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, 2018
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
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, 2018
SEMI-ANNUAL REPORT
Table of Contents
PACIFIC FUNDS
SEMI-ANNUAL REPORT
AS OF SEPTEMBER 30, 2018
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, 2018 (Unaudited)
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.1% | ||||||||
Pacific Funds Core Income ‘P’ | 1,097,666 | $11,382,794 | ||||||
Pacific Funds Floating Rate Income ‘P’ | 965,708 | 9,801,935 | ||||||
Pacific Funds High Income ‘P’ | 923,535 | 9,355,414 | ||||||
PF Inflation Managed Fund ‘P’ | 2,243,400 | 19,921,393 | ||||||
PF Managed Bond Fund ‘P’ | 9,150,966 | 95,902,126 | ||||||
PF Short Duration Bond Fund ‘P’ | 3,650,347 | 36,028,928 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 1,567,220 | 13,760,194 | ||||||
Pacific Funds Small-Cap Growth ‘P’ | 68,928 | 971,892 | ||||||
PF Developing Growth Fund ‘P’ * | 21,913 | 420,518 | ||||||
PF Large-Cap Value Fund ‘P’ | 226,085 | 4,121,526 | ||||||
PF Multi-Asset Fund ‘P’ * | 5,074,237 | 51,604,991 | ||||||
PF Small-Cap Value Fund ‘P’ | 112,279 | 1,350,720 | ||||||
PF Emerging Markets Fund ‘P’ | 216,594 | 3,482,831 | ||||||
PF International Large-Cap Fund ‘P’ | 32,103 | 680,586 | ||||||
PF International Small-Cap Fund ‘P’ | 240,128 | 2,576,572 | ||||||
PF International Value Fund ‘P’ | 95,385 | 960,523 | ||||||
PF Real Estate Fund ‘P’ | 218,882 | 2,790,751 | ||||||
PF Currency Strategies Fund ‘P’ | 543,507 | 4,962,221 | ||||||
PF Equity Long/Short Fund ‘P’ | 548,645 | 4,860,995 | ||||||
PF Global Absolute Return Fund ‘P’ | 550,516 | 4,927,115 | ||||||
|
| |||||||
Total Affiliated Mutual Funds | 279,864,025 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% |
| 279,864,025 |
| |||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) | (258,502 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $279,605,523 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Funds’ composition as a percentage of net assets was as follows: |
Pacific Funds Portfolio Optimization Conservative | ||||
Affiliated Fixed Income Funds | 71.9% | |||
Affiliated Equity Funds | 28.2% | |||
|
| |||
100.1% | ||||
Other Assets & Liabilities, Net | (0.1% | ) | ||
|
| |||
100.0% | ||||
|
|
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.2% | ||||||||
Pacific Funds Core Income ‘P’ | 1,281,107 | $13,285,080 | ||||||
Pacific Funds Floating Rate Income ‘P’ | 1,421,912 | 14,432,409 | ||||||
Pacific Funds High Income ‘P’ | 1,035,058 | 10,485,134 | ||||||
PF Inflation Managed Fund ‘P’ | 1,867,979 | 16,587,656 | ||||||
PF Managed Bond Fund ‘P’ | 11,124,436 | 116,584,095 | ||||||
PF Short Duration Bond Fund ‘P’ | 2,841,711 | 28,047,688 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 2,076,629 | 18,232,805 | ||||||
Pacific Funds Small-Cap Growth ‘P’ | 207,243 | 2,922,131 | ||||||
PF Developing Growth Fund ‘P’ * | 67,231 | 1,290,167 | ||||||
PF Large-Cap Value Fund ‘P’ | 321,378 | 5,858,729 | ||||||
PF Multi-Asset Fund ‘P’ * | 13,377,499 | 136,049,160 | ||||||
PF Small-Cap Value Fund ‘P’ | 330,581 | 3,976,888 | ||||||
PF Emerging Markets Fund ‘P’ | 663,470 | 10,668,595 | ||||||
PF International Large-Cap Fund ‘P’ | 94,504 | 2,003,486 | ||||||
PF International Small-Cap Fund ‘P’ | 706,628 | 7,582,119 | ||||||
PF International Value Fund ‘P’ | 260,733 | 2,625,586 | ||||||
PF Real Estate Fund ‘P’ | 487,695 | 6,218,112 | ||||||
PF Currency Strategies Fund ‘P’ | 800,587 | 7,309,360 | ||||||
PF Equity Long/Short Fund ‘P’ | 807,284 | 7,152,535 | ||||||
PF Global Absolute Return Fund ‘P’ | 810,426 | 7,253,310 | ||||||
|
| |||||||
Total Affiliated Mutual Funds | 418,565,045 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.2% | 418,565,045 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.2%) | (780,402 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $417,784,643 | |||||||
|
|
Pacific Funds Portfolio Optimization Moderate-Conservative |
| |||
Affiliated Fixed Income Funds | 53.8% | |||
Affiliated Equity Funds | 46.4% | |||
|
| |||
100.2% | ||||
Other Assets & Liabilities, Net | (0.2% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | The Funds’ investments are affiliated mutual funds (See Note 7C in Notes to Financial Statements). |
(c) | Fair Value Measurements |
The following is a summary of the Funds' investments as categorized under the three-tier hierarchy of inputs used in valuing the Funds' assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Pacific Funds Portfolio Optimization Conservative |
| |||||||||||||||||
Assets | Affiliated Mutual Funds | $279,864,025 | $279,864,025 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative |
| |||||||||||||||||
Assets | Affiliated Mutual Funds | $418,565,045 | $418,565,045 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-1
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION MODERATE
Schedule of Investments
September 30, 2018 (Unaudited)
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION GROWTH
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.2% | ||||||||
Pacific Funds Core Income ‘P’ | 2,475,406 | $25,669,957 | ||||||
Pacific Funds Floating Rate Income ‘P’ | 1,866,614 | 18,946,128 | ||||||
Pacific Funds High Income ‘P’ | 2,486,866 | 25,191,954 | ||||||
PF Inflation Managed Fund ‘P’ | 2,791,431 | 24,787,908 | ||||||
PF Managed Bond Fund ‘P’ | 21,945,128 | 229,984,941 | ||||||
PF Short Duration Bond Fund ‘P’ | 3,785,114 | 37,359,074 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 2,827,831 | 24,828,359 | ||||||
Pacific Funds Small-Cap Growth ‘P’ | 1,001,322 | 14,118,635 | ||||||
PF Developing Growth Fund ‘P’ * | 276,574 | 5,307,460 | ||||||
PF Growth Fund ‘P’ | 2,248,020 | 65,844,501 | ||||||
PF Large-Cap Value Fund ‘P’ | 4,218,127 | 76,896,453 | ||||||
PF Multi-Asset Fund ‘P’ * | 49,379,256 | 502,187,034 | ||||||
PF Small-Cap Value Fund ‘P’ | 2,532,472 | 30,465,640 | ||||||
PF Emerging Markets Fund ‘P’ | 2,748,146 | 44,190,187 | ||||||
PF International Large-Cap Fund ‘P’ | 973,109 | 20,629,906 | ||||||
PF International Small-Cap Fund ‘P’ | 2,709,217 | 29,069,903 | ||||||
PF International Value Fund ‘P’ | 2,852,171 | 28,721,363 | ||||||
PF Real Estate Fund ‘P’ | 1,493,686 | 19,044,501 | ||||||
PF Currency Strategies Fund ‘P’ | 2,315,347 | 21,139,118 | ||||||
PF Equity Long/Short Fund ‘P’ | 2,208,251 | 19,565,100 | ||||||
PF Global Absolute Return Fund ‘P’ | 2,215,177 | 19,825,835 | ||||||
|
| |||||||
Total Affiliated Mutual Funds | 1,283,773,957 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.2% | 1,283,773,957 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.2%) | (2,213,235 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $1,281,560,722 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Funds’ composition as a percentage of net assets was as follows: |
Pacific Funds Portfolio Optimization Moderate | ||||
Affiliated Equity Funds | 68.5% | |||
Affiliated Fixed Income Funds | 31.7% | |||
|
| |||
100.2% | ||||
Other Assets & Liabilities, Net | (0.2% | ) | ||
|
| |||
100.0% | ||||
|
|
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.1% | ||||||||
Pacific Funds Core Income ‘P’ | 860,929 | $8,927,830 | ||||||
Pacific Funds Floating Rate Income ‘P’ | 933,945 | 9,479,542 | ||||||
Pacific Funds High Income ‘P’ | 933,184 | 9,453,152 | ||||||
PF Inflation Managed Fund ‘P’ | 523,734 | 4,650,754 | ||||||
PF Managed Bond Fund ‘P’ | 7,632,369 | 79,987,230 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 2,122,051 | 18,631,611 | ||||||
Pacific Funds Small-Cap Growth ‘P’ | 994,545 | 14,023,092 | ||||||
PF Developing Growth Fund ‘P’ * | 287,920 | 5,525,193 | ||||||
PF Growth Fund ‘P’ | 2,463,598 | 72,158,792 | ||||||
PF Large-Cap Value Fund ‘P’ | 4,749,063 | 86,575,422 | ||||||
PF Multi-Asset Fund ‘P’ * | 46,155,071 | 469,397,072 | ||||||
PF Small-Cap Value Fund ‘P’ | 2,280,311 | 27,432,139 | ||||||
PF Emerging Markets Fund ‘P’ | 2,587,921 | 41,613,768 | ||||||
PF International Large-Cap Fund ‘P’ | 1,043,108 | 22,113,899 | ||||||
PF International Small-Cap Fund ‘P’ | 2,438,461 | 26,164,682 | ||||||
PF International Value Fund ‘P’ | 3,043,979 | 30,652,871 | ||||||
PF Real Estate Fund ‘P’ | 1,124,646 | 14,339,240 | ||||||
PF Currency Strategies Fund ‘P’ | 1,328,965 | 12,133,454 | ||||||
PF Equity Long/Short Fund ‘P’ | 1,355,259 | 12,007,597 | ||||||
PF Global Absolute Return Fund ‘P’ | 1,359,957 | 12,171,617 | ||||||
|
| |||||||
Total Affiliated Mutual Funds | 977,438,957 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% | 977,438,957 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) | (1,148,468 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $976,290,489 | |||||||
|
|
Pacific Funds Portfolio Optimization Growth | ||||
Affiliated Equity Funds | 85.4% | |||
Affiliated Fixed Income Funds | 14.7% | |||
|
| |||
100.1% | ||||
Other Assets & Liabilities, Net | (0.1% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | The Funds’ investments are affiliated mutual funds (See Note 7C in Notes to Financial Statements). |
(c) | Fair Value Measurements |
The following is a summary of the Funds’ investments as categorized under the three-tier hierarchy of inputs used in valuing the Funds’ assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Pacific Funds Portfolio Optimization Moderate |
| |||||||||||||||||
Assets | Affiliated Mutual Funds | $1,283,773,957 | $1,283,773,957 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Pacific Funds Portfolio Optimization Growth |
| |||||||||||||||||
Assets | Affiliated Mutual Funds | $977,438,957 | $977,438,957 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-2
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH
Schedule of Investments
September 30, 2018 (Unaudited)
PACIFIC FUNDS
PACIFIC FUNDSSM DIVERSIFIED ALTERNATIVES
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.1% | ||||||||
Pacific Funds Floating Rate Income ‘P’ | 329,916 | $3,348,643 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 375,031 | 3,292,775 | ||||||
Pacific Funds Small-Cap Growth ‘P’ | 447,056 | 6,303,489 | ||||||
PF Developing Growth Fund ‘P’ * | 119,957 | 2,301,976 | ||||||
PF Growth Fund ‘P’ | 1,280,816 | 37,515,102 | ||||||
PF Large-Cap Value Fund ‘P’ | 1,918,973 | 34,982,880 | ||||||
PF Multi-Asset Fund ‘P’ * | 16,535,542 | 168,166,465 | ||||||
PF Small-Cap Value Fund ‘P’ | 1,074,796 | 12,929,795 | ||||||
PF Emerging Markets Fund ‘P’ | 1,110,039 | 17,849,422 | ||||||
PF International Large-Cap Fund ‘P’ | 514,683 | 10,911,278 | ||||||
PF International Small-Cap Fund ‘P’ | 1,007,535 | 10,810,856 | ||||||
PF International Value Fund ‘P’ | 1,500,832 | 15,113,383 | ||||||
PF Real Estate Fund ‘P’ | 527,968 | 6,731,588 | ||||||
PF Currency Strategies Fund ‘P’ | 360,980 | 3,295,743 | ||||||
PF Equity Long/Short Fund ‘P’ | 355,366 | 3,148,540 | ||||||
PF Global Absolute Return Fund ‘P’ | 356,185 | 3,187,857 | ||||||
|
| |||||||
Total Affiliated Mutual Funds | 339,889,792 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% | 339,889,792 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) | (230,159 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $339,659,633 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Funds’ composition as a percentage of net assets was as follows: |
Pacific Funds Portfolio Optimization Aggressive-Growth | ||||
Affiliated Equity Funds | 97.2% | |||
Affiliated Fixed Income Funds | 2.9% | |||
|
| |||
100.1% | ||||
Other Assets & Liabilities, Net | (0.1% | ) | ||
|
| |||
100.0% | ||||
|
|
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.2% | ||||||||
Pacific Funds Floating Rate Income ‘P’ | 398,509 | $4,044,866 | ||||||
PF Inflation Managed Fund ‘P’ | 247,316 | 2,196,168 | ||||||
PF Emerging Markets Debt Fund ‘P’ | 680,878 | 5,978,105 | ||||||
PF Emerging Markets Fund ‘P’ | 90,492 | 1,455,113 | ||||||
PF International Small-Cap Fund ‘P’ | 259,941 | 2,789,170 | ||||||
PF Real Estate Fund ‘P’ | 211,161 | 2,692,305 | ||||||
PF Currency Strategies Fund ‘P’ | 989,155 | 9,030,982 | ||||||
PF Equity Long/Short Fund ‘P’ | 488,476 | 4,327,894 | ||||||
PF Global Absolute Return Fund ‘P’ | 1,067,474 | 9,553,895 | ||||||
|
| |||||||
Total Affiliated Mutual Funds | 42,068,498 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.2% | 42,068,498 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.2%) | (103,687 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $41,964,811 | |||||||
|
|
Pacific Funds Diversified Alternatives | ||||
Affiliated Fixed Income Funds | 51.8% | |||
Affiliated Equity Funds | 48.4% | |||
|
| |||
100.2% | ||||
Other Assets & Liabilities, Net | (0.2% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | The Funds’ investments are affiliated mutual funds (See Note 7C in Notes to Financial Statements). |
(c) | Fair Value Measurements |
The following is a summary of the Funds’ investments as categorized under the three-tier hierarchy of inputs used in valuing the Funds’ assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth |
| |||||||||||||||||
Assets | Affiliated Mutual Funds | $339,889,792 | $339,889,792 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Pacific Funds Diversified Alternatives |
| |||||||||||||||||
Assets | Affiliated Mutual Funds | $42,068,498 | $42,068,498 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-3
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM SHORT DURATION INCOME
Schedule of Investments
September 30, 2018 (Unaudited)
Principal |
| |||||||
CORPORATE BONDS & NOTES - 63.7% | ||||||||
Basic Materials - 1.3% | ||||||||
Anglo American Capital PLC (South Africa) | $3,000,000 | $2,963,927 | ||||||
Glencore Funding LLC (Switzerland) | 3,000,000 | 2,880,282 | ||||||
|
| |||||||
5,844,209 | ||||||||
|
| |||||||
Communications - 6.2% | ||||||||
Alibaba Group Holding Ltd (China) | ||||||||
2.800% due 06/06/23 | 1,700,000 | 1,637,656 | ||||||
3.125% due 11/28/21 | 2,856,000 | 2,823,515 | ||||||
AT&T Inc | 3,000,000 | 2,957,299 | ||||||
Charter Communications Operating LLC | 3,738,000 | 3,741,793 | ||||||
DISH DBS Corp | 2,000,000 | 2,025,000 | ||||||
Sprint Corp | 1,000,000 | 1,058,750 | ||||||
Sprint Spectrum Co LLC | 1,500,000 | 1,498,125 | ||||||
Tencent Holdings Ltd (China) | 2,765,000 | 2,746,362 | ||||||
The Interpublic Group of Cos Inc | 2,000,000 | 2,005,294 | ||||||
Verizon Communications Inc | ||||||||
3.334% (USD LIBOR + 1.000%) | 2,250,000 | 2,298,609 | ||||||
3.414% (USD LIBOR + 1.100%) | 6,000,000 | 6,057,274 | ||||||
|
| |||||||
28,849,677 | ||||||||
|
| |||||||
Consumer, Cyclical - 6.7% | ||||||||
Alimentation Couche-Tard Inc (Canada) | 3,000,000 | 2,885,880 | ||||||
Daimler Finance North America LLC | 5,000,000 | 4,871,005 | ||||||
Delta Air Lines Inc | 2,050,000 | 2,006,165 | ||||||
Ford Motor Credit Co LLC | 1,100,000 | 1,099,087 | ||||||
General Motors Financial Co Inc | 2,745,000 | 2,775,660 | ||||||
GLP Capital LP | 4,250,000 | 4,335,000 | ||||||
Hyundai Capital America | 2,100,000 | 2,089,591 | ||||||
Lennar Corp | 1,500,000 | 1,513,125 | ||||||
Sands China Ltd (Macau) | ||||||||
4.600% due 08/08/23 ~ | 3,300,000 | 3,307,339 | ||||||
5.125% due 08/08/25 ~ | 1,750,000 | 1,748,243 | ||||||
Toll Brothers Finance Corp | 3,350,000 | 3,355,695 | ||||||
United Airlines Pass-Through Trust ‘B’ | ||||||||
4.625% due 03/03/24 | 718,599 | 722,340 | ||||||
4.750% due 10/11/23 | 543,585 | 547,009 | ||||||
|
| |||||||
31,256,139 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 10.5% | ||||||||
Anheuser-Busch InBev Finance Inc (Belgium) 2.650% due 02/01/21 | 4,000,000 | 3,944,848 | ||||||
Anheuser-Busch InBev Worldwide Inc (Belgium) | 3,350,000 | 3,367,548 |
Principal |
| |||||||
BAT Capital Corp (United Kingdom) | ||||||||
2.764% due 08/15/22 ~ | $4,500,000 | $4,339,464 | ||||||
2.909% (USD LIBOR + 0.590%) | 2,400,000 | 2,409,153 | ||||||
BAT International Finance PLC (United Kingdom) 3.250% due 06/07/22 ~ | 2,640,000 | 2,592,205 | ||||||
Bausch Health Cos Inc | 1,575,000 | 1,641,938 | ||||||
Campbell Soup Co | 4,000,000 | 3,963,972 | ||||||
General Mills Inc | 3,100,000 | 3,125,588 | ||||||
Halfmoon Parent Inc | ||||||||
3.200% due 09/17/20 ~ | 4,000,000 | 3,986,716 | ||||||
3.224% (USD LIBOR + 0.890%) | 2,300,000 | 2,301,628 | ||||||
Humana Inc | 2,500,000 | 2,490,497 | ||||||
Keurig Dr Pepper Inc | ||||||||
3.130% due 12/15/23 | 2,500,000 | 2,385,156 | ||||||
3.551% due 05/25/21 ~ | 2,500,000 | 2,497,029 | ||||||
Laboratory Corp of America Holdings | 2,500,000 | 2,485,018 | ||||||
Moody’s Corp | 3,000,000 | 2,878,872 | ||||||
Teva Pharmaceutical Finance Netherlands III BV (Israel) | 4,500,000 | 4,231,161 | ||||||
|
| |||||||
48,640,793 | ||||||||
|
| |||||||
Energy - 4.2% | ||||||||
Andeavor Logistics LP | 3,900,000 | 3,843,004 | ||||||
BP Capital Markets PLC (United Kingdom) | 2,000,000 | 1,995,309 | ||||||
Energy Transfer Partners LP | 1,325,000 | 1,303,272 | ||||||
EQT Corp | 2,800,000 | 2,734,342 | ||||||
Harvest Operations Corp (South Korea) | 2,350,000 | 2,384,427 | ||||||
Kinder Morgan Energy Partners LP | 720,000 | 728,741 | ||||||
Kinder Morgan Inc | 3,000,000 | 3,204,336 | ||||||
Petrobras Global Finance BV (Brazil) | 1,154,000 | 1,194,217 | ||||||
Sabine Pass Liquefaction LLC | 2,000,000 | 2,081,208 | ||||||
|
| |||||||
19,468,856 | ||||||||
|
| |||||||
Financial - 26.8% | ||||||||
AerCap Ireland Capital DAC (Ireland) | ||||||||
3.300% due 01/23/23 | 3,100,000 | 2,989,085 | ||||||
4.250% due 07/01/20 | 2,000,000 | 2,020,942 | ||||||
Air Lease Corp | ||||||||
2.500% due 03/01/21 | 2,000,000 | 1,954,673 | ||||||
2.750% due 01/15/23 | 2,000,000 | 1,898,020 | ||||||
3.500% due 01/15/22 | 1,350,000 | 1,340,976 | ||||||
Alexandria Real Estate Equities Inc REIT | 1,250,000 | 1,254,232 | ||||||
American Express Co | 2,000,000 | 1,920,693 | ||||||
American Tower Corp REIT | 3,500,000 | 3,506,408 | ||||||
Australia & New Zealand Banking Group Ltd (Australia) | 3,000,000 | 3,021,632 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-4
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal |
| |||||||
Bank of America Corp | ||||||||
2.328% due 10/01/21 | $2,450,000 | $2,397,431 | ||||||
3.111% (USD LIBOR + 0.770%) | 3,000,000 | 2,952,073 | ||||||
3.307% (USD LIBOR + 0.960%) | 5,000,000 | 5,026,515 | ||||||
3.550% due 03/05/24 | 1,700,000 | 1,681,092 | ||||||
BOC Aviation Ltd (Singapore) | 3,500,000 | 3,325,116 | ||||||
Capital One Financial Corp | 1,625,000 | 1,618,781 | ||||||
Capital One NA | 1,625,000 | 1,643,516 | ||||||
CBOE Global Markets Inc | 1,750,000 | 1,739,584 | ||||||
Citigroup Inc | 4,500,000 | 4,608,855 | ||||||
Citizens Bank NA | 2,000,000 | 2,003,688 | ||||||
Cooperatieve Rabobank UA (Netherlands) | ||||||||
2.894% (USD LIBOR + 0.480%) | 3,000,000 | 2,994,693 | ||||||
3.234% (USD LIBOR + 0.860%) | 1,500,000 | 1,502,859 | ||||||
Credit Suisse Group AG (Switzerland) | 3,000,000 | 3,021,359 | ||||||
Crown Castle International Corp REIT | ||||||||
2.250% due 09/01/21 | 3,000,000 | 2,883,517 | ||||||
4.875% due 04/15/22 | 2,000,000 | 2,064,924 | ||||||
Goldman Sachs Bank USA | 2,000,000 | 2,005,781 | ||||||
HSBC Holdings PLC (United Kingdom) | 3,400,000 | 3,332,294 | ||||||
Industrial & Commercial Bank of China Ltd (China) | 3,830,000 | 3,676,838 | ||||||
JPMorgan Chase & Co | ||||||||
3.077% (USD LIBOR + 0.730%) | 4,000,000 | 3,985,006 | ||||||
3.235% (USD LIBOR + 0.900%) | 3,450,000 | 3,484,002 | ||||||
3.572% (USD LIBOR + 1.230%) | 3,500,000 | 3,572,131 | ||||||
Mitsubishi UFJ Financial Group Inc (Japan) | 3,000,000 | 2,892,006 | ||||||
Morgan Stanley | ||||||||
2.625% due 11/17/21 | 2,000,000 | 1,945,246 | ||||||
3.277% (USD LIBOR + 0.930%) | 4,000,000 | 4,036,000 | ||||||
3.742% (USD LIBOR + 1.400%) | 1,500,000 | 1,542,226 | ||||||
New York Life Global Funding | 1,500,000 | 1,499,139 | ||||||
Sumitomo Mitsui Financial Group Inc (Japan) | ||||||||
2.784% due 07/12/22 | 3,250,000 | 3,147,065 | ||||||
3.076% (USD LIBOR + 0.740%) | 5,000,000 | 5,007,949 | ||||||
The Goldman Sachs Group Inc | ||||||||
3.122% (USD LIBOR + 0.780%) | 2,000,000 | 2,010,526 | ||||||
3.366% (USD LIBOR + 1.050%) | 3,750,000 | 3,796,776 | ||||||
3.484% (USD LIBOR + 1.170%) | 4,000,000 | 4,005,969 | ||||||
UBS AG (Switzerland) | 4,200,000 | 4,118,146 |
Principal |
| |||||||
Wells Fargo & Co | ||||||||
2.625% due 07/22/22 | $4,400,000 | $4,251,240 | ||||||
3.450% due 02/13/23 | 3,000,000 | 2,949,103 | ||||||
Westpac Banking Corp (Australia) | 3,000,000 | 2,995,876 | ||||||
Zions Bancorp NA | 1,000,000 | 994,826 | ||||||
|
| |||||||
124,618,809 | ||||||||
|
| |||||||
Industrial - 4.0% | ||||||||
General Dynamics Corp | 5,000,000 | 4,974,207 | ||||||
Masco Corp | 2,811,000 | 2,810,988 | ||||||
Penske Truck Leasing Co LP | 2,750,000 | 2,747,936 | ||||||
Roper Technologies Inc | 2,250,000 | 2,237,233 | ||||||
United Technologies Corp | ||||||||
3.350% due 08/16/21 | 3,000,000 | 2,997,720 | ||||||
3.650% due 08/16/23 | 3,000,000 | 2,988,388 | ||||||
|
| |||||||
18,756,472 | ||||||||
|
| |||||||
Technology - 1.0% | ||||||||
Dell International LLC | 2,500,000 | 2,506,765 | ||||||
Fiserv Inc | 2,000,000 | 2,005,039 | ||||||
|
| |||||||
4,511,804 | ||||||||
|
| |||||||
Utilities - 3.0% | ||||||||
Duke Energy Corp | 2,150,000 | 2,058,433 | ||||||
Duke Energy Progress LLC | 1,650,000 | 1,646,078 | ||||||
Emera US Finance LP (Canada) | 3,500,000 | 3,477,993 | ||||||
FirstEnergy Corp | 3,800,000 | 3,676,043 | ||||||
Sempra Energy | 3,000,000 | 3,000,890 | ||||||
|
| |||||||
13,859,437 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 295,806,196 | |||||||
|
| |||||||
SENIOR LOAN NOTES - 12.1% | ||||||||
Basic Materials - 0.2% | ||||||||
PQ Corp Term B | 945,021 | 947,088 | ||||||
|
| |||||||
Communications - 1.9% | ||||||||
Altice US Finance I Corp Term B | 2,481,156 | 2,479,089 | ||||||
Avaya Inc Term B | 1,488,750 | 1,502,974 | ||||||
CSC Holdings LLC | 972,070 | 973,083 | ||||||
Frontier Communications Corp Term B-1 | 997,475 | 980,955 | ||||||
Sprint Communications Inc Term B | 2,957,475 | 2,966,717 | ||||||
|
| |||||||
8,902,818 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-5
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal |
| |||||||
Consumer, Cyclical - 4.0% | ||||||||
Bass Pro Group LLC Term B | $ | 994,975 | $ | 1,006,324 | ||||
Belk Inc Term B | 500,000 | 439,018 | ||||||
BJ’s Wholesale Club Inc Term B | 1,397,745 | 1,407,093 | ||||||
Golden Nugget Inc Term B | 1,477,938 | 1,486,066 | ||||||
Hilton Worldwide Finance LLC Term B-2 | 2,305,297 | 2,316,830 | ||||||
Las Vegas Sands LLC Term B | 1,914,595 | 1,915,248 | ||||||
Marriott Ownership Resorts Inc Term B | 2,000,000 | 2,020,416 | ||||||
New Red Finance Inc Term B (Canada) | 1,463,035 | 1,465,256 | ||||||
Nexeo Solutions LLC Term B | 977,662 | 984,750 | ||||||
SeaWorld Parks & Entertainment Inc | ||||||||
4.492% (USD LIBOR + 2.250%) | 1,962,857 | 1,964,435 | ||||||
Term B-5 | ||||||||
5.242% (USD LIBOR + 3.000%) | 1,481,203 | 1,480,409 | ||||||
SRS Distribution Inc Term B | 1,000,000 | 992,857 | ||||||
Univar USA Inc Term B-3 | 1,003,360 | 1,006,983 | ||||||
|
| |||||||
18,485,685 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 1.9% | ||||||||
Albertson’s LLC Term B-4 | 2,533,417 | 2,539,277 | ||||||
Bausch Health Cos Inc Term B | 1,462,500 | 1,471,641 | ||||||
Enterprise Merger Sub Inc | 2,500,000 | 2,499,220 | ||||||
Refinitiv US Holdings Inc Term B | 1,000,000 | 999,018 | ||||||
US Foods Inc Term B | 1,466,250 | 1,472,665 | ||||||
|
| |||||||
8,981,821 | ||||||||
|
| |||||||
Financial - 0.9% | ||||||||
MGM Growth Properties Operating Partnership LP REIT Term B | 1,462,500 | 1,466,026 | ||||||
USI Inc Term B | 1,980,000 | 1,982,829 | ||||||
VICI Properties 1 LLC Term B | 477,273 | 478,764 | ||||||
|
| |||||||
3,927,619 | ||||||||
|
|
Principal |
| |||||||
Industrial - 1.8% | ||||||||
Avolon (US) LLC Term B-3 (Ireland) | $ | 1,980,038 | $ | 1,988,704 | ||||
Berry Global Inc Term Q | 1,131,746 | 1,134,615 | ||||||
BWAY Holding Co Term B | 740,625 | 741,088 | ||||||
Proampac PG Borrower LLC | 1,969,925 | 1,980,513 | ||||||
Reynolds Group Holdings Inc Term B | 2,691,272 | 2,706,596 | ||||||
|
| |||||||
8,551,516 | ||||||||
|
| |||||||
Technology - 0.8% | ||||||||
Tempo Acquisition LLC Term B | 1,984,925 | 1,994,601 | ||||||
Vertafore Inc Term B | 1,500,000 | 1,508,169 | ||||||
|
| |||||||
3,502,770 | ||||||||
|
| |||||||
Utilities - 0.6% | ||||||||
Talen Energy Supply LLC Term B-1 | 1,476,272 | 1,486,052 | ||||||
Vistra Operations Co LLC Term B-1 | 1,200,054 | 1,212,054 | ||||||
|
| |||||||
2,698,106 | ||||||||
|
| |||||||
Total Senior Loan Notes | 55,997,423 | |||||||
|
| |||||||
ASSET-BACKED SECURITIES - 17.6% | ||||||||
Ally Auto Receivables Trust | ||||||||
2.480% due 05/16/22 | 535,000 | 529,376 | ||||||
3.020% due 09/15/23 | 1,000,000 | 988,879 | ||||||
American Express Credit Account Master Trust 2.350% due 05/15/25 | 1,500,000 | 1,450,302 | ||||||
AmeriCredit Automobile Receivables Trust | ||||||||
1.530% due 07/08/21 | 1,115,738 | 1,110,237 | ||||||
2.300% due 02/18/22 | 1,250,000 | 1,237,476 | ||||||
2.360% due 12/19/22 | 2,000,000 | 1,960,603 | ||||||
2.600% due 09/18/23 | 2,000,000 | 1,956,140 | ||||||
3.450% due 06/18/24 | 2,000,000 | 1,996,118 | ||||||
3.500% due 01/18/24 | 2,000,000 | 1,993,693 | ||||||
Apidos CLO XXX ‘A1A’ (Cayman) | 3,000,000 | 2,998,888 | ||||||
Buttermilk Park CLO Ltd ‘A1’ (Cayman) | 850,000 | 850,000 | ||||||
Carlyle Global Market Strategies CLO Ltd (Cayman) | ||||||||
3.138% (USD LIBOR + 1.050%) | 500,000 | 499,300 | ||||||
4.348% (USD LIBOR + 2.000%) | 1,550,000 | 1,552,364 | ||||||
Chase Issuance Trust | 4,600,000 | 4,476,634 | ||||||
CIFC Funding 2015-III Ltd (Cayman) | 3,000,000 | 2,988,750 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-6
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal |
| |||||||
Citibank Credit Card Issuance Trust | $ | 1,000,000 | $ | 987,407 | ||||
Dryden Senior Loan Fund ‘A’ (Cayman) | 2,000,000 | 1,986,659 | ||||||
Dryden Senior Loan Fund ‘A1’ (Cayman) | ||||||||
3.061% (USD LIBOR + 1.020%) | 2,500,000 | 2,495,825 | ||||||
3.321% (USD LIBOR + 1.000%) | 2,000,000 | 1,991,746 | ||||||
Ford Credit Auto Owner Trust | ||||||||
2.140% due 10/15/22 | 2,000,000 | 1,974,678 | ||||||
2.350% due 04/15/23 | 1,000,000 | 977,840 | ||||||
2.360% due 03/15/29 ~ | 3,000,000 | 2,879,456 | ||||||
2.500% due 05/15/24 | 1,750,000 | 1,711,065 | ||||||
GM Financial Consumer Automobile Receivables Trust ‘B’ | 1,200,000 | 1,194,682 | ||||||
Magnetite XIV-R Ltd ‘A1’ (Cayman) | 3,000,000 | 3,000,000 | ||||||
Navient Private Education Loan Trust | 1,400,000 | 1,396,055 | ||||||
OCP CLO Ltd (Cayman) | 2,000,000 | 2,001,243 | ||||||
Octagon Investment Partners 25 Ltd (Cayman) | 3,000,000 | 2,981,760 | ||||||
OneMain Financial Issuance Trust | 1,600,000 | 1,573,222 | ||||||
Regatta XIV Funding Ltd ‘A’ (Cayman) | 2,500,000 | 2,500,000 | ||||||
Santander Drive Auto Receivables Trust | ||||||||
2.660% due 11/15/21 | 500,000 | 498,856 | ||||||
3.030% due 09/15/22 | 2,000,000 | 1,992,004 | ||||||
3.270% due 01/17/23 | 1,600,000 | 1,595,906 | ||||||
3.290% due 10/17/22 | 1,150,000 | 1,148,519 | ||||||
SLC Student Loan Trust | ||||||||
2.444% (USD LIBOR + 0.110%) | 1,384,628 | 1,380,225 | ||||||
3.186% (USD LIBOR + 0.875%) | 465,162 | 470,926 | ||||||
3.934% (USD LIBOR + 1.600%) | 441,071 | 458,592 | ||||||
SLM Private Credit Student Loan Trust | ||||||||
2.624% (USD LIBOR + 0.290%) | 1,776,702 | 1,735,245 | ||||||
2.644% (USD LIBOR + 0.310%) | 800,000 | 783,992 | ||||||
SLM Private Education Loan Trust | 720,000 | 718,425 | ||||||
SLM Student Loan Trust | ||||||||
2.885% (USD LIBOR + 0.550%) | 345,550 | 346,364 | ||||||
2.965% (USD LIBOR + 0.630%) | 3,150,000 | 3,178,819 | ||||||
SMB Private Education Loan Trust | ||||||||
2.340% due 09/15/34 ~ | 3,500,000 | 3,397,812 | ||||||
2.700% due 05/15/31 ~ | 843,578 | 828,287 | ||||||
3.058% (USD LIBOR + 0.900%) | 1,450,000 | 1,460,356 | ||||||
3.600% due 01/15/37 ~ | 3,000,000 | 2,987,501 | ||||||
3.630% due 11/15/35 ~ ± | 2,300,000 | 2,299,048 | ||||||
|
| |||||||
Total Asset-Backed Securities | 81,521,275 | |||||||
|
|
Principal |
| |||||||
U.S. TREASURY OBLIGATIONS - 3.7% | ||||||||
U.S. Treasury Notes - 3.7% | ||||||||
0.875% due 09/15/19 | $ | 4,500,000 | $ | 4,425,822 | ||||
1.250% due 10/31/18 | 4,000,000 | 3,997,393 | ||||||
1.250% due 06/30/19 | 5,000,000 | 4,952,930 | ||||||
2.750% due 09/30/20 | 4,000,000 | 3,995,000 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 17,371,145 | |||||||
|
| |||||||
MUNICIPAL BONDS - 0.2% | ||||||||
Pennsylvania Higher Education Assistance Agency ‘A’ | 769,811 | 772,166 | ||||||
|
| |||||||
Total Municipal Bonds | 772,166 | |||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 3.2% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 15,139,714 | 15,139,714 | ||||||
|
| |||||||
Total Short-Term Investment | 15,139,714 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.5% | 466,607,919 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.5%) | (2,544,475 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $464,063,444 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 63.7% | |||
Asset-Backed Securities | 17.6% | |||
Senior Loan Notes | 12.1% | |||
U.S. Treasury Obligations | 3.7% | |||
Short-Term Investment | 3.2% | |||
Others (each less than 3.0%) | 0.2% | |||
|
| |||
100.5% | ||||
Other Assets & Liabilities, Net | (0.5% | ) | ||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-7
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
September 30, 2018 (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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $295,806,196 | $— | $295,806,196 | $— | |||||||||||||
Senior Loan Notes | 55,997,423 | — | 55,997,423 | — | ||||||||||||||
Asset-Backed Securities | 81,521,275 | — | 79,222,227 | 2,299,048 | ||||||||||||||
U.S. Treasury Obligations | 17,371,145 | — | 17,371,145 | — | ||||||||||||||
Municipal Bonds | 772,166 | — | 772,166 | — | ||||||||||||||
Short-Term Investment | 15,139,714 | 15,139,714 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $466,607,919 | $15,139,714 | $449,169,157 | $2,299,048 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-8
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM CORE INCOME
Schedule of Investments
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS & NOTES - 45.8% |
| |||||||
Basic Materials - 0.9% |
| |||||||
Syngenta Finance NV (Switzerland) | $2,700,000 | $2,586,670 | ||||||
Teck Resources Ltd (Canada) | 3,000,000 | 3,075,000 | ||||||
|
| |||||||
5,661,670 | ||||||||
|
| |||||||
Communications - 3.8% |
| |||||||
Alibaba Group Holding Ltd (China) | 1,450,000 | 1,332,358 | ||||||
Amazon.com Inc | 2,000,000 | 2,004,705 | ||||||
AT&T Inc | ||||||||
4.750% due 05/15/46 | 2,400,000 | 2,197,393 | ||||||
5.250% due 03/01/37 | 2,000,000 | 1,996,723 | ||||||
Charter Communications Operating LLC | ||||||||
5.750% due 04/01/48 | 4,000,000 | 4,011,679 | ||||||
6.384% due 10/23/35 | 2,000,000 | 2,159,911 | ||||||
Sprint Corp | 3,500,000 | 3,705,625 | ||||||
Tencent Holdings Ltd (China) | 2,700,000 | 2,557,456 | ||||||
Verizon Communications Inc | 1,950,000 | 2,082,789 | ||||||
Vodafone Group PLC (United Kingdom) | 1,800,000 | 1,811,220 | ||||||
|
| |||||||
23,859,859 | ||||||||
|
| |||||||
Consumer, Cyclical - 9.4% |
| |||||||
Air Canada Pass-Through Trust ‘A’ (Canada) 4.125% due 11/15/26 ~ | 4,319,565 | 4,341,163 | ||||||
Alimentation Couche-Tard Inc (Canada) | 3,000,000 | 2,808,858 | ||||||
American Airlines Pass-Through Trust ‘AA’ | ||||||||
3.575% due 07/15/29 | 4,521,880 | 4,415,658 | ||||||
3.600% due 03/22/29 | 2,732,985 | 2,671,561 | ||||||
American Airlines Pass-Through Trust ‘B’ | 662,627 | 664,814 | ||||||
British Airways Pass-Through Trust ‘A’ | 3,181,254 | 3,258,383 | ||||||
Continental Airlines Pass-Through Trust ‘A’ | 2,703,941 | 2,707,321 | ||||||
Delta Air Lines Pass-Through Trust ‘AA’ | 1,392,985 | 1,383,012 | ||||||
Downstream Development Authority of the Quapaw Tribe of Oklahoma | 2,750,000 | 2,825,625 | ||||||
General Motors Co | 3,000,000 | 2,731,075 | ||||||
GLP Capital LP | 1,950,000 | 1,990,580 | ||||||
Hawaiian Airlines Pass-Through Certificates ‘A’ 3.900% due 07/15/27 | 1,872,330 | 1,844,030 | ||||||
Kohl’s Corp | 2,000,000 | 1,924,858 | ||||||
Lennar Corp | ||||||||
4.750% due 11/29/27 | 2,000,000 | 1,932,500 | ||||||
6.250% due 12/15/21 | 2,500,000 | 2,625,000 | ||||||
Mattamy Group Corp (Canada) | 2,500,000 | 2,437,500 | ||||||
Nordstrom Inc | 2,000,000 | 1,847,999 | ||||||
Sands China Ltd (Macao) | 2,200,000 | 2,197,791 | ||||||
Six Flags Entertainment Corp | 2,000,000 | 1,964,000 |
Principal Amount | Value | |||||||
Spirit Airlines Pass- Through Trust ‘AA’ | $441,540 | $422,789 | ||||||
4.100% due 10/01/29 | 604,745 | 603,989 | ||||||
Tesla Inc | 2,000,000 | 1,692,500 | ||||||
United Airlines Pass-Through Trust ‘B’ | ||||||||
3.650% due 04/07/27 | 1,722,917 | 1,650,664 | ||||||
4.750% due 10/11/23 | 4,022,528 | 4,047,870 | ||||||
US Airways Pass-Through Trust ‘A’ | 2,571,177 | 2,634,423 | ||||||
Virgin Australia Pass-Through Trust ‘A’ (Australia) | 1,054,191 | 1,071,333 | ||||||
|
| |||||||
58,695,296 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 3.2% |
| |||||||
Anheuser-Busch InBev Worldwide Inc (Belgium) 4.750% due 04/15/58 | 1,950,000 | 1,897,544 | ||||||
Bacardi Ltd (Bermuda) | 3,000,000 | 2,982,286 | ||||||
BAT Capital Corp (United Kingdom) | 2,500,000 | 2,330,388 | ||||||
Bausch Health Cos Inc | 2,000,000 | 2,085,000 | ||||||
CHS/Community Health Systems Inc | 2,000,000 | 1,955,000 | ||||||
Halfmoon Parent Inc | 3,350,000 | 3,345,091 | ||||||
MEDNAX Inc | 2,000,000 | 2,007,500 | ||||||
Mylan Inc | 900,000 | 876,227 | ||||||
Teva Pharmaceutical Finance Netherlands III BV (Israel) | ||||||||
2.200% due 07/21/21 | 1,000,000 | 940,258 | ||||||
2.800% due 07/21/23 | 1,500,000 | 1,336,875 | ||||||
|
| |||||||
19,756,169 | ||||||||
|
| |||||||
Energy - 8.2% |
| |||||||
Andeavor Logistics LP | ||||||||
5.200% due 12/01/47 | 1,200,000 | 1,201,140 | ||||||
5.250% due 01/15/25 | 6,500,000 | 6,665,295 | ||||||
Concho Resources Inc | 2,750,000 | 2,743,002 | ||||||
Diamondback Energy Inc | 3,000,000 | 3,078,750 | ||||||
Energy Transfer Partners LP | 3,000,000 | 3,034,469 | ||||||
EQT Corp | 4,200,000 | 3,941,006 | ||||||
EQT Midstream Partners LP | 4,000,000 | 4,246,009 | ||||||
Kinder Morgan Energy Partners LP | ||||||||
4.300% due 05/01/24 | 2,720,000 | 2,748,719 | ||||||
5.000% due 08/15/42 | 2,500,000 | 2,454,738 | ||||||
Marathon Oil Corp | 2,000,000 | 2,089,602 | ||||||
MPLX LP | 2,450,000 | 2,313,590 | ||||||
Petrobras Global Finance BV (Brazil) | ||||||||
5.299% due 01/27/25 ~ | 2,000,000 | 1,873,000 | ||||||
7.375% due 01/17/27 | 2,000,000 | 2,028,600 | ||||||
Petroleos Mexicanos (Mexico) | ||||||||
5.350% due 02/12/28 ~ | 2,000,000 | 1,890,000 | ||||||
6.350% due 02/12/48 ~ | 2,100,000 | 1,934,100 | ||||||
6.500% due 03/13/27 | 2,000,000 | 2,048,000 | ||||||
Sabine Pass Liquefaction LLC | 2,100,000 | 2,157,393 | ||||||
Southwestern Energy Co | 2,500,000 | 2,489,063 | ||||||
Williams Partners LP | 1,800,000 | 1,743,956 | ||||||
|
| |||||||
50,680,432 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-9
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal |
| |||||||
Financial - 13.6% |
| |||||||
Ares Capital Corp | $ | 1,750,000 | $ | 1,679,850 | ||||
Bank of America Corp | ||||||||
4.183% due 11/25/27 | 4,850,000 | 4,739,665 | ||||||
4.200% due 08/26/24 | 3,500,000 | 3,518,415 | ||||||
4.250% due 10/22/26 | 5,500,000 | 5,439,911 | ||||||
Citigroup Inc | ||||||||
4.075% due 04/23/29 | 4,500,000 | 4,419,021 | ||||||
4.125% due 07/25/28 | 3,600,000 | 3,480,038 | ||||||
4.400% due 06/10/25 | 5,000,000 | 4,993,313 | ||||||
4.600% due 03/09/26 | 3,948,000 | 3,978,595 | ||||||
Columbia Property Trust Operating | 3,500,000 | 3,406,270 | ||||||
Healthcare Realty Trust Inc REIT | 1,900,000 | 1,770,525 | ||||||
Hudson Pacific Properties LP REIT | 3,500,000 | 3,262,654 | ||||||
JPMorgan Chase & Co | ||||||||
3.797% due 07/23/24 | 4,000,000 | 3,999,467 | ||||||
4.125% due 12/15/26 | 4,000,000 | 3,975,212 | ||||||
Morgan Stanley | 7,500,000 | 7,775,822 | ||||||
Piedmont Operating Partnership LP REIT | 3,100,000 | 3,105,052 | ||||||
Teachers Insurance & Annuity Association | 3,000,000 | 2,912,810 | ||||||
The Goldman Sachs Group Inc | ||||||||
3.272% due 09/29/25 | 2,000,000 | 1,911,823 | ||||||
3.500% due 11/16/26 | 8,000,000 | 7,595,930 | ||||||
UDR Inc REIT | 2,000,000 | 1,834,119 | ||||||
Ventas Realty LP REIT | 4,450,000 | 4,253,102 | ||||||
Wells Fargo & Co | 3,750,000 | 3,531,115 | ||||||
Willis North America Inc | 3,200,000 | 3,203,683 | ||||||
|
| |||||||
84,786,392 | ||||||||
|
| |||||||
Industrial - 3.5% |
| |||||||
Allegion US Holding Co Inc | 4,500,000 | 4,096,834 | ||||||
Fortune Brands Home & Security Inc | 5,000,000 | 4,926,523 | ||||||
Masco Corp | 1,300,000 | 1,544,249 | ||||||
Novelis Corp | ||||||||
5.875% due 09/30/26 ~ | 1,000,000 | 978,750 | ||||||
6.250% due 08/15/24 ~ | 3,000,000 | 3,067,500 | ||||||
Owens-Brockway Glass Container Inc | 2,500,000 | 2,531,250 | ||||||
Standard Industries Inc | 875,000 | 811,519 | ||||||
United Technologies Corp | ||||||||
4.125% due 11/16/28 | 1,800,000 | 1,791,557 | ||||||
4.625% due 11/16/48 | 1,800,000 | 1,807,354 | ||||||
|
| |||||||
21,555,536 | ||||||||
|
| |||||||
Utilities - 3.2% |
| |||||||
Calpine Corp | 2,000,000 | 1,860,000 | ||||||
Electricite de France SA (France) | 5,150,000 | 5,076,327 | ||||||
Exelon Corp | 2,000,000 | 2,108,670 | ||||||
FirstEnergy Corp | 3,000,000 | 3,058,591 |
Principal |
| |||||||
IPALCO Enterprises Inc | $ | 3,500,000 | $ | 3,397,267 | ||||
Northern States Power Co | 2,850,000 | 2,801,571 | ||||||
Talen Energy Supply LLC | 2,000,000 | 1,550,000 | ||||||
|
| |||||||
19,852,426 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 284,847,780 | ||||||
|
| |||||||
SENIOR LOAN NOTES - 19.6% |
| |||||||
Basic Materials - 0.5% |
| |||||||
PQ Corp Term B | 2,835,062 | 2,841,265 | ||||||
|
| |||||||
Communications - 3.0% |
| |||||||
Altice US Finance I Corp Term B | 5,386,145 | 5,381,658 | ||||||
Avaya Inc Term B | 2,481,250 | 2,504,956 | ||||||
CSC Holdings LLC | 2,947,070 | 2,950,141 | ||||||
Frontier Communications Corp Term B-1 | 1,994,949 | 1,961,909 | ||||||
Level 3 Parent LLC Term B | 2,500,000 | 2,508,855 | ||||||
Sprint Communications Inc Term B | 2,959,950 | 2,969,200 | ||||||
|
| |||||||
18,276,719 | ||||||||
|
| |||||||
Consumer, Cyclical - 6.3% |
| |||||||
Bass Pro Group LLC Term B | 1,989,950 | 2,012,647 | ||||||
Belk Inc Term B | 1,000,000 | 878,036 | ||||||
BJ’s Wholesale Club Inc Term B | 2,329,574 | 2,345,155 | ||||||
ClubCorp Holdings Inc Term B | 2,203,353 | 2,193,714 | ||||||
Golden Nugget Inc Term B | 3,448,522 | 3,467,488 | ||||||
Hilton Worldwide Finance LLC Term B-2 | 3,488,928 | 3,506,383 | ||||||
Las Vegas Sands LLC Term B | 4,801,992 | 4,803,630 | ||||||
Marriott Ownership Resorts Inc Term B | 3,000,000 | 3,030,624 | ||||||
New Red Finance Inc Term B (Canada) | 5,281,246 | 5,289,263 | ||||||
Nexeo Solutions LLC Term B | 1,955,324 | 1,969,500 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-10
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal |
| |||||||
SeaWorld Parks & Entertainment Inc Term B-5 5.242% (USD LIBOR + 3.000%) | $ | 3,954,849 | $ | 3,952,730 | ||||
SRS Distribution Inc Term B | 2,500,000 | 2,482,143 | ||||||
Univar USA Inc Term B-3 | 3,018,583 | 3,029,483 | ||||||
|
| |||||||
38,960,796 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 3.1% |
| |||||||
Albertson’s LLC Term B-4 | 3,821,872 | 3,830,712 | ||||||
Bausch Health Cos Inc Term B | 1,950,000 | 1,962,188 | ||||||
Enterprise Merger Sub Inc | 5,000,000 | 4,998,440 | ||||||
Jaguar Holding Co II | 3,173,693 | 3,179,644 | ||||||
Refinitiv US Holdings Inc Term B | 2,000,000 | 1,998,036 | ||||||
US Foods Inc Term B | 3,421,250 | 3,436,218 | ||||||
|
| |||||||
19,405,238 | ||||||||
|
| |||||||
Financial - 1.0% |
| |||||||
HUB International Ltd Term B | 1,496,250 | 1,500,504 | ||||||
USI Inc Term B | 3,960,000 | 3,965,659 | ||||||
VICI Properties 1 LLC Term B | 954,545 | 957,528 | ||||||
|
| |||||||
6,423,691 | ||||||||
|
| |||||||
Industrial - 3.3% |
| |||||||
Avolon (US) LLC Term B-3 (Ireland) | 3,960,075 | 3,977,408 | ||||||
BWAY Holding Co Term B | 1,481,250 | 1,482,176 | ||||||
Proampac PG Borrower LLC | 3,939,850 | 3,961,026 | ||||||
Reynolds Group Holdings Inc Term B | 5,467,894 | 5,499,028 | ||||||
TransDigm Inc | ||||||||
Term E | 1,932,929 | 1,940,544 | ||||||
Term F | 3,850,945 | 3,868,239 | ||||||
|
| |||||||
20,728,421 | ||||||||
|
|
Principal |
| |||||||
Technology - 1.4% |
| |||||||
First Data Corp | $ | 2,809,890 | $ | 2,814,985 | ||||
Tempo Acquisition LLC Term B | 1,984,925 | 1,994,601 | ||||||
Vertafore Inc Term B | 4,000,000 | 4,021,784 | ||||||
|
| |||||||
8,831,370 | ||||||||
|
| |||||||
Utilities - 1.0% |
| |||||||
Talen Energy Supply LLC Term B-1 | 3,935,081 | 3,961,151 | ||||||
Vistra Operations Co LLC Term B-1 | 2,400,107 | 2,424,108 | ||||||
|
| |||||||
6,385,259 | ||||||||
|
| |||||||
Total Senior Loan Notes |
| 121,852,759 | ||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 1.3% |
| |||||||
Fannie Mae - 0.7% |
| |||||||
2.500% due 10/01/33 | 4,500,000 | 4,342,237 | ||||||
|
| |||||||
Freddie Mac - 0.6% |
| |||||||
2.500% due 10/01/33 | 4,000,000 | 3,857,637 | ||||||
|
| |||||||
Total Mortgage-Backed Securities |
| 8,199,874 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES - 18.6% |
| |||||||
ALM XII Ltd (Cayman) | 1,900,000 | 1,891,987 | ||||||
AmeriCredit Automobile Receivables Trust | ||||||||
2.240% due 06/19/23 | 950,000 | 933,329 | ||||||
2.400% due 05/18/22 | 1,850,000 | 1,828,094 | ||||||
2.690% due 06/19/23 | 1,050,000 | 1,031,857 | ||||||
2.710% due 08/18/22 | 1,500,000 | 1,480,569 | ||||||
Apidos CLO XXX (Cayman) | 3,600,000 | 3,597,319 | ||||||
Atrium XI (Cayman) | 1,250,000 | 1,251,306 | ||||||
BlueMountain CLO Ltd (Cayman) | 2,500,000 | 2,501,179 | ||||||
Buttermilk Park CLO Ltd (Cayman) | 1,600,000 | 1,600,000 | ||||||
Capital Auto Receivables Asset Trust | ||||||||
1.690% due 03/20/21 | 1,250,000 | 1,238,060 | ||||||
2.110% due 03/22/21 | 600,000 | 594,320 | ||||||
3.090% due 08/22/22 ~ | 1,600,000 | 1,589,403 | ||||||
Carlyle Global Market Strategies CLO Ltd (Cayman) | ||||||||
3.138% (USD LIBOR + 1.050%) | 1,000,000 | 998,600 | ||||||
3.638% (USD LIBOR + 1.550%) | 2,000,000 | 1,999,697 | ||||||
4.348% (USD LIBOR + 2.000%) | 2,975,000 | 2,979,537 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-11
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal |
| |||||||
CIFC Funding Ltd (Cayman) | ||||||||
3.212% (USD LIBOR + 0.870%) | $ | 3,000,000 | $ | 2,988,750 | ||||
3.992% (USD LIBOR + 1.650%) | 1,805,000 | 1,786,051 | ||||||
Citibank Credit Card Issuance Trust | 1,000,000 | 1,008,696 | ||||||
Dryden Senior Loan Fund ‘B’ (Cayman) | ||||||||
3.620% (USD LIBOR + 1.400%) | 1,600,000 | 1,588,022 | ||||||
3.821% (USD LIBOR + 1.500%) | 2,000,000 | 1,999,386 | ||||||
Dryden Senior Loan Fund ‘C’ (Cayman) | ||||||||
3.941% (USD LIBOR + 1.900%) | 1,000,000 | 996,517 | ||||||
4.121% (USD LIBOR + 1.800%) | 2,000,000 | 1,999,377 | ||||||
Ford Credit Auto Owner Trust | ||||||||
1.730% due 03/15/22 | 850,000 | 828,526 | ||||||
2.240% due 06/15/22 | 1,000,000 | 980,160 | ||||||
2.350% due 04/15/23 | 2,500,000 | 2,444,599 | ||||||
3.190% due 07/15/31 ~ | 6,500,000 | 6,347,277 | ||||||
Madison Park Funding Ltd (Cayman) | ||||||||
due 10/18/30 # | 2,600,000 | 2,600,000 | ||||||
3.937% (USD LIBOR + 1.600%) | 2,600,000 | 2,588,791 | ||||||
4.187% (USD LIBOR + 1.850%) | 1,400,000 | 1,393,663 | ||||||
Navient Private Education Loan Trust | 766,801 | 767,820 | ||||||
Navient Student Loan Trust | 2,000,000 | 2,013,384 | ||||||
Oak Hill Credit Partners X Ltd (Cayman) | 2,500,000 | 2,502,176 | ||||||
Octagon Investment Partners 25 Ltd (Cayman) | 2,000,000 | 1,976,566 | ||||||
OneMain Financial Issuance Trust | 4,000,000 | 3,933,054 | ||||||
Regatta XIV Funding Ltd (Cayman) | 3,300,000 | 3,300,000 | ||||||
Santander Drive Auto Receivables Trust | ||||||||
2.630% due 07/15/22 | 2,350,000 | 2,336,643 | ||||||
2.660% due 11/15/21 | 1,000,000 | 997,711 | ||||||
2.960% due 03/15/24 | 1,850,000 | 1,828,403 | ||||||
3.290% due 10/17/22 | 750,000 | 749,034 | ||||||
3.350% due 07/17/23 | 2,000,000 | 1,990,254 | ||||||
3.510% due 08/15/23 | 2,500,000 | 2,494,613 | ||||||
SLM Private Credit Student Loan Trust ‘A’ | 3,553,404 | 3,470,489 | ||||||
SLM Student Loan Trust | ||||||||
2.445% (USD LIBOR + 0.110%) | 1,367,329 | 1,365,824 | ||||||
2.885% (USD LIBOR + 0.550%) | 5,000,000 | 5,005,100 | ||||||
2.885% (USD LIBOR + 0.550%) | 5,000,000 | 5,029,789 | ||||||
SMB Private Education Loan Trust | ||||||||
2.340% due 09/15/34 ~ | 2,500,000 | 2,427,009 | ||||||
2.700% due 05/15/31 ~ | 2,108,946 | 2,070,717 | ||||||
2.820% due 10/15/35 ~ | 4,150,000 | 4,019,631 | ||||||
2.880% due 09/15/34 ~ | 4,500,000 | 4,399,907 |
Principal |
| |||||||
3.058% (USD LIBOR + 0.900%) | $ | 2,300,000 | $ | 2,316,427 | ||||
3.500% due 02/15/36 ~ | 2,300,000 | 2,287,980 | ||||||
3.600% due 01/15/37 ~ | 1,550,000 | 1,543,542 | ||||||
3.630% due 11/15/35 ~ ± | 2,000,000 | 1,999,173 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 115,890,318 | ||||||
|
| |||||||
U.S. GOVERNMENT AGENCY ISSUES - 1.8% |
| |||||||
Fannie Mae | 5,500,000 | 5,406,533 | ||||||
Freddie Mac | 5,500,000 | 5,424,529 | ||||||
|
| |||||||
Total U.S. Government Agency Issues |
| 10,831,062 | ||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 10.4% |
| |||||||
U.S. Treasury Bonds - 2.9% |
| |||||||
2.250% due 08/15/46 | 4,050,000 | 3,343,465 | ||||||
2.500% due 02/15/45 | 2,000,000 | 1,751,406 | ||||||
2.500% due 02/15/46 | 3,500,000 | 3,053,887 | ||||||
2.500% due 05/15/46 | 3,000,000 | 2,615,508 | ||||||
2.750% due 11/15/47 | 4,000,000 | 3,660,312 | ||||||
3.000% due 02/15/48 | 3,500,000 | 3,367,520 | ||||||
|
| |||||||
17,792,098 | ||||||||
|
| |||||||
U.S. Treasury Notes - 7.5% |
| |||||||
1.125% due 03/31/20 | 5,000,000 | 4,880,957 | ||||||
1.125% due 04/30/20 | 4,500,000 | 4,386,094 | ||||||
1.250% due 07/31/23 | 5,000,000 | 4,620,898 | ||||||
1.375% due 08/31/23 | 4,000,000 | 3,713,595 | ||||||
1.375% due 09/30/23 | 4,500,000 | 4,172,522 | ||||||
1.500% due 10/31/19 | 4,000,000 | 3,950,312 | ||||||
1.625% due 07/31/20 | 4,500,000 | 4,405,606 | ||||||
1.625% due 02/15/26 | 2,000,000 | 1,815,586 | ||||||
1.625% due 05/15/26 | 5,000,000 | 4,524,805 | ||||||
2.000% due 10/31/21 | 3,000,000 | 2,922,246 | ||||||
2.125% due 12/31/21 | 4,500,000 | 4,393,564 | ||||||
2.500% due 06/30/20 | 3,000,000 | 2,985,059 | ||||||
|
| |||||||
46,771,244 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 64,563,342 | ||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 1.8% |
| |||||||
Chile Government (Chile) | 2,000,000 | 1,922,100 | ||||||
Export-Import Bank of Korea (South Korea) | 1,900,000 | 1,876,596 | ||||||
Mexico Government (Mexico) | 2,000,000 | 1,820,020 | ||||||
Province of British Columbia (Canada) | 3,000,000 | 2,867,203 | ||||||
Province of Ontario (Canada) | 3,000,000 | 2,964,350 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes |
| 11,450,269 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-12
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 1.3% |
| |||||||
Money Market Fund - 1.3% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 8,236,258 | $8,236,258 | ||||||
|
| |||||||
Total Short-Term Investment |
| 8,236,258 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.6% |
| 625,871,662 | ||||||
OTHER ASSETS & LIABILITIES, NET - (0.6%) |
| (3,742,172 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $622,129,490 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 45.8% | |||
Senior Loan Notes | 19.6% | |||
Asset-Backed Securities | 18.6% | |||
U.S. Treasury Obligations | 10.4% | |||
Others (each less than 3.0%) | 6.2% | |||
|
| |||
100.6% | ||||
Other Assets & Liabilities, Net | (0.6% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant | Level 3 Significant | |||||||||||||||
Assets | Corporate Bonds & Notes | $284,847,780 | $— | $283,776,447 | $1,071,333 | |||||||||||||
Senior Loan Notes | 121,852,759 | — | 121,852,759 | — | ||||||||||||||
Mortgage-Backed Securities | 8,199,874 | — | 8,199,874 | — | ||||||||||||||
Asset-Backed Securities | 115,890,318 | — | 113,891,145 | 1,999,173 | ||||||||||||||
U.S. Government Agency Issues | 10,831,062 | — | 10,831,062 | — | ||||||||||||||
U.S. Treasury Obligations | 64,563,342 | — | 64,563,342 | — | ||||||||||||||
Foreign Government Bonds & Notes | 11,450,269 | — | 11,450,269 | — | ||||||||||||||
Short-Term Investment | 8,236,258 | 8,236,258 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $625,871,662 | $8,236,258 | $614,564,898 | $3,070,506 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-13
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM STRATEGIC INCOME
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 4.0% |
| |||||||
Basic Materials - 0.3% |
| |||||||
Constellium NV ‘A’ * | 142,978 | $1,765,778 | ||||||
|
| |||||||
Consumer, Cyclical - 0.9% |
| |||||||
Cedar Fair LP | 27,237 | 1,418,503 | ||||||
Las Vegas Sands Corp | 20,642 | 1,224,690 | ||||||
Lennar Corp ‘A’ | 22,751 | 1,062,244 | ||||||
Mohawk Industries Inc * | 6,772 | 1,187,470 | ||||||
|
| |||||||
4,892,907 | ||||||||
|
| |||||||
Energy - 0.7% |
| |||||||
Concho Resources Inc * | 8,270 | 1,263,243 | ||||||
Diamondback Energy Inc | 8,645 | 1,168,718 | ||||||
Pioneer Natural Resources Co | 7,350 | 1,280,296 | ||||||
|
| |||||||
3,712,257 | ||||||||
|
| |||||||
Financial - 1.3% |
| |||||||
Bank of America Corp | 46,717 | 1,376,283 | ||||||
Citigroup Inc | 18,432 | 1,322,312 | ||||||
JPMorgan Chase & Co | 11,000 | 1,241,240 | ||||||
The Goldman Sachs Group Inc | 6,042 | 1,354,858 | ||||||
The PNC Financial Services Group Inc | 7,650 | 1,041,853 | ||||||
Wells Fargo & Co | 26,387 | 1,386,901 | ||||||
|
| |||||||
7,723,447 | ||||||||
|
| |||||||
Industrial - 0.6% |
| |||||||
Berry Global Group Inc * | 28,994 | 1,403,020 | ||||||
Crown Holdings Inc * | 24,880 | 1,194,240 | ||||||
Evoqua Water Technologies Corp * | 58,968 | 1,048,451 | ||||||
|
| |||||||
3,645,711 | ||||||||
|
| |||||||
Technology - 0.2% |
| |||||||
NXP Semiconductors NV (Netherlands) | 16,307 | 1,394,248 | ||||||
|
| |||||||
Total Common Stocks |
| 23,134,348 | ||||||
|
| |||||||
Principal | ||||||||
CORPORATE BONDS & NOTES - 55.9% |
| |||||||
Basic Materials - 3.4% |
| |||||||
Alcoa Nederland Holding BV | $2,600,000 | 2,804,750 | ||||||
Aleris International Inc | 150,000 | 159,375 | ||||||
Barminco Finance Pty Ltd (Australia) | 4,125,000 | 4,104,375 | ||||||
Constellium NV | 375,000 | 374,531 | ||||||
5.875% due 02/15/26 ~ | 250,000 | 245,312 | ||||||
6.625% due 03/01/25 ~ | 1,250,000 | 1,268,750 | ||||||
Glencore Finance Canada Ltd (Switzerland) | 1,400,000 | 1,411,155 | ||||||
Glencore Funding LLC (Switzerland) | 3,750,000 | 3,524,435 | ||||||
4.125% due 05/30/23 ~ | 1,000,000 | 999,830 | ||||||
JW Aluminum Continuous Cast Co | 1,575,000 | 1,578,937 | ||||||
Syngenta Finance NV (Switzerland) | 3,000,000 | 2,947,699 | ||||||
|
| |||||||
19,419,149 | ||||||||
|
|
Principal Amount | Value | |||||||
Communications - 3.5% |
| |||||||
AT&T Inc | $ | 2,000,000 | $ | 2,005,535 | ||||
CCO Holdings LLC | 900,000 | 921,375 | ||||||
Charter Communications Operating LLC | 1,500,000 | 1,383,343 | ||||||
4.200% due 03/15/28 | 1,500,000 | 1,436,837 | ||||||
4.500% due 02/01/24 | 3,000,000 | 3,016,092 | ||||||
Radiate Holdco LLC | 2,175,000 | 2,104,312 | ||||||
Sprint Capital Corp | 850,000 | 856,111 | ||||||
8.750% due 03/15/32 | 2,000,000 | 2,254,380 | ||||||
Sprint Corp | 3,090,000 | 3,284,670 | ||||||
7.625% due 03/01/26 | 775,000 | 822,081 | ||||||
Sprint Spectrum Co LLC | 150,000 | 149,812 | ||||||
The Interpublic Group of Cos Inc | 2,000,000 | 2,005,853 | ||||||
|
| |||||||
20,240,401 | ||||||||
|
| |||||||
Consumer, Cyclical - 10.7% |
| |||||||
Air Canada Pass-Through Trust ‘B’ (Canada) | 816,783 | 802,490 | ||||||
American Airlines Pass-Through Trust ‘A’ | 1,356,529 | 1,350,958 | ||||||
American Airlines Pass-Through Trust ‘B’ | 1,191,332 | 1,231,014 | ||||||
Beazer Homes USA Inc | 2,475,000 | 2,116,125 | ||||||
6.750% due 03/15/25 | 1,000,000 | 929,800 | ||||||
Caesars Resort Collection LLC | 2,475,000 | 2,363,625 | ||||||
Constellation Merger Sub Inc | 2,600,000 | 2,476,500 | ||||||
Downstream Development Authority of the Quapaw Tribe of Oklahoma | 2,250,000 | 2,311,875 | ||||||
Ford Motor Co | 250,000 | 235,791 | ||||||
Ford Motor Credit Co LLC | 2,000,000 | 1,908,616 | ||||||
3.815% due 11/02/27 | 3,000,000 | 2,687,241 | ||||||
4.250% due 09/20/22 | 1,250,000 | 1,239,623 | ||||||
Gateway Casinos & Entertainment Ltd (Canada) | 1,275,000 | 1,345,125 | ||||||
General Motors Financial Co Inc | 1,550,000 | 1,532,328 | ||||||
4.375% due 09/25/21 | 1,500,000 | 1,527,633 | ||||||
GLP Capital LP | 3,000,000 | 3,012,840 | ||||||
Golden Nugget Inc | 2,725,000 | 2,770,998 | ||||||
8.750% due 10/01/25 ~ | 1,450,000 | 1,523,631 | ||||||
Hyundai Capital America | 3,500,000 | 3,478,027 | ||||||
KGA Escrow LLC | 2,700,000 | 2,808,000 | ||||||
L Brands Inc | 4,425,000 | 3,812,359 | ||||||
Lennar Corp | 4,075,000 | 3,937,469 | ||||||
Mattamy Group Corp (Canada) | 1,450,000 | 1,413,750 | ||||||
Mattel Inc | 925,000 | 811,687 | ||||||
5.450% due 11/01/41 | 1,925,000 | 1,568,875 | ||||||
6.750% due 12/31/25 ~ | 1,850,000 | 1,817,625 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-14
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Norwegian Air Shuttle ASA Pass-Through Trust ‘B’ (Norway) | $ | 339,059 | $ | 352,621 | ||||
PF Chang’s China Bistro Inc | 770,000 | 744,975 | ||||||
Taylor Morrison Communities Inc | 2,000,000 | 2,067,900 | ||||||
Tesla Inc | 4,650,000 | 3,935,062 | ||||||
Wyndham Worldwide Corp | 350,000 | 325,500 | ||||||
5.400% due 04/01/24 | 1,750,000 | 1,706,250 | ||||||
5.625% due 03/01/21 | 1,250,000 | 1,281,250 | ||||||
|
| |||||||
61,427,563 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 5.9% |
| |||||||
Ahern Rentals Inc | 4,800,000 | 4,752,000 | ||||||
Bacardi Ltd (Bermuda) | 450,000 | 449,073 | ||||||
4.700% due 05/15/28 ~ | 2,000,000 | 1,988,190 | ||||||
BAT Capital Corp (United Kingdom) | 2,200,000 | 2,099,095 | ||||||
Bausch Health Cos Inc | 1,350,000 | 1,350,000 | ||||||
5.875% due 05/15/23 ~ | 900,000 | 877,050 | ||||||
7.500% due 07/15/21 ~ | 900,000 | 919,125 | ||||||
8.500% due 01/31/27 ~ | 625,000 | 657,812 | ||||||
9.250% due 04/01/26 ~ | 375,000 | 405,469 | ||||||
Eagle Holding Co II LLC | 800,000 | 812,000 | ||||||
HCA Inc | 2,425,000 | 2,506,844 | ||||||
5.375% due 09/01/26 | 1,850,000 | 1,876,825 | ||||||
Jaguar Holding Co II | 500,000 | 505,000 | ||||||
JBS Investments GmbH (Brazil) | 775,000 | 790,694 | ||||||
JBS USA LUX SA (Brazil) | 500,000 | 488,750 | ||||||
5.875% due 07/15/24 ~ | 425,000 | 420,219 | ||||||
7.250% due 06/01/21 ~ | 1,575,000 | 1,606,500 | ||||||
Pilgrim’s Pride Corp | 625,000 | 604,687 | ||||||
5.875% due 09/30/27 ~ | 1,100,000 | 1,045,000 | ||||||
Prime Security Services Borrower LLC | 2,858,000 | 3,063,776 | ||||||
Refinitiv US Holdings Inc | 300,000 | 300,188 | ||||||
8.250% due 11/15/26 ~ | 300,000 | 298,932 | ||||||
Reynolds American Inc (United Kingdom) | 1,500,000 | 1,512,529 | ||||||
TMS International Corp | 3,300,000 | 3,333,000 | ||||||
Verscend Escrow Corp | 1,450,000 | 1,498,938 | ||||||
|
| |||||||
34,161,696 | ||||||||
|
| |||||||
Energy - 11.3% |
| |||||||
Andeavor Logistics LP | 4,825,000 | 4,947,700 | ||||||
Ascent Resources Utica Holdings LLC | 1,900,000 | 1,891,925 | ||||||
Calfrac Holdings LP (Canada) | 2,500,000 | 2,343,750 | ||||||
Concho Resources Inc | 3,000,000 | 3,023,124 |
Principal Amount | Value | |||||||
Endeavor Energy Resources LP | $ | 3,075,000 | $ | 3,090,375 | ||||
5.750% due 01/30/28 ~ | 750,000 | 752,813 | ||||||
Energy Transfer Partners LP | 1,200,000 | 1,175,939 | ||||||
4.750% due 01/15/26 | 1,550,000 | 1,567,809 | ||||||
5.800% due 06/15/38 | 3,000,000 | 3,121,485 | ||||||
6.250% due 02/15/23 | 2,700,000 | 2,603,813 | ||||||
EnLink Midstream Partners LP | 2,500,000 | 2,429,692 | ||||||
EP Energy LLC | 1,375,000 | 1,412,812 | ||||||
EQT Corp | 3,000,000 | 2,815,004 | ||||||
EQT Midstream Partners LP | 2,850,000 | 2,892,278 | ||||||
Halcon Resources Corp | 3,850,000 | 3,715,250 | ||||||
Kinder Morgan Energy Partners LP | 4,100,000 | 4,143,290 | ||||||
Moss Creek Resources Holdings Inc | 3,050,000 | 3,061,438 | ||||||
Northern Oil and Gas Inc | 300,000 | 317,250 | ||||||
Parsley Energy LLC | 1,350,000 | 1,350,000 | ||||||
5.375% due 01/15/25 ~ | 1,775,000 | 1,788,313 | ||||||
5.625% due 10/15/27 ~ | 150,000 | 150,750 | ||||||
Petroleos Mexicanos (Mexico) | 1,350,000 | 1,382,400 | ||||||
Sabine Pass Liquefaction LLC | 2,525,000 | 2,695,493 | ||||||
Sanchez Energy Corp | 3,725,000 | 2,160,500 | ||||||
7.250% due 02/15/23 ~ | 1,575,000 | 1,557,281 | ||||||
Southwestern Energy Co | 1,000,000 | 995,625 | ||||||
7.500% due 04/01/26 | 2,150,000 | 2,262,875 | ||||||
7.750% due 10/01/27 | 500,000 | 530,000 | ||||||
Sunoco Logistics Partners Operations LP | 1,200,000 | 1,140,878 | ||||||
Targa Resources Partners LP | 650,000 | 635,050 | ||||||
5.125% due 02/01/25 | 900,000 | 909,000 | ||||||
5.375% due 02/01/27 | 200,000 | 201,000 | ||||||
5.875% due 04/15/26 ~ | 850,000 | 880,813 | ||||||
Ultra Resources Inc | 3,379,000 | 1,385,390 | ||||||
|
| |||||||
65,331,115 | ||||||||
|
| |||||||
Financial - 10.8% |
| |||||||
