | 170,000 | �� | 175,389 | |||||
|
| |||||||
23,437,331 | ||||||||
|
| |||||||
Energy - 3.6% | ||||||||
Anadarko Petroleum Corp | 200,000 | 190,964 | ||||||
4.850% due 03/15/21 | 80,000 | 84,887 | ||||||
5.550% due 03/15/26 | 100,000 | 111,676 | ||||||
6.450% due 09/15/36 | 630,000 | 751,654 | ||||||
6.600% due 03/15/46 | 160,000 | 198,691 | ||||||
8.700% due 03/15/19 | 420,000 | 458,502 | ||||||
Apache Corp | 30,000 | 30,451 | ||||||
4.250% due 01/15/44 | 400,000 | 377,415 | ||||||
4.750% due 04/15/43 | 80,000 | 80,695 | ||||||
5.100% due 09/01/40 | 190,000 | 199,307 | ||||||
Baker Hughes Inc | 110,000 | 113,318 | ||||||
5.125% due 09/15/40 | 30,000 | 34,752 | ||||||
BP Capital Markets PLC (United Kingdom) | ||||||||
1.659% due 08/14/18 § | 500,000 | 501,279 | ||||||
3.119% due 05/04/26 | 260,000 | 260,095 | ||||||
3.216% due 11/28/23 | 490,000 | 502,184 | ||||||
3.245% due 05/06/22 | 30,000 | 31,088 | ||||||
3.506% due 03/17/25 | 350,000 | 361,475 | ||||||
Cheniere Corpus Christi Holdings LLC | 170,000 | 175,950 | ||||||
Chesapeake Energy Corp | 30,000 | 27,825 | ||||||
6.125% due 02/15/21 | 230,000 | 232,300 | ||||||
8.000% due 12/15/22 ~ | 20,000 | 21,650 | ||||||
Chevron Corp | 570,000 | 569,495 | ||||||
CNOOC Finance USA LLC (China) | 1,160,000 | 1,179,735 | ||||||
ConocoPhillips | 80,000 | 107,492 | ||||||
Devon Energy Corp | 310,000 | 313,899 | ||||||
5.850% due 12/15/25 | 1,845,000 | 2,129,621 | ||||||
7.950% due 04/15/32 | 270,000 | 354,139 | ||||||
Ecopetrol SA (Colombia) | 400,000 | 427,000 | ||||||
5.875% due 05/28/45 | 650,000 | 637,813 | ||||||
Energy Transfer LP | 700,000 | 723,800 | ||||||
5.875% due 03/01/22 | 230,000 | 254,753 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-9
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
Ensco PLC | $103,000 | $101,713 | ||||||
EOG Resources Inc | 160,000 | 169,786 | ||||||
Exxon Mobil Corp | 350,000 | 356,937 | ||||||
4.114% due 03/01/46 | 270,000 | 292,298 | ||||||
Genesis Energy LP | 200,000 | 195,000 | ||||||
Halliburton Co | 390,000 | 402,127 | ||||||
Kinder Morgan Energy Partners LP | 150,000 | 155,851 | ||||||
6.850% due 02/15/20 | 210,000 | 230,573 | ||||||
Kinder Morgan Inc | 400,000 | 429,386 | ||||||
MPLX LP | 230,000 | 248,222 | ||||||
Noble Energy Inc | 240,000 | 240,874 | ||||||
4.950% due 08/15/47 | 110,000 | 112,510 | ||||||
5.250% due 11/15/43 | 200,000 | 210,531 | ||||||
Occidental Petroleum Corp | 200,000 | 197,055 | ||||||
3.400% due 04/15/26 | 290,000 | 297,516 | ||||||
4.100% due 02/15/47 | 280,000 | 288,794 | ||||||
4.400% due 04/15/46 | 80,000 | 85,182 | ||||||
4.625% due 06/15/45 | 240,000 | 262,957 | ||||||
Petrobras Global Finance BV (Brazil) | 1,955,000 | 1,954,511 | ||||||
6.125% due 01/17/22 | 20,000 | 21,550 | ||||||
6.250% due 03/17/24 | 1,080,000 | 1,156,680 | ||||||
7.375% due 01/17/27 | 20,000 | 22,060 | ||||||
Petroleos Mexicanos (Mexico) | 650,000 | 663,000 | ||||||
6.625% due 06/15/35 | 20,000 | 21,650 | ||||||
6.875% due 08/04/26 | 370,000 | 421,800 | ||||||
QEP Resources Inc | 150,000 | 158,625 | ||||||
Range Resources Corp | 310,000 | 309,225 | ||||||
Sabine Pass Liquefaction LLC | 200,000 | 224,036 | ||||||
Sanchez Energy Corp | 140,000 | 121,100 | ||||||
7.750% due 06/15/21 | 10,000 | 9,525 | ||||||
Schlumberger Holdings Corp | 190,000 | 194,695 | ||||||
4.000% due 12/21/25 ~ | 240,000 | 251,877 | ||||||
Shell International Finance BV (Netherlands) | ||||||||
2.875% due 05/10/26 | 350,000 | 347,575 | ||||||
4.000% due 05/10/46 | 110,000 | 111,467 | ||||||
4.375% due 03/25/20 | 420,000 | 445,727 | ||||||
4.375% due 05/11/45 | 330,000 | 354,123 | ||||||
4.550% due 08/12/43 | 130,000 | 141,401 | ||||||
Sinopec Group Overseas Development Ltd (China) | 930,000 | 999,856 | ||||||
The Williams Cos Inc | 450,000 | 542,250 | ||||||
Transcontinental Gas Pipe Co LLC | 1,020,000 | 1,319,209 | ||||||
Whiting Petroleum Corp | 10,000 | 9,850 | ||||||
6.250% due 04/01/23 | 260,000 | 257,075 | ||||||
WPX Energy Inc | 30,000 | 33,788 | ||||||
|
| |||||||
25,813,872 | ||||||||
|
|
Principal |
| |||||||
Financial - 17.1% | ||||||||
ABN AMRO Bank NV (Netherlands) | $200,000 | $212,738 | ||||||
AerCap Ireland Capital DAC (Netherlands) | 1,550,000 | 1,586,535 | ||||||
4.625% due 07/01/22 | 160,000 | 171,627 | ||||||
Ally Financial Inc | 800,000 | 807,160 | ||||||
8.000% due 11/01/31 | 460,000 | 595,654 | ||||||
American International Group Inc | 820,000 | 847,906 | ||||||
American Tower Corp REIT | 500,000 | 561,349 | ||||||
AvalonBay Communities Inc REIT | 300,000 | 307,150 | ||||||
Bank of America Corp | ||||||||
2.313% due 04/24/23 § | 500,000 | 504,637 | ||||||
2.600% due 01/15/19 | 760,000 | 766,309 | ||||||
3.300% due 01/11/23 | 360,000 | 368,949 | ||||||
3.500% due 04/19/26 | 770,000 | 784,121 | ||||||
(LIBOR + 1.370%) | ||||||||
3.593% due 07/21/28 § | 100,000 | 100,919 | ||||||
3.875% due 08/01/25 | 290,000 | 303,977 | ||||||
4.000% due 04/01/24 | 850,000 | 898,480 | ||||||
4.100% due 07/24/23 | 500,000 | 532,910 | ||||||
4.200% due 08/26/24 | 390,000 | 410,231 | ||||||
4.250% due 10/22/26 | 2,970,000 | 3,109,417 | ||||||
4.450% due 03/03/26 | 90,000 | 95,139 | ||||||
5.000% due 05/13/21 | 1,120,000 | 1,219,408 | ||||||
5.650% due 05/01/18 | 900,000 | 920,673 | ||||||
5.750% due 12/01/17 | 50,000 | 50,346 | ||||||
(LIBOR + 3.705%) | ||||||||
6.250% due 09/05/24 § | 440,000 | 485,650 | ||||||
Barclays Bank PLC (United Kingdom) | 800,000 | 920,500 | ||||||
Barclays PLC (United Kingdom) | 1,000,000 | 1,026,310 | ||||||
(EUR Swap + 5.875%) | ||||||||
6.500% due 09/15/19 § | EUR 600,000 | 746,352 | ||||||
Blackstone CQP Holdco LP | $600,000 | 589,500 | ||||||
BRFkredit AS (Denmark) | DKK 9,000,000 | 1,436,369 | ||||||
4.000% due 01/01/18 " | 7,800,000 | 1,252,751 | ||||||
Brighthouse Financial Inc | $350,000 | 343,055 | ||||||
Chubb INA Holdings Inc | 120,000 | 120,908 | ||||||
3.350% due 05/03/26 | 140,000 | 143,632 | ||||||
Citigroup Inc |
| |||||||
(LIBOR + 0.930%) | ||||||||
2.247% due 06/07/19 § | 300,000 | 303,059 | ||||||
2.700% due 03/30/21 | 800,000 | 809,140 | ||||||
2.750% due 04/25/22 | 800,000 | 802,739 | ||||||
4.400% due 06/10/25 | 400,000 | 422,345 | ||||||
4.450% due 09/29/27 | 2,680,000 | 2,837,551 | ||||||
4.650% due 07/30/45 | 518,000 | 575,441 | ||||||
4.750% due 05/18/46 | 60,000 | 65,454 | ||||||
5.300% due 05/06/44 | 232,000 | 272,299 | ||||||
5.500% due 09/13/25 | 520,000 | 584,376 | ||||||
(LIBOR + 4.068%) | ||||||||
5.950% due 01/30/23 § | 300,000 | 323,250 | ||||||
(LIBOR + 3.905%) | ||||||||
5.950% due 05/15/25 § | 1,350,000 | 1,461,375 | ||||||
6.675% due 09/13/43 | 70,000 | 95,121 | ||||||
8.125% due 07/15/39 | 10,000 | 15,859 | ||||||
Commonwealth Bank of Australia (Australia) | 410,000 | 412,789 | ||||||
5.000% due 10/15/19 ~ | 160,000 | 169,636 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-10
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
Cooperatieve Rabobank UA (Netherlands) | $1,000,000 | $1,016,030 | ||||||
4.375% due 08/04/25 | 880,000 | 925,290 | ||||||
4.625% due 12/01/23 | 290,000 | 311,936 | ||||||
6.875% due 03/19/20 ~ | EUR 300,000 | 412,766 | ||||||
(LIBOR + 10.868%) | $380,000 | 430,825 | ||||||
Credit Agricole SA (France) | 300,000 | 333,750 | ||||||
Credit Suisse Group Funding Guernsey Ltd (Switzerland) | 500,000 | 509,961 | ||||||
3.800% due 09/15/22 | 800,000 | 831,106 | ||||||
3.800% due 06/09/23 | 500,000 | 518,058 | ||||||
4.875% due 05/15/45 | 640,000 | 717,662 | ||||||
Deutsche Bank AG (Germany) |
| |||||||
(LIBOR + 0.970%) | ||||||||
2.274% due 07/13/20 § | 500,000 | 501,823 | ||||||
(LIBOR + 1.910%) | ||||||||
3.219% due 05/10/19 § | 800,000 | 817,246 | ||||||
4.250% due 10/14/21 | 600,000 | 629,235 | ||||||
ERP Operating LP REIT | 200,000 | 204,446 | ||||||
GE Capital International Funding Co | 383,000 | 386,806 | ||||||
3.373% due 11/15/25 | 485,000 | 502,081 | ||||||
Host Hotels & Resorts LP REIT | 200,000 | 205,178 | ||||||
HSBC Finance Corp | 67,000 | 75,828 | ||||||
HSBC Holdings PLC (United Kingdom) | 740,000 | 763,243 | ||||||
3.900% due 05/25/26 | 820,000 | 858,810 | ||||||
4.250% due 03/14/24 | 440,000 | 460,504 | ||||||
4.250% due 08/18/25 | 620,000 | 645,535 | ||||||
(USD Swap + 3.705%) | 280,000 | 297,868 | ||||||
ING Bank NV (Netherlands) | 440,000 | 502,837 | ||||||
International Lease Finance Corp | 400,000 | 448,761 | ||||||
6.250% due 05/15/19 | 500,000 | 531,597 | ||||||
Intesa Sanpaolo SPA (Italy) | 300,000 | 300,983 | ||||||
3.875% due 07/14/27 ~ | 230,000 | 231,296 | ||||||
5.017% due 06/26/24 ~ | 880,000 | 895,608 | ||||||
JPMorgan Chase & Co | 600,000 | 603,286 | ||||||
2.550% due 03/01/21 | 300,000 | 303,078 | ||||||
2.700% due 05/18/23 | 1,400,000 | 1,400,970 | ||||||
3.875% due 09/10/24 | 580,000 | 604,065 | ||||||
4.125% due 12/15/26 | 520,000 | 545,419 | ||||||
4.250% due 10/01/27 | 120,000 | 127,055 | ||||||
4.350% due 08/15/21 | 290,000 | 310,727 | ||||||
4.950% due 06/01/45 | 350,000 | 398,951 | ||||||
Kimco Realty Corp REIT | 900,000 | 871,155 | ||||||
KKR Group Finance Co II LLC | 30,000 | 34,252 | ||||||
Lifestorage LP REIT | 800,000 | 770,769 | ||||||
Lloyds Banking Group PLC (United Kingdom) | 610,000 | 641,615 | ||||||
MetLife Inc | 230,000 | 248,941 | ||||||
Mitsubishi UFJ Financial Group Inc (Japan) | 200,000 | 202,821 |
Principal |
| |||||||
Morgan Stanley | $800,000 | $805,781 | ||||||
3.125% due 07/27/26 | 200,000 | 196,318 | ||||||
5.950% due 12/28/17 | 320,000 | 323,275 | ||||||
Nasdaq Inc | 800,000 | 824,250 | ||||||
Navient Corp | 330,000 | 364,650 | ||||||
New York Life Global Funding | 1,000,000 | 1,013,025 | ||||||
Nordea Bank AB (Sweden) | 800,000 | 858,960 | ||||||
Nordea Kredit Realkreditaktieselskab (Denmark) | DKK 16,200,000 | 2,573,063 | ||||||
2.000% due 10/01/17 " | 6,400,000 | 1,016,539 | ||||||
Nykredit Realkredit AS (Denmark) | 32,500,000 | 5,162,009 | ||||||
1.000% due 10/01/18 | 14,700,000 | 2,371,682 | ||||||
2.000% due 10/01/17 " | 3,200,000 | 508,270 | ||||||
OneMain Financial Holdings LLC | $700,000 | 728,000 | ||||||
Quicken Loans Inc | 190,000 | 200,450 | ||||||
Realkredit Danmark AS (Denmark) | DKK 43,500,000 | 6,934,023 | ||||||
1.000% due 04/01/18 " | 18,700,000 | 2,995,610 | ||||||
2.000% due 01/01/18 " | 5,800,000 | 926,581 | ||||||
2.000% due 04/01/18 " | 27,200,000 | 4,377,596 | ||||||
Royal Bank of Scotland Group PLC (United Kingdom) | EUR 600,000 | 761,314 | ||||||
3.875% due 09/12/23 | $600,000 | 614,562 | ||||||
5.125% due 05/28/24 | 1,700,000 | 1,810,749 | ||||||
6.125% due 12/15/22 | 160,000 | 176,509 | ||||||
Santander Holdings USA Inc | ||||||||
2.767% due 11/24/17 § | 1,300,000 | 1,302,602 | ||||||
4.500% due 07/17/25 | 70,000 | 73,024 | ||||||
Santander UK Group Holdings PLC (United Kingdom) | 1,100,000 | 1,116,506 | ||||||
Simon Property Group LP REIT | 400,000 | 404,947 | ||||||
Standard Chartered PLC (United Kingdom) | 710,000 | 837,010 | ||||||
Sumitomo Mitsui Financial Group Inc (Japan) | 290,000 | 285,261 | ||||||
Sumitomo Mitsui Trust Bank Ltd (Japan) | 800,000 | 800,713 | ||||||
Teachers Insurance & Annuity Association of America | 100,000 | 113,139 | ||||||
6.850% due 12/16/39 ~ | 18,000 | 24,865 | ||||||
The Depository Trust & Clearing Corp | 250,000 | 260,938 | ||||||
The Goldman Sachs Group Inc |
| |||||||
(LIBOR + 1.200%) | 500,000 | 509,679 | ||||||
3.500% due 01/23/25 | 700,000 | 710,611 | ||||||
3.500% due 11/16/26 | 330,000 | 331,215 | ||||||
3.750% due 05/22/25 | 600,000 | 617,661 | ||||||
3.850% due 07/08/24 | 740,000 | 770,831 | ||||||
4.250% due 10/21/25 | 2,980,000 | 3,110,938 | ||||||
4.750% due 10/21/45 | 700,000 | 782,728 | ||||||
5.150% due 05/22/45 | 310,000 | 355,507 | ||||||
5.250% due 07/27/21 | 620,000 | 681,461 | ||||||
6.250% due 02/01/41 | 550,000 | 732,157 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-11
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
The Royal Bank of Scotland PLC | EUR 200,000 | $244,748 | ||||||
The Toronto-Dominion Bank (Canada) | $1,200,000 | 1,207,861 | ||||||
UBS AG (Switzerland) | 800,000 | 801,446 | ||||||
UBS Group Funding Switzerland AG (Switzerland) | 1,000,000 | 1,014,385 | ||||||
3.491% due 05/23/23 ~ | 610,000 | 625,036 | ||||||
4.125% due 09/24/25 ~ | 1,420,000 | 1,494,689 | ||||||
4.253% due 03/23/28 ~ | 630,000 | 661,887 | ||||||
US Capital Funding II Ltd (Cayman) | 600,000 | 540,000 | ||||||
Vesteda Finance BV (Netherlands) | EUR 600,000 | 768,253 | ||||||
Visa Inc | $760,000 | 778,890 | ||||||
4.300% due 12/14/45 | 700,000 | 776,120 | ||||||
WEA Finance LLC REIT (Australia) | 650,000 | 663,398 | ||||||
Wells Fargo & Co | ||||||||
2.541% due 10/31/23 § | 2,000,000 | 2,046,760 | ||||||
3.000% due 10/23/26 | 940,000 | 918,329 | ||||||
3.450% due 02/13/23 | 110,000 | 112,754 | ||||||
4.300% due 07/22/27 | 2,640,000 | 2,794,904 | ||||||
4.400% due 06/14/46 | 90,000 | 93,622 | ||||||
4.600% due 04/01/21 | 1,310,000 | 1,407,382 | ||||||
4.750% due 12/07/46 | 350,000 | 384,966 | ||||||
4.900% due 11/17/45 | 830,000 | 927,490 | ||||||
5.606% due 01/15/44 | 350,000 | 424,372 | ||||||
(LIBOR + 3.990%) | ||||||||
5.875% due 06/15/25 § | 60,000 | 66,855 | ||||||
|
| |||||||
121,820,425 | ||||||||
|
| |||||||
Industrial - 1.0% | ||||||||
Caterpillar Financial Services Corp | 220,000 | 217,280 | ||||||
DAE Funding LLC (United Arab Emirates) | 82,000 | 84,245 | ||||||
5.000% due 08/01/24 ~ | 80,000 | 82,200 | ||||||
Eaton Corp | 10,000 | 9,999 | ||||||
2.750% due 11/02/22 | 810,000 | 816,453 | ||||||
4.150% due 11/02/42 | 180,000 | 181,291 | ||||||
General Electric Co | 187,000 | 194,295 | ||||||
4.500% due 03/11/44 | 210,000 | 235,764 | ||||||
5.300% due 02/11/21 | 480,000 | 529,071 | ||||||
5.875% due 01/14/38 | 40,000 | 52,421 | ||||||
6.000% due 08/07/19 | 132,000 | 142,180 | ||||||
6.875% due 01/10/39 | 798,000 | 1,171,116 | ||||||
Harris Corp | 140,000 | 160,873 | ||||||
Hellenic Railways Organization SA (Greece) | EUR 500,000 | 590,947 | ||||||
John Deere Capital Corp | $100,000 | 99,648 | ||||||
Lockheed Martin Corp | 20,000 | 20,617 | ||||||
3.550% due 01/15/26 | 420,000 | 435,322 | ||||||
4.500% due 05/15/36 | 70,000 | 76,730 | ||||||
Park Aerospace Holdings Ltd (Ireland) | 200,000 | 208,525 | ||||||
5.500% due 02/15/24 ~ | 140,000 | 147,350 | ||||||
Raytheon Co | 160,000 | 165,447 |
Principal |
| |||||||
Reynolds Group Issuer Inc (New Zealand) | $100,000 | $104,485 | ||||||
5.750% due 10/15/20 | 200,000 | 203,760 | ||||||
The Boeing Co | 630,000 | 675,190 | ||||||
United Technologies Corp | 210,000 | 222,974 | ||||||
4.500% due 06/01/42 | 70,000 | 75,473 | ||||||
Waste Management Inc | 240,000 | 249,741 | ||||||
|
| |||||||
7,153,397 | ||||||||
|
| |||||||
Technology - 0.9% | ||||||||
Apple Inc | 620,000 | 598,190 | ||||||
Dell International LLC | 710,000 | 723,874 | ||||||
4.420% due 06/15/21 ~ | 780,000 | 819,532 | ||||||
5.450% due 06/15/23 ~ | 500,000 | 549,043 | ||||||
7.125% due 06/15/24 ~ | 410,000 | 453,121 | ||||||
First Data Corp | 480,000 | 500,184 | ||||||
7.000% due 12/01/23 ~ | 10,000 | 10,703 | ||||||
Intel Corp | 120,000 | 126,982 | ||||||
4.900% due 07/29/45 | 70,000 | 83,799 | ||||||
Microsoft Corp | 1,120,000 | 1,086,548 | ||||||
2.700% due 02/12/25 | 140,000 | 141,445 | ||||||
2.875% due 02/06/24 | 580,000 | 593,799 | ||||||
3.300% due 02/06/27 | 870,000 | 902,816 | ||||||
3.450% due 08/08/36 | 20,000 | 20,176 | ||||||
3.950% due 08/08/56 | 80,000 | 82,625 | ||||||
|
| |||||||
6,692,837 | ||||||||
|
| |||||||
Utilities - 1.3% | ||||||||
Berkshire Hathaway Energy Co | 260,000 | 348,350 | ||||||
Duke Energy Carolinas LLC | 60,000 | 73,707 | ||||||
Duke Energy Corp | 30,000 | 29,849 | ||||||
Emera US Finance LP (Canada) | 800,000 | 804,813 | ||||||
Entergy Corp | 800,000 | 847,429 | ||||||
FirstEnergy Corp | 440,000 | 448,642 | ||||||
4.250% due 03/15/23 | 410,000 | 434,134 | ||||||
7.375% due 11/15/31 | 1,410,000 | 1,879,278 | ||||||
IPALCO Enterprises Inc | 800,000 | 812,000 | ||||||
National Fuel Gas Co | 2,000,000 | 2,123,964 | ||||||
Pacific Gas & Electric Co | 130,000 | 165,992 | ||||||
6.050% due 03/01/34 | 750,000 | 977,730 | ||||||
Progress Energy Inc | 60,000 | 63,498 | ||||||
Virginia Electric & Power Co | 160,000 | 212,908 | ||||||
|
| |||||||
9,222,294 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 236,890,668 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-12
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
SENIOR LOAN NOTES - 2.6% | ||||||||
Communications - 0.5% | ||||||||
CenturyLink Escrow LLC Term B | $480,000 | $466,029 | ||||||
Charter Communications Operating LLC Term I | 864,965 | 869,470 | ||||||
CSC Holdings LLC | 367,500 | 365,627 | ||||||
Level 3 Financing Inc Term B | 530,000 | 530,473 | ||||||
Univision Communications Inc Term C-5 | 493,337 | 489,525 | ||||||
UPC Financing Partnership | 500,000 | 502,366 | ||||||
Virgin Media Bristol LLC Term I | 458,463 | 460,720 | ||||||
|
| |||||||
3,684,210 | ||||||||
|
| |||||||
Consumer, Cyclical - 1.0% | ||||||||
American Airlines Inc Term B | 554,329 | 555,368 | ||||||
American Builders & Contractors Supply Co Inc Term B-1 | 497,500 | 500,065 | ||||||
Aristocrat International Pty Ltd Term B (Australia) | 443,925 | 443,925 | ||||||
Boyd Gaming Corp Term B | 274,063 | 275,167 | ||||||
CWGS Group LLC Term B | 426,775 | 429,496 | ||||||
Golden Nugget Inc | 265,331 | 267,056 | ||||||
Hilton Worldwide Finance LLC Term B-2 | 535,234 | 537,966 | ||||||
Lions Gate Entertainment Corp Term B | 124,875 | 125,842 | ||||||
Michaels Stores Inc Term B-1 | 1,048,371 | 1,047,879 | ||||||
New Red Finance Inc Term B (Canada) | 516,422 | 516,475 | ||||||
Party City Holdings Inc Term B | 511,318 | 513,195 | ||||||
Petco Animal Supplies Inc Term B-1 | 907,554 | 753,270 |
Principal |
| |||||||
PetSmart Inc Term B | $584,479 | $497,642 | ||||||
Station Casinos LLC Term B | 478,334 | 479,364 | ||||||
|
| |||||||
6,942,710 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 0.5% | ||||||||
Air Medical Group Holdings Inc Term B | 552,929 | 549,819 | ||||||
Albertson’s LLC | 304,926 | 294,134 | ||||||
Term B-6 | 219,301 | 211,155 | ||||||
Catalent Pharma Solutions Inc Term B | 344,581 | 347,565 | ||||||
HCA Inc Term B-8 | 543,897 | 547,199 | ||||||
Jaguar Holding Co II | 641,793 | 645,731 | ||||||
MPH Acquisition Holdings LLC Term B | 511,629 | 515,892 | ||||||
Prime Security Services Borrower LLC Term B | 537,303 | 542,131 | ||||||
|
| |||||||
3,653,626 | ||||||||
|
| |||||||
Financial - 0.2% | ||||||||
Flying Fortress Holdings LLC Term B (Ireland) | 500,000 | 503,438 | ||||||
MGM Growth Properties Operating | 552,982 | 555,254 | ||||||
RPI Finance Trust Term B-6 | 649,072 | 651,822 | ||||||
|
| |||||||
1,710,514 | ||||||||
|
| |||||||
Industrial - 0.3% | ||||||||
Berry Global Inc Term M | 412,270 | 413,408 | ||||||
Reynolds Group Holdings Inc Term B | 686,862 | 690,427 | ||||||
XPO Logistics Inc Term B | 406,396 | 407,890 | ||||||
Zebra Technologies Corp Term B | 410,009 | 411,241 | ||||||
|
| |||||||
1,922,966 | ||||||||
|
| |||||||
Technology - 0.1% | ||||||||
First Data Corp | 497,917 | 499,925 | ||||||
|
| |||||||
499,925 | ||||||||
|
| |||||||
Total Senior Loan Notes | 18,413,951 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-13
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
MORTGAGE-BACKED SECURITIES - 42.3% | ||||||||
Collateralized Mortgage Obligations - Commercial - 4.6% |
| |||||||
BAMLL Commercial Mortgage Securities Trust | $400,000 | $402,564 | ||||||
BAMLL Re-REMIC Trust | 1,812,145 | 1,592,881 | ||||||
Banc of America Commercial Mortgage Trust | 387,233 | 361,465 | ||||||
BANK | 470,000 | 487,994 | ||||||
BBCCRE Trust | 320,000 | 269,060 | ||||||
Bear Stearns Commercial Mortgage Securities Trust | 14,949 | 14,943 | ||||||
BX Trust | 800,000 | 800,788 | ||||||
CD Commercial Mortgage Trust | 7,288 | 4,273 | ||||||
CGBAM Commercial Mortgage Trust | 1,840,000 | 1,790,482 | ||||||
Chicago Skyscraper Trust | 480,000 | 481,558 | ||||||
Citigroup Commercial Mortgage Trust | 150,000 | 110,774 | ||||||
3.172% due 09/10/58 | 350,000 | 275,844 | ||||||
3.251% due 05/10/35 ~ | 500,000 | 513,384 | ||||||
4.017% due 10/10/47 | 270,000 | 282,973 | ||||||
Commercial Mortgage Trust | 160,000 | 165,808 | ||||||
4.498% due 02/10/48 § | 90,000 | 87,962 | ||||||
Core Industrial Trust | 400,000 | 396,636 | ||||||
Credit Suisse Commercial Mortgage Trust | 120,888 | 103,949 | ||||||
CSAIL Commercial Mortgage Trust | 1,060,000 | 1,081,058 | ||||||
CSMC Trust | 480,000 | 484,723 | ||||||
3.953% due 09/15/37 ~ | 400,000 | 415,158 | ||||||
4.373% due 09/15/37 ~ | 370,000 | 332,060 | ||||||
4.373% due 09/15/37 ~ | 530,000 | 452,965 | ||||||
(LIBOR + 4.500%) | 390,000 | 391,310 | ||||||
DBUBS Mortgage Trust | 260,000 | 281,102 | ||||||
Fannie Mae | 430,000 | 420,942 | ||||||
2.802% due 06/25/25 § | 70,000 | 70,172 | ||||||
Fannie Mae (IO) | 11,674,300 | 254,788 | ||||||
FORT CRE LLC | 488,355 | 488,949 | ||||||
Freddie Mac Multifamily Structured Pass-Through Certificates (IO) | 22,251,254 | 137,008 | ||||||
GE Commercial Mortgage Co | 200,000 | 110,118 | ||||||
Government National Mortgage Association (IO) | 12,805,492 | 443,065 | ||||||
0.651% due 04/16/47 § | 5,027,026 | 210,601 | ||||||
GRACE Mortgage Trust | 600,000 | 614,818 |
Principal |
| |||||||
GS Mortgage Securities Trust | $400,000 | $409,187 | ||||||
4.570% due 11/10/48 § | 720,000 | 740,504 | ||||||
5.622% due 11/10/39 | 137,654 | 129,891 | ||||||
Hudson Yards Mortgage Trust | 540,000 | 528,477 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust | 700,000 | 690,942 | ||||||
2.962% due 10/05/28 ~ | 500,000 | 500,427 | ||||||
(LIBOR + 2.350%) | ||||||||
3.327% due 08/15/27 § ~ | 210,000 | 210,234 | ||||||
(LIBOR + 2.280%) | ||||||||
3.514% due 11/15/31 § ~ | 490,000 | 488,030 | ||||||
(LIBOR + 3.550%) | ||||||||
4.527% due 08/15/27 § ~ | 120,000 | 120,251 | ||||||
4.724% due 07/15/47 § | 380,000 | 381,431 | ||||||
5.411% due 05/15/47 | 1,760,000 | 1,254,738 | ||||||
5.438% due 01/15/49 ~ | 470,000 | 140,621 | ||||||
5.502% due 06/12/47 § | 590,000 | 491,913 | ||||||
5.990% due 02/12/49 § | 1,090,000 | 870,899 | ||||||
JPMBB Commercial Mortgage Securities Trust | 680,000 | 421,436 | ||||||
4.772% due 08/15/48 § | 610,000 | 624,988 | ||||||
LSTAR Commercial Mortgage Trust | 764,841 | 767,710 | ||||||
3.127% due 04/20/48 § ~ | 850,000 | 858,910 | ||||||
ML-CFC Commercial Mortgage Trust | 85,848 | 72,000 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 1,000,000 | 1,021,941 | ||||||
3.720% due 12/15/49 | 550,000 | 577,897 | ||||||
Morgan Stanley Capital I Trust | 540,000 | 529,292 | ||||||
3.516% due 07/13/29 § ~ | 600,000 | 619,190 | ||||||
3.560% due 07/13/29 § ~ | 700,000 | 718,419 | ||||||
Waterfall Commercial Mortgage Trust | 523,310 | 523,374 | ||||||
Wells Fargo Commercial Mortgage Trust | 2,670,000 | 2,591,892 | ||||||
3.184% due 04/15/50 | 340,000 | 344,512 | ||||||
3.848% due 05/15/48 § | 380,000 | 376,993 | ||||||
4.430% due 07/15/46 § | 290,000 | 310,963 | ||||||
Wells Fargo Commercial Mortgage Trust (IO) | 4,772,240 | 456,591 | ||||||
WFRBS Commercial Mortgage Trust | 770,000 | 529,255 | ||||||
WFRBS Commercial Mortgage Trust (IO) | 5,178,571 | 173,106 | ||||||
|
| |||||||
32,808,189 | ||||||||
|
| |||||||
Collateralized Mortgage Obligations - Residential - 6.8% |
| |||||||
Alternative Loan Trust | ||||||||
(LIBOR + 0.170%) | ||||||||
1.407% due 07/25/46 § | 637,258 | 614,713 | ||||||
(LIBOR + 0.210%) | ||||||||
1.447% due 05/25/35 § | 350,195 | 331,378 | ||||||
3.441% due 06/25/37 § | 152,026 | 133,161 | ||||||
American Home Mortgage Investment Trust | 1,410,369 | 628,795 | ||||||
Banc of America Funding Corp | 2,455,472 | 1,539,024 | ||||||
Banc of America Funding Trust | 3,396,675 | 1,605,297 | ||||||
(LIBOR + 1.500%) | ||||||||
2.956% due 09/26/45 § ~ | 2,760,000 | 2,142,933 | ||||||
3.333% due 05/25/35 § | 35,993 | 37,738 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-14
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
BCAP LLC Trust | $2,107,258 | $2,040,214 | ||||||
3.276% due 08/26/35 § ~ | 2,393,465 | 1,993,044 | ||||||
5.028% due 03/26/37 § ~ | 55,283 | 54,597 | ||||||
Bear Stearns Adjustable Rate Mortgage Trust | 43,281 | 43,320 | ||||||
3.477% due 01/25/35 § | 565,533 | 563,092 | ||||||
3.676% due 10/25/36 § | 16,340 | 15,631 | ||||||
Bear Stearns ALT-A Trust | 65,593 | 56,550 | ||||||
3.564% due 05/25/35 § | 27,313 | 27,497 | ||||||
Chase Mortgage Finance Trust | 386,957 | 390,785 | ||||||
3.597% due 09/25/36 § | 106,906 | 104,915 | ||||||
ChaseFlex Trust | 575,312 | 553,365 | ||||||
Chevy Chase Funding LLC |
| |||||||
(LIBOR + 0.250%) | ||||||||
1.487% due 08/25/35 § ~ | 28,108 | 27,635 | ||||||
1.705% due 05/25/35 § ~ | 1,124,345 | 826,669 | ||||||
Citigroup Mortgage Loan Trust Inc | 2,000,000 | 1,786,832 | ||||||
(US Treasury + 2.150%) | 18,052 | 18,254 | ||||||
COLT Mortgage Loan Trust | 314,558 | 320,820 | ||||||
Countrywide Home Loan Mortgage | 13,177 | 13,001 | ||||||
Credit Suisse First Boston Mortgage | 59,963 | 51,743 | ||||||
Downey Saving & Loan Association Mortgage Loan Trust | 123,554 | 101,073 | ||||||
Eurosail-UK PLC (United Kingdom) |
| |||||||
(LIBOR + 0.950%) | ||||||||
1.252% due 06/13/45 § ~ | GBP 1,005,390 | 1,328,732 | ||||||
Fannie Mae | ||||||||
(LIBOR + 0.450%) 1.682% due 09/25/46 § | $1,298,804 | 1,302,364 | ||||||
(US PRIME - 1.625%) 2.625% due 11/25/23 § | 62,279 | 63,328 | ||||||
5.500% due 04/25/35 | 442,454 | 500,281 | ||||||
Fannie Mae (IO) | 740,436 | 91,651 | ||||||
4.000% due 03/25/43 - 04/25/43 | 2,696,328 | 453,064 | ||||||
(LIBOR + 6.000%) | 2,259,871 | 474,877 | ||||||
(LIBOR + 6.100%) | 1,521,097 | 249,088 | ||||||
Fannie Mae Connecticut Avenue Securities |
| |||||||
(LIBOR + 4.250%) 5.487% due 01/25/29 § | 1,550,000 | 1,701,000 | ||||||
(LIBOR + 4.900%) | 1,968,164 | 2,230,827 | ||||||
(LIBOR + 6.000%) | 1,260,000 | 1,461,061 | ||||||
Freddie Mac | 101,533 | 120,503 | ||||||
Freddie Mac (IO) | 1,251,672 | 196,764 | ||||||
4.000% due 04/15/43 | 552,030 | 68,987 | ||||||
(LIBOR + 6.100%) 4.866% due 08/15/44 § | 368,608 | 76,557 |
Principal |
| |||||||
Freddie Mac Structured Agency Credit Risk Debt Notes |
| |||||||
(LIBOR + 4.000%) | $528,909 | $564,636 | ||||||
(LIBOR + 4.100%) | 760,000 | 823,546 | ||||||
(LIBOR + 4.750%) | 1,140,000 | 1,262,262 | ||||||
Government National Mortgage Association |
| |||||||
(LIBOR + 0.600%) | 772,515 | 771,223 | ||||||
(LIBOR + 0.800%) | 675,953 | 681,608 | ||||||
(LIBOR + 0.800%) | 1,377,769 | 1,388,912 | ||||||
(LIBOR + 0.750%) | 798,551 | 824,352 | ||||||
4.209% due 09/20/66 § | 982,019 | 1,086,992 | ||||||
Government National Mortgage Association (IO) | 1,402,468 | 257,914 | ||||||
4.500% due 11/16/45 | 473,300 | 96,175 | ||||||
(LIBOR + 6.100%) | 270,733 | 59,766 | ||||||
(LIBOR + 6.150%) | 2,010,099 | 318,817 | ||||||
Great Hall Mortgages PLC (United Kingdom) | 388,746 | 377,849 | ||||||
GSR Mortgage Loan Trust | 931,528 | 841,387 | ||||||
6.000% due 07/25/37 | 526,891 | 490,979 | ||||||
HarborView Mortgage Loan Trust |
| |||||||
(LIBOR + 0.160%) | 453,071 | 393,733 | ||||||
(LIBOR + 0.170%) | 290,869 | 263,354 | ||||||
(LIBOR + 0.440%) | 422,071 | 396,526 | ||||||
3.534% due 02/25/36 § | 104,896 | 83,169 | ||||||
3.658% due 08/19/36 § | 240,789 | 221,531 | ||||||
JP Morgan Mortgage Trust | 76,250 | 76,521 | ||||||
5.750% due 01/25/36 | 19,112 | 16,591 | ||||||
Ludgate Funding PLC (United Kingdom) | GBP 578,578 | 735,556 | ||||||
Merrill Lynch Mortgage Investors Trust | $572,725 | 577,103 | ||||||
Morgan Stanley Resecuritization Trust | 1,724,005 | 913,890 | ||||||
New Residential Mortgage Loan Trust | 1,053,320 | 1,102,406 | ||||||
Nomura Resecuritization Trust |
| |||||||
(LIBOR + 0.306%) | 3,258,282 | 2,629,694 | ||||||
8.644% due 06/26/35 § ~ | 1,954,406 | 1,934,248 | ||||||
Prime Mortgage Trust | 1,744,874 | 1,678,811 | ||||||
RBSSP Resecuritization Trust | 240,319 | 245,945 | ||||||
Reperforming Loan REMIC Trust |
| |||||||
(LIBOR + 0.340%) | 45,250 | 42,081 | ||||||
(LIBOR + 0.340%) | 271,715 | 246,834 | ||||||
WaMu Mortgage Pass-Through Certificates Trust |
| |||||||
(US FED + 1.400%) | 2,252 | 2,186 | ||||||
3.192% due 02/25/37 § | 210,651 | 201,386 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-15
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
Wells Fargo Mortgage-Backed Securities Trust | $217,250 | $214,481 | ||||||
3.239% due 04/25/35 § | 532,430 | 540,698 | ||||||
3.328% due 12/25/34 § | 27,940 | 28,436 | ||||||
3.410% due 04/25/36 § | 24,505 | 24,806 | ||||||
|
| |||||||
48,757,564 | ||||||||
|
| |||||||
Fannie Mae - 20.3% | ||||||||
(US FED + 1.200%) | 19,113 | 19,456 | ||||||
2.310% due 08/01/22 | 500,000 | 502,074 | ||||||
2.500% due 04/25/29 | 2,000,000 | 2,010,899 | ||||||
2.810% due 04/01/25 | 30,000 | 30,455 | ||||||
3.000% due 09/01/21 - 11/01/47 | 47,548,545 | 47,856,468 | ||||||
(US Treasury + 2.043%) | 48,936 | 51,296 | ||||||
(LIBOR + 1.641%) | 47,803 | 50,708 | ||||||
(US Treasury + 2.360%) | 50,393 | 53,536 | ||||||
(LIBOR + 1.737%) | 8,233 | 8,418 | ||||||
3.500% due 09/01/42 - 03/01/57 | 56,452,496 | 58,107,302 | ||||||
4.000% due 08/01/18 - 11/01/47 | 18,442,563 | 19,502,728 | ||||||
(US FED + 1.926%) | 5,114 | 5,418 | ||||||
4.500% due 07/01/18 - 02/01/45 | 9,417,304 | 10,262,543 | ||||||
5.000% due 02/01/25 - 10/01/47 | 3,637,841 | 3,990,821 | ||||||
5.500% due 12/01/20 - 08/01/39 | 2,072,811 | 2,297,174 | ||||||
6.000% due 02/01/33 - 06/01/40 | 342,225 | 388,061 | ||||||
|
| |||||||
145,137,357 | ||||||||
|
| |||||||
Freddie Mac - 6.6% | ||||||||
(US Treasury + 2.250%) | 3,837 | 4,050 | ||||||
3.000% due 01/01/47 - 10/01/47 | 23,502,811 | 23,583,027 | ||||||
(US Treasury + 2.250%) 3.010% due 04/01/32 § | 12,843 | 13,458 | ||||||
(LIBOR + 1.345%) | 8,728 | 9,047 | ||||||
3.500% due 10/01/42 - 11/01/47 | 9,095,850 | 9,382,012 | ||||||
(LIBOR + 1.720%) | 78,583 | 82,861 | ||||||
(LIBOR + 1.870%) 3.620% due 09/01/35 § | 52,276 | 55,237 | ||||||
4.000% due 12/01/42 - 10/01/47 | 12,005,928 | 12,646,825 | ||||||
4.500% due 11/01/44 | 180,654 | 196,999 | ||||||
5.500% due 03/01/23 - 05/01/40 | 798,336 | 889,584 | ||||||
6.000% due 12/01/22 - 03/01/23 | 22,203 | 24,992 | ||||||
|
| |||||||
46,888,092 | ||||||||
|
| |||||||
Government National Mortgage Association - 4.0% |
| |||||||
3.000% due 10/20/47 | 7,900,000 | 8,008,008 | ||||||
3.500% due 03/20/47 - 11/20/47 | 10,571,179 | 10,985,506 | ||||||
4.000% due 07/20/47 - 10/20/47 | 8,692,592 | 9,167,824 | ||||||
5.000% due 10/15/38 - 04/15/39 | 206,105 | 226,945 | ||||||
|
| |||||||
28,388,283 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities |
| 301,979,485 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES - 6.6% | ||||||||
Aegis Asset Backed Securities Trust | 881,402 | 887,546 | ||||||
Ameriquest Mortgage Securities Trust | 2,010,000 | 1,782,718 |
Principal |
| |||||||
Argent Securities Inc | $840,355 | $809,798 | ||||||
(LIBOR + 1.125%) | 469,638 | 459,905 | ||||||
Asset-Backed Funding Certificates Trust | 71,612 | 71,502 | ||||||
Basic Asset Backed Securities Trust | 700,000 | 674,445 | ||||||
Bear Stearns Asset Backed Securities I Trust | 283,578 | 281,386 | ||||||
(LIBOR + 0.240%) | 1,341,134 | 1,000,324 | ||||||
(LIBOR + 0.250%) | 6,606,260 | 4,670,651 | ||||||
(LIBOR + 1.005%) | 300,000 | 299,678 | ||||||
Bravo Mortgage Asset Trust | 788,809 | 781,186 | ||||||
Business Loan Express Business Loan Trust | 180,126 | 173,272 | ||||||
Carlyle Global Market Strategies CLO Ltd (Cayman) | 800,000 | 803,798 | ||||||
Cent CLO 21 Ltd (Cayman) | 800,000 | 803,126 | ||||||
Chapel BV (Netherlands) | EUR 62,756 | 73,659 | ||||||
CIT Mortgage Loan Trust | $749,824 | 755,441 | ||||||
Citigroup Mortgage Loan Trust | 247,538 | 246,011 | ||||||
(LIBOR + 0.450%) | 690,745 | 682,541 | ||||||
Citigroup Mortgage Loan Trust Inc | 1,122,000 | 1,145,520 | ||||||
Community Funding CLO (Cayman) | 660,000 | 659,980 | ||||||
Countrywide Asset-Backed Certificates | 630,375 | 518,763 | ||||||
(LIBOR + 0.350%) | 112,760 | 113,045 | ||||||
(LIBOR + 0.400%) | 500,000 | 489,711 | ||||||
DT Auto Owner Trust | 456,277 | 456,027 | ||||||
First Franklin Mortgage Loan Trust | 955,444 | 958,542 | ||||||
Flagship CLO VIII Ltd (Cayman) | 900,000 | 903,582 | ||||||
GSAA Home Equity Trust |
| |||||||
(LIBOR + 0.100%) | 564,043 | 309,996 | ||||||
6.000% due 08/25/47 | 740,890 | 689,805 | ||||||
Home Equity Asset Trust | 697,240 | 705,689 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-16
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
JMP Credit Advisors CLO III Ltd (Cayman) | $800,000 | $803,787 | ||||||
Lockwood Grove CLO Ltd (Cayman) | 1,100,000 | 1,107,217 | ||||||
Long Beach Mortgage Loan Trust |
| |||||||
(LIBOR + 0.150%) | 205,508 | 144,917 | ||||||
(LIBOR + 0.155%) | 735,990 | 503,202 | ||||||
(LIBOR + 0.300%) | 1,313,588 | 941,283 | ||||||
Malin CLO BV (Netherlands) | EUR 42,618 | 50,359 | ||||||
Mastr Asset Backed Securities Trust | $710,325 | 334,259 | ||||||
Merrill Lynch Mortgage Investors Trust | 488,972 | 308,583 | ||||||
Morgan Stanley Home Equity Loan Trust | ||||||||
(LIBOR + 0.100%) | 1,134,762 | 651,921 | ||||||
(LIBOR + 0.140%) | 895,718 | 517,605 | ||||||
(LIBOR + 0.170%) | 1,104,427 | 690,714 | ||||||
Oaktree CLO Ltd (Cayman) | 800,000 | 802,845 | ||||||
OneMain Financial Issuance Trust | 1,300,000 | 1,314,309 | ||||||
Option One Mortgage Loan Trust | 1,094,244 | 698,400 | ||||||
OZLM Funding V Ltd (Cayman) | 800,000 | 804,302 | ||||||
OZLM IX Ltd (Cayman) | 900,000 | 904,865 | ||||||
Regatta V Funding Ltd (Cayman) | 800,000 | 802,418 | ||||||
Residential Asset Securities | 1,100,000 | 1,045,012 | ||||||
SBA Small Business Investment Cos | 103,519 | 104,310 | ||||||
Securitized Asset-Backed Receivables LLC Trust |
| |||||||
(LIBOR + 0.130%) | 89,754 | 70,532 | ||||||
(LIBOR + 0.140%) | 194,688 | 117,625 | ||||||
Securitized Term Auto Receivables Trust (Canada) | 740,210 | 739,854 | ||||||
SLM Student Loan Trust |
| |||||||
(LIBOR + 0.110%) | 1,130,000 | 1,115,322 | ||||||
(LIBOR + 0.110%) | 225,624 | 225,576 | ||||||
SMB Private Education Loan Trust |
| |||||||
(LIBOR + 1.150%) | 1,618,941 | 1,642,441 | ||||||
(LIBOR + 1.500%) | 550,000 | 566,650 | ||||||
3.050% due 05/15/26 ~ | 1,489,426 | 1,514,504 |
Principal |
| |||||||
Structured Asset Investment Loan Trust | $832,046 | $835,053 | ||||||
Structured Asset Securities Corp Mortgage Loan Trust | 1,000,000 | 929,657 | ||||||
Symphony CLO XV Ltd (Cayman) | 800,000 | 805,137 | ||||||
THL Credit Wind River CLO Ltd (Cayman) |
| |||||||
(LIBOR + 1.180%) | 800,000 | 803,153 | ||||||
(LIBOR + 1.440%) | 600,000 | 603,610 | ||||||
(LIBOR + 1.450%) | 600,000 | 600,431 | ||||||
Towd Point Mortgage Trust | 1,148,262 | 1,156,223 | ||||||
US Residential Opportunity Fund Trust | 755,587 | 757,875 | ||||||
|
| |||||||
Total Asset-Backed Securities | 47,221,598 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY ISSUES - 0.7% | ||||||||
Fannie Mae | 2,680,000 | 2,584,223 | ||||||
6.625% due 11/15/30 | 1,500,000 | 2,124,498 | ||||||
|
| |||||||
Total U.S. Government Agency Issues | 4,708,721 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 16.9% |
| |||||||
U.S. Treasury Bonds - 9.4% | ||||||||
2.250% due 08/15/46 | 1,700,000 | 1,493,809 | ||||||
2.500% due 02/15/45 | 800,000 | 745,875 | ||||||
2.500% due 02/15/46 | 1,830,000 | 1,701,471 | ||||||
2.750% due 08/15/47 | 3,810,000 | 3,725,242 | ||||||
2.875% due 05/15/43 | 4,700,000 | 4,735,709 | ||||||
3.000% due 05/15/42 | 3,000,000 | 3,102,246 | ||||||
3.000% due 02/15/47 | 18,620,000 | 19,144,051 | ||||||
3.000% due 05/15/47 | 1,000,000 | 1,028,438 | ||||||
3.125% due 02/15/43 | 3,500,000 | 3,691,338 | ||||||
3.625% due 08/15/43 | 11,200,000 | 12,845,000 | ||||||
3.750% due 11/15/43 | 11,150,000 | 13,063,357 | ||||||
4.250% due 05/15/39 | 200,000 | 250,125 | ||||||
4.375% due 05/15/40 | 1,000,000 | 1,274,277 | ||||||
4.625% due 02/15/40 | 400,000 | 526,328 | ||||||
|
| |||||||
67,327,266 | ||||||||
|
| |||||||
U.S. Treasury Inflation Protected Securities - 1.6% |
| |||||||
0.125% due 07/15/26 ^ | 2,216,026 | 2,155,036 | ||||||
0.625% due 02/15/43 ^ | 2,470,104 | 2,308,756 | ||||||
0.750% due 02/15/42 ^ | 920,814 | 889,761 | ||||||
0.750% due 02/15/45 ^ | 738,052 | 704,111 | ||||||
0.875% due 02/15/47 ^ | 476,608 | 469,758 | ||||||
1.375% due 02/15/44 ^ | 640,695 | 706,997 | ||||||
2.125% due 02/15/41 ^ | 212,380 | 268,773 | ||||||
2.500% due 01/15/29 ^ | 1,596,182 | 1,927,108 | ||||||
3.875% due 04/15/29 ^ | 1,340,127 | 1,823,556 | ||||||
|
| |||||||
11,253,856 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-17
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
U.S. Treasury Notes - 5.9% | ||||||||
1.375% due 04/30/21 | $5,140,000 | $5,074,445 | ||||||
1.375% due 05/31/21 | 230,000 | 226,851 | ||||||
1.375% due 08/31/23 | 310,000 | 298,181 | ||||||
1.625% due 04/30/23 | 90,000 | 88,124 | ||||||
1.625% due 05/31/23 ‡ | 2,000,000 | 1,956,406 | ||||||
1.750% due 06/30/22 | 1,110,000 | 1,101,718 | ||||||
1.750% due 09/30/22 | 1,080,000 | 1,069,875 | ||||||
1.875% due 04/30/22 | 1,010,000 | 1,008,876 | ||||||
1.875% due 07/31/22 | 1,700,000 | 1,695,949 | ||||||
1.875% due 08/31/22 | 12,240,000 | 12,206,053 | ||||||
1.875% due 09/30/22 | 1,000,000 | 997,305 | ||||||
2.125% due 09/30/24 | 7,740,000 | 7,717,626 | ||||||
2.250% due 01/31/24 ‡ | 2,000,000 | 2,017,070 | ||||||
2.250% due 11/15/25 | 10,000 | 9,997 | ||||||
2.250% due 02/15/27 | 600,000 | 596,215 | ||||||
2.250% due 08/15/27 | 3,600,000 | 3,574,336 | ||||||
2.375% due 05/15/27 | 2,300,000 | 2,308,939 | ||||||
2.750% due 02/15/24 | 400,000 | 415,367 | ||||||
|
| |||||||
42,363,333 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 120,944,455 | ||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 5.9% |
| |||||||
Argentina POM Politica Monetaria (Argentina) | ARS 520,000 | 31,461 | ||||||
Argentine Bonos del Tesoro (Argentina) | 15,570,000 | 917,772 | ||||||
Argentine Republic Government International (Argentina) | $1,130,000 | 1,188,195 | ||||||
6.875% due 04/22/21 | 420,000 | 458,168 | ||||||
7.125% due 07/06/36 | 460,000 | 483,460 | ||||||
7.500% due 04/22/26 | 150,000 | 168,750 | ||||||
Brazil Notas do Tesouro Nacional ‘F’ (Brazil) | BRL 13,338,000 | 4,371,120 | ||||||
10.000% due 01/01/23 | 7,390,000 | 2,407,824 | ||||||
Brazilian Government International (Brazil) | $200,000 | 186,640 | ||||||
5.625% due 01/07/41 | 1,000,000 | 1,010,000 | ||||||
Bundesrepublik Deutschland (Germany) | EUR 300,000 | 458,627 | ||||||
3.250% due 07/04/42 ~ | 400,000 | 686,878 | ||||||
China Government (China) | CNY 3,000,000 | 435,666 | ||||||
3.380% due 11/21/24 ~ | 7,000,000 | 1,026,397 | ||||||
3.390% due 05/21/25 ~ | 1,000,000 | 146,325 | ||||||
Colombia Government (Colombia) | $650,000 | 728,325 | ||||||
Indonesia Government (Indonesia) | 750,000 | 779,654 | ||||||
4.875% due 05/05/21 ~ | 500,000 | 539,826 | ||||||
Indonesia Government International Bond (Indonesia) | 200,000 | 221,486 | ||||||
5.250% due 01/08/47 ~ | 200,000 | 225,635 | ||||||
Japan Bank for International Cooperation (Japan) | 700,000 | 703,052 | ||||||
Japanese Government CPI Linked (Japan) | JPY 285,831,422 | 2,645,576 | ||||||
Kuwait International Government (Kuwait) | $670,000 | 690,118 |
Principal |
| |||||||
Mexican Bonos (Mexico) | MXN 66,710,000 | $3,635,384 | ||||||
7.750% due 11/23/34 | 20,610,000 | 1,202,239 | ||||||
7.750% due 11/13/42 | 73,690,000 | 4,290,895 | ||||||
8.000% due 11/07/47 | 19,030,000 | 1,141,628 | ||||||
10.000% due 12/05/24 | 25,400,000 | 1,652,953 | ||||||
Peru Government Bond (Peru) | PEN 6,100,000 | 1,977,257 | ||||||
Peruvian Government International (Peru) | $450,000 | 569,250 | ||||||
6.550% due 03/14/37 | 40,000 | 54,000 | ||||||
Province of Ontario (Canada) | 200,000 | 199,369 | ||||||
3.150% due 06/02/22 | CAD 900,000 | 751,752 | ||||||
Province of Quebec (Canada) | $600,000 | 625,774 | ||||||
Republic of Poland Government International (Poland) | 1,230,000 | 1,325,116 | ||||||
Russian Federal (Russia) | RUB 37,760,000 | 642,615 | ||||||
7.050% due 01/19/28 | 113,222,000 | 1,911,491 | ||||||
7.750% due 09/16/26 | 11,420,000 | 202,768 | ||||||
8.150% due 02/03/27 | 21,200,000 | 386,005 | ||||||
Tokyo Metropolitan Government (Japan) | $1,000,000 | 1,005,512 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes | 42,084,963 | |||||||
|
| |||||||
MUNICIPAL BONDS - 0.9% | ||||||||
Alabama Economic Settlement Authority | 1,000,000 | 1,020,690 | ||||||
City of Chicago IL ‘B’ | 400,000 | 409,152 | ||||||
6.314% due 01/01/44 | 700,000 | 749,196 | ||||||
7.750% due 01/01/42 | 400,000 | 433,392 | ||||||
New Jersey Economic Development | 1,900,000 | 1,847,864 | ||||||
Tobacco Settlement Finance Authority of WV ‘A’ | 730,000 | 714,415 | ||||||
University of Arizona ‘A’ | 1,300,000 | 1,443,819 | ||||||
|
| |||||||
Total Municipal Bonds | 6,618,528 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS - 14.2% |
| |||||||
Certificates of Deposit - 0.7% | ||||||||
Barclays Bank PLC (United Kingdom) | 2,500,000 | 2,501,115 | ||||||
1.940% due 09/04/18 | 600,000 | 600,478 | ||||||
Mizuho Bank Ltd (Japan) | 2,100,000 | 2,103,245 | ||||||
|
| |||||||
5,204,838 | ||||||||
|
| |||||||
Commercial Paper - 1.8% | ||||||||
CNPC Finance HK Ltd (China) | 1,700,000 | 1,698,821 | ||||||
Deutsche Telekom | 1,500,000 | 1,498,459 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-18
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
Electricite De France | $1,500,000 | $1,493,757 | ||||||
Enbridge Energy Partners LP | 400,000 | 398,636 | ||||||
Energy Transfer Partners LP | 600,000 | 599,508 | ||||||
2.062% due 10/06/17 | 1,300,000 | 1,299,564 | ||||||
Enterprise Products Operating LLC | 1,500,000 | 1,498,503 | ||||||
Mattel Inc | 1,500,000 | 1,499,025 | ||||||
NiSource Finance Corp | 1,500,000 | 1,499,719 | ||||||
ONEOK Inc | 1,300,000 | 1,299,805 | ||||||
|
| |||||||
12,785,797 | ||||||||
|
| |||||||
Foreign Government Issues - 2.9% | ||||||||
Japan Treasury Bills (Japan) | JPY 380,000,000 | 3,377,254 | ||||||
0.119% due 11/06/17 | 950,000,000 | 8,443,590 | ||||||
0.123% due 11/20/17 | 550,000,000 | 4,888,643 | ||||||
0.124% due 11/27/17 | 110,000,000 | 977,753 | ||||||
0.127% due 12/18/17 | 120,000,000 | 1,066,723 | ||||||
0.130% due 01/10/18 | 180,000,000 | 1,600,227 | ||||||
|
| |||||||
20,354,190 | ||||||||
|
| |||||||
Shares | ||||||||
Money Market Fund - 8.8% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 62,748,007 | 62,748,007 | ||||||
|
| |||||||
Total Short-Term Investments |
| 101,092,832 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 123.3% |
| 879,955,201 | ||||||
DERIVATIVES - (0.1%) | ||||||||
(See Notes (f) through (j) in Notes to Schedule of Investments) | (613,216 | ) | ||||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - (23.2%) |
| (165,963,373 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% | $713,378,612 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition as a percentage of net assets was as follows: |
Mortgage-Backed Securities | 42.3% | |||
Corporate Bonds & Notes | 33.2% | |||
U.S. Treasury Obligations | 16.9% | |||
Short-Term Investments | 14.2% | |||
Asset-Backed Securities | 6.6% | |||
Foreign Government Bonds & Notes | 5.9% | |||
Others (each less than 3.0%) | 4.2% | |||
|
| |||
123.3% | ||||
|
| |||
Derivatives | (0.1% | ) | ||
Other Assets & Liabilities, Net | (23.2% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Investments with a total aggregate value of $27,842,791 or 3.9% 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) | As of September 30, 2017, investments with a total aggregate value of $2,932,952 were 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. |
(d) | The average amount of borrowings by the Fund on reverse repurchase agreements outstanding during the six-month period ended September 30, 2017 was $5,154,500 at a weighted average interest rate of 0.650%. 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, 2017 was $9,823,399 at a weighted average interest rate of 0.466%. |
(e) | A reverse repurchase agreement outstanding as of September 30, 2017 was as follows: |
Counter- party | Collateral Pledged | Interest Rate | Trade Date | Maturity Date | Repurchase Amount | Principal Amount | Value | |||||||||||||||||||
MER | U S Treasury Note 1.625% due 08/31/22 | 0.650% | 09/25/17 | 10/02/17 | ($991,304 | ) | $991,250 | ($991,250 | ) | |||||||||||||||||
|
|
|
|
|
|
(f) | Open futures contracts outstanding as of September 30, 2017 were as follows: |
Long Futures Outstanding | Number of | Notional | Value | Unrealized | ||||||||||||
CAD FX (12/17) | 65 | $5,339,897 | $5,216,575 | ($123,322 | ) | |||||||||||
Euro-Bobl (12/17) | 7 | 1,088,510 | 1,085,285 | (3,225 | ) | |||||||||||
Euro-BTP (12/17) | 97 | 15,533,573 | 15,472,308 | (61,265 | ) | |||||||||||
Euro-Bund (12/17) | 102 | 19,445,809 | 19,410,259 | (35,550 | ) | |||||||||||
Eurodollar (03/18) | 20 | 4,913,315 | 4,920,500 | 7,185 | ||||||||||||
Eurodollar (12/18) | 63 | 15,418,668 | 15,456,263 | 37,595 | ||||||||||||
MXN FX (12/17) | 172 | 4,767,075 | 4,665,500 | (101,575 | ) | |||||||||||
U.S. Treasury 2-Year Notes (12/17) | 322 | 69,621,311 | 69,456,408 | (164,903 | ) | |||||||||||
U.S. Treasury 5-Year Notes (12/17) | 2,191 | 258,965,412 | 257,442,500 | (1,522,912 | ) | |||||||||||
U.S. Treasury 10-Year Notes (12/17) | 323 | 40,845,699 | 40,475,937 | (369,762 | ) | |||||||||||
U.S. Ultra Long Bonds (12/17) | 235 | 39,335,083 | 38,804,375 | (530,708 | ) | |||||||||||
United Kingdom Gilt (12/17) | 2 | 336,718 | 331,998 | (4,720 | ) | |||||||||||
|
| |||||||||||||||
(2,873,162 | ) | |||||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-19
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Short Futures Outstanding | Number of | Notional | Value | Unrealized | ||||||||||||
AUD FX (12/17) | 43 | $3,426,163 | $3,369,480 | $56,683 | ||||||||||||
Australia 10-Year Bonds (12/17) | 7 | 702,515 | 697,561 | 4,954 | ||||||||||||
Canada 10-Year Bonds (12/17) | 18 | 1,989,296 | 1,951,833 | 37,463 | ||||||||||||
Euro-BTP (12/17) | 5 | 801,815 | 797,542 | 4,273 | ||||||||||||
Euro-Bund (12/17) | 233 | 44,663,313 | 44,339,121 | 324,192 | ||||||||||||
Euro-Buxl (12/17) | 4 | 789,214 | 771,824 | 17,390 | ||||||||||||
Eurodollar (12/17) | 1,186 | 292,344,244 | 292,111,800 | 232,444 | ||||||||||||
Eurodollar (03/18) | 69 | 16,994,034 | 16,975,725 | 18,309 | ||||||||||||
Eurodollar (06/18) | 110 | 27,064,694 | 27,032,500 | 32,194 | ||||||||||||
Eurodollar (09/18) | 38 | 9,327,189 | 9,330,900 | (3,711 | ) | |||||||||||
Eurodollar (12/18) | 48 | 11,779,321 | 11,776,200 | 3,121 | ||||||||||||
Eurodollar (03/19) | 29 | 7,110,161 | 7,111,525 | (1,364 | ) | |||||||||||
Eurodollar (12/19) | 203 | 49,566,237 | 49,707,088 | (140,851 | ) | |||||||||||
Euro-OAT (12/17) | 129 | 23,720,470 | 23,653,303 | 67,167 | ||||||||||||
Euro-Schatz (12/17) | 56 | 7,424,190 | 7,421,440 | 2,750 | ||||||||||||
GBP FX (12/17) | 16 | 1,343,371 | 1,343,900 | (529 | ) | |||||||||||
Japan 10-Year Bonds (12/17) | 6 | 8,055,234 | 8,016,885 | 38,349 | ||||||||||||
JPY FX (12/17) | 107 | 12,161,695 | 11,930,500 | 231,195 | ||||||||||||
U.S. Treasury 10-Year Notes (12/17) | 180 | 22,753,981 | 22,556,250 | 197,731 | ||||||||||||
U.S. Treasury Ultra 10-Year Notes (12/17) | 41 | 5,573,914 | 5,507,453 | 66,461 | ||||||||||||
U.S. Ultra Long Bonds (12/17) | 129 | 19,942,995 | 19,712,812 | 230,183 | ||||||||||||
United Kingdom Gilt (12/17) | 21 | 3,573,470 | 3,485,977 | 87,493 | ||||||||||||
|
| |||||||||||||||
1,505,897 | ||||||||||||||||
|
| |||||||||||||||
Total Futures Contracts | ($1,367,265 | ) | ||||||||||||||
|
|
(g) | Forward foreign currency contracts outstanding as of September 30, 2017 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
BRL | 16,484,900 | USD | 5,041,408 | 10/17 | BRC | $148,480 | ||||||||||||||
CAD | 2,870,640 | USD | 2,232,736 | 10/17 | BRC | 68,224 | ||||||||||||||
CHF | 362,000 | USD | 377,652 | 10/17 | SCB | (3,720 | ) | |||||||||||||
DKK | 10,043,000 | USD | 1,596,915 | 10/17 | SCB | (1,557 | ) | |||||||||||||
DKK | 99,000 | USD | 15,096 | 01/18 | DUB | 720 | ||||||||||||||
DKK | 609,000 | USD | 93,420 | 04/18 | HSB | 4,438 | ||||||||||||||
EUR | 1,004,602 | USD | 1,157,430 | 10/17 | BRC | 31,214 | ||||||||||||||
EUR | 5,406,000 | USD | 6,379,080 | 10/17 | DUB | 11,646 | ||||||||||||||
EUR | 2,082,000 | USD | 2,484,568 | 10/17 | UBS | (23,323 | ) | |||||||||||||
GBP | 2,097,000 | USD | 2,720,543 | 10/17 | BRC | 91,316 | ||||||||||||||
GBP | 1,579,000 | USD | 2,055,503 | 11/17 | JPM | 63,417 | ||||||||||||||
IDR | 36,335,220,000 | USD | 2,697,092 | 10/17 | BRC | (4,131 | ) | |||||||||||||
IDR | 10,539,170,000 | USD | 785,099 | 10/17 | JPM | (4,749 | ) | |||||||||||||
IDR | 5,414,010,000 | USD | 398,940 | 10/17 | SCB | 2,527 | ||||||||||||||
INR | 280,700,000 | USD | 4,278,833 | 10/17 | BRC | 7,459 | ||||||||||||||
JPY | 162,305,600 | USD | 1,444,000 | 10/17 | GSC | (1,385 | ) | |||||||||||||
JPY | 111,433,410 | USD | 990,000 | 10/17 | GSC | 449 | ||||||||||||||
JPY | 172,710,912 | USD | 1,534,000 | 10/17 | HSB | 1,177 | ||||||||||||||
JPY | 60,837,711 | USD | 542,000 | 10/17 | JPM | (1,231 | ) | |||||||||||||
JPY | 494,600,000 | USD | 4,564,836 | 10/17 | SCB | (168,481 | ) | |||||||||||||
JPY | 180,000,000 | USD | 1,598,863 | 10/17 | UBS | 1,105 | ||||||||||||||
JPY | 903,900,000 | USD | 8,162,713 | 11/17 | JPM | (112,183 | ) | |||||||||||||
KRW | 1,702,079,680 | USD | 1,487,000 | 12/17 | HSB | 312 | ||||||||||||||
MXN | 24,059,891 | USD | 1,324,400 | 10/17 | JPM | (3,827 | ) | |||||||||||||
TWD | 161,140,000 | USD | 5,364,181 | 10/17 | DUB | (44,976 | ) | |||||||||||||
TWD | 76,767,885 | USD | 2,565,000 | 12/17 | UBS | (23,187 | ) | |||||||||||||
USD | 16,780 | AUD | 21,001 | 10/17 | BRC | 311 | ||||||||||||||
USD | 702,648 | CAD | 877,000 | 10/17 | HSB | (236 | ) | |||||||||||||
USD | 71,330 | CAD | 87,000 | 10/17 | RBS | 1,603 | ||||||||||||||
USD | 342,588 | CHF | 333,000 | 10/17 | UBS | (1,388 | ) | |||||||||||||
USD | 2,913,475 | CNH | 19,925,254 | 10/17 | BRC | (81,460 | ) | |||||||||||||
USD | 6,816,938 | CNY | 46,696,029 | 10/17 | BRC | (205,267 | ) | |||||||||||||
USD | 9,032,006 | DKK | 58,979,000 | 10/17 | HSB | (336,972 | ) | |||||||||||||
USD | 778,643 | DKK | 4,880,000 | 01/18 | BRC | (981 | ) | |||||||||||||
USD | 8,528,135 | DKK | 58,024,000 | 01/18 | JPM | (741,714 | ) | |||||||||||||
USD | 1,337,290 | DKK | 9,128,000 | 01/18 | UBS | (120,989 | ) | |||||||||||||
USD | 345,552 | DKK | 2,150,000 | 04/18 | BRC | 77 | ||||||||||||||
USD | 2,519,936 | DKK | 17,162,000 | 04/18 | JPM | (237,755 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-20
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
USD | 4,138,255 | DKK | 27,654,000 | 04/18 | UBS | ($305,351 | ) | |||||||||||||||
USD | 1,632,610 | DKK | 10,043,000 | 10/18 | SCB | (131 | ) | |||||||||||||||
USD | 2,684,879 | EUR | 2,257,000 | 10/17 | BRC | 16,278 | ||||||||||||||||
USD | 1,570,317 | EUR | 1,309,000 | 10/17 | HSB | 22,877 | ||||||||||||||||
USD | 4,169,610 | EUR | 3,488,000 | 10/17 | JPM | 46,255 | ||||||||||||||||
USD | 1,064,080 | EUR | 892,000 | 10/17 | SCB | 9,599 | ||||||||||||||||
USD | 6,389,178 | EUR | 5,406,000 | 11/17 | DUB | (12,066 | ) | |||||||||||||||
USD | 1,173,115 | GBP | 887,000 | 10/17 | BRC | (16,259 | ) | |||||||||||||||
USD | 2,818,510 | GBP | 2,177,000 | 11/17 | HSB | (102,888 | ) | |||||||||||||||
USD | 1,016,608 | GBP | 787,000 | 11/17 | JPM | (39,497 | ) | |||||||||||||||
USD | 1,060,316 | GBP | 781,000 | 11/17 | RBS | 12,262 | ||||||||||||||||
USD | 183,000 | IDR | 2,405,535,000 | 10/17 | HSB | 4,622 | ||||||||||||||||
USD | 224,000 | IDR | 2,945,600,000 | 10/17 | RBS | 5,574 | ||||||||||||||||
USD | 583,409 | JPY | 65,362,363 | 10/17 | BRC | 1,952 | ||||||||||||||||
USD | 3,404,524 | JPY | 380,000,000 | 10/17 | UBS | 23,400 | ||||||||||||||||
USD | 1,576,243 | JPY | 173,600,000 | 11/17 | BRC | 30,085 | ||||||||||||||||
USD | 1,478,064 | JPY | 161,700,000 | 11/17 | HSB | 37,892 | ||||||||||||||||
USD | 21,069,929 | JPY | 2,305,200,000 | 11/17 | JPM | 540,869 | ||||||||||||||||
USD | 989,311 | JPY | 110,000,000 | 11/17 | UBS | 9,133 | ||||||||||||||||
USD | 1,081,191 | JPY | 120,000,000 | 12/17 | UBS | 10,447 | ||||||||||||||||
USD | 1,607,098 | JPY | 180,000,000 | 01/18 | UBS | (1,246 | ) | |||||||||||||||
USD | 7,833,146 | KRW | 8,898,767,554 | 12/17 | UBS | 57,222 | ||||||||||||||||
USD | 4,213,517 | MXN | 75,097,505 | 10/17 | BRC | 103,509 | ||||||||||||||||
USD | 1,324,400 | MXN | 24,064,348 | 10/17 | DUB | 3,582 | ||||||||||||||||
USD | 4,677,008 | PHP | 241,661,000 | 11/17 | DUB | (67,901 | ) | |||||||||||||||
USD | 4,440,989 | SGD | 6,066,392 | 12/17 | SCB | (34,533 | ) | |||||||||||||||
USD | 5,306,243 | TWD | 161,140,000 | 10/17 | BRC | (12,962 | ) | |||||||||||||||
USD | 7,554,025 | TWD | 225,109,954 | 12/17 | JPM | 106,362 | ||||||||||||||||
|
| |||||||||||||||||||||
Total Forward Foreign Currency Contracts | ($1,235,951 | ) | ||||||||||||||||||||
|
|
(h) | Purchased options outstanding as of September 30, 2017 were as follows: |
Interest Rate Swaptions
Description | Pay/Receive Floating Rate | Floating Rate Index | Exercise Rate | Expiration Date | Counter- party | Notional Amount | Cost | Value | ||||||||||||||||||||||||
Put -30-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 2.905% | 08/20/18 | MSC | $900,000 | $88,800 | $20,073 | ||||||||||||||||||||||||
Put -30-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 2.940% | 08/20/18 | GSC | 300,000 | 29,340 | 6,115 | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
$118,140 | $26,188 | |||||||||||||||||||||||||||||||
|
|
|
|
Options on Futures
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Notional Amount | Cost | Value | |||||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (10/17) | $154.00 | 10/13/17 | CME | 12 | $1,848,000 | $8,584 | $5,438 | |||||||||||||||||||||
Call - U.S. Treasury 5-Year Notes (11/17) | 117.75 | 10/27/17 | CME | 22 | 2,590,500 | 5,626 | 4,297 | |||||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/17) | 125.50 | 10/27/17 | CME | 8 | 1,004,000 | 3,577 | 3,625 | |||||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/17) | 125.75 | 10/27/17 | CME | 8 | 1,006,000 | 3,139 | 2,750 | |||||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/17) | 152.50 | 10/27/17 | CME | 6 | 915,000 | 7,136 | 8,438 | |||||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/17) | 153.00 | 10/27/17 | CME | 13 | 1,989,000 | 14,023 | 15,031 | |||||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/17) | 154.00 | 10/27/17 | CME | 14 | 2,156,000 | 15,369 | 10,281 | |||||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/17) | 155.00 | 10/27/17 | CME | 6 | 930,000 | 5,417 | 2,812 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
62,871 | 52,672 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Put - EUR FX (10/17) | 1.19 | 10/06/17 | CME | 4 | 595,000 | 2,157 | 3,250 | |||||||||||||||||||||
Put - EUR FX (10/17) | 1.20 | 10/06/17 | CME | 1 | 150,000 | 577 | 1,263 | |||||||||||||||||||||
Put - JPY FX (10/17) | 92.00 | 10/06/17 | CME | 8 | 920,000 | 10,426 | 28,100 | |||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (11/17) | 115.25 | 10/27/17 | CME | 3 | 345,750 | 57 | 23 | |||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (11/17) | 118.00 | 10/27/17 | CME | 22 | 2,596,000 | 5,805 | 13,750 | |||||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (11/17) | 125.50 | 10/27/17 | CME | 2 | 251,000 | 941 | 1,281 | |||||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (11/17) | 126.00 | 10/27/17 | CME | 29 | 3,654,000 | 12,490 | 27,641 | |||||||||||||||||||||
Put - U.S. Treasury 30-Year Bonds (11/17) | 152.00 | 10/27/17 | CME | 9 | 1,368,000 | 7,782 | 8,016 | |||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (12/17) | 111.00 | 11/24/17 | CME | 500 | 55,500,000 | 4,807 | — | |||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (12/17) | 111.75 | 11/24/17 | CME | 212 | 23,691,000 | 1,810 | — | |||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (12/17) | 112.25 | 11/24/17 | CME | 232 | 26,042,000 | 1,981 | — | |||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (12/17) | 113.50 | 11/24/17 | CME | 420 | 47,670,000 | 7,928 | 3,281 | |||||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (12/17) | 114.00 | 11/24/17 | CME | 28 | 3,192,000 | 239 | — | |||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (12/17) | 114.00 | 11/24/17 | CME | 579 | 66,006,000 | 10,929 | 9,047 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-21
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Notional Amount | Cost | Value | |||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (12/17) | $114.25 | 11/24/17 | CME | 207 | $23,649,750 | $3,907 | $3,234 | |||||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (12/17) | 114.50 | 11/24/17 | CME | 10 | 1,145,000 | 85 | — | |||||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (12/17) | 115.50 | 11/24/17 | CME | 4 | 462,000 | 34 | — | |||||||||||||||||||||
Put - Euro-Bund (12/17) | EUR 145.00 | 11/24/17 | EUX | 88 | EUR 12,760,000 | 1,128 | 1,040 | |||||||||||||||||||||
Put - Eurodollar (03/18) | $98.25 | 03/19/18 | CME | 122 | $29,966,250 | 10,748 | 6,863 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
83,831 | 106,789 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Options on Futures | $146,702 | $159,461 | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Purchased Options | $264,842 | $185,649 | ||||||||||||||||||||||||||
|
|
|
|
(i) | Premiums received and value of written options outstanding as of September 30, 2017 were as follows: |
Foreign Currency Options
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||
Call - MXN versus USD | MXN 18.47 | 10/31/17 | DUB | $4,300,000 | $33,110 | ($33,038 | ) | |||||||||||||||
Call - JPY versus USD | JPY 115.20 | 10/31/17 | DUB | 3,100,000 | 13,237 | (8,442 | ) | |||||||||||||||
|
|
|
| |||||||||||||||||||
$46,347 | ($41,480 | ) | ||||||||||||||||||||
|
|
|
|
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 - | 03/12/20 | CIT | $1,200,000 | $10,320 | ($3 | ) | ||||||||||||||||
Floor - U.S. CPI Urban Consumers NSA | 0.00 | Maximum of ((1 + 0.00%)10 - | 09/29/20 | CIT | 600,000 | 7,740 | (4 | ) | ||||||||||||||||
|
|
|
| |||||||||||||||||||||
$18,060 | ($7 | ) | ||||||||||||||||||||||
|
|
|
|
Interest Rate Swaptions
Description | Pay/Receive Floating Rate | Floating Rate Index | Exercise Rate | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||||||||
Put - 5-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.800% | 08/20/18 | GSC | $1,200,000 | $26,727 | ($2,818 | ) | |||||||||||||||||||||
Put - 5-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.800% | 08/20/18 | MSC | 3,800,000 | 84,793 | (8,924 | ) | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||
$111,520 | ($11,742 | ) | ||||||||||||||||||||||||||||
|
|
|
|
Options on Futures
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Notional Amount | Premium | Value | |||||||||||||||||||
Call - EUR-FX (10/17) | $1.19 | 10/06/17 | CME | 12 | $1,785,000 | $14,861 | ($4,350 | ) | ||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (10/17) | 155.00 | 10/13/17 | CME | 8 | 1,240,000 | 3,111 | (1,875 | ) | ||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (10/17) | 155.50 | 10/13/17 | CME | 16 | 2,488,000 | 4,471 | (2,750 | ) | ||||||||||||||||||
Call - U.S. Treasury 5-Year Notes (11/17) | 118.00 | 10/27/17 | CME | 27 | 3,186,000 | 4,287 | (3,375 | ) | ||||||||||||||||||
Call - U.S. Treasury 5-Year Notes (11/17) | 118.50 | 10/27/17 | CME | 14 | 1,659,000 | 4,451 | (656 | ) | ||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/17) | 126.00 | 10/27/17 | CME | 13 | 1,638,000 | 4,305 | (3,453 | ) | ||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/17) | 126.50 | 10/27/17 | CME | 16 | 2,024,000 | 4,971 | (2,750 | ) | ||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/17) | 126.75 | 10/27/17 | CME | 16 | 2,028,000 | 2,221 | (2,000 | ) | ||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/17) | 127.50 | 10/27/17 | CME | 12 | 1,530,000 | 4,385 | (750 | ) | ||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/17) | 128.00 | 10/27/17 | CME | 2 | 256,000 | 903 | (94 | ) | ||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/17) | 154.50 | 10/27/17 | CME | 6 | 927,000 | 4,489 | (3,469 | ) | ||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/17) | 155.50 | 10/27/17 | CME | 8 | 1,244,000 | 3,236 | (3,000 | ) | ||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/17) | 157.00 | 10/27/17 | CME | 24 | 3,768,000 | 18,660 | (4,125 | ) | ||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/17) | 158.00 | 10/27/17 | CME | 32 | 5,056,000 | 11,536 | (3,500 | ) | ||||||||||||||||||
Call - Euro-Bund (11/17) | EUR 162.50 | 10/27/17 | CME | 6 | EUR 975,000 | 6,078 | (2,198 | ) | ||||||||||||||||||
Call - Euro-Bund (10/17) | 164.50 | 10/27/17 | EUX | 22 | 3,619,000 | 11,574 | (1,560 | ) | ||||||||||||||||||
Call - EUR-FX (11/17) | $1.18 | 11/03/17 | CME | 7 | $1,032,500 | 9,625 | (12,775 | ) | ||||||||||||||||||
Call - EUR-FX (11/17) | 1.19 | 11/03/17 | CME | 4 | 595,000 | 8,555 | (4,750 | ) | ||||||||||||||||||
Call - EUR-FX (11/17) | 1.20 | 11/03/17 | CME | 36 | 5,400,000 | 66,310 | (26,550 | ) | ||||||||||||||||||
Call - U.S. Treasury 5-Year Notes (12/17) | 118.00 | 11/24/17 | CME | 22 | 2,596,000 | 5,632 | (5,156 | ) | ||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (12/17) | 126.50 | 11/24/17 | CME | 8 | 1,012,000 | 2,861 | (2,750 | ) | ||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (12/17) | 128.50 | 11/24/17 | CME | 11 | 1,413,500 | 4,605 | (1,031 | ) | ||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (12/17) | 129.00 | 11/24/17 | CME | 27 | 3,483,000 | 6,928 | (2,109 | ) | ||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (12/17) | 157.00 | 11/24/17 | CME | 16 | 2,512,000 | 8,190 | (7,750 | ) | ||||||||||||||||||
Call - EUR-FX (12/17) | 1.20 | 12/08/17 | CME | 14 | 2,100,000 | 13,800 | (16,275 | ) | ||||||||||||||||||
Call - Eurodollar (03/18) | 98.75 | 03/19/18 | CME | 122 | 30,118,750 | 12,927 | (2,288 | ) | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
242,972 | (121,339 | ) | ||||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-22
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Notional Amount | Premium | Value | |||||||||||||||||||||
Put - EUR FX (10/17) | $1.18 | 10/06/17 | CME | 6 | $885,000 | $2,364 | ($1,425 | ) | ||||||||||||||||||||
Put - CAD FX (10/17) | 79.00 | 10/06/17 | CME | 8 | 632,000 | 4,374 | (120 | ) | ||||||||||||||||||||
Put - JPY FX (10/17) | 89.50 | 10/06/17 | CME | 14 | 1,566,250 | 7,412 | (10,325 | ) | ||||||||||||||||||||
Put - JPY FX (10/17) | 91.00 | 10/06/17 | CME | 7 | 796,250 | 6,465 | (16,100 | ) | ||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (11/17) | 117.50 | 10/27/17 | CME | 13 | 1,527,500 | 2,422 | (3,961 | ) | ||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (11/17) | 117.75 | 10/27/17 | CME | 23 | 2,708,250 | 4,982 | (10,242 | ) | ||||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (11/17) | 124.50 | 10/27/17 | CME | 26 | 3,237,000 | 5,861 | (5,688 | ) | ||||||||||||||||||||
Put - U.S. Treasury 30-Year Bonds (11/17) | 153.00 | 10/27/17 | CME | 6 | 918,000 | 3,927 | (8,063 | ) | ||||||||||||||||||||
Put - U.S. Treasury 30-Year Bonds (11/17) | 154.00 | 10/27/17 | CME | 6 | 924,000 | 10,989 | (11,531 | ) | ||||||||||||||||||||
Put - Euro-Bund (10/17) | EUR 159.50 | 10/27/17 | EUX | 25 | EUR 3,987,500 | 13,521 | (10,046 | ) | ||||||||||||||||||||
Put - Euro-Bund (11/17) | 160.00 | 10/27/17 | CME | 7 | 1,120,000 | 4,835 | (3,971 | ) | ||||||||||||||||||||
Put - JPY FX (11/17) | $89.50 | 11/03/17 | CME | 14 | $1,566,250 | 9,162 | (22,750 | ) | ||||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (12/17) | 124.00 | 11/24/17 | CME | 11 | 1,364,000 | 3,917 | (3,094 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
80,231 | (107,316 | ) | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Options on Futures | $323,203 | ($228,655 | ) | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Written Options | $499,130 | ($281,884 | ) | |||||||||||||||||||||||||
|
|
|
|
(j) | Swap agreements outstanding as of September 30, 2017 were as follows: |
Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (1)
Referenced Obligation | Payment Frequency | Fixed Deal Receive Rate | Expiration Date | Counter- party | Implied Credit Spread at 09/30/17 (2) | Notional Amount (3) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||
Colombia Government | Q | 1.000% | 03/20/19 | GSC | 0.374% | $1,800,000 | $17,072 | ($16,452 | ) | $33,524 | ||||||||||||||||||||||||||
Colombia Government | Q | 1.000% | 03/20/19 | HSB | 0.374% | 3,500,000 | 33,196 | (28,642 | ) | 61,838 | ||||||||||||||||||||||||||
Petrobras International Co SA | Q | 1.000% | 12/20/19 | GSC | 0.982% | 300,000 | 194 | (32,995 | ) | 33,189 | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
50,462 | (78,089 | ) | 128,551 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||||||||||
Citigroup Inc | Q | 1.000% | 12/20/20 | ICE | 0.312% | 900,000 | 19,509 | 16,973 | 2,536 | |||||||||||||||||||||||||||
Tesco PLC | Q | 1.000% | 06/20/22 | ICE | 1.271% | EUR 800,000 | (7,374 | ) | (39,734 | ) | 32,360 | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
12,135 | (22,761 | ) | 34,896 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Total Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection |
| $62,597 | ($100,850 | ) | $163,447 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
Credit Default Swaps on Credit Indices - Buy Protection (4) |
| |||||||||||||||||||||||||||||||
Referenced Obligation | Payment Frequency | Fixed Deal Pay Rate | Expiration Date | Exchange | Notional Amount (3) | Value (5) | Upfront Premiums | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
CDX HY 29 5Y | Q | 5.000% | 12/20/22 | CME | $13,660,000 | ($1,069,749 | ) | ($1,023,879 | ) | ($45,870 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Credit Default Swaps on Credit Indices - Sell Protection (1) |
| |||||||||||||||||||||||||||||||
Referenced Obligation | Payment Frequency | Fixed Deal Receive Rate | Expiration Date | Counterparty | Notional Amount (3) | Value (5) | Upfront Premiums | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
CDX IG 9 10Y | Q | 0.548% | 12/20/17 | GSC | $96,450 | $136 | $— | $136 | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||||||
CDX IG 23 5Y | Q | 1.000% | 12/20/19 | CME | 990,000 | 16,372 | 13,423 | 2,949 | ||||||||||||||||||||||||
CDX IG 25 5Y | Q | 1.000% | 12/20/20 | CME | 2,290,000 | 52,244 | 4,198 | 48,046 | ||||||||||||||||||||||||
CDX IG 27 5Y | Q | 1.000% | 12/20/21 | CME | 8,890,000 | 201,479 | 143,532 | 57,947 | ||||||||||||||||||||||||
CDX IG 28 5Y | Q | 1.000% | 06/20/22 | CME | 30,490,000 | 646,183 | 536,578 | 109,605 | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
916,278 | 697,731 | 218,547 | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Credit Default Swaps on Credit Indices - Sell Protection |
| $916,414 | $697,731 | $218,683 | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Credit Default Swaps | ($90,738 | ) | ($426,998 | ) | $336,260 | |||||||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-23
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (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) | 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. |
(3) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(4) | 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. |
(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 (buy protection) or decreasing values (sell protection), 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 | Payment Frequency Fixed Rate / Floating Rate | Exchange | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 1.597% | 03/29/19 | $7,860,000 | ($6,213 | ) | $— | ($6,213 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 1.705% | 09/28/19 | 4,380,000 | (2,265 | ) | — | (2,265 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 1.138% | 10/17/19 | 12,330,000 | (148,782 | ) | — | (148,782 | ) | ||||||||||||||||||||||
6-Month JPY-LIBOR | S / S | CME | 0.250% | 12/20/19 | JPY 690,000,000 | 28,599 | 30,457 | (1,858 | ) | |||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 1.671% | 06/14/20 | $12,160,000 | (46,850 | ) | (3,505 | ) | (43,345 | ) | |||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 1.185% | 06/13/21 | 6,780,000 | (176,713 | ) | — | (176,713 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 2.054% | 03/31/22 | 1,330,000 | 4,423 | — | 4,423 | ||||||||||||||||||||||||
6-Month EUR-LIBOR | A / S | LCH | 1.500% | 03/21/48 | EUR 600,000 | (22,401 | ) | (21,049 | ) | (1,352 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
($370,202 | ) | $5,903 | ($376,105 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
Interest Rate Swaps - Receive Floating Rate
Floating Rate Index | Payment Frequency Fixed Rate / Floating Rate | Exchange | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Paid | Appreciation (Depreciation) | ||||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 2.000% | 12/16/19 | $700,000 | ($3,647 | ) | ($15,635 | ) | $11,988 | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 1.250% | 06/21/20 | 6,300,000 | 95,348 | 143,709 | (48,361 | ) | |||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 1.897% | 08/31/22 | 10,000,000 | 51,915 | — | 51,915 | ||||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 1.900% | 11/30/22 | 20,584,000 | 130,395 | — | 130,395 | ||||||||||||||||||||||||
6-Month GBP-LIBOR | S / S | LCH | 1.000% | 03/21/23 | GBP 5,300,000 | 69,162 | (48,382 | ) | 117,544 | |||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 1.267% | 05/15/23 | $36,224,000 | 1,535,957 | 627,471 | 908,486 | ||||||||||||||||||||||||
6-Month JPY-LIBOR | S / S | CME | 0.300% | 03/18/26 | JPY 1,430,000,000 | (72,271 | ) | (84,257 | ) | 11,986 | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 1.580% | 06/13/26 | $6,760,000 | 361,255 | 954 | 360,301 | ||||||||||||||||||||||||
6-Month JPY-LIBOR | S / S | LCH | 0.300% | 09/20/27 | JPY 440,000,000 | (6,966 | ) | (13,864 | ) | 6,898 | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 2.500% | 12/20/27 | $2,700,000 | (38,915 | ) | (77,300 | ) | 38,385 | ||||||||||||||||||||||
6-Month GBP-LIBOR | S / S | LCH | 1.500% | 03/21/28 | GBP 7,200,000 | (9,768 | ) | (199,303 | ) | 189,535 | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | CME | 2.474% | 11/15/43 | $11,298,000 | 195,932 | 63,467 | 132,465 | ||||||||||||||||||||||||
3-Month JPY-LIBOR | S / S | CME | 0.641% | 05/09/46 | JPY 187,300,000 | 121,147 | — | 121,147 | ||||||||||||||||||||||||
3-Month CAD-CDOR | S / S | CME | 1.750% | 12/16/46 | CAD 300,000 | 47,546 | (4,049 | ) | 51,595 | |||||||||||||||||||||||
3-Month EUR-LIBOR | A / S | CME | 1.498% | 08/23/47 | EUR 2,276,000 | 70,085 | 2,259 | 67,826 | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$2,547,175 | $395,070 | $2,152,105 | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Interest Rate Swaps |
| $2,176,973 | $400,973 | $1,776,000 | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Swap Agreements |
| $2,086,235 | ($26,025 | ) | $2,112,260 | |||||||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-24
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant | Level 3 Significant | |||||||||||||||
Assets | Corporate Bonds & Notes | $236,890,668 | $— | $236,890,668 | $— | |||||||||||||
Senior Loan Notes | 18,413,951 | — | 18,413,951 | — | ||||||||||||||
Mortgage-Backed Securities | 301,979,485 | — | 301,979,485 | — | ||||||||||||||
Asset-Backed Securities | 47,221,598 | — | 46,561,618 | 659,980 | ||||||||||||||
U.S. Government Agency Issues | 4,708,721 | — | 4,708,721 | — | ||||||||||||||
U.S. Treasury Obligations | 120,944,455 | — | 120,944,455 | — | ||||||||||||||
Foreign Government Bonds & Notes | 42,084,963 | — | 42,084,963 | — | ||||||||||||||
Municipal Bonds | 6,618,528 | — | 6,618,528 | — | ||||||||||||||
Short-Term Investments | 101,092,832 | 62,748,007 | 38,344,825 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | 986,385 | — | 986,385 | — | ||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Futures | 287,878 | 287,878 | — | — | ||||||||||||||
Forward Foreign Currency Contracts | 1,476,395 | — | 1,476,395 | — | ||||||||||||||
Purchased Options | 32,613 | — | 32,613 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | 1,796,886 | 287,878 | 1,509,008 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | 1,409,254 | 1,409,254 | — | — | ||||||||||||||
Purchased Options | 153,036 | — | 153,036 | — | ||||||||||||||
Swaps | 2,711,764 | — | 2,711,764 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | 4,274,054 | 1,409,254 | 2,864,800 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 7,057,325 | 1,697,132 | 5,360,193 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 887,012,526 | 64,445,139 | 821,907,407 | 659,980 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Reverse Repurchase Agreement | (991,250 | ) | — | (991,250 | ) | — | |||||||||||
Sale-buyback Financing Transactions | (20,738,221 | ) | — | (20,738,221 | ) | — | ||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | (1,077,123 | ) | — | (1,077,123 | ) | — | ||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Futures | (225,426 | ) | (225,426 | ) | — | — | ||||||||||||
Forward Foreign Currency Contracts | (2,712,346 | ) | — | (2,712,346 | ) | — | ||||||||||||
Written Options | (156,900 | ) | — | (156,900 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | (3,094,672 | ) | (225,426 | ) | (2,869,246 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | (2,838,971 | ) | (2,838,971 | ) | — | — | ||||||||||||
Written Options | (124,984 | ) | — | (124,984 | ) | — | ||||||||||||
Swaps | (534,791 | ) | — | (534,791 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | (3,498,746 | ) | (2,838,971 | ) | (659,775 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (7,670,541 | ) | (3,064,397 | ) | (4,606,144 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (29,400,012 | ) | (3,064,397 | ) | (26,335,615 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $857,612,514 | $61,380,742 | $795,571,792 | $659,980 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-25
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments
September 30, 2017 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS & NOTES - 52.4% | ||||||||
Basic Materials - 2.6% | ||||||||
Anglo American Capital PLC (United Kingdom) | $355,000 | $393,258 | ||||||
Goldcorp Inc (Canada) | 505,000 | 505,563 | ||||||
International Paper Co | 1,100,000 | 1,145,437 | ||||||
INVISTA Finance LLC | 315,000 | 326,025 | ||||||
LyondellBasell Industries NV | 200,000 | 225,779 | ||||||
Solvay Finance America LLC (Belgium) | 325,000 | 335,577 | ||||||
The Sherwin-Williams Co | 850,000 | 853,757 | ||||||
Westlake Chemical Corp | 325,000 | 336,375 | ||||||
|
| |||||||
4,121,771 | ||||||||
|
| |||||||
Communications - 4.6% | ||||||||
Alibaba Group Holding Ltd (China) | 695,000 | 701,105 | ||||||
AT&T Inc | 550,000 | 553,534 | ||||||
Baidu Inc (China) | 410,000 | 415,165 | ||||||
BellSouth LLC | 1,175,000 | 1,192,073 | ||||||
Charter Communications Operating LLC | 370,000 | 380,012 | ||||||
4.464% due 07/23/22 | 50,000 | 52,860 | ||||||
CSC Holdings LLC | 200,000 | 247,750 | ||||||
Discovery Communications LLC | 145,000 | 145,534 | ||||||
eBay Inc | 220,000 | 220,599 | ||||||
JD.com Inc (China) | 370,000 | 369,951 | ||||||
Omnicom Group Inc | 510,000 | 547,055 | ||||||
Telecom Italia Capital SA (Italy) | 337,000 | 348,290 | ||||||
Telefonica Emisiones SAU (Spain) | 500,000 | 504,117 | ||||||
Tencent Holdings Ltd (China) | 200,000 | 202,701 | ||||||
The Interpublic Group of Cos Inc | 295,000 | 295,106 | ||||||
The Priceline Group Inc | 85,000 | 85,188 | ||||||
Time Warner Cable LLC | 350,000 | 362,480 | ||||||
8.250% due 04/01/19 | 325,000 | 353,457 | ||||||
8.750% due 02/14/19 | 145,000 | 157,543 | ||||||
Viacom Inc | 165,000 | 166,600 | ||||||
5.625% due 09/15/19 | 30,000 | 32,003 | ||||||
|
| |||||||
7,333,123 | ||||||||
|
| |||||||
Consumer, Cyclical - 4.5% | ||||||||
Brinker International Inc | 545,000 | 545,000 | ||||||
CVS Health Corp | 175,000 | 175,450 | ||||||
Daimler Finance North America LLC (Germany) | 475,000 | 474,922 | ||||||
1.750% due 10/30/19 ~ | 165,000 | 163,647 | ||||||
2.375% due 08/01/18 ~ | 325,000 | 326,812 |
Principal | Value | |||||||
Delphi Automotive PLC | $340,000 | $348,059 | ||||||
Delta Air Lines Inc | 500,000 | 505,846 | ||||||
Ford Motor Credit Co LLC | 250,000 | 249,925 | ||||||
2.375% due 01/16/18 | 200,000 | 200,440 | ||||||
2.551% due 10/05/18 | 385,000 | 387,571 | ||||||
General Motors Co | 175,000 | 177,880 | ||||||
General Motors Financial Co Inc | 220,000 | 223,156 | ||||||
GLP Capital LP | 840,000 | 857,850 | ||||||
Hyundai Capital America | 175,000 | 172,482 | ||||||
2.400% due 10/30/18 ~ | 125,000 | 125,482 | ||||||
2.500% due 03/18/19 ~ | 625,000 | 625,605 | ||||||
2.875% due 08/09/18 ~ | 175,000 | 175,944 | ||||||
Newell Brands Inc | 590,000 | 590,485 | ||||||
Nissan Motor Acceptance Corp | 300,000 | 297,603 | ||||||
QVC Inc | 240,000 | 242,512 | ||||||
Scientific Games International Inc | 305,000 | 324,444 | ||||||
|
| |||||||
7,191,115 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 7.8% | ||||||||
Abbott Laboratories | 845,000 | 852,213 | ||||||
2.900% due 11/30/21 | 225,000 | 229,044 | ||||||
AbbVie Inc | 725,000 | 726,111 | ||||||
2.300% due 05/14/21 | 125,000 | 124,873 | ||||||
Allergan Funding SCS | 460,000 | 461,378 | ||||||
Anheuser-Busch InBev Finance Inc (Belgium) | 400,000 | 401,131 | ||||||
Anthem Inc | 500,000 | 502,254 | ||||||
BAT Capital Corp (United Kingdom) | 110,000 | 110,404 | ||||||
Baxalta Inc | 50,000 | 50,118 | ||||||
(LIBOR + 0.780%) | 40,000 | 40,147 | ||||||
Becton Dickinson and Co | 330,000 | 331,313 | ||||||
2.675% due 12/15/19 | 325,000 | 329,033 | ||||||
Bunge Ltd Finance Corp | 55,000 | 56,641 | ||||||
8.500% due 06/15/19 | 275,000 | 303,831 | ||||||
Catholic Health Initiatives | 65,000 | 64,998 | ||||||
2.600% due 08/01/18 | 130,000 | 130,953 | ||||||
Celgene Corp | 225,000 | 225,984 | ||||||
2.300% due 08/15/18 | 325,000 | 326,908 | ||||||
EMD Finance LLC (Germany) | 336,000 | 336,291 | ||||||
ERAC USA Finance LLC | 400,000 | 403,341 | ||||||
6.375% due 10/15/17 ~ | 140,000 | 140,208 | ||||||
Express Scripts Holding Co | 415,000 | 416,777 | ||||||
HCA Inc | 535,000 | 547,706 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-26
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal | Value | |||||||
HPHT Finance Ltd (Hong Kong) | $405,000 | $404,799 | ||||||
Humana Inc | 835,000 | 844,674 | ||||||
Imperial Brands Finance PLC (United Kingdom) | 500,000 | 500,308 | ||||||
2.050% due 07/20/18 ~ | 400,000 | 400,233 | ||||||
Kraft Heinz Foods Co | 270,000 | 270,434 | ||||||
Medco Health Solutions Inc | 80,000 | 84,029 | ||||||
Reynolds American Inc (United Kingdom) | 250,000 | 251,139 | ||||||
8.125% due 06/23/19 | 300,000 | 330,624 | ||||||
S&P Global Inc | 35,000 | 35,245 | ||||||
Shire Acquisitions Investments Ireland DAC | 925,000 | 923,505 | ||||||
Teva Pharmaceutical Finance Netherlands III BV (Israel) | 400,000 | 398,575 | ||||||
1.700% due 07/19/19 | 510,000 | 502,794 | ||||||
The Kroger Co | 70,000 | 69,209 | ||||||
2.300% due 01/15/19 | 100,000 | 100,411 | ||||||
Tyson Foods Inc | 160,000 | 159,275 | ||||||
|
| |||||||
12,386,911 | ||||||||
|
| |||||||
Diversified - 0.1% | ||||||||
Hutchison Whampoa International Ltd (Hong Kong) | 220,000 | 220,081 | ||||||
|
| |||||||
Energy - 5.2% | ||||||||
Canadian Natural Resources Ltd (Canada) | 175,000 | 175,136 | ||||||
China Shenhua Overseas Capital Co Ltd (China) | 800,000 | 800,634 | ||||||
3.125% due 01/20/20 ~ | 300,000 | 302,650 | ||||||
Columbia Pipeline Group Inc | 130,000 | 130,467 | ||||||
ConocoPhillips Co | 90,000 | 89,936 | ||||||
DCP Midstream Operating LP | 1,065,000 | 1,065,772 | ||||||
9.750% due 03/15/19 ~ | 345,000 | 378,638 | ||||||
Encana Corp (Canada) | 150,000 | 159,671 | ||||||
Energy Transfer Equity LP | 305,000 | 345,031 | ||||||
Energy Transfer LP | 345,000 | 356,984 | ||||||
Enterprise Products Operating LLC | 255,000 | 254,944 | ||||||
Hess Corp | 145,000 | 155,730 | ||||||
Kinder Morgan Energy Partners LP | 115,000 | 116,704 | ||||||
Kinder Morgan Finance Co LLC | 255,000 | 257,853 | ||||||
NuStar Logistics LP | 670,000 | 691,775 | ||||||
ONEOK Partners LP | 555,000 | 561,765 | ||||||
Panhandle Eastern Pipe Line Co LP | 20,000 | 20,067 | ||||||
Petroleos Mexicanos (Mexico) | 250,000 | 255,875 |
Principal | Value | |||||||
Phillips 66 | $150,000 | $150,201 | ||||||
Plains All American Pipeline LP | 120,000 | 127,504 | ||||||
6.500% due 05/01/18 | 625,000 | 640,141 | ||||||
Sabine Pass Liquefaction LLC | 355,000 | 384,959 | ||||||
Spectra Energy Partners LP | 540,000 | 545,629 | ||||||
Valero Energy Corp | 195,000 | 215,267 | ||||||
|
| |||||||
8,183,333 | ||||||||
|
| |||||||
Financial - 17.0% | ||||||||
ABN AMRO Bank NV (Netherlands) | 495,000 | 497,014 | ||||||
AerCap Ireland Capital DAC (Netherlands) | 150,000 | 153,713 | ||||||
3.950% due 02/01/22 | 150,000 | 156,242 | ||||||
Air Lease Corp | 185,000 | 185,214 | ||||||
2.125% due 01/15/20 | 370,000 | 369,565 | ||||||
Ally Financial Inc | 140,000 | 141,400 | ||||||
3.500% due 01/27/19 | 650,000 | 661,375 | ||||||
American Express Credit Corp | 195,000 | 196,159 | ||||||
American International Group Inc | 250,000 | 251,322 | ||||||
5.850% due 01/16/18 | 175,000 | 177,006 | ||||||
ANZ New Zealand Int’l Ltd (New Zealand) | 200,000 | 200,208 | ||||||
Banco de Credito del Peru (Peru) | 200,000 | 200,700 | ||||||
Bank of America Corp |
| |||||||
(LIBOR + 0.650%) | 230,000 | 230,794 | ||||||
2.000% due 01/11/18 | 400,000 | 400,469 | ||||||
(LIBOR + 1.160%) | 295,000 | 299,934 | ||||||
2.503% due 10/21/22 | 95,000 | 94,186 | ||||||
5.650% due 05/01/18 | 175,000 | 179,020 | ||||||
6.875% due 04/25/18 | 155,000 | 159,482 | ||||||
Banque Federative du Credit Mutuel SA (France) | 425,000 | 428,254 | ||||||
Barclays Bank PLC (United Kingdom) | 590,000 | 594,190 | ||||||
Barclays PLC (United Kingdom) | 375,000 | 383,326 | ||||||
BB&T Corp | 250,000 | 250,723 | ||||||
Bestgain Real Estate Ltd (China) | 690,000 | 690,469 | ||||||
BPCE SA (France) | 600,000 | 604,982 | ||||||
(LIBOR + 1.220%) | 250,000 | 253,145 | ||||||
Brixmor Operating Partnership LP REIT | 35,000 | 36,089 | ||||||
Capital One NA | 250,000 | 249,986 | ||||||
1.850% due 09/13/19 | 665,000 | 660,567 | ||||||
CBOE Holdings Inc | 165,000 | 164,892 | ||||||
Citigroup Inc | 500,000 | 500,202 | ||||||
1.850% due 11/24/17 | 300,000 | 300,182 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-27
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal | Value | |||||||
2.050% due 06/07/19 | $325,000 | $325,351 | ||||||
(LIBOR + 0.790%) | 310,000 | 312,412 | ||||||
2.900% due 12/08/21 | 310,000 | 314,040 | ||||||
Citizens Bank NA | 605,000 | 607,387 | ||||||
2.450% due 12/04/19 | 300,000 | 302,414 | ||||||
CNA Financial Corp | 50,000 | 50,718 | ||||||
CNO Financial Group Inc | 215,000 | 223,869 | ||||||
Crown Castle International Corp REIT | 255,000 | 251,652 | ||||||
3.400% due 02/15/21 | 110,000 | 113,316 | ||||||
Discover Bank | 325,000 | 325,515 | ||||||
2.600% due 11/13/18 | 250,000 | 251,674 | ||||||
7.000% due 04/15/20 | 410,000 | 452,381 | ||||||
Grain Spectrum Funding LLC | 140,000 | 141,354 | ||||||
HBOS PLC (United Kingdom) | 175,000 | 180,231 | ||||||
ING Groep NV (Netherlands) | 205,000 | 208,783 | ||||||
Intesa Sanpaolo SpA (Italy) | 400,000 | 399,991 | ||||||
JPMorgan Chase & Co |
| |||||||
(LIBOR + 0.550%) | 315,000 | 315,929 | ||||||
6.300% due 04/23/19 | 220,000 | 234,787 | ||||||
KeyBank NA | 250,000 | 248,699 | ||||||
Kilroy Realty LP REIT | 185,000 | 188,186 | ||||||
Kimco Realty Corp REIT | 130,000 | 141,641 | ||||||
Morgan Stanley | 600,000 | 601,783 | ||||||
(LIBOR + 0.850%) | 775,000 | 780,470 | ||||||
2.500% due 01/24/19 | 225,000 | 226,934 | ||||||
PNC Bank NA | 625,000 | 625,663 | ||||||
Principal Life Global Funding II | 200,000 | 198,820 | ||||||
Provident Cos Inc | 406,000 | 421,709 | ||||||
Regions Bank | 375,000 | 376,657 | ||||||
7.500% due 05/15/18 | 250,000 | 258,679 | ||||||
Reinsurance Group of America Inc | 30,000 | 32,648 | ||||||
Santander UK Group Holdings PLC | 55,000 | 55,825 | ||||||
Skandinaviska Enskilda Banken AB (Sweden) | 250,000 | 247,531 | ||||||
SoQ Sukuk A QSC (Qatar) | 400,000 | 400,318 | ||||||
Standard Chartered PLC (United Kingdom) | 200,000 | 199,829 | ||||||
Sumitomo Mitsui Banking Corp (Japan) | 400,000 | 400,844 | ||||||
Sumitomo Mitsui Trust Bank Ltd (Japan) | 390,000 | 389,199 | ||||||
SunTrust Banks Inc | 160,000 | 161,409 | ||||||
Swedbank AB (Sweden) | 450,000 | 450,218 |
Principal | Value | |||||||
The Bank of Tokyo-Mitsubishi UFJ Ltd (Japan) | $225,000 | $225,602 | ||||||
2.700% due 09/09/18 ~ | 210,000 | 211,758 | ||||||
The Goldman Sachs Group Inc | 140,000 | 139,804 | ||||||
2.300% due 12/13/19 | 295,000 | 296,389 | ||||||
(LIBOR + 1.110%) | 295,000 | 298,372 | ||||||
2.900% due 07/19/18 | 130,000 | 131,210 | ||||||
6.150% due 04/01/18 | 1,050,000 | 1,073,065 | ||||||
The Huntington National Bank | 830,000 | 835,176 | ||||||
Trinity Acquisition PLC | 45,000 | 45,979 | ||||||
UBS Group Funding Switzerland AG (Switzerland) | 255,000 | 259,148 | ||||||
Ventas Realty LP REIT | 370,000 | 370,364 | ||||||
4.000% due 04/30/19 | 460,000 | 471,886 | ||||||
VEREIT Operating Partnership LP REIT | 720,000 | 726,619 | ||||||
Voya Financial Inc | 121,000 | 121,537 | ||||||
WEA Finance LLC REIT (Australia) | 300,000 | 302,750 | ||||||
XLIT Ltd (Bermuda) | 250,000 | 251,027 | ||||||
|
| |||||||
26,850,362 | ||||||||
|
| |||||||
Industrial - 4.4% | ||||||||
Agilent Technologies Inc | 87,000 | 87,286 | ||||||
DAE Funding LLC (United Arab Emirates) | 210,000 | 214,725 | ||||||
Eagle Materials Inc | 50,000 | 52,375 | ||||||
Eastern Creation II Investment Holdings Ltd (China) | 200,000 | 201,315 | ||||||
GATX Corp | 470,000 | 471,893 | ||||||
2.500% due 07/30/19 | 215,000 | 216,733 | ||||||
2.600% due 03/30/20 | 65,000 | 65,621 | ||||||
Harris Corp | 555,000 | 556,037 | ||||||
Jabil Inc | 70,000 | 71,974 | ||||||
Kansas City Southern | 235,000 | 234,471 | ||||||
Keysight Technologies Inc | 700,000 | 710,026 | ||||||
Martin Marietta Materials Inc | 90,000 | 90,399 | ||||||
Park Aerospace Holdings Ltd (Ireland) | 230,000 | 231,150 | ||||||
Penske Truck Leasing Co LP | 170,000 | 171,472 | ||||||
2.875% due 07/17/18 ~ | 810,000 | 817,694 | ||||||
3.375% due 03/15/18 ~ | 248,000 | 249,929 | ||||||
Rockwell Collins Inc | 125,000 | 125,041 | ||||||
Roper Technologies Inc | 645,000 | 646,673 | ||||||
2.800% due 12/15/21 | 95,000 | 95,868 | ||||||
3.000% due 12/15/20 | 25,000 | 25,520 | ||||||
SBA Tower Trust | 300,000 | 299,941 | ||||||
3.168% due 04/09/47 ~ | 285,000 | 285,558 | ||||||
3.598% due 04/09/43 ~ | 250,000 | 249,855 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-28
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal | Value | |||||||
Stanley Black & Decker Inc | $75,000 | $74,851 | ||||||
2.451% due 11/17/18 | 467,000 | 470,050 | ||||||
Vulcan Materials Co | 215,000 | 215,216 | ||||||
|
| |||||||
6,931,673 | ||||||||
|
| |||||||
Technology - 2.8% | ||||||||
Apple Inc | 665,000 | 663,893 | ||||||
Broadcom Corp | 615,000 | 618,646 | ||||||
3.000% due 01/15/22 ~ | 190,000 | 193,481 | ||||||
DXC Technology Co |
| |||||||
(LIBOR + 0.950%) | 480,000 | 481,882 | ||||||
2.875% due 03/27/20 | 280,000 | 283,857 | ||||||
Fidelity National Information Services Inc | 250,000 | 248,486 | ||||||
Hewlett Packard Enterprise Co | 155,000 | 155,109 | ||||||
2.450% due 10/05/17 | 224,000 | 224,011 | ||||||
2.850% due 10/05/18 | 740,000 | 747,560 | ||||||
QUALCOMM Inc | 170,000 | 171,330 | ||||||
2.600% due 01/30/23 | 115,000 | 115,318 | ||||||
Seagate HDD Cayman | 225,000 | 229,076 | ||||||
Xerox Corp | 95,000 | 95,410 | ||||||
5.625% due 12/15/19 | 235,000 | 250,074 | ||||||
|
| |||||||
4,478,133 | ||||||||
|
| |||||||
Utilities - 3.4% | ||||||||
Dominion Energy Inc | 120,000 | 119,733 | ||||||
1.875% due 12/15/18 ~ | 350,000 | 349,797 | ||||||
2.125% due 02/15/18 ~ | 200,000 | 200,074 | ||||||
2.579% due 07/01/20 | 110,000 | 110,832 | ||||||
2.962% due 07/01/19 § | 45,000 | 45,661 | ||||||
Enel Finance International NV (Italy) | 320,000 | 322,430 | ||||||
Exelon Generation Co LLC | 575,000 | 585,405 | ||||||
FirstEnergy Corp | 240,000 | 240,735 | ||||||
NextEra Energy Capital Holdings Inc | 75,000 | 74,982 | ||||||
2.300% due 04/01/19 | 200,000 | 201,075 | ||||||
Origin Energy Finance Ltd (Australia) | 380,000 | 384,379 | ||||||
PPL Capital Funding Inc | 410,000 | 410,247 | ||||||
San Diego Gas & Electric Co | 125,358 | 124,610 | ||||||
Sempra Energy | 265,000 | 263,426 | ||||||
State Grid Overseas Investment Ltd (China) | 615,000 | 613,773 | ||||||
TECO Finance Inc | 300,000 | 300,484 | ||||||
The Cleveland Electric Illuminating Co | 350,000 | 351,559 | ||||||
The Southern Co | 625,000 | 624,881 | ||||||
|
| |||||||
5,324,083 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 83,020,585 | |||||||
|
|
Principal | Value | |||||||
MORTGAGE-BACKED SECURITIES - 14.6% |
| |||||||
Collateralized Mortgage Obligations - Commercial - 4.2% |
| |||||||
BAMLL Commercial Mortgage Securities Trust | $205,000 | $205,405 | ||||||
Banc of America Commercial Mortgage Trust | 87,213 | 86,929 | ||||||
BANK 2017-BNK4 | 501,514 | 500,659 | ||||||
Citigroup Commercial Mortgage Trust | 31,736 | 31,697 | ||||||
1.637% due 06/10/48 | 179,474 | 178,988 | ||||||
1.643% due 09/10/58 | 43,411 | 43,192 | ||||||
CLNS Trust | 395,000 | 395,897 | ||||||
Commercial Mortgage Trust | 64,572 | 63,670 | ||||||
1.445% due 12/10/47 | 111,791 | 111,533 | ||||||
1.604% due 10/10/48 | 64,677 | 64,428 | ||||||
1.667% due 07/10/50 | 165,503 | 165,413 | ||||||
1.770% due 02/10/49 | 8,041 | 8,029 | ||||||
1.848% due 11/10/49 | 565,992 | 563,140 | ||||||
1.965% due 02/10/50 | 90,856 | 90,581 | ||||||
(LIBOR + 0.850%) | 180,000 | 180,230 | ||||||
2.111% due 09/10/50 | 400,000 | 400,352 | ||||||
3.009% due 08/10/46 | 350,000 | 353,767 | ||||||
3.221% due 10/10/48 | 200,000 | 205,044 | ||||||
CSAIL Commercial Mortgage Trust | 195,000 | 195,004 | ||||||
Great Wolf Trust |
| |||||||
(LIBOR + 0.850%) | 175,000 | 175,261 | ||||||
(LIBOR + 1.320%) | 250,000 | 250,470 | ||||||
GS Mortgage Securities Trust | 55,447 | 54,801 | ||||||
1.593% due 07/10/48 | 59,509 | 59,360 | ||||||
1.950% due 08/10/50 | 282,334 | 281,005 | ||||||
Hospitality Mortgage Trust | 140,000 | 140,334 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust | 212,786 | 209,978 | ||||||
JPMBB Commercial Mortgage Securities Trust | 45,745 | 45,612 | ||||||
1.423% due 06/15/49 | 23,798 | 23,593 | ||||||
1.445% due 10/15/48 | 52,873 | 52,607 | ||||||
1.451% due 09/15/47 | 28,742 | 28,667 | ||||||
1.539% due 11/15/47 | 37,194 | 37,082 | ||||||
1.626% due 05/15/48 | 77,180 | 76,898 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 371,973 | 367,076 | ||||||
1.597% due 05/15/49 | 19,616 | 19,505 | ||||||
1.686% due 10/15/47 | 60,600 | 60,602 | ||||||
1.706% due 05/15/48 | 127,877 | 127,387 | ||||||
Morgan Stanley Capital I Trust | 117,741 | 117,401 | ||||||
Wells Fargo Commercial Mortgage Trust | 45,021 | 44,685 | ||||||
1.471% due 04/15/50 | 115,399 | 114,936 | ||||||
1.531% due 05/15/48 | 75,611 | 75,414 | ||||||
1.577% due 01/15/59 | 49,473 | 49,194 | ||||||
1.968% due 07/15/50 | 165,590 | 165,390 | ||||||
1.975% due 09/15/50 | 143,765 | 143,211 | ||||||
WFRBS Commercial Mortgage Trust | 24,866 | 24,763 | ||||||
1.663% due 10/15/57 | 64,254 | 64,171 | ||||||
|
| |||||||
6,653,361 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-29
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal | Value | |||||||
Collateralized Mortgage Obligations - Residential - 4.9% |
| |||||||
COLT Mortgage Loan Trust | $380,000 | $380,948 | ||||||
2.568% due 10/25/47 § ~ | 165,000 | 165,409 | ||||||
2.614% due 05/27/47 § ~ | 278,215 | 282,424 | ||||||
2.773% due 10/25/47 § ~ | 100,000 | 100,248 | ||||||
3.074% due 05/27/47 § ~ | 80,642 | 81,853 | ||||||
Deutsche Alt-A Securities Inc Mortgage Loan Trust | 113,198 | 105,625 | ||||||
DSLA Mortgage Loan Trust | 365,907 | 359,881 | ||||||
Fannie Mae Connecticut Avenue Securities |
| |||||||
(LIBOR + 0.550%) | 476,987 | 476,866 | ||||||
(LIBOR + 0.750%) | 361,296 | 361,868 | ||||||
(LIBOR + 0.750%) | 138,973 | 139,228 | ||||||
(LIBOR + 0.850%) | 262,569 | 263,364 | ||||||
(LIBOR + 0.950%) | 383,531 | 385,466 | ||||||
(LIBOR + 1.150%) | 495,871 | 499,483 | ||||||
(LIBOR + 1.300%) | 265,141 | 268,291 | ||||||
(LIBOR + 2.100%) | 90,017 | 90,742 | ||||||
Fannie Mae REMICS |
| |||||||
(LIBOR + 0.500%) | 444,226 | 446,861 | ||||||
5.000% due 08/25/19 | 14,967 | 15,178 | ||||||
Freddie Mac REMICS | 1,466,632 | 1,477,978 | ||||||
Freddie Mac Structured Agency Credit Risk Debt |
| |||||||
(LIBOR + 0.750%) | 250,000 | 250,742 | ||||||
(LIBOR + 0.800%) | 245,415 | 246,004 | ||||||
(LIBOR + 1.100%) | 15,039 | 15,046 | ||||||
(LIBOR + 1.200%) | 649,616 | 656,427 | ||||||
(LIBOR + 1.750%) | 78,568 | 78,834 | ||||||
Freddie Mac Whole Loan Securities Trust | 85,875 | 87,018 | ||||||
GS Mortgage-Backed Securities Trust | 40,836 | 40,780 | ||||||
HarborView Mortgage Loan Trust | 93,447 | 87,792 | ||||||
JP Morgan Alternative Loan Trust | 39,803 | 39,903 | ||||||
Mill City Mortgage Loan Trust | 76,568 | 76,710 | ||||||
2.750% due 07/25/59 § ~ | 183,119 | 184,531 | ||||||
Structured Adjustable Rate Mortgage Loan Trust | 93,004 | 92,902 | ||||||
|
| |||||||
7,758,402 | ||||||||
|
| |||||||
Fannie Mae - 5.4% |
| |||||||
3.000% due 11/01/29 - 05/01/32 | 1,587,140 | 1,632,611 | ||||||
3.500% due 06/01/29 - 10/01/47 | 1,513,733 | 1,567,619 |
Principal | Value | |||||||
4.000% due 09/01/26 - 11/01/44 | $513,089 | $540,686 | ||||||
4.500% due 04/01/26 - 03/01/46 | 1,334,267 | 1,424,368 | ||||||
5.000% due 07/01/19 - 11/01/44 | 1,579,266 | 1,721,460 | ||||||
5.500% due 10/01/35 - 02/01/42 | 1,310,695 | 1,460,541 | ||||||
6.000% due 11/01/35 - 09/01/39 | 146,077 | 166,717 | ||||||
|
| |||||||
8,514,002 | ||||||||
|
| |||||||
Freddie Mac - 0.0% |
| |||||||
5.000% due 10/01/17 - 04/01/18 | 1,010 | 1,031 | ||||||
5.500% due 01/01/20 - 12/01/39 | 38,214 | 42,345 | ||||||
|
| |||||||
43,376 | ||||||||
|
| |||||||
Government National Mortgage Association - 0.1% |
| |||||||
6.000% due 07/15/36 | 147,400 | 170,206 | ||||||
|
| |||||||
Total Mortgage-Backed Securities | 23,139,347 | |||||||
|
| |||||||
ASSET-BACKED SECURITIES - 20.7% | ||||||||
Ally Auto Receivables Trust | 40,000 | 40,082 | ||||||
2.410% due 01/15/21 ~ | 240,000 | 241,112 | ||||||
2.460% due 09/15/22 | 40,000 | 40,011 | ||||||
2.480% due 02/15/21 | 40,000 | 40,055 | ||||||
2.840% due 09/15/22 | 85,000 | 85,588 | ||||||
2.930% due 11/15/23 | 70,000 | 69,878 | ||||||
AmeriCredit Automobile Receivables Trust | 165,000 | 164,411 | ||||||
1.600% due 07/08/19 | 124,264 | 124,276 | ||||||
1.700% due 07/08/20 | 66,626 | 66,663 | ||||||
1.810% due 10/08/20 | 25,000 | 25,030 | ||||||
2.300% due 03/08/21 | 400,000 | 401,902 | ||||||
2.400% due 01/08/21 | 400,000 | 402,460 | ||||||
2.580% due 09/08/20 | 240,000 | 241,614 | ||||||
2.690% due 06/19/23 | 110,000 | 110,175 | ||||||
2.710% due 08/18/22 | 100,000 | 100,373 | ||||||
2.710% due 09/08/22 | 315,000 | 314,380 | ||||||
2.890% due 01/10/22 | 385,000 | 389,922 | ||||||
3.000% due 06/08/21 | 110,000 | 111,090 | ||||||
3.340% due 08/08/21 | 135,000 | 136,943 | ||||||
3.370% due 11/08/21 ~ | 225,000 | 228,323 | ||||||
3.580% due 08/09/21 ~ | 110,000 | 111,560 | ||||||
ARI Fleet Lease Trust | 52,008 | 52,039 | ||||||
1.910% due 04/15/26 ~ | 100,000 | 100,081 | ||||||
Ascentium Equipment Receivables LLC | 143,194 | 143,315 | ||||||
Ascentium Equipment Receivables Trust | 36,235 | 36,207 | ||||||
1.750% due 11/13/18 ~ | 12,860 | 12,866 | ||||||
1.870% due 07/10/19 ~ | 95,000 | 95,034 | ||||||
2.290% due 06/10/21 ~ | 95,000 | 94,980 | ||||||
Avis Budget Rental Car Funding AESOP LLC | 675,000 | 674,964 | ||||||
2.100% due 03/20/19 ~ | 500,000 | 500,526 | ||||||
2.500% due 02/20/21 ~ | 240,000 | 240,688 | ||||||
2.620% due 09/20/19 ~ | 135,000 | 135,351 | ||||||
2.970% due 02/20/20 ~ | 350,000 | 353,342 | ||||||
3.660% due 02/20/20 ~ | 310,000 | 313,929 | ||||||
Bayview Mortgage Fund Trust | 261,246 | 269,101 | ||||||
Bayview Opportunity Master Fund Trust | 158,514 | 163,178 | ||||||
BMW Vehicle Lease Trust | 75,000 | 74,782 | ||||||
1.980% due 05/20/20 | 480,000 | 481,469 | ||||||
2.180% due 06/22/20 | 185,000 | 185,861 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-30
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal | Value | |||||||
California Republic Auto Receivables Trust | $60,000 | $60,207 | ||||||
Capital Auto Receivables Asset Trust | 60,000 | 59,935 | ||||||
1.620% due 03/20/19 | 97,580 | 97,611 | ||||||
1.630% due 01/20/21 | 40,000 | 39,899 | ||||||
1.730% due 09/20/19 | 129,582 | 129,720 | ||||||
1.730% due 04/20/20 | 70,366 | 70,420 | ||||||
3.220% due 05/20/19 | 495,000 | 496,789 | ||||||
Carlyle Global Market Strategies Ltd | 250,000 | 250,006 | ||||||
CarMax Auto Owner Trust | 205,000 | 203,662 | ||||||
1.690% due 08/15/19 | 45,000 | 45,022 | ||||||
1.930% due 11/15/19 | 65,000 | 65,089 | ||||||
3.270% due 03/15/22 | 155,000 | 156,189 | ||||||
CCG Receivables Trust | 39,099 | 39,095 | ||||||
2.600% due 01/17/23 ~ | 675,000 | 677,015 | ||||||
Chrysler Capital Auto Receivables Trust | 56,476 | 56,438 | ||||||
1.640% due 07/15/21 ~ | 85,000 | 84,772 | ||||||
3.440% due 08/16/21 ~ | 380,000 | 384,477 | ||||||
Citigroup Mortgage Loan Trust Inc | 44,306 | 44,360 | ||||||
CNH Equipment Trust | 135,000 | 134,144 | ||||||
1.930% due 03/15/24 | 315,000 | 312,002 | ||||||
2.400% due 02/15/23 | 265,000 | 265,965 | ||||||
DB Master Finance LLC | 326,625 | 327,855 | ||||||
Elara HGV Timeshare Issuer LLC | 76,295 | 75,826 | ||||||
Enterprise Fleet Financing LLC | 50,032 | 50,011 | ||||||
1.590% due 02/22/21 ~ | 123,840 | 123,812 | ||||||
1.740% due 09/20/20 ~ | 200,000 | 199,882 | ||||||
1.740% due 02/22/22 ~ | 536,407 | 536,073 | ||||||
1.830% due 09/20/21 ~ | 212,858 | 213,047 | ||||||
2.040% due 02/22/22 ~ | 295,000 | 294,456 | ||||||
2.090% due 02/22/21 ~ | 250,000 | 250,719 | ||||||
Ford Credit Auto Lease Trust | 385,000 | 385,555 | ||||||
Ford Credit Auto Owner Trust | 350,000 | 347,512 | ||||||
Ford Credit Floorplan Master Owner Trust | 380,000 | 379,954 | ||||||
1.550% due 07/15/21 | 240,000 | 238,801 | ||||||
2.290% due 06/15/20 | 370,000 | 370,634 | ||||||
GM Financial Automobile Leasing Trust | 140,000 | 139,970 | ||||||
1.640% due 07/20/19 | 630,000 | 630,364 | ||||||
2.120% due 09/20/21 | 65,000 | 65,027 | ||||||
2.260% due 08/20/20 | 45,000 | 45,256 | ||||||
3.010% due 03/20/20 | 85,000 | 85,276 | ||||||
GM Financial Consumer Automobile Trust | 100,000 | 99,966 | ||||||
GMF Floorplan Owner Revolving Trust | 145,000 | 145,046 | ||||||
2.220% due 05/15/20 ~ | 670,000 | 670,424 | ||||||
2.410% due 05/17/21 ~ | 100,000 | 100,474 | ||||||
GreatAmerica Leasing Receivables Funding LLC | 100,000 | 100,023 | ||||||
1.730% due 06/20/19 ~ | 110,000 | 109,979 | ||||||
2.060% due 06/22/20 ~ | 100,000 | 100,148 |
Principal | Value | |||||||
GSAA Home Equity Trust |
| |||||||
(US FED + 0.110%) | $289,516 | $269,048 | ||||||
(LIBOR + 0.280%) | 38,416 | 37,228 | ||||||
Hilton Grand Vacations Trust | 112,264 | 111,014 | ||||||
2.660% due 12/26/28 ~ | 87,277 | 87,405 | ||||||
2.960% due 12/26/28 § ~ | 87,277 | 87,456 | ||||||
Honda Auto Receivables Owner Trust | 185,000 | 183,202 | ||||||
1.360% due 01/18/23 | 150,000 | 148,343 | ||||||
Hyundai Auto Lease Securitization Trust | 100,000 | 100,039 | ||||||
1.650% due 07/15/20 ~ | 100,000 | 99,791 | ||||||
2.210% due 05/15/20 ~ | 500,000 | 500,662 | ||||||
Hyundai Auto Receivables Trust | 320,000 | 316,235 | ||||||
2.380% due 04/17/23 | 395,000 | 395,955 | ||||||
John Deere Owner Trust | 116,773 | 116,751 | ||||||
KKR Ltd (Cayman) | 405,000 | 405,920 | ||||||
Kubota Credit Owner Trust | 505,000 | 502,514 | ||||||
1.540% due 03/15/19 ~ | 250,591 | 250,594 | ||||||
Madison Park Funding XIV Ltd (Cayman) | 295,000 | 296,348 | ||||||
Mercedes-Benz Auto Lease Trust | 280,000 | 280,102 | ||||||
MMAF Equipment Finance LLC | 300,338 | 300,044 | ||||||
1.590% due 02/08/22 ~ | 500,000 | 498,903 | ||||||
2.040% due 02/16/22 ~ | 100,000 | 100,098 | ||||||
MVW Owner Trust | 31,629 | 31,462 | ||||||
2.420% due 12/20/34 ~ | 99,112 | 99,005 | ||||||
Nationstar HECM Loan Trust | 50,920 | 50,888 | ||||||
Nissan Auto Lease Trust | 160,000 | 159,588 | ||||||
Nissan Master Owner Trust Receivables | 365,000 | 364,955 | ||||||
1.540% due 06/15/21 | 75,000 | 74,619 | ||||||
NovaStar Mortgage Funding Trust | 309,202 | 306,918 | ||||||
OZLM VIII Ltd (Cayman) | 330,000 | 330,240 | ||||||
Santander Drive Auto Receivables Trust | 25,000 | 25,007 | ||||||
2.460% due 03/15/22 | 126,000 | 126,705 | ||||||
2.470% due 12/15/20 | 75,000 | 75,346 | ||||||
2.580% due 05/16/22 | 30,000 | 30,086 | ||||||
2.650% due 08/17/20 | 510,000 | 513,825 | ||||||
3.490% due 05/17/21 | 155,000 | 157,334 | ||||||
3.530% due 08/16/21 | 105,000 | 107,619 | ||||||
3.650% due 12/15/21 | 120,000 | 122,710 | ||||||
Sierra Receivables Funding Co LLC | 351,145 | 353,473 | ||||||
Sierra Timeshare Receivables Funding LLC | 50,082 | 50,005 | ||||||
2.300% due 10/20/31 ~ | 76,649 | 76,596 | ||||||
2.330% due 07/20/33 ~ | 48,331 | 48,263 | ||||||
2.400% due 03/22/32 ~ | 65,679 | 65,665 | ||||||
2.430% due 10/20/33 ~ | 125,557 | 125,298 | ||||||
2.580% due 09/20/32 ~ | 393,093 | 393,797 | ||||||
3.080% due 03/21/33 ~ | 366,392 | 369,664 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-31
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal | Value | |||||||
SLM Student Loan Trust |
| |||||||
(LIBOR + 0.400%) | $156,497 | $154,867 | ||||||
(LIBOR + 1.500%) | 50,417 | 51,649 | ||||||
(LIBOR + 1.650%) | 82,119 | 84,362 | ||||||
(LIBOR + 1.700%) | 80,053 | 82,495 | ||||||
SMART Trust (Australia) | 166,619 | 166,300 | ||||||
SMB Private Education Loan Trust |
| |||||||
(LIBOR + 1.000%) | 130,000 | 131,362 | ||||||
3.050% due 05/15/26 ~ | 161,894 | 164,620 | ||||||
Springleaf Funding Trust | 100,000 | 100,309 | ||||||
Synchrony Credit Card Master Note Trust | 485,000 | 484,546 | ||||||
2.040% due 03/15/22 | 750,000 | 753,175 | ||||||
2.620% due 09/15/23 | 85,000 | 85,300 | ||||||
Towd Point Mortgage Trust | 78,461 | 78,145 | ||||||
2.750% due 02/25/55 § ~ | 60,333 | 60,797 | ||||||
2.750% due 04/25/55 § ~ | 101,830 | 102,587 | ||||||
2.750% due 05/25/55 § ~ | 91,646 | 92,352 | ||||||
2.750% due 08/25/55 § ~ | 72,682 | 73,174 | ||||||
2.750% due 10/25/56 § ~ | 86,782 | 87,445 | ||||||
2.750% due 04/25/57 § ~ | 194,608 | 195,870 | ||||||
2.750% due 06/25/57 § ~ | 394,033 | 396,978 | ||||||
USAA Auto Owner Trust | 165,000 | 164,698 | ||||||
Verizon Owner Trust | 160,000 | 159,748 | ||||||
2.360% due 05/20/21 ~ | 125,000 | 124,830 | ||||||
2.450% due 09/20/21 ~ | 100,000 | 100,530 | ||||||
2.650% due 09/20/21 ~ | 100,000 | 100,508 | ||||||
Volkswagen Auto Loan Enhanced Trust | 655,000 | 654,510 | ||||||
Volvo Financial Equipment LLC | 55,000 | 55,017 | ||||||
1.940% due 11/15/21 ~ | 630,000 | 630,330 | ||||||
Wells Fargo Home Equity Trust | 118,670 | 117,979 | ||||||
Wendys Funding LLC | 529,200 | 535,402 | ||||||
Wheels SPV LLC | 96,633 | 96,557 | ||||||
1.590% due 05/20/25 ~ | 161,895 | 161,653 | ||||||
World Omni Auto Receivables Trust | 295,000 | 292,596 | ||||||
World Omni Automobile Lease Securitization Trust | 55,000 | 55,255 | ||||||
|
| |||||||
Total Asset-Backed Securities | 32,875,134 | |||||||
|
| |||||||
U.S. GOVERNMENT AGENCY ISSUES - 0.5% | ||||||||
Fannie Mae | 775,000 | 771,142 | ||||||
|
| |||||||
Total U.S. Government Agency Issues |
| 771,142 | ||||||
|
|
Principal | Value | |||||||
U.S. TREASURY OBLIGATIONS - 6.3% |
| |||||||
U.S. Treasury Notes - 6.3% |
| |||||||
1.000% due 11/15/19 | $4,070,000 | $4,027,472 | ||||||
1.500% due 06/15/20 | 1,130,000 | 1,127,484 | ||||||
1.625% due 11/30/20 | 4,895,000 | 4,887,638 | ||||||
|
| |||||||
10,042,594 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations | 10,042,594 | |||||||
|
| |||||||
MUNICIPAL BONDS - 0.1% | ||||||||
State Board of Administration Finance Corp FL ‘A’ | 150,000 | 150,771 | ||||||
|
| |||||||
Total Municipal Bonds | 150,771 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS - 4.5% | ||||||||
Commercial Paper - 3.8% |
| |||||||
Catholic Health Initiatives | 1,055,000 | 1,053,842 | ||||||
1.439% due 10/05/17 | 260,000 | 259,949 | ||||||
Enbridge Energy Partners LP | 845,000 | 844,192 | ||||||
Energy Transfer Partners LP | 865,000 | 864,207 | ||||||
1.888% due 10/16/17 | 620,000 | 619,492 | ||||||
Ford Motor Credit Co LLC | 775,000 | 761,160 | ||||||
ONEOK Inc | 785,000 | 784,394 | ||||||
Plains All American Pipeline LP | 850,000 | 849,776 | ||||||
|
| |||||||
6,037,012 | ||||||||
|
| |||||||
Shares | ||||||||
Money Market Fund - 0.7% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 1,090,261 | 1,090,261 | ||||||
|
| |||||||
Total Short-Term Investments | 7,127,273 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.1% | 157,126,846 | |||||||
DERIVATIVES - (0.0)% | ||||||||
(See Notes (b) through (d) in Notes to Schedule of Investments) | (66,703 | ) | ||||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - 0.9% | 1,523,858 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $158,584,001 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-32
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 52.4% | |||
Asset-Backed Securities | 20.7% | |||
Mortgage-Backed Securities | 14.6% | |||
U.S. Treasury Obligations | 6.3% | |||
Short-Term Investments | 4.5% | |||
Others (each less than 3.0%) | 0.6% | |||
|
| |||
99.1% | ||||
Derivatives | (0.0% | ) | ||
Other Assets & Liabilities, Net | 0.9% | |||
|
| |||
100.0% | ||||
|
|
(b) | Open futures contracts outstanding as of September 30, 2017 were as follows: |
Long Futures Outstanding | Number of Contracts | Notional | Value | Unrealized Appreciation (Depreciation) | ||||||||||||
U.S. Treasury 2-Year Notes (12/17) | 176 | $38,062,977 | $37,963,750 | ($99,227 | ) | |||||||||||
U.S. Treasury 5-Year Notes (12/17) | 43 | 5,095,905 | 5,052,500 | (43,405 | ) | |||||||||||
|
| |||||||||||||||
(142,632 | ) | |||||||||||||||
|
| |||||||||||||||
Short Futures Outstanding | ||||||||||||||||
U.S. Treasury 10-Year Notes (12/17) | 47 | 5,965,564 | 5,889,688 | 75,876 | ||||||||||||
|
| |||||||||||||||
Total Futures Contracts | ($66,756 | ) | ||||||||||||||
|
|
(c) | Purchased options outstanding as of September 30, 2017 were as follows: |
Credit Default Swaptions on Credit Indices – Buy Protection
Description | Exercise Rate | Expiration Date | Counter- party | Notional Amount | Cost | Value | ||||||||||||||||
Put - CDX IG 28 5Y | 6.250% | 10/18/17 | JPM | $1,540,000 | $770 | $151 | ||||||||||||||||
|
|
|
|
(d) | Premiums received and value of written options outstanding as of September 30, 2017 were as follows: |
Credit Default Swaptions on Credit Indices – Sell Protection
Description | Exercise Rate | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||
Put - CDX IG 28 5Y | 7.250% | 10/18/17 | JPM | $1,540,000 | $154 | ($98 | ) | |||||||||||||||
|
|
|
|
(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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $83,020,585 | $— | $83,020,585 | $— | |||||||||||||
Mortgage-Backed Securities | 23,139,347 | — | 23,139,347 | — | ||||||||||||||
Asset-Backed Securities | 32,875,134 | — | 32,875,134 | — | ||||||||||||||
U.S. Government Agency Issues | 771,142 | — | 771,142 | — | ||||||||||||||
U.S. Treasury Obligations | 10,042,594 | — | 10,042,594 | — | ||||||||||||||
Municipal Bonds | 150,771 | — | 150,771 | — | ||||||||||||||
Short-Term Investments | 7,127,273 | 1,090,261 | 6,037,012 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Purchased Options | 151 | — | 151 | — | ||||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | 75,876 | 75,876 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 76,027 | 75,876 | 151 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 157,202,873 | 1,166,137 | 156,036,736 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Credit Contracts | ||||||||||||||||||
Written Options | (98 | ) | — | (98 | ) | — | ||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | (142,632 | ) | (142,632 | ) | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (142,730 | ) | (142,632 | ) | (98 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (142,730 | ) | (142,632 | ) | (98 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $157,060,143 | $1,023,505 | $156,036,638 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-33
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments
September 30, 2017 (Unaudited)
Principal |
| |||||||
CORPORATE BONDS & NOTES - 21.2% | ||||||||
Argentina - 0.1% | ||||||||
YPF SA | $40,000 | $46,192 | ||||||
|
| |||||||
Azerbaijan - 0.6% |
| |||||||
Southern Gas Corridor CJSC | ||||||||
6.875% due 03/24/26 ~ | 220,000 | 248,238 | ||||||
|
| |||||||
Brazil - 1.4% |
| |||||||
Marfrig Holdings Europe BV | ||||||||
8.000% due 06/08/23 ~ | 200,000 | 207,640 | ||||||
Petrobras Global Finance BV | ||||||||
6.250% due 03/17/24 | 30,000 | 32,130 | ||||||
6.850% due 06/05/15 | 80,000 | 76,420 | ||||||
6.875% due 01/20/40 | 50,000 | 50,750 | ||||||
8.750% due 05/23/26 | 30,000 | 36,112 | ||||||
QGOG Atlantic | 66,480 | 65,483 | ||||||
Vale Overseas Ltd | ||||||||
6.875% due 11/21/36 | 50,000 | 57,500 | ||||||
6.875% due 11/10/39 | 70,000 | 80,360 | ||||||
|
| |||||||
606,395 | ||||||||
|
| |||||||
Chile - 1.0% |
| |||||||
Corp Nacional del Cobre de Chile | ||||||||
4.500% due 08/01/47 ~ | 200,000 | 204,054 | ||||||
4.875% due 11/04/44 ~ | 200,000 | 217,471 | ||||||
|
| |||||||
421,525 | ||||||||
|
| |||||||
China - 0.8% |
| |||||||
Sinochem Overseas Capital Co Ltd | 100,000 | 105,941 | ||||||
Sinopec Group Overseas Development Ltd | 200,000 | 223,707 | ||||||
|
| |||||||
329,648 | ||||||||
|
| |||||||
Colombia - 0.1% |
| |||||||
Ecopetrol SA | 40,000 | 43,968 | ||||||
|
| |||||||
Georgia - 0.5% |
| |||||||
Georgian Railway JSC | 200,000 | 222,992 | ||||||
|
| |||||||
Hong Kong - 0.3% |
| |||||||
Industrial & Commercial Bank of China Asia Ltd | 100,000 | 106,961 | ||||||
|
| |||||||
Indonesia - 0.8% |
| |||||||
Majapahit Holding BV | 100,000 | 110,380 | ||||||
P.T. Pertamina Persero | 200,000 | 225,886 | ||||||
|
| |||||||
336,266 | ||||||||
|
| |||||||
Jamaica - 0.5% |
| |||||||
Digicel Group Ltd | 200,000 | 196,126 | ||||||
|
|
Principal |
| |||||||
Kazakhstan - 1.4% |
| |||||||
Development Bank of Kazakhstan JSC | $220,000 | $223,300 | ||||||
Kazakhstan Temir Zholy Finance BV | 300,000 | 336,738 | ||||||
Kazkommertsbank JSC | 45,427 | 44,898 | ||||||
|
| |||||||
604,936 | ||||||||
|
| |||||||
Luxembourg - 0.5% |
| |||||||
Altice Financing SA | 200,000 | 220,500 | ||||||
|
| |||||||
Malaysia - 0.6% |
| |||||||
Wakala Global Sukuk Bhd | 250,000 | 269,995 | ||||||
|
| |||||||
Mexico - 1.9% |
| |||||||
Comision Federal de Electricidad | 200,000 | 215,500 | ||||||
Petroleos Mexicanos | 15,000 | 14,025 | ||||||
5.625% due 01/23/46 | 100,000 | 93,375 | ||||||
6.000% due 03/05/20 | 20,000 | 21,540 | ||||||
6.500% due 06/02/41 | 75,000 | 78,600 | ||||||
6.750% due 09/21/47 | 144,000 | 153,562 | ||||||
6.875% due 08/04/26 | 112,000 | 127,680 | ||||||
7.190% due 09/12/24 ~ | MXN 1,670,000 | 84,050 | ||||||
|
| |||||||
788,332 | ||||||||
|
| |||||||
Netherlands - 0.5% |
| |||||||
New World Resources NV | EUR 172,492 | — | ||||||
VimpelCom Holdings BV | $200,000 | 205,156 | ||||||
|
| |||||||
205,156 | ||||||||
|
| |||||||
Pakistan – 0.9% |
| |||||||
The Second Pakistan International Sukuk Co Ltd | 350,000 | 367,014 | ||||||
|
| |||||||
Peru - 0.5% |
| |||||||
VM Holding SA | 200,000 | 210,500 | ||||||
|
| |||||||
Philippines - 0.4% |
| |||||||
Power Sector Assets & Liabilities Management Corp | 130,000 | 167,711 | ||||||
|
| |||||||
Russia - 1.8% |
| |||||||
Gazprom Neft OAO | 200,000 | 204,250 | ||||||
Gazprom OAO | 25,000 | 34,092 | ||||||
9.250% due 04/23/19 ~ | 60,000 | 65,644 | ||||||
Sberbank of Russia | 200,000 | 207,403 | ||||||
SCF Capital Designated Activity Co | 232,000 | 240,867 | ||||||
|
| |||||||
752,256 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-34
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
South Africa - 1.3% |
| |||||||
Eskom Holdings SOC Ltd | $356,000 | $362,185 | ||||||
6.750% due 08/06/23 ~ | 200,000 | 207,291 | ||||||
|
| |||||||
569,476 | ||||||||
|
| |||||||
United Arab Emirates - 0.3% |
| |||||||
Dubai DOF Sukuk Ltd | 50,000 | 57,469 | ||||||
Emirates Airline | 71,428 | 73,517 | ||||||
|
| |||||||
130,986 | ||||||||
|
| |||||||
United Kingdom - 1.1% |
| |||||||
Standard Charted Bank | INR 30,000,000 | 478,100 | ||||||
|
| |||||||
Venezuela - 3.9% |
| |||||||
Petroleos de Venezuela SA | $93,000 | 28,133 | ||||||
8.500% due 11/02/17 ~ | 52,533 | 49,552 | ||||||
8.500% due 10/27/20 ~ | 1,761,000 | 1,466,032 | ||||||
9.000% due 11/17/21 ~ | 119,354 | 49,383 | ||||||
9.750% due 05/17/35 ~ | 146,278 | 50,649 | ||||||
12.750% due 02/17/22 ~ | 57,000 | 26,619 | ||||||
|
| |||||||
1,670,368 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 8,993,641 | ||||||
|
| |||||||
CONVERTIBLE CORPORATE BONDS & NOTES - 0.0% |
| |||||||
Netherlands - 0.0% |
| |||||||
New World Resources NV | EUR 131,622 | — | ||||||
|
| |||||||
Total Convertible Corporate Bonds & Notes |
| — | ||||||
|
| |||||||
SENIOR LOAN NOTES - 1.9% |
| |||||||
United Arab Emirates - 1.9% |
| |||||||
Dubai Drydocks LLC |
| |||||||
(LIBOR + 4.000%) 5.295% due 10/18/17 § | $126,946 | 120,440 | ||||||
Term A 0.100% due 10/18/27 § W | 287,369 | 63,940 | ||||||
Dubai World Term B1 | 665,820 | 612,000 | ||||||
|
| |||||||
Total Senior Loan Notes |
| 796,380 | ||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 69.7% |
| |||||||
Argentina - 2.2% |
| |||||||
Argentina Bonar | ||||||||
(ARS Deposit + 2.000%) 23.501% due 04/03/22 § | ARS 1,529,000 | 86,769 | ||||||
(ARS Deposit + 2.500%) 23.937% due 03/11/19 § | 486,000 | 28,306 | ||||||
(ARS Deposit + 3.250%) 24.633% due 03/01/20 § | 470,000 | 28,064 |
Principal |
| |||||||
Argentina POM Politica Monetaria | ARS 2,540,716 | $153,718 | ||||||
Argentine Bonos del Tesoro | 380,000 | 21,825 | ||||||
22.750% due 03/05/18 | 2,319,522 | 133,463 | ||||||
Argentine Republic Government | $282,217 | 201,080 | ||||||
7.500% due 04/22/26 | 252,000 | 283,500 | ||||||
|
| |||||||
936,725 | ||||||||
|
| |||||||
Belarus - 1.8% |
| |||||||
Republic of Belarus | 200,000 | 215,545 | ||||||
7.625% due 06/29/27 ~ | 200,000 | 223,687 | ||||||
8.950% due 01/26/18 ~ | 329,000 | 335,427 | ||||||
|
| |||||||
774,659 | ||||||||
|
| |||||||
Brazil - 9.8% |
| |||||||
Banco Nacional de Desenvolvimento Economico e Social | 70,000 | 74,515 | ||||||
Brazil Notas do Tesouro Nacional ‘B’ | BRL 737,000 | 748,139 | ||||||
Brazil Notas do Tesouro Nacional ‘F’ | 2,988,000 | 973,556 | ||||||
10.000% due 01/01/25 | 2,660,000 | 864,343 | ||||||
10.000% due 01/01/27 | 2,992,000 | 964,590 | ||||||
Brazilian Government | $175,000 | 176,969 | ||||||
5.000% due 01/27/45 | 141,000 | 131,581 | ||||||
5.875% due 01/15/19 | 90,000 | 94,950 | ||||||
8.250% due 01/20/34 | 30,000 | 39,375 | ||||||
8.875% due 04/15/24 | 60,000 | 76,800 | ||||||
|
| |||||||
4,144,818 | ||||||||
|
| |||||||
Colombia - 4.6% |
| |||||||
Colombia Government | 262,000 | 270,188 | ||||||
6.125% due 01/18/41 | 183,000 | 215,665 | ||||||
8.125% due 05/21/24 | 115,000 | 147,631 | ||||||
11.750% due 02/25/20 | 78,000 | 95,784 | ||||||
Colombian TES | ||||||||
5.000% due 11/21/18 | COP 1,584,900,000 | 540,010 | ||||||
7.000% due 09/11/19 | 601,700,000 | 211,392 | ||||||
7.000% due 05/04/22 | 1,039,700,000 | 368,471 | ||||||
11.000% due 07/24/20 | 207,000,000 | 80,357 | ||||||
Empresa de Telecomunicaciones de Bogota | 144,000,000 | 39,768 | ||||||
|
| |||||||
1,969,266 | ||||||||
|
| |||||||
Costa Rica - 0.4% | ||||||||
Costa Rica Government | ||||||||
4.375% due 04/30/25 ~ | $90,000 | 88,875 | ||||||
5.625% due 04/30/43 ~ | 90,000 | 82,800 | ||||||
|
| |||||||
171,675 | ||||||||
|
| |||||||
Croatia - 1.2% | ||||||||
Croatia Government | ||||||||
6.000% due 01/26/24 ~ | 310,000 | 354,617 | ||||||
6.625% due 07/14/20 ~ | 160,000 | 176,385 | ||||||
|
| |||||||
531,002 | ||||||||
|
| |||||||
Dominican Republic - 2.0% | ||||||||
Dominican Republic | ||||||||
5.500% due 01/27/25 ~ | 130,000 | 137,800 | ||||||
5.875% due 04/18/24 ~ | 100,000 | 108,750 | ||||||
6.600% due 01/28/24 ~ | 100,000 | 112,625 | ||||||
6.850% due 01/27/45 ~ | 140,000 | 156,975 | ||||||
6.875% due 01/29/26 ~ | 140,000 | 160,014 | ||||||
7.500% due 05/06/21 ~ | 170,000 | 189,550 | ||||||
|
| |||||||
865,714 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-35
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
Ecuador - 5.0% | ||||||||
Ecuador Government | ||||||||
7.950% due 06/20/24 ~ | $368,000 | $365,240 | ||||||
8.750% due 06/02/23 ~ | 228,000 | 236,265 | ||||||
9.650% due 12/13/26 ~ | 200,000 | 212,000 | ||||||
10.500% due 03/24/20 ~ | 680,000 | 736,950 | ||||||
10.750% due 03/28/22 ~ | 504,000 | 564,480 | ||||||
|
| |||||||
2,114,935 | ||||||||
|
| |||||||
Egypt - 1.4% | ||||||||
Egypt Government | ||||||||
6.875% due 04/30/40 ~ | 100,000 | 97,121 | ||||||
7.500% due 01/31/27 ~ | 250,000 | 272,634 | ||||||
8.500% due 01/31/47 ~ | 200,000 | 223,570 | ||||||
|
| |||||||
593,325 | ||||||||
|
| |||||||
El Salvador - 0.9% | ||||||||
El Salvador Government | ||||||||
5.875% due 01/30/25 ~ | 40,000 | 39,400 | ||||||
6.375% due 01/18/27 ~ | 60,000 | 59,625 | ||||||
7.625% due 02/01/41 ~ | 150,000 | 154,125 | ||||||
7.650% due 06/15/35 ~ | 35,000 | 36,133 | ||||||
8.250% due 04/10/32 ~ | 37,000 | 40,538 | ||||||
8.625% due 02/28/29 ~ | 30,000 | 33,750 | ||||||
|
| |||||||
363,571 | ||||||||
|
| |||||||
Ethiopia - 0.8% | ||||||||
Ethiopia International | 310,000 | 319,283 | ||||||
|
| |||||||
Gabon - 0.5% | ||||||||
Gabon Government | 200,000 | 195,955 | ||||||
|
| |||||||
Hungary - 1.7% | ||||||||
Hungary Government | ||||||||
5.375% due 02/21/23 | 178,000 | 201,035 | ||||||
5.375% due 03/25/24 | 84,000 | 96,220 | ||||||
5.500% due 06/24/25 | HUF 20,790,000 | 96,998 | ||||||
5.750% due 11/22/23 | $166,000 | 192,654 | ||||||
7.625% due 03/29/41 | 76,000 | 118,009 | ||||||
|
| |||||||
704,916 | ||||||||
|
| |||||||
India - 1.3% | ||||||||
India Government | INR 34,000,000 | 544,995 | ||||||
|
| |||||||
Indonesia - 3.6% | ||||||||
Indonesia Government | ||||||||
5.125% due 01/15/45 ~ | $200,000 | 221,486 | ||||||
5.950% due 01/08/46 ~ | 200,000 | 245,695 | ||||||
7.750% due 01/17/38 ~ | 100,000 | 142,503 | ||||||
Indonesia Treasury | ||||||||
5.625% due 05/15/23 | IDR 1,291,000,000 | 93,396 | ||||||
6.625% due 05/15/33 | 711,000,000 | 50,788 | ||||||
7.000% due 05/15/22 | 303,000,000 | 23,334 | ||||||
7.000% due 05/15/27 | 790,000,000 | 61,082 | ||||||
7.500% due 08/15/32 | 3,766,000,000 | 293,515 | ||||||
8.375% due 03/15/24 | 146,000,000 | 12,015 | ||||||
8.375% due 09/15/26 | 3,583,000,000 | 300,202 | ||||||
8.750% due 05/15/31 | 833,000,000 | 71,787 | ||||||
|
| |||||||
1,515,803 | ||||||||
|
| |||||||
Ivory Coast - 0.6% | ||||||||
Ivory Coast Government | $257,655 | 253,458 | ||||||
|
|
Principal |
| |||||||
Kazakhstan - 1.1% | ||||||||
KazAgro National Management Holding JSC | $200,000 | $201,937 | ||||||
Kazakhstan Government | 230,000 | 284,127 | ||||||
|
| |||||||
486,064 | ||||||||
|
| |||||||
Lebanon - 1.8% | ||||||||
Lebanon Government | ||||||||
5.150% due 11/12/18 ~ | 30,000 | 30,166 | ||||||
5.450% due 11/28/19 ~ | 30,000 | 30,197 | ||||||
6.000% due 01/27/23 ~ | 60,000 | 59,230 | ||||||
6.100% due 10/04/22 ~ | 249,000 | 249,525 | ||||||
6.200% due 02/26/25 ~ | 60,000 | 58,443 | ||||||
6.375% due 03/09/20 | 85,000 | 86,904 | ||||||
6.600% due 11/27/26 ~ | 39,000 | 38,373 | ||||||
6.750% due 11/29/27 ~ | 38,000 | 37,533 | ||||||
8.250% due 04/12/21 ~ | 161,000 | 173,996 | ||||||
|
| |||||||
764,367 | ||||||||
|
| |||||||
Malaysia - 1.3% | ||||||||
Malaysia Government | ||||||||
3.418% due 08/15/22 | MYR 84,000 | 19,668 | ||||||
3.480% due 03/15/23 | 27,000 | 6,306 | ||||||
3.659% due 10/15/20 | 1,250,000 | 298,253 | ||||||
3.844% due 04/15/33 | 4,000 | 892 | ||||||
3.882% due 03/10/22 | 130,000 | 31,159 | ||||||
3.900% due 11/30/26 | 21,000 | 4,949 | ||||||
3.955% due 09/15/25 | 9,000 | 2,129 | ||||||
4.181% due 07/15/24 | 217,000 | 52,307 | ||||||
4.240% due 02/07/18 | 411,000 | 97,748 | ||||||
4.254% due 05/31/35 | 8,000 | 1,852 | ||||||
4.392% due 04/15/26 | 22,000 | 5,340 | ||||||
4.498% due 04/15/30 | 99,000 | 23,815 | ||||||
|
| |||||||
544,418 | ||||||||
|
| |||||||
Mexico - 4.9% | ||||||||
Mexican Bonos | ||||||||
5.750% due 03/05/26 | MXN 7,730,000 | 396,234 | ||||||
6.500% due 06/10/21 | 10,130,000 | 553,389 | ||||||
7.500% due 06/03/27 | 1,280,000 | 73,422 | ||||||
7.750% due 05/29/31 | 1,050,000 | 61,169 | ||||||
7.750% due 11/23/34 | 1,410,000 | 82,249 | ||||||
8.000% due 12/07/23 | 2,240,000 | 131,020 | ||||||
10.000% due 12/05/24 | 2,500,000 | 162,692 | ||||||
Mexican Udibonos | 8,555,169 | 477,285 | ||||||
Mexico Government | ||||||||
4.750% due 03/08/44 | $38,000 | 39,254 | ||||||
5.550% due 01/21/45 | 34,000 | 39,211 | ||||||
5.750% due 10/12/10 | 42,000 | 45,234 | ||||||
|
| |||||||
2,061,159 | ||||||||
|
| |||||||
Morocco - 0.8% | ||||||||
Morocco Government | 320,000 | 340,264 | ||||||
|
| |||||||
Oman - 0.5% | ||||||||
Oman Government | 200,000 | 206,207 | ||||||
|
| |||||||
Pakistan - 0.5% | ||||||||
Pakistan Government | 200,000 | 227,840 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-36
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal |
| |||||||
Panama - 0.8% | ||||||||
Panama Government | ||||||||
6.700% due 01/26/36 | $80,000 | $106,200 | ||||||
7.125% due 01/29/26 | 100,000 | 129,650 | ||||||
8.875% due 09/30/27 | 40,000 | 58,260 | ||||||
9.375% due 04/01/29 | 40,000 | 60,500 | ||||||
|
| |||||||
354,610 | ||||||||
|
| |||||||
Peru - 2.3% | ||||||||
Fondo MIVIVIENDA SA | PEN 300,000 | 96,151 | ||||||
Peruvian Government | ||||||||
5.625% due 11/18/50 | $177,000 | 223,905 | ||||||
6.150% due 08/12/32 ~ | PEN 78,000 | 25,283 | ||||||
6.350% due 08/12/28 ~ | 216,000 | 71,724 | ||||||
6.900% due 08/12/37 ~ | 62,000 | 21,355 | ||||||
6.950% due 08/12/31 ~ | 207,000 | 71,697 | ||||||
7.350% due 07/21/25 | $178,000 | 234,159 | ||||||
8.200% due 08/12/26 ~ | PEN 237,000 | 89,842 | ||||||
8.750% due 11/21/33 | $100,000 | 157,650 | ||||||
|
| |||||||
991,766 | ||||||||
|
| |||||||
Philippines - 1.1% | ||||||||
Philippine Government | ||||||||
7.750% due 01/14/31 | 170,000 | 247,661 | ||||||
9.500% due 02/02/30 | 100,000 | 161,094 | ||||||
10.625% due 03/16/25 | 46,000 | 70,449 | ||||||
|
| |||||||
479,204 | ||||||||
|
| |||||||
Poland - 1.4% | ||||||||
Republic of Poland Government | ||||||||
2.500% due 07/25/26 | PLN 767,000 | 197,846 | ||||||
3.000% due 03/17/23 | $37,000 | 37,928 | ||||||
3.250% due 07/25/25 | PLN 736,000 | 203,020 | ||||||
4.000% due 10/25/23 | 445,000 | 129,238 | ||||||
5.000% due 03/23/22 | $39,000 | 43,153 | ||||||
|
| |||||||
611,185 | ||||||||
|
| |||||||
Romania - 1.2% | ||||||||
Romanian Government | ||||||||
4.375% due 08/22/23 ~ | 214,000 | 229,754 | ||||||
6.125% due 01/22/44 ~ | 38,000 | 48,406 | ||||||
6.750% due 02/07/22 ~ | 192,000 | 222,323 | ||||||
|
| |||||||
500,483 | ||||||||
|
| |||||||
Russia - 2.5% | ||||||||
Russia Federal | ||||||||
7.400% due 12/07/22 | RUB 4,872,000 | 84,566 | ||||||
7.500% due 08/18/21 | 17,263,000 | 300,513 | ||||||
7.750% due 09/16/26 | 18,710,000 | 332,206 | ||||||
8.500% due 09/17/31 | 8,032,000 | 150,705 | ||||||
Russia Foreign | $200,000 | 204,835 | ||||||
|
| |||||||
1,072,825 | ||||||||
|
| |||||||
South Africa - 4.4% | ||||||||
Republic of South Africa Government | ||||||||
4.300% due 10/12/28 | 224,000 | 211,470 | ||||||
7.000% due 02/28/31 | ZAR 5,206,000 | 321,001 | ||||||
7.750% due 02/28/23 | 2,631,930 | 193,272 | ||||||
8.000% due 01/31/30 | 2,163,800 | 147,229 | ||||||
8.250% due 03/31/32 | 1,725,640 | 116,802 | ||||||
8.500% due 01/31/37 | 1,524,000 | 101,540 | ||||||
8.750% due 01/31/44 | 2,474,000 | 165,187 | ||||||
8.750% due 02/28/48 | 3,854,610 | 257,836 | ||||||
10.500% due 12/21/26 | 4,217,260 | 349,872 | ||||||
|
| |||||||
1,864,209 | ||||||||
|
|
Principal |
| |||||||
Thailand - 0.3% |
| |||||||
Thailand Government | THB 1,036,662 | $29,910 | ||||||
3.400% due 06/17/36 | 1,619,000 | 52,725 | ||||||
4.675% due 06/29/44 | 659,000 | 25,183 | ||||||
|
| |||||||
107,818 | ||||||||
|
| |||||||
Turkey - 2.4% |
| |||||||
Turkey Government | TRY 302,419 | 85,346 | ||||||
3.250% due 03/23/23 | $200,000 | 190,627 | ||||||
6.750% due 04/03/18 | 150,000 | 153,270 | ||||||
6.750% due 05/30/40 | 110,000 | 122,536 | ||||||
7.000% due 06/05/20 | 42,000 | 45,932 | ||||||
7.375% due 02/05/25 | 30,000 | 34,913 | ||||||
10.600% due 02/11/26 | TRY 400,377 | 112,035 | ||||||
11.000% due 02/24/27 | 1,010,000 | 289,287 | ||||||
|
| |||||||
1,033,946 | ||||||||
|
| |||||||
Ukraine - 0.6% |
| |||||||
Ukraine Government | $114,000 | 121,147 | ||||||
7.750% due 09/01/23 ~ | 114,000 | 119,871 | ||||||
|
| |||||||
241,018 | ||||||||
|
| |||||||
Uruguay - 1.1% |
| |||||||
Uruguay Government | 78,548 | 76,388 | ||||||
4.375% due 12/15/28 ^ | UYU 1,435,158 | 57,364 | ||||||
4.500% due 08/14/24 | $114,235 | 125,373 | ||||||
5.100% due 06/18/50 | 20,000 | 21,140 | ||||||
7.625% due 03/21/36 | 52,000 | 73,190 | ||||||
7.875% due 01/15/33 | 93,000 | 131,130 | ||||||
|
| |||||||
484,585 | ||||||||
|
| |||||||
Venezuela - 2.1% |
| |||||||
Venezuela Government | 103,000 | 40,170 | ||||||
7.750% due 10/13/19 ~ | 81,000 | 36,653 | ||||||
8.250% due 10/13/24 ~ | 232,000 | 79,460 | ||||||