AerCap Ireland Capital DAC (Ireland) | 1,850,000 | 1,783,809 | ||||||
3.950% due 02/01/22 | 750,000 | 748,359 | ||||||
4.450% due 10/01/25 | 3,000,000 | 2,971,579 | ||||||
Air Lease Corp | 1,500,000 | 1,386,871 | ||||||
3.750% due 02/01/22 | 1,750,000 | 1,754,220 | ||||||
4.250% due 09/15/24 | 1,000,000 | 996,028 | ||||||
4.625% due 10/01/28 | 3,000,000 | 2,960,948 | ||||||
Bank of America Corp | 3,000,000 | 3,009,066 | ||||||
3.111% (USD LIBOR + 0.770%) due 02/05/26 § | 2,000,000 | 1,968,049 | ||||||
3.366% due 01/23/26 | 1,000,000 | 962,092 | ||||||
4.183% due 11/25/27 | 2,500,000 | 2,443,126 | ||||||
BOC Aviation Ltd (Singapore) | 4,000,000 | 3,680,352 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-15
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Citigroup Inc | $ | 3,000,000 | $ | 3,031,393 | ||||
4.075% due 04/23/29 | 3,000,000 | 2,946,014 | ||||||
4.400% due 06/10/25 | 1,500,000 | 1,497,994 | ||||||
Jefferies Finance LLC | 500,000 | 505,000 | ||||||
7.500% due 04/15/21 ~ | 2,000,000 | 2,055,000 | ||||||
JPMorgan Chase & Co | 2,000,000 | 1,948,692 | ||||||
3.125% due 01/23/25 | 1,100,000 | 1,055,702 | ||||||
4.005% due 04/23/29 | 4,000,000 | 3,934,711 | ||||||
Morgan Stanley | 2,000,000 | 2,033,811 | ||||||
3.591% due 07/22/28 | 4,000,000 | 3,797,291 | ||||||
3.772% due 01/24/29 | 1,050,000 | 1,008,479 | ||||||
5.000% due 11/24/25 | 2,000,000 | 2,073,553 | ||||||
The Goldman Sachs Group Inc | 2,000,000 | 1,926,821 | ||||||
3.272% due 09/29/25 | 2,500,000 | 2,389,779 | ||||||
3.342% (USD LIBOR + 1.000%) due 07/24/23 § | 3,000,000 | 3,033,424 | ||||||
3.500% due 11/16/26 | 1,000,000 | 949,491 | ||||||
3.750% due 02/25/26 | 1,300,000 | 1,264,617 | ||||||
UDR Inc REIT | 2,000,000 | 1,889,465 | ||||||
|
| |||||||
62,005,736 | ||||||||
|
| |||||||
Industrial - 9.3% |
| |||||||
Allegion US Holding Co Inc | 3,000,000 | 2,806,424 | ||||||
Apex Tool Group LLC | 2,425,000 | 2,364,375 | ||||||
ARD Finance SA (Luxembourg) | 2,050,000 | 2,080,750 | ||||||
ARD Securities Finance SARL (Luxembourg) | 750,000 | 753,750 | ||||||
Ardagh Packaging Finance PLC (Ireland) | 750,000 | 738,375 | ||||||
7.250% due 05/15/24 ~ | 1,400,000 | 1,470,000 | ||||||
Brand Industrial Services Inc | 2,425,000 | 2,501,703 | ||||||
BWAY Holding Co | 1,350,000 | 1,330,546 | ||||||
7.250% due 04/15/25 ~ | 2,900,000 | 2,834,460 | ||||||
Cloud Crane LLC | 3,300,000 | 3,621,750 | ||||||
Flex Acquisition Co Inc | 1,650,000 | 1,584,000 | ||||||
7.875% due 07/15/26 ~ | 1,150,000 | 1,138,500 | ||||||
Hulk Finance Corp (Canada) | 2,325,000 | 2,252,344 | ||||||
Itron Inc | 3,125,000 | 3,007,812 | ||||||
Masco Corp | 1,075,000 | 1,074,996 | ||||||
7.750% due 08/01/29 | 4,110,000 | 4,882,203 | ||||||
New Enterprise Stone & Lime Co Inc | 2,600,000 | 2,796,625 | ||||||
Novelis Corp | 1,975,000 | 1,933,031 | ||||||
6.250% due 08/15/24 ~ | 1,400,000 | 1,431,500 | ||||||
Standard Industries Inc | 4,100,000 | 3,802,545 | ||||||
Titan Acquisition Ltd (Canada) | 3,395,000 | 2,953,650 |
Principal Amount | Value | |||||||
Wabtec Corp | $ | 500,000 | $ | 496,054 | ||||
4.700% due 09/15/28 | 3,000,000 | 2,948,804 | ||||||
Zekelman Industries Inc | 2,785,000 | 3,032,169 | ||||||
|
| |||||||
53,836,366 | ||||||||
|
| |||||||
Utilities - 1.0% |
| |||||||
Calpine Corp | 2,200,000 | 2,046,000 | ||||||
Electricite de France SA (France) | 3,000,000 | 2,957,084 | ||||||
Talen Energy Supply LLC | 500,000 | 342,500 | ||||||
6.500% due 06/01/25 | 800,000 | 620,000 | ||||||
|
| |||||||
5,965,584 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 322,387,610 | |||||||
|
| |||||||
SENIOR LOAN NOTES - 32.3% |
| |||||||
Basic Materials - 0.6% |
| |||||||
Aleris International Inc | 3,491,250 | 3,559,619 | ||||||
|
| |||||||
Communications - 2.3% |
| |||||||
Altice US Finance I Corp Term B | 2,447,615 | 2,445,576 | ||||||
CSC Holdings LLC | 648,047 | 648,722 | ||||||
Term B |
| |||||||
4.658% (USD LIBOR + 2.500%) due 01/25/26 § | 3,990,000 | 3,998,977 | ||||||
Frontier Communications Corp Term B-1 | 3,989,899 | 3,923,818 | ||||||
Sprint Communications Inc Term B | 2,467,450 | 2,475,161 | ||||||
|
| |||||||
13,492,254 | ||||||||
|
| |||||||
Consumer, Cyclical - 6.8% |
| |||||||
Belk Inc Term B | 1,530,987 | 1,344,262 | ||||||
BJ’s Wholesale Club Inc Term B | 3,000,000 | 3,020,064 | ||||||
Caesars Resort Collection LLC Term B | 4,962,500 | 4,994,846 | ||||||
CEC Entertainment Inc Term B | 2,677,625 | 2,595,385 | ||||||
ClubCorp Holdings Inc Term B | 3,427,438 | 3,412,443 | ||||||
Neiman Marcus Group Ltd LLC | 2,446,908 | 2,276,133 | ||||||
New Red Finance Inc Term B (Canada) | 4,940,635 | 4,948,135 | ||||||
Petco Animal Supplies Inc Term B-1 | 2,939,774 | 2,392,976 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-16
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
PF Chang’s China Bistro Inc | $ | 2,493,703 | $ | 2,490,586 | ||||
SeaWorld Parks & Entertainment Inc |
| |||||||
Term B-2 | 993,732 | 994,531 | ||||||
Term B-5 | 4,453,571 | 4,451,184 | ||||||
SRS Distribution Inc Term B | 3,000,000 | 2,978,571 | ||||||
Tacala Investment Corp Term B | 2,985,000 | 3,003,191 | ||||||
|
| |||||||
38,902,307 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 4.7% |
| |||||||
Air Medical Group Holdings Inc Term B | 3,491,206 | 3,479,985 | ||||||
Bausch Health Cos Inc Term B | 3,437,500 | 3,458,984 | ||||||
Enterprise Merger Sub Inc | 5,000,000 | 4,998,440 | ||||||
Jaguar Holding Co II | 3,405,759 | 3,412,145 | ||||||
Post Holdings Inc Term B | 3,482,368 | 3,487,156 | ||||||
Prime Security Services Borrower LLC Term B | 4,452,459 | 4,479,049 | ||||||
Refinitiv US Holdings Inc Term B | 3,750,000 | 3,746,317 | ||||||
|
| |||||||
27,062,076 | ||||||||
|
| |||||||
Energy - 0.4% |
| |||||||
Arch Coal Inc Term B | 2,468,672 | 2,474,535 | ||||||
|
| |||||||
Financial - 2.1% |
| |||||||
HUB International Ltd Term B | 4,488,750 | 4,501,511 | ||||||
USI Inc Term B | 3,960,000 | 3,965,659 | ||||||
VICI Properties 1 LLC Term B | 3,863,636 | 3,875,710 | ||||||
|
| |||||||
12,342,880 | ||||||||
|
| |||||||
Industrial - 12.6% |
| |||||||
Accudyne Industries Borrower SCA Term B (Luxembourg) | 3,622,526 | 3,642,149 | ||||||
Advanced Disposal Services Inc Term B | 6,298,865 | 6,328,394 | ||||||
Avolon (US) LLC Term B-3 (Ireland) | 4,968,778 | 4,990,526 | ||||||
Brand Industrial Services Inc | 3,959,900 | 3,989,599 | ||||||
BWAY Holding Co Term B | 3,213,087 | 3,215,096 |
Principal Amount | Value | |||||||
Crosby US Acquisition Corp | $ | 4,171,867 | $ | 4,140,578 | ||||
(2nd Lien) 8.212% (USD LIBOR + 6.000%) due 11/22/21 § | 1,650,000 | 1,636,594 | ||||||
CROWN Americas LLC Term B | 3,491,250 | 3,514,160 | ||||||
EWT Holdings III Corp | 2,791,353 | 2,813,159 | ||||||
Flex Acquisition Co Inc | 1,975,000 | 1,976,853 | ||||||
Term B 5.751% (USD LIBOR + 3.250%) | 1,000,000 | 1,003,125 | ||||||
Gates Global LLC Term B-2 | 3,879,875 | 3,907,457 | ||||||
Kloeckner Pentaplast of America Inc Term B (Luxembourg) | 2,970,000 | 2,893,894 | ||||||
North American Lifting Holdings Inc | 2,493,463 | 2,437,360 | ||||||
(2nd Lien) 11.386% (USD LIBOR + 9.000%) due 11/27/21 § | 2,000,000 | 1,766,666 | ||||||
Proampac PG Borrower LLC | 3,208,671 | 3,225,917 | ||||||
(2nd Lien) 10.810% (USD LIBOR + 8.500%) due 10/18/24 § | 500,000 | 507,500 | ||||||
Quikrete Holdings Inc Term B | 3,500,000 | 3,510,283 | ||||||
Reynolds Group Holdings Inc Term B | 4,166,414 | 4,190,138 | ||||||
Titan Acquisition Ltd Term B (Canada) | 2,992,481 | 2,906,214 | ||||||
TransDigm Inc |
| |||||||
Term E 4.742% (USD LIBOR + 2.500%) due 05/30/25 § | 2,962,852 | 2,974,526 | ||||||
Term F 4.742% (USD LIBOR + 2.500%) due 06/09/23 § | 977,397 | 981,787 | ||||||
Term G 4.742% (USD LIBOR + 2.500%) due 08/22/24 § | 2,480,006 | 2,490,685 | ||||||
Wrangler Buyer Corp Term B | 3,482,456 | 3,507,488 | ||||||
|
| |||||||
72,550,148 | ||||||||
|
| |||||||
Technology - 1.9% |
| |||||||
First Data Corp | 1,204,239 | 1,206,422 | ||||||
4.212% (USD LIBOR + 2.250%) due 04/26/24 § | 2,500,000 | 2,504,532 | ||||||
Kronos Inc (2nd Lien) | 1,500,000 | 1,539,141 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-17
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Tempo Acquisition LLC Term B | $ | 1,975,000 | $ | 1,984,628 | ||||
Vertafore Inc |
| |||||||
(2nd Lien) 9.492% (USD LIBOR + 7.250%) due 07/02/26 § | 1,000,000 | 1,009,062 | ||||||
Term B 5.492% (USD LIBOR + 3.250%) due 07/02/25 § | 2,500,000 | 2,513,615 | ||||||
|
| |||||||
10,757,400 | ||||||||
|
| |||||||
Utilities - 0.9% |
| |||||||
Calpine Construction Finance Co LP | 2,977,500 | 2,983,348 | ||||||
Talen Energy Supply LLC Term B-1 | 1,974,937 | 1,988,021 | ||||||
|
| |||||||
4,971,369 | ||||||||
|
| |||||||
Total Senior Loan Notes |
| 186,112,588 | ||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 0.7% | ||||||||
Fannie Mae - 0.4% |
| |||||||
2.500% due 10/01/33 | 2,000,000 | 1,929,883 | ||||||
|
| |||||||
Freddie Mac - 0.3% |
| |||||||
2.500% due 10/01/33 | 2,000,000 | 1,928,818 | ||||||
|
| |||||||
Total Mortgage-Backed Securities |
| 3,858,701 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES - 3.8% |
| |||||||
ALM XII Ltd (Cayman) | 900,000 | 896,204 | ||||||
Apidos CLO XXX ‘A2’ (Cayman) | 2,400,000 | 2,398,212 | ||||||
Buttermilk Park CLO Ltd ‘A1’ (Cayman) | 700,000 | 700,000 | ||||||
Carlyle Global Market Strategies CLO Ltd (Cayman) | 1,200,000 | 1,201,830 | ||||||
CIFC Funding 2015-III Ltd (Cayman) | 1,100,000 | 1,088,452 | ||||||
Dryden Senior Loan Fund ‘B’ (Cayman) | 2,600,000 | 2,580,535 | ||||||
3.821% (USD LIBOR + 1.500%) | 1,500,000 | 1,499,540 | ||||||
Dryden Senior Loan Fund ‘C’ (Cayman) | 250,000 | 249,129 | ||||||
4.121% (USD LIBOR + 1.800%) due 07/17/31 § ~ | 1,500,000 | 1,499,533 | ||||||
Madison Park Funding XXVIII Ltd (Cayman) | 2,650,000 | 2,650,000 | ||||||
3.937% (USD LIBOR + 1.600%) due 07/15/30 § ~ | 2,000,000 | 1,991,377 | ||||||
4.187% (USD LIBOR + 1.850%) due 07/15/30 § ~ | 1,000,000 | 995,474 |
Principal Amount | Value | |||||||
Regatta XIII Funding Ltd ‘D’ (Cayman) | $ | 2,500,000 | $ | 2,490,943 | ||||
SLM Private Credit Student Loan Trust | 1,776,702 | 1,735,245 | ||||||
|
| |||||||
21,976,474 | ||||||||
|
| |||||||
Total Asset-Backed Securities |
| 21,976,474 | ||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 0.9% |
| |||||||
Mexico Government (Mexico) | ||||||||
3.750% due 01/11/28 | 2,750,000 | 2,624,188 | ||||||
4.600% due 02/10/48 | 3,000,000 | 2,827,500 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes |
| 5,451,688 | ||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 6.9% | ||||||||
Money Market Fund - 6.9% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 39,867,991 | 39,867,991 | ||||||
|
| |||||||
Total Short-Term Investment | 39,867,991 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 104.5% | 602,789,400 | |||||||
OTHER ASSETS & LIABILITIES, NET - (4.5%) | (25,765,200 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $577,024,200 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 55.9% | |||
Senior Loan Notes | 32.3% | |||
Short-Term Investment | 6.9% | |||
Common Stocks | 4.0% | |||
Asset-Backed Securities | 3.8% | |||
Others (each less than 3.0%) | 1.6% | |||
|
| |||
104.5% | ||||
Other Assets & Liabilities, Net | (4.5% | ) | ||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-18
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
September 30, 2018 (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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant | Level 3 Significant | |||||||||||||||
Assets | Common Stocks | $23,134,348 | $23,134,348 | $— | $— | |||||||||||||
Corporate Bonds & Notes | 322,387,610 | — | 322,387,610 | — | ||||||||||||||
Senior Loan Notes | 186,112,588 | — | 186,112,588 | — | ||||||||||||||
Mortgage-Backed Securities | 3,858,701 | — | 3,858,701 | — | ||||||||||||||
Asset-Backed Securities | 21,976,474 | — | 21,976,474 | — | ||||||||||||||
Foreign Government Bonds & Notes | 5,451,688 | — | 5,451,688 | — | ||||||||||||||
Short-Term Investment | 39,867,991 | 39,867,991 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $602,789,400 | $63,002,339 | $539,787,061 | — | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-19
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM FLOATING RATE INCOME
Schedule of Investments
September 30, 2018 (Unaudited)
Principal | Value | |||||||
CORPORATE BONDS & NOTES - 4.3% | ||||||||
Communications - 0.5% | ||||||||
Sprint Corp | $8,292,000 | $8,954,199 | ||||||
|
| |||||||
Consumer, Cyclical - 0.7% |
| |||||||
Constellation Merger Sub Inc | 2,609,000 | 2,485,072 | ||||||
Mattel Inc | 7,127,000 | 7,002,277 | ||||||
SRS Distribution Inc | 3,459,000 | 3,398,467 | ||||||
|
| |||||||
12,885,816 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 0.8% |
| |||||||
Ahern Rentals Inc | 8,500,000 | 8,415,000 | ||||||
Prime Security Services Borrower LLC | 6,584,000 | 7,058,048 | ||||||
|
| |||||||
15,473,048 | ||||||||
|
| |||||||
Industrial - 2.3% |
| |||||||
GFL Environmental Inc (Canada) | 250,000 | 235,625 | ||||||
5.625% due 05/01/22 ~ | 7,336,000 | 7,134,260 | ||||||
Reynolds Group Issuer Inc | 13,480,288 | 13,530,839 | ||||||
5.839% (USD LIBOR + 3.500%) | ||||||||
due 07/15/21 § ~ | 21,000,000 | 21,341,250 | ||||||
|
| |||||||
42,241,974 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 79,555,037 | |||||||
|
| |||||||
SENIOR LOAN NOTES - 90.8% | ||||||||
Basic Materials - 4.0% | ||||||||
Aleris International Inc | 10,972,500 | 11,187,374 | ||||||
GrafTech Finance Inc Term B | 11,850,000 | 11,946,281 | ||||||
MacDermid Inc |
| |||||||
Term B-6 |
| |||||||
5.242% (USD LIBOR + 3.000%) |
| |||||||
due 11/02/21 § | 4,368,846 | 4,391,372 | ||||||
Term B-7 | ||||||||
4.742% (USD LIBOR + 2.500%) | ||||||||
due 06/07/20 § | 9,962,380 | 10,021,537 | ||||||
PQ Corp Term B | 10,054,474 | 10,076,473 | ||||||
Solenis International LP | 15,211,875 | 15,354,486 | ||||||
Starfruit US Holdco LLC | 7,700,000 | 7,741,934 | ||||||
Vantage Specialty Chemicals Inc Term B | 4,714,375 | 4,738,927 | ||||||
|
| |||||||
75,458,384 | ||||||||
|
|
Principal | Value | |||||||
Communications - 7.9% |
| |||||||
Altice US Finance I Corp Term B | $ | 14,331,125 | $ | 14,319,187 | ||||
CSC Holdings LLC | 5,393,713 | 5,399,335 | ||||||
Term B | ||||||||
4.658% (USD LIBOR + 2.500%) | ||||||||
due 01/25/26 § | 8,279,250 | 8,297,878 | ||||||
iHeartCommunications Inc Term D | 10,125,000 | 7,570,543 | ||||||
Intelsat Jackson Holdings SA Term B-3 (Luxembourg) | 18,400,000 | 18,496,931 | ||||||
MTN Infrastructure TopCo Inc Term B | 12,635,674 | 12,677,132 | ||||||
NEP/NCP Holdco Inc Term B | 9,974,747 | 9,991,375 | ||||||
SBA Senior Finance II LLC Term B | 19,441,274 | 19,483,812 | ||||||
Sprint Communications Inc Term B | 27,493,488 | 27,579,405 | ||||||
Uber Technologies Inc | 8,229,375 | 8,298,296 | ||||||
Term B | 16,229,375 | 16,320,666 | ||||||
|
| |||||||
148,434,560 | ||||||||
|
| |||||||
Consumer, Cyclical - 23.6% |
| |||||||
24 Hour Fitness Worldwide Inc Term B | 6,733,125 | 6,789,232 | ||||||
Bass Pro Group LLC Term B | 18,552,373 | 18,763,981 | ||||||
Belk Inc Term B | 11,006,056 | 9,663,713 | ||||||
BJ’s Wholesale Club Inc Term B | 10,551,636 | 10,622,206 | ||||||
Caesars Resort Collection LLC Term B | 23,833,681 | 23,989,029 | ||||||
ClubCorp Holdings Inc Term B | 20,678,655 | 20,588,186 | ||||||
EG America LLC (2nd Lien) (United Kingdom) | 9,310,000 | 9,216,900 | ||||||
EG Finco Ltd Term B-1 (United Kingdom) | 10,198,750 | 10,217,874 | ||||||
Federal-Mogul LLC Term C | 2,500,000 | 2,505,730 | ||||||
Flynn Restaurant Group LP | 13,715,625 | 13,689,908 | ||||||
(2nd Lien) | ||||||||
9.104% (USD LIBOR + 7.000%) | ||||||||
due 06/29/26 § | 8,285,000 | 8,264,287 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-20
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal | Value | |||||||
Formula One Management Ltd Term B-3 | $ | 17,500,000 | $ | 17,375,312 | ||||
GC EOS Buyer Inc | 4,000,000 | 4,022,500 | ||||||
Golden Nugget Inc Term B | 17,634,122 | 17,731,110 | ||||||
K-MAC Holdings Corp | 6,965,000 | 7,004,178 | ||||||
(2nd Lien) | ||||||||
8.915% (USD LIBOR + 6.750%) | ||||||||
due 03/16/26 § | 11,500,000 | 11,586,250 | ||||||
Navistar Inc Term B | 17,307,500 | 17,404,647 | ||||||
Neiman Marcus Group Ltd LLC | 14,567,958 | 13,551,231 | ||||||
New Red Finance Inc Term B (Canada) | 30,474,288 | 30,520,548 | ||||||
Nexeo Solutions LLC Term B | 19,225,227 | 19,364,610 | ||||||
NPC International Inc | 8,315,475 | 8,358,782 | ||||||
(2nd Lien) | ||||||||
9.576% (USD LIBOR + 7.500%) | ||||||||
due 04/18/25 § | 11,582,389 | 11,727,169 | ||||||
Owens & Minor Distribution Inc Term B | 2,500,000 | 2,379,167 | ||||||
Petco Animal Supplies Inc Term B-1 | 8,878,899 | 7,227,424 | ||||||
PF Chang’s China Bistro Inc | 18,927,915 | 18,904,255 | ||||||
Playa Resorts Holding BV Term B | 7,478,489 | 7,430,971 | ||||||
SeaWorld Parks & Entertainment Inc |
| |||||||
Term B-2 |
| |||||||
4.492% (USD LIBOR + 2.250%) | ||||||||
due 05/14/20 § ¥ | 9,458,775 | 9,466,379 | ||||||
Term B-5 | ||||||||
5.242% (USD LIBOR + 3.000%) | ||||||||
due 03/31/24 § | 11,879,397 | 11,873,030 | ||||||
SIWF Holdings Inc | 5,586,000 | 5,613,930 | ||||||
SMG US Midco 2 Inc | 5,953,791 | 5,992,859 | ||||||
(2nd Lien) | ||||||||
9.422% (USD LIBOR + 7.000%) | ||||||||
due 01/23/26 § | 11,700,000 | 11,824,312 | ||||||
Spin Holdco Inc Term B | 19,558,433 | 19,651,336 | ||||||
SRS Distribution Inc Term B | 21,750,000 | 21,594,640 |
Principal | Value | |||||||
Tacala Investment Corp |
| |||||||
(2nd Lien) |
| |||||||
9.242% (USD LIBOR + 7.000%) |
| |||||||
due 02/01/26 § | $ | 8,250,000 | $ | 8,384,063 | ||||
Term B | ||||||||
5.492% (USD LIBOR + 3.250%) | ||||||||
due 02/01/25 § | 11,551,950 | 11,622,348 | ||||||
Univar USA Inc Term B-3 | 4,774,117 | 4,791,357 | ||||||
|
| |||||||
439,713,454 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 16.1% |
| |||||||
Air Medical Group Holdings Inc Term B | 6,910,976 | 6,818,107 | ||||||
6.415% (USD LIBOR + 4.250%) | 13,552,095 | 13,508,539 | ||||||
Air Methods Corp | 5,062,500 | 4,629,656 | ||||||
Albertson’s LLC |
| |||||||
Term B-4 |
| |||||||
4.992% (USD LIBOR + 2.750%) |
| |||||||
due 08/25/21 § | 8,626,397 | 8,646,350 | ||||||
Term B-6 | ||||||||
5.311% (USD LIBOR + 3.000%) | ||||||||
due 06/22/23 § | 11,488,015 | 11,503,811 | ||||||
AlixPartners LLP Term B | 23,018,094 | 23,147,571 | ||||||
Allied Universal Holdco LLC | 9,302,296 | 9,162,761 | ||||||
Alphabet Holding Co Inc | 8,393,846 | 8,130,228 | ||||||
(2nd Lien) | ||||||||
9.992% (USD LIBOR + 7.750%) | ||||||||
due 08/15/25 § | 3,825,000 | 3,442,500 | ||||||
Ardent Health Partners LLC Term B | 6,483,750 | 6,572,902 | ||||||
Bausch Health Cos Inc Term B | 27,838,437 | 28,012,427 | ||||||
Enterprise Merger Sub Inc | 39,000,000 | 38,987,832 | ||||||
Garda World Security Corp Term B (Canada) (Canada) | 11,607,560 | 11,675,267 | ||||||
Hearthside Group Holdings LLC | 4,987,500 | 4,979,041 | ||||||
Heartland Dental LLC | 11,276,087 | 11,294,884 | ||||||
NVA Holdings Inc Term B-3 | 19,140,097 | 19,125,148 | ||||||
Pearl Intermediate Parent LLC | 12,303,836 | 12,103,898 | ||||||
(2nd Lien) | ||||||||
8.415% (USD LIBOR + 6.250%) | ||||||||
due 02/01/26 § | 7,000,000 | 6,991,250 | ||||||
Prime Security Services Borrower LLC Term B | 12,532,252 | 12,607,095 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-21
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal | Value | |||||||
PSC Industrial Outsourcing LP |
| |||||||
(2nd Lien) |
| |||||||
10.658% (USD LIBOR + 8.500%) |
| |||||||
due 10/05/25 § | $ | 5,000,000 | $ | 4,975,000 | ||||
Term B | ||||||||
5.908% (USD LIBOR + 3.750%) | ||||||||
due 10/05/24 § | 8,691,837 | 8,729,864 | ||||||
Refinitiv US Holdings Inc Term B | 17,500,000 | 17,482,815 | ||||||
Shearer’s Foods LLC | 6,963,731 | 6,923,111 | ||||||
US Security Associates Holdings Inc Term B | 5,597,899 | 5,611,894 | ||||||
VetCor Professional Practices LLC | 15,461,250 | 15,383,944 | ||||||
|
| |||||||
300,445,895 | ||||||||
|
| |||||||
Energy - 1.9% |
| |||||||
Drillship Kithira Owners Inc (Cayman) | 17,621,014 | 18,568,143 | ||||||
Keane Group Holdings LLC Term B | 10,124,625 | 10,010,723 | ||||||
PowerTeam Services LLC | 6,319,884 | 6,311,985 | ||||||
|
| |||||||
34,890,851 | ||||||||
|
| |||||||
Financial - 6.1% |
| |||||||
Alliant Holdings Intermediate LLC Term B | 13,593,106 | 13,637,325 | ||||||
AssuredPartners Inc Term B | 7,961,247 | 7,984,470 | ||||||
Dakota Holding Corp Term B | 22,802,707 | 22,857,935 | ||||||
DTZ US Borrower LLC Term B | 8,750,000 | 8,790,101 | ||||||
HUB International Ltd Term B | 16,469,038 | 16,515,860 | ||||||
Lightstone Holdco LLC |
| |||||||
Term B |
| |||||||
5.992% (USD LIBOR + 3.750%) |
| |||||||
due 01/30/24 § | 4,033,371 | 4,012,845 | ||||||
Term C | ||||||||
5.992% (USD LIBOR + 3.750%) | ||||||||
due 01/30/24 § | 216,630 | 215,527 | ||||||
NFP Corp Term B | 23,386,545 | 23,415,778 | ||||||
USI Inc Term B | 16,387,969 | 16,411,388 | ||||||
|
| |||||||
113,841,229 | ||||||||
|
| |||||||
Industrial - 21.3% |
| |||||||
Accudyne Industries Borrower SCA Term B (Luxembourg) | 16,179,583 | 16,267,227 | ||||||
Antelliq Holdings Inc Term B | 5,819,249 | 5,850,236 |
Principal | Value | |||||||
Avolon (US) LLC Term B-3 (Ireland) | $ | 21,198,122 | $ | 21,290,906 | ||||
Brand Industrial Services Inc | 18,288,637 | 18,425,802 | ||||||
BWAY Holding Co Term B | 9,875,000 | 9,881,172 | ||||||
CD&R Hydra Buyer Inc Term B (2nd Lien) | 6,250,000 | 6,214,844 | ||||||
Crosby US Acquisition Corp | 20,304,746 | 20,152,460 | ||||||
(2nd Lien) | ||||||||
8.212% (USD LIBOR + 6.000%) | ||||||||
due 11/22/21 § | 8,786,340 | 8,714,951 | ||||||
DiversiTech Holdings Inc |
| |||||||
(2nd Lien) |
| |||||||
9.890% (USD LIBOR + 7.500%) |
| |||||||
due 06/01/25 § | 5,750,000 | 5,836,250 | ||||||
Term B | ||||||||
5.240% (USD LIBOR + 3.000%) | ||||||||
due 06/01/24 § | 9,385,628 | 9,352,385 | ||||||
Engineered Machinery Holdings Inc (2nd Lien) | 9,632,191 | 9,620,151 | ||||||
EWT Holdings III Corp | 16,413,934 | 16,542,160 | ||||||
Flex Acquisition Co Inc | 5,873,720 | 5,879,229 | ||||||
Term B | ||||||||
5.751% (USD LIBOR + 3.250%) | ||||||||
due 06/22/25 § | 13,500,000 | 13,542,188 | ||||||
Gates Global LLC Term B-2 | 11,054,785 | 11,133,374 | ||||||
Kloeckner Pentaplast of America Inc Term B (Luxembourg) | 17,696,200 | 17,242,735 | ||||||
NCI Building Systems Inc Term B | 3,491,228 | 3,497,774 | ||||||
North American Lifting Holdings Inc | 11,617,597 | 11,356,201 | ||||||
Pisces Midco Inc Term B | 21,850,000 | 22,018,420 | ||||||
Plastipak Holdings Inc Term B | 9,949,749 | 9,972,554 | ||||||
Pro Mach Group Inc Term B | 14,362,663 | 14,344,710 | ||||||
Proampac PG Borrower LLC | 20,071,867 | 20,179,753 | ||||||
(2nd Lien) | ||||||||
10.810% (USD LIBOR + 8.500%) | ||||||||
due 10/18/24 § | 3,710,000 | 3,765,650 | ||||||
Quikrete Holdings Inc Term B | 11,457,948 | 11,491,611 | ||||||
Reynolds Group Holdings Inc Term B | 11,205,439 | 11,269,242 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-22
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal | Value | |||||||
StandardAero Aviation Holdings Inc | $ | 20,804,477 | $ | 20,953,084 | ||||
Titan Acquisition Ltd Term B (Canada) | 11,691,250 | 11,354,215 | ||||||
Transcendia Holdings Inc Term B | 6,192,587 | 6,169,365 | ||||||
TransDigm Inc |
| |||||||
Term E |
| |||||||
4.742% (USD LIBOR + 2.500%) |
| |||||||
due 05/30/25 § | 8,955,000 | 8,990,283 | ||||||
Term F | ||||||||
4.742% (USD LIBOR + 2.500%) | ||||||||
due 06/09/23 § | 8,216,689 | 8,253,590 | ||||||
Term G | ||||||||
4.742% (USD LIBOR + 2.500%) | ||||||||
due 08/22/24 § | 21,087,346 | 21,178,148 | ||||||
TricorBraun Inc | ||||||||
6.103% (USD LIBOR + 3.750%) | ||||||||
due 10/31/23 § | 351,622 | 353,527 | ||||||
6.136% (USD LIBOR + 3.750%) | ||||||||
due 10/30/23 § | 3,489,584 | 3,508,487 | ||||||
Wrangler Buyer Corp Term B | 12,711,751 | 12,803,123 | ||||||
|
| |||||||
397,405,807 | ||||||||
|
| |||||||
Technology - 8.3% |
| |||||||
Applied Systems Inc (2nd Lien) | 14,989,070 | 15,358,446 | ||||||
Cypress Intermediate Holdings III Inc |
| |||||||
(2nd Lien) |
| |||||||
8.992% (USD LIBOR + 6.750%) |
| |||||||
due 03/31/25 § | 8,205,000 | 8,284,490 | ||||||
Term B | ||||||||
5.250% (USD LIBOR + 3.000%) | ||||||||
due 03/31/24 § ¥ | 7,468,498 | 7,507,006 | ||||||
Kronos Inc |
| |||||||
(2nd Lien) |
| |||||||
10.593% (USD LIBOR + 8.250%) |
| |||||||
due 11/01/24 § | 14,935,000 | 15,324,714 | ||||||
Term B | ||||||||
5.343% (USD LIBOR + 3.000%) | ||||||||
due 11/01/23 § | 1,294,039 | 1,301,762 | ||||||
Mitel US Holdings Inc Term B (Canada) | 17,626,596 | 17,817,545 | ||||||
RP Crown Parent LLC Term B | 14,979,327 | 15,069,128 | ||||||
Sophia LP Term B | 16,856,370 | 16,946,973 | ||||||
Tempo Acquisition LLC Term B | 19,282,368 | 19,376,369 | ||||||
Vertafore Inc |
| |||||||
(2nd Lien) |
| |||||||
9.492% (USD LIBOR + 7.250%) |
| |||||||
due 07/02/26 § | 20,500,000 | 20,685,771 | ||||||
Term B | ||||||||
5.492% (USD LIBOR + 3.250%) | ||||||||
due 07/02/25 § | 17,550,000 | 17,645,577 | ||||||
|
| |||||||
155,317,781 | ||||||||
|
|
Principal | Value | |||||||
Utilities - 1.6% |
| |||||||
Helix Gen Funding LLC Term B | $ | 2,376,269 | $ | 2,234,118 | ||||
Pike Corp Term B | 7,402,736 | 7,470,596 | ||||||
Talen Energy Supply LLC |
| |||||||
Term B-1 | ||||||||
6.242% (USD LIBOR + 4.000%) | ||||||||
due 07/06/23 § | 10,696,881 | 10,767,748 | ||||||
Term B-2 | ||||||||
6.242% (USD LIBOR + 4.000%) | ||||||||
due 04/13/24 § ¥ | 9,297,107 | 9,371,484 | ||||||
|
| |||||||
29,843,946 | ||||||||
|
| |||||||
Total Senior Loan Notes |
| 1,695,351,907 | ||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 8.8% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 164,922,162 | 164,922,162 | ||||||
|
| |||||||
Total Short-Term Investment |
| 164,922,162 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 103.9% | 1,939,829,106 | |||||||
OTHER ASSETS & LIABILITIES, NET - (3.9%) | (73,618,061 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $1,866,211,045 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Cyclical | 24.3% | |||
Industrial | 23.6% | |||
Consumer, Non-Cyclical | 16.9% | |||
Short-Term Investment | 8.8% | |||
Communications | 8.4% | |||
Technology | 8.3% | |||
Financial | 6.1% | |||
Basic Materials | 4.0% | |||
Others (each less than 3.0%) | 3.5% | |||
|
| |||
103.9% | ||||
Other Assets & Liabilities, Net | (3.9% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | An investment with a value of $7,570,543 or 0.4% of the Fund’s net assets was in default as of September 30, 2018. |
(c) | Pursuant to the terms of the following senior loan agreements, the Fund had unfunded loan commitments which could be extended at the option of the borrower. |
Borrower | Unfunded Loan Commitments | Value | Unrealized Appreciation | |||||||||
Heartland Dental LLC | $1,695,652 | $1,698,479 | $2,827 | |||||||||
Pearl Intermediate Parent LLC | 2,414,862 | 2,392,160 | (22,702 | ) | ||||||||
|
|
|
|
|
| |||||||
$4,110,514 | $4,090,639 | ($19,875 | ) | |||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-23
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
(d) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $79,555,037 | $— | $79,555,037 | $— | |||||||||||||
Senior Loan Notes | 1,695,351,907 | — | 1,695,351,907 | — | ||||||||||||||
Short-Term Investment | 164,922,162 | 164,922,162 | — | — | ||||||||||||||
Unfunded Loan Commitments | 4,090,639 | — | 4,090,639 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $1,943,919,745 | $164,922,162 | $1,778,997,583 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-24
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM HIGH INCOME
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | | |||||||
COMMON STOCKS - 2.2% |
| |||||||
Basic Materials - 0.2% |
| |||||||
Constellium NV ‘A’ * | 11,031 | $136,233 | ||||||
|
| |||||||
Consumer, Cyclical - 0.9% |
| |||||||
Cedar Fair LP | 3,875 | 201,810 | ||||||
Las Vegas Sands Corp | 1,918 | 113,795 | ||||||
Mohawk Industries Inc * | 352 | 61,723 | ||||||
Six Flags Entertainment Corp | 2,720 | 189,910 | ||||||
|
| |||||||
567,238 | ||||||||
|
| |||||||
Financial - 0.8% |
| |||||||
Bank of America Corp | 7,683 | 226,341 | ||||||
Outfront Media Inc REIT | 4,360 | 86,982 | ||||||
The PNC Financial Services Group Inc | 785 | 106,909 | ||||||
Wells Fargo & Co | 2,206 | 115,948 | ||||||
|
| |||||||
536,180 | ||||||||
|
| |||||||
Industrial - 0.1% |
| |||||||
Evoqua Water Technologies Corp * | 5,232 | 93,025 | ||||||
|
| |||||||
Technology - 0.2% |
| |||||||
NXP Semiconductors NV (Netherlands) | 1,320 | 112,860 | ||||||
|
| |||||||
Total Common Stocks |
| 1,445,536 | ||||||
|
| |||||||
Principal Amount | ||||||||
CORPORATE BONDS & NOTES - 89.6% |
| |||||||
Basic Materials - 3.8% |
| |||||||
Alcoa Nederland Holding BV | $400,000 | 431,500 | ||||||
Aleris International Inc | 75,000 | 79,687 | ||||||
Barminco Finance Pty Ltd (Australia) | 500,000 | 497,500 | ||||||
Blue Cube Spinco Inc | 125,000 | 141,719 | ||||||
Constellium NV | 350,000 | 355,250 | ||||||
Hexion Inc | 250,000 | 235,625 | ||||||
JW Aluminum Continuous Cast Co | 325,000 | 325,812 | ||||||
Olin Corp | 525,000 | 492,844 | ||||||
|
| |||||||
2,559,937 | ||||||||
|
| |||||||
Communications - 12.6% |
| |||||||
Altice Financing SA (Luxembourg) | 125,000 | 122,187 | ||||||
Altice France SA (France) | 450,000 | 452,160 | ||||||
CSC Holdings LLC | 600,000 | 633,750 | ||||||
Frontier Communications Corp | 25,000 | 23,719 | ||||||
11.000% due 09/15/25 | 300,000 | 235,413 | ||||||
Intelsat Jackson Holdings SA (Luxembourg) 7.250% due 10/15/20 | 600,000 | 602,250 | ||||||
8.000% due 02/15/24 ~ | 75,000 | 79,103 | ||||||
8.500% due 10/15/24 ~ | 125,000 | 126,250 | ||||||
Level 3 Financing Inc | 925,000 | 912,327 |
Principal | | |||||||
Outfront Media Capital LLC | $ | 725,000 | $ | 734,969 | ||||
Radiate Holdco LLC | 425,000 | 411,187 | ||||||
Sprint Capital Corp | 150,000 | 151,078 | ||||||
8.750% due 03/15/32 | 150,000 | 169,078 | ||||||
Sprint Corp | 250,000 | 264,687 | ||||||
7.625% due 02/15/25 | 1,400,000 | 1,488,200 | ||||||
7.625% due 03/01/26 | 25,000 | 26,519 | ||||||
T-Mobile USA Inc | 1,125,000 | 1,073,812 | ||||||
Townsquare Media Inc | 175,000 | 162,531 | ||||||
Virgin Media Secured Finance PLC | 700,000 | 694,750 | ||||||
|
| |||||||
8,363,970 | ||||||||
|
| |||||||
Consumer, Cyclical - 19.8% |
| |||||||
American Airlines Pass-Through Trust ‘B’ | 138,989 | 143,618 | ||||||
American Axle & Manufacturing Inc | 75,000 | 74,970 | ||||||
6.250% due 03/15/26 | 325,000 | 320,125 | ||||||
6.500% due 04/01/27 | 75,000 | 74,530 | ||||||
Beazer Homes USA Inc | 775,000 | 662,625 | ||||||
Caesars Resort Collection LLC | 475,000 | 453,625 | ||||||
CCM Merger Inc | 425,000 | 437,308 | ||||||
CEC Entertainment Inc | 125,000 | 113,750 | ||||||
Cedar Fair LP | 350,000 | 350,000 | ||||||
Constellation Merger Sub Inc | 1,025,000 | 976,312 | ||||||
Core & Main LP | 425,000 | 410,652 | ||||||
Downstream Development Authority of the Quapaw Tribe of Oklahoma | 350,000 | 359,625 | ||||||
Golden Nugget Inc | 775,000 | 788,082 | ||||||
8.750% due 10/01/25 ~ | 650,000 | 683,007 | ||||||
Hilton Grand Vacations Borrower LLC | 375,000 | 385,781 | ||||||
IHO Verwaltungs GmbH (Germany) | 700,000 | 661,500 | ||||||
Jacobs Entertainment Inc | 450,000 | 478,759 | ||||||
KGA Escrow LLC | 325,000 | 338,000 | ||||||
L Brands Inc | 275,000 | 236,926 | ||||||
6.950% due 03/01/33 | 175,000 | 143,008 | ||||||
Lennar Corp | 600,000 | 587,250 | ||||||
Mattamy Group Corp (Canada) | 400,000 | 390,000 | ||||||
Mattel Inc 3.150% due 03/15/23 | 375,000 | 329,062 | ||||||
5.450% due 11/01/41 | 325,000 | 264,875 | ||||||
6.750% due 12/31/25 ~ | 100,000 | 98,250 | ||||||
Merlin Entertainments PLC (United Kingdom) | 525,000 | 531,562 | ||||||
New Red Finance Inc (Canada) | 425,000 | 408,004 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-25
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal | | |||||||
PF Chang’s China Bistro Inc | $ | 86,000 | $ | 83,205 | ||||
Scientific Games International Inc | 650,000 | 619,125 | ||||||
Taylor Morrison Communities Inc | 675,000 | 697,916 | ||||||
Tesla Inc | 775,000 | 655,844 | ||||||
The Men’s Wearhouse Inc | 261,000 | 269,482 | ||||||
US Airways Pass-Through Trust ‘B’ | 178,167 | 182,421 | ||||||
|
| |||||||
13,209,199 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 10.9% |
| |||||||
Ahern Rentals Inc | 1,245,000 | 1,232,550 | ||||||
Bausch Health Cos Inc | 275,000 | 275,550 | ||||||
5.875% due 05/15/23 ~ | 50,000 | 48,725 | ||||||
7.500% due 07/15/21 ~ | 375,000 | 382,969 | ||||||
8.500% due 01/31/27 ~ | 125,000 | 131,562 | ||||||
9.000% due 12/15/25 ~ | 275,000 | 297,011 | ||||||
9.250% due 04/01/26 ~ | 25,000 | 27,031 | ||||||
CHS/Community Health Systems Inc | 450,000 | 439,875 | ||||||
Eagle Holding Co II LLC | 635,000 | 644,525 | ||||||
HCA Inc | 1,000,000 | 985,000 | ||||||
5.375% due 09/01/26 | 150,000 | 152,175 | ||||||
Jaguar Holding Co II | 90,000 | 90,900 | ||||||
JBS Investments GmbH (Brazil) | 200,000 | 204,050 | ||||||
JBS USA LUX SA (Brazil) | 575,000 | 568,531 | ||||||
7.250% due 06/01/21 ~ | 50,000 | 51,000 | ||||||
Pilgrim’s Pride Corp | 50,000 | 48,375 | ||||||
5.875% due 09/30/27 ~ | 50,000 | 47,500 | ||||||
Refinitiv US Holdings Inc | 75,000 | 75,047 | ||||||
8.250% due 11/15/26 ~ | 75,000 | 74,733 | ||||||
Tenet Healthcare Corp | 625,000 | 625,000 | ||||||
TMS International Corp | 665,000 | 671,650 | ||||||
Verscend Escrow Corp | 200,000 | 206,750 | ||||||
|
| |||||||
7,280,509 | ||||||||
|
| |||||||
Energy - 15.1% |
| |||||||
Ascent Resources Utica Holdings LLC | 400,000 | 398,300 | ||||||
Calfrac Holdings LP (Canada) | 350,000 | 328,125 | ||||||
Callon Petroleum Co | 125,000 | 127,812 | ||||||
6.375% due 07/01/26 | 100,000 | 102,250 | ||||||
Cheniere Corpus Christi Holdings LLC | 25,000 | 25,156 | ||||||
5.875% due 03/31/25 | 375,000 | 394,687 | ||||||
Cheniere Energy Partners LP | 625,000 | 630,281 | ||||||
Chesapeake Energy Corp | 150,000 | 155,175 | ||||||
8.000% due 06/15/27 | 25,000 | 25,550 | ||||||
Crestwood Midstream Partners LP | 400,000 | 410,000 |
Principal | | |||||||
Denbury Resources Inc | $ | 30,000 | $ | 27,750 | ||||
7.500% due 02/15/24 ~ | 75,000 | 77,344 | ||||||
Endeavor Energy Resources LP | 50,000 | 50,250 | ||||||
5.750% due 01/30/28 ~ | 375,000 | 376,406 | ||||||
Energy Transfer Partners LP | 300,000 | 289,313 | ||||||
Ensco PLC | 50,000 | 37,562 | ||||||
7.750% due 02/01/26 | 100,000 | 99,625 | ||||||
EP Energy LLC | 170,000 | 131,750 | ||||||
7.750% due 05/15/26 ~ | 250,000 | 256,875 | ||||||
Halcon Resources Corp | 500,000 | 482,500 | ||||||
Moss Creek Resources Holdings Inc | 485,000 | 486,819 | ||||||
Noble Holding International Ltd | 104,000 | 103,740 | ||||||
Northern Oil and Gas Inc | 75,000 | 79,313 | ||||||
Parsley Energy LLC | 350,000 | 350,000 | ||||||
5.375% due 01/15/25 ~ | 225,000 | 226,687 | ||||||
5.625% due 10/15/27 ~ | 25,000 | 25,125 | ||||||
Range Resources Corp | 485,000 | 495,913 | ||||||
Sanchez Energy Corp | 725,000 | 420,500 | ||||||
7.250% due 02/15/23 ~ | 225,000 | 222,469 | ||||||
SemGroup Corp | 500,000 | 487,500 | ||||||
SESI LLC | 300,000 | 307,125 | ||||||
Southwestern Energy Co | 625,000 | 657,813 | ||||||
7.750% due 10/01/27 | 35,000 | 37,100 | ||||||
Targa Resources Partners LP | 500,000 | 505,000 | ||||||
5.375% due 02/01/27 | 50,000 | 50,250 | ||||||
5.875% due 04/15/26 ~ | 150,000 | 155,438 | ||||||
6.750% due 03/15/24 | 50,000 | 52,875 | ||||||
Transocean Inc | 240,000 | 229,800 | ||||||
Ultra Resources Inc | 512,000 | 209,920 | ||||||
Weatherford International Ltd | 175,000 | 166,250 | ||||||
Whiting Petroleum Corp | 300,000 | 311,100 | ||||||
6.625% due 01/15/26 | 25,000 | 26,094 | ||||||
|
| |||||||
10,033,542 | ||||||||
|
| |||||||
Financial - 5.9% |
| |||||||
Ally Financial Inc | 1,150,000 | 1,191,688 | ||||||
Greystar Real Estate Partners LLC | 325,000 | 317,688 | ||||||
Jefferies Finance LLC | 306,000 | 309,060 | ||||||
MGM Growth Properties Operating | 575,000 | 591,531 | ||||||
Springleaf Finance Corp | 25,000 | 25,050 | ||||||
7.125% due 03/15/26 | 125,000 | 125,000 | ||||||
8.250% due 12/15/20 | �� | 675,000 | 736,594 | |||||
The Howard Hughes Corp | 650,000 | 645,151 | ||||||
|
| |||||||
3,941,762 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-26
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal | | |||||||
Industrial - 17.7% |
| |||||||
Apex Tool Group LLC | $ | 425,000 | $ | 414,375 | ||||
ARD Securities Finance SARL (Luxembourg) | 209,138 | 210,184 | ||||||
Ardagh Packaging Finance PLC (Ireland) | 500,000 | 525,000 | ||||||
BBA US Holdings Inc | 450,000 | 452,813 | ||||||
Bombardier Inc (Canada) | 125,000 | 129,531 | ||||||
8.750% due 12/01/21 ~ | 325,000 | 361,026 | ||||||
Brand Industrial Services Inc | 450,000 | 464,234 | ||||||
BWAY Holding Co | 125,000 | 123,199 | ||||||
7.250% due 04/15/25 ~ | 800,000 | 781,920 | ||||||
BWX Technologies Inc | 625,000 | 628,906 | ||||||
Cloud Crane LLC | 650,000 | 713,375 | ||||||
Flex Acquisition Co Inc | 485,000 | 465,600 | ||||||
7.875% due 07/15/26 ~ | 50,000 | 49,500 | ||||||
Hulk Finance Corp (Canada) | 525,000 | 508,594 | ||||||
Itron Inc | 525,000 | 505,313 | ||||||
Louisiana-Pacific Corp | 600,000 | 600,000 | ||||||
Mueller Water Products Inc | 350,000 | 352,625 | ||||||
New Enterprise Stone & Lime Co Inc | 375,000 | 403,359 | ||||||
Novelis Corp |
| |||||||
5.875% due 09/30/26 ~ | 750,000 | 734,063 | ||||||
6.250% due 08/15/24 ~ | 125,000 | 127,813 | ||||||
Park Aerospace Holdings Ltd (Ireland) | 425,000 | 430,844 | ||||||
5.500% due 02/15/24 ~ | 50,000 | 51,313 | ||||||
Sensata Technologies BV | 575,000 | 595,844 | ||||||
Standard Industries Inc | 675,000 | 626,029 | ||||||
Titan Acquisition Ltd (Canada) | 335,000 | 291,450 | ||||||
TransDigm Inc | 1,000,000 | 1,027,000 | ||||||
TransDigm UK Holdings PLC | 200,000 | 205,750 | ||||||
|
| |||||||
11,779,660 | ||||||||
|
| |||||||
Technology - 1.6% |
| |||||||
Infor Software Parent LLC | 1,025,000 | 1,041,144 | ||||||
|
| |||||||
Utilities - 2.2% |
| |||||||
Calpine Corp | 50,000 | 46,500 | ||||||
5.875% due 01/15/24 ~ | 350,000 | 353,500 | ||||||
NRG Energy Inc | 315,000 | 344,349 | ||||||
Talen Energy Supply LLC | 525,000 | 406,875 |
Principal | | |||||||
Vistra Energy Corp | $ | 98,000 | $ | 105,963 | ||||
Vistra Operations Co LLC | 200,000 | 202,500 | ||||||
|
| |||||||
1,459,687 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 59,669,410 | ||||||
|
| |||||||
SENIOR LOAN NOTES - 3.7% | ||||||||
Basic Materials - 0.4% |
| |||||||
Aleris International Inc | 249,375 | 254,259 | ||||||
|
| |||||||
Communications - 0.5% |
| |||||||
Avaya Inc Term B | 348,246 | 351,573 | ||||||
|
| |||||||
Consumer, Cyclical - 0.7% |
| |||||||
Belk Inc Term B | 191,299 | 167,967 | ||||||
Neiman Marcus Group Ltd LLC | 347,919 | 323,637 | ||||||
|
| |||||||
491,604 | ||||||||
|
| |||||||
Industrial - 2.1% |
| |||||||
Crosby US Acquisition Corp (2nd Lien) | 400,000 | 396,750 | ||||||
EWT Holdings III Corp | 682,331 | 687,661 | ||||||
North American Lifting Holdings Inc (2nd Lien) | 350,000 | 309,167 | ||||||
|
| |||||||
1,393,578 | ||||||||
|
| |||||||
Total Senior Loan Notes |
| 2,491,014 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES - 0.7% | ||||||||
Benefit Street Partners CLO Ltd ‘D’ (Cayman) 8.067% (USD LIBOR + 5.950%) | 250,000 | 250,862 | ||||||
Dryden Senior Loan Fund CLO ‘F’ (Cayman) 9.241% (USD LIBOR + 7.200%) | 250,000 | 236,483 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 487,345 | ||||||
|
| |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 3.4% |
| |||||||
Money Market Fund - 3.4% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 2,265,024 | 2,265,024 | ||||||
|
| |||||||
Total Short-Term Investment |
| 2,265,024 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.6% |
| 66,358,329 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.4% |
| 254,231 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $66,612,560 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-27
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Cyclical | 21.4% | |||
Industrial | 19.9% | |||
Energy | 15.1% | |||
Communications | 13.1% | |||
Consumer, Non-Cyclical | 10.9% | |||
Financial | 6.7% | |||
Basic Materials | 4.4% | |||
Short-Term Investment | 3.4% | |||
Others (each less than 3.0%) | 4.7% | |||
|
| |||
99.6% | ||||
Other Assets & Liabilities, Net | 0.4% | |||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $1,445,536 | $1,445,536 | $ — | $— | |||||||||||||
Corporate Bonds & Notes | 59,669,410 | — | 59,669,410 | — | ||||||||||||||
Senior Loan Notes | 2,491,014 | — | 2,491,014 | — | ||||||||||||||
Asset-Backed Securities | 487,345 | — | 487,345 | — | ||||||||||||||
Short-Term Investment | 2,265,024 | 2,265,024 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $66,358,329 | $3,710,560 | $62,647,769 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-28
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM LARGE-CAP
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.5% | ||||||||
Basic Materials - 2.4% | ||||||||
Air Products & Chemicals Inc | 1,399 | $233,703 | ||||||
DowDuPont Inc | 4,265 | 274,282 | ||||||
|
| |||||||
507,985 | ||||||||
|
| |||||||
Communications - 18.4% |
| |||||||
Alphabet Inc ‘A’ * | 360 | 434,549 | ||||||
Alphabet Inc ‘C’ * | 160 | 190,955 | ||||||
Amazon.com Inc * | 466 | 933,398 | ||||||
AT&T Inc | 9,331 | 313,335 | ||||||
Cisco Systems Inc | 8,976 | 436,682 | ||||||
Comcast Corp ‘A’ | 8,751 | 309,873 | ||||||
Facebook Inc ‘A’ * | 2,627 | 432,036 | ||||||
Netflix Inc * | 357 | 133,564 | ||||||
The Walt Disney Co | 2,146 | 250,953 | ||||||
Verizon Communications Inc | 6,251 | 333,741 | ||||||
Viacom Inc ‘B’ | 4,099 | 138,382 | ||||||
|
| |||||||
3,907,468 | ||||||||
|
| |||||||
Consumer, Cyclical - 7.8% |
| |||||||
Alaska Air Group Inc | 1,708 | 117,613 | ||||||
BorgWarner Inc | 4,771 | 204,103 | ||||||
Costco Wholesale Corp | 895 | 210,218 | ||||||
Delta Air Lines Inc | 2,342 | 135,438 | ||||||
Foot Locker Inc | 4,491 | 228,951 | ||||||
PVH Corp | 1,562 | 225,553 | ||||||
The Home Depot Inc | 1,760 | 364,584 | ||||||
Tiffany & Co | 1,244 | 160,439 | ||||||
|
| |||||||
1,646,899 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 19.5% |
| |||||||
AbbVie Inc | 2,712 | 256,501 | ||||||
Allergan PLC | 1,231 | 234,481 | ||||||
Biogen Inc * | 676 | 238,838 | ||||||
CVS Health Corp | 3,090 | 243,245 | ||||||
Eli Lilly & Co | 2,912 | 312,487 | ||||||
Gilead Sciences Inc | 3,584 | 276,721 | ||||||
Johnson & Johnson | 777 | 107,358 | ||||||
Laboratory Corp of America Holdings * | 1,205 | 209,284 | ||||||
Medtronic PLC | 3,415 | 335,934 | ||||||
Pfizer Inc | 7,392 | 325,765 | ||||||
The Kroger Co | 8,202 | 238,760 | ||||||
The Procter & Gamble Co | 4,581 | 381,277 | ||||||
Thermo Fisher Scientific Inc | 1,209 | 295,093 | ||||||
Tyson Foods Inc ‘A’ | 3,650 | 217,285 | ||||||
UnitedHealth Group Inc | 1,773 | 471,689 | ||||||
|
| |||||||
4,144,718 | ||||||||
|
| |||||||
Energy - 6.8% |
| |||||||
Chevron Corp | 1,635 | 199,928 | ||||||
EOG Resources Inc | 2,210 | 281,930 | ||||||
Exxon Mobil Corp | 939 | 79,834 | ||||||
Marathon Petroleum Corp | 3,870 | 309,484 | ||||||
Noble Energy Inc | 5,704 | 177,908 | ||||||
Occidental Petroleum Corp | 2,966 | 243,716 | ||||||
Phillips 66 | 1,276 | 143,831 | ||||||
|
| |||||||
1,436,631 | ||||||||
|
| |||||||
Financial - 17.3% |
| |||||||
Alexandria Real Estate Equities Inc REIT | 829 | 104,280 | ||||||
American Express Co | 2,346 | 249,826 | ||||||
American Tower Corp REIT | 1,084 | 157,505 | ||||||
Bank of America Corp | 14,395 | 424,077 | ||||||
Discover Financial Services | 2,436 | 186,232 | ||||||
E*TRADE Financial Corp * | 4,365 | 228,682 | ||||||
Highwoods Properties Inc REIT | 3,547 | 167,631 | ||||||
Huntington Bancshares Inc | 13,194 | 196,854 |
Shares | Value | |||||||
Intercontinental Exchange Inc | 2,772 | $207,595 | ||||||
JPMorgan Chase & Co | 4,574 | 516,130 | ||||||
Prudential Financial Inc | 2,570 | 260,392 | ||||||
T Rowe Price Group Inc | 1,861 | 203,184 | ||||||
The Travelers Cos Inc | 1,578 | 204,682 | ||||||
Visa Inc ‘A’ | 3,750 | 562,838 | ||||||
|
| |||||||
3,669,908 | ||||||||
|
| |||||||
Industrial - 8.2% |
| |||||||
Caterpillar Inc | 1,804 | 275,092 | ||||||
Cummins Inc | 1,223 | 178,644 | ||||||
Deere & Co | 1,488 | 223,691 | ||||||
Honeywell International Inc | 1,606 | 267,238 | ||||||
Owens Corning | 2,149 | 116,626 | ||||||
Raytheon Co | 1,058 | 218,646 | ||||||
Stanley Black & Decker Inc | 1,605 | 235,036 | ||||||
Waste Management Inc | 2,556 | 230,960 | ||||||
|
| |||||||
1,745,933 | ||||||||
|
| |||||||
Technology - 15.9% |
| |||||||
Adobe Systems Inc * | 854 | 230,537 | ||||||
Analog Devices Inc | 2,460 | 227,452 | ||||||
Apple Inc | 3,759 | 848,557 | ||||||
Broadcom Inc | 1,143 | 282,012 | ||||||
Electronic Arts Inc * | 1,832 | 220,738 | ||||||
Intel Corp | 6,108 | 288,847 | ||||||
Microsoft Corp | 8,982 | 1,027,271 | ||||||
Synopsys Inc * | 2,471 | 243,665 | ||||||
|
| |||||||
3,369,079 | ||||||||
|
| |||||||
Utilities - 2.2% |
| |||||||
Ameren Corp | 3,699 | 233,851 | ||||||
DTE Energy Co | 2,130 | 232,447 | ||||||
|
| |||||||
466,298 | ||||||||
|
| |||||||
Total Common Stocks | 20,894,919 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.4% | ||||||||
Money Market Fund - 1.4% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 288,510 | 288,510 | ||||||
|
| |||||||
Total Short-Term Investment | 288,510 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.9% | 21,183,429 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.1% | 27,030 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $21,210,459 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-Cyclical | 19.5% | |||
Communications | 18.4% | |||
Financial | 17.3% | |||
Technology | 15.9% | |||
Industrial | 8.2% | |||
Consumer, Cyclical | 7.8% | |||
Energy | 6.8% | |||
Others (each less than 3.0%) | 6.0% | |||
|
| |||
99.9% | ||||
Other Assets & Liabilities, Net | 0.1% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-29
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS LARGE-CAP
Schedule of Investments (Continued)
September 30, 2018 (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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $20,894,919 | $20,894,919 | $— | $— | |||||||||||||
Short-Term Investment | 288,510 | 288,510 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $21,183,429 | $21,183,429 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-30
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM LARGE-CAP VALUE
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.2% |
| |||||||
Basic Materials - 1.9% | ||||||||
Air Products & Chemicals Inc | 2,331 | $389,394 | ||||||
Nucor Corp | 2,849 | 180,769 | ||||||
|
| |||||||
570,163 | ||||||||
|
| |||||||
Communications - 12.7% | ||||||||
AT&T Inc | 22,548 | 757,162 | ||||||
Cisco Systems Inc | 15,544 | 756,216 | ||||||
Comcast Corp ‘A’ | 16,562 | 586,460 | ||||||
eBay Inc * | 8,097 | 267,363 | ||||||
The Walt Disney Co | 2,498 | 292,116 | ||||||
Verizon Communications Inc | 16,109 | 860,060 | ||||||
Viacom Inc ‘B’ | 11,458 | 386,822 | ||||||
|
| |||||||
3,906,199 | ||||||||
|
| |||||||
Consumer, Cyclical - 4.5% |
| |||||||
BorgWarner Inc | 8,315 | 355,716 | ||||||
Delta Air Lines Inc | 6,881 | 397,928 | ||||||
PVH Corp | 2,535 | 366,054 | ||||||
The Home Depot Inc | 1,265 | 262,045 | ||||||
|
| |||||||
1,381,743 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 19.9% |
| |||||||
AbbVie Inc | 2,332 | 220,561 | ||||||
Allergan PLC | 1,618 | 308,197 | ||||||
Biogen Inc * | 1,040 | 367,442 | ||||||
Danaher Corp | 2,127 | 231,120 | ||||||
Eli Lilly & Co | 2,248 | 241,233 | ||||||
Gilead Sciences Inc | 4,735 | 365,589 | ||||||
Hill-Rom Holdings Inc | 2,016 | 190,310 | ||||||
Johnson & Johnson | 4,656 | 643,320 | ||||||
Laboratory Corp of America Holdings * | 2,105 | 365,596 | ||||||
Medtronic PLC | 3,300 | 324,621 | ||||||
PepsiCo Inc | 3,614 | 404,045 | ||||||
Pfizer Inc | 17,229 | 759,282 | ||||||
Quanta Services Inc * | 5,762 | 192,336 | ||||||
The Procter & Gamble Co | 4,922 | 409,658 | ||||||
Thermo Fisher Scientific Inc | 1,405 | 342,932 | ||||||
Tyson Foods Inc ‘A’ | 6,374 | 379,444 | ||||||
UnitedHealth Group Inc | 1,389 | 369,530 | ||||||
|
| |||||||
6,115,216 | ||||||||
|
| |||||||
Energy - 11.5% |
| |||||||
Chevron Corp | 6,637 | 811,572 | ||||||
ConocoPhillips | 7,289 | 564,169 | ||||||
EOG Resources Inc | 3,823 | 487,700 | ||||||
Exxon Mobil Corp | 5,613 | 477,217 | ||||||
Halliburton Co | 5,159 | 209,094 | ||||||
Marathon Petroleum Corp | 6,040 | 483,019 | ||||||
Noble Energy Inc | 6,130 | 191,195 | ||||||
Phillips 66 | 2,750 | 309,980 | ||||||
|
| |||||||
3,533,946 | ||||||||
|
| |||||||
Financial - 27.4% |
| |||||||
Alexandria Real Estate Equities Inc REIT | 2,347 | 295,229 | ||||||
American Express Co | 3,617 | 385,174 | ||||||
Bank of America Corp | 33,866 | 997,692 | ||||||
Berkshire Hathaway Inc ‘B’ * | 982 | 210,256 | ||||||
Chubb Ltd | 3,913 | 522,933 | ||||||
Discover Financial Services | 5,759 | 440,276 | ||||||
E*TRADE Financial Corp * | 5,316 | 278,505 | ||||||
Equity LifeStyle Properties Inc REIT | 3,158 | 304,589 | ||||||
Highwoods Properties Inc REIT | 3,888 | 183,747 | ||||||
Huntington Bancshares Inc | 25,605 | 382,027 | ||||||
Intercontinental Exchange Inc | 4,858 | 363,816 | ||||||
JPMorgan Chase & Co | 10,895 | 1,229,392 | ||||||
Morgan Stanley | 5,867 | 273,226 |
Shares | Value | |||||||
Prologis Inc REIT | 6,823 | $462,531 | ||||||
Prudential Financial Inc | 3,981 | 403,355 | ||||||
State Street Corp | 4,144 | 347,184 | ||||||
SunTrust Banks Inc | 6,354 | 424,384 | ||||||
The Allstate Corp | 2,985 | 294,620 | ||||||
The Travelers Cos Inc | 2,123 | 275,374 | ||||||
Wells Fargo & Co | 5,949 | 312,679 | ||||||
|
| |||||||
8,386,989 | ||||||||
|
| |||||||
Industrial - 9.2% |
| |||||||
Caterpillar Inc | 1,390 | 211,961 | ||||||
Honeywell International Inc | 1,993 | 331,635 | ||||||
Ingersoll-Rand PLC | 2,541 | 259,944 | ||||||
Northrop Grumman Corp | 817 | 259,291 | ||||||
Owens Corning | 4,071 | 220,933 | ||||||
Parker-Hannifin Corp | 2,022 | 371,907 | ||||||
Raytheon Co | 2,335 | 482,551 | ||||||
Stanley Black & Decker Inc | 1,225 | 179,389 | ||||||
Waste Management Inc | 5,610 | 506,920 | ||||||
|
| |||||||
2,824,531 | ||||||||
|
| |||||||
Technology - 6.6% |
| |||||||
Broadcom Inc | 1,555 | 383,665 | ||||||
Microsoft Corp | 5,277 | 603,531 | ||||||
ON Semiconductor Corp * | 15,045 | 277,279 | ||||||
Oracle Corp | 9,648 | 497,451 | ||||||
QUALCOMM Inc | 3,415 | 245,982 | ||||||
|
| |||||||
2,007,908 | ||||||||
|
| |||||||
Utilities - 4.5% |
| |||||||
American Electric Power Co Inc | 4,499 | 318,889 | ||||||
DTE Energy Co | 2,290 | 249,908 | ||||||
Public Service Enterprise Group Inc | 5,688 | 300,269 | ||||||
Xcel Energy Inc | 10,979 | 518,319 | ||||||
|
| |||||||
1,387,385 | ||||||||
|
| |||||||
Total Common Stocks | 30,114,080 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.4% | ||||||||
Money Market Fund - 1.4% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 432,465 | 432,465 | ||||||
|
| |||||||
Total Short-Term Investment | 432,465 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.6% | 30,546,545 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.4% | 120,464 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $30,667,009 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 27.4% | |||
Consumer, Non-Cyclical | 19.9% | |||
Communications | 12.7% | |||
Energy | 11.5% | |||
Industrial | 9.2% | |||
Technology | 6.6% | |||
Utilities | 4.5% | |||
Consumer, Cyclical | 4.5% | |||
Others (each less than 3.0%) | 3.3% | |||
|
| |||
99.6% | ||||
Other Assets & Liabilities, Net | 0.4% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-31
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS LARGE-CAP VALUE
Schedule of Investments (Continued)
September 30, 2018 (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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $30,114,080 | $30,114,080 | $— | $— | |||||||||||||
Short-Term Investment | 432,465 | 432,465 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $30,546,545 | $30,546,545 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-32
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM SMALL/MID-CAP
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.1% | ||||||||
Basic Materials - 3.9% | ||||||||
Commercial Metals Co | 41,459 | $850,739 | ||||||
Kaiser Aluminum Corp | 21,295 | 2,322,433 | ||||||
Kraton Corp * | 49,948 | 2,355,048 | ||||||
PolyOne Corp | 36,938 | 1,614,929 | ||||||
Rogers Corp * | 9,156 | 1,348,862 | ||||||
Steel Dynamics Inc | 32,249 | 1,457,332 | ||||||
The Chemours Co | 31,027 | 1,223,705 | ||||||
|
| |||||||
11,173,048 | ||||||||
|
| |||||||
Communications - 6.3% |
| |||||||
CDW Corp | 16,366 | 1,455,265 | ||||||
Ciena Corp * | 70,939 | 2,216,134 | ||||||
GrubHub Inc * | 13,433 | 1,862,082 | ||||||
Imperva Inc * | 38,780 | 1,801,331 | ||||||
LiveRamp Holdings Inc * | 67,284 | 3,324,502 | ||||||
LogMeIn Inc | 12,381 | 1,103,147 | ||||||
NETGEAR Inc * | 32,554 | 2,046,019 | ||||||
Sinclair Broadcast Group Inc ‘A’ | 52,243 | 1,481,089 | ||||||
Vonage Holdings Corp * | 190,804 | 2,701,785 | ||||||
|
| |||||||
17,991,354 | ||||||||
|
| |||||||
Consumer, Cyclical - 15.3% |
| |||||||
Altra Industrial Motion Corp | 23,008 | 950,230 | ||||||
AMC Entertainment Holdings Inc ‘A’ | 45,517 | 933,098 | ||||||
Aramark | 70,791 | 3,045,429 | ||||||
Beacon Roofing Supply Inc * | 28,887 | 1,045,421 | ||||||
Big Lots Inc | 27,376 | 1,144,043 | ||||||
BJ’s Restaurants Inc | 31,561 | 2,278,704 | ||||||
Bloomin’ Brands Inc | 93,550 | 1,851,354 | ||||||
Cooper-Standard Holdings Inc * | 19,543 | 2,344,769 | ||||||
G-III Apparel Group Ltd * | 35,046 | 1,688,867 | ||||||
iRobot Corp * | 23,124 | 2,541,790 | ||||||
Lithia Motors Inc ‘A’ | 11,892 | 971,101 | ||||||
Marriott Vacations Worldwide Corp | 10,614 | 1,186,114 | ||||||
Meritor Inc * | 21,828 | 422,590 | ||||||
Michael Kors Holdings Ltd * | 34,334 | 2,353,939 | ||||||
Pool Corp | 9,819 | 1,638,595 | ||||||
SeaWorld Entertainment Inc * | 74,679 | 2,347,161 | ||||||
SkyWest Inc | 36,722 | 2,162,926 | ||||||
Sleep Number Corp * | 55,715 | 2,049,198 | ||||||
Sonic Corp | 54,006 | 2,340,620 | ||||||
Steven Madden Ltd | 28,036 | 1,483,104 | ||||||
Texas Roadhouse Inc | 15,769 | 1,092,634 | ||||||
The Children’s Place Inc | 12,790 | 1,634,562 | ||||||
Wabash National Corp | 91,630 | 1,670,415 | ||||||
Watsco Inc | 15,546 | 2,768,743 | ||||||
Wolverine World Wide Inc | 45,055 | 1,759,398 | ||||||
|
| |||||||
43,704,805 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 27.2% |
| |||||||
Acadia Healthcare Co Inc * | 53,226 | 1,873,555 | ||||||
Adtalem Global Education Inc * | 41,801 | 2,014,808 | ||||||
Amedisys Inc * | 26,686 | 3,334,683 | ||||||
Amicus Therapeutics Inc * | 92,435 | 1,117,539 | ||||||
AMN Healthcare Services Inc * | 29,433 | 1,609,985 | ||||||
Cardtronics PLC ‘A’ * | 30,106 | 952,554 | ||||||
Central Garden & Pet Co ‘A’ * | 55,239 | 1,830,620 | ||||||
Charles River Laboratories International Inc * | 22,380 | 3,011,005 | ||||||
Deluxe Corp | 28,634 | 1,630,420 | ||||||
Eagle Pharmaceuticals Inc * | 23,754 | 1,646,865 | ||||||
Encompass Health Corp | 25,055 | 1,953,037 | ||||||
Euronet Worldwide Inc * | 22,097 | 2,214,561 | ||||||
Green Dot Corp ‘A’ * | 43,491 | 3,862,871 | ||||||
Hill-Rom Holdings Inc | 35,804 | 3,379,898 | ||||||
Horizon Pharma PLC * | 65,447 | 1,281,452 | ||||||
Hostess Brands Inc * | 115,815 | 1,282,072 |
Shares | Value | |||||||
ICF International Inc | 27,129 | $2,046,883 | ||||||
Insperity Inc | 35,538 | 4,191,707 | ||||||
Ionis Pharmaceuticals Inc * | 23,891 | 1,232,298 | ||||||
J&J Snack Foods Corp | 7,690 | 1,160,344 | ||||||
Lamb Weston Holdings Inc | 32,977 | 2,196,268 | ||||||
LHC Group Inc * | 28,607 | 2,946,235 | ||||||
LivaNova PLC * | 25,037 | 3,103,837 | ||||||
ManpowerGroup Inc | 6,754 | 580,574 | ||||||
MarketAxess Holdings Inc | 6,944 | 1,239,435 | ||||||
Merit Medical Systems Inc * | 26,782 | 1,645,754 | ||||||
Molina Healthcare Inc * | 25,141 | 3,738,467 | ||||||
Neurocrine Biosciences Inc * | 5,911 | 726,757 | ||||||
NuVasive Inc * | 28,199 | 2,001,565 | ||||||
Performance Food Group Co * | 76,562 | 2,549,515 | ||||||
Post Holdings Inc * | 11,576 | 1,134,911 | ||||||
PRA Health Sciences Inc * | 20,581 | 2,267,820 | ||||||
Quidel Corp * | 27,927 | 1,820,003 | ||||||
Service Corp International | 69,221 | 3,059,568 | ||||||
Supernus Pharmaceuticals Inc * | 49,205 | 2,477,472 | ||||||
Teleflex Inc | 6,457 | 1,718,143 | ||||||
The Cooper Cos Inc | 10,564 | 2,927,813 | ||||||
|
| |||||||
77,761,294 | ||||||||
|
| |||||||
Energy - 3.5% |
| |||||||
Energen Corp * | 37,544 | 3,235,166 | ||||||
Helix Energy Solutions Group Inc * | 138,744 | 1,370,791 | ||||||
Newfield Exploration Co * | 88,530 | 2,552,320 | ||||||
PDC Energy Inc * | 39,307 | 1,924,471 | ||||||
WPX Energy Inc * | 46,383 | 933,226 | ||||||
|
| |||||||
10,015,974 | ||||||||
|
| |||||||
Financial - 18.5% |
| |||||||
Aircastle Ltd | 104,998 | 2,300,506 | ||||||
Alleghany Corp | 4,049 | 2,642,094 | ||||||
Chemical Financial Corp | 42,846 | 2,287,976 | ||||||
Douglas Emmett Inc REIT | 47,066 | 1,775,330 | ||||||
East West Bancorp Inc | 37,351 | 2,254,880 | ||||||
Equity LifeStyle Properties Inc REIT | 24,036 | 2,318,272 | ||||||
Essent Group Ltd * | 31,810 | 1,407,592 | ||||||
Everest Re Group Ltd | 11,731 | 2,680,182 | ||||||