9.000% due 05/07/23 ~ | 89,000 | 31,595 | ||||||
9.250% due 09/15/27 | 172,000 | 68,800 | ||||||
9.250% due 05/07/28 ~ | 165,000 | 57,164 | ||||||
11.750% due 10/21/26 ~ | 588,900 | 229,671 | ||||||
11.950% due 08/05/31 ~ | 839,000 | 341,892 | ||||||
12.750% due 08/23/22 ~ | 41,000 | 19,135 | ||||||
|
| |||||||
904,540 | ||||||||
|
| |||||||
Vietnam - 0.5% |
| |||||||
Vietnam Government | 180,000 | 196,954 | ||||||
|
| |||||||
Zambia - 0.3% |
| |||||||
Zambia Government | 107,000 | 116,437 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes |
| 29,589,999 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-37
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 3.9% | ||||||||
Money Market Fund - 3.9% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 1,637,691 | $1,637,691 | ||||||
|
| |||||||
Total Short-Term Investment | 1,637,691 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 96.7% | 41,017,711 | |||||||
DERIVATIVES - 0.6% | ||||||||
(See Notes (d) and (e) in Notes to Schedule of Investments) | 272,729 | |||||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - 2.7% |
| 1,129,498 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $42,419,938 | ||||||
|
|
Notes to Schedule of Investments
(a) | Investments with a total aggregate value of $63,940 or 0.2% of the Fund’s net assets were in default as of September 30, 2017. |
(b) | As of September 30, 2017, the Fund’s composition as a percentage of net assets was as follows: |
Foreign Government Bonds & Notes | 69.7% | |||
Corporate Bonds & Notes | 21.2% | |||
Short-Term Investment | 3.9% | |||
Others (each less than 3.0%) | 1.9% | |||
|
| |||
96.7% | ||||
Derivatives | 0.6% | |||
Other Assets & Liabilities, Net | 2.7% | |||
|
| |||
100.0% | ||||
|
|
(c) | As of September 30, 2017, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
Brazil | 11.2% | |||
Mexico | 6.8% | |||
Venezuela | 6.0% | |||
South Africa | 5.7% | |||
Ecuador | 5.0% | |||
Colombia | 4.7% | |||
Indonesia | 4.4% | |||
Russia | 4.3% | |||
United States (Includes Short-Term Investment) | 3.9% | |||
Others (each less than 3.0%) | 44.7% | |||
|
| |||
96.7% | ||||
Derivatives | 0.6% | |||
Other Assets & Liabilities, Net | 2.7% | |||
|
| |||
100.0% | ||||
|
|
(d) | Forward foreign currency contracts outstanding as of September 30, 2017 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
ARS | 2,375,725 | USD | 129,750 | 10/17 | BNP | $5,007 | ||||||||||||||
BRL | 5,266,320 | USD | 1,655,815 | 10/17 | MSC | 6,014 | ||||||||||||||
BRL | 416,370 | USD | 131,953 | 11/17 | CIT | (1,143 | ) | |||||||||||||
CLP | 359,168,279 | USD | 549,717 | 10/17 | CSF | 11,060 | ||||||||||||||
CLP | 153,067,500 | USD | 235,000 | 10/17 | DUB | 3,987 | ||||||||||||||
CLP | 64,135,000 | USD | 103,025 | 10/17 | SCB | (2,890 | ) | |||||||||||||
CNY | 6,973,980 | USD | 1,057,705 | 01/18 | ANZ | (13,945 | ) | |||||||||||||
CZK | 1,910,000 | USD | 86,308 | 10/17 | BNP | 726 | ||||||||||||||
CZK | 5,166,442 | USD | 237,920 | 10/17 | BRC | (2,499 | ) | |||||||||||||
CZK | 3,240,091 | USD | 149,530 | 10/17 | MER | (1,887 | ) | |||||||||||||
CZK | 5,166,442 | USD | 234,772 | 11/17 | MER | 1,039 | ||||||||||||||
CZK | 3,104,933 | USD | 141,162 | 11/17 | SCB | 555 | ||||||||||||||
CZK | 3,104,933 | USD | 141,159 | 12/17 | DUB | 802 | ||||||||||||||
CZK | 5,123,074 | USD | 207,274 | 01/18 | BNP | 27,434 | ||||||||||||||
CZK | 3,330,287 | USD | 134,933 | 01/18 | CIT | 17,640 | ||||||||||||||
CZK | 2,405,089 | USD | 97,410 | 01/18 | SCB | 12,777 | ||||||||||||||
EGP | 899,110 | USD | 47,000 | 12/17 | GSC | 2,905 | ||||||||||||||
EGP | 499,980 | USD | 26,000 | 04/18 | BNP | 820 | ||||||||||||||
EGP | 862,117 | USD | 44,785 | 04/18 | GSC | 1,447 | ||||||||||||||
EGP | 960,000 | USD | 50,000 | 04/18 | MER | 1,496 | ||||||||||||||
EGP | 742,400 | USD | 39,374 | 06/18 | HSB | (169 | ) | |||||||||||||
EGP | 988,500 | USD | 50,000 | 07/18 | MER | 1,805 | ||||||||||||||
EUR | 407,131 | USD | 488,554 | 01/18 | BNP | (4,620 | ) | |||||||||||||
HUF | 53,404,362 | USD | 204,430 | 10/17 | BNP | (1,656 | ) | |||||||||||||
HUF | 53,404,363 | USD | 202,739 | 10/17 | BRC | 35 | ||||||||||||||
HUF | 98,897,608 | USD | 384,636 | 11/17 | SCB | (8,617 | ) | |||||||||||||
IDR | 824,940,758 | USD | 61,270 | 10/17 | MER | (195 | ) | |||||||||||||
ILS | 456,568 | USD | 126,190 | 10/17 | MER | 3,117 | ||||||||||||||
INR | 10,157,115 | USD | 156,367 | 01/18 | BNP | (3,079 | ) | |||||||||||||
INR | 3,484,089 | USD | 52,200 | 01/18 | BRC | 381 | ||||||||||||||
INR | 12,188,190 | USD | 182,800 | 01/18 | GSC | 1,141 | ||||||||||||||
KRW | 1,195,861,747 | USD | 1,040,776 | 10/17 | BNP | 3,760 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-38
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
MXN | 3,814,360 | USD | 213,684 | 10/17 | HSB | ( | $ 5,347) | |||||||||||||||
MXN | 271,601 | USD | 15,016 | 10/17 | SCB | (181 | ) | |||||||||||||||
MYR | 395,411 | USD | 94,000 | 10/17 | DUB | (473 | ) | |||||||||||||||
PEN | 380,089 | USD | 116,505 | 10/17 | BNP | (189 | ) | |||||||||||||||
PEN | 81,700 | USD | 25,000 | 10/17 | BNP | 2 | ||||||||||||||||
PEN | 681,450 | USD | 210,130 | 10/17 | CSF | (1,590 | ) | |||||||||||||||
PEN | 154,837 | USD | 47,452 | 10/17 | DUB | (69 | ) | |||||||||||||||
PHP | 7,849,867 | USD | 151,521 | 01/18 | BNP | 1,996 | ||||||||||||||||
PLN | 235,666 | USD | 65,460 | 10/17 | BNP | (878 | ) | |||||||||||||||
PLN | 234,041 | USD | 65,000 | 10/17 | CSF | (864 | ) | |||||||||||||||
PLN | 1,777,078 | USD | 486,704 | 10/17 | HSB | 284 | ||||||||||||||||
PLN | 43,090 | USD | 11,957 | 10/17 | MER | (149 | ) | |||||||||||||||
PLN | 1,523,793 | USD | 418,884 | 11/17 | BNP | (1,296 | ) | |||||||||||||||
PLN | 1,523,793 | USD | 419,625 | 11/17 | DUB | (2,038 | ) | |||||||||||||||
PLN | 453,155 | USD | 124,445 | 12/17 | SCB | (236 | ) | |||||||||||||||
PLN | 435,384 | USD | 118,902 | 01/18 | BRC | 472 | ||||||||||||||||
RON | 1,524,690 | USD | 392,890 | 11/17 | SCB | (757 | ) | |||||||||||||||
RUB | 645,630 | USD | 11,231 | 10/17 | HSB | (77 | ) | |||||||||||||||
RUB | 57,308,742 | USD | 964,528 | 10/17 | HSB | 25,516 | ||||||||||||||||
RUB | 2,454,260 | USD | 41,000 | 10/17 | MER | 1,399 | ||||||||||||||||
SGD | 1,104,673 | USD | 798,901 | 10/17 | MER | 15,794 | ||||||||||||||||
THB | 15,095,160 | USD | 447,861 | 10/17 | MSC | 4,925 | ||||||||||||||||
THB | 10,234,500 | USD | 310,089 | 01/18 | BRC | (2,750 | ) | |||||||||||||||
THB | 10,440,000 | USD | 315,761 | 01/18 | CIT | (2,250 | ) | |||||||||||||||
THB | 3,847,650 | USD | 116,592 | 01/18 | SCB | (1,048 | ) | |||||||||||||||
TRY | 2,029,903 | USD | 567,662 | 10/17 | CSF | (3,421 | ) | |||||||||||||||
TRY | 839,977 | USD | 243,602 | 10/17 | MER | (10,118 | ) | |||||||||||||||
TRY | 1,201,228 | USD | 333,221 | 11/17 | BRC | (2,266 | ) | |||||||||||||||
TWD | 19,087,684 | USD | 625,313 | 10/17 | MER | 5,141 | ||||||||||||||||
USD | 72,888 | BRL | 226,542 | 10/17 | BNP | 1,401 | ||||||||||||||||
USD | 132,475 | BRL | 416,370 | 10/17 | CIT | 1,086 | ||||||||||||||||
USD | 650,000 | BRL | 2,313,958 | 10/17 | DUB | (80,187 | ) | |||||||||||||||
USD | 650,000 | BRL | 2,309,450 | 10/17 | GSC | (78,765 | ) | |||||||||||||||
USD | 1,250,000 | BRL | 4,418,125 | 01/18 | BNP | (127,240 | ) | |||||||||||||||
USD | 349,122 | COP | 1,059,795,300 | 10/17 | CSF | (10,228 | ) | |||||||||||||||
USD | 25,000 | COP | 75,750,000 | 10/17 | DUB | (685 | ) | |||||||||||||||
USD | 21,000 | COP | 61,425,000 | 10/17 | MER | 172 | ||||||||||||||||
USD | 205,000 | COP | 599,918,150 | 10/17 | SCB | 1,582 | ||||||||||||||||
USD | 286,400 | CZK | 6,182,488 | 10/17 | MER | 4,680 | ||||||||||||||||
USD | 438,094 | EUR | 407,131 | 01/18 | BNP | (45,841 | ) | |||||||||||||||
USD | 162,490 | HUF | 41,529,194 | 10/17 | MER | 4,806 | ||||||||||||||||
USD | 10,752 | IDR | 144,285,952 | 10/17 | ANZ | 70 | ||||||||||||||||
USD | 5,299 | IDR | 71,137,346 | 10/17 | BNP | 32 | ||||||||||||||||
USD | 32,529 | IDR | 437,868,609 | 10/17 | SCB | 111 | ||||||||||||||||
USD | 205,000 | MXN | 3,661,300 | 10/17 | CSF | 5,024 | ||||||||||||||||
USD | 455,000 | MXN | 8,168,038 | 10/17 | DUB | 8,871 | ||||||||||||||||
USD | 83,000 | MXN | 1,481,219 | 10/17 | HSB | 2,097 | ||||||||||||||||
USD | 1,937 | MXN | 34,496 | 10/17 | SCB | 53 | ||||||||||||||||
USD | 191,568 | PEN | 626,101 | 10/17 | BNP | (34 | ) | |||||||||||||||
USD | 37,600 | PLN | 133,329 | 10/17 | DUB | 1,063 | ||||||||||||||||
USD | 42,000 | PLN | 152,319 | 10/17 | HSB | 259 | ||||||||||||||||
USD | 61,991 | RUB | 3,798,836 | 10/17 | BNP | (3,636 | ) | |||||||||||||||
USD | 301,868 | TRY | 1,052,294 | 10/17 | GSC | 9,367 | ||||||||||||||||
USD | 346,897 | ZAR | 4,517,171 | 10/17 | DUB | 15,027 | ||||||||||||||||
ZAR | 2,162,654 | USD | 162,146 | 10/17 | BNP | (3,259 | ) | |||||||||||||||
ZAR | 1,786,290 | USD | 134,600 | 10/17 | CIT | (3,364 | ) | |||||||||||||||
ZAR | 2,507,334 | USD | 192,018 | 10/17 | HSB | (7,808 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total Forward Foreign Currency Contracts |
| ($222,566 | ) | |||||||||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-39
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
(e) | Swap agreements outstanding as of September 30, 2017 were as follows: |
Interest Rate Swaps – Pay Floating Rate
Floating Rate Index | Payment Frequency | Counter- party | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
3-Month MYR-KLIBOR | Q | HSB | 3.555% | 03/18/18 | MYR 2,300,000 | $260 | $— | $260 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||||
Brazil CETIP Interbank | Z | CME | 9.055% | 01/02/20 | BRL 2,991,441 | 21,398 | — | 21,398 | ||||||||||||||||||||||
Brazil CETIP Interbank | Z | CME | 10.375% | 01/04/21 | 2,464,955 | 46,052 | — | 46,052 | ||||||||||||||||||||||
28-Day MXN-TIIE | L | CME | 6.720% | 09/14/22 | MXN 4,000,000 | (815 | ) | — | (815 | ) | ||||||||||||||||||||
Brazil CETIP Interbank | Z | CME | 10.550% | 01/02/25 | BRL 423,338 | 10,830 | — | 10,830 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
77,465 | — | 77,465 | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Total Interest Rate Swaps – Pay Floating Rate |
| $77,725 | $— | $77,725 | ||||||||||||||||||||||||||
|
|
|
|
|
|
Interest Rate Swaps – Receive Floating Rate
Floating Rate Index | Payment Frequency Fixed Rate / Floating Rate | Exchange | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
Brazil CETIP Interbank | Z / Z | CME | 8.695% | 01/02/20 | BRL 1,634,481 | ($7,448 | ) | $— | ($7,448 | ) | ||||||||||||||||||||
Brazil CETIP Interbank | Z / Z | CME | 9.610% | 01/02/20 | 1,505,584 | (17,057 | ) | — | (17,057 | ) | ||||||||||||||||||||
Brazil CETIP Interbank | Z / Z | CME | 8.880% | 01/04/21 | 1,966,614 | (4,583 | ) | — | (4,583 | ) | ||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 2.130% | 11/16/26 | $300,000 | 2,843 | — | 2,843 | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 2.217% | 11/28/26 | 260,000 | 581 | — | 581 | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 2.374% | 09/15/27 | 200,000 | (1,717 | ) | — | (1,717 | ) | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
($27,381 | ) | $— | ($27,381 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Total Interest Rate Swaps | $50,344 | $— | $50,344 | |||||||||||||||||||||||||||
|
|
|
|
|
|
Total Return Swaps
Receive Total Return | Payment Frequency | Counter- party | Expiration Date | Notional Amount | Value | Upfront | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
Indonesia Treasury 12.800% due 06/15/21 | S | SCB | 06/15/21 | IDR 621,000,000 | $58,429 | $63,166 | ($4,737 | ) | ||||||||||||||||||
Indonesia Treasury 8.375% due 03/15/24 | S | ANZ | 03/15/24 | 369,000,000 | 30,468 | 31,568 | (1,100 | ) | ||||||||||||||||||
Indonesia Treasury 8.375% due 03/15/24 | S | SCB | 03/15/24 | 112,000,000 | 9,248 | 9,582 | (334 | ) | ||||||||||||||||||
Indonesia Treasury 11.000% due 09/15/25 | S | SCB | 09/15/25 | 432,000,000 | 41,253 | 50,189 | (8,936 | ) | ||||||||||||||||||
Indonesia Treasury 7.000% due 05/15/27 | S | SCB | 05/15/27 | 100,000,000 | 7,928 | 7,237 | 691 | |||||||||||||||||||
Indonesia Treasury 9.000% due 03/15/29 | S | ANZ | 03/15/29 | 311,000,000 | 27,258 | 23,664 | 3,594 | |||||||||||||||||||
Indonesia Treasury 10.500% due 08/15/30 | S | SCB | 08/15/30 | 622,000,000 | 61,098 | 72,714 | (11,616 | ) | ||||||||||||||||||
Indonesia Treasury 6.625% due 05/15/33 | S | SCB | 05/15/33 | 270,000,000 | 19,788 | 22,852 | (3,064 | ) | ||||||||||||||||||
Indonesia Treasury 8.375% due 03/15/34 | S | ANZ | 03/15/34 | 1,261,000,000 | 103,635 | 100,212 | 3,423 | |||||||||||||||||||
Indonesia Treasury 8.375% due 03/15/34 | S | SCB | 03/15/34 | 42,000,000 | 3,452 | 3,338 | 114 | |||||||||||||||||||
Indonesia Treasury 8.250% due 05/15/36 | S | SCB | 05/15/36 | 980,000,000 | 82,394 | 73,522 | 8,872 | |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
$444,951 | $458,044 | ($13,093 | ) | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
Total Swap Agreements | $495,295 | $458,044 | $37,251 | |||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-40
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2017 (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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $8,993,641 | $— | $8,993,641 | $— | |||||||||||||
Senior Loan Notes | 796,380 | — | 796,380 | — | ||||||||||||||
Foreign Government Bonds & Notes | 29,589,999 | — | 29,589,999 | — | ||||||||||||||
Short-Term Investment | 1,637,691 | 1,637,691 | — | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 215,178 | — | 215,178 | — | ||||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Swaps | 526,915 | — | 526,915 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets-Derivatives | 742,093 | — | 742,093 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 41,759,804 | 1,637,691 | 40,122,113 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (437,744 | ) | — | (437,744 | ) | — | ||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Swaps | (31,620 | ) | — | (31,620 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities-Derivatives | (469,364 | ) | — | (469,364 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (469,364 | ) | — | (469,364 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $41,290,440 | $1,637,691 | $39,652,749 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-41
Table of Contents
PACIFIC FUNDS
PF COMSTOCK FUND
Schedule of Investments
September 30, 2017 (Unaudited)
| Value | |||||||
COMMON STOCKS - 96.9% | ||||||||
Basic Materials - 2.2% | ||||||||
Alcoa Corp * | 17,805 | $830,085 | ||||||
CF Industries Holdings Inc | 41,231 | 1,449,682 | ||||||
International Paper Co | 30,208 | 1,716,419 | ||||||
|
| |||||||
3,996,186 | ||||||||
|
| |||||||
Communications - 7.5% | ||||||||
CBS Corp ‘B’ | 15,983 | 927,014 | ||||||
Charter Communications Inc ‘A’ * | 2,451 | 890,644 | ||||||
Cisco Systems Inc | 149,940 | 5,042,482 | ||||||
Comcast Corp ‘A’ | 30,447 | 1,171,601 | ||||||
eBay Inc * | 77,107 | 2,965,535 | ||||||
Twenty-First Century Fox Inc ‘B’ | 64,433 | 1,661,727 | ||||||
Vodafone Group PLC (United Kingdom) | 450,463 | 1,261,380 | ||||||
|
| |||||||
13,920,383 | ||||||||
|
| |||||||
Consumer, Cyclical - 6.4% | ||||||||
Advance Auto Parts Inc | 14,566 | 1,444,947 | ||||||
Carnival Corp | 46,665 | 3,013,159 | ||||||
CVS Health Corp | 19,640 | 1,597,125 | ||||||
General Motors Co | 94,969 | 3,834,848 | ||||||
Wal-Mart Stores Inc | 24,452 | 1,910,679 | ||||||
|
| |||||||
11,800,758 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 16.1% | ||||||||
AbbVie Inc | 23,772 | 2,112,380 | ||||||
Anthem Inc | 12,789 | 2,428,375 | ||||||
Biogen Inc * | 5,924 | 1,854,923 | ||||||
Cardinal Health Inc | 22,171 | 1,483,683 | ||||||
Danone SA (France) | 27,540 | 2,163,085 | ||||||
Gilead Sciences Inc | 19,364 | 1,568,871 | ||||||
McKesson Corp | 8,436 | 1,295,854 | ||||||
Medtronic PLC | 16,183 | 1,258,552 | ||||||
Merck & Co Inc | 33,421 | 2,139,947 | ||||||
Mylan NV * | 47,123 | 1,478,249 | ||||||
Novartis AG (Switzerland) | 25,334 | 2,173,023 | ||||||
PayPal Holdings Inc * | 23,184 | 1,484,471 | ||||||
Pfizer Inc | 100,426 | 3,585,208 | ||||||
Reckitt Benckiser Group PLC (United Kingdom) | 6,115 | 558,715 | ||||||
Sanofi ADR (France) | 61,748 | 3,074,433 | ||||||
Unilever NV ‘NY’ (United Kingdom) | 21,027 | 1,241,434 | ||||||
|
| |||||||
29,901,203 | ||||||||
|
| |||||||
Energy - 15.1% | ||||||||
BP PLC ADR (United Kingdom) | 85,553 | 3,287,802 | ||||||
Canadian Natural Resources Ltd (Canada) | 57,488 | 1,925,405 | ||||||
Chevron Corp | 28,454 | 3,343,345 | ||||||
Devon Energy Corp | 70,122 | 2,574,179 | ||||||
Halliburton Co | 36,967 | 1,701,591 | ||||||
Hess Corp | 44,287 | 2,076,617 | ||||||
Marathon Oil Corp | 169,625 | 2,300,115 | ||||||
Occidental Petroleum Corp | 23,390 | 1,501,872 | ||||||
QEP Resources Inc * | 87,836 | 752,754 | ||||||
Royal Dutch Shell PLC ‘A’ ADR (Netherlands) | 65,110 | 3,944,364 | ||||||
Suncor Energy Inc (Canada) | 129,449 | 4,534,598 | ||||||
|
| |||||||
27,942,642 | ||||||||
|
| |||||||
Financial - 34.4% | ||||||||
Aflac Inc | 12,319 | 1,002,643 | ||||||
Ally Financial Inc | 115,098 | 2,792,277 | ||||||
American International Group Inc | 42,410 | 2,603,550 | ||||||
Bank of America Corp | 333,914 | 8,461,381 | ||||||
Brighthouse Financial Inc * | 6,194 | 376,595 | ||||||
Citigroup Inc | 154,308 | 11,224,364 | ||||||
Citizens Financial Group Inc | 57,221 | 2,166,959 | ||||||
Fifth Third Bancorp | 118,455 | 3,314,371 | ||||||
JPMorgan Chase & Co | 66,759 | 6,376,152 |
| Value | |||||||
KeyCorp | 39,975 | $752,330 | ||||||
MetLife Inc | 68,126 | 3,539,146 | ||||||
Morgan Stanley | 80,640 | 3,884,429 | ||||||
State Street Corp | 25,895 | 2,474,008 | ||||||
The Allstate Corp | 22,360 | 2,055,108 | ||||||
The Bank of New York Mellon Corp | 51,614 | 2,736,574 | ||||||
The Goldman Sachs Group Inc | 8,572 | 2,033,193 | ||||||
The PNC Financial Services Group Inc | 28,775 | 3,878,007 | ||||||
US Bancorp | 13,487 | 722,768 | ||||||
Wells Fargo & Co | 61,501 | 3,391,780 | ||||||
|
| |||||||
63,785,635 | ||||||||
|
| |||||||
Industrial - 8.9% | ||||||||
Arconic Inc | 56,843 | 1,414,254 | ||||||
Caterpillar Inc | 21,553 | 2,687,875 | ||||||
Eaton Corp PLC | 38,508 | 2,957,029 | ||||||
Emerson Electric Co | 20,588 | 1,293,750 | ||||||
General Electric Co | 72,763 | 1,759,409 | ||||||
Ingersoll-Rand PLC | 12,298 | 1,096,612 | ||||||
Johnson Controls International PLC | 67,390 | 2,715,143 | ||||||
Textron Inc | 49,558 | 2,670,185 | ||||||
|
| |||||||
16,594,257 | ||||||||
|
| |||||||
Technology - 5.7% | ||||||||
Cognizant Technology Solutions Corp ‘A’ | 17,628 | 1,278,735 | ||||||
Intel Corp | 69,268 | 2,637,725 | ||||||
Microsoft Corp | 40,483 | 3,015,579 | ||||||
NetApp Inc | 33,026 | 1,445,218 | ||||||
QUALCOMM Inc | 44,171 | 2,289,825 | ||||||
|
| |||||||
10,667,082 | ||||||||
|
| |||||||
Utilities - 0.6% | ||||||||
FirstEnergy Corp | 35,945 | 1,108,184 | ||||||
|
| |||||||
Total Common Stocks | 179,716,330 | |||||||
|
| |||||||
CLOSED-END MUTUAL FUND - 0.5% |
| |||||||
Altaba Inc * | 13,171 | 872,447 | ||||||
|
| |||||||
Total Closed-End Mutual Fund | 872,447 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 2.6% | ||||||||
Money Market Fund - 2.6% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 4,769,100 | 4,769,100 | ||||||
|
| |||||||
Total Short-Term Investment | 4,769,100 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.0% | 185,357,877 | |||||||
DERIVATIVES - 0.0% | ||||||||
(See Note (b) in Notes to Schedule of Investments) |
| 47,551 | ||||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - (0.0%) |
| (54,899 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% | $185,350,529 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-42
Table of Contents
PACIFIC FUNDS
PF COMSTOCK FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 34.4% | |||
Consumer, Non-Cyclical | 16.1% | |||
Energy | 15.1% | |||
Industrial | 8.9% | |||
Communications | 7.5% | |||
Consumer, Cyclical | 6.4% | |||
Technology | 5.7% | |||
Others (each less than 3.0%) | 5.9% | |||
|
| |||
100.0% | ||||
Derivatives | 0.0% | |||
Other Assets & Liabilities, Net | (0.0% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Forward foreign currency contracts outstanding as of September 30, 2017 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation | ||||||||||||||||||
CAD | 14,357 | USD | 11,841 | 10/17 | BRC | ($334 | ) | |||||||||||||||
CAD | 8,619 | USD | 7,054 | 10/17 | RBC | (146 | ) | |||||||||||||||
CHF | 14,221 | USD | 14,983 | 10/17 | BRC | (290 | ) | |||||||||||||||
CHF | 8,321 | USD | 8,760 | 10/17 | RBC | (163 | ) | |||||||||||||||
EUR | 12,924 | USD | 15,514 | 10/17 | BRC | (234 | ) | |||||||||||||||
EUR | 7,568 | USD | 9,130 | 10/17 | RBC | (182 | ) | |||||||||||||||
GBP | 6,679 | USD | 8,815 | 10/17 | BRC | 138 | ||||||||||||||||
GBP | 3,969 | USD | 5,205 | 10/17 | RBC | 114 | ||||||||||||||||
USD | 1,250,655 | CAD | 1,544,382 | 10/17 | BRC | 12,864 | ||||||||||||||||
USD | 1,250,159 | CAD | 1,544,408 | 10/17 | CIB | 12,346 | ||||||||||||||||
USD | 1,250,866 | CAD | 1,544,382 | 10/17 | GSC | 13,075 | ||||||||||||||||
USD | 1,376,600 | CAD | 1,697,356 | 10/17 | RBC | 16,203 | ||||||||||||||||
USD | 456,716 | CHF | 436,526 | 10/17 | BRC | 5,711 | ||||||||||||||||
USD | 456,727 | CHF | 436,526 | 10/17 | CIB | 5,722 | ||||||||||||||||
USD | 456,671 | CHF | 436,530 | 10/17 | GSC | 5,662 | ||||||||||||||||
USD | 456,822 | CHF | 436,526 | 10/17 | RBC | 5,817 | ||||||||||||||||
USD | 2,168,466 | EUR | 1,817,777 | 10/17 | BRC | 19,218 | ||||||||||||||||
USD | 2,168,354 | EUR | 1,817,777 | 10/17 | CIB | 19,105 | ||||||||||||||||
USD | 2,168,176 | EUR | 1,817,689 | 10/17 | GSC | 19,031 | ||||||||||||||||
USD | 2,168,535 | EUR | 1,817,777 | 10/17 | RBC | 19,287 | ||||||||||||||||
USD | 920,961 | GBP | 707,040 | 10/17 | BRC | (26,693 | ) | |||||||||||||||
USD | 233,906 | GBP | 173,900 | 10/17 | BRC | 826 | ||||||||||||||||
USD | 921,075 | GBP | 707,040 | 10/17 | CIB | (26,579 | ) | |||||||||||||||
USD | 85,008 | GBP | 63,218 | 10/17 | CIB | 276 | ||||||||||||||||
USD | 920,951 | GBP | 707,042 | 10/17 | GSC | (26,707 | ) | |||||||||||||||
USD | 121,741 | GBP | 90,778 | 10/17 | GSC | 70 | ||||||||||||||||
USD | 920,934 | GBP | 707,040 | 10/17 | RBC | (26,721 | ) | |||||||||||||||
USD | 35,902 | GBP | 26,685 | 10/17 | RBC | 135 | ||||||||||||||||
|
| |||||||||||||||||||||
Total Forward Foreign Currency Contracts | $47,551 | |||||||||||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-43
Table of Contents
PACIFIC FUNDS
PF COMSTOCK FUND
Schedule of Investments (Continued)
September 30, 2017 (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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Basic Materials | $3,996,186 | $3,996,186 | $— | $— | ||||||||||||||
Communications | 13,920,383 | 12,659,003 | 1,261,380 | — | ||||||||||||||
Consumer, Cyclical | 11,800,758 | 11,800,758 | — | — | ||||||||||||||
Consumer, Non-Cyclical | 29,901,203 | 25,006,380 | 4,894,823 | — | ||||||||||||||
Energy | 27,942,642 | 27,942,642 | — | — | ||||||||||||||
Financial | 63,785,635 | 63,785,635 | — | — | ||||||||||||||
Industrial | 16,594,257 | 16,594,257 | — | — | ||||||||||||||
Technology | 10,667,082 | 10,667,082 | — | — | ||||||||||||||
Utilities | 1,108,184 | 1,108,184 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 179,716,330 | 173,560,127 | 6,156,203 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Closed-End Mutual Fund | 872,447 | 872,447 | — | — | ||||||||||||||
Short-Term Investment | 4,769,100 | 4,769,100 | — | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 155,600 | — | 155,600 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 185,513,477 | 179,201,674 | 6,311,803 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (108,049 | ) | — | (108,049 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (108,049 | ) | — | (108,049 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $185,405,428 | $179,201,674 | $6,203,754 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-44
Table of Contents
PACIFIC FUNDS
PF DEVELOPING GROWTH FUND
Schedule of Investments
September 30, 2017 (Unaudited)
Shares | | |||||||
WARRANTS - 0.0% | ||||||||
Consumer, Non-Cyclical - 0.0% | ||||||||
Neuralstem Inc Exercise @ $3.64 | 1,194 | $— | ||||||
|
| |||||||
Total Warrants | — | |||||||
|
| |||||||
COMMON STOCKS - 98.4% | ||||||||
Basic Materials - 0.8% | ||||||||
Minerals Technologies Inc | 977 | 69,025 | ||||||
|
| |||||||
Communications - 12.1% | ||||||||
Acacia Communications Inc * | 406 | 19,123 | ||||||
Chegg Inc * | 7,921 | 117,548 | ||||||
Etsy Inc * | 2,561 | 43,230 | ||||||
GrubHub Inc * | 2,796 | 147,237 | ||||||
Okta Inc * | 763 | 21,524 | ||||||
Proofpoint Inc * | 1,343 | 117,136 | ||||||
RingCentral Inc ‘A’ * | 2,190 | 91,432 | ||||||
Shopify Inc ‘A’ (Canada) * | 574 | 66,865 | ||||||
Stamps.com Inc * | 902 | 182,790 | ||||||
The Trade Desk Inc ‘A’ * | 2,720 | 167,307 | ||||||
TrueCar Inc * | 2,897 | 45,744 | ||||||
Wix.com Ltd (Israel) * | 980 | 70,413 | ||||||
|
| |||||||
1,090,349 | ||||||||
|
| |||||||
Consumer, Cyclical - 12.8% | ||||||||
Allison Transmission Holdings Inc | 2,582 | 96,902 | ||||||
Beacon Roofing Supply Inc * | 2,320 | 118,900 | ||||||
Burlington Stores Inc * | 509 | 48,589 | ||||||
Canada Goose Holdings Inc (Canada) * | 5,350 | 109,942 | ||||||
Dave & Buster’s Entertainment Inc * | 2,581 | 135,451 | ||||||
Extended Stay America Inc | 5,011 | 100,220 | ||||||
Floor & Decor Holdings Inc ‘A’ * | 1,997 | 77,743 | ||||||
iRobot Corp * | 934 | 71,974 | ||||||
Marriott Vacations Worldwide Corp | 769 | 95,764 | ||||||
Ollie’s Bargain Outlet Holdings Inc * | 1,093 | 50,715 | ||||||
Planet Fitness Inc ‘A’ | 7,866 | 212,225 | ||||||
Roku Inc * | 1,393 | 36,970 | ||||||
|
| |||||||
1,155,395 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 31.4% | ||||||||
ABIOMED Inc * | 182 | 30,685 | ||||||
Agios Pharmaceuticals Inc * | 1,668 | 111,339 | ||||||
Alarm.com Holdings Inc * | 1,951 | 88,146 | ||||||
Avexis Inc * | 1,021 | 98,761 | ||||||
Bluebird Bio Inc * | 517 | 71,010 | ||||||
Blueprint Medicines Corp * | 2,674 | 186,298 | ||||||
Clovis Oncology Inc * | 996 | 82,070 | ||||||
Exact Sciences Corp * | 3,535 | 166,569 | ||||||
FibroGen Inc * | 1,295 | 69,671 | ||||||
Foundation Medicine Inc * | 1,683 | 67,657 | ||||||
Glaukos Corp * | 1,035 | 34,155 | ||||||
Grand Canyon Education Inc * | 751 | 68,206 | ||||||
HealthEquity Inc * | 1,526 | 77,185 | ||||||
Insmed Inc * | 1,871 | 58,394 | ||||||
Insulet Corp * | 3,262 | 179,671 | ||||||
Live Nation Entertainment Inc * | 4,542 | 197,804 | ||||||
Loxo Oncology Inc * | 1,582 | 145,734 | ||||||
Nevro Corp * | 1,139 | 103,512 | ||||||
Penumbra Inc * | 1,734 | 156,580 | ||||||
Quanta Services Inc * | 3,083 | 115,212 | ||||||
Repligen Corp * | 2,355 | 90,244 | ||||||
Sage Therapeutics Inc * | 758 | 47,223 |
Shares | | |||||||
Sarepta Therapeutics Inc * | 2,011 | $91,219 | ||||||
SodaStream International Ltd (Israel) * | 2,026 | 134,628 | ||||||
Spark Therapeutics Inc * | 1,761 | 157,011 | ||||||
TESARO Inc * | 503 | 64,937 | ||||||
The Brink’s Co | 579 | 48,781 | ||||||
Tivity Health Inc * | 2,274 | 92,779 | ||||||
|
| |||||||
2,835,481 | ||||||||
|
| |||||||
Financial - 11.5% | ||||||||
Air Lease Corp | 2,570 | 109,533 | ||||||
Cadence BanCorp * | 755 | 17,305 | ||||||
CenterState Bank Corp | 2,554 | 68,447 | ||||||
Evercore Inc ‘A’ | 1,475 | 118,369 | ||||||
Hamilton Lane Inc ‘A’ | 260 | 6,981 | ||||||
Moelis & Co ‘A’ | 2,125 | 91,481 | ||||||
Pinnacle Financial Partners Inc | 1,254 | 83,955 | ||||||
Redfin Corp * | 1,625 | 40,771 | ||||||
Sterling Bancorp | 2,304 | 56,794 | ||||||
Texas Capital Bancshares Inc * | 721 | 61,862 | ||||||
WageWorks Inc * | 1,122 | 68,105 | ||||||
Webster Financial Corp | 1,438 | 75,567 | ||||||
Western Alliance Bancorp * | 2,295 | 121,819 | ||||||
Wintrust Financial Corp | 1,008 | 78,936 | ||||||
WSFS Financial Corp | 765 | 37,294 | ||||||
|
| |||||||
1,037,219 | ||||||||
|
| |||||||
Industrial - 15.7% | ||||||||
Aerojet Rocketdyne Holdings Inc * | 1,267 | 44,358 | ||||||
Apogee Enterprises Inc | 926 | 44,689 | ||||||
Atlas Air Worldwide Holdings Inc * | 1,847 | 121,533 | ||||||
Builders FirstSource Inc * | 7,800 | 140,322 | ||||||
BWX Technologies Inc | 1,286 | 72,042 | ||||||
Cognex Corp | 597 | 65,837 | ||||||
Coherent Inc * | 211 | 49,621 | ||||||
Curtiss-Wright Corp | 838 | 87,605 | ||||||
Eagle Materials Inc | 1,041 | 111,075 | ||||||
GasLog Ltd (Monaco) | 7,494 | 130,770 | ||||||
MasTec Inc * | 2,772 | 128,621 | ||||||
Proto Labs Inc * | 990 | 79,497 | ||||||
RBC Bearings Inc * | 361 | 45,179 | ||||||
Trex Co Inc * | 373 | 33,596 | ||||||
Universal Display Corp | 981 | 126,402 | ||||||
XPO Logistics Inc * | 1,976 | 133,933 | ||||||
|
| |||||||
1,415,080 | ||||||||
|
| |||||||
Technology - 14.1% | ||||||||
2U Inc * | 3,452 | 193,450 | ||||||
Blackline Inc * | 1,511 | 51,555 | ||||||
Cavium Inc * | 1,034 | 68,182 | ||||||
CEVA Inc * | 2,186 | 93,561 | ||||||
Cirrus Logic Inc * | 992 | 52,893 | ||||||
Five9 Inc * | 5,498 | 131,402 | ||||||
HubSpot Inc * | 1,713 | 143,978 | ||||||
Inphi Corp * | 1,178 | 46,755 | ||||||
IPG Photonics Corp * | 242 | 44,785 | ||||||
Lumentum Holdings Inc * | 1,842 | 100,113 | ||||||
Materialise NV ADR (Belgium) * | 1,770 | 25,771 | ||||||
Monolithic Power Systems Inc | 1,363 | 145,228 | ||||||
Paycom Software Inc * | 1,773 | 132,904 | ||||||
Twilio Inc ‘A’ * | 1,439 | 42,954 | ||||||
|
| |||||||
1,273,531 | ||||||||
|
| |||||||
Total Common Stocks | 8,876,080 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-45
Table of Contents
PACIFIC FUNDS
PF DEVELOPING GROWTH FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Shares | | |||||||
SHORT-TERM INVESTMENT - 3.4% | ||||||||
Money Market Fund - 3.4% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 303,586 | $303,586 | ||||||
|
| |||||||
Total Short-Term Investment | 303,586 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 101.8% |
| 9,179,666 | ||||||
OTHER ASSETS & LIABILITIES, NET - (1.8%) |
| (160,838 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $9,018,828 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-Cyclical | 31.4% | |||
Industrial | 15.7% | |||
Technology | 14.1% | |||
Consumer, Cyclical | 12.8% | |||
Communications | 12.1% | |||
Financial | 11.5% | |||
Short-Term Investment | 3.4% | |||
Others (each less than 3.0%) | 0.8% | |||
|
| |||
101.8% | ||||
Other Assets & Liabilities, Net | (1.8% | ) | ||
|
| |||
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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $8,876,080 | $8,876,080 | $— | $— | |||||||||||||
Short-Term Investment | 303,586 | 303,586 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $9,179,666 | $9,179,666 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-46
Table of Contents
PACIFIC FUNDS
PF GROWTH FUND
Schedule of Investments
September 30, 2017 (Unaudited)
Shares |
| |||||||
COMMON STOCKS - 99.4% | ||||||||
Basic Materials - 2.4% | ||||||||
Monsanto Co | 7,756 | $929,324 | ||||||
The Sherwin-Williams Co | 6,019 | 2,155,043 | ||||||
Univar Inc * | 6,815 | 197,158 | ||||||
|
| |||||||
3,281,525 | ||||||||
|
| |||||||
Communications - 21.4% | ||||||||
Alibaba Group Holding Ltd ADR (China) * | 1,156 | 199,653 | ||||||
Alphabet Inc ‘A’ * | 5,639 | 5,490,807 | ||||||
Alphabet Inc ‘C’ * | 3,916 | 3,755,875 | ||||||
Altice USA Inc ‘A’ * | 3,399 | 92,827 | ||||||
Amazon.com Inc * | 5,936 | 5,706,574 | ||||||
Comcast Corp ‘A’ | 57,517 | 2,213,254 | ||||||
Facebook Inc ‘A’ * | 45,449 | 7,765,871 | ||||||
Netflix Inc * | 13,076 | 2,371,333 | ||||||
The Priceline Group Inc * | 1,015 | 1,858,282 | ||||||
|
| |||||||
29,454,476 | ||||||||
|
| |||||||
Consumer, Cyclical - 5.2% | ||||||||
Aramark | 33,118 | 1,344,922 | ||||||
Costco Wholesale Corp | 2,241 | 368,174 | ||||||
Dollar Tree Inc * | 4,863 | 422,206 | ||||||
Lululemon Athletica Inc * | 2,759 | 171,748 | ||||||
Marriott International Inc ‘A’ | 11,160 | 1,230,502 | ||||||
NIKE Inc ‘B’ | 24,880 | 1,290,028 | ||||||
Ross Stores Inc | 4,739 | 305,997 | ||||||
Six Flags Entertainment Corp | 9,121 | 555,834 | ||||||
Starbucks Corp | 27,512 | 1,477,671 | ||||||
|
| |||||||
7,167,082 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 24.3% | ||||||||
Abbott Laboratories | 20,083 | 1,071,629 | ||||||
Allergan PLC | 3,358 | 688,222 | ||||||
Biogen Inc * | 2,784 | 871,726 | ||||||
BioMarin Pharmaceutical Inc * | 4,023 | 374,421 | ||||||
Bristol-Myers Squibb Co | 18,855 | 1,201,818 | ||||||
Celgene Corp * | 16,893 | 2,463,337 | ||||||
Colgate-Palmolive Co | 17,147 | 1,249,159 | ||||||
Constellation Brands Inc ‘A’ | 10,903 | 2,174,603 | ||||||
CR Bard Inc | 3,239 | 1,038,100 | ||||||
Danaher Corp | 28,282 | 2,426,030 | ||||||
Danone SA (France) | 6,664 | 523,413 | ||||||
Edwards Lifesciences Corp * | 7,390 | 807,801 | ||||||
Eli Lilly & Co | 11,130 | 952,060 | ||||||
Equifax Inc | 5,144 | 545,213 | ||||||
FleetCor Technologies Inc * | 4,714 | 729,586 | ||||||
Global Payments Inc | 10,655 | 1,012,545 | ||||||
Medtronic PLC | 23,172 | 1,802,086 | ||||||
Mondelez International Inc ‘A’ | 5,111 | 207,813 | ||||||
Monster Beverage Corp * | 18,345 | 1,013,561 | ||||||
PayPal Holdings Inc * | 11,023 | 705,803 | ||||||
Pernod Ricard SA (France) | 2,496 | 345,281 | ||||||
Philip Morris International Inc | 16,638 | 1,846,984 | ||||||
Regeneron Pharmaceuticals Inc * | 2,764 | 1,235,840 | ||||||
Stryker Corp | 6,254 | 888,193 | ||||||
The Cooper Cos Inc | 698 | 165,503 | ||||||
The Estee Lauder Cos Inc ‘A’ | 8,134 | 877,170 | ||||||
Thermo Fisher Scientific Inc | 17,404 | 3,292,837 | ||||||
UnitedHealth Group Inc | 2,839 | 556,018 | ||||||
Verisk Analytics Inc * | 11,061 | 920,165 | ||||||
Zoetis Inc | 21,820 | 1,391,243 | ||||||
|
| |||||||
33,378,160 | ||||||||
|
| |||||||
Energy - 0.5% | ||||||||
Concho Resources Inc * | 1,747 | 230,115 | ||||||
Pioneer Natural Resources Co | 3,343 | 493,226 | ||||||
|
| |||||||
723,341 | ||||||||
|
|
Shares |
| |||||||
Financial - 14.2% | ||||||||
American Tower Corp REIT | 24,571 | $3,358,364 | ||||||
Aon PLC | 13,117 | 1,916,394 | ||||||
Intercontinental Exchange Inc | 23,134 | 1,589,306 | ||||||
Mastercard Inc ‘A’ | 29,507 | 4,166,388 | ||||||
Morgan Stanley | 17,924 | 863,399 | ||||||
The Blackstone Group LP | 5,528 | 184,469 | ||||||
The Charles Schwab Corp | 26,648 | 1,165,583 | ||||||
The Goldman Sachs Group Inc | 2,411 | 571,865 | ||||||
Visa Inc ‘A’ | 53,989 | 5,681,801 | ||||||
|
| |||||||
19,497,569 | ||||||||
|
| |||||||
Industrial - 7.7% | ||||||||
AMETEK Inc | 16,124 | 1,064,829 | ||||||
Amphenol Corp ‘A’ | 13,714 | 1,160,753 | ||||||
Canadian Pacific Railway Ltd (Canada) | 7,319 | 1,229,811 | ||||||
Fortive Corp | 12,989 | 919,491 | ||||||
Honeywell International Inc | 5,995 | 849,731 | ||||||
Roper Technologies Inc | 6,922 | 1,684,815 | ||||||
Union Pacific Corp | 11,983 | 1,389,668 | ||||||
Vulcan Materials Co | 13,357 | 1,597,497 | ||||||
Xylem Inc | 11,497 | 720,057 | ||||||
|
| |||||||
10,616,652 | ||||||||
|
| |||||||
Technology - 23.7% | ||||||||
Activision Blizzard Inc | 39,267 | 2,533,114 | ||||||
Adobe Systems Inc * | 28,167 | 4,201,953 | ||||||
Analog Devices Inc | 8,916 | 768,292 | ||||||
Apple Inc | 16,624 | 2,562,091 | ||||||
Broadcom Ltd | 8,575 | 2,079,781 | ||||||
Cognizant Technology Solutions Corp ‘A’ | 19,529 | 1,416,634 | ||||||
Electronic Arts Inc * | 21,061 | 2,486,462 | ||||||
Fidelity National Information Services Inc | 15,817 | 1,477,150 | ||||||
Fiserv Inc * | 17,768 | 2,291,361 | ||||||
Intuit Inc | 11,564 | 1,643,707 | ||||||
Microsoft Corp | 84,105 | 6,264,980 | ||||||
NVIDIA Corp | 12,356 | 2,208,882 | ||||||
PTC Inc * | 3,538 | 199,119 | ||||||
salesforce.com Inc * | 26,363 | 2,462,830 | ||||||
|
| |||||||
32,596,356 | ||||||||
|
| |||||||
Total Common Stocks | 136,715,161 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 0.7% | ||||||||
Money Market Fund - 0.7% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 976,562 | 976,562 | ||||||
|
| |||||||
Total Short-Term Investment | 976,562 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% |
| 137,691,723 | ||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) |
| (161,869 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $137,529,854 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-47
Table of Contents
PACIFIC FUNDS
PF GROWTH FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-Cyclical | 24.3% | |||
Technology | 23.7% | |||
Communications | 21.4% | |||
Financial | 14.2% | |||
Industrial | 7.7% | |||
Consumer, Cyclical | 5.2% | |||
Others (each less than 3.0%) | 3.6% | |||
|
| |||
100.1% | ||||
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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Basic Materials | $3,281,525 | $3,281,525 | $— | $— | ||||||||||||||
Communications | 29,454,476 | 29,454,476 | — | — | ||||||||||||||
Consumer, Cyclical | 7,167,082 | 7,167,082 | — | — | ||||||||||||||
Consumer, Non-Cyclical | 33,378,160 | 32,509,466 | 868,694 | — | ||||||||||||||
Energy | 723,341 | 723,341 | — | — | ||||||||||||||
Financial | 19,497,569 | 19,497,569 | — | — | ||||||||||||||
Industrial | 10,616,652 | 10,616,652 | — | — | ||||||||||||||
Technology | 32,596,356 | 32,596,356 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 136,715,161 | 135,846,467 | 868,694 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 976,562 | 976,562 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $137,691,723 | $136,823,029 | $868,694 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-48
Table of Contents
PACIFIC FUNDS
PF LARGE-CAP GROWTH FUND
Schedule of Investments
September 30, 2017 (Unaudited)
Shares |
| |||||||
COMMON STOCKS - 99.2% | ||||||||
Basic Materials - 2.2% | ||||||||
Monsanto Co | 7,154 | $857,192 | ||||||
The Sherwin-Williams Co | 3,375 | 1,208,385 | ||||||
|
| |||||||
2,065,577 | ||||||||
|
| |||||||
Communications - 29.6% | ||||||||
Alibaba Group Holding Ltd ADR (China) * | 4,256 | 735,054 | ||||||
Alphabet Inc ‘A’ * | 6,281 | 6,115,935 | ||||||
Amazon.com Inc * | 6,787 | 6,524,682 | ||||||
Facebook Inc ‘A’ * | 20,087 | 3,432,266 | ||||||
MercadoLibre Inc (Argentina) | 2,809 | 727,334 | ||||||
Netflix Inc * | 12,740 | 2,310,399 | ||||||
Tencent Holdings Ltd (China) | 71,500 | 3,126,030 | ||||||
The Priceline Group Inc * | 1,610 | 2,947,620 | ||||||
Zayo Group Holdings Inc * | 12,613 | 434,139 | ||||||
Zendesk Inc * | 23,765 | 691,799 | ||||||
|
| |||||||
27,045,258 | ||||||||
|
| |||||||
Consumer, Cyclical - 6.5% | ||||||||
Domino’s Pizza Inc | 6,591 | 1,308,643 | ||||||
NIKE Inc ‘B’ | 22,813 | 1,182,854 | ||||||
The Home Depot Inc | 11,741 | 1,920,358 | ||||||
Ulta Beauty Inc * | 6,725 | 1,520,254 | ||||||
|
| |||||||
5,932,109 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 24.5% | ||||||||
Alexion Pharmaceuticals Inc * | 20,155 | 2,827,545 | ||||||
Becton Dickinson and Co | 7,573 | 1,483,929 | ||||||
Biogen Inc * | 3,493 | 1,093,728 | ||||||
Boston Scientific Corp * | 51,275 | 1,495,692 | ||||||
Celgene Corp * | 8,002 | 1,166,852 | ||||||
Constellation Brands Inc ‘A’ | 12,762 | 2,545,381 | ||||||
Dr Pepper Snapple Group Inc | 7,154 | 632,914 | ||||||
Equifax Inc | 14,231 | 1,508,344 | ||||||
Global Payments Inc | 9,285 | 882,354 | ||||||
Illumina Inc * | 5,830 | 1,161,336 | ||||||
PayPal Holdings Inc * | 14,230 | 911,147 | ||||||
S&P Global Inc | 4,183 | 653,845 | ||||||
UnitedHealth Group Inc | 21,584 | 4,227,226 | ||||||
Vertex Pharmaceuticals Inc * | 6,793 | 1,032,808 | ||||||
Zoetis Inc | 12,622 | 804,779 | ||||||
|
| |||||||
22,427,880 | ||||||||
|
| |||||||
Energy - 1.8% | ||||||||
Halliburton Co | 23,950 | 1,102,419 | ||||||
Pioneer Natural Resources Co | 3,809 | 561,980 | ||||||
|
| |||||||
1,664,399 | ||||||||
|
| |||||||
Financial - 11.8% | ||||||||
Bank of America Corp | 98,269 | 2,490,136 | ||||||
Berkshire Hathaway Inc ‘B’ * | 7,122 | 1,305,605 | ||||||
Equinix Inc REIT | 2,095 | 934,999 | ||||||
First Republic Bank | 14,690 | 1,534,517 | ||||||
SBA Communications Corp REIT * | 3,162 | 455,486 | ||||||
Visa Inc ‘A’ | 33,079 | 3,481,234 | ||||||
Wells Fargo & Co | 10,491 | 578,579 | ||||||
|
| |||||||
10,780,556 | ||||||||
|
| |||||||
Industrial - 4.1% | ||||||||
Acuity Brands Inc | 8,183 | 1,401,584 | ||||||
Roper Technologies Inc | 3,844 | 935,630 | ||||||
TransDigm Group Inc | 3,782 | 966,868 | ||||||
Vulcan Materials Co | 3,852 | 460,699 | ||||||
|
| |||||||
3,764,781 | ||||||||
|
|
Shares |
| |||||||
Technology - 18.7% | ||||||||
Activision Blizzard Inc | 15,040 | $970,230 | ||||||
Adobe Systems Inc * | 11,892 | 1,774,049 | ||||||
Apple Inc | 9,487 | 1,462,136 | ||||||
ASML Holding NV ‘NY’ (Netherlands) | 8,430 | 1,443,216 | ||||||
Autodesk Inc * | 17,526 | 1,967,469 | ||||||
Broadcom Ltd | 6,209 | 1,505,931 | ||||||
Electronic Arts Inc * | 3,936 | 464,684 | ||||||
Microsoft Corp | 75,912 | 5,654,685 | ||||||
NVIDIA Corp | 6,692 | 1,196,329 | ||||||
Teradyne Inc | 17,067 | 636,428 | ||||||
|
| |||||||
17,075,157 | ||||||||
|
| |||||||
Total Common Stocks | 90,755,717 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 2.0% | ||||||||
Money Market Fund - 2.0% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 1,809,904 | 1,809,904 | ||||||
|
| |||||||
Total Short-Term Investment | 1,809,904 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 101.2% |
| 92,565,621 | ||||||
OTHER ASSETS & LIABILITIES, NET - (1.2%) |
| (1,099,203 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $91,466,418 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Communications | 29.6% | |||
Consumer, Non-Cyclical | 24.5% | |||
Technology | 18.7% | |||
Financial | 11.8% | |||
Consumer, Cyclical | 6.5% | |||
Industrial | 4.1% | |||
Others (each less than 3.0%) | 6.0% | |||
|
| |||
101.2% | ||||
Other Assets & Liabilities, Net | (1.2% | ) | ||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-49
Table of Contents
PACIFIC FUNDS
PF LARGE-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2017 (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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Basic Materials | $2,065,577 | $2,065,577 | $— | $— | ||||||||||||||
Communications | 27,045,258 | 23,919,228 | 3,126,030 | — | ||||||||||||||
Consumer, Cyclical | 5,932,109 | 5,932,109 | — | — | ||||||||||||||
Consumer, Non-Cyclical | 22,427,880 | 22,427,880 | — | — | ||||||||||||||
Energy | 1,664,399 | 1,664,399 | — | — | ||||||||||||||
Financial | 10,780,556 | 10,780,556 | — | — | ||||||||||||||
Industrial | 3,764,781 | 3,764,781 | — | — | ||||||||||||||
Technology | 17,075,157 | 17,075,157 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 90,755,717 | 87,629,687 | 3,126,030 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 1,809,904 | 1,809,904 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $92,565,621 | $89,439,591 | $3,126,030 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-50
Table of Contents
PACIFIC FUNDS
PF LARGE-CAP VALUE FUND
Schedule of Investments
September 30, 2017 (Unaudited)
|
| |||||||
COMMON STOCKS - 97.8% | ||||||||
Basic Materials - 3.4% | ||||||||
Air Products & Chemicals Inc | 30,870 | $4,668,161 | ||||||
Freeport-McMoRan Inc * | 300,351 | 4,216,928 | ||||||
PPG Industries Inc | 50,690 | 5,507,975 | ||||||
|
| |||||||
14,393,064 | ||||||||
|
| |||||||
Communications - 12.4% | ||||||||
Charter Communications Inc ‘A’ * | 27,481 | 9,987,041 | ||||||
DISH Network Corp ‘A’ * | 210,581 | 11,419,808 | ||||||
Motorola Solutions Inc | 113,392 | 9,623,579 | ||||||
Time Warner Inc | 140,273 | 14,370,969 | ||||||
Twenty-First Century Fox Inc ‘B’ | 290,814 | 7,500,093 | ||||||
|
| |||||||
52,901,490 | ||||||||
|
| |||||||
Consumer, Cyclical - 4.2% | ||||||||
CVS Health Corp | 134,883 | 10,968,686 | ||||||
The Home Depot Inc | 43,390 | 7,096,868 | ||||||
|
| |||||||
18,065,554 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 18.1% | ||||||||
AmerisourceBergen Corp | 58,817 | 4,867,107 | ||||||
Amgen Inc | 45,541 | 8,491,119 | ||||||
Anheuser-Busch InBev SA/NV ADR (Belgium) | 40,329 | 4,811,249 | ||||||
Anthem Inc | 49,751 | 9,446,720 | ||||||
British American Tobacco PLC ADR (United Kingdom) | 60,578 | 3,783,086 | ||||||
Johnson & Johnson | 62,622 | 8,141,486 | ||||||
Kimberly-Clark Corp | 34,760 | 4,090,557 | ||||||
McCormick & Co Inc | 38,414 | 3,942,813 | ||||||
Merck & Co Inc | 161,258 | 10,325,350 | ||||||
Novartis AG ADR (Switzerland) | 44,890 | 3,853,807 | ||||||
Philip Morris International Inc | 84,972 | 9,432,742 | ||||||
UnitedHealth Group Inc | 29,421 | 5,762,103 | ||||||
|
| |||||||
76,948,139 | ||||||||
|
| |||||||
Energy - 11.8% | ||||||||
Chevron Corp | 69,451 | 8,160,492 | ||||||
Exxon Mobil Corp | 93,362 | 7,653,817 | ||||||
Halliburton Co | 201,461 | 9,273,250 | ||||||
National Oilwell Varco Inc | 129,297 | 4,619,782 | ||||||
Royal Dutch Shell PLC ‘A’ ADR (Netherlands) | 91,566 | 5,547,068 | ||||||
Schlumberger Ltd | 83,575 | 5,830,192 | ||||||
Suncor Energy Inc (Canada) | 264,435 | 9,263,158 | ||||||
|
| |||||||
50,347,759 | ||||||||
|
| |||||||
Financial - 29.7% | ||||||||
American Express Co | 109,534 | 9,908,446 | ||||||
American Tower Corp REIT | 50,820 | 6,946,078 | ||||||
Bank of America Corp | 295,747 | 7,494,229 | ||||||
Capital One Financial Corp | 56,782 | 4,807,164 | ||||||
Citigroup Inc | 144,888 | 10,539,153 | ||||||
JPMorgan Chase & Co | 192,713 | 18,406,019 | ||||||
Marsh & McLennan Cos Inc | 101,156 | 8,477,884 | ||||||
MetLife Inc | 84,330 | 4,380,944 | ||||||
State Street Corp | 89,664 | 8,566,499 | ||||||
Synchrony Financial | 136,810 | 4,247,951 | ||||||
The Bank of New York Mellon Corp | 108,825 | 5,769,902 | ||||||
The Progressive Corp | 117,682 | 5,698,162 | ||||||
The Travelers Cos Inc | 46,637 | 5,713,965 | ||||||
US Bancorp | 222,877 | 11,943,978 | ||||||
Wells Fargo & Co | 245,635 | 13,546,770 | ||||||
|
| |||||||
126,447,144 | ||||||||
|
| |||||||
Industrial - 12.4% | ||||||||
Crown Holdings Inc * | 125,900 | 7,518,748 | ||||||
Honeywell International Inc | 84,613 | 11,993,047 | ||||||
Illinois Tool Works Inc | 68,352 | 10,113,362 |
|
| |||||||
Martin Marietta Materials Inc | 36,463 | $7,519,764 | ||||||
TE Connectivity Ltd | 104,105 | 8,646,961 | ||||||
United Technologies Corp | 60,844 | 7,062,772 | ||||||
|
| |||||||
52,854,654 | ||||||||
|
| |||||||
Technology - 4.2% | ||||||||
Microsoft Corp | 119,758 | 8,920,773 | ||||||
Nuance Communications Inc * | 301,836 | 4,744,862 | ||||||
Xerox Corp | 125,186 | 4,167,442 | ||||||
|
| |||||||
17,833,077 | ||||||||
|
| |||||||
Utilities - 1.6% | ||||||||
Sempra Energy | 57,926 | 6,611,094 | ||||||
|
| |||||||
Total Common Stocks |
| 416,401,975 | ||||||
SHORT-TERM INVESTMENT - 2.2% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 9,478,627 | 9,478,627 | ||||||
|
| |||||||
Total Short-Term Investment | 9,478,627 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.0% | 425,880,602 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.0% |
| 116,859 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $425,997,461 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 29.7% | |||
Consumer, Non-Cyclical | 18.1% | |||
Communications | 12.4% | |||
Industrial | 12.4% | |||
Energy | 11.8% | |||
Consumer, Cyclical | 4.2% | |||
Technology | 4.2% | |||
Basic Materials | 3.4% | |||
Others (each less than 3.0%) | 3.8% | |||
|
| |||
100.0% | ||||
Other Assets & Liabilities, Net | 0.0% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-51
Table of Contents
PACIFIC FUNDS
PF LARGE-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2017 (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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $416,401,975 | $416,401,975 | $— | $— | |||||||||||||
Short-Term Investment | 9,478,627 | 9,478,627 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $425,880,602 | $425,880,602 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-52
Table of Contents
PACIFIC FUNDS
PF MAIN STREET® CORE FUND
Schedule of Investments
September 30, 2017 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.7% | ||||||||
Basic Materials - 2.4% | ||||||||
DowDuPont Inc | 45,158 | $3,126,288 | ||||||
PPG Industries Inc | 38,345 | 4,166,568 | ||||||
|
| |||||||
7,292,856 | ||||||||
|
| |||||||
Communications - 13.5% | ||||||||
Alphabet Inc ‘C’ * | 14,001 | 13,428,499 | ||||||
Cisco Systems Inc | 138,320 | 4,651,702 | ||||||
Comcast Corp ‘A’ | 237,418 | 9,135,845 | ||||||
Facebook Inc ‘A’ * | 46,340 | 7,918,116 | ||||||
Snap Inc ‘A’ * | 58,050 | 844,047 | ||||||
Verizon Communications Inc | 106,968 | 5,293,846 | ||||||
|
| |||||||
41,272,055 | ||||||||
|
| |||||||
Consumer, Cyclical - 7.8% | ||||||||
AutoZone Inc * | 8,821 | 5,249,465 | ||||||
Delphi Automotive PLC | 40,614 | 3,996,418 | ||||||
Fastenal Co | 35,670 | 1,625,839 | ||||||
Lowe’s Cos Inc | 49,730 | 3,975,416 | ||||||
McDonald’s Corp | 34,160 | 5,352,189 | ||||||
Whirlpool Corp | 19,120 | 3,526,493 | ||||||
|
| |||||||
23,725,820 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 24.7% | ||||||||
Boston Scientific Corp * | 100,086 | 2,919,509 | ||||||
Celgene Corp * | 45,642 | 6,655,516 | ||||||
Equifax Inc | 6,840 | 724,972 | ||||||
Express Scripts Holding Co * | 55,526 | 3,515,906 | ||||||
Gilead Sciences Inc | 51,130 | 4,142,553 | ||||||
Merck & Co Inc | 144,110 | 9,227,363 | ||||||
Mondelez International Inc ‘A’ | 116,439 | 4,734,410 | ||||||
Mylan NV * | 55,508 | 1,741,286 | ||||||
Nielsen Holdings PLC | 82,167 | 3,405,822 | ||||||
PayPal Holdings Inc * | 64,029 | 4,099,777 | ||||||
PepsiCo Inc | 74,739 | 8,328,167 | ||||||
Philip Morris International Inc | 52,738 | 5,854,445 | ||||||
S&P Global Inc | 26,718 | 4,176,291 | ||||||
Stryker Corp | 21,400 | 3,039,228 | ||||||
The Kraft Heinz Co | 60,417 | 4,685,338 | ||||||
UnitedHealth Group Inc | 37,231 | 7,291,691 | ||||||
Valeant Pharmaceuticals International Inc * | 60,650 | 869,114 | ||||||
|
| |||||||
75,411,388 | ||||||||
|
| |||||||
Energy - 6.2% | ||||||||
Magellan Midstream Partners LP | 83,428 | 5,928,394 | ||||||
Phillips 66 | 29,825 | 2,732,268 | ||||||
Schlumberger Ltd | 45,730 | 3,190,125 | ||||||
Suncor Energy Inc (Canada) | 204,819 | 7,174,810 | ||||||
|
| |||||||
19,025,597 | ||||||||
|
| |||||||
Financial - 20.7% | ||||||||
American Express Co | 71,740 | 6,489,600 | ||||||
Berkshire Hathaway Inc ‘B’ * | 40,436 | 7,412,727 | ||||||
Brighthouse Financial Inc * | 5,775 | 351,120 | ||||||
Citigroup Inc | 137,838 | 10,026,336 | ||||||
CME Group Inc ‘A’ | 31,745 | 4,307,162 | ||||||
Discover Financial Services | 46,948 | 3,027,207 | ||||||
Intercontinental Exchange Inc | 67,370 | 4,628,319 | ||||||
Marsh & McLennan Cos Inc | 41,594 | 3,485,993 | ||||||
MetLife Inc | 63,530 | 3,300,383 | ||||||
Mid-America Apartment Communities Inc REIT | 22,160 | 2,368,461 | ||||||
SunTrust Banks Inc | 53,404 | 3,191,957 | ||||||
The Bank of New York Mellon Corp | 90,627 | 4,805,044 | ||||||
The Progressive Corp | 82,465 | 3,992,955 | ||||||
US Bancorp | 78,304 | 4,196,311 | ||||||
Ventas Inc REIT | 25,830 | 1,682,308 | ||||||
|
| |||||||
63,265,883 | ||||||||
|
|
Shares | Value | |||||||
Industrial - 9.6% | ||||||||
Agilent Technologies Inc | 30,079 | $1,931,072 | ||||||
Canadian National Railway Co (Canada) | 49,268 | 4,081,854 | ||||||
Canadian Pacific Railway Ltd (Canada) | 23,609 | 3,967,020 | ||||||
General Electric Co | 265,707 | 6,424,795 | ||||||
Johnson Controls International PLC | 70,632 | 2,845,763 | ||||||
Lockheed Martin Corp | 19,185 | 5,952,914 | ||||||
Republic Services Inc | 12,904 | 852,438 | ||||||
Vulcan Materials Co | 17,720 | 2,119,312 | ||||||
Waste Connections Inc (Canada) | 18,670 | 1,306,153 | ||||||
|
| |||||||
29,481,321 | ||||||||
|
| |||||||
Technology - 10.6% | ||||||||
Amdocs Ltd | 77,487 | 4,983,964 | ||||||
Apple Inc | 102,692 | 15,826,891 | ||||||
Applied Materials Inc | 84,626 | 4,408,168 | ||||||
Cerner Corp * | 37,833 | 2,698,250 | ||||||
Maxim Integrated Products Inc | 33,330 | 1,590,174 | ||||||
Western Digital Corp | 31,550 | 2,725,920 | ||||||
|
| |||||||
32,233,367 | ||||||||
|
| |||||||
Utilities - 3.2% | ||||||||
National Grid PLC (United Kingdom) | 291,015 | 3,604,377 | ||||||
PG&E Corp | 90,143 | 6,137,837 | ||||||
|
| |||||||
9,742,214 | ||||||||
|
| |||||||
Total Common Stocks | 301,450,501 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 0.6% | ||||||||
Money Market Fund - 0.6% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 1,838,523 | 1,838,523 | ||||||
|
| |||||||
Total Short-Term Investment | 1,838,523 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.3% | 303,289,024 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.7% | 1,986,686 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $305,275,710 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-Cyclical | 24.7% | |||
Financial | 20.7% | |||
Communications | 13.5% | |||
Technology | 10.6% | |||
Industrial | 9.6% | |||
Consumer, Cyclical | 7.8% | |||
Energy | 6.2% | |||
Utilities | 3.2% | |||
Others (each less than 3.0%) | 3.0% | |||
|
| |||
99.3% | ||||
Other Assets & Liabilities, Net | 0.7% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-53
Table of Contents
PACIFIC FUNDS
PF MAIN STREET CORE FUND
Schedule of Investments (Continued)
September 30, 2017 (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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Basic Materials | $7,292,856 | $7,292,856 | $— | $— | ||||||||||||||
Communications | 41,272,055 | 41,272,055 | — | — | ||||||||||||||
Consumer, Cyclical | 23,725,820 | 23,725,820 | — | — | ||||||||||||||
Consumer, Non-Cyclical | 75,411,388 | 75,411,388 | — | — | ||||||||||||||
Energy | 19,025,597 | 19,025,597 | — | — | ||||||||||||||
Financial | 63,265,883 | 63,265,883 | — | — | ||||||||||||||
Industrial | 29,481,321 | 29,481,321 | — | — | ||||||||||||||
Technology | 32,233,367 | 32,233,367 | — | — | ||||||||||||||
Utilities | 9,742,214 | 6,137,837 | 3,604,377 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 301,450,501 | 297,846,124 | 3,604,377 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 1,838,523 | 1,838,523 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $303,289,024 | $299,684,647 | $3,604,377 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-54
Table of Contents
PACIFIC FUNDS
PF MID-CAP EQUITY FUND
Schedule of Investments
September 30, 2017 (Unaudited)
Shares | | |||||||
COMMON STOCKS - 99.8% | ||||||||
Basic Materials - 5.4% | ||||||||
Albemarle Corp | 4,838 | $659,468 | ||||||
Celanese Corp ‘A’ | 4,244 | 442,522 | ||||||
CF Industries Holdings Inc | 17,768 | 624,723 | ||||||
Newmont Mining Corp | 18,259 | 684,895 | ||||||
Steel Dynamics Inc | 13,830 | 476,720 | ||||||
Westlake Chemical Corp | 8,113 | 674,109 | ||||||
Wheaton Precious Metals Corp (Canada) | 5,888 | 112,402 | ||||||
|
| |||||||
3,674,839 | ||||||||
|
| |||||||
Communications - 4.8% | ||||||||
Arista Networks Inc * | 4,021 | 762,422 | ||||||
DISH Network Corp ‘A’ * | 5,278 | 286,226 | ||||||
eBay Inc * | 9,864 | 379,369 | ||||||
Expedia Inc | 2,615 | 376,403 | ||||||
IAC/InterActiveCorp * | 3,786 | 445,158 | ||||||
Match Group Inc * | 20,367 | 472,311 | ||||||
Palo Alto Networks Inc * | 1,413 | 203,613 | ||||||
Proofpoint Inc * | 3,553 | 309,893 | ||||||
|
| |||||||
3,235,395 | ||||||||
|
| |||||||
Consumer, Cyclical - 12.5% | ||||||||
Allison Transmission Holdings Inc | 8,275 | 310,561 | ||||||
American Eagle Outfitters Inc | 24,536 | 350,865 | ||||||
Brunswick Corp | 6,100 | 341,417 | ||||||
Chipotle Mexican Grill Inc * | 1,068 | 328,762 | ||||||
Darden Restaurants Inc | 4,151 | 327,016 | ||||||
DR Horton Inc | 9,202 | 367,436 | ||||||
Hilton Grand Vacations Inc * | 12,485 | 482,296 | ||||||
Lear Corp | 2,356 | 407,776 | ||||||
Mohawk Industries Inc * | 1,758 | 435,123 | ||||||
NVR Inc * | 61 | 174,155 | ||||||
Polaris Industries Inc | 3,321 | 347,476 | ||||||
PulteGroup Inc | 8,808 | 240,723 | ||||||
PVH Corp | 2,225 | 280,484 | ||||||
Ross Stores Inc | 6,671 | 430,746 | ||||||
Royal Caribbean Cruises Ltd | 5,313 | 629,803 | ||||||
Six Flags Entertainment Corp | 6,074 | 370,150 | ||||||
Skechers U.S.A. Inc ‘A’ * | 14,949 | 375,070 | ||||||
Tenneco Inc | 4,194 | 254,450 | ||||||
Texas Roadhouse Inc | 4,848 | 238,231 | ||||||
Thor Industries Inc | 9,213 | 1,160,009 | ||||||
Ulta Beauty Inc * | 755 | 170,675 | ||||||
Vail Resorts Inc | 1,936 | 441,640 | ||||||
|
| |||||||
8,464,864 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 19.0% | ||||||||
ABIOMED Inc * | 13,224 | 2,229,566 | ||||||
Align Technology Inc * | 1,298 | 241,778 | ||||||
Alkermes PLC * | 2,945 | 149,724 | ||||||
AMERCO | 808 | 302,919 | ||||||
BioMarin Pharmaceutical Inc * | 3,693 | 343,708 | ||||||
ConAgra Brands Inc | 6,872 | 231,861 | ||||||
Edwards Lifesciences Corp * | 5,540 | 605,577 | ||||||
Hologic Inc * | 12,567 | 461,083 | ||||||
Hormel Foods Corp | 9,389 | 301,762 | ||||||
Humana Inc | 1,473 | 358,867 | ||||||
Illumina Inc * | 1,737 | 346,010 | ||||||
Incyte Corp * | 2,280 | 266,167 | ||||||
Ionis Pharmaceuticals Inc * | 3,526 | 178,768 | ||||||
LendingTree Inc * | 967 | 236,383 | ||||||
Live Nation Entertainment Inc * | 13,286 | 578,605 | ||||||
ManpowerGroup Inc | 5,713 | 673,106 | ||||||
MarketAxess Holdings Inc | 1,750 | 322,892 | ||||||
Molina Healthcare Inc * | 8,902 | 612,101 | ||||||
Monster Beverage Corp * | 8,008 | 442,442 | ||||||
NuVasive Inc * | 4,068 | 225,611 | ||||||
Robert Half International Inc | 7,279 | 366,425 |
Shares | | |||||||
S&P Global Inc | 4,180 | $653,376 | ||||||
Supernus Pharmaceuticals Inc * | 9,719 | 388,760 | ||||||
Teleflex Inc | 1,401 | 339,000 | ||||||
The Clorox Co | 2,348 | 309,725 | ||||||
The Cooper Cos Inc | 872 | 206,760 | ||||||
The Hershey Co | 1,505 | 164,301 | ||||||
Tyson Foods Inc ‘A’ | 9,168 | 645,886 | ||||||
United Rentals Inc * | 4,037 | 560,093 | ||||||
Universal Health Services Inc ‘B’ | 502 | 55,692 | ||||||
|
| |||||||
12,798,948 | ||||||||
|
| |||||||
Energy - 5.3% | ||||||||
Andeavor | 2,636 | 271,903 | ||||||
Devon Energy Corp | 21,280 | 781,189 | ||||||
Energen Corp * | 9,613 | 525,639 | ||||||
Marathon Petroleum Corp | 10,635 | 596,411 | ||||||
Newfield Exploration Co * | 4,577 | 135,800 | ||||||
Oceaneering International Inc | 14,251 | 374,374 | ||||||
Parsley Energy Inc ‘A’ * | 4,000 | 105,360 | ||||||
Patterson-UTI Energy Inc | 8,821 | 184,712 | ||||||
RPC Inc | 13,670 | 338,879 | ||||||
TechnipFMC PLC (United Kingdom) * | 9,857 | 275,207 | ||||||
|
| |||||||
3,589,474 | ||||||||
|
| |||||||
Financial - 15.8% | ||||||||
Affiliated Managers Group Inc | 1,311 | 248,867 | ||||||
Arch Capital Group Ltd * | 3,406 | 335,491 | ||||||
Axis Capital Holdings Ltd | 2,783 | 159,494 | ||||||
CBOE Holdings Inc | 4,036 | 434,395 | ||||||
Citizens Financial Group Inc | 30,002 | 1,136,176 | ||||||
Comerica Inc | 10,353 | 789,520 | ||||||
Cousins Properties Inc REIT | 62,205 | 580,995 | ||||||
Ellie Mae Inc * | 2,909 | 238,916 | ||||||
EPR Properties REIT | 8,725 | 608,482 | ||||||
Host Hotels & Resorts Inc REIT | 35,813 | 662,182 | ||||||
KeyCorp | 36,954 | 695,474 | ||||||
Lamar Advertising Co ‘A’ REIT | 10,331 | 707,983 | ||||||
Lincoln National Corp | 4,788 | 351,822 | ||||||
Omega Healthcare Investors Inc REIT | 9,459 | 301,837 | ||||||
Outfront Media Inc REIT | 25,340 | 638,061 | ||||||
Senior Housing Properties Trust REIT | 20,723 | 405,135 | ||||||
SunTrust Banks Inc | 14,014 | 837,617 | ||||||
T Rowe Price Group Inc | 2,730 | 247,475 | ||||||
Unum Group | 5,216 | 266,694 | ||||||
Voya Financial Inc | 17,825 | 711,039 | ||||||
White Mountains Insurance Group Ltd | 387 | 331,659 | ||||||
|
| |||||||
10,689,314 | ||||||||
|
| |||||||
Industrial - 15.3% | ||||||||
Aerojet Rocketdyne Holdings Inc * | 17,060 | 597,271 | ||||||
AGCO Corp | 5,127 | 378,219 | ||||||
BWX Technologies Inc | 11,944 | 669,103 | ||||||
Coherent Inc * | 1,570 | 369,217 | ||||||
Dycom Industries Inc * | 5,517 | 473,800 | ||||||
Harris Corp | 5,137 | 676,440 | ||||||
Hexcel Corp | 7,239 | 415,663 | ||||||
Huntington Ingalls Industries Inc | 2,709 | 613,426 | ||||||
Keysight Technologies Inc * | 17,003 | 708,345 | ||||||
Martin Marietta Materials Inc | 2,351 | 484,847 | ||||||
Masco Corp | 9,455 | 368,840 | ||||||
Norfolk Southern Corp | 4,556 | 602,485 | ||||||
Old Dominion Freight Line Inc | 2,944 | 324,164 | ||||||
Owens Corning | 6,127 | 473,923 | ||||||
Parker-Hannifin Corp | 2,625 | 459,428 | ||||||
Rockwell Automation Inc | 1,993 | 355,172 | ||||||
Textron Inc | 10,042 | 541,063 | ||||||
The Timken Co | 8,412 | 408,403 | ||||||
Universal Display Corp | 2,368 | 305,117 | ||||||
Vulcan Materials Co | 3,574 | 427,450 | ||||||
Xylem Inc | 10,279 | 643,774 | ||||||
|
| |||||||
10,296,150 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-55
Table of Contents
PACIFIC FUNDS
PF MID-CAP EQUITY FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Shares | | |||||||
Technology - 15.8% | ||||||||
Analog Devices Inc | 4,142 | $356,916 | ||||||
Aspen Technology Inc * | 2,508 | 157,527 | ||||||
athenahealth Inc * | 1,910 | 237,528 | ||||||
CSRA Inc | 17,776 | 573,631 | ||||||
DXC Technology Co | 26,478 | 2,273,931 | ||||||
Electronic Arts Inc * | 1,199 | 141,554 | ||||||
Fiserv Inc * | 4,257 | 548,983 | ||||||
IPG Photonics Corp * | 4,764 | 881,626 | ||||||
Jack Henry & Associates Inc | 5,086 | 522,790 | ||||||
Lam Research Corp | 3,664 | 677,987 | ||||||
Micron Technology Inc * | 11,202 | 440,575 | ||||||
ON Semiconductor Corp * | 20,660 | 381,590 | ||||||
Red Hat Inc * | 3,428 | 380,028 | ||||||
Science Applications International Corp | 7,365 | 492,350 | ||||||
ServiceNow Inc * | 3,354 | 394,196 | ||||||
Skyworks Solutions Inc | 5,651 | 575,837 | ||||||
Take-Two Interactive Software Inc * | 3,121 | 319,060 | ||||||
Veeva Systems Inc ‘A’ * | 5,133 | 289,552 | ||||||
Western Digital Corp | 4,303 | 371,779 | ||||||
Workday Inc ‘A’ * | 3,200 | 337,248 | ||||||
Xilinx Inc | 4,792 | 339,417 | ||||||
|
| |||||||
10,694,105 | ||||||||
|
| |||||||
Utilities - 5.9% | ||||||||
American Water Works Co Inc | 11,057 | 894,622 | ||||||
Atmos Energy Corp | 15,405 | 1,291,555 | ||||||
CMS Energy Corp | 3,637 | 168,466 | ||||||
ONE Gas Inc | 7,093 | 522,328 | ||||||
Xcel Energy Inc | 22,863 | 1,081,877 | ||||||
|
| |||||||
3,958,848 | ||||||||
|
| |||||||
Total Common Stocks |
| 67,401,937 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.1% | ||||||||
Money Market Fund - 1.1% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 746,670 | 746,670 | ||||||
|
| |||||||
Total Short-Term Investment |
| 746,670 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 100.9% |
| 68,148,607 | ||||||
OTHER ASSETS & LIABILITIES, NET - (0.9%) |
| (592,984 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $67,555,623 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-Cyclical | 19.0% | |||
Technology | 15.8% | |||
Financial | 15.8% | |||
Industrial | 15.3% | |||
Consumer, Cyclical | 12.5% | |||
Utilities | 5.9% | |||
Basic Materials | 5.4% | |||
Energy | 5.3% | |||
Communications | 4.8% | |||
Short-Term Investment | 1.1% | |||
|
| |||
100.9% | ||||
Other Assets & Liabilities, Net | (0.9% | ) | ||