FNB Corp | 182,115 | 2,316,503 | ||||||
Highwoods Properties Inc REIT | 32,305 | 1,526,734 | ||||||
Hudson Pacific Properties Inc REIT | 51,926 | 1,699,019 | ||||||
IBERIABANK Corp | 27,813 | 2,262,588 | ||||||
Life Storage Inc REIT | 23,240 | 2,211,518 | ||||||
Mid-America Apartment Communities Inc REIT | 10,901 | 1,092,062 | ||||||
Moelis & Co ‘A’ | 10,946 | 599,841 | ||||||
PacWest Bancorp | 48,597 | 2,315,647 | ||||||
PotlatchDeltic Corp REIT | 27,198 | 1,113,758 | ||||||
PS Business Parks Inc REIT | 9,159 | 1,164,017 | ||||||
Radian Group Inc | 131,615 | 2,720,482 | ||||||
Ryman Hospitality Properties Inc REIT | 28,042 | 2,416,379 | ||||||
Simmons First National Corp ‘A’ | 52,823 | 1,555,637 | ||||||
The Hanover Insurance Group Inc | 16,124 | 1,989,218 | ||||||
Virtu Financial Inc ‘A’ | 83,753 | 1,712,749 | ||||||
Washington Real Estate Investment Trust REIT | 57,578 | 1,764,766 | ||||||
Western Alliance Bancorp * | 29,929 | 1,702,661 | ||||||
Wintrust Financial Corp | 26,733 | 2,270,701 | ||||||
Zions Bancorp | 53,708 | 2,693,456 | ||||||
|
| |||||||
52,794,568 | ||||||||
|
| |||||||
Industrial - 13.8% |
| |||||||
AAR Corp | 35,015 | 1,676,868 | ||||||
Aerojet Rocketdyne Holdings Inc * | 62,322 | 2,118,325 | ||||||
Ambarella Inc * | 27,585 | 1,066,988 | ||||||
American Woodmark Corp * | 21,591 | 1,693,814 | ||||||
EMCOR Group Inc | 31,241 | 2,346,512 | ||||||
EnPro Industries Inc | 16,379 | 1,194,520 | ||||||
Generac Holdings Inc * | 41,362 | 2,333,230 | ||||||
Graphic Packaging Holding Co | 155,746 | 2,182,001 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-33
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SMALL/MID-CAP
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Shares | Value | |||||||
Harsco Corp * | 61,637 | $1,759,736 | ||||||
Hubbell Inc | 9,779 | 1,306,181 | ||||||
ITT Inc | 34,845 | 2,134,605 | ||||||
Kirby Corp * | 13,927 | 1,145,496 | ||||||
Lydall Inc * | 24,512 | 1,056,467 | ||||||
MasTec Inc * | 47,676 | 2,128,733 | ||||||
Owens Corning | 34,119 | 1,851,638 | ||||||
PerkinElmer Inc | 25,575 | 2,487,680 | ||||||
Rexnord Corp * | 44,858 | 1,381,626 | ||||||
Ryder System Inc | 25,937 | 1,895,217 | ||||||
Spirit AeroSystems Holdings Inc ‘A’ | 18,005 | 1,650,518 | ||||||
SPX Corp * | 63,590 | 2,118,183 | ||||||
TopBuild Corp * | 24,734 | 1,405,386 | ||||||
US Concrete Inc * | 25,081 | 1,149,964 | ||||||
WestRock Co | 24,722 | 1,321,144 | ||||||
|
| |||||||
39,404,832 | ||||||||
|
| |||||||
Technology - 8.0% |
| |||||||
Aspen Technology Inc * | 10,847 | 1,235,582 | ||||||
Bottomline Technologies Inc * | 49,897 | 3,628,011 | ||||||
CommVault Systems Inc * | 27,837 | 1,948,590 | ||||||
j2 Global Inc | 26,856 | 2,225,020 | ||||||
MKS Instruments Inc | 16,238 | 1,301,476 | ||||||
Nuance Communications Inc * | 54,822 | 949,517 | ||||||
PTC Inc * | 13,204 | 1,402,133 | ||||||
RealPage Inc * | 49,088 | 3,234,899 | ||||||
Silicon Laboratories Inc * | 26,292 | 2,413,606 | ||||||
SPS Commerce Inc * | 10,396 | 1,031,699 | ||||||
Synopsys Inc * | 20,305 | 2,002,276 | ||||||
TiVo Corp | 76,115 | 947,632 | ||||||
Xperi Corp | 28,126 | 417,671 | ||||||
|
| |||||||
22,738,112 | ||||||||
|
| |||||||
Utilities - 1.6% |
| |||||||
Black Hills Corp | 27,641 | 1,605,666 | ||||||
CMS Energy Corp | 26,743 | 1,310,407 | ||||||
Portland General Electric Co | 36,250 | 1,653,362 | ||||||
|
| |||||||
4,569,435 | ||||||||
|
| |||||||
Total Common Stocks | 280,153,422 | |||||||
|
|
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 1.6% | ||||||||
Money Market Fund - 1.6% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 4,725,792 | $4,725,792 | ||||||
|
| |||||||
Total Short-Term Investment | 4,725,792 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.7% | 284,879,214 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.3% | 736,146 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $285,615,360 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-Cyclical | 27.2% | |||
Financial | 18.5% | |||
Consumer, Cyclical | 15.3% | |||
Industrial | 13.8% | |||
Technology | 8.0% | |||
Communications | 6.3% | |||
Basic Materials | 3.9% | |||
Energy | 3.5% | |||
Others (each less than 3.0%) | 3.2% | |||
|
| |||
99.7% | ||||
Other Assets & Liabilities, Net | 0.3% | |||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $280,153,422 | $280,153,422 | $— | $— | |||||||||||||
Short-Term Investment | 4,725,792 | 4,725,792 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $284,879,214 | $284,879,214 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-34
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM SMALL-CAP
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.2% | ||||||||
Basic Materials - 2.9% | ||||||||
Commercial Metals Co | 6,925 | $142,101 | ||||||
Kraton Corp * | 5,127 | 241,738 | ||||||
PolyOne Corp | 5,691 | 248,811 | ||||||
Rogers Corp * | 864 | 127,284 | ||||||
|
| |||||||
759,934 | ||||||||
|
| |||||||
Communications - 5.1% | ||||||||
Ciena Corp * | 6,320 | 197,437 | ||||||
Imperva Inc * | 3,062 | 142,230 | ||||||
LiveRamp Holdings Inc * | 6,066 | 299,721 | ||||||
NETGEAR Inc * | 2,892 | 181,762 | ||||||
Perficient Inc * | 5,653 | 150,652 | ||||||
Sinclair Broadcast Group Inc ‘A’ | 5,788 | 164,090 | ||||||
Vonage Holdings Corp * | 15,017 | 212,641 | ||||||
|
| |||||||
1,348,533 | ||||||||
|
| |||||||
Consumer, Cyclical - 11.8% | ||||||||
Altra Industrial Motion Corp | 2,193 | 90,571 | ||||||
Beacon Roofing Supply Inc * | 1,218 | 44,079 | ||||||
Big Lots Inc | 2,478 | 103,556 | ||||||
BJ’s Restaurants Inc | 3,094 | 223,387 | ||||||
Bloomin’ Brands Inc | 6,905 | 136,650 | ||||||
Camping World Holdings Inc ‘A’ | 2,639 | 56,263 | ||||||
Cooper-Standard Holdings Inc * | 1,622 | 194,608 | ||||||
Del Taco Restaurants Inc * | 7,841 | 92,602 | ||||||
G-III Apparel Group Ltd * | 2,941 | 141,727 | ||||||
Golden Entertainment Inc * | 2,255 | 54,142 | ||||||
Lithia Motors Inc ‘A’ | 1,662 | 135,719 | ||||||
Marriott Vacations Worldwide Corp | 2,174 | 242,944 | ||||||
Meritor Inc * | 5,147 | 99,646 | ||||||
SeaWorld Entertainment Inc * | 3,713 | 116,699 | ||||||
SkyWest Inc | 4,387 | 258,394 | ||||||
Sleep Number Corp * | 5,848 | 215,089 | ||||||
Sonic Corp | 3,647 | 158,061 | ||||||
Steven Madden Ltd | 3,751 | 198,428 | ||||||
Texas Roadhouse Inc | 2,216 | 153,546 | ||||||
The Children’s Place Inc | 1,447 | 184,927 | ||||||
Wabash National Corp | 5,741 | 104,658 | ||||||
Wolverine World Wide Inc | 2,648 | 103,404 | ||||||
|
| |||||||
3,109,100 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 24.6% | ||||||||
Acadia Healthcare Co Inc * | 5,108 | 179,802 | ||||||
Adtalem Global Education Inc * | 4,969 | 239,506 | ||||||
Amedisys Inc * | 2,773 | 346,514 | ||||||
Amicus Therapeutics Inc * | 8,475 | 102,463 | ||||||
AMN Healthcare Services Inc * | 3,907 | 213,713 | ||||||
Amphastar Pharmaceuticals Inc * | 7,030 | 135,257 | ||||||
BioScrip Inc * | 36,876 | 114,316 | ||||||
Cardtronics PLC ‘A’ * | 5,202 | 164,591 | ||||||
Central Garden & Pet Co ‘A’ * | 6,427 | 212,991 | ||||||
Deluxe Corp | 2,482 | 141,325 | ||||||
Eagle Pharmaceuticals Inc * | 3,196 | 221,579 | ||||||
FibroGen Inc * | 2,814 | 170,950 | ||||||
Green Dot Corp ‘A’ * | 2,736 | 243,011 | ||||||
Horizon Pharma PLC * | 11,892 | 232,845 | ||||||
Hostess Brands Inc * | 11,604 | 128,456 | ||||||
ICF International Inc | 2,873 | 216,768 | ||||||
Insperity Inc | 3,401 | 401,148 | ||||||
J&J Snack Foods Corp | 845 | 127,502 | ||||||
LHC Group Inc * | 2,743 | 282,502 | ||||||
LivaNova PLC * | 2,190 | 271,494 | ||||||
Merit Medical Systems Inc * | 5,880 | 361,326 | ||||||
NuVasive Inc * | 4,262 | 302,517 | ||||||
Orthofix Medical Inc * | 2,518 | 145,566 | ||||||
Performance Food Group Co * | 6,404 | 213,253 |
Shares | Value | |||||||
Quidel Corp * | 3,326 | $216,755 | ||||||
SP Plus Corp * | 2,362 | 86,213 | ||||||
Supernus Pharmaceuticals Inc * | 6,345 | 319,471 | ||||||
Syneos Health Inc * | 3,835 | 197,694 | ||||||
TrueBlue Inc * | 6,040 | 157,342 | ||||||
Vanda Pharmaceuticals Inc * | 9,032 | 207,284 | ||||||
Viad Corp | 2,351 | 139,297 | ||||||
|
| |||||||
6,493,451 | ||||||||
|
| |||||||
Energy - 2.7% | ||||||||
Helix Energy Solutions Group Inc * | 22,030 | 217,656 | ||||||
Laredo Petroleum Inc * | 8,778 | 71,716 | ||||||
PDC Energy Inc * | 4,094 | 200,442 | ||||||
QEP Resources Inc * | 6,068 | 68,690 | ||||||
WildHorse Resource Development Corp * | 6,280 | 148,459 | ||||||
|
| |||||||
706,963 | ||||||||
|
| |||||||
Financial - 23.1% | ||||||||
AG Mortgage Investment Trust Inc REIT | 5,442 | 98,935 | ||||||
Aircastle Ltd | 10,792 | 236,453 | ||||||
Apollo Commercial Real Estate Finance Inc REIT | 3,999 | 75,461 | ||||||
Argo Group International Holdings Ltd | 3,748 | 236,311 | ||||||
Armada Hoffler Properties Inc REIT | 5,899 | 89,134 | ||||||
BrightSphere Investment Group PLC | 14,146 | 175,410 | ||||||
Cathay General Bancorp | 5,388 | 223,279 | ||||||
CenterState Bank Corp | 6,811 | 191,049 | ||||||
Chemical Financial Corp | 3,929 | 209,809 | ||||||
Enterprise Financial Services Corp | 3,826 | 202,969 | ||||||
Essent Group Ltd * | 2,075 | 91,819 | ||||||
First Bancorp | 1,552 | 62,872 | ||||||
First Industrial Realty Trust Inc REIT | 8,376 | 263,006 | ||||||
First Interstate BancSystem Inc ‘A’ | 895 | 40,096 | ||||||
First Merchants Corp | 4,877 | 219,416 | ||||||
First Midwest Bancorp Inc | 7,220 | 191,980 | ||||||
Heritage Insurance Holdings Inc | 5,585 | 82,770 | ||||||
Home BancShares Inc | 8,364 | 183,172 | ||||||
IBERIABANK Corp | 2,595 | 211,103 | ||||||
Independent Bank Corp | 2,995 | 70,832 | ||||||
Life Storage Inc REIT | 1,284 | 122,185 | ||||||
Moelis & Co ‘A’ | 3,549 | 194,485 | ||||||
National Storage Affiliates Trust REIT | 4,533 | 115,320 | ||||||
Old National Bancorp | 11,738 | 226,543 | ||||||
Pacific Premier Bancorp Inc * | 1,792 | 66,662 | ||||||
PotlatchDeltic Corp REIT | 3,738 | 153,071 | ||||||
Preferred Bank | 1,681 | 98,339 | ||||||
PS Business Parks Inc REIT | 1,599 | 203,217 | ||||||
Radian Group Inc | 11,636 | 240,516 | ||||||
Ryman Hospitality Properties Inc REIT | 3,058 | 263,508 | ||||||
Sandy Spring Bancorp Inc | 2,656 | 104,407 | ||||||
Simmons First National Corp ‘A’ | 7,760 | 228,532 | ||||||
Stifel Financial Corp | 3,356 | 172,029 | ||||||
Sunstone Hotel Investors Inc REIT | 12,242 | 200,279 | ||||||
United Community Banks Inc | 6,915 | 192,859 | ||||||
Washington Real Estate Investment Trust REIT | 5,480 | 167,962 | ||||||
WSFS Financial Corp | 3,984 | 187,846 | ||||||
|
| |||||||
6,093,636 | ||||||||
|
| |||||||
Industrial - 14.9% | ||||||||
AAR Corp | 2,392 | 114,553 | ||||||
Air Transport Services Group Inc * | 7,729 | 165,942 | ||||||
Ambarella Inc * | 2,457 | 95,037 | ||||||
American Woodmark Corp * | 1,258 | 98,690 | ||||||
Belden Inc | 1,771 | 126,467 | ||||||
EMCOR Group Inc | 3,217 | 241,629 | ||||||
EnerSys | 2,451 | 213,556 | ||||||
Generac Holdings Inc * | 3,153 | 177,861 | ||||||
Harsco Corp * | 9,412 | 268,713 | ||||||
Knowles Corp * | 3,519 | 58,486 | ||||||
MasTec Inc * | 5,703 | 254,639 | ||||||
Milacron Holdings Corp * | 7,225 | 146,306 | ||||||
Rexnord Corp * | 6,877 | 211,812 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-35
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SMALL-CAP
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Shares | Value | |||||||
Saia Inc * | 3,959 | $302,666 | ||||||
SPX Corp * | 4,998 | 166,483 | ||||||
SYNNEX Corp | 1,374 | 116,378 | ||||||
TopBuild Corp * | 2,702 | 153,528 | ||||||
Trinseo SA | 3,874 | 303,334 | ||||||
Universal Forest Products Inc | 5,339 | 188,627 | ||||||
US Concrete Inc * | 1,846 | 84,639 | ||||||
Vishay Intertechnology Inc | 10,277 | 209,137 | ||||||
Werner Enterprises Inc | 4,027 | 142,354 | ||||||
YRC Worldwide Inc * | 8,273 | 74,292 | ||||||
|
| |||||||
3,915,129 | ||||||||
|
| |||||||
Technology - 11.1% | ||||||||
Allscripts Healthcare Solutions Inc * | 12,032 | 171,456 | ||||||
Bottomline Technologies Inc * | 2,201 | 160,035 | ||||||
Cabot Microelectronics Corp | 1,509 | 155,684 | ||||||
CACI International Inc ‘A’ * | 1,516 | 279,171 | ||||||
CommVault Systems Inc * | 3,130 | 219,100 | ||||||
Entegris Inc | 7,745 | 224,218 | ||||||
Glu Mobile Inc * | 27,493 | 204,823 | ||||||
Integrated Device Technology Inc * | 5,221 | 245,439 | ||||||
j2 Global Inc | 2,819 | 233,554 | ||||||
RealPage Inc * | 3,020 | 199,018 | ||||||
Silicon Laboratories Inc * | 1,473 | 135,221 | ||||||
SPS Commerce Inc * | 773 | 76,713 | ||||||
TiVo Corp | 8,013 | 99,762 | ||||||
Verint Systems Inc * | 5,689 | 285,019 | ||||||
Virtusa Corp * | 3,444 | 184,977 | ||||||
Xperi Corp | 4,189 | 62,207 | ||||||
|
| |||||||
2,936,397 | ||||||||
|
| |||||||
Utilities - 2.0% | ||||||||
ALLETE Inc | 2,957 | 221,805 | ||||||
Black Hills Corp | 2,236 | 129,889 | ||||||
Southwest Gas Holdings Inc | 2,265 | 179,003 | ||||||
|
| |||||||
530,697 | ||||||||
|
| |||||||
Total Common Stocks | 25,893,840 | |||||||
|
|
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 1.8% | ||||||||
Money Market Fund - 1.8% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 478,501 | $478,501 | ||||||
|
| |||||||
Total Short-Term Investment | 478,501 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.0% | 26,372,341 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.0%) | (2,905 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $26,369,436 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-Cyclical | 24.6% | |||
Financial | 23.1% | |||
Industrial | 14.9% | |||
Consumer, Cyclical | 11.8% | |||
Technology | 11.1% | |||
Communications | 5.1% | |||
Others (each less than 3.0%) | 9.4% | |||
|
| |||
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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $25,893,840 | $25,893,840 | $— | $— | |||||||||||||
Short-Term Investment | 478,501 | 478,501 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $26,372,341 | $26,372,341 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-36
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM SMALL-CAP VALUE
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 94.4% | ||||||||
Basic Materials - 2.6% | ||||||||
Commercial Metals Co | 6,971 | $143,045 | ||||||
Kaiser Aluminum Corp | 2,080 | 226,845 | ||||||
Kraton Corp * | 6,457 | 304,448 | ||||||
Minerals Technologies Inc | 1,728 | 116,813 | ||||||
|
| |||||||
791,151 | ||||||||
|
| |||||||
Communications - 2.9% | ||||||||
LiveRamp Holdings Inc * | 9,331 | 461,045 | ||||||
NETGEAR Inc * | 4,174 | 262,336 | ||||||
Perficient Inc * | 5,971 | 159,127 | ||||||
|
| |||||||
882,508 | ||||||||
|
| |||||||
Consumer, Cyclical - 8.5% | ||||||||
Altra Industrial Motion Corp | 3,165 | 130,714 | ||||||
Beacon Roofing Supply Inc * | 3,933 | 142,335 | ||||||
Big Lots Inc | 3,386 | 141,501 | ||||||
Caleres Inc | 4,800 | 172,128 | ||||||
Cooper-Standard Holdings Inc * | 2,350 | 281,953 | ||||||
Del Taco Restaurants Inc * | 15,111 | 178,461 | ||||||
FirstCash Inc | 1,798 | 147,436 | ||||||
G-III Apparel Group Ltd * | 4,415 | 212,759 | ||||||
Marriott Vacations Worldwide Corp | 2,270 | 253,672 | ||||||
Meritor Inc * | 2,975 | 57,596 | ||||||
SkyWest Inc | 7,387 | 435,094 | ||||||
The Children’s Place Inc | 2,186 | 279,371 | ||||||
Wabash National Corp | 8,064 | 147,007 | ||||||
|
| |||||||
2,580,027 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 12.7% | ||||||||
Aaron’s Inc | 4,980 | 271,211 | ||||||
Acadia Healthcare Co Inc * | 7,813 | 275,018 | ||||||
Adtalem Global Education Inc * | 10,722 | 516,800 | ||||||
AngioDynamics Inc * | 7,191 | 156,332 | ||||||
BioScrip Inc * | 38,763 | 120,165 | ||||||
Central Garden & Pet Co ‘A’ * | 8,648 | 286,595 | ||||||
CONMED Corp | 4,072 | 322,584 | ||||||
Deluxe Corp | 3,486 | 198,493 | ||||||
Horizon Pharma PLC * | 15,898 | 311,283 | ||||||
Hostess Brands Inc * | 12,625 | 139,759 | ||||||
ICF International Inc | 3,267 | 246,495 | ||||||
LivaNova PLC * | 1,566 | 194,137 | ||||||
Magellan Health Inc * | 1,851 | 133,365 | ||||||
Orthofix Medical Inc * | 3,652 | 211,122 | ||||||
SP Plus Corp * | 5,068 | 184,982 | ||||||
Viad Corp | 4,637 | 274,742 | ||||||
|
| |||||||
3,843,083 | ||||||||
|
| |||||||
Energy - 4.1% | ||||||||
Exterran Corp * | 7,018 | 186,188 | ||||||
Helix Energy Solutions Group Inc * | 23,749 | 234,640 | ||||||
Laredo Petroleum Inc * | 15,755 | 128,718 | ||||||
PDC Energy Inc * | 5,651 | 276,673 | ||||||
QEP Resources Inc * | 17,853 | 202,096 | ||||||
WildHorse Resource Development Corp * | 8,409 | 198,789 | ||||||
|
| |||||||
1,227,104 | ||||||||
|
| |||||||
Financial - 37.9% | ||||||||
AG Mortgage Investment Trust Inc REIT | 4,929 | 89,609 | ||||||
Agree Realty Corp REIT | 1,906 | 101,247 | ||||||
Aircastle Ltd | 13,626 | 298,546 | ||||||
Apollo Commercial Real Estate Finance Inc REIT | 8,355 | 157,656 | ||||||
Argo Group International Holdings Ltd | 6,199 | 390,847 | ||||||
Armada Hoffler Properties Inc REIT | 6,296 | 95,133 | ||||||
BrightSphere Investment Group PLC | 17,893 | 221,873 | ||||||
Camden National Corp | 4,251 | 184,663 | ||||||
Cathay General Bancorp | 8,751 | 362,641 |
Shares | Value | |||||||
CenterState Bank Corp | 10,106 | $283,473 | ||||||
Chemical Financial Corp | 5,708 | 304,807 | ||||||
CNO Financial Group Inc | 4,216 | 89,464 | ||||||
Enterprise Financial Services Corp | 4,555 | 241,643 | ||||||
Essent Group Ltd * | 4,737 | 209,612 | ||||||
First Bancorp | 7,155 | 289,849 | ||||||
First Industrial Realty Trust Inc REIT | 12,086 | 379,500 | ||||||
First Interstate BancSystem Inc ‘A’ | 7,134 | 319,603 | ||||||
First Merchants Corp | 987 | 44,405 | ||||||
First Midwest Bancorp Inc | 12,313 | 327,403 | ||||||
Heritage Financial Corp | 5,687 | 199,898 | ||||||
Heritage Insurance Holdings Inc | 9,405 | 139,382 | ||||||
Hilltop Holdings Inc | 9,882 | 199,320 | ||||||
Home BancShares Inc | 11,457 | 250,908 | ||||||
Horizon Bancorp Inc | 9,094 | 179,606 | ||||||
IBERIABANK Corp | 4,630 | 376,650 | ||||||
Independent Bank Corp | 7,885 | 186,480 | ||||||
Invesco Mortgage Capital Inc REIT | 11,685 | 184,857 | ||||||
Investors Bancorp Inc | 7,029 | 86,246 | ||||||
Life Storage Inc REIT | 3,033 | 288,620 | ||||||
MFA Financial Inc REIT | 15,900 | 116,865 | ||||||
National Storage Affiliates Trust REIT | 8,861 | 225,424 | ||||||
Old National Bancorp | 12,619 | 243,547 | ||||||
Old Second Bancorp Inc | 10,778 | 166,520 | ||||||
Pacific Premier Bancorp Inc * | 3,242 | 120,602 | ||||||
PotlatchDeltic Corp REIT | 6,917 | 283,251 | ||||||
Preferred Bank | 3,453 | 202,000 | ||||||
PS Business Parks Inc REIT | 2,695 | 342,508 | ||||||
QCR Holdings Inc | 4,092 | 167,158 | ||||||
Radian Group Inc | 19,275 | 398,414 | ||||||
Ryman Hospitality Properties Inc REIT | 5,617 | 484,017 | ||||||
Sandy Spring Bancorp Inc | 4,861 | 191,086 | ||||||
Simmons First National Corp ‘A’ | 11,280 | 332,196 | ||||||
State Bank Financial Corp | 7,251 | 218,835 | ||||||
Stifel Financial Corp | 4,857 | 248,970 | ||||||
Sunstone Hotel Investors Inc REIT | 24,782 | 405,434 | ||||||
United Community Banks Inc | 10,421 | 290,642 | ||||||
Washington Real Estate Investment Trust REIT | 10,423 | 319,465 | ||||||
WSFS Financial Corp | 4,758 | 224,340 | ||||||
|
| |||||||
11,465,215 | ||||||||
|
| |||||||
Industrial - 13.9% | ||||||||
AAR Corp | 4,381 | 209,806 | ||||||
ArcBest Corp | 1,972 | 95,741 | ||||||
Belden Inc | 4,639 | 331,271 | ||||||
EMCOR Group Inc | 4,642 | 348,661 | ||||||
EnerSys | 2,071 | 180,446 | ||||||
Harsco Corp * | 7,364 | 210,242 | ||||||
Knowles Corp * | 11,155 | 185,396 | ||||||
MasTec Inc * | 2,726 | 121,716 | ||||||
Milacron Holdings Corp * | 12,855 | 260,314 | ||||||
Rexnord Corp * | 7,767 | 239,224 | ||||||
Sanmina Corp * | 5,344 | 147,494 | ||||||
SYNNEX Corp | 2,055 | 174,059 | ||||||
TopBuild Corp * | 4,410 | 250,576 | ||||||
TriMas Corp * | 8,922 | 271,229 | ||||||
Trinseo SA | 4,793 | 375,292 | ||||||
Universal Forest Products Inc | 7,826 | 276,493 | ||||||
Vishay Intertechnology Inc | 10,661 | 216,951 | ||||||
Werner Enterprises Inc | 5,139 | 181,664 | ||||||
YRC Worldwide Inc * | 13,731 | 123,304 | ||||||
|
| |||||||
4,199,879 | ||||||||
|
| |||||||
Technology - 7.0% | ||||||||
Allscripts Healthcare Solutions Inc * | 20,068 | 285,969 | ||||||
CACI International Inc ‘A’ * | 3,009 | 554,107 | ||||||
CSG Systems International Inc | 5,775 | 231,809 | ||||||
Glu Mobile Inc * | 18,080 | 134,696 | ||||||
Insight Enterprises Inc * | 4,536 | 245,352 | ||||||
TiVo Corp | 15,720 | 195,714 | ||||||
Verint Systems Inc * | 9,581 | 480,008 | ||||||
|
| |||||||
2,127,655 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-37
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SMALL-CAP VALUE
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Shares | Value | |||||||
Utilities - 4.8% | ||||||||
ALLETE Inc | 5,444 | $408,354 | ||||||
Black Hills Corp | 5,308 | 308,342 | ||||||
Portland General Electric Co | 8,512 | 388,232 | ||||||
Southwest Gas Holdings Inc | 4,347 | 343,543 | ||||||
|
| |||||||
1,448,471 | ||||||||
|
| |||||||
Total Common Stocks | 28,565,093 | |||||||
|
| |||||||
EXCHANGE-TRADED FUND - 2.7% | ||||||||
iShares Russell 2000 Value | 6,265 | 833,245 | ||||||
|
| |||||||
Total Exchange-Traded Fund | 833,245 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT - 2.5% | ||||||||
Money Market Fund - 2.5% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 744,136 | 744,136 | ||||||
|
| |||||||
Total Short-Term Investment | 744,136 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.6% | 30,142,474 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.4% | 125,367 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $30,267,841 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 37.9% | |||
Industrial | 13.9% | |||
Consumer, Non-Cyclical | 12.7% | |||
Consumer, Cyclical | 8.5% | |||
Technology | 7.0% | |||
Utilities | 4.8% | |||
Energy | 4.1% | |||
Others (each less than 3.0%) | 10.7% | |||
|
| |||
99.6% | ||||
Other Assets & Liabilities, Net | 0.4% | |||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $28,565,093 | $28,565,093 | $— | $— | |||||||||||||
Exchange-Traded Fund | 833,245 | 833,245 | — | — | ||||||||||||||
Short-Term Investment | 744,136 | 744,136 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $30,142,474 | $30,142,474 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-38
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM SMALL-CAP GROWTH
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.5% | ||||||||
Basic Materials - 3.3% | ||||||||
Kaiser Aluminum Corp | 5,924 | $646,071 | ||||||
PolyOne Corp | 18,267 | 798,633 | ||||||
Rogers Corp * | 6,083 | 896,148 | ||||||
|
| |||||||
2,340,852 | ||||||||
|
| |||||||
Communications - 8.1% |
| |||||||
Ciena Corp * | 27,804 | 868,597 | ||||||
Imperva Inc * | 14,738 | 684,580 | ||||||
LiveRamp Holdings Inc * | 18,146 | 896,594 | ||||||
NETGEAR Inc * | 12,849 | 807,560 | ||||||
Shutterfly Inc * | 11,113 | 732,235 | ||||||
Sinclair Broadcast Group Inc ‘A’ | 18,385 | 521,215 | ||||||
Vonage Holdings Corp * | 81,352 | 1,151,944 | ||||||
|
| |||||||
5,662,725 | ||||||||
|
| |||||||
Consumer, Cyclical - 13.5% |
| |||||||
AMC Entertainment Holdings Inc ‘A’ | 18,906 | 387,573 | ||||||
Beacon Roofing Supply Inc * | 12,556 | 454,402 | ||||||
BJ’s Restaurants Inc | 11,022 | 795,788 | ||||||
Bloomin’ Brands Inc | 37,009 | 732,408 | ||||||
Camping World Holdings Inc ‘A’ | 16,049 | 342,165 | ||||||
G-III Apparel Group Ltd * | 14,030 | 676,106 | ||||||
Golden Entertainment Inc * | 16,298 | 391,315 | ||||||
iRobot Corp * | 5,762 | 633,359 | ||||||
Lithia Motors Inc ‘A’ | 6,973 | 569,415 | ||||||
SeaWorld Entertainment Inc * | 16,644 | 523,121 | ||||||
Sleep Number Corp * | 22,043 | 810,742 | ||||||
Sonic Corp | 14,647 | 634,801 | ||||||
Steven Madden Ltd | 12,283 | 649,771 | ||||||
The Children’s Place Inc | 5,768 | 737,150 | ||||||
Wabash National Corp | 20,431 | 372,457 | ||||||
Wolverine World Wide Inc | 18,801 | 734,179 | ||||||
|
| |||||||
9,444,752 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 35.5% |
| |||||||
Acadia Healthcare Co Inc * | 17,075 | 601,040 | ||||||
Aclaris Therapeutics Inc * | 16,207 | 235,326 | ||||||
Amedisys Inc * | 8,682 | 1,084,903 | ||||||
Amicus Therapeutics Inc * | 49,316 | 596,230 | ||||||
AMN Healthcare Services Inc * | 12,360 | 676,092 | ||||||
Amphastar Pharmaceuticals Inc * | 18,229 | 350,726 | ||||||
BioScrip Inc * | 107,929 | 334,580 | ||||||
BioTelemetry Inc * | 12,845 | 827,860 | ||||||
Cardtronics PLC ‘A’ * | 24,550 | 776,762 | ||||||
Chegg Inc * | 25,230 | 717,289 | ||||||
Deluxe Corp | 12,208 | 695,124 | ||||||
Eagle Pharmaceuticals Inc * | 10,192 | 706,611 | ||||||
Esperion Therapeutics Inc * | 9,104 | 403,944 | ||||||
FibroGen Inc * | 12,110 | 735,682 | ||||||
Green Dot Corp ‘A’ * | 14,517 | 1,289,400 | ||||||
Heron Therapeutics Inc * | 17,547 | 555,363 | ||||||
Horizon Pharma PLC * | 51,886 | 1,015,928 | ||||||
Insperity Inc | 10,984 | 1,295,563 | ||||||
iRhythm Technologies Inc * | 8,937 | 845,976 | ||||||
J&J Snack Foods Corp | 4,045 | 610,350 | ||||||
LHC Group Inc * | 8,913 | 917,950 | ||||||
LivaNova PLC * | 8,471 | 1,050,150 | ||||||
Merit Medical Systems Inc * | 12,451 | 765,114 | ||||||
NuVasive Inc * | 11,540 | 819,109 | ||||||
Orthofix Medical Inc * | 11,629 | 672,272 | ||||||
Performance Food Group Co * | 22,058 | 734,531 | ||||||
PTC Therapeutics Inc * | 9,359 | 439,873 | ||||||
Puma Biotechnology Inc * | 11,432 | 524,157 | ||||||
Quidel Corp * | 10,804 | 704,097 | ||||||
Revance Therapeutics Inc * | 16,167 | 401,750 | ||||||
Supernus Pharmaceuticals Inc * | 20,857 | 1,050,150 |
Shares | Value | |||||||
Syneos Health Inc * | 12,011 | $619,167 | ||||||
TrueBlue Inc * | 16,837 | 438,604 | ||||||
Ultragenyx Pharmaceutical Inc * | 9,564 | 730,116 | ||||||
Vanda Pharmaceuticals Inc * | 29,344 | 673,445 | ||||||
|
| |||||||
24,895,234 | ||||||||
|
| |||||||
Energy - 0.9% |
| |||||||
Matador Resources Co * | 18,315 | 605,311 | ||||||
|
| |||||||
Financial - 6.6% |
| |||||||
BrightSphere Investment Group PLC | 32,879 | 407,700 | ||||||
Essent Group Ltd * | 12,207 | 540,160 | ||||||
Home BancShares Inc | 29,204 | 639,568 | ||||||
Moelis & Co ‘A’ | 10,988 | 602,142 | ||||||
Pacific Premier Bancorp Inc * | 13,406 | 498,703 | ||||||
Preferred Bank | 9,268 | 542,178 | ||||||
PS Business Parks Inc REIT | 4,492 | 570,888 | ||||||
Ryman Hospitality Properties Inc REIT | 9,748 | 839,985 | ||||||
|
| |||||||
4,641,324 | ||||||||
|
| |||||||
Industrial - 13.7% |
| |||||||
Aerojet Rocketdyne Holdings Inc * | 20,433 | 694,518 | ||||||
Ambarella Inc * | 9,586 | 370,786 | ||||||
American Woodmark Corp * | 7,147 | 560,682 | ||||||
EnPro Industries Inc | 7,790 | 568,125 | ||||||
Generac Holdings Inc * | 14,627 | 825,109 | ||||||
Harsco Corp * | 26,076 | 744,470 | ||||||
Lydall Inc * | 9,678 | 417,122 | ||||||
Masonite International Corp * | 8,722 | 559,080 | ||||||
MasTec Inc * | 14,942 | 667,160 | ||||||
Saia Inc * | 9,560 | 730,862 | ||||||
SPX Corp * | 25,171 | 838,446 | ||||||
Tetra Tech Inc | 10,426 | 712,096 | ||||||
TopBuild Corp * | 8,495 | 482,686 | ||||||
Trinseo SA | 9,452 | 740,092 | ||||||
US Concrete Inc * | 9,543 | 437,546 | ||||||
YRC Worldwide Inc * | 32,898 | 295,424 | ||||||
|
| |||||||
9,644,204 | ||||||||
|
| |||||||
Technology - 16.9% |
| |||||||
Allscripts Healthcare Solutions Inc * | 45,926 | 654,446 | ||||||
Bottomline Technologies Inc * | 19,219 | 1,397,413 | ||||||
CommVault Systems Inc * | 12,163 | 851,410 | ||||||
Cornerstone OnDemand Inc * | 17,138 | 972,582 | ||||||
Glu Mobile Inc * | 141,498 | 1,054,160 | ||||||
Hortonworks Inc * | 32,173 | 733,866 | ||||||
HubSpot Inc * | 6,562 | 990,534 | ||||||
Integrated Device Technology Inc * | 18,218 | 856,428 | ||||||
j2 Global Inc | 9,136 | 756,918 | ||||||
MaxLinear Inc * | 21,115 | 419,766 | ||||||
RealPage Inc * | 8,699 | 573,264 | ||||||
Silicon Laboratories Inc * | 8,248 | 757,166 | ||||||
SPS Commerce Inc * | 3,716 | 368,776 | ||||||
TiVo Corp | 32,583 | 405,658 | ||||||
Virtusa Corp * | 14,178 | 761,500 | ||||||
Xperi Corp | 19,721 | 292,857 | ||||||
|
| |||||||
11,846,744 | ||||||||
|
| |||||||
Total Common Stocks | 69,081,146 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-39
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SMALL-CAP GROWTH
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 1.6% | ||||||||
Money Market Fund - 1.6% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 1,084,102 | $1,084,102 | ||||||
|
| |||||||
Total Short-Term Investment | 1,084,102 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% | 70,165,248 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) | (53,413 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $70,111,835 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-Cyclical | 35.5% | |||
Technology | 16.9% | |||
Industrial | 13.7% | |||
Consumer, Cyclical | 13.5% | |||
Communications | 8.1% | |||
Financial | 6.6% | |||
Basic Materials | 3.3% | |||
Others (each less than 3.0%) | 2.5% | |||
|
| |||
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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $69,081,146 | $69,081,146 | $— | $— | |||||||||||||
Short-Term Investment | 1,084,102 | 1,084,102 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $70,165,248 | $70,165,248 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-41 |
A-40
Table of Contents
PACIFIC FUNDS
Schedule of Investments (Continued)
Explanation of Symbols and Terms
September 30, 2018 (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, 2018. For Senior Loan Notes, the rate shown may represent a weighted average interest rate. Interest rates for certain securities are subject to interest rate caps and floors, which would result in a period end rate being more, less or equal to the referenced rate plus spread. 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. | |
Y | Issuer filed bankruptcy and/or is in default as of September 30, 2018. | |
¥ | 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. Rates do not take effect until settlement date. | |
~ | Securities are not registered under the Securities Act of 1933 (1933 Act). These securities are either (1) exempt from registration pursuant to Rule 144A 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. | |
± | Investments categorized as a significant unobservable input (Level 3) (See Note 3D in Notes to Financial Statements). | |
Reference Rate Abbreviation: | ||
USD LIBOR | United States Dollar London Interbank Offered Rate | |
Other Abbreviations: | ||
PIK | Payment In Kind | |
REIT | Real Estate Investment Trust |
Notes:
For debt investments, the interest rates disclosed in the Schedules of Investments reflect the stated coupon rate or for discounted investments or zero coupon bonds, the yield-to-maturity.
The countries listed in the Schedules of Investments are based on country of risk (See Note 4 in Notes to Financial Statements under Investments and Risks - Foreign and Emerging Markets Investments).
The sectors listed in the Schedules of Investments are obtained from a third party source (that is not affiliated with the Trust or the investment adviser) believed to be reliable. Sector names and weightings could be different if obtained from another source.
See Notes to Financial Statements
A-41
Table of Contents
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2018 (Unaudited)
Pacific Funds Portfolio Optimization | Pacific Funds Diversified Alternatives | |||||||||||||||||||||||||||||
Conservative | Moderate- Conservative | Moderate | Growth | Aggressive- Growth | ||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||
Investments in affiliated mutual funds, at value | $279,864,025 | $418,565,045 | $1,283,773,957 | $977,438,957 | $339,889,792 | $42,068,498 | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||
Fund shares sold | 99,972 | 53,282 | 298,901 | 261,050 | 31,962 | 80,225 | ||||||||||||||||||||||||
Securities sold | 96,196 | 352,362 | 431,138 | 680,845 | 152,766 | — | ||||||||||||||||||||||||
Due from adviser | 19,222 | 25,354 | 65,009 | 51,042 | 21,212 | — | ||||||||||||||||||||||||
Prepaid expenses and other assets | 2,735 | 3,609 | 1,577 | 1,005 | 2,775 | 26,663 | ||||||||||||||||||||||||
Total Assets | 280,082,150 | 418,999,652 | 1,284,570,582 | 978,432,899 | 340,098,507 | 42,175,386 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||
Fund shares redeemed | 311,255 | 972,220 | 2,284,768 | 1,597,195 | 252,866 | 154,299 | ||||||||||||||||||||||||
Securities purchased | — | — | — | — | — | 33,116 | ||||||||||||||||||||||||
Accrued advisory fees | 46,225 | 69,153 | 211,063 | 160,644 | 55,704 | 10,386 | ||||||||||||||||||||||||
Accrued administration fees | 34,669 | 51,864 | 158,297 | 120,483 | 41,778 | 5,321 | ||||||||||||||||||||||||
Accrued support service expenses | 9,914 | 14,660 | 43,876 | 33,139 | 11,191 | 1,202 | ||||||||||||||||||||||||
Accrued legal, audit and tax service fees | 19,545 | 29,178 | 86,859 | 65,735 | 22,222 | 2,553 | ||||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 4,807 | 5,714 | 15,306 | 10,610 | 3,139 | — | ||||||||||||||||||||||||
Accrued distribution fees | 18,041 | 23,997 | 69,300 | 48,566 | 15,396 | 397 | ||||||||||||||||||||||||
Accrued service fees | 11,185 | 16,920 | 51,580 | 39,156 | 13,422 | 353 | ||||||||||||||||||||||||
Accrued other | 20,986 | 31,303 | 88,811 | 66,882 | 23,156 | 2,948 | ||||||||||||||||||||||||
Total Liabilities | 476,627 | 1,215,009 | 3,009,860 | 2,142,410 | 438,874 | 210,575 | ||||||||||||||||||||||||
NET ASSETS | $279,605,523 | $417,784,643 | $1,281,560,722 | $976,290,489 | $339,659,633 | $41,964,811 | ||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||
Paid-in capital | $253,565,616 | $349,985,872 | $971,968,473 | $686,575,850 | $230,100,220 | $43,553,897 | ||||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | (478,549 | ) | (1,497,346 | ) | (4,538,934 | ) | (5,000,566 | ) | (1,747,118 | ) | (67,928 | ) | ||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | 20,870,350 | 56,214,502 | 190,118,536 | 161,215,693 | 50,015,247 | (724,247 | ) | |||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | 5,648,106 | 13,081,615 | 124,012,647 | 133,499,512 | 61,291,284 | (796,911 | ) | |||||||||||||||||||||||
NET ASSETS | $279,605,523 | $417,784,643 | $1,281,560,722 | $976,290,489 | $339,659,633 | $41,964,811 | ||||||||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||||
Net Assets | $122,534,633 | $213,472,050 | $675,699,392 | $548,506,770 | $196,847,798 | $5,378,325 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 10,867,568 | 16,755,018 | 45,946,687 | 33,922,818 | 10,939,461 | 563,244 | ||||||||||||||||||||||||
Net Asset Value per share* | $11.28 | $12.74 | $14.71 | $16.17 | $17.99 | $9.55 | ||||||||||||||||||||||||
Sales Charge–Maximum is 5.50% of offering price | 0.66 | 0.74 | 0.86 | 0.94 | 1.05 | 0.56 | ||||||||||||||||||||||||
Maximum offering price per share | $11.94 | $13.48 | $15.57 | $17.11 | $19.04 | $10.11 | ||||||||||||||||||||||||
Class B Shares: | ||||||||||||||||||||||||||||||
Net Assets | $20,656,370 | $33,876,983 | $108,869,690 | $81,083,893 | $25,262,267 | |||||||||||||||||||||||||
Shares of beneficial interest outstanding | 1,878,666 | 2,719,660 | 7,532,443 | 5,111,025 | 1,443,917 | |||||||||||||||||||||||||
Net Asset Value per share* | $11.00 | $12.46 | $14.45 | $15.86 | $17.50 | |||||||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||||
Net Assets | $123,987,900 | $158,654,762 | $444,284,106 | $307,623,750 | $96,967,878 | $3,230,677 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 11,281,452 | 12,743,977 | 30,791,395 | 19,452,307 | 5,552,604 | 345,547 | ||||||||||||||||||||||||
Net Asset Value per share* | $10.99 | $12.45 | $14.43 | $15.81 | $17.46 | $9.35 | ||||||||||||||||||||||||
Class R Shares: | ||||||||||||||||||||||||||||||
Net Assets | $4,809,160 | $5,084,291 | $23,471,427 | $13,714,803 | $6,949,752 | |||||||||||||||||||||||||
Shares of beneficial interest outstanding | 430,007 | 402,158 | 1,603,389 | 851,918 | 389,455 | |||||||||||||||||||||||||
Net Asset Value per share | $11.18 | $12.64 | $14.64 | $16.10 | $17.84 | |||||||||||||||||||||||||
Advisor Class: | ||||||||||||||||||||||||||||||
Net Assets | $7,617,460 | $6,696,557 | $29,236,107 | $25,361,273 | $13,631,938 | $33,355,809 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 673,189 | 523,426 | 1,981,163 | 1,562,137 | 754,944 | 3,475,284 | ||||||||||||||||||||||||
Net Asset Value per share | $11.32 | $12.79 | $14.76 | $16.23 | $18.06 | $9.60 | ||||||||||||||||||||||||
Investments in affiliated mutual funds, at cost | $274,215,919 | $405,483,430 | $1,159,761,310 | $843,939,445 | $278,598,508 | $42,865,409 |
* | 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, 2018 (Unaudited)
Pacific Funds Short Duration Income | Pacific Funds Core Income | Pacific Funds Strategic Income | Pacific Funds Floating Rate Income | Pacific Funds High Income | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Investments, at value (excluding derivatives) | $466,607,919 | $625,871,662 | $602,789,400 | $1,939,829,106 | $66,358,329 | |||||||||||||||||||||
Cash | 32,275 | 111,408 | 113,940 | 4,488,071 | 2,071 | |||||||||||||||||||||
Foreign currency held, at value | — | — | 5,157 | — | 644 | |||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||
Dividends and interest | 2,413,392 | 4,595,865 | 5,412,606 | 7,006,272 | 1,095,286 | |||||||||||||||||||||
Fund shares sold | 3,869,800 | 2,348,438 | 2,112,790 | 14,622,904 | 115 | |||||||||||||||||||||
Securities sold | 3,227,326 | 11,204,440 | 6,430,551 | 107,483,761 | 228,281 | |||||||||||||||||||||
Due from adviser | 100,346 | 152,772 | 131,843 | 364,815 | 13,298 | |||||||||||||||||||||
Unfunded loan commitment appreciation | — | — | — | 2,827 | — | |||||||||||||||||||||
Prepaid expenses and other assets | 52,244 | 15,031 | 59,098 | 38,940 | 26,314 | |||||||||||||||||||||
Total Assets | 476,303,302 | 644,299,616 | 617,055,385 | 2,073,836,696 | 67,724,338 | |||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||
Fund shares redeemed | 1,073,732 | 2,718,963 | 2,564,413 | 4,727,112 | 70,396 | |||||||||||||||||||||
Securities purchased | 10,731,865 | 18,547,057 | 36,445,751 | 199,769,303 | 972,843 | |||||||||||||||||||||
Income distributions | 74,924 | 336,390 | 462,510 | 1,291,296 | 1,449 | |||||||||||||||||||||
Accrued advisory fees | 149,713 | 257,803 | 284,751 | 968,367 | 32,951 | |||||||||||||||||||||
Accrued administration fees | 109,529 | 145,779 | 141,787 | 390,692 | 9,689 | |||||||||||||||||||||
Accrued support service expenses | 13,438 | 19,962 | 16,923 | 60,229 | 2,677 | |||||||||||||||||||||
Accrued custodian fees and expenses | 10,111 | 17,389 | 12,854 | 57,299 | 1,301 | |||||||||||||||||||||
Accrued legal, audit and tax service fees | 27,333 | 44,510 | 35,206 | 96,929 | 4,360 | |||||||||||||||||||||
Accrued distribution fees | 5,210 | 10,777 | 7,129 | 25,231 | 507 | |||||||||||||||||||||
Accrued service fees | 5,097 | 7,596 | 5,185 | 17,127 | 391 | |||||||||||||||||||||
Accrued other | 38,906 | 63,900 | 54,676 | 199,364 | 15,214 | |||||||||||||||||||||
Unfunded loan commitment depreciation | — | — | — | 22,702 | — | |||||||||||||||||||||
Total Liabilities | 12,239,858 | 22,170,126 | 40,031,185 | 207,625,651 | 1,111,778 | |||||||||||||||||||||
NET ASSETS | $464,063,444 | $622,129,490 | $577,024,200 | $1,866,211,045 | $66,612,560 | |||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||
Paid-in capital | $468,668,718 | $649,374,566 | $588,288,629 | $1,898,073,142 | $75,690,826 | |||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 111,245 | 192,379 | 215,642 | 219,521 | 30,633 | |||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (2,196,610 | ) | (17,964,813 | ) | (6,324,163 | ) | (37,659,600 | ) | (8,573,448 | ) | ||||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (2,519,909 | ) | (9,472,642 | ) | (5,155,908 | ) | 5,577,982 | (535,451 | ) | |||||||||||||||||
NET ASSETS | $464,063,444 | $622,129,490 | $577,024,200 | $1,866,211,045 | $66,612,560 | |||||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||
Net Assets | $82,049,939 | $96,733,573 | $67,844,411 | $212,136,107 | $5,392,694 | |||||||||||||||||||||
Shares of beneficial interest outstanding | 8,020,868 | 9,358,709 | 6,357,784 | 20,934,366 | 527,672 | |||||||||||||||||||||
Net Asset Value per share* | $10.23 | $10.34 | $10.67 | $10.13 | $10.22 | |||||||||||||||||||||
Sales Charge (1) | 0.32 | 0.46 | 0.47 | 0.31 | 0.45 | |||||||||||||||||||||
Maximum offering price per share | $10.55 | $10.80 | $11.14 | $10.44 | $10.67 | |||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||
Net Assets | $42,226,805 | $87,156,625 | $57,634,246 | $205,500,785 | $4,110,441 | |||||||||||||||||||||
Shares of beneficial interest outstanding | 4,136,133 | 8,430,115 | 5,412,886 | 20,319,426 | 402,822 | |||||||||||||||||||||
Net Asset Value per share* | $10.21 | $10.34 | $10.65 | $10.11 | $10.20 | |||||||||||||||||||||
Class I Shares: | ||||||||||||||||||||||||||
Net Assets | $26,962,635 | $13,974,812 | $4,832,744 | $453,830,683 | $235,366 | |||||||||||||||||||||
Shares of beneficial interest outstanding | 2,639,400 | 1,350,823 | 455,543 | 44,721,186 | 23,239 | |||||||||||||||||||||
Net Asset Value per share | $10.22 | $10.35 | $10.61 | $10.15 | $10.13 | |||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||
Net Assets | $59,295,537 | $60,005,918 | $54,463,830 | |||||||||||||||||||||||
Shares of beneficial interest outstanding | 5,715,107 | 5,914,219 | 5,378,645 | |||||||||||||||||||||||
Net Asset Value per share | $10.38 | $10.15 | $10.13 | |||||||||||||||||||||||
Advisor Class: | ||||||||||||||||||||||||||
Net Assets | $312,824,065 | $364,968,943 | $446,712,799 | $934,737,552 | $2,410,229 | |||||||||||||||||||||
Shares of beneficial interest outstanding | 30,574,996 | 35,231,745 | 41,856,839 | 91,922,055 | 235,656 | |||||||||||||||||||||
Net Asset Value per share | $10.23 | $10.36 | $10.67 | $10.17 | $10.23 | |||||||||||||||||||||
Investments, at cost (excluding derivatives) | $469,127,828 | $635,344,304 | $607,943,825 | $1,934,231,249 | $66,893,636 | |||||||||||||||||||||
Foreign currency held, at cost | — | — | 6,640 | — | 788 |
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. |
(1) | The Class A shares of Pacific Funds Short Duration Income and Pacific Funds Floating Rate 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, 2018 (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 value (excluding derivatives) | $21,183,429 | �� | $30,546,545 | $284,879,214 | $26,372,341 | $30,142,474 | $70,165,248 | |||||||||||||||||||||||
Cash | — | — | 155 | 53 | — | — | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||
Dividends and interest | 14,403 | 28,848 | 242,898 | 33,386 | 69,562 | 17,548 | ||||||||||||||||||||||||
Fund shares sold | 30,825 | 2,474 | 775,355 | 11,141 | 130,000 | 60,000 | ||||||||||||||||||||||||
Securities sold | 424,393 | 133,725 | 246,375 | 31,718 | 24,922 | 326,825 | ||||||||||||||||||||||||
Due from adviser | 8,047 | 9,251 | 42,484 | 8,794 | 8,446 | 9,115 | ||||||||||||||||||||||||
Prepaid expenses and other assets | — | 188 | 629 | 82 | 354 | 368 | ||||||||||||||||||||||||
Total Assets | 21,661,097 | 30,721,031 | 286,187,110 | 26,457,515 | 30,375,758 | 70,579,104 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||
Fund shares redeemed | 41,539 | 15,407 | 243,712 | 17,361 | 28,457 | 37,969 | ||||||||||||||||||||||||
Securities purchased | 381,508 | — | — | 35,048 | 37,265 | 352,137 | ||||||||||||||||||||||||
Accrued advisory fees | 9,617 | 16,432 | 198,806 | 18,531 | 21,422 | 47,919 | ||||||||||||||||||||||||
Accrued administration fees | 5,110 | 7,342 | 68,827 | 6,485 | 6,283 | 10,865 | ||||||||||||||||||||||||
Accrued support service expenses | 942 | 1,836 | 13,337 | 1,239 | 2,072 | 2,989 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 1,046 | 1,327 | 3,969 | 1,068 | 1,372 | 1,477 | ||||||||||||||||||||||||
Accrued legal, audit and tax service fees | 1,102 | 1,814 | 15,356 | 1,445 | 1,815 | 3,339 | ||||||||||||||||||||||||
Accrued distribution fees | 532 | 517 | 2,300 | 127 | 196 | 99 | ||||||||||||||||||||||||
Accrued service fees | 479 | 335 | 1,889 | 283 | 130 | 154 | ||||||||||||||||||||||||
Accrued other | 8,763 | 9,012 | 23,554 | 6,492 | 8,905 | 10,321 | ||||||||||||||||||||||||
Total Liabilities | 450,638 | 54,022 | 571,750 | 88,079 | 107,917 | 467,269 | ||||||||||||||||||||||||
NET ASSETS | $21,210,459 | $30,667,009 | $285,615,360 | $26,369,436 | $30,267,841 | $70,111,835 | ||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||
Paid-in capital | $17,029,100 | $23,525,414 | $234,260,093 | $21,856,379 | $22,067,114 | $54,791,219 | ||||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 95,135 | 241,208 | 64,452 | 5,513 | 88,174 | (137,321 | ) | |||||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | 635,141 | 1,456,062 | 6,722,477 | 933,015 | 3,646,688 | 4,582,234 | ||||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | 3,451,083 | 5,444,325 | 44,568,338 | 3,574,529 | 4,465,865 | 10,875,703 | ||||||||||||||||||||||||
NET ASSETS | $21,210,459 | $30,667,009 | $285,615,360 | $26,369,436 | $30,267,841 | $70,111,835 | ||||||||||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||||
Net Assets | $7,378,442 | $3,937,306 | $27,142,985 | $5,849,222 | $1,576,832 | $3,011,988 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 544,062 | 329,711 | 1,871,824 | 420,176 | 133,040 | 215,275 | ||||||||||||||||||||||||
Net Asset Value per share* | $13.56 | $11.94 | $14.50 | $13.92 | $11.85 | $13.99 | ||||||||||||||||||||||||
Sales Charge — Maximum is 4.25% of offering price | 0.60 | 0.53 | 0.64 | 0.62 | 0.53 | 0.62 | ||||||||||||||||||||||||
Maximum offering price per share | $14.16 | $12.47 | $15.14 | $14.54 | $12.38 | $14.61 | ||||||||||||||||||||||||
Class C Shares: | ||||||||||||||||||||||||||||||
Net Assets | $4,312,753 | $4,178,166 | $18,679,832 | $1,033,237 | $1,572,436 | $805,251 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 320,686 | 353,989 | 1,314,830 | 75,053 | 134,609 | 58,762 | ||||||||||||||||||||||||
Net Asset Value per share* | $13.45 | $11.80 | $14.21 | $13.77 | $11.68 | $13.70 | ||||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||||
Net Assets | $38,339,145 | |||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 2,719,095 | |||||||||||||||||||||||||||||
Net Asset Value per share | $14.10 | |||||||||||||||||||||||||||||
Advisor Class: | ||||||||||||||||||||||||||||||
Net Assets | $8,860,776 | $20,590,066 | $228,936,901 | $19,044,625 | $16,920,651 | $15,736,304 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 647,868 | 1,717,269 | 15,707,600 | 1,347,527 | 1,417,335 | 1,115,442 | ||||||||||||||||||||||||
Net Asset Value per share | $13.68 | $11.99 | $14.57 | $14.13 | $11.94 | $14.11 | ||||||||||||||||||||||||
Class S: | ||||||||||||||||||||||||||||||
Net Assets | $658,488 | $1,961,471 | $10,855,642 | $442,352 | $10,197,922 | $12,219,147 | ||||||||||||||||||||||||
Shares of beneficial interest outstanding | 48,997 | 164,005 | 744,354 | 34,007 | 856,185 | 863,567 | ||||||||||||||||||||||||
Net Asset Value per share | $13.44 | $11.96 | $14.58 | $13.01 | $11.91 | $14.15 | ||||||||||||||||||||||||
Investments, at cost (excluding derivatives) | $17,732,346 | $25,102,220 | $240,310,876 | $22,797,812 | $25,676,609 | $59,289,545 |
* | 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, 2018 (Unaudited)
Pacific Funds Portfolio Optimization | Pacific Funds Diversified Alternatives | |||||||||||||||||||||||||||||
Conservative | Moderate- Conservative | Moderate | Growth | Aggressive- Growth | ||||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||
Dividends from affiliated mutual fund investments | $771,808 | $938,770 | $1,785,750 | $691,458 | $82,263 | $95,966 | ||||||||||||||||||||||||
Total Investment Income | 771,808 | 938,770 | 1,785,750 | 691,458 | 82,263 | 95,966 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 293,219 | 436,026 | 1,307,432 | 989,550 | 337,121 | 42,550 | ||||||||||||||||||||||||
Administration fees | 219,914 | 327,020 | 980,574 | 742,162 | 252,841 | 31,913 | ||||||||||||||||||||||||
Support services expenses | 25,235 | 37,633 | 111,889 | 84,532 | 28,578 | 3,381 | ||||||||||||||||||||||||
Shareholder report expenses | 13,192 | 19,673 | 58,492 | 44,191 | 14,940 | 1,768 | ||||||||||||||||||||||||
Distribution fees (1) | ||||||||||||||||||||||||||||||
Class B | 84,607 | 135,899 | 427,703 | 318,225 | 97,630 | |||||||||||||||||||||||||
Class C | 492,716 | 627,754 | 1,712,022 | 1,177,851 | 367,647 | 11,889 | ||||||||||||||||||||||||
Class R | 6,225 | 6,361 | 30,327 | 17,806 | 8,897 | |||||||||||||||||||||||||
Service fees (1) | ||||||||||||||||||||||||||||||
Class A | 159,023 | 276,935 | 860,496 | 695,263 | 243,659 | 6,865 | ||||||||||||||||||||||||
Class B | 28,202 | 45,300 | 142,568 | 106,075 | 32,543 | |||||||||||||||||||||||||
Class C | 164,239 | 209,251 | 570,674 | 392,617 | 122,549 | 3,963 | ||||||||||||||||||||||||
Class R | 6,225 | 6,361 | 30,327 | 17,806 | 8,897 | |||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 10,582 | 15,780 | 46,915 | 35,443 | 11,982 | 1,418 | ||||||||||||||||||||||||
Registration fees | 38,023 | 37,228 | 47,004 | 45,548 | 38,089 | 22,619 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 20,325 | 30,319 | 90,285 | 68,283 | 23,114 | 2,733 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 6,780 | 10,110 | 30,050 | 22,699 | 7,672 | 870 | ||||||||||||||||||||||||
Recoupment of adviser reimbursement (2) | — | — | — | — | — | 18,987 | ||||||||||||||||||||||||
Other | 6,111 | 8,433 | 22,248 | 17,044 | 6,541 | 1,412 | ||||||||||||||||||||||||
Total Expenses | 1,574,618 | 2,230,083 | 6,469,006 | 4,775,095 | 1,602,700 | 150,368 | ||||||||||||||||||||||||
Adviser Expense Reimbursement (2) | (120,247 | ) | (159,176 | ) | (406,882 | ) | (317,739 | ) | (130,916 | ) | — | |||||||||||||||||||
Net Expenses | 1,454,371 | 2,070,907 | 6,062,124 | 4,457,356 | 1,471,784 | 150,368 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | (682,563 | ) | (1,132,137 | ) | (4,276,374 | ) | (3,765,898 | ) | (1,389,521 | ) | (54,402 | ) | ||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions in affiliated mutual funds | 9,047,964 | 26,735,336 | 76,982,338 | 77,048,862 | 30,111,531 | (507,884 | ) | |||||||||||||||||||||||
Net Realized Gain (Loss) | 9,047,964 | 26,735,336 | 76,982,338 | 77,048,862 | 30,111,531 | (507,884 | ) | |||||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities in affiliated mutual fund investments | (8,012,045 | ) | (20,905,516 | ) | (34,361,157 | ) | (30,686,189 | ) | (10,695,799 | ) | (1,146,077 | ) | ||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | (8,012,045 | ) | (20,905,516 | ) | (34,361,157 | ) | (30,686,189 | ) | (10,695,799 | ) | (1,146,077 | ) | ||||||||||||||||||
NET GAIN (LOSS) | 1,035,919 | 5,829,820 | 42,621,181 | 46,362,673 | 19,415,732 | (1,653,961 | ) | |||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | $353,356 | $4,697,683 | $38,344,807 | $42,596,775 | $18,026,211 | ($1,708,363 | ) |
(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, 2018 (Unaudited)
Pacific Funds Short Duration Income | Pacific Funds Core Income | Pacific Funds Strategic Income | Pacific Funds Floating Rate Income | Pacific Funds High Income | ||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $56,899 | $118,072 | $390,129 | $1,084,888 | $38,584 | |||||||||||||||||||||
Interest, net of foreign taxes withheld | 6,910,277 | 12,754,870 | 13,863,864 | 46,865,643 | 2,295,771 | |||||||||||||||||||||
Total Investment Income | 6,967,176 | 12,872,942 | 14,253,993 | 47,950,531 | 2,334,355 | |||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||
Advisory fees | 869,732 | 1,630,774 | 1,679,182 | 5,581,296 | 220,367 | |||||||||||||||||||||
Administration fees | 644,877 | 926,080 | 836,292 | 2,220,591 | 64,342 | |||||||||||||||||||||
Support services expenses | 35,251 | 56,894 | 45,539 | 132,188 | 6,441 | |||||||||||||||||||||
Custodian fees and expenses | 7,093 | 14,686 | 8,990 | 37,366 | 957 | |||||||||||||||||||||
Shareholder report expenses | 18,428 | 29,742 | 23,807 | 69,104 | 3,367 | |||||||||||||||||||||
Distribution fees (1) | ||||||||||||||||||||||||||
Class C | 162,858 | 353,265 | 218,144 | 742,458 | 16,499 | |||||||||||||||||||||
Service fees (1) | ||||||||||||||||||||||||||
Class A | 111,425 | 143,894 | 89,752 | 272,780 | 6,854 | |||||||||||||||||||||
Class C | 54,286 | 117,755 | 72,714 | 247,486 | 5,500 | |||||||||||||||||||||
Transfer agency out-of-pocket expenses | 14,779 | 23,858 | 19,092 | 55,395 | 2,702 | |||||||||||||||||||||
Registration fees | 44,223 | 47,556 | 44,402 | 66,168 | 27,676 | |||||||||||||||||||||
Legal, audit and tax service fees | 28,572 | 45,616 | 36,931 | 114,684 | 5,120 | |||||||||||||||||||||
Trustees’ fees and expenses | 9,076 | 14,645 | 11,726 | 34,059 | 1,657 | |||||||||||||||||||||
Interest expense | — | — | — | 158,855 | — | |||||||||||||||||||||
Other | 15,159 | 23,751 | 22,703 | 38,494 | 8,768 | |||||||||||||||||||||
Total Expenses | 2,015,759 | 3,428,516 | 3,109,274 | 9,770,924 | 370,250 | |||||||||||||||||||||
Advisory Fee Waiver (2) | — | — | — | (89,323 | ) | — | ||||||||||||||||||||
Adviser Expense Reimbursement (3) | (600,025 | ) | (967,421 | ) | (785,261 | ) | (2,072,164 | ) | (85,402 | ) | ||||||||||||||||
Net Expenses | 1,415,734 | 2,461,095 | 2,324,013 | 7,609,437 | 284,848 | |||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 5,551,442 | 10,411,847 | 11,929,980 | 40,341,094 | 2,049,507 | |||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||
Investment security transactions | (476,688 | ) | (2,849,131 | ) | 1,870,975 | 545,325 | 168,096 | |||||||||||||||||||
Net Realized Gain (Loss) | (476,688 | ) | (2,849,131 | ) | 1,870,975 | 545,325 | 168,096 | |||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||
Investment securities | 192,376 | (4,597,494 | ) | (3,605,087 | ) | 2,151,986 | (159,280 | ) | ||||||||||||||||||
Foreign currencies | — | — | (13 | ) | — | (2 | ) | |||||||||||||||||||
Unfunded loan commitments | — | — | 9,744 | (83,187 | ) | — | ||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 192,376 | (4,597,494 | ) | (3,595,356 | ) | 2,068,799 | (159,282 | ) | ||||||||||||||||||
NET GAIN (LOSS) | (284,312 | ) | (7,446,625 | ) | (1,724,381 | ) | 2,614,124 | 8,814 | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | $5,267,130 | $2,965,222 | $10,205,599 | $42,955,218 | $2,058,321 | |||||||||||||||||||||
Foreign taxes withheld on dividends and interest | $1,509 | $1,466 | $2,389 | $— | $50 |
(1) | The Class I, Class P, and 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 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, 2018 (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 | $176,275 | $344,405 | $1,578,742 | $151,972 | $249,545 | $211,709 | ||||||||||||||||||||||||
Total Investment Income | 176,275 | 344,405 | 1,578,742 | 151,972 | 249,545 | 211,709 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 61,998 | 97,703 | 1,128,401 | 108,598 | 126,106 | 249,370 | ||||||||||||||||||||||||
Administration fees | 28,098 | 43,614 | 390,376 | 37,986 | 36,830 | 57,678 | ||||||||||||||||||||||||
Support services expenses | 1,526 | 2,517 | 21,086 | 1,990 | 2,516 | 4,786 | ||||||||||||||||||||||||
Custodian fees and expenses | 755 | 968 | 2,905 | 774 | 1,007 | 1,083 | ||||||||||||||||||||||||
Shareholder report expenses | 799 | 1,315 | 11,022 | 1,041 | 1,315 | 2,502 | ||||||||||||||||||||||||
Distribution fees (1) | ||||||||||||||||||||||||||||||
Class C | 14,685 | 15,850 | 63,708 | 3,598 | 5,848 | 2,953 | ||||||||||||||||||||||||
Investor Class (2) | 274 | 89 | 4,864 | 2,789 | 156 | 1,318 | ||||||||||||||||||||||||
Service fees (1) | ||||||||||||||||||||||||||||||
Class A | 7,395 | 4,618 | 32,230 | 4,278 | 1,708 | 1,829 | ||||||||||||||||||||||||
Class C | 4,895 | 5,284 | 21,236 | 1,200 | 1,949 | 984 | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 641 | 1,056 | 8,838 | 834 | 1,055 | 2,007 | ||||||||||||||||||||||||
Registration fees | 30,609 | 29,623 | 40,494 | 29,618 | 29,122 | 29,162 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 1,244 | 2,035 | 17,314 | 1,639 | 2,034 | 3,888 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 393 | 649 | 5,431 | 512 | 648 | 1,232 | ||||||||||||||||||||||||
Other | 3,023 | 3,354 | 9,815 | 3,586 | 3,657 | 4,186 | ||||||||||||||||||||||||
Total Expenses | 156,335 | 208,675 | 1,757,720 | 198,443 | 213,951 | 362,978 | ||||||||||||||||||||||||
Advisory Fee Waiver (3) | (9,439 | ) | — | — | — | — | — | |||||||||||||||||||||||
Adviser Expense Reimbursement (4) | (48,285 | ) | (56,055 | ) | (243,430 | ) | (51,984 | ) | (51,041 | ) | (56,814 | ) | ||||||||||||||||||
Net Expenses | 98,611 | 152,620 | 1,514,290 | 146,459 | 162,910 | 306,164 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 77,664 | 191,785 | 64,452 | 5,513 | 86,635 | (94,455 | ) | |||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions | 459,948 | 512,400 | 6,309,878 | 898,424 | 1,952,360 | 3,622,263 | ||||||||||||||||||||||||
Net Realized Gain (Loss) | 459,948 | 512,400 | 6,309,878 | 898,424 | 1,952,360 | 3,622,263 | ||||||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities | 1,336,264 | 854,164 | 17,682,602 | 1,107,673 | (340,280 | ) | 3,986,521 | |||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 1,336,264 | 854,164 | 17,682,602 | 1,107,673 | (340,280 | ) | 3,986,521 | |||||||||||||||||||||||
NET GAIN (LOSS) | 1,796,212 | 1,366,564 | 23,992,480 | 2,006,097 | 1,612,080 | 7,608,784 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | $1,873,876 | $1,558,349 | $24,056,932 | $2,011,610 | $1,698,715 | $7,514,329 |
(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) | Investor Class shares were converted to Class A shares on July 31, 2018 (see Note 1 in Notes to Financial Statements). |
(3) | See Note 6 in Notes to Financial Statements. |
(4) | 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 September 30, | Year Ended March 31, 2018 | Six-Month September 30, | Year Ended March 31, 2018 | Six-Month Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | ($682,563 | ) | $5,719,354 | ($1,132,137 | ) | $7,534,144 | ($4,276,374 | ) | $14,645,844 | |||||||||||||||||||||||||||||
Net realized gain (loss) | 9,047,964 | 17,159,884 | 26,735,336 | 39,487,398 | 76,982,338 | 142,206,222 | ||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (8,012,045 | ) | (9,276,548 | ) | (20,905,516 | ) | (18,755,868 | ) | (34,361,157 | ) | (49,367,075 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 353,356 | 13,602,690 | 4,697,683 | 28,265,674 | 38,344,807 | 107,484,991 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||||||
Class A | — | (2,912,601 | ) | — | (4,861,302 | ) | — | (11,726,102 | ) | |||||||||||||||||||||||||||||
Class B | — | (421,675 | ) | — | (633,795 | ) | — | (1,396,913 | ) | |||||||||||||||||||||||||||||
Class C | — | (2,263,679 | ) | — | (2,848,132 | ) | — | (5,375,396 | ) | |||||||||||||||||||||||||||||
Class R | — | (118,481 | ) | — | (100,872 | ) | — | (382,575 | ) | |||||||||||||||||||||||||||||
Advisor Class | — | (147,955 | ) | — | (115,522 | ) | — | (428,003 | ) | |||||||||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||||||
Class A | — | — | — | (2,532,640 | ) | — | (15,115,123 | ) | ||||||||||||||||||||||||||||||
Class B | — | — | — | (462,792 | ) | — | (2,761,348 | ) | ||||||||||||||||||||||||||||||
Class C | — | — | — | (2,043,625 | ) | — | (10,579,522 | ) | ||||||||||||||||||||||||||||||
Class R | — | — | — | (56,995 | ) | — | (548,419 | ) | ||||||||||||||||||||||||||||||
Advisor Class | — | — | — | (55,238 | ) | — | (489,198 | ) | ||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (5,864,391 | ) | — | (13,710,913 | ) | — | (48,802,599 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 6,815,959 | 21,118,348 | 9,629,070 | 28,225,155 | 28,785,961 | 65,600,073 | ||||||||||||||||||||||||||||||||
Class B | 220,647 | 1,060,894 | 38,628 | 838,578 | 362,127 | 2,400,014 | ||||||||||||||||||||||||||||||||
Class C | 5,235,134 | 14,413,486 | 4,399,286 | 11,011,781 | 12,837,940 | 30,037,376 | ||||||||||||||||||||||||||||||||
Class R | 337,703 | 1,904,395 | 335,696 | 658,179 | 1,984,504 | 6,480,702 | ||||||||||||||||||||||||||||||||
Advisor Class | 2,399,735 | 7,308,745 | 2,555,014 | 2,838,923 | 10,973,662 | 13,885,108 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | — | 2,851,921 | — | 7,238,144 | — | 26,555,935 | ||||||||||||||||||||||||||||||||
Class B | — | 403,817 | — | 1,058,797 | — | 4,060,560 | ||||||||||||||||||||||||||||||||
Class C | — | 2,169,873 | — | 4,734,975 | — | 15,594,027 | ||||||||||||||||||||||||||||||||
Class R | — | 118,481 | — | 157,867 | — | 930,994 | ||||||||||||||||||||||||||||||||
Advisor Class | — | 130,245 | — | 148,989 | — | 806,051 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (15,712,323 | ) | (33,043,648 | ) | (26,364,495 | ) | (51,882,098 | ) | (65,131,652 | ) | (152,420,279 | ) | ||||||||||||||||||||||||||
Class B | (4,144,002 | ) | (7,281,860 | ) | (5,472,358 | ) | (9,415,432 | ) | (14,438,690 | ) | (26,922,276 | ) | ||||||||||||||||||||||||||
Class C | (18,211,464 | ) | (36,458,058 | ) | (21,975,712 | ) | (46,863,745 | ) | (46,891,165 | ) | (116,379,682 | ) | ||||||||||||||||||||||||||
Class R | (551,819 | ) | (5,572,314 | ) | (455,402 | ) | (1,760,589 | ) | (3,404,320 | ) | (8,442,266 | ) | ||||||||||||||||||||||||||
Advisor Class | (2,945,631 | ) | (4,859,568 | ) | (1,133,573 | ) | (2,855,308 | ) | (5,587,441 | ) | (10,245,364 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (26,556,061 | ) | (35,735,243 | ) | (38,443,846 | ) | (55,865,784 | ) | (80,509,074 | ) | (148,059,027 | ) | ||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (26,202,705 | ) | (27,996,944 | ) | (33,746,163 | ) | (41,311,023 | ) | (42,164,267 | ) | (89,376,635 | ) | ||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 305,808,228 | 333,805,172 | 451,530,806 | 492,841,829 | 1,323,724,989 | 1,413,101,624 | ||||||||||||||||||||||||||||||||
End of Year or Period | $279,605,523 | $305,808,228 | $417,784,643 | $451,530,806 | $1,281,560,722 | $1,323,724,989 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | ($478,549 | ) | $204,014 | ($1,497,346 | ) | ($365,209 | ) | ($4,538,934 | ) | ($262,560 | ) |
(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 Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | Six-Month Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | Six-Month Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | ($3,765,898 | ) | $8,452,838 | ($1,389,521 | ) | $1,490,511 | ($54,402 | ) | $566,858 | |||||||||||||||||||||||||||||
Net realized gain (loss) | 77,048,862 | 111,873,756 | 30,111,531 | 34,901,107 | (507,884 | ) | 145,674 | |||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (30,686,189 | ) | (23,161,117 | ) | (10,695,799 | ) | 1,005,591 | (1,146,077 | ) | 258,496 | ||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 42,596,775 | 97,165,477 | 18,026,211 | 37,397,209 | (1,708,363 | ) | 971,028 | |||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||||||
Class A | — | (8,314,557 | ) | — | (2,191,024 | ) | — | (98,284 | ) | |||||||||||||||||||||||||||||
Class B | — | (854,443 | ) | — | (170,680 | ) | ||||||||||||||||||||||||||||||||
Class C | — | (3,023,542 | ) | — | (605,589 | ) | — | (55,299 | ) | |||||||||||||||||||||||||||||
Class R | — | (211,322 | ) | — | (77,380 | ) | ||||||||||||||||||||||||||||||||
Advisor Class | — | (269,165 | ) | — | (122,224 | ) | — | (489,276 | ) | |||||||||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||||||
Class A | — | (14,105,079 | ) | — | (5,356,432 | ) | — | — | ||||||||||||||||||||||||||||||
Class B | — | (2,390,612 | ) | — | (830,146 | ) | ||||||||||||||||||||||||||||||||
Class C | — | (8,452,254 | ) | — | (2,902,552 | ) | — | — | ||||||||||||||||||||||||||||||
Class R | — | (415,832 | ) | — | (230,283 | ) | ||||||||||||||||||||||||||||||||
Advisor Class | — | (405,922 | ) | — | (256,767 | ) | — | — | ||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (38,442,728 | ) | — | (12,743,077 | ) | — | (642,859 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 23,152,442 | 51,974,122 | 9,258,218 | 17,680,573 | 1,301,729 | 2,577,620 | ||||||||||||||||||||||||||||||||
Class B | 323,151 | 2,326,243 | 217,900 | 1,055,232 | ||||||||||||||||||||||||||||||||||
Class C | 9,491,781 | 22,707,932 | 4,130,810 | 13,056,528 | 398,539 | 2,068,688 | ||||||||||||||||||||||||||||||||
Class R | 889,916 | 2,363,340 | 486,810 | 1,544,987 | ||||||||||||||||||||||||||||||||||
Advisor Class | 12,074,431 | 6,843,745 | 4,518,877 | 4,131,416 | 12,000,736 | 25,813,307 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | — | 22,209,123 | — | 7,488,586 | — | 92,137 | ||||||||||||||||||||||||||||||||
Class B | — | 3,159,808 | — | 986,595 | ||||||||||||||||||||||||||||||||||
Class C | — | 11,246,878 | — | 3,424,678 | — | 55,259 | ||||||||||||||||||||||||||||||||
Class R | — | 627,154 | — | 307,663 | ||||||||||||||||||||||||||||||||||
Advisor Class | — | 610,159 | — | 362,989 | — | 487,508 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (54,807,160 | ) | (111,400,463 | ) | (12,995,477 | ) | (29,068,542 | ) | (604,263 | ) | (478,948 | ) | ||||||||||||||||||||||||||
Class B | (11,604,201 | ) | (20,370,468 | ) | (3,451,639 | ) | (7,037,527 | ) | ||||||||||||||||||||||||||||||
Class C | (32,034,116 | ) | (83,362,341 | ) | (10,045,166 | ) | (25,517,655 | ) | (98,756 | ) | (540,742 | ) | ||||||||||||||||||||||||||
Class R | (3,297,535 | ) | (3,743,904 | ) | (1,482,761 | ) | (2,178,564 | ) | ||||||||||||||||||||||||||||||
Advisor Class | (3,881,996 | ) | (5,247,841 | ) | (1,581,795 | ) | (2,145,476 | ) | (10,181,998 | ) | (2,514,438 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (59,693,287 | ) | (100,056,513 | ) | (10,944,223 | ) | (15,908,517 | ) | 2,815,987 | 27,560,391 | ||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (17,096,512 | ) | (41,333,764 | ) | 7,081,988 | 8,745,615 | 1,107,624 | 27,888,560 | ||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 993,387,001 | 1,034,720,765 | 332,577,645 | 323,832,030 | 40,857,187 | 12,968,627 | ||||||||||||||||||||||||||||||||
End of Year or Period | $976,290,489 | $993,387,001 | $339,659,633 | $332,577,645 | $41,964,811 | $40,857,187 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | ($5,000,566 | ) | ($1,234,668 | ) | ($1,747,118 | ) | ($357,597 | ) | ($67,928 | ) | ($13,526 | ) |
(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 Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | Six-Month Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | Six-Month Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $5,551,442 | $7,415,954 | $10,411,847 | $20,722,649 | $11,929,980 | $16,428,184 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | (476,688 | ) | 808,998 | (2,849,131 | ) | 3,341,867 | 1,870,975 | 4,492,052 | ||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 192,376 | (4,727,335 | ) | (4,597,494 | ) | (8,743,244 | ) | (3,595,356 | ) | (5,940,593 | ) | |||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 5,267,130 | 3,497,617 | 2,965,222 | 15,321,272 | 10,205,599 | 14,979,643 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||||||
Class A | (1,082,063 | ) | (1,670,968 | ) | (1,793,127 | ) | (3,861,326 | ) | (1,495,101 | ) | (2,533,746 | ) | ||||||||||||||||||||||||||
Class C | (372,529 | ) | (522,455 | ) | (1,129,753 | ) | (2,037,140 | ) | (1,017,048 | ) | (1,592,221 | ) | ||||||||||||||||||||||||||
Class I | (158,143 | ) | (89,609 | ) | (130,312 | ) | (139,896 | ) | (99,882 | ) | (136,861 | ) | ||||||||||||||||||||||||||
Class P | (1,079,313 | ) | (3,205,207 | ) | ||||||||||||||||||||||||||||||||||
Advisor Class | (3,994,236 | ) | (5,007,525 | ) | (6,437,456 | ) | (11,251,230 | ) | (9,469,570 | ) | (11,977,951 | ) | ||||||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||||||
Class A | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class C | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class I | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class P | — | — | ||||||||||||||||||||||||||||||||||||
Advisor Class | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Net Decrease from Dividends and | (5,606,971 | ) | (7,290,557 | ) | (10,569,961 | ) | (20,494,799 | ) | (12,081,601 | ) | (16,240,779 | ) | ||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 13,767,351 | 58,408,543 | 5,821,747 | 30,371,212 | 11,332,273 | 31,105,423 | ||||||||||||||||||||||||||||||||
Class C | 5,487,906 | 15,019,325 | 2,825,951 | 11,003,930 | 6,860,114 | 19,269,415 | ||||||||||||||||||||||||||||||||
Class I | 24,032,884 | 2,696,087 | 10,450,595 | 1,487,585 | 1,409,280 | 2,419,650 | ||||||||||||||||||||||||||||||||
Class P | 886,884 | 1,057,954 | ||||||||||||||||||||||||||||||||||||
Advisor Class | 125,385,891 | 249,409,205 | 81,748,390 | 266,427,285 | 120,423,534 | 301,909,775 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | 914,033 | 1,505,440 | 1,577,259 | 3,401,268 | 1,240,068 | 2,058,751 | ||||||||||||||||||||||||||||||||
Class C | 346,890 | 491,064 | 1,004,117 | 1,813,120 | 853,227 | 1,371,761 | ||||||||||||||||||||||||||||||||
Class I | 157,305 | 89,514 | 129,597 | 139,095 | 98,842 | 134,988 | ||||||||||||||||||||||||||||||||
Class P | 1,079,313 | 3,205,207 | ||||||||||||||||||||||||||||||||||||
Advisor Class | 3,720,405 | 4,566,532 | 4,435,350 | 7,861,439 | 7,083,052 | 9,467,320 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (26,762,830 | ) | (31,774,445 | ) | (41,244,025 | ) | (61,588,358 | ) | (16,422,323 | ) | (28,122,369 | ) | ||||||||||||||||||||||||||
Class C | (7,912,175 | ) | (13,904,093 | ) | (16,734,666 | ) | (31,816,511 | ) | (7,265,074 | ) | (13,321,375 | ) | ||||||||||||||||||||||||||
Class I | (1,529,609 | ) | (1,825,490 | ) | (873,782 | ) | (1,833,325 | ) | (544,353 | ) | (1,106,790 | ) | ||||||||||||||||||||||||||
Class P | (8,695,921 | ) | (59,290,467 | ) | ||||||||||||||||||||||||||||||||||
Advisor Class | (88,336,445 | ) | (141,710,576 | ) | (105,658,943 | ) | (219,522,626 | ) | (84,587,234 | ) | (122,216,357 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 49,271,606 | 142,971,106 | (63,248,134 | ) | (47,283,192 | ) | 40,481,406 | 202,970,192 | ||||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 48,931,765 | 139,178,166 | (70,852,873 | ) | (52,456,719 | ) | 38,605,404 | 201,709,056 | ||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 415,131,679 | 275,953,513 | 692,982,363 | 745,439,082 | 538,418,796 | 336,709,750 | ||||||||||||||||||||||||||||||||
End of Year or Period | $464,063,444 | $415,131,679 | $622,129,490 | $692,982,363 | $577,024,200 | $538,418,796 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $111,245 | $166,774 | $192,379 | $350,493 | $215,642 | $367,263 |
(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 High Income | |||||||||||||||||||||||||
Six-Month Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | Six-Month Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | |||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||
Net investment income (loss) | $40,341,094 | $52,185,397 | $2,049,507 | $1,365,516 | ||||||||||||||||||||||
Net realized gain (loss) | 545,325 | 848,283 | 168,096 | 525,467 | ||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 2,068,799 | (4,167,986 | ) | (159,282 | ) | (968,872 | ) | |||||||||||||||||||
Net Increase (Decrease) in Net Assets | 42,955,218 | 48,865,694 | 2,058,321 | 922,111 | ||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||
Class A | (5,055,906 | ) | (8,455,737 | ) | (154,004 | ) | (287,489 | ) | ||||||||||||||||||
Class C | (3,900,615 | ) | (6,345,408 | ) | (107,640 | ) | (212,556 | ) | ||||||||||||||||||
Class I | (10,244,249 | ) | (10,496,193 | ) | (6,560 | ) | (124,627 | ) | ||||||||||||||||||
Class P | (1,532,488 | ) | (3,251,568 | ) | (1,773,549 | ) | (651,705 | ) | ||||||||||||||||||
Advisor Class | (20,262,295 | ) | (23,304,092 | ) | (71,248 | ) | (123,295 | ) | ||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||||||||||
Class C | — | — | — | — | ||||||||||||||||||||||
Class I | — | — | — | — | ||||||||||||||||||||||
Class P | — | — | — | — | ||||||||||||||||||||||
Advisor Class | — | — | — | — | ||||||||||||||||||||||
Net Decrease from Dividends and | (40,995,553 | ) | (51,852,998 | ) | (2,113,001 | ) | (1,399,672 | ) | ||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||
Class A | 61,874,387 | 83,291,116 | 653,481 | 3,546,975 | ||||||||||||||||||||||
Class C | 33,237,763 | 46,285,914 | 593,727 | 762,952 | ||||||||||||||||||||||
Class I | 236,360,359 | 131,227,624 | 36,755 | 458,335 | ||||||||||||||||||||||
Class P | 1,155,355 | 6,914,472 | 134,713 | 60,058,075 | ||||||||||||||||||||||
Advisor Class | 368,812,872 | 456,907,837 | 835,683 | 1,531,699 | ||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||
Class A | 4,475,466 | 7,678,324 | 150,036 | 283,527 | ||||||||||||||||||||||
Class C | 3,464,305 | 5,716,395 | 104,595 | 210,060 | ||||||||||||||||||||||
Class I | 5,961,468 | 6,157,540 | 6,525 | 124,561 | ||||||||||||||||||||||
Class P | 1,532,488 | 3,251,568 | 1,773,549 | 651,705 | ||||||||||||||||||||||
Advisor Class | 17,477,244 | 20,332,301 | 69,841 | 119,839 | ||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||
Class A | (63,415,568 | ) | (88,619,207 | ) | (867,789 | ) | (3,956,374 | ) | ||||||||||||||||||
Class C | (22,629,212 | ) | (40,876,685 | ) | (998,649 | ) | (1,330,054 | ) | ||||||||||||||||||
Class I | (83,418,473 | ) | (92,405,337 | ) | (18,645 | ) | (5,617,055 | ) | ||||||||||||||||||
Class P | (7,294,224 | ) | (24,098,458 | ) | (16,250,281 | ) | (1,993,459 | ) | ||||||||||||||||||
Advisor Class | (168,225,634 | ) | (210,975,450 | ) | (995,135 | ) | (1,423,922 | ) | ||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 389,368,596 | 310,787,954 | (14,771,594 | ) | 53,426,864 | |||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 391,328,261 | 307,800,650 | (14,826,274 | ) | 52,949,303 | |||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||
Beginning of Year or Period | 1,474,882,784 | 1,167,082,134 | 81,438,834 | 28,489,531 | ||||||||||||||||||||||
End of Year or Period | $1,866,211,045 | $1,474,882,784 | $66,612,560 | $81,438,834 | ||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $219,521 | $873,980 | $30,633 | $94,127 |
(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, 2018 (1) | Year Ended March 31, 2018 | Six-Month Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | Six-Month Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $77,664 | $86,807 | $191,785 | $318,398 | $64,452 | ($236,628 | ) | |||||||||||||||||||||||||||||||
Net realized gain (loss) | 459,948 | 422,128 | 512,400 | 1,291,881 | 6,309,878 | 657,794 | ||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 1,336,264 | 1,000,877 | 854,164 | 1,131,106 | 17,682,602 | 16,333,908 | ||||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 1,873,876 | 1,509,812 | 1,558,349 | 2,741,385 | 24,056,932 | 16,755,074 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||||||
Class A | — | (35,500 | ) | — | (35,012 | ) | — | — | ||||||||||||||||||||||||||||||
Class C | — | (2,093 | ) | — | (25,207 | ) | — | — | ||||||||||||||||||||||||||||||
Advisor Class | — | (40,042 | ) | — | (285,750 | ) | — | — | ||||||||||||||||||||||||||||||
Investor Class | — | (3,345 | ) | — | (1,526 | ) | — | — | ||||||||||||||||||||||||||||||
Class S | — | (9,360 | ) | — | (25,707 | ) | — | — | ||||||||||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||||||
Class A | — | (30,938 | ) | — | (69,181 | ) | — | (20,277 | ) | |||||||||||||||||||||||||||||
Class C | — | (23,450 | ) | — | (94,471 | ) | — | (14,961 | ) | |||||||||||||||||||||||||||||
Advisor Class | — | (38,500 | ) | — | (496,519 | ) | — | (150,439 | ) | |||||||||||||||||||||||||||||
Investor Class | — | (4,283 | ) | — | (2,272 | ) | — | (8,905 | ) | |||||||||||||||||||||||||||||
Class S | — | (3,547 | ) | — | (37,097 | ) | — | (10,307 | ) | |||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (191,058 | ) | — | (1,072,742 | ) | — | (204,889 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 2,328,758 | 2,836,240 | 657,728 | 1,653,951 | 9,052,255 | 15,490,343 | ||||||||||||||||||||||||||||||||
Class C | 768,718 | 1,039,440 | 535,509 | 1,510,001 | 3,288,553 | 8,607,340 | ||||||||||||||||||||||||||||||||
Advisor Class | 917,599 | 9,049,665 | 140,263 | 1,451,424 | 56,473,527 | 118,174,037 | ||||||||||||||||||||||||||||||||
Investor Class | 21 | 377,037 | — | 23,121 | 637,611 | 4,781,673 | ||||||||||||||||||||||||||||||||
Class S | — | 356,031 | 15,000 | 494,965 | — | 491,152 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | — | 65,908 | — | 101,722 | — | 19,606 | ||||||||||||||||||||||||||||||||
Class C | — | 22,688 | — | 105,137 | — | 14,371 | ||||||||||||||||||||||||||||||||
Advisor Class | — | 76,302 | — | 777,555 | — | 147,311 | ||||||||||||||||||||||||||||||||
Investor Class | — | 7,628 | — | 3,798 | — | 8,905 | ||||||||||||||||||||||||||||||||
Class S | — | 12,907 | — | 62,804 | — | 10,307 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (814,274 | ) | (2,988,482 | ) | (319,024 | ) | (1,189,450 | ) | (10,755,272 | ) | (14,661,733 | ) | ||||||||||||||||||||||||||
Class C | (371,199 | ) | (640,775 | ) | (887,125 | ) | (552,537 | ) | (1,524,531 | ) | (1,682,738 | ) | ||||||||||||||||||||||||||
Advisor Class | (954,043 | ) | (3,725,130 | ) | (234,749 | ) | (8,592,650 | ) | (23,342,442 | ) | (23,352,704 | ) | ||||||||||||||||||||||||||
Investor Class | (138,888 | ) | (270,990 | ) | (3,085 | ) | (21,651 | ) | (2,180,734 | ) | (5,902,271 | ) | ||||||||||||||||||||||||||
Class S | (102,966 | ) | (897,495 | ) | (120,583 | ) | (40,946 | ) | (91,333 | ) | (37,472 | ) | ||||||||||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||||||||
Class A (2) | 336,632 | — | 106,330 | — | 5,349,094 | — | ||||||||||||||||||||||||||||||||
Investor Class (2) | (336,632 | ) | — | (106,330 | ) | — | (5,349,094 | ) | — | |||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 1,633,726 | 5,320,974 | (216,066 | ) | (4,212,756 | ) | 31,557,634 | 102,108,127 | ||||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 3,507,602 | 6,639,728 | 1,342,283 | (2,544,113 | ) | 55,614,566 | 118,658,312 | |||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 17,702,857 | 11,063,129 | 29,324,726 | 31,868,839 | 230,000,794 | 111,342,482 | ||||||||||||||||||||||||||||||||
End of Year or Period | $21,210,459 | $17,702,857 | $30,667,009 | $29,324,726 | $285,615,360 | $230,000,794 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $95,135 | $17,471 | $241,208 | $49,423 | $64,452 | $— |
(1) | Unaudited. |
(2) | Investor Class shares were converted to Class A shares on July 31, 2018 (see Note 1 in Notes to Financial Statements). |
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, 2018 (1) | Year Ended March 31, 2018 | Six-Month Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | Six-Month Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | |||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $5,513 | ($1,502 | ) | $86,635 | $111,562 | ($94,455 | ) | ($149,089 | ) | |||||||||||||||||||||||||||||
Net realized gain (loss) | 898,424 | 271,077 | 1,952,360 | 2,665,440 | 3,622,263 | 2,754,520 | ||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 1,107,673 | 1,124,666 | (340,280 | ) | (874,669 | ) | 3,986,521 | 1,827,259 | ||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 2,011,610 | 1,394,241 | 1,698,715 | 1,902,333 | 7,514,329 | 4,432,690 | ||||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||||||||
Class A | — | (1,364 | ) | — | (2,806 | ) | — | — | ||||||||||||||||||||||||||||||
Class C | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Class P | — | — | ||||||||||||||||||||||||||||||||||||
Advisor Class | — | (8,019 | ) | — | (89,039 | ) | — | — | ||||||||||||||||||||||||||||||
Investor Class | — | — | — | (354 | ) | — | — | |||||||||||||||||||||||||||||||
Class S | — | — | — | (60,605 | ) | — | — | |||||||||||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||||||||
Class A | — | (25,601 | ) | — | (93,928 | ) | — | (20,463 | ) | |||||||||||||||||||||||||||||
Class C | — | (14,438 | ) | — | (126,239 | ) | — | (23,761 | ) | |||||||||||||||||||||||||||||
Class P | — | (482,393 | ) | |||||||||||||||||||||||||||||||||||
Advisor Class | — | (204,616 | ) | — | (1,716,659 | ) | — | (505,887 | ) | |||||||||||||||||||||||||||||
Investor Class | — | (47 | ) | — | (6,608 | ) | — | (50,324 | ) | |||||||||||||||||||||||||||||
Class S | — | (5,916 | ) | — | (823,893 | ) | — | (430,196 | ) | |||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (260,001 | ) | — | (2,920,131 | ) | — | (1,513,024 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||||||||
Class A | 635,044 | 1,248,952 | 245,840 | 820,522 | 563,937 | 322,272 | ||||||||||||||||||||||||||||||||
Class C | 330,076 | 347,384 | 420,752 | 857,695 | 211,320 | 594,445 | ||||||||||||||||||||||||||||||||
Class P | 11,701,301 | 15,447,521 | ||||||||||||||||||||||||||||||||||||
Advisor Class | 4,681,445 | 7,913,651 | 1,150,183 | 2,581,805 | 366,012 | 2,024,783 | ||||||||||||||||||||||||||||||||
Investor Class | 362,923 | 3,164,853 | 39,672 | 119,544 | 202 | 190,193 | ||||||||||||||||||||||||||||||||
Class S | — | 304,126 | — | 455,387 | — | 738,140 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||||||||
Class A | — | 22,792 | — | 95,628 | — | 20,463 | ||||||||||||||||||||||||||||||||
Class C | — | 14,438 | — | 126,228 | — | 23,761 | ||||||||||||||||||||||||||||||||
Class P | — | 482,393 | ||||||||||||||||||||||||||||||||||||
Advisor Class | — | 150,773 | — | 1,778,765 | — | 505,887 | ||||||||||||||||||||||||||||||||
Investor Class | — | 47 | — | 6,962 | — | 50,324 | ||||||||||||||||||||||||||||||||
Class S | — | 5,916 | — | 884,498 | — | 430,196 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||||||||
Class A | (872,412 | ) | (757,281 | ) | (42,407 | ) | (518,797 | ) | (78,815 | ) | (191,258 | ) | ||||||||||||||||||||||||||
Class C | (157,792 | ) | (271,294 | ) | (502,474 | ) | (466,654 | ) | (264,578 | ) | (77,739 | ) | ||||||||||||||||||||||||||
Class P | (3,728,025 | ) | (2,042,042 | ) | ||||||||||||||||||||||||||||||||||
Advisor Class | (1,877,670 | ) | (2,556,841 | ) | (672,665 | ) | (8,873,257 | ) | (155,309 | ) | (3,478,137 | ) | ||||||||||||||||||||||||||
Investor Class | (168,462 | ) | (613,752 | ) | (8,109 | ) | (165,781 | ) | — | (22,005 | ) | |||||||||||||||||||||||||||
Class S | (53,790 | ) | (15,132 | ) | (60,300 | ) | (1,012,550 | ) | (147,710 | ) | (1,050,902 | ) | ||||||||||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||||||||
Class A (2) | 3,512,299 | — | 201,962 | — | 1,611,351 | — | ||||||||||||||||||||||||||||||||
Investor Class (2) | (3,512,299 | ) | — | (201,962 | ) | — | (1,611,351 | ) | — | |||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 2,879,362 | 8,958,632 | 570,492 | (3,310,005 | ) | 8,468,335 | 13,968,295 | |||||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 4,890,972 | 10,092,872 | 2,269,207 | (4,327,803 | ) | 15,982,664 | 16,887,961 | |||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 21,478,464 | 11,385,592 | 27,998,634 | 32,326,437 | 54,129,171 | 37,241,210 | ||||||||||||||||||||||||||||||||
End of Year or Period | $26,369,436 | $21,478,464 | $30,267,841 | $27,998,634 | $70,111,835 | $54,129,171 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $5,513 | $— | $88,174 | $1,539 | ($137,321 | ) | ($42,866 | ) |
(1) | Unaudited. |
(2) | Investor Class shares were converted to Class A shares on July 31, 2018 (see Note 1 in Notes to Financial Statements). |
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $11.24 | ($0.00 | )(7) | $0.04 | $0.04 | $— | $— | $— | $11.28 | 0.68 | % | 0.60 | % | (0.07 | %) | 0.36 | % | $122,535 | 10 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.98 | 0.25 | 0.26 | 0.51 | (0.25 | ) | — | (0.25 | ) | 11.24 | 0.68 | % | 0.60 | % | 2.18 | % | 4.60 | % | 131,023 | 30 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $11.00 | ($0.05 | ) | $0.05 | $— | $— | $— | $— | $11.00 | 1.43 | % | 1.35 | % | (0.82 | %) | 0.00 | % | $20,656 | 10 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.76 | 0.16 | 0.26 | 0.42 | (0.18 | ) | — | (0.18 | ) | 11.00 | 1.43 | % | 1.35 | % | 1.43 | % | 3.78 | % | 24,600 | 30 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $11.00 | ($0.05 | ) | $0.04 | ($0.01 | ) | $— | $— | $— | $10.99 | 1.43 | % | 1.35 | % | (0.82 | %) | (0.09 | %) | $123,988 | 10 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.76 | 0.16 | 0.26 | 0.42 | (0.18 | ) | — | (0.18 | ) | 11.00 | 1.43 | % | 1.35 | % | 1.43 | % | 3.89 | % | 137,036 | 30 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $11.16 | ($0.02 | ) | $0.04 | $0.02 | $— | $— | $— | $11.18 | 0.93 | % | 0.85 | % | (0.32 | %) | 0.18 | % | $4,809 | 10 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.90 | 0.22 | 0.26 | 0.48 | (0.22 | ) | — | (0.22 | ) | 11.16 | 0.93 | % | 0.85 | % | 1.93 | % | 4.37 | % | 5,014 | 30 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $11.26 | $0.01 | $0.05 | $0.06 | $— | $— | $— | $11.32 | 0.43 | % | 0.35 | % | 0.18 | % | 0.53 | % | $7,617 | 10 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.00 | 0.28 | 0.25 | 0.53 | (0.27 | ) | — | (0.27 | ) | 11.26 | 0.43 | % | 0.35 | % | 2.43 | % | 4.79 | % | 8,135 | 30 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $12.58 | ($0.01 | ) | $0.17 | $0.16 | $— | $— | $— | $12.74 | 0.67 | % | 0.60 | % | (0.17 | %) | 1.27 | % | $213,472 | 16 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 12.21 | 0.25 | 0.53 | 0.78 | (0.27 | ) | (0.14 | ) | (0.41 | ) | 12.58 | 0.67 | % | 0.60 | % | 1.95 | % | 6.36 | % | 227,420 | 30 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $12.35 | ($0.06 | ) | $0.17 | $0.11 | $— | $— | $— | $12.46 | 1.42 | % | 1.35 | % | (0.92 | %) | 0.89 | % | $33,877 | 16 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 12.01 | 0.15 | 0.52 | 0.67 | (0.19 | ) | (0.14 | ) | (0.33 | ) | 12.35 | 1.42 | % | 1.35 | % | 1.20 | % | 5.58 | % | 39,004 | 30 | % | ||||||||||||||||||||||||||||||||||
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 | % |
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $12.34 | ($0.06 | ) | $0.17 | $0.11 | $— | $— | $— | $12.45 | 1.42 | % | 1.35 | % | (0.92 | %) | 0.89 | % | $158,655 | 16 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 12.00 | 0.15 | 0.52 | 0.67 | (0.19 | ) | (0.14 | ) | (0.33 | ) | 12.34 | 1.42 | % | 1.35 | % | 1.20 | % | 5.60 | % | 174,766 | 30 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $12.50 | ($0.03 | ) | $0.17 | $0.14 | $— | $— | $— | $12.64 | 0.92 | % | 0.85 | % | (0.42 | %) | 1.12 | % | $5,084 | 16 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 12.14 | 0.21 | 0.53 | 0.74 | (0.24 | ) | (0.14 | ) | (0.38 | ) | 12.50 | 0.92 | % | 0.85 | % | 1.70 | % | 6.11 | % | 5,146 | 30 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $12.62 | $0.01 | $0.16 | $0.17 | $— | $— | $— | $12.79 | 0.42 | % | 0.35 | % | 0.08 | % | 1.35 | % | $6,697 | 16 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 12.24 | 0.28 | 0.53 | 0.81 | (0.29 | ) | (0.14 | ) | (0.43 | ) | 12.62 | 0.42 | % | 0.35 | % | 2.20 | % | 6.62 | % | 5,196 | 30 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $14.26 | ($0.02 | ) | $0.47 | $0.45 | $— | $— | $— | $14.71 | 0.66 | % | 0.60 | % | (0.33 | %) | 3.16 | % | $675,699 | 17 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 13.67 | 0.20 | 0.94 | 1.14 | (0.24 | ) | (0.31 | ) | (0.55 | ) | 14.26 | 0.66 | % | 0.60 | % | 1.40 | % | 8.36 | % | 690,689 | 36 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $14.06 | ($0.08 | ) | $0.47 | $0.39 | $— | $— | $— | $14.45 | 1.41 | % | 1.35 | % | (1.08 | %) | 2.70 | % | $108,870 | 17 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 13.52 | 0.09 | 0.92 | 1.01 | (0.16 | ) | (0.31 | ) | (0.47 | ) | 14.06 | 1.41 | % | 1.35 | % | 0.65 | % | 7.53 | % | 119,870 | 36 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $14.04 | ($0.08 | ) | $0.47 | $0.39 | $— | $— | $— | $14.43 | 1.41 | % | 1.35 | % | (1.08 | %) | 2.78 | % | $444,284 | 17 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 13.50 | 0.09 | 0.92 | 1.01 | (0.16 | ) | (0.31 | ) | (0.47 | ) | 14.04 | 1.41 | % | 1.35 | % | 0.65 | % | 7.47 | % | 465,913 | 36 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $14.21 | ($0.04 | ) | $0.47 | $0.43 | $— | $— | $— | $14.64 | 0.91 | % | 0.85 | % | (0.58 | %) | 3.03 | % | $23,471 | 17 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 13.64 | 0.16 | 0.99 | 1.15 | (0.27 | ) | (0.31 | ) | (0.58 | ) | 14.21 | 0.91 | % | 0.85 | % | 1.15 | % | 8.05 | % | 24,165 | 36 | % | ||||||||||||||||||||||||||||||||||
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 | % |
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $14.29 | ($0.01 | ) | $0.48 | $0.47 | $— | $— | $— | $14.76 | 0.41 | % | 0.35 | % | (0.08 | %) | 3.29 | % | $29,236 | 17 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 13.69 | 0.24 | 0.89 | 1.13 | (0.22 | ) | (0.31 | ) | (0.53 | ) | 14.29 | 0.41 | % | 0.35 | % | 1.65 | % | 8.54 | % | 23,088 | 36 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $15.46 | ($0.04 | ) | $0.75 | $0.71 | $— | $— | $— | $16.17 | 0.66 | % | 0.60 | % | (0.46 | %) | 4.59 | % | $548,507 | 25 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 14.61 | 0.18 | 1.30 | 1.48 | (0.23 | ) | (0.40 | ) | (0.63 | ) | 15.46 | 0.66 | % | 0.60 | % | 1.14 | % | 10.10 | % | 555,328 | 39 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $15.23 | ($0.09 | ) | $0.72 | $0.63 | $— | $— | $— | $15.86 | 1.41 | % | 1.35 | % | (1.21 | %) | 4.14 | % | $81,084 | 25 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 14.42 | 0.06 | 1.29 | 1.35 | (0.14 | ) | (0.40 | ) | (0.54 | ) | 15.23 | 1.41 | % | 1.35 | % | 0.39 | % | 9.33 | % | 88,937 | 39 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $15.18 | ($0.09 | ) | $0.72 | $0.63 | $— | $— | $— | $15.81 | 1.41 | % | 1.35 | % | (1.21 | %) | 4.15 | % | $307,624 | 25 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 14.38 | 0.06 | 1.28 | 1.34 | (0.14 | ) | (0.40 | ) | (0.54 | ) | 15.18 | 1.41 | % | 1.35 | % | 0.39 | % | 9.29 | % | 317,342 | 39 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $15.42 | ($0.06 | ) | $0.74 | $0.68 | $— | $— | $— | $16.10 | 0.91 | % | 0.85 | % | (0.71 | %) | 4.41 | % | $13,715 | 25 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 14.57 | 0.14 | 1.31 | 1.45 | (0.20 | ) | (0.40 | ) | (0.60 | ) | 15.42 | 0.91 | % | 0.85 | % | 0.89 | % | 9.86 | % | 15,501 | 39 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $15.51 | ($0.02 | ) | $0.74 | $0.72 | $— | $— | $— | $16.23 | 0.41 | % | 0.35 | % | (0.21 | %) | 4.64 | % | $25,361 | 25 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 14.64 | 0.22 | 1.31 | 1.53 | (0.26 | ) | (0.40 | ) | (0.66 | ) | 15.51 | 0.41 | % | 0.35 | % | 1.39 | % | 10.42 | % | 16,280 | 39 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $17.03 | ($0.05 | ) | $1.01 | $0.96 | $— | $— | $— | $17.99 | 0.68 | % | 0.60 | % | (0.55 | %) | 5.64 | % | $196,848 | 26 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 15.79 | 0.12 | 1.81 | 1.93 | (0.20 | ) | (0.49 | ) | (0.69 | ) | 17.03 | 0.68 | % | 0.60 | % | 0.74 | % | 12.17 | % | 189,903 | 41 | % | ||||||||||||||||||||||||||||||||||
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 | % |
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 - 3/31/2018 (6) | $16.62 | ($0.11 | ) | $0.99 | $0.88 | $— | $— | $— | $17.50 | 1.43 | % | 1.35 | % | (1.30 | %) | 5.29 | % | $25,262 | 26 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 15.46 | (0.00 | )(7) | 1.75 | 1.75 | (0.10 | ) | (0.49 | ) | (0.59 | ) | 16.62 | 1.43 | % | 1.35 | % | (0.01 | %) | 11.35 | % | 27,173 | 41 | % | |||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 (6) | $16.59 | ($0.11 | ) | $0.98 | $0.87 | $— | $— | $— | $17.46 | 1.43 | % | 1.35 | % | (1.30 | %) | 5.24 | % | $96,968 | 26 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 15.43 | (0.00 | )(7) | 1.75 | 1.75 | (0.10 | ) | (0.49 | ) | (0.59 | ) | 16.59 | 1.43 | % | 1.35 | % | (0.01 | %) | 11.39 | % | 97,877 | 41 | % | |||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 (6) | $16.91 | ($0.07 | ) | $1.00 | $0.93 | $— | $— | $— | $17.84 | 0.93 | % | 0.85 | % | (0.80 | %) | 5.50 | % | $6,950 | 26 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 15.70 | 0.08 | 1.79 | 1.87 | (0.17 | ) | (0.49 | ) | (0.66 | ) | 16.91 | 0.93 | % | 0.85 | % | 0.49 | % | 11.92 | % | 7,558 | 41 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 (6) | $17.07 | ($0.03 | ) | $1.02 | $0.99 | $— | $— | $— | $18.06 | 0.43 | % | 0.35 | % | (0.30 | %) | 5.80 | % | $13,632 | 26 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 15.82 | 0.17 | 1.80 | 1.97 | (0.23 | ) | (0.49 | ) | (0.72 | ) | 17.07 | 0.43 | % | 0.35 | % | 0.99 | % | 12.48 | % | 10,067 | 41 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
Pacific Funds Diversified Alternatives | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $9.95 | ($0.02 | ) | ($0.38 | ) | ($0.40 | ) | $— | $— | $— | $9.55 | 0.85 | % | 0.85 | % | (0.40 | %) | (4.02 | %) | $5,378 | 21 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 9.70 | 0.23 | 0.26 | 0.49 | (0.24 | ) | — | (0.24 | ) | 9.95 | 0.85 | % | 0.85 | % | 2.36 | % | 5.13 | % | 4,904 | 20 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $9.77 | ($0.05 | ) | ($0.37 | ) | ($0.42 | ) | $— | $— | $— | $9.35 | 1.60 | % | 1.60 | % | (1.15 | %) | (4.40 | %) | $3,231 | 21 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 9.57 | 0.16 | 0.24 | 0.40 | (0.20 | ) | — | (0.20 | ) | 9.77 | 1.60 | % | 1.60 | % | 1.61 | % | 4.31 | % | 3,070 | 20 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $9.98 | ($0.01 | ) | ($0.37 | ) | ($0.38 | ) | $— | $— | $— | $9.60 | 0.60 | % | 0.60 | % | (0.15 | %) | (3.90 | %) | $33,356 | 21 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 9.73 | 0.26 | 0.25 | 0.51 | (0.26 | ) | — | (0.26 | ) | 9.98 | 0.60 | % | 0.60 | % | 2.61 | % | 5.38 | % | 32,883 | 20 | % | |||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.24 | $0.13 | ($0.01 | ) | $0.12 | ($0.13 | ) | $— | ($0.13 | ) | $10.23 | 1.03 | % | 0.75 | % | 2.45 | % | 1.14 | % | $82,050 | 39 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.32 | 0.21 | (0.09 | ) | 0.12 | (0.20 | ) | — | (0.20 | ) | 10.24 | 1.04 | % | 0.75 | % | 2.03 | % | 1.18 | % | 94,197 | 76 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.22 | $0.09 | ($0.01 | ) | $0.08 | ($0.09 | ) | $— | ($0.09 | ) | $10.21 | 1.78 | % | 1.50 | % | 1.70 | % | 0.77 | % | $42,227 | 39 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.30 | 0.13 | (0.09 | ) | 0.04 | (0.12 | ) | — | (0.12 | ) | 10.22 | 1.79 | % | 1.50 | % | 1.28 | % | 0.43 | % | 44,337 | 76 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.22 | $0.14 | $0.00 | (7) | $0.14 | ($0.14 | ) | $— | ($0.14 | ) | $10.22 | 0.63 | % | 0.50 | % | 2.70 | % | 1.37 | % | $26,963 | 39 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.30 | 0.24 | (0.09 | ) | 0.15 | (0.23 | ) | — | (0.23 | ) | 10.22 | 0.64 | % | 0.50 | % | 2.28 | % | 1.43 | % | 4,329 | 76 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.24 | $0.14 | ($0.01 | ) | $0.13 | ($0.14 | ) | $— | ($0.14 | ) | $10.23 | 0.78 | % | 0.50 | % | 2.70 | % | 1.26 | % | $312,824 | 39 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.32 | 0.24 | (0.09 | ) | 0.15 | (0.23 | ) | — | (0.23 | ) | 10.24 | 0.79 | % | 0.50 | % | 2.28 | % | 1.43 | % | 272,268 | 76 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Pacific Funds Core Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.45 | $0.16 | ($0.11 | ) | $0.05 | ($0.16 | ) | $— | ($0.16 | ) | $10.34 | 1.13 | % | 0.85 | % | 3.10 | % | 0.53 | % | $96,734 | 46 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.51 | 0.28 | (0.06 | ) | 0.22 | (0.28 | ) | — | (0.28 | ) | 10.45 | 1.12 | % | 0.85 | % | 2.62 | % | 2.05 | % | 132,006 | 91 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.46 | $0.12 | ($0.11 | ) | $0.01 | ($0.13 | ) | $— | ($0.13 | ) | $10.34 | 1.88 | % | 1.60 | % | 2.35 | % | 0.06 | % | $87,157 | 46 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.51 | 0.20 | (0.05 | ) | 0.15 | (0.20 | ) | — | (0.20 | ) | 10.46 | 1.87 | % | 1.60 | % | 1.87 | % | 1.38 | % | 101,156 | 91 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.46 | $0.18 | ($0.11 | ) | $0.07 | ($0.18 | ) | $— | ($0.18 | ) | $10.35 | 0.73 | % | 0.55 | % | 3.40 | % | 0.58 | % | $13,975 | 46 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.52 | 0.31 | (0.06 | ) | 0.25 | (0.31 | ) | — | (0.31 | ) | 10.46 | 0.72 | % | 0.55 | % | 2.92 | % | 2.35 | % | 4,339 | 91 | % | ||||||||||||||||||||||||||||||||||
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 | % |
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.49 | $0.18 | ($0.11 | ) | $0.07 | ($0.18 | ) | $— | ($0.18 | ) | $10.38 | 0.73 | % | 0.55 | % | 3.40 | % | 0.59 | % | $59,296 | 46 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.55 | 0.31 | (0.07 | ) | 0.24 | (0.30 | ) | — | (0.30 | ) | 10.49 | 0.72 | % | 0.60 | % | 2.87 | % | 2.29 | % | 66,750 | 91 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.48 | $0.18 | ($0.12 | ) | $0.06 | ($0.18 | ) | $— | ($0.18 | ) | $10.36 | 0.88 | % | 0.55 | % | 3.40 | % | 0.58 | % | $364,969 | 46 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.53 | 0.31 | (0.05 | ) | 0.26 | (0.31 | ) | — | (0.31 | ) | 10.48 | 0.87 | % | 0.55 | % | 2.92 | % | 2.45 | % | 388,730 | 91 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||
Pacific Funds Strategic Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.71 | $0.22 | ($0.04 | ) | $0.18 | ($0.22 | ) | $— | ($0.22 | ) | $10.67 | 1.23 | % | 0.95 | % | 4.14 | % | 1.74 | % | $67,844 | 55 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.68 | 0.40 | 0.02 | 0.42 | (0.39 | ) | — | (0.39 | ) | 10.71 | 1.23 | % | 0.95 | % | 3.70 | % | 3.95 | % | 71,948 | 94 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.69 | $0.18 | ($0.03 | ) | $0.15 | ($0.19 | ) | $— | ($0.19 | ) | $10.65 | 1.98 | % | 1.65 | % | 3.44 | % | 1.39 | % | $57,634 | 55 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.66 | 0.32 | 0.02 | 0.34 | (0.31 | ) | — | (0.31 | ) | 10.69 | 1.98 | % | 1.65 | % | 3.00 | % | 3.25 | % | 57,389 | 94 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.65 | $0.24 | ($0.04 | ) | $0.20 | ($0.24 | ) | $— | ($0.24 | ) | $10.61 | 0.83 | % | 0.65 | % | 4.44 | % | 1.90 | % | $4,833 | 55 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.62 | 0.43 | 0.02 | 0.45 | (0.42 | ) | — | (0.42 | ) | 10.65 | 0.83 | % | 0.65 | % | 4.00 | % | 4.28 | % | 3,882 | 94 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.71 | $0.24 | ($0.04 | ) | $0.20 | ($0.24 | ) | $— | ($0.24 | ) | $10.67 | 0.98 | % | 0.70 | % | 4.39 | % | 1.87 | % | $446,713 | 55 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.68 | 0.43 | 0.02 | 0.45 | (0.42 | ) | — | (0.42 | ) | 10.71 | 0.98 | % | 0.70 | % | 3.95 | % | 4.21 | % | 405,200 | 94 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Pacific Funds Floating Rate Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.12 | $0.23 | $0.01 | $0.24 | ($0.23 | ) | $— | ($0.23 | ) | $10.13 | 1.28 | % | 1.01 | %(8) | 4.58 | % | 2.44 | % | $212,136 | 71 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.15 | 0.42 | (0.04 | ) | 0.38 | (0.41 | ) | — | (0.41 | ) | 10.12 | 1.28 | % | 1.01 | % | 4.11 | % | 3.85 | % | 209,034 | 158 | % | ||||||||||||||||||||||||||||||||||
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 | % |
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.10 | $0.20 | $0.01 | $0.21 | ($0.20 | ) | $— | ($0.20 | ) | $10.11 | 2.03 | % | 1.71 | %(8) | 3.88 | % | 2.09 | % | $205,501 | 71 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.13 | 0.34 | (0.03 | ) | 0.31 | (0.34 | ) | — | (0.34 | ) | 10.10 | 2.03 | % | 1.71 | % | 3.41 | % | 3.14 | % | 191,239 | 158 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.14 | $0.25 | $0.01 | $0.26 | ($0.25 | ) | $— | ($0.25 | ) | $10.15 | 0.88 | % | 0.71 | %(8) | 4.88 | % | 2.60 | % | $453,831 | 71 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.16 | 0.45 | (0.03 | ) | 0.42 | (0.44 | ) | — | (0.44 | ) | 10.14 | 0.88 | % | 0.71 | % | 4.41 | % | 4.25 | % | 294,352 | 158 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.14 | $0.25 | $0.01 | $0.26 | ($0.25 | ) | $— | ($0.25 | ) | $10.15 | 0.88 | % | 0.71 | %(8) | 4.88 | % | 2.59 | % | $60,006 | 71 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.16 | 0.44 | (0.02 | ) | 0.42 | (0.44 | ) | — | (0.44 | ) | 10.14 | 0.88 | % | 0.76 | % | 4.36 | % | 4.20 | % | 64,557 | 158 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.16 | $0.25 | $0.01 | $0.26 | ($0.25 | ) | $— | ($0.25 | ) | $10.17 | 1.03 | % | 0.76 | %(8) | 4.83 | % | 2.57 | % | $934,738 | 71 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.18 | 0.44 | (0.02 | ) | 0.42 | (0.44 | ) | — | (0.44 | ) | 10.16 | 1.03 | % | 0.76 | % | 4.36 | % | 4.20 | % | 715,700 | 158 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Pacific Funds High Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.23 | $0.28 | $0.00 | (7) | $0.28 | ($0.29 | ) | $— | ($0.29 | ) | $10.22 | 1.30 | % | 0.95 | % | 5.41 | % | 2.76 | % | $5,393 | 23 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.29 | 0.50 | (0.03 | ) | 0.47 | (0.53 | ) | — | (0.53 | ) | 10.23 | 1.46 | % | 0.95 | % | 4.82 | % | 4.66 | % | 5,463 | 72 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.21 | $0.24 | $0.00 | (7) | $0.24 | ($0.25 | ) | $— | ($0.25 | ) | $10.20 | 2.05 | % | 1.65 | % | 4.71 | % | 2.40 | % | $4,110 | 23 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.28 | 0.43 | (0.04 | ) | 0.39 | (0.46 | ) | — | (0.46 | ) | 10.21 | 2.21 | % | 1.65 | % | 4.12 | % | 3.84 | % | 4,418 | 72 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.14 | $0.29 | $0.00 | (7) | $0.29 | ($0.30 | ) | $— | ($0.30 | ) | $10.13 | 0.90 | % | 0.70 | % | 5.66 | % | 2.91 | % | $235 | 23 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.21 | 0.52 | (0.02 | ) | 0.50 | (0.57 | ) | — | (0.57 | ) | 10.14 | 1.07 | % | 0.70 | % | 5.07 | % | 4.95 | % | 211 | 72 | % | ||||||||||||||||||||||||||||||||||
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 | % |
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 High Income (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.14 | $0.29 | $0.00 | (7) | $0.29 | ($0.30 | ) | $— | ($0.30 | ) | $10.13 | 0.90 | % | 0.70 | % | 5.66 | % | 2.91 | % | $54,464 | 23 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.20 | 0.52 | (0.02 | ) | 0.50 | (0.56 | ) | — | (0.56 | ) | 10.14 | 1.06 | % | 0.73 | % | 5.04 | % | 4.92 | % | 68,844 | 72 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $10.24 | $0.29 | $0.00 | (7) | $0.29 | ($0.30 | ) | $— | ($0.30 | ) | $10.23 | 1.05 | % | 0.70 | % | 5.66 | % | 2.88 | % | $2,410 | 23 | % | ||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.30 | 0.53 | (0.03 | ) | 0.50 | (0.56 | ) | — | (0.56 | ) | 10.24 | 1.21 | % | 0.70 | % | 5.07 | % | 4.91 | % | 2,503 | 72 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
Pacific Funds Large-Cap (9), (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $12.28 | $0.06 | $1.22 | $1.28 | $— | $— | $— | $13.56 | 1.61 | % | 1.00 | % | 0.84 | % | 10.42 | % | $7,378 | 36 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.08 | 0.08 | 1.30 | 1.38 | (0.10 | ) | (0.08 | ) | (0.18 | ) | 12.28 | 1.73 | % | 1.00 | % | 0.69 | % | 12.43 | % | 4,939 | 98 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $12.22 | $0.01 | $1.22 | $1.23 | $— | $— | $— | $13.45 | 2.36 | % | 1.75 | % | 0.10 | % | 10.07 | % | $4,313 | 36 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.03 | (0.01 | ) | 1.29 | 1.28 | (0.01 | ) | (0.08 | ) | (0.09 | ) | 12.22 | 2.48 | % | 1.75 | % | (0.06 | %) | 11.60 | % | 3,545 | 98 | % | |||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $12.37 | $0.07 | $1.24 | $1.31 | $— | $— | $— | $13.68 | 1.36 | % | 0.75 | % | 1.10 | % | 10.59 | % | $8,861 | 36 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.11 | 0.12 | 1.30 | 1.42 | (0.08 | ) | (0.08 | ) | (0.16 | ) | 12.37 | 1.48 | % | 0.75 | % | 0.94 | % | 12.83 | % | 8,070 | 98 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $12.15 | $0.08 | $1.21 | $1.29 | $— | $— | $— | $13.44 | 1.21 | % | 0.65 | % | 1.20 | % | 10.62 | % | $658 | 36 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.03 | 0.12 | 1.30 | 1.42 | (0.22 | ) | (0.08 | ) | (0.30 | ) | 12.15 | 1.33 | % | 0.65 | % | 1.04 | % | 12.85 | % | 692 | 98 | % | ||||||||||||||||||||||||||||||||||
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 | )(11) | — | (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 (9), (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $11.34 | $0.07 | $0.53 | $0.60 | $— | $— | $— | $11.94 | 1.48 | % | 1.10 | % | 1.19 | % | 5.29 | % | $3,937 | 15 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.75 | 0.11 | 0.86 | 0.97 | (0.13 | ) | (0.25 | ) | (0.38 | ) | 11.34 | 1.47 | % | 1.10 | % | 0.96 | % | 9.03 | % | 3,304 | 50 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $11.25 | $0.03 | $0.52 | $0.55 | $— | $— | $— | $11.80 | 2.23 | % | 1.85 | % | 0.44 | % | 4.89 | % | $4,178 | 15 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.69 | 0.02 | 0.86 | 0.88 | (0.07 | ) | (0.25 | ) | (0.32 | ) | 11.25 | 2.22 | % | 1.85 | % | 0.21 | % | 8.16 | % | 4,327 | 50 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $11.37 | $0.08 | $0.54 | $0.62 | $— | $— | $— | $11.99 | 1.23 | % | 0.85 | % | 1.44 | % | 5.45 | % | $20,590 | 15 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.78 | 0.14 | 0.87 | 1.01 | (0.17 | ) | (0.25 | ) | (0.42 | ) | 11.37 | 1.22 | % | 0.85 | % | 1.21 | % | 9.33 | % | 19,624 | 50 | % | ||||||||||||||||||||||||||||||||||
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 | % |
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 Value (Continued) (9), (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $11.34 | $0.09 | $0.53 | $0.62 | $— | $— | $— | $11.96 | 1.08 | % | 0.75 | % | 1.54 | % | 5.47 | % | $1,961 | 15 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.75 | 0.15 | 0.86 | 1.01 | (0.17 | ) | (0.25 | ) | (0.42 | ) | 11.34 | 1.07 | % | 0.75 | % | 1.31 | % | 9.36 | % | 1,963 | 50 | % | ||||||||||||||||||||||||||||||||||
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 (9), (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $13.23 | ($0.01 | ) | $1.28 | $1.27 | $— | $— | $— | $14.50 | 1.49 | % | 1.30 | % | (0.11 | %) | 9.60 | % | $27,143 | 13 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.93 | (0.04 | ) | 1.35 | 1.31 | — | (0.01 | ) | (0.01 | ) | 13.23 | 1.51 | % | 1.30 | % | (0.28 | %) | 11.02 | % | 21,131 | 23 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $13.01 | ($0.06 | ) | $1.26 | $1.20 | $— | $— | $— | $14.21 | 2.24 | % | 2.05 | % | (0.86 | %) | 9.22 | % | $18,680 | 13 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.81 | (0.13 | ) | 1.34 | 1.21 | — | (0.01 | ) | (0.01 | ) | 13.01 | 2.26 | % | 2.05 | % | (1.03 | %) | 10.28 | % | 15,458 | 23 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $13.28 | $0.01 | $1.28 | $1.29 | $— | $— | $— | $14.57 | 1.24 | % | 1.05 | % | 0.14 | % | 9.71 | % | $228,937 | 13 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.94 | 0.00 | (7) | 1.35 | 1.35 | — | (0.01 | ) | (0.01 | ) | 13.28 | 1.26 | % | 1.05 | % | (0.03 | %) | 11.34 | % | 176,897 | 23 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $13.29 | $0.01 | $1.28 | $1.29 | $— | $— | $— | $14.58 | 1.09 | % | 1.00 | % | 0.19 | % | 9.71 | % | $10,856 | 13 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.94 | 0.00 | (7) | 1.36 | 1.36 | — | (0.01 | ) | (0.01 | ) | 13.29 | 1.11 | % | 1.00 | % | 0.02 | % | 11.43 | % | 9,977 | 23 | % | ||||||||||||||||||||||||||||||||||
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 (9), (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $12.86 | ($0.01 | ) | $1.07 | $1.06 | $— | $— | $— | $13.92 | 1.71 | % | 1.30 | % | (0.11 | %) | 8.24 | % | $5,849 | 26 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.77 | (0.02 | ) | 1.33 | 1.31 | (0.01 | ) | (0.21 | ) | (0.22 | ) | 12.86 | 1.89 | % | 1.30 | % | (0.16 | %) | 11.17 | % | 2,367 | 62 | % | |||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $12.76 | ($0.06 | ) | $1.07 | $1.01 | $— | $— | $— | $13.77 | 2.46 | % | 2.05 | % | (0.86 | %) | 7.92 | % | $1,033 | 26 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.76 | (0.11 | ) | 1.32 | 1.21 | — | (0.21 | ) | (0.21 | ) | 12.76 | 2.64 | % | 2.05 | % | (0.91 | %) | 10.32 | % | 797 | 62 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $13.04 | $0.01 | $1.08 | $1.09 | $— | $— | $— | $14.13 | 1.46 | % | 1.05 | % | 0.14 | % | 8.36 | % | $19,045 | 26 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.90 | 0.01 | 1.35 | 1.36 | (0.01 | ) | (0.21 | ) | (0.22 | ) | 13.04 | 1.64 | % | 1.05 | % | 0.09 | % | 11.45 | % | 14,767 | 62 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $12.00 | $0.01 | $1.00 | $1.01 | $— | $— | $— | $13.01 | 1.31 | % | 1.00 | % | 0.19 | % | 8.42 | % | $442 | 26 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.95 | 0.02 | 1.24 | 1.26 | — | (0.21 | ) | (0.21 | ) | 12.00 | 1.49 | % | 1.00 | % | 0.14 | % | 11.54 | % | 457 | 62 | % | |||||||||||||||||||||||||||||||||||
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 | % |
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-Cap Value (9), (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $11.17 | $0.02 | $0.66 | $0.68 | $— | $— | $— | $11.85 | 1.68 | % | 1.30 | % | 0.38 | % | 6.09 | % | $1,577 | 22 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.52 | 0.02 | 0.62 | 0.64 | (0.03 | ) | (0.96 | ) | (0.99 | ) | 11.17 | 1.65 | % | 1.30 | % | 0.14 | % | 5.41 | % | 1,105 | 47 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $11.06 | ($0.02 | ) | $0.64 | $0.62 | $— | $— | $— | $11.68 | 2.43 | % | 2.05 | % | (0.37 | %) | 5.61 | % | $1,572 | 22 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.46 | (0.07 | ) | 0.63 | 0.56 | — | (0.96 | ) | (0.96 | ) | 11.06 | 2.40 | % | 2.05 | % | (0.61 | %) | 4.72 | % | 1,568 | 47 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $11.24 | $0.04 | $0.66 | $0.70 | $— | $— | $— | $11.94 | 1.43 | % | 1.05 | % | 0.63 | % | 6.23 | % | $16,921 | 22 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.59 | 0.05 | 0.63 | 0.68 | (0.07 | ) | (0.96 | ) | (1.03 | ) | 11.24 | 1.40 | % | 1.05 | % | 0.39 | % | 5.70 | % | 15,511 | 47 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $11.21 | $0.04 | $0.66 | $0.70 | $— | $— | $— | $11.91 | 1.28 | % | 1.00 | % | 0.68 | % | 6.24 | % | $10,198 | 22 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.55 | 0.05 | 0.64 | 0.69 | (0.07 | ) | (0.96 | ) | (1.03 | ) | 11.21 | 1.25 | % | 1.00 | % | 0.44 | % | 5.78 | % | 9,657 | 47 | % | ||||||||||||||||||||||||||||||||||
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 (9), (10) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $12.26 | ($0.04 | ) | $1.77 | $1.73 | $— | $— | $— | $13.99 | 1.56 | % | 1.30 | % | (0.58 | %) | 14.11 | % | $3,012 | 28 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.14 | (0.08 | ) | 1.68 | 1.60 | — | (0.48 | ) | (0.48 | ) | 12.26 | 1.62 | % | 1.30 | % | (0.65 | %) | 14.51 | % | 713 | 51 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $12.06 | ($0.09 | ) | $1.73 | $1.64 | $— | $— | $— | $13.70 | 2.32 | % | 2.05 | % | (1.33 | %) | 13.60 | % | $805 | 28 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.05 | (0.16 | ) | 1.65 | 1.49 | — | (0.48 | ) | (0.48 | ) | 12.06 | 2.37 | % | 2.05 | % | (1.40 | %) | 13.62 | % | 759 | 51 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $12.35 | ($0.02 | ) | $1.77 | $1.75 | $— | $— | $— | $14.10 | 1.17 | % | 1.05 | % | (0.33 | %) | 14.17 | % | $38,339 | 28 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.19 | (0.05 | ) | 1.69 | 1.64 | — | (0.48 | ) | (0.48 | ) | 12.35 | 1.22 | % | 1.05 | % | (0.40 | %) | 14.80 | % | 26,764 | 51 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $12.35 | ($0.02 | ) | $1.78 | $1.76 | $— | $— | $— | $14.11 | 1.32 | % | 1.05 | % | (0.33 | %) | 14.25 | % | $15,736 | 28 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.19 | (0.05 | ) | 1.69 | 1.64 | — | (0.48 | ) | (0.48 | ) | 12.35 | 1.37 | % | 1.05 | % | (0.40 | %) | 14.80 | % | 13,574 | 51 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (6) | $12.38 | ($0.01 | ) | $1.78 | $1.77 | $— | $— | $— | $14.15 | 1.17 | % | 0.90 | % | (0.18 | %) | 14.30 | % | $12,219 | 28 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.20 | (0.03 | ) | 1.69 | 1.66 | — | (0.48 | ) | (0.48 | ) | 12.38 | 1.22 | % | 0.90 | % | (0.25 | %) | 14.97 | % | 10,826 | 51 | % | ||||||||||||||||||||||||||||||||||
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 | % |
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:
(1) | For share classes that commenced operations after April 1, 2013, 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, 2018. |
(7) | Reflects an amount rounding to less than $0.01 per share. |
(8) | The annualized ratios of expenses, excluding interest expense, after expense reductions to average net assets for the six-month period ended September 30, 2018 are as follows: |
Fund | Class A | Class C | Class I | Class P | Advisor Class | |||||||||||||||
Pacific Funds Floating Rate Income | 0.99% | 1.69% | 0.69% | 0.69% | 0.74% |
(9) | 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. |
(10) | Investor Class shares were converted to Class A shares on July 31, 2018 (see Note 1 in Notes to Financial Statements). |
(11) | Includes $0.01 per share return of capital distribution. |
See Notes to Financial Statements |
B-23
Table of Contents
NOTES TO FINANCIAL STATEMENTS
(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, 2018, the Trust was comprised of thirty-five separate funds, seventeen of which are presented in these financial statements (each individually a “Fund”, and collectively the “Funds”):
Fund |
Pacific FundsSM Portfolio Optimization Conservative (1) |
Pacific FundsSM Portfolio Optimization Moderate-Conservative (1) |
Pacific FundsSM Portfolio Optimization Moderate (1) |
Pacific FundsSM Portfolio Optimization Growth (1) |
Pacific FundsSM Portfolio Optimization Aggressive-Growth (1) |
Pacific FundsSM Diversified Alternatives |
Pacific FundsSM Short Duration Income (2) |
Pacific FundsSM Core Income (2) |
Pacific FundsSM Strategic Income (2) |
Fund |
Pacific FundsSM Floating Rate Income (2) |
Pacific FundsSM High Income (2) |
Pacific FundsSM Large-Cap (3) |
Pacific FundsSM Large-Cap Value (3) |
Pacific FundsSM Small/Mid-Cap (3) |
Pacific FundsSM Small-Cap (3) |
Pacific FundsSM Small-Cap Value (3) |
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 and Pacific Funds Floating Rate 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, and Class S shares. Effective July 31, 2018, all Investor Class shares in the PF U.S. Equity Funds were converted to Class A shares within each Fund. 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, 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.