|
| |||
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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $67,401,937 | $67,401,937 | $— | $— | |||||||||||||
Short-Term Investment | 746,670 | 746,670 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $68,148,607 | $68,148,607 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-56
Table of Contents
PACIFIC FUNDS
PF MID-CAP GROWTH FUND
Schedule of Investments
September 30, 2017 (Unaudited)
| Value | |||||||
COMMON STOCKS - 99.3% | ||||||||
Basic Materials - 1.1% | ||||||||
Axalta Coating Systems Ltd * | 5,523 | $159,725 | ||||||
|
| |||||||
Communications - 6.9% | ||||||||
Arista Networks Inc * | 918 | 174,062 | ||||||
GrubHub Inc * | 6,482 | 341,342 | ||||||
MercadoLibre Inc (Argentina) | 1,250 | 323,663 | ||||||
Pandora Media Inc * | 22,728 | 175,006 | ||||||
|
| |||||||
1,014,073 | ||||||||
|
| |||||||
Consumer, Cyclical - 24.9% | ||||||||
BorgWarner Inc | 7,199 | 368,805 | ||||||
Burberry Group PLC (United Kingdom) | 9,282 | 219,162 | ||||||
Chipotle Mexican Grill Inc * | 433 | 133,290 | ||||||
Duluth Holdings Inc ‘B’ * | 2,833 | 57,482 | ||||||
Dunkin’ Brands Group Inc | 5,268 | 279,625 | ||||||
Fastenal Co | 10,658 | 485,792 | ||||||
Lululemon Athletica Inc * | 4,285 | 266,741 | ||||||
Norwegian Cruise Line Holdings Ltd * | 3,701 | 200,039 | ||||||
Polaris Industries Inc | 3,805 | 398,117 | ||||||
The Scotts Miracle-Gro Co | 1,608 | 156,523 | ||||||
Tiffany & Co | 3,677 | 337,475 | ||||||
Tractor Supply Co | 5,510 | 348,728 | ||||||
Under Armour Inc ‘C’ * | 2,166 | 32,533 | ||||||
WABCO Holdings Inc * | 1,269 | 187,812 | ||||||
Williams-Sonoma Inc | 4,154 | 207,118 | ||||||
|
| |||||||
3,679,242 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 29.3% | ||||||||
ABIOMED Inc * | 468 | 78,905 | ||||||
ACADIA Pharmaceuticals Inc * | 6,375 | 240,146 | ||||||
Align Technology Inc * | 1,197 | 222,965 | ||||||
BioMarin Pharmaceutical Inc * | 2,502 | 232,861 | ||||||
Blue Buffalo Pet Products Inc * | 6,723 | 190,597 | ||||||
CoStar Group Inc * | 1,576 | 422,762 | ||||||
Edwards Lifesciences Corp * | 2,927 | 319,950 | ||||||
Intuitive Surgical Inc * ‡ | 532 | 556,408 | ||||||
Jazz Pharmaceuticals PLC * | 1,012 | 148,005 | ||||||
Laboratory Corp of America Holdings * | 1,437 | 216,944 | ||||||
MarketAxess Holdings Inc | 707 | 130,449 | ||||||
Pacira Pharmaceuticals Inc * | 2,199 | 82,573 | ||||||
Snyder’s-Lance Inc | 4,751 | 181,203 | ||||||
Sprouts Farmers Market Inc * | 7,878 | 147,870 | ||||||
Square Inc ‘A’ * | 6,120 | 176,317 | ||||||
The Hain Celestial Group Inc * | 4,880 | 200,812 | ||||||
The Hershey Co | 836 | 91,266 | ||||||
TransUnion* | 4,255 | 201,091 | ||||||
Zoetis Inc | 7,837 | 499,687 | ||||||
|
| |||||||
4,340,811 | ||||||||
|
| |||||||
Energy - 2.3% | ||||||||
Cabot Oil & Gas Corp | 6,292 | 168,311 | ||||||
Cimarex Energy Co | 1,494 | 169,823 | ||||||
|
| |||||||
338,134 | ||||||||
|
| |||||||
Financial - 8.6% | ||||||||
CME Group Inc ‘A’ | 2,822 | 382,889 | ||||||
Ellie Mae Inc * | 1,339 | 109,972 | ||||||
First Republic Bank | 2,833 | 295,935 | ||||||
Northern Trust Corp | 2,001 | 183,952 | ||||||
Oaktree Capital Group LLC | 2,919 | 137,339 | ||||||
Signature Bank * | 1,272 | 162,867 | ||||||
|
| |||||||
1,272,954 | ||||||||
|
| |||||||
Industrial - 13.3% | ||||||||
Allegion PLC | 2,153 | 186,170 | ||||||
AO Smith Corp | 3,600 | 213,948 |
| Value | |||||||
Expeditors International of Washington Inc | 5,169 | $309,416 | ||||||
Fortune Brands Home & Security Inc | 3,193 | 214,665 | ||||||
Harris Corp | 1,688 | 222,276 | ||||||
IDEX Corp | 2,276 | 276,466 | ||||||
Kansas City Southern | 343 | 37,277 | ||||||
Trimble Inc * | 8,551 | 335,627 | ||||||
Wabtec Corp | 2,298 | 174,074 | ||||||
|
| |||||||
1,969,919 | ||||||||
|
| |||||||
Technology - 12.9% | ||||||||
Electronic Arts Inc * | 3,657 | 431,745 | ||||||
Guidewire Software Inc * | 2,720 | 211,779 | ||||||
Maxim Integrated Products Inc | 4,359 | 207,968 | ||||||
Microchip Technology Inc | 3,322 | 298,249 | ||||||
Red Hat Inc * | 2,723 | 301,872 | ||||||
ServiceNow Inc * | 2,967 | 348,712 | ||||||
Tyler Technologies Inc * | 594 | 103,546 | ||||||
|
| |||||||
1,903,871 | ||||||||
|
| |||||||
Total Common Stocks | 14,678,729 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.0% | ||||||||
Money Market Fund - 1.0% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 151,742 | 151,742 | ||||||
|
| |||||||
Total Short-Term Investment | 151,742 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.3% | 14,830,471 | |||||||
DERIVATIVES – 0.1% | ||||||||
(See Notes (c) and (d) in Notes to Schedule of Investments) | 15,995 | |||||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - (0.4%) | (53,536 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $14,792,930 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-Cyclical | 29.3% | |||
Consumer, Cyclical | 24.9% | |||
Industrial | 13.3% | |||
Technology | 12.9% | |||
Financial | 8.6% | |||
Communications | 6.9% | |||
Others (each less than 3.0%) | 4.4% | |||
|
| |||
100.3% | ||||
Derivatives | 0.1% | |||
Other Assets & Liabilities, Net | (0.4% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2017, an investment with a value of $209,176 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-57
Table of Contents
PACIFIC FUNDS
PF MID-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
(c) | Purchased options outstanding as of September 30, 2017 were as follows: |
Options on Indices
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Notional Amount | Cost | Value | |||||||||||||||||||
Put - Russell 2000 | 1,450.00 | 11/17/17 | CME | 6 | $870,000 | $8,475 | $8,460 | |||||||||||||||||||
|
|
|
|
Options on Securities
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Notional Amount | Cost | Value | |||||||||||||||||||||
Call - Kansas City Southern (12/17) | $115.00 | 12/15/17 | CME | 2 | $23,000 | $334 | $350 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Counter- party | ||||||||||||||||||||||||||||
Put - SPDR S&P MidCap 400 ETF Trust (11/17) | 320.00 | 11/17/17 | CIT | 49 | 1,568,000 | 13,573 | 13,475 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
$13,907 | $13,825 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Purchased Options | $22,382 | $22,285 | ||||||||||||||||||||||||||
|
|
|
|
(d) | Premium received and value of written options outstanding as of September 30, 2017 were as follows: |
Options on Securities
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Notional Amount | Premium | Value | |||||||||||||||||||
Put - Sprouts Farmers Market Inc (10/17) | $22.50 | 10/20/17 | CME | 16 | $36,000 | $4,895 | ($6,000 | ) | ||||||||||||||||||
Put - Kansas City Southern (12/17) | 100.00 | 12/15/17 | CME | 2 | 20,000 | 316 | (290 | ) | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Total Written Options | $5,211 | ($6,290 | ) | |||||||||||||||||||||||
|
|
|
|
(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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Basic Materials | $159,725 | $159,725 | $— | $— | ||||||||||||||
Communications | 1,014,073 | 1,014,073 | — | — | ||||||||||||||
Consumer, Cyclical | 3,679,242 | 3,460,080 | 219,162 | — | ||||||||||||||
Consumer, Non-Cyclical | 4,340,811 | 4,340,811 | — | — | ||||||||||||||
Energy | 338,134 | 338,134 | — | — | ||||||||||||||
Financial | 1,272,954 | 1,272,954 | — | — | ||||||||||||||
Industrial | 1,969,919 | 1,969,919 | — | — | ||||||||||||||
Technology | 1,903,871 | 1,903,871 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 14,678,729 | 14,459,567 | 219,162 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 151,742 | 151,742 | — | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Equity Contracts | ||||||||||||||||||
Purchased Options | 22,285 | — | 22,285 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 14,852,756 | 14,611,309 | 241,447 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Equity Contracts | ||||||||||||||||||
Written Options | (6,290 | ) | — | (6,290 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (6,290 | ) | — | (6,290 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $14,846,466 | $14,611,309 | $235,157 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-58
Table of Contents
PACIFIC FUNDS
PF MID-CAP VALUE FUND
Schedule of Investments
September 30, 2017 (Unaudited)
Shares | | |||||||
COMMON STOCKS - 98.8% | ||||||||
Basic Materials - 2.2% | ||||||||
FMC Corp | 9,238 | $825,046 | ||||||
PPG Industries Inc | 4,529 | 492,121 | ||||||
Steel Dynamics Inc | 57,412 | 1,978,992 | ||||||
Valvoline Inc | 46,131 | 1,081,772 | ||||||
|
| |||||||
4,377,931 | ||||||||
|
| |||||||
Communications - 3.7% | ||||||||
CBS Corp ‘B’ | 14,677 | 851,266 | ||||||
eBay Inc * | 45,505 | 1,750,122 | ||||||
Expedia Inc | 7,596 | 1,093,368 | ||||||
IAC/InterActiveCorp * | 19,094 | 2,245,073 | ||||||
Omnicom Group Inc | 5,064 | 375,090 | ||||||
The Interpublic Group of Cos Inc | 42,310 | 879,625 | ||||||
|
| |||||||
7,194,544 | ||||||||
|
| |||||||
Consumer, Cyclical - 6.4% | ||||||||
Advance Auto Parts Inc | 6,690 | 663,648 | ||||||
American Airlines Group Inc | 21,566 | 1,024,169 | ||||||
BorgWarner Inc | 34,775 | 1,781,523 | ||||||
Brunswick Corp | 20,982 | 1,174,363 | ||||||
Delta Air Lines Inc | 17,675 | 852,288 | ||||||
Hasbro Inc | 7,803 | 762,119 | ||||||
Lear Corp | 4,934 | 853,977 | ||||||
PACCAR Inc | 9,719 | 703,072 | ||||||
Southwest Airlines Co | 18,174 | 1,017,381 | ||||||
Tenneco Inc | 10,682 | 648,077 | ||||||
United Continental Holdings Inc * | 15,105 | 919,592 | ||||||
WABCO Holdings Inc * | 8,323 | 1,231,804 | ||||||
WESCO International Inc * | 14,908 | 868,391 | ||||||
|
| |||||||
12,500,404 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 9.0% | ||||||||
Boston Scientific Corp * | 64,975 | 1,895,321 | ||||||
Bruker Corp | 19,344 | 575,484 | ||||||
Cardinal Health Inc | 15,277 | 1,022,337 | ||||||
Coca-Cola European Partners PLC (United Kingdom) | 28,300 | 1,177,846 | ||||||
DaVita Inc * | 14,825 | 880,457 | ||||||
ICON PLC * | 6,464 | 736,120 | ||||||
Laboratory Corp of America Holdings * | 15,053 | 2,272,551 | ||||||
ManpowerGroup Inc | 25,450 | 2,998,519 | ||||||
Moody’s Corp | 5,998 | 834,982 | ||||||
Nielsen Holdings PLC | 19,055 | 789,830 | ||||||
Robert Half International Inc | 44,809 | 2,255,685 | ||||||
Universal Health Services Inc ‘B’ | 11,804 | 1,309,536 | ||||||
Zimmer Biomet Holdings Inc | 7,254 | 849,371 | ||||||
|
| |||||||
17,598,039 | ||||||||
|
| |||||||
Energy - 8.1% | ||||||||
Anadarko Petroleum Corp | 19,981 | 976,072 | ||||||
Andeavor | 18,566 | 1,915,083 | ||||||
Cimarex Energy Co | 5,103 | 580,058 | ||||||
Diamondback Energy Inc * | 25,493 | 2,497,294 | ||||||
Energen Corp * | 38,616 | 2,111,523 | ||||||
EQT Corp | 25,425 | 1,658,727 | ||||||
Marathon Petroleum Corp | 25,917 | 1,453,425 | ||||||
Newfield Exploration Co * | 33,024 | 979,822 | ||||||
Parsley Energy Inc ‘A’ * | 61,983 | 1,632,632 | ||||||
Pioneer Natural Resources Co | 6,117 | 902,502 | ||||||
RSP Permian Inc * | 32,181 | 1,113,141 | ||||||
|
| |||||||
15,820,279 | ||||||||
|
| |||||||
Financial - 31.8% | ||||||||
Air Lease Corp | 22,433 | 956,094 | ||||||
Alleghany Corp * | 4,248 | 2,353,434 | ||||||
American Assets Trust Inc REIT | 20,238 | 804,865 | ||||||
American Homes 4 Rent ‘A’ REIT | 30,751 | 667,604 |
Shares | | |||||||
Aon PLC | 17,374 | $2,538,341 | ||||||
BB&T Corp | 20,616 | 967,715 | ||||||
Boston Properties Inc REIT | 23,260 | 2,858,189 | ||||||
Discover Financial Services | 45,593 | 2,939,837 | ||||||
Douglas Emmett Inc REIT | 36,560 | 1,441,195 | ||||||
Duke Realty Corp REIT | 29,094 | 838,489 | ||||||
E*TRADE Financial Corp * | 25,296 | 1,103,159 | ||||||
East West Bancorp Inc | 46,015 | 2,750,777 | ||||||
Equity Residential REIT | 17,363 | 1,144,743 | ||||||
Essex Property Trust Inc REIT | 3,308 | 840,331 | ||||||
Fifth Third Bancorp | 77,323 | 2,163,498 | ||||||
Huntington Bancshares Inc | 209,627 | 2,926,393 | ||||||
KeyCorp | 53,348 | 1,004,009 | ||||||
Kilroy Realty Corp REIT | 8,629 | 613,694 | ||||||
Kimco Realty Corp REIT | 34,969 | 683,644 | ||||||
Loews Corp | 35,687 | 1,707,980 | ||||||
Marsh & McLennan Cos Inc | 22,497 | 1,885,474 | ||||||
Navient Corp | 76,441 | 1,148,144 | ||||||
Raymond James Financial Inc | 36,573 | 3,084,201 | ||||||
Regency Centers Corp REIT | 23,446 | 1,454,590 | ||||||
Regions Financial Corp | 98,266 | 1,496,591 | ||||||
Reinsurance Group of America Inc | 19,646 | 2,741,206 | ||||||
SL Green Realty Corp REIT | 26,955 | 2,731,081 | ||||||
SLM Corp * | 154,424 | 1,771,243 | ||||||
State Street Corp | 14,957 | 1,428,992 | ||||||
SunTrust Banks Inc | 47,707 | 2,851,447 | ||||||
Synchrony Financial | 43,206 | 1,341,546 | ||||||
TD Ameritrade Holding Corp | 21,813 | 1,064,474 | ||||||
The Allstate Corp | 22,041 | 2,025,788 | ||||||
Torchmark Corp | 10,389 | 832,055 | ||||||
Unum Group | 54,112 | 2,766,747 | ||||||
WR Berkley Corp | 21,813 | 1,455,800 | ||||||
XL Group Ltd (Bermuda) | 19,801 | 781,149 | ||||||
|
| |||||||
62,164,519 | ||||||||
|
| |||||||
Industrial - 19.6% | ||||||||
AMETEK Inc | 31,829 | 2,101,987 | ||||||
Arrow Electronics Inc * | 35,560 | 2,859,380 | ||||||
Belden Inc | 8,065 | 649,474 | ||||||
Berry Global Group Inc * | 29,290 | 1,659,278 | ||||||
Cemex SAB de CV ADR (Mexico) * | 93,089 | 845,248 | ||||||
Crown Holdings Inc * | 36,289 | 2,167,179 | ||||||
Cummins Inc | 7,539 | 1,266,778 | ||||||
Curtiss-Wright Corp | 10,590 | 1,107,079 | ||||||
Eaton Corp PLC | 19,932 | 1,530,578 | ||||||
EnerSys | 10,248 | 708,854 | ||||||
Flex Ltd * | 132,296 | 2,192,145 | ||||||
Fluor Corp | 15,477 | 651,582 | ||||||
Graphic Packaging Holding Co | 96,636 | 1,348,072 | ||||||
Harris Corp | 30,014 | 3,952,244 | ||||||
Hubbell Inc | 5,102 | 591,934 | ||||||
Huntington Ingalls Industries Inc | 4,851 | 1,098,460 | ||||||
Ingersoll-Rand PLC | 17,545 | 1,564,488 | ||||||
Jabil Inc | 19,343 | 552,243 | ||||||
L3 Technologies Inc | 4,239 | 798,755 | ||||||
Masco Corp | 61,753 | 2,408,985 | ||||||
Spirit AeroSystems Holdings Inc ‘A’ | 14,805 | 1,150,645 | ||||||
Stanley Black & Decker Inc | 12,869 | 1,942,833 | ||||||
TE Connectivity Ltd | 22,867 | 1,899,333 | ||||||
Textron Inc | 23,951 | 1,290,480 | ||||||
The Timken Co | 20,864 | 1,012,947 | ||||||
WestRock Co | 17,309 | 981,949 | ||||||
|
| |||||||
38,332,930 | ||||||||
|
| |||||||
Technology - 11.9% | ||||||||
Activision Blizzard Inc | 50,485 | 3,256,787 | ||||||
Amdocs Ltd | 49,002 | 3,151,809 | ||||||
Cognizant Technology Solutions Corp ‘A’ | 10,085 | 731,566 | ||||||
DXC Technology Co | 30,246 | 2,597,526 | ||||||
Fidelity National Information Services Inc | 29,843 | 2,787,038 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-59
Table of Contents
PACIFIC FUNDS
PF MID-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Shares | | |||||||
Hewlett Packard Enterprise Co | 56,587 | $832,395 | ||||||
HP Inc | 79,966 | 1,596,121 | ||||||
Leidos Holdings Inc | 18,633 | 1,103,446 | ||||||
Marvell Technology Group Ltd (Bermuda) | 59,437 | 1,063,922 | ||||||
Micro Focus International PLC ADR (United Kingdom) * l | — | 28 | ||||||
Microsemi Corp * | 19,086 | 982,547 | ||||||
NetApp Inc | 21,060 | 921,586 | ||||||
NetEase Inc ADR (China) | 4,781 | 1,261,276 | ||||||
ON Semiconductor Corp * | 67,299 | 1,243,013 | ||||||
Skyworks Solutions Inc | 8,104 | 825,798 | ||||||
Western Digital Corp | 9,468 | 818,035 | ||||||
|
| |||||||
23,172,893 | ||||||||
|
| |||||||
Utilities - 6.1% | ||||||||
Alliant Energy Corp | 49,580 | 2,061,041 | ||||||
Edison International | 26,184 | 2,020,619 | ||||||
Great Plains Energy Inc | 21,198 | 642,299 | ||||||
PG&E Corp | 33,189 | 2,259,839 | ||||||
Pinnacle West Capital Corp | 25,440 | 2,151,206 | ||||||
Portland General Electric Co | 25,570 | 1,167,015 | ||||||
Xcel Energy Inc | 32,100 | 1,518,972 | ||||||
|
| |||||||
11,820,991 | ||||||||
|
| |||||||
Total Common Stocks | 192,982,530 | |||||||
|
|
Shares | | |||||||
SHORT-TERM INVESTMENT - 1.0% | ||||||||
Money Market Fund - 1.0% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 1,953,640 | $1,953,640 | ||||||
|
| |||||||
Total Short-Term Investment | 1,953,640 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.8% | 194,936,170 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.2% | 380,077 | |||||||
|
| |||||||
NET ASSETS - 100.0% |
| $195,316,247 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 31.8% | |||
Industrial | 19.6% | |||
Technology | 11.9% | |||
Consumer, Non-Cyclical | 9.0% | |||
Energy | 8.1% | |||
Consumer, Cyclical | 6.4% | |||
Utilities | 6.1% | |||
Communications | 3.7% | |||
Others (each less than 3.0%) | 3.2% | |||
|
| |||
99.8% | ||||
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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $192,982,530 | $192,982,530 | $— | $— | |||||||||||||
Short-Term Investment | 1,953,640 | 1,953,640 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $194,936,170 | $194,936,170 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-60
Table of Contents
PACIFIC FUNDS
PF SMALL-CAP VALUE FUND
Schedule of Investments
September 30, 2017 (Unaudited)
| Value | |||||||
COMMON STOCKS - 98.2% | ||||||||
Basic Materials - 0.5% | ||||||||
Orion Engineered Carbons SA (Luxembourg) | 25,650 | $575,843 | ||||||
|
| |||||||
Communications - 5.1% | ||||||||
A10 Networks Inc * | 121,416 | 917,905 | ||||||
Extreme Networks Inc * | 74,760 | 888,896 | ||||||
FTD Cos Inc * | 68,540 | 893,762 | ||||||
Houghton Mifflin Harcourt Co * | 33,140 | 399,337 | ||||||
Infinera Corp * | 80,860 | 717,228 | ||||||
NETGEAR Inc * | 19,501 | 928,248 | ||||||
Scholastic Corp | 33,190 | 1,234,668 | ||||||
|
| |||||||
5,980,044 | ||||||||
|
| |||||||
Consumer, Cyclical - 13.7% | ||||||||
Anixter International Inc * | 18,290 | 1,554,650 | ||||||
Bloomin’ Brands Inc | 54,810 | 964,656 | ||||||
Caleres Inc | 38,640 | 1,179,293 | ||||||
Citi Trends Inc | 43,830 | 870,902 | ||||||
Cooper-Standard Holdings Inc * | 12,413 | 1,439,536 | ||||||
Crocs Inc * | 90,990 | 882,603 | ||||||
Dana Inc | 55,810 | 1,560,448 | ||||||
Ethan Allen Interiors Inc | 38,480 | 1,246,752 | ||||||
Knoll Inc | 61,170 | 1,223,400 | ||||||
Red Robin Gourmet Burgers Inc * | 23,470 | 1,572,490 | ||||||
Regal Entertainment Group ‘A’ | 64,820 | 1,037,120 | ||||||
SkyWest Inc | 40,065 | 1,758,854 | ||||||
Wesco Aircraft Holdings Inc * | 78,170 | 734,798 | ||||||
|
| |||||||
16,025,502 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 10.2% | ||||||||
ABM Industries Inc | 19,950 | 832,114 | ||||||
Booz Allen Hamilton Holding Corp | 32,520 | 1,215,923 | ||||||
Cott Corp (Canada) | 92,350 | 1,386,173 | ||||||
ICON PLC * | 13,721 | 1,562,547 | ||||||
LifePoint Health Inc * | 20,920 | 1,211,268 | ||||||
Molina Healthcare Inc * | 20,090 | 1,381,388 | ||||||
Sotheby’s * | 31,670 | 1,460,304 | ||||||
TrueBlue Inc * | 59,800 | 1,342,510 | ||||||
Viad Corp | 12,960 | 789,264 | ||||||
WellCare Health Plans Inc * | 4,150 | 712,721 | ||||||
|
| |||||||
11,894,212 | ||||||||
|
| |||||||
Energy - 7.7% | ||||||||
Helix Energy Solutions Group Inc * | 44,690 | 330,259 | ||||||
MRC Global Inc * | 48,920 | 855,611 | ||||||
Oasis Petroleum Inc * | 121,450 | 1,107,624 | ||||||
Oil States International Inc * | 28,470 | 721,715 | ||||||
Patterson-UTI Energy Inc | 52,970 | 1,109,192 | ||||||
QEP Resources Inc * | 116,410 | 997,634 | ||||||
RPC Inc | 67,500 | 1,673,325 | ||||||
SM Energy Co | 56,710 | 1,006,035 | ||||||
SRC Energy Inc * | 129,320 | 1,250,524 | ||||||
|
| |||||||
9,051,919 | ||||||||
|
| |||||||
Financial - 26.9% | ||||||||
1st Source Corp | 17,659 | 897,077 | ||||||
Armada Hoffler Properties Inc REIT | 61,130 | 844,205 | ||||||
Associated Banc-Corp | 74,750 | 1,812,687 | ||||||
Customers Bancorp Inc * | 42,616 | 1,390,134 | ||||||
Education Realty Trust Inc REIT | 33,230 | 1,193,954 | ||||||
Essent Group Ltd * | 39,270 | 1,590,435 | ||||||
First American Financial Corp | 15,270 | 763,042 | ||||||
First Commonwealth Financial Corp | 79,490 | 1,123,194 | ||||||
Fulton Financial Corp | 65,420 | 1,226,625 | ||||||
Gramercy Property Trust REIT | 55,765 | 1,686,891 | ||||||
HomeStreet Inc * | 35,470 | 957,690 | ||||||
Hope Bancorp Inc | 79,421 | 1,406,547 | ||||||
Huntington Bancshares Inc l | — | 8 | ||||||
Independence Realty Trust Inc REIT | 103,830 | 1,055,951 | ||||||
Independent Bank Group Inc | 25,940 | 1,564,182 |
| Value | |||||||
National Storage Affiliates Trust REIT | 55,580 | $1,347,259 | ||||||
Selective Insurance Group Inc | 22,020 | 1,185,777 | ||||||
STAG Industrial Inc REIT | 26,950 | 740,317 | ||||||
State Auto Financial Corp | 23,900 | 626,897 | ||||||
Sterling Bancorp | 78,310 | 1,930,342 | ||||||
Synovus Financial Corp | 27,440 | 1,263,886 | ||||||
Texas Capital Bancshares Inc * | 22,950 | 1,969,110 | ||||||
Validus Holdings Ltd | 11,510 | 566,407 | ||||||
Webster Financial Corp | 34,240 | 1,799,312 | ||||||
WSFS Financial Corp | 20,235 | 986,456 | ||||||
Zions Bancorp | 31,694 | 1,495,323 | ||||||
|
| |||||||
31,423,708 | ||||||||
|
| |||||||
Industrial - 18.1% | ||||||||
AECOM * | 35,859 | 1,319,958 | ||||||
Air Transport Services Group Inc * | 29,900 | 727,766 | ||||||
Atlas Air Worldwide Holdings Inc * | 14,210 | 935,018 | ||||||
Columbus Mckinnon Corp | 31,340 | 1,186,846 | ||||||
Covenant Transportation Group Inc ‘A’ * | 56,293 | 1,631,371 | ||||||
EnerSys | 19,830 | 1,371,641 | ||||||
Esterline Technologies Corp * | 12,940 | 1,166,541 | ||||||
General Cable Corp | 69,350 | 1,307,247 | ||||||
Granite Construction Inc | 15,910 | 921,984 | ||||||
Graphic Packaging Holding Co | 119,630 | 1,668,839 | ||||||
Oshkosh Corp | 18,920 | 1,561,657 | ||||||
Regal Beloit Corp | 14,030 | 1,108,370 | ||||||
Saia Inc * | 16,346 | 1,024,077 | ||||||
SPX FLOW Inc * | 34,790 | 1,341,502 | ||||||
Terex Corp | 34,970 | 1,574,349 | ||||||
Trinseo SA | 20,839 | 1,398,297 | ||||||
Tutor Perini Corp * | 33,750 | 958,500 | ||||||
|
| |||||||
21,203,963 | ||||||||
|
| |||||||
Technology - 13.5% | ||||||||
Convergys Corp | 52,490 | 1,358,966 | ||||||
CSG Systems International Inc | 30,790 | 1,234,679 | ||||||
Cypress Semiconductor Corp | 53,876 | 809,218 | ||||||
FormFactor Inc * | 35,671 | 601,056 | ||||||
Integrated Device Technology Inc * | 28,150 | 748,227 | ||||||
Kulicke & Soffa Industries Inc (Singapore) * | 70,210 | 1,514,430 | ||||||
MagnaChip Semiconductor Corp (South Korea) * | 57,680 | 654,668 | ||||||
Mellanox Technologies Ltd (Israel) * | 14,010 | 660,572 | ||||||
Mitel Networks Corp * | 78,631 | 659,714 | ||||||
NCR Corp * | 37,440 | 1,404,749 | ||||||
Photronics Inc * | 60,898 | 538,947 | ||||||
Unisys Corp * | 120,273 | 1,022,321 | ||||||
VeriFone Systems Inc * | 70,330 | 1,426,292 | ||||||
Verint Systems Inc * | 38,340 | 1,604,529 | ||||||
Virtusa Corp * | 20,390 | 770,334 | ||||||
WNS Holdings Ltd ADR (India) * | 20,980 | 765,770 | ||||||
|
| |||||||
15,774,472 | ||||||||
|
| |||||||
Utilities - 2.5% | ||||||||
Black Hills Corp | 9,810 | 675,615 | ||||||
PNM Resources Inc | 30,440 | 1,226,732 | ||||||
Portland General Electric Co | 22,850 | 1,042,874 | ||||||
|
| |||||||
2,945,221 | ||||||||
|
| |||||||
Total Common Stocks |
| 114,874,884 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.7% | ||||||||
Money Market Fund - 1.7% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 2,022,096 | 2,022,096 | ||||||
|
| |||||||
Total Short-Term Investment |
| 2,022,096 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.9% |
| 116,896,980 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% |
| 106,579 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $117,003,559 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-61
Table of Contents
PACIFIC FUNDS
PF SMALL-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 26.9% | |||
Industrial | 18.1% | |||
Consumer, Cyclical | 13.7% | |||
Technology | 13.5% | |||
Consumer, Non-Cyclical | 10.2% | |||
Energy | 7.7% | |||
Communications | 5.1% | |||
Others (each less than 3.0%) | 4.7% | |||
|
| |||
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, 2017:
��
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $114,874,884 | $114,874,884 | $— | $— | |||||||||||||
Short-Term Investment | 2,022,096 | 2,022,096 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $116,896,980 | $116,896,980 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-62
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS FUND
Schedule of Investments
September 30, 2017 (Unaudited)
| | |||||||
PREFERRED STOCKS - 1.3% | ||||||||
Brazil - 1.2% | ||||||||
Lojas Americanas SA | 451,618 | $2,747,795 | ||||||
|
| |||||||
India - 0.1% | ||||||||
Zee Entertainment Enterprises Ltd | 708,924 | 106,143 | ||||||
|
| |||||||
Total Preferred Stocks |
| 2,853,938 | ||||||
|
| |||||||
COMMON STOCKS - 96.4% | ||||||||
Argentina - 0.0% | ||||||||
MercadoLibre Inc | 390 | 100,983 | ||||||
|
| |||||||
Brazil - 4.0% | ||||||||
Atacadao Distribuicao Comercio e Industria Ltda * | 256,800 | 1,256,777 | ||||||
B3 SA - Brasil Bolsa Balcao | 567,616 | 4,277,977 | ||||||
Embraer SA ADR | 18,210 | 411,728 | ||||||
Estacio Participacoes SA | 119,200 | 1,165,598 | ||||||
Natura Cosmeticos SA | 16,700 | 165,041 | ||||||
Sul America SA | 187,260 | 1,055,394 | ||||||
|
| |||||||
8,332,515 | ||||||||
|
| |||||||
Chile - 0.1% | ||||||||
Banco de Chile | 1,542,481 | 235,282 | ||||||
|
| |||||||
China - 24.8% | ||||||||
3SBio Inc * ~ | 410,500 | 660,296 | ||||||
Alibaba Group Holding Ltd ADR * | 67,399 | 11,640,481 | ||||||
China International Capital Corp Ltd ‘H’ ~ | 378,800 | 772,141 | ||||||
China Lodging Group Ltd ADR * | 29,110 | 3,458,850 | ||||||
China Mobile Ltd | 220,500 | 2,238,506 | ||||||
Ctrip.com International Ltd ADR * | 87,170 | 4,597,346 | ||||||
Jiangsu Hengrui Medicine Co Ltd ‘A’ | 389,105 | 3,510,427 | ||||||
Kweichow Moutai Co Ltd ‘A’ | 30,644 | 2,389,154 | ||||||
NetEase Inc ADR | 3,090 | 815,173 | ||||||
New Oriental Education & Technology Group Inc ADR | 24,810 | 2,189,730 | ||||||
Sinopharm Group Co Ltd ‘H’ | 865,800 | 3,835,057 | ||||||
Tencent Holdings Ltd | 320,122 | 13,995,956 | ||||||
Want Want China Holdings Ltd | 1,680,000 | 1,183,656 | ||||||
Wuxi Biologics Cayman Inc * ~ | 46,500 | 236,688 | ||||||
ZTO Express Cayman Inc ADR * | 31,940 | 448,437 | ||||||
|
| |||||||
51,971,898 | ||||||||
|
| |||||||
Colombia - 1.2% | ||||||||
Grupo Aval Acciones y Valores SA ADR | 157,769 | 1,415,188 | ||||||
Grupo de Inversiones Suramericana SA | 77,083 | 1,076,206 | ||||||
|
| |||||||
2,491,394 | ||||||||
|
| |||||||
Egypt - 0.5% | ||||||||
Commercial International Bank Egypt SAE | 213,261 | 986,196 | ||||||
|
| |||||||
France - 3.8% | ||||||||
Kering | 12,877 | 5,129,750 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 10,566 | 2,920,819 | ||||||
|
| |||||||
8,050,569 | ||||||||
|
| |||||||
Hong Kong - 5.0% | ||||||||
AIA Group Ltd | 775,200 | 5,739,039 | ||||||
Hang Lung Group Ltd | 117,000 | 421,329 |
| | |||||||
Hong Kong Exchanges & Clearing Ltd | 37,635 | $1,016,449 | ||||||
Jardine Strategic Holdings Ltd | 78,211 | 3,382,697 | ||||||
|
| |||||||
10,559,514 | ||||||||
|
| |||||||
India - 12.3% | ||||||||
Apollo Hospitals Enterprise Ltd | 68,695 | 1,058,533 | ||||||
Biocon Ltd | 90,065 | 458,276 | ||||||
Cholamandalam Investment and Finance Co Ltd | 28,317 | 473,940 | ||||||
Dr Reddy’s Laboratories Ltd | 30,727 | 1,098,509 | ||||||
Glenmark Pharmaceuticals Ltd | 43,247 | 396,467 | ||||||
Housing Development Finance Corp Ltd | 366,394 | 9,780,168 | ||||||
Infosys Ltd | 245,150 | 3,384,711 | ||||||
Kotak Mahindra Bank Ltd | 169,543 | 2,604,748 | ||||||
Tata Consultancy Services Ltd | 53,915 | 2,013,114 | ||||||
UltraTech Cement Ltd | 23,210 | 1,370,505 | ||||||
Zee Entertainment Enterprises Ltd | 389,285 | 3,104,433 | ||||||
|
| |||||||
25,743,404 | ||||||||
|
| |||||||
Indonesia - 2.4% | ||||||||
P.T. Astra International Tbk | 2,661,300 | 1,562,468 | ||||||
P.T. Bank Mandiri Persero Tbk | 2,729,800 | 1,364,162 | ||||||
P.T. Bank Rakyat Indonesia Persero Tbk | 874,700 | 993,064 | ||||||
P.T. Indocement Tunggal Prakarsa Tbk | 728,200 | 1,021,826 | ||||||
|
| |||||||
4,941,520 | ||||||||
|
| |||||||
Italy - 1.1% | ||||||||
PRADA SPA | 670,000 | 2,346,548 | ||||||
|
| |||||||
Malaysia - 1.5% | ||||||||
Genting Bhd | 977,700 | 2,212,814 | ||||||
Genting Malaysia Bhd | 771,800 | 983,697 | ||||||
|
| |||||||
3,196,511 | ||||||||
|
| |||||||
Mexico - 5.3% | ||||||||
Fomento Economico Mexicano SAB de CV | 266,316 | 2,542,945 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 12,910 | 1,233,292 | ||||||
Grupo Aeroportuario del Sureste SAB de CV ‘B’ | 63,078 | 1,203,020 | ||||||
Grupo Financiero Banorte SAB de CV ‘O’ | 231,432 | 1,593,335 | ||||||
Grupo Financiero Inbursa SAB de CV ‘O’ | 1,096,421 | 2,004,385 | ||||||
Grupo Mexico SAB de CV ‘B’ | 518,411 | 1,587,687 | ||||||
Kimberly-Clark de Mexico SAB de CV ‘A’ | 447,539 | 912,036 | ||||||
|
| |||||||
11,076,700 | ||||||||
|
| |||||||
Nigeria - 0.5% | ||||||||
Nigerian Breweries PLC | 1,250,030 | 574,526 | ||||||
Zenith Bank PLC | 7,617,678 | 496,528 | ||||||
|
| |||||||
1,071,054 | ||||||||
|
| |||||||
Peru - 0.6% | ||||||||
Credicorp Ltd | 6,040 | 1,238,321 | ||||||
|
| |||||||
Philippines - 3.7% | ||||||||
Ayala Corp | 21,000 | 401,329 | ||||||
Ayala Land Inc | 1,535,100 | 1,316,428 | ||||||
Bank of the Philippine Islands | 66,950 | 131,068 | ||||||
Jollibee Foods Corp | 249,480 | 1,197,344 | ||||||
SM Investments Corp | 155,377 | 2,702,929 | ||||||
SM Prime Holdings Inc | 2,873,670 | 1,950,864 | ||||||
|
| |||||||
7,699,962 | ||||||||
|
| |||||||
Poland - 0.5% | ||||||||
Bank Pekao SA | 31,982 | 1,123,006 | ||||||
|
| |||||||
Portugal - 0.1% | ||||||||
Jeronimo Martins SGPS SA | 10,313 | 203,567 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-63
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
| | |||||||
Russia - 7.5% | ||||||||
Alrosa PJSC | 876,533 | $1,254,319 | ||||||
Magnit PJSC (RTS) | 31,908 | 5,601,065 | ||||||
Moscow Exchange MICEX-RTS PJSC | 570,241 | 1,144,993 | ||||||
Novatek PJSC GDR | 45,570 | 5,354,274 | ||||||
Polyus PJSC GDR ~ | 14,500 | 561,730 | ||||||
Sberbank of Russia PJSC ADR | 122,953 | 1,753,250 | ||||||
|
| |||||||
15,669,631 | ||||||||
|
| |||||||
South Africa - 3.3% | ||||||||
FirstRand Ltd | 489,832 | 1,883,581 | ||||||
Mediclinic International PLC | 80,600 | 702,025 | ||||||
Shoprite Holdings Ltd | 88,478 | 1,352,061 | ||||||
Steinhoff International Holdings NV | 668,959 | 2,973,254 | ||||||
|
| |||||||
6,910,921 | ||||||||
|
| |||||||
South Korea - 4.9% | ||||||||
Amorepacific Corp | 3,381 | 767,504 | ||||||
Amorepacific Group | 3,375 | 364,435 | ||||||
Celltrion Healthcare Co Ltd * | 11,086 | 537,192 | ||||||
Celltrion Inc * | 6,011 | 746,829 | ||||||
LG Household & Health Care Ltd | 3,018 | 2,466,362 | ||||||
NAVER Corp | 6,029 | 3,933,510 | ||||||
Samsung Biologics Co Ltd * ~ | 5,172 | 1,530,389 | ||||||
|
| |||||||
10,346,221 | ||||||||
|
| |||||||
Spain - 0.4% | ||||||||
Prosegur Cash SA * ~ | 271,869 | 817,760 | ||||||
|
| |||||||
Switzerland - 2.5% | ||||||||
Glencore PLC | 1,132,486 | 5,198,115 | ||||||
|
| |||||||
Taiwan - 5.8% | ||||||||
Taiwan Semiconductor Manufacturing Co Ltd | 1,697,995 | 12,161,822 | ||||||
|
| |||||||
Turkey - 1.1% | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 164,991 | 968,384 | ||||||
BIM Birlesik Magazalar AS | 65,942 | 1,374,914 | ||||||
|
| |||||||
2,343,298 | ||||||||
|
| |||||||
United Arab Emirates - 2.0% | ||||||||
DP World Ltd | 133,041 | 2,988,101 | ||||||
Emaar Properties PJSC | 489,493 | 1,133,789 | ||||||
|
| |||||||
4,121,890 | ||||||||
|
| |||||||
United Kingdom - 1.5% | ||||||||
Anglo American PLC | 43,400 | 780,261 | ||||||
Old Mutual PLC | 33,705 | 87,341 | ||||||
Unilever PLC | 39,611 | 2,292,656 | ||||||
|
| |||||||
3,160,258 | ||||||||
|
| |||||||
Total Common Stocks |
| 202,098,860 | ||||||
|
|
| | |||||||
SHORT-TERM INVESTMENT - 2.1% | ||||||||
Money Market Fund - 2.1% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 4,328,494 | $4,328,494 | ||||||
|
| |||||||
Total Short-Term Investment |
| 4,328,494 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.8% |
| 209,281,292 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.2% |
| 414,317 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $209,695,609 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 23.1% | |||
Consumer, Non-Cyclical | 22.1% | |||
Communications | 18.9% | |||
Consumer, Cyclical | 14.1% | |||
Technology | 8.8% | |||
Basic Materials | 4.5% | |||
Others (each less than 3.0%) | 8.3% | |||
|
| |||
99.8% | ||||
Other Assets & Liabilities, Net | 0.2% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2017, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
China | 24.8% | |||
India | 12.4% | |||
Russia | 7.5% | |||
Taiwan | 5.8% | |||
Mexico | 5.3% | |||
Brazil | 5.2% | |||
Hong Kong | 5.0% | |||
South Korea | 4.9% | |||
France | 3.8% | |||
Philippines | 3.7% | |||
South Africa | 3.3% | |||
Others (each less than 3.0%) | 18.1% | |||
|
| |||
99.8% | ||||
Other Assets & Liabilities, Net | 0.2% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-64
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS FUND
Schedule of Investments (Continued)
September 30, 2017 (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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Preferred Stocks | $2,853,938 | $2,853,938 | $— | $— | |||||||||||||
Common Stocks | ||||||||||||||||||
Argentina | 100,983 | 100,983 | — | — | ||||||||||||||
Brazil | 8,332,515 | 8,332,515 | — | — | ||||||||||||||
Chile | 235,282 | 235,282 | — | — | ||||||||||||||
China | 51,971,898 | 26,660,444 | 25,311,454 | — | ||||||||||||||
Colombia | 2,491,394 | 2,491,394 | — | �� | — | |||||||||||||
Egypt | 986,196 | 986,196 | — | — | ||||||||||||||
France | 8,050,569 | — | 8,050,569 | — | ||||||||||||||
Hong Kong | 10,559,514 | — | 10,559,514 | — | ||||||||||||||
India | 25,743,404 | — | 25,743,404 | — | ||||||||||||||
Indonesia | 4,941,520 | 1,021,826 | 3,919,694 | — | ||||||||||||||
Italy | 2,346,548 | — | 2,346,548 | — | ||||||||||||||
Malaysia | 3,196,511 | — | 3,196,511 | — | ||||||||||||||
Mexico | 11,076,700 | 11,076,700 | — | — | ||||||||||||||
Nigeria | 1,071,054 | 1,071,054 | — | — | ||||||||||||||
Peru | 1,238,321 | 1,238,321 | — | — | ||||||||||||||
Philippines | 7,699,962 | 131,068 | 7,568,894 | — | ||||||||||||||
Poland | 1,123,006 | — | 1,123,006 | — | ||||||||||||||
Portugal | 203,567 | — | 203,567 | — | ||||||||||||||
Russia | 15,669,631 | — | 15,669,631 | — | ||||||||||||||
South Africa | 6,910,921 | 2,054,086 | 4,856,835 | — | ||||||||||||||
South Korea | 10,346,221 | 3,003,554 | 7,342,667 | — | ||||||||||||||
Spain | 817,760 | 817,760 | — | — | ||||||||||||||
Switzerland | 5,198,115 | — | 5,198,115 | — | ||||||||||||||
Taiwan | 12,161,822 | — | 12,161,822 | — | ||||||||||||||
Turkey | 2,343,298 | — | 2,343,298 | — | ||||||||||||||
United Arab Emirates | 4,121,890 | 2,988,101 | 1,133,789 | — | ||||||||||||||
United Kingdom | 3,160,258 | — | 3,160,258 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 202,098,860 | 62,209,284 | 139,889,576 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 4,328,494 | 4,328,494 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $209,281,292 | $69,391,716 | $139,889,576 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
The table below shows transfers between levels. The Trust’s policy is to recognize transfers between levels as of the end of the reporting period.
Amount Transferred | Level Transfer | Change in Fair Valuation Measurement Inputs | ||||||||||||||||
From | To | From | To | |||||||||||||||
$746,829 | 1 | 2 | Unadjusted Exchange-Traded Price | Adjusted Exchange-Traded Price using an Applied Foreign Fair | ||||||||||||||
5,542,274 | 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-65
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL LARGE-CAP FUND
Schedule of Investments
September 30, 2017 (Unaudited)
| Value | |||||||
COMMON STOCKS - 98.9% | ||||||||
Australia - 0.5% | ||||||||
Orica Ltd | 57,809 | $899,852 | ||||||
|
| |||||||
Belgium - 1.2% |
| |||||||
KBC Group NV | 24,600 | 2,087,051 | ||||||
|
| |||||||
Brazil - 1.0% |
| |||||||
Ambev SA ADR | 260,967 | 1,719,773 | ||||||
|
| |||||||
Canada - 4.3% |
| |||||||
Canadian National Railway Co | 45,072 | 3,734,215 | ||||||
Loblaw Cos Ltd | 22,447 | 1,225,118 | ||||||
Suncor Energy Inc | 80,509 | 2,821,606 | ||||||
|
| |||||||
7,780,939 | ||||||||
|
| |||||||
China - 1.8% |
| |||||||
Alibaba Group Holding Ltd ADR * | 11,650 | 2,012,072 | ||||||
Baidu Inc ADR * | 4,971 | 1,231,267 | ||||||
|
| |||||||
3,243,339 | ||||||||
|
| |||||||
Denmark - 2.3% |
| |||||||
Carlsberg AS ‘B’ | 10,564 | 1,159,229 | ||||||
Novo Nordisk AS ‘B’ | 63,358 | 3,046,172 | ||||||
|
| |||||||
4,205,401 | ||||||||
|
| |||||||
France - 14.6% |
| |||||||
Air Liquide SA | 31,279 | 4,171,210 | ||||||
Danone SA | 30,012 | 2,357,244 | ||||||
Dassault Systemes SE | 13,626 | 1,378,573 | ||||||
Engie SA | 129,450 | 2,198,231 | ||||||
Hermes International | 985 | 496,958 | ||||||
L’Oreal SA | 8,376 | 1,776,067 | ||||||
Legrand SA | 23,495 | 1,695,626 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 13,871 | 3,834,439 | ||||||
Pernod Ricard SA | 29,703 | 4,108,922 | ||||||
Schneider Electric SE * | 50,153 | 4,367,352 | ||||||
|
| |||||||
26,384,622 | ||||||||
|
| |||||||
Germany - 11.2% |
| |||||||
Bayer AG | 47,885 | 6,541,214 | ||||||
Beiersdorf AG | 32,384 | 3,486,630 | ||||||
Linde AG | 8,067 | 1,677,506 | ||||||
Merck KGaA | 15,082 | 1,679,722 | ||||||
MTU Aero Engines AG | 7,265 | 1,160,160 | ||||||
ProSiebenSat.1 Media SE | 36,119 | 1,232,551 | ||||||
SAP SE | 39,312 | 4,310,350 | ||||||
|
| |||||||
20,088,133 | ||||||||
|
| |||||||
Hong Kong - 2.3% |
| |||||||
AIA Group Ltd | 560,862 | 4,152,230 | ||||||
Global Brands Group Holding Ltd * | 612,639 | 59,132 | ||||||
|
| |||||||
4,211,362 | ||||||||
|
| |||||||
India - 2.7% | ||||||||
Housing Development Finance Corp Ltd | 79,992 | 2,135,229 | ||||||
Tata Consultancy Services Ltd | 71,546 | 2,671,432 | ||||||
|
| |||||||
4,806,661 | ||||||||
|
| |||||||
Israel - 1.2% | ||||||||
Check Point Software Technologies Ltd * | 19,403 | 2,212,330 | ||||||
|
|
| Value | |||||||
Italy - 1.1% |
| |||||||
Eni SPA | 106,120 | $1,757,518 | ||||||
Luxottica Group SPA | 5,176 | 289,645 | ||||||
|
| |||||||
2,047,163 | ||||||||
|
| |||||||
Japan - 12.7% | ||||||||
Daikin Industries Ltd | 19,600 | 1,984,941 | ||||||
Denso Corp | 51,800 | 2,621,618 | ||||||
FANUC Corp | 9,600 | 1,946,435 | ||||||
Hoya Corp | 87,500 | 4,731,899 | ||||||
Japan Tobacco Inc | 57,700 | 1,890,885 | ||||||
Kao Corp | 24,500 | 1,442,397 | ||||||
Kubota Corp | 100,600 | 1,829,983 | ||||||
Kyocera Corp | 35,900 | 2,228,164 | ||||||
Shin-Etsu Chemical Co Ltd | 11,300 | 1,011,349 | ||||||
Terumo Corp | 82,000 | 3,225,328 | ||||||
|
| |||||||
22,912,999 | ||||||||
|
| |||||||
Netherlands - 5.7% | ||||||||
Akzo Nobel NV | 30,098 | 2,775,907 | ||||||
Heineken NV | 7,299 | 722,250 | ||||||
ING Groep NV | 233,268 | 4,299,654 | ||||||
Randstad Holding NV | 39,889 | 2,465,273 | ||||||
|
| |||||||
10,263,084 | ||||||||
|
| |||||||
Singapore - 2.1% | ||||||||
DBS Group Holdings Ltd | 198,200 | 3,051,104 | ||||||
Singapore Telecommunications Ltd | 253,762 | 689,833 | ||||||
|
| |||||||
3,740,937 | ||||||||
|
| |||||||
Spain - 2.2% | ||||||||
Amadeus IT Group SA | 59,738 | 3,885,263 | ||||||
|
| |||||||
Sweden - 0.9% | ||||||||
Hennes & Mauritz AB ‘B’ | 64,137 | 1,666,038 | ||||||
|
| |||||||
Switzerland - 12.8% | ||||||||
Julius Baer Group Ltd | 32,511 | 1,929,207 | ||||||
Kuehne + Nagel International AG | 4,704 | 871,655 | ||||||
Nestle SA | 80,131 | 6,726,296 | ||||||
Novartis AG | 38,280 | 3,283,465 | ||||||
Roche Holding AG | 18,683 | 4,775,751 | ||||||
UBS Group AG | 225,923 | 3,864,860 | ||||||
Zurich Insurance Group AG | 5,369 | 1,640,656 | ||||||
|
| |||||||
23,091,890 | ||||||||
|
| |||||||
Taiwan - 1.8% | ||||||||
Taiwan Semiconductor Manufacturing Co Ltd ADR | 86,418 | 3,244,996 | ||||||
|
| |||||||
United Kingdom - 14.0% | ||||||||
Barclays PLC | 491,943 | 1,275,598 | ||||||
Compass Group PLC | 214,623 | 4,553,766 | ||||||
Diageo PLC | 92,981 | 3,057,723 | ||||||
Experian PLC | 64,161 | 1,288,779 | ||||||
Prudential PLC | 57,442 | 1,374,614 | ||||||
Reckitt Benckiser Group PLC | 38,398 | 3,508,346 | ||||||
RELX NV | 96,015 | 2,042,562 | ||||||
Rio Tinto PLC | 38,290 | 1,782,363 | ||||||
Rolls-Royce Holdings PLC * | 123,672 | 1,470,986 | ||||||
Smiths Group PLC | 57,927 | 1,225,129 | ||||||
WPP PLC | 199,224 | 3,696,814 | ||||||
|
| |||||||
25,276,680 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-66
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL LARGE-CAP FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
| Value | |||||||
United States - 2.5% | ||||||||
Delphi Automotive PLC | 9,508 | $935,587 | ||||||
QIAGEN NV * | 18,037 | 570,146 | ||||||
Yum China Holdings Inc * | 73,416 | 2,934,438 | ||||||
|
| |||||||
4,440,171 | ||||||||
|
| |||||||
Total Common Stocks | 178,208,684 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 0.6% | ||||||||
Money Market Fund - 0.6% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 1,031,713 | 1,031,713 | ||||||
|
| |||||||
Total Short-Term Investment | 1,031,713 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.5% | 179,240,397 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.5% | 920,144 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $180,160,541 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-Cyclical | 34.5% | |||
Industrial | 15.6% | |||
Financial | 14.3% | |||
Technology | 9.8% | |||
Consumer, Cyclical | 9.7% | |||
Basic Materials | 6.4% | |||
Communications | 4.9% | |||
Others (each less than 3.0%) | 4.3% | |||
|
| |||
99.5% | ||||
Other Assets & Liabilities, Net | 0.5% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2017, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
France | 14.6% | |||
United Kingdom | 14.0% | |||
Switzerland | 12.8% | |||
Japan | 12.7% | |||
Germany | 11.2% | |||
Netherlands | 5.7% | |||
Canada | 4.3% | |||
United States | 3.1% | |||
Others (each less than 3.0%) | 21.1% | |||
|
| |||
99.5% | ||||
Other Assets & Liabilities, Net | 0.5% | |||
|
| |||
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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Australia | $899,852 | $— | $899,852 | $— | ||||||||||||||
Belgium | 2,087,051 | — | 2,087,051 | — | ||||||||||||||
Brazil | 1,719,773 | 1,719,773 | — | — | ||||||||||||||
Canada | 7,780,939 | 7,780,939 | — | — | ||||||||||||||
China | 3,243,339 | 3,243,339 | — | — | ||||||||||||||
Denmark | 4,205,401 | — | 4,205,401 | — | ||||||||||||||
France | 26,384,622 | — | 26,384,622 | — | ||||||||||||||
Germany | 20,088,133 | — | 20,088,133 | — | ||||||||||||||
Hong Kong | 4,211,362 | — | 4,211,362 | — | ||||||||||||||
India | 4,806,661 | — | 4,806,661 | — | ||||||||||||||
Israel | 2,212,330 | 2,212,330 | — | — | ||||||||||||||
Italy | 2,047,163 | — | 2,047,163 | — | ||||||||||||||
Japan | 22,912,999 | — | 22,912,999 | — | ||||||||||||||
Netherlands | 10,263,084 | — | 10,263,084 | — | ||||||||||||||
Singapore | 3,740,937 | — | 3,740,937 | — | ||||||||||||||
Spain | 3,885,263 | — | 3,885,263 | — | ||||||||||||||
Sweden | 1,666,038 | — | 1,666,038 | — | ||||||||||||||
Switzerland | 23,091,890 | — | 23,091,890 | — | ||||||||||||||
Taiwan | 3,244,996 | 3,244,996 | — | — | ||||||||||||||
United Kingdom | 25,276,680 | — | 25,276,680 | — | ||||||||||||||
United States | 4,440,171 | 3,870,025 | 570,146 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 178,208,684 | 22,071,402 | 156,137,282 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 1,031,713 | 1,031,713 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $179,240,397 | $23,103,115 | $156,137,282 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-67
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments
September 30, 2017 (Unaudited)
| Value | |||||||
PREFERRED STOCKS - 0.3% | ||||||||
Germany - 0.3% | ||||||||
Draegerwerk AG & Co KGaA | 1,157 | $128,487 | ||||||
|
| |||||||
Total Preferred Stocks | 128,487 | |||||||
|
| |||||||
COMMON STOCKS - 96.9% | ||||||||
Australia - 4.5% | ||||||||
Abacus Property Group REIT | 40,262 | 119,489 | ||||||
Asaleo Care Ltd | 89,001 | 108,199 | ||||||
Australian Pharmaceutical Industries Ltd | 52,648 | 61,713 | ||||||
Beach Energy Ltd | 139,899 | 91,203 | ||||||
Charter Hall Retail REIT | 34,031 | 105,550 | ||||||
CSR Ltd | 50,729 | 188,901 | ||||||
GrainCorp Ltd ‘A’ | 17,357 | 111,350 | ||||||
GWA Group Ltd | 87,378 | 179,537 | ||||||
Metcash Ltd | 84,889 | 170,993 | ||||||
Orora Ltd | 108,499 | 264,706 | ||||||
Seven Group Holdings Ltd | 16,893 | 159,866 | ||||||
Shopping Centres Australasia Property Group REIT | 50,057 | 90,013 | ||||||
Sigma Healthcare Ltd | 138,151 | 89,627 | ||||||
Southern Cross Media Group Ltd | 76,229 | 70,906 | ||||||
Super Retail Group Ltd | 15,872 | 100,650 | ||||||
Vita Group Ltd | 57,598 | 76,894 | ||||||
|
| |||||||
1,989,597 | ||||||||
|
| |||||||
Austria - 1.0% |
| |||||||
CA Immobilien Anlagen AG | 10,043 | 288,435 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 4,597 | 135,815 | ||||||
|
| |||||||
424,250 | ||||||||
|
| |||||||
Belgium - 0.7% |
| |||||||
Barco NV | 1,220 | 131,632 | ||||||
D’ieteren SA/NV | 1,926 | 88,405 | ||||||
Orange Belgium SA | 4,702 | 108,825 | ||||||
|
| |||||||
328,862 | ||||||||
|
| |||||||
Canada - 7.8% |
| |||||||
AGF Management Ltd ‘B’ | 22,000 | 142,641 | ||||||
BlackPearl Resources Inc * | 78,900 | 69,557 | ||||||
Bonavista Energy Corp | 28,800 | 68,783 | ||||||
BRP Inc | 4,900 | 158,496 | ||||||
Canadian Apartment Properties REIT | 5,100 | 137,867 | ||||||
Canfor Pulp Products Inc | 9,400 | 100,272 | ||||||
Cascades Inc | 14,700 | 176,247 | ||||||
Celestica Inc * | 11,100 | 137,354 | ||||||
Choice Properties REIT | 10,400 | 110,772 | ||||||
Cogeco Communications Inc | 1,900 | 140,123 | ||||||
Detour Gold Corp * | 7,900 | 87,120 | ||||||
Dorel Industries Inc ‘B’ | 2,848 | 68,156 | ||||||
Enerplus Corp | 29,000 | 286,107 | ||||||
Genworth MI Canada Inc | 5,642 | 167,440 | ||||||
Great Canadian Gaming Corp * | 5,500 | 141,495 | ||||||
Hudbay Minerals Inc | 14,900 | 110,459 | ||||||
Linamar Corp | 2,300 | 140,350 | ||||||
Maple Leaf Foods Inc | 7,257 | 197,805 | ||||||
NorthWest Healthcare Properties REIT | 12,200 | 110,780 | ||||||
Obsidian Energy Ltd * | 78,200 | 82,728 | ||||||
Paramount Resources Ltd ‘A’ * | 10,200 | 201,915 | ||||||
Parex Resources Inc * | 9,200 | 110,968 | ||||||
Quarterhill Inc | 56,422 | 74,159 | ||||||
Smart REIT | 4,500 | 106,175 | ||||||
Taseko Mines Ltd * | 33,852 | 63,485 |
| Value | |||||||
Trican Well Service Ltd * | 55,600 | $203,195 | ||||||
Wajax Corp | 6,500 | 106,167 | ||||||
|
| |||||||
3,500,616 | ||||||||
|
| |||||||
Denmark - 2.8% |
| |||||||
Dfds AS | 3,805 | 217,624 | ||||||
FLSmidth & Co AS | 3,017 | 199,716 | ||||||
Rockwool International AS ‘B’ | 657 | 178,390 | ||||||
Royal Unibrew AS | 4,426 | 242,521 | ||||||
Spar Nord Bank AS | 9,218 | 114,929 | ||||||
Sydbank AS | 3,072 | 127,766 | ||||||
Topdanmark AS * | 4,718 | 185,868 | ||||||
|
| |||||||
1,266,814 | ||||||||
|
| |||||||
Finland - 0.3% |
| |||||||
Valmet OYJ | 7,688 | 151,153 | ||||||
|
| |||||||
France - 6.0% | ||||||||
Alstom SA | 3,076 | 130,693 | ||||||
Atos SE | 1,427 | 221,338 | ||||||
Coface SA * | 13,668 | 146,904 | ||||||
Eiffage SA | 2,426 | 251,244 | ||||||
Eramet* | 1,667 | 113,315 | ||||||
Eurazeo SA | 1,588 | 141,938 | ||||||
Eutelsat Communications SA | 4,538 | 134,336 | ||||||
Fonciere Des Regions REIT | 1,618 | 168,101 | ||||||
Ipsen SA | 2,537 | 337,554 | ||||||
IPSOS | 3,033 | 104,977 | ||||||
Kaufman & Broad SA | 2,543 | 122,695 | ||||||
SCOR SE | 6,911 | 289,838 | ||||||
Tarkett SA | 4,231 | 190,602 | ||||||
Trigano SA | 2,075 | 321,672 | ||||||
|
| |||||||
2,675,207 | ||||||||
|
| |||||||
Germany - 8.1% |
| |||||||
Aurubis AG | 2,706 | 219,390 | ||||||
Carl Zeiss Meditec AG | 2,186 | 114,361 | ||||||
CECONOMY AG | 9,648 | 113,612 | ||||||
Cewe Stiftung & Co KGaA | 1,558 | 148,223 | ||||||
Covestro AG ~ | 3,634 | 312,706 | ||||||
Deutz AG | 29,163 | 235,957 | ||||||
DIC Asset AG | 7,779 | 86,033 | ||||||
Grammer AG | 3,625 | 236,551 | ||||||
HOCHTIEF AG | 1,577 | 266,359 | ||||||
HUGO BOSS AG | 2,320 | 204,709 | ||||||
Jenoptik AG | 9,182 | 304,582 | ||||||
LEG Immobilien AG | 2,080 | 210,620 | ||||||
OSRAM Licht AG | 1,736 | 138,653 | ||||||
Rheinmetall AG | 2,023 | 228,162 | ||||||
Scout24 AG ~ | 2,548 | 104,258 | ||||||
Siltronic AG * | 1,001 | 124,491 | ||||||
Software AG * | 6,176 | 301,751 | ||||||
TAG Immobilien AG | 7,208 | 121,255 | ||||||
United Internet AG | 2,330 | 145,235 | ||||||
|
| |||||||
3,616,908 | ||||||||
|
| |||||||
Hong Kong - 1.7% |
| |||||||
Dah Sing Financial Holdings Ltd | 12,000 | 81,699 | ||||||
HK Electric Investments & HK Electric Investments Ltd ~ » | 202,500 | 184,794 | ||||||
Hopewell Holdings Ltd | 19,000 | 74,099 | ||||||
Kerry Properties Ltd | 35,500 | 147,451 | ||||||
Luk Fook Holdings International Ltd | 42,000 | 169,632 | ||||||
Melco International Development Ltd | 42,000 | 121,669 | ||||||
|
| |||||||
779,344 | ||||||||
|
| |||||||
India - 0.5% |
| |||||||
Vedanta Resources PLC | 17,983 | 210,434 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-68
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
| Value | |||||||
Israel - 0.4% |
| |||||||
Ceragon Networks Ltd * | 33,025 | $68,692 | ||||||
Nova Measuring Instruments Ltd * | 4,665 | 131,133 | ||||||
|
| |||||||
199,825 | ||||||||
|
| |||||||
Italy - 2.3% |
| |||||||
A2A SPA | 111,315 | 191,519 | ||||||
Azimut Holding SPA | 7,321 | 158,618 | ||||||
Banca IFIS SPA | 3,400 | 186,130 | ||||||
Danieli & C Officine Meccaniche SPA | 4,521 | 118,088 | ||||||
ERG SPA | 7,323 | 116,961 | ||||||
Iren SPA | 48,981 | 131,411 | ||||||
Rizzoli Corriere Della Sera Mediagroup SPA * | 70,312 | 109,361 | ||||||
|
| |||||||
1,012,088 | ||||||||
|
| |||||||
Japan - 23.5% |
| |||||||
Ahresty Corp | 11,900 | 99,845 | ||||||
Akebono Brake Industry Co Ltd * | 30,800 | 105,475 | ||||||
Asahi Diamond Industrial Co Ltd | 13,800 | 132,765 | ||||||
Cosel Co Ltd | 9,400 | 122,035 | ||||||
CROOZ Inc | 4,000 | 83,954 | ||||||
Daiwabo Holdings Co Ltd | 6,800 | 287,145 | ||||||
DIC Corp | 3,500 | 126,912 | ||||||
Eagle Industry Co Ltd | 9,300 | 170,761 | ||||||
Feed One Co Ltd | 52,100 | 121,965 | ||||||
First-corp Inc | 11,300 | 129,466 | ||||||
Fudo Tetra Corp | 47,200 | 78,530 | ||||||
Glory Ltd | 3,400 | 120,528 | ||||||
Goldcrest Co Ltd | 9,400 | 222,990 | ||||||
Haseko Corp | 14,000 | 186,821 | ||||||
Japan Securities Finance Co Ltd | 20,900 | 112,662 | ||||||
Kinden Corp | 11,000 | 177,324 | ||||||
Kitagawa Iron Works Co Ltd | 4,500 | 106,005 | ||||||
Kobe Bussan Co Ltd | 2,900 | 130,424 | ||||||
Kureha Corp | 2,500 | 136,149 | ||||||
Leopalace21 Corp | 22,100 | 154,014 | ||||||
Maruwa Co Ltd/Aichi | 5,100 | 288,493 | ||||||
Megmilk Snow Brand Co Ltd | 3,600 | 97,894 | ||||||
Meidensha Corp | 37,000 | 141,414 | ||||||
Meitec Corp | 3,200 | 160,417 | ||||||
Melco Holdings Inc | 4,300 | 136,796 | ||||||
Miraca Holdings Inc | 3,900 | 181,560 | ||||||
Mochida Pharmaceutical Co Ltd | 1,500 | 110,369 | ||||||
Morinaga & Co Ltd | 4,600 | 256,126 | ||||||
Nagase & Co Ltd | 14,200 | 238,199 | ||||||
Nihon Unisys Ltd | 12,700 | 203,161 | ||||||
Nippon Chemi-Con Corp | 4,000 | 142,275 | ||||||
Nippon Piston Ring Co Ltd | 9,000 | 196,338 | ||||||
Nippon Yakin Kogyo Co Ltd * | 54,800 | 114,156 | ||||||
Nishimatsu Construction Co Ltd | 4,200 | 121,431 | ||||||
Nisshin Steel Co Ltd | 9,700 | 124,152 | ||||||
Nitto Boseki Co Ltd | 4,600 | 141,275 | ||||||
North Pacific Bank Ltd | 30,200 | 95,676 | ||||||
Oiles Corp | 5,900 | 109,448 | ||||||
Penta-Ocean Construction Co Ltd | 27,900 | 176,154 | ||||||
Rengo Co Ltd | 13,500 | 80,357 | ||||||
Riken Vitamin Co Ltd | 3,600 | 135,936 | ||||||
Roland DG Corp | 3,600 | 92,355 | ||||||
Ryobi Ltd | 6,200 | 167,074 | ||||||
SAMTY Co Ltd | 11,500 | 183,531 | ||||||
Sanden Holdings Corp * | 6,600 | 131,073 | ||||||
Sankyu Inc | 4,200 | 177,880 | ||||||
Seikagaku Corp | 8,700 | 157,535 | ||||||
Seiren Co Ltd | 7,800 | 143,769 | ||||||
Seven Bank Ltd | 32,500 | 117,445 | ||||||
Shinmaywa Industries Ltd | 13,000 | 118,136 | ||||||
Shinoken Group Co Ltd | 5,200 | 116,559 | ||||||
Ship Healthcare Holdings Inc | 4,400 | 135,926 | ||||||
Starts Corp Inc | 4,500 | 115,798 | ||||||
Sumitomo Seika Chemicals Co Ltd | 2,400 | 114,799 |
| Value | |||||||
Tekken Corp | 3,700 | $119,179 | ||||||
The Hokkoku Bank Ltd | 3,800 | 166,654 | ||||||
The Oita Bank Ltd | 3,000 | 124,488 | ||||||
The Okinawa Electric Power Co Inc | 7,865 | 172,912 | ||||||
TOA ROAD Corp | 3,000 | 115,939 | ||||||
Tokai Carbon Co Ltd | 30,700 | 289,146 | ||||||
Token Corp | 2,200 | 262,293 | ||||||
Tosei Corp | 17,500 | 153,767 | ||||||
Toyota Boshoku Corp | 5,200 | 110,255 | ||||||
Tsugami Corp | 17,000 | 143,725 | ||||||
Ulvac Inc | 4,200 | 264,693 | ||||||
Unipres Corp | 5,400 | 150,261 | ||||||
Unitika Ltd * | 31,100 | 244,928 | ||||||
Yodogawa Steel Works Ltd | 4,500 | 123,328 | ||||||
Yuasa Trading Co Ltd | 6,800 | 240,373 | ||||||
|
| |||||||
10,511,218 | ||||||||
|
| |||||||
Luxembourg - 0.7% |
| |||||||
B&M European Value Retail SA | 30,175 | 156,756 | ||||||
Orion Engineered Carbons SA | 6,687 | 150,123 | ||||||
|
| |||||||
306,879 | ||||||||
|
| |||||||
Malta - 0.3% |
| |||||||
Kindred Group PLC SDR | 10,082 | 115,985 | ||||||
|
| |||||||
Netherlands - 1.9% | ||||||||
ASR Nederland NV | 6,254 | 250,167 | ||||||
BE Semiconductor Industries NV | 1,669 | 116,169 | ||||||
BinckBank NV | 20,996 | 108,588 | ||||||
Koninklijke Volkerwessels NV * | 3,580 | 110,222 | ||||||
Philips Lighting NV ~ | 2,874 | 115,999 | ||||||
SBM Offshore NV | 8,095 | 146,786 | ||||||
|
| |||||||
847,931 | ||||||||
|
| |||||||
New Zealand - 0.3% |
| |||||||
Contact Energy Ltd | 31,054 | 123,488 | ||||||
|
| |||||||
Norway - 0.4% | ||||||||
Norwegian Finans Holding ASA * | 7,683 | 87,301 | ||||||
Salmar ASA | 3,688 | 104,297 | ||||||
|
| |||||||
191,598 | ||||||||
|
| |||||||
Russia - 0.3% |
| |||||||
Evraz PLC | 30,349 | 127,438 | ||||||
|
| |||||||
Singapore - 2.3% | ||||||||
CDL Hospitality Trusts REIT » | 80,100 | 95,663 | ||||||
First Resources Ltd | 78,900 | 110,071 | ||||||
Frasers Commercial Trust REIT | 105,500 | 107,403 | ||||||
Keppel DC REIT | 115,900 | 113,301 | ||||||
Mapletree Greater China Commercial Trust REIT | 150,709 | 128,470 | ||||||
Mapletree Industrial Trust REIT | 109,800 | 151,775 | ||||||
Starhill Global REIT | 157,500 | 88,355 | ||||||
Venture Corp Ltd | 17,900 | 232,832 | ||||||
|
| |||||||
1,027,870 | ||||||||
|
| |||||||
South Korea - 4.6% |
| |||||||
Amotech Co Ltd * | 6,214 | 213,326 | ||||||
CJ O Shopping Co Ltd | 739 | 127,801 | ||||||
Dae Hyun Co Ltd | 34,505 | 82,126 | ||||||
Dongbu Insurance Co Ltd | 1,544 | 98,644 | ||||||
Eugene Technology Co Ltd | 7,065 | 129,896 | ||||||
Huchems Fine Chemical Corp | 5,519 | 115,660 | ||||||
Hyundai Marine & Fire Insurance Co Ltd | 4,777 | 189,460 | ||||||
Interflex Co Ltd * | 5,797 | 278,221 | ||||||
LG Uplus Corp | 11,036 | 128,853 | ||||||
LS Corp | 3,699 | 255,231 | ||||||
Nexen Tire Corp | 9,022 | 104,507 | ||||||
SFA Engineering Corp | 3,566 | 129,146 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-69
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
| Value | |||||||
Silicon Works Co Ltd | 3,318 | $128,347 | ||||||
SL Corp | 4,948 | 80,353 | ||||||
|
| |||||||
2,061,571 | ||||||||
|
| |||||||
Spain - 1.5% |
| |||||||
Bankinter SA | 17,934 | 169,853 | ||||||
Cia de Distribucion Integral Logista Holdings SA * | 6,375 | 153,352 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 3,376 | 136,580 | ||||||
Saeta Yield SA | 10,384 | 118,555 | ||||||
Siemens Gamesa Renewable Energy SA | 8,023 | 104,825 | ||||||
|
| |||||||
683,165 | ||||||||
|
| |||||||
Sweden - 3.9% |
| |||||||
Ahlsell AB ~ | 17,076 | 111,069 | ||||||
Attendo AB ~ | 8,616 | 99,172 | ||||||
Bonava AB ‘B’ | 7,819 | 126,645 | ||||||
Capio AB ~ | 17,893 | 104,969 | ||||||
Evolution Gaming Group AB ~ | 1,840 | 117,441 | ||||||
Hemfosa Fastigheter AB | 10,883 | 138,364 | ||||||
JM AB | 4,167 | 131,096 | ||||||
LeoVegas AB ~ | 11,899 | 100,803 | ||||||
Loomis AB ‘B’ | 4,156 | 165,171 | ||||||
NCC AB ‘B’ | 4,819 | 114,394 | ||||||
Nobia AB | 10,516 | 104,905 | ||||||
Peab AB | 11,930 | 131,778 | ||||||
SSAB AB ‘A’ * | 31,947 | 154,286 | ||||||
Wihlborgs Fastigheter AB | 5,585 | 136,719 | ||||||
|
| |||||||
1,736,812 | ||||||||
|
| |||||||
Switzerland - 9.0% |
| |||||||
Adecco Group AG | 3,529 | 274,925 | ||||||
Ascom Holding AG | 5,454 | 119,984 | ||||||
Bucher Industries AG | 304 | 108,138 | ||||||
Coca-Cola HBC AG | 7,782 | 263,488 | ||||||
Comet Holding AG | 647 | 95,856 | ||||||
EFG International AG | 22,328 | 193,657 | ||||||
Emmi AG | 86 | 56,392 | ||||||
Flughafen Zurich AG | 596 | 134,884 | ||||||
Forbo Holding AG | 62 | 99,058 | ||||||
Implenia AG | 1,577 | 104,328 | ||||||
Julius Baer Group Ltd | 4,711 | 279,551 | ||||||
Leonteq AG * | 1,686 | 103,362 | ||||||
Logitech International SA | 3,777 | 137,990 | ||||||
Lonza Group AG | 1,175 | 308,748 | ||||||
Oriflame Holding AG | 7,131 | 243,559 | ||||||
Rieter Holding AG | 585 | 124,670 | ||||||
Schweiter Technologies AG | 93 | 119,375 | ||||||
Siegfried Holding AG | 356 | 117,258 | ||||||
Sika AG | 63 | 469,078 | ||||||
Straumann Holding AG | 590 | 379,437 | ||||||
Swiss Life Holding AG | 443 | 156,176 | ||||||
VAT Group AG ~ | 997 | 138,011 | ||||||
|
| |||||||
4,027,925 | ||||||||
|
| |||||||
Thailand - 0.5% |
| |||||||
GFPT PCL NVDR | 336,904 | 201,422 | ||||||
|
| |||||||
United Kingdom - 11.3% |
| |||||||
3i Group PLC | 18,553 | 227,146 | ||||||
Aldermore Group PLC * | 31,910 | 98,589 | ||||||
Barratt Developments PLC | 20,839 | 171,679 | ||||||
Beazley PLC | 19,480 | 125,294 | ||||||
Bellway PLC | 5,439 | 240,595 | ||||||
Booker Group PLC | 70,830 | 194,673 | ||||||
Brewin Dolphin Holdings PLC | 30,158 | 141,178 | ||||||
Centamin PLC | 62,327 | 121,083 | ||||||
Chemring Group PLC | 44,586 | 107,541 | ||||||
Computacenter PLC | 8,922 | 118,000 | ||||||
Dialog Semiconductor PLC * | 2,703 | 119,623 |
| Value | |||||||
Electrocomponents PLC | 16,447 | $137,039 | ||||||
Fenner PLC | 29,397 | 132,849 | ||||||
Fevertree Drinks PLC | 9,090 | 266,667 | ||||||
Forterra PLC ~ | 30,678 | 114,384 | ||||||
Hansteen Holdings PLC REIT | 74,350 | 137,488 | ||||||
Inchcape PLC | 18,476 | 213,700 | ||||||
Indivior PLC * | 35,147 | 160,091 | ||||||
International Personal Finance PLC | 31,183 | 87,966 | ||||||
Jardine Lloyd Thompson Group PLC | 8,359 | 137,101 | ||||||
JD Sports Fashion PLC | 24,733 | 124,003 | ||||||
Mitie Group PLC | 36,556 | 125,404 | ||||||
Morgan Sindall Group PLC | 6,989 | 133,736 | ||||||
On the Beach Group PLC ~ | 19,547 | 103,462 | ||||||
OneSavings Bank PLC | 25,521 | 137,852 | ||||||
Paragon Banking Group PLC | 21,641 | 127,472 | ||||||
Persimmon PLC | 6,821 | 236,057 | ||||||
Polypipe Group PLC | 21,486 | 121,384 | ||||||
QinetiQ Group PLC | 46,280 | 153,235 | ||||||
Safestore Holdings PLC REIT | 31,641 | 185,295 | ||||||
Spirent Communications PLC | 71,323 | 91,750 | ||||||
St Modwen Properties PLC | 22,383 | 112,114 | ||||||
Taylor Wimpey PLC | 63,363 | 166,071 | ||||||
WH Smith PLC | 6,777 | 183,530 | ||||||
|
| |||||||
5,054,051 | ||||||||
|
| |||||||
United States - 0.3% |
| |||||||
Argonaut Gold Inc * | 57,600 | 113,100 | ||||||
|
| |||||||
Total Common Stocks | 43,285,551 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.8% | ||||||||
Money Market Fund - 1.8% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 795,626 | 795,626 | ||||||
|
| |||||||
Total Short-Term Investment | 795,626 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.0% | 44,209,664 | |||||||
OTHER ASSETS & LIABILITIES, NET - 1.0% | 467,135 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $44,676,799 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Industrial | 22.4% | |||
Financial | 20.7% | |||
Consumer, Cyclical | 17.6% | |||
Consumer, Non-Cyclical | 14.0% | |||
Basic Materials | 6.9% | |||
Technology | 5.3% | |||
Communications | 3.3% | |||
Energy | 3.3% | |||
Others (each less than 3.0%) | 5.5% | |||
|
| |||
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-107 and A-108 |
A-70
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
(b) | As of September 30, 2017, the Fund’s composition by country of risk as a percentage of net assets was follows: |
Japan | 23.5% | |||
United Kingdom | 11.3% | |||
Switzerland | 9.0% | |||
Germany | 8.4% | |||
Canada | 7.8% | |||
France | 6.0% | |||
South Korea | 4.6% | |||
Australia | 4.5% | |||
Sweden | 3.9% | |||
Others (each less than 3.0%) | 20.0% | |||
|
| |||
99.0% | ||||
Other Assets & Liabilities, Net | 1.0% | |||
|
| |||
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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Preferred Stocks | $128,487 | $— | $128,487 | $— | |||||||||||||
Common Stocks | ||||||||||||||||||
Australia | 1,989,597 | — | 1,989,597 | — | ||||||||||||||
Austria | 424,250 | 288,435 | 135,815 | — | ||||||||||||||
Belgium | 328,862 | 131,632 | 197,230 | — | ||||||||||||||
Canada | 3,500,616 | 3,500,616 | — | — | ||||||||||||||
Denmark | 1,266,814 | 242,521 | 1,024,293 | — | ||||||||||||||
Finland | 151,153 | — | 151,153 | |||||||||||||||
France | 2,675,207 | 104,977 | 2,570,230 | — | ||||||||||||||
Germany | 3,616,908 | — | 3,616,908 | — | ||||||||||||||
Hong Kong | 779,344 | 169,632 | 609,712 | — | ||||||||||||||
India | 210,434 | — | 210,434 | — | ||||||||||||||
Israel | 199,825 | 199,825 | — | — | ||||||||||||||
Italy | 1,012,088 | 358,860 | 653,228 | — | ||||||||||||||
Japan | 10,511,218 | — | 10,511,218 | — | ||||||||||||||
Luxembourg | 306,879 | 150,123 | 156,756 | — | ||||||||||||||
Malta | 115,985 | 115,985 | — | — | ||||||||||||||
Netherlands | 847,931 | 476,388 | 371,543 | — | ||||||||||||||
New Zealand | 123,488 | — | 123,488 | — | ||||||||||||||
Norway | 191,598 | 87,301 | 104,297 | — | ||||||||||||||
Russia | 127,438 | — | 127,438 | — | ||||||||||||||
Singapore | 1,027,870 | 247,438 | 780,432 | — | ||||||||||||||
South Korea | 2,061,571 | 80,353 | 1,981,218 | — | ||||||||||||||
Spain | 683,165 | 255,135 | 428,030 | — | ||||||||||||||
Sweden | 1,736,812 | 365,146 | 1,371,666 | — | ||||||||||||||
Switzerland | 4,027,925 | — | 4,027,925 | — | ||||||||||||||
Thailand | 201,422 | — | 201,422 | — | ||||||||||||||
United Kingdom | 5,054,051 | 1,631,191 | 3,422,860 | — | ||||||||||||||
United States | 113,100 | 113,100 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 43,285,551 | 8,518,658 | 34,766,893 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 795,626 | 795,626 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $44,209,664 | $9,314,284 | $34,895,380 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
The table below shows transfers between levels. The Trust’s policy is to recognize transfers between levels as of the end of the reporting period.