C-1
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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. The following Accounting Standards Update (“ASU”) was implemented during this reporting cycle.
On August 28, 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This update intends to improve the effectiveness of disclosure requirements on fair value measurements, including the consideration of costs and benefits. Changes to disclosure as a result of the implementation of ASU 2018-13, 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 (except Pacific Funds Floating Rate Income), dividends on net investment income, if any, are generally declared and paid monthly. For Pacific Funds Floating Rate Income, dividends, if any, are generally declared daily 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 March 30, 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities, which requires the premium associated with the purchase of callable debt securities be amortized to the earliest call date and no longer amortized through the
C-2
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 forward commitments, 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 valued using industry pricing models, broker quotes or other methodologies pursuant to the Trust’s 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.
Investments in Mutual Funds
Fund investments in affiliated or unaffiliated mutual funds 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, proxy, and matrix pricing. In the event market quotations or Alternate Valuation Methodologies are not readily available or are
C-3
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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. A summary of each Fund’s investments as of September 30, 2018, 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.
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
C-4
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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.
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.
C-5
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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. Risk may be more enhanced for investments in or exposure to investments in frontier market countries.
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, frontier markets risk, and geographic focus risk, among other risks.
C-6
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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, 2018, 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, 2018, Pacific Funds Floating Rate Income had unfunded loan commitments of $4,110,514 (see details in the Notes to Schedule 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 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.
C-7
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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.
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
C-8
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Floating Rate Income, Pacific Funds High Income, and/or Pacific Funds Small-Cap Growth in direct proportion to the allocation of assets among those funds. The semi-annual report of the PF Underlying Funds discusses in further detail the derivative instruments and the reasons a PF Underlying Fund invested in derivatives during the reporting period.
Swap Agreements – Swap agreements are bilaterally negotiated agreements between the Funds and their counterparties to exchange swap investment cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market or 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.
None of the Funds presented in these financial statements held total return swaps as of September 30, 2018.
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. If permitted under the Master Agreement, certain funds may rehypothecate cash collateral received from a counterparty. 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.
None of the Funds presented in these financial statements were subject to enforceable master agreements with netting arrangements as of September 30, 2018.
C-9
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
6. INVESTMENT ADVISORY, ADMINISTRATION AND SHAREHOLDER SERVICES, SUPPORT SERVICES, AND DISTRIBUTION AGREEMENTS
Pursuant to an Investment Advisory Agreement, PLFA, a wholly-owned subsidiary of Pacific Life Insurance Company (“Pacific Life”), serves as Investment Adviser to each Fund of the Trust. PLFA manages the Portfolio Optimization Funds and Pacific Funds Diversified Alternatives. PLFA also manages the PF Fixed Income Funds under the name Pacific Asset Management. For the PF U.S. Equity Funds, PLFA has retained another investment management firm to sub-advise each Fund, as discussed later in this section. PLFA receives investment advisory fees from each Fund which are based on the following annual percentage of the average daily net assets of each Fund:
Fund | Advisory Fee Rate | |
Pacific Funds Portfolio Optimization Conservative (1) Pacific Funds Portfolio Optimization Moderate-Conservative (1) Pacific Funds Portfolio Optimization Moderate (1) Pacific Funds Portfolio Optimization Growth (1) Pacific Funds Portfolio Optimization Aggressive-Growth (1) 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 Large-Cap (3) 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, 2019: 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, 2018, 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, 2019: 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 2018, 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 0.10% of its advisory fee through July 31, 2019 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 | 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, and Advisor | 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
C-10
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
sales presentations, mailings, advertisements, and other marketing efforts by the Distributor in connection with the distribution or sale of the Trust’s shares and makes distribution and/or service payments to selling groups in connection with the sale of certain of the Trust’s shares and subsequent servicing needs of shareholders provided by selling groups. The Distributor receives distribution and service fees pursuant to class-specific distribution and service plans, each adopted in accordance with Rule 12b-1 (“12b-1”) under the 1940 Act (together the “12b-1 Plans”) for Class B, C, and R shares. The Distributor also receives service fees pursuant to a non-12b-1 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 (1) | 0.25% | |||||||
Class A Plan | A | 0.25% |
(1) | Investor Class shares were converted to Class A shares on July 31, 2018 (see Note 1 in Notes to Financial Statements). |
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, 2018, the Distributor, acting as underwriter, received net commissions (front-end sales charges) of $2,933,972 from the sale of Class A shares and received $135,778 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, 2018 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of September 30, 2018 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, liquidation expenses, reorganization 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 7/31/2019 and 0.30% thereafter through 7/31/2023 | ||
Pacific Funds Short Duration Income | A, C, I, and Advisor | 0.10% through 7/31/2019 | ||
Pacific Funds Core Income | A and C | 0.10% through 7/31/2019 | ||
I, Advisor, and P | 0.05% through 7/31/2019 | |||
Pacific Funds Strategic Income | A and Advisor | 0.10% through 7/31/2019 | ||
C and I | 0.05% through 7/31/2019 | |||
Pacific Funds Floating Rate Income | A and Advisor | 0.10% through 7/31/2019 | ||
C, I, and P | 0.05% through 7/31/2019 | |||
Pacific Funds High Income | A, I, Advisor, and P | 0.10% through 7/31/2019 | ||
C | 0.05% through 7/31/2019 | |||
Pacific Funds Diversified Alternatives | A, C, and Advisor | 0.40% through 7/31/2019 | ||
Pacific Funds Large-Cap Pacific Funds Large-Cap Value | A | 0.20% through 7/31/2020 | ||
C and Advisor | 0.20% through 7/31/2019 | |||
S | 0.10% through 7/31/2019 | |||
Pacific Funds Small/Mid-Cap Pacific Funds Small-Cap Pacific Funds Small-Cap Value | A | 0.20% through 7/31/2020 | ||
C and Advisor | 0.20% through 7/31/2019 | |||
S | 0.15% through 7/31/2019 | |||
Pacific Funds Small-Cap Growth | A | 0.15% through 7/31/2020 | ||
C, Advisor, and P | 0.20% through 7/31/2019 | |||
S | 0.05% through 7/31/2019 |
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
C-11
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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. Any amounts repaid to PLFA will have the effect of increasing such expenses of the applicable Fund, but not above the expense cap. The amounts of adviser reimbursement to each applicable Fund presented in these financial statements for the period ended September 30, 2018 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of September 30, 2018 are presented in the Statements of Assets and Liabilities.
The cumulative expense reimbursement amounts, if any, as of September 30, 2018 that are subject to recoupment by PLFA from the Funds presented in these financial statements are as follows:
Fund | 3/31/2019 | 3/31/2020 | 3/31/2021 | 3/31/2022 | ||||||||||||
Pacific Funds Portfolio Optimization Conservative | $289,997 | $290,877 | $250,155 | $120,247 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | 393,236 | 376,333 | 334,819 | 159,176 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate | 954,419 | 946,295 | 841,944 | 406,882 | ||||||||||||
Pacific Funds Portfolio Optimization Growth | 708,782 | 694,650 | 646,561 | 317,739 | ||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | 259,000 | 256,470 | 256,481 | 130,916 | ||||||||||||
Pacific Funds Diversified Alternatives | 11,890 | 28,564 | 6,603 | — | ||||||||||||
Pacific Funds Short Duration Income | 369,896 | 600,137 | 1,000,932 | 600,025 | ||||||||||||
Pacific Funds Core Income | 1,162,780 | 1,321,088 | 2,102,504 | 967,421 | ||||||||||||
Pacific Funds Strategic Income | 445,582 | 587,614 | 1,246,313 | 785,261 | ||||||||||||
Pacific Funds Floating Rate Income | 1,185,282 | 1,512,901 | 3,114,566 | 2,072,164 | ||||||||||||
Pacific Funds High Income | 124,097 | 118,054 | 119,953 | 85,402 | ||||||||||||
Pacific Funds Large-Cap | 31,382 | 136,174 | 87,705 | 48,285 | ||||||||||||
Pacific Funds Large-Cap Value | 29,093 | 157,996 | 111,953 | 56,055 | ||||||||||||
Pacific Funds Small/Mid-Cap | 27,939 | 202,048 | 341,697 | 243,430 | ||||||||||||
Pacific Funds Small-Cap | 25,943 | 135,916 | 88,698 | 51,984 | ||||||||||||
Pacific Funds Small-Cap Value | 29,397 | 161,192 | 104,441 | 51,041 | ||||||||||||
Pacific Funds Small-Cap Growth | 25,758 | 150,256 | 107,736 | 56,814 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $6,074,473 | $7,676,565 | $10,763,061 | $6,152,842 | ||||||||||||
|
|
|
|
|
|
|
|
During the period ended September 30, 2018, PLFA recouped $18,987 from Pacific Funds Diversified Alternatives under the expense limitation agreement. There was no recoupment of expense reimbursement by PLFA from any other Funds presented in these financial statements for the period ended September 30, 2018.
C. INVESTMENTS IN AFFILIATED FUNDS
As of September 30, 2018, 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, 2018 is as follows:
Fund/Underlying Fund | Beginning Value as of April 1, 2018 | Purchase Cost (1) | Distributions Received and Reinvested (2) | Sales Proceeds | Net Realized Gain (Loss) (3) | Change in Appreciation (Depreciation) | As of September 30, 2018 | |||||||||||||||||||||||||
Ending Value | Shares Balance | |||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Conservative |
| |||||||||||||||||||||||||||||||
Pacific Funds Core Income | $12,008,188 | $696,413 | $202,583 | $1,391,852 | ($48,700 | ) | ($83,838 | ) | $11,382,794 | 1,097,666 | ||||||||||||||||||||||
Pacific Funds Floating Rate Income | 10,788,557 | 75,032 | 240,621 | 1,314,019 | (9,345 | ) | 21,089 | 9,801,935 | 965,708 | |||||||||||||||||||||||
Pacific Funds High Income | 13,332,629 | 60,930 | 319,817 | 4,352,817 | (22,596 | ) | 17,451 | 9,355,414 | 923,535 | |||||||||||||||||||||||
PF Inflation Managed | 22,457,862 | 129,091 | — | 2,671,745 | 26,583 | (20,398 | ) | 19,921,393 | 2,243,400 | |||||||||||||||||||||||
PF Managed Bond | 108,532,267 | 618,181 | — | 12,237,989 | (310,966 | ) | (699,367 | ) | 95,902,126 | 9,150,966 | ||||||||||||||||||||||
PF Short Duration Bond | 40,140,896 | 232,365 | — | 4,652,399 | (59,791 | ) | 367,857 | 36,028,928 | 3,650,347 | |||||||||||||||||||||||
PF Emerging Markets Debt | 12,362,023 | 3,764,505 | — | 1,608,911 | (92,627 | ) | (664,796 | ) | 13,760,194 | 1,567,220 | ||||||||||||||||||||||
PF Comstock (4) | 4,391,519 | 1,922 | — | 4,622,244 | 2,624,866 | (2,396,063 | ) | — | — | |||||||||||||||||||||||
PF Growth | 2,177,824 | 961 | — | 2,360,738 | 1,119,503 | (937,550 | ) | — | — | |||||||||||||||||||||||
Pacific Funds Small-Cap Growth | — | 988,860 | — | 14,890 | (13 | ) | (2,065 | ) | 971,892 | 68,928 | ||||||||||||||||||||||
PF Developing Growth | — | 423,797 | — | 6,380 | 33 | 3,068 | 420,518 | 21,913 | ||||||||||||||||||||||||
PF Large-Cap Growth (4) | 431,220 | 192 | — | 474,559 | 231,702 | (188,555 | ) | — | ||||||||||||||||||||||||
PF Large-Cap Value | 5,438,384 | 26,395 | — | 1,635,393 | 829,885 | (537,745 | ) | 4,121,526 | 226,085 | |||||||||||||||||||||||
PF Multi-Asset | 28,274,555 | 20,519,650 | — | — | — | 2,810,786 | 51,604,991 | 5,074,237 | ||||||||||||||||||||||||
PF Small-Cap Value | 1,469,882 | 8,903 | — | 234,074 | 36,117 | 69,892 | 1,350,720 | 112,279 | ||||||||||||||||||||||||
PF Main Street Core (4) | 1,735,705 | 769 | — | 1,833,744 | 1,138,476 | (1,041,206 | ) | — | — | |||||||||||||||||||||||
PF Mid-Cap Equity | 736,134 | 321 | — | 780,526 | 450,159 | (406,088 | ) | — | — | |||||||||||||||||||||||
PF Mid-Cap Value (4) | 4,689,761 | 2,049 | — | 4,795,168 | 1,119,128 | (1,015,770 | ) | — | — | |||||||||||||||||||||||
PF Emerging Markets | 7,523,652 | 185,232 | — | 3,643,463 | 632,098 | (1,214,688 | ) | 3,482,831 | 216,594 | |||||||||||||||||||||||
PF International Large-Cap | 5,745,646 | 6,565 | — | 5,202,512 | 1,206,613 | (1,075,726 | ) | 680,586 | 32,103 | |||||||||||||||||||||||
PF International Small-Cap | 3,013,395 | 37,742 | — | 345,178 | (14,214 | ) | (115,173 | ) | 2,576,572 | 240,128 | ||||||||||||||||||||||
PF International Value | 2,434,976 | 6,808 | — | 1,454,828 | 415,673 | (442,106 | ) | 960,523 | 95,385 | |||||||||||||||||||||||
PF Real Estate | 1,539,980 | 1,421,561 | — | 261,401 | (69,259 | ) | 159,870 | 2,790,751 | 218,882 | |||||||||||||||||||||||
PF Currency Strategies | 5,609,576 | 32,050 | — | 692,368 | (45,621 | ) | 58,584 | 4,962,221 | 543,507 | |||||||||||||||||||||||
PF Equity Long/Short | 5,580,935 | 408,124 | — | 638,577 | (54,434 | ) | (435,053 | ) | 4,860,995 | 548,645 | ||||||||||||||||||||||
PF Global Absolute Return | 5,670,880 | 194,576 | — | 638,578 | (55,308 | ) | (244,455 | ) | 4,927,115 | 550,516 | ||||||||||||||||||||||
$306,086,446 | $29,842,994 | $763,021 | $57,864,353 | $9,047,962 | ($8,012,045 | ) | $279,864,025 | 27,548,044 |
C-12
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Fund/Underlying Fund | Beginning Value as of April 1, 2018 | Purchase Cost (1) | Distributions Received and Reinvested (2) | Sales Proceeds | Net Realized Gain (Loss) (3) | Change in Appreciation (Depreciation) | As of September 30, 2018 | |||||||||||||||||||||||||
Ending Value | Shares Balance | |||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative |
| |||||||||||||||||||||||||||||||
Pacific Funds Core Income | $15,100,997 | $7,854 | $243,583 | $1,900,270 | ($61,865 | ) | ($105,219 | ) | $13,285,080 | 1,281,107 | ||||||||||||||||||||||
Pacific Funds Floating Rate Income | 16,022,369 | 27,207 | 356,504 | 1,990,448 | (14,479 | ) | 31,256 | 14,432,409 | 1,421,912 | |||||||||||||||||||||||
Pacific Funds High Income | 11,598,181 | 6,068 | 325,630 | 1,434,756 | (9,005 | ) | (984 | ) | 10,485,134 | 1,035,058 | ||||||||||||||||||||||
PF Inflation Managed | 18,850,021 | 9,759 | — | 2,278,290 | 24,866 | (18,700 | ) | 16,587,656 | 1,867,979 | |||||||||||||||||||||||
PF Managed Bond | 136,762,116 | 70,569 | — | 18,947,450 | (538,541 | ) | (762,599 | ) | 116,584,095 | 11,124,436 | ||||||||||||||||||||||
PF Short Duration Bond | 31,521,230 | 35,847 | — | 3,750,478 | (51,097 | ) | 292,186 | 28,047,688 | 2,841,711 | |||||||||||||||||||||||
PF Emerging Markets Debt | 16,056,221 | 5,440,659 | — | 2,277,940 | (140,674 | ) | (845,461 | ) | 18,232,805 | 2,076,629 | ||||||||||||||||||||||
Pacific Funds Small-Cap Growth | 1,509,760 | 1,479,488 | — | 266,079 | 33,944 | 165,018 | 2,922,131 | 207,243 | ||||||||||||||||||||||||
PF Comstock (4) | 11,118,411 | 6,069 | — | 11,703,487 | 5,318,267 | (4,739,260 | ) | — | — | |||||||||||||||||||||||
PF Developing Growth | 652,667 | 634,066 | — | 175,993 | 51,670 | 127,757 | 1,290,167 | 67,231 | ||||||||||||||||||||||||
PF Growth | 2,330,560 | 1,309 | — | 2,526,788 | 1,798,699 | (1,603,780 | ) | — | — | |||||||||||||||||||||||
PF Large-Cap Growth (4) | 2,348,242 | 1,309 | — | 2,584,861 | 1,282,835 | (1,047,525 | ) | — | — | |||||||||||||||||||||||
PF Large-Cap Value | 12,587,390 | 7,021 | — | 7,281,954 | 3,552,279 | (3,006,007 | ) | 5,858,729 | 321,378 | |||||||||||||||||||||||
PF Multi-Asset | 71,419,307 | 57,378,728 | — | — | — | 7,251,125 | 136,049,160 | 13,377,499 | ||||||||||||||||||||||||
PF Main Street Core (4) | 10,528,986 | 5,831 | — | 11,124,917 | 5,448,379 | (4,858,279 | ) | — | — | |||||||||||||||||||||||
PF Mid-Cap Equity | 2,840,731 | 1,547 | — | 3,012,429 | 1,492,029 | (1,321,878 | ) | — | — | |||||||||||||||||||||||
PF Mid-Cap Value (4) | 6,957,566 | 3,808 | — | 7,114,239 | 1,631,022 | (1,478,157 | ) | — | — | |||||||||||||||||||||||
PF Small-Cap Value | 4,388,500 | 2,380 | — | 731,337 | 133,741 | 183,604 | 3,976,888 | 330,581 | ||||||||||||||||||||||||
PF Emerging Markets | 17,886,152 | 422,237 | — | 6,313,409 | 1,342,516 | (2,668,901 | ) | 10,668,595 | 663,470 | |||||||||||||||||||||||
PF International Large-Cap | 12,990,756 | 6,902 | — | 11,286,223 | 4,203,258 | (3,911,207 | ) | 2,003,486 | 94,504 | |||||||||||||||||||||||
PF International Small-Cap | 8,945,799 | 108,740 | — | 1,087,087 | (46,316 | ) | (339,017 | ) | 7,582,119 | 706,628 | ||||||||||||||||||||||
PF International Value | 9,943,151 | 5,236 | — | 7,212,449 | 1,732,837 | (1,843,189 | ) | 2,625,586 | 260,733 | |||||||||||||||||||||||
PF Real Estate | 4,571,967 | 2,114,743 | — | 765,179 | (223,696 | ) | 520,277 | 6,218,112 | 487,695 | |||||||||||||||||||||||
PF Currency Strategies | 8,332,641 | 4,284 | — | 1,050,270 | (65,938 | ) | 88,643 | 7,309,360 | 800,587 | |||||||||||||||||||||||
PF Equity Long/Short | 8,288,482 | 599,417 | — | 1,005,575 | (92,009 | ) | (637,780 | ) | 7,152,535 | 807,284 | ||||||||||||||||||||||
PF Global Absolute Return | 8,422,793 | 280,921 | — | 1,005,576 | (67,389 | ) | (377,439 | ) | 7,253,310 | 810,426 | ||||||||||||||||||||||
$451,974,996 | $68,661,999 | $925,717 | $108,827,484 | $26,735,333 | ($20,905,516 | ) | $418,565,045 | 40,584,091 | ||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate |
| |||||||||||||||||||||||||||||||
Pacific Funds Core Income | $29,863,502 | $47,326 | $472,091 | $4,380,517 | ($162,800 | ) | ($169,645 | ) | $25,669,957 | 2,475,406 | ||||||||||||||||||||||
Pacific Funds Floating Rate Income | 20,353,016 | 58,954 | 459,471 | 1,948,566 | (13,917 | ) | 37,170 | 18,946,128 | 1,866,614 | |||||||||||||||||||||||
Pacific Funds High Income | 33,708,038 | 47,933 | 837,532 | 9,385,531 | (49,293 | ) | 33,275 | 25,191,954 | 2,486,866 | |||||||||||||||||||||||
PF Inflation Managed | 27,244,820 | 133,885 | — | 2,598,053 | 27,912 | (20,656 | ) | 24,787,908 | 2,791,431 | |||||||||||||||||||||||
PF Managed Bond | 264,563,772 | 423,686 | — | 32,470,405 | (901,190 | ) | (1,630,922 | ) | 229,984,941 | 21,945,128 | ||||||||||||||||||||||
PF Short Duration Bond | 40,623,281 | 316,736 | — | 3,897,080 | (38,379 | ) | 354,516 | 37,359,074 | 3,785,114 | |||||||||||||||||||||||
PF Emerging Markets Debt | 27,187,923 | 1,929,432 | — | 2,598,053 | (147,573 | ) | (1,543,370 | ) | 24,828,359 | 2,827,831 | ||||||||||||||||||||||
Pacific Funds Small-Cap Growth | 9,630,161 | 4,513,925 | — | 1,316,806 | 31,548 | 1,259,807 | 14,118,635 | 1,001,322 | ||||||||||||||||||||||||
PF Comstock (4) | 37,382,885 | 14,452 | — | 39,353,930 | 16,370,294 | (14,413,701 | ) | — | — | |||||||||||||||||||||||
PF Developing Growth | 3,232,758 | 1,932,916 | — | 746,784 | 337,920 | 550,650 | 5,307,460 | 276,574 | ||||||||||||||||||||||||
PF Growth | 67,208,407 | 114,851 | — | 11,096,371 | 319,536 | 9,298,078 | 65,844,501 | 2,248,020 | ||||||||||||||||||||||||
PF Large-Cap Growth (4) | 17,088,528 | 6,727 | — | 18,814,005 | 9,151,981 | (7,433,231 | ) | — | — | |||||||||||||||||||||||
PF Large-Cap Value | 47,781,415 | 31,976,439 | — | 6,817,975 | 801,489 | 3,155,085 | 76,896,453 | 4,218,127 | ||||||||||||||||||||||||
PF Multi-Asset | 303,577,481 | 169,810,500 | — | — | — | 28,799,053 | 502,187,034 | 49,379,256 | ||||||||||||||||||||||||
PF Main Street Core (4) | 50,936,766 | 19,933 | — | 53,827,910 | 21,970,718 | (19,099,507 | ) | — | — | |||||||||||||||||||||||
PF Mid-Cap Equity | 12,957,985 | 4,984 | — | 13,742,694 | 5,232,856 | (4,453,131 | ) | — | — | |||||||||||||||||||||||
PF Mid-Cap Value (4) | 34,830,270 | 13,455 | — | 35,613,186 | 8,084,026 | (7,314,565 | ) | — | — | |||||||||||||||||||||||
PF Small-Cap Value | 32,641,447 | 56,803 | — | 4,593,267 | 833,033 | 1,527,624 | 30,465,640 | 2,532,472 | ||||||||||||||||||||||||
PF Emerging Markets | 66,250,540 | 2,022,558 | — | 19,168,131 | 3,866,411 | (8,781,191 | ) | 44,190,187 | 2,748,146 | |||||||||||||||||||||||
PF International Large-Cap | 42,435,927 | 45,746 | — | 22,702,924 | 9,528,502 | (8,677,345 | ) | 20,629,906 | 973,109 | |||||||||||||||||||||||
PF International Small-Cap | 33,146,658 | 625,309 | — | 3,247,593 | (134,651 | ) | (1,319,820 | ) | 29,069,903 | 2,709,217 | ||||||||||||||||||||||
PF International Value | 42,201,525 | 56,848 | — | 13,079,380 | 2,411,084 | (2,868,714 | ) | 28,721,363 | 2,852,171 | |||||||||||||||||||||||
PF Real Estate | 13,566,494 | 6,446,840 | — | 1,854,279 | (65,729 | ) | 951,175 | 19,044,501 | 1,493,686 | |||||||||||||||||||||||
PF Currency Strategies | 23,314,463 | 38,625 | — | 2,269,220 | (183,492 | ) | 238,742 | 21,139,118 | 2,315,347 | |||||||||||||||||||||||
PF Equity Long/Short | 21,894,327 | 1,751,787 | — | 2,143,349 | (179,102 | ) | (1,758,563 | ) | 19,565,100 | 2,208,251 | ||||||||||||||||||||||
PF Global Absolute Return | 22,242,579 | 917,486 | — | 2,143,350 | (108,909 | ) | (1,081,971 | ) | 19,825,835 | 2,215,177 | ||||||||||||||||||||||
$1,325,864,968 | $223,328,136 | $1,769,094 | $309,809,359 | $76,982,275 | ($34,361,157 | ) | $1,283,773,957 | 115,349,265 |
C-13
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Fund/Underlying Fund | Beginning Value as of April 1, 2018 | Purchase Cost (1) | Distributions Received and Reinvested (2) | Sales Proceeds | Net Realized Gain (Loss) (3) | Change in Appreciation (Depreciation) | As of September 30, 2018 | |||||||||||||||||||||||||
Ending Value | Shares Balance | |||||||||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth |
| |||||||||||||||||||||||||||||||
Pacific Funds Core Income | $9,763,241 | $135,291 | $161,057 | $1,023,281 | ($31,433 | ) | ($77,045 | ) | $8,927,830 | 860,929 | ||||||||||||||||||||||
Pacific Funds Floating Rate Income | 10,270,420 | 43,555 | 231,414 | 1,077,180 | (7,883 | ) | 19,216 | 9,479,542 | 933,945 | |||||||||||||||||||||||
Pacific Funds High Income | 10,228,959 | 19,781 | 290,570 | 1,077,177 | (6,933 | ) | (2,048 | ) | 9,453,152 | 933,184 | ||||||||||||||||||||||
PF Inflation Managed | 5,165,217 | 22,521 | — | 538,568 | 4,481 | (2,897 | ) | 4,650,754 | 523,734 | |||||||||||||||||||||||
PF Managed Bond | 88,559,419 | 1,457,039 | — | 9,209,641 | (233,689 | ) | (585,898 | ) | 79,987,230 | 7,632,369 | ||||||||||||||||||||||
PF Emerging Markets Debt | 20,604,556 | 1,464,266 | — | 2,154,290 | (154,617 | ) | (1,128,304 | ) | 18,631,611 | 2,122,051 | ||||||||||||||||||||||
Pacific Funds Small-Cap Growth | 10,727,966 | 3,424,229 | — | 1,566,937 | 39,119 | 1,398,715 | 14,023,092 | 994,545 | ||||||||||||||||||||||||
PF Comstock (4) | 47,629,727 | 43,885 | — | 50,160,798 | 17,123,715 | (14,636,529 | ) | — | — | |||||||||||||||||||||||
PF Developing Growth | 3,930,872 | 1,466,881 | — | 942,864 | 93,847 | 976,457 | 5,525,193 | 287,920 | ||||||||||||||||||||||||
PF Growth | 100,139,562 | 93,199 | — | 40,854,938 | 1,263,544 | 11,517,425 | 72,158,792 | 2,463,598 | ||||||||||||||||||||||||
PF Large-Cap Growth (4) | 16,756,209 | 15,834 | — | 18,457,460 | 8,824,199 | (7,138,782 | ) | — | ||||||||||||||||||||||||
PF Large-Cap Value | 61,938,367 | 28,822,216 | — | 8,875,428 | 871,871 | 3,818,396 | 86,575,422 | 4,749,063 | ||||||||||||||||||||||||
PF Multi-Asset | 242,328,530 | 202,258,723 | — | — | — | 24,809,819 | 469,397,072 | 46,155,071 | ||||||||||||||||||||||||
PF Main Street Core (4) | 53,064,448 | 49,766 | — | 56,101,141 | 21,612,313 | (18,625,386 | ) | — | — | |||||||||||||||||||||||
PF Mid-Cap Equity | 9,818,882 | 9,049 | — | 10,418,488 | 3,931,959 | (3,341,402 | ) | — | — | |||||||||||||||||||||||
PF Mid-Cap Value (4) | 19,899,376 | 18,549 | — | 20,357,771 | 4,615,478 | (4,175,632 | ) | — | — | |||||||||||||||||||||||
PF Small-Cap Value | 29,677,556 | 27,146 | — | 4,419,364 | 1,167,849 | 978,952 | 27,432,139 | 2,280,311 | ||||||||||||||||||||||||
PF Emerging Markets | 60,251,593 | 1,848,607 | — | 16,072,147 | 3,133,159 | (7,547,444 | ) | 41,613,768 | 2,587,921 | |||||||||||||||||||||||
PF International Large-Cap | 45,115,963 | 40,717 | — | 23,940,119 | 9,826,865 | (8,929,527 | ) | 22,113,899 | 1,043,108 | |||||||||||||||||||||||
PF International Small-Cap | 30,151,859 | 565,279 | — | 3,231,468 | (137,850 | ) | (1,183,138 | ) | 26,164,682 | 2,438,461 | ||||||||||||||||||||||
PF International Value | 62,945,157 | 56,100 | — | 31,651,585 | 4,114,723 | (4,811,524 | ) | 30,652,871 | 3,043,979 | |||||||||||||||||||||||
PF Real Estate | 15,419,418 | 4,891,111 | — | 6,852,384 | 1,222,393 | (341,298 | ) | 14,339,240 | 1,124,646 | |||||||||||||||||||||||
PF Currency Strategies | 13,485,480 | 14,564 | — | 1,400,292 | (87,022 | ) | 120,724 | 12,133,454 | 1,328,965 | |||||||||||||||||||||||
PF Equity Long/Short | 13,539,320 | 1,123,106 | — | 1,454,164 | (120,953 | ) | (1,079,712 | ) | 12,007,597 | 1,355,259 | ||||||||||||||||||||||
PF Global Absolute Return | 13,765,686 | 595,702 | — | 1,454,164 | (16,280 | ) | (719,327 | ) | 12,171,617 | 1,359,957 | ||||||||||||||||||||||
$995,177,783 | $248,507,116 | $683,041 | $313,291,649 | $77,048,855 | ($30,686,189 | ) | $977,438,957 | 84,219,016 | ||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth |
| |||||||||||||||||||||||||||||||
Pacific Funds Floating Rate Income | $3,463,583 | $83,384 | $79,404 | $281,938 | ($2,081 | ) | $6,291 | $3,348,643 | 329,916 | |||||||||||||||||||||||
PF Managed Bond | 24,042 | — | — | 23,656 | (28 | ) | (358 | ) | — | — | ||||||||||||||||||||||
PF Emerging Markets Debt | 3,456,106 | 334,076 | — | 281,941 | (16,365 | ) | (199,101 | ) | 3,292,775 | 375,031 | ||||||||||||||||||||||
Pacific Funds Small-Cap Growth | 4,903,851 | 1,294,799 | — | 563,313 | 10,817 | 657,335 | 6,303,489 | 447,056 | ||||||||||||||||||||||||
PF Comstock (4) | 16,355,050 | 66,051 | — | 17,280,515 | 6,466,138 | (5,606,724 | ) | — | — | |||||||||||||||||||||||
PF Developing Growth | 1,649,781 | 544,268 | — | 348,056 | 191,404 | 264,579 | 2,301,976 | 119,957 | ||||||||||||||||||||||||
PF Growth | 34,863,767 | 799,965 | — | 3,335,044 | 56,776 | 5,129,638 | 37,515,102 | 1,280,816 | ||||||||||||||||||||||||
PF Large-Cap Growth (4) | 13,397,863 | 55,376 | — | 14,810,591 | 5,986,879 | (4,629,527 | ) | — | — | |||||||||||||||||||||||
PF Large-Cap Value | 27,201,526 | 8,576,728 | — | 2,724,169 | 249,622 | 1,679,173 | 34,982,880 | 1,918,973 | ||||||||||||||||||||||||
PF Multi-Asset | 87,733,392 | 71,497,985 | — | — | — | 8,935,088 | 168,166,465 | 16,535,542 | ||||||||||||||||||||||||
PF Main Street Core (4) | 20,845,041 | 85,400 | — | 22,112,380 | 8,071,578 | (6,889,639 | ) | — | — | |||||||||||||||||||||||
PF Mid-Cap Equity | 4,958,077 | 20,016 | — | 5,278,504 | 1,915,516 | (1,615,105 | ) | — | — | |||||||||||||||||||||||
PF Mid-Cap Value (4) | 4,427,120 | 18,015 | — | 4,543,806 | 1,037,089 | (938,418 | ) | — | — | |||||||||||||||||||||||
PF Small-Cap Value | 13,341,629 | 297,910 | — | 1,676,786 | 370,859 | 596,183 | 12,929,795 | 1,074,796 | ||||||||||||||||||||||||
PF Emerging Markets | 23,672,464 | 1,235,861 | — | 5,310,947 | 804,092 | (2,552,048 | ) | 17,849,422 | 1,110,039 | |||||||||||||||||||||||
PF International Large-Cap | 19,109,882 | 280,189 | — | 8,852,501 | 3,875,698 | (3,501,990 | ) | 10,911,278 | 514,683 | |||||||||||||||||||||||
PF International Small-Cap | 11,811,550 | 514,299 | — | 986,778 | (42,075 | ) | (486,140 | ) | 10,810,856 | 1,007,535 | ||||||||||||||||||||||
PF International Value | 26,144,575 | 383,296 | — | 11,135,711 | 1,195,517 | (1,474,294 | ) | 15,113,383 | 1,500,832 | |||||||||||||||||||||||
PF Real Estate | 5,190,610 | 1,801,836 | — | 612,920 | (22,307 | ) | 374,369 | 6,731,588 | 527,968 | |||||||||||||||||||||||
PF Currency Strategies | 3,509,231 | 74,478 | — | 294,753 | (11,334 | ) | 18,121 | 3,295,743 | 360,980 | |||||||||||||||||||||||
PF Equity Long/Short | 3,381,718 | 350,866 | — | 281,941 | (23,109 | ) | (278,994 | ) | 3,148,540 | 355,366 | ||||||||||||||||||||||
PF Global Absolute Return | 3,448,337 | 208,857 | — | 281,942 | (3,157 | ) | (184,238 | ) | 3,187,857 | 356,185 | ||||||||||||||||||||||
$332,889,195 | $88,523,655 | $79,404 | $101,018,192 | $30,111,529 | ($10,695,799 | ) | $339,889,792 | 27,815,675 | ||||||||||||||||||||||||
Pacific Funds Diversified Alternatives | ||||||||||||||||||||||||||||||||
Pacific Funds Floating Rate Income | $3,683,217 | $944,164 | $92,818 | $682,069 | $6,922 | ($186 | ) | $4,044,866 | 398,509 | |||||||||||||||||||||||
PF Inflation Managed | 2,056,202 | 521,874 | — | 378,927 | (5,850 | ) | 2,869 | 2,196,168 | 247,316 | |||||||||||||||||||||||
PF Emerging Markets Debt | 6,089,353 | 1,043,747 | — | 757,853 | (85,923 | ) | (311,219 | ) | 5,978,105 | 680,878 | ||||||||||||||||||||||
PF Emerging Markets | 2,799,853 | 730,623 | — | 1,832,611 | (105,201 | ) | (137,551 | ) | 1,455,113 | 90,492 | ||||||||||||||||||||||
PF International Small-Cap | 2,775,316 | 521,873 | — | 378,926 | (29,998 | ) | (99,095 | ) | 2,789,170 | 259,941 | ||||||||||||||||||||||
PF Real Estate | 1,228,163 | 1,615,238 | — | 227,356 | (52,213 | ) | 128,473 | 2,692,305 | 211,161 | |||||||||||||||||||||||
PF Currency Strategies | 8,334,492 | 2,609,367 | — | 1,894,632 | (51,271 | ) | 33,026 | 9,030,982 | 989,155 | |||||||||||||||||||||||
PF Equity Long/Short | 4,411,448 | 1,148,122 | — | 833,638 | (116,634 | ) | (281,404 | ) | 4,327,894 | 488,476 | ||||||||||||||||||||||
PF Global Absolute Return | 9,387,866 | 2,609,367 | — | 1,894,632 | (67,716 | ) | (480,990 | ) | 9,553,895 | 1,067,474 | ||||||||||||||||||||||
$40,765,910 | $11,744,375 | $92,818 | $8,880,644 | ($507,884 | ) | ($1,146,077 | ) | $42,068,498 | 4,433,402 |
(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. |
(4) | All shares in the PF Comstock, PF Large-Cap Growth, PF Main Street Core, and PF Mid-Cap Value Funds were fully redeemed during the period. |
C-14
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
As of September 30, 2018, 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 | 5.34% | |||
Pacific Funds Large-Cap Value | 58.16% | |||
Pacific Funds Small-Cap Value | 41.61% | |||
Pacific Funds Small-Cap Growth | 20.67% |
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. A Trustee who defers compensation has the option to select credit rate options that track the performance, at NAV of Class A of certain series of the Trust without a sales load or at NAV of Class I shares of the Pacific Select Fund. Pacific Select Fund is a Delaware statutory trust and is registered under the 1940 Act as an open-end management investment company. PLFA is the Investment Adviser to Pacific Select Fund. 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, 2018, such expenses increased by $7,018 for all applicable Funds presented in these financial statements as a result of the market value appreciation on such accounts. As of September 30, 2018, the total amount in the DCP Liability accounts for all applicable Funds presented in these financial statements was $43,101.
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.
G. 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, 2018, the purchase and sale transactions with an affiliated Fund conducted in compliance with Rule 17a-7 under the 1940 Act are summarized in the following table:
Fund | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
Pacific Funds Short Duration Income | $— | $8,672,559 | ($90,280 | ) | ||||||||
Pacific Funds Core Income | — | 21,520,873 | (154,729 | ) |
8. COMMITTED LINE OF CREDIT
The Trust has an unsecured $125,000,000 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 0.25% per annum on the daily unused portion of the committed line up to a maximum of $312,500. As of September 30, 2018, the actual interest rate on borrowing by the Trust was 3.37%. The commitment fees and interest incurred by Pacific Funds Floating Rate Income are recorded as an expense. For the period ended September 30, 2018, Pacific Funds Floating Rate Income had no loans outstanding in connection with this revolving line of credit.
C-15
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, 2018, are summarized in the following table:
U.S. Government Securities | Other Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
Pacific Funds Portfolio Optimization Conservative | $— | $— | $30,606,015 | $57,864,353 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | — | — | 69,587,716 | 108,827,484 | ||||||||||||
Pacific Funds Portfolio Optimization Moderate | — | — | 225,097,230 | 309,809,359 | ||||||||||||
Pacific Funds Portfolio Optimization Growth | — | — | 249,190,157 | 313,291,649 | ||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | — | — | 88,603,059 | 101,018,192 | ||||||||||||
Pacific Funds Diversified Alternatives | — | — | 11,837,193 | 8,880,644 | ||||||||||||
Pacific Funds Short Duration Income | 13,359,101 | — | 187,870,439 | 161,683,058 | ||||||||||||
Pacific Funds Core Income | 71,933,985 | 68,545,027 | 226,665,242 | 301,564,767 | ||||||||||||
Pacific Funds Strategic Income | 25,212,266 | 25,228,437 | 301,857,779 | 273,550,622 | ||||||||||||
Pacific Funds Floating Rate Income | — | — | 1,522,319,572 | 1,175,529,041 | ||||||||||||
Pacific Funds High Income | — | — | 16,426,844 | 29,138,796 | ||||||||||||
Pacific Funds Large-Cap | — | — | 8,509,636 | 6,810,218 | ||||||||||||
Pacific Funds Large-Cap Value | — | — | 4,336,039 | 4,394,533 | ||||||||||||
Pacific Funds Small/Mid-Cap | — | — | 65,473,514 | 32,710,490 | ||||||||||||
Pacific Funds Small-Cap | — | — | 9,203,274 | 6,386,275 | ||||||||||||
Pacific Funds Small-Cap Value | — | — | 6,482,346 | 6,518,281 | ||||||||||||
Pacific Funds Small-Cap Growth | — | — | 24,787,611 | 16,243,480 |
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, 2018, 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, 2018:
Distributable Earnings | Late-Year Ordinary and Post-October Losses Deferrals | |||||||||||||||||||||||||||||||
Fund | Accumulated Capital Losses | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Late-Year Ordinary Losses | Short-Term Capital Losses | Long-Term Capital Losses | Total | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Conservative | $— | $207,524 | $15,081,462 | $— | $— | $— | $— | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | — | — | 33,401,316 | 361,146 | — | — | 361,146 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate | — | — | 120,304,302 | 251,828 | — | — | 251,828 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth | — | — | 94,558,020 | 1,227,329 | — | — | 1,227,329 | |||||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | — | — | 29,526,080 | 355,476 | — | — | 355,476 | |||||||||||||||||||||||||
Pacific Funds Diversified Alternatives | — | — | 211,070 | 13,526 | — | — | 13,526 | |||||||||||||||||||||||||
Pacific Funds Short Duration Income | (1,660,459 | ) | 231,364 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Core Income | (14,940,157 | ) | 715,643 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Strategic Income | (8,207,407 | ) | 731,945 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Floating Rate Income | (38,073,700 | ) | 1,569,240 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Limited Duration High Income | (3,657,416 | ) | 26,372 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds High Income | (8,690,963 | ) | 94,566 | — | — | — | — | — | ||||||||||||||||||||||||
Pacific Funds Large-Cap | — | 25,939 | 294,863 | — | — | — | — | |||||||||||||||||||||||||
Pacific Funds Large-Cap Value | — | 168,814 | 886,735 | — | — | — | — | |||||||||||||||||||||||||
Pacific Funds Small/Mid-Cap | — | — | 699,237 | — | — | — | — | |||||||||||||||||||||||||
Pacific Funds Small-Cap | — | 42,545 | 88,174 | — | — | — | — | |||||||||||||||||||||||||
Pacific Funds Small-Cap Value | — | 218,035 | 1,506,171 | — | — | — | — | |||||||||||||||||||||||||
Pacific Funds Small-Cap Growth | — | — | 1,078,811 | 42,866 | — | — | 42,866 |
C-16
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Accumulated capital losses represent net capital loss carryovers as of March 31, 2018 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, 2018 and capital loss carryover from prior years utilized during the year or period ended March 31, 2018:
Unlimited Period of Net | Accumulated Capital Loss Carryover | Capital Loss Carryover Utilized During the Year Ended March 31, 2018 | ||||||||||||||
Capital Loss Carryover | ||||||||||||||||
Fund | Short Term | Long Term | ||||||||||||||
Pacific Funds Portfolio Optimization Conservative | $— | $— | $— | $1,090,496 | ||||||||||||
Pacific Funds Diversified Alternatives | — | — | — | 109,306 | ||||||||||||
Pacific Funds Short Duration Income | — | (1,660,459 | ) | (1,660,459 | ) | 805,629 | ||||||||||
Pacific Funds Core Income | (5,856,804 | ) | (9,083,353 | ) | (14,940,157 | ) | 4,741,349 | |||||||||
Pacific Funds Strategic Income | — | (8,207,407 | ) | (8,207,407 | ) | 4,382,803 | ||||||||||
Pacific Funds Floating Rate Income | — | (38,073,700 | ) | (38,073,700 | ) | 932,499 | ||||||||||
Pacific Funds Limited Duration High Income | (250,677 | ) | (3,406,739 | ) | (3,657,416 | ) | 3,875 | |||||||||
Pacific Funds High Income | (3,230,606 | ) | (5,460,357 | ) | (8,690,963 | ) | 426,975 | |||||||||
Pacific Funds Large-Cap | — | — | — | 76,446 |
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, 2018, were as follows:
Fund | Total Cost of Investments on Tax Basis (1) | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Appreciation (Depreciation) | Net Unrealized | Net | ||||||||||||||||||
Pacific Funds Portfolio Optimization Conservative | $276,904,227 | $4,723,492 | ($1,763,694 | ) | $2,959,798 | $— | $2,959,798 | |||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | 407,916,606 | 13,432,363 | (2,783,924 | ) | 10,648,439 | — | 10,648,439 | |||||||||||||||||
Pacific Funds Portfolio Optimization Moderate | 1,164,760,287 | 125,626,995 | (6,613,325 | ) | 119,013,670 | — | 119,013,670 | |||||||||||||||||
Pacific Funds Portfolio Optimization Growth | 849,954,622 | 130,662,861 | (3,178,526 | ) | 127,484,335 | — | 127,484,335 | |||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | 284,549,782 | 56,117,490 | (777,480 | ) | 55,340,010 | — | 55,340,010 | |||||||||||||||||
Pacific Funds Diversified Alternatives | 43,612,313 | 405,438 | (1,949,253 | ) | (1,543,815 | ) | — | (1,543,815 | ) | |||||||||||||||
Pacific Funds Short Duration Income | 469,127,836 | 1,202,289 | (3,722,206 | ) | (2,519,917 | ) | — | (2,519,917 | ) | |||||||||||||||
Pacific Funds Core Income | 635,519,453 | 1,921,549 | (11,569,340 | ) | (9,647,791 | ) | — | (9,647,791 | ) | |||||||||||||||
Pacific Funds Strategic Income | 607,946,959 | 4,987,083 | (10,144,642 | ) | (5,157,559 | ) | (1,483 | ) | (5,159,042 | ) | ||||||||||||||
Pacific Funds Floating Rate Income | 1,934,370,235 | 9,539,785 | (4,080,914 | ) | 5,458,871 | (19,875 | ) | 5,438,996 | ||||||||||||||||
Pacific Funds High Income | 66,895,854 | 721,085 | (1,258,610 | ) | (537,525 | ) | (144 | ) | (537,669 | ) | ||||||||||||||
Pacific Funds Large-Cap | 17,839,509 | 3,539,106 | (195,186 | ) | 3,343,920 | — | 3,343,920 | |||||||||||||||||
Pacific Funds Large-Cap Value | 25,166,814 | 5,874,509 | (494,778 | ) | 5,379,731 | — | 5,379,731 | |||||||||||||||||
Pacific Funds Small/Mid-Cap | 240,593,442 | 52,396,202 | (8,110,430 | ) | 44,285,772 | — | 44,285,772 | |||||||||||||||||
Pacific Funds Small-Cap | 22,879,643 | 4,252,533 | (759,835 | ) | 3,492,698 | — | 3,492,698 | |||||||||||||||||
Pacific Funds Small-Cap Value | 25,701,524 | 5,228,495 | (787,545 | ) | 4,440,950 | — | 4,440,950 | |||||||||||||||||
Pacific Funds Small-Cap Growth | 59,491,259 | 13,204,971 | (2,530,982 | ) | 10,673,989 | — | 10,673,989 |
(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, short sales, and foreign currencies, if any. |
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, 2014.
C-17
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, 2018 and the fiscal year ended March 31, 2018, were as follows:
For the Six-Month Period Ended September 30, 2018 | For the Year Ended March 31, 2018 | |||||||||||||||||||||||||||
Fund | Ordinary Income | Long-Term Capital Gains | Total Distributions | Ordinary Income | Long-Term Capital Gains | Total Distributions | ||||||||||||||||||||||
Pacific Funds Portfolio Optimization Conservative | $— | $— | $— | $5,864,391 | $— | $5,864,391 | ||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate-Conservative | — | — | — | 8,726,055 | 4,984,858 | 13,710,913 | ||||||||||||||||||||||
Pacific Funds Portfolio Optimization Moderate | — | — | — | 19,841,711 | 28,960,888 | 48,802,599 | ||||||||||||||||||||||
Pacific Funds Portfolio Optimization Growth | — | — | — | 13,468,839 | 24,973,889 | 38,442,728 | ||||||||||||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth | — | — | — | 3,290,514 | 9,452,563 | 12,743,077 | ||||||||||||||||||||||
Pacific Funds Diversified Alternatives | — | — | — | 642,859 | — | 642,859 | ||||||||||||||||||||||
Pacific Funds Short Duration Income | 5,606,971 | — | 5,606,971 | 7,264,060 | — | 7,264,060 | ||||||||||||||||||||||
Pacific Funds Core Income | 10,569,961 | — | 10,569,961 | 20,400,769 | — | 20,400,769 | ||||||||||||||||||||||
Pacific Funds Strategic Income | 12,081,601 | — | 12,081,601 | 16,016,399 | — | 16,016,399 | ||||||||||||||||||||||
Pacific Funds Floating Rate Income | 40,995,553 | — | 40,995,553 | 51,890,071 | — | 51,890,071 | ||||||||||||||||||||||
Pacific Funds High Income | 2,113,001 | — | 2,113,001 | 1,400,258 | — | 1,400,258 | ||||||||||||||||||||||
Pacific Funds Large-Cap | — | — | — | 99,599 | 91,459 | 191,058 | ||||||||||||||||||||||
Pacific Funds Large-Cap Value | — | — | — | 787,226 | 285,516 | 1,072,742 | ||||||||||||||||||||||
Pacific Funds Small/Mid-Cap | — | — | — | 158,695 | 46,194 | 204,889 | ||||||||||||||||||||||
Pacific Funds Small-Cap | — | — | — | 130,030 | 129,971 | 260,001 | ||||||||||||||||||||||
Pacific Funds Small-Cap Value | — | — | — | 2,228,046 | 692,924 | 2,920,970 | ||||||||||||||||||||||
Pacific Funds Small-Cap Growth | — | — | — | 508,907 | 1,004,117 | 1,513,024 |
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, 2018 and the fiscal year ended March 31, 2018, 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 9/30/2018 | Year Ended 3/31/2018 | Six-Month Period Ended 9/30/2018 | Year Ended 3/31/2018 | Six-Month Period Ended 9/30/2018 | Year Ended 3/31/2018 | Six-Month Period Ended 9/30/2018 | Year Ended 3/31/2018 | |||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 606,802 | 1,862,768 | 763,003 | 2,219,877 | 1,993,329 | 4,573,013 | 1,467,545 | 3,358,865 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 251,720 | — | 567,952 | — | 1,840,517 | — | 1,421,816 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (1,398,155 | ) | (2,925,798 | ) | (2,085,680 | ) | (4,098,294 | ) | (4,491,734 | ) | (10,664,851 | ) | (3,457,372 | ) | (7,232,106 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (791,353 | ) | (811,310 | ) | (1,322,677 | ) | (1,310,465 | ) | (2,498,405 | ) | (4,251,321 | ) | (1,989,827 | ) | (2,451,425 | ) | ||||||||||||||||||||||||||||
Beginning shares outstanding | 11,658,921 | 12,470,231 | 18,077,695 | 19,388,160 | 48,445,092 | 52,696,413 | 35,912,645 | 38,364,070 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 10,867,568 | 11,658,921 | 16,755,018 | 18,077,695 | 45,946,687 | 48,445,092 | 33,922,818 | 35,912,645 | ||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 20,132 | 96,799 | 3,118 | 68,406 | 25,386 | 173,280 | 20,718 | 156,935 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 36,347 | — | 84,578 | — | 285,597 | — | 205,810 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (377,840 | ) | (658,988 | ) | (442,742 | ) | (756,471 | ) | (1,015,609 | ) | (1,905,989 | ) | (749,621 | ) | (1,336,648 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (357,708 | ) | (525,842 | ) | (439,624 | ) | (603,487 | ) | (990,223 | ) | (1,447,112 | ) | (728,903 | ) | (973,903 | ) | ||||||||||||||||||||||||||||
Beginning shares outstanding | 2,236,374 | 2,762,216 | 3,159,284 | 3,762,771 | 8,522,666 | 9,969,778 | 5,839,928 | 6,813,831 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 1,878,666 | 2,236,374 | 2,719,660 | 3,159,284 | 7,532,443 | 8,522,666 | 5,111,025 | 5,839,928 | ||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 477,339 | 1,302,659 | 355,306 | 888,220 | 903,002 | 2,134,712 | 613,235 | 1,500,550 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 195,310 | — | 378,552 | — | 1,098,406 | — | 734,622 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (1,658,895 | ) | (3,293,276 | ) | (1,775,221 | ) | (3,774,978 | ) | (3,293,890 | ) | (8,262,627 | ) | (2,064,941 | ) | (5,498,751 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (1,181,556 | ) | (1,795,307 | ) | (1,419,915 | ) | (2,508,206 | ) | (2,390,888 | ) | (5,029,509 | ) | (1,451,706 | ) | (3,263,579 | ) | ||||||||||||||||||||||||||||
Beginning shares outstanding | 12,463,008 | 14,258,315 | 14,163,892 | 16,672,098 | 33,182,283 | 38,211,792 | 20,904,013 | 24,167,592 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 11,281,452 | 12,463,008 | 12,743,977 | 14,163,892 | 30,791,395 | 33,182,283 | 19,452,307 | 20,904,013 | ||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 30,285 | 169,031 | 26,720 | 52,403 | 137,662 | 452,515 | 56,382 | 153,184 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 10,522 | — | 12,463 | — | 64,753 | — | 40,288 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (49,476 | ) | (496,622 | ) | (36,250 | ) | (141,956 | ) | (234,952 | ) | (592,663 | ) | (209,986 | ) | (241,006 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (19,191 | ) | (317,069 | ) | (9,530 | ) | (77,090 | ) | (97,290 | ) | (75,395 | ) | (153,604 | ) | (47,534 | ) | ||||||||||||||||||||||||||||
Beginning shares outstanding | 449,198 | 766,267 | 411,688 | 488,778 | 1,700,679 | 1,776,074 | 1,005,522 | 1,053,056 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 430,007 | 449,198 | 402,158 | 411,688 | 1,603,389 | 1,700,679 | 851,918 | 1,005,522 | ||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 212,955 | 645,171 | 200,891 | 223,680 | 751,644 | 960,627 | 755,969 | 442,524 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 11,476 | — | 11,659 | — | 55,742 | — | 38,927 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (261,934 | ) | (425,881 | ) | (89,228 | ) | (223,525 | ) | (386,182 | ) | (713,947 | ) | (243,694 | ) | (338,539 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (48,979 | ) | 230,766 | 111,663 | 11,814 | 365,462 | 302,422 | 512,275 | 142,912 | |||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 722,168 | 491,402 | 411,763 | 399,949 | 1,615,701 | 1,313,279 | 1,049,862 | 906,950 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 673,189 | 722,168 | 523,426 | 411,763 | 1,981,163 | 1,615,701 | 1,562,137 | 1,049,862 |
C-18
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 9/30/2018 | Year Ended 3/31/2018 | Six-Month Period Ended 9/30/2018 | Year Ended 3/31/2018 | Six-Month Period Ended 9/30/2018 | Year Ended 3/31/2018 | Six-Month Period Ended 9/30/2018 | Year Ended 3/31/2018 | |||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 529,878 | 1,046,502 | 132,629 | 259,543 | 1,344,535 | 5,645,132 | 561,196 | 2,853,778 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 438,169 | — | 9,360 | 89,376 | 145,784 | 152,395 | 320,338 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (740,503 | ) | (1,719,876 | ) | (62,425 | ) | (48,684 | ) | (2,614,855 | ) | (3,072,099 | ) | (3,983,273 | ) | (5,788,158 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (210,625 | ) | (235,205 | ) | 70,204 | 220,219 | (1,180,944 | ) | 2,718,817 | (3,269,682 | ) | (2,614,042 | ) | |||||||||||||||||||||||||||||||
Beginning shares outstanding | 11,150,086 | 11,385,291 | 493,040 | 272,821 | 9,201,812 | 6,482,995 | 12,628,391 | 15,242,433 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 10,939,461 | 11,150,086 | 563,244 | 493,040 | 8,020,868 | 9,201,812 | 9,358,709 | 12,628,391 | ||||||||||||||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 12,755 | 65,522 | ||||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 59,328 | ||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (203,608 | ) | (427,490 | ) | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (190,853 | ) | (302,640 | ) | ||||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 1,634,770 | 1,937,410 | ||||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 1,443,917 | 1,634,770 | ||||||||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 242,486 | 789,991 | 41,722 | 212,173 | 537,262 | 1,455,593 | 272,453 | 1,034,435 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 206,344 | — | 5,700 | 33,980 | 47,646 | 96,974 | 170,753 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (589,119 | ) | (1,550,277 | ) | (10,268 | ) | (55,446 | ) | (774,601 | ) | (1,347,545 | ) | (1,613,763 | ) | (2,995,730 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (346,633 | ) | (553,942 | ) | 31,454 | 162,427 | (203,359 | ) | 155,694 | (1,244,336 | ) | (1,790,542 | ) | |||||||||||||||||||||||||||||||
Beginning shares outstanding | 5,899,237 | 6,453,179 | 314,093 | 151,666 | 4,339,492 | 4,183,798 | 9,674,451 | 11,464,993 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 5,552,604 | 5,899,237 | 345,547 | 314,093 | 4,136,133 | 4,339,492 | 8,430,115 | 9,674,451 | ||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 2,349,982 | 260,960 | 1,007,807 | 139,908 | ||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 15,395 | 8,683 | 12,515 | 13,088 | ||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (149,436 | ) | (176,849 | ) | (84,244 | ) | (172,027 | ) | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) | 2,215,941 | 92,794 | 936,078 | (19,031 | ) | |||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 423,459 | 330,665 | 414,745 | 433,776 | ||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 2,639,400 | 423,459 | 1,350,823 | 414,745 | ||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 85,493 | 99,141 | ||||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 103,921 | 300,661 | ||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (836,169 | ) | (5,627,239 | ) | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (646,755 | ) | (5,227,437 | ) | ||||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 6,361,862 | 11,589,299 | ||||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 5,715,107 | 6,361,862 | ||||||||||||||||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 27,961 | 91,655 | ||||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 18,141 | ||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (85,452 | ) | (128,684 | ) | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (57,491 | ) | (18,888 | ) | ||||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 446,946 | 465,834 | ||||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 389,455 | 446,946 | ||||||||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 255,385 | 244,236 | 1,223,433 | 2,584,747 | 12,245,087 | 24,113,523 | 7,862,583 | 24,984,787 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 21,172 | — | 49,465 | 363,732 | 442,376 | 427,498 | 738,996 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (90,184 | ) | (128,735 | ) | (1,041,660 | ) | (252,423 | ) | (8,627,019 | ) | (13,714,412 | ) | (10,164,654 | ) | (20,688,961 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | 165,201 | 136,673 | 181,773 | 2,381,789 | 3,981,800 | 10,841,487 | (1,874,573 | ) | 5,034,822 | |||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 589,743 | 453,070 | 3,293,511 | 911,722 | 26,593,196 | 15,751,709 | 37,106,318 | 32,071,496 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 754,944 | 589,743 | 3,475,284 | 3,293,511 | 30,574,996 | 26,593,196 | 35,231,745 | 37,106,318 |
C-19
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Pacific Funds Strategic Income | Pacific Funds Floating Rate Income | Pacific Funds High Income | Pacific Funds Large Cap (1) | |||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended 9/30/2018 | Year Ended 3/31/2018 | Six-Month Period Ended 9/30/2018 | Year Ended 3/31/2018 | Six-Month Period Ended 9/30/2018 | Year Ended 3/31/2018 | Six-Month Period Ended 9/30/2018 | Year Ended 3/31/2018 | |||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 1,060,322 | 2,876,142 | 6,117,611 | 8,217,926 | 63,768 | 340,288 | 178,393 | 240,285 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 116,356 | 190,685 | 443,038 | 758,911 | 14,712 | 27,282 | — | 5,266 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (1,538,096 | ) | (2,600,456 | ) | (6,273,730 | ) | (8,747,944 | ) | (84,861 | ) | (380,058 | ) | (62,100 | ) | (258,602 | ) | ||||||||||||||||||||||||||||
Converted from Investor Class shares | 25,599 | — | ||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (361,418 | ) | 466,371 | 286,919 | 228,893 | (6,381 | ) | (12,488 | ) | 141,892 | (13,051 | ) | ||||||||||||||||||||||||||||||||
Beginning shares outstanding | 6,719,202 | 6,252,831 | 20,647,447 | 20,418,554 | 534,053 | 546,541 | 402,170 | 415,221 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 6,357,784 | 6,719,202 | 20,934,366 | 20,647,447 | 527,672 | 534,053 | 544,062 | 402,170 | ||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 643,747 | 1,785,872 | 3,291,633 | 4,575,555 | 57,816 | 73,339 | 58,964 | 86,657 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 80,231 | 127,294 | 344,009 | 566,096 | 10,271 | 20,241 | — | 1,836 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (681,851 | ) | (1,235,156 | ) | (2,241,825 | ) | (4,042,161 | ) | (97,842 | ) | (128,162 | ) | (28,322 | ) | (52,654 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | 42,127 | 678,010 | 1,393,817 | 1,099,490 | (29,755 | ) | (34,582 | ) | 30,642 | 35,839 | ||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 5,370,759 | 4,692,749 | 18,925,609 | 17,826,119 | 432,577 | 467,159 | 290,044 | 254,205 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 5,412,886 | 5,370,759 | 20,319,426 | 18,925,609 | 402,822 | 432,577 | 320,686 | 290,044 | ||||||||||||||||||||||||||||||||||||
Class I | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 132,823 | 225,115 | 23,326,574 | 12,933,593 | 3,627 | 44,474 | ||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 9,329 | 12,568 | 588,830 | 607,872 | 646 | 12,101 | ||||||||||||||||||||||||||||||||||||||
Shares repurchased | (51,218 | ) | (103,454 | ) | (8,228,641 | ) | (9,085,917 | ) | (1,841 | ) | (545,262 | ) | ||||||||||||||||||||||||||||||||
Net increase (decrease) | 90,934 | 134,229 | 15,686,763 | 4,455,548 | 2,432 | (488,687 | ) | |||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 364,609 | 230,380 | 29,034,423 | 24,578,875 | 20,807 | 509,494 | ||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 455,543 | 364,609 | 44,721,186 | 29,034,423 | 23,239 | 20,807 | ||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 114,084 | 681,526 | 13,268 | 5,887,930 | ||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 151,450 | 321,026 | 175,465 | 63,442 | ||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (720,265 | ) | (2,374,473 | ) | (1,601,787 | ) | (194,186 | ) | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (454,731 | ) | (1,371,921 | ) | (1,413,054 | ) | 5,757,186 | |||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 6,368,950 | 7,740,871 | 6,791,699 | 1,034,513 | ||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 5,914,219 | 6,368,950 | 5,378,645 | 6,791,699 | ||||||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 11,272,852 | 27,902,838 | 36,316,370 | 44,928,526 | 81,707 | 146,665 | 70,197 | 774,299 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 664,578 | 876,500 | 1,724,783 | 2,003,170 | 6,843 | 11,534 | — | 6,060 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (7,917,925 | ) | (11,306,609 | ) | (16,569,109 | ) | (20,747,337 | ) | (97,441 | ) | (137,360 | ) | (74,747 | ) | (323,783 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | 4,019,505 | 17,472,729 | 21,472,044 | 26,184,359 | (8,891 | ) | 20,839 | (4,550 | ) | 456,576 | ||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 37,837,334 | 20,364,605 | 70,450,011 | 44,265,652 | 244,547 | 223,708 | 652,418 | 195,842 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 41,856,839 | 37,837,334 | 91,922,055 | 70,450,011 | 235,656 | 244,547 | 647,868 | 652,418 | ||||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 2 | 31,271 | ||||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 618 | ||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (11,711 | ) | (21,675 | ) | ||||||||||||||||||||||||||||||||||||||||
Converted to Class A shares | (25,899 | ) | — | |||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (37,608 | ) | 10,214 | |||||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 37,608 | 27,394 | ||||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | — | 37,608 | ||||||||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | — | 29,866 | ||||||||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 1,039 | ||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (7,968 | ) | (81,335 | ) | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (7,968 | ) | (50,430 | ) | ||||||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 56,965 | 107,395 | ||||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 48,997 | 56,965 |
C-20
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Pacific Funds Large-Cap Value (1) | Pacific Funds Small/Mid-Cap (1) | Pacific Funds Small Cap (1) | Pacific Funds Small-Cap Value (1) | |||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended 9/30/2018 | Year Ended 3/31/2018 | Six-Month Period Ended 9/30/2018 | Year Ended 3/31/2018 | Six-Month Period Ended 9/30/2018 | Year Ended 3/31/2018 | Six-Month Period Ended 9/30/2018 | Year Ended 3/31/2018 | |||||||||||||||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 56,871 | 148,815 | 641,637 | 1,217,736 | 46,709 | 95,701 | 20,960 | 71,018 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 8,802 | — | 1,494 | — | 1,776 | — | 8,365 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (27,537 | ) | (105,439 | ) | (747,719 | ) | (1,162,227 | ) | (65,322 | ) | (62,757 | ) | (3,623 | ) | (45,061 | ) | ||||||||||||||||||||||||||||
Converted from Investor Class shares | 9,042 | — | 381,261 | — | 254,699 | — | 16,830 | — | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) | 38,376 | 52,178 | 275,179 | 57,003 | 236,086 | 34,720 | 34,167 | 34,322 | ||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 291,335 | 239,157 | 1,596,645 | 1,539,642 | 184,090 | 149,370 | 98,873 | 64,551 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 329,711 | 291,335 | 1,871,824 | 1,596,645 | 420,176 | 184,090 | 133,040 | 98,873 | ||||||||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 46,319 | 138,902 | 238,234 | 694,691 | 24,402 | 28,721 | 35,515 | 75,210 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 9,196 | — | 1,110 | — | 1,132 | — | 11,162 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (76,872 | ) | (49,534 | ) | (111,192 | ) | (132,991 | ) | (11,790 | ) | (21,930 | ) | (42,719 | ) | (41,000 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (30,553 | ) | 98,564 | 127,042 | 562,810 | 12,612 | 7,923 | (7,204 | ) | 45,372 | ||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 384,542 | 285,978 | 1,187,788 | 624,978 | 62,441 | 54,518 | 141,813 | 96,441 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 353,989 | 384,542 | 1,314,830 | 1,187,788 | 75,053 | 62,441 | 134,609 | 141,813 | ||||||||||||||||||||||||||||||||||||
Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 12,049 | 128,648 | 4,028,730 | 9,245,101 | 352,120 | 633,456 | 94,756 | 221,165 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 66,983 | — | 11,179 | — | 11,601 | — | 154,246 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (20,090 | ) | (768,092 | ) | (1,637,717 | ) | (1,824,233 | ) | (137,123 | ) | (207,244 | ) | (57,168 | ) | (775,141 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (8,041 | ) | (572,461 | ) | 2,391,013 | 7,432,047 | 214,997 | 437,813 | 37,588 | (399,730 | ) | |||||||||||||||||||||||||||||||||
Beginning shares outstanding | 1,725,310 | 2,297,771 | 13,316,587 | 5,884,540 | 1,132,530 | 694,717 | 1,379,747 | 1,779,477 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 1,717,269 | 1,725,310 | 15,707,600 | 13,316,587 | 1,347,527 | 1,132,530 | 1,417,335 | 1,379,747 | ||||||||||||||||||||||||||||||||||||
Investor Class | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | — | 1,998 | 47,147 | 372,712 | 26,848 | 240,780 | 3,432 | 10,384 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 332 | — | 679 | — | 4 | — | 610 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (268 | ) | (1,977 | ) | (160,177 | ) | (450,208 | ) | (12,459 | ) | (51,108 | ) | (703 | ) | (14,758 | ) | ||||||||||||||||||||||||||||
Converted to Class A shares | (9,143 | ) | — | (382,123 | ) | — | (253,088 | ) | — | (16,862 | ) | — | ||||||||||||||||||||||||||||||||
Net increase (decrease) | (9,411 | ) | 353 | (495,153 | ) | (76,817 | ) | (238,699 | ) | 189,676 | (14,133 | ) | (3,764 | ) | ||||||||||||||||||||||||||||||
Beginning shares outstanding | 9,411 | 9,058 | 495,153 | 571,970 | 238,699 | 49,023 | 14,133 | 17,897 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | — | 9,411 | — | 495,153 | — | 238,699 | — | 14,133 | ||||||||||||||||||||||||||||||||||||
Class S | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 1,289 | 44,243 | — | 38,303 | — | 26,161 | — | 39,304 | ||||||||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 5,426 | — | 782 | — | 495 | — | 76,957 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (10,352 | ) | (3,641 | ) | (6,414 | ) | (2,909 | ) | (4,106 | ) | (1,361 | ) | (4,979 | ) | (90,779 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (9,063 | ) | 46,028 | (6,414 | ) | 36,176 | (4,106 | ) | 25,295 | (4,979 | ) | 25,482 | ||||||||||||||||||||||||||||||||
Beginning shares outstanding | 173,068 | 127,040 | 750,768 | 714,592 | 38,113 | 12,818 | 861,164 | 835,682 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 164,005 | 173,068 | 744,354 | 750,768 | 34,007 | 38,113 | 856,185 | 861,164 |
C-21
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Pacific Funds Small-Cap Growth (1) | ||||||||
Six-Month Period Ended 9/30/2018 | Year Ended 3/31/2018 | |||||||
Class A | ||||||||
Shares sold | 41,463 | 26,759 | ||||||
Dividends and distribution reinvested | — | 1,727 | ||||||
Shares repurchased | (6,059 | ) | (16,453 | ) | ||||
Converted from Investor Class shares | 121,703 | — | ||||||
Net increase (decrease) | 157,107 | 12,033 | ||||||
Beginning shares outstanding | 58,168 | 46,135 | ||||||
Ending shares outstanding | 215,275 | 58,168 | ||||||
Class C | ||||||||
Shares sold | 15,991 | 50,695 | ||||||
Dividends and distribution reinvested | — | 2,034 | ||||||
Shares repurchased | (20,200 | ) | (6,659 | ) | ||||
Net increase (decrease) | (4,209 | ) | 46,070 | |||||
Beginning shares outstanding | 62,971 | 16,901 | ||||||
Ending shares outstanding | 58,762 | 62,971 | ||||||
Class P | ||||||||
Shares sold | 828,564 | 1,192,397 | ||||||
Dividends and distribution reinvested | — | 40,435 | ||||||
Shares repurchased | (277,221 | ) | (171,822 | ) | ||||
Net increase (decrease) | 551,343 | 1,061,010 | ||||||
Beginning shares outstanding | 2,167,752 | 1,106,742 | ||||||
Ending shares outstanding | 2,719,095 | 2,167,752 | ||||||
Advisor Class | ||||||||
Shares sold | 28,203 | 170,917 | ||||||
Dividends and distribution reinvested | — | 42,405 | ||||||
Shares repurchased | (11,517 | ) | (304,493 | ) | ||||
Net increase (decrease) | 16,686 | (91,171 | ) | |||||
Beginning shares outstanding | 1,098,756 | 1,189,927 | ||||||
Ending shares outstanding | 1,115,442 | 1,098,756 | ||||||
Investor Class | ||||||||
Shares sold | 15 | 15,685 | ||||||
Dividends and distribution reinvested | — | 4,250 | ||||||
Shares repurchased | — | (1,916 | ) | |||||
Converted to Class A shares | (121,841 | ) | — | |||||
Net increase (decrease) | (121,826 | ) | 18,019 | |||||
Beginning shares outstanding | 121,826 | 103,807 | ||||||
Ending shares outstanding | — | 121,826 | ||||||
Class S | ||||||||
Shares sold | — | 61,575 | ||||||
Dividends and distribution reinvested | — | 35,999 | ||||||
Shares repurchased | (10,792 | ) | (87,375 | ) | ||||
Net increase (decrease) | (10,792 | ) | 10,199 | |||||
Beginning shares outstanding | 874,359 | 864,160 | ||||||
Ending shares outstanding | 863,567 | 874,359 |
(1) | Investor Class shares were converted to Class A shares on July 31, 2018 (see Note 1 in Notes to Financial Statements). |
C-22
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, 2018 to September 30, 2018.
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 09/30/18” 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 04/01/18-09/30/18” 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, 2018 to September 30, 2018.
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 04/01/18-09/30/18.”
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 04/01/18 | Ending Account Value at 09/30/18 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/18 - 09/30/18 (1) | |||||||||||||
Pacific Funds Portfolio Optimization Conservative (2) |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,003.60 | 0.60% | $3.01 | ||||||||||||
Class B | 1,000.00 | 1,000.00 | 1.35% | 6.77 | ||||||||||||
Class C | 1,000.00 | 999.10 | 1.35% | 6.77 | ||||||||||||
Class R | 1,000.00 | 1,001.80 | 0.85% | 4.27 | ||||||||||||
Advisor Class | 1,000.00 | 1,005.30 | 0.35% | 1.76 | ||||||||||||
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 | $1,012.70 | 0.60% | $3.03 | ||||||||||||
Class B | 1,000.00 | 1,008.90 | 1.35% | 6.80 | ||||||||||||
Class C | 1,000.00 | 1,008.90 | 1.35% | 6.80 | ||||||||||||
Class R | 1,000.00 | 1,011.20 | 0.85% | 4.29 | ||||||||||||
Advisor Class | 1,000.00 | 1,013.50 | 0.35% | 1.77 | ||||||||||||
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 | $1,031.60 | 0.60% | $3.06 | ||||||||||||
Class B | 1,000.00 | 1,027.00 | 1.35% | 6.86 | ||||||||||||
Class C | 1,000.00 | 1,027.80 | 1.35% | 6.86 | ||||||||||||
Class R | 1,000.00 | 1,030.30 | 0.85% | 4.33 | ||||||||||||
Advisor Class | 1,000.00 | 1,032.90 | 0.35% | 1.78 | ||||||||||||
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 | $1,045.90 | 0.60% | $3.08 | ||||||||||||
Class B | 1,000.00 | 1,041.40 | 1.35% | 6.91 | ||||||||||||
Class C | 1,000.00 | 1,041.50 | 1.35% | 6.91 | ||||||||||||
Class R | 1,000.00 | 1,044.10 | 0.85% | 4.36 | ||||||||||||
Advisor Class | 1,000.00 | 1,046.40 | 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 |
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 04/01/18 | Ending Account Value at 09/30/18 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/18 - 09/30/18 (1) | |||||||||||||
Pacific Funds Portfolio Optimization Aggressive-Growth (2) |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,056.40 | 0.60% | $3.09 | ||||||||||||
Class B | 1,000.00 | 1,052.90 | 1.35% | 6.95 | ||||||||||||
Class C | 1,000.00 | 1,052.40 | 1.35% | 6.95 | ||||||||||||
Class R | 1,000.00 | 1,055.00 | 0.85% | 4.38 | ||||||||||||
Advisor Class | 1,000.00 | 1,058.00 | 0.35% | 1.81 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,022.06 | 0.60% | $3.04 | ||||||||||||
Class B | 1,000.00 | 1,018.30 | 1.35% | 6.83 | ||||||||||||
Class C | 1,000.00 | 1,018.30 | 1.35% | 6.83 | ||||||||||||
Class R | 1,000.00 | 1,020.81 | 0.85% | 4.31 | ||||||||||||
Advisor Class | 1,000.00 | 1,023.31 | 0.35% | 1.78 | ||||||||||||
Pacific Funds Diversified Alternatives (2) |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $959.80 | 0.85% | $4.18 | ||||||||||||
Class C | 1,000.00 | 956.00 | 1.60% | 7.85 | ||||||||||||
Advisor Class | 1,000.00 | 961.00 | 0.60% | 2.95 | ||||||||||||
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 | $1,011.40 | 0.75% | $3.78 | ||||||||||||
Class C | 1,000.00 | 1,007.70 | 1.50% | 7.55 | ||||||||||||
Class I | 1,000.00 | 1,013.70 | 0.50% | 2.52 | ||||||||||||
Advisor Class | 1,000.00 | 1,012.60 | 0.50% | 2.52 | ||||||||||||
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 | $1,005.30 | 0.85% | $4.27 | ||||||||||||
Class C | 1,000.00 | 1,000.60 | 1.60% | 8.02 | ||||||||||||
Class I | 1,000.00 | 1,005.80 | 0.55% | 2.77 | ||||||||||||
Class P | 1,000.00 | 1,005.90 | 0.55% | 2.77 | ||||||||||||
Advisor Class | 1,000.00 | 1,005.80 | 0.55% | 2.77 | ||||||||||||
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 | 1,022.31 | 0.55% | 2.79 | ||||||||||||
Advisor Class | 1,000.00 | 1,022.31 | 0.55% | 2.79 |
Beginning Account Value at 04/01/18 | Ending Account Value at 09/30/18 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/18 - 09/30/18 (1) | |||||||||||||
Pacific Funds Strategic Income |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,017.40 | 0.95% | $4.80 | ||||||||||||
Class C | 1,000.00 | 1,013.90 | 1.65% | 8.33 | ||||||||||||
Class I | 1,000.00 | 1,019.00 | 0.65% | 3.29 | ||||||||||||
Advisor Class | 1,000.00 | 1,018.70 | 0.70% | 3.54 | ||||||||||||
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 | $1,024.40 | 1.01% | $5.13 | ||||||||||||
Class C | 1,000.00 | 1,020.90 | 1.71% | 8.66 | ||||||||||||
Class I | 1,000.00 | 1,026.00 | 0.71% | 3.61 | ||||||||||||
Class P | 1,000.00 | 1,025.90 | 0.71% | 3.61 | ||||||||||||
Advisor Class | 1,000.00 | 1,025.70 | 0.76% | 3.86 | ||||||||||||
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 | 1,021.51 | 0.71% | 3.60 | ||||||||||||
Advisor Class | 1,000.00 | 1,021.26 | 0.76% | 3.85 | ||||||||||||
Pacific Funds High Income |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,027.60 | 0.95% | $4.83 | ||||||||||||
Class C | 1,000.00 | 1,024.00 | 1.65% | 8.37 | ||||||||||||
Class I | 1,000.00 | 1,029.10 | 0.70% | 3.56 | ||||||||||||
Class P | 1,000.00 | 1,029.10 | 0.70% | 3.56 | ||||||||||||
Advisor Class | 1,000.00 | 1,028.80 | 0.70% | 3.56 | ||||||||||||
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 | 1,021.56 | 0.70% | 3.55 | ||||||||||||
Advisor Class | 1,000.00 | 1,021.56 | 0.70% | 3.55 | ||||||||||||
Pacific Funds Large-Cap |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,104.20 | 1.00% | $5.27 | ||||||||||||
Class C | 1,000.00 | 1,100.70 | 1.75% | 9.22 | ||||||||||||
Advisor Class | 1,000.00 | 1,105.90 | 0.75% | 3.96 | ||||||||||||
Class S | 1,000.00 | 1,106.20 | 0.65% | 3.43 | ||||||||||||
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 | ||||||||||||
Class S | 1,000.00 | 1,021.81 | 0.65% | 3.29 |
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 04/01/18 | Ending Account Value at 09/30/18 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/18 - 09/30/18 (1) | |||||||||||||
Pacific Funds Large-Cap Value |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,052.90 | 1.10% | $5.66 | ||||||||||||
Class C | 1,000.00 | 1,048.90 | 1.85% | 9.50 | ||||||||||||
Advisor Class | 1,000.00 | 1,054.50 | 0.85% | 4.38 | ||||||||||||
Class S | 1,000.00 | 1,054,70 | 0.75% | 3.86 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,019.55 | 1.10% | $5.57 | ||||||||||||
Class C | 1,000.00 | 1,015.79 | 1.85% | 9.35 | ||||||||||||
Advisor Class | 1,000.00 | 1,020.81 | 0.85% | 4.31 | ||||||||||||
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 | $1,096.00 | 1.30% | $6.83 | ||||||||||||
Class C | 1,000.00 | 1,092.20 | 2.05% | 10.75 | ||||||||||||
Advisor Class | 1,000.00 | 1,097.10 | 1.05% | 5.52 | ||||||||||||
Class S | 1,000.00 | 1,097.10 | 1.00% | 5.26 | ||||||||||||
Hypothetical | ||||||||||||||||
Class A | $1,000.00 | $1,018.55 | 1.30% | $6.58 | ||||||||||||
Class C | 1,000.00 | 1,014.79 | 2.05% | 10.35 | ||||||||||||
Advisor Class | 1,000.00 | 1,019.80 | 1.05% | 5.32 | ||||||||||||
Class S | 1,000.00 | 1,020.05 | 1.00% | 5.06 | ||||||||||||
Pacific Funds Small-Cap |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,082.40 | 1.30% | $6.79 | ||||||||||||
Class C | 1,000.00 | 1,079.20 | 2.05% | 10.69 | ||||||||||||
Advisor Class | 1,000.00 | 1,083.60 | 1.05% | 5.48 | ||||||||||||
Class S | 1,000.00 | 1,084.20 | 1.00% | 5.22 | ||||||||||||
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 | ||||||||||||
Class S | 1,000.00 | 1,020.05 | 1.00% | 5.06 |
Beginning Account Value at 04/01/18 | Ending Account Value at 09/30/18 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/18 - 09/30/18 (1) | |||||||||||||
Pacific Funds Small-Cap Value |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $1,000.00 | $1,060.90 | 1.30% | $6.72 | ||||||||||||
Class C | 1,000.00 | 1,056.10 | 2.05% | 10.57 | ||||||||||||
Advisor Class | 1,000.00 | 1,062.30 | 1.05% | 5.43 | ||||||||||||
Class S | 1,000.00 | 1,062.40 | 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 | ||||||||||||
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 | $1,141.10 | 1.30% | $6.98 | ||||||||||||
Class C | 1,000.00 | 1,136.00 | 2.05% | 10.98 | ||||||||||||
Class P | 1,000.00 | 1,141.70 | 1.05% | 5.64 | ||||||||||||
Advisor Class | 1,000.00 | 1,142.50 | 1.05% | 5.64 | ||||||||||||
Class S | 1,000.00 | 1,143.00 | 0.90% | 4.83 | ||||||||||||
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 | ||||||||||||
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, 2018 for:
• Pacific Funds
Form Nos. | 3167-18A |
Table of Contents
PF Underlying Funds
Semi-Annual Report
As of September 30, 2018
Table of Contents
PACIFIC FUNDS
SEMI-ANNUAL REPORT
AS OF SEPTEMBER 30, 2018
A-1 | ||||
Financial Statements: | ||||
B-1 | ||||
B-4 | ||||
B-7 | ||||
B-10 | ||||
B-11 | ||||
C-1 | ||||
D-1 | ||||
D-3 | ||||
D-7 |
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, 2018 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS & NOTES - 1.3% | ||||||||
Communications - 0.1% | ||||||||
AT&T Inc | ||||||||
3.071% (USD LIBOR + 0.750%) | $100,000 | $100,936 | ||||||
|
| |||||||
Energy - 0.5% | ||||||||
Petrobras Global Finance BV (Brazil) | 180,000 | 166,410 | ||||||
7.375% due 01/17/27 | 180,000 | 182,574 | ||||||
|
| |||||||
348,984 | ||||||||
|
| |||||||
Financial - 0.5% | ||||||||
Bank of America Corp | 10,000 | 9,925 | ||||||
Royal Bank of Scotland Group PLC (United Kingdom) | 200,000 | 205,250 | ||||||
The Goldman Sachs Group Inc | 100,000 | 101,599 | ||||||
|
| |||||||
316,774 | ||||||||
|
| |||||||
Utilities - 0.2% | ||||||||
Dominion Energy Gas Holdings LLC | 100,000 | 99,987 | ||||||
NextEra Energy Capital Holdings Inc | 20,000 | 20,037 | ||||||
|
| |||||||
120,024 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 886,718 | ||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 9.5% | ||||||||
Collateralized Mortgage Obligation - Commercial - 0.2% |
| |||||||
Latitude Management Real Estate Capital Inc | 150,000 | 150,325 | ||||||
|
| |||||||
Collateralized Mortgage Obligations - Residential - 2.2% |
| |||||||
Alternative Loan Trust | ||||||||
2.336% (USD LIBOR + 0.120%) | 148,039 | 138,910 | ||||||
6.000% due 03/25/37 | 180,250 | 133,367 | ||||||
Banc of America Funding Trust | 83,857 | 75,472 | ||||||
Banc of America Mortgage Trust | 43,918 | 40,831 | ||||||
Chevy Chase Funding LLC | 159,480 | 160,603 | ||||||
Countrywide Home Loan Mortgage | 19,615 | 19,993 | ||||||
Credit Suisse Mortgage Trust | 302,000 | 285,224 | ||||||
Fannie Mae | ||||||||
2.566% (USD LIBOR + 0.350%) | 22,805 | 22,780 | ||||||
2.596% (USD LIBOR + 0.380%) | 35,193 | 35,400 |
Principal Amount | Value | |||||||
2.656% (USD LIBOR + 0.440%) | $17,358 | $17,358 | ||||||
2.661% (USD LIBOR + 0.445%) | 7,317 | 7,302 | ||||||
2.896% (USD LIBOR + 0.680%) | 97,340 | 99,268 | ||||||
GSR Mortgage Loan Trust | 14,322 | 14,650 | ||||||
JP Morgan Mortgage Trust | 38,976 | 38,796 | ||||||
Merrill Lynch Mortgage Investors Trust | 49,308 | 49,652 | ||||||
Residential Accredit Loans Inc Trust | 93,509 | 43,085 | ||||||
Residential Asset Securitization Trust | 200,360 | 144,589 | ||||||
Structured Adjustable Rate Mortgage Loan Trust | 15,514 | 14,438 | ||||||
Structured Asset Mortgage Investments II Trust | 72,800 | 67,307 | ||||||
WaMu Mortgage Pass-Through Certificates | 56,149 | 56,436 | ||||||
|
| |||||||
1,465,461 | ||||||||
|
| |||||||
Fannie Mae - 7.1% | ||||||||
3.000% due 11/01/48 | 200,000 | 191,205 | ||||||
3.500% due 11/01/48 | 1,670,000 | 1,641,771 | ||||||
4.000% due 11/01/48 | 3,000,000 | 3,025,213 | ||||||
|
| |||||||
4,858,189 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities | 6,473,975 | |||||||
|
| |||||||
ASSET-BACKED SECURITIES - 3.5% | ||||||||
Asset Backed Funding Corp Trust | 21,723 | 21,943 | ||||||
B&M CLO Ltd (Cayman) | 238,093 | 238,237 | ||||||
Bayview Opportunity Master Fund IVa Trust | 159,617 | 159,535 | ||||||
Countrywide Asset-Backed Certificates | 309,237 | 285,291 | ||||||
2.416% (USD LIBOR + 0.200%) due 09/25/37 § | 80,939 | 71,995 | ||||||
Crown Point CLO Ltd (Cayman) | 200,000 | 200,009 | ||||||
Freddie Mac Structured Pass-Through Certificates | 944 | 935 | ||||||
Home Equity Asset Trust | 32,694 | 32,535 | ||||||
Home Equity Mortgage Loan Asset-Backed Trust | 96,275 | 78,299 | ||||||
Loomis Sayles CLO II Ltd (Cayman) | 280,000 | 279,706 | ||||||
MidOcean Credit CLO IV (Cayman) | 450,000 | 450,031 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-1
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Option One Mortgage Loan Trust | $82,298 | $63,979 | ||||||
2.356% (USD LIBOR + 0.140%) due 03/25/37 § | 102,597 | 78,463 | ||||||
TICP CLO Ltd (Cayman) | 450,000 | 445,593 | ||||||
|
| |||||||
Total Asset-Backed Securities | 2,406,551 | |||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 106.0% | ||||||||
U.S. Treasury Inflation Protected Securities - 106.0% |
| |||||||
0.125% due 04/15/19 ^ | 1,137,858 | 1,130,961 | ||||||
0.125% due 04/15/20 ^ | 2,881,849 | 2,845,170 | ||||||
0.125% due 04/15/21 ^ | 106,329 | 104,191 | ||||||
0.125% due 04/15/22 ^ | 373,043 | 362,585 | ||||||
0.125% due 01/15/23 ^ | 132,105 | 127,938 | ||||||
0.125% due 07/15/24 ^ | 6,548,344 | 6,294,086 | ||||||
0.125% due 07/15/26 ^ | 126,160 | 119,047 | ||||||
0.250% due 01/15/25 ^ | 965,021 | 926,458 | ||||||
0.375% due 07/15/25 ^ | 667,357 | 646,584 | ||||||
0.375% due 01/15/27 ^ | 20,865 | 19,936 | ||||||
0.375% due 07/15/27 ^ | 5,151,000 | 4,925,610 | ||||||
0.500% due 01/15/28 ^ | 10,635,377 | 10,215,154 | ||||||
0.625% due 07/15/21 ^ | 6,878,674 | 6,862,407 | ||||||
0.625% due 04/15/23 ^ | 385,529 | 380,712 | ||||||
0.625% due 01/15/24 ^ | 5,298,676 | 5,230,175 | ||||||
0.625% due 01/15/26 ^ | 456,049 | 446,575 | ||||||
0.750% due 02/15/42 ^ | 223,054 | 209,785 | ||||||
0.750% due 02/15/45 ^ | 117,719 | 109,648 | ||||||
0.875% due 02/15/47 ^ | 45,935 | 43,996 | ||||||
1.000% due 02/15/46 ^ | 453,081 | 447,975 | ||||||
1.000% due 02/15/48 ^ | 3,667,743 | 3,626,290 | ||||||
1.125% due 01/15/21 ^ | 6,912,060 | 6,955,122 | ||||||
1.250% due 07/15/20 ^ | 543,104 | 549,428 | ||||||
1.375% due 02/15/44 ^ | 3,514,225 | 3,772,003 | ||||||
1.750% due 01/15/28 ^ | 779,486 | 835,110 | ||||||
2.000% due 01/15/26 ^ | 6,363,736 | 6,849,250 | ||||||
2.125% due 02/15/40 ^ | 11,659 | 14,113 | ||||||
2.125% due 02/15/41 ^ | 115,076 | 140,241 | ||||||
2.375% due 01/15/25 ^ | 5,053,558 | 5,508,528 | ||||||
2.500% due 01/15/29 ^ | 1,558,753 | 1,793,459 | ||||||
3.375% due 04/15/32 ^ | 83,765 | 108,967 | ||||||
3.875% due 04/15/29 ^ | 470,616 | 606,684 | ||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 72,208,188 | ||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 3.6% |
| |||||||
Argentina Bonar (Argentina) | ARS 12,000 | 281 | ||||||
Argentina POM Politica Monetaria (Argentina) | 500,000 | 14,372 | ||||||
Argentine Republic Government (Argentina) | $230,000 | 196,075 | ||||||
Australia Government (Australia) | AUD 953,788 | 802,023 | ||||||
Autonomous Community of Catalonia (Spain) | EUR 100,000 | 121,973 | ||||||
Cyprus Government (Cyprus) | ||||||||
3.750% due 07/26/23 | 90,000 | 118,266 | ||||||
4.250% due 11/04/25 | 10,000 | 13,667 |
Principal Amount | Value | |||||||
Italy Buoni Poliennali Del Tesoro (Italy) | ||||||||
2.350% due 09/15/19 ^ | EUR 228,506 | $273,871 | ||||||
2.350% due 09/15/24 ^ ~ | 134,839 | 164,652 | ||||||
Mexican Bonos (Mexico) | MXN 493,000 | 25,803 | ||||||
New Zealand Government (New Zealand) | NZD 850,000 | 637,683 | ||||||
United Kingdom Gilt Inflation-Linked | ||||||||
0.125% due 08/10/48 ^ ~ | GBP 30,754 | 64,208 | ||||||
0.125% due 11/22/65 ^ ~ | 9,735 | 27,030 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes | 2,459,904 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS - 6.2% | ||||||||
Commercial Paper - 1.4% | ||||||||
Bank of Montreal (Canada) | CAD 200,000 | 154,805 | ||||||
3.338% due 10/01/18 | 100,000 | 77,413 | ||||||
Canadian Imperial bank (Canada) | 100,000 | 77,403 | ||||||
HSBC Bank Canada (Canada) | 100,000 | 77,356 | ||||||
2.121% due 10/04/18 | 100,000 | 77,403 | ||||||
Royal Bank of Canada (Canada) | 200,000 | 154,769 | ||||||
The Bank of Nova Scotia (Canada) | 200,000 | 154,762 | ||||||
1.884% due 10/09/18 | 100,000 | 77,385 | ||||||
The Toronto-Dominion Bank (Canada) | 100,000 | 77,358 | ||||||
|
| |||||||
928,654 | ||||||||
|
| |||||||
Foreign Government Issues - 0.1% |
| |||||||
Argentina Treasury Bill (Argentina) | ARS 20,000 | 539 | ||||||
3.992% due 12/28/18 | 90,000 | 2,159 | ||||||
Hellenic Republic Treasury Bill (Greece) | EUR 70,000 | 81,292 | ||||||
|
| |||||||
83,990 | ||||||||
|
| |||||||
Shares | ||||||||
Money Market Fund - 1.0% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 700,987 | 700,987 | ||||||
|
| |||||||
Principal Amount | ||||||||
U. S. Government Agency Issues - 3.7% | ||||||||
Federal Home Loan Bank | $1,000,000 | 997,266 | ||||||
1.064% due 10/02/18 | 1,500,000 | 1,499,913 | ||||||
|
| |||||||
2,497,179 | ||||||||
|
| |||||||
Total Short-Term Investments |
| 4,210,810 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 130.1% | 88,646,146 | |||||||
DERIVATIVES - 0.2% | ||||||||
(See Notes (c) through (f) in Notes to Schedule of Investments) |
| 150,035 | ||||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - (30.3%) |
| (20,673,344 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% | $68,122,837 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-2
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition as a percentage of net assets was as follows: |
U.S. Treasury Obligations | 106.0% | |||
Mortgage-Backed Securities | 9.5% | |||
Short-Term Investments | 6.2% | |||
Foreign Government Bonds & Notes | 3.6% | |||
Asset-Backed Securities | 3.5% | |||
Others (each less than 3.0%) | 1.3% | |||
|
| |||
130.1% | ||||
Derivatives | 0.2% | |||
Other Assets & Liabilities, Net | (30.3% | ) | ||
|
| |||
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, 2018 was $16,163,629 at a weighted average interest rate of 1.987%. |
(c) | Open futures contracts outstanding as of September 30, 2018 were as follows: |
Long Futures Outstanding | Expiration Month | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
Euro-Bund | 12/18 | 6 | $1,109,654 | $1,106,178 | ($3,476 | ) | ||||||||||||||
U.S. Treasury 10-Year Bonds | 12/18 | 13 | 1,564,258 | 1,544,156 | (20,102 | ) | ||||||||||||||
|
| |||||||||||||||||||
(23,578 | ) | |||||||||||||||||||
|
| |||||||||||||||||||
Short Futures Outstanding | ||||||||||||||||||||
Australia 3-Year Bonds | 12/18 | 13 | 1,047,006 | 1,045,578 | 1,428 | |||||||||||||||
Euro-BTP | 12/18 | 4 | 586,790 | 575,137 | 11,653 | |||||||||||||||
Euro-OAT | 12/18 | 12 | 2,112,784 | 2,104,518 | 8,266 | |||||||||||||||
Japan 10-Year Bonds | 12/18 | 2 | 2,642,486 | 2,641,964 | 522 | |||||||||||||||
Long Gilt | 12/18 | 10 | 1,594,839 | 1,576,341 | 18,498 | |||||||||||||||
U.S. Treasury 5-Year Notes | 12/18 | 2 | 226,919 | 224,953 | 1,966 | |||||||||||||||
U.S. Treasury Ultra 10-Year Notes | 12/18 | 28 | 3,592,932 | 3,528,000 | 64,932 | |||||||||||||||
U.S. Treasury Ultra 30-Year Bonds | 12/18 | 4 | 634,807 | 617,125 | 17,682 | |||||||||||||||
|
| |||||||||||||||||||
124,947 | ||||||||||||||||||||
|
| |||||||||||||||||||
Total Futures Contracts | $101,369 | |||||||||||||||||||
|
|
(d) | Forward foreign currency contracts outstanding as of September 30, 2018 were as follows: |
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||||
ARS | 153,120 | USD | 4,647 | 11/18 | DUB | $— | ($1,167 | ) | ||||||||||||||||||||||||
AUD | 1,619,000 | USD | 1,170,942 | 10/18 | SCB | — | (611 | ) | ||||||||||||||||||||||||
BRL | 135,031 | USD | 33,039 | 10/18 | DUB | — | — | |||||||||||||||||||||||||
EUR | 628,000 | USD | 737,406 | 10/18 | UBS | — | (8,032 | ) | ||||||||||||||||||||||||
JPY | 45,800,000 | USD | 412,984 | 10/18 | GSC | — | (9,766 | ) | ||||||||||||||||||||||||
RUB | 9,294,810 | USD | 144,835 | 11/18 | UBS | — | (3,677 | ) | ||||||||||||||||||||||||
USD | 364,212 | AUD | 506,000 | 10/18 | BRC | — | (1,562 | ) | ||||||||||||||||||||||||
USD | 805,302 | AUD | 1,113,000 | 10/18 | GSC | 745 | — | |||||||||||||||||||||||||
USD | 1,171,154 | AUD | 1,619,000 | 11/18 | SCB | 564 | — | |||||||||||||||||||||||||
USD | 32,686 | BRL | 135,031 | 10/18 | DUB | — | (739 | ) | ||||||||||||||||||||||||
USD | 32,952 | BRL | 135,031 | 11/18 | DUB | — | — | |||||||||||||||||||||||||
USD | 77,063 | CAD | 100,000 | 10/18 | BRC | — | (391 | ) | ||||||||||||||||||||||||
USD | 381,163 | CAD | 500,000 | 10/18 | GSC | — | (6,028 | ) | ||||||||||||||||||||||||
USD | 458,690 | CAD | 600,000 | 10/18 | JPM | — | (5,920 | ) | ||||||||||||||||||||||||
USD | 177,182 | CNH | 1,208,102 | 12/18 | JPM | 2,327 | — | |||||||||||||||||||||||||
USD | 163,686 | EUR | 141,000 | 10/18 | BNP | — | (75 | ) | ||||||||||||||||||||||||
USD | 734,481 | EUR | 628,000 | 10/18 | BRC | 5,108 | — | |||||||||||||||||||||||||
USD | 24,823 | EUR | 20,000 | 10/18 | DUB | 1,589 | — | |||||||||||||||||||||||||
USD | 62,404 | EUR | 50,000 | 10/18 | GSC | 4,319 | — | |||||||||||||||||||||||||
USD | 739,191 | EUR | 628,000 | 11/18 | UBS | 8,000 | — | |||||||||||||||||||||||||
USD | 127,564 | GBP | 99,000 | 10/18 | JPM | — | (1,497 | ) | ||||||||||||||||||||||||
USD | 87,694 | KRW | 97,279,280 | 12/18 | SCB | — | (144 | ) | ||||||||||||||||||||||||
USD | 23,250 | MXN | 438,000 | 10/18 | JPM | — | (39 | ) | ||||||||||||||||||||||||
USD | 608,074 | NZD | 920,000 | 10/18 | BRC | — | (1,761 | ) | ||||||||||||||||||||||||
USD | 72,449 | SGD | 99,060 | 12/18 | GSC | — | (144 | ) | ||||||||||||||||||||||||
USD | 73,367 | TWD | 2,233,379 | 12/18 | SCB | — | (451 | ) | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total Forward Foreign Currency Contracts | $22,652 | ($42,004 | ) | |||||||||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-3
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
(e) | Premiums received and value of written options outstanding as of September 30, 2018 were as follows: |
Credit Default Swaptions on Credit Indices – Sell Protection
Description | Exercise Rate | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||
Put - iTraxx Main 29 5Y | 0.900% | 11/21/18 | BRC | EUR 400,000 | $554 | ($124 | ) | |||||||||||
|
|
|
|
Foreign Currency Options
Description | Exercise | Expiration | Counter- | Notional | Premium | Value | ||||||||||||||||
Call - BRL versus USD | BRL 4.00 | 10/17/18 | JPM | $140,000 | $3,260 | ($4,270 | ) | |||||||||||||||
|
|
|
|
Inflation Floor/Cap Options
Description | Initial Index | Floating Rate | Expiration Date | Counter- party | Notional Amount | Premium | Value | |||||||||||||||||
Cap - U.S. CPI Urban Consumers | 233.92 | Maximum of [0, Final Index/ Initial Index - (1 + 4.000%)10] | 04/22/24 | JPM | $1,900,000 | $13,823 | ($387 | ) | ||||||||||||||||
Cap - U.S. CPI Urban Consumers | 234.78 | Maximum of [0, Final Index/ Initial Index - (1 + 4.000%)10] | 05/16/24 | JPM | 200,000 | 1,390 | (3 | ) | ||||||||||||||||
|
|
|
| |||||||||||||||||||||
15,213 | (390 | ) | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Floor - U.S. CPI Urban Consumers | 234.81 | Maximum of [0, 0.000% - | 03/24/20 | JPM | 700,000 | 7,910 | (7 | ) | ||||||||||||||||
Floor - U.S. CPI Urban Consumers | 216.69 | Maximum of [0, (1 + 0.000%)10 - | 04/07/20 | CIT | 2,000,000 | 17,720 | (1 | ) | ||||||||||||||||
Floor - U.S. CPI Urban Consumers | 217.97 | Maximum of [0, (1 + 0.000%)10 - | 09/29/20 | CIT | 300,000 | 3,870 | (1 | ) | ||||||||||||||||
|
|
|
| |||||||||||||||||||||
29,500 | (9 | ) | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Inflation Floor/Cap Options | $44,713 | ($399 | ) | |||||||||||||||||||||
|
|
|
|
Interest Rate Floor Options
Description | Exercise Rate | Floating Rate Index | Expiration Date | Counter- party | Notional Amount | Premium | Value | |||||||||||||||||
Floor - ICE Swap Rate | 0.000% | 2-Year/10-Year ICE Swap Rate | 01/02/20 | MSC | $1,000,000 | $775 | ($1,403 | ) | ||||||||||||||||
|
|
|
|
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 | 3.250% | 12/04/18 | DUB | $700,000 | $3,920 | ($1,801 | ) | |||||||||||||||||||
|
|
|
|
Options on Futures
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Notional Amount | Premium | Value | |||||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/18) | $142.00 | 10/26/18 | CME | 2 | $284,000 | $943 | ($781 | ) | ||||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (11/18) | 142.50 | 10/26/18 | CME | 1 | 142,500 | 280 | (266 | ) | ||||||||||||||||||||
Call - Euro-Bund (11/18) | EUR 161.50 | 11/23/18 | EUX | 4 | EUR 646,000 | 1,827 | (1,161 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
3,050 | (2,208 | ) | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (11/18) | $120.00 | 10/26/18 | CME | 2 | $240,000 | 1,279 | (2,594 | ) | ||||||||||||||||||||
Put - U.S. Treasury 30-Year Bonds (11/18) | 142.00 | 10/26/18 | CME | 3 | 426,000 | 2,394 | (5,672 | ) | ||||||||||||||||||||
Put - Euro-Bund (10/18) | EUR 159.50 | 10/26/18 | EUX | 2 | EUR 319,000 | 2,009 | (2,740 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
5,682 | (11,006 | ) | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Options on Futures | $8,732 | ($13,214 | ) | |||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Written Options | $61,954 | ($21,211 | ) | |||||||||||||||||||||||||
|
|
|
|
(f) | Swap agreements outstanding as of September 30, 2018 were as follows: |
Credit Default Swaps on Corporate Issues – Sell Protection (1)
Referenced Obligation | Payment Frequency | Fixed Deal Receive Rate | Expiration Date | Exchange | Implied Credit Spread at 09/30/18 (2) | Notional Amount (3) | Value | Upfront | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||
Daimler AG | Q | 1.000% | 12/20/20 | ICE | 0.420% | EUR 10,000 | $153 | $157 | ($4 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-4
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
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 Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
iTraxx Main 28 5Y | Q | 1.000% | 12/20/22 | ICE | EUR 40,000 | ($998 | ) | ($1,132 | ) | $134 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Credit Default Swaps on Credit Indices – Sell Protection (1) |
| |||||||||||||||||||||||||||||||
Referenced Obligation | Payment Frequency | Fixed Deal Receive Rate | Expiration Date | Counter- party | Notional Amount (3) | Value (5) | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||
CMBX NA AAA 7 | M | 0.500% | 01/17/47 | DUB | $60,000 | $706 | ($1,864 | ) | $2,570 | |||||||||||||||||||||||
CMBX NA AAA 7 | M | 0.500% | 01/17/47 | MSC | 40,000 | 470 | (1,242 | ) | 1,712 | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
$1,176 | ($3,106 | ) | $4,282 | |||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Credit Default Swaps | $331 | ($4,081 | ) | $4,412 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
(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 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 expected amount paid or received 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 – Long
Receive | Pay | Payment Frequency Fixed Rate/ Floating Rate | Exchange | Expiration | Notional | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
2.070% | U.S. CPI Urban Consumers | Z / Z | LCH | 03/23/19 | $620,000 | $1,345 | $37 | $1,308 | ||||||||||||||||||||||
1.160% | France CPI Ex Tobacco | Z / Z | LCH | 08/15/20 | EUR 80,000 | 298 | 57 | 241 | ||||||||||||||||||||||
1.315% | Eurostat Eurozone HICP | Z / Z | LCH | 08/15/20 | 1,340,000 | 5,981 | 95 | 5,886 | ||||||||||||||||||||||
2.027% | U.S. CPI Urban Consumers | Z / Z | LCH | 11/23/20 | $100,000 | 1,132 | — | 1,132 | ||||||||||||||||||||||
2.021% | U.S. CPI Urban Consumers | Z / Z | LCH | 11/25/20 | 100,000 | 1,149 | — | 1,149 | ||||||||||||||||||||||
2.210% | U.S. CPI Urban Consumers | Z / Z | LCH | 02/05/23 | 120,000 | 816 | — | 816 | ||||||||||||||||||||||
2.263% | U.S. CPI Urban Consumers | Z / Z | LCH | 04/27/23 | 60,000 | 87 | — | 87 | ||||||||||||||||||||||
2.263% | U.S. CPI Urban Consumers | Z / Z | LCH | 05/09/23 | 120,000 | 244 | — | 244 | ||||||||||||||||||||||
2.281% | U.S. CPI Urban Consumers | Z / Z | LCH | 05/10/23 | 180,000 | 220 | — | 220 | ||||||||||||||||||||||
2.678% | 3-Month USD-LIBOR | S / Q | CME | 10/25/23 | 200,000 | (3,816 | ) | — | (3,816 | ) | ||||||||||||||||||||
2.500% | 3-Month USD-LIBOR | S / Q | CME | 12/19/23 | 120,000 | (3,379 | ) | (305 | ) | (3,074 | ) | |||||||||||||||||||
2.750% | 3-Month USD-LIBOR | S / Q | LCH | 12/19/23 | 400,000 | (6,382 | ) | (2,706 | ) | (3,676 | ) | |||||||||||||||||||
0.380% | 6-Month JPY-LIBOR | S / S | LCH | 06/18/28 | JPY 10,830,000 | 203 | 988 | (785 | ) | |||||||||||||||||||||
3.428% | GBP Retail Price | Z / Z | LCH | 03/15/47 | GBP 30,000 | 2,176 | 1,665 | 511 | ||||||||||||||||||||||
3.090% | 3-Month USD-LIBOR | S / Q | CME | 09/13/48 | $300,000 | (4,623 | ) | — | (4,623 | ) | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
($4,549 | ) | ($169 | ) | ($4,380 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-5
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Interest Rate Swaps – Short
Pay | Receive | Payment Frequency Fixed Rate/ Floating Rate | Counterparty | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
1.788% | U.S. CPI Urban Consumers | Z / Z | MSC | 07/18/26 | $100,000 | ($5,454 | ) | $— | ($5,454 | ) | ||||||||||||||||||||
1.805% | U.S. CPI Urban Consumers | Z / Z | MSC | 09/20/26 | 10,000 | (521 | ) | — | (521 | ) | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
(5,975 | ) | — | (5,975 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||||
1.750% | 3-Month USD-LIBOR | S / Q | CME | 06/20/20 | 500,000 | 10,038 | 9,382 | 656 | ||||||||||||||||||||||
1.535% | Eurostat Eurozone HICP | Z / Z | LCH | 06/15/23 | EUR 700,000 | (2,009 | ) | 55 | (2,064 | ) | ||||||||||||||||||||
2.000% | 3-Month USD-LIBOR | S / Q | CME | 07/27/26 | $400,000 | 19,751 | 5,823 | 13,928 | ||||||||||||||||||||||
1.800% | U.S. CPI Urban Consumers | Z / Z | LCH | 09/12/26 | 100,000 | (5,188 | ) | (1,010 | ) | (4,178 | ) | |||||||||||||||||||
1.780% | U.S. CPI Urban Consumers | Z / Z | LCH | 09/15/26 | 100,000 | (5,403 | ) | (4,854 | ) | (549 | ) | |||||||||||||||||||
2.400% | 3-Month USD-LIBOR | S / Q | CME | 12/07/26 | 400,000 | 12,870 | — | 12,870 | ||||||||||||||||||||||
1.385% | Eurostat Eurozone HICP | Z / Z | LCH | 12/15/26 | EUR 290,000 | (6,567 | ) | (3,846 | ) | (2,721 | ) | |||||||||||||||||||
1.750% | 3-Month USD-LIBOR | S / Q | LCH | 12/21/26 | $340,000 | 33,393 | (2,170 | ) | 35,563 | |||||||||||||||||||||
1.360% | Eurostat Eurozone HICP | Z / Z | LCH | 06/15/27 | EUR 30,000 | (801 | ) | (440 | ) | (361 | ) | |||||||||||||||||||
2.180% | U.S. CPI Urban Consumers | Z / Z | LCH | 09/20/27 | $20,000 | (459 | ) | — | (459 | ) | ||||||||||||||||||||
1.575% | France CPI Ex Tobacco | Z / Z | LCH | 01/15/28 | EUR 60,000 | (83 | ) | — | (83 | ) | ||||||||||||||||||||
2.335% | U.S. CPI Urban Consumers | Z / Z | LCH | 02/05/28 | $960,000 | (4,241 | ) | 1,470 | (5,711 | ) | ||||||||||||||||||||
1.606% | France CPI Ex Tobacco | Z / Z | LCH | 02/15/28 | EUR 10,000 | 26 | — | 26 | ||||||||||||||||||||||
1.535% | Eurostat Eurozone HICP | Z / Z | LCH | 03/15/28 | 40,000 | (289 | ) | — | (289 | ) | ||||||||||||||||||||
3.250% | 3-Month NZD-Bank Bills | S / Q | CME | 03/21/28 | NZD 100,000 | (2,142 | ) | 283 | (2,425 | ) | ||||||||||||||||||||
3.100% | 3-Month USD-LIBOR | S / Q | CME | 04/17/28 | $1,590,000 | 6,754 | (4,824 | ) | 11,578 | |||||||||||||||||||||
2.360% | U.S. CPI Urban Consumers | Z / Z | LCH | 05/09/28 | 180,000 | (6 | ) | — | (6 | ) | ||||||||||||||||||||
2.353% | U.S. CPI Urban Consumers | Z / Z | LCH | 05/09/28 | 120,000 | (89 | ) | — | (89 | ) | ||||||||||||||||||||
2.364% | U.S. CPI Urban Consumers | Z / Z | LCH | 05/10/28 | 180,000 | 48 | — | 48 | ||||||||||||||||||||||
1.620% | Eurostat Eurozone HICP | Z / Z | LCH | 05/15/28 | EUR 340,000 | (219 | ) | 21 | (240 | ) | ||||||||||||||||||||
2.379% | U.S. CPI Urban Consumers | Z / Z | LCH | 07/09/28 | $500,000 | 298 | (288 | ) | 586 | |||||||||||||||||||||
1.618% | France CPI Ex Tobacco | Z / Z | LCH | 07/15/28 | EUR 400,000 | 1,100 | — | 1,100 | ||||||||||||||||||||||
2.765% | 3-Month USD-LIBOR | S / Q | CME | 07/18/28 | $150,000 | 4,809 | — | 4,809 | ||||||||||||||||||||||
3.134% | 3-Month USD-LIBOR | S / Q | CME | 09/13/28 | 1,500,000 | 5,178 | — | 5,178 | ||||||||||||||||||||||
3.513% | GBP Retail Price | Z / Z | LCH | 09/15/28 | GBP 100,000 | 173 | 8 | 165 | ||||||||||||||||||||||
1.500% | 6-Month GBP-LIBOR | S / S | LCH | 03/20/29 | 710,000 | 17,780 | 11,440 | 6,340 | ||||||||||||||||||||||
3.190% | GBP Retail Price | Z / Z | LCH | 04/15/30 | 300,000 | (10,679 | ) | (17,976 | ) | 7,297 | ||||||||||||||||||||
3.400% | GBP Retail Price | Z / Z | LCH | 06/15/30 | 200,000 | 1,500 | 2,539 | (1,039 | ) | |||||||||||||||||||||
3.530% | GBP Retail Price | Z / Z | LCH | 10/15/31 | 50,000 | 184 | 490 | (306 | ) | |||||||||||||||||||||
3.500% | GBP Retail Price | Z / Z | LCH | 09/15/33 | 60,000 | (643 | ) | 46 | (689 | ) | ||||||||||||||||||||
2.000% | U.S. Fed Funds | A / A | LCH | 12/15/47 | $40,000 | 6,014 | (72 | ) | 6,086 | |||||||||||||||||||||
2.500% | 3-Month USD-LIBOR | S / Q | CME | 06/20/48 | 470,000 | 62,656 | 56,155 | 6,501 | ||||||||||||||||||||||
2.948% | 3-Month USD-LIBOR | S / Q | CME | 10/19/48 | 10,000 | 445 | — | 445 | ||||||||||||||||||||||
2.750% | 3-Month USD-LIBOR | S / Q | CME | 12/19/48 | 30,000 | 2,542 | 508 | 2,034 | ||||||||||||||||||||||
1.750% | 6-Month GBP-LIBOR | S / S | LCH | 03/20/49 | GBP 130,000 | 380 | (791 | ) | 1,171 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
147,121 | 51,949 | 95,172 | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Total Interest Rate Swaps – Short | $141,146 | $51,949 | $89,197 | |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Total Interest Rate Swaps | $136,597 | $51,780 | $84,817 | |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Total Swap Agreements | $136,928 | $47,699 | $89,229 | |||||||||||||||||||||||||||
|
|
|
|
|
|
Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps
Upfront Premiums Paid (Received) | Unrealized Appreciation (Deprecation) | |||||||
OTC Swap Agreements | ||||||||
Assets | $— | $4,282 | ||||||
Liabilities | (3,106 | ) | (5,975 | ) | ||||
Centrally Cleared Swap Agreements (6) | ||||||||
Assets | 91,219 | 128,109 | ||||||
Liabilities | (40,414 | ) | (37,187 | ) | ||||
|
|
|
| |||||
$47,699 | $89,229 | |||||||
|
|
|
|
(6) | Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-6
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
(g) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant | Level 3 Significant | |||||||||||||||
Assets | Corporate Bonds & Notes | $886,718 | $— | $886,718 | $— | |||||||||||||
Mortgage-Backed Securities | 6,473,975 | — | 6,473,975 | — | ||||||||||||||
Asset-Backed Securities | 2,406,551 | — | 2,406,551 | — | ||||||||||||||
U.S. Treasury Obligations | 72,208,188 | — | 72,208,188 | — | ||||||||||||||
Foreign Government Bonds & Notes | 2,459,904 | — | 2,459,904 | — | ||||||||||||||
Short-Term Investments | 4,210,810 | 700,987 | 3,509,823 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | 4,416 | — | 4,416 | — | ||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 22,652 | — | 22,652 | — | ||||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | 124,947 | 124,947 | — | — | ||||||||||||||
Swaps | 127,975 | — | 127,975 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | 252,922 | 124,947 | 127,975 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 279,990 | 124,947 | 155,043 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 88,926,136 | 825,934 | 88,100,202 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Sale-buyback Financing Transactions | (15,910,174 | ) | — | (15,910,174 | ) | — | |||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Written Options | (124 | ) | — | (124 | ) | |||||||||||||
Swaps | (4 | ) | — | (4 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Credit Contracts | (128 | ) | — | (128 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Foreign Currency Contracts | (42,004 | ) | — | (42,004 | ) | — | ||||||||||||
Written Options | (4,270 | ) | (4,270 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | (46,274 | ) | — | (46,274 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | (23,578 | ) | (23,578 | ) | — | — | ||||||||||||
Written Options | (16,817 | ) | — | (16,817 | ) | — | ||||||||||||
Swaps | (43,158 | ) | — | (43,158 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | (83,553 | ) | (23,578 | ) | (59,975 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (129,955 | ) | (23,578 | ) | (106,377 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (16,040,129 | ) | (23,578 | ) | (16,016,551 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $72,886,007 | $802,356 | $72,083,651 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-7
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS & NOTES - 40.0% |
| |||||||
Basic Materials - 1.4% |
| |||||||
Alcoa Nederland Holding BV | $220,000 | $233,750 | ||||||
Anglo American Capital PLC (South Africa) | 450,000 | 428,761 | ||||||
3.750% due 04/10/22 ~ | 240,000 | 237,114 | ||||||
ArcelorMittal (Luxembourg) | 180,000 | 209,773 | ||||||
Barrick Gold Corp (Canada) | 30,000 | 31,349 | ||||||
Barrick North America Finance LLC (Canada) | 240,000 | 263,806 | ||||||
BHP Billiton Finance USA Ltd (Australia) | 15,000 | 14,764 | ||||||
6.750% due 10/19/75 ~ | 770,000 | 846,037 | ||||||
Equate Petrochemical BV (Kuwait) | 370,000 | 364,690 | ||||||
Freeport-McMoRan Inc | 190,000 | 185,250 | ||||||
4.550% due 11/14/24 | 10,000 | 9,750 | ||||||
5.450% due 03/15/43 | 100,000 | 91,250 | ||||||
6.875% due 02/15/23 | 210,000 | 224,700 | ||||||
Glencore Funding LLC (Switzerland) | 60,000 | 59,252 | ||||||
4.000% due 03/27/27 ~ | 640,000 | 601,504 | ||||||
4.125% due 05/30/23 ~ | 50,000 | 49,991 | ||||||
Newcrest Finance Pty Ltd (Australia) | 500,000 | 507,154 | ||||||
Nutrien Ltd (Canada) | 100,000 | 102,052 | ||||||
OCP SA (Morocco) | 200,000 | 192,750 | ||||||
Southern Copper Corp (Peru) | 840,000 | 993,536 | ||||||
Syngenta Finance NV (Switzerland) | 600,000 | 599,516 | ||||||
3.933% due 04/23/21 ~ | 290,000 | 289,359 | ||||||
Vale Overseas Ltd (Brazil) | 240,000 | 280,320 | ||||||
Yamana Gold Inc (Brazil) | 210,000 | 197,864 | ||||||
|
| |||||||
7,014,292 | ||||||||
|
| |||||||
Communications - 3.5% |
| |||||||
21st Century Fox America Inc | 100,000 | 123,391 | ||||||
6.650% due 11/15/37 | 10,000 | 13,242 | ||||||
Altice Financing SA (Luxembourg) | EUR 300,000 | 362,798 | ||||||
Altice France SA (France) | $660,000 | 663,168 | ||||||
Amazon.com Inc | 160,000 | 156,948 | ||||||
4.050% due 08/22/47 | 200,000 | 196,195 | ||||||
4.950% due 12/05/44 | 280,000 | 313,825 | ||||||
AT&T Inc |
| |||||||
3.000% due 02/15/22 | 80,000 | 78,404 | ||||||
3.400% due 05/15/25 | 170,000 | 162,013 | ||||||
4.350% due 06/15/45 | 840,000 | 725,230 | ||||||
British Telecommunications PLC (United Kingdom) | 60,000 | 85,394 | ||||||
CCO Holdings LLC | 90,000 | 84,816 | ||||||
5.125% due 05/01/27 ~ | 320,000 | 304,195 | ||||||
5.250% due 09/30/22 | 10,000 | 10,147 |
Principal Amount | Value | |||||||
Charter Communications Operating LLC | $2,140,000 | $2,142,171 | ||||||
4.200% due 03/15/28 | 140,000 | 134,105 | ||||||
4.464% due 07/23/22 | 500,000 | 508,708 | ||||||
5.375% due 04/01/38 | 100,000 | 97,082 | ||||||
5.750% due 04/01/48 | 10,000 | 10,029 | ||||||
6.384% due 10/23/35 | 50,000 | 53,998 | ||||||
6.834% due 10/23/55 | 30,000 | 33,177 | ||||||
Comcast Cable Communications Holdings Inc | 400,000 | 487,726 | ||||||
Comcast Corp | 150,000 | 144,899 | ||||||
3.999% due 11/01/49 | 51,000 | 45,514 | ||||||
5.150% due 03/01/20 | 550,000 | 565,571 | ||||||
5.650% due 06/15/35 | 20,000 | 22,160 | ||||||
DISH DBS Corp | 560,000 | 505,400 | ||||||
7.750% due 07/01/26 | 50,000 | 47,562 | ||||||
eBay Inc | 500,000 | 481,750 | ||||||
Myriad International Holdings BV (South Africa) | 250,000 | 246,825 | ||||||
NBCUniversal Media LLC | 300,000 | 307,445 | ||||||
Sprint Capital Corp | 160,000 | 180,350 | ||||||
Sprint Communications Inc | 104,000 | 104,775 | ||||||
Sprint Corp | 20,000 | 21,597 | ||||||
Sprint Spectrum Co LLC | 150,000 | 149,812 | ||||||
4.738% due 09/20/29 ~ | 450,000 | 450,922 | ||||||
Telecom Italia SpA (Italy) | 200,000 | 195,000 | ||||||
Telefonica Emisiones SAU (Spain) | 210,000 | 202,100 | ||||||
5.134% due 04/27/20 | 280,000 | 287,870 | ||||||
5.213% due 03/08/47 | 150,000 | 146,029 | ||||||
Telstra Corp Ltd (Australia) | 400,000 | 411,725 | ||||||
Time Warner Cable LLC | 1,120,000 | 1,129,531 | ||||||
5.875% due 11/15/40 | 410,000 | 414,609 | ||||||
6.550% due 05/01/37 | 100,000 | 108,642 | ||||||
7.300% due 07/01/38 | 190,000 | 217,962 | ||||||
8.250% due 04/01/19 | 60,000 | 61,542 | ||||||
Time Warner Entertainment Co LP | 100,000 | 124,384 | ||||||
Univision Communications Inc | 210,000 | 196,875 | ||||||
UPCB Finance IV Ltd (Netherlands) | 200,000 | 200,252 | ||||||
Verizon Communications Inc | 20,000 | 18,156 | ||||||
3.376% due 02/15/25 | 846,000 | 824,003 | ||||||
3.414% (USD LIBOR + 1.100%) due 05/15/25 § | 500,000 | 504,773 | ||||||
3.500% due 11/01/24 | 80,000 | 79,023 | ||||||
3.850% due 11/01/42 | 60,000 | 52,012 | ||||||
4.329% due 09/21/28 ~ | 755,000 | 760,838 | ||||||
4.400% due 11/01/34 | 190,000 | 185,598 | ||||||
4.500% due 08/10/33 | 420,000 | 417,689 | ||||||
5.500% due 03/16/47 | 30,000 | 32,824 | ||||||
Viacom Inc | 130,000 | 127,857 | ||||||
4.250% due 09/01/23 | 40,000 | 40,338 | ||||||
Virgin Media Receivables Financing Notes (United Kingdom) | GBP 400,000 | 524,453 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-8
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Vodafone Group PLC (United Kingdom) | $680,000 | $670,896 | ||||||
5.250% due 05/30/48 | 360,000 | 362,244 | ||||||
Warner Media LLC | 100,000 | 103,079 | ||||||
|
| |||||||
18,421,648 | ||||||||
|
| |||||||
Consumer, Cyclical - 2.2% |
| |||||||
Allison Transmission Inc | 80,000 | 75,700 | ||||||
5.000% due 10/01/24 ~ | 50,000 | 49,875 | ||||||
Beacon Roofing Supply Inc | 80,000 | 74,000 | ||||||
BMW US Capital LLC (Germany) | 40,000 | 38,215 | ||||||
Daimler Finance North America LLC (Germany) | 500,000 | 498,129 | ||||||
Delta Air Lines Pass-Through Trust ‘A’ | 217,509 | 238,651 | ||||||
Ford Motor Co | 80,000 | 66,885 | ||||||
Ford Motor Credit Co LLC | 1,100,000 | 1,084,224 | ||||||
3.549% (USD LIBOR + 1.235%) due 02/15/23 § | 300,000 | 298,516 | ||||||
5.875% due 08/02/21 | 400,000 | 418,591 | ||||||
8.125% due 01/15/20 | 600,000 | 634,092 | ||||||
General Motors Co | 40,000 | 37,275 | ||||||
6.250% due 10/02/43 | 100,000 | 102,742 | ||||||
General Motors Financial Co Inc | 480,000 | 470,670 | ||||||
3.150% due 01/15/20 | 400,000 | 399,434 | ||||||
3.200% due 07/13/20 | 600,000 | 598,481 | ||||||
4.200% due 03/01/21 | 400,000 | 405,170 | ||||||
4.250% due 05/15/23 | 30,000 | 30,080 | ||||||
4.350% due 01/17/27 | 40,000 | 38,265 | ||||||
4.375% due 09/25/21 | 80,000 | 81,474 | ||||||
GLP Capital LP | 60,000 | 61,081 | ||||||
Hanesbrands Inc | 20,000 | 19,537 | ||||||
4.875% due 05/15/26 ~ | 70,000 | 67,287 | ||||||
Harley-Davidson Financial Services Inc | 500,000 | 497,927 | ||||||
Hilton Domestic Operating Co Inc | 40,000 | 39,950 | ||||||
Hilton Worldwide Finance LLC | 500,000 | 494,115 | ||||||
Hilton Worldwide Finance LLC | 10,000 | 9,845 | ||||||
Lennar Corp |
| |||||||
4.750% due 11/29/27 | 740,000 | 715,025 | ||||||
5.000% due 06/15/27 | 10,000 | 9,787 | ||||||
McDonald’s Corp | 500,000 | 501,507 | ||||||
3.500% due 03/01/27 | 100,000 | 97,239 | ||||||
3.700% due 01/30/26 | 310,000 | 307,485 | ||||||
NCL Corp Ltd | 98,000 | 99,103 | ||||||
Newell Brands Inc | 220,000 | 216,594 | ||||||
3.850% due 04/01/23 | 130,000 | 127,349 | ||||||
4.200% due 04/01/26 | 160,000 | 152,254 | ||||||
Sands China Ltd (Macau) | 310,000 | 309,689 | ||||||
The TJX Cos Inc | 50,000 | 45,286 | ||||||
Toll Brothers Finance Corp | 80,000 | 79,600 |
Principal Amount | Value | |||||||
VOC Escrow Ltd | $140,000 | $135,246 | ||||||
Walgreens Boots Alliance Inc | 270,000 | 256,967 | ||||||
Walmart Inc | 390,000 | 390,727 | ||||||
WestJet Airlines Ltd (Canada) | 600,000 | 590,572 | ||||||
ZF North America Capital Inc (Germany) | 500,000 | 506,585 | ||||||
|
| |||||||
11,371,226 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 5.9% |
| |||||||
Abbott Laboratories | 350,000 | 349,505 | ||||||
4.750% due 11/30/36 | 160,000 | 170,615 | ||||||
4.900% due 11/30/46 | 190,000 | 206,874 | ||||||
AbbVie Inc | 600,000 | 599,696 | ||||||
3.600% due 05/14/25 | 170,000 | 164,724 | ||||||
Aetna Inc | 100,000 | 95,908 | ||||||
Allergan Funding SCS | 180,000 | 179,000 | ||||||
3.800% due 03/15/25 | 420,000 | 411,702 | ||||||
4.550% due 03/15/35 | 30,000 | 29,213 | ||||||
4.750% due 03/15/45 | 21,000 | 20,462 | ||||||
Allergan Sales LLC | 700,000 | 726,403 | ||||||
Altria Group Inc | 330,000 | 322,614 | ||||||
9.250% due 08/06/19 | 320,000 | 337,167 | ||||||
Amgen Inc | 40,000 | 39,387 | ||||||
3.625% due 05/22/24 | 80,000 | 80,051 | ||||||
4.663% due 06/15/51 | 11,000 | 10,873 | ||||||
5.375% due 05/15/43 | 30,000 | 31,583 | ||||||
Anheuser-Busch InBev Finance Inc (Belgium) | 370,000 | 364,898 | ||||||
3.300% due 02/01/23 | 820,000 | 810,346 | ||||||
3.650% due 02/01/26 | 110,000 | 106,840 | ||||||
4.900% due 02/01/46 | 300,000 | 301,762 | ||||||
Anheuser-Busch InBev Worldwide Inc (Belgium) | 300,000 | 289,867 | ||||||
Anthem Inc | 220,000 | 214,070 | ||||||
3.125% due 05/15/22 | 150,000 | 147,741 | ||||||
3.350% due 12/01/24 | 100,000 | 97,268 | ||||||
3.650% due 12/01/27 | 190,000 | 180,913 | ||||||
3.700% due 08/15/21 | 80,000 | 80,582 | ||||||
Bacardi Ltd (Bermuda) | 600,000 | 609,066 | ||||||
BAT Capital Corp (United Kingdom) | 800,000 | 771,460 | ||||||
3.557% due 08/15/27 ~ | 870,000 | 811,248 | ||||||
4.540% due 08/15/47 ~ | 420,000 | 385,802 | ||||||
Bausch Health Cos Inc | 40,000 | 38,630 | ||||||
5.625% due 12/01/21 ~ | 50,000 | 50,000 | ||||||
5.875% due 05/15/23 ~ | 90,000 | 87,705 | ||||||
6.125% due 04/15/25 ~ | 60,000 | 57,213 | ||||||
7.000% due 03/15/24 ~ | 230,000 | 243,570 | ||||||
7.500% due 07/15/21 ~ | 160,000 | 163,400 | ||||||
8.500% due 01/31/27 ~ | 30,000 | 31,575 | ||||||
9.000% due 12/15/25 ~ | 40,000 | 43,202 | ||||||
9.250% due 04/01/26 ~ | 60,000 | 64,875 | ||||||
Baxalta Inc | 149,000 | 147,821 | ||||||
Bayer US Finance II LLC (Germany) | 600,000 | 596,525 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-9
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Becton Dickinson & Co | $460,000 | $444,874 | ||||||
3.734% due 12/15/24 | 130,000 | 127,457 | ||||||
4.685% due 12/15/44 | 90,000 | 88,932 | ||||||
Campbell Soup Co | 600,000 | 594,596 | ||||||
Cardinal Health Inc | 140,000 | 133,969 | ||||||
3.079% due 06/15/24 | 180,000 | 170,212 | ||||||
Celgene Corp | 170,000 | 164,414 | ||||||
2.875% due 02/19/21 | 500,000 | 494,537 | ||||||
3.250% due 08/15/22 | 400,000 | 394,782 | ||||||
3.550% due 08/15/22 | 90,000 | 89,797 | ||||||
3.875% due 08/15/25 | 150,000 | 147,917 | ||||||
5.000% due 08/15/45 | 100,000 | 99,599 | ||||||
5.250% due 08/15/43 | 60,000 | 60,879 | ||||||
Centene Corp | 80,000 | 81,160 | ||||||
4.750% due 01/15/25 | 140,000 | 140,000 | ||||||
5.375% due 06/01/26 ~ | 400,000 | 411,000 | ||||||
5.625% due 02/15/21 | 40,000 | 40,850 | ||||||
6.125% due 02/15/24 | 120,000 | 126,600 | ||||||
Constellation Brands Inc | 70,000 | 70,989 | ||||||
CVS Health Corp | 190,000 | 183,384 | ||||||
3.125% due 03/09/20 | 700,000 | 700,286 | ||||||
3.350% due 03/09/21 | 140,000 | 139,815 | ||||||
3.700% due 03/09/23 | 130,000 | 129,550 | ||||||
3.875% due 07/20/25 | 277,000 | 273,212 | ||||||
4.100% due 03/25/25 | 250,000 | 249,575 | ||||||
4.300% due 03/25/28 | 1,570,000 | 1,557,504 | ||||||
5.050% due 03/25/48 | 10,000 | 10,256 | ||||||
5.125% due 07/20/45 | 160,000 | 164,881 | ||||||
Danone SA (France) | 640,000 | 602,577 | ||||||
DP World Ltd (United Arab Emirates) | 350,000 | 347,409 | ||||||
Ecolab Inc | 106,000 | 109,236 | ||||||
Eli Lilly & Co | 160,000 | 154,221 | ||||||
EMD Finance LLC (Germany) | 500,000 | 493,441 | ||||||
Gilead Sciences Inc | 50,000 | 49,510 | ||||||
3.650% due 03/01/26 | 90,000 | 88,484 | ||||||
3.700% due 04/01/24 | 200,000 | 200,952 | ||||||
4.150% due 03/01/47 | 300,000 | 284,400 | ||||||
4.750% due 03/01/46 | 30,000 | 30,949 | ||||||
GlaxoSmithKline Capital PLC (United Kingdom) | 180,000 | 177,021 | ||||||
Halfmoon Parent Inc | 130,000 | 129,600 | ||||||
3.750% due 07/15/23 ~ | 360,000 | 359,020 | ||||||
4.125% due 11/15/25 ~ | 100,000 | 99,833 | ||||||
4.375% due 10/15/28 ~ | 260,000 | 259,619 | ||||||
HCA Inc | 40,000 | 39,400 | ||||||
5.000% due 03/15/24 | 100,000 | 102,750 | ||||||
5.250% due 06/15/26 | 50,000 | 51,563 | ||||||
5.500% due 06/15/47 | 70,000 | 71,138 | ||||||
5.625% due 09/01/28 | 30,000 | 30,225 | ||||||
5.875% due 03/15/22 | 610,000 | 648,125 | ||||||
5.875% due 05/01/23 | 70,000 | 73,938 | ||||||
7.500% due 02/15/22 | 80,000 | 87,800 | ||||||
Humana Inc | 110,000 | 107,747 | ||||||
3.950% due 03/15/27 | 50,000 | 49,210 |
Principal Amount | Value | |||||||
4.625% due 12/01/42 | $110,000 | $109,134 | ||||||
4.800% due 03/15/47 | 20,000 | 20,445 | ||||||
4.950% due 10/01/44 | 80,000 | 83,548 | ||||||
Johnson & Johnson | 230,000 | 221,471 | ||||||
Keurig Dr Pepper Inc | 500,000 | 501,141 | ||||||
Kraft Heinz Foods Co | 210,000 | 191,915 | ||||||
3.500% due 07/15/22 | 100,000 | 99,311 | ||||||
3.950% due 07/15/25 | 130,000 | 128,245 | ||||||
4.000% due 06/15/23 | 620,000 | 621,729 | ||||||
4.875% due 02/15/25 ~ | 172,000 | 174,945 | ||||||
5.000% due 07/15/35 | 150,000 | 148,423 | ||||||
5.000% due 06/04/42 | 50,000 | 47,835 | ||||||
5.200% due 07/15/45 | 80,000 | 78,389 | ||||||
Lamb Weston Holdings Inc | 190,000 | 186,913 | ||||||
Medtronic Global Holdings SCA | 240,000 | 234,448 | ||||||
Medtronic Inc | 370,000 | 367,353 | ||||||
Merck & Co Inc | 210,000 | 202,078 | ||||||
Pernod Ricard SA (France) | 310,000 | 316,400 | ||||||
5.500% due 01/15/42 ~ | 150,000 | 166,593 | ||||||
Philip Morris International Inc | 350,000 | 346,151 | ||||||
2.500% due 08/22/22 | 500,000 | 482,425 | ||||||
2.500% due 11/02/22 | 190,000 | 182,635 | ||||||
4.500% due 03/20/42 | 80,000 | 78,243 | ||||||
Reckitt Benckiser Treasury Services PLC (United Kingdom) | 600,000 | 576,191 | ||||||
Reynolds American Inc (United Kingdom) | 81,000 | 80,865 | ||||||
5.850% due 08/15/45 | 150,000 | 163,473 | ||||||
6.150% due 09/15/43 | 30,000 | 33,500 | ||||||
6.875% due 05/01/20 | 400,000 | 421,774 | ||||||
8.125% due 06/23/19 | 120,000 | 124,156 | ||||||
Teva Pharmaceutical Finance Co BV (Israel) | 60,000 | 55,762 | ||||||
Teva Pharmaceutical Finance IV BV (Israel) | 110,000 | 106,616 | ||||||
Teva Pharmaceutical Finance Netherlands III BV (Israel) | 80,000 | 78,716 | ||||||
2.200% due 07/21/21 | 590,000 | 554,752 | ||||||
2.800% due 07/21/23 | 40,000 | 35,650 | ||||||
Teva Pharmaceutical Finance V BV (Israel) | CHF 400,000 | 407,833 | ||||||
United Rentals North America Inc | $40,000 | 37,600 | ||||||
5.500% due 07/15/25 | 50,000 | 51,188 | ||||||
5.875% due 09/15/26 | 90,000 | 92,700 | ||||||
UnitedHealth Group Inc | 180,000 | 178,908 | ||||||
2.875% due 12/15/21 | 120,000 | 118,687 | ||||||
3.750% due 07/15/25 | 80,000 | 80,423 | ||||||
3.875% due 10/15/20 | 230,000 | 233,260 | ||||||
Wm Wrigley Jr Co | 170,000 | 170,232 | ||||||
|
| |||||||
31,003,407 | ||||||||
|
| |||||||
Energy - 3.2% |
| |||||||
Anadarko Petroleum Corp | 80,000 | 82,248 | ||||||
5.550% due 03/15/26 | 20,000 | 21,282 | ||||||
6.450% due 09/15/36 | 630,000 | 720,048 | ||||||
8.700% due 03/15/19 | 420,000 | 430,607 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-10
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Apache Corp | $24,000 | $23,642 | ||||||
4.250% due 01/15/44 | 400,000 | 357,492 | ||||||
4.750% due 04/15/43 | 80,000 | 75,743 | ||||||
5.100% due 09/01/40 | 190,000 | 188,287 | ||||||
Baker Hughes GE Co LLC | 110,000 | 109,466 | ||||||
5.125% due 09/15/40 | 30,000 | 31,604 | ||||||
BP Capital Markets PLC (United Kingdom) | 260,000 | 248,070 | ||||||
3.216% due 11/28/23 | 100,000 | 98,157 | ||||||
3.245% due 05/06/22 | 30,000 | 29,815 | ||||||
3.506% due 03/17/25 | 310,000 | 306,733 | ||||||
3.535% due 11/04/24 | 40,000 | 39,791 | ||||||
Chesapeake Energy Corp | 30,000 | 29,363 | ||||||
6.125% due 02/15/21 | 230,000 | 236,498 | ||||||
8.000% due 12/15/22 ~ | 16,000 | 16,800 | ||||||
Chevron Corp | 180,000 | 171,996 | ||||||
Cimarex Energy Co | 60,000 | 57,356 | ||||||
CNOOC Finance USA LLC (China) | 240,000 | 230,524 | ||||||
Concho Resources Inc | 10,000 | 9,558 | ||||||
4.300% due 08/15/28 | 160,000 | 159,593 | ||||||
ConocoPhillips | 80,000 | 104,013 | ||||||
Continental Resources Inc | 100,000 | 99,381 | ||||||
Devon Energy Corp | 310,000 | 304,557 | ||||||
5.850% due 12/15/25 | 525,000 | 572,722 | ||||||
Diamondback Energy Inc | 70,000 | 71,838 | ||||||
Ecopetrol SA (Colombia) | 410,000 | 407,028 | ||||||
Energy Transfer Partners LP | 40,000 | 40,778 | ||||||
5.875% due 03/01/22 | 230,000 | 243,523 | ||||||
EOG Resources Inc | 160,000 | 163,815 | ||||||
Exxon Mobil Corp | 330,000 | 320,267 | ||||||
4.114% due 03/01/46 | 130,000 | 132,047 | ||||||
Genesis Energy LP | 200,000 | 190,000 | ||||||
KazMunayGas National Co JSC (Kazakhstan) | 200,000 | 203,860 | ||||||
Kinder Morgan Energy Partners LP | 80,000 | 80,265 | ||||||
3.950% due 09/01/22 | 150,000 | 151,081 | ||||||
6.850% due 02/15/20 | 210,000 | 219,915 | ||||||
Kinder Morgan Inc | 270,000 | 268,008 | ||||||
5.000% due 02/15/21 ~ | 400,000 | 412,876 | ||||||
MPLX LP | 130,000 | 125,211 | ||||||
4.500% due 04/15/38 | 240,000 | 226,637 | ||||||
4.700% due 04/15/48 | 430,000 | 403,605 | ||||||
4.875% due 12/01/24 | 230,000 | 239,174 | ||||||
Noble Energy Inc | 240,000 | 227,026 | ||||||
5.250% due 11/15/43 | 200,000 | 199,007 | ||||||
Occidental Petroleum Corp | 200,000 | 190,131 | ||||||
4.100% due 02/15/47 | 280,000 | 271,546 | ||||||
4.400% due 04/15/46 | 80,000 | 81,442 | ||||||
4.625% due 06/15/45 | 240,000 | 249,534 |
Principal Amount | Value | |||||||
Petrobras Global Finance BV (Brazil) | $855,000 | $800,708 | ||||||
6.250% due 03/17/24 | 1,010,000 | 1,015,808 | ||||||
7.250% due 03/17/44 | 370,000 | 351,731 | ||||||
Petroleos Mexicanos (Mexico) | 500,000 | 462,750 | ||||||
6.875% due 08/04/26 | 220,000 | 232,628 | ||||||
QEP Resources Inc | 10,000 | 9,600 | ||||||
6.875% due 03/01/21 | 150,000 | 158,250 | ||||||