Amount | Level Transfer | Change in Fair Valuation Measurement Inputs | ||||||||||||||||
Transferred | From | To | From | To | ||||||||||||||
$ | 2,007,734 | 1 | 2 | Unadjusted Exchange-Traded Price | Adjusted Exchange-Traded Price using an Applied Foreign Fair Value Factor | |||||||||||||
1,556,938 | 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-71
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL VALUE FUND
Schedule of Investments
September 30, 2017 (Unaudited)
|
| |||||||
PREFERRED STOCKS - 0.5% |
| |||||||
Brazil - 0.5% |
| |||||||
Telefonica Brasil SA | 59,900 | $952,454 | ||||||
|
| |||||||
Total Preferred Stocks |
| 952,454 | ||||||
|
| |||||||
COMMON STOCKS - 96.9% |
| |||||||
Belgium - 1.5% |
| |||||||
Ageas | 53,854 | 2,532,939 | ||||||
|
| |||||||
Brazil - 0.8% |
| |||||||
Petroleo Brasileiro SA ADR * | 134,546 | 1,350,842 | ||||||
|
| |||||||
Canada - 1.8% |
| |||||||
Barrick Gold Corp | 66,438 | 1,069,185 | ||||||
Eldorado Gold Corp | 435,623 | 958,371 | ||||||
Ivanhoe Mines Ltd ‘A’ * | 63,767 | 202,889 | ||||||
Kinross Gold Corp * | 227,520 | 964,685 | ||||||
|
| |||||||
3,195,130 | ||||||||
|
| |||||||
China - 0.3% |
| |||||||
China Telecom Corp Ltd ‘H’ | 1,138,000 | 585,488 | ||||||
|
| |||||||
France - 11.9% |
| |||||||
Alstom SA | 41,177 | 1,749,524 | ||||||
BNP Paribas SA | 43,430 | 3,503,730 | ||||||
Cie de Saint-Gobain | 56,160 | 3,345,997 | ||||||
Engie SA | 112,322 | 1,907,375 | ||||||
Renault SA | 9,708 | 953,878 | ||||||
Rexel SA | 100,357 | 1,736,130 | ||||||
Societe Generale SA | 47,085 | 2,759,231 | ||||||
TOTAL SA | 90,491 | 4,858,838 | ||||||
|
| |||||||
20,814,703 | ||||||||
|
| |||||||
Germany - 5.4% |
| |||||||
CECONOMY AG | 61,721 | 726,805 | ||||||
Deutsche Lufthansa AG | 24,950 | 693,828 | ||||||
E.ON SE | 156,431 | 1,773,361 | ||||||
METRO AG * | 61,721 | 1,304,669 | ||||||
Rheinmetall AG | 18,438 | 2,079,514 | ||||||
RWE AG * | 58,068 | 1,321,037 | ||||||
Salzgitter AG | 35,554 | 1,615,001 | ||||||
|
| |||||||
9,514,215 | ||||||||
|
| |||||||
Greece - 0.4% |
| |||||||
Alpha Bank AE * | 390,625 | 774,327 | ||||||
|
| |||||||
India - 1.1% |
| |||||||
Canara Bank | 160,503 | 758,441 | ||||||
NTPC Ltd | 483,025 | 1,239,106 | ||||||
|
| |||||||
1,997,547 | ||||||||
|
| |||||||
Italy - 7.1% |
| |||||||
Assicurazioni Generali SPA | 141,735 | 2,643,526 | ||||||
BPER Banca | 266,775 | 1,598,488 | ||||||
Eni SPA | 233,420 | 3,865,812 | ||||||
Saipem SPA * | 302,429 | 1,306,091 | ||||||
UniCredit SPA * | 143,101 | 3,053,714 | ||||||
|
| |||||||
12,467,631 | ||||||||
|
|
|
| |||||||
Japan - 27.8% |
| |||||||
Benesse Holdings Inc | 22,500 | $811,777 | ||||||
Canon Inc | 62,000 | 2,121,701 | ||||||
Chiyoda Corp | 176,000 | 1,029,920 | ||||||
Citizen Watch Co Ltd | 174,700 | 1,204,680 | ||||||
Dai-ichi Life Holdings Inc | 105,900 | 1,899,590 | ||||||
DeNA Co Ltd | 31,900 | 715,523 | ||||||
Eisai Co Ltd | 24,200 | 1,242,739 | ||||||
Fuji Media Holdings Inc | 48,435 | 689,937 | ||||||
Fujitsu Ltd | 396,000 | 2,947,248 | ||||||
Gree Inc | 132,200 | 904,290 | ||||||
Honda Motor Co Ltd | 124,200 | 3,668,934 | ||||||
Inpex Corp | 94,500 | 1,006,688 | ||||||
JGC Corp | 75,600 | 1,224,306 | ||||||
JSR Corp | 118,100 | 2,245,544 | ||||||
Mitsubishi Heavy Industries Ltd | 59,100 | 2,336,782 | ||||||
Mitsubishi Motors Corp | 268,300 | 2,124,222 | ||||||
Mitsubishi UFJ Financial Group Inc | 507,800 | 3,301,633 | ||||||
Mizuho Financial Group Inc | 1,656,700 | 2,904,261 | ||||||
Nikon Corp | 91,800 | 1,591,934 | ||||||
Nippon Television Holdings Inc | 49,740 | 873,764 | ||||||
Sankyo Co Ltd | 44,900 | 1,432,687 | ||||||
Sumitomo Mitsui Financial Group Inc | 83,500 | 3,209,672 | ||||||
Sumitomo Mitsui Trust Holdings Inc | 53,700 | 1,939,789 | ||||||
Suzuken Co Ltd | 35,300 | 1,255,526 | ||||||
T&D Holdings Inc | 172,200 | 2,498,169 | ||||||
Takeda Pharmaceutical Co Ltd | 62,700 | 3,467,056 | ||||||
|
| |||||||
48,648,372 | ||||||||
|
| |||||||
Netherlands - 4.8% |
| |||||||
ING Groep NV | 144,146 | 2,656,935 | ||||||
Koninklijke Philips NV | 16,548 | 682,766 | ||||||
PostNL NV | 453,214 | 1,952,698 | ||||||
Royal Dutch Shell PLC ‘B’ | 101,580 | 3,127,249 | ||||||
|
| |||||||
8,419,648 | ||||||||
|
| |||||||
Norway - 1.4% |
| |||||||
Statoil ASA | 46,228 | 929,390 | ||||||
Storebrand ASA | 184,852 | 1,572,876 | ||||||
|
| |||||||
2,502,266 | ||||||||
|
| |||||||
Russia - 3.2% |
| |||||||
Gazprom PJSC ADR | 548,516 | 2,298,282 | ||||||
LUKOIL PJSC ADR | 40,159 | 2,129,632 | ||||||
Sberbank of Russia PJSC ADR | 84,026 | 1,199,051 | ||||||
|
| |||||||
5,626,965 | ||||||||
|
| |||||||
South Africa - 1.9% |
| |||||||
Anglo American Platinum Ltd * | 40,606 | 1,037,157 | ||||||
Gold Fields Ltd ADR | 414,352 | 1,785,857 | ||||||
Impala Platinum Holdings Ltd * | 240,022 | 550,339 | ||||||
|
| |||||||
3,373,353 | ||||||||
|
| |||||||
South Korea - 3.0% |
| |||||||
KB Financial Group Inc | 39,732 | 1,954,780 | ||||||
KT Corp ADR | 131,703 | 1,826,721 | ||||||
Shinhan Financial Group Co Ltd | 32,389 | 1,431,538 | ||||||
|
| |||||||
5,213,039 | ||||||||
|
| |||||||
Spain - 1.3% |
| |||||||
CaixaBank SA | 446,795 | 2,242,676 | ||||||
|
| |||||||
Sweden - 1.1% |
| |||||||
Telefonaktiebolaget LM Ericsson ‘B’ | 324,587 | 1,871,273 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-72
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
|
| |||||||
Switzerland - 6.3% |
| |||||||
Adecco Group AG | 19,974 | $1,556,065 | ||||||
Julius Baer Group Ltd | 26,321 | 1,561,892 | ||||||
LafargeHolcim Ltd | 45,497 | 2,663,618 | ||||||
UBS Group AG | 203,369 | 3,479,029 | ||||||
Zurich Insurance Group AG | 5,614 | 1,715,523 | ||||||
|
| |||||||
10,976,127 | ||||||||
|
| |||||||
Taiwan - 0.9% |
| |||||||
MediaTek Inc | 174,380 | 1,640,898 | ||||||
|
| |||||||
United Kingdom - 14.9% |
| |||||||
Anglo American PLC | 97,675 | 1,756,034 | ||||||
AstraZeneca PLC | 51,270 | 3,409,525 | ||||||
BP PLC | 830,559 | 5,320,550 | ||||||
BT Group PLC | 616,823 | 2,346,079 | ||||||
Centrica PLC | 821,699 | 2,059,471 | ||||||
HSBC Holdings PLC | 519,143 | 5,132,154 | ||||||
J Sainsbury PLC | 671,555 | 2,141,123 | ||||||
Marks & Spencer Group PLC | 370,701 | 1,755,148 | ||||||
Standard Chartered PLC * | 217,922 | 2,166,816 | ||||||
|
| |||||||
26,086,900 | ||||||||
|
| |||||||
Total Common Stocks |
| 169,834,339 | ||||||
|
| |||||||
EXCHANGE-TRADED FUND - 0.3% |
| |||||||
iShares Core MSCI EAFE | 6,790 | 435,714 | ||||||
|
| |||||||
Total Exchange-Traded Fund |
| 435,714 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.8% |
| |||||||
Money Market Fund - 1.8% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 3,158,729 | 3,158,729 | ||||||
|
| |||||||
Total Short-Term Investment |
| 3,158,729 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.5% |
| 174,381,236 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.5% |
| 801,476 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $175,182,712 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 33.4% | |||
Energy | 15.0% | |||
Industrial | 9.4% | |||
Consumer, Cyclical | 9.3% | |||
Consumer, Non-Cyclical | 8.6% | |||
Basic Materials | 7.0% | |||
Communications | 5.2% | |||
Technology | 4.8% | |||
Utilities | 4.7% | |||
Others (each less than 3.0%) | 2.1% | |||
|
| |||
99.5% | ||||
Other Assets & Liabilities, Net | 0.5% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2017, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
Japan | 27.8% | |||
United Kingdom | 14.9% | |||
France | 11.9% | |||
Italy | 7.1% | |||
Switzerland | 6.3% | |||
Germany | 5.4% | |||
Netherlands | 4.8% | |||
Russia | 3.2% | |||
South Korea | 3.0% | |||
Others (each less than 3.0%) | 15.1% | |||
|
| |||
99.5% | ||||
Other Assets & Liabilities, Net | 0.5% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-73
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
September 30, 2017 (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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | |||||||||||||||
Assets | Preferred Stocks | $952,454 | $952,454 | $— | $— | |||||||||||||
Common Stocks | ||||||||||||||||||
Belgium | 2,532,939 | — | 2,532,939 | — | ||||||||||||||
Brazil | 1,350,842 | 1,350,842 | — | — | ||||||||||||||
Canada | 3,195,130 | 3,195,130 | — | — | ||||||||||||||
China | 585,488 | — | 585,488 | |||||||||||||||
France | 20,814,703 | — | 20,814,703 | — | ||||||||||||||
Germany | 9,514,215 | 1,304,669 | 8,209,546 | — | ||||||||||||||
Greece | 774,327 | — | 774,327 | — | ||||||||||||||
India | 1,997,547 | — | 1,997,547 | — | ||||||||||||||
Italy | 12,467,631 | — | 12,467,631 | — | ||||||||||||||
Japan | 48,648,372 | — | 48,648,372 | — | ||||||||||||||
Netherlands | 8,419,648 | — | 8,419,648 | — | ||||||||||||||
Norway | 2,502,266 | — | 2,502,266 | — | ||||||||||||||
Russia | 5,626,965 | 5,626,965 | — | — | ||||||||||||||
South Africa | 3,373,353 | 1,785,857 | 1,587,496 | — | ||||||||||||||
South Korea | 5,213,039 | 1,826,721 | 3,386,318 | — | ||||||||||||||
Spain | 2,242,676 | — | 2,242,676 | — | ||||||||||||||
Sweden | 1,871,273 | — | 1,871,273 | — | ||||||||||||||
Switzerland | 10,976,127 | — | 10,976,127 | — | ||||||||||||||
Taiwan | 1,640,898 | — | 1,640,898 | — | ||||||||||||||
United Kingdom | 26,086,900 | — | 26,086,900 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 169,834,339 | 15,090,184 | 154,744,155 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Exchange-Traded Fund | 435,714 | 435,714 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 3,158,729 | 3,158,729 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $174,381,236 | $19,637,081 | $154,744,155 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-74
Table of Contents
PACIFIC FUNDS
PF REAL ESTATE FUND
Schedule of Investments
September 30, 2017 (Unaudited)
| Value | |||||||
COMMON STOCKS - 98.5% | ||||||||
Consumer, Cyclical - 1.6% | ||||||||
Hilton Worldwide Holdings Inc | 8,085 | $561,503 | ||||||
|
| |||||||
Financial - 96.9% | ||||||||
Alexandria Real Estate Equities Inc REIT | 2,286 | 271,965 | ||||||
American Homes 4 Rent ‘A’ REIT | 11,403 | 247,559 | ||||||
Apartment Investment & Management Co ‘A’ REIT | 483 | 21,184 | ||||||
AvalonBay Communities Inc REIT | 4,720 | 842,142 | ||||||
Blackstone Mortgage Trust Inc ‘A’ REIT | 5,930 | 183,949 | ||||||
Boston Properties Inc REIT | 18,941 | 2,327,470 | ||||||
Brixmor Property Group Inc REIT | 13,999 | 263,181 | ||||||
Camden Property Trust REIT | 9,365 | 856,429 | ||||||
CBL & Associates Properties Inc REIT | 1,470 | 12,333 | ||||||
Chesapeake Lodging Trust REIT | 19,838 | 535,031 | ||||||
Columbia Property Trust Inc REIT | 6,197 | 134,909 | ||||||
Cousins Properties Inc REIT | 17,478 | 163,245 | ||||||
CubeSmart REIT | 5,798 | 150,516 | ||||||
DCT Industrial Trust Inc REIT | 7,766 | 449,807 | ||||||
DDR Corp REIT | 6,040 | 55,326 | ||||||
Digital Realty Trust Inc REIT | 4,900 | 579,817 | ||||||
Douglas Emmett Inc REIT | 3,957 | 155,985 | ||||||
Duke Realty Corp REIT | 9,674 | 278,805 | ||||||
Education Realty Trust Inc REIT | 5,140 | 184,680 | ||||||
Equity LifeStyle Properties Inc REIT | 1,846 | 157,058 | ||||||
Equity Residential REIT | 23,842 | 1,571,903 | ||||||
Essex Property Trust Inc REIT | 2,193 | 557,088 | ||||||
Federal Realty Investment Trust REIT | 633 | 78,625 | ||||||
Gaming & Leisure Properties Inc REIT | 11,000 | 405,790 | ||||||
GGP Inc REIT | 91,663 | 1,903,841 | ||||||
HCP Inc REIT | 5,694 | 158,464 | ||||||
Healthcare Realty Trust Inc REIT | 22,393 | 724,190 | ||||||
Healthcare Trust of America Inc ‘A’ REIT | 11,254 | 335,369 | ||||||
Host Hotels & Resorts Inc REIT | 26,801 | 495,551 | ||||||
Hudson Pacific Properties Inc REIT | 12,724 | 426,636 | ||||||
Invitation Homes Inc REIT | 750 | 16,988 | ||||||
JBG SMITH Properties REIT * | 12,924 | 442,130 | ||||||
Kilroy Realty Corp REIT | 8,959 | 637,164 | ||||||
LaSalle Hotel Properties REIT | 35,616 | 1,033,576 | ||||||
Liberty Property Trust REIT | 3,663 | 150,403 | ||||||
Life Storage Inc REIT | 5,262 | 430,484 | ||||||
Mack-Cali Realty Corp REIT | 20,948 | 496,677 | ||||||
National Retail Properties Inc REIT | 7,350 | 306,201 | ||||||
Paramount Group Inc REIT | 40,397 | 646,352 | ||||||
Pennsylvania Real Estate Investment Trust REIT | 6,895 | 72,329 | ||||||
Prologis Inc REIT | 16,009 | 1,015,931 | ||||||
Public Storage REIT | 8,902 | 1,904,939 | ||||||
QTS Realty Trust Inc ‘A’ REIT | 9,471 | 495,902 | ||||||
Regency Centers Corp REIT | 17,687 | 1,097,301 | ||||||
Rexford Industrial Realty Inc REIT | 7,440 | 212,933 | ||||||
RLJ Lodging Trust REIT | 13,040 | 286,880 |
| Value | |||||||
Simon Property Group Inc REIT | 30,002 | $4,830,622 | ||||||
SL Green Realty Corp REIT | 6,104 | 618,457 | ||||||
Spirit Realty Capital Inc REIT | 6,700 | 57,419 | ||||||
Starwood Property Trust Inc REIT | 7,150 | 155,298 | ||||||
Starwood Waypoint Homes REIT | 8,708 | 316,710 | ||||||
Tanger Factory Outlet Centers Inc REIT | 8,053 | 196,654 | ||||||
Taubman Centers Inc REIT | 6,020 | 299,194 | ||||||
The Macerich Co REIT | 15,773 | 867,042 | ||||||
UDR Inc REIT | 7,600 | 289,028 | ||||||
Ventas Inc REIT | 13,631 | 887,787 | ||||||
VEREIT Inc REIT | 48,549 | 402,471 | ||||||
Vornado Realty Trust REIT | 25,848 | 1,987,194 | ||||||
Welltower Inc REIT | 7,494 | 526,678 | ||||||
|
| |||||||
35,209,592 | ||||||||
|
| |||||||
Total Common Stocks | 35,771,095 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.2% | ||||||||
Money Market Fund - 1.2% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 461,457 | 461,457 | ||||||
|
| |||||||
Total Short-Term Investment | 461,457 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.7% | 36,232,552 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.3% | 92,698 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $36,325,250 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition by property sector as a percentage of net assets was as follows: |
REITS - Regional Malls | 22.5% | |||
REITS - Office Property | 18.1% | |||
REITS - Apartments | 13.5% | |||
REITS - Diversified | 9.4% | |||
REITS - Health Care | 7.3% | |||
REITS - Storage | 6.8% | |||
REITS - Hotels | 6.5% | |||
REITS - Warehouse/Industrial | 6.4% | |||
REITS - Shopping Centers | 4.1% | |||
Others (each less than 3.0%) | 3.9% | |||
|
| |||
98.5% | ||||
Short-Term Investment | 1.2% | |||
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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $35,771,095 | $35,771,095 | $— | $— | |||||||||||||
Short-Term Investment | 461,457 | 461,457 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $36,232,552 | $36,232,552 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-75
Table of Contents
PACIFIC FUNDS
PF CURRENCY STRATEGIES FUND
Schedule of Investments
September 30, 2017 (Unaudited)
Principal | | |||||||
U.S. TREASURY OBLIGATIONS - 4.8% | ||||||||
U.S. Treasury Notes - 4.8% | ||||||||
1.000% due 09/15/18 | $3,900,000 | $3,886,670 | ||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 3,886,670 | ||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 18.2% |
| |||||||
Canada - 4.8% | ||||||||
Canadian Government | CAD | 4,850,000 | 3,889,057 | |||||
|
| |||||||
France - 3.8% | ||||||||
French Republic Government OAT | EUR | 2,625,000 | 3,111,815 | |||||
|
| |||||||
Germany - 4.6% | ||||||||
Bundesrepublik Deutschland | 3,150,000 | 3,769,162 | ||||||
|
| |||||||
United Kingdom - 5.0% | ||||||||
United Kingdom Gilt | GBP | 3,000,000 | 4,047,948 | |||||
|
| |||||||
Total Foreign Government Bonds & Notes |
| 14,817,982 | ||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS - 76.1% | ||||||||
Money Market Fund - 29.5% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 24,068,904 | 24,068,904 | ||||||
|
|
Principal | | |||||||
U.S. Treasury Bills - 46.6% | ||||||||
0.777% due 10/12/17 ‡ | $8,000,000 | $7,997,964 | ||||||
0.923% due 11/09/17 | 8,000,000 | 7,991,952 | ||||||
0.969% due 11/24/17 ‡ | 8,000,000 | 7,988,384 | ||||||
0.970% due 12/07/17 | 6,000,000 | 5,989,219 | ||||||
1.084% due 02/08/18 | 8,000,000 | 7,969,090 | ||||||
|
| |||||||
37,936,609 | ||||||||
|
| |||||||
Total Short-Term Investments |
| 62,005,513 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.1% |
| 80,710,165 | ||||||
DERIVATIVES – 0.7% | ||||||||
(See Notes (c) and (d) in Notes to Schedule of Investments) | 568,000 | |||||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - 0.2% |
| 154,303 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $81,432,468 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition as a percentage of net assets was as follows: |
Short-Term Investments | 76.1% | |||
Foreign Government Bonds & Notes | 18.2% | |||
U.S. Treasury Obligations | 4.8% | |||
|
| |||
99.1% | ||||
Derivatives | 0.7% | |||
Other Assets & Liabilities, Net | 0.2% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2017, investments with a total aggregate value of $286,644 was 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, 2017 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
AUD | 7,092,507 | USD | 5,700,000 | 10/17 | ANZ | ($138,633 | ) | |||||||||||||
AUD | 17,014,780 | USD | 13,509,310 | 10/17 | GSC | (167,705 | ) | |||||||||||||
CAD | 5,085,440 | USD | 4,053,222 | 10/17 | JPM | 23,228 | ||||||||||||||
CAD | 12,393,537 | USD | 10,172,014 | 10/17 | RBC | (237,448 | ) | |||||||||||||
CAD | 2,182,269 | USD | 1,740,013 | 10/17 | RBC | 9,277 | ||||||||||||||
CAD | 1,562,667 | USD | 1,272,900 | 10/17 | SSB | (20,278 | ) | |||||||||||||
CHF | 16,897,354 | USD | 17,623,992 | 10/17 | GSC | (141,498 | ) | |||||||||||||
CHF | 5,516,340 | USD | 5,700,000 | 10/17 | GSC | 7,366 | ||||||||||||||
CHF | 3,865,723 | USD | 4,078,602 | 10/17 | JPM | (79,013 | ) | |||||||||||||
CHF | 4,509,292 | USD | 4,665,000 | 10/17 | MSC | (497 | ) | |||||||||||||
CHF | 3,422,837 | USD | 3,583,942 | 10/17 | RBC | (42,576 | ) | |||||||||||||
CHF | 3,728,660 | USD | 3,964,972 | 10/17 | SGN | (107,192 | ) | |||||||||||||
COP | 28,001,156,110 | USD | 9,587,139 | 10/17 | GSC | (84,317 | ) | |||||||||||||
CZK | 114,995,528 | USD | 4,610,000 | 12/17 | BRC | 649,554 | ||||||||||||||
EUR | 5,304,779 | USD | 6,337,554 | 10/17 | BRC | (58,173 | ) | |||||||||||||
EUR | 4,969,360 | USD | 5,863,179 | 10/17 | BRC | 19,159 | ||||||||||||||
EUR | 2,846,278 | USD | 3,419,796 | 10/17 | GSC | (50,595 | ) | |||||||||||||
EUR | 4,768,749 | USD | 5,640,000 | 10/17 | GSC | 4,871 | ||||||||||||||
EUR | 10,890,481 | USD | 13,127,809 | 10/17 | JPM | (236,881 | ) | |||||||||||||
EUR | 4,360,000 | USD | 4,723,079 | 12/17 | BRC | 453,472 | ||||||||||||||
GBP | 3,819,193 | USD | 5,024,435 | 10/17 | BRC | 98,079 | ||||||||||||||
GBP | 4,352,240 | USD | 5,858,171 | 10/17 | CIT | (20,705 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-76
Table of Contents
PACIFIC FUNDS
PF CURRENCY STRATEGIES FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
GBP | 2,087,661 | USD | 2,681,408 | 10/17 | GSC | $118,679 | ||||||||||||||
GBP | 6,257,094 | USD | 8,411,766 | 10/17 | JPM | (19,404 | ) | |||||||||||||
GBP | 9,529,235 | USD | 12,609,498 | 10/17 | JPM | 171,642 | ||||||||||||||
GBP | 284,756 | USD | 374,443 | 10/17 | RBC | 7,488 | ||||||||||||||
GBP | 2,442,179 | USD | 3,136,710 | 10/17 | SCB | 138,876 | ||||||||||||||
GBP | 7,634,479 | USD | 9,857,525 | 10/17 | SSB | 382,263 | ||||||||||||||
INR | 291,570,000 | USD | 4,540,033 | 10/17 | GSC | (91,356 | ) | |||||||||||||
JPY | 640,636,740 | USD | 5,928,473 | 10/17 | ANZ | (227,131 | ) | |||||||||||||
JPY | 617,155,840 | USD | 5,600,000 | 10/17 | BRC | (107,626 | ) | |||||||||||||
JPY | 423,539,885 | USD | 3,840,270 | 10/17 | CIT | (70,980 | ) | |||||||||||||
JPY | 228,369,578 | USD | 2,070,868 | 10/17 | JPM | (38,495 | ) | |||||||||||||
JPY | 729,223,689 | USD | 6,723,899 | 10/17 | RBC | (234,179 | ) | |||||||||||||
JPY | 1,040,700,000 | USD | 9,462,974 | 10/17 | SSB | (202,676 | ) | |||||||||||||
MXN | 253,570,000 | USD | 14,181,371 | 10/17 | GSC | (315,489 | ) | |||||||||||||
MYR | 20,013,000 | USD | 4,779,795 | 12/17 | JPM | (54,201 | ) | |||||||||||||
NOK | 44,621,641 | USD | 5,700,000 | 10/17 | BRC | (93,860 | ) | |||||||||||||
NZD | 8,498,285 | USD | 6,211,779 | 10/17 | ANZ | (76,958 | ) | |||||||||||||
NZD | 3,936,731 | USD | 2,829,722 | 10/17 | ANZ | 12,161 | ||||||||||||||
NZD | 4,089,674 | USD | 2,939,486 | 10/17 | SCB | 12,806 | ||||||||||||||
NZD | 630,000 | USD | 460,961 | 10/17 | SSB | (6,143 | ) | |||||||||||||
SEK | 101,822,330 | USD | 12,638,664 | 10/17 | BRC | (117,373 | ) | |||||||||||||
SEK | 24,510,601 | USD | 3,090,851 | 10/17 | GSC | (76,734 | ) | |||||||||||||
SEK | 22,122,852 | USD | 2,787,447 | 10/17 | JPM | (66,957 | ) | |||||||||||||
TRY | 16,390,000 | USD | 4,659,864 | 10/17 | JPM | (94,436 | ) | |||||||||||||
USD | 13,458,154 | AUD | 16,951,972 | 10/17 | GSC | 165,797 | ||||||||||||||
USD | 5,749,073 | AUD | 7,158,834 | 10/17 | JPM | 135,699 | ||||||||||||||
USD | 6,008,082 | CAD | 7,556,119 | 10/17 | CIT | (48,846 | ) | |||||||||||||
USD | 2,107,760 | CAD | 2,617,122 | 10/17 | JPM | 9,895 | ||||||||||||||
USD | 5,852,844 | CAD | 7,355,269 | 10/17 | RBC | (43,084 | ) | |||||||||||||
USD | 3,585,457 | CAD | 4,451,973 | 10/17 | RBC | 16,789 | ||||||||||||||
USD | 18,388,911 | CAD | 22,320,000 | 10/17 | SSB | 497,725 | ||||||||||||||
USD | 5,950,699 | CHF | 5,603,000 | 10/17 | ANZ | 153,673 | ||||||||||||||
USD | 5,600,000 | CHF | 5,395,488 | 10/17 | BRC | 17,671 | ||||||||||||||
USD | 14,278,573 | CHF | 13,682,670 | 10/17 | CIT | 122,085 | ||||||||||||||
USD | 14,063,087 | CHF | 13,483,265 | 10/17 | GSC | 112,909 | ||||||||||||||
USD | 2,070,868 | CHF | 1,995,924 | 10/17 | JPM | 5,828 | ||||||||||||||
USD | 1,254,171 | CHF | 1,199,458 | 10/17 | SCB | 13,177 | ||||||||||||||
USD | 9,431,106 | CHF | 9,035,000 | 10/17 | SSB | 85,119 | ||||||||||||||
USD | 9,450,032 | CLP | 5,919,500,000 | 10/17 | GSC | 206,410 | ||||||||||||||
USD | 4,632,303 | CZK | 114,995,528 | 12/17 | BRC | (627,251 | ) | |||||||||||||
USD | 5,700,000 | EUR | 4,816,007 | 10/17 | GSC | (811 | ) | |||||||||||||
USD | 31,012,685 | EUR | 26,190,933 | 10/17 | GSC | 9,914 | ||||||||||||||
USD | 4,065,245 | EUR | 3,401,210 | 10/17 | JPM | 39,160 | ||||||||||||||
USD | 4,665,000 | EUR | 3,888,601 | 10/17 | MSC | 62,742 | ||||||||||||||
USD | 1,745,196 | EUR | 1,460,110 | 10/17 | RBC | 16,833 | ||||||||||||||
USD | 4,610,000 | EUR | 4,277,339 | 12/17 | BRC | (468,408 | ) | |||||||||||||
USD | 5,700,000 | GBP | 4,208,708 | 10/17 | ANZ | 55,047 | ||||||||||||||
USD | 5,700,000 | GBP | 4,312,181 | 10/17 | BRC | (83,737 | ) | |||||||||||||
USD | 5,760,130 | GBP | 4,315,900 | 10/17 | GSC | (28,596 | ) | |||||||||||||
USD | 5,586,694 | GBP | 4,127,030 | 10/17 | GSC | 51,291 | ||||||||||||||
USD | 9,260,249 | GBP | 7,039,038 | 10/17 | JPM | (180,500 | ) | |||||||||||||
USD | 4,816,241 | GBP | 3,540,000 | 10/17 | MSC | 68,673 | ||||||||||||||
USD | 2,683,983 | GBP | 2,076,814 | 10/17 | SGN | (101,556 | ) | |||||||||||||
USD | 12,665,042 | GBP | 9,808,852 | 10/17 | SSB | (491,136 | ) | |||||||||||||
USD | 760,001 | GBP | 566,044 | 10/17 | SSB | 791 | ||||||||||||||
USD | 5,798,961 | JPY | 628,911,871 | 10/17 | RBC | 201,965 | ||||||||||||||
USD | 9,474,365 | KRW | 10,694,000,000 | 10/17 | SSB | 134,423 | ||||||||||||||
USD | 23,752,165 | NOK | 186,706,765 | 10/17 | BRC | 294,839 | ||||||||||||||
USD | 2,822,219 | NZD | 3,919,515 | 10/17 | ANZ | (7,236 | ) | |||||||||||||
USD | 5,872,591 | NZD | 8,034,245 | 10/17 | ANZ | 72,756 | ||||||||||||||
USD | 2,832,905 | NZD | 3,935,028 | 10/17 | SCB | (7,749 | ) | |||||||||||||
USD | 317,398 | NZD | 440,000 | 10/17 | SSB | (252 | ) | |||||||||||||
USD | 19,039,198 | NZD | 26,170,000 | 10/17 | SSB | 146,211 | ||||||||||||||
USD | 11,182,367 | SEK | 90,265,192 | 10/17 | BRC | 82,281 | ||||||||||||||
USD | 5,640,000 | SEK | 46,012,248 | 10/17 | GSC | (18,216 | ) | |||||||||||||
USD | 13,742,440 | SEK | 109,089,406 | 10/17 | JPM | 327,504 | ||||||||||||||
USD | 3,949,847 | SEK | 31,226,345 | 10/17 | SGN | 109,883 | ||||||||||||||
USD | 4,702,078 | SGD | 6,325,000 | 10/17 | BRC | 37,767 | ||||||||||||||
USD | 4,673,964 | ZAR | 62,460,000 | 10/17 | �� | BRC | 79,825 | |||||||||||||
|
| |||||||||||||||||||
Total Forward Foreign Currency Contracts | $56,716 | |||||||||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-77
Table of Contents
PACIFIC FUNDS
PF CURRENCY STRATEGIES FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
(d) | Purchased options outstanding as of September 30, 2017 were as follows: |
Foreign Currency Options
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Cost | Value | ||||||||||||||||
Call - CAD versus USD | CAD 1.30 | 12/20/17 | JPM | $71,687,675 | $141,225 | $170,422 | ||||||||||||||||
Call - EUR versus JPY | JPY 140.80 | 01/02/18 | BRC | EUR | 11,300,000 | 129,624 | 40,580 | |||||||||||||||
Call - EUR versus NZD | NZD 1.78 | 01/02/18 | SCB | 9,700,000 | 127,899 | 23,663 | ||||||||||||||||
|
|
|
| |||||||||||||||||||
398,748 | 234,665 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Put - JPY versus USD | JPY 104.50 | 12/22/17 | SCB | $70,604,900 | 553,472 | 223,185 | ||||||||||||||||
Put - AUD versus CHF | CHF 0.65 | 01/02/18 | GSC | AUD | 31,300,000 | 516,675 | 15,229 | |||||||||||||||
Put - GBP versus NOK | NOK 9.88 | 01/02/18 | SEB | GBP | 7,940,000 | 193,781 | 12,779 | |||||||||||||||
Put - GBP versus SEK | SEK 10.32 | 01/02/18 | SEB | 6,525,000 | 165,007 | 25,426 | ||||||||||||||||
|
|
|
| |||||||||||||||||||
1,428,935 | 276,619 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Total Purchased Options | $1,827,683 | $511,284 | ||||||||||||||||||||
|
|
|
|
(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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | U.S. Treasury Obligations | $3,886,670 | $— | $3,886,670 | $— | |||||||||||||
Foreign Government Bonds & Notes | 14,817,982 | — | 14,817,982 | — | ||||||||||||||
Short-Term Investments | 62,005,513 | 24,068,904 | 37,936,609 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 5,443,603 | — | 5,443,603 | — | ||||||||||||||
Purchased Options | 511,284 | — | 511,284 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | 5,954,887 | — | 5,954,887 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 5,954,887 | — | 5,954,887 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 86,665,052 | 24,068,904 | 62,596,148 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (5,386,887 | ) | — | (5,386,887 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (5,386,887 | ) | — | (5,386,887 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $81,278,165 | $24,068,904 | $57,209,261 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-78
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments
September 30, 2017 (Unaudited)
| Value | |||||||
SHORT-TERM INVESTMENTS - 83.5% | ||||||||
Money Market Fund - 18.9% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 13,984,298 | $13,984,298 | ||||||
|
| |||||||
Principal | ||||||||
U.S. Treasury Bills - 64.6% | ||||||||
0.829% due 10/19/17 ‡ | $23,958,000 | 23,947,705 | ||||||
0.877% due 10/26/17 | 23,958,500 | 23,943,606 | ||||||
|
| |||||||
47,891,311 | ||||||||
|
| |||||||
Total Short-Term Investments | 61,875,609 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 83.5% | 61,875,609 | |||||||
DERIVATIVES - 12.4% (See Notes (c) through (e) in Notes to Schedule of Investments) | 9,172,454 | |||||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - 4.1% | 3,059,489 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $74,107,552 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition as a percentage of net assets was as follows: |
Short-Term Investments | 83.5% | |||
Derivatives | 12.4% | |||
Other Assets & Liabilities, Net | 4.1% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2017, an investment with a value of $6,942,016 was fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, and swap agreements. |
(c) | Open futures contracts outstanding as of September 30, 2017 were as follows: |
Long Futures Outstanding | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
AEX Index (10/17) | 5 | $622,207 | $634,559 | $12,352 | ||||||||||||||||||||||||
CAC 40 Index (10/17) | 23 | 1,412,030 | 1,447,932 | 35,902 | ||||||||||||||||||||||||
DAX Index (12/17) | 4 | 1,479,996 | 1,512,587 | 32,591 | ||||||||||||||||||||||||
FTSE 100 Index (12/17) | 25 | 2,460,269 | 2,455,378 | (4,891 | ) | |||||||||||||||||||||||
FTSE MIB Index (12/17) | 1 | 130,707 | 133,743 | 3,036 | ||||||||||||||||||||||||
Hang Seng Index (10/17) | 1 | 176,760 | 176,116 | (644 | ) | |||||||||||||||||||||||
IBEX 35 Index (10/17) | 3 | 365,543 | 366,304 | 761 | ||||||||||||||||||||||||
OMX Index (10/17) | 25 | 483,666 | 502,385 | 18,719 | ||||||||||||||||||||||||
S&P 500 E-Mini Index (12/17) | 163 | 20,186,208 | 20,506,215 | 320,007 | ||||||||||||||||||||||||
S&P/TSE 60 Index (12/17) | 5 | 707,089 | 736,285 | 29,196 | ||||||||||||||||||||||||
SGX MSCI Index (10/17) | 4 | 105,824 | 106,086 | 262 | ||||||||||||||||||||||||
SPI 200 Index (12/17) | 9 | 1,006,794 | 1,000,345 | (6,449 | ) | |||||||||||||||||||||||
TOPIX Index (12/17) | 20 | 2,830,163 | 2,977,116 | 146,953 | ||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total Futures Contracts | $587,795 | |||||||||||||||||||||||||||
|
|
(d) | Forward foreign currency contracts outstanding as of September 30, 2017 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized (Depreciation) | ||||||||||||||||
AUD | 1,243,000 | USD | 988,661 | 12/17 | CIT | ($14,587 | ) | |||||||||||||
CAD | 1,630,000 | USD | 1,312,562 | 12/17 | CIT | (5,520 | ) | |||||||||||||
CHF | 1,100,000 | USD | 1,157,693 | 12/17 | CIT | (15,272 | ) | |||||||||||||
DKK | 1,614,000 | USD | 260,052 | 12/17 | CIT | (2,426 | ) | |||||||||||||
EUR | 3,821,000 | USD | 4,585,275 | 12/17 | CIT | (48,063 | ) | |||||||||||||
GBP | 1,862,000 | USD | 2,410,066 | 12/17 | CIT | 91,459 | ||||||||||||||
HKD | 3,782,000 | USD | 484,749 | 12/17 | CIT | 409 | ||||||||||||||
ILS | 323,000 | USD | 90,845 | 12/17 | CIT | 807 | ||||||||||||||
JPY | 348,725,000 | USD | 3,198,499 | 12/17 | CIT | (86,451 | ) | |||||||||||||
NOK | 730,000 | USD | 93,629 | 12/17 | CIT | (1,796 | ) | |||||||||||||
NZD | 32,000 | USD | 23,046 | 12/17 | CIT | 31 | ||||||||||||||
SEK | 3,161,000 | USD | 394,116 | 12/17 | CIT | (4,093 | ) | |||||||||||||
SGD | 242,000 | USD | 179,085 | 12/17 | CIT | (515 | ) | |||||||||||||
USD | 18,362 | AUD | 23,000 | 12/17 | CIT | 338 | ||||||||||||||
USD | 9,684 | CAD | 12,000 | 12/17 | CIT | 62 | ||||||||||||||
USD | 27,381 | CHF | 26,000 | 12/17 | CIT | 379 | ||||||||||||||
USD | 94,759 | EUR | 79,000 | 12/17 | CIT | 951 | ||||||||||||||
USD | 15,716 | GBP | 12,000 | 12/17 | CIT | (406 | ) | |||||||||||||
USD | 26,663 | ILS | 95,000 | 12/17 | CIT | (293 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-79
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized (Depreciation) | ||||||||||||||||||
USD | 54,111 | JPY | 5,851,000 | 12/17 | CIT | $1,897 | ||||||||||||||||
USD | 740 | SGD | 1,000 | 12/17 | CIT | 2 | ||||||||||||||||
|
| |||||||||||||||||||||
Total Forward Foreign Currency Contracts | ($83,087 | ) | ||||||||||||||||||||
|
|
(e) | Swap agreements outstanding as of September 30, 2017 were as follows: |
Total Return Basket Swaps
Counterparty | Payment Frequency | Currency | Expiration Dates (1) | Notional Amount (2) | Unrealized Appreciation (Depreciation) (3) | Net Dividends and Financing Fees, Including Cash (4) | Net Value of Reference Entities | |||||||||||||||||||||||||||||
GSC | M | USD | 12/21/20 - 12/22/20 | $3,990,841 | $3,232,945 | $278,499 | $6,945,287 | |||||||||||||||||||||||||||||
JPM | M | AUD | 08/13/18 - 10/29/18 | (97,921 | ) | 111,841 | 2,160 | 11,760 | ||||||||||||||||||||||||||||
JPM | M | GBP | 08/13/18 - 10/29/18 | (293,247 | ) | 249,436 | (58,907 | ) | 15,096 | |||||||||||||||||||||||||||
JPM | M | HKD | 08/13/18 - 10/08/18 | 4,850 | 11,205 | 19,105 | (3,050 | ) | ||||||||||||||||||||||||||||
JPM | M | SGD | 08/13/18 - 09/24/18 | (45,054 | ) | 50,559 | (1,676 | ) | 7,181 | |||||||||||||||||||||||||||
MSC | M | CAD | 05/02/19 | (613,237 | ) | 647,923 | (3,271 | ) | 37,957 | |||||||||||||||||||||||||||
MSC | M | CHF | 05/02/19 | (30,234 | ) | 397,360 | (14,794 | ) | 381,920 | |||||||||||||||||||||||||||
MSC | M | EUR | 05/02/19 | 1,245,509 | 2,115,796 | 355,961 | 3,005,344 | |||||||||||||||||||||||||||||
MSC | M | JPY | 05/07/18 | (1,578,903 | ) | 1,590,413 | (82,867 | ) | 94,377 | |||||||||||||||||||||||||||
MSC | M | DKK | 05/01/19 | 44,317 | 21,572 | 4,271 | 61,618 | |||||||||||||||||||||||||||||
MSC | M | NOK | 05/02/19 | (98,245 | ) | 104,774 | 17,922 | (11,393 | ) | |||||||||||||||||||||||||||
MSC | M | SEK | 05/02/19 | (87,694 | ) | 100,652 | (3,339 | ) | 16,297 | |||||||||||||||||||||||||||
|
|
|
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|
| |||||||||||||||||||||||||||||
$2,440,982 | $8,634,476 | $513,064 | $10,562,394 | |||||||||||||||||||||||||||||||||
|
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|
|
|
|
Description | Counter- party | Expiration Date (1) | ||||
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 (1.235% as of 09/30/17) and the 1-Day USD Federal Funds (1.160% as of 09/30/17) plus or minus a specified spread (rates range from (5.180%) to 0.250%) as negotiated by the parties, which is denominated in USD based on the local currencies of the positions within the swap. | GSC | 12/21/20 - 12/22/20 |
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2017:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Argentina | ||||||||
MercadoLibre Inc | 161 | $41,688 | ||||||
|
| |||||||
Bermuda | ||||||||
Aspen Insurance Holdings Ltd | 2,131 | 86,092 | ||||||
Marvell Technology Group Ltd | 10,657 | 190,760 | ||||||
|
| |||||||
276,852 | ||||||||
|
| |||||||
United Kingdom | ||||||||
Avon Products Inc | 16,529 | 38,513 | ||||||
Liberty Global PLC ‘C’ | 3,715 | 121,481 | ||||||
Micro Focus International PLC ADR | 5,433 | 173,313 | ||||||
|
| |||||||
333,307 | ||||||||
|
| |||||||
United States | ||||||||
AbbVie Inc | 818 | 72,687 | ||||||
Activision Blizzard Inc | 1,351 | 87,153 | ||||||
Aetna Inc | 1,218 | 193,674 | ||||||
Aflac Inc | 6,085 | 495,258 | ||||||
AGCO Corp | 1,460 | 107,704 | ||||||
Agilent Technologies Inc | 2,429 | 155,942 | ||||||
Akamai Technologies Inc | 3,315 | 161,507 | ||||||
Alcoa Corp | 362 | 16,876 | ||||||
Alexion Pharmaceuticals Inc | 1,127 | 158,107 | ||||||
Alphabet Inc ‘A’ | 1,267 | 1,233,703 | ||||||
AMC Networks Inc ‘A’ | 559 | 32,685 | ||||||
Amdocs Ltd | 1,225 | 78,792 | ||||||
American International Group Inc | 582 | 35,729 | ||||||
Ameriprise Financial Inc | 3,878 | 575,922 | ||||||
Amgen Inc | 4,215 | 785,887 | ||||||
Anthem Inc | 2,635 | 500,334 | ||||||
Apple Inc | 2,369 | 365,110 |
Referenced Entity | Shares | Value | ||||||
Applied Materials Inc | 7,590 | $395,363 | ||||||
Archer-Daniels-Midland Co | 3,019 | 128,338 | ||||||
Arrow Electronics Inc | 5,215 | 419,338 | ||||||
Assured Guaranty Ltd | 13,236 | 499,659 | ||||||
Avnet Inc | 7,106 | 279,266 | ||||||
Axis Capital Holdings Ltd | 750 | 42,983 | ||||||
Bank of America Corp | 5,591 | 141,676 | ||||||
Baxter International Inc | 6,242 | 391,686 | ||||||
Bed Bath & Beyond Inc | 15,199 | 356,721 | ||||||
Best Buy Co Inc | 7,960 | 453,402 | ||||||
BGC Partners Inc ‘A’ | 1,286 | 18,608 | ||||||
Big Lots Inc | 2,220 | 118,925 | ||||||
Biogen Inc | 2,266 | 709,530 | ||||||
Bioverativ Inc | 234 | 13,354 | ||||||
BlackRock Inc | 909 | 406,405 | ||||||
BorgWarner Inc | 684 | 35,041 | ||||||
Broadcom Ltd | 139 | 33,713 | ||||||
Broadridge Financial Solutions Inc | 392 | 31,681 | ||||||
Bruker Corp | 15,083 | 448,719 | ||||||
Brunswick Corp | 3,437 | 192,369 | ||||||
Burlington Stores Inc | 4,183 | 399,309 | ||||||
BWX Technologies Inc | 984 | 55,124 | ||||||
Cabot Corp | 5,027 | 280,507 | ||||||
Cadence Design Systems Inc | 3,819 | 150,736 | ||||||
CalAtlantic Group Inc | 1,669 | 61,135 | ||||||
Capital One Financial Corp | 3,202 | 271,081 | ||||||
Caterpillar Inc | 872 | 108,747 | ||||||
CDK Global Inc | 455 | 28,706 | ||||||
CDW Corp | 2,863 | 188,958 | ||||||
Celanese Corp ‘A’ | 1,620 | 168,917 | ||||||
Celgene Corp | 1,822 | 265,684 | ||||||
Centene Corp | 4,192 | 405,660 | ||||||
Charles River Laboratories International Inc | 4,493 | 485,334 | ||||||
Chico’s FAS Inc | 14,598 | 130,652 | ||||||
Cigna Corp | 1,534 | 286,766 | ||||||
Cirrus Logic Inc | 1,484 | 79,127 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-80
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Referenced Entity | Shares | Value | ||||||
Cisco Systems Inc | 4,714 | $158,532 | ||||||
Citigroup Inc | 5,954 | 433,094 | ||||||
Citrix Systems Inc | 503 | 38,640 | ||||||
Cognizant Technology Solutions Corp ‘A’ | 959 | 69,566 | ||||||
Colfax Corp | 2,112 | 87,944 | ||||||
Comcast Corp | 2,877 | 110,707 | ||||||
Commerce Bancshares Inc | 726 | 41,941 | ||||||
comScore Inc | 542 | 15,583 | ||||||
ConAgra Brands Inc | 6,538 | 220,592 | ||||||
Constellation Brands Inc ‘A’ | 838 | 167,139 | ||||||
Convergys Corp | 7,882 | 204,065 | ||||||
Cooper Tire & Rubber Co | 1,177 | 44,020 | ||||||
CoreLogic Inc | 1,739 | 80,377 | ||||||
Corning Inc | 4,057 | 121,385 | ||||||
Crane Co | 3,171 | 253,648 | ||||||
Cummins Inc | 609 | 102,330 | ||||||
Curtiss-Wright Corp | 2,494 | 260,723 | ||||||
CVS Health Corp | 540 | 43,913 | ||||||
Dana Inc | 9,246 | 258,518 | ||||||
Danaher Corp | 1,629 | 139,736 | ||||||
DaVita Inc | 2,606 | 154,770 | ||||||
Deckers Outdoor Corp | 505 | 34,547 | ||||||
Delta Air Lines Inc | 599 | 28,884 | ||||||
Devon Energy Corp | 12,087 | 443,714 | ||||||
Diamond Offshore Drilling Inc | 862 | 12,499 | ||||||
Dillard’s Inc ‘A’ | 299 | 16,765 | ||||||
Dolby Laboratories Inc ‘A’ | 941 | 54,126 | ||||||
DR Horton Inc | 8,839 | 352,941 | ||||||
DST Systems Inc | 1,796 | 98,564 | ||||||
Duke Realty Corp | 417 | 12,018 | ||||||
Eastman Chemical Co | 3,043 | 275,361 | ||||||
eBay Inc | 35,298 | 1,357,561 | ||||||
Edison International | 129 | 9,955 | ||||||
Electronic Arts Inc | 3,235 | 381,924 | ||||||
Eli Lilly & Co | 1,178 | 100,766 | ||||||
Energen Corp | 249 | 13,615 | ||||||
EnerSys | 143 | 9,891 | ||||||
Esterline Technologies Corp | 3,323 | 299,568 | ||||||
Everest Re Group Ltd | 113 | 25,808 | ||||||
Exelixis Inc | 18,528 | 448,933 | ||||||
Exelon Corp | 10,035 | 378,018 | ||||||
Express Scripts Holding Co | 5,228 | 331,037 | ||||||
Extended Stay America Inc | 2,256 | 45,120 | ||||||
Facebook Inc ‘A’ | 5,267 | 899,972 | ||||||
Fair Isaac Corp | 281 | 39,481 | ||||||
First Solar Inc | 1,342 | 61,571 | ||||||
Flex Ltd | 19,740 | 327,092 | ||||||
FLIR Systems Inc | 3,525 | 137,158 | ||||||
FNF Group | 1,040 | 49,358 | ||||||
Foot Locker Inc | 10,979 | 386,680 | ||||||
Ford Motor Co | 15,132 | 181,130 | ||||||
Franklin Resources Inc | 9,954 | 443,053 | ||||||
Freeport-McMoRan Inc | 8,529 | 119,747 | ||||||
FTI Consulting Inc | 4,826 | 171,226 | ||||||
GameStop Corp ‘A’ | 3,197 | 66,050 | ||||||
General Motors Co | 34,692 | 1,400,863 | ||||||
Genpact Ltd | 6,454 | 185,553 | ||||||
Gilead Sciences Inc | 23,104 | 1,871,886 | ||||||
Graham Holdings Co ‘B’ | 100 | 58,510 | ||||||
Greif Inc ‘A’ | 535 | 31,319 | ||||||
Halliburton Co | 10,844 | 499,149 | ||||||
HCA Heathcare Inc | 946 | 75,292 | ||||||
HCP Inc | 6,596 | 183,567 | ||||||
Herman Miller Inc | 9,095 | 326,511 | ||||||
Hewlett Packard Enterprise Co | 47,707 | 701,770 | ||||||
HNI Corp | 303 | 12,565 | ||||||
Honeywell International Inc | 2,318 | 328,553 | ||||||
Hubbell Inc | 1,229 | 142,589 | ||||||
Humana Inc | 1,802 | 439,021 | ||||||
Huntington Ingalls Industries Inc | 2,457 | 556,363 | ||||||
IAC/InterActiveCorp | 1,373 | 161,437 | ||||||
INC Research Holdings Inc ‘A’ | 1,666 | 87,132 |
Referenced Entity | Shares | Value | ||||||
Ingersoll-Rand PLC | 3,099 | $276,338 | ||||||
Ingredion Inc | 1,143 | 137,892 | ||||||
Intel Corp | 25,241 | 961,177 | ||||||
InterDigital Inc | 151 | 11,136 | ||||||
International Business Machines Corp | 3,577 | 518,951 | ||||||
International Game Technology PLC | 806 | 19,787 | ||||||
Invesco Ltd | 8,153 | 285,681 | ||||||
ITT Inc | 3,867 | 171,192 | ||||||
Jabil Inc | 5,095 | 145,462 | ||||||
JetBlue Airways Corp | 9,208 | 170,624 | ||||||
John Wiley & Sons Inc ‘A’ | 2,217 | 118,610 | ||||||
Johnson & Johnson | 791 | 102,838 | ||||||
JPMorgan Chase & Co | 5,748 | 548,991 | ||||||
Juniper Networks Inc | 10,414 | 289,822 | ||||||
Kimco Realty Corp REIT | 1,763 | 34,467 | ||||||
KLA-Tencor Corp | 1,475 | 156,350 | ||||||
Kohl’s Corp | 4,302 | 196,386 | ||||||
L3 Technologies Inc | 312 | 58,790 | ||||||
Laboratory Corp of America Holdings | 2,059 | 310,847 | ||||||
Lam Research Corp | 509 | 94,185 | ||||||
Lancaster Colony Corp | 1,045 | 125,525 | ||||||
Las Vegas Sands Corp | 3,029 | 194,341 | ||||||
Lear Corp | 4,798 | 830,438 | ||||||
Liberty Expedia Holdings Inc ‘A’ | 643 | 34,150 | ||||||
Liberty Interactive Corp QVC Group ‘A’ | 3,161 | 74,505 | ||||||
Lincoln National Corp | 3,748 | 275,403 | ||||||
Lions Gate Entertainment Corp ‘B’ | 323 | 10,268 | ||||||
Lockheed Martin Corp | 496 | 153,904 | ||||||
Lowe’s Cos Inc | 826 | 66,030 | ||||||
Lululemon Athletica Inc | 819 | 50,983 | ||||||
LyondellBasell Industries NV ‘A’ | 7,538 | 746,639 | ||||||
Macy’s Inc | 7,054 | 153,918 | ||||||
Mallinckrodt PLC | 1,128 | 42,153 | ||||||
Manhattan Associates Inc | 224 | 9,312 | ||||||
ManpowerGroup Inc | 133 | 15,670 | ||||||
McKesson Corp | 5,611 | 861,906 | ||||||
Merck & Co Inc | 15,887 | 1,017,245 | ||||||
Micron Technology Inc | 29,213 | 1,148,947 | ||||||
Microsemi Corp | 809 | 41,647 | ||||||
Microsoft Corp | 6,947 | 517,482 | ||||||
Molson Coors Brewing Co ‘B’ | 7,148 | 583,563 | ||||||
Morgan Stanley | 5,232 | 252,025 | ||||||
MSA Safety Inc | 972 | 77,284 | ||||||
MSCI Inc | 147 | 17,184 | ||||||
Mylan NV | 7,467 | 234,240 | ||||||
Nasdaq Inc | 683 | 52,980 | ||||||
National Retail Properties Inc | 2,653 | 110,524 | ||||||
Northrop Grumman Corp | 501 | 144,148 | ||||||
Nu Skin Enterprises Inc ‘A’ | 4,208 | 258,708 | ||||||
NVR Inc | 8 | 22,840 | ||||||
Oceaneering International Inc | 3,717 | 97,646 | ||||||
Office Depot Inc | 15,917 | 72,263 | ||||||
ON Semiconductor Corp | 18,246 | 337,004 | ||||||
ONE Gas Inc | 249 | 18,336 | ||||||
Oracle Corp | 16,097 | 778,290 | ||||||
Oshkosh Corp | 4,469 | 368,871 | ||||||
Owens Corning | 4,647 | 359,445 | ||||||
Park Hotels & Resorts Inc | 9,747 | 268,627 | ||||||
Parker-Hannifin Corp | 139 | 24,328 | ||||||
Patterson-UTI Energy Inc | 3,036 | 63,574 | ||||||
Pfizer Inc | 35,452 | 1,265,636 | ||||||
Pitney Bowes Inc | 4,620 | 64,726 | ||||||
Plantronics Inc | 3,359 | 148,535 | ||||||
Popular Inc | 4,826 | 173,446 | ||||||
Prudential Financial Inc | 2,487 | 264,418 | ||||||
Public Service Enterprise Group Inc | 7,337 | 339,336 | ||||||
PulteGroup Inc | 1,168 | 31,921 | ||||||
QEP Resources Inc | 7,604 | 65,166 | ||||||
QIAGEN NV | 8,122 | 255,843 | ||||||
Raymond James Financial Inc | 1,568 | 132,229 | ||||||
Raytheon Co | 966 | 180,236 | ||||||
Regal Beloit Corp | 2,086 | 164,794 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-81
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Referenced Entity | Shares | Value | ||||||
Reinsurance Group of America Inc | 3,175 | $443,008 | ||||||
Reliance Steel & Aluminum Co | 1,702 | 129,641 | ||||||
Ross Stores Inc | 3,825 | 246,980 | ||||||
Royal Caribbean Cruises Ltd | 872 | 103,367 | ||||||
Santander Consumer USA Holdings Inc | 2,972 | 45,680 | ||||||
Science Applications International Corp | 696 | 46,528 | ||||||
Seagate Technology PLC | 1,393 | 46,206 | ||||||
Skyworks Solutions Inc | 1,428 | 145,513 | ||||||
Southwest Airlines Co | 226 | 12,651 | ||||||
Spirit AeroSystems Holdings Inc ‘A’ | 8,040 | 624,869 | ||||||
Superior Energy Services Inc | 1,849 | 19,747 | ||||||
SYNNEX Corp | 3,035 | 383,958 | ||||||
Synopsys Inc | 793 | 63,860 | ||||||
Target Corp | 3,567 | 210,489 | ||||||
TE Connectivity Ltd | 3,847 | 319,532 | ||||||
Tech Data Corp | 981 | 87,162 | ||||||
TEGNA Inc | 7,720 | 102,908 | ||||||
Teradyne Inc | 3,732 | 139,166 | ||||||
Texas Instruments Inc | 3,352 | 300,473 | ||||||
Textron Inc | 3,168 | 170,692 | ||||||
The Allstate Corp | 2,953 | 271,410 | ||||||
The Boeing Co | 2,058 | 523,164 | ||||||
The Boston Beer Co Inc ‘A’ | 182 | 28,428 | ||||||
The Chemours Co | 10,088 | 510,554 | ||||||
The New York Times Co ‘A’ | 3,698 | 72,481 | ||||||
The PNC Financial Services Group Inc | 1,999 | 269,405 | ||||||
The Procter & Gamble Co | 2,015 | 183,325 | ||||||
The Timken Co | 4,169 | 202,405 | ||||||
The TJX Cos Inc | 3,939 | 290,422 | ||||||
The Travelers Cos Inc | 1,369 | 167,730 | ||||||
The Walt Disney Co | 3,376 | 332,772 | ||||||
Thor Industries Inc | 1,173 | 147,692 | ||||||
Torchmark Corp | 460 | 36,841 | ||||||
Total System Services Inc | 202 | 13,231 | ||||||
Tupperware Brands Corp | 2,731 | 168,830 | ||||||
UGI Corp | 301 | 14,105 | ||||||
United Continental Holdings Inc | 1,583 | 96,373 | ||||||
United Rentals Inc | 1,503 | 208,526 | ||||||
United Therapeutics Corp | 1,868 | 218,911 | ||||||
UnitedHealth Group Inc | 1,566 | 306,701 | ||||||
Unum Group | 2,364 | 120,871 | ||||||
Validus Holdings Ltd | 206 | 10,137 | ||||||
Versum Materials Inc | 1,190 | 46,196 | ||||||
Vertex Pharmaceuticals Inc | 4,772 | 725,535 | ||||||
Viacom Inc | 12,253 | 341,124 | ||||||
Vishay Intertechnology Inc | 3,801 | 71,459 | ||||||
Vistra Energy Corp | 5,962 | 111,430 | ||||||
Wal-Mart Stores Inc | 9,082 | 709,667 | ||||||
WellCare Health Plans Inc | 2,696 | 463,011 | ||||||
WESCO International Inc | 2,591 | 150,926 | ||||||
Western Digital Corp | 9,580 | 827,712 | ||||||
Woodward Inc | 1,479 | 114,785 | ||||||
World Fuel Services Corp | 2,427 | 82,300 | ||||||
Worthington Industries Inc | 2,252 | 103,592 | ||||||
Xerox Corp | 12,065 | 401,651 | ||||||
|
| |||||||
61,418,016 | ||||||||
|
| |||||||
Total Long Positions | 62,069,863 | |||||||
|
| |||||||
Short Positions: | ||||||||
Australia | ||||||||
Atlassian Corp PLC ‘A’ | 8,991 | (316,034 | ) | |||||
|
| |||||||
Ghana | ||||||||
Kosmos Energy Ltd | 35,512 | (282,676 | ) | |||||
|
| |||||||
United States | ||||||||
3D Systems Corp | 5,122 | (68,584 | ) | |||||
ABIOMED Inc | 145 | (24,447 | ) |
Referenced Entity | Shares | Value | ||||||
Acadia Healthcare Co Inc | 10,757 | ($513,754 | ) | |||||
ACI Worldwide Inc | 7,375 | (168,003 | ) | |||||
Acuity Brands Inc | 1,180 | (202,110 | ) | |||||
Advance Auto Parts Inc | 129 | (12,797 | ) | |||||
Advanced Micro Devices Inc | 68,325 | (871,144 | ) | |||||
Agios Pharmaceuticals Inc | 4,901 | (327,142 | ) | |||||
Albemarle Corp | 2,291 | (312,286 | ) | |||||
Align Technology Inc | 54 | (10,059 | ) | |||||
Alkermes PLC | 8,556 | (434,987 | ) | |||||
Allegheny Technologies Inc | 14,078 | (336,464 | ) | |||||
Allergan PLC | 856 | (175,437 | ) | |||||
Alliance Data Systems Corp | 97 | (21,490 | ) | |||||
Allscripts Healthcare Solutions Inc | 9,256 | (131,713 | ) | |||||
Alnylam Pharmaceuticals Inc | 5,894 | (692,486 | ) | |||||
American Airlines Group Inc | 14,481 | (687,703 | ) | |||||
American Homes 4 Rent | 1,112 | (24,142 | ) | |||||
AmerisourceBergen Corp | 3,626 | (300,052 | ) | |||||
AmTrust Financial Services Inc | 7,532 | (101,381 | ) | |||||
Antero Resources Corp | 3,871 | (77,033 | ) | |||||
AptarGroup Inc | 290 | (25,030 | ) | |||||
Arista Networks Inc | 3,522 | (667,806 | ) | |||||
Armstrong World Industries Inc | 1,916 | (98,195 | ) | |||||
Arthur J Gallagher & Co | 346 | (21,296 | ) | |||||
Artisan Partners Asset Management Inc ‘A’ | 1,583 | (51,606 | ) | |||||
athenahealth Inc | 761 | (94,638 | ) | |||||
Avis Budget Group Inc | 2,750 | (104,665 | ) | |||||
Axalta Coating Systems Ltd | 5,790 | (167,447 | ) | |||||
Ball Corp | 24,115 | (995,950 | ) | |||||
Bank of the Ozarks | 3,800 | (182,590 | ) | |||||
Belden Inc | 269 | (21,663 | ) | |||||
BioMarin Pharmaceutical Inc | 4,968 | (462,372 | ) | |||||
Bio-Techne Corp | 1,968 | (237,912 | ) | |||||
Black Hills Corp | 4,418 | (304,268 | ) | |||||
Blue Buffalo Pet Products Inc | 16,277 | (461,453 | ) | |||||
Brinker International Inc | 860 | (27,400 | ) | |||||
Brookdale Senior Living Inc | 52,189 | (553,203 | ) | |||||
Brown-Forman Corp ‘B’ | 1,500 | (81,450 | ) | |||||
Cabot Oil & Gas Corp | 2,922 | (78,164 | ) | |||||
CarMax Inc | 6,248 | (473,661 | ) | |||||
Casey’s General Stores Inc | 2,560 | (280,192 | ) | |||||
Catalent Inc | 496 | (19,800 | ) | |||||
Cavium Inc | 6,102 | (402,366 | ) | |||||
Centennial Resource Development Inc/DE ‘A’ | 7,705 | (138,459 | ) | |||||
CF Industries Holdings Inc | 18,042 | (634,357 | ) | |||||
CH Robinson Worldwide Inc | 977 | (74,350 | ) | |||||
Chemical Financial Corp | 1,547 | (80,846 | ) | |||||
Cheniere Energy Inc | 13,260 | (597,230 | ) | |||||
Chipotle Mexican Grill Inc | 394 | (121,285 | ) | |||||
Churchill Downs Inc | 49 | (10,104 | ) | |||||
Ciena Corp | 6,998 | (153,746 | ) | |||||
Cintas Corp | 680 | (98,110 | ) | |||||
CIT Group Inc | 1,136 | (55,721 | ) | |||||
Clean Harbors Inc | 3,367 | (190,909 | ) | |||||
Coherent Inc | 1,786 | (420,014 | ) | |||||
CommVault Systems Inc | 1,414 | (85,971 | ) | |||||
Compass Minerals International Inc | 5,354 | (347,475 | ) | |||||
Conduent Inc | 15,901 | (249,169 | ) | |||||
CONSOL Energy Inc | 1,888 | (31,983 | ) | |||||
Copart Inc | 9,250 | (317,923 | ) | |||||
Core Laboratories NV | 2,459 | (242,703 | ) | |||||
CoStar Group Inc | 1,012 | (271,469 | ) | |||||
Coty Inc ‘A’ | 28,624 | (473,155 | ) | |||||
Cousins Properties Inc | 18,746 | (175,088 | ) | |||||
Covanta Holding Corp | 15,436 | (229,225 | ) | |||||
Cree Inc | 4,373 | (123,275 | ) | |||||
Crown Holdings Inc | 498 | (29,741 | ) | |||||
Cypress Semiconductor Corp | 27,997 | (420,515 | ) | |||||
DexCom Inc | 9,924 | (485,532 | ) | |||||
Diebold Nixdorf Inc | 8,797 | (201,011 | ) | |||||
DISH Network Corp ‘A’ | 1,714 | (92,950 | ) | |||||
Dominion Energy Inc | 3,582 | (275,563 | ) | |||||
Domino’s Pizza Inc | 3,865 | (767,396 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-82
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Referenced Entity | Shares | Value | ||||||
Dunkin’ Brands Group Inc | 2,925 | ($155,259 | ) | |||||
Dycom Industries Inc | 4,097 | (351,850 | ) | |||||
Edwards Lifesciences Corp | 225 | (24,595 | ) | |||||
Empire State Realty Trust Inc ‘A’ | 3,900 | (80,106 | ) | |||||
Ensco PLC ‘A’ | 4,030 | (24,059 | ) | |||||
Envision Healthcare Corp | 18,229 | (819,394 | ) | |||||
EQT Corp | 5,976 | (389,874 | ) | |||||
Fastenal Co | 11,143 | (507,898 | ) | |||||
FireEye Inc | 13,295 | (222,957 | ) | |||||
First Data Corp ‘A’ | 41,674 | (751,799 | ) | |||||
FirstEnergy Corp | 25,038 | (771,922 | ) | |||||
FNB Corp | 13,298 | (186,571 | ) | |||||
Gartner Inc | 207 | (25,753 | ) | |||||
GATX Corp | 1,856 | (114,255 | ) | |||||
Genesee & Wyoming Inc ‘A’ | 1,635 | (121,006 | ) | |||||
Global Payments Inc | 1,633 | (155,184 | ) | |||||
GoDaddy Inc ‘A’ | 7,012 | (305,092 | ) | |||||
Granite Construction Inc | 5,439 | (315,190 | ) | |||||
Guidewire Software Inc | 7,335 | (571,103 | ) | |||||
H&R Block Inc | 3,068 | (81,241 | ) | |||||
Halyard Health Inc | 1,257 | (56,603 | ) | |||||
Harley-Davidson Inc | 6,080 | (293,117 | ) | |||||
HEICO Corp | 3,462 | (310,922 | ) | |||||
Hess Corp | 13,855 | (649,661 | ) | |||||
Hilton Grand Vacations Inc | 656 | (25,341 | ) | |||||
HollyFrontier Corp | 1,648 | (59,279 | ) | |||||
Home BancShares Inc/AR | 499 | (12,585 | ) | |||||
IHS Markit Ltd | 9,238 | (407,211 | ) | |||||
Illumina Inc | 604 | (120,317 | ) | |||||
Integrated Device Technology Inc | 3,504 | (93,136 | ) | |||||
Intrexon Corp | 4,889 | (92,940 | ) | |||||
Ionis Pharmaceuticals Inc | 4,466 | (226,426 | ) | |||||
IPG Photonics Corp | 180 | (33,311 | ) | |||||
j2 Global Inc | 909 | (67,157 | ) | |||||
Jack in the Box Inc | 253 | (25,786 | ) | |||||
JB Hunt Transport Services Inc | 279 | (30,991 | ) | |||||
Johnson Controls International PLC | 8,269 | (333,158 | ) | |||||
Jones Lang LaSalle Inc | 662 | (81,757 | ) | |||||
Juno Therapeutics Inc | 1,629 | (73,077 | ) | |||||
KBR Inc | 1,508 | (26,963 | ) | |||||
KLX Inc | 6,098 | (322,767 | ) | |||||
Knowles Corp | 15,052 | (229,844 | ) | |||||
L Brands Inc | 2,129 | (88,588 | ) | |||||
Leucadia National Corp | 1,442 | (36,411 | ) | |||||
Liberty Broadband Corp ‘C’ | 254 | (24,206 | ) | |||||
LivaNova PLC | 1,874 | (131,292 | ) | |||||
Live Nation Entertainment Inc | 3,441 | (149,856 | ) | |||||
LogMeIn Inc | 641 | (70,542 | ) | |||||
Macquarie Infrastructure Corp | 11,813 | (852,662 | ) | |||||
Markel Corp | 56 | (59,807 | ) | |||||
Martin Marietta Materials Inc | 675 | (139,205 | ) | |||||
Matador Resources Co | 4,447 | (120,736 | ) | |||||
Mattel Inc | 2,391 | (37,013 | ) | |||||
MAXIMUS Inc | 814 | (52,503 | ) | |||||
MB Financial Inc | 390 | (17,558 | ) | |||||
Medidata Solutions Inc | 1,597 | (124,662 | ) | |||||
Mercury General Corp | 2,307 | (130,784 | ) | |||||
Molina Healthcare Inc | 394 | (27,091 | ) | |||||
Monolithic Power Systems Inc | 653 | (69,577 | ) | |||||
Motorola Solutions Inc | 1,072 | (90,981 | ) | |||||
National Fuel Gas Co | 4,242 | (240,140 | ) | |||||
National Instruments Corp | 5,261 | (221,856 | ) | |||||
National Oilwell Varco Inc | 4,462 | (159,427 | ) | |||||
NetScout Systems Inc | 8,588 | (277,822 | ) | |||||
Neurocrine Biosciences Inc | 7,198 | (441,093 | ) | |||||
New Jersey Resources Corp | 2,617 | (110,307 | ) | |||||
Newell Brands Inc | 3,301 | (140,854 | ) | |||||
NOW Inc | 3,143 | (43,405 | ) | |||||
NRG Energy Inc | 19,205 | (491,456 | ) | |||||
NuVasive Inc | 5,878 | (325,994 | ) | |||||
OneMain Holdings Inc | 3,758 | (105,938 | ) | |||||
ONEOK Inc | 3,524 | (195,265 | ) | |||||
OPKO Health Inc | 39,443 | (270,579 | ) |
Referenced Entity | Shares | Value | ||||||
Outfront Media Inc | 403 | ($10,148 | ) | |||||
Owens & Minor Inc | 1,021 | (29,813 | ) | |||||
PacWest Bancorp | 627 | (31,670 | ) | |||||
Palo Alto Networks Inc | 1,580 | (227,678 | ) | |||||
Pandora Media Inc | 71,868 | (553,384 | ) | |||||
Papa John’s International Inc | 3,121 | (228,051 | ) | |||||
Paramount Group Inc | 1,508 | (24,128 | ) | |||||
Parsley Energy Inc ‘A’ | 1,508 | (39,721 | ) | |||||
Patterson Cos Inc | 3,007 | (116,221 | ) | |||||
PBF Energy Inc ‘A’ | 13,485 | (372,321 | ) | |||||
Penske Automotive Group Inc | 601 | (28,590 | ) | |||||
Perrigo Co PLC | 10,288 | (870,879 | ) | |||||
Platform Specialty Products Corp | 19,312 | (215,329 | ) | |||||
PNM Resources Inc | 1,952 | (78,666 | ) | |||||
Pool Corp | 416 | (44,999 | ) | |||||
Post Holdings Inc | 5,206 | (459,534 | ) | |||||
Premier Inc ‘A’ | 7,033 | (229,065 | ) | |||||
Prestige Brands Holdings Inc | 4,812 | (241,033 | ) | |||||
Primerica Inc | 803 | (65,485 | ) | |||||
PTC Inc | 324 | (18,235 | ) | |||||
Range Resources Corp | 3,992 | (78,123 | ) | |||||
Rollins Inc | 1,120 | (51,677 | ) | |||||
Roper Technologies Inc | 298 | (72,533 | ) | |||||
Royal Gold Inc | 1,240 | (106,690 | ) | |||||
RSP Permian Inc | 1,059 | (36,631 | ) | |||||
Sabre Corp | 12,170 | (220,277 | ) | |||||
Sally Beauty Holdings Inc | 4,085 | (79,984 | ) | |||||
Sealed Air Corp | 3,693 | (157,765 | ) | |||||
Sensata Technologies Holding NV | 10,320 | (496,082 | ) | |||||
ServiceNow Inc | 6,221 | (731,154 | ) | |||||
Signet Jewelers Ltd | 5,255 | (349,720 | ) | |||||
Six Flags Entertainment Corp | 4,866 | (296,534 | ) | |||||
SLM Corp | 42,882 | (491,857 | ) | |||||
SM Energy Co | 2,812 | (49,885 | ) | |||||
Snyder’s-Lance Inc | 10,341 | (394,406 | ) | |||||
Sotheby’s | 3,130 | (144,324 | ) | |||||
Southwest Gas Holdings Inc | 1,231 | (95,550 | ) | |||||
Splunk Inc | 9,352 | (621,253 | ) | |||||
Sprint Corp | 8,671 | (67,460 | ) | |||||
Sprouts Farmers Market Inc | 8,187 | (153,670 | ) | |||||
Square Inc ‘A’ | 18,774 | (540,879 | ) | |||||
SS&C Technologies Holdings Inc | 5,521 | (221,668 | ) | |||||
Stericycle Inc | 2,328 | (166,731 | ) | |||||
Stifel Financial Corp | 4,144 | (221,538 | ) | |||||
Symantec Corp | 1,094 | (35,894 | ) | |||||
Tableau Software Inc ‘A’ | 1,623 | (121,546 | ) | |||||
Targa Resources Corp | 4,977 | (235,412 | ) | |||||
Tesla Inc | 3,224 | (1,099,706 | ) | |||||
Texas Capital Bancshares Inc | 151 | (12,956 | ) | |||||
The Charles Schwab Corp | 2,705 | (118,317 | ) | |||||
The Howard Hughes Corp | 921 | (108,614 | ) | |||||
The Madison Square Garden Co ‘A’ | 724 | (155,008 | ) | |||||
The Middleby Corp | 1,133 | (145,217 | ) | |||||
The Sherwin-Williams Co | 244 | (87,362 | ) | |||||
The Southern Co | 517 | (25,405 | ) | |||||
The Ultimate Software Group Inc | 2,817 | (534,103 | ) | |||||
The Wendy’s Co | 12,987 | (201,688 | ) | |||||
T-Mobile US Inc | 2,249 | (138,673 | ) | |||||
Tractor Supply Co | 4,125 | (261,071 | ) | |||||
TransDigm Group Inc | 2,403 | (614,327 | ) | |||||
Transocean Ltd | 8,928 | (96,065 | ) | |||||
TreeHouse Foods Inc | 7,379 | (499,780 | ) | |||||
TRI Pointe Group Inc | 14,841 | (204,954 | ) | |||||
Twitter Inc | 1,263 | (21,307 | ) | |||||
Tyler Technologies Inc | 1,912 | (333,300 | ) | |||||
United Bankshares Inc/WV | 1,815 | (67,427 | ) | |||||
United Natural Foods Inc | 2,204 | (91,664 | ) | |||||
United States Steel Corp | 779 | (19,989 | ) | |||||
Uniti Group Inc REIT | 16,789 | (246,127 | ) | |||||
Universal Display Corp | 2,375 | (306,019 | ) | |||||
Valley National Bancorp | 3,721 | (44,838 | ) | |||||
VEREIT Inc REIT | 56,902 | (471,718 | ) | |||||
VeriFone Systems Inc | 3,193 | (64,754 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-83
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Referenced Entity | Shares | Value | ||||||
ViaSat Inc | 6,584 | ($423,483 | ) | |||||
Vulcan Materials Co | 2,187 | (261,565 | ) | |||||
Wabtec Corp/DE | 6,719 | (508,964 | ) | |||||
Washington Prime Group Inc REIT | 2,179 | (18,151 | ) | |||||
Weatherford International PLC | 123,570 | (565,951 | ) | |||||
Webster Financial Corp | 3,336 | (175,307 | ) | |||||
Welbilt Inc | 11,838 | (272,866 | ) | |||||
Westar Energy Inc | 1,944 | (96,422 | ) | |||||
WEX Inc | 87 | (9,763 | ) | |||||
WGL Holdings Inc | 303 | (25,513 | ) | |||||
Whiting Petroleum Corp | 45,686 | (249,446 | ) | |||||
Willis Towers Watson PLC | 1,667 | (257,101 | ) |
Referenced Entity | Shares | Value | ||||||
WisdomTree Investments Inc | 17,673 | ($179,911 | ) | |||||
Workday Inc ‘A’ | 5,065 | (533,800 | ) | |||||
Xilinx Inc | 1,301 | (92,150 | ) | |||||
XPO Logistics Inc | 5,890 | (399,224 | ) | |||||
Zayo Group Holdings Inc | 14,265 | (491,001 | ) | |||||
Zillow Group Inc ‘C’ | 9,301 | (373,983 | ) | |||||
|
| |||||||
(54,525,866 | ) | |||||||
|
| |||||||
Total Short Positions | (55,124,576 | ) | ||||||
|
| |||||||
Total Long and Short Positions | $6,945,287 | |||||||
|
|
Description | Counter- party | Expiration Dates (1) | ||||||
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 (1.600% as of 09/30/17) plus or minus a specified spread (rates range from (2.289%) to 0.350%) as negotiated by the parties, which is denominated in AUD based on the local currencies of the positions within the swap. | JPM | | 08/13/18 - 10/29/18 |
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2017:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Australia | ||||||||
AGL Energy Ltd | 13,633 | $250,338 | ||||||
Ansell Ltd | 557 | 9,761 | ||||||
Aurizon Holdings Ltd | 49,837 | 192,051 | ||||||
Australia & New Zealand Banking Group Ltd | 1,644 | 38,295 | ||||||
Bendigo & Adelaide Bank Ltd | 3,142 | 28,687 | ||||||
CIMIC Group Ltd | 14,535 | 505,116 | ||||||
Coca-Cola Amatil Ltd | 15,214 | 92,350 | ||||||
Fortescue Metals Group Ltd | 41,657 | 168,700 | ||||||
Harvey Norman Holdings Ltd | 3,087 | 9,416 | ||||||
Newcrest Mining Ltd | 3,646 | 60,012 | ||||||
Orica Ltd | 9,702 | 151,021 | ||||||
Origin Energy Ltd | 7,374 | 43,427 | ||||||
South32 Ltd | 24,363 | 63,027 | ||||||
Treasury Wine Estates Ltd | 7,774 | 83,631 | ||||||
|
| |||||||
1,695,832 | ||||||||
|
| |||||||
Total Long Positions | 1,695,832 | |||||||
|
|
Referenced Entity | Shares | Value | ||||||
Short Positions: | ||||||||
Australia | ||||||||
ALS Ltd | 2,899 | ($17,834 | ) | |||||
AMP Ltd | 40,057 | (152,107 | ) | |||||
APA Group | 47,477 | (311,443 | ) | |||||
Brambles Ltd | 7,412 | (52,462 | ) | |||||
Domino’s Pizza Enterprises Ltd | 1,820 | (65,571 | ) | |||||
Healthscope Ltd | 148,798 | (195,331 | ) | |||||
Iluka Resources Ltd | 1,320 | (9,881 | ) | |||||
Magellan Financial Group Ltd | 896 | (17,312 | ) | |||||
Platinum Asset Management Ltd | 24,033 | (114,472 | ) | |||||
Ramsay Health Care Ltd | 334 | (16,342 | ) | |||||
REA Group Ltd | 3,423 | (180,302 | ) | |||||
SEEK Ltd | 27,820 | (363,250 | ) | |||||
Tabcorp Holdings Ltd | 5,638 | (18,899 | ) | |||||
TPG Telecom Ltd | 24,012 | (91,922 | ) | |||||
Vocus Group Ltd | 40,956 | (76,944 | ) | |||||
|
| |||||||
(1,684,072 | ) | |||||||
|
| |||||||
Total Short Positions | (1,684,072 | ) | ||||||
|
| |||||||
Total Long and Short Positions | $11,760 | |||||||
|
|
Description | Counter- party | Expiration Dates (1) | ||||||
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 (0.253% as of 09/30/17) plus or minus a specified spread (rates range from (0.853%) to 0.350%) as negotiated by the parties, which is denominated in GBP based on the local currencies of the positions within the swap. | JPM | | 08/13/18 - 10/29/18 |
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2017:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Australia | ||||||||
BHP Billiton PLC | 14,139 | $249,496 | ||||||
|
| |||||||
India | ||||||||
Vedanta Resources PLC | 4,349 | 50,891 | ||||||
|
| |||||||
Russia | ||||||||
Evraz PLC | 4,822 | 20,248 | ||||||
|
| |||||||
South Africa | ||||||||
Investec PLC | 26,099 | 190,793 | ||||||
|
|
Referenced Entity | Shares | Value | ||||||
Switzerland | ||||||||
Coca-Cola HBC AG | 9,061 | $306,794 | ||||||
Glencore PLC | 10,579 | 48,558 | ||||||
|
| |||||||
355,352 | ||||||||
|
| |||||||
United Kingdom | ||||||||
Anglo American PLC | 561 | 10,086 | ||||||
Ashmore Group PLC | 2,197 | 9,994 | ||||||
Ashtead Group PLC | 9,702 | 234,051 | ||||||
ASOS PLC | 1,108 | 88,502 | ||||||
BAE Systems PLC | 10,144 | 85,907 | ||||||
Barclays PLC | 22,044 | 57,160 | ||||||
Barratt Developments PLC | 50,140 | 413,062 | ||||||
BBA Aviation PLC | 12,542 | 50,181 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-84
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Referenced Entity | Shares | Value | ||||||
Bellway PLC | 5,606 | $247,983 | ||||||
Britvic PLC | 4,607 | 46,687 | ||||||
BT Group PLC | 86,193 | 327,834 | ||||||
Close Brothers Group PLC | 4,078 | 80,641 | ||||||
Daily Mail & General Trust PLC ‘A’ | 3,033 | 26,356 | ||||||
DCC PLC | 434 | 42,142 | ||||||
Dixons Carphone PLC | 15,919 | 41,275 | ||||||
G4S PLC | 5,867 | 21,889 | ||||||
GKN PLC | 21,879 | 101,378 | ||||||
GlaxoSmithKline PLC | 7,637 | 152,668 | ||||||
Hays PLC | 3,797 | 9,644 | ||||||
Howden Joinery Group PLC | 10,020 | 57,904 | ||||||
Inchcape PLC | 15,015 | 173,669 | ||||||
Indivior PLC | 34,579 | 157,504 | ||||||
Intermediate Capital Group PLC | 7,487 | 94,008 | ||||||
JD Sports Fashion PLC | 6,941 | 34,800 | ||||||
Jupiter Fund Management PLC | 1,788 | 13,244 | ||||||
Moneysupermarket.com Group PLC | 5,470 | 23,320 | ||||||
Paysafe Group PLC | 5,585 | 43,594 | ||||||
Persimmon PLC | 15,954 | 552,125 | ||||||
Rio Tinto PLC | 1,522 | 70,848 | ||||||
Royal Mail PLC | 68,629 | 353,376 | ||||||
Smiths Group PLC | 4,460 | 94,327 | ||||||
Stagecoach Group PLC | 30,149 | 68,973 | ||||||
Standard Life PLC | 3,403 | 19,781 | ||||||
Tate & Lyle PLC | 15,833 | 137,481 | ||||||
Taylor Wimpey PLC | 156,227 | 409,462 | ||||||
Thomas Cook Group PLC | 7,127 | 11,495 | ||||||
Vodafone Group PLC | 20,986 | 58,765 | ||||||
WH Smith PLC | 1,483 | 40,162 | ||||||
William Hill PLC | 28,157 | 95,231 | ||||||
Wm Morrison Supermarkets PLC | 35,888 | 112,578 | ||||||
|
| |||||||
4,670,087 | ||||||||
|
| |||||||
Total Long Positions | 5,536,867 | |||||||
|
| |||||||
Short Positions: | ||||||||
Chile | ||||||||
Antofagasta PLC | 22,770 | (290,044 | ) | |||||
|
| |||||||
Jordan | ||||||||
Hikma Pharmaceuticals PLC | 13,889 | (225,664 | ) | |||||
|
| |||||||
South Africa | ||||||||
Mediclinic International PLC | 16,824 | (146,537 | ) | |||||
|
|
Referenced Entity | Shares | Value | ||||||
United Kingdom | ||||||||
AA PLC | 45,160 | ($102,679 | ) | |||||
Admiral Group PLC | 5,866 | (142,940 | ) | |||||
Aggreko PLC | 13,361 | (168,051 | ) | |||||
Associated British Foods PLC | 882 | (37,760 | ) | |||||
Auto Trader Group PLC ~ | 9,139 | (48,080 | ) | |||||
Babcock International Group PLC | 5,307 | (58,863 | ) | |||||
Balfour Beatty PLC | 34,321 | (123,891 | ) | |||||
BTG PLC | 23,689 | (214,722 | ) | |||||
Capita PLC | 33,347 | (252,308 | ) | |||||
Centrica PLC | 20,096 | (50,368 | ) | |||||
Cobham PLC | 130,913 | (255,591 | ) | |||||
ConvaTec Group PLC ~ | 18,414 | (67,663 | ) | |||||
Croda International PLC | 1,376 | (69,967 | ) | |||||
Direct Line Insurance Group PLC | 1,990 | (9,701 | ) | |||||
easyJet PLC | 13,588 | (221,738 | ) | |||||
Essentra PLC | 14,979 | (110,751 | ) | |||||
Experian PLC | 9,545 | (191,727 | ) | |||||
Greene King PLC | 1,957 | (14,343 | ) | |||||
Halma PLC | 10,212 | (153,228 | ) | |||||
Hargreaves Lansdown PLC | 16,996 | (337,255 | ) | |||||
Inmarsat PLC | 22,763 | (196,457 | ) | |||||
Intertek Group PLC | 620 | (41,443 | ) | |||||
J Sainsbury PLC | 7,339 | (23,399 | ) | |||||
Johnson Matthey PLC | 616 | (28,247 | ) | |||||
Just Eat PLC | 30,469 | (272,914 | ) | |||||
Kingfisher PLC | 2,434 | (9,745 | ) | |||||
Meggitt PLC | 6,288 | (43,920 | ) | |||||
Merlin Entertainments PLC ~ | 20,740 | (123,776 | ) | |||||
Micro Focus International PLC | 564 | (18,052 | ) | |||||
Next PLC | 1,179 | (83,110 | ) | |||||
Old Mutual PLC | 23,410 | (60,982 | ) | |||||
Pearson PLC | 1,891 | (15,507 | ) | |||||
Pennon Group PLC | 15,183 | (162,113 | ) | |||||
Petrofac Ltd | 25,941 | (156,713 | ) | |||||
Provident Financial PLC | 10,011 | (111,468 | ) | |||||
Rightmove PLC | 762 | (41,322 | ) | |||||
Rotork PLC | 31,144 | (108,855 | ) | |||||
RPC Group PLC | 5,738 | (76,199 | ) | |||||
Serco Group PLC | 5,366 | (8,295 | ) | |||||
St James’s Place PLC | 8,749 | (134,470 | ) | |||||
Standard Chartered PLC | 1,008 | (10,023 | ) | |||||
Tesco PLC | 94,249 | (236,353 | ) | |||||
Travis Perkins PLC | 2,257 | (43,793 | ) | |||||
Worldpay Group PLC ~ | 40,443 | (220,744 | ) | |||||
|
| |||||||
(4,859,526 | ) | |||||||
|
| |||||||
Total Short Positions | (5,521,771 | ) | ||||||
|
| |||||||
Total Long and Short Positions | $15,096 | |||||||
|
|
Description | Counter- party | Expiration Dates (1) | ||||||
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 (0.426% as of 09/30/17) plus or minus a specified spread (rates range from (2.250%) to 0.500%) as negotiated by the parties, which is denominated in HKD based on the local currencies of the positions within the swap. | JPM | | 08/13/18 - 10/08/18 |
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2017:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Hong Kong | ||||||||
CK Asset Holdings Ltd | 5,500 | $45,723 | ||||||
I-CABLE Communications Ltd | 18,983 | 624 | ||||||
Kerry Properties Ltd | 44,000 | 182,756 | ||||||
Melco International Development Ltd | 42,000 | 121,669 | ||||||
New World Development Co Ltd | 97,000 | 139,963 | ||||||
Sino Land Co Ltd | 36,000 | 63,468 | ||||||
SJM Holdings Ltd | 43,000 | 39,502 |
Referenced Entity | Shares | Value | ||||||
VTech Holdings Ltd | 7,800 | $114,064 | ||||||
WH Group Ltd ~ | 39,000 | 41,535 | ||||||
Wheelock & Co Ltd | 25,000 | 176,472 | ||||||
Xinyi Glass Holdings Ltd | 54,000 | 53,521 | ||||||
Yue Yuen Industrial Holdings Ltd | 53,000 | 202,223 | ||||||
|
| |||||||
1,181,520 | ||||||||
|
| |||||||
Total Long Positions | 1,181,520 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-85
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Referenced Entity | Shares | Value | ||||||
Short Positions: | ||||||||
Hong Kong | ||||||||
Cathay Pacific Airways Ltd | 76,639 | ($116,108 | ) | |||||
Haitong International Securities Group Ltd | 129,051 | (74,676 | ) | |||||
Hang Lung Properties Ltd | 30,871 | (73,498 | ) | |||||
Hong Kong & China Gas Co Ltd | 104,270 | (196,479 | ) | |||||
Hysan Development Co Ltd | 3,000 | (14,154 | ) | |||||
MTR Corp Ltd | 17,103 | (100,142 | ) | |||||
Techtronic Industries Co Ltd | 3,500 | (18,736 | ) | |||||
Value Partners Group Ltd | 146,276 | (132,724 | ) | |||||
|
| |||||||
(726,517 | ) | |||||||
|
|
Referenced Entity | Shares | Value | ||||||
Macao | ||||||||
MGM China Holdings Ltd | 144,997 | ($347,987 | ) | |||||
|
| |||||||
United States | ||||||||
Samsonite International SA | 25,592 | (110,066 | ) | |||||
|
| |||||||
Total Short Positions | (1,184,570 | ) | ||||||
|
| |||||||
Total Long and Short Positions | ($3,050 | ) | ||||||
|
|
Description | Counter- party | Expiration Dates (1) | ||||
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 (1.001% as of 09/30/17) plus or minus a specified spread (rates range from (1.000%) to 0.408%) as negotiated by the parties, which is denominated in SGD based on the local currencies of the positions within the swap. | JPM | 08/13/18 - 09/24/18 |
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2017:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
China | ||||||||
Yangzijiang Shipbuilding Holdings Ltd | 276,306 | $292,066 | ||||||
|
| |||||||
Singapore | ||||||||
Genting Singapore PLC | 240,400 | 207,877 | ||||||
SATS Ltd | 20,000 | 68,069 | ||||||
|
| |||||||
275,946 | ||||||||
|
| |||||||
Total Long Positions | 568,012 | |||||||
|
|
Referenced Entity | Shares | Value | ||||||
Short Positions: | ||||||||
Singapore | ||||||||
CapitaLand Ltd | 6,800 | ($17,992 | ) | |||||
Global Logistic Properties Ltd | 34,300 | (83,573 | ) | |||||
Golden Agri-Resources Ltd | 62,400 | (17,251 | ) | |||||
Keppel Corp Ltd | 48,786 | (234,224 | ) | |||||
Singapore Post Ltd | 196,500 | (181,264 | ) | |||||
Singapore Press Holdings Ltd | 13,200 | (26,527 | ) | |||||
|
| |||||||
(560,831 | ) | |||||||
|
| |||||||
Total Short Positions | (560,831 | ) | ||||||
|
| |||||||
Total Long and Short Positions | $7,181 | |||||||
|
|
Description | Counter- party | Expiration Date (1) | ||||||
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 (1.000% as of 09/30/17) plus or minus a specified spread (rates range from (0.250%) to 0.325%) as negotiated by the parties, which is denominated in CAD based on the local currencies of the positions within the swap. | MSC | 05/02/19 |
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2017:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Canada | ||||||||
Air Canada | 23,435 | $492,835 | ||||||
Atco Ltd ‘I’ | 378 | 13,875 | ||||||
CAE Inc | 3,445 | 60,272 | ||||||
Canadian Tire Corp Ltd ‘A’ | 1,428 | 177,780 | ||||||
Constellation Software Inc | 32 | 17,458 | ||||||
Dollarama Inc | 3,791 | 414,815 | ||||||
Empire Co Ltd ‘A’ | 8,121 | 143,708 | ||||||
Encana Corp | 15,608 | 183,756 | ||||||
Finning International Inc | 2,492 | 56,980 | ||||||
George Weston Ltd | 1,680 | 146,289 | ||||||
Husky Energy Inc | 779 | 9,752 | ||||||
Industrial Alliance Insurance & Financial Services Inc | 3,195 | 144,674 | ||||||
Linamar Corp | 2,729 | 166,529 | ||||||
Lundin Mining Corp | 2,658 | 18,235 | ||||||
Magna International Inc | 4,448 | 237,381 | ||||||
National Bank of Canada | 3,093 | 148,856 | ||||||
Open Text Corp | 705 | 22,748 | ||||||
Quebecor Inc ‘B’ | 494 | 18,564 | ||||||
Royal Bank of Canada | 179 | 13,849 | ||||||
Saputo Inc | 2,128 | 73,659 |
Referenced Entity | Shares | Value | ||||||
West Fraser Timber Co Ltd | 3,274 | $188,922 | ||||||
WestJet Airlines Ltd | 1,585 | 33,752 | ||||||
|
| |||||||
2,784,689 | ||||||||
|
| |||||||
Total Long Positions | 2,784,689 | |||||||
|
| |||||||
Short Positions: | ||||||||
Canada | ||||||||
Agnico Eagle Mines Ltd | 1,779 | (80,399 | ) | |||||
AltaGas Ltd | 6,442 | (148,382 | ) | |||||
BlackBerry Ltd | 1,254 | (14,020 | ) | |||||
Bombardier Inc ‘B’ | 32,887 | (59,567 | ) | |||||
Cameco Corp | 14,572 | (140,727 | ) | |||||
Canadian Utilities Ltd ‘A’ | 5,002 | (155,342 | ) | |||||
Eldorado Gold Corp | 23,567 | (51,752 | ) | |||||
Element Fleet Management Corp | 1,980 | (14,678 | ) | |||||
Enbridge Inc | 7,148 | (298,580 | ) | |||||
Fairfax Financial Holdings Ltd | 174 | (90,550 | ) | |||||
Franco-Nevada Corp | 1,684 | (130,455 | ) | |||||
Gildan Activewear Inc | 5,662 | (176,928 | ) | |||||
Goldcorp Inc | 7,187 | (93,311 | ) | |||||
Keyera Corp | 2,295 | (70,151 | ) | |||||
Methanex Corp | 2,148 | (107,938 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-86
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Referenced Entity | Shares | Value | ||||||
Onex Corp | 127 | ($9,801 | ) | |||||
Peyto Exploration & Development Corp | 532 | (8,698 | ) | |||||
Restaurant Brands International Inc | 375 | (23,959 | ) | |||||
Stantec Inc | 1,454 | (40,354 | ) | |||||
TransCanada Corp | 4,913 | (242,825 | ) | |||||
Wheaton Precious Metals Corp | 8,750 | (166,900 | ) | |||||
WSP Global Inc | 3,891 | (161,877 | ) | |||||
Yamana Gold Inc | 25,522 | (67,500 | ) | |||||
|
| |||||||
(2,354,694 | ) | |||||||
|
|
Referenced Entity | Shares | Value | ||||||
United States | ||||||||
Valeant Pharmaceuticals International Inc | 12,759 | ($182,834 | ) | |||||
|
| |||||||
Zambia | ||||||||
First Quantum Minerals Ltd | 18,632 | (209,204 | ) | |||||
|
| |||||||
Total Short Positions | (2,746,732 | ) | ||||||
|
| |||||||
Total Long and Short Positions | $37,957 | |||||||
|
|
Description | Counter- party | Expiration Date (1) | ||||||
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 ((0.539%) as of 09/30/17) plus or minus a specified spread (rates range from (0.400%) to 0.400%) as negotiated by the parties, which is denominated in CHF based on the local currencies of the positions within the swap. | MSC | 05/02/19 |
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2017:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Switzerland | ||||||||
Adecco Group AG | 3,599 | $280,378 | ||||||
Flughafen Zurich AG | 1,185 | 268,183 | ||||||
Georg Fischer AG | 141 | 174,008 | ||||||
Lonza Group AG | 1,297 | 340,806 | ||||||
Sika AG | 32 | 238,262 | ||||||
Straumann Holding AG | 86 | 55,308 | ||||||
Swiss Life Holding AG | 1,286 | 453,369 | ||||||
Swiss Re AG | 793 | 71,881 | ||||||
Temenos Group AG | 3,686 | 376,485 | ||||||
Zurich Insurance Group AG | 449 | 137,205 | ||||||
|
| |||||||
2,395,885 | ||||||||
|
| |||||||
Total Long Positions | 2,395,885 | |||||||
|
|
Referenced Entity | Shares | Value | ||||||
Short Positions: | ||||||||
Austria | ||||||||
ams AG | 2,221 | ($161,266 | ) | |||||
|
| |||||||
Switzerland | ||||||||
Aryzta AG | 6,609 | (203,001 | ) | |||||
Barry Callebaut AG | 46 | (70,422 | ) | |||||
Chocoladefabriken Lindt & Spruengli AG | 43 | (245,340 | ) | |||||
Credit Suisse Group AG | 48,417 | (767,148 | ) | |||||
DKSH Holding AG | 116 | (9,857 | ) | |||||
GAM Holding AG | 5,984 | (92,764 | ) | |||||
OC Oerlikon Corp AG | 1,779 | (27,411 | ) | |||||
Vifor Pharma AG | 3,703 | (436,756 | ) | |||||
|
| |||||||
(1,852,699 | ) | |||||||
|
| |||||||
Total Short Positions | (2,013,965 | ) | ||||||
|
| |||||||
Total Long and Short Positions | $381,920 | |||||||
|
|
Description | Counter- party | Expiration Date (1) | ||||||
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 ((0.361%) as of 09/30/17) plus or minus a specified spread (rates range from (2.750%) to 0.400%) as negotiated by the parties, which is denominated in EUR based on the local currencies of the positions within the swap. | MSC | 05/02/19 |
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2017:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Belgium | ||||||||
Ageas | 6,081 | $286,010 | ||||||
bpost SA | 6,825 | 202,981 | ||||||
KBC Group NV | 117 | 9,926 | ||||||
Proximus SADP | 2,750 | 94,803 | ||||||
Solvay SA | 939 | 140,378 | ||||||
UCB SA | 632 | 45,041 | ||||||
Umicore SA | 1,459 | 120,784 | ||||||
|
| |||||||
899,923 | ||||||||
|
| |||||||
Finland | ||||||||
Cargotec OYJ ‘B’ | 3,182 | 200,109 | ||||||
Kesko OYJ ‘B’ | 5,338 | 286,368 | ||||||
Neste OYJ | 7,115 | 310,956 | ||||||
Orion OYJ ‘B’ | 1,498 | 69,555 | ||||||
UPM-Kymmene OYJ | 2,866 | 77,757 | ||||||
|
| |||||||
944,745 | ||||||||
|
| |||||||
France | ||||||||
Air France-KLM | 13,610 | 214,629 | ||||||
Amundi SA | 255 | 21,202 |
Referenced Entity | Shares | Value | ||||||
Arkema SA | 309 | $37,915 | ||||||
Atos SE | 4,790 | 742,963 | ||||||
BioMerieux | 605 | 49,249 | ||||||
BNP Paribas SA | 2,517 | 203,060 | ||||||
Capgemini SA | 1,604 | 188,027 | ||||||
Cie Generale des Etablissements Michelin | 2,137 | 311,790 | ||||||
CNP Assurances | 7,801 | 182,880 | ||||||
Eiffage SA | 258 | 26,719 | ||||||
Elior Group ~ | 974 | 25,805 | ||||||
Eutelsat Communications SA | 1,041 | 30,816 | ||||||
Faurecia | 1,251 | 86,814 | ||||||
Imerys SA | 306 | 27,649 | ||||||
Ipsen SA | 1,722 | 229,117 | ||||||
Lagardere SCA | 4,664 | 156,245 | ||||||
Peugeot SA | 20,088 | 478,196 | ||||||
Renault SA | 101 | 9,924 | ||||||
Sanofi | 1,373 | 136,677 | ||||||
SCOR SE | 945 | 39,632 | ||||||
SEB SA | 167 | 30,648 | ||||||
Teleperformance | 4,362 | 650,757 | ||||||
Thales SA | 1,865 | 211,211 | ||||||
|
| |||||||
4,091,925 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-87
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Referenced Entity | Shares | Value | ||||||
Germany | ||||||||
Aurubis AG | 2,106 | $170,745 | ||||||
Covestro AG ~ | 7,641 | 657,510 | ||||||
Deutsche Lufthansa AG | 6,030 | 167,687 | ||||||
Evonik Industries AG | 1,057 | 37,790 | ||||||
Freenet AG | 1,355 | 45,347 | ||||||
HOCHTIEF AG | 1,782 | 300,983 | ||||||
Infineon Technologies AG | 3,663 | 92,353 | ||||||
KION Group AG | 335 | 32,091 | ||||||
OSRAM Licht AG | 1,721 | 137,455 | ||||||
Rheinmetall AG | 2,939 | 331,473 | ||||||
RWE AG | 7,427 | 168,963 | ||||||
Salzgitter AG | 4,795 | 217,808 | ||||||
Software AG | 7,387 | 360,919 | ||||||
Suedzucker AG | 9,168 | 197,172 | ||||||
Talanx AG | 3,263 | 132,018 | ||||||
Uniper SE | 13,251 | 363,668 | ||||||
|
| |||||||
3,413,982 | ||||||||
|
| |||||||
Italy | ||||||||
A2A SPA | 305,039 | 524,824 | ||||||
Assicurazioni Generali SPA | 9,152 | 170,696 | ||||||
Autogrill SPA | 22,053 | 286,838 | ||||||
DiaSorin SPA | 596 | 53,153 | ||||||
Enel SPA | 51,127 | 308,003 | ||||||
GEDI Gruppo Editoriale SpA | 1,574 | 1,395 | ||||||
Hera SPA | 31,516 | 99,117 | ||||||
Intesa Sanpaolo SpA | 115,238 | 407,976 | ||||||
Leonardo SPA | 12,937 | 242,569 | ||||||
Moncler SPA | 9,781 | 282,606 | ||||||
Prysmian SPA | 11,110 | 375,375 | ||||||
Recordati SPA | 4,127 | 190,447 | ||||||
Unipol Gruppo Finanziario SPA | 20,826 | 95,550 | ||||||
|
| |||||||
3,038,549 | ||||||||
|
| |||||||
Luxembourg | ||||||||
ArcelorMittal | 389 | 10,035 | ||||||
|
| |||||||
Netherlands | ||||||||
ABN AMRO Group NV | 6,300 | 188,648 | ||||||
ASM International NV | 3,498 | 221,207 | ||||||
ASR Nederland NV | 2,519 | 100,763 | ||||||
Koninklijke Philips NV | 4,652 | 191,940 | ||||||
NN Group NV | 13,481 | 564,532 | ||||||
Philips Lighting NV ~ | 3,533 | 142,598 | ||||||
Randstad Holding NV | 1,426 | 88,132 | ||||||