Range Resources Corp | 310,000 | 306,125 | ||||||
Sabine Pass Liquefaction LLC | 200,000 | 216,236 | ||||||
Schlumberger Holdings Corp | 190,000 | 188,596 | ||||||
Shell International Finance BV (Netherlands) | 50,000 | 47,509 | ||||||
4.000% due 05/10/46 | 110,000 | 107,733 | ||||||
4.375% due 03/25/20 | 420,000 | 428,353 | ||||||
4.375% due 05/11/45 | 330,000 | 342,980 | ||||||
4.550% due 08/12/43 | 130,000 | 136,656 | ||||||
Sinopec Group Overseas Development Ltd (China) | 490,000 | 497,308 | ||||||
Targa Resources Partners LP | 60,000 | 58,875 | ||||||
5.375% due 02/01/27 | 30,000 | 30,150 | ||||||
5.875% due 04/15/26 ~ | 40,000 | 41,450 | ||||||
The Williams Cos Inc | 90,000 | 92,391 | ||||||
7.500% due 01/15/31 | 450,000 | 548,077 | ||||||
Transcontinental Gas Pipe Co LLC | 520,000 | 634,065 | ||||||
Whiting Petroleum Corp | 60,000 | 62,220 | ||||||
6.625% due 01/15/26 | 150,000 | 156,563 | ||||||
WPX Energy Inc | 30,000 | 34,200 | ||||||
|
| |||||||
16,834,922 | ||||||||
|
| |||||||
Financial - 18.8% |
| |||||||
ABN AMRO Bank NV (Netherlands) | 200,000 | 200,898 | ||||||
AerCap Ireland Capital DAC (Ireland) | 550,000 | 552,259 | ||||||
4.450% due 10/01/25 | 500,000 | 495,263 | ||||||
5.000% due 10/01/21 | 150,000 | 154,389 | ||||||
Ally Financial Inc | 300,000 | 300,375 | ||||||
8.000% due 11/01/31 | 460,000 | 559,475 | ||||||
Ambac LSNI LLC (Cayman) | 365,514 | 370,539 | ||||||
American Express Co | 500,000 | 500,553 | ||||||
3.400% due 02/27/23 | 700,000 | 689,736 | ||||||
American Express Credit Corp | 200,000 | 197,563 | ||||||
American International Group Inc | 820,000 | 799,608 | ||||||
American Tower Corp REIT | 500,000 | 531,912 | ||||||
Australia & New Zealand Banking Group Ltd (Australia) | 500,000 | 501,212 | ||||||
3.300% due 05/17/21 | 500,000 | 497,948 | ||||||
AvalonBay Communities Inc REIT | 300,000 | 292,905 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-11
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Banco Santander SA (Spain) | $200,000 | $200,520 | ||||||
3.848% due 04/12/23 | 200,000 | 195,572 | ||||||
4.379% due 04/12/28 | 200,000 | 189,435 | ||||||
Bank of America Corp | 655,000 | 635,858 | ||||||
3.106% (USD LIBOR + 0.790%) due 03/05/24 § | 700,000 | 700,062 | ||||||
3.300% due 01/11/23 | 360,000 | 354,800 | ||||||
3.342% (USD LIBOR + 1.000%) due 04/24/23 § | 500,000 | 506,914 | ||||||
3.419% due 12/20/28 | 603,000 | 566,261 | ||||||
3.500% due 04/19/26 | 360,000 | 348,203 | ||||||
3.550% due 03/05/24 | 390,000 | 385,662 | ||||||
3.593% due 07/21/28 | 100,000 | 95,387 | ||||||
3.864% due 07/23/24 | 500,000 | 500,192 | ||||||
4.000% due 04/01/24 | 850,000 | 857,995 | ||||||
4.100% due 07/24/23 | 500,000 | 509,293 | ||||||
4.200% due 08/26/24 | 390,000 | 392,052 | ||||||
4.250% due 10/22/26 | 1,700,000 | 1,681,427 | ||||||
4.450% due 03/03/26 | 90,000 | 90,202 | ||||||
6.100% due 03/17/25 | 160,000 | 168,000 | ||||||
6.250% due 09/05/24 | 280,000 | 295,750 | ||||||
Bank of Montreal (Canada) | 60,000 | 56,135 | ||||||
Banque Federative du Credit Mutuel SA (France) | 600,000 | 596,682 | ||||||
Barclays Bank PLC (United Kingdom) | 800,000 | 868,700 | ||||||
Barclays PLC (United Kingdom) | 500,000 | 487,296 | ||||||
4.972% due 05/16/29 | 430,000 | 424,208 | ||||||
6.500% due 09/15/19 | EUR 600,000 | 719,270 | ||||||
Blackstone CQP Holdco LP | $600,000 | 602,932 | ||||||
BNP Paribas SA (France) | 1,070,000 | 1,017,859 | ||||||
4.400% due 08/14/28 ~ | 340,000 | 334,131 | ||||||
BPCE SA (France) | 600,000 | 592,559 | ||||||
Brighthouse Financial Inc | 350,000 | 290,256 | ||||||
Capital One Financial Corp | 500,000 | 498,446 | ||||||
Chubb INA Holdings Inc | 120,000 | 117,848 | ||||||
3.350% due 05/03/26 | 140,000 | 136,151 | ||||||
CIT Group Inc | 100,000 | 100,325 | ||||||
5.250% due 03/07/25 | 110,000 | 112,475 | ||||||
Citibank NA | 800,000 | 791,465 | ||||||
Citigroup Inc | 800,000 | 777,679 | ||||||
3.344% (USD LIBOR + 1.023%) due 06/01/24 § | 500,000 | 502,783 | ||||||
4.400% due 06/10/25 | 400,000 | 399,465 | ||||||
4.450% due 09/29/27 | 1,550,000 | 1,532,887 | ||||||
4.750% due 05/18/46 | 60,000 | 58,860 | ||||||
5.300% due 05/06/44 | 232,000 | 243,097 | ||||||
5.500% due 09/13/25 | 520,000 | 554,522 | ||||||
5.950% due 01/30/23 | 300,000 | 307,041 | ||||||
5.950% due 05/15/25 | 1,350,000 | 1,363,500 | ||||||
6.675% due 09/13/43 | 70,000 | 85,973 | ||||||
8.125% due 07/15/39 | 10,000 | 14,459 | ||||||
Commonwealth Bank of Australia (Australia) | 210,000 | 194,063 | ||||||
5.000% due 10/15/19 ~ | 160,000 | 163,334 |
Principal Amount | Value | |||||||
Cooperatieve Rabobank UA (Netherlands) | $400,000 | $397,432 | ||||||
3.750% due 07/21/26 | 680,000 | 643,037 | ||||||
4.375% due 08/04/25 | 1,130,000 | 1,120,155 | ||||||
4.625% due 12/01/23 | 290,000 | 294,687 | ||||||
4.750% due 01/15/20 ~ | 340,000 | 346,558 | ||||||
5.500% due 06/29/20 | EUR 300,000 | 367,488 | ||||||
6.875% due 03/19/20 ~ | 300,000 | 381,592 | ||||||
11.000% due 06/30/19 ~ | $380,000 | 402,515 | ||||||
Credit Agricole SA (France) | 300,000 | 312,863 | ||||||
Credit Suisse Group AG | 500,000 | 503,150 | ||||||
Credit Suisse Group Funding Guernsey Ltd (Switzerland) | 500,000 | 482,731 | ||||||
3.800% due 09/15/22 | 800,000 | 796,224 | ||||||
3.800% due 06/09/23 | 500,000 | 494,681 | ||||||
4.875% due 05/15/45 | 640,000 | 650,767 | ||||||
Deutsche Bank AG (Germany) | 600,000 | 586,591 | ||||||
3.307% (USD LIBOR + 0.970%) due 07/13/20 § | 500,000 | 498,196 | ||||||
4.250% due 10/14/21 | 600,000 | 597,661 | ||||||
Digital Realty Trust LP REIT | 500,000 | 500,261 | ||||||
EPR Properties REIT | 400,000 | 410,842 | ||||||
ERP Operating LP REIT | 200,000 | 194,977 | ||||||
GE Capital International Funding Co | 383,000 | 374,334 | ||||||
3.373% due 11/15/25 | 485,000 | 461,937 | ||||||
Host Hotels & Resorts LP REIT | 200,000 | 194,107 | ||||||
HSBC Holdings PLC (United Kingdom) | 500,000 | 501,088 | ||||||
3.400% due 03/08/21 | 740,000 | 738,435 | ||||||
3.900% due 05/25/26 | 430,000 | 417,193 | ||||||
4.250% due 08/18/25 | 810,000 | 795,436 | ||||||
4.583% due 06/19/29 | 840,000 | 841,920 | ||||||
6.250% due 03/23/23 | 390,000 | 389,025 | ||||||
6.375% due 09/17/24 | 280,000 | 278,331 | ||||||
6.500% due 03/23/28 | 390,000 | 376,838 | ||||||
ING Bank NV (Netherlands) | 440,000 | 464,327 | ||||||
International Lease Finance Corp | 400,000 | 423,411 | ||||||
Intesa Sanpaolo SPA (Italy) | 300,000 | 279,206 | ||||||
3.375% due 01/12/23 ~ | 220,000 | 203,823 | ||||||
3.875% due 07/14/27 ~ | 230,000 | 196,538 | ||||||
5.017% due 06/26/24 ~ | 880,000 | 794,861 | ||||||
5.710% due 01/15/26 ~ | 200,000 | 182,639 | ||||||
3.875% due 01/12/28 ~ | 220,000 | 186,672 | ||||||
Jackson National Life Global Funding | 400,000 | 398,383 | ||||||
JPMorgan Chase & Co | 1,400,000 | 1,347,190 | ||||||
3.514% due 06/18/22 | 500,000 | 500,675 | ||||||
3.797% due 07/23/24 | 500,000 | 499,933 | ||||||
4.125% due 12/15/26 | 520,000 | 516,778 | ||||||
4.203% due 07/23/29 | 220,000 | 219,182 | ||||||
4.250% due 10/01/27 | 120,000 | 119,579 | ||||||
4.350% due 08/15/21 | 290,000 | 297,460 | ||||||
4.950% due 06/01/45 | 350,000 | 367,296 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-12
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
JPMorgan Chase Bank NA | $300,000 | $299,248 | ||||||
Kimco Realty Corp REIT | 900,000 | 839,025 | ||||||
KKR Group Finance Co II LLC | 30,000 | 30,981 | ||||||
Lifestorage LP REIT | 800,000 | 743,098 | ||||||
Lloyds Bank PLC (United Kingdom) | 500,000 | 498,183 | ||||||
Lloyds Banking Group PLC (United Kingdom) | AUD 800,000 | 570,195 | ||||||
3.574% due 11/07/28 | $200,000 | 183,470 | ||||||
4.000% due 03/07/25 | AUD 900,000 | 648,386 | ||||||
4.375% due 03/22/28 | $200,000 | 195,355 | ||||||
4.450% due 05/08/25 | 500,000 | 501,111 | ||||||
4.500% due 11/04/24 | 610,000 | 599,842 | ||||||
MetLife Inc | 178,000 | 183,673 | ||||||
MGM Growth Properties Operating Partnership LP REIT | 30,000 | 30,863 | ||||||
Mitsubishi UFJ Financial Group Inc (Japan) | 200,000 | 195,779 | ||||||
3.455% due 03/02/23 | 600,000 | 592,470 | ||||||
Mizuho Financial Group Inc (Japan) | 600,000 | 596,629 | ||||||
Morgan Stanley | 500,000 | 501,699 | ||||||
3.125% due 07/27/26 | 200,000 | 186,422 | ||||||
3.528% (USD LIBOR + 1.180%) due 01/20/22 § | 500,000 | 507,160 | ||||||
3.737% due 04/24/24 | 600,000 | 596,368 | ||||||
Nasdaq Inc | 800,000 | 772,759 | ||||||
National Australia Bank Ltd (Australia) | 500,000 | 497,990 | ||||||
Navient Corp | 630,000 | 667,485 | ||||||
New York Life Global Funding | 1,000,000 | 967,712 | ||||||
Nuveen Finance LLC | 110,000 | 109,876 | ||||||
Nykredit Realkredit AS (Denmark) | DKK 14,700,000 | 2,288,935 | ||||||
Oversea-Chinese Banking Corp Ltd (Singapore) | $400,000 | 401,840 | ||||||
Regions Bank | 500,000 | 498,707 | ||||||
Reliance Standard Life Global Funding II | 70,000 | 69,298 | ||||||
Royal Bank of Canada (Canada) | 170,000 | 166,641 | ||||||
3.200% due 04/30/21 | 190,000 | 189,713 | ||||||
Royal Bank of Scotland Group PLC (United Kingdom) | EUR 100,000 | 119,033 | ||||||
2.500% due 03/22/23 | 600,000 | 729,947 | ||||||
3.875% due 09/12/23 | $600,000 | 583,611 | ||||||
4.519% due 06/25/24 | 200,000 | 199,613 | ||||||
5.125% due 05/28/24 | 1,700,000 | 1,702,965 | ||||||
6.125% due 12/15/22 | 160,000 | 167,671 | ||||||
Santander Holdings USA Inc | 70,000 | 69,196 | ||||||
Santander UK Group Holdings PLC (United Kingdom) | 100,000 | 98,769 | ||||||
2.875% due 10/16/20 | 1,100,000 | 1,086,556 |
Principal Amount | Value | |||||||
Simon Property Group LP REIT | $400,000 | $394,855 | ||||||
Skandinaviska Enskilda Banken AB (Sweden) | 500,000 | 500,878 | ||||||
3.250% due 05/17/21 ~ | 500,000 | 496,946 | ||||||
Societe Generale SA (France) | 500,000 | 498,758 | ||||||
Standard Chartered PLC (United Kingdom) | 510,000 | 529,198 | ||||||
Sumitomo Mitsui Financial Group Inc (Japan) | 290,000 | 278,896 | ||||||
Svenska Handelsbanken AB (Sweden) | 250,000 | 249,676 | ||||||
Synchrony Bank | 500,000 | 495,820 | ||||||
Teachers Insurance & Annuity Association of America | 100,000 | 106,599 | ||||||
6.850% due 12/16/39 ~ | 18,000 | 23,636 | ||||||
The Depository Trust & Clearing Corp | 250,000 | 255,313 | ||||||
The Goldman Sachs Group Inc | 600,000 | 602,742 | ||||||
3.122% (USD LIBOR + 0.780%) due 10/31/22 § | 500,000 | 502,631 | ||||||
3.484% (USD LIBOR + 1.170%) due 05/15/26 § | 500,000 | 500,746 | ||||||
3.500% due 01/23/25 | 700,000 | 678,340 | ||||||
3.534% (USD LIBOR + 1.200%) due 09/15/20 § | 500,000 | 507,995 | ||||||
3.750% due 05/22/25 | 600,000 | 588,270 | ||||||
3.850% due 07/08/24 | 740,000 | 736,044 | ||||||
4.223% due 05/01/29 | 990,000 | 976,981 | ||||||
4.250% due 10/21/25 | 1,720,000 | 1,705,054 | ||||||
5.150% due 05/22/45 | 310,000 | 316,584 | ||||||
6.250% due 02/01/41 | 550,000 | 661,426 | ||||||
The Toronto-Dominion Bank (Canada) | 1,200,000 | 1,168,000 | ||||||
3.250% due 06/11/21 | 230,000 | 229,997 | ||||||
UBS Group Funding Switzerland AG (Switzerland) | 1,000,000 | 985,456 | ||||||
3.491% due 05/23/23 ~ | 610,000 | 597,919 | ||||||
4.125% due 09/24/25 ~ | 1,000,000 | 994,181 | ||||||
4.253% due 03/23/28 ~ | 630,000 | 625,871 | ||||||
US Bank NA | 850,000 | 848,671 | ||||||
Vesteda Finance BV (Netherlands) | EUR 600,000 | 737,529 | ||||||
Visa Inc | $360,000 | 349,253 | ||||||
4.300% due 12/14/45 | 350,000 | 363,444 | ||||||
Washington Prime Group LP | 700,000 | 662,036 | ||||||
WEA Finance LLC REIT (France) | 650,000 | 640,500 | ||||||
Wells Fargo & Co | 650,000 | 603,448 | ||||||
3.450% due 02/13/23 | 110,000 | 108,134 | ||||||
3.572% (USD LIBOR + 1.230%) due 10/31/23 § | 2,000,000 | 2,040,754 | ||||||
4.300% due 07/22/27 | 900,000 | 897,736 | ||||||
4.400% due 06/14/46 | 90,000 | 84,747 | ||||||
4.600% due 04/01/21 | 1,310,000 | 1,347,501 | ||||||
4.900% due 11/17/45 | 460,000 | 466,811 | ||||||
5.375% due 11/02/43 | 200,000 | 214,989 | ||||||
5.606% due 01/15/44 | 350,000 | 386,896 | ||||||
5.875% due 06/15/25 | 60,000 | 63,188 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-13
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Westpac Banking Corp (Australia) | $40,000 | $39,521 | ||||||
2.600% due 11/23/20 | 200,000 | 197,171 | ||||||
3.050% due 05/15/20 | 500,000 | 499,574 | ||||||
|
| |||||||
98,260,615 | ||||||||
|
| |||||||
Industrial - 2.1% | ||||||||
Aviation Capital Group LLC | 600,000 | 589,993 | ||||||
Berry Global Inc | 30,000 | 28,575 | ||||||
CNH Industrial Capital LLC | 400,000 | 410,929 | ||||||
DAE Funding LLC (United Arab Emirates) | 82,000 | 80,155 | ||||||
5.000% due 08/01/24 ~ | 80,000 | 78,500 | ||||||
Eaton Corp | 310,000 | 301,082 | ||||||
4.150% due 11/02/42 | 80,000 | 76,172 | ||||||
GATX Corp | 400,000 | 412,597 | ||||||
4.850% due 06/01/21 | 290,000 | 298,923 | ||||||
General Electric Co | 187,000 | 184,411 | ||||||
5.000% due 01/21/21 | 400,000 | 390,450 | ||||||
5.300% due 02/11/21 | 480,000 | 500,330 | ||||||
5.500% due 01/08/20 | 20,000 | 20,581 | ||||||
5.875% due 01/14/38 | 40,000 | 44,676 | ||||||
6.000% due 08/07/19 | 132,000 | 135,440 | ||||||
6.875% due 01/10/39 | 798,000 | 997,244 | ||||||
Harris Corp | 140,000 | 147,631 | ||||||
John Deere Capital Corp | 100,000 | 98,492 | ||||||
2.867% (USD LIBOR + 0.550%) due 06/07/23 § | 500,000 | 502,302 | ||||||
Lockheed Martin Corp | 20,000 | 19,803 | ||||||
3.550% due 01/15/26 | 220,000 | 217,452 | ||||||
4.500% due 05/15/36 | 70,000 | 73,090 | ||||||
Northrop Grumman Corp | 90,000 | 85,554 | ||||||
3.250% due 01/15/28 | 660,000 | 621,844 | ||||||
Park Aerospace Holdings Ltd (Ireland) | 200,000 | 202,750 | ||||||
5.500% due 02/15/24 ~ | 130,000 | 133,413 | ||||||
Penske Truck Leasing Co Lp | 600,000 | 599,550 | ||||||
Raytheon Co | 160,000 | 160,337 | ||||||
Reynolds Group Issuer Inc | 100,000 | 99,575 | ||||||
5.750% due 10/15/20 | 193,822 | 194,548 | ||||||
Rockwell Collins Inc | 500,000 | 486,912 | ||||||
The Boeing Co | 630,000 | 645,971 | ||||||
Union Pacific Corp | 130,000 | 130,146 | ||||||
3.950% due 09/10/28 | 420,000 | 421,711 | ||||||
4.500% due 09/10/48 | 290,000 | 295,871 | ||||||
United Parcel Service Inc | 110,000 | 106,119 | ||||||
3.050% due 11/15/27 | 80,000 | 76,485 | ||||||
United Technologies Corp | 160,000 | 159,222 | ||||||
4.125% due 11/16/28 | 250,000 | 248,827 |
Principal Amount | Value | |||||||
4.500% due 04/15/20 | $210,000 | $214,299 | ||||||
4.500% due 06/01/42 | 70,000 | 69,444 | ||||||
Waste Management Inc | 240,000 | 237,046 | ||||||
|
| |||||||
10,798,452 | ||||||||
|
| |||||||
Technology - 1.2% | ||||||||
Apple Inc | 240,000 | 235,811 | ||||||
2.450% due 08/04/26 | 420,000 | 387,512 | ||||||
Broadcom Corp | 190,000 | 176,694 | ||||||
3.875% due 01/15/27 | 30,000 | 28,343 | ||||||
Dell International LLC | 710,000 | 711,921 | ||||||
4.420% due 06/15/21 ~ | 200,000 | 203,088 | ||||||
5.450% due 06/15/23 ~ | 500,000 | 525,714 | ||||||
7.125% due 06/15/24 ~ | 410,000 | 440,457 | ||||||
First Data Corp | 480,000 | 484,560 | ||||||
7.000% due 12/01/23 ~ | 10,000 | 10,438 | ||||||
Hewlett Packard Enterprise Co | 600,000 | 600,663 | ||||||
Intel Corp | 120,000 | 120,817 | ||||||
3.734% due 12/08/47 | 76,000 | 70,880 | ||||||
Microsoft Corp | 810,000 | 747,261 | ||||||
2.700% due 02/12/25 | 140,000 | 134,252 | ||||||
2.875% due 02/06/24 | 580,000 | 567,260 | ||||||
3.300% due 02/06/27 | 570,000 | 560,225 | ||||||
3.450% due 08/08/36 | 20,000 | 19,090 | ||||||
3.950% due 08/08/56 | 80,000 | 78,351 | ||||||
salesforce.com Inc | 200,000 | 198,627 | ||||||
3.700% due 04/11/28 | 60,000 | 59,520 | ||||||
|
| |||||||
6,361,484 | ||||||||
|
| |||||||
Utilities - 1.7% |
| |||||||
American Electric Power Co Inc | 500,000 | 489,570 | ||||||
Duke Energy Carolinas LLC | 60,000 | 68,280 | ||||||
Duke Energy Corp | 500,000 | 501,500 | ||||||
3.950% due 08/15/47 | 30,000 | 27,104 | ||||||
Emera US Finance LP (Canada) | 800,000 | 777,052 | ||||||
FirstEnergy Corp | 460,000 | 448,062 | ||||||
4.250% due 03/15/23 | 410,000 | 416,691 | ||||||
7.375% due 11/15/31 | 1,410,000 | 1,822,817 | ||||||
IPALCO Enterprises Inc | 800,000 | 800,208 | ||||||
LG&E & KU Energy LLC | 500,000 | 510,020 | ||||||
National Fuel Gas Co | 2,000,000 | 2,045,845 | ||||||
Pacific Gas & Electric Co | 130,000 | 145,294 | ||||||
6.050% due 03/01/34 | 490,000 | 552,980 | ||||||
Progress Energy Inc | 60,000 | 61,185 | ||||||
Virginia Electric & Power Co | 160,000 | 201,137 | ||||||
|
| |||||||
8,867,745 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 208,933,791 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-14
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
SENIOR LOAN NOTES - 2.1% |
| |||||||
Communications - 0.3% |
| |||||||
Altice France SA Term B-12 (France) | $337,545 | $333,841 | ||||||
Charter Communications Operating LLC Term B | 181,162 | 181,625 | ||||||
Level 3 Parent LLC Term B | 270,000 | 270,956 | ||||||
Sprint Communications Inc Term B | 41,352 | 41,482 | ||||||
Univision Communications Inc Term C-5 | 396,711 | 386,369 | ||||||
UPC Financing Partnership Term AR | 214,177 | 214,267 | ||||||
Virgin Media Bristol LLC Term K | 88,408 | 88,645 | ||||||
Ziggo Secured Finance Partnership Term E (Netherlands) | 119,750 | 117,711 | ||||||
|
| |||||||
1,634,896 | ||||||||
|
| |||||||
Consumer, Cyclical - 0.8% |
| |||||||
American Axle & Manufacturing Inc Term B | 57,139 | 57,228 | ||||||
American Builders & Contractors Supply Co Inc Term B-2 | 250,053 | 249,711 | ||||||
Aramark Services Inc Term B-3 | 194,831 | 195,464 | ||||||
Beacon Roofing Supply Inc Term B | 267,480 | 267,313 | ||||||
Boyd Gaming Corp Term B | 116,773 | 117,496 | ||||||
Caesars Resort Collection LLC Term B | 251,717 | 253,357 | ||||||
CityCenter Holdings LLC Term B | 53,285 | 53,408 | ||||||
CWGS Group LLC Term B | 423,550 | 417,197 | ||||||
Golden Nugget Inc Term B | 282,821 | 284,376 | ||||||
Hilton Worldwide Finance LLC Term B-2 | 313,400 | 314,968 | ||||||
Michaels Stores Inc Term B | 158,175 | 157,879 | ||||||
New Red Finance Inc Term B (Canada) | 197,087 | 197,386 | ||||||
Party City Holdings Inc | 197,844 | 199,434 |
Principal Amount | Value | |||||||
PetSmart Inc Term B | $578,499 | $509,321 | ||||||
Scientific Games International Inc Term B-5 | 279,848 | 279,738 | ||||||
Station Casinos LLC Term B | 406,059 | 408,238 | ||||||
|
| |||||||
3,962,514 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 0.5% |
| |||||||
Air Medical Group Holdings Inc Term B | 308,582 | 304,435 | ||||||
Albertson’s LLC |
| |||||||
Term B-4 4.992% (USD LIBOR + 2.750%) due 08/25/21 § | 182,370 | 182,792 | ||||||
Term B-6 5.311% (USD LIBOR + 3.000%) due 06/22/23 § | 87,409 | 87,529 | ||||||
Bausch Health Cos Inc Term B | 163,654 | 164,677 | ||||||
Brightview Landscapes LLC Term B | 100,000 | 100,531 | ||||||
Catalent Pharma Solutions Inc Term B | 86,784 | 87,435 | ||||||
Change Healthcare Holdings LLC Term B | 173,989 | 174,762 | ||||||
Enterprise Merger Sub Inc | 300,000 | 299,906 | ||||||
HCA Inc Term B-10 | 470,168 | 474,216 | ||||||
Jaguar Holding Co II | 254,635 | 255,112 | ||||||
Post Holdings Inc Term B | 201,088 | 201,365 | ||||||
Prime Security Services Borrower LLC Term B | 272,002 | 273,626 | ||||||
Trans Union LLC Term B-3 | 101 | 101 | ||||||
|
| |||||||
2,606,487 | ||||||||
|
| |||||||
Financial - 0.2% |
| |||||||
Flying Fortress Holdings LLC Term B | 500,000 | 503,177 | ||||||
MGM Growth Properties Operating Partnership LP REIT Term B | 324,821 | 325,604 | ||||||
RPI Finance Trust Term B-6 | 212,926 | 213,958 | ||||||
VICI Properties 1 LLC Term B | 198,636 | 199,257 | ||||||
|
| |||||||
1,241,996 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-15
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Industrial - 0.1% |
| |||||||
Avolon (US) LLC Term B-3 (Ireland) | $146,075 | $146,714 | ||||||
Berry Global Inc | 273,116 | 273,808 | ||||||
Quikrete Holdings Inc Term B | 109,662 | 109,984 | ||||||
XPO Logistics Inc Term B | 164,841 | 165,903 | ||||||
|
| |||||||
696,409 | ||||||||
|
| |||||||
Technology - 0.2% |
| |||||||
Dell International LLC Term B | 415,771 | 417,070 | ||||||
First Data Corp | 156,263 | 156,547 | ||||||
ON Semiconductor Corp Term B | 66,419 | 66,597 | ||||||
Western Digital Corp Term B-4 | 115,470 | 115,830 | ||||||
|
| |||||||
756,044 | ||||||||
|
| |||||||
Total Senior Loan Notes |
| 10,898,346 | ||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 52.0% |
| |||||||
Collateralized Mortgage Obligations - Commercial - 4.2% |
| |||||||
Ashford Hospitality Trust | 600,000 | 601,880 | ||||||
BAMLL Re-REMIC Trust | 1,812,145 | 1,348,357 | ||||||
Banc of America Commercial Mortgage Trust | 287,753 | 176,819 | ||||||
BBCCRE Trust | 320,000 | 283,426 | ||||||
BX Trust | 710,183 | 711,070 | ||||||
CD Commercial Mortgage Trust | 841 | 619 | ||||||
CHT Trust | 520,000 | 520,793 | ||||||
Citigroup Commercial Mortgage Trust | 500,000 | 495,323 | ||||||
Commercial Mortgage Trust | 160,000 | 159,636 | ||||||
4.496% due 02/10/48 § | 90,000 | 86,946 | ||||||
Core Industrial Trust | 400,000 | 394,936 | ||||||
Credit Suisse Commercial Mortgage Trust | 101,797 | 74,719 | ||||||
CSAIL Commercial Mortgage Trust | 1,060,000 | 1,043,825 | ||||||
CSMC Trust | 480,000 | 471,992 | ||||||
3.953% due 09/15/37 ~ | 400,000 | 399,394 | ||||||
4.373% due 09/15/37 ~ | 1,230,000 | 1,074,513 | ||||||
8.158% (USD LIBOR + 6.000%) due 11/15/33 § ~ | 490,000 | 496,483 |
Principal Amount | Value | |||||||
DBUBS Mortgage Trust | $260,000 | $270,731 | ||||||
Fannie Mae | 130,000 | 125,323 | ||||||
Fannie Mae (IO) | 11,103,982 | 203,724 | ||||||
Freddie Mac Multifamily Structured Pass-Through Certificates (IO) | 20,420,530 | 23,506 | ||||||
Freddie Mac Structured Pass-Through Certificates | 200,000 | 191,009 | ||||||
GE Commercial Mortgage Co | 180,000 | 59,185 | ||||||
Government National Mortgage Association (IO) | 11,459,223 | 332,059 | ||||||
0.616% due 04/16/47 § | 4,384,084 | 176,681 | ||||||
GRACE Mortgage Trust | 600,000 | 599,762 | ||||||
GS Mortgage Securities Trust | 400,000 | 398,061 | ||||||
3.458% (USD LIBOR + 1.300%) due 09/15/31 § ~ | 1,120,000 | 1,122,100 | ||||||
4.569% due 11/10/48 § | 720,000 | 724,731 | ||||||
5.622% due 11/10/39 | 133,594 | 115,344 | ||||||
Hudson Yards Mortgage Trust | 540,000 | 504,543 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust | 338,278 | 339,190 | ||||||
4.724% due 07/15/47 § | 240,000 | 239,441 | ||||||
5.411% due 05/15/47 | 1,450,000 | 1,039,127 | ||||||
5.438% due 01/15/49 ~ | 470,000 | 79,903 | ||||||
5.502% due 06/12/47 § | 570,000 | 472,568 | ||||||
6.012% due 02/12/49 § | 989,768 | 741,669 | ||||||
JPMBB Commercial Mortgage Securities Trust | 410,000 | 425,131 | ||||||
LSTAR Commercial Mortgage Trust | 614,006 | 607,715 | ||||||
3.127% due 04/20/48 § ~ | 850,000 | 842,431 | ||||||
ML-CFC Commercial Mortgage Trust | 64,322 | 50,879 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 1,000,000 | 984,389 | ||||||
Morgan Stanley Capital I Trust | 540,000 | 505,041 | ||||||
3.516% due 07/13/29 § ~ | 600,000 | 596,834 | ||||||
3.560% due 07/13/29 § ~ | 700,000 | 693,291 | ||||||
Waterfall Commercial Mortgage Trust | 273,624 | 271,383 | ||||||
Wells Fargo Commercial Mortgage Trust | 290,000 | 297,747 | ||||||
Wells Fargo Commercial Mortgage Trust (IO) | 4,755,682 | 401,882 | ||||||
WFRBS Commercial Mortgage Trust (IO) | 4,118,995 | 115,336 | ||||||
|
| |||||||
21,891,447 | ||||||||
|
| |||||||
Collateralized Mortgage Obligations - Residential - 9.8% |
| |||||||
Alternative Loan Trust | 435,263 | 418,000 | ||||||
2.426% (USD LIBOR + 0.210%) due 05/25/35 § | 316,518 | 303,375 | ||||||
3.725% due 06/25/37 § | 137,206 | 118,537 | ||||||
American Home Mortgage Investment Trust | 1,376,757 | 529,625 | ||||||
Banc of America Funding Corp | 2,505,910 | 1,841,202 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-16
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Banc of America Funding Trust | $3,332,324 | $2,060,045 | ||||||
4.016% (USD LIBOR + 1.500%) due 09/26/45 § ~ | 2,760,000 | 2,164,342 | ||||||
4.205% due 05/25/35 § | 26,604 | 28,004 | ||||||
BCAP LLC Trust | 1,768,493 | 1,727,235 | ||||||
3.876% due 08/26/35 § ~ | 2,336,284 | 2,041,953 | ||||||
4.938% due 03/26/37 ~ | 46,803 | 47,192 | ||||||
Bear Stearns Adjustable Rate Mortgage Trust | 414,627 | 418,553 | ||||||
4.191% due 08/25/33 § | 30,092 | 30,179 | ||||||
4.551% due 10/25/36 § | 12,941 | 12,510 | ||||||
Bear Stearns ALT-A Trust | 53,331 | 44,991 | ||||||
3.972% due 05/25/35 § | 21,866 | 22,094 | ||||||
Chase Mortgage Finance Trust | 295,999 | 299,654 | ||||||
4.222% due 09/25/36 § | 84,815 | 80,507 | ||||||
ChaseFlex Trust | 472,623 | 484,563 | ||||||
Chevy Chase Funding LLC | 23,204 | 23,093 | ||||||
2.563% due 05/25/35 § ~ | 990,401 | 759,241 | ||||||
Citigroup Mortgage Loan Trust Inc | 2,000,000 | 1,715,574 | ||||||
4.240% (UST + 2.150%) due 09/25/35 § | 13,876 | 14,094 | ||||||
COLT Mortgage Loan Trust | 134,066 | 134,402 | ||||||
Countrywide Home Loan Mortgage | 10,993 | 10,973 | ||||||
Credit Suisse First Boston Mortgage | 55,687 | 47,261 | ||||||
CSMC Trust | 3,714,036 | 3,611,335 | ||||||
Downey Saving & Loan Association Mortgage | 108,246 | 97,145 | ||||||
Eurosail-UK PLC (United Kingdom) | GBP 426,584 | 551,821 | ||||||
1.750% (GBP LIBOR + 0.950%) due 06/13/45 § ~ | 426,584 | 551,821 | ||||||
Fannie Mae | $822,899 | 823,276 | ||||||
3.625% (US PRIME - 1.625%) due 11/25/23 § | 86,250 | 87,477 | ||||||
5.500% due 04/25/35 | 410,198 | 452,093 | ||||||
Fannie Mae (IO) | 1,929,878 | 315,232 | ||||||
3.884% (6.100% - USD LIBOR) due 09/25/46 § | 1,252,461 | 157,699 | ||||||
4.000% due 03/25/43 - 04/25/43 | 2,255,492 | 459,589 | ||||||
Fannie Mae Connecticut Avenue Securities | 1,550,000 | 1,750,296 | ||||||
Freddie Mac | 639,365 | 610,692 | ||||||
8.000% due 04/15/30 | 81,170 | 91,383 |
Principal Amount | Value | |||||||
Freddie Mac (IO) | $1,077,894 | $176,478 | ||||||
3.942% (6.100% - USD LIBOR) due 08/15/44 § | 313,196 | 52,770 | ||||||
4.000% due 04/15/43 | 444,578 | 63,120 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes | 1,120,000 | 1,114,359 | ||||||
5.366% (USD LIBOR + 3.150%) due 07/25/30 § | 1,120,000 | 1,099,440 | ||||||
6.216% (USD LIBOR + 4.000%) due 08/25/24 § | 445,061 | 488,231 | ||||||
Government National Mortgage Association | 485,646 | 484,547 | ||||||
2.680% (USD LIBOR + 0.600%) due 07/20/65 § | 716,272 | 721,064 | ||||||
2.880% (USD LIBOR + 0.800%) due 06/20/66 § | 631,590 | 641,407 | ||||||
2.880% (USD LIBOR + 0.800%) due 07/20/66 § | 1,277,753 | 1,296,737 | ||||||
3.247% (USD LIBOR + 0.750%) due 04/20/67 § | 765,345 | 786,248 | ||||||
4.984% due 09/20/66 § | 926,255 | 1,021,428 | ||||||
Government National Mortgage Association (IO) | 255,236 | 43,360 | ||||||
3.985% (6.150% - USD LIBOR) due 02/20/46 § | 1,710,284 | 274,283 | ||||||
4.000% due 11/20/44 | 1,120,899 | 244,125 | ||||||
4.500% due 11/16/45 | 391,231 | 85,328 | ||||||
Great Hall Mortgages PLC (United Kingdom) | 333,877 | 326,438 | ||||||
GSR Mortgage Loan Trust | 777,906 | 656,889 | ||||||
6.000% due 07/25/37 | 399,206 | 363,868 | ||||||
HarborView Mortgage Loan Trust | 236,878 | 216,562 | ||||||
2.376% (USD LIBOR + 0.160%) due 05/25/38 § | 377,588 | 334,401 | ||||||
2.608% (USD LIBOR + 0.440%) due 05/19/35 § | 354,330 | 346,228 | ||||||
4.114% due 08/19/36 § | 169,231 | 158,588 | ||||||
4.378% due 02/25/36 § | 78,168 | 56,603 | ||||||
JP Morgan Mortgage Trust | 1,536,020 | 1,493,648 | ||||||
3.500% due 10/25/48 § ~ | 724,714 | 710,679 | ||||||
3.500% due 10/25/48 § ~ | 2,393,075 | 2,346,733 | ||||||
4.229% due 07/25/35 § | 52,644 | 53,063 | ||||||
5.750% due 01/25/36 | 16,184 | 12,919 | ||||||
Ludgate Funding PLC (United Kingdom) | GBP 531,968 | 658,888 | ||||||
Merrill Lynch Mortgage Investors Trust | $413,345 | 417,367 | ||||||
Morgan Stanley Resecuritization Trust | 1,693,404 | 1,281,391 | ||||||
New Residential Mortgage Loan Trust | 847,988 | 853,810 | ||||||
Nomura Resecuritization Trust | 3,319,758 | 2,928,505 | ||||||
7.967% due 06/26/35 § ~ | 1,884,547 | 1,827,684 | ||||||
Prime Mortgage Trust | 1,586,886 | 1,348,058 | ||||||
RBSSP Resecuritization Trust | 165,720 | 169,978 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-17
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Reperforming Loan REMIC Trust | $37,284 | $36,174 | ||||||
2.556% (USD LIBOR + 0.340%) due 01/25/36 § ~ | 218,762 | 215,435 | ||||||
WaMu Mortgage Pass-Through Certificates Trust | 174,939 | 170,182 | ||||||
Wells Fargo Mortgage-Backed Securities Trust | 154,147 | 153,138 | ||||||
3.995% due 04/25/35 § | 384,560 | 392,708 | ||||||
4.371% due 12/25/34 § | 18,737 | 19,177 | ||||||
4.392% due 04/25/36 § | 15,490 | 15,799 | ||||||
|
| |||||||
51,094,896 | ||||||||
|
| |||||||
Fannie Mae - 27.7% |
| |||||||
2.310% due 08/01/22 | 500,000 | 483,798 | ||||||
2.810% due 04/01/25 | 30,000 | 29,024 | ||||||
3.000% due 09/01/21 - 11/01/48 | 32,150,766 | 30,814,854 | ||||||
3.044% (US FED + 1.200%) due 10/01/44 § | 14,850 | 14,788 | ||||||
3.487% (USD LIBOR + 1.737%) due 12/01/35 § | 5,044 | 5,095 | ||||||
3.500% due 10/01/33 - 03/01/57 | 48,685,835 | 48,052,398 | ||||||
3.581% (USD LIBOR + 1.539%) due 11/01/32 § | 37,865 | 38,508 | ||||||
4.000% due 03/01/25 - 06/01/57 | 49,074,569 | 49,529,104 | ||||||
4.214% (UST + 2.360%) due 11/01/34 § | 39,003 | 41,290 | ||||||
4.275% (US FED + 1.926%) due 12/01/36 § | 3,499 | 3,653 | ||||||
4.293% (UST + 2.043%) due 09/01/35 § | 42,066 | 44,225 | ||||||
4.500% due 04/01/19 - 09/01/57 | 9,569,364 | 9,969,971 | ||||||
5.000% due 02/01/25 - 10/01/48 | 3,622,333 | 3,823,440 | ||||||
5.500% due 12/01/20 - 08/01/39 | 1,551,041 | 1,660,624 | ||||||
6.000% due 02/01/33 - 06/01/40 | 258,624 | 284,329 | ||||||
|
| |||||||
144,795,101 | ||||||||
|
| |||||||
Freddie Mac - 4.2% |
| |||||||
3.000% due 02/01/38 - 10/01/48 | 3,786,539 | 3,632,341 | ||||||
3.000% due 10/25/48 ± | 600,000 | 573,396 | ||||||
3.500% due 10/01/42 - 10/01/48 | 3,372,118 | 3,326,253 | ||||||
3.583% (UST + 2.250%) due 11/01/31 § | 3,258 | 3,435 | ||||||
4.000% due 12/01/42 - 10/01/48 | 10,710,845 | 10,825,795 | ||||||
4.086% (USD LIBOR + 1.345%) due 09/01/35 § | 6,520 | 6,744 | ||||||
4.118% (UST + 2.250%) due 04/01/32 § | 11,263 | 11,763 | ||||||
4.297% (USD LIBOR + 1.725%) due 06/01/35 § | 60,369 | 63,350 | ||||||
4.500% due 11/01/44 - 07/01/47 | 1,731,515 | 1,790,498 | ||||||
4.620% (USD LIBOR + 1.870%) due 09/01/35 § | 34,695 | 36,577 | ||||||
5.000% due 08/01/48 - 10/01/48 | 1,099,999 | 1,157,657 | ||||||
5.500% due 03/01/23 - 05/01/40 | 629,765 | 679,594 | ||||||
6.000% due 03/01/23 | 11,642 | 12,662 | ||||||
|
| |||||||
22,120,065 | ||||||||
|
| |||||||
Government National Mortgage Association - 6.1% |
| |||||||
3.000% due 09/20/47 - 10/20/48 | 6,819,813 | 6,608,968 | ||||||
3.500% due 10/20/47 - 10/20/48 | 2,858,230 | 2,843,694 | ||||||
4.000% due 08/20/47 - 10/20/48 | 7,844,658 | 7,988,173 | ||||||
4.500% due 09/20/48 - 10/20/48 | 7,680,000 | 7,939,482 | ||||||
5.000% due 10/15/38 - 11/20/48 | 6,438,816 | 6,733,939 | ||||||
|
| |||||||
32,114,256 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities |
| 272,015,765 | ||||||
|
|
Principal Amount | Value | |||||||
ASSET-BACKED SECURITIES - 6.3% |
| |||||||
Aegis Asset Backed Securities Trust | $881,402 | $879,096 | ||||||
Ally Auto Receivables Trust | 600,000 | 599,839 | ||||||
Argent Securities Inc | 689,346 | 675,470 | ||||||
3.341% (USD LIBOR + 1.125%) due 11/25/34 § | 469,638 | 468,153 | ||||||
Asset-Backed Funding Certificates Trust | 64,788 | 64,715 | ||||||
Basic Asset Backed Securities Trust | 563,388 | 562,544 | ||||||
Bear Stearns Asset Backed Securities I Trust | 226,496 | 226,379 | ||||||
2.456% (USD LIBOR + 0.240%) due 12/25/36 § | 1,311,242 | 1,136,361 | ||||||
3.221% (USD LIBOR + 1.005%) due 06/25/35 § | 300,000 | 300,860 | ||||||
Business Loan Express Business Loan Trust | 118,039 | 114,973 | ||||||
Chapel BV (Netherlands) | EUR 20,834 | 24,224 | ||||||
Chesapeake Funding II LLC |
| |||||||
Class A1 3.230% due 08/15/30 ~ | $600,000 | 599,780 | ||||||
Class A2 2.528% (USD LIBOR + 0.370%) due 08/15/30 § ~ | 600,000 | 600,701 | ||||||
CIT Mortgage Loan Trust | 598,102 | 605,038 | ||||||
Citigroup Mortgage Loan Trust | 148,561 | 147,722 | ||||||
2.666% (USD LIBOR + 0.450%) due 11/25/45 § ~ | 563,436 | 557,379 | ||||||
Community Funding CLO (Cayman) | 649,859 | 626,296 | ||||||
Countrywide Asset-Backed Certificates | 386,547 | 356,613 | ||||||
Countrywide Asset-Backed Certificates | 584,098 | 544,217 | ||||||
2.616% (USD LIBOR + 0.400%) due 06/25/36 § | 500,000 | 493,131 | ||||||
Credit Acceptance Auto Loan Trust | 600,000 | 599,863 | ||||||
First Franklin Mortgage Loan Trust | 579,879 | 580,374 | ||||||
Gallatin CLO IX Ltd (Cayman) | 500,000 | 500,000 | ||||||
GM Financial Consumer Automobile | 600,000 | 599,832 | ||||||
GSAA Home Equity Trust | 508,369 | 261,300 | ||||||
6.000% due 08/25/47 | 605,858 | 580,221 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-18
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Home Equity Asset Trust | $517,980 | $523,623 | ||||||
Jamestown CLO VIII Ltd (Cayman) | 700,000 | 697,936 | ||||||
LoanCore Issuer CDO Ltd (Cayman) | 500,000 | 501,707 | ||||||
Long Beach Mortgage Loan Trust | 174,660 | 136,398 | ||||||
2.371% (USD LIBOR + 0.155%) due 08/25/36 § | 568,075 | 375,135 | ||||||
2.516% (USD LIBOR + 0.300%) due 02/25/36 § | 1,103,477 | 934,115 | ||||||
Mastr Asset Backed Securities Trust | 684,923 | 323,082 | ||||||
Merrill Lynch Mortgage Investors Trust | 453,546 | 288,989 | ||||||
Monarch Grove CLO (Cayman) | 500,000 | 499,788 | ||||||
Morgan Stanley Home Equity Loan Trust | 1,067,669 | 652,301 | ||||||
2.356% (USD LIBOR + 0.140%) due 12/25/36 § | 842,758 | 517,223 | ||||||
Mountain View CLO Ltd (Cayman) | 600,000 | 599,245 | ||||||
Navient Student Loan Trust | 428,282 | 428,521 | ||||||
Oaktree CLO Ltd (Cayman) | 800,000 | 800,669 | ||||||
OneMain Financial Issuance Trust | 469,498 | 470,679 | ||||||
Option One Mortgage Loan Trust | 1,018,035 | 697,024 | ||||||
OZLM IX CLO Ltd (Cayman) | 900,000 | 900,678 | ||||||
Regatta V Funding Ltd (Cayman) | 800,000 | 801,044 | ||||||
Residential Asset Securities | 1,100,000 | 1,090,092 | ||||||
SBA Small Business Investment Cos | 84,510 | 81,831 | ||||||
3.187% due 03/10/28 | 225,968 | 222,658 | ||||||
3.548% due 09/11/28 | 310,000 | 310,231 | ||||||
Securitized Asset-Backed Receivables LLC Trust | 82,511 | 63,472 | ||||||
2.356% (USD LIBOR + 0.140%) due 05/25/36 § | 187,626 | 121,471 | ||||||
SLM Student Loan Trust | 119,015 | 118,973 | ||||||
2.885% (USD LIBOR + 0.550%) due 10/26/26 § | 115,159 | 115,255 | ||||||
SMB Private Education Loan Trust | 550,000 | 563,533 | ||||||
Sofi Professional Loan Program Trust | 508,344 | 505,520 |
Principal Amount | Value | |||||||
Structured Asset Investment Loan Trust | $510,755 | $512,554 | ||||||
Structured Asset Securities Corp Mortgage | 1,000,000 | 950,632 | ||||||
Symphony CLO XV Ltd (Cayman) | 800,000 | 800,389 | ||||||
Towd Point Mortgage Trust | 941,186 | 919,293 | ||||||
Venture XII CLO Ltd (Cayman) | 700,000 | 696,665 | ||||||
Venture XVI CLO Ltd (Cayman) | 700,000 | 699,590 | ||||||
VOLT LXII LLC | 450,185 | 446,043 | ||||||
Westlake Automobile Receivables Trust | 598,155 | 598,174 | ||||||
2.980% due 01/18/22 ~ | 700,000 | 699,823 | ||||||
Zais CLO 1 Ltd (Cayman) | 500,000 | 500,000 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 32,869,437 | ||||||
|
| |||||||
U.S. GOVERNMENT AGENCY ISSUES - 0.3% |
| |||||||
Fannie Mae | 1,560,000 | 1,517,294 | ||||||
|
| |||||||
Total U.S. Government Agency Issues |
| 1,517,294 | ||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 10.0% |
| |||||||
U.S. Treasury Bonds - 5.4% |
| |||||||
2.750% due 08/15/47 | 70,000 | 64,088 | ||||||
2.875% due 05/15/43 | 4,700,000 | 4,443,244 | ||||||
2.875% due 08/15/45 | 220,000 | 207,105 | ||||||
3.000% due 05/15/42 | 3,000,000 | 2,905,957 | ||||||
3.000% due 02/15/48 | 170,000 | 163,565 | ||||||
3.000% due 08/15/48 | 3,192,000 | 3,070,679 | ||||||
3.125% due 02/15/43 | 3,500,000 | 3,457,549 | ||||||
3.625% due 08/15/43 | 9,800,000 | 10,512,797 | ||||||
3.750% due 11/15/43 | 1,500,000 | 1,642,236 | ||||||
4.250% due 05/15/39 | 200,000 | 233,227 | ||||||
4.375% due 05/15/40 | 1,000,000 | 1,188,203 | ||||||
4.625% due 02/15/40 | 400,000 | 490,508 | ||||||
|
| |||||||
28,379,158 | ||||||||
|
| |||||||
U.S. Treasury Inflation Protected Securities - 0.3% |
| |||||||
0.750% due 02/15/42 ^ | 1,171,034 | 1,101,374 | ||||||
2.125% due 02/15/40 ^ | 186,550 | 225,807 | ||||||
2.125% due 02/15/41 ^ | 299,198 | 364,628 | ||||||
|
| |||||||
1,691,809 | ||||||||
|
| |||||||
U.S. Treasury Notes - 4.3% |
| |||||||
1.625% due 05/31/23 | 2,000,000 | 1,886,289 | ||||||
1.875% due 07/31/22 ‡ | 1,700,000 | 1,635,984 | ||||||
1.875% due 08/31/22 | 4,020,000 | 3,864,775 | ||||||
2.000% due 10/31/22 | 1,000,000 | 964,434 | ||||||
2.000% due 06/30/24 | 70,000 | 66,411 | ||||||
2.125% due 09/30/24 | 5,800,000 | 5,527,559 | ||||||
2.250% due 01/31/24 | 2,000,000 | 1,929,961 | ||||||
2.250% due 02/15/27 | 600,000 | 564,961 | ||||||
2.250% due 08/15/27 | 300,000 | 281,420 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-19
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
2.375% due 05/15/27 | $2,300,000 | $2,184,371 | ||||||
2.750% due 08/31/23 | 120,000 | 118,971 | ||||||
2.750% due 02/15/24 | 400,000 | 395,875 | ||||||
2.750% due 08/31/25 | 2,800,000 | 2,754,555 | ||||||
2.875% due 08/15/28 | 140,000 | 137,897 | ||||||
|
| |||||||
22,313,463 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 52,384,430 | ||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 6.0% |
| |||||||
Abu Dhabi Government International Bond (United Arab Emirates) | 400,000 | 385,670 | ||||||
Argentina POM Politica Monetaria (Argentina) | ARS 1,230,000 | 35,356 | ||||||
Argentine Bonos del Tesoro (Argentina) | 15,570,000 | 298,656 | ||||||
Argentine Republic Government International (Argentina) | $1,130,000 | 1,023,498 | ||||||
6.875% due 04/22/21 | 190,000 | 182,259 | ||||||
6.875% due 01/11/48 | 630,000 | 488,250 | ||||||
7.500% due 04/22/26 | 340,000 | 303,450 | ||||||
Autonomous Community of Catalonia (Spain) | EUR 400,000 | 487,890 | ||||||
Brazil Notas do Tesouro Nacional ‘F’ (Brazil) | BRL 3,338,000 | 836,064 | ||||||
10.000% due 01/01/23 | 2,390,000 | 575,638 | ||||||
10.000% due 01/01/27 | 786,000 | 179,115 | ||||||
Brazilian Government International (Brazil) | $270,000 | 247,660 | ||||||
5.000% due 01/27/45 | 400,000 | 330,050 | ||||||
5.625% due 01/07/41 | 600,000 | 547,656 | ||||||
5.625% due 02/21/47 | 760,000 | 674,595 | ||||||
China Government (China) | CNY 3,000,000 | 427,017 | ||||||
3.380% due 11/21/24 ~ | 7,000,000 | 1,002,994 | ||||||
3.390% due 05/21/25 ~ | 1,000,000 | 143,217 | ||||||
Colombia Government (Colombia) | $450,000 | 484,875 | ||||||
Ecuador Government International Bond (Ecuador) | 280,000 | 252,791 | ||||||
Egypt Government International Bond (Egypt) | 310,000 | 301,265 | ||||||
Indonesia Government (Indonesia) | ||||||||
3.500% due 01/11/28 | 200,000 | 186,405 | ||||||
3.750% due 04/25/22 ~ | 750,000 | 745,305 | ||||||
4.875% due 05/05/21 ~ | 500,000 | 515,853 | ||||||
5.125% due 01/15/45 ~ | 200,000 | 200,825 | ||||||
5.250% due 01/08/47 ~ | 400,000 | 408,924 | ||||||
Israel Government International Bond (Israel) | 600,000 | 575,538 | ||||||
Japan Bank for International Cooperation (Japan) | 700,000 | 677,536 | ||||||
Japanese Government CPI Linked (Japan) | JPY 288,097,023 | 2,639,579 | ||||||
Kenya Government International Bond (Kenya) | $200,000 | 200,920 | ||||||
7.250% due 02/28/28 ~ | 200,000 | 195,264 | ||||||
Kuwait International Government (Kuwait) | 470,000 | 461,493 | ||||||
Mexican Bonos (Mexico) | MXN 30,710,000 | 1,576,476 | ||||||
7.750% due 11/23/34 | 20,610,000 | 1,069,542 | ||||||
7.750% due 11/13/42 | 44,120,000 | 2,271,282 | ||||||
8.000% due 11/07/47 | 31,460,000 | 1,661,989 | ||||||
10.000% due 12/05/24 | 11,400,000 | 675,764 |
Principal Amount | Value | |||||||
Nigeria Government International Bond (Nigeria) | $200,000 | $193,135 | ||||||
7.143% due 02/23/30 ~ | 200,000 | 195,970 | ||||||
Peru Government Bond (Peru) | PEN 3,000,000 | 928,640 | ||||||
Peruvian Government International (Peru) | $220,000 | 261,690 | ||||||
6.550% due 03/14/37 | 100,000 | 126,750 | ||||||
Province of Ontario (Canada) | 200,000 | 197,623 | ||||||
3.150% due 06/02/22 | CAD 900,000 | 709,590 | ||||||
Province of Quebec (Canada) | $600,000 | 605,399 | ||||||
Qatar Government International Bond (Qatar) | 400,000 | 412,422 | ||||||
Republic of Poland Government International (Poland) | 750,000 | 765,779 | ||||||
Russian Federal (Russia) | RUB 21,990,000 | 324,174 | ||||||
7.000% due 08/16/23 | 26,040,000 | 381,852 | ||||||
7.050% due 01/19/28 | 119,742,000 | 1,674,908 | ||||||
8.150% due 02/03/27 | 13,480,000 | 203,247 | ||||||
Tokyo Metropolitan Government (Japan) | $1,000,000 | 970,570 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes |
| 31,222,410 | ||||||
|
| |||||||
MUNICIPAL BONDS - 1.0% |
| |||||||
Alabama Economic Settlement Authority | 900,000 | 884,043 | ||||||
City of Chicago IL ‘B’ | 400,000 | 403,180 | ||||||
New Jersey Economic Development | 1,900,000 | 1,879,822 | ||||||
Tobacco Settlement Finance Authority of WV ‘A’ | 720,000 | 720,792 | ||||||
University of Arizona ‘A’ | 1,300,000 | 1,379,313 | ||||||
|
| |||||||
Total Municipal Bonds |
| 5,267,150 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS - 12.0% |
| |||||||
Commercial Paper - 0.7% |
| |||||||
MUFG Bank Ltd | 3,510,000 | 3,493,391 | ||||||
|
| |||||||
Foreign Government Issues - 4.1% |
| |||||||
Argentina Treasury Bills (Argentina) |
| |||||||
3.408% due 01/25/19 | 500,000 | 494,657 | ||||||
3.665% due 02/22/19 | 1,800,000 | 1,774,447 | ||||||
3.676% due 01/11/19 | 300,000 | 296,960 | ||||||
3.992% due 12/28/18 | ARS 17,715,000 | 424,963 | ||||||
11.484% due 03/29/19 | 4,795,000 | 110,068 | ||||||
Hellenic Republic Treasury Bills (Greece) |
| |||||||
0.571% due 11/02/18 | EUR 300,000 | 348,135 | ||||||
4.750% due 04/17/19 ~ | 300,000 | 355,008 | ||||||
Japan Treasury Bills (Japan) |
| |||||||
0.081% due 10/09/18 | JPY 70,000,000 | 616,101 | ||||||
0.123% due 10/29/18 | 1,080,000,000 | 9,506,300 | ||||||
0.125% due 11/05/18 | 90,000,000 | 792,211 | ||||||
0.128% due 11/19/18 | 790,000,000 | 6,954,218 | ||||||
|
| |||||||
21,673,068 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-20
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
| Value | |||||||
Money Market Fund - 4.8% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 24,870,425 | $24,870,425 | ||||||
|
| |||||||
Principal | ||||||||
U.S. Government Agency Issues - 0.8% |
| |||||||
Federal Home Loan Bank |
| |||||||
2.024% due 10/17/18 | $100,000 | 99,907 | ||||||
2.147% due 11/14/18 | 2,400,000 | 2,393,722 | ||||||
2.156% due 11/23/18 | 260,000 | 259,181 | ||||||
2.203% due 12/21/18 | 1,390,000 | 1,383,213 | ||||||
|
| |||||||
4,136,023 | ||||||||
|
| |||||||
U.S. Treasury Bills - 1.6% |
| |||||||
2.086% due 11/15/18 | 5,000,000 | 4,987,008 | ||||||
2.133% due 11/29/18 | 910,000 | 906,848 | ||||||
2.321% due 02/21/19 | 2,620,000 | 2,596,389 | ||||||
|
| |||||||
8,490,245 | ||||||||
|
| |||||||
Total Short-Term Investments |
| 62,663,152 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 129.7% | 677,771,775 | |||||||
DERIVATIVES - (0.6%) | ||||||||
(See Notes (d) through (h) in Notes to Schedule of Investments) |
| (2,886,196 | ) | |||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - (29.1%) |
| (152,247,435 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% | $522,638,144 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition as a percentage of net assets was as follows: |
Mortgage-Backed Securities | 52.0% | |||
Corporate Bonds & Notes | 40.0% | |||
Short-Term Investments | 12.0% | |||
U.S. Treasury Obligations | 10.0% | |||
Asset-Backed Securities | 6.3% | |||
Foreign Government Bonds & Notes | 6.0% | |||
Others (each less than 3.0%) | 3.4% | |||
|
| |||
129.7% | ||||
|
| |||
Derivatives | (0.6% | ) | ||
Other Assets & Liabilities, Net | (29.1% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2018, investments with a total aggregate value of $1,112,469 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, option contracts and swap agreements. |
(c) | The average amount of borrowings by the Fund on sale-buyback financing transactions (See Note 4 in Notes to Financial Statements) outstanding during the six-month period ended September 30, 2018 was $41,432,611 at a weighted average interest rate of 0.237%. |
(d) | Open futures contracts outstanding as of September 30, 2018 were as follows: |
Long Futures Outstanding | Expiration Month | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
AUD FX | 12/18 | 7 | $503,052 | $505,890 | $2,838 | |||||||||||||||
CAD FX | 12/18 | 113 | 8,636,416 | 8,758,065 | 121,649 | |||||||||||||||
CHF FX | 12/18 | 5 | 649,415 | 642,750 | (6,665 | ) | ||||||||||||||
EUR FX | 12/18 | 100 | 14,665,671 | 14,602,500 | (63,171 | ) | ||||||||||||||
Euro-Bobl | 12/18 | 7 | 1,068,593 | 1,062,244 | (6,349 | ) | ||||||||||||||
Euro-BTP | 12/18 | 33 | 4,692,531 | 4,744,883 | 52,352 | |||||||||||||||
Euro-Bund | 12/18 | 44 | 8,171,517 | 8,111,972 | (59,545 | ) | ||||||||||||||
Eurodollar | 03/19 | 8 | 1,944,396 | 1,943,200 | (1,196 | ) | ||||||||||||||
Eurodollar | 12/19 | 876 | 212,689,911 | 212,123,400 | (566,511 | ) | ||||||||||||||
Eurodollar | 03/20 | 8 | 1,953,914 | 1,936,700 | (17,214 | ) | ||||||||||||||
Eurodollar | 06/20 | 188 | 45,719,326 | 45,510,100 | (209,226 | ) | ||||||||||||||
Eurodollar | 03/21 | 79 | 19,269,555 | 19,128,863 | (140,692 | ) | ||||||||||||||
Japan 10-Year Bonds | 12/18 | 2 | 2,644,347 | 2,641,964 | (2,383 | ) | ||||||||||||||
JPY FX | 12/18 | 6 | 676,779 | 664,050 | (12,729 | ) | ||||||||||||||
MXN FX | 12/18 | 496 | 12,685,555 | 13,091,920 | 406,365 | |||||||||||||||
U.S. Treasury 2-Year Notes | 12/18 | 262 | 55,413,322 | 55,212,408 | (200,914 | ) | ||||||||||||||
U.S. Treasury 5-Year Notes | 12/18 | 2,249 | 254,992,005 | 252,959,783 | (2,032,222 | ) | ||||||||||||||
U.S. Treasury 10-Year Notes | 12/18 | 157 | 18,902,324 | 18,648,656 | (253,668 | ) | ||||||||||||||
U.S. Treasury Long Bonds | 12/18 | 43 | 6,105,878 | 6,041,500 | (64,378 | ) | ||||||||||||||
U.S. Ultra Long Bonds | 12/18 | 213 | 34,066,639 | 32,861,906 | (1,204,733 | ) | ||||||||||||||
|
| |||||||||||||||||||
(4,258,392 | ) | |||||||||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-21
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Short Futures Outstanding | Expiration Month | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
Australia 10-Year Bonds | 12/18 | 78 | $7,325,563 | $7,265,046 | $60,517 | |||||||||||||||
Canada 10-Year Bonds | 12/18 | 21 | 2,184,918 | 2,156,172 | 28,746 | |||||||||||||||
Euribor | 12/18 | 41 | 11,935,876 | 11,936,456 | (580 | ) | ||||||||||||||
Euro-BTP | 12/18 | 83 | 11,784,914 | 11,934,099 | (149,185 | ) | ||||||||||||||
Euro-Bund | 12/18 | 312 | 57,946,970 | 57,521,253 | 425,717 | |||||||||||||||
Euro-Buxl | 12/18 | 20 | 4,094,345 | 4,047,882 | 46,463 | |||||||||||||||
Eurodollar | 11/18 | 734 | 178,828,925 | 178,811,575 | 17,350 | |||||||||||||||
Eurodollar | 12/18 | 653 | 159,076,500 | 158,907,550 | 168,950 | |||||||||||||||
Eurodollar | 06/20 | 4 | 971,227 | 968,300 | 2,927 | |||||||||||||||
Eurodollar | 12/20 | 7 | 1,695,918 | 1,694,613 | 1,305 | |||||||||||||||
Euro-OAT | 12/18 | 91 | 16,118,243 | 15,959,259 | 158,984 | |||||||||||||||
Euro-Schatz | 12/18 | 2 | 259,905 | 259,553 | 352 | |||||||||||||||
GBP FX | 12/18 | 16 | 1,308,671 | 1,308,600 | 71 | |||||||||||||||
Japan 10-Year Bonds | 12/18 | 6 | 7,932,716 | 7,925,893 | 6,823 | |||||||||||||||
U.S. Treasury 10-Year Notes | 12/18 | 598 | 71,706,376 | 71,031,188 | 675,188 | |||||||||||||||
U.S. Treasury Long Bonds | 12/18 | 191 | 27,503,071 | 26,835,500 | 667,571 | |||||||||||||||
U.S. Treasury Ultra 10-Year Notes | 12/18 | 37 | 4,747,012 | 4,662,000 | 85,012 | |||||||||||||||
|
| |||||||||||||||||||
2,196,211 | ||||||||||||||||||||
|
| |||||||||||||||||||
Total Futures Contracts | ($2,062,181 | ) | ||||||||||||||||||
|
|
(e) | Forward foreign currency contracts outstanding as of September 30, 2018 were as follows: |
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||
ARS | 17,170,000 | USD | 776,145 | 10/18 | CIT | $— | ($363,223 | ) | ||||||||||||||||
ARS | 2,620,000 | USD | 118,415 | 10/18 | JPM | — | (55,406 | ) | ||||||||||||||||
ARS | 12,925,000 | USD | 287,191 | 03/19 | CIT | — | (24,433 | ) | ||||||||||||||||
ARS | 6,865,000 | USD | 146,019 | 03/19 | JPM | — | (12,977 | ) | ||||||||||||||||
BRL | 6,940,000 | USD | 1,855,193 | 10/18 | BRC | — | (66,981 | ) | ||||||||||||||||
BRL | 18,504,900 | USD | 4,681,025 | 10/18 | CIT | — | (178,599 | ) | ||||||||||||||||
BRL | 349,365 | USD | 87,256 | 10/18 | DUB | — | (776 | ) | ||||||||||||||||
BRL | 349,365 | USD | 85,114 | 10/18 | HSB | 1,366 | — | |||||||||||||||||
BRL | 1,944,802 | USD | 482,977 | 11/18 | CIT | — | (3,585 | ) | ||||||||||||||||
BRL | 349,365 | USD | 85,257 | 11/18 | DUB | 990 | — | |||||||||||||||||
CAD | 5,622,640 | USD | 4,310,643 | 10/18 | CIT | 44,381 | — | |||||||||||||||||
CNY | 19,784,791 | USD | 2,878,835 | 10/18 | JPM | — | (5,588 | ) | ||||||||||||||||
EUR | 762,000 | USD | 888,729 | 10/18 | BRC | — | (3,724 | ) | ||||||||||||||||
EUR | 1,260,000 | USD | 1,479,134 | 10/18 | CIT | — | (13,853 | ) | ||||||||||||||||
EUR | 235,000 | USD | 275,235 | 10/18 | JPM | — | (2,300 | ) | ||||||||||||||||
EUR | 3,819,000 | USD | 4,484,319 | 10/18 | UBS | — | (48,845 | ) | ||||||||||||||||
GBP | 880,000 | USD | 1,167,584 | 10/18 | CIT | — | (19,538 | ) | ||||||||||||||||
IDR | 46,874,390,000 | USD | 3,218,069 | 10/18 | BRC | — | (82,204 | ) | ||||||||||||||||
INR | 280,700,000 | USD | 4,033,929 | 10/18 | BRC | — | (176,332 | ) | ||||||||||||||||
INR | 22,361,880 | USD | 307,000 | 10/18 | JPM | 192 | — | |||||||||||||||||
INR | 22,361,880 | USD | 304,388 | 12/18 | BRC | — | (66 | ) | ||||||||||||||||
INR | 76,790,500 | USD | 1,045,174 | 12/18 | SCB | — | (135 | ) | ||||||||||||||||
JPY | 600,000,000 | USD | 5,399,933 | 10/18 | RBS | — | (106,967 | ) | ||||||||||||||||
JPY | 210,000,000 | USD | 1,897,761 | 10/18 | UBS | — | (45,223 | ) | ||||||||||||||||
JPY | 177,400,000 | USD | 1,589,077 | 11/18 | JPM | — | (22,197 | ) | ||||||||||||||||
JPY | 308,900,000 | USD | 2,803,505 | 11/18 | UBS | — | (75,155 | ) | ||||||||||||||||
MXN | 70,508,256 | USD | 3,662,767 | 10/18 | BRC | 91,600 | — | |||||||||||||||||
MXN | 70,117,770 | USD | 3,753,367 | 10/18 | JPM | — | (19,793 | ) | ||||||||||||||||
MXN | 9,084,000 | USD | 482,207 | 10/18 | JPM | 809 | — | |||||||||||||||||
MXN | 43,317,000 | USD | 2,219,334 | 11/18 | HSB | 77,618 | — | |||||||||||||||||
MXN | 15,789,000 | USD | 818,442 | 11/18 | RBS | 18,795 | — | |||||||||||||||||
MXN | 7,708,000 | USD | 392,572 | 11/18 | SCB | 16,157 | — | |||||||||||||||||
PHP | 15,920,000 | USD | 294,610 | 10/18 | CIT | — | (431 | ) | ||||||||||||||||
RUB | 183,622,304 | USD | 2,928,469 | 10/18 | BRC | — | (131,611 | ) | ||||||||||||||||
RUB | 42,126,210 | USD | 616,382 | 10/18 | BRC | 25,821 | — | |||||||||||||||||
RUB | 20,036,200 | USD | 284,000 | 10/18 | DUB | 20,822 | — | |||||||||||||||||
RUB | 17,667,642 | USD | 277,000 | 10/18 | HSB | — | (7,807 | ) | ||||||||||||||||
RUB | 42,244,552 | USD | 663,000 | 10/18 | JPM | — | (19,340 | ) | ||||||||||||||||
RUB | 34,642,923 | USD | 501,000 | 10/18 | JPM | 27,180 | — | |||||||||||||||||
RUB | 86,713,700 | USD | 1,362,010 | 11/18 | HSB | — | (45,103 | ) | ||||||||||||||||
RUB | 40,298,034 | USD | 614,000 | 11/18 | JPM | — | (2,001 | ) | ||||||||||||||||
RUB | 54,484,730 | USD | 800,554 | 11/18 | SCB | 26,897 | — | |||||||||||||||||
RUB | 38,903,625 | USD | 606,212 | 11/18 | UBS | — | (15,389 | ) | ||||||||||||||||
RUB | 124,662,000 | USD | 1,815,638 | 12/18 | HSB | 71,714 | — | |||||||||||||||||
SEK | 25,965,000 | USD | 2,856,515 | 11/18 | HSB | 76,648 | — |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-22
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||
TRY | 1,512,000 | USD | 232,771 | 10/18 | HSB | $16,772 | $— | |||||||||||||||||||
TRY | 2,871,048 | USD | 455,430 | 10/18 | UBS | 13,700 | — | |||||||||||||||||||
TRY | 3,838,087 | USD | 579,982 | 11/18 | BRC | 36,123 | — | |||||||||||||||||||
TRY | 1,284,118 | USD | 202,616 | 11/18 | JPM | 3,516 | — | |||||||||||||||||||
TWD | 18,026,400 | USD | 587,179 | 10/18 | CIT | 5,316 | — | |||||||||||||||||||
TWD | 8,885,300 | USD | 289,188 | 10/18 | JPM | 2,620 | — | |||||||||||||||||||
USD | 338,509 | ARS | 12,925,000 | 10/18 | CIT | 23,703 | — | |||||||||||||||||||
USD | 173,714 | ARS | 6,865,000 | 10/18 | JPM | 12,589 | — | |||||||||||||||||||
USD | 1,693,020 | AUD | 2,285,100 | 10/18 | BRC | 40,993 | — | |||||||||||||||||||
USD | 1,349,721 | AUD | 1,873,000 | 10/18 | JPM | — | (4,219 | ) | ||||||||||||||||||
USD | 85,482 | BRL | 349,365 | 10/18 | DUB | — | (998 | ) | ||||||||||||||||||
USD | 87,256 | BRL | 349,365 | 10/18 | HSB | 776 | — | |||||||||||||||||||
USD | 87,000 | BRL | 350,523 | 11/18 | DUB | 467 | — | |||||||||||||||||||
USD | 3,547,661 | CAD | 4,668,208 | 10/18 | CIT | — | (68,105 | ) | ||||||||||||||||||
USD | 751,402 | CAD | 981,000 | 10/18 | JPM | — | (8,160 | ) | ||||||||||||||||||
USD | 74,403 | CHF | 72,000 | 10/18 | HSB | 1,012 | — | |||||||||||||||||||
USD | 314,072 | CHF | 304,000 | 10/18 | JPM | 4,197 | — | |||||||||||||||||||
USD | 1,745,800 | CNH | 11,614,807 | 10/18 | CIT | 59,007 | — | |||||||||||||||||||
USD | 6,474,964 | CNY | 43,139,446 | 10/18 | JPM | 210,038 | — | |||||||||||||||||||
USD | 2,408,843 | DKK | 14,847,000 | 10/18 | SCB | 96,672 | — | |||||||||||||||||||
USD | 5,464,006 | EUR | 4,678,000 | 10/18 | BRC | 30,869 | — | |||||||||||||||||||
USD | 18,471,951 | EUR | 15,795,268 | 10/18 | CIT | 103,296 | — | |||||||||||||||||||
USD | 160,077 | EUR | 138,000 | 10/18 | JPM | — | (199 | ) | ||||||||||||||||||
USD | 364,012 | EUR | 300,000 | 11/18 | DUB | 14,717 | — | |||||||||||||||||||
USD | 129,155 | EUR | 110,000 | 11/18 | HSB | 1,080 | — | |||||||||||||||||||
USD | 4,495,177 | EUR | 3,819,000 | 11/18 | UBS | 48,652 | — | |||||||||||||||||||
USD | 517,658 | GBP | 401,000 | 11/18 | BRC | — | (6,137 | ) | ||||||||||||||||||
USD | 1,999,617 | GBP | 1,560,000 | 11/18 | RBS | — | (38,090 | ) | ||||||||||||||||||
USD | 307,253 | INR | 22,361,880 | 10/18 | BRC | 61 | — | |||||||||||||||||||
USD | 11,562,484 | JPY | 1,279,742,363 | 10/18 | BRC | 277,070 | — | |||||||||||||||||||
USD | 815,883 | JPY | 90,000,000 | 10/18 | JPM | 21,938 | — | |||||||||||||||||||