Wolters Kluwer NV | 3,221 | 148,858 | ||||||
|
| |||||||
1,646,678 | ||||||||
|
| |||||||
Portugal | ||||||||
EDP—Energias de Portugal SA | 7,411 | 27,944 | ||||||
Galp Energia SGPS SA | 4,425 | 78,469 | ||||||
|
| |||||||
106,413 | ||||||||
|
| |||||||
Spain | ||||||||
ACS Actividades de Construccion y Servicios SA | 2,342 | 86,882 | ||||||
Almirall SA | 942 | 9,586 | ||||||
Banco de Sabadell SA | 14,487 | 30,286 | ||||||
Banco Santander SA | 26,538 | 185,628 | ||||||
Ebro Foods SA | 4,450 | 105,451 | ||||||
Endesa SA | 3,442 | 77,668 | ||||||
Mapfre SA | 39,008 | 127,110 | ||||||
Prosegur Cia de Seguridad SA | 9,513 | 71,107 | ||||||
Repsol SA | 29,099 | 537,001 | ||||||
|
| |||||||
1,230,719 | ||||||||
|
| |||||||
Switzerland | ||||||||
STMicroelectronics NV | 4,829 | 93,635 | ||||||
|
|
Referenced Entity | Shares | Value | ||||||
United Kingdom | ||||||||
Dialog Semiconductor PLC | 3,779 | $167,242 | ||||||
Fiat Chrysler Automobiles NV | 24,559 | 440,129 | ||||||
|
| |||||||
607,371 | ||||||||
|
| |||||||
Total Long Positions | 16,083,975 | |||||||
|
| |||||||
Short Positions: | ||||||||
Belgium | ||||||||
Anheuser-Busch InBev SA/NV | 6,312 | (754,515 | ) | |||||
Telenet Group Holding NV | 2,233 | (147,809 | ) | |||||
|
| |||||||
(902,324 | ) | |||||||
|
| |||||||
Finland | ||||||||
Amer Sports OYJ | 5,501 | (146,041 | ) | |||||
Huhtamaki OYJ | 1,309 | (52,866 | ) | |||||
Metso OYJ | 405 | (14,864 | ) | |||||
Nokia OYJ | 2,963 | (17,803 | ) | |||||
Nokian Renkaat OYJ | 641 | (28,523 | ) | |||||
Outokumpu OYJ | 5,497 | (57,189 | ) | |||||
|
| |||||||
(317,286 | ) | |||||||
|
| |||||||
France | ||||||||
Accor SA | 7,788 | (387,322 | ) | |||||
Aeroports de Paris | 739 | (119,462 | ) | |||||
Bollore SA | 119,604 | (598,088 | ) | |||||
Bureau Veritas SA | 1,657 | (42,763 | ) | |||||
Edenred | 23,200 | (630,683 | ) | |||||
Electricite de France SA | 21,245 | (258,026 | ) | |||||
Groupe Eurotunnel SE | 22,548 | (271,823 | ) | |||||
Iliad SA | 142 | (37,744 | ) | |||||
Ingenico Group SA | 3,544 | (335,982 | ) | |||||
JCDecaux SA | 2,901 | (108,762 | ) | |||||
Orpea | 1,488 | (176,373 | ) | |||||
Remy Cointreau SA | 1,400 | (165,842 | ) | |||||
SFR Group SA | 3,367 | (137,357 | ) | |||||
Vivendi SA | 4,864 | (123,223 | ) | |||||
Zodiac Aerospace | 6,025 | (174,190 | ) | |||||
|
| |||||||
(3,567,640 | ) | |||||||
|
| |||||||
Germany | ||||||||
Axel Springer SE | 1,152 | (74,093 | ) | |||||
Bilfinger SE | 3,092 | (129,669 | ) | |||||
Deutsche Bank AG | 6,911 | (119,634 | ) | |||||
Duerr AG | 434 | (58,115 | ) | |||||
E.ON SE | 48,091 | (545,178 | ) | |||||
Fielmann AG | 404 | (35,031 | ) | |||||
GEA Group AG | 7,587 | (345,385 | ) | |||||
Krones AG | 165 | (22,951 | ) | |||||
MAN SE | 359 | (40,525 | ) | |||||
ProSiebenSat.1 Media SE | 2,329 | (79,476 | ) | |||||
Sartorius AG Preferred | 1,429 | (136,739 | ) | |||||
Symrise AG | 1,272 | (96,703 | ) | |||||
Telefonica Deutschland Holding AG | 21,497 | (120,805 | ) | |||||
thyssenkrupp AG | 5,476 | (162,636 | ) | |||||
United Internet AG | 4,470 | (278,626 | ) | |||||
Volkswagen AG Preferred | 646 | (105,462 | ) | |||||
Zalando SE ~ | 8,320 | (417,601 | ) | |||||
|
| |||||||
(2,768,629 | ) | |||||||
|
| |||||||
Italy | ||||||||
Azimut Holding SPA | 11,521 | (249,616 | ) | |||||
Banca Generali SPA | 1,204 | (41,817 | ) | |||||
Banco BPM SPA | 17,522 | (72,878 | ) | |||||
BPER Banca | 19,882 | (119,131 | ) | |||||
Brembo SpA | 2,175 | (36,817 | ) | |||||
Buzzi Unicem SpA | 3,045 | (82,285 | ) | |||||
Ferrari NV | 240 | (26,555 | ) | |||||
FinecoBank Banca Fineco SPA | 2,229 | (19,790 | ) | |||||
Mediaset SPA | 24,816 | (85,967 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-88
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Referenced Entity | Shares | Value | ||||||
Saipem SpA | 65,581 | ($283,223 | ) | |||||
Salvatore Ferragamo SPA | 7,307 | (205,410 | ) | |||||
UniCredit SPA | 13,639 | (291,050 | ) | |||||
Unione di Banche Italiane SpA | 11,977 | (62,243 | ) | |||||
Yoox Net-A-Porter Group SPA | 6,056 | (237,690 | ) | |||||
|
| |||||||
(1,814,472 | ) | |||||||
|
| |||||||
Luxembourg | ||||||||
Eurofins Scientific SE | 478 | (302,430 | ) | |||||
SES SA | 1,238 | (27,102 | ) | |||||
Tenaris SA | 48,479 | (687,186 | ) | |||||
|
| |||||||
(1,016,718 | ) | |||||||
|
| |||||||
Netherlands | ||||||||
Altice NV ‘A’ | 37,101 | (743,348 | ) | |||||
Boskalis Westminster | 284 | (9,927 | ) | |||||
Koninklijke Vopak NV | 3,359 | (147,305 | ) | |||||
OCI NV | 7,956 | (186,369 | ) | |||||
SBM Offshore NV | 19,402 | (351,816 | ) | |||||
|
| |||||||
(1,438,765 | ) | |||||||
|
|
Referenced Entity | Shares | Value | ||||||
Portugal | ||||||||
Banco Comercial Portugues SA | 396,141 | ($114,943 | ) | |||||
|
| |||||||
Spain | ||||||||
Atresmedia Corp de Medios de Comunicacion SA | 3,112 | (32,740 | ) | |||||
Bankia SA | 59,181 | (285,712 | ) | |||||
Cellnex Telecom SAU ~ | 19,075 | (436,678 | ) | |||||
Ferrovial SA | 2,043 | (45,015 | ) | |||||
Grifols SA | 1,807 | (52,734 | ) | |||||
Industria de Diseno Textil SA | 260 | (9,802 | ) | |||||
Zardoya Otis SA | 8,330 | (92,152 | ) | |||||
|
| |||||||
(954,833 | ) | |||||||
|
| |||||||
United States | ||||||||
QIAGEN NV | 5,790 | (183,021 | ) | |||||
|
| |||||||
Total Short Positions | (13,078,631 | ) | ||||||
|
| |||||||
Total Long and Short Positions | $3,005,344 | |||||||
|
|
Description | Counter- party | Expiration Date (1) | ||||||
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 ((0.046%) as of 09/30/17) plus or minus a specified spread (rates range from (5.250%) to 0.450%) 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 |
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2017:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Japan | ||||||||
Alfresa Holdings Corp | 7,900 | $144,731 | ||||||
Amada Holdings Co Ltd | 9,700 | 106,500 | ||||||
ANA Holdings Inc | 1,800 | 68,182 | ||||||
Aozora Bank Ltd | 2,800 | 106,606 | ||||||
Asahi Glass Co Ltd | 1,800 | 66,858 | ||||||
Asahi Group Holdings Ltd | 3,100 | 125,360 | ||||||
Bandai Namco Holdings Inc | 13,100 | 450,048 | ||||||
Brother Industries Ltd | 3,100 | 72,279 | ||||||
Chubu Electric Power Co Inc | 8,100 | 100,665 | ||||||
Citizen Watch Co Ltd | 23,900 | 164,807 | ||||||
Cosmos Pharmaceutical Corp | 400 | 89,294 | ||||||
Daicel Corp | 4,300 | 51,848 | ||||||
Fuji Electric Co Ltd | 8,000 | 44,389 | ||||||
Fujitsu Ltd | 79,000 | 587,961 | ||||||
GungHo Online Entertainment Inc | 27,800 | 75,204 | ||||||
Hakuhodo DY Holdings Inc | 13,100 | 172,480 | ||||||
Haseko Corp | 29,400 | 392,325 | ||||||
Hitachi Chemical Co Ltd | 10,900 | 299,103 | ||||||
Hitachi Construction Machinery Co Ltd | 700 | 20,745 | ||||||
Hitachi High-Technologies Corp | 7,700 | 279,655 | ||||||
Hitachi Ltd | 66,000 | 465,356 | ||||||
Idemitsu Kosan Co Ltd | 3,900 | 110,221 | ||||||
Inpex Corp | 10,500 | 111,854 | ||||||
Itochu Techno-Solutions Corp | 10,800 | 403,457 | ||||||
Japan Airlines Co Ltd | 2,100 | 71,088 | ||||||
JFE Holdings Inc | 10,700 | 209,290 | ||||||
JSR Corp | 3,100 | 58,943 | ||||||
JTEKT Corp | 1,700 | 23,533 | ||||||
JXTG Holdings Inc | 54,600 | 281,530 | ||||||
Kajima Corp | 26,000 | 258,425 | ||||||
Kamigumi Co Ltd | 6,500 | 150,590 | ||||||
Kaneka Corp | 16,000 | 124,320 | ||||||
Kao Corp | 3,200 | 188,395 | ||||||
Kewpie Corp | 2,100 | 50,665 | ||||||
Kobayashi Pharmaceutical Co Ltd | 1,500 | 85,026 | ||||||
Konami Holdings Corp | 2,007 | 96,624 | ||||||
Kurita Water Industries Ltd | 400 | 11,560 |
Referenced Entity | Shares | Value | ||||||
Kyushu Financial Group Inc | 2,700 | $16,622 | ||||||
Lion Corp | 2,100 | 38,371 | ||||||
Marubeni Corp | 10,200 | 69,729 | ||||||
Matsumotokiyoshi Holdings Co Ltd | 3,300 | 221,039 | ||||||
Medipal Holdings Corp | 8,600 | 149,463 | ||||||
Miraca Holdings Inc | 1,100 | 51,209 | ||||||
Mitsubishi Corp | 4,400 | 102,370 | ||||||
Mitsubishi Gas Chemical Co Inc | 12,100 | 283,909 | ||||||
Mitsubishi Materials Corp | 3,800 | 131,621 | ||||||
Mitsubishi Tanabe Pharma Corp | 9,700 | 222,683 | ||||||
Mitsui Chemicals Inc | 5,000 | 152,087 | ||||||
Mixi Inc | 3,200 | 154,547 | ||||||
MS&AD Insurance Group Holdings Inc | 2,700 | 87,011 | ||||||
Nexon Co Ltd | 4,700 | 122,869 | ||||||
NH Foods Ltd | 3,000 | 82,452 | ||||||
NHK Spring Co Ltd | 13,600 | 146,669 | ||||||
Nippon Electric Glass Co Ltd | 3,500 | 135,674 | ||||||
Nippon Express Co Ltd | 4,800 | 312,922 | ||||||
Nippon Shinyaku Co Ltd | 700 | 48,650 | ||||||
Nippon Shokubai Co Ltd | 1,400 | 98,958 | ||||||
Nippon Telegraph & Telephone Corp | 7,500 | 343,655 | ||||||
Nomura Research Institute Ltd | 400 | 15,621 | ||||||
Obayashi Corp | 18,300 | 219,498 | ||||||
Omron Corp | 1,200 | 61,191 | ||||||
Oracle Corp Japan | 2,300 | 180,785 | ||||||
Otsuka Corp | 1,600 | 102,617 | ||||||
Persol Holdings Co Ltd | 1,800 | 41,940 | ||||||
Pola Orbis Holdings Inc | 5,700 | 172,355 | ||||||
Resona Holdings Inc | 3,200 | 16,453 | ||||||
Rohm Co Ltd | 800 | 68,647 | ||||||
Sankyo Co Ltd | 1,615 | 51,532 | ||||||
Sega Sammy Holdings Inc | 14,400 | 201,292 | ||||||
Sekisui Chemical Co Ltd | 2,500 | 49,254 | ||||||
Shimamura Co Ltd | 800 | 95,964 | ||||||
Shimizu Corp | 3,600 | 39,922 | ||||||
Shin-Etsu Chemical Co Ltd | 1,900 | 170,050 | ||||||
Shionogi & Co Ltd | 1,700 | 92,934 | ||||||
Sojitz Corp | 83,300 | 230,494 | ||||||
Square Enix Holdings Co Ltd | 9,700 | 365,311 | ||||||
Start Today Co Ltd | 9,200 | 291,549 | ||||||
Sumitomo Heavy Industries Ltd | 3,600 | 144,501 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-89
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Referenced Entity | Shares | Value | ||||||
Suzuken Co Ltd | 6,400 | $227,631 | ||||||
Taisei Corp | 5,800 | 304,163 | ||||||
The Gunma Bank Ltd | 13,600 | 84,255 | ||||||
THK Co Ltd | 2,800 | 95,504 | ||||||
Tokyo Broadcasting System Holdings Inc | 3,900 | 72,381 | ||||||
Tokyo Century Corp | 300 | 13,514 | ||||||
Tokyo Gas Co Ltd | 3,600 | 88,159 | ||||||
Toppan Printing Co Ltd | 22,000 | 218,246 | ||||||
Tosoh Corp | 12,000 | 270,866 | ||||||
Toyo Seikan Group Holdings Ltd | 800 | 13,369 | ||||||
Toyo Suisan Kaisha Ltd | 4,400 | 161,650 | ||||||
Toyoda Gosei Co Ltd | 4,500 | 106,345 | ||||||
Toyota Boshoku Corp | 8,700 | 184,466 | ||||||
Toyota Tsusho Corp | 2,000 | 65,731 | ||||||
USS Co Ltd | 1,100 | 22,201 | ||||||
Welcia Holdings Co Ltd | 300 | 11,302 | ||||||
|
| |||||||
13,644,120 | ||||||||
|
| |||||||
Total Long Positions | 13,644,120 | |||||||
|
| |||||||
Short Positions: | ||||||||
Japan | ||||||||
Advantest Corp | 2,900 | (54,372 | ) | |||||
Aeon Co Ltd | 17,500 | (258,660 | ) | |||||
AEON Financial Service Co Ltd | 8,900 | (186,186 | ) | |||||
Alps Electric Co Ltd | 6,400 | (169,144 | ) | |||||
Asics Corp | 17,600 | (262,497 | ) | |||||
Calbee Inc | 12,000 | (421,457 | ) | |||||
Casio Computer Co Ltd | 3,000 | (42,317 | ) | |||||
Chugai Pharmaceutical Co Ltd | 4,100 | (170,380 | ) | |||||
Concordia Financial Group Ltd | 2,000 | (9,892 | ) | |||||
Dai-ichi Life Holdings Inc | 7,200 | (129,151 | ) | |||||
Daiwa Securities Group Inc | 12,000 | (68,026 | ) | |||||
Don Quijote Holdings Co Ltd | 7,100 | (265,382 | ) | |||||
Electric Power Development Co Ltd | 10,500 | (263,768 | ) | |||||
FamilyMart UNY Holdings Co Ltd | 6,600 | (347,701 | ) | |||||
Fast Retailing Co Ltd | 600 | (176,973 | ) | |||||
Hamamatsu Photonics KK | 9,604 | (290,535 | ) | |||||
Hitachi Capital Corp | 500 | (11,899 | ) | |||||
Hokuriku Electric Power Co | 15,300 | (128,423 | ) | |||||
Honda Motor Co Ltd | 300 | (8,862 | ) | |||||
IHI Corp | 2,700 | (94,118 | ) | |||||
Isetan Mitsukoshi Holdings Ltd | 16,600 | (173,467 | ) | |||||
J Front Retailing Co Ltd | 2,700 | (37,331 | ) | |||||
Japan Post Holdings Co Ltd | 2,200 | (25,992 | ) | |||||
Japan Post Insurance Co Ltd | 1,600 | (34,289 | ) | |||||
JGC Corp | 1,800 | (29,150 | ) | |||||
Kakaku.com Inc | 11,000 | (140,334 | ) | |||||
Kansai Paint Co Ltd | 8,800 | (221,680 | ) | |||||
Kawasaki Heavy Industries Ltd | 3,100 | (102,787 | ) | |||||
Keihan Holdings Co Ltd | 2,600 | (76,151 | ) | |||||
Keikyu Corp | 10,500 | (212,937 | ) | |||||
Keio Corp | 4,200 | (173,115 | ) | |||||
Kikkoman Corp | 3,400 | (104,468 | ) | |||||
Kintetsu Group Holdings Co Ltd | 6,300 | (234,372 | ) |
Referenced Entity | Shares | Value | ||||||
Kobe Steel Ltd | 12,000 | ($137,427 | ) | |||||
Konica Minolta Inc | 4,500 | (36,973 | ) | |||||
Kyushu Electric Power Co Inc | 12,100 | (128,544 | ) | |||||
M3 Inc | 1,900 | (54,172 | ) | |||||
Marui Group Co Ltd | 18,353 | (262,728 | ) | |||||
Mitsubishi Heavy Industries Ltd | 2,300 | (90,941 | ) | |||||
Mitsubishi Logistics Corp | 8,000 | (199,047 | ) | |||||
Mitsubishi UFJ Financial Group Inc | 1,500 | (9,753 | ) | |||||
Mitsubishi UFJ Lease & Finance Co Ltd | 2,100 | (11,142 | ) | |||||
Mizuho Financial Group Inc | 6,000 | (10,518 | ) | |||||
MonotaRO Co Ltd | 5,700 | (152,458 | ) | |||||
Murata Manufacturing Co Ltd | 800 | (117,775 | ) | |||||
Nagoya Railroad Co Ltd | 6,400 | (137,816 | ) | |||||
Nankai Electric Railway Co Ltd | 2,800 | (69,305 | ) | |||||
NGK Spark Plug Co Ltd | 21,000 | (447,228 | ) | |||||
Nidec Corp | 2,000 | (245,862 | ) | |||||
Nippon Paint Holdings Co Ltd | 7,500 | (255,145 | ) | |||||
Nippon Yusen KK | 6,900 | (143,587 | ) | |||||
Odakyu Electric Railway Co Ltd | 15,300 | (290,318 | ) | |||||
Ono Pharmaceutical Co Ltd | 12,600 | (286,001 | ) | |||||
Orient Corp | 32,000 | (52,108 | ) | |||||
Oriental Land Co Ltd | 100 | (7,624 | ) | |||||
Pigeon Corp | 4,400 | (150,417 | ) | |||||
Renesas Electronics Corp | 15,700 | (171,106 | ) | |||||
Ricoh Co Ltd | 32,500 | (316,035 | ) | |||||
Santen Pharmaceutical Co Ltd | 8,100 | (127,801 | ) | |||||
Seibu Holdings Inc | 6,700 | (114,443 | ) | |||||
Seiko Epson Corp | 4,400 | (106,550 | ) | |||||
Seven Bank Ltd | 79,300 | (286,567 | ) | |||||
Shikoku Electric Power Co Inc | 26,300 | (309,247 | ) | |||||
Shimano Inc | 4,300 | (572,843 | ) | |||||
Sony Financial Holdings Inc | 25,800 | (423,367 | ) | |||||
Sosei Group Corp | 1,800 | (152,244 | ) | |||||
Sumitomo Mitsui Financial Group Inc | 2,700 | (103,786 | ) | |||||
Suruga Bank Ltd | 3,700 | (79,845 | ) | |||||
Sysmex Corp | 3,100 | (198,062 | ) | |||||
T&D Holdings Inc | 8,800 | (127,665 | ) | |||||
The Bank of Kyoto Ltd | 4,600 | (234,141 | ) | |||||
The Chugoku Electric Power Co Inc | 32,000 | (339,942 | ) | |||||
The Iyo Bank Ltd | 1,200 | (9,724 | ) | |||||
The Shizuoka Bank Ltd | 2,000 | (17,999 | ) | |||||
The Yokohama Rubber Co Ltd | 4,900 | (101,053 | ) | |||||
Tobu Railway Co Ltd | 800 | (21,981 | ) | |||||
Tokio Marine Holdings Inc | 1,400 | (54,792 | ) | |||||
Toyota Industries Corp | 3,900 | (224,299 | ) | |||||
Toyota Motor Corp | 3,800 | (226,588 | ) | |||||
Yahoo Japan Corp | 12,500 | (59,411 | ) | |||||
Yakult Honsha Co Ltd | 7,600 | (546,920 | ) | |||||
Yamaha Corp | 1,200 | (44,306 | ) | |||||
Yamaha Motor Co Ltd | 500 | (14,968 | ) | |||||
Yamato Holdings Co Ltd | 3,700 | (74,740 | ) | |||||
Yaskawa Electric Corp | 8,400 | (266,613 | ) | |||||
|
| |||||||
(13,549,743 | ) | |||||||
|
| |||||||
Total Short Positions | (13,549,743 | ) | ||||||
|
| |||||||
Total Long and Short Positions | $94,377 | |||||||
|
|
Description | Counter- party | Expiration Date (1) | ||||||
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 ((0.396% as of 09/30/17) plus or minus a specified spread (rates range from (0.500%) to 0.400%) as negotiated by the parties, which is denominated in DKK based on the local currencies of the positions within the swap. | MSC | 05/01/19 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-90
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2017:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Denmark | ||||||||
GN Store Nord AS | 3,751 | $128,770 | ||||||
H Lundbeck AS | 4,176 | 241,423 | ||||||
ISS AS | 3,828 | 154,330 | ||||||
Jyske Bank AS | 345 | 19,945 | ||||||
TDC AS | 39,493 | 231,609 | ||||||
Vestas Wind Systems AS | 6,944 | 624,167 | ||||||
|
| |||||||
1,400,244 | ||||||||
|
| |||||||
Total Long Positions | 1,400,244 | |||||||
|
|
Referenced Entity | Shares | Value | ||||||
Short Positions: | ||||||||
Denmark | ||||||||
Chr Hansen Holding AS | 1,985 | ($170,397 | ) | |||||
Coloplast AS ‘B’ | 119 | (9,675 | ) | |||||
Genmab AS | 699 | (154,580 | ) | |||||
Nets AS ~ | 2,119 | (54,858 | ) | |||||
Novozymes AS ‘B’ | 7,186 | (369,128 | ) | |||||
Pandora AS | 5,396 | (533,515 | ) | |||||
Tryg AS | 2,010 | (46,473 | ) | |||||
|
| |||||||
(1,338,626 | ) | |||||||
|
| |||||||
Total Short Positions | (1,338,626 | ) | ||||||
|
| |||||||
Total Long and Short Positions | $61,618 | |||||||
|
|
Description | Counter- party | Expiration Date (1) | ||||||
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 (0.666% as of 09/30/17) plus or minus a specified spread (rates range from (0.500%) to 0.400%) as negotiated by the parties, which is denominated in NOK based on the local currencies of the positions within the swap. | MSC | 05/02/19 |
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2017:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Norway | ||||||||
DNB ASA | 1,196 | $24,147 | ||||||
Leroy Seafood Group ASA | 14,445 | 92,517 | ||||||
Marine Harvest ASA | 8,875 | 175,505 | ||||||
Salmar ASA | 2,462 | 69,627 | ||||||
|
| |||||||
361,796 | ||||||||
|
| |||||||
Total Long Positions | 361,796 | |||||||
|
|
Referenced Entity | Shares | Value | ||||||
Short Position: | ||||||||
Norway | ||||||||
Schibsted ASA ‘A’ | 14,476 | ($373,189 | ) | |||||
|
| |||||||
Total Short Position | (373,189 | ) | ||||||
|
| |||||||
Total Long and Short Positions | ($11,393 | ) | ||||||
|
|
Description | Counter- party | Expiration Date (1) | ||||||
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 ((0.520%) as of 09/30/17) plus or minus a specified spread (rates range from (0.500%) to 0.400%) as negotiated by the parties, which is denominated in SEK based on the local currencies of the positions within the swap. | MSC | 05/02/19 |
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2017:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Malta | ||||||||
Kindred Group PLC SDR | 1,717 | $19,753 | ||||||
|
| |||||||
Sweden | ||||||||
BillerudKorsnas AB | 572 | 9,702 | ||||||
Boliden AB | 11,091 | 376,200 | ||||||
Essity AB ‘B’ | 1,488 | 40,569 | ||||||
Holmen AB ‘B’ | 208 | 9,747 | ||||||
Husqvarna AB ‘B’ | 1,114 | 11,472 | ||||||
NCC AB ‘B’ | 14,977 | 355,527 | ||||||
Saab AB ‘B’ | 3,414 | 173,531 | ||||||
SSAB AB | 6,805 | 32,864 | ||||||
Svenska Cellulosa AB SCA ‘B’ | 4,238 | 35,924 | ||||||
Swedish Match AB | 1,000 | 35,121 | ||||||
|
| |||||||
1,080,657 | ||||||||
|
| |||||||
Total Long Positions | 1,100,410 | |||||||
|
|
Referenced Entity | Shares | Value | ||||||
Short Positions: | ||||||||
Luxembourg | ||||||||
Millicom International Cellular SA SDR | 1,643 | ($108,535 | ) | |||||
|
| |||||||
Sweden | ||||||||
Elekta AB ‘B’ | 4,448 | (46,045 | ) | |||||
Getinge AB ‘B’ | 1,472 | (27,635 | ) | |||||
Hennes & Mauritz AB ‘B’ | 10,017 | (260,204 | ) | |||||
Hexagon AB ‘B’ | 4,986 | (247,346 | ) | |||||
Hexpol AB | 6,697 | (70,541 | ) | |||||
Modern Times Group MTG AB ‘B’ | 347 | (12,584 | ) | |||||
Svenska Handelsbanken AB ‘A’ | 2,278 | (34,417 | ) | |||||
Telefonaktiebolaget LM Ericsson ‘B’ | 48,014 | (276,806 | ) | |||||
|
| |||||||
(975,578 | ) | |||||||
|
| |||||||
Total Short Positions | (1,084,113 | ) | ||||||
|
| |||||||
Total Long and Short Positions | $16,297 | |||||||
|
| |||||||
Total Basket Swaps | $10,562,394 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-91
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
(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 is representative of the cost basis of the long and short positions. |
(3) | Unrealized Appreciation (Depreciation) includes Net Dividends and Financing Fees. |
(4) | Net Dividends and Financing Fees, Including Cash, includes the gains (losses) realized within the swap when the swap resets. |
Total Return Swaps
Receive Total Return | Pay Total Return | Payment Frequency | Counter- Party | Expiration Date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Positive return on Swiss | | Negative return on Swiss Market Index |
| M | GSC | 12/15/17 | 12 | $1,118,235 | $1,131,506 | $13,271 | ||||||||||||||||||||||
Positive return on Swiss | | Negative return on Swiss Market Index |
| M | MSC | 12/15/17 | 1 | 94,146 | 95,252 | 1,106 | ||||||||||||||||||||||
Positive return on MSCI | | Negative return on MSCI Canada Index |
| M | JPM | 12/20/17 | 96 | 455,576 | 471,663 | 16,087 | ||||||||||||||||||||||
Positive return on MSCI | | Negative return on MSCI Hong Kong Index |
| M | JPM | 12/20/17 | 33 | 345,460 | 343,384 | (2,076 | ) | |||||||||||||||||||||
Positive return on MSCI | | Negative return on MSCI Italy Index |
| M | JPM | 12/20/17 | 1,626 | 201,108 | 203,919 | 2,811 | ||||||||||||||||||||||
Positive return on MSCI | | Negative return on MSCI Japan Index |
| M | JPM | 12/20/17 | 6,246 | 101,788 | 104,577 | 2,789 | ||||||||||||||||||||||
Positive return on MSCI | | Negative return on MSCI Singapore Index |
| M | JPM | 12/20/17 | 27 | 106,432 | 106,847 | 415 | ||||||||||||||||||||||
Negative return on MSCI | | Positive return on MSCI United Kingdom Index |
| M | JPM | 12/20/17 | 7 | 103,862 | 104,995 | (1,133 | ) | |||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
$33,270 | ||||||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||
Total Swap Agreements | $8,667,746 | |||||||||||||||||||||||||||||||
|
|
(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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 | |||||||||||||||
Assets | Short-Term Investments | $61,875,609 | $13,984,298 | $47,891,311 | $— | |||||||||||||
Derivatives: | ||||||||||||||||||
Equity Contracts | ||||||||||||||||||
Futures | 599,779 | 599,779 | — | — | ||||||||||||||
Swaps | 8,670,955 | — | 8,670,955 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Equity Contracts | 9,270,734 | 599,779 | 8,670,955 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 96,335 | — | 96,335 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 9,367,069 | 599,779 | 8,767,290 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 71,242,678 | 14,584,077 | 56,658,601 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Equity Contracts | ||||||||||||||||||
Futures | (11,984 | ) | (11,984 | ) | — | — | ||||||||||||
Swaps | (3,209 | ) | — | (3,209 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Equity Contracts | (15,193 | ) | (11,984 | ) | (3,209 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (179,422 | ) | — | (179,422 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (194,615 | ) | (11,984 | ) | (182,631 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (194,615 | ) | (11,984 | ) | (182,631 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $71,048,063 | $14,572,093 | $56,475,970 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-92
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments
September 30, 2017 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 7.2% | ||||||||
Cyprus - 0.4% |
| |||||||
Bank of Cyprus Holdings PLC * | 96,925 | $318,176 | ||||||
|
| |||||||
Iceland - 2.9% |
| |||||||
Eik fasteignafelag HF * | 1,819,300 | 172,401 | ||||||
Hagar HF * | 839,350 | 274,626 | ||||||
Icelandair Group HF | 942,600 | 131,096 | ||||||
Marel HF | 132,800 | 430,124 | ||||||
N1 HF | 194,000 | 202,588 | ||||||
Reginn HF * | 772,300 | 171,493 | ||||||
Reitir fasteignafelag HF | 439,200 | 348,279 | ||||||
Siminn HF | 7,356,800 | 256,661 | ||||||
Sjova-Almennar Tryggingar HF | 1,133,600 | 170,486 | ||||||
Tryggingamidstodin HF | 370,000 | 105,622 | ||||||
Vatryggingafelag Islands HF | 2,359,500 | 226,738 | ||||||
|
| |||||||
2,490,114 | ||||||||
|
| |||||||
Japan - 1.0% |
| |||||||
Mitsubishi UFJ Financial Group Inc | 46,900 | 304,936 | ||||||
Mizuho Financial Group Inc | 96,800 | 169,694 | ||||||
Resona Holdings Inc | 13,100 | 67,352 | ||||||
Sumitomo Mitsui Financial Group Inc | 5,800 | 222,947 | ||||||
Sumitomo Mitsui Trust Holding Inc | 3,000 | 108,368 | ||||||
|
| |||||||
873,297 | ||||||||
|
| |||||||
Singapore - 0.5% |
| |||||||
Yoma Strategic Holdings Ltd | 1,037,467 | 448,240 | ||||||
|
| |||||||
South Korea - 1.6% |
| |||||||
Amorepacific Corp | 66 | 14,982 | ||||||
AMOREPACIFIC Group | 174 | 18,789 | ||||||
Coway Co Ltd | 157 | 12,905 | ||||||
Hana Financial Group Inc | 800 | 33,189 | ||||||
Hankook Tire Co Ltd | 265 | 13,955 | ||||||
Hyundai Heavy Industries Co Ltd * | 132 | 16,803 | ||||||
Hyundai Mobis Co Ltd | 184 | 38,632 | ||||||
Hyundai Motor Co | 438 | 57,620 | ||||||
Hyundai Steel Co | 248 | 11,475 | ||||||
Industrial Bank of Korea | 1,188 | 14,976 | ||||||
Kangwon Land Inc | 600 | 18,358 | ||||||
KB Financial Group Inc | 997 | 49,052 | ||||||
Kia Motors Corp | 600 | 16,600 | ||||||
Korea Electric Power Corp | 800 | 27,180 | ||||||
Korea Zinc Co Ltd | 52 | 22,531 | ||||||
KT&G Corp | 450 | 41,526 | ||||||
LG Chem Ltd | 100 | 34,355 | ||||||
LG Corp | 313 | 22,101 | ||||||
LG Display Co Ltd | 714 | 19,127 | ||||||
LG Electronics Inc | 300 | 21,666 | ||||||
LG Household & Health Care Ltd | 26 | 21,248 | ||||||
Lotte Chemical Corp | 53 | 17,548 | ||||||
Lotte Shopping Co Ltd | 67 | 14,490 | ||||||
NAVER Corp | 144 | 93,950 | ||||||
POSCO | 131 | 36,403 | ||||||
S-Oil Corp | 200 | 22,336 | ||||||
Samsung Biologics Co Ltd * ~ | 100 | 29,590 | ||||||
Samsung C&T Corp | 300 | 35,467 | ||||||
Samsung Electronics Co Ltd | 89 | 200,270 | ||||||
Samsung Fire & Marine Insurance Co Ltd | 100 | 24,506 | ||||||
Samsung Life Insurance Co Ltd | 300 | 29,654 | ||||||
Samsung SDI Co Ltd | 156 | 27,142 | ||||||
Samsung SDS Co Ltd | 164 | 24,218 | ||||||
Shinhan Financial Group Co Ltd | 919 | 40,618 |
Shares | Value | |||||||
SK Holdings Co Ltd | 100 | $25,220 | ||||||
SK Hynix Inc | 1,334 | 97,289 | ||||||
SK Innovation Co Ltd | 133 | 23,181 | ||||||
SK Telecom Co Ltd | 100 | 22,313 | ||||||
Woori Bank | 1,660 | 25,916 | ||||||
|
| |||||||
1,317,181 | ||||||||
|
| |||||||
Vietnam - 0.8% |
| |||||||
Bank for Foreign Trade of Vietnam JSC | 21,900 | 36,252 | ||||||
Bank for Investment and Development of Vietnam JSC | 12,200 | 10,532 | ||||||
Bao Viet Holdings | 4,100 | 9,922 | ||||||
Binh Minh Plastics JSC | 6,600 | 22,512 | ||||||
Coteccons Construction JSC | 3,400 | 31,118 | ||||||
Danang Rubber JSC | 1,800 | 1,822 | ||||||
Domesco Medical Import Export JSC | 6,200 | 29,354 | ||||||
HA TIEN 1 Cement JSC | 5,600 | 3,622 | ||||||
Hoa Phat Group JSC * | 18,800 | 32,179 | ||||||
Hoa Sen Group | 3,700 | 4,660 | ||||||
KIDO Group Corp | 9,700 | 17,942 | ||||||
Kinh Bac City Development Share Holding Corp * | 13,300 | 8,544 | ||||||
Masan Group Corp | 24,700 | 59,944 | ||||||
PetroVietnam Drilling & Well Services JSC * | 6,800 | 4,244 | ||||||
Petrovietnam Fertilizer & Chemicals JSC | 10,000 | 10,010 | ||||||
PetroVietnam Gas JSC | 4,300 | 13,085 | ||||||
PetroVietnam Nhon Trach 2 Power JSC | 22,900 | 26,753 | ||||||
PetroVietnam Technical Services Corp | 16,300 | 11,691 | ||||||
Pha Lai Thermal Power JSC | 5,700 | 5,079 | ||||||
Refrigeration Electrical Engineering Corp | 21,800 | 33,699 | ||||||
Saigon—Hanoi Commercial Joint Stock Bank * | 22,800 | 8,026 | ||||||
Saigon Securities Inc | 17,300 | 19,077 | ||||||
Saigon Thuong Tin Commercial JSB * | 38,500 | 21,176 | ||||||
Tan Tao Investment & Industry JSC * | 27,800 | 4,917 | ||||||
Viet Capital Securities JSC * | 8,900 | 23,379 | ||||||
Viet Nam Construction and Import-Export JSC | 8,000 | 7,289 | ||||||
Vietnam Dairy Products JSC | 11,800 | 77,467 | ||||||
Vietnam Joint Stock Commercial Bank for Industry and Trade | 3,900 | 3,175 | ||||||
Vingroup JSC * | 54,400 | 122,556 | ||||||
|
| |||||||
660,026 | ||||||||
|
| |||||||
Total Common Stocks | 6,107,034 | |||||||
|
| |||||||
Principal | ||||||||
CORPORATE BONDS & NOTES - 1.8% | ||||||||
Argentina - 0.8% | ||||||||
Banco Hipotecario SA | ARS 6,110,000 | 347,600 | ||||||
YPF SA | $372,000 | 354,903 | ||||||
|
| |||||||
702,503 | ||||||||
|
| |||||||
Ecuador - 0.7% | ||||||||
EP PetroEcuador | 210,526 | 212,632 | ||||||
Petroamazonas EP | 370,000 | 356,125 | ||||||
|
| |||||||
568,757 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-93
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal | Value | |||||||
Honduras - 0.3% | ||||||||
Inversiones Atlantida SA | $250,000 | $257,813 | ||||||
|
| |||||||
Total Corporate Bonds & Notes | 1,529,073 | |||||||
|
| |||||||
SENIOR LOAN NOTES - 4.1% | ||||||||
Barbados - 1.2% | ||||||||
Barbados Government | 1,000,000 | 1,003,690 | ||||||
|
| |||||||
Ethiopia - 0.7% | ||||||||
Ethiopian Railways Corp | 622,222 | 613,380 | ||||||
|
| |||||||
Kenya - 0.1% | ||||||||
Republic of Kenya | 114,000 | 114,000 | ||||||
|
| |||||||
Tanzania - 2.1% | ||||||||
United Republic of Tanzania | 1,710,000 | 1,737,203 | ||||||
|
| |||||||
Total Senior Loan Notes | 3,468,273 | |||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 0.3% | ||||||||
United States - 0.3% | ||||||||
Fannie Mae (IO) | 1,681,837 | 268,479 | ||||||
|
| |||||||
Total Mortgage-Backed Securities |
| 268,479 | ||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 67.2% |
| |||||||
Albania - 2.2% | ||||||||
Albania Government | EUR 1,434,000 | 1,910,927 | ||||||
|
| |||||||
Australia - 0.8% | ||||||||
Australia Government | AUD 930,000 | 649,920 | ||||||
|
| |||||||
Azerbaijan - 0.2% | ||||||||
Republic of Azerbaijan | $155,057 | 157,949 | ||||||
|
| |||||||
Barbados - 1.1% | ||||||||
Barbados Government | ||||||||
6.625% due 12/05/35 ~ | 1,021,000 | 834,668 | ||||||
7.000% due 08/04/22 ~ | 145,000 | 134,488 | ||||||
|
| |||||||
969,156 | ||||||||
|
|
Principal | Value | |||||||
Belarus - 4.4% | ||||||||
Republic of Belarus | ||||||||
6.875% due 02/28/23 ~ ‡ | $1,600,000 | $1,724,360 | ||||||
7.625% due 06/29/27 ~ ‡ | 1,820,000 | 2,035,552 | ||||||
|
| |||||||
3,759,912 | ||||||||
|
| |||||||
Cyprus - 5.6% | ||||||||
Cyprus Government | ||||||||
3.750% due 07/26/23 ~ | EUR 1,478,000 | 1,977,053 | ||||||
4.250% due 11/04/25 ~ | 2,014,000 | 2,802,757 | ||||||
|
| |||||||
4,779,810 | ||||||||
|
| |||||||
Dominican Republic - 3.2% | ||||||||
Dominican Republic | ||||||||
10.375% due 03/04/22 ~ | DOP 37,700,000 | 807,829 | ||||||
10.400% due 05/10/19 ~ | 33,800,000 | 720,713 | ||||||
15.000% due 04/05/19 ~ | 18,500,000 | 421,741 | ||||||
15.950% due 06/04/21 ~ | 6,700,000 | 168,669 | ||||||
16.000% due 07/10/20 ~ | 20,700,000 | 504,647 | ||||||
16.950% due 02/04/22 ~ | 2,900,000 | 75,931 | ||||||
|
| |||||||
2,699,530 | ||||||||
|
| |||||||
Ecuador - 1.0% | ||||||||
Ecuador Government | $808,000 | 875,670 | ||||||
|
| |||||||
El Salvador - 4.4% | ||||||||
El Salvador Government | ||||||||
5.875% due 01/30/25 ~ | 163,000 | 160,555 | ||||||
6.375% due 01/18/27 ~ | 694,000 | 689,663 | ||||||
7.375% due 12/01/19 ~ | 500,000 | 523,125 | ||||||
7.650% due 06/15/35 ~ | 287,000 | 296,293 | ||||||
7.750% due 01/24/23 ~ | 857,000 | 925,894 | ||||||
8.250% due 04/10/32 ~ | 193,000 | 211,453 | ||||||
8.625% due 02/28/29 ~ | 407,000 | 457,875 | ||||||
8.625% due 02/28/29 ~ | 458,000 | 515,250 | ||||||
|
| |||||||
3,780,108 | ||||||||
|
| |||||||
Iceland - 2.8% | ||||||||
Iceland Rikisbref | ||||||||
5.000% due 11/15/28 | ISK 25,020,297 | 231,908 | ||||||
6.250% due 02/05/20 | 4,589,840 | 44,550 | ||||||
6.500% due 01/24/31 | 158,183,769 | 1,675,767 | ||||||
7.250% due 10/26/22 | 34,913,978 | 360,975 | ||||||
8.000% due 06/12/25 | 8,214,922 | 91,324 | ||||||
|
| |||||||
2,404,524 | ||||||||
|
| |||||||
Indonesia - 3.2% | ||||||||
Indonesia Treasury | ||||||||
7.500% due 08/15/32 | IDR 3,282,000,000 | 255,793 | ||||||
7.500% due 05/15/38 | 5,471,000,000 | 421,627 | ||||||
8.250% due 05/15/36 | 18,289,000,000 | 1,495,342 | ||||||
8.375% due 03/15/34 | 2,659,000,000 | 217,800 | ||||||
8.750% due 05/15/31 | 3,506,000,000 | 302,145 | ||||||
|
| |||||||
2,692,707 | ||||||||
|
| |||||||
Macedonia - 6.5% | ||||||||
Macedonia Government | ||||||||
3.975% due 07/24/21 ~ | EUR 2,174,000 | 2,731,747 | ||||||
4.875% due 12/01/20 ~ | 2,177,000 | 2,800,537 | ||||||
|
| |||||||
5,532,284 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-94
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Principal | Value | |||||||
New Zealand - 6.8% | ||||||||
New Zealand Government | ||||||||
2.000% due 09/20/25 ^ ~ | NZD 1,775,613 | $1,310,112 | ||||||
2.500% due 09/20/35 ^ ~ | 4,229,315 | 3,298,632 | ||||||
3.000% due 09/20/30 ^ ~ | 1,485,887 | 1,206,659 | ||||||
|
| |||||||
5,815,403 | ||||||||
|
| |||||||
Peru - 3.1% | ||||||||
Peru Government | PEN 6,938,000 | 2,630,045 | ||||||
|
| |||||||
Rwanda - 0.8% | ||||||||
Rwanda Government | �� | $669,000 | 699,968 | |||||
|
| |||||||
Saudi Arabia - 0.4% | ||||||||
Saudi Government | 365,000 | 361,226 | ||||||
|
| |||||||
Serbia - 8.9% | ||||||||
Serbia Treasury | ||||||||
5.750% due 07/21/23 | RSD 514,300,000 | 5,312,193 | ||||||
10.000% due 02/05/22 | 186,800,000 | 2,223,958 | ||||||
|
| |||||||
7,536,151 | ||||||||
|
| |||||||
Sri Lanka - 7.9% | ||||||||
Sri Lanka Government | ||||||||
8.000% due 11/15/18 | LKR 8,220,000 | 53,073 | ||||||
8.750% due 10/15/18 | 53,000,000 | 344,572 | ||||||
9.250% due 05/01/20 | 71,020,000 | 459,668 | ||||||
9.450% due 10/15/21 | 47,000,000 | 302,903 | ||||||
10.000% due 10/01/22 | 197,100,000 | 1,284,558 | ||||||
10.250% due 03/15/25 | 190,360,000 | 1,244,054 | ||||||
10.600% due 07/01/19 | 2,630,000 | 17,534 | ||||||
10.600% due 09/15/19 | 144,000,000 | 960,133 | ||||||
10.750% due 03/01/21 | 88,000,000 | 589,048 | ||||||
11.000% due 08/01/21 | 67,270,000 | 454,262 | ||||||
11.000% due 08/01/24 | 10,000,000 | 67,940 | ||||||
11.000% due 08/01/25 | 5,000,000 | 34,003 | ||||||
11.000% due 06/01/26 | 77,800,000 | 529,778 | ||||||
11.200% due 07/01/22 | 15,380,000 | 104,816 | ||||||
11.400% due 01/01/24 | 11,000,000 | 76,210 | ||||||
11.500% due 12/15/21 | 15,000,000 | 103,653 | ||||||
11.500% due 08/01/26 | 9,000,000 | 62,851 | ||||||
|
| |||||||
6,689,056 | ||||||||
|
| |||||||
Suriname - 1.2% | ||||||||
Republic of Suriname | $966,000 | 1,048,110 | ||||||
|
| |||||||
Thailand - 2.7% | ||||||||
Thailand Government | THB 79,491,112 | 2,293,458 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes | 57,285,914 | |||||||
|
|
Principal | Value | |||||||
SHORT-TERM INVESTMENTS - 12.9% | ||||||||
Foreign Government Issues - 5.7% | ||||||||
Egypt Treasury Bills (Egypt) | ||||||||
0.000% due 10/03/17 | EGP 4,850,000 | $274,788 | ||||||
9.904% due 10/10/17 | 3,925,000 | 221,805 | ||||||
13.540% due 10/17/17 | 7,475,000 | 421,015 | ||||||
15.475% due 10/24/17 | 2,175,000 | 122,069 | ||||||
16.507% due 10/31/17 | 2,125,000 | 118,844 | ||||||
16.827% due 11/07/17 | 1,075,000 | 59,928 | ||||||
17.135% due 02/06/18 | 2,575,000 | 137,961 | ||||||
17.214% due 02/13/18 | 3,350,000 | 178,895 | ||||||
17.283% due 02/20/18 | 2,125,000 | 113,107 | ||||||
17.284% due 11/14/17 | 11,600,000 | 644,432 | ||||||
17.360% due 04/03/18 | 5,250,000 | 274,270 | ||||||
17.391% due 03/06/18 | 4,250,000 | 224,746 | ||||||
17.432% due 03/13/18 | 975,000 | 51,393 | ||||||
17.599% due 11/21/17 | 6,150,000 | 340,487 | ||||||
17.651% due 12/05/17 | 5,175,000 | 284,708 | ||||||
17.658% due 01/02/18 | 2,500,000 | 135,834 | ||||||
17.797% due 12/12/17 | 6,425,000 | 352,291 | ||||||
17.803% due 11/28/17 | 2,775,000 | 153,115 | ||||||
17.844% due 01/16/18 | 2,425,000 | 130,878 | ||||||
17.936% due 12/19/17 | 1,575,000 | 86,066 | ||||||
19.541% due 12/05/17 | 2,150,000 | 117,944 | ||||||
Nigeria Treasury Bills (Nigeria) | NGN 48,760,000 | 115,070 | ||||||
18.614% due 09/13/18 | 67,200,000 | 159,071 | ||||||
18.966% due 08/16/18 | 9,750,000 | 23,323 | ||||||
19.104% due 07/19/18 | 40,760,000 | 98,719 | ||||||
|
| |||||||
4,840,759 | ||||||||
|
| |||||||
Shares | ||||||||
Money Market Fund - 3.5% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 3,019,335 | 3,019,335 | ||||||
|
| |||||||
Principal | ||||||||
Repurchase Agreement - 1.4% | ||||||||
JPMorgan Chase & Co | EUR 974,810 | 1,152,121 | ||||||
|
| |||||||
U.S. Treasury Bills - 2.3% | ||||||||
0.988% due 12/21/17 ‡ | $750,000 | 748,345 | ||||||
0.777% due 10/12/17 ‡ | 1,250,000 | 1,249,682 | ||||||
|
| |||||||
1,998,027 | ||||||||
|
| |||||||
Total Short-Term Investments | 11,010,242 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 93.5% | 79,669,015 | |||||||
SECURITIES SOLD SHORT - (1.3%) | ||||||||
(See Note (e) in Notes to Schedule of Investments) |
| (1,086,347 | ) | |||||
|
| |||||||
DERIVATIVES - (1.7%) | ||||||||
(See Notes (h) through (m) in Notes to Schedule of Investments) |
| (1,464,737 | ) | |||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - 9.5% | 8,100,702 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $85,218,633 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-95
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2017, the Fund’s composition as a percentage of net assets was as follows: |
Foreign Government Bonds & Notes | 67.2% | |||
Short-Term Investments | 12.9% | |||
Common Stocks | 7.2% | |||
Senior Loan Notes | 4.1% | |||
Others (each less than 3.0%) | 2.1% | |||
|
| |||
93.5% | ||||
Securities Sold Short | (1.3% | ) | ||
Derivatives | (1.7% | ) | ||
Other Assets & Liabilities, Net | 9.5% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2017, the Fund’s composition by country of risk as a percentage of net assets as follows: |
Serbia | 8.9% | |||
Sri Lanka | 7.9% | |||
United States (Includes Short-Term Investments) | 7.5% | |||
New Zealand | 6.8% | |||
Macedonia | 6.5% | |||
Cyprus | 6.0% | |||
Iceland | 5.7% | |||
Egypt | 5.3% | |||
El Salvador | 4.4% | |||
Belarus | 4.4% | |||
Dominican Republic | 3.2% | |||
Indonesia | 3.2% | |||
Peru | 3.1% | |||
Others (each less than 3.0%) | 20.6% | |||
|
| |||
93.5% | ||||
Securities Sold Short | (1.3% | ) | ||
Derivatives | (1.7% | ) | ||
Other Assets & Liabilities, Net | 9.5% | |||
|
| |||
100.0% | ||||
|
|
(c) | Investments with a total aggregate value of $3,403,141 or 4.0% 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, 2017, investments with a total aggregate value of $5,408,437 were fully or partially segregated with the broker(s)/custodian as collateral for reverse repurchase agreements, open futures contracts, forward volatility agreements, forward foreign currency contracts, option contracts and swap agreements. |
(e) | Securities sold short outstanding as of September 30, 2017 were as follows: |
Description | Principal Amount | Value | ||||||
Foreign Government Bonds & Notes - (1.3%) |
| |||||||
Spain Government | ||||||||
5.400% due 01/31/23 | EUR 730,000 | ($1,086,347 | ) | |||||
|
| |||||||
Total Securities Sold Short | ($1,086,347 | ) | ||||||
|
|
(f) | Reverse repurchase agreements outstanding as of September 30, 2017 were as follows: |
Counter- party | Collateral Pledged | Interest Rate | Trade Date | Maturity Date | Repurchase Amount | Principal Amount | Value | |||||||||||||||||||
CIT | Australia Government 3.000% due 03/21/47 | 2.100% | 07/19/17 | 10/19/17 | $636,910 | AUD 807,788 | ($633,629 | ) | ||||||||||||||||||
BRC | Republic of Belarus 6.875% due 02/28/23 | 1.850% | 07/06/17 | N/A (1 | ) | N/A (1 | ) | $651,111 | (651,111 | ) | ||||||||||||||||
BRC | Republic of Belarus 7.625% due 06/29/27 | 1.850% | 07/06/17 | N/A (1 | ) | N/A (1 | ) | 650,409 | (650,409 | ) | ||||||||||||||||
BRC | Republic of Belarus 6.875% due 02/28/23 | 1.900% | 08/10/17 | N/A (1 | ) | N/A (1 | ) | 603,508 | (603,508 | ) | ||||||||||||||||
BRC | Republic of Belarus 7.625% due 06/29/27 | 1.950% | 08/10/17 | N/A (1 | ) | N/A (1 | ) | 900,586 | (900,586 | ) | ||||||||||||||||
|
| |||||||||||||||||||||||||
($3,439,243 | ) | |||||||||||||||||||||||||
|
|
(1) | The reverse repurchase agreement has an open maturity date and can be terminated at any time by either party. |
(g) | The average amount of borrowings by the Fund on reverse repurchase agreements outstanding during the six month period ended September 30, 2017 was $676,002 at a weighted average interest rate of 1.926%. |
(h) | Open futures contracts outstanding as of September 30, 2017 were as follows: |
Short Futures Outstanding | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) | ||||||||||||
SGX MSCI Index (10/17) | 33 | $870,690 | $875,207 | ($4,517 | ) | |||||||||||
U.S. 5-Year Interest Rate Swap (12/17) | 16 | 1,623,153 | 1,614,500 | 8,653 | ||||||||||||
U.S. 10-Year Interest Rate Swap (12/17) | 16 | 1,639,640 | 1,623,000 | 16,640 | ||||||||||||
|
| |||||||||||||||
Total Futures Contracts | $20,776 | |||||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-96
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
(i) | Forward Volatility Agreements outstanding as of September 30, 2017 were as follows: |
Description | Exercise Volatility | Notional Amount | Expiration Date | Counterparty | Unrealized Appreciation (Depreciation) | |||||||||||||||
Call & Put - EUR/USD 9-Month vs. 1-Year | 8.625% | EUR 1,471,000 | 03/22/19 | DUB | ($6,803 | ) | ||||||||||||||
Call & Put - CAD/USD 9-Month vs. 1-Year | 8.450% | $764,605 | 03/26/19 | BNP | (1,554 | ) | ||||||||||||||
Call & Put - CAD/USD 9-Month vs. 1-Year | 8.625% | 1,470,395 | 03/28/19 | DUB | (4,569 | ) | ||||||||||||||
Call & Put - CHF/USD 1-Year vs. 1-Year | 8.575% | 1,471,000 | 06/14/19 | DUB | 2,125 | |||||||||||||||
Call & Put - CHF/USD 1-Year vs. 1-Year | 8.350% | 764,000 | 06/19/19 | BNP | 2,475 | |||||||||||||||
Call & Put - EUR/USD 1-Year vs. 1-Year | 8.550% | EUR 735,000 | 06/20/19 | BNP | (2,141 | ) | ||||||||||||||
|
| |||||||||||||||||||
($10,467 | ) | |||||||||||||||||||
|
|
(j) | Forward foreign currency contracts outstanding as of September 30, 2017 were as follows: |
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
AED | 17,517,000 | USD | 4,738,706 | 02/18 | BNP | $28,466 | ||||||||||||||
ARS | 7,494,410 | USD | 427,227 | 10/17 | BNP | (948 | ) | |||||||||||||
ARS | 3,102,000 | USD | 178,687 | 10/17 | CIT | (1,338 | ) | |||||||||||||
ARS | 3,253,000 | USD | 180,823 | 10/17 | CIT | 4,840 | ||||||||||||||
ARS | 5,220,000 | USD | 296,254 | 11/17 | BNP | (2,501 | ) | |||||||||||||
ARS | 5,981,000 | USD | 331,357 | 11/17 | BNP | 3,633 | ||||||||||||||
ARS | 7,945,200 | USD | 422,954 | 11/17 | CIT | 23,923 | ||||||||||||||
ARS | 13,648,700 | USD | 757,209 | 12/17 | BNP | (231 | ) | |||||||||||||
AUD | 500,000 | USD | 399,500 | 11/17 | CIT | (7,468 | ) | |||||||||||||
AUD | 2,430,070 | USD | 1,920,205 | 11/17 | GSC | (15,024 | ) | |||||||||||||
AUD | 160,000 | USD | 128,015 | 11/17 | JPM | (2,565 | ) | |||||||||||||
AUD | 1,321,500 | USD | 1,060,081 | 12/17 | DUB | (24,388 | ) | |||||||||||||
AUD | 1,004,000 | USD | 805,708 | 12/17 | GSC | (18,848 | ) | |||||||||||||
CLP | 135,000,000 | USD | 218,854 | 11/17 | SCB | (8,109 | ) | |||||||||||||
CNH | 3,475,000 | USD | 498,329 | 10/17 | BNP | 24,287 | ||||||||||||||
CNH | 4,540,000 | USD | 650,663 | 10/17 | JPM | 32,123 | ||||||||||||||
CNH | 100,000 | USD | 14,333 | 10/17 | SCB | 707 | ||||||||||||||
COP | 836,130,000 | USD | 283,660 | 10/17 | CIT | (149 | ) | |||||||||||||
COP | 601,117,000 | USD | 199,078 | 10/17 | CIT | 5,535 | ||||||||||||||
COP | 428,870,000 | USD | 145,664 | 10/17 | SCB | (97 | ) | |||||||||||||
COP | 2,878,104,000 | USD | 958,171 | 10/17 | SCB | 21,401 | ||||||||||||||
COP | 1,107,100,000 | USD | 374,539 | 11/17 | CIT | 778 | ||||||||||||||
COP | 10,583,279,000 | USD | 3,495,724 | 11/17 | SCB | 88,391 | ||||||||||||||
COP | 1,107,110,497 | USD | 373,456 | 12/17 | DUB | 685 | ||||||||||||||
COP | 1,488,550,000 | USD | 507,431 | 01/18 | BNP | (6,770 | ) | |||||||||||||
CZK | 19,940,000 | EUR | 766,532 | 10/17 | CIT | 1,089 | ||||||||||||||
CZK | 10,280,000 | EUR | 395,849 | 10/17 | JPM | (219 | ) | |||||||||||||
CZK | 11,309,000 | EUR | 433,952 | 10/17 | JPM | 1,538 | ||||||||||||||
CZK | 8,250,000 | EUR | 317,015 | 11/17 | DUB | 595 | ||||||||||||||
CZK | 64,703,000 | EUR | 2,484,578 | 11/17 | HSB | 6,699 | ||||||||||||||
CZK | 76,220,000 | EUR | 2,921,192 | 11/17 | JPM | 14,589 | ||||||||||||||
DOP | 10,252,000 | USD | 210,082 | 01/18 | CIT | 1,278 | ||||||||||||||
EUR | 172,440 | CZK | 4,500,000 | 10/17 | CIT | (895 | ) | |||||||||||||
EUR | 396,593 | HUF | 120,970,000 | 10/17 | GSC | 10,235 | ||||||||||||||
EUR | 1,389,029 | HUF | 423,382,000 | 11/17 | HSB | 37,186 | ||||||||||||||
EUR | 884,251 | HUF | 269,817,000 | 11/17 | JPM | 22,587 | ||||||||||||||
EUR | 533,647 | HUF | 162,026,000 | 12/17 | BNP | 16,772 | ||||||||||||||
EUR | 82,881 | PLN | 355,000 | 10/17 | GSC | 840 | ||||||||||||||
EUR | 148,435 | PLN | 636,000 | 11/17 | JPM | 1,473 | ||||||||||||||
EUR | 164,694 | SEK | 1,573,000 | 10/17 | GSC | 1,519 | ||||||||||||||
EUR | 1,650,000 | USD | 1,992,639 | 11/17 | DUB | (37,339 | ) | |||||||||||||
EUR | 847,000 | USD | 1,020,915 | 11/17 | GSC | (17,246 | ) | |||||||||||||
EUR | 2,940,172 | USD | 3,550,993 | 12/17 | JPM | (61,875 | ) | |||||||||||||
GBP | 2,618,000 | USD | 3,512,243 | 11/17 | DUB | 1,133 | ||||||||||||||
HUF | 31,120,000 | EUR | 100,786 | 10/17 | GSC | (1,167 | ) | |||||||||||||
HUF | 111,443,000 | EUR | 366,119 | 11/17 | JPM | (10,341 | ) | |||||||||||||
ILS | 12,290,000 | USD | 3,428,192 | 11/17 | GSC | 53,712 | ||||||||||||||
INR | 151,600,000 | USD | 2,345,805 | 11/17 | CIT | (40,345 | ) | |||||||||||||
INR | 146,300,000 | USD | 2,262,809 | 11/17 | GSC | (37,948 | ) | |||||||||||||
INR | 36,932,343 | USD | 570,780 | 11/17 | SCB | (9,131 | ) | |||||||||||||
INR | 105,900,000 | USD | 1,637,139 | 11/17 | UBS | (26,663 | ) | |||||||||||||
KRW | 722,900,000 | USD | 642,247 | 10/17 | BNP | (10,887 | ) | |||||||||||||
KRW | 1,880,800,000 | USD | 1,673,012 | 10/17 | MSC | (30,377 | ) | |||||||||||||
KRW | 134,884,000 | USD | 118,382 | 01/18 | CIT | (425 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-97
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||
KRW | 549,700,000 | USD | 484,275 | 01/18 | GSC | ($3,443 | ) | |||||||||||||
KZT | 292,263,000 | USD | 893,087 | 11/17 | DUB | (41,367 | ) | |||||||||||||
KZT | 532,676,000 | USD | 1,616,254 | 11/17 | GSC | (68,075 | ) | |||||||||||||
KZT | 145,201,000 | USD | 441,005 | 12/17 | DUB | (22,120 | ) | |||||||||||||
KZT | 40,777,993 | USD | 122,826 | 12/17 | SCB | (5,415 | ) | |||||||||||||
KZT | 31,158,000 | USD | 89,534 | 01/18 | GSC | (396 | ) | |||||||||||||
KZT | 431,003,000 | USD | 1,267,443 | 02/18 | GSC | (38,468 | ) | |||||||||||||
KZT | 148,141,000 | USD | 429,706 | 02/18 | SCB | (7,466 | ) | |||||||||||||
KZT | 44,242,000 | USD | 126,046 | 03/18 | JPM | (922 | ) | |||||||||||||
KZT | 151,100,000 | USD | 436,579 | 03/18 | SCB | (8,283 | ) | |||||||||||||
KZT | 44,423,000 | USD | 132,113 | 04/18 | DUB | (6,675 | ) | |||||||||||||
KZT | 208,331,000 | USD | 623,361 | 05/18 | GSC | (41,575 | ) | |||||||||||||
KZT | 61,236,000 | USD | 183,341 | 06/18 | DUB | (12,366 | ) | |||||||||||||
KZT | 123,388,000 | USD | 366,680 | 06/18 | GSC | (22,923 | ) | |||||||||||||
KZT | 122,839,044 | USD | 366,683 | 06/18 | SCB | (24,033 | ) | |||||||||||||
KZT | 13,919,007 | USD | 40,112 | 07/18 | DUB | (1,535 | ) | |||||||||||||
MAD | 607,000 | USD | 59,803 | 06/18 | BNP | 1,855 | ||||||||||||||
MAD | 886,000 | USD | 86,676 | 06/18 | SCB | 3,270 | ||||||||||||||
MAD | 7,179,000 | USD | 710,792 | 07/18 | SCB | 14,454 | ||||||||||||||
NZD | 340,000 | USD | 246,838 | 11/17 | CIT | (1,425 | ) | |||||||||||||
PEN | 1,331,000 | USD | 407,034 | 11/17 | CIT | 123 | ||||||||||||||
PEN | 834,000 | USD | 256,339 | 11/17 | GSC | (1,216 | ) | |||||||||||||
PEN | 419,000 | USD | 128,804 | 12/17 | DUB | (825 | ) | |||||||||||||
PHP | 20,100,000 | USD | 396,293 | 11/17 | BNP | (1,347 | ) | |||||||||||||
PHP | 45,700,000 | USD | 900,866 | 11/17 | CIT | (2,927 | ) | |||||||||||||
PHP | 8,200,000 | USD | 161,784 | 11/17 | JPM | (671 | ) | |||||||||||||
PHP | 12,900,000 | USD | 254,212 | 11/17 | UBS | (754 | ) | |||||||||||||
PLN | 1,648,000 | EUR | 386,318 | 10/17 | GSC | (5,751 | ) | |||||||||||||
PLN | 6,314,000 | EUR | 1,472,694 | 11/17 | HSB | (14,284 | ) | |||||||||||||
PLN | 3,224,000 | EUR | 752,182 | 11/17 | JPM | (7,799 | ) | |||||||||||||
PLN | 2,209,000 | EUR | 512,767 | 12/17 | BNP | (2,899 | ) | |||||||||||||
RSD | 20,910,000 | EUR | 171,957 | 10/17 | DUB | 3,703 | ||||||||||||||
RSD | 90,110,000 | EUR | 725,868 | 01/18 | DUB | 24,353 | ||||||||||||||
RSD | 32,798,000 | EUR | 266,417 | 03/18 | DUB | 4,509 | ||||||||||||||
RSD | 42,330,000 | EUR | 341,288 | 04/18 | DUB | 8,024 | ||||||||||||||
RSD | 19,425,000 | EUR | 157,415 | 09/18 | CIT | (443 | ) | |||||||||||||
RSD | 56,523,000 | EUR | 458,171 | 09/18 | DUB | (2,493 | ) | |||||||||||||
RSD | 95,694,000 | EUR | 770,603 | 09/18 | DUB | 5,430 | ||||||||||||||
RSD | 56,286,000 | USD | 566,451 | 10/17 | DUB | (8,487 | ) | |||||||||||||
SEK | 15,119,000 | EUR | 1,581,037 | 10/17 | GSC | (12,297 | ) | |||||||||||||
SEK | 1,980,000 | EUR | 206,277 | 10/17 | JPM | (689 | ) | |||||||||||||
SEK | 8,676,000 | EUR | 907,278 | 11/17 | GSC | (7,049 | ) | |||||||||||||
SEK | 6,420,000 | EUR | 673,632 | 12/17 | UBS | (7,807 | ) | |||||||||||||
SGD | 2,388,000 | USD | 1,768,234 | 12/17 | GSC | (6,242 | ) | |||||||||||||
THB | 14,117,073 | USD | 424,880 | 11/17 | DUB | (1,374 | ) | |||||||||||||
THB | 15,652,000 | USD | 438,923 | 11/17 | DUB | 30,631 | ||||||||||||||
THB | 8,939,000 | USD | 268,479 | 11/17 | SCB | (326 | ) | |||||||||||||
THB | 2,700,000 | USD | 81,240 | 03/18 | CIT | (100 | ) | |||||||||||||
THB | 37,038,017 | USD | 1,115,397 | 03/18 | DUB | (2,350 | ) | |||||||||||||
THB | 12,440,650 | USD | 375,057 | 03/18 | JPM | (1,198 | ) | |||||||||||||
THB | 13,307,679 | USD | 391,402 | 03/18 | JPM | 8,512 | ||||||||||||||
UGX | 1,124,232,000 | USD | 297,574 | 10/17 | CIT | 13,105 | ||||||||||||||
UGX | 375,155,000 | USD | 100,228 | 12/17 | CIT | 1,437 | ||||||||||||||
UGX | 520,505,000 | USD | 139,172 | 01/18 | CIT | 370 | ||||||||||||||
UGX | 754,340,000 | USD | 202,073 | 03/18 | CIT | (4,100 | ) | |||||||||||||
USD | 9,665,939 | AED | 36,312,000 | 02/18 | BNP | (216,245 | ) | |||||||||||||
USD | 193,350 | AUD | 240,000 | 11/17 | CIT | 5,175 | ||||||||||||||
USD | 392,514 | BHD | 151,000 | 09/19 | SCB | (2,060 | ) | |||||||||||||
USD | 234,162 | BHD | 90,000 | 10/19 | SCB | (943 | ) | |||||||||||||
USD | 886,233 | CLP | 577,000,000 | 11/17 | SCB | (14,507 | ) | |||||||||||||
USD | 498,508 | CNH | 3,475,000 | 10/17 | BNP | (24,109 | ) | |||||||||||||
USD | 650,756 | CNH | 4,540,000 | 10/17 | JPM | (32,029 | ) | |||||||||||||
USD | 14,340 | CNH | 100,000 | 10/17 | SCB | (699 | ) | |||||||||||||
USD | 375,993 | COP | 1,107,110,503 | 10/17 | CIT | (804 | ) | |||||||||||||
USD | 284,688 | COP | 836,130,000 | 10/17 | CIT | 79 | ||||||||||||||
USD | 375,929 | COP | 1,107,110,497 | 10/17 | DUB | (868 | ) | |||||||||||||
USD | 146,023 | COP | 428,870,000 | 10/17 | SCB | 41 | ||||||||||||||
USD | 130,585 | COP | 387,773,000 | 11/17 | SCB | (718 | ) | |||||||||||||
USD | 1,873,967 | EUR | 1,601,818 | 10/17 | DUB | (21,302 | ) | |||||||||||||
USD | 5,435,190 | EUR | 4,639,513 | 10/17 | GSC | (54,579 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-98
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Currency Purchased | Currency Sold | Expiration | Counterparty | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
USD | 16,031 | EUR | 13,615 | 10/17 | SCB | ( $ 85 | ) | |||||||||||||||
USD | 3,502,326 | EUR | 2,945,532 | 10/17 | SCB | 15,811 | ||||||||||||||||
USD | 1,966,190 | EUR | 1,650,000 | 11/17 | DUB | 10,890 | ||||||||||||||||
USD | 3,872,196 | EUR | 3,282,000 | 11/17 | GSC | (16,474 | ) | |||||||||||||||
USD | 149,886 | EUR | 126,530 | 11/17 | GSC | 7 | ||||||||||||||||
USD | 118,106 | EUR | 100,000 | 11/17 | SCB | (347 | ) | |||||||||||||||
USD | 3,511,423 | EUR | 2,964,470 | 11/17 | SCB | 897 | ||||||||||||||||
USD | 56,363 | EUR | 47,558 | 12/17 | JPM | (113 | ) | |||||||||||||||
USD | 12,061,128 | EUR | 10,098,200 | 12/17 | JPM | 79,655 | ||||||||||||||||
USD | 3,713,146 | EUR | 3,087,669 | 12/17 | SCB | 47,038 | ||||||||||||||||
USD | 3,038,968 | EUR | 2,551,032 | 01/18 | SCB | 5,631 | ||||||||||||||||
USD | 71,110 | EUR | 61,937 | 06/18 | BNP | (3,193 | ) | |||||||||||||||
USD | 439,606 | EUR | 378,149 | 06/18 | DUB | (14,040 | ) | |||||||||||||||
USD | 53,121 | EUR | 46,375 | 06/18 | SCB | (2,527 | ) | |||||||||||||||
USD | 3,376,958 | GBP | 2,618,000 | 11/17 | DUB | (136,418 | ) | |||||||||||||||
USD | 1,693,965 | GBP | 1,280,000 | 12/17 | DUB | (25,161 | ) | |||||||||||||||
USD | 443,418 | INR | 29,270,000 | 11/17 | DUB | (1,707 | ) | |||||||||||||||
USD | 1,081,842 | INR | 71,460,000 | 11/17 | GSC | (4,888 | ) | |||||||||||||||
USD | 560,012 | INR | 37,000,000 | 11/17 | JPM | (2,666 | ) | |||||||||||||||
USD | 558,913 | INR | 37,000,000 | 11/17 | SCB | (3,766 | ) | |||||||||||||||
USD | 607,441 | INR | 40,000,000 | 11/17 | UBS | (860 | ) | |||||||||||||||
USD | 412,079 | JPY | 44,998,000 | 11/17 | GSC | 11,387 | ||||||||||||||||
USD | 475,649 | JPY | 53,111,000 | 12/17 | SCB | 1,619 | ||||||||||||||||
USD | 1,274,452 | KRW | 1,425,700,000 | 11/17 | GSC | 29,130 | ||||||||||||||||
USD | 668,833 | KRW | 751,300,000 | 11/17 | UBS | 12,581 | ||||||||||||||||
USD | 275,358 | KRW | 313,000,000 | 01/18 | BNP | 1,640 | ||||||||||||||||
USD | 1,280,990 | KRW | 1,469,615,500 | 01/18 | SCB | (4,190 | ) | |||||||||||||||
USD | 621,207 | KRW | 696,000,000 | 02/18 | BNP | 12,324 | ||||||||||||||||
USD | 1,455,160 | NZD | 2,009,796 | 10/17 | DUB | 3,811 | ||||||||||||||||
USD | 1,051,417 | NZD | 1,450,000 | 10/17 | MSC | 4,318 | ||||||||||||||||
USD | 972,920 | NZD | 1,300,000 | 11/17 | CIT | 34,576 | ||||||||||||||||
USD | 2,299,624 | NZD | 3,193,877 | 11/17 | JPM | (4,495 | ) | |||||||||||||||
USD | 1,681,595 | NZD | 2,334,608 | 11/17 | UBS | (2,632 | ) | |||||||||||||||
USD | 278,983 | NZD | 383,612 | 12/17 | BNP | 2,298 | ||||||||||||||||
USD | 1,059,502 | NZD | 1,469,000 | 12/17 | DUB | (37 | ) | |||||||||||||||
USD | 804,510 | NZD | 1,116,000 | 12/17 | GSC | (422 | ) | |||||||||||||||
USD | 1,422,213 | NZD | 1,942,000 | 12/17 | SCB | 21,614 | ||||||||||||||||
USD | 2,154,776 | OMR | 891,000 | 01/19 | BNP | (116,375 | ) | |||||||||||||||
USD | 1,450,633 | OMR | 573,000 | 04/19 | BNP | (4,557 | ) | |||||||||||||||
USD | 5,280,204 | OMR | 2,146,000 | 08/19 | BNP | (129,833 | ) | |||||||||||||||
USD | 455,242 | SGD | 616,853 | 03/18 | GSC | (368 | ) | |||||||||||||||
USD | 1,174,689 | THB | 41,396,917 | 11/17 | DUB | (67,202 | ) | |||||||||||||||
USD | 122,066 | THB | 4,348,000 | 11/17 | JPM | (8,372 | ) | |||||||||||||||
USD | 253,517 | THB | 8,939,000 | 11/17 | SCB | (14,636 | ) | |||||||||||||||
USD | 77,553 | THB | 2,700,000 | 03/18 | CIT | (3,587 | ) | |||||||||||||||
USD | 1,070,563 | THB | 37,038,017 | 03/18 | DUB | (42,484 | ) | |||||||||||||||
USD | 746,556 | THB | 25,748,328 | 03/18 | JPM | (27,217 | ) | |||||||||||||||
UYU | 4,735,000 | USD | 159,858 | 03/18 | CIT | (2,073 | ) | |||||||||||||||
UYU | 20,732,000 | USD | 694,010 | 04/18 | CIT | (8,737 | ) | |||||||||||||||
UYU | 11,442,000 | USD | 379,000 | 06/18 | CIT | (5,194 | ) | |||||||||||||||
|
| |||||||||||||||||||||
Total Forward Foreign Currency Contracts |
| ($970,416 | ) | |||||||||||||||||||
|
|
(k) | Purchased options outstanding as of September 30, 2017 were as follows: |
Foreign Currency Options | ||||||||||||||||||||||
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Cost | Value | ||||||||||||||||
Call - CNH versus USD | CNH 6.90 | 11/02/17 | BNP | $600,000 | $17,040 | $137 | ||||||||||||||||
Call - CNH versus USD | 7.12 | 03/08/18 | BNP | 800,000 | 20,160 | 1,158 | ||||||||||||||||
Call - CNH versus USD | 7.12 | 03/08/18 | SCB | 875,000 | 21,800 | 1,276 | ||||||||||||||||
Call - CNH versus USD | 7.15 | 03/12/18 | DUB | 415,000 | 10,674 | 554 | ||||||||||||||||
Call - EUR versus USD | $0.87 | 02/24/22 | GSC | 3,880,000 | 77,561 | 20,071 | ||||||||||||||||
Call - EUR versus USD | 0.88 | 02/28/22 | BNP | 3,856,000 | 72,878 | 22,554 | ||||||||||||||||
|
|
|
| |||||||||||||||||||
220,113 | 45,750 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Put - SEK versus EUR | SEK 9.52 | 01/16/18 | UBS | EUR 1,560,000 | 30,420 | 148 | ||||||||||||||||
Put - SEK versus EUR | 9.53 | 01/16/18 | DUB | 1,179,000 | 22,343 | 11,726 | ||||||||||||||||
|
|
|
| |||||||||||||||||||
52,763 | 11,874 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||
Total Foreign Currency Options | $272,876 | $57,624 | ||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-99
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Interest Rate Swaptions
Description | Pay/Receive Floating Rate | Floating Rate Index | Exercise Rate | Expiration Date | Counter- party | Notional Amount | Cost | Value | ||||||||||||||||||||||||
Put - 30-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 3.200% | 10/18/17 | DUB | $8,075,000 | $47,643 | $— | ||||||||||||||||||||||||
Put - 30-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 3.300% | 11/15/17 | GSC | 9,920,000 | 38,688 | 16 | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
$86,331 | $16 | |||||||||||||||||||||||||||||||
|
|
|
|
Options on Indices
Description | Exercise Price | Expiration Date | Counter- party | Number of Contracts | Notional Amount | Cost | Value | |||||||||||||||||||||
Call - FTSE 100 | 6,275.00 | 02/15/22 | GSC | 60 | GBP 376,500 | $84,158 | $84,739 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Purchased Options | $443,365 | $142,379 | ||||||||||||||||||||||||||
|
|
|
|
(l) | Premiums received and value of written options outstanding as of September 30, 2017 were as follows: |
Foreign Currency Options
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||
Call - CNH versus USD | CNH 7.12 | 03/08/18 | BNP | $800,000 | $8,000 | ($1,158 | ) | |||||||||||||||
Call - CNH versus USD | 7.12 | 03/08/18 | SCB | 875,000 | 8,499 | (1,276 | ) | |||||||||||||||
Call - CNH versus USD | 7.15 | 03/12/18 | DUB | 415,000 | 4,272 | (554 | ) | |||||||||||||||
|
|
|
| |||||||||||||||||||
Total Written Options | $20,771 | ($2,988 | ) | |||||||||||||||||||
|
|
|
|
(m) | Swap agreements outstanding as of September 30, 2017 were as follows: |
Credit Default Swaps on Sovereign Issues - Buy Protection (1)
Referenced Obligation | Payment Frequency | Fixed Deal Rate | Expiration Date | Counter- party | Implied Credit Spread at 09/30/17 (2) | Notional Amount (3) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||
Croatia Government | Q | 1.000% | 03/20/18 | CIT | 0.107% | $1,200,000 | ($5,459 | ) | $83,000 | ($88,459 | ) | |||||||||||||||||||||||||
Thailand Government | Q | 1.000% | 03/20/18 | CIT | 0.119% | 475,000 | (2,134 | ) | (2,363 | ) | 229 | |||||||||||||||||||||||||
Croatia Government | Q | 1.000% | 03/20/18 | HSB | 0.107% | 313,000 | (1,424 | ) | 29,014 | (30,438 | ) | |||||||||||||||||||||||||
China Government | Q | 1.000% | 03/20/18 | JPM | 0.134% | 1,100,000 | (4,861 | ) | (17,333 | ) | 12,472 | |||||||||||||||||||||||||
Croatia Government | Q | 1.000% | 03/20/18 | MSC | 0.107% | 2,262,000 | (10,292 | ) | 194,313 | (204,605 | ) | |||||||||||||||||||||||||
Lebanon Government | Q | 5.000% | 03/20/18 | JPM | 1.868% | 689,000 | (11,251 | ) | (29,026 | ) | 17,775 | |||||||||||||||||||||||||
Croatia Government | Q | 1.000% | 06/20/18 | CIT | 0.107% | 800,000 | (5,443 | ) | 76,719 | (82,162 | ) | |||||||||||||||||||||||||
Croatia Government | Q | 1.000% | 06/20/18 | MSC | 0.107% | 921,000 | (6,266 | ) | 92,071 | (98,337 | ) | |||||||||||||||||||||||||
Lebanon Government | Q | 5.000% | 12/20/18 | GSC | 2.150% | 663,000 | (23,837 | ) | (39,103 | ) | 15,266 | |||||||||||||||||||||||||
Qatar Government | Q | 1.000% | 03/20/19 | GSC | 0.469% | 490,000 | (3,966 | ) | (8,606 | ) | 4,640 | |||||||||||||||||||||||||
Croatia Government | Q | 1.000% | 03/20/20 | BNP | 0.307% | 330,000 | (5,686 | ) | 23,005 | (28,691 | ) | |||||||||||||||||||||||||
Croatia Government | Q | 1.000% | 06/20/20 | CIT | 0.379% | 143,000 | (2,428 | ) | 10,929 | (13,357 | ) | |||||||||||||||||||||||||
Qatar Government | Q | 1.000% | 12/20/20 | GSC | 0.673% | 1,120,000 | (11,815 | ) | 21,581 | (33,396 | ) | |||||||||||||||||||||||||
Qatar Government | Q | 1.000% | 06/20/21 | BNP | 0.760% | 710,000 | (6,344 | ) | 3,456 | (9,800 | ) | |||||||||||||||||||||||||
Qatar Government | Q | 1.000% | 06/20/21 | CIT | 0.760% | 937,457 | (8,376 | ) | 5,720 | (14,096 | ) | |||||||||||||||||||||||||
Qatar Government | Q | 1.000% | 06/20/21 | GSC | 0.760% | 1,241,000 | (11,089 | ) | 5,274 | (16,363 | ) | |||||||||||||||||||||||||
Lebanon Government | Q | 5.000% | 06/20/21 | GSC | 3.929% | 500,000 | (18,791 | ) | (3,949 | ) | (14,842 | ) | ||||||||||||||||||||||||
Qatar Government | Q | 1.000% | 12/20/22 | GSC | 0.971% | 350,000 | (605 | ) | (3,911 | ) | 3,306 | |||||||||||||||||||||||||
Qatar Government | Q | 1.000% | 12/20/23 | GSC | 1.130% | 300,000 | 2,147 | 284 | 1,863 | |||||||||||||||||||||||||||
Qatar Government | Q | 1.000% | 09/20/24 | GSC | 1.219% | 290,000 | 3,928 | (622 | ) | 4,550 | ||||||||||||||||||||||||||
South Africa Government | Q | 1.000% | 12/20/25 | BNP | 2.600% | 4,107,000 | 454,198 | 748,574 | (294,376 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
320,206 | 1,189,027 | (868,821 | ) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||||||||||
South Africa Government | Q | 1.000% | 06/20/21 | ICE | 1.361% | 3,790,000 | 49,614 | 286,658 | (237,044 | ) | ||||||||||||||||||||||||||
Spain Government | Q | 1.000% | 06/20/21 | ICE | 0.490% | 1,000,000 | (18,858 | ) | (3,275 | ) | (15,583 | ) | ||||||||||||||||||||||||
Chile Government | Q | 1.000% | 12/20/22 | ICE | 0.585% | 2,500,000 | (51,275 | ) | (52,046 | ) | 771 | |||||||||||||||||||||||||
Colombia Government | Q | 1.000% | 12/20/22 | ICE | 1.209% | 1,820,000 | 19,254 | 23,588 | (4,334 | ) | ||||||||||||||||||||||||||
Malaysia Government | Q | 1.000% | 12/20/22 | ICE | 0.690% | 6,147,000 | (87,902 | ) | (32,857 | ) | (55,045 | ) | ||||||||||||||||||||||||
Mexican Government | Q | 1.000% | 12/20/22 | ICE | 1.100% | 5,300,000 | 25,816 | 36,436 | (10,620 | ) | ||||||||||||||||||||||||||
Qatar Government | Q | 1.000% | 12/20/22 | ICE | 0.971% | 2,040,000 | (2,506 | ) | (150 | ) | (2,356 | ) | ||||||||||||||||||||||||
Russia Government | Q | 1.000% | 12/20/22 | ICE | 1.417% | 5,314,000 | 108,250 | 123,367 | (15,117 | ) | ||||||||||||||||||||||||||
Colombia Government | Q | 1.000% | 12/20/27 | ICE | 2.167% | 2,300,000 | 225,101 | 253,348 | (28,247 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
267,494 | 635,069 | (367,575 | ) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Total Credit Default Swaps on Sovereign Issues - Buy Protection |
| $587,700 | $1,824,096 | ($1,236,396 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-100
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Credit Default Swaps on Sovereign Issues - Sell Protection (4)
Referenced | Payment Frequency | Fixed Deal Receive Rate | Expiration Date | Counter- party | Implied Credit Spread at 09/30/17 (2) | Notional Amount (3) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||
Turkey Government | Q | 1.000% | 09/20/18 | MSC | 0.489% | $1,640,000 | $8,692 | ($30,211 | ) | $38,903 | ||||||||||||||||||||||||||
Turkey Government | Q | 1.000% | 06/20/20 | BNP | 1.024% | 2,488,000 | (817 | ) | (125,661 | ) | 124,844 | |||||||||||||||||||||||||
Turkey Government | Q | 1.000% | 09/20/20 | BNP | 1.098% | 900,000 | (2,276 | ) | (68,295 | ) | 66,019 | |||||||||||||||||||||||||
Turkey Government | Q | 1.000% | 12/20/26 | BNP | 2.732% | 2,680,881 | (348,439 | ) | (455,547 | ) | 107,108 | |||||||||||||||||||||||||
Turkey Government | Q | 1.000% | 12/20/26 | GSC | 2.732% | 547,119 | (71,110 | ) | (93,525 | ) | 22,415 | |||||||||||||||||||||||||
Turkey Government | Q | 1.000% | 12/20/27 | GSC | 2.841% | 327,000 | (48,443 | ) | (48,358 | ) | (85 | ) | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
($462,393 | ) | ($821,597 | ) | $359,204 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
Credit Default Swaps on Credit Indices - Buy Protection (1)
Referenced Obligation | Payment Frequency | Fixed Deal Rate | Expiration Date | Exchange | Notional Amount (3) | Value (5) | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
iTraxx FINSR 28 5Y | Q | 1.000% | 12/20/22 | ICE | EUR 5,610,000 | ($140,088 | ) | ($149,182 | ) | $9,094 | ||||||||||||||||||
|
|
|
|
|
|
Credit Default Swaps on Credit Indices - Sell Protection (4)
Referenced Obligation | Payment Frequency | Fixed Deal Receive Rate | Expiration Date | Exchange | Notional Amount (3) | Value (5) | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
CDX EM 28 5Y | Q | 1.000% | 12/20/22 | ICE | $220,000 | ($8,822 | ) | ($9,702 | ) | $880 | ||||||||||||||||||||||
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|
|
|
|
| |||||||||||||||||||||||||||
Total Credit Default Swaps | ($23,603 | ) | $843,615 | ($867,218 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
(1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(2) | 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. |
(4) | 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. |
(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, (buy protection) or decreasing values (sell protection), 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. |
Cross Currency Swaps - Receive Floating Rate
Notional Amount | Notional Amount on Floating Rate (Currency Received) | Payment Frequency | Floating Rate Index | Counter- party | Fixed Rate | Expiration Date | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||
KRW 947,300,000 | $835,509 | S | 6-Month USD-LIBOR | BNP | 1.095% | 03/02/20 | $7,796 | $— | $7,796 | |||||||||||||||||||||||||||
722,900,000 | 624,536 | S | 6-Month USD-LIBOR | BNP | 1.190% | 03/08/20 | (8,707 | ) | — | (8,707 | ) | |||||||||||||||||||||||||
933,500,000 | 838,197 | S | 6-Month USD-LIBOR | BNP | 1.230% | 03/31/20 | 19,870 | — | 19,870 | |||||||||||||||||||||||||||
549,700,000 | 484,368 | S | 6-Month USD-LIBOR | BNP | 1.180% | 04/20/20 | 3,600 | 3,600 | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||||||||
$22,559 | $— | $22,559 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
Interest Rate Swaps - Pay Floating Rate
Floating Rate Index | Payment Frequency Fixed Rate / Floating Rate | Counter- party | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
1-Day INR-MIBOR | S / S | GSC | 6.100% | 06/15/22 | INR 122,600,000 | ($8,046 | ) | $— | ($8,046 | ) | ||||||||||||||||||
1-Day INR-MIBOR | S / S | GSC | 6.120% | 06/19/22 | 68,900,000 | (3,640 | ) | — | (3,640 | ) | ||||||||||||||||||
1-Day INR-MIBOR | S / S | SCB | 6.130% | 06/19/22 | 53,900,000 | (2,491 | ) | — | (2,491 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-101
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Floating Rate Index | Payment Frequency Fixed Rate / Floating Rate | Counter- party | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
1-Day INR-MIBOR | S / S | JPM | 6.160% | 06/21/22 | INR 18,173,000 | ($482 | ) | $— | ($482 | ) | ||||||||||||||||||||||
1-Day INR-MIBOR | S / S | BNP | 6.100% | 06/23/22 | 32,783,000 | (2,181 | ) | — | (2,181 | ) | ||||||||||||||||||||||
1-Day INR-MIBOR | S / S | CIT | 6.120% | 06/29/22 | 79,900,000 | (4,316 | ) | — | (4,316 | ) | ||||||||||||||||||||||
1-Day INR-MIBOR | S / S | CIT | 6.135% | 06/29/22 | 39,400,000 | (1,737 | ) | — | (1,737 | ) | ||||||||||||||||||||||
1-Day INR-MIBOR | S / S | GSC | 6.155% | 06/29/22 | 147,700,000 | (4,556 | ) | — | (4,556 | ) | ||||||||||||||||||||||
1-Day INR-MIBOR | S / S | CIT | 6.180% | 06/30/22 | 67,500,000 | (973 | ) | — | (973 | ) | ||||||||||||||||||||||
1-Day INR-MIBOR | S / S | JPM | 6.215% | 07/06/22 | 17,800,000 | 143 | — | 143 | ||||||||||||||||||||||||
1-Day INR-MIBOR | S / S | GSC | 6.230% | 07/07/22 | 28,420,000 | 506 | — | 506 | ||||||||||||||||||||||||
1-Day INR-MIBOR | S / S | MSC | 6.220% | 07/11/22 | 102,680,000 | 1,083 | — | 1,083 | ||||||||||||||||||||||||
3-Month NZD Bank Bills | S / Q | JPM | 4.060% | 06/04/23 | NZD 810,000 | 44,501 | — | 44,501 | ||||||||||||||||||||||||
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|
| |||||||||||||||||||||||||||
17,811 | — | 17,811 | ||||||||||||||||||||||||||||||
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|
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| |||||||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||||||
28-Day MXN-TIIE | L / L | CME | 6.827% | 06/28/19 | MXN 129,000,000 | (29,576 | ) | — | (29,576 | ) | ||||||||||||||||||||||
28-Day MXN-TIIE | L / L | CME | 6.826% | 07/01/19 | 127,610,000 | (29,211 | ) | — | (29,211 | ) | ||||||||||||||||||||||
28-Day MXN-TIIE | L / L | CME | 7.005% | 08/19/19 | 29,260,000 | (1,021 | ) | — | (1,021 | ) | ||||||||||||||||||||||
28-Day MXN-TIIE | L / L | CME | 7.035% | 08/19/19 | 29,260,000 | (153 | ) | — | (153 | ) | ||||||||||||||||||||||
28-Day MXN-TIIE | L / L | CME | 6.998% | 08/21/19 | 29,570,000 | (1,194 | ) | — | (1,194 | ) | ||||||||||||||||||||||
28-Day MXN-TIIE | L / L | CME | 7.005% | 08/22/19 | 24,770,000 | (823 | ) | — | (823 | ) | ||||||||||||||||||||||
28-Day MXN-TIIE | L / L | CME | 7.030% | 08/23/19 | 69,140,000 | (529 | ) | — | (529 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 1.744% | 07/31/20 | $1,800,000 | (4,440 | ) | — | (4,440 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | A / Q | LCH | 1.750% | 07/31/20 | 535,000 | (1,340 | ) | — | (1,340 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 1.560% | 08/22/20 | 713,000 | (5,640 | ) | — | (5,640 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 1.545% | 09/23/20 | 80,000 | (707 | ) | — | (707 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 1.424% | 10/28/20 | 680,000 | (8,854 | ) | — | (8,854 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 1.426% | 10/28/20 | 680,000 | (8,803 | ) | — | (8,803 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 1.540% | 11/05/20 | 706,000 | (6,840 | ) | — | (6,840 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 1.555% | 11/09/20 | 683,000 | (6,345 | ) | — | (6,345 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 1.114% | 02/23/21 | 441,000 | (11,252 | ) | — | (11,252 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 1.272% | 03/07/21 | 1,072,000 | (21,980 | ) | — | (21,980 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 0.959% | 06/29/21 | 316,000 | (10,867 | ) | — | (10,867 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 0.965% | 06/29/21 | 190,000 | (6,492 | ) | — | (6,492 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 1.206% | 07/25/21 | 2,000,000 | (52,134 | ) | — | (52,134 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 1.199% | 09/01/21 | 1,503,000 | (40,997 | ) | — | (40,997 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 1.212% | 09/02/21 | 1,283,000 | (34,396 | ) | — | (34,396 | ) | ||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.410% | 12/13/21 | PLN 1,172,000 | 977 | — | 977 | ||||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 1.963% | 01/06/22 | $740,000 | 873 | 873 | |||||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.460% | 01/12/22 | PLN 2,113,000 | 2,670 | — | 2,670 | ||||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.435% | 01/13/22 | 2,185,000 | 2,145 | — | 2,145 | ||||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 2.100% | 07/27/22 | $737,000 | 4,325 | — | 4,325 | ||||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 2.058% | 07/30/22 | 748,000 | 2,535 | — | 2,535 | ||||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 1.606% | 05/10/26 | 1,913,000 | (93,107 | ) | — | (93,107 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 1.686% | 06/03/26 | 480,000 | (20,565 | ) | — | (20,565 | ) | ||||||||||||||||||||||
3-Month NZD Bank Bills | S / Q | LCH | 2.485% | 07/25/26 | NZD 1,000,000 | (38,401 | ) | — | (38,401 | ) | ||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.226% | 07/28/26 | PLN 1,850,000 | (24,149 | ) | — | (24,149 | ) | ||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.220% | 08/01/26 | 1,334,000 | (17,644 | ) | — | (17,644 | ) | ||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.280% | 09/21/26 | 483,000 | (5,956 | ) | — | (5,956 | ) | ||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.300% | 09/21/26 | 1,787,000 | (21,259 | ) | — | (21,259 | ) | ||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.490% | 10/13/26 | 510,000 | (4,036 | ) | — | (4,036 | ) | ||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.460% | 10/19/26 | 779,000 | (6,710 | ) | — | (6,710 | ) | ||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.470% | 10/19/26 | 519,000 | (4,356 | ) | — | (4,356 | ) | ||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.430% | 10/20/26 | 570,000 | (5,289 | ) | — | (5,289 | ) | ||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.443% | 10/20/26 | 778,000 | (6,997 | ) | — | (6,997 | ) | ||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.460% | 10/28/26 | 1,285,000 | (11,150 | ) | — | (11,150 | ) | ||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.470% | 10/28/26 | 514,000 | (4,347 | ) | — | (4,347 | ) | ||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.500% | 10/31/26 | 771,000 | (6,020 | ) | — | (6,020 | ) | ||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.560% | 11/02/26 | 514,000 | (3,350 | ) | — | (3,350 | ) | ||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.514% | 11/04/26 | 2,826,000 | (21,336 | ) | — | (21,336 | ) | ||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.540% | 11/07/26 | 514,000 | (3,599 | ) | — | (3,599 | ) | ||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.500% | 11/08/26 | 514,000 | (4,052 | ) | — | (4,052 | ) | ||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 2.516% | 11/10/26 | 1,419,000 | (10,686 | ) | — | (10,686 | ) | ||||||||||||||||||||||
6-Month PLN-WIBOR | A / S | LCH | 3.000% | 02/08/27 | 1,524,000 | 4,193 | — | 4,193 | ||||||||||||||||||||||||
6-Month AUD Bank Bills | S / S | LCH | 2.660% | 06/15/27 | AUD 5,730,000 | (120,950 | ) | — | (120,950 | ) | ||||||||||||||||||||||
6-Month EUR-LIBOR | A / S | CME | 1.000% | 09/20/27 | EUR 550,000 | 3,005 | — | 3,005 | ||||||||||||||||||||||||
Eurostat Eurozone HICP | Z / Z | LCH | 1.772% | 08/15/42 | 379,000 | (8,133 | ) | (8,133 | ) | |||||||||||||||||||||||
Eurostat Eurozone HICP | Z / Z | LCH | 1.775% | 08/15/42 | 381,000 | (7,822 | ) | — | (7,822 | ) | ||||||||||||||||||||||
Eurostat Eurozone HICP | Z / Z | LCH | 1.793% | 08/15/42 | 371,000 | (5,603 | ) | — | (5,603 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-102
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Floating Rate Index | Payment Frequency Fixed Rate / Floating Rate | Exchange | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Eurostat Eurozone HICP | Z / Z | LCH | 1.895% | 08/04/47 | EUR 100,000 | ($185 | ) | $— | ($185 | ) | ||||||||||||||||||||||
Eurostat Eurozone HICP | Z / Z | LCH | 1.885% | 08/07/47 | 100,000 | (569 | ) | — | (569 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
(719,142 | ) | — | (719,142 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Interest Rate Swaps - Pay Floating Rate |
| ($701,331 | ) | $— | ($701,331 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
Interest Rate Swaps - Receive Floating Rate
Floating Rate Index | Payment Frequency Fixed Rate / Floating Rate | Counterparty | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
3-Month SAR-SAIBOR | A / Q | GSC | 2.160% | 08/03/20 | SAR 3,990,000 | $9,709 | $— | $9,709 | ||||||||||||||||||||||||
3-Month SAR-SAIBOR | A / Q | GSC | 2.350% | 08/12/20 | 5,188,000 | 5,344 | — | 5,344 | ||||||||||||||||||||||||
3-Month SAR-SAIBOR | A / Q | GSC | 3.410% | 08/22/20 | 4,051,000 | (28,885 | ) | — | (28,885 | ) | ||||||||||||||||||||||
3-Month SAR-SAIBOR | A / Q | GSC | 2.560% | 11/05/20 | 5,460,000 | (29,631 | ) | — | (29,631 | ) | ||||||||||||||||||||||
3-Month SAR-SAIBOR | A / Q | GSC | 2.645% | 02/23/21 | 2,118,000 | (8,220 | ) | — | (8,220 | ) | ||||||||||||||||||||||
3-Month SAR-SAIBOR | A / Q | DUB | 2.760% | 03/07/21 | 4,235,000 | (21,133 | ) | — | (21,133 | ) | ||||||||||||||||||||||
3-Month AED-EIBOR | A / Q | GSC | 2.500% | 06/13/21 | AED 360,000 | (472 | ) | — | (472 | ) | ||||||||||||||||||||||
3-Month AED-EIBOR | A / Q | GSC | 2.505% | 06/15/21 | 360,000 | (481 | ) | — | (481 | ) | ||||||||||||||||||||||
3-Month AED-EIBOR | A / Q | GSC | 2.520% | 06/21/21 | 359,000 | (508 | ) | — | (508 | ) | ||||||||||||||||||||||
3-Month AED-EIBOR | A / Q | GSC | 2.785% | 06/27/21 | 899,000 | (4,037 | ) | — | (4,037 | ) | ||||||||||||||||||||||
3-Month AED-EIBOR | A / Q | GSC | 2.795% | 06/27/21 | 899,000 | (4,132 | ) | — | (4,132 | ) | ||||||||||||||||||||||
3-Month SAR-SAIBOR | A / Q | DUB | 3.435% | 07/25/21 | SAR 9,700,000 | (75,005 | ) | — | (75,005 | ) | ||||||||||||||||||||||
3-Month ILS-TELBOR | A / Q | GSC | 0.728% | 09/01/21 | ILS 5,597,000 | (14,741 | ) | — | (14,741 | ) | ||||||||||||||||||||||
3-Month ILS-TELBOR | A / Q | GSC | 0.735% | 09/02/21 | 4,900,000 | (13,303 | ) | — | (13,303 | ) | ||||||||||||||||||||||
3-Month KRW-KWCDC | Q / Q | BNP | 1.311% | 10/07/21 | KRW 4,364,900,000 | 85,525 | — | 85,525 | ||||||||||||||||||||||||
3-Month SAR-SAIBOR | A / Q | GSC | 2.640% | 07/27/22 | SAR 2,892,000 | 8,517 | — | 8,517 | ||||||||||||||||||||||||
3-Month SAR-SAIBOR | A / Q | GSC | 2.613% | 07/30/22 | 2,868,000 | 9,566 | — | 9,566 | ||||||||||||||||||||||||
3-Month SAR-SAIBOR | A / Q | GSC | 3.380% | 05/10/26 | 8,945,000 | (3,956 | ) | — | (3,956 | ) | ||||||||||||||||||||||
3-Month SAR-SAIBOR | A / Q | GSC | 3.710% | 06/06/26 | 1,540,000 | (10,692 | ) | — | (10,692 | ) | ||||||||||||||||||||||
3-Month KRW-KWCDC | Q / Q | BNP | 1.830% | 01/17/27 | KRW 259,760,000 | 3,794 | — | 3,794 | ||||||||||||||||||||||||
3-Month KRW-KWCDC | Q / Q | CIT | 1.835% | 01/17/27 | 384,240,000 | 5,466 | — | 5,466 | ||||||||||||||||||||||||
3-Month KRW-KWCDC | Q / Q | BNP | 1.920% | 02/07/27 | 494,000,000 | 4,048 | — | 4,048 | ||||||||||||||||||||||||
3-Month KRW-KWCDC | Q / Q | BNP | 1.785% | 01/17/37 | 349,000,000 | 15,188 | — | 15,188 | ||||||||||||||||||||||||
3-Month KRW-KWCDC | Q / Q | BNP | 1.845% | 02/07/37 | 269,000,000 | 9,527 | — | 9,527 | ||||||||||||||||||||||||
3-Month KRW-KWCDC | Q / Q | CIT | 2.030% | 07/12/37 | 104,800,000 | 969 | — | 969 | ||||||||||||||||||||||||
3-Month KRW-KWCDC | Q / Q | GSC | 2.030% | 07/12/37 | 136,100,000 | 1,258 | — | 1,258 | ||||||||||||||||||||||||
3-Month KRW-KWCDC | Q / Q | BNP | 2.033% | 07/12/37 | 129,600,000 | 1,143 | — | 1,143 | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
(55,142 | ) | — | (55,142 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 1.750% | 09/20/19 | $131,000 | (53 | ) | (201 | ) | 148 | ||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 1.265% | 12/13/21 | HUF 80,325,000 | (6,739 | ) | — | (6,739 | ) | ||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 1.460% | 01/12/22 | 141,670,000 | (16,008 | ) | — | (16,008 | ) | ||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 1.435% | 01/13/22 | 130,330,000 | (14,192 | ) | — | (14,192 | ) | ||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 1.841% | 09/15/22 | $753,000 | 5,537 | — | 5,537 | ||||||||||||||||||||||||
6-Month EUR-LIBOR | A / S | LCH | 0.250% | 09/20/22 | EUR 5,025,000 | (207 | ) | 25,011 | (25,218 | ) | ||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 1.923% | 07/28/26 | HUF 131,000,000 | (8 | ) | — | (8 | ) | ||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 1.940% | 08/01/26 | 92,200,000 | (387 | ) | — | (387 | ) | ||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 1.888% | 09/21/26 | 89,324,000 | 1,977 | — | 1,977 | ||||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 1.930% | 09/21/26 | 36,212,000 | 315 | — | 315 | ||||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 1.935% | 09/21/26 | 35,307,000 | 250 | — | 250 | ||||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 2.140% | 10/13/26 | 35,971,000 | (2,007 | ) | — | (2,007 | ) | ||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 2.090% | 10/19/26 | 91,497,000 | (3,514 | ) | — | (3,514 | ) | ||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 2.040% | 10/20/26 | 94,781,000 | (2,080 | ) | — | (2,080 | ) | ||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 2.060% | 10/28/26 | 88,749,000 | (2,382 | ) | — | (2,382 | ) | ||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 2.075% | 10/28/26 | 35,850,000 | (1,136 | ) | — | (1,136 | ) | ||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 2.085% | 11/02/26 | 53,716,000 | (1,815 | ) | — | (1,815 | ) | ||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 2.180% | 11/03/26 | 35,967,000 | (2,315 | ) | — | (2,315 | ) | ||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 2.134% | 11/04/26 | 193,963,000 | (9,521 | ) | — | (9,521 | ) | ||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 2.150% | 11/07/26 | 35,266,000 | (1,883 | ) | — | (1,883 | ) | ||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 2.120% | 11/08/26 | 35,033,000 | (1,530 | ) | — | (1,530 | ) | ||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 2.145% | 11/10/26 | 96,456,000 | (4,959 | ) | — | (4,959 | ) | ||||||||||||||||||||||
6-Month HUF-BUBOR | A / S | LCH | 2.665% | 02/08/27 | 130,500,000 | (26,812 | ) | — | (26,812 | ) | ||||||||||||||||||||||
3-Month NZD-Bank Bills | S / Q | LCH | 3.400% | 04/28/27 | NZD 900,000 | (9,409 | ) | — | (9,409 | ) | ||||||||||||||||||||||
3-Month NZD-Bank Bills | S / Q | LCH | 3.395% | 05/08/27 | 705,000 | (7,064 | ) | — | (7,064 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-103
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
Floating Rate Index | Payment Frequency Fixed Rate / Floating Rate | Exchange | Fixed Rate | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
3-Month NZD-Bank Bills | S / Q | LCH | 3.405% | 05/08/27 | NZD 705,000 | ($7,489 | ) | $— | ($7,489 | ) | ||||||||||||||||||||||
3-Month NZD-Bank Bills | S / Q | LCH | 3.490% | 05/11/27 | 1,435,000 | (22,575 | ) | — | (22,575 | ) | ||||||||||||||||||||||
3-Month NZD-Bank Bills | S / Q | LCH | 3.313% | 05/18/27 | 609,000 | (3,027 | ) | — | (3,027 | ) | ||||||||||||||||||||||
U.S. CPI Urban Consumers NSA | Z / Z | LCH | 1.965% | 06/23/27 | $3,278,000 | 55,532 | — | 55,532 | ||||||||||||||||||||||||
3-Month NZD-Bank Bills | S / Q | LCH | 3.169% | 06/26/27 | NZD 2,720,000 | 11,272 | — | 11,272 | ||||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 2.111% | 09/05/27 | $530,000 | 7,944 | — | 7,944 | ||||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 2.023% | 09/13/27 | 750,000 | 17,340 | — | 17,340 | ||||||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 2.175% | 09/19/27 | 2,007,000 | 18,819 | — | 18,819 | ||||||||||||||||||||||||
6-Month EUR-LIBOR | A / S | LCH | 1.000% | 09/20/27 | EUR 2,254,000 | (25,534 | ) | (14,015 | ) | (11,519 | ) | |||||||||||||||||||||
3-Month USD-LIBOR | S / Q | LCH | 2.272% | 09/29/27 | $177,498 | 301 | — | 301 | ||||||||||||||||||||||||
Eurostat Eurozone HICP | Z / Z | LCH | 1.569% | 08/15/32 | EUR 379,000 | 4,149 | — | 4,149 | ||||||||||||||||||||||||
Eurostat Eurozone HICP | Z / Z | LCH | 1.585% | 08/15/32 | 381,000 | 3,056 | — | 3,056 | ||||||||||||||||||||||||
Eurostat Eurozone HICP | Z / Z | LCH | 1.601% | 08/15/32 | 371,000 | 1,886 | — | 1,886 | ||||||||||||||||||||||||
6-Month JPY-LIBOR | S / S | LCH | 0.609% | 12/19/46 | JPY 25,510,000 | 19,348 | — | 19,348 | ||||||||||||||||||||||||
6-Month JPY-LIBOR | S / S | LCH | 0.618% | 12/19/46 | 43,490,000 | 32,075 | — | 32,075 | ||||||||||||||||||||||||
6-Month JPY-LIBOR | S / S | LCH | 0.783% | 12/19/46 | 47,720,000 | 15,911 | — | 15,911 | ||||||||||||||||||||||||
6-Month JPY-LIBOR | S / S | LCH | 0.813% | 12/19/46 | 45,572,000 | 11,846 | — | 11,846 | ||||||||||||||||||||||||
6-Month JPY-LIBOR | S / S | LCH | 0.853% | 06/19/47 | 14,700,000 | 2,675 | — | 2,675 | ||||||||||||||||||||||||
6-Month JPY-LIBOR | S / S | LCH | 0.856% | 06/19/47 | 14,700,000 | 2,565 | — | 2,565 | ||||||||||||||||||||||||
U.S. CPI Urban Consumers NSA | Z / Z | LCH | 2.160% | 08/04/47 | $135,000 | 2,232 | — | 2,232 | ||||||||||||||||||||||||
U.S. CPI Urban Consumers NSA | Z / Z | LCH | 2.148% | 08/07/47 | 135,000 | 2,709 | — | 2,709 | ||||||||||||||||||||||||
U.S. CPI Urban Consumers NSA | Z / Z | LCH | 2.133% | 08/22/47 | 170,000 | 4,223 | — | 4,223 | ||||||||||||||||||||||||
U.S. CPI Urban Consumers NSA | Z / Z | LCH | 2.146% | 08/25/47 | 169,000 | 3,550 | — | 3,550 | ||||||||||||||||||||||||
U.S. CPI Urban Consumers NSA | Z / Z | LCH | 2.149% | 09/01/47 | 168,000 | 3,407 | — | 3,407 | ||||||||||||||||||||||||
6-Month JPY-LIBOR | S / S | LCH | 0.888% | 09/18/47 | JPY 47,000,000 | 4,923 | — | 4,923 | ||||||||||||||||||||||||
6-Month JPY-LIBOR | S / S | LCH | 0.892% | 09/18/47 | 51,000,000 | 4,835 | — | 4,835 | ||||||||||||||||||||||||
6-Month JPY-LIBOR | S / S | LCH | 0.924% | 09/18/47 | 46,000,000 | 729 | — | 729 | ||||||||||||||||||||||||
6-Month JPY-LIBOR | S / S | LCH | 0.946% | 12/18/47 | 163,000,000 | (1,015 | ) | — | (1,015 | ) | ||||||||||||||||||||||
6-Month JPY-LIBOR | S / S | LCH | 0.953% | 12/18/47 | 39,000,000 | (1,117 | ) | — | (1,117 | ) | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
64,628 | 10,795 | 53,833 | ||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Interest Rate Swaps - Receive Floating Rate |
| $9,486 | $10,795 | ($1,309 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Interest Rate Swaps |
| ($691,845 | ) | $10,795 | ($702,640 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
Total Return Swaps
Receive Total Return | Pay | Payment Frequency | Counter- party | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
Egyptian Treasury Bills " | 3-Month USD-LIBOR | Z | GSC | 01/23/18 | EGP 3,075,000 | $48,868 | $39,275 | $9,593 | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Swap Agreements | ($644,021 | ) | $893,685 | ($1,537,706 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-104
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2017 (Unaudited)
(n) | 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, 2017:
Total Value at September 30, 2017 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Cyprus | $318,176 | $318,176 | $— | $— | ||||||||||||||
Iceland | 2,490,114 | 2,157,754 | 332,360 | — | ||||||||||||||
Japan | 873,297 | — | 873,297 | — | ||||||||||||||
Singapore | 448,240 | — | 448,240 | — | ||||||||||||||
South Korea | 1,317,181 | 21,248 | 1,295,933 | — | ||||||||||||||
Vietnam | 660,026 | 420,868 | 239,158 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 6,107,034 | 2,918,046 | 3,188,988 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Corporate Bond & Notes | 1,529,073 | — | 1,529,073 | — | ||||||||||||||
Senior Loan Notes | 3,468,273 | — | 114,000 | 3,354,273 | ||||||||||||||
Mortgage-Backed Securities | 268,479 | — | 268,479 | — | ||||||||||||||
Foreign Government Bonds & Notes | 57,285,914 | — | 57,285,914 | — | ||||||||||||||
Short-Term Investments | 11,010,242 | 3,019,335 | 7,990,907 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | 897,000 | — | 897,000 | — | ||||||||||||||
Equity Contracts | ||||||||||||||||||
Purchased Options | 84,739 | — | 84,739 | — | ||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Volatility Agreements | 4,600 | — | 4,600 | — | ||||||||||||||
Forward Foreign Currency Contracts | 826,312 | — | 826,312 | |||||||||||||||
Purchased Options | 57,624 | — | 57,624 | — | ||||||||||||||
Swaps | 31,266 | — | 31,266 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | 919,802 | — | 919,802 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | 25,293 | 25,293 | — | — | ||||||||||||||
Purchased Options | 16 | — | 16 | — | ||||||||||||||
Swaps | 515,284 | — | 515,284 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | 540,593 | 25,293 | 515,300 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 2,442,134 | 25,293 | 2,416,841 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 82,111,149 | 5,962,674 | 72,794,202 | 3,354,273 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Reverse Repurchase Agreements | (3,439,243 | ) | — | (3,439,243 | ) | — | |||||||||||
Securities Sold Short: | ||||||||||||||||||
Foreign Government Bonds & Notes | (1,086,347 | ) | — | (1,086,347 | ) | — | ||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | (920,603 | ) | — | (920,603 | ) | — | ||||||||||||
Equity Contracts | ||||||||||||||||||
Futures | (4,517 | ) | (4,517 | ) | — | — | ||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Volatility Agreements | (15,067 | ) | — | (15,067 | ) | — | ||||||||||||
Forward Foreign Currency Contracts | (1,796,728 | ) | — | (1,796,728 | ) | — | ||||||||||||
Written Options | (2,988 | ) | — | (2,988 | ) | — | ||||||||||||
Swaps | (8,707 | ) | — | (8,707 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | (1,823,490 | ) | — | (1,823,490 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Swaps | (1,158,261 | ) | — | (1,158,261 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (3,906,871 | ) | (4,517 | ) | (3,902,354 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (8,432,461 | ) | (4,517 | ) | (8,427,944 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $73,678,688 | $5,958,157 | $64,366,258 | $3,354,273 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-105
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2017 (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, 2017:
Senior Loan Notes | Short-Term Investment | Forward Foreign Currency Contracts | Total | |||||||||||||
Value, Beginning of Year | $687,242 | $215,290 | $660 | $903,192 | ||||||||||||
Purchases | 3,123,128 | — | — | 3,123,128 | ||||||||||||
Sales (Includes Paydowns) | (499,905 | ) | (220,000 | ) | (3,634 | ) | (723,539 | ) | ||||||||
Accrued Discounts (Premiums) | 4,649 | 4,710 | — | 9,359 | ||||||||||||
Net Realized Gains (Losses) | 4,982 | — | 3,634 | 8,616 | ||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 34,177 | — | (660 | ) | 33,517 | |||||||||||
Transfers In | — | — | — | — | ||||||||||||
Transfers Out | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Value, End of Period | $3,354,273 | $— | $— | $3,354,273 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in Net Unrealized Appreciation (Depreciation) on | ||||||||||||||||
Level 3 Investments Held at the End of Period, if Applicable | $48,620 | $— | $— | $48,620 | ||||||||||||
|
|
|
|
|
|
|
|
Additional information about Level 3 fair value measurements as of September 30, 2017 was as follows:
Value at 09/30/17 | Valuation Technique | Unobservable Input | Single Input or Range of Inputs | Weighted Average | ||||||||||||
Senior Loan Notes | $3,354,273 | Demand Yield Model | Comparable spread to U.S. Treasury Bonds | 534.6 - 1,269.7 bps | 878.0 bps |
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.
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-107 and A-108 |
A-106
Table of Contents
PACIFIC FUNDS
Schedule of Investments (Continued)
Explanation of Symbols and Terms
September 30, 2017 (Unaudited)
Explanation of Symbols: | ||
* | Non-income producing investments. | |
^ | 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, 2017. For Senior Loan Notes, the rate shown may represent a weighted average interest rate. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description. | |
W | Issuer filed bankruptcy and/or is in default as of September 30, 2017. | |
¥ | All or a portion of this senior loan position has not settled. 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) 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 volatility agreements, forward foreign currency contracts, option contracts and/or swap agreements as of September 30, 2017. | |
" | 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, 2017 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. | |
± | Investments categorized as a significant unobservable input (Level 3) (See Note 3D in Notes to Financial Statements). | |
Counterparty & Exchange Abbreviations: | ||
ANZ | Australia and New Zealand Banking Group | |
BNP | BNP Paribas | |
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 | |
UBS | UBS |
Currency Abbreviations: | ||
AED | United Arab Emirates Dirham | |
ARS | Argentine Peso | |
AUD | Australian Dollar | |
BHD | Bahraini Dinar | |
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 | |
EGP | Egyptian Pound | |
EUR | Euro | |
GBP | British Pound | |
HKD | Hong Kong Dollar | |
HUF | Hungarian Forint | |
IDR | Indonesian Rupiah | |
ILS | Israeli Shekel | |
INR | Indian Rupee | |
ISK | Icelandic Krona | |
JPY | Japanese Yen | |
KRW | Korean Won | |
KZT | Kazakhstan Tenge | |
LKR | Sri Lankan Rupee | |
MAD | Moroccan Dirham | |
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 | |
UGX | Uganda Shilling | |
USD | United States Dollar | |
UYU | Uruguayan Peso | |
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-Day USD Federal Funds | United States Dollar Federal Funds Overnight 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 | |
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 | |
iBoxx | Corporate Bond Index - High Yield | |
iTraxx FINSNR | International Index - Europe Senior Financing | |
iTraxx Main | International Index - Europe Main |
See Notes to Financial Statements |
A-107
Table of Contents
PACIFIC FUNDS
Schedule of Investments (Continued)
Explanation of Symbols and Terms (Continued)
September 30, 2017 (Unaudited)
Payment Frequency Abbreviations: | ||
A | Annual | |
L | Lunar | |
M | Monthly | |
Q | Quarterly | |
S | Semiannual | |
Z | At Maturity | |
Reference Rate Abbreviations: | ||
ARS Deposit | Argentina Deposit Rate | |
ARS Reference | Argentina Reference Rate | |
EUR Swap | Euro Swap Rate | |
LIBOR | London Interbank Offered Rate | |
US FED | United States Federal Reserve Bank Rate | |
US PRIME | United States Prime Rate | |
US Treasury | United States Treasury Rate | |
USD Swap | United States Dollar Swap Rate | |
Other Abbreviations: | ||
ADR | American 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
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2017 (Unaudited)
PF Inflation Managed Fund | PF Managed Bond Fund | PF Short Duration Bond Fund | PF Emerging Markets Debt Fund | PF Comstock Fund | PF Developing Growth Fund | |||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||
Investments and repurchase agreements, at cost | $18,129,458 | $872,088,062 | $156,850,234 | $39,962,454 | $115,784,790 | $6,988,744 | ||||||||||||||||||||||||
Investments, at value (excluding derivatives) | $18,002,518 | $879,955,201 | $157,126,846 | $41,017,711 | $185,357,877 | $9,179,666 | ||||||||||||||||||||||||
Outstanding purchased options, at value (at cost $12,642, $264,842 and $770, respectively) | 7,553 | 185,649 | 151 | — | — | — | ||||||||||||||||||||||||
Cash | 5,683 | 598,990 | — | — | — | 33 | ||||||||||||||||||||||||
Cash (segregated for derivative instruments) | 190,929 | 4,348,351 | 81,300 | 358,284 | — | — | ||||||||||||||||||||||||
Foreign currency held, at value (1) | 35,344 | 3,669,641 | — | 124,360 | — | — | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||
Dividends and interest | 45,222 | 4,554,609 | 867,906 | 700,280 | 243,256 | 780 | ||||||||||||||||||||||||
Fund shares sold | 53,898 | — | — | 107,797 | — | — | ||||||||||||||||||||||||
Securities sold | 2,241,570 | 210,629,893 | 1,245,818 | — | — | �� | 154,172 | |||||||||||||||||||||||
Variation margin on futures contracts | — | 3,511,552 | — | — | — | — | ||||||||||||||||||||||||
Variation margin on swap contracts | — | — | — | 147,048 | — | — | ||||||||||||||||||||||||
Swap agreements | 13,095 | — | — | 60 | — | — | ||||||||||||||||||||||||
Due from adviser | 1,483 | 43,300 | 10,956 | 6,372 | 8,917 | 1,024 | ||||||||||||||||||||||||
Forward foreign currency contracts appreciation | 11,401 | 1,476,395 | — | 215,178 | 155,600 | — | ||||||||||||||||||||||||
Swap agreements, at value | 7,006 | 50,598 | — | 445,211 | — | — | ||||||||||||||||||||||||
Prepaid expenses and other assets | — | 6,062 | 78 | 9 | 341 | — | ||||||||||||||||||||||||
Total Assets | 20,615,702 | 1,109,030,241 | 159,333,055 | 43,122,310 | 185,765,991 | 9,335,675 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||
Fund shares redeemed | 5,617 | 334,402 | 75,743 | 27,063 | 86,333 | 6,064 | ||||||||||||||||||||||||
Securities purchased | 3,157,307 | 367,762,843 | 535,939 | 46,038 | 325 | 298,357 | ||||||||||||||||||||||||
Sale-buyback financing transactions | 4,686,142 | 20,738,221 | — | — | — | — | ||||||||||||||||||||||||
Reverse repurchase agreement | — | 991,250 | — | — | — | — | ||||||||||||||||||||||||
Due to custodian (1) | — | — | 396 | 5,053 | 43,325 | — | ||||||||||||||||||||||||
Due to brokers (2) | — | 260,000 | — | 110,010 | — | — | ||||||||||||||||||||||||
Swap agreements | — | 177,327 | — | — | — | — | ||||||||||||||||||||||||
Variation margin on futures contracts | 21,172 | — | 18,143 | — | — | — | ||||||||||||||||||||||||
Variation margin on swap contracts | 75,444 | 1,845,486 | — | — | — | — | ||||||||||||||||||||||||
Accrued advisory fees | 4,164 | 236,476 | 52,402 | �� | 27,568 | 109,150 | 4,324 | |||||||||||||||||||||||
Accrued administration fees | 1,562 | 88,679 | 19,651 | 5,268 | 22,275 | 1,081 | ||||||||||||||||||||||||
Accrued support service expenses | 456 | 30,339 | 7,170 | 1,602 | 7,467 | 333 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 4,541 | 40,539 | 5,288 | 29,462 | 5,374 | 622 | ||||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 128 | 9,520 | 2,122 | 514 | 2,315 | 115 | ||||||||||||||||||||||||
Accrued legal, audit and tax service fees | 741 | 61,120 | 11,875 | 3,246 | 14,634 | 893 | ||||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 2,129 | 11,354 | 1,610 | 23 | 3,734 | 1,864 | ||||||||||||||||||||||||
Accrued other | 3,393 | 69,843 | 18,617 | 8,781 | 12,481 | 3,194 | ||||||||||||||||||||||||
Forward foreign currency contracts depreciation | 32,280 | 2,712,346 | — | 437,744 | 108,049 | — | ||||||||||||||||||||||||
Outstanding options written, at value (premiums received $49,515, $499,130 and $154) | 6,344 | 281,884 | 98 | — | — | — | ||||||||||||||||||||||||
Swap agreements, at value | 3,241 | — | — | — | — | — | ||||||||||||||||||||||||
Total Liabilities | 8,004,661 | 395,651,629 | 749,054 | 702,372 | 415,462 | 316,847 | ||||||||||||||||||||||||
NET ASSETS | $12,611,041 | $713,378,612 | $158,584,001 | $42,419,938 | $185,350,529 | $9,018,828 | ||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||
Paid-in capital | $21,862,004 | $688,736,735 | $158,912,056 | $47,049,481 | $106,907,162 | $8,808,852 | ||||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 69,602 | 14,895,146 | 1,650,387 | 947,545 | 2,381,951 | (15,970 | ) | |||||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (9,312,230 | ) | 2,282,452 | (2,187,735 | ) | (6,438,943 | ) | 6,442,920 | (1,964,976 | ) | ||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | (8,335 | ) | 7,464,279 | 209,293 | 861,855 | 69,618,496 | 2,190,922 | |||||||||||||||||||||||
NET ASSETS | $12,611,041 | $713,378,612 | $158,584,001 | $42,419,938 | $185,350,529 | $9,018,828 | ||||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 1,407,118 | 64,254,180 | 15,900,964 | 4,236,864 | 11,497,763 | 702,460 | ||||||||||||||||||||||||
Net Asset Value Per Share | $8.96 | $11.10 | $9.97 | $10.01 | $16.12 | $12.84 |
(1) | The cost of foreign currency for the PF Inflation Managed, PF Managed Bond, PF Emerging Markets Debt, and PF Comstock Funds was $35,757, $3,721,704, $125,628, and ($40,767), respectively. |
(2) | The PF Managed Bond and PF Emerging Markets Debt 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-1
Table of Contents
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
September 30, 2017 (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 (excluding derivatives) | $81,671,018 | $61,067,441 | $259,911,746 | $214,611,309 | $51,948,133 | $10,800,456 | ||||||||||||||||||||||||
Investments, at value (excluding derivatives) | $137,691,723 | $92,565,621 | $425,880,602 | $303,289,024 | $68,148,607 | $14,830,471 | ||||||||||||||||||||||||
Outstanding purchased options, at value (at cost $22,382) | — | — | — | — | — | 22,285 | ||||||||||||||||||||||||
Cash | — | 184 | — | 11,861 | 63 | — | ||||||||||||||||||||||||
Foreign currency held, at value (1) | — | 58 | — | — | — | — | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||
Dividends and interest | 66,884 | 9,456 | 671,862 | 389,446 | 44,477 | 2,866 | ||||||||||||||||||||||||
Securities sold | 186,998 | — | — | 1,955,581 | 161,743 | 18,086 | ||||||||||||||||||||||||
Due from adviser | 7,646 | 4,748 | 20,587 | 14,663 | 4,039 | 1,094 | ||||||||||||||||||||||||
Prepaid expenses and other assets | 368 | 363 | 1,925 | 1,584 | — | — | ||||||||||||||||||||||||
Total Assets | 137,953,619 | 92,580,430 | 426,574,976 | 305,662,159 | 68,358,929 | 14,874,802 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||
Fund shares redeemed | 117,706 | 78,044 | 201,653 | 167,895 | 30,513 | 11,426 | ||||||||||||||||||||||||
Securities purchased | 191,328 | 939,999 | — | — | 709,606 | 45,597 | ||||||||||||||||||||||||
Due to custodian | — | — | 420 | — | — | — | ||||||||||||||||||||||||
Accrued advisory fees | 62,465 | 53,354 | 224,782 | 111,827 | 35,241 | 8,157 | ||||||||||||||||||||||||
Accrued administration fees | 17,036 | 11,352 | 51,873 | 37,276 | 8,132 | 1,813 | ||||||||||||||||||||||||
Accrued support service expenses | 6,223 | 3,796 | 18,298 | 12,914 | 2,859 | 554 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 3,430 | 3,657 | 9,142 | 6,895 | 1,903 | 781 | ||||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 1,865 | 1,222 | 5,596 | 3,987 | 901 | 193 | ||||||||||||||||||||||||
Accrued legal, audit and tax service fees | 10,440 | 8,151 | 33,473 | 24,324 | 5,730 | 1,402 | ||||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 3,061 | 7,147 | 6,218 | 1,800 | 969 | 2,960 | ||||||||||||||||||||||||
Accrued other | 10,211 | 7,290 | 26,060 | 19,531 | 7,452 | 2,699 | ||||||||||||||||||||||||
Outstanding options written, at value (premiums received $5,211) | — | — | — | — | — | 6,290 | ||||||||||||||||||||||||
Total Liabilities | 423,765 | 1,114,012 | 577,515 | 386,449 | 803,306 | 81,872 | ||||||||||||||||||||||||
NET ASSETS | $137,529,854 | $91,466,418 | $425,997,461 | $305,275,710 | $67,555,623 | $14,792,930 | ||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||
Paid-in capital | $77,786,940 | $43,084,550 | $252,140,376 | $197,558,066 | $42,178,309 | $9,647,061 | ||||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 210,702 | (12,540 | ) | 4,280,285 | 2,876,838 | 172,461 | 34,846 | |||||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | 3,511,507 | 16,896,282 | 3,607,944 | 16,163,604 | 9,004,379 | 1,082,184 | ||||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | 56,020,705 | 31,498,126 | 165,968,856 | 88,677,202 | 16,200,474 | 4,028,839 | ||||||||||||||||||||||||
NET ASSETS | $137,529,854 | $91,466,418 | $425,997,461 | $305,275,710 | $67,555,623 | $14,792,930 | ||||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 5,851,851 | 8,011,673 | 24,515,596 | 20,097,554 | 5,588,579 | 1,856,759 | ||||||||||||||||||||||||
Net Asset Value Per Share | $23.50 | $11.42 | $17.38 | $15.19 | $12.09 | $7.97 |
(1) | The cost of foreign currency for the PF Large-Cap Growth Fund was $58. |
See Notes to Financial Statements
B-2
Table of Contents
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
September 30, 2017 (Unaudited)
PF Mid-Cap Value Fund | PF Small-Cap Value Fund | PF Emerging Markets Fund | PF International Large-Cap Fund | PF International Small-Cap Fund | PF International Value Fund | |||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||
Investments, at cost (excluding derivatives) | $159,894,633 | $91,223,385 | $141,388,591 | $101,970,666 | $34,881,224 | $156,063,963 | ||||||||||||||||||||||||
Investments, at value (excluding derivatives) | $194,936,170 | $116,896,980 | $209,281,292 | $179,240,397 | $44,209,664 | $174,381,236 | ||||||||||||||||||||||||
Cash | 1,578 | — | 121,939 | — | — | 11 | ||||||||||||||||||||||||
Foreign currency held, at value (1) | — | 3,433 | 152,095 | 21,946 | 406,083 | 41,372 | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||
Dividends and interest | 280,128 | 96,589 | 124,391 | 1,115,474 | 226,241 | 1,052,343 | ||||||||||||||||||||||||
Fund shares sold | — | — | 75,458 | — | 53,898 | — | ||||||||||||||||||||||||
Securities sold | 363,414 | 224,137 | 580,658 | 208,486 | 476,164 | 550,804 | ||||||||||||||||||||||||
Due from adviser | — | 5,838 | 42,931 | 21,373 | — | 19,212 | ||||||||||||||||||||||||
Prepaid expenses and other assets | — | 40 | 1,081 | 1,243 | — | 930 | ||||||||||||||||||||||||
Total Assets | 195,581,290 | 117,227,017 | 210,379,845 | 180,608,919 | 45,372,050 | 176,045,908 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||
Fund shares redeemed | 90,907 | 55,145 | 158,936 | 143,299 | 33,329 | 95,711 | ||||||||||||||||||||||||
Securities purchased | — | 57,313 | 17,804 | 544 | 574,106 | 548,014 | ||||||||||||||||||||||||
Due to custodian | — | — | — | — | 1,558 | — | ||||||||||||||||||||||||
Accrued advisory fees | 110,109 | 68,726 | 139,585 | 126,065 | 35,701 | 92,346 | ||||||||||||||||||||||||
Accrued administration fees | 23,595 | 13,745 | 26,172 | 22,247 | 5,442 | 21,311 | ||||||||||||||||||||||||
Accrued support service expenses | 8,354 | 4,707 | 9,019 | 7,591 | 1,922 | 7,394 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 3,655 | 2,843 | 250,899 | 98,142 | 34,213 | 59,974 | ||||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 2,508 | 1,480 | 2,701 | 2,444 | 579 | 2,315 | ||||||||||||||||||||||||
Accrued legal, audit and tax service fees | 14,133 | 9,533 | 14,955 | 16,135 | 3,307 | 14,290 | ||||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 79 | 666 | 939 | 3,048 | 19 | 3,854 | ||||||||||||||||||||||||
Accrued foreign capital gains tax | — | — | 44,352 | 8,739 | — | 64 | ||||||||||||||||||||||||
| Accrued other | 11,703 | 9,300 | 18,874 | 20,124 | 5,075 | 17,923 | |||||||||||||||||||||||
Total Liabilities | 265,043 | 223,458 | 684,236 | 448,378 | 695,251 | 863,196 | ||||||||||||||||||||||||
NET ASSETS | $195,316,247 | $117,003,559 | $209,695,609 | $180,160,541 | $44,676,799 | $175,182,712 | ||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||
Paid-in capital | $160,027,024 | $78,422,540 | $158,473,574 | $110,861,520 | $31,518,491 | $186,284,353 | ||||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 133,727 | 132,198 | (245,254 | ) | 2,024,452 | 456,197 | 5,646,713 | |||||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | 113,959 | 12,775,214 | (16,365,610 | ) | (9,979,981 | ) | 3,372,352 | (35,057,103 | ) | |||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 35,041,537 | 25,673,607 | 67,832,899 | 77,254,550 | 9,329,759 | 18,308,749 | ||||||||||||||||||||||||
NET ASSETS | $195,316,247 | $117,003,559 | $209,695,609 | $180,160,541 | $44,676,799 | $175,182,712 | ||||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 16,010,120 | 9,211,952 | 13,071,186 | 8,717,162 | 3,687,904 | 17,022,525 | ||||||||||||||||||||||||
Net Asset Value Per Share | $12.20 | $12.70 | $16.04 | $20.67 | $12.11 | $10.29 |
(1) | The cost of foreign currency for the PF Small-Cap Value, PF Emerging Markets, PF International Large-Cap, PF International Small-Cap, and PF International Value Funds was $3,421, $167,137, $21,876, $408,721, and $41,499, respectively. |
See Notes to Financial Statements
B-3
Table of Contents
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
September 30, 2017 (Unaudited)
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 (excluding derivatives) | $22,676,179 | $79,788,733 | $61,873,611 | $76,093,706 | ||||||||||||||||||
Investments, at value (excluding derivatives) | $36,232,552 | $80,710,165 | $61,875,609 | $78,516,894 | ||||||||||||||||||
Repurchase agreements, at value | — | — | — | 1,152,121 | ||||||||||||||||||
Outstanding purchased options, at value (at cost $1,827,683 and $443,365, respectively) | — | 511,284 | — | 142,379 | ||||||||||||||||||
Cash | — | 502,666 | — | 1,351,707 | ||||||||||||||||||
Cash (segregated for derivative instruments) | — | — | 6,027,492 | 5,000 | ||||||||||||||||||
Foreign currency held, at value (1) | — | 2,284 | 162,389 | 3,884,671 | ||||||||||||||||||
Receivables: | ||||||||||||||||||||||
Dividends and interest | 122,313 | 251,884 | — | 1,183,524 | ||||||||||||||||||
Fund shares sold | 32,339 | 269,492 | 118,576 | 269,492 | ||||||||||||||||||
Securities sold | 30,348 | — | — | 2,112,833 | ||||||||||||||||||
Variation margin on futures contracts | — | — | 980,641 | 1,286,432 | ||||||||||||||||||
Variation margin on swap contracts | — | — | — | 2,998,796 | ||||||||||||||||||
Due from adviser | 1,916 | — | — | 7,972 | ||||||||||||||||||
Forward foreign currency contracts appreciation | — | 5,443,603 | 96,335 | 826,312 | ||||||||||||||||||
Forward volatility agreements appreciation | — | — | — | 4,600 | ||||||||||||||||||
Swap agreements, at value | — | — | 8,670,955 | 755,386 | ||||||||||||||||||
Prepaid expenses and other assets | 265 | 145 | 98 | 1,939 | ||||||||||||||||||
Total Assets | 36,419,733 | 87,691,523 | 77,932,095 | 94,500,058 | ||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||
Payables: | ||||||||||||||||||||||
Fund shares redeemed | 17,055 | 37,934 | 41,580 | 37,934 | ||||||||||||||||||
Securities purchased | 34,233 | 141,225 | — | 1,656,748 | ||||||||||||||||||
Securities sold short, at value (proceeds $988,401) | — | — | — | 1,086,347 | ||||||||||||||||||
Reverse repurchase agreement | — | — | — | 3,439,243 | ||||||||||||||||||
Swap agreements | — | — | — | 6,998 | ||||||||||||||||||
Due to brokers (2) | — | 614,000 | 3,500,000 | 221,000 | ||||||||||||||||||
Accrued advisory fees | 26,919 | 43,428 | 60,257 | 55,925 | ||||||||||||||||||
Accrued administration fees | 4,486 | 10,022 | 9,039 | 10,486 | ||||||||||||||||||
Accrued support service expenses | 1,307 | 3,561 | 2,933 | 3,561 | ||||||||||||||||||
Accrued custodian fees and expenses | 1,519 | 8,771 | 6,912 | 64,502 | ||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 476 | 1,093 | 901 | 1,093 | ||||||||||||||||||
Accrued legal, audit and tax service fees | 3,857 | 6,640 | 5,567 | 6,471 | ||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 422 | 42 | 35 | 40 | ||||||||||||||||||
Accrued other | 4,209 | 5,452 | 14,688 | 12,817 | ||||||||||||||||||
Forward foreign currency contracts depreciation | — | 5,386,887 | 179,422 | 1,796,728 | ||||||||||||||||||
Forward volatility agreements depreciation | — | — | — | 15,067 | ||||||||||||||||||
Outstanding options written, at value (premiums received $20,771) | — | — | — | 2,988 | ||||||||||||||||||
Swap agreements, at value | — | — | 3,209 | 863,477 | ||||||||||||||||||
Total Liabilities | 94,483 | 6,259,055 | 3,824,543 | 9,281,425 | ||||||||||||||||||
NET ASSETS | $36,325,250 | $81,432,468 | $74,107,552 | $85,218,633 | ||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||
Paid-in capital | $18,191,350 | $82,731,065 | $65,102,874 | $90,575,282 | ||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 141,311 | (147,621 | ) | (12,489,017 | ) | 1,729,718 | ||||||||||||||||
Undistributed/accumulated net realized gain (loss) | 4,436,216 | (825,583 | ) | 12,319,913 | (7,798,221 | ) | ||||||||||||||||
Net unrealized appreciation (depreciation) on investments | 13,556,373 | (325,393 | ) | 9,173,782 | 711,854 | |||||||||||||||||
NET ASSETS | $36,325,250 | $81,432,468 | $74,107,552 | $85,218,633 | ||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 2,428,262 | 8,843,137 | 6,888,211 | 9,152,033 | ||||||||||||||||||
Net Asset Value Per Share | $14.96 | $9.21 | $10.76 | $9.31 |
(1) | The cost of foreign currency for the PF Currency Strategies, PF Equity Long/Short, and PF Global Absolute Return Funds was $2,303, $162,337, and $3,895,370, respectively. |
(2) | The PF Currency Strategies, PF Equity Long/Short, 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
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2017 (Unaudited)
PF Inflation Managed Fund | PF Managed Bond Fund | PF Short Duration Bond Fund | PF Emerging Markets Debt Fund | PF Comstock Fund | PF Developing Growth Fund | |||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $660 | $210,451 | $6,340 | $4,286 | $2,137,760 | $18,761 | ||||||||||||||||||||||||
Interest, net of foreign taxes withheld | 191,798 | 11,201,505 | 1,649,500 | 1,607,292 | — | — | ||||||||||||||||||||||||
Total Investment Income | 192,458 | 11,411,956 | 1,655,840 | 1,611,578 | 2,137,760 | 18,761 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 25,592 | 1,458,199 | 326,984 | 166,246 | 678,020 | 26,316 | ||||||||||||||||||||||||
Administration fees | 9,597 | 546,825 | 122,619 | 31,767 | 135,604 | 6,579 | ||||||||||||||||||||||||
Support services expenses | 710 | 74,082 | 13,954 | 4,254 | 17,468 | 1,125 | ||||||||||||||||||||||||
Custodian fees and expenses | 3,168 | 27,066 | 3,633 | 20,843 | 3,758 | 482 | ||||||||||||||||||||||||
Shareholder report expenses | 340 | 35,414 | 6,667 | 2,029 | 8,349 | 540 | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 293 | 30,299 | 5,633 | 1,727 | 7,144 | 463 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 564 | 53,787 | 10,705 | 3,066 | 12,834 | 792 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 158 | 16,700 | 3,127 | 932 | 3,934 | 257 | ||||||||||||||||||||||||
Interest expense | 22,636 | 23,239 | — | — | — | — | ||||||||||||||||||||||||
Other | 4,284 | 56,633 | 19,730 | 10,541 | 6,984 | 3,856 | ||||||||||||||||||||||||
Total Expenses | 67,342 | 2,322,244 | 513,052 | 241,405 | 874,095 | 40,410 | ||||||||||||||||||||||||
Advisory Fee Waiver (1) | — | — | — | — | (13,560 | ) | — | |||||||||||||||||||||||
Adviser Expense Reimbursement (2) | (9,516 | ) | (293,981 | ) | (63,449 | ) | (43,393 | ) | (60,471 | ) | (7,515 | ) | ||||||||||||||||||
Net Expenses | 57,826 | 2,028,263 | 449,603 | 198,012 | 800,064 | 32,895 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 134,632 | 9,383,693 | 1,206,237 | 1,413,566 | 1,337,696 | (14,134 | ) | |||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions | 17,434 | 9,729,567 | 27,294 | 613,476 | 7,673,205 | 447,371 | ||||||||||||||||||||||||
Closed short positions | — | 27,902 | — | — | — | — | ||||||||||||||||||||||||
Futures contract transactions | (42,200 | ) | 3,360,273 | (18,132 | ) | — | — | — | ||||||||||||||||||||||
Swap transactions | (6,384 | ) | (258,266 | ) | — | 163,062 | — | — | ||||||||||||||||||||||
Written option transactions | 20,393 | 1,700,247 | — | — | — | — | ||||||||||||||||||||||||
Purchased options transactions | (4,365 | ) | (1,082,010 | ) | — | — | — | — | ||||||||||||||||||||||
Forward foreign currency contract transactions | (39,313 | ) | (880,166 | ) | — | 458,584 | (1,533,947 | ) | — | |||||||||||||||||||||
Foreign currency transactions | 11,887 | 830,975 | — | 162,577 | 1,384 | — | ||||||||||||||||||||||||
Net Realized Gain (Loss) | (42,548 | ) | 13,428,522 | 9,162 | 1,397,699 | 6,140,642 | 447,371 | |||||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities (3) | (55,107 | ) | 9,989,982 | 331,210 | (31,280 | ) | 5,354,002 | 533,605 | ||||||||||||||||||||||
Futures contracts | 24,782 | (760,646 | ) | (82,448 | ) | — | — | — | ||||||||||||||||||||||
Swaps | 36,315 | (1,112,491 | ) | — | (129,929 | ) | — | — | ||||||||||||||||||||||
Written options | (3,642 | ) | 69,463 | 56 | — | — | — | |||||||||||||||||||||||
Purchased options | (7,322 | ) | (835,493 | ) | (619 | ) | — | — | — | |||||||||||||||||||||
Forward foreign currency contracts | (19,768 | ) | (710,562 | ) | — | 57,398 | 252,326 | — | ||||||||||||||||||||||
Foreign currencies | (663 | ) | (110,797 | ) | — | (12,675 | ) | 3,842 | — | |||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | (25,405 | ) | 6,529,456 | 248,199 | (116,486 | ) | 5,610,170 | 533,605 | ||||||||||||||||||||||
NET GAIN (LOSS) | (67,953 | ) | 19,957,978 | 257,361 | 1,281,213 | 11,750,812 | 980,976 | |||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | $66,679 | $29,341,671 | $1,463,598 | $2,694,779 | $13,088,508 | $966,842 | ||||||||||||||||||||||||
Foreign taxes withheld on dividends and interest | $— | $1,625 | $1,319 | $27,705 | $50,954 | $— |
(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 $2,028. |
See Notes to Financial Statements
B-5
Table of Contents
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2017 (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 | $654,795 | $386,994 | $4,496,479 | $3,008,409 | $437,991 | $63,444 | ||||||||||||||||||||||||
Interest, net of foreign taxes withheld | 2,959 | — | — | — | — | — | ||||||||||||||||||||||||
Total Investment Income | 657,754 | 386,994 | 4,496,479 | 3,008,409 | 437,991 | 63,444 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 381,722 | 344,386 | 1,389,598 | 681,300 | 215,070 | 51,231 | ||||||||||||||||||||||||
Administration fees | 104,106 | 68,877 | 320,677 | 227,100 | 49,632 | 10,978 | ||||||||||||||||||||||||
Support services expenses | 12,829 | 10,132 | 40,719 | 29,803 | 7,083 | 1,881 | ||||||||||||||||||||||||
Custodian fees and expenses | 2,459 | 2,482 | 6,142 | 4,525 | 1,338 | 594 | ||||||||||||||||||||||||
Shareholder report expenses | 6,099 | 4,847 | 19,413 | 14,217 | 3,383 | 900 | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 5,192 | 4,146 | 16,570 | 12,138 | 2,891 | 769 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 9,671 | 7,268 | 30,185 | 21,948 | 5,163 | 1,316 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 2,864 | 2,290 | 9,135 | 6,696 | 1,596 | 427 | ||||||||||||||||||||||||
Other | 6,457 | 4,464 | 11,329 | 8,949 | 6,450 | 2,674 | ||||||||||||||||||||||||
Total Expenses | 531,399 | 448,892 | 1,843,768 | 1,006,676 | 292,606 | 70,770 | ||||||||||||||||||||||||
Advisory Fee Waiver (1) | — | (20,663 | ) | — | — | — | (1,830 | ) | ||||||||||||||||||||||
Adviser Expense Reimbursement (2) | (45,572 | ) | (35,628 | ) | (133,493 | ) | (98,277 | ) | (27,904 | ) | (8,561 | ) | ||||||||||||||||||
Net Expenses | 485,827 | 392,601 | 1,710,275 | 908,399 | 264,702 | 60,379 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 171,927 | (5,607 | ) | 2,786,204 | 2,100,010 | 173,289 | 3,065 | |||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions | 2,748,595 | 5,705,859 | 2,518,519 | 5,574,951 | 3,431,084 | 898,992 | ||||||||||||||||||||||||
Written option transactions | — | — | — | — | — | (221 | ) | |||||||||||||||||||||||
Purchased options transactions | — | — | — | — | — | 3,588 | ||||||||||||||||||||||||
Foreign currency transactions | 299 | 25 | (3,603 | ) | (5,820 | ) | — | 52 | ||||||||||||||||||||||
Net Realized Gain (Loss) | 2,748,894 | 5,705,884 | 2,514,916 | 5,569,131 | 3,431,084 | 902,411 | ||||||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities | 13,076,431 | 5,434,120 | 14,109,930 | 16,309,699 | 2,668,660 | 732,565 | ||||||||||||||||||||||||
Written options | — | — | — | — | — | (1,079 | ) | |||||||||||||||||||||||
Purchased options | — | — | — | — | — | (97 | ) | |||||||||||||||||||||||
Foreign currencies | — | (6 | ) | — | 2,238 | — | — | |||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 13,076,431 | 5,434,114 | 14,109,930 | 16,311,937 | 2,668,660 | 731,389 | ||||||||||||||||||||||||
NET GAIN (LOSS) | 15,825,325 | 11,139,998 | 16,624,846 | 21,881,068 | 6,099,744 | 1,633,800 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $15,997,252 | $11,134,391 | $19,411,050 | $23,981,078 | $6,273,033 | $1,636,865 | ||||||||||||||||||||||||
Foreign taxes withheld on dividends and interest | $3,368 | $2,479 | $136,515 | $23,953 | $239 | $— |
(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
Table of Contents
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2017 (Unaudited)
PF Mid-Cap Value Fund | PF Small-Cap Value Fund | PF Emerging Markets Fund | PF International Large-Cap Fund | PF International Small-Cap Fund | PF International Value Fund | |||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $1,398,434 | $651,053 | $2,335,474 | $2,854,688 | $686,696 | $4,781,706 | ||||||||||||||||||||||||
Interest, net of foreign taxes withheld | — | — | — | 3,839 | — | — | ||||||||||||||||||||||||
Total Investment Income | 1,398,434 | 651,053 | 2,335,474 | 2,858,527 | 686,696 | 4,781,706 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 679,252 | 428,311 | 827,685 | 772,220 | 185,400 | 565,329 | ||||||||||||||||||||||||
Administration fees | 145,554 | 85,662 | 155,191 | 136,274 | 32,717 | 130,460 | ||||||||||||||||||||||||
Support services expenses | 17,336 | 11,558 | 18,542 | 20,276 | 4,034 | 18,091 | ||||||||||||||||||||||||
Custodian fees and expenses | 2,559 | 1,949 | 167,846 | 65,527 | 25,016 | 44,897 | ||||||||||||||||||||||||
Shareholder report expenses | 8,244 | 5,526 | 8,809 | 9,694 | 1,919 | 8,572 | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 7,020 | 4,729 | 7,494 | 8,286 | 1,636 | 7,313 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 13,052 | 8,426 | 13,957 | 14,484 | 3,022 | 13,121 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 3,780 | 2,606 | 4,137 | 4,580 | 881 | 4,042 | ||||||||||||||||||||||||
Other | 5,532 | 6,258 | 25,265 | 22,116 | 4,449 | 13,580 | ||||||||||||||||||||||||
Total Expenses | 882,329 | 555,025 | 1,228,926 | 1,053,457 | 259,074 | 805,405 | ||||||||||||||||||||||||
Adviser Expense Reimbursement (1) | — | (41,051 | ) | (246,050 | ) | (144,963 | ) | (19,144 | ) | (109,616 | ) | |||||||||||||||||||
Net Expenses | 882,329 | 513,974 | 982,876 | 908,494 | 239,930 | 695,789 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 516,105 | 137,079 | 1,352,598 | 1,950,033 | 446,766 | 4,085,917 | ||||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions (2) | 2,243,485 | 4,288,122 | 9,206,019 | 5,053,655 | 2,509,690 | 20,411,587 | ||||||||||||||||||||||||
Forward foreign currency contract transactions | — | — | — | — | — | 80,648 | ||||||||||||||||||||||||
Foreign currency transactions | — | (51 | ) | (44,280 | ) | 14,808 | 8,160 | 35,774 | ||||||||||||||||||||||
Net Realized Gain (Loss) | 2,243,485 | 4,288,071 | 9,161,739 | 5,068,463 | 2,517,850 | 20,528,009 | ||||||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities (3) | 7,583,751 | 1,161,437 | 20,375,287 | 16,093,648 | 3,285,209 | (7,069,999 | ) | |||||||||||||||||||||||
Forward foreign currency contracts | — | — | — | — | — | (154,168 | ) | |||||||||||||||||||||||
Foreign currencies | — | 12 | (13,424 | ) | 40,761 | 2,215 | 22,812 | |||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 7,583,751 | 1,161,449 | 20,361,863 | 16,134,409 | 3,287,424 | (7,201,355 | ) | |||||||||||||||||||||||
NET GAIN (LOSS) | 9,827,236 | 5,449,520 | 29,523,602 | 21,202,872 | 5,805,274 | 13,326,654 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $10,343,341 | $5,586,599 | $30,876,200 | $23,152,905 | $6,252,040 | $17,412,571 | ||||||||||||||||||||||||
Foreign taxes withheld on dividends and interest | $— | $2,156 | $278,101 | $319,298 | $66,867 | $372,761 |
(1) | See Note 7B in Notes to Financial Statements. |
(2) | Net realized gain (loss) on investment security transactions for the PF International Value Fund is net of foreign capital gains tax withheld of $159. |
(3) | Change in net unrealized appreciation (depreciation) on investment securities for the PF Emerging Markets, PF International Large-Cap, and PF International Value Funds was net of increase (decrease) in deferred foreign capital gains tax of ($120,269), $8,739, and $64, respectively. |
See Notes to Financial Statements
B-7
Table of Contents
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2017 (Unaudited)
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 | $337,602 | $102,274 | $37,424 | $48,350 | ||||||||||||||||||
Interest, net of foreign taxes withheld | — | 147,923 | 216,919 | 2,224,510 | ||||||||||||||||||
Total Investment Income | 337,602 | 250,197 | 254,343 | 2,272,860 | ||||||||||||||||||
EXPENSES | ||||||||||||||||||||||
Advisory fees | 167,992 | 274,881 | 414,464 | 344,259 | ||||||||||||||||||
Administration fees | 27,998 | 63,434 | 54,060 | 64,548 | ||||||||||||||||||
Support services expenses | 5,010 | 8,043 | 6,617 | 8,055 | ||||||||||||||||||
Custodian fees and expenses | 1,026 | 6,151 | 4,708 | 48,502 | ||||||||||||||||||
Shareholder report expenses | 2,407 | 3,837 | 3,160 | 3,837 | ||||||||||||||||||
Transfer agency out-of-pocket expenses | 2,065 | 3,277 | 2,703 | 3,270 | ||||||||||||||||||
Legal, audit and tax service fees | 3,420 | 5,945 | 4,887 | 5,958 | ||||||||||||||||||
Trustees’ fees and expenses | 1,144 | 1,760 | 1,449 | 1,760 | ||||||||||||||||||
Interest expense | — | — | — | 29,264 | ||||||||||||||||||
Recoupment of adviser reimbursement (1) | — | 4,400 | — | — | ||||||||||||||||||
Other | 3,135 | 3,503 | 14,627 | 15,373 | ||||||||||||||||||
Total Expenses | 214,197 | 375,231 | 506,675 | 524,826 | ||||||||||||||||||
Advisory Fee Waiver (2) | — | — | (54,060 | ) | — | |||||||||||||||||
Adviser Expense Reimbursement (1) | (18,207 | ) | — | — | (43,722 | ) | ||||||||||||||||
Net Expenses | 195,990 | 375,231 | 452,615 | 481,104 | ||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 141,612 | (125,034 | ) | (198,272 | ) | 1,791,756 | ||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||
Investment security transactions | 2,393,351 | 110 | 91 | 738,063 | ||||||||||||||||||
Futures contract transactions | — | — | 1,605,699 | (422,669 | ) | |||||||||||||||||
Swap transactions | — | — | 7,202,591 | (1,118,985 | ) | |||||||||||||||||
Written option transactions | — | — | — | 770,098 | ||||||||||||||||||
Purchased options transactions | — | (274,119 | ) | — | (726,741 | ) | ||||||||||||||||
Forward foreign currency contract transactions | — | (676,976 | ) | 893,393 | (2,383,693 | ) | ||||||||||||||||
Forward bonds and forward volatility agreements | — | — | — | (232 | ) | |||||||||||||||||
Foreign currency transactions | — | 125,402 | (12,307 | ) | 416,687 | |||||||||||||||||
Net Realized Gain (Loss) | 2,393,351 | (825,583 | ) | 9,689,467 | (2,727,472 | ) | ||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||
Investment securities (3) | (2,490,578 | ) | 1,333,032 | 7,410 | 3,681,020 | |||||||||||||||||
Short positions | — | — | — | (97,928 | ) | |||||||||||||||||
Futures contracts | — | — | 576,709 | 88,542 | ||||||||||||||||||
Swaps | — | — | (3,019,585 | ) | (226,831 | ) | ||||||||||||||||
Written options | — | — | — | (209,645 | ) | |||||||||||||||||
Purchased options | — | (517,490 | ) | — | (148,844 | ) | ||||||||||||||||
Forward foreign currency contracts | — | (2,421,002 | ) | (198,753 | ) | (561,503 | ) | |||||||||||||||
Forward bonds and forward volatility agreements | — | — | — | (10,467 | ) | |||||||||||||||||
Foreign currencies | — | 15,307 | (1,247 | ) | (23,763 | ) | ||||||||||||||||
Reverse repurchase agreements | — | — | — | 9,049 | ||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | (2,490,578 | ) | (1,590,153 | ) | (2,635,466 | ) | 2,499,630 | |||||||||||||||
NET GAIN (LOSS) | (97,227 | ) | (2,415,736 | ) | 7,054,001 | (227,842 | ) | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | $44,385 | ($2,540,770 | ) | $6,855,729 | $1,563,914 | |||||||||||||||||
Foreign taxes withheld on dividends and interest | $— | $— | $— | $12,061 |
(1) | See Note 7B in Notes to Financial Statements. |
(2) | See Note 6 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 $8,846. |
See Notes to Financial Statements
B-8
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
Six-Month | Year Ended | Six-Month | Year Ended | Six-Month | Year Ended | |||||||||||||||||||||||||||||||||
PF Inflation Managed Fund | PF Managed Bond Fund | PF Short Duration Bond Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $134,632 | $691,995 | $9,383,693 | $18,337,677 | $1,206,237 | $1,140,129 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | (42,548 | ) | 730,390 | 13,428,522 | (8,172,424 | ) | 9,162 | (2,525 | ) | |||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (25,405 | ) | (759,154 | ) | 6,529,456 | 7,052,492 | 248,199 | 50,648 | ||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 66,679 | 663,231 | 29,341,671 | 17,217,745 | 1,463,598 | 1,188,252 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | — | — | (12,139,381 | ) | — | (1,142,148 | ) | ||||||||||||||||||||||||||||||
Net realized gains - Class P | — | — | — | (9,128,858 | ) | — | — | |||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | — | — | (21,268,239 | ) | — | (1,142,148 | ) | ||||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 487,995 | 1,867,182 | 1,974,811 | 528,068,478 | 995,571 | 162,428,614 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | — | — | 21,268,239 | — | 1,142,148 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (1,073,729 | ) | (41,590,601 | ) | (60,154,027 | ) | (224,447,161 | ) | (11,514,187 | ) | (71,877,097 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (585,734 | ) | (39,723,419 | ) | (58,179,216 | ) | 324,889,556 | (10,518,616 | ) | 91,693,665 | ||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (519,055 | ) | (39,060,188 | ) | (28,837,545 | ) | 320,839,062 | (9,055,018 | ) | 91,739,769 | ||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 13,130,096 | 52,190,284 | 742,216,157 | 421,377,095 | 167,639,019 | 75,899,250 | ||||||||||||||||||||||||||||||||
End of Year or Period | $12,611,041 | $13,130,096 | $713,378,612 | $742,216,157 | $158,584,001 | $167,639,019 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $69,602 | ($65,030 | ) | $14,895,146 | $5,511,453 | $1,650,387 | $444,150 | |||||||||||||||||||||||||||||||
PF Emerging Markets Debt Fund | PF Comstock Fund | PF Developing Growth Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $1,413,566 | $4,852,113 | $1,337,696 | $2,958,466 | ($14,134 | ) | ($60,769 | ) | ||||||||||||||||||||||||||||||
Net realized gain (loss) | 1,397,699 | 1,559,494 | 6,140,642 | 17,311,113 | 447,371 | 5,646,450 | ||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (116,486 | ) | 4,241,650 | 5,610,170 | 17,986,474 | 533,605 | (2,616,840 | ) | ||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 2,694,779 | 10,653,257 | 13,088,508 | 38,256,053 | 966,842 | 2,968,841 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (5,017,945 | ) | — | (4,565,894 | ) | — | — | ||||||||||||||||||||||||||||||
Net realized gains - Class P | — | — | — | (15,229,937 | ) | — | — | |||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (5,017,945 | ) | — | (19,795,831 | ) | — | — | ||||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 909,623 | 3,780,533 | 550,492 | 15,922,053 | 11,613 | 478,278 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 5,017,945 | — | 19,795,831 | — | — | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (3,798,226 | ) | (79,981,311 | ) | (12,008,535 | ) | (85,229,473 | ) | (765,118 | ) | (36,837,521 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (2,888,603 | ) | (71,182,833 | ) | (11,458,043 | ) | (49,511,589 | ) | (753,505 | ) | (36,359,243 | ) | ||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (193,824 | ) | (65,547,521 | ) | 1,630,465 | (31,051,367 | ) | 213,337 | (33,390,402 | ) | ||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 42,613,762 | 108,161,283 | 183,720,064 | 214,771,431 | 8,805,491 | 42,195,893 | ||||||||||||||||||||||||||||||||
End of Year or Period | $42,419,938 | $42,613,762 | $185,350,529 | $183,720,064 | $9,018,828 | $8,805,491 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $947,545 | ($466,021 | ) | $2,381,951 | $1,044,255 | ($15,970 | ) | ($1,836 | ) |
(1) | Unaudited. |
See Notes to Financial Statements
B-9
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Six-Month Period Ended September 30, 2017 (1) | Year Ended March 31, 2017 | Six-Month Period Ended September 30, 2017 (1) | Year Ended March 31, 2017 | Six-Month Period Ended September 30, 2017 (1) | Year Ended March 31, 2017 | |||||||||||||||||||||||||||||||||
PF Growth Fund | PF Large-Cap Growth Fund | PF Large-Cap Value Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $171,927 | $137,341 | ($5,607 | ) | ($132,926 | ) | $2,786,204 | $5,547,223 | ||||||||||||||||||||||||||||||
Net realized gain (loss) | 2,748,894 | 4,023,284 | 5,705,884 | 18,997,343 | 2,514,916 | 7,966,087 | ||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 13,076,431 | 11,550,079 | 5,434,114 | 410,043 | 14,109,930 | 43,755,041 | ||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 15,997,252 | 15,710,704 | 11,134,391 | 19,274,460 | 19,411,050 | 57,268,351 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (123,468 | ) | — | — | — | (5,153,645 | ) | ||||||||||||||||||||||||||||||
Net realized gains - Class P | — | (2,855,020 | ) | — | (7,234,883 | ) | — | (8,128,566 | ) | |||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (2,978,488 | ) | — | (7,234,883 | ) | — | (13,282,211 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 176,630 | 36,603,565 | 118,506 | 15,561,817 | 1,141,628 | 163,777,327 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 2,978,488 | — | 7,234,883 | — | 13,282,211 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (13,775,885 | ) | (39,879,937 | ) | (8,953,681 | ) | (96,607,788 | ) | (28,106,472 | ) | (87,465,047 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (13,599,255 | ) | (297,884 | ) | (8,835,175 | ) | (73,811,088 | ) | (26,964,844 | ) | 89,594,491 | |||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 2,397,997 | 12,434,332 | 2,299,216 | (61,771,511 | ) | (7,553,794 | ) | 133,580,631 | ||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 135,131,857 | 122,697,525 | 89,167,202 | 150,938,713 | 433,551,255 | 299,970,624 | ||||||||||||||||||||||||||||||||
End of Year or Period | $137,529,854 | $135,131,857 | $91,466,418 | $89,167,202 | $425,997,461 | $433,551,255 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $210,702 | $38,775 | ($12,540 | ) | ($6,933 | ) | $4,280,285 | $1,494,081 | ||||||||||||||||||||||||||||||
PF Main Street Core Fund | PF Mid-Cap Equity Fund | PF Mid-Cap Growth Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $2,100,010 | $3,960,115 | $173,289 | $418,762 | $3,065 | $8,377 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | 5,569,131 | 12,614,101 | 3,431,084 | 26,424,105 | 902,411 | 2,771,024 | ||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 16,311,937 | 28,240,255 | 2,668,660 | (4,846,412 | ) | 731,389 | 1,488,906 | |||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 23,981,078 | 44,814,471 | 6,273,033 | 21,996,455 | 1,636,865 | 4,268,307 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (3,737,963 | ) | — | (1,195,977 | ) | — | (197,631 | ) | |||||||||||||||||||||||||||||
Net realized gains - Class P | — | (1,319,560 | ) | — | (11,955,102 | ) | — | (1,592,480 | ) | |||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (5,057,523 | ) | — | (13,151,079 | ) | — | (1,790,111 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 423,604 | 102,856,519 | 84,544 | 491,250 | 20,936 | 388,894 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 5,057,523 | — | 13,151,079 | — | 1,790,111 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (20,451,212 | ) | (58,023,374 | ) | (4,812,805 | ) | (126,071,438 | ) | (1,375,375 | ) | (48,913,308 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (20,027,608 | ) | 49,890,668 | (4,728,261 | ) | (112,429,109 | ) | (1,354,439 | ) | (46,734,303 | ) | |||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 3,953,470 | 89,647,616 | 1,544,772 | (103,583,733 | ) | 282,426 | (44,256,107 | ) | ||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 301,322,240 | 211,674,624 | 66,010,851 | 169,594,584 | 14,510,504 | 58,766,611 | ||||||||||||||||||||||||||||||||
End of Year or Period | $305,275,710 | $301,322,240 | $67,555,623 | $66,010,851 | $14,792,930 | $14,510,504 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $2,876,838 | $776,828 | $172,461 | ($828 | ) | $34,846 | $31,781 |
(1) | Unaudited. |
See Notes to Financial Statements
B-10
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Six-Month Period Ended September 30, 2017 (1) | Year Ended March 31, 2017 | Six-Month Period Ended September 30, 2017 (1) | Year Ended March 31, 2017 | Six-Month Period Ended September 30, 2017 (1) | Year Ended March 31, 2017 | |||||||||||||||||||||||||||||||||
PF Mid-Cap Value Fund | PF Small-Cap Value Fund | PF Emerging Markets Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $516,105 | $644,205 | $137,079 | $160,984 | $1,352,598 | $1,104,879 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | 2,243,485 | 4,076,194 | 4,288,071 | 15,385,823 | 9,161,739 | (3,188,694 | ) | |||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 7,583,751 | 30,096,291 | 1,161,449 | 14,017,983 | 20,361,863 | 27,236,698 | ||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 10,343,341 | 34,816,690 | 5,586,599 | 29,564,790 | 30,876,200 | 25,152,883 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (1,924,546 | ) | — | (735,591 | ) | — | (855,663 | ) | |||||||||||||||||||||||||||||
Net realized gains - Class P | — | — | — | (4,442,493 | ) | — | — | |||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (1,924,546 | ) | — | (5,178,084 | ) | — | (855,663 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 463,227 | 46,317,335 | 329,209 | 4,938,117 | 832,390 | 135,052,663 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 1,924,546 | — | 5,178,084 | — | 855,663 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (12,806,962 | ) | (134,785,344 | ) | (7,502,353 | ) | (115,237,202 | ) | (22,633,237 | ) | (77,634,759 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (12,343,735 | ) | (86,543,463 | ) | (7,173,144 | ) | (105,121,001 | ) | (21,800,847 | ) | 58,273,567 | |||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (2,000,394 | ) | (53,651,319 | ) | (1,586,545 | ) | (80,734,295 | ) | 9,075,353 | 82,570,787 | ||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 197,316,641 | 250,967,960 | 118,590,104 | 199,324,399 | 200,620,256 | 118,049,469 | ||||||||||||||||||||||||||||||||
End of Year or Period | $195,316,247 | $197,316,641 | $117,003,559 | $118,590,104 | $209,695,609 | $200,620,256 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $133,727 | ($382,378 | ) | $132,198 | ($4,881 | ) | ($245,254 | ) | ($1,597,852 | ) | ||||||||||||||||||||||||||||
PF International Large-Cap Fund | PF International Small-Cap Fund | PF International Value Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $1,950,033 | $3,821,169 | $446,766 | $1,235,601 | $4,085,917 | $4,220,131 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | 5,068,463 | (3,602,639 | ) | 2,517,850 | 7,241,415 | 20,528,009 | (3,738,120 | ) | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 16,134,409 | 23,920,705 | 3,287,424 | (723,355 | ) | (7,201,355 | ) | 22,501,123 | ||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 23,152,905 | 24,139,235 | 6,252,040 | 7,753,661 | 17,412,571 | 22,983,134 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (4,537,465 | ) | — | (1,650,584 | ) | — | (5,468,588 | ) | |||||||||||||||||||||||||||||
Net realized gains - Class P | — | — | — | (2,548,172 | ) | — | — | |||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (4,537,465 | ) | — | (4,198,756 | ) | — | (5,468,588 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 226,252 | 20,480,420 | 464,697 | 5,877,107 | 223,960 | 79,341,742 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 4,537,465 | — | 4,198,756 | — | 5,468,588 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (19,888,385 | ) | (157,813,108 | ) | (4,837,716 | ) | (89,391,227 | ) | (17,084,280 | ) | (68,454,441 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (19,662,133 | ) | (132,795,223 | ) | (4,373,019 | ) | (79,315,364 | ) | (16,860,320 | ) | 16,355,889 | |||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 3,490,772 | (113,193,453 | ) | 1,879,021 | (75,760,459 | ) | 552,251 | 33,870,435 | ||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 176,669,769 | 289,863,222 | 42,797,778 | 118,558,237 | 174,630,461 | 140,760,026 | ||||||||||||||||||||||||||||||||
End of Year or Period | $180,160,541 | $176,669,769 | $44,676,799 | $42,797,778 | $175,182,712 | $174,630,461 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $2,024,452 | $74,419 | $456,197 | $9,431 | $5,646,713 | $1,560,796 |
(1) | Unaudited. |
See Notes to Financial Statements
B-11
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Six-Month Period Ended September 30, 2017 (1) | Year Ended March 31, 2017 | Six-Month Period Ended September 30, 2017 (1) | Year Ended March 31, 2017 | Six-Month Period Ended September 30, 2017 (1) | Year Ended March 31, 2017 | |||||||||||||||||||||||||||||||||
PF Real Estate Fund | PF Currency Strategies Fund | PF Equity Long/Short Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $141,612 | $670,766 | ($125,034 | ) | ($633,380 | ) | ($198,272 | ) | ($954,939 | ) | ||||||||||||||||||||||||||||
Net realized gain (loss) | 2,393,351 | 5,374,002 | (825,583 | ) | 4,936,015 | 9,689,467 | 13,188,320 | |||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (2,490,578 | ) | (6,722,381 | ) | (1,590,153 | ) | 6,418,917 | (2,635,466 | ) | (3,607,855 | ) | |||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 44,385 | (677,613 | ) | (2,540,770 | ) | 10,721,552 | 6,855,729 | 8,625,526 | ||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (1,644,503 | ) | — | (9,020,580 | ) | — | (12,227,818 | ) | |||||||||||||||||||||||||||||
Net realized gains - Class P | — | (2,630,689 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (4,275,192 | ) | — | (9,020,580 | ) | — | (12,227,818 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 403,423 | 11,536,965 | 2,387,133 | 28,511,621 | 1,069,650 | 4,528,597 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 4,275,192 | — | 9,020,580 | — | 12,227,818 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (3,160,562 | ) | (42,537,880 | ) | (6,236,186 | ) | (78,661,680 | ) | (4,899,285 | ) | (109,659,401 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (2,757,139 | ) | (26,725,723 | ) | (3,849,053 | ) | (41,129,479 | ) | (3,829,635 | ) | (92,902,986 | ) | ||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (2,712,754 | ) | (31,678,528 | ) | (6,389,823 | ) | (39,428,507 | ) | 3,026,094 | (96,505,278 | ) | |||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 39,038,004 | 70,716,532 | 87,822,291 | 127,250,798 | 71,081,458 | 167,586,736 | ||||||||||||||||||||||||||||||||
End of Year or Period | $36,325,250 | $39,038,004 | $81,432,468 | $87,822,291 | $74,107,552 | $71,081,458 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $141,311 | ($301 | ) | ($147,621 | ) | ($22,587 | ) | ($12,489,017 | ) | ($12,290,745 | ) | |||||||||||||||||||||||||||
PF Global Absolute Return Fund | ||||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $1,791,756 | $4,175,240 | ||||||||||||||||||||||||||||||||||||
Net realized gain (loss) | (2,727,472 | ) | (4,586,089 | ) | ||||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 2,499,630 | 5,183,846 | ||||||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 1,563,914 | 4,772,997 | ||||||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (3,029,841 | ) | |||||||||||||||||||||||||||||||||||
Net realized gains - Class P | — | — | ||||||||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (3,029,841 | ) | |||||||||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 2,280,583 | 33,038,489 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 3,029,841 | ||||||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (5,670,339 | ) | (82,540,836 | ) | ||||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (3,389,756 | ) | (46,472,506 | ) | ||||||||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (1,825,842 | ) | (44,729,350 | ) | ||||||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 87,044,475 | 131,773,825 | ||||||||||||||||||||||||||||||||||||
End of Year or Period | $85,218,633 | $87,044,475 | ||||||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $1,729,718 | ($62,038 | ) |
(1) | Unaudited. |
See Notes to Financial Statements
B-12
Table of Contents
PACIFIC FUNDS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2017 (Unaudited)
PF Inflation Managed Fund | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES (2): | ||||||||||
Net increase (decrease) in net assets from operations | $66,679 | |||||||||
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 | (13,063,660 | ) | ||||||||
Proceeds from disposition of long-term securities | 11,551,906 | |||||||||
Proceeds (purchases) of short-term securities, net | 80,987 | |||||||||
Proceeds (purchases) from foreign currency transactions | (36,695 | ) | ||||||||
(Increase) decrease in dividends and interest receivable | (5,479 | ) | ||||||||
(Increase) decrease in receivable for securities sold | (1,228,776 | ) | ||||||||
(Increase) decrease in receivable due from adviser | (1,483 | ) | ||||||||
(Increase) decrease in prepaid expenses and other assets | 140 | |||||||||
(Increase) decrease in variation margin on futures contracts | (92,927 | ) | ||||||||
(Increase) decrease in variation margin on swap contracts | 75,444 | |||||||||
Increase (decrease) in swap premiums | (2,427 | ) | ||||||||
Increase (decrease) in payable for securities purchased | 2,077,824 | |||||||||
Increase (decrease) in payable due to advisor | (10,753 | ) | ||||||||
Increase (decrease) in accrued advisory fees | (180 | ) | ||||||||
Increase (decrease) in accrued administration fees | (67 | ) | ||||||||
Increase (decrease) in accrued support services expenses | 71 | |||||||||
Increase (decrease) in accrued custodian fees and expenses | 2,659 | |||||||||
Increase (decrease) in accrued transfer agency out-of-pocket expenses | (139 | ) | ||||||||
Increase (decrease) in accrued legal, audit and tax service fees | (741 | ) | ||||||||
Increase (decrease) in accrued other payable | 1,072 | |||||||||
Change in net unrealized (appreciation) depreciation on investment securities | 55,107 | |||||||||
Change in net unrealized (appreciation) depreciation on swaps (3) | (12,377 | ) | ||||||||
Change in net unrealized (appreciation) depreciation on written options | 3,642 | |||||||||
Change in net unrealized (appreciation) depreciation on purchased options | 7,322 | |||||||||
Change in net unrealized (appreciation) depreciation on forward foreign currency contract transactions | 19,768 | |||||||||
Change in net unrealized (appreciation) depreciation on foreign currencies | 663 | |||||||||
Net realized (gain) loss on investment security transactions | (17,434 | ) | ||||||||
Net realized (gain) loss on written option transactions | (20,393 | ) | ||||||||
Net realized (gain) loss on purchased options transactions | 4,365 | |||||||||
Net realized (gain) loss on forward foreign currency contract transactions | 39,313 | |||||||||
Net realized (gain) loss on foreign currency | (11,887 | ) | ||||||||
Net amortization on investments | 41,518 | |||||||||
Net cash provided by (used in) operating activities | (476,938 | ) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
Proceeds from shares sold | 442,674 | |||||||||
Payment of shares redeemed | (1,075,209 | ) | ||||||||
Increase (decrease) in payable for sale-buyback financing transactions | 1,084,306 | |||||||||
Net cash provided by (used in) financing activities | 451,771 | |||||||||
NET INCREASE (DECREASE) IN CASH AND FOREIGN CURRENCY | (25,167 | ) | ||||||||
CASH AND FOREIGN CURRENCY (4): | ||||||||||
Beginning of Period | 257,123 | |||||||||
End of Period | $231,956 |
(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 $22,636. |
(3) | Excludes centrally cleared swaps included in variation margin. |
(4) | Includes cash (segregated for derivative instruments) of $190,929. |
See Notes to Financial Statements
B-13
Table of Contents
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 Inflation Managed Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $8.92 | $0.09 | ($0.05 | ) | $0.04 | $— | $— | $— | $8.96 | 1.05 | % | 0.90 | % | 2.10 | % | 0.45 | % | $12,611 | 68 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 8.73 | 0.29 | (0.10 | ) | 0.19 | — | — | — | 8.92 | 0.98 | % | 0.80 | % | 3.35 | % | 2.18 | % | 13,130 | 194 | % | ||||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
PF Managed Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $10.67 | $0.14 | $0.29 | $0.43 | $— | $— | $— | $11.10 | 0.64 | % | 0.56 | % | 2.57 | % | 4.13 | % | $713,379 | 219 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.57 | 0.26 | 0.10 | 0.36 | (0.15 | ) | (0.11 | ) | (0.26 | ) | 10.67 | 0.64 | % | 0.56 | % | 2.39 | % | 3.42 | % | 742,216 | 372 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
PF Short Duration Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $9.88 | $0.07 | $0.02 | $0.09 | $— | $— | $— | $9.97 | 0.63 | % | 0.55 | % | 1.48 | % | 0.91 | % | $158,584 | 30 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.84 | 0.12 | 0.01 | 0.13 | (0.09 | ) | — | (0.09 | ) | 9.88 | 0.68 | % | 0.55 | % | 1.16 | % | 1.36 | % | 167,639 | 233 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
PF Emerging Markets Debt Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $9.39 | $0.32 | $0.30 | $0.62 | $— | $— | $— | $10.01 | 1.14 | % | 0.93 | % | 6.67 | % | 6.60 | % | $42,420 | 36 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.14 | 0.72 | 0.58 | 1.30 | (1.05 | ) | — | (1.05 | ) | 9.39 | 1.10 | % | 0.94 | % | 7.58 | % | 14.88 | % | 42,614 | 75 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $15.00 | $0.11 | $1.01 | $1.12 | $— | $— | $— | $16.12 | 0.97 | % | 0.88 | % | 1.48 | % | 7.47 | % | $185,351 | 6 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 13.66 | 0.23 | 2.75 | 2.98 | (0.36 | ) | (1.28 | ) | (1.64 | ) | 15.00 | 0.97 | % | 0.89 | % | 1.55 | % | 21.92 | % | 183,720 | 22 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
PF Developing Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $11.50 | ($0.02 | ) | $1.36 | $1.34 | $— | $— | $— | $12.84 | 0.92 | % | 0.75 | % | (0.32 | %) | 11.65 | % | $9,019 | 47 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.80 | (0.04 | ) | 1.74 | 1.70 | — | — | — | 11.50 | 0.90 | % | 0.75 | % | (0.40 | %) | 17.35 | % | 8,805 | 123 | % | ||||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||||
PF Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $20.94 | $0.03 | $2.53 | $2.56 | $— | $— | $— | $23.50 | 0.77 | % | 0.70 | % | 0.25 | % | 12.22 | % | $137,530 | 7 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 18.82 | 0.02 | 2.61 | 2.63 | (0.02 | ) | (0.49 | ) | (0.51 | ) | 20.94 | 0.77 | % | 0.70 | % | 0.12 | % | 14.25 | % | 135,132 | 43 | % | ||||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references, if any, on B-16 |
B-14
Table of Contents
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 Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $10.11 | ($0.00 | )(6) | $1.31 | $1.31 | $— | $— | $— | $11.42 | 0.98 | % | 0.85 | % | (0.01 | %) | 12.96 | % | $91,466 | 22 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.24 | (0.01 | ) | 1.50 | 1.49 | — | (0.62 | ) | (0.62 | ) | 10.11 | 0.97 | % | 0.86 | % | (0.11 | %) | 16.74 | % | 89,167 | 80 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
PF Large-Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $16.60 | $0.11 | $0.67 | $0.78 | $— | $— | $— | $17.38 | 0.86 | % | 0.80 | % | 1.30 | % | 4.70 | % | $425,997 | 4 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 14.78 | 0.22 | 2.11 | 2.33 | (0.20 | ) | (0.31 | ) | (0.51 | ) | 16.60 | 0.86 | % | 0.80 | % | 1.40 | % | 15.88 | % | 433,551 | 21 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
PF Main Street Core Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $14.03 | $0.10 | $1.06 | $1.16 | $— | $— | $— | $15.19 | 0.66 | % | 0.60 | % | 1.39 | % | 8.27 | % | $305,276 | 7 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 12.16 | 0.18 | 1.91 | 2.09 | (0.16 | ) | (0.06 | ) | (0.22 | ) | 14.03 | 0.66 | % | 0.60 | % | 1.38 | % | 17.29 | % | 301,322 | 51 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
PF Mid-Cap Equity Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $11.00 | $0.03 | $1.06 | $1.09 | $— | $— | $— | $12.09 | 0.88 | % | 0.80 | % | 0.52 | % | 9.91 | % | $67,556 | 36 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.63 | 0.05 | 2.43 | 2.48 | (0.17 | ) | (1.94 | ) | (2.11 | ) | 11.00 | 0.89 | % | 0.80 | % | 0.45 | % | 24.02 | % | 66,011 | 101 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
PF Mid-Cap Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $7.12 | $0.00 | (6) | $0.85 | $0.85 | $— | $— | $— | $7.97 | 0.97 | % | 0.82 | % | 0.04 | % | 11.94 | % | $14,793 | 12 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 7.11 | 0.00 | (6) | 0.93 | 0.93 | (0.09 | ) | (0.83 | ) | (0.92 | ) | 7.12 | 0.96 | % | 0.82 | % | 0.04 | % | 13.67 | % | 14,511 | 19 | % | |||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||
PF Mid-Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $11.56 | $0.03 | $0.61 | $0.64 | $— | $— | $— | $12.20 | 0.91 | % | 0.91 | % | 0.53 | % | 5.54 | % | $195,316 | 22 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.72 | 0.04 | 1.93 | 1.97 | (0.13 | ) | — | (0.13 | ) | 11.56 | 0.92 | % | 0.92 | % | 0.36 | % | 20.36 | % | 197,317 | 56 | % | |||||||||||||||||||||||||||||||||||
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 Value Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $12.09 | $0.01 | $0.60 | $0.61 | $— | $— | $— | $12.70 | 0.97 | % | 0.90 | % | 0.24 | % | 5.05 | % | $117,004 | 14 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.14 | 0.01 | 2.44 | 2.45 | (0.07 | ) | (0.43 | ) | (0.50 | ) | 12.09 | 0.98 | % | 0.90 | % | 0.12 | % | 23.99 | % | 118,590 | 49 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
PF Emerging Markets Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $13.81 | $0.10 | $2.13 | $2.23 | $— | $— | $— | $16.04 | 1.19 | % | 0.95 | % | 1.31 | % | 16.15 | % | $209,696 | 16 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 12.09 | 0.08 | 1.71 | 1.79 | (0.07 | ) | — | (0.07 | ) | 13.81 | 1.20 | % | 0.95 | % | 0.64 | % | 14.83 | % | 200,620 | 69 | % | |||||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references, if any, on B-16 |
B-15
Table of Contents
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $18.19 | $0.21 | $2.27 | $2.48 | $— | $— | $— | $20.67 | 1.16 | % | 1.00 | % | 2.14 | % | 13.63 | % | $180,161 | 2 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 16.69 | 0.25 | 1.58 | 1.83 | (0.33 | ) | — | (0.33 | ) | 18.19 | 1.13 | % | 1.00 | % | 1.46 | % | 11.17 | % | 176,670 | 16 | % | |||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
PF International Small-Cap Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $10.50 | $0.12 | $1.49 | $1.61 | $— | $— | $— | $12.11 | 1.19 | % | 1.10 | % | 2.05 | % | 15.33 | % | $44,677 | 25 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.27 | 0.21 | 1.10 | 1.31 | (0.41 | ) | (0.67 | ) | (1.08 | ) | 10.50 | 1.18 | % | 1.09 | % | 2.07 | % | 13.85 | % | 42,798 | 53 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $9.31 | $0.23 | $0.75 | $0.98 | $— | $— | $— | $10.29 | 0.93 | % | 0.80 | % | 4.69 | % | 10.53 | % | $175,183 | 94 | % | |||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 8.35 | 0.21 | 1.03 | 1.24 | (0.28 | ) | — | (0.28 | ) | 9.31 | 0.90 | % | 0.80 | % | 2.43 | % | 15.15 | % | 174,630 | 67 | % | |||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
PF Real Estate Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $14.94 | $0.06 | ($0.04 | ) | $0.02 | $— | $— | $— | $14.96 | 1.15 | % | 1.05 | % | 0.76 | % | 0.13 | % | $36,325 | 22 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 15.99 | 0.16 | (0.18 | ) | (0.02) | (0.39 | ) | (0.64 | ) | (1.03 | ) | 14.94 | 1.12 | % | 1.05 | % | 1.01 | % | (0.14 | %) | 39,038 | 27 | % | |||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
PF Currency Strategies Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $9.49 | ($0.01 | ) | ($0.27 | ) | ($0.28 | ) | $— | $— | $— | $9.21 | 0.89 | % | 0.89 | % | (0.30 | %) | (2.95 | %) | $81,432 | 0 | % | ||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.75 | (0.06 | ) | 0.90 | 0.84 | (1.10 | ) | — | (1.10 | ) | 9.49 | 0.90 | % | 0.90 | % | (0.62 | %) | 8.95 | % | 87,822 | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $9.78 | ($0.03 | ) | $1.01 | $0.98 | $— | $— | $— | $10.76 | 1.41 | % | 1.26 | % | (0.55 | %) | 10.36 | % | $74,108 | 0 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 10.31 | (0.10 | ) | 1.38 | 1.28 | (1.81 | ) | — | (1.81 | ) | 9.78 | 1.43 | % | 1.28 | % | (0.95 | %) | 13.10 | % | 71,081 | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 9/30/2017 (5) | $9.14 | $0.19 | ($0.02 | ) | $0.17 | $— | $— | $— | $9.31 | 1.22 | % | 1.12 | % | 4.16 | % | 1.86 | % | $85,219 | 47 | % | ||||||||||||||||||||||||||||||||||||
4/1/2016 - 3/31/2017 | 9.04 | 0.41 | 0.02 | 0.43 | (0.33 | ) | — | (0.33 | ) | 9.14 | 1.19 | % | 1.10 | % | 4.47 | % | 4.80 | % | 87,044 | 100 | % | |||||||||||||||||||||||||||||||||||
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, 2017. |
(6) | Reflects an amount rounding to less than $0.01 per share. |
See Notes to Financial Statements |
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(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, 2017, the Trust was comprised of forty separate funds, twenty-two 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 Inflation Managed Fund | PF Large-Cap Value Fund | PF International Small-Cap Fund | ||
PF Managed Bond Fund | PF Main Street® Core Fund | PF International Value Fund | ||
PF Short Duration Bond Fund | PF Mid-Cap Equity Fund | PF Real Estate Fund | ||
PF Emerging Markets Debt Fund | PF Mid-Cap Growth Fund | PF Currency Strategies Fund | ||
PF Comstock Fund | PF Mid-Cap Value Fund | PF Equity Long/Short Fund | ||
PF Developing Growth Fund | PF Small-Cap Value Fund | PF Global Absolute Return Fund | ||
PF Growth Fund | PF Emerging Markets Fund | |||
PF Large-Cap Growth Fund | PF International Large-Cap 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.
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 (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund qualifies as an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to the Investment Companies Topic of U.S. GAAP.
Effective January 1, 2017, the Trust implemented Accounting Standards Update (“ASU”) No. 2016-19, Technical Corrections and Improvements issued by the Financial Accounting Standards Board (“FASB”). This ASU made technical changes to various sections of the accounting standards codification (“ASC”), including modifications to Topic 820, Fair Value Measurement and requires disclosure of reason(s) for the change in valuation approach and valuation technique. Changes in valuation approach and valuation technique, if any, are disclosed in Note 3D.
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 unfunded senior loan commitments are amortized to income over the period of the commitment. Consent fees, which are compensation for
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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.
F. NEW PRONOUNCEMENTS
On October 13, 2016, the U.S. Securities and Exchange Commission (“SEC”) adopted new rules (the “Reporting Rules”) and amended existing rules (the “Amended Rules”) intended to modernize reporting and enhance the disclosure of information for most registered investment companies. The Amended Rules include amendments relating to Regulation S-X, which modify the form and content of the financial statements of the Trust, went into effect as of August 1, 2017 and are reflected in this semi-annual report. For the Trust, the effective date of the Reporting Rules will be June 1, 2018. At this time, management is evaluating the implications of the Reporting Rules and determining their impact on the Trust’s financial statements and accompanying notes.
On November 17, 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. This update intends to reduce diversity in the presentation of restricted cash and restricted cash equivalents in the statement. Any restricted cash and restricted cash equivalents will be included as components of cash and cash equivalents as presented on the statement of cash flows. For the Trust, the effective date of this update is for periods beginning after December 15, 2017. At this time, management is evaluating the implications of this ASU and its impact on the financial statements.
On March 30, 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities, that would require that the premium associated with the purchase of callable debt securities be amortized to the earliest call date and no longer amortized through the contractual life of the instrument. The changes are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. At this time, management is evaluating the implications of this ASU and its impact on the financial statements of the Trust.
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. DETERMINATION OF NET ASSET VALUE (“NAV”)
Each Fund presented in these financial statements is divided into shares. The price per share of a Fund’s shares is called its 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
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 SEC), making the sale of investments or determinations of NAV not practicable, or (iv) the SEC permits a delay for the protection of shareholders.
Certain Funds may hold investments that are primarily listed on foreign exchanges. Because those investments trade on weekends and other days when the Funds do not calculate their NAVs, the value of those investments may change on days when a shareholder will not be able to purchase or redeem shares of those Funds.
C. INVESTMENT VALUATION
The value of each security or other investment is the amount which a Fund might reasonably expect to receive for the investment upon its current sale in the ordinary course of business. For purposes of calculating the NAV, the value of investments held by each Fund is based primarily on pricing data obtained from various sources approved by the Board.
Domestic Equity Investments
For domestic equity investments (including exchange-traded funds), the Trust generally uses the official closing price or last reported sale price from an exchange as of the scheduled closing time of the NYSE and does not normally take into account trading, clearances or settlements that take place after the scheduled close of the NYSE. Investments for which no official closing price or last reported sales price are reported are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.
Foreign Equity Investments
For foreign equity investments, the Trust generally uses the official closing price or last reported sale price from the principal foreign exchanges, which may be earlier than the scheduled close of the NYSE. The Trust then may adjust for market events occurring between the close of certain foreign exchanges and the scheduled close of the NYSE. The Trust has retained an independent statistical analysis service approved by the Board to assist in determining the value of certain foreign equity investments. This service utilizes proprietary computer models based on historical performance of markets and other considerations to determine adjustments for market events. Quotations of foreign investments in foreign currencies and those valued using forward currency rates are converted into U.S. dollar equivalents using a foreign exchange quotation from an approved source.
Exchange Traded Futures Contracts, Option Contracts, and Swap Agreements
Exchange traded futures contracts, option contracts, and swap agreements are generally valued using the settlement price determined by the relevant exchange. Exchange traded futures contracts, option contracts, and swap agreements 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 swap agreements and option contracts) 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 published 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, last reported sale/trade 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
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NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 (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, 2017, 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 published 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.
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Municipal Bonds
Municipal bonds are fair valued based on pricing models that take into account, among other factors, information received from market makers and broker-dealers, current trades, bid lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Foreign Government Bonds and Notes
Foreign government bonds and notes are fair valued based on discounted cash flow models that incorporate option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored daily for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable and timely, the fair values of foreign government bonds and notes would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Corporate Bonds and Notes and U.S. Government Agency Issues
Corporate bonds held by a Fund are generally comprised of two main categories: investment grade bonds and high yield bonds. Investment grade bonds are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer or comparable issuers, issuer credit information, and option-adjusted spread models where applicable. Fair values for high yield bonds are based primarily on broker-dealer quotations from relevant market makers and recently executed transactions in securities of the issuer or comparable issuers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds, and sector-specific trends. To the extent that these inputs are observable and timely, the fair values of corporate bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
U.S. Government Agency Issues are reported at fair value using various inputs and techniques, which include broker-dealer quotations, live trading levels, recently executed transactions in securities of the issuer, issuer credit information, and option-adjusted spread models where applicable. To the extent that these inputs are observable and timely, the fair values of U.S. Government Agency Issues would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Futures Contracts
Futures contracts and options on futures contracts that are actively traded on commodity exchanges are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to futures contracts, they are categorized as Level 1. To the extent that valuation adjustments are observable and timely, the fair values of futures contracts would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Option Contracts
Exchange listed option contracts that are traded on securities exchanges are categorized as Level 2 if they are fair valued based on quoted prices from the applicable exchange, or when valuation adjustments are applied to exchange listed option contracts, or such valuation adjustments are observable and timely, 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 the mean between broker-dealer bid and ask quotations, and forward 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 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 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 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
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flows. To the extent that these inputs are observable and timely, the fair values of total return swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Total Return Basket Swaps – The value of total return basket swaps are derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing price on the principal exchange on which the securities are traded; (ii) financing costs; (iii) the value of dividends or accrued interest; (iv) cash balances within the swap; and (v) other factors, as applicable. To the extent that these inputs are observable and timely, the fair values of total return basket swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Volatility Swaps – Volatility swaps traded over-the-counter are fair valued using pricing models that are based on real-time snap shots of relevant discount interest rate curves, volatility inputs, and present value, which are observable from the market and built using the most actively traded securities for a given maturity. In addition, market data pertaining to volatility swaps are monitored regularly to ensure that volatility rates are properly depicting the current volatility rate. To the extent that these inputs are observable and timely, the fair values of volatility swaps would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Senior Loan Notes
Floating rate senior loan notes (“Senior Loans”) are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple broker-dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable, the fair values of Senior Loans would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Credit-Oriented Investments
For non-publicly traded instruments that represent debt to the Trust, the carrying amount approximates fair value due to the relatively short-term maturity of these financial instruments. The Trust may use market transactions for identical or similar instruments or a market yield approach, which utilizes expected future cash flows that are discounted using estimated current market rates. Discounted cash flow calculations may be adjusted to reflect current market conditions and/or the perceived credit risk of each Fund as applicable. Consideration may also include an evaluation of collateral. To the extent that these inputs are observable and timely, the fair values for credit-oriented investments are categorized as Level 2; otherwise the fair values would be categorized as Level 3.
4. INVESTMENTS AND RISKS
General Investment Risks
An investment in each Fund represents an indirect investment in the assets owned by that Fund. As with any mutual fund, the value of the assets owned by each Fund may move up or down, and as a result, an investment in a Fund at any point in time may be worth more or less than the original amount invested.
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
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short-term instruments may be affected by changes in interest rates. Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise. Certain debt investments may be difficult to value, purchase, and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale.
Given the historically low interest rate environment in the U.S., risks associated with rising interest rates are heightened. The negative impact on debt investments from potential interest rate increases could be swift and significant, including falling market values, increased redemptions and reduced liquidity. Substantial redemptions from bond and other income funds may worsen that impact. Additionally, regulations applicable to and changing business practices of broker-dealers that make markets in debt investments may result in those broker-dealers restricting their market making activities for certain debt investments, which may reduce the liquidity and increase the volatility of such debt investments.
Certain asset-backed instruments, such as collateralized debt obligations, collateralized mortgage obligations, and other mortgage-related securities, structured investment vehicles, and other debt investments may have exposure to subprime loans or subprime mortgages, which are loans to persons with lower credit ratings. These instruments may present credit risk that is not transparent and that is greater than indicated by their ratings. The value of these instruments may be more acutely affected by downturns in the credit markets or the real estate market than certain other investments, and it may be difficult to value these instruments because of a thin secondary market.
Foreign and Emerging Markets Investments
Exposure to foreign markets can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Investments in or exposure to investments in emerging market countries may be riskier than investments in or exposure to investments in U.S. and certain developed markets.
The 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. The exact time frame for the implementation of Brexit 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, 2017, no participation interest in Senior Loans was held by any of the Funds presented in these financial statements.
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Unfunded loan commitments on senior loan participations and assignments, 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, 2017, none of the Funds presented in this report had any unfunded loan commitments.
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.
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
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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 the Fund is permitted to hold. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the repurchase agreements, including accrued interest, except in the case of a repurchase agreement entered into for the purposes of selling a security short, where the value of the collateral delivered to a Fund must equal or exceed 95% of the value of the repurchase price during the term of the repurchase agreement. The terms of a repurchase agreement entered into for the purposes of selling a security short may provide that the cash purchase price paid by a Fund is more than the value of the collateral received that it is obligated to return to the counterparty under the repurchase agreement. Since in such a transaction, a Fund normally will have used the collateral received to settle the short sale, a Fund will segregate liquid assets equal to the marked to market value of the collateral received that it is obligated to return to the counterparty under the repurchase agreement.
In the event of default on the obligation to repurchase a security held by a Fund as collateral, the Fund has the right to liquidate the security and apply the proceeds to the counterparty’s obligations to the 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.
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(Unaudited)
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 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.
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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 is deposited with a futures broker upon entering into futures contracts and can be funded with either cash or securities, in accordance with the initial margin requirements of the broker or the exchange. During the period a futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking-to-market on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s cost of the contract. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
During the reporting period, the following Funds entered into futures contracts for the reasons described: the PF Inflation Managed and PF Managed Bond Funds 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 Equity Long/Short Fund used futures to gain exposure to equity markets. 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.
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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, and to generate income. The PF Inflation Managed and PF Managed Bond Funds held inflation floors, and the PF Inflation Managed Fund held inflation caps, to hedge duration. The PF Short Duration Bond Fund purchased and wrote options for hedging purposes. 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. The market value of a Forward Contract fluctuates with changes in foreign currency 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 purchased and sold 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 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 are executed in a multilateral or other execution facility platform, such as a registered commodities exchange (“centrally cleared swaps”). In connection with these agreements, cash and 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.
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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, and as a substitute for cash bond exposure. 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 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. 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.
As a seller of protection, a Fund generally receives an upfront payment and/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.
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
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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.
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, 2017 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, emerging market or mortgage sectors. The PF Inflation Managed Fund also purchased credit protection through credit default swaps to reduce credit exposure to individual issuers, reduce broad credit risk, and to benefit from price differences between the credit default swap and cash bonds market. 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 or emerging market 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. The PF Global Absolute Return Fund used total return swaps to enhance returns, and for credit and market exposure.
Total Return Basket Swaps – 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 (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These financing fees are based on defined market rates or a specified benchmark rate, plus or minus a specified spread. Positions within the swap are reset periodically, and financing fees 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
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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 swaps 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, 2017.
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 | Outstanding purchased options, at value | Outstanding options written, at value | ||||
Equity contracts | Receivable: Variation margin on futures contracts Receivable: Variation margin on swap contracts | Payable: Variation margin on futures contracts Payable: Variation margin on swap contracts | ||||
Interest rate contracts | Swap agreements, at value | Swap agreements, at value | ||||
Foreign currency contracts | Outstanding purchased options, at value | Outstanding options written, at value | ||||
Receivable: Variation margin on futures contracts | Payable: Variation margin on futures contracts | |||||
Receivable: Variation margin on swap contracts | Payable: Variation margin on swap contracts | |||||
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, 2017:
Asset Derivative Investments Value | ||||||||||||||||||||
Fund | Total Value at September 30, 2017 | Credit Contracts | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||||||||||||||
PF Inflation Managed | $125,755 | $628 | $— | $11,401 | $113,726 | * | ||||||||||||||
PF Managed Bond | 7,057,325 | 986,385 | * | — | 1,796,886 | * | 4,274,054 | * | ||||||||||||
PF Short Duration Bond | 76,027 | 151 | — | — | 75,876 | * | ||||||||||||||
PF Emerging Markets Debt | 742,093 | — | — | 215,178 | 526,915 | * | ||||||||||||||
PF Comstock | 155,600 | — | — | 155,600 | — | |||||||||||||||
PF Mid-Cap Growth | 22,285 | — | 22,285 | * | — | — | ||||||||||||||
PF Currency Strategies | 5,954,887 | — | — | 5,954,887 | — | |||||||||||||||
PF Equity Long/Short | 9,367,069 | — | 9,270,734 | * | 96,335 | — | ||||||||||||||
PF Global Absolute Return | 2,442,134 | 897,000 | * | 84,739 | 919,802 | 540,593 | * | |||||||||||||
Liability Derivative Investments Value | ||||||||||||||||||||
Fund | Total Value at September 30, 2017 | Credit Contracts | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||||||||||||||
PF Inflation Managed | ($69,888 | ) | ($1,845 | )* | $— | ($32,293 | ) | ($35,750 | )* | |||||||||||
PF Managed Bond | (7,670,541 | ) | (1,077,123 | )* | — | (3,094,672 | )* | (3,498,746 | )* | |||||||||||
PF Short Duration Bond | (142,730 | ) | (98 | ) | — | — | (142,632 | )* | ||||||||||||
PF Emerging Markets Debt | (469,364 | ) | — | — | (437,744 | ) | (31,620 | )* | ||||||||||||
PF Comstock | (108,049 | ) | — | — | (108,049 | ) | — | |||||||||||||
PF Mid-Cap Growth | (6,290 | ) | — | (6,290 | )* | — | — | |||||||||||||
PF Currency Strategies | (5,386,887 | ) | — | — | (5,386,887 | ) | — | |||||||||||||
PF Equity Long/Short | (194,615 | ) | — | (15,193 | )* | (179,422 | ) | — | ||||||||||||
PF Global Absolute Return | (3,906,871 | ) | (920,603 | )* | (4,517 | )* | (1,823,490 | ) | (1,158,261 | )* |
* | Includes cumulative appreciation (depreciation) of futures contracts and centrally cleared options, and/or centrally cleared swaps as reported in the Notes to Schedules of Investments. |
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following is a summary of the location of realized gains and losses and changes in net unrealized appreciation and depreciation on 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 futures contract transactions | |||
Equity contracts | Net realized gain (loss) on swap transactions | |||
Interest rate contracts | Net realized gain (loss) on written option transactions | |||
Net realized gain (loss) on purchased options transactions | ||||
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 purchased options | ||||
Foreign currency contracts | 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 purchased options transactions | ||||
Net realized gain (loss) on forward foreign currency contract transactions | ||||
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 purchased options | ||||
Change in net unrealized appreciation (depreciation) on forward foreign currency contracts |
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 period ended September 30, 2017:
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 | ($71,869 | ) | $8,125 | $— | ($38,152 | ) | ($41,842 | ) | ||||||||||||
PF Managed Bond | 2,840,078 | (88,056 | ) | — | 779,778 | 2,148,356 | ||||||||||||||
PF Short Duration Bond | (18,132 | ) | — | — | — | (18,132 | ) | |||||||||||||
PF Emerging Markets Debt | 621,646 | — | — | 458,584 | 163,062 | |||||||||||||||
PF Comstock | (1,533,947 | ) | — | — | (1,533,947 | ) | — | |||||||||||||
PF Mid-Cap Growth | 3,367 | — | 3,367 | — | — | |||||||||||||||
PF International Value | 80,648 | — | — | 80,648 | — | |||||||||||||||
PF Currency Strategies | (951,095 | ) | — | — | (951,095 | ) | — | |||||||||||||
PF Equity Long/Short | 9,701,683 | — | 8,808,290 | 893,393 | — | |||||||||||||||
PF Global Absolute Return | (3,882,222 | ) | (937,378 | ) | (127,788 | ) | (2,274,480 | ) | (542,576 | ) |
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 | $30,365 | ($2,025 | ) | $— | ($19,592 | ) | $51,982 | |||||||||||||
PF Managed Bond | (3,349,729 | ) | 101,870 | — | (1,234,217 | ) | (2,217,382 | ) | ||||||||||||
PF Short Duration Bond | (83,011 | ) | (563 | ) | — | — | (82,448 | ) | ||||||||||||
PF Emerging Markets Debt | (72,531 | ) | — | — | 57,398 | (129,929 | ) | |||||||||||||
PF Comstock | 252,326 | — | — | 252,326 | — | |||||||||||||||
PF Mid-Cap Growth | (1,176 | ) | — | (1,176 | ) | — | — | |||||||||||||
PF International Value | (154,168 | ) | — | — | (154,168 | ) | — | |||||||||||||
PF Currency Strategies | (2,938,492 | ) | — | — | (2,938,492 | ) | — | |||||||||||||
PF Equity Long/Short | (2,641,629 | ) | — | (2,442,876 | ) | (198,753 | ) | — | ||||||||||||
PF Global Absolute Return | (1,068,748 | ) | 248,500 | 10,137 | (805,696 | ) | (521,689 | ) |
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 period ended September 30, 2017:
Average Positions and Values of Derivative Investments by Derivative Type | ||||||||||||||||||||||||||||||||||||||||||||
Futures Contracts | Forward Contracts | Options Contracts | Swap Agreements | |||||||||||||||||||||||||||||||||||||||||
Fund | Number of Positions | Value | Number of Positions | Value | Number of Positions | Value | Number of Positions | Value | ||||||||||||||||||||||||||||||||||||
PF Inflation Managed | 4 | $7,058 | 29 | ($16,030 | ) | 19 | $11,588 | 43 | $37,943 | |||||||||||||||||||||||||||||||||||
PF Managed Bond | 33 | (235,289 | ) | 60 | (884,761 | ) | 80 | 193,993 | 35 | 1,991,625 | ||||||||||||||||||||||||||||||||||
PF Short Duration Bond | 3 | (20,118 | ) | — | — | 1 | 18 | — | — | |||||||||||||||||||||||||||||||||||
PF Emerging Markets Debt | — | — | 104 | (157,814 | ) | — | — | 21 | 532,883 | |||||||||||||||||||||||||||||||||||
PF Comstock | — | — | 20 | (200,722 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||
PF Mid-Cap Growth | — | — | — | — | 2 | 5,332 | — | — | ||||||||||||||||||||||||||||||||||||
PF International Value | — | — | 12 | 51,389 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
PF Currency Strategies | — | — | 107 | 222,580 | 6 | 527,512 | — | — | ||||||||||||||||||||||||||||||||||||
PF Equity Long/Short | 13 | 94,334 | 24 | 58,082 | — | — | 25 | 9,863,812 | ||||||||||||||||||||||||||||||||||||
PF Global Absolute Return | 3 | 6,228 | 173 | (962,167 | ) | 20 | 315,084 | 191 | (550,020 | ) |
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 period ended September 30, 2017.
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 (“netting arrangements”). 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. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in the event of a bankruptcy or insolvency of 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.
C-17
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following is a summary of financial and derivative instruments that are subject to enforceable master agreements with netting arrangements (or similar arrangements) and collateral received and pledged in connection with the master agreements with netting arrangements (or similar arrangements) as of September 30, 2017:
| Gross Amounts Presented in the Statements of Assets and | | 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 | $7,006 | ($3,241 | ) | $— | $3,765 | ($3,241 | ) | $3,241 | $— | $— | |||||||||||||||||||||||||||||||||||
Option contracts | 7,215 | (270 | ) | — | 6,945 | (2,590 | ) | 270 | — | (2,320 | ) | ||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 11,401 | (5,090 | ) | — | 6,311 | (32,280 | ) | 5,090 | — | (27,190 | ) | ||||||||||||||||||||||||||||||||||
Sale-buyback financing transactions | (4,686,142 | ) | 4,336,702 | — | (349,440 | ) | |||||||||||||||||||||||||||||||||||||||
PF Managed Bond | |||||||||||||||||||||||||||||||||||||||||||||
Swap agreements | 50,598 | — | — | 50,598 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Option contracts | 26,188 | (11,742 | ) | — | 14,446 | (53,229 | ) | 11,742 | — | (41,487 | ) | ||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 1,476,395 | (1,279,111 | ) | — | 197,284 | (2,712,346 | ) | 1,279,111 | 595,784 | (837,451 | ) | ||||||||||||||||||||||||||||||||||
Reverse repurchase agreements | (991,250 | ) | — | 991,250 | — | ||||||||||||||||||||||||||||||||||||||||
Sale-buyback financing transactions | (20,738,221 | ) | 20,191,535 | — | (546,686 | ) | |||||||||||||||||||||||||||||||||||||||
PF Short Duration Bond | |||||||||||||||||||||||||||||||||||||||||||||
Option contracts | 151 | (98 | ) | — | 53 | (98 | ) | 98 | — | — | |||||||||||||||||||||||||||||||||||
PF Emerging Markets Debt | |||||||||||||||||||||||||||||||||||||||||||||
Swap agreements | 445,211 | — | — | 445,211 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 215,178 | (149,066 | ) | (27,100 | ) | 39,012 | (437,744 | ) | 149,066 | 214,455 | (74,223 | ) | |||||||||||||||||||||||||||||||||
PF Comstock | |||||||||||||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 155,600 | (108,049 | ) | — | 47,551 | (108,049 | ) | 108,049 | — | — | |||||||||||||||||||||||||||||||||||
PF Mid-Cap Growth | |||||||||||||||||||||||||||||||||||||||||||||
Option contracts | 13,475 | — | — | 13,475 | — | — | — | — | |||||||||||||||||||||||||||||||||||||
PF Currency Strategies | |||||||||||||||||||||||||||||||||||||||||||||
Option contracts | 511,284 | — | (276,966 | ) | 234,318 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 5,443,603 | (4,453,309 | ) | (801,996 | ) | 188,298 | (5,386,887 | ) | 4,453,309 | 286,644 | (646,934 | ) | |||||||||||||||||||||||||||||||||
PF Equity Long/Short | |||||||||||||||||||||||||||||||||||||||||||||
Swap agreements | 8,670,955 | (3,209 | ) | (3,246,216 | ) | 5,421,530 | (3,209 | ) | 3,209 | — | — | ||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 96,335 | (96,335 | ) | — | — | (179,422 | ) | 96,335 | 83,087 | — | |||||||||||||||||||||||||||||||||||
PF Global Absolute Return | |||||||||||||||||||||||||||||||||||||||||||||
Swap agreements | 755,386 | (497,097 | ) | (27,356 | ) | 230,933 | (863,477 | ) | 497,097 | 248,954 | (117,426 | ) | |||||||||||||||||||||||||||||||||
Option contracts | 142,379 | (2,988 | ) | — | 139,391 | (2,988 | ) | 2,988 | — | — | |||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 826,312 | (670,877 | ) | (111,045 | ) | 44,390 | (1,796,728 | ) | 670,877 | 718,410 | (407,441 | ) | |||||||||||||||||||||||||||||||||
Forward volatility agreements | 4,600 | (4,600 | ) | — | — | (15,067 | ) | 4,600 | 9,215 | (1,252 | ) | ||||||||||||||||||||||||||||||||||
Reverse repurchase agreements | (3,439,243 | ) | — | 3,439,243 | — |
As of September 30, 2017, certain Funds had investments in repurchase agreements. The gross value and related collateral received for these investments are presented in each applicable Fund’s Schedule of Investments and the value of these investments is also presented in the Statements of Assets and Liabilities. The value of the related collateral held by each applicable Fund presented in these financial statements, except for the PF Global Absolute Return Fund, exceeded the value of the repurchase agreements as of September 30, 2017. For the PF Global Absolute Return Fund (see page A-95), the value of the related collateral (Spain Government) of $1,117,237 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 ($1,151,478) as of September 30, 2017. As discussed in Note 4 on page C-9, in the case of a repurchase agreement entered into by a Fund for the purposes of selling a security short, the value of the collateral delivered to a Fund must be equal to or exceed 95% of the value of the repurchase price during the term of the repurchase agreement.
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
C-18
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PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 Inflation Managed | 0.40% | PF Large-Cap Value | 0.65% | PF International Small-Cap | 0.85% | |||||
PF Managed Bond | 0.40% | PF Main Street Core | 0.45% | PF International Value | 0.65% | |||||
PF Short Duration Bond | 0.40% | PF Mid-Cap Equity | 0.65% | PF Real Estate | 0.90% | |||||
PF Emerging Markets Debt | 0.785% | PF Mid-Cap Growth (1) | 0.70% | PF Currency Strategies | 0.65% | |||||
PF Comstock (1) | 0.75% | PF Mid-Cap Value | 0.70% | PF Equity Long/Short (1) | 1.15% | |||||
PF Developing Growth | 0.60% | PF Small-Cap Value | 0.75% | PF Global Absolute Return | 0.80% | |||||
PF Growth | 0.55% | PF Emerging Markets | 0.80% | |||||||
PF Large-Cap Growth (1) | 0.75% | PF International Large-Cap | 0.85% |
(1) | PLFA agreed to waive its advisory fees through July 31, 2018 for the following Funds: 0.015% for the PF Comstock Fund; 0.045% for the PF Large-Cap Growth Fund; 0.025% for the PF Mid-Cap Growth Fund; and 0.15% for the PF Equity Long/Short Fund. There is no guarantee that PLFA will continue such waivers after that date. |
Pursuant to Sub-Advisory Agreements, the Trust and PLFA engage various 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 related management fees to these sub-advisers as compensation for their sub-advisory services provided to the Trust. As of September 30, 2017, the following firms serve as sub-advisers for their respective Funds:
Fund | Sub-Adviser | Fund | Sub-Adviser | |||
PF Inflation Managed | Pacific Investment Management Company LLC | PF Mid-Cap Equity | Scout Investments, Inc. | |||
PF Managed Bond | Pacific Investment Management Company LLC and Western Asset Management Company (co-sub-advisers) | PF Mid-Cap Growth | Ivy Investment Management Company | |||
PF Short Duration Bond | T. Rowe Price Associates, Inc. | PF Mid-Cap Value | Boston Partners Global Investors, Inc. | |||
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 Developing Growth | Lord, Abbett & Co. LLC | PF International Value (1) | Wellington Management Company LLP | |||
PF Growth PF International Large-Cap | MFS Investment Management | PF Real Estate | Morgan Stanley Investment Management Inc. | |||
PF Large-Cap Growth | BlackRock Investment Management, LLC | PF Currency Strategies | Macro Currency Group and UBS Asset Management (Americas) Inc. (co-sub-advisers) | |||
PF Large-Cap Value | ClearBridge Investments, LLC | PF Equity Long/Short | AQR Capital Management, LLC | |||
PF Main Street Core PF Emerging Markets | OppenheimerFunds, Inc. | PF Global Absolute Return | Eaton Vance Investment Managers |
(1) | Prior to May 1, 2017, J.P. Morgan Investment Management Inc. served as sub-adviser of the PF International Value Fund. |
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 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. 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.
C-19
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 period ended September 30, 2017 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of September 30, 2017 are presented in the Statements of Assets and Liabilities.
B. EXPENSE LIMITATION AGREEMENTS
To help limit the Trust’s expenses, PLFA 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 and expenses; 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); taxes (including foreign taxes on dividends, interest or gains); brokerage commissions and other transactional expenses; and extraordinary expenses such as litigation expenses and other expenses not incurred in the ordinary course of each Fund’s business. The 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, 2018 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, 2018. There is no expense cap for the PF Equity Long/Short Fund.
There is no guarantee that PLFA will continue to cap 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 in future periods, not to exceed three years from the date on which the reimbursement took place, provided that the recoupment would be limited to the lesser of: (i) the expense cap in effect at the time of the reimbursement or (ii) the expense cap in effect at the time of recoupment. The amounts of adviser reimbursement to each of the applicable Funds presented in these financial statements for the period ended September 30, 2017 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of September 30, 2017 are presented in the Statements of Assets and Liabilities.
The cumulative expense reimbursement amounts, if any, as of September 30, 2017 that are subject to recoupment by PLFA from the Funds presented in these financial statements are as follows:
Expiration Date | ||||||||||||||||
Fund | 3/31/2018 | 3/31/2019 | 3/31/2020 | 3/31/2021 | ||||||||||||
PF Inflation Managed | $150,774 | $95,880 | $33,114 | $9,516 | ||||||||||||
PF Managed Bond | 512,975 | 415,627 | 590,876 | 293,981 | ||||||||||||
PF Short Duration Bond | 214,257 | 108,855 | 123,091 | 63,449 | ||||||||||||
PF Emerging Markets Debt | 219,179 | 154,900 | 107,918 | 43,393 | ||||||||||||
PF Comstock | 174,160 | 145,785 | 134,866 | 60,471 | ||||||||||||
PF Developing Growth | 50,330 | 45,591 | 22,807 | 7,515 | ||||||||||||
PF Growth | 81,452 | 80,955 | 82,308 | 45,572 | ||||||||||||
PF Large-Cap Growth | 113,036 | 100,786 | 86,301 | 35,628 | ||||||||||||
PF Large-Cap Value | 211,881 | 188,396 | 243,001 | 133,493 | ||||||||||||
PF Main Street Core | 154,305 | 134,981 | 179,812 | 98,277 | ||||||||||||
PF Mid-Cap Equity | 116,418 | 116,181 | 79,956 | 27,904 | ||||||||||||
PF Mid-Cap Growth | 53,935 | 42,669 | 25,372 | 8,561 | ||||||||||||
PF Small-Cap Value | 90,161 | 120,806 | 104,811 | 41,051 | ||||||||||||
PF Emerging Markets | 445,820 | 383,441 | 433,451 | 246,050 | ||||||||||||
PF International Large-Cap | 253,588 | 282,785 | 336,014 | 144,963 | ||||||||||||
PF International Small-Cap | 37,089 | 17,806 | 46,102 | 19,144 | ||||||||||||
PF International Value | 182,705 | 181,062 | 181,721 | 109,616 | ||||||||||||
PF Real Estate | 40,632 | 41,737 | 46,036 | 18,207 | ||||||||||||
PF Global Absolute Return | 210,688 | 117,298 | 91,278 | 43,722 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $3,313,385 | $2,775,541 | $2,948,835 | $1,450,513 | ||||||||||||
|
|
|
|
|
|
|
|
During the period ended September 30, 2017, PLFA recouped from following Fund under the expense limitation agreement:
Fund | Amount Recouped | |||
PF Currency Strategies | $4,400 |
There was no recoupment of expense reimbursement by PLFA from any other Funds presented in these financial statements for the period ended September 30, 2017.
C-20
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
C. INDEPENDENT TRUSTEES
The Trust pays each independent trustee of the Board retainer fees and specified amounts for various Board and committee services and for chairing those committees. The fees and expenses of the independent trustees of the Board are presented in the Statements of Operations. Each independent trustee of the Board is eligible to participate in the Trust’s Deferred Compensation Plan (the “Plan”). The Plan allows each independent trustee to voluntarily defer receipt of all or a percentage of fees, which otherwise would be payable for services performed. Amounts in the deferral account are obligations of each Fund at the time of such deferral and are payable in accordance with the Plan. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of certain Funds. An independent trustee who defers compensation has the option to select credit rate options that track the performance, at NAV without a sales load, of Class A shares of the Portfolio Optimization Funds, Pacific Funds Diversified Alternatives, Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income, Pacific Funds Limited Duration High Income, 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 to expenses (trustees’ fees and expenses). For the period ended September 30, 2017, such expenses increased by $3,132 for all applicable Funds presented in these financial statements as a result of the market value appreciation on such accounts. As of September 30, 2017, the total amount in the DCP Liability accounts was $51,609 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. INTERFUND 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 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 period ended September 30, 2017, there were no purchase and sale transactions with an affiliated Fund conducted in compliance with Rule 17a-7 under the 1940 Act.
C-21
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
8. PURCHASES AND SALES OF INVESTMENTS
The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the period ended September 30, 2017, are summarized in the following table:
U.S. Government Securities | Other Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
PF Inflation Managed | $11,760,905 | $10,899,767 | $1,205,845 | $700,698 | ||||||||||||
PF Managed Bond | 1,690,345,678 | 1,725,081,709 | 39,981,514 | 70,740,848 | ||||||||||||
PF Short Duration Bond | 20,179,571 | 29,792,665 | 24,966,328 | 27,119,000 | ||||||||||||
PF Emerging Markets Debt | — | — | 14,173,709 | 14,719,532 | ||||||||||||
PF Comstock | — | — | 10,574,887 | 21,202,236 | ||||||||||||
PF Developing Growth | — | — | 4,035,722 | 4,857,993 | ||||||||||||
PF Growth | — | — | 9,920,237 | 22,157,738 | ||||||||||||
PF Large-Cap Growth | — | — | 20,454,733 | 29,979,228 | ||||||||||||
PF Large-Cap Value | — | — | 15,733,213 | 43,330,028 | ||||||||||||
PF Main Street Core | — | — | 20,869,775 | 42,245,040 | ||||||||||||
PF Mid-Cap Equity | — | — | 23,544,787 | 27,712,201 | ||||||||||||
PF Mid-Cap Growth | — | — | 1,785,234 | 3,011,826 | ||||||||||||
PF Mid-Cap Value | — | — | 41,392,624 | 51,240,530 | ||||||||||||
PF Small-Cap Value | — | — | 16,415,046 | 23,521,192 | ||||||||||||
PF Emerging Markets | — | — | 32,387,011 | 51,371,297 | ||||||||||||
PF International Large-Cap | — | — | 3,728,893 | 21,333,947 | ||||||||||||
PF International Small-Cap | — | — | 10,502,080 | 14,768,893 | ||||||||||||
PF International Value | — | — | 158,755,406 | 172,307,157 | ||||||||||||
PF Real Estate | — | — | 7,985,770 | 9,734,229 | ||||||||||||
PF Global Absolute Return | 530,861 | 1,425,703 | 37,605,237 | 30,484,118 |
9. SECURED BORROWINGS
The contractual maturity of secured borrowings and type of collateral pledged as of September 30, 2017, 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 | $— | $ | 4,686,142 | $ | — | $ | — | $ | 4,686,142 | ||||||||||||||
Total borrowings | $— | $ | 4,686,142 | $ | — | $ | — | $ | 4,686,142 | |||||||||||||||
PF Managed Bond | ||||||||||||||||||||||||
Sale-buyback financing transactions | U.S. Treasury Obligations | $— | $ | 20,738,221 | $ | — | $ | — | $ | 20,738,221 | ||||||||||||||
Reverse repurchase agreements | U.S. Treasury Obligations | 991,250 | — | — | — | 991,250 | ||||||||||||||||||
Total borrowings | $991,250 | $ | 20,738,221 | $ | — | $ | — | $ | 21,729,471 | |||||||||||||||
PF Global Absolute Return | ||||||||||||||||||||||||
Reverse repurchase agreements | Foreign Government Bonds & Notes | $2,805,614 | $ | 633,629 | $ | — | $ | — | $ | 3,439,243 | ||||||||||||||
Total borrowings | $ | 2,805,614 | $ | 633,629 | $ | — | $ | — | $ | 3,439,243 |
10. 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, 2017, 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.
C-22
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following table shows the accumulated capital losses and components of distributable earnings on a tax basis, and late year ordinary losses and post-October capital losses deferred, if any, as of March 31, 2017:
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 Inflation Managed | ($8,928,246 | ) | $14,988 | $— | $— | $— | $— | $— | ||||||||||||||||||||||||
PF Managed Bond | — | 7,929,330 | — | — | 1,568,035 | 6,164,047 | 7,732,082 | |||||||||||||||||||||||||
PF Short Duration Bond | (2,149,747 | ) | 445,436 | — | — | — | — | — | ||||||||||||||||||||||||
PF Emerging Markets Debt | (7,398,100 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
PF Comstock | — | 830,246 | 2,991,960 | — | — | — | — | |||||||||||||||||||||||||
PF Developing Growth | (2,215,588 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
PF Growth | — | 29,174 | 1,153,051 | — | — | — | — | |||||||||||||||||||||||||
PF Large-Cap Growth | — | — | 11,509,956 | — | — | — | — | |||||||||||||||||||||||||
PF Large-Cap Value | — | 2,848,045 | 1,170,086 | — | — | — | — | |||||||||||||||||||||||||
PF Main Street Core | — | 1,922,252 | 10,268,098 | — | — | — | — | |||||||||||||||||||||||||
PF Mid-Cap Equity | — | 1,551,936 | 5,478,158 | — | — | — | — | |||||||||||||||||||||||||
PF Mid-Cap Growth | — | 23,135 | 388,038 | — | — | — | — | |||||||||||||||||||||||||
PF Mid-Cap Value | (620,529 | ) | — | — | 385,635 | — | — | 385,635 | ||||||||||||||||||||||||
PF Small-Cap Value | — | — | 9,380,696 | 13,655 | — | — | 13,655 | |||||||||||||||||||||||||
PF Emerging Markets | (22,986,989 | ) | 576,473 | — | — | — | — | — | ||||||||||||||||||||||||
PF International Large-Cap | (12,202,249 | ) | 503,272 | — | — | — | — | — | ||||||||||||||||||||||||
PF International Small-Cap | — | 246,303 | 868,470 | — | — | — | — | |||||||||||||||||||||||||
PF International Value | (52,761,603 | ) | 2,127,911 | — | — | — | — | — | ||||||||||||||||||||||||
PF Real Estate | — | — | 3,362,395 | — | 102,665 | — | 102,665 | |||||||||||||||||||||||||
PF Currency Strategies | — | 2,053,776 | — | — | — | — | — | |||||||||||||||||||||||||
PF Equity Long/Short | — | — | 2,616,453 | 491,043 | — | — | 491,043 | |||||||||||||||||||||||||
PF Global Absolute Return | (5,503,971 | ) | 221,729 | — | — | — | — | — |
Accumulated capital losses represent net capital loss carryovers as of March 31, 2017 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, 2017 and capital loss carryover from prior years utilized during the year ended March 31, 2017:
Accumulated Capital Loss Carryover | Capital Loss Carryover Utilized or the Year Ended March 31, 2017 | |||||||||||||||||||||||
Net Capital Loss Carryover Expiring In | Unlimited Period of Net Capital Loss Carryover | |||||||||||||||||||||||
Fund | 2018 | 2019 | Short-Term | Long-Term | ||||||||||||||||||||
PF Inflation Managed | $— | $— | ($936,985 | ) | ($7,991,261 | ) | ($8,928,246 | ) | $662,993 | |||||||||||||||
PF Short Duration Bond | — | — | (814,448 | ) | (1,335,299 | ) | (2,149,747 | ) | 64,293 | |||||||||||||||
PF Emerging Markets Debt | — | — | (2,742,221 | ) | (4,655,879 | ) | (7,398,100 | ) | 327,258 | |||||||||||||||
PF Developing Growth | — | — | (2,215,588 | ) | — | (2,215,588 | ) | — | ||||||||||||||||
PF Mid-Cap Value | — | — | (620,529 | ) | — | (620,529 | ) | 5,045,090 | ||||||||||||||||
PF Small-Cap Value | — | — | — | — | — | 2,068,574 | ||||||||||||||||||
PF Emerging Markets | — | — | (9,376,239 | ) | (13,610,750 | ) | (22,986,989 | ) | — | |||||||||||||||
PF International Large-Cap | — | (58,376 | ) | (6,013,461 | ) | (6,130,412 | ) | (12,202,249 | ) | — | ||||||||||||||
PF International Value | (38,541,418 | ) | — | (10,496,113 | ) | (3,724,072 | ) | (52,761,603 | ) | 5,634,042 | ||||||||||||||
PF Currency Strategies | — | — | — | — | — | 1,853 | ||||||||||||||||||
PF Equity Long/Short | — | — | — | — | — | 6,242,730 | ||||||||||||||||||
PF Global Absolute Return | — | — | (1,546,750 | ) | (3,957,221 | ) | (5,503,971 | ) | 1,941,299 |
C-23
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The aggregate cost of investments and the composition of unrealized appreciation and depreciation on investments and net unrealized appreciation and/or depreciation on derivatives for Federal income tax purposes as of September 30, 2017, were as follows:
Gross | Gross | Net Unrealized | Net Unrealized | |||||||||||||||||||||
Fund | Total Cost of Investments on Tax Basis (1) | Unrealized Appreciation on Investments | Unrealized Depreciation on Investments | Appreciation (Depreciation) on Investments | Appreciation (Depreciation) on Other (2) | Net Unrealized Appreciation (Depreciation) | ||||||||||||||||||
PF Inflation Managed | $18,324,594 | $95,483 | ($404,917 | ) | ($309,434 | ) | $119,336 | ($190,098 | ) | |||||||||||||||
PF Managed Bond | 875,388,545 | 18,140,370 | (13,308,872 | ) | 4,831,498 | (352,903 | ) | 4,478,595 | ||||||||||||||||
PF Short Duration Bond | 156,851,380 | 531,988 | (255,752 | ) | 276,236 | (67,319 | ) | 208,917 | ||||||||||||||||
PF Emerging Markets Debt | 40,351,922 | 1,528,814 | (863,025 | ) | 665,789 | (185,315 | ) | 480,474 | ||||||||||||||||
PF Comstock | 118,265,607 | 71,388,916 | (4,296,646 | ) | 67,092,270 | 47,551 | 67,139,821 | |||||||||||||||||
PF Developing Growth | 7,130,318 | 2,074,399 | (25,051 | ) | 2,049,348 | — | 2,049,348 | |||||||||||||||||
PF Growth | 82,002,417 | 55,762,096 | (72,790 | ) | 55,689,306 | — | 55,689,306 | |||||||||||||||||
PF Large-Cap Growth | 61,320,107 | 31,772,809 | (527,295 | ) | 31,245,514 | — | 31,245,514 | |||||||||||||||||
PF Large-Cap Value | 261,194,537 | 169,138,259 | (4,452,194 | ) | 164,686,065 | — | 164,686,065 | |||||||||||||||||
PF Main Street Core | 215,386,996 | 90,021,547 | (2,119,519 | ) | 87,902,028 | — | 87,902,028 | |||||||||||||||||
PF Mid-Cap Equity | 53,027,031 | 15,633,838 | (512,262 | ) | 15,121,576 | — | 15,121,576 | |||||||||||||||||
PF Mid-Cap Growth | 10,929,720 | 4,413,413 | (490,280 | ) | 3,923,133 | (1,176 | ) | 3,921,957 | ||||||||||||||||
PF Mid-Cap Value | 161,050,375 | 36,323,113 | (2,437,318 | ) | 33,885,795 | — | 33,885,795 | |||||||||||||||||
PF Small-Cap Value | 92,011,191 | 29,012,111 | (4,126,322 | ) | 24,885,789 | — | 24,885,789 | |||||||||||||||||
PF Emerging Markets | 143,698,607 | 67,124,935 | (1,542,250 | ) | 65,582,685 | — | 65,582,685 | |||||||||||||||||
PF International Large-Cap | 104,309,182 | 76,105,505 | (1,174,290 | ) | 74,931,215 | — | 74,931,215 | |||||||||||||||||
PF International Small-Cap | 34,884,566 | 10,199,737 | (874,639 | ) | 9,325,098 | — | 9,325,098 | |||||||||||||||||
PF International Value | 156,611,920 | 21,895,128 | (4,125,812 | ) | 17,769,316 | — | 17,769,316 | |||||||||||||||||
PF Real Estate | 23,760,180 | 12,907,273 | (434,901 | ) | 12,472,372 | — | 12,472,372 | |||||||||||||||||
PF Currency Strategies | 81,616,416 | 924,723 | (3,291 | ) | 921,432 | (1,259,683 | ) | (338,251 | ) | |||||||||||||||
PF Equity Long/Short | 61,873,611 | 1,998 | — | 1,998 | 9,172,454 | 9,174,452 | ||||||||||||||||||
PF Global Absolute Return | 76,552,335 | 4,735,638 | (1,175,593 | ) | 3,560,045 | (2,869,913 | ) | 690,132 |
(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 and purchased options. |
(2) | Other includes net appreciation or depreciation on derivatives and short sales. |
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, 2013.
10. TAX CHARACTER OF DISTRIBUTIONS
The tax character of income and capital gain distributions to shareholders during the year ended March 31, 2017, were as follows:
Funds | Ordinary Income | Long-Term Capital Gains | Total Distributions | |||||||||
PF Managed Bond | $18,708,744 | $2,559,495 | $21,268,239 | |||||||||
PF Short Duration Bond | 1,142,148 | — | 1,142,148 | |||||||||
PF Emerging Markets Debt | 5,017,945 | — | 5,017,945 | |||||||||
PF Comstock | 5,621,099 | 14,174,732 | 19,795,831 | |||||||||
PF Growth | 123,468 | 2,855,020 | 2,978,488 | |||||||||
PF Large-Cap Growth | 115,659 | 7,119,224 | 7,234,883 | |||||||||
PF Large-Cap Value | 5,153,645 | 8,128,566 | 13,282,211 | |||||||||
PF Main Street Core | 3,737,963 | 1,319,560 | 5,057,523 | |||||||||
PF Mid-Cap Equity | 1,195,977 | 11,955,102 | 13,151,079 | |||||||||
PF Mid-Cap Growth | 197,631 | 1,592,480 | 1,790,111 | |||||||||
PF Mid-Cap Value | 1,924,546 | — | 1,924,546 | |||||||||
PF Small Cap Value | 734,079 | 4,444,005 | 5,178,084 | |||||||||
PF Emerging Markets | 855,663 | — | 855,663 | |||||||||
PF International Large-Cap | 4,537,465 | — | 4,537,465 | |||||||||
PF International Small-Cap | 1,650,584 | 2,548,172 | 4,198,756 | |||||||||
PF International Value | 5,468,588 | — | 5,468,588 | |||||||||
PF Real Estate | 1,436,187 | 2,839,005 | 4,275,192 | |||||||||
PF Currency Strategies | 9,020,435 | 145 | 9,020,580 | |||||||||
PF Equity Long/Short | 12,227,818 | — | 12,227,818 | |||||||||
PF Global Absolute Return | 3,029,841 | — | 3,029,841 |
There were no income and capital gains distributions to shareholders by any of the Funds presented in these financial statements during the period ended September 30, 2017.
C-24
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
11. 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 period ended September 30, 2017 and the year ended March 31, 2017, were as follows:
Six-Month Period ended 9/30/2017 | Year ended 3/31/2017 | Six-Month Period ended 9/30/2017 | Year ended 3/31/2017 | Six-Month Period ended 9/30/2017 | Year ended 3/31/2017 | Six-Month Period ended 9/30/2017 | Year ended 3/31/2017 | |||||||||||||||||||||||||||||||||||||
PF Inflation Managed Fund | PF Managed Bond Fund | PF Short Duration Bond Fund | PF Emerging Markets Debt Fund | |||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 54,491 | 212,291 | 178,983 | 48,765,280 | 99,980 | 16,371,096 | 93,197 | 397,378 | ||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | — | — | 2,027,034 | — | 116,190 | — | 566,999 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (120,081 | ) | (4,719,640 | ) | (5,515,647 | ) | (21,078,348 | ) | (1,158,485 | ) | (7,244,313 | ) | (392,527 | ) | (8,262,837 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (65,590 | ) | (4,507,349 | ) | (5,336,664 | ) | 29,713,966 | (1,058,505 | ) | 9,242,973 | (299,330 | ) | (7,298,460 | ) | ||||||||||||||||||||||||||||||
Beginning shares outstanding | 1,472,708 | 5,980,057 | 69,590,844 | 39,876,878 | 16,959,469 | 7,716,496 | 4,536,194 | 11,834,654 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 1,407,118 | 1,472,708 | 64,254,180 | 69,590,844 | 15,900,964 | 16,959,469 | 4,236,864 | 4,536,194 | ||||||||||||||||||||||||||||||||||||
PF Comstock Fund | PF Developing Growth Fund | PF Growth Fund | PF Large-Cap Growth Fund | |||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 35,902 | 1,089,132 | 968 | 45,794 | 7,851 | 1,809,855 | 10,875 | 1,606,265 | ||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 1,306,982 | — | — | — | 154,733 | — | 781,305 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (789,572 | ) | (5,871,196 | ) | (64,003 | ) | (3,587,084 | ) | (610,007 | ) | (2,031,652 | ) | (820,195 | ) | (9,904,922 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (753,670 | ) | (3,475,082 | ) | (63,035 | ) | (3,541,290 | ) | (602,156 | ) | (67,064 | ) | (809,320 | ) | (7,517,352 | ) | ||||||||||||||||||||||||||||
Beginning shares outstanding | 12,251,433 | 15,726,515 | 765,495 | 4,306,785 | 6,454,007 | 6,521,071 | 8,820,993 | 16,338,345 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 11,497,763 | 12,251,433 | 702,460 | 765,495 | 5,851,851 | 6,454,007 | 8,011,673 | 8,820,993 | ||||||||||||||||||||||||||||||||||||
PF Large-Cap Value Fund | PF Main Street Core Fund | PF Mid-Cap Equity Fund | PF Mid-Cap Growth Fund | |||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 67,467 | 10,543,796 | 29,228 | 8,070,710 | 7,405 | 44,366 | 2,760 | 52,568 | ||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 821,920 | — | 379,534 | — | 1,221,074 | — | 257,408 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (1,665,926 | ) | (5,549,767 | ) | (1,405,184 | ) | (4,381,264 | ) | (421,484 | ) | (11,212,725 | ) | (182,728 | ) | (6,539,913 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (1,598,459 | ) | 5,815,949 | (1,375,956 | ) | 4,068,980 | (414,079 | ) | (9,947,285 | ) | (179,968 | ) | (6,229,937 | ) | ||||||||||||||||||||||||||||||
Beginning shares outstanding | 26,114,055 | 20,298,106 | 21,473,510 | 17,404,530 | 6,002,658 | 15,949,943 | 2,036,727 | 8,266,664 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 24,515,596 | 26,114,055 | 20,097,554 | 21,473,510 | 5,588,579 | 6,002,658 | 1,856,759 | 2,036,727 | ||||||||||||||||||||||||||||||||||||
PF Mid-Cap Value Fund | PF Small-Cap Value Fund | PF Emerging Markets Fund | PF International Large-Cap Fund | |||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 39,297 | 4,079,687 | 27,490 | 441,887 | 54,730 | 10,860,424 | 11,431 | 1,191,261 | ||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 172,915 | — | 414,942 | — | 69,509 | — | 271,867 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (1,092,300 | ) | (13,002,500 | ) | (624,862 | ) | (10,701,711 | ) | (1,511,894 | ) | (6,169,058 | ) | (1,008,953 | ) | (9,111,650 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (1,053,003 | ) | (8,749,898 | ) | (597,372 | ) | (9,844,882 | ) | (1,457,164 | ) | 4,760,875 | (997,522 | ) | (7,648,522 | ) | |||||||||||||||||||||||||||||
Beginning shares outstanding | 17,063,123 | 25,813,021 | 9,809,324 | 19,654,206 | 14,528,350 | 9,767,475 | 9,714,684 | 17,363,206 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 16,010,120 | 17,063,123 | 9,211,952 | 9,809,324 | 13,071,186 | �� | 14,528,350 | 8,717,162 | 9,714,684 | |||||||||||||||||||||||||||||||||||
PF International Small-Cap Fund | PF International Value Fund | PF Real Estate Fund | PF Currency Strategies Fund | |||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 40,849 | 555,237 | 22,888 | 9,099,961 | 27,170 | 719,019 | 255,345 | 2,855,605 | ||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 428,783 | — | 630,748 | — | 283,287 | — | 977,311 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (430,699 | ) | (8,453,326 | ) | (1,760,400 | ) | (7,837,956 | ) | (212,454 | ) | (2,810,469 | ) | (664,393 | ) | (7,628,910 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (389,850 | ) | (7,469,306 | ) | (1,737,512 | ) | 1,892,753 | (185,284 | ) | (1,808,163 | ) | (409,048 | ) | (3,795,994 | ) | |||||||||||||||||||||||||||||
Beginning shares outstanding | 4,077,754 | 11,547,060 | 18,760,037 | 16,867,284 | 2,613,546 | 4,421,709 | 9,252,185 | 13,048,179 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 3,687,904 | 4,077,754 | 17,022,525 | 18,760,037 | 2,428,262 | 2,613,546 | 8,843,137 | 9,252,185 | ||||||||||||||||||||||||||||||||||||
PF Equity Long/Short Fund | PF Global Absolute Return Fund | |||||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 104,555 | 446,920 | 246,879 | 3,568,009 | ||||||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 1,289,854 | — | 331,130 | ||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (482,041 | ) | (10,718,954 | ) | (614,971 | ) | (8,963,140 | ) | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (377,486 | ) | (8,982,180 | ) | (368,092 | ) | (5,064,001 | ) | ||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 7,265,697 | 16,247,877 | 9,520,125 | 14,584,126 | ||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 6,888,211 | 7,265,697 | 9,152,033 | 9,520,125 |
C-25
Table of Contents
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, 2017 to September 30, 2017.
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 09/30/17” 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 04/01/17-09/30/17” 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, 2017 to September 30, 2017.
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 04/01/17-09/30/17.”
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 04/01/17 | Ending Account Value at 09/30/17 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/17 - 09/30/17 (1) | |||||||||||||
PF Inflation Managed Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,004.50 | 0.90% | $4.52 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.56 | 0.90% | $4.56 | ||||||||||||
PF Managed Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,041.30 | 0.56% | $2.87 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,022.26 | 0.56% | $2.84 | ||||||||||||
PF Short Duration Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,009.10 | 0.55% | $2.77 | ||||||||||||
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 | $1,066.00 | 0.93% | $4.82 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.41 | 0.93% | $4.71 | ||||||||||||
PF Comstock Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,074.70 | 0.88% | $4.58 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.66 | 0.88% | $4.46 | ||||||||||||
PF Developing Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,116.50 | 0.75% | $3.98 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.31 | 0.75% | $3.80 | ||||||||||||
PF Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,122.20 | 0.70% | $3.72 | ||||||||||||
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 | $1,129.60 | 0.85% | $4.54 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.81 | 0.85% | $4.31 | ||||||||||||
PF Large-Cap Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,047.00 | 0.80% | $4.11 | ||||||||||||
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 | $1,082.70 | 0.60% | $3.13 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,022.06 | 0.60% | $3.04 |
See explanation of references on page D-2
D-1
Table of Contents
PACIFIC FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
Beginning Account Value at 04/01/17 | Ending Account Value at 09/30/17 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/17 - 09/30/17 (1) | |||||||||||||
PF Mid-Cap Equity Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,099.10 | 0.80% | $4.21 | ||||||||||||
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 | $1,119.40 | 0.82% | $4.36 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.96 | 0.82% | $4.15 | ||||||||||||
PF Mid-Cap Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,055.40 | 0.91% | $4.69 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.51 | 0.91% | $4.61 | ||||||||||||
PF Small-Cap Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,050.50 | 0.90% | $4.63 | ||||||||||||
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 | $1,161.50 | 0.95% | $5.15 | ||||||||||||
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 | $1,136.30 | 1.00% | $5.36 | ||||||||||||
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 | $1,153.30 | 1.10% | $5.94 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,019.55 | 1.10% | $5.57 | ||||||||||||
PF International Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,105.30 | 0.80% | $4.22 | ||||||||||||
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 | $1,001.30 | 1.05% | $5.27 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,019.80 | 1.05% | $5.32 | ||||||||||||
PF Currency Strategies Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $970.50 | 0.89% | $4.40 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.61 | 0.89% | $4.51 |
Beginning Account Value at 04/01/17 | Ending Account Value at 09/30/17 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/17 - 09/30/17 (1) | |||||||||||||
PF Equity Long/Short Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,103.60 | 1.26% | $6.64 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,018.75 | 1.26% | $6.38 | ||||||||||||
PF Global Absolute Return Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,018.60 | 1.12% | $5.67 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,019.45 | 1.12% | $5.67 |
(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
Table of Contents
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND SUB-ADVISORY AGREEMENTS
(Unaudited)
I. Introduction and Background
The Board of Trustees (the “Trustees” or “Board”) of Pacific Funds Series Trust (“Pacific Funds” or the “Trust”) oversees the management of each of the separate funds of the Trust (each a “Fund” and collectively, the “Funds”) and, as required by Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), initially approves and, after the initial period, determines annually whether to renew the investment advisory agreement (the “Advisory Agreement”) with Pacific Life Fund Advisors LLC (“PLFA”) and each sub-advisory agreement (the “Sub-Advisory Agreements,” together with the Advisory Agreement, the “Agreements”) with the various sub-advisers (the “Sub-Advisers”). PLFA serves as the investment adviser for all of the Funds and directly manages Pacific Funds Short Duration Income, Pacific Funds Core Income, Pacific Funds Strategic Income, Pacific Funds Floating Rate Income, Pacific Funds Limited Duration High Income and Pacific Funds High Income (the “PAM Managed Funds”) under the name Pacific Asset Management (“PAM”); Pacific Funds Portfolio Optimization Conservative, Pacific Funds Portfolio Optimization Moderate-Conservative, Pacific Funds Portfolio Optimization Moderate, Pacific Funds Portfolio Optimization Growth and Pacific Funds Portfolio Optimization Aggressive-Growth (the “Portfolio Optimization Funds”); and Pacific Funds Diversified Alternatives (together with the Portfolio Optimization Funds, the “Asset Allocation Funds” and together with the Portfolio Optimization Funds and PAM Managed Funds, the “Directly Managed Funds”). For all other Funds, PLFA has retained other firms to serve as Sub-Advisers under PLFA’s supervision. The Board, including all of the Trustees who are not “interested persons,” as that term is defined in the 1940 Act (“Independent Trustees”), last renewed the Agreements at an in-person meeting of the Trustees held on December 14, 2016.1 The description below does not relate to the annual renewal of the Advisory Agreement and Sub-Advisory Agreements discussed above, but to the approval of a change in sub-adviser and a new sub-advisory agreement with respect to the PF International Value Fund, as described in further detail below.
The Trustees’ determinations were made on the basis of each Trustee’s business judgment after consideration of all the information presented. In reviewing the materials presented and in considering the information in the management presentations, the Trustees did not identify any single issue or particular information that, in isolation, would be a controlling factor in making a final decision regarding the proposed sub-advisory agreement. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. The following summary describes the most important, but not all, of the factors considered by the Trustees in approving the sub-advisory agreement, and in the case of the Independent Trustees, certain factors were considered in light of the legal advice furnished to them by independent legal counsel. This discussion is not intended to be all-inclusive.
II. Board Consideration of the New Sub-Advisory Agreement
The Board approved a change in sub-adviser and a new sub-advisory agreement with respect to the PF International Value Fund effective on or about May 1, 2017. Under the 1940 Act, a change in sub-adviser generally requires shareholder approval of a new sub-advisory agreement; however, pursuant to an exemptive order issued to Pacific Life Insurance Company (“Pacific Life”) by the Securities and Exchange Commission (“SEC”) on October 13, 1999 and relied upon by the Trust and PLFA, PLFA and the Trust can hire, terminate, and replace, as applicable, sub-advisers and enter into new sub-advisory agreements (except, as a general matter, sub-advisers affiliated with PLFA) without shareholder approval in accordance with the requirements of the exemptive order.
PF International Value Fund
At an in-person meeting on March 22, 2017, based upon a recommendation from PLFA, the Board, including all of the Independent Trustees, approved, effective on or about May 1, 2017, a new sub-advisory agreement with Wellington Management Company LLP (“Wellington”), with respect to the PF International Value Fund (the “Wellington Sub-Advisory Agreement”) and appointed Wellington as the new sub-adviser for the Fund. Also at the March 22, 2017 meeting, the Board terminated the sub-advisory agreement for the Fund with the prior sub-adviser upon the effectiveness of the Wellington Sub-Advisory Agreement. Wellington’s appointment as the sub-adviser and the Board’s approval of the Wellington Sub-Advisory Agreement were made in accordance with the requirements of the exemptive order and do not require shareholder approval. In order to facilitate the sub-adviser change, a portion of the Fund’s holdings were sold and new investments were purchased in accordance with recommendations by Wellington. PLFA and/or the Trust retained a transitioning agent in order to reduce transaction costs associated with the purchase and sale of portfolio holdings in connection with the transition.
In considering the appointment of Wellington as a sub-adviser, the Board reviewed with PLFA its rationale for recommending a change in sub-adviser for the PF International Value Fund. The Board, including the Independent Trustees, also considered, among other things, the factors described below in evaluating PLFA’s recommendation that Wellington be appointed as the new sub-adviser for the Fund and in evaluating the proposed Wellington Sub-Advisory Agreement. Additionally, the Board considered the process employed by PLFA in reaching a recommendation for a new sub-adviser, including due diligence conducted by PLFA on the investment resources and personnel of a potential sub-adviser and an assessment of the investment strategies used by a potential sub-adviser. In addition, the Board reviewed information provided by PLFA regarding the specific criteria and information evaluated by PLFA during the selection process of Wellington and PLFA’s analysis in reaching its conclusion to recommend Wellington as sub-adviser for the Fund. The Trustees also considered that PLFA has historically exercised diligence in monitoring the performance of the sub-advisers, and has recommended and taken measures to attempt to remedy relative underperformance by a Fund when PLFA and the Board believed appropriate. Prior to making a decision, the Trustees also considered the report of PLFA’s Conflicts Review Committee.
1 | At the December 14th meeting, the Board did not consider the continuance of the Advisory Agreement and Sub-Advisory Agreement relating to 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, as those agreements were not up for renewal at that time. |
D-3
Table of Contents
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
In evaluating the Wellington Sub-Advisory Agreement for the PF International Value Fund, the Board, including all the Independent Trustees, considered the following factors, among others:
A. Nature, Extent and Quality of Services to be Provided
The Trustees considered the benefits to shareholders of retaining Wellington as the new sub-adviser to the Fund, particularly in light of the nature, extent, and quality of the services expected to be provided by Wellington. In this regard, the Trustees considered various materials relating to Wellington, including copies of the proposed Wellington Sub-Advisory Agreement; copies of Wellington’s Form ADV; financial information; and other information deemed relevant to the Trustees’ evaluation, including comprehensive assessments from senior management of PLFA.
The Trustees considered that under the Wellington Sub-Advisory Agreement, Wellington would be responsible for providing the investment management services for the Fund’s assets, including providing investment research and analysis and conducting a continuous program of investment by determining which securities would be purchased or sold by the Fund. The Trustees considered the quality of the management services expected to be provided to the Fund over both the short- and long-term, the organizational depth and resources of Wellington, including the background and experience of Wellington’s management and the expertise of the portfolio management team, as well as the investment strategies, processes and philosophy to be used with respect to the investment strategy.
In addition, the Trustees considered that the Trust’s Chief Compliance Officer (“CCO”) had reviewed the written compliance policies and procedures and code of ethics of Wellington. The Trustees also considered the CCO’s assessment of Wellington’s compliance program, as required under Rule 38a-1 of the 1940 Act, and its code of ethics prior to the effectiveness of the Wellington Sub-Advisory Agreement. The Trustees also took note of the due diligence PLFA conducted with respect to Wellington, and were aided by the assessment and recommendation of PLFA and the in-person presentation and materials provided by Wellington.
The Board concluded that it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the Fund by Wellington under the Wellington Sub-Advisory Agreement.
B. Performance
The Trustees considered PLFA’s efforts to identify advisory firms that are qualified to manage an international value strategy and PLFA’s identification of Wellington to serve as sub-adviser with regard to the Fund’s day-to-day investment activities. The Trustees considered factors concerning performance in connection with their consideration of this matter and in connection with approval of the related Wellington Sub-Advisory Agreement, including the factors described below.
The Trustees considered information about the simulated performance of a fund managed by the same Wellington portfolio managers that would manage the Fund (the “Simulated Performance”). The Trustees considered that Wellington constructed the Simulated Performance by removing securities from the fund’s historical portfolio that would not be included in the Fund’s mandate. The Trustees considered, among other information, a comparison of the Simulated Performance against a pertinent benchmark and against the applicable peer group for the one-, three-, five- and nine-year periods as of December 31, 2016. The Trustees also considered a comparison of the Simulated Performance against a pertinent benchmark and an applicable peer group for each of the previous nine calendar years. Additionally, the Trustees considered the standard deviation and risk-adjusted returns of the Simulated Performance during certain periods.
The Trustees considered additional information about the historical performance of a composite managed by Wellington using similar investment strategies as those proposed for the Fund against a pertinent benchmark for the one-, three- and five-year and since inception periods as of December 31, 2016. The Trustees also considered performance information presented by PLFA for another potential sub-adviser of the Fund.
The Board determined that Wellington’s performance record was acceptable.
C. Advisory and Sub-Advisory Fees
The Trustees considered comparative fee information regarding the fees charged under other advisory contracts of Wellington with regard to other accounts with similar investment strategies as the Fund. The Trustees also considered that the proposed sub-advisory fee schedule under the Wellington Sub-Advisory Agreement contains breakpoints and is the same as the sub-advisory fee schedule for the current sub-adviser. The Trustees also considered that the advisory fee schedule would remain unchanged. In comparing the proposed sub-advisory fees to be paid by the Fund to fees charged by Wellington for the other similarly-managed accounts, the Trustees noted that there were differences in the nature of the Fund and those accounts, the services provided to each and the competitive and regulatory landscapes surrounding each that could reasonably be expected to account for differences in fee schedules.
The Trustees noted that the fee rates were the result of arms’-length negotiations between PLFA and Wellington, and that the Fund’s sub-advisory fees are paid by PLFA and are not paid directly by the Fund. The Trustees also considered that there are certain costs associated with a sub-adviser change, but that the ongoing operating expenses paid by the shareholders were not expected to materially increase as a result of this sub-adviser change.
The Board concluded that the compensation payable under the Wellington Sub-Advisory Agreement is fair and reasonable.
D. Costs, Level of Profits and Economies of Scale
The Trustees considered information regarding the anticipated costs to Wellington of sub-advising the Fund and the projected profitability of the Wellington Sub-Advisory Agreement to Wellington, to the extent practicable based on the information provided by Wellington. The Trustees
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PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY AGREEMENT
AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
noted that any assessment of projected profitability would involve assumptions regarding expense allocations and other factors. Given the arms’-length nature of the relationship between PLFA and Wellington with respect to the negotiation of sub-advisory fees, the fact that such fees are paid by PLFA, and the fact that the projected profitability of the Wellington Sub-Advisory Agreement to Wellington is an estimate because it had not yet begun to manage the Fund, the Trustees considered that projected profitability information for Wellington at this time was of limited utility. The Trustees also considered the organizational strengths of Wellington and its ability to attract and retain investment personnel over time and to sustain the staffing of investment teams that will provide services to the Fund.
The Board concluded that the Fund’s fee structure reflected in the Wellington Sub-Advisory Agreement is fair and reasonable.
E. Ancillary Benefits
The Trustees received information from PLFA and Wellington concerning other benefits that may be received by Wellington and its affiliates as a result of their relationship with the Fund, including commissions that may be paid to broker-dealers affiliated with Wellington and the anticipated use of soft-dollars by Wellington. In this regard, the Trustees noted that Wellington represented that it does not anticipate utilizing an affiliated broker-dealer and that it anticipates using soft dollar credits generated by Fund commissions to pay for research services.
The Trustees considered potential benefits to be derived by Wellington from its relationship with the Fund and that such benefits were consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.
F. Conclusion
Based on their review, including the consideration of each of the factors referred to above, the Board found that: (i) the Wellington Sub-Advisory Agreement is in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the Wellington Sub-Advisory Agreement is fair and reasonable. No single factor was determinative of the Board’s findings, but rather the Trustees based their determination on the total mix of information available to them.
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PACIFIC FUNDS
WHERE TO GO FOR MORE INFORMATION
(Unaudited)
Availability of Quarterly Holdings
The Trust files Form N-Q (complete schedules of fund holdings) with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year not later than 60 days after the close of the applicable quarter end. The Trust’s Form N-Q, (when required) is filed pursuant to applicable regulations and is available after filing (i) on the SEC’s website at http://www.sec.gov; (ii) for review and copying at the SEC’s Public Reference Room in Washington, D.C. (information on the 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 |
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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.
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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. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. 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. |
(a)(4) | 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. |
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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 6, 2017 |
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 6, 2017 | |
By: | /s/ Brian D. Klemens | |
Brian D. Klemens Treasurer (Principal Financial and Accounting Officer) | ||
Date: | December 6, 2017 |