USD | 9,516,365 | JPY | 1,050,000,000 | 10/18 | UBS | 253,938 | — | |||||||||||||||||||
USD | 8,697,484 | JPY | 960,500,000 | 11/18 | BRC | 211,873 | — | |||||||||||||||||||
USD | 2,430,342 | JPY | 267,900,000 | 11/18 | JPM | 64,123 | — | |||||||||||||||||||
USD | 680,257 | JPY | 74,600,000 | 11/18 | SCB | 21,355 | — | |||||||||||||||||||
USD | 810,656 | JPY | 90,000,000 | 11/18 | UBS | 16,309 | — | |||||||||||||||||||
USD | 289,000 | MXN | 5,424,868 | 10/18 | BNP | — | (685 | ) | ||||||||||||||||||
USD | 55,000 | MXN | 1,041,488 | 10/18 | BOA | — | (623 | ) | ||||||||||||||||||
USD | 13,329,870 | MXN | 254,863,618 | 10/18 | CIT | — | (240,902 | ) | ||||||||||||||||||
USD | 1,015,736 | MXN | 19,700,000 | 10/18 | JPM | — | (33,233 | ) | ||||||||||||||||||
USD | 107,000 | MXN | 2,020,414 | 10/18 | UBS | — | (905 | ) | ||||||||||||||||||
USD | 1,024,662 | MXN | 19,353,000 | 11/18 | BRC | — | (1,562 | ) | ||||||||||||||||||
USD | 691,355 | MXN | 13,179,000 | 11/18 | HSB | — | (7,482 | ) | ||||||||||||||||||
USD | 554,135 | MXN | 10,616,000 | 11/18 | JPM | — | (8,795 | ) | ||||||||||||||||||
USD | 1,439,441 | MXN | 27,545,000 | 11/18 | RBS | — | (21,176 | ) | ||||||||||||||||||
USD | 199,099 | PEN | 653,800 | 10/18 | DUB | 1,405 | — | |||||||||||||||||||
USD | 4,563,194 | PHP | 241,661,000 | 11/18 | DUB | 109,090 | — | |||||||||||||||||||
USD | 420,000 | RUB | 28,753,200 | 10/18 | BRC | — | (18,099 | ) | ||||||||||||||||||
USD | 264,000 | RUB | 17,645,670 | 10/18 | HSB | — | (4,628 | ) | ||||||||||||||||||
USD | 3,048,000 | RUB | 204,558,752 | 10/18 | JPM | — | (68,267 | ) | ||||||||||||||||||
USD | 64,000 | RUB | 4,216,960 | 10/18 | UBS | — | (252 | ) | ||||||||||||||||||
USD | 281,005 | RUB | 19,178,860 | 12/18 | SCB | — | (9,358 | ) | ||||||||||||||||||
USD | 1,408,963 | SEK | 12,615,000 | 11/18 | BRC | — | (16,104 | ) | ||||||||||||||||||
USD | 269,250 | SEK | 2,370,000 | 11/18 | JPM | 1,521 | — | |||||||||||||||||||
USD | 879,180 | SEK | 7,670,000 | 11/18 | SCB | 12,730 | — | |||||||||||||||||||
USD | 383,828 | SEK | 3,375,000 | 11/18 | UBS | 2,567 | — | |||||||||||||||||||
USD | 21,418 | TRY | 132,700 | 10/18 | HSB | — | (512 | ) | ||||||||||||||||||
USD | 202,046 | TRY | 1,244,300 | 10/18 | JPM | — | (3,581 | ) | ||||||||||||||||||
USD | 20,000 | TRY | 132,700 | 10/18 | SCB | — | (1,612 | ) | ||||||||||||||||||
USD | 328,229 | TWD | 9,984,000 | 10/18 | BRC | 160 | — | |||||||||||||||||||
USD | 529,952 | TWD | 16,120,000 | 10/18 | CIT | 258 | — | |||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Total Forward Foreign Currency Contracts |
| $2,221,503 | ($2,113,266 | ) | ||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-23
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
(f) | Purchased options outstanding as of September 30, 2018 were as follows: |
Foreign Currency Options
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Cost | Value | ||||||||||||||||||
Put - CAD versus USD | CAD 1.29 | 10/12/18 | CIT | $3,610,000 | $23,212 | $17,138 | ||||||||||||||||||
Put - CAD versus USD | 1.28 | 10/25/18 | CIT | 4,230,000 | 33,967 | 19,602 | ||||||||||||||||||
Put - INR versus USD | INR 68.50 | 12/05/18 | HSB | 900,000 | 752 | 281 | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||
$57,931 | $37,021 | |||||||||||||||||||||||
|
|
|
|
Options on Futures
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Notional Amount | Cost | Value | |||||||||||||||||||||
Call - AUD-FX (10/18) | AUD 73.00 | 10/05/18 | CME | 2 | $146,000 | $1,744 | $160 | |||||||||||||||||||||
Call - AUD-FX (10/18) | 74.00 | 10/05/18 | CME | 7 | 518,000 | 4,042 | 105 | |||||||||||||||||||||
Call - U.S. Treasury 5-Year Notes (11/18) | $112.50 | 10/26/18 | CME | 12 | 1,350,000 | 2,647 | 2,813 | |||||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/18) | 118.50 | 10/26/18 | CME | 18 | 2,133,000 | 9,173 | 10,125 | |||||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/18) | 118.75 | 10/26/18 | CME | 3 | 356,250 | 1,130 | 1,266 | |||||||||||||||||||||
Call - U.S. Treasury Bonds (11/18) | 140.00 | 10/26/18 | CME | 2 | 280,000 | 2,019 | 2,500 | |||||||||||||||||||||
Call - U.S. Treasury Bonds (11/18) | 140.50 | 10/26/18 | CME | 6 | 843,000 | 5,308 | 5,812 | |||||||||||||||||||||
Call - U.S. Treasury Bonds (11/18) | 141.00 | 10/26/18 | CME | 12 | 1,692,000 | 10,990 | 8,813 | |||||||||||||||||||||
Call - Euro-BTP (10/18) | EUR 158.00 | 10/26/18 | EUX | 54 | EUR 8,532,000 | 684 | 627 | |||||||||||||||||||||
Call - Euro-OAT (10/18) | 176.00 | 10/26/18 | EUX | 88 | 15,488,000 | 1,111 | 1,022 | |||||||||||||||||||||
Call - CAD Treasury 10-Year Notes (12/18) | CAD 158.00 | 11/16/18 | MSE | 14 | CAD 2,212,000 | 128 | 54 | |||||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (12/18) | $127.00 | 11/23/18 | CME | 682 | $86,614,000 | 22,540 | — | |||||||||||||||||||||
Call - U.S. Treasury Bonds (12/18) | 140.00 | 11/23/18 | CME | 3 | 420,000 | 4,177 | 5,016 | |||||||||||||||||||||
Call - Euro-BTP (11/18) | EUR 160.00 | 11/23/18 | EUX | 17 | EUR 2,720,000 | 216 | 197 | |||||||||||||||||||||
Call - Euro-BTP (11/18) | 165.00 | 11/23/18 | EUX | 12 | 1,980,000 | 151 | 139 | |||||||||||||||||||||
Call - Euro-Bund (12/18) | 172.00 | 11/23/18 | EUX | 191 | 32,852,000 | 11,425 | 2,217 | |||||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (12/18) | $178.00 | 11/23/18 | CME | 22 | $3,916,000 | 180 | — | |||||||||||||||||||||
Call - U.S. Treasury 30-Year Bonds (12/18) | 180.00 | 11/23/18 | CME | 68 | 12,240,000 | 581 | — | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
78,246 | 40,866 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (11/18) | 118.50 | 10/26/18 | CME | 12 | 1,422,000 | 5,693 | 3,375 | |||||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (11/18) | 119.00 | 10/26/18 | CME | 2 | 238,000 | 972 | 1,062 | |||||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (11/18) | 119.50 | 10/26/18 | CME | 6 | 717,000 | 2,870 | 5,250 | |||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (12/18) | 104.00 | 11/23/18 | CME | 3 | 312,000 | 26 | — | |||||||||||||||||||||
Put - U.S. Treasury 2-Year Notes (12/18) | 104.63 | 11/23/18 | CME | 252 | 52,731,000 | 4,391 | — | |||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (12/18) | 105.25 | 11/23/18 | CME | 1 | 105,250 | 9 | — | |||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (12/18) | 105.75 | 11/23/18 | CME | 56 | 5,922,000 | 479 | — | |||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (12/18) | 106.50 | 11/23/18 | CME | 45 | 4,792,500 | 385 | — | |||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (12/18) | 106.75 | 11/23/18 | CME | 3 | 320,250 | 26 | — | |||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (12/18) | 107.00 | 11/23/18 | CME | 1,856 | 198,592,000 | 17,754 | — | |||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (12/18) | 107.25 | 11/23/18 | CME | 132 | 14,157,000 | 1,129 | — | |||||||||||||||||||||
Put - U.S. Treasury 5-Year Notes (12/18) | 107.50 | 11/23/18 | CME | 7 | 752,500 | 60 | — | |||||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (12/18) | 109.50 | 11/23/18 | CME | 84 | 9,198,000 | 718 | — | |||||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (12/18) | 110.00 | 11/23/18 | CME | 66 | 7,260,000 | 564 | — | |||||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (12/18) | 110.50 | 11/23/18 | CME | 17 | 1,878,500 | 145 | — | |||||||||||||||||||||
Put - U.S. Treasury 10-Year Notes (12/18) | 111.00 | 11/23/18 | CME | 13 | 1,443,000 | 111 | — | |||||||||||||||||||||
Put - Euro-Bund (11/18) | EUR 145.00 | 11/23/18 | EUX | 24 | EUR 3,480,000 | 303 | 279 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
35,635 | 9,966 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Options on Futures | $113,881 | $50,832 | ||||||||||||||||||||||||||
|
|
|
|
Options on Securities
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Cost | Value | ||||||||||||||||||
Put - Fannie Mae 3.500% due 11/13/48 | $70.00 | 11/06/18 | JPM | $5,000,000 | $195 | $— | ||||||||||||||||||
Put - Fannie Mae 4.000% due 11/13/48 | 72.00 | 11/06/18 | JPM | 5,000,000 | 195 | — | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||
$390 | $— | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Purchased Options | $172,202 | $87,853 | ||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-24
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
(g) | Premiums received and value of written options outstanding as of September 30, 2018 were as follows: |
Foreign Currency Options
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||||
Call - TRY versus USD | TRY 7.11 | 10/23/18 | SCB | $100,000 | $2,363 | ($206 | ) | |||||||||||||||||
Call - ZAR versus USD | ZAR 16.00 | 10/26/18 | SCB | 1,000,000 | 13,520 | (884 | ) | |||||||||||||||||
Call - TRY versus USD | TRY 7.40 | 11/19/18 | HSB | 500,000 | 15,838 | (2,665 | ) | |||||||||||||||||
Call - TRY versus USD | 7.70 | 12/10/18 | HSB | 400,000 | 12,280 | (2,837 | ) | |||||||||||||||||
|
|
|
| |||||||||||||||||||||
44,001 | (6,592 | ) | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Put - MXN versus USD | MXN 18.93 | 10/23/18 | DUB | 600,000 | 4,380 | (9,780 | ) | |||||||||||||||||
Put - RUB versus USD | RUB 68.50 | 10/26/18 | DUB | 800,000 | 7,120 | (36,889 | ) | |||||||||||||||||
Put - BRL versus USD | BRL 3.75 | 11/20/18 | CIT | 1,760,000 | 24,376 | (15,205 | ) | |||||||||||||||||
|
|
|
| |||||||||||||||||||||
35,876 | (61,874 | ) | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Foreign Currency Options | $79,877 | ($68,466 | ) | |||||||||||||||||||||
|
|
|
|
Inflation Floor/Cap Options
Description | Initial Index | Floating Rate | Expiration Date | Counter- party | Notional Amount | Premium | Value | |||||||||||||||||||
Floor - U.S. CPI Urban Consumers | 215.95 | Maximum of [0, (1 + 0.000%)10 - | 03/12/20 | CIT | $1,200,000 | $10,320 | $— | |||||||||||||||||||
Floor - U.S. CPI Urban Consumers | 217.97 | Maximum of [0, (1 + 0.000%)10 - | 09/29/20 | CIT | 600,000 | 7,740 | (2 | ) | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
$18,060 | ($2 | ) | ||||||||||||||||||||||||
|
|
|
|
Options on Futures
Description | Exercise Price | Expiration Date | Exchange | Number of Contracts | Notional Amount | Premium | Value | |||||||||||||||||||||
Call - Euro-FX (10/18) | $1.17 | 10/05/18 | CME | 4 | $585,000 | $3,393 | ($1,700 | ) | ||||||||||||||||||||
Call - U.S. Treasury 5-Year Notes (11/18) | 113.00 | 10/26/18 | CME | 19 | 2,147,000 | 3,661 | (1,484 | ) | ||||||||||||||||||||
Call - U.S. Treasury 5-Year Notes (11/18) | 113.25 | 10/26/18 | CME | 33 | 3,737,250 | 3,831 | (1,289 | ) | ||||||||||||||||||||
Call - U.S. Treasury 5-Year Notes (11/18) | 113.50 | 10/26/18 | CME | 6 | 681,000 | 1,091 | (141 | ) | ||||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/18) | 119.00 | 10/26/18 | CME | 1 | 119,000 | 279 | (313 | ) | ||||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/18) | 119.25 | 10/26/18 | CME | 5 | 596,250 | 1,163 | (1,094 | ) | ||||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/18) | 119.50 | 10/26/18 | CME | 8 | 956,000 | 2,173 | (1,250 | ) | ||||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/18) | 120.00 | 10/26/18 | CME | 15 | 1,800,000 | 2,364 | (1,172 | ) | ||||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (11/18) | 120.50 | 10/26/18 | CME | 3 | 361,500 | 823 | (94 | ) | ||||||||||||||||||||
Call - U.S. Treasury Bonds (11/18) | 142.00 | 10/26/18 | CME | 8 | 1,136,000 | 4,016 | (3,125 | ) | ||||||||||||||||||||
Call - U.S. Treasury Bonds (11/18) | 142.50 | 10/26/18 | CME | 13 | 1,852,500 | 3,227 | (3,453 | ) | ||||||||||||||||||||
Call - U.S. Treasury Bonds (11/18) | 143.00 | 10/26/18 | CME | 22 | 3,146,000 | 6,445 | (4,125 | ) | ||||||||||||||||||||
Call - U.S. Treasury Bonds (11/18) | 144.00 | 10/26/18 | CME | 9 | 1,296,000 | 4,078 | (844 | ) | ||||||||||||||||||||
Call - U.S. Treasury Bonds (11/18) | 145.00 | 10/26/18 | CME | 6 | 870,000 | 3,927 | (281 | ) | ||||||||||||||||||||
Call - U.S. Treasury 5-Year Notes (12/18) | 113.00 | 11/23/18 | CME | 15 | 1,695,000 | 2,668 | (2,578 | ) | ||||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (12/18) | 120.00 | 11/23/18 | CME | 8 | 960,000 | 1,970 | (1,625 | ) | ||||||||||||||||||||
Call - U.S. Treasury 10-Year Notes (12/18) | 120.50 | 11/23/18 | CME | 23 | 2,771,500 | 4,896 | (2,875 | ) | ||||||||||||||||||||
Call - U.S. Treasury Bonds (12/18) | 143.00 | 11/23/18 | CME | 26 | 3,718,000 | 14,733 | (12,594 | ) | ||||||||||||||||||||
Call - U.S. Treasury Bonds (12/18) | 144.00 | 11/23/18 | CME | 5 | 720,000 | 1,866 | (1,563 | ) | ||||||||||||||||||||
Call - U.S. Treasury Bonds (12/18) | 145.00 | 11/23/18 | CME | 8 | 1,160,000 | 4,689 | (1,625 | ) | ||||||||||||||||||||
Call - U.S. Treasury Bonds (12/18) | 146.00 | 11/23/18 | CME | 5 | 730,000 | 2,350 | (703 | ) | ||||||||||||||||||||
Call - U.S. Treasury Bonds (12/18) | 148.00 | 11/23/18 | CME | 3 | 444,000 | 1,338 | (234 | ) | ||||||||||||||||||||
Call - U.S. Treasury Bonds (12/18) | 150.00 | 11/23/18 | CME | 2 | 300,000 | 903 | (94 | ) | ||||||||||||||||||||
Call - U.S. Treasury Bonds (12/18) | 151.00 | 11/23/18 | CME | 5 | 755,000 | 1,632 | (156 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
$77,516 | ($44,412 | ) | ||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Written Options | $175,453 | ($112,880 | ) | |||||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-25
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
(h) | Swap agreements outstanding as of September 30, 2018 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 09/30/18 (2) | Notional Amount (3) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||
Colombia Government | Q | 1.000% | 03/20/19 | HSB | 0.226% | $3,500,000 | $13,959 | ($28,642 | ) | $42,601 | ||||||||||||||||||||||||||
Petrobras International Co SA | Q | 1.000% | 12/20/19 | GSC | 1.335% | 300,000 | (1,122 | ) | (32,995 | ) | 31,873 | |||||||||||||||||||||||||
Brazil Government | Q | 1.000% | 06/20/23 | BRC | 2.463% | 3,330,000 | (201,895 | ) | (190,709 | ) | (11,186 | ) | ||||||||||||||||||||||||
Russian Federation | Q | 1.000% | 12/20/23 | JPM | 1.432% | 500,000 | (10,000 | ) | (13,052 | ) | 3,052 | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
(199,058 | ) | (265,398 | ) | 66,340 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||||||||||
Citigroup Inc | Q | 1.000% | 12/20/20 | ICE | 0.258% | 900,000 | 14,405 | 18,995 | (4,590 | ) | ||||||||||||||||||||||||||
Tesco PLC | Q | 1.000% | 06/20/22 | ICE | 0.649% | EUR 800,000 | 12,868 | 3,765 | 9,103 | |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
27,273 | 22,760 | 4,513 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
Total Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection |
| ($171,785 | ) | ($242,638 | ) | $70,853 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
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 Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
CDX HY 29 5Y | Q | 5.000% | 12/20/22 | ICE | $3,450,000 | ($278,079 | ) | ($232,875 | ) | ($45,204 | ) | |||||||||||||||||
CDX IG 30 5Y | Q | 1.000% | 06/20/23 | ICE | 5,100,000 | (103,191 | ) | (88,512 | ) | (14,679 | ) | |||||||||||||||||
CDX HY 31 5Y | Q | 5.000% | 12/20/23 | ICE | 7,060,000 | (516,334 | ) | (511,655 | ) | (4,679 | ) | |||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
($897,604 | ) | ($833,042 | ) | ($64,562 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
Credit Default Swaps on Credit Indices – Sell Protection (1)
Referenced Obligation | Payment Frequency | Fixed Deal Receive Rate | Expiration Date | Exchange | Notional Amount (3) | Value (5) | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||
CDX IG 23 2Y | Q | 1.000% | 12/20/19 | ICE | $990,000 | $9,829 | $12,936 | ($3,107 | ) | |||||||||||||||||||
CDX IG 25 5Y | Q | 1.000% | 12/20/20 | ICE | 2,290,000 | 37,601 | 41,980 | (4,379 | ) | |||||||||||||||||||
CDX IG 30 5Y | Q | 1.000% | 06/20/23 | ICE | 11,760,000 | 234,681 | 190,776 | 43,905 | ||||||||||||||||||||
CDX IG 31 5Y | Q | 1.000% | 12/20/23 | ICE | 41,400,000 | 801,103 | 788,444 | 12,659 | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
$1,083,214 | $1,034,136 | $49,078 | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||
Total Credit Default Swaps | $13,825 | ($41,544 | ) | $55,369 | ||||||||||||||||||||||||
|
|
|
|
|
|
(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 expected amount paid or received 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. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-26
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Interest Rate Swaps – Long
Receive | Pay | Payment Frequency Fixed Rate/ Floating Rate | Counterparty | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
8.410% | Brazil CETIP Interbank | Z / Z | CIT | 01/02/20 | BRL 52,950,000 | $72,690 | $16,850 | $55,840 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||||
1.597% | 3-Month USD-LIBOR | S / Q | CME | 03/29/19 | $7,860,000 | (37,284 | ) | — | (37,284 | ) | ||||||||||||||||||||
1.705% | 3-Month USD-LIBOR | S / Q | CME | 09/28/19 | 4,380,000 | (46,381 | ) | — | (46,381 | ) | ||||||||||||||||||||
1.138% | 3-Month USD-LIBOR | S / Q | CME | 10/17/19 | 12,330,000 | (211,244 | ) | — | (211,244 | ) | ||||||||||||||||||||
1.958% | 3-Month USD-LIBOR | S / Q | CME | 12/05/19 | 9,700,000 | (98,166 | ) | — | (98,166 | ) | ||||||||||||||||||||
0.250% | 6-Month JPY-LIBOR | S / S | CME | 12/20/19 | JPY 690,000,000 | 16,013 | 28,193 | (12,180 | ) | |||||||||||||||||||||
7.500% | Brazil CETIP Interbank | Z / Z | CME | 01/02/20 | BRL 44,900,000 | (53,188 | ) | (37,191 | ) | (15,997 | ) | |||||||||||||||||||
7.750% | Brazil CETIP Interbank | Z / Z | CME | 01/02/20 | 16,600,000 | (7,062 | ) | (7,823 | ) | 761 | ||||||||||||||||||||
8.475% | Brazil CETIP Interbank | Z / Z | CME | 01/02/20 | 24,600,000 | 24,209 | (791 | ) | 25,000 | |||||||||||||||||||||
8.850% | Brazil CETIP Interbank | Z / Z | CME | 01/02/20 | 21,500,000 | 39,579 | 20,119 | 19,460 | ||||||||||||||||||||||
1.671% | 3-Month USD-LIBOR | S / Q | CME | 06/14/20 | $12,160,000 | (257,377 | ) | (3,505 | ) | (253,872 | ) | |||||||||||||||||||
7.351% | 28-Day MXN TIIE | L / L | CME | 04/05/21 | MXN 294,420,000 | (199,262 | ) | (2,233 | ) | (197,029 | ) | |||||||||||||||||||
7.330% | 28-Day MXN TIIE | L / L | CME | 04/06/22 | 202,000,000 | (180,142 | ) | (4,783 | ) | (175,359 | ) | |||||||||||||||||||
2.250% | 3-Month USD-LIBOR | S / Q | CME | 05/31/22 | $8,541,000 | (241,304 | ) | 15,860 | (257,164 | ) | ||||||||||||||||||||
2.850% | 3-Month USD-LIBOR | S / Q | CME | 08/31/22 | 24,840,000 | (196,637 | ) | (7,017 | ) | (189,620 | ) | |||||||||||||||||||
2.169% | 3-Month USD-LIBOR | S / Q | CME | 12/01/22 | 2,510,000 | (88,761 | ) | — | (88,761 | ) | ||||||||||||||||||||
2.800% | 3-Month USD-LIBOR | S / Q | CME | 08/22/23 | 5,000,000 | (62,684 | ) | — | (62,684 | ) | ||||||||||||||||||||
1.250% | 6-Month EUR-LIBOR | A / S | LCH | 12/19/28 | EUR 1,400,000 | 34,233 | 23,656 | 10,577 | ||||||||||||||||||||||
1.000% | 6-Month EUR-LIBOR | A / S | LCH | 03/20/29 | 8,100,000 | (81,489 | ) | (43,250 | ) | (38,239 | ) | |||||||||||||||||||
1.501% | 6-Month EUR-LIBOR | A / S | LCH | 07/04/42 | 1,900,000 | (6,748 | ) | — | (6,748 | ) | ||||||||||||||||||||
1.500% | 6-Month EUR-LIBOR | A / S | LCH | 03/20/49 | 700,000 | (13,334 | ) | (13,916 | ) | 582 | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
(1,667,029 | ) | (32,681 | ) | (1,634,348 | ) | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Total Interest Rate Swaps – Long | ($1,594,339 | ) | ($15,831 | ) | ($1,578,508 | ) | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Interest Rate Swaps – Short | ||||||||||||||||||||||||||||||
Pay | Receive | Payment Frequency Fixed Rate/ Floating Rate | Exchange | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
3-Month USD-LIBOR | 1 Day U.S. Fed Funds + 0.310% | Q /Q | CME | 12/19/23 | $110,323,000 | ($6,915 | ) | $— | ($6,915 | ) | ||||||||||||||||||||
1.500% | 6-Month GBP-LIBOR | S / S | LCH | 03/20/24 | GBP 3,700,000 | 5,641 | (3,270 | ) | 8,911 | |||||||||||||||||||||
0.300% | 6-Month JPY-LIBOR | S / S | CME | 03/18/26 | JPY 1,140,000,000 | (35,183 | ) | (80,670 | ) | 45,487 | ||||||||||||||||||||
0.300% | 6-Month JPY-LIBOR | S / S | LCH | 03/18/26 | 970,000,000 | (28,007 | ) | (61,349 | ) | 33,342 | ||||||||||||||||||||
0.300% | 6-Month JPY-LIBOR | S / S | LCH | 09/20/27 | 440,000,000 | 8,241 | (16,361 | ) | 24,602 | |||||||||||||||||||||
2.500% | 3-Month USD-LIBOR | S / Q | CME | 12/20/27 | $2,000,000 | 102,009 | (11,780 | ) | 113,789 | |||||||||||||||||||||
0.300% | 6-Month JPY-LIBOR | S / S | LCH | 03/20/28 | JPY 100,000,000 | 3,877 | 6,946 | (3,069 | ) | |||||||||||||||||||||
0.380% | 6-Month JPY-LIBOR | S / S | LCH | 06/18/28 | 10,000,000 | (189 | ) | 157 | (346 | ) | ||||||||||||||||||||
0.399% | 6-Month JPY-LIBOR | S / S | LCH | 06/18/28 | 50,000,000 | (1,753 | ) | (42 | ) | (1,711 | ) | |||||||||||||||||||
2.250% | 3-Month USD-LIBOR | S / Q | LCH | 06/20/28 | $4,100,000 | 298,815 | 235,463 | 63,352 | ||||||||||||||||||||||
1.500% | 6-Month GBP-LIBOR | S / S | LCH | 12/19/28 | GBP 900,000 | 19,584 | 14,640 | 4,944 | ||||||||||||||||||||||
0.450% | 6-Month JPY-LIBOR | S / S | LCH | 03/20/29 | JPY 60,000,000 | (2,037 | ) | (4,281 | ) | 2,244 | ||||||||||||||||||||
1.500% | 6-Month GBP-LIBOR | S / S | LCH | 03/20/29 | GBP 1,000,000 | 25,043 | 16,113 | 8,930 | ||||||||||||||||||||||
0.750% | 6-Month JPY-LIBOR | S / S | LCH | 03/20/38 | JPY 250,000,000 | 5,683 | 20,540 | (14,857 | ) | |||||||||||||||||||||
0.641% | 6-Month JPY-LIBOR | S / S | CME | 05/09/46 | 187,300,000 | 125,471 | — | 125,471 | ||||||||||||||||||||||
1.750% | 3-Month CAD-CDOR | S / S | CME | 12/16/46 | CAD 300,000 | 53,603 | 38,495 | 15,108 | ||||||||||||||||||||||
1.498% | 6-Month EUR-LIBOR | A / S | CME | 08/23/47 | EUR 1,145,000 | 11,243 | 1,423 | 9,820 | ||||||||||||||||||||||
1.000% | 6-Month JPY-LIBOR | S / S | LCH | 03/21/48 | JPY 20,000,000 | (1,532 | ) | (601 | ) | (931 | ) | |||||||||||||||||||
2.905% | 3-Month USD-LIBOR | S / Q | CME | 08/22/48 | $900,000 | 47,329 | — | 47,329 | ||||||||||||||||||||||
2.940% | 3-Month USD-LIBOR | S / Q | CME | 08/22/48 | 300,000 | 13,671 | — | 13,671 | ||||||||||||||||||||||
1.500% | 6-Month GBP-LIBOR | S / S | LCH | 12/19/48 | GBP 1,700,000 | 134,597 | 7,854 | 126,743 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$779,191 | $163,277 | $615,914 | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Total Interest Rate Swaps | ($815,148 | ) | $147,446 | ($962,594 | ) | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Total Swap Agreements | ($801,323 | ) | $105,902 | ($907,225 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-27
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps
Upfront Premiums Paid (Received) | Unrealized Appreciation (Deprecation) | |||||||
OTC Swap Agreements | ||||||||
Assets | $16,850 | $133,366 | ||||||
Liabilities | (265,398 | ) | (11,186 | ) | ||||
Centrally Cleared Swap Agreements (6) | ||||||||
Assets | 1,486,355 | 765,790 | ||||||
Liabilities | (1,131,905 | ) | (1,795,195 | ) | ||||
|
|
|
| |||||
$105,902 | ($907,225 | ) | ||||||
|
|
|
|
(6) | Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-28
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
(i) | 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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant | Level 3 Significant | |||||||||||||||
Assets | Corporate Bonds & Notes | $208,933,791 | $— | $208,933,791 | $— | |||||||||||||
Senior Loan Notes | 10,898,346 | — | 10,898,346 | — | ||||||||||||||
Mortgage-Backed Securities | ||||||||||||||||||
Collateralized Mortgage Obligations - Commercial | 21,891,447 | — | 21,891,447 | — | ||||||||||||||
Collateralized Mortgage Obligations - Residential | 51,094,896 | — | 51,094,896 | — | ||||||||||||||
Fannie Mae | 144,795,101 | — | 144,795,101 | — | ||||||||||||||
Freddie Mac | 22,120,065 | — | 21,546,669 | 573,396 | ||||||||||||||
Government National Mortgage Association | 32,114,256 | — | 32,114,256 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Mortgage-Backed Securities | 272,015,765 | — | 271,442,369 | 573,396 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Asset-Backed Securities | 32,869,437 | — | 32,869,437 | — | ||||||||||||||
U.S. Government Agency Issues | 1,517,294 | — | 1,517,294 | — | ||||||||||||||
U.S. Treasury Obligations | 52,384,430 | — | 52,384,430 | — | ||||||||||||||
Foreign Government Bonds & Notes | 31,222,410 | — | 31,222,410 | — | ||||||||||||||
Municipal Bonds | 5,267,150 | — | 5,267,150 | — | ||||||||||||||
Short-Term Investments | 62,663,152 | 24,870,425 | 37,792,727 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | 143,193 | — | 143,193 | — | ||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Futures | 530,923 | 530,923 | — | — | ||||||||||||||
Forward Foreign Currency Contracts | 2,221,503 | — | 2,221,503 | — | ||||||||||||||
Purchased Options | 37,286 | — | 37,286 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | 2,789,712 | 530,923 | 2,258,789 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | 2,398,257 | 2,398,257 | — | — | ||||||||||||||
Purchased Options | 50,567 | — | 50,567 | — | ||||||||||||||
Swaps | 755,963 | — | 755,963 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | 3,204,787 | 2,398,257 | 806,530 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 6,137,692 | 2,929,180 | 3,208,512 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 683,909,467 | 27,799,605 | 655,536,466 | 573,396 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Sale-buyback Financing Transactions | (38,199,218 | ) | — | (38,199,218 | ) | — | |||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | (87,824 | ) | — | (87,824 | ) | — | ||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Futures | (82,565 | ) | (82,565 | ) | — | — | ||||||||||||
Forward Foreign Currency Contracts | (2,113,266 | ) | — | (2,113,266 | ) | — | ||||||||||||
Written Options | (70,166 | ) | — | (70,166 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | (2,265,997 | ) | (82,565 | ) | (2,183,432 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | (4,908,796 | ) | (4,908,796 | ) | — | — | ||||||||||||
Written Options | (42,714 | ) | — | (42,714 | ) | — | ||||||||||||
Swaps | (1,718,557 | ) | — | (1,718,557 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | (6,670,067 | ) | (4,908,796 | ) | (1,761,271 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (9,023,888 | ) | (4,991,361 | ) | (4,032,527 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (47,223,106 | ) | (4,991,361 | ) | (42,231,745 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $636,686,361 | $22,808,244 | $613,304,721 | $573,396 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-29
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS & NOTES - 53.0% |
| |||||||
Basic Materials - 2.4% |
| |||||||
ArcelorMittal (Luxembourg) | $185,000 | $190,522 | ||||||
5.500% due 03/01/21 | 80,000 | 83,058 | ||||||
Celulosa Arauco y Constitucion SA (Chile) | 120,000 | 124,196 | ||||||
International Flavors & Fragrances Inc | 65,000 | 65,102 | ||||||
INVISTA Finance LLC | 515,000 | 516,777 | ||||||
LyondellBasell Industries NV | 200,000 | 212,486 | ||||||
Solvay Finance America LLC (Belgium) | 325,000 | 324,820 | ||||||
The Sherwin-Williams Co | 850,000 | 837,845 | ||||||
Votorantim SA (Brazil) | 100,000 | 102,750 | ||||||
|
| |||||||
2,457,556 | ||||||||
|
| |||||||
Communications - 4.1% |
| |||||||
America Movil Sab de CV (Mexico) | 200,000 | 204,981 | ||||||
Baidu Inc (China) | 410,000 | 408,529 | ||||||
Charter Communications Operating LLC | 370,000 | 370,375 | ||||||
4.464% due 07/23/22 | 250,000 | 254,354 | ||||||
Crown Castle Towers LLC | 55,000 | 55,133 | ||||||
CSC Holdings LLC | 200,000 | 232,750 | ||||||
Discovery Communications LLC | 145,000 | 143,902 | ||||||
Expedia Group Inc | 65,000 | 67,967 | ||||||
JD.com Inc (China) | 370,000 | 359,626 | ||||||
Omnicom Group Inc | 510,000 | 523,157 | ||||||
Telefonos de Mexico SAB de CV (Mexico) | 220,000 | 225,439 | ||||||
The Interpublic Group of Cos Inc | 45,000 | 45,024 | ||||||
Time Warner Cable LLC | 405,000 | 415,407 | ||||||
8.750% due 02/14/19 | 240,000 | 244,983 | ||||||
Viacom Inc | 435,000 | 432,646 | ||||||
5.625% due 09/15/19 | 160,000 | 163,960 | ||||||
|
| |||||||
4,148,233 | ||||||||
|
| |||||||
Consumer, Cyclical - 5.5% |
| |||||||
Aptiv PLC | 340,000 | 337,459 | ||||||
Daimler Finance North America LLC (Germany) | 165,000 | 162,634 | ||||||
2.300% due 02/12/21 ~ | 455,000 | 443,261 | ||||||
Delta Air Lines Inc | 65,000 | 63,610 | ||||||
2.875% due 03/13/20 | 535,000 | 530,826 | ||||||
DR Horton Inc | 125,000 | 122,500 | ||||||
Ford Motor Credit Co LLC | 250,000 | 248,539 | ||||||
2.551% due 10/05/18 | 385,000 | 385,001 | ||||||
3.470% due 04/05/21 | 380,000 | 375,595 | ||||||
General Motors Co | 175,000 | 175,000 |
Principal Amount | Value | |||||||
General Motors Financial Co Inc | $220,000 | $220,188 | ||||||
3.200% due 07/13/20 | 260,000 | 259,342 | ||||||
Harley-Davidson Financial Services Inc | 135,000 | 135,439 | ||||||
Hyundai Capital America | 175,000 | 172,585 | ||||||
2.400% due 10/30/18 ~ | 125,000 | 124,995 | ||||||
2.500% due 03/18/19 ~ | 625,000 | 623,684 | ||||||
Lennar Corp | 375,000 | 367,031 | ||||||
QVC Inc | 600,000 | 600,096 | ||||||
Walmart Inc | 265,000 | 265,635 | ||||||
|
| |||||||
5,613,420 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 5.9% |
| |||||||
AbbVie Inc | 125,000 | 121,735 | ||||||
Anthem Inc | 80,000 | 78,771 | ||||||
BAT Capital Corp (United Kingdom) | 450,000 | 441,171 | ||||||
Bayer US Finance II LLC (Germany) | 210,000 | 210,898 | ||||||
3.500% due 06/25/21 ~ | 330,000 | 329,423 | ||||||
Becton Dickinson and Co | 330,000 | 325,111 | ||||||
2.675% due 12/15/19 | 325,000 | 323,254 | ||||||
3.261% (USD LIBOR + 0.875%) due 12/29/20 § | 75,000 | 75,116 | ||||||
Bunge Ltd Finance Corp | 115,000 | 114,695 | ||||||
Celgene Corp | 165,000 | 163,197 | ||||||
Elanco Animal Health Inc | 70,000 | 70,111 | ||||||
4.272% due 08/28/23 ~ | 70,000 | 70,267 | ||||||
Equifax Inc | 75,000 | 72,375 | ||||||
3.184% (USD LIBOR + 0.870%) due 08/15/21 § | 105,000 | 105,670 | ||||||
3.600% due 08/15/21 | 105,000 | 104,397 | ||||||
ERAC USA Finance LLC | 55,000 | 54,670 | ||||||
2.800% due 11/01/18 ~ | 400,000 | 400,067 | ||||||
Express Scripts Holding Co | 105,000 | 105,059 | ||||||
Halfmoon Parent Inc | 110,000 | 110,178 | ||||||
3.400% due 09/17/21 ~ | 60,000 | 59,816 | ||||||
HCA Inc | 240,000 | 249,780 | ||||||
Keurig Dr Pepper Inc | 280,000 | 279,667 | ||||||
Medco Health Solutions Inc | 80,000 | 81,023 | ||||||
Reynolds American Inc (United Kingdom) | 300,000 | 310,391 | ||||||
Shire Acquisitions Investments Ireland DAC | 925,000 | 915,349 | ||||||
Teva Pharmaceutical Finance Netherlands III BV (Israel) | 550,000 | 541,172 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-30
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
The Kroger Co | $100,000 | $99,883 | ||||||
Tyson Foods Inc | 160,000 | 154,100 | ||||||
|
| |||||||
5,967,346 | ||||||||
|
| |||||||
Energy - 4.6% |
| |||||||
Cenovus Energy Inc (Canada) | 370,000 | 378,794 | ||||||
China Shenhua Overseas Capital Co Ltd (China) | 300,000 | 297,050 | ||||||
Columbia Pipeline Group Inc | 60,000 | 59,920 | ||||||
DCP Midstream Operating LP | 730,000 | 730,000 | ||||||
Encana Corp (Canada) | 355,000 | 362,749 | ||||||
Energy Transfer Equity LP | 305,000 | 327,341 | ||||||
Eni SpA (Italy) | 270,000 | 267,213 | ||||||
EnLink Midstream Partners LP | 220,000 | 219,312 | ||||||
Enterprise Products Operating LLC | 245,000 | 241,988 | ||||||
Marathon Oil Corp | 150,000 | 148,108 | ||||||
Petroleos Mexicanos (Mexico) | 265,000 | 272,950 | ||||||
Phillips 66 | 165,000 | 165,214 | ||||||
2.989% (USD LIBOR + 0.650%) due 04/15/19 § ~ | 150,000 | 150,060 | ||||||
Plains All American Pipeline LP | 50,000 | 49,623 | ||||||
5.000% due 02/01/21 | 120,000 | 122,772 | ||||||
5.750% due 01/15/20 | 120,000 | 123,128 | ||||||
Sabine Pass Liquefaction LLC | 355,000 | 369,414 | ||||||
The Williams Cos Inc | 380,000 | 390,097 | ||||||
|
| |||||||
4,675,733 | ||||||||
|
| |||||||
Financial - 17.7% |
| |||||||
ABN AMRO Bank NV (Netherlands) | 200,000 | 200,703 | ||||||
AerCap Ireland Capital DAC (Ireland) | 150,000 | 149,672 | ||||||
AIG Global Funding | 100,000 | 99,486 | ||||||
Air Lease Corp | 70,000 | 68,414 | ||||||
2.500% due 03/01/21 | 370,000 | 364,278 | ||||||
3.500% due 01/15/22 | 90,000 | 89,398 | ||||||
American Express Credit Corp | 195,000 | 192,850 | ||||||
2.375% due 05/26/20 | 40,000 | 39,513 | ||||||
American International Group Inc | 250,000 | 248,925 | ||||||
ANZ New Zealand Int’l Ltd (New Zealand) | 200,000 | 196,029 | ||||||
Banco de Credito del Peru (Peru) | 200,000 | 198,200 | ||||||
Banco Santander Chile (Chile) | 445,000 | 437,769 | ||||||
Bank of America Corp | 95,000 | 91,002 | ||||||
2.727% (USD LIBOR + 0.380%) due 01/23/22 § | 210,000 | 209,429 | ||||||
3.023% (USD LIBOR + 0.650%) due 06/25/22 § | 230,000 | 230,695 |
Principal Amount | Value | |||||||
3.508% (USD LIBOR + 1.160%) due 01/20/23 § | $295,000 | $300,129 | ||||||
Banque Federative du Credit Mutuel SA (France) | 200,000 | 196,081 | ||||||
2.500% due 10/29/18 ~ | 425,000 | 425,089 | ||||||
3.308% (USD LIBOR + 0.960%) due 07/20/23 § ~ | 210,000 | 211,566 | ||||||
Barclays Bank PLC (United Kingdom) | 235,000 | 230,441 | ||||||
BB&T Corp | 300,000 | 292,895 | ||||||
BPCE SA (France) | 250,000 | 252,652 | ||||||
Brixmor Operating Partnership LP REIT | 35,000 | 34,897 | ||||||
Capital One Financial Corp | 70,000 | 68,566 | ||||||
2.500% due 05/12/20 | 65,000 | 64,215 | ||||||
Capital One NA | 665,000 | 657,905 | ||||||
CBOE Global Markets Inc | 165,000 | 164,018 | ||||||
China Overseas Finance Cayman Ltd (China) | 225,000 | 225,887 | ||||||
Citigroup Inc | 325,000 | 323,459 | ||||||
2.700% due 03/30/21 | 15,000 | 14,749 | ||||||
2.900% due 12/08/21 | 310,000 | 303,696 | ||||||
3.198% (USD LIBOR + 0.790%) due 01/10/20 § | 310,000 | 312,209 | ||||||
Citizens Bank NA | 605,000 | 604,755 | ||||||
2.450% due 12/04/19 | 300,000 | 297,903 | ||||||
CNO Financial Group Inc | 290,000 | 294,350 | ||||||
Credit Suisse AG (Switzerland) | 70,000 | 71,863 | ||||||
Crown Castle International Corp REIT | 255,000 | 245,099 | ||||||
3.400% due 02/15/21 | 110,000 | 109,776 | ||||||
Discover Bank | 250,000 | 249,989 | ||||||
7.000% due 04/15/20 | 410,000 | 429,902 | ||||||
First Niagara Financial Group Inc | 120,000 | 132,368 | ||||||
Grain Spectrum Funding LLC | 140,000 | 140,003 | ||||||
HSBC Holdings PLC (United Kingdom) | 200,000 | 200,435 | ||||||
ING Groep NV (Netherlands) | 205,000 | 208,252 | ||||||
International Lease Finance Corp | 340,000 | 346,671 | ||||||
Intesa Sanpaolo SPA (Italy) | 200,000 | 185,293 | ||||||
3.875% due 01/15/19 | 225,000 | 225,215 | ||||||
iStar Inc | 275,000 | 275,000 | ||||||
JPMorgan Chase & Co | 315,000 | 315,968 | ||||||
4.250% due 10/15/20 | 110,000 | 112,151 | ||||||
4.400% due 07/22/20 | 50,000 | 51,064 | ||||||
4.950% due 03/25/20 | 78,000 | 80,047 | ||||||
Mitsubishi UFJ Financial Group Inc (Japan) | 68,000 | 68,319 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-31
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Morgan Stanley | $310,000 | $311,054 | ||||||
5.500% due 01/26/20 | 125,000 | 128,773 | ||||||
5.500% due 07/24/20 | 125,000 | 129,742 | ||||||
New York Life Global Funding | 205,000 | 205,506 | ||||||
Regions Bank | 535,000 | 535,278 | ||||||
Reinsurance Group of America Inc | 35,000 | 36,332 | ||||||
6.450% due 11/15/19 | 280,000 | 289,629 | ||||||
Santander UK Group Holdings PLC (United Kingdom) | 55,000 | 54,328 | ||||||
Santander UK PLC (United Kingdom) | 385,000 | 374,684 | ||||||
SBA Tower Trust | 285,000 | 280,863 | ||||||
3.448% due 03/15/48 ~ | 210,000 | 207,181 | ||||||
Sberbank of Russia Via SB Capital SA (Russia) | EUR 200,000 | 233,928 | ||||||
Standard Chartered PLC (United Kingdom) | $200,000 | 198,381 | ||||||
SunTrust Banks Inc | 160,000 | 159,793 | ||||||
Svenska Handelsbanken AB (Sweden) | 195,000 | 194,748 | ||||||
Synchrony Financial | 55,000 | 54,399 | ||||||
The Charles Schwab Corp | 170,000 | 170,437 | ||||||
The Goldman Sachs Group Inc | 295,000 | 292,490 | ||||||
3.122% (USD LIBOR + 0.780%) due 10/31/22 § | 100,000 | 100,526 | ||||||
3.445% (USD LIBOR + 1.110%) due 04/26/22 § | 295,000 | 298,598 | ||||||
5.375% due 03/15/20 | 100,000 | 103,110 | ||||||
6.000% due 06/15/20 | 30,000 | 31,370 | ||||||
Trinity Acquisition PLC | 115,000 | 114,108 | ||||||
UBS Group Funding Switzerland AG (Switzerland) | 255,000 | 258,901 | ||||||
US Bank NA | 275,000 | 276,111 | ||||||
VEREIT Operating Partnership LP REIT | 720,000 | 719,971 | ||||||
Wells Fargo & Co | 23,000 | 22,644 | ||||||
Wells Fargo Bank NA | 330,000 | 329,689 | ||||||
XLIT Ltd (Bermuda) | 250,000 | 249,840 | ||||||
|
| |||||||
17,901,654 | ||||||||
|
| |||||||
Industrial - 5.1% |
| |||||||
Avnet Inc | 90,000 | 89,797 | ||||||
Boral Finance PTY Ltd (Australia) | 35,000 | 33,704 | ||||||
Caterpillar Financial Services Corp | 95,000 | 95,121 |
Principal Amount | Value | |||||||
CNH Industrial Capital LLC | $130,000 | $130,219 | ||||||
4.375% due 11/06/20 | 480,000 | 487,392 | ||||||
DAE Funding LLC (United Arab Emirates) | 210,000 | 208,162 | ||||||
Eagle Materials Inc | 50,000 | 49,955 | ||||||
Eastern Creation II Investment Holdings Ltd (China) | 200,000 | 196,013 | ||||||
GATX Corp | 215,000 | 214,333 | ||||||
2.600% due 03/30/20 | 235,000 | 232,111 | ||||||
General Dynamics Corp | 55,000 | 55,167 | ||||||
2.718% (USD LIBOR + 0.380%) due 05/11/21 § | 95,000 | 95,673 | ||||||
Kansas City Southern | 400,000 | 392,433 | ||||||
Keysight Technologies Inc | 880,000 | 879,809 | ||||||
Martin Marietta Materials Inc | 150,000 | 150,396 | ||||||
Park Aerospace Holdings Ltd (Ireland) | 230,000 | 224,797 | ||||||
Penske Truck Leasing Co LP | 230,000 | 229,246 | ||||||
3.200% due 07/15/20 ~ | 50,000 | 49,759 | ||||||
Roper Technologies Inc | 25,000 | 24,850 | ||||||
SMBC Aviation Capital Finance DAC (Ireland) | 265,000 | 265,567 | ||||||
Stanley Black & Decker Inc | 75,000 | 74,885 | ||||||
Union Pacific Corp | 200,000 | 199,992 | ||||||
United Technologies Corp | 125,000 | 125,348 | ||||||
Vulcan Materials Co | 215,000 | 215,608 | ||||||
2.971% (USD LIBOR + 0.650%) due 03/01/21 § | 390,000 | 391,574 | ||||||
|
| |||||||
5,111,911 | ||||||||
|
| |||||||
Technology - 3.2% |
| |||||||
Broadcom Corp | 615,000 | 607,975 | ||||||
3.000% due 01/15/22 | 190,000 | 185,218 | ||||||
Dell International LLC | 425,000 | 426,150 | ||||||
DXC Technology Co | 280,000 | 277,765 | ||||||
3.271% (USD LIBOR + 0.950%) due 03/01/21 § | 480,000 | 480,008 | ||||||
Fidelity National Information Services Inc | 250,000 | 241,561 | ||||||
Hewlett Packard Enterprise Co | 155,000 | 153,531 | ||||||
2.850% due 10/05/18 | 292,000 | 292,011 | ||||||
Microchip Technology Inc | 145,000 | 144,231 | ||||||
Xerox Corp | 155,000 | 154,716 | ||||||
5.625% due 12/15/19 | 300,000 | 307,266 | ||||||
|
| |||||||
3,270,432 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-32
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Utilities - 4.5% |
| |||||||
Dominion Energy Inc | $350,000 | $349,437 | ||||||
2.579% due 07/01/20 | 110,000 | 108,615 | ||||||
2.962% due 07/01/19 § | 45,000 | 44,988 | ||||||
Duke Energy Corp | 65,000 | 65,198 | ||||||
EDP Finance BV (Portugal) | 200,000 | 202,858 | ||||||
Enel Finance International NV (Italy) | 320,000 | 304,569 | ||||||
4.250% due 09/14/23 ~ | 205,000 | 202,348 | ||||||
Exelon Generation Co LLC | 575,000 | 573,597 | ||||||
FirstEnergy Corp | 240,000 | 232,171 | ||||||
NextEra Energy Capital Holdings Inc | 200,000 | 199,638 | ||||||
2.861% (USD LIBOR + 0.550%) due 08/28/21 § | 210,000 | 210,033 | ||||||
Origin Energy Finance Ltd (Australia) | 380,000 | 379,994 | ||||||
San Diego Gas & Electric Co | 97,501 | 95,137 | ||||||
Sempra Energy | 265,000 | 261,233 | ||||||
2.839% (USD LIBOR + 0.500%) due 01/15/21 § | 145,000 | 145,043 | ||||||
State Grid Overseas Investment Ltd (China) | 615,000 | 602,689 | ||||||
The Southern Co | 625,000 | 620,410 | ||||||
|
| |||||||
4,597,958 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 53,744,243 | ||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 16.6% | ||||||||
Collateralized Mortgage Obligations - Commercial - 4.5% |
| |||||||
BAMLL Commercial Mortgage Securities Trust | 130,000 | 126,886 | ||||||
Banc of America Commercial Mortgage Trust | 73,319 | 71,628 | ||||||
BX Trust | 385,000 | 385,513 | ||||||
4.408% (USD LIBOR + 2.250%) due 10/15/32 § ~ | 125,000 | 125,493 | ||||||
Citigroup Commercial Mortgage Trust | 9,881 | 9,857 | ||||||
1.637% due 06/10/48 | 75,399 | 74,924 | ||||||
1.643% due 09/10/58 | 30,837 | 30,453 | ||||||
CLNS Trust | 395,000 | 395,464 | ||||||
3.131% (USD LIBOR + 1.000%) due 06/11/32 § ~ | 200,000 | 200,298 | ||||||
Commercial Mortgage Trust | 53,606 | 52,221 | ||||||
1.604% due 10/10/48 | 43,685 | 43,225 | ||||||
1.667% due 07/10/50 | 84,889 | 84,523 | ||||||
1.770% due 02/10/49 | 6,222 | 6,148 | ||||||
1.965% due 02/10/50 | 73,863 | 72,576 | ||||||
2.983% (USD LIBOR + 0.850%) due 02/13/32 § ~ | 180,000 | 180,311 | ||||||
3.009% due 08/10/46 | 1,919 | 1,917 | ||||||
3.221% due 10/10/48 | 200,000 | 199,955 | ||||||
CSAIL Commercial Mortgage Trust | 165,872 | 162,094 |
Principal Amount | Value | |||||||
Great Wolf Trust | $175,000 | $175,215 | ||||||
3.628% (USD LIBOR + 1.320%) due 09/15/34 § ~ | 250,000 | 250,480 | ||||||
GS Mortgage Securities Trust | 43,475 | 42,532 | ||||||
1.593% due 07/10/48 | 37,931 | 37,570 | ||||||
1.950% due 08/10/50 | 246,410 | 239,978 | ||||||
Hospitality Mortgage Trust | 140,000 | 140,204 | ||||||
InTown Hotel Portfolio Trust | 100,000 | 100,039 | ||||||
3.408% (USD LIBOR + 1.250%) due 01/15/33 § ~ | 100,000 | 100,168 | ||||||
JP Morgan Chase Commercial Mortgage Securities Trust | 161,462 | 157,783 | ||||||
JPMBB Commercial Mortgage Securities Trust | 17,308 | 17,027 | ||||||
1.445% due 10/15/48 | 7,520 | 7,502 | ||||||
1.451% due 09/15/47 | 5,799 | 5,785 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust | 14,195 | 13,968 | ||||||
1.706% due 05/15/48 | 90,934 | 89,778 | ||||||
Morgan Stanley Capital I Trust | 79,916 | 78,976 | ||||||
3.008% (USD LIBOR + 0.850%) due 11/15/34 § ~ | 195,000 | 195,054 | ||||||
3.158% (USD LIBOR + 1.000%) due 11/15/34 § ~ | 155,000 | 155,043 | ||||||
SLIDE Fund Trust | 130,000 | 130,733 | ||||||
Wells Fargo Commercial Mortgage Trust | 18,345 | 18,182 | ||||||
1.471% due 04/15/50 | 67,865 | 67,335 | ||||||
1.531% due 05/15/48 | 32,631 | 32,475 | ||||||
1.577% due 01/15/59 | 36,608 | 36,100 | ||||||
1.968% due 07/15/50 | 136,512 | 133,226 | ||||||
1.975% due 09/15/50 | 126,634 | 123,295 | ||||||
WFRBS Commercial Mortgage Trust | 29,412 | 29,283 | ||||||
|
| |||||||
4,601,217 | ||||||||
|
| |||||||
Collateralized Mortgage Obligations - Residential - 7.1% |
| |||||||
COLT Mortgage Loan Trust | 205,388 | 204,503 | ||||||
2.568% due 10/25/47 § ~ | 89,182 | 88,839 | ||||||
2.614% due 05/27/47 § ~ | 138,871 | 138,162 | ||||||
2.773% due 10/25/47 § ~ | 54,050 | 53,844 | ||||||
2.930% due 02/25/48 § ~ | 76,759 | 76,558 | ||||||
3.074% due 05/27/47 § ~ | 40,253 | 40,008 | ||||||
3.084% due 02/25/48 § ~ | 63,966 | 63,879 | ||||||
3.470% due 07/27/48 § ~ | 292,815 | 292,519 | ||||||
3.542% due 07/27/48 § ~ | 142,858 | 142,694 | ||||||
Deephaven Residential Mortgage Trust | 224,501 | 223,081 | ||||||
2.711% due 10/25/47 § ~ | 59,079 | 58,687 | ||||||
2.813% due 10/25/47 § ~ | 59,079 | 58,622 | ||||||
2.976% due 12/25/57 § ~ | 162,417 | 161,683 | ||||||
3.479% due 04/25/58 § ~ | 221,701 | 221,148 | ||||||
3.485% due 12/26/46 § ~ | 40,843 | 40,814 | ||||||
3.963% due 08/25/58 § ~ | 100,000 | 100,251 | ||||||
Fannie Mae Connecticut Avenue Securities | 197,895 | 198,319 | ||||||
2.936% (USD LIBOR + 0.720%) due 01/25/31 § | 93,514 | 93,721 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-33
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
2.966% (USD LIBOR + 0.750%) due 02/25/30 § | $219,441 | $219,930 | ||||||
2.966% (USD LIBOR + 0.750%) due 02/25/30 § | 102,695 | 102,789 | ||||||
3.066% (USD LIBOR + 0.850%) due 11/25/29 § | 223,872 | 224,716 | ||||||
Fannie Mae REMICS | 45,023 | 45,086 | ||||||
2.716% (USD LIBOR + 0.500%) due 11/25/46 § | 156,084 | 157,885 | ||||||
2.716% (USD LIBOR + 0.500%) due 11/25/46 § | 153,166 | 154,305 | ||||||
2.716% (USD LIBOR + 0.500%) due 11/25/46 § | 110,815 | 111,839 | ||||||
3.000% due 11/25/47 | 369,553 | 364,239 | ||||||
4.000% due 06/25/44 | 38,524 | 39,035 | ||||||
5.000% due 08/25/19 | 2,391 | 2,399 | ||||||
Freddie Mac REMICS | 254,373 | 246,439 | ||||||
Freddie Mac Structured Agency Credit Risk Debt | 197,094 | 197,145 | ||||||
2.966% (USD LIBOR + 0.750%) due 03/25/30 § | 233,628 | 234,638 | ||||||
3.016% (USD LIBOR + 0.800%) due 12/25/29 § | 202,777 | 203,319 | ||||||
3.416% (USD LIBOR + 1.200%) due 08/25/29 § | 207,380 | 208,846 | ||||||
3.820% due 05/25/48 § ~ | 75,056 | 75,200 | ||||||
3.985% due 09/25/47 § ~ | 24,401 | 24,438 | ||||||
4.168% due 08/25/48 § ~ | 75,000 | 75,305 | ||||||
Freddie Mac Whole Loan Securities Trust | 65,713 | 65,704 | ||||||
Galton Funding Mortgage Trust | 192,580 | 188,423 | ||||||
GS Mortgage-Backed Securities Trust | 31,736 | 31,120 | ||||||
Homeward Opportunities Fund I Trust | 156,808 | 157,202 | ||||||
3.897% due 06/25/48 § ~ | 128,297 | 128,617 | ||||||
Metlife Securitization Trust | 140,315 | 136,982 | ||||||
Sequoia Mortgage Trust | 316,065 | 315,162 | ||||||
4.000% due 06/25/48 § ~ | 302,528 | 303,451 | ||||||
4.500% due 08/25/48 § ~ ± | 96,069 | 97,132 | ||||||
STACR Trust | 360,000 | 361,273 | ||||||
Verus Securitization Trust | 74,507 | 73,724 | ||||||
3.677% due 06/01/58 § ~ | 221,272 | 221,620 | ||||||
3.779% due 06/01/58 § ~ | 96,205 | 96,356 | ||||||
3.830% due 06/01/58 § ~ | 96,205 | 96,356 | ||||||
|
| |||||||
7,218,007 | ||||||||
|
| |||||||
Fannie Mae - 3.9% |
| |||||||
3.000% due 11/01/29-09/01/30 | 200,717 | 199,044 | ||||||
3.500% due 06/01/29-04/01/46 | 955,088 | 954,291 | ||||||
4.000% due 06/01/33-11/01/44 | 490,573 | 497,882 | ||||||
4.500% due 04/01/26-03/01/46 | 849,088 | 881,173 | ||||||
5.000% due 01/01/20-11/01/44 | 713,006 | 756,993 | ||||||
5.500% due 10/01/35-02/01/42 | 509,788 | 549,021 | ||||||
6.000% due 11/01/35-09/01/39 | 118,332 | 130,322 | ||||||
|
| |||||||
3,968,726 | ||||||||
|
| |||||||
Freddie Mac - 0.0% |
| |||||||
5.500% due 01/01/20-12/01/39 | 29,401 | 31,653 | ||||||
|
| |||||||
|
|
Principal Amount | Value | |||||||
Government National Mortgage Association - 1.1% |
| |||||||
5.000% due 01/20/48-08/20/48 | $880,502 | $921,074 | ||||||
6.000% due 07/15/36 | 122,200 | 135,611 | ||||||
|
| |||||||
1,056,685 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities |
| 16,876,288 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES - 19.3% |
| |||||||
Allegro Ltd (Cayman) | 310,000 | 311,075 | ||||||
Ally Auto Receivables Trust | 240,000 | 239,794 | ||||||
2.460% due 09/15/22 | 40,000 | 39,509 | ||||||
2.840% due 09/15/22 | 85,000 | 84,754 | ||||||
2.930% due 11/15/23 | 70,000 | 68,865 | ||||||
Ally Master Owner Trust | 105,000 | 104,956 | ||||||
AmeriCredit Automobile Receivables Trust | 147,277 | 146,551 | ||||||
1.700% due 07/08/20 | 3,098 | 3,097 | ||||||
1.810% due 10/08/20 | 4,577 | 4,573 | ||||||
2.580% due 09/08/20 | 92,925 | 92,908 | ||||||
2.690% due 06/19/23 | 110,000 | 108,099 | ||||||
2.710% due 08/18/22 | 100,000 | 98,705 | ||||||
2.710% due 09/08/22 | 315,000 | 309,779 | ||||||
3.000% due 06/08/21 | 110,000 | 110,013 | ||||||
3.340% due 08/08/21 | 135,000 | 135,427 | ||||||
3.370% due 11/08/21 ~ | 225,000 | 225,559 | ||||||
3.580% due 08/09/21 ~ | 110,000 | 110,087 | ||||||
ARI Fleet Lease Trust | 6,195 | 6,192 | ||||||
1.910% due 04/15/26 ~ | 72,074 | 71,629 | ||||||
2.550% due 10/15/26 ~ | 145,000 | 144,366 | ||||||
Ascentium Equipment Receivables Trust | 26,857 | 26,825 | ||||||
2.290% due 06/10/21 ~ | 95,000 | 94,013 | ||||||
2.920% due 12/10/20 ~ | 80,000 | 79,939 | ||||||
Avis Budget Rental Car Funding AESOP LLC | 240,000 | 238,189 | ||||||
2.500% due 07/20/21 ~ | 275,000 | 271,457 | ||||||
2.970% due 02/20/20 ~ | 291,667 | 291,870 | ||||||
3.660% due 02/20/20 ~ | 310,000 | 310,336 | ||||||
Barings CLO Ltd (Cayman) | 385,000 | 382,881 | ||||||
Bayview Mortgage Fund Trust | 211,990 | 210,679 | ||||||
Bayview Opportunity Master Fund Trust | 128,887 | 128,345 | ||||||
BlueMountain CLO Ltd (Cayman) | 270,000 | 268,693 | ||||||
BMW Vehicle Lease Trust | 45,069 | 44,946 | ||||||
2.180% due 06/22/20 | 185,000 | 183,763 | ||||||
California Republic Auto Receivables Trust | 60,000 | 59,750 | ||||||
Capital Auto Receivables Asset Trust | 24,534 | 24,465 | ||||||
1.630% due 01/20/21 | 40,000 | 39,742 | ||||||
1.730% due 04/20/20 | 9,482 | 9,473 | ||||||
2.430% due 05/20/22 ~ | 40,000 | 39,237 | ||||||
2.700% due 09/20/22 ~ | 65,000 | 63,802 | ||||||
3.360% due 11/21/22 ~ | 160,000 | 158,924 | ||||||
Carlyle Global Market Strategies CLO Ltd (Cayman) | 250,000 | 250,176 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-34
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
CarMax Auto Owner Trust | $190,253 | $188,198 | ||||||
3.270% due 03/15/22 | 155,000 | 154,796 | ||||||
Chrysler Capital Auto Receivables Trust | 62,584 | 62,258 | ||||||
3.440% due 08/16/21 ~ | 380,000 | 380,472 | ||||||
CNH Equipment Trust | 131,254 | 129,757 | ||||||
1.930% due 03/15/24 | 315,000 | 306,491 | ||||||
2.400% due 02/15/23 | 265,000 | 264,124 | ||||||
Elara HGV Timeshare Issuer LLC | 50,091 | 49,018 | ||||||
2.690% due 03/25/30 ~ | 86,996 | 84,885 | ||||||
Enterprise Fleet Financing LLC | 47,016 | 46,986 | ||||||
1.830% due 09/20/21 ~ | 40,618 | 40,584 | ||||||
2.040% due 02/22/22 ~ | 295,000 | 291,412 | ||||||
3.140% due 02/20/24 ~ | 145,000 | 144,982 | ||||||
Ford Credit Auto Owner Trust | 350,000 | 338,762 | ||||||
Galaxy CLO Ltd (Cayman) | 430,000 | 427,172 | ||||||
GM Financial Automobile Leasing Trust | 26,912 | 26,879 | ||||||
2.120% due 09/20/21 | 65,000 | 64,173 | ||||||
2.260% due 08/20/20 | 45,000 | 44,711 | ||||||
2.580% due 03/20/20 | 455,000 | 454,492 | ||||||
3.110% due 12/20/21 | 105,000 | 104,096 | ||||||
3.370% due 10/20/22 | 245,000 | 242,953 | ||||||
3.500% due 04/20/22 | 80,000 | 79,824 | ||||||
GM Financial Consumer Automobile Trust | 100,000 | 97,874 | ||||||
GMF Floorplan Owner Revolving Trust | 100,000 | 99,623 | ||||||
GreatAmerica Leasing Receivables Funding LLC | 7,703 | 7,699 | ||||||
1.730% due 06/20/19 ~ | 17,482 | 17,458 | ||||||
2.060% due 06/22/20 ~ | 100,000 | 99,525 | ||||||
2.600% due 06/15/21 ~ | 95,000 | 94,160 | ||||||
Hardee’s Funding LLC | 135,036 | 135,039 | ||||||
Hilton Grand Vacations Trust | 74,725 | 73,456 | ||||||
2.660% due 12/26/28 ~ | 64,167 | 62,983 | ||||||
2.960% due 12/26/28 § ~ | 64,167 | 62,571 | ||||||
Hyundai Auto Lease Securitization Trust | 100,000 | 99,616 | ||||||
Hyundai Auto Receivables Trust | 395,000 | 386,733 | ||||||
KKR CLO Ltd (Cayman) | 390,000 | 388,339 | ||||||
3.389% (USD LIBOR + 1.050%) due 07/15/27 § ~ | 405,000 | 405,250 | ||||||
Madison Park Funding XIV Ltd (Cayman) | 295,000 | 295,362 | ||||||
Magnetite XVI Ltd (Cayman) | 515,000 | 513,787 | ||||||
Mill City Mortgage Loan Trust | 56,684 | 55,595 | ||||||
2.750% due 07/25/59 § ~ | 137,444 | 135,010 | ||||||
MMAF Equipment Finance LLC | 100,000 | 98,681 | ||||||
3.200% due 09/12/22 ~ | 210,000 | 209,598 | ||||||
MVW Owner Trust | 21,179 | 20,896 | ||||||
2.420% due 12/20/34 ~ | 78,772 | 76,262 |
Principal Amount | Value | |||||||
Navient Private Education Refi Loan Trust | $224,196 | $222,551 | ||||||
Neuberger Berman CLO Ltd (Cayman) | 250,000 | 248,585 | ||||||
Nissan Auto Lease Trust | 160,000 | 159,524 | ||||||
Nissan Master Owner Trust Receivables | 75,000 | 74,148 | ||||||
OCP CLO Ltd (Cayman) | 360,000 | 360,224 | ||||||
3.468% (USD LIBOR + 1.120%) due 07/20/29 § ~ | 415,000 | 414,799 | ||||||
OZLM VIII Ltd (Cayman) | 330,000 | 330,168 | ||||||
Planet Fitness Master Issuer LLC | 200,000 | 200,037 | ||||||
Santander Drive Auto Receivables Trust | 25,000 | 24,933 | ||||||
2.460% due 03/15/22 | 126,000 | 125,157 | ||||||
2.470% due 12/15/20 | 11,675 | 11,675 | ||||||
2.580% due 05/16/22 | 30,000 | �� | 29,810 | |||||
2.960% due 03/15/24 | 65,000 | 64,241 | ||||||
3.270% due 01/17/23 | 110,000 | 109,719 | ||||||
3.490% due 05/17/21 | 155,000 | 155,714 | ||||||
3.530% due 08/16/21 | 105,000 | 105,346 | ||||||
3.650% due 12/15/21 | 120,000 | 120,495 | ||||||
4.020% due 04/15/22 | 105,000 | 106,077 | ||||||
Santander Retail Auto Lease Trust | 85,000 | 84,063 | ||||||
Sierra Receivables Funding Co LLC | 196,135 | 193,874 | ||||||
Sierra Timeshare Receivables Funding LLC | 31,154 | 31,083 | ||||||
2.300% due 10/20/31 ~ | 48,704 | 48,282 | ||||||
2.330% due 07/20/33 ~ | 28,877 | 28,323 | ||||||
2.400% due 03/22/32 ~ | 41,353 | 41,071 | ||||||
2.430% due 10/20/33 ~ | 75,065 | 73,566 | ||||||
2.580% due 09/20/32 ~ | 249,360 | 245,922 | ||||||
3.080% due 03/21/33 ~ | 221,634 | 220,225 | ||||||
SLM Student Loan Trust | 132,808 | 130,868 | ||||||
3.835% (USD LIBOR + 1.500%) due 04/25/23 § | 43,007 | 43,951 | ||||||
3.985% (USD LIBOR + 1.650%) due 07/25/22 § | 69,172 | 70,641 | ||||||
4.035% (USD LIBOR + 1.700%) due 07/25/23 § | 68,257 | 70,084 | ||||||
SMB Private Education Loan Trust 3.050% due 05/15/26 ~ | 105,033 | 104,934 | ||||||
3.158% (USD LIBOR + 1.000%) due 06/15/27 § ~ | 100,928 | 101,920 | ||||||
3.308% (USD LIBOR + 1.150%) due 05/15/26 § ~ | 223,195 | 225,644 | ||||||
Synchrony Credit Card Master Note Trust | 85,000 | 83,552 | ||||||
Taco Bell Funding LLC | 167,450 | 167,742 | ||||||
Towd Point Mortgage Trust | 61,876 | 60,423 | ||||||
2.750% due 02/25/55 § ~ | 43,102 | 42,574 | ||||||
2.750% due 04/25/55 § ~ | 72,663 | 71,823 | ||||||
2.750% due 05/25/55 § ~ | 67,496 | 66,625 | ||||||
2.750% due 08/25/55 § ~ | 55,919 | 54,841 | ||||||
2.750% due 10/25/56 § ~ | 68,610 | 67,448 | ||||||
2.750% due 04/25/57 § ~ | 148,977 | 146,388 | ||||||
3.000% due 01/25/58 § ~ | 103,351 | 101,780 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-35
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
3.250% due 03/25/58 § ~ | $415,609 | $411,290 | ||||||
3.750% due 05/25/58 § ~ | 129,153 | 129,523 | ||||||
USAA Auto Owner Trust | 165,000 | 164,951 | ||||||
Verizon Owner Trust | 125,000 | 123,115 | ||||||
2.530% due 04/20/22 ~ | 120,000 | 117,781 | ||||||
2.650% due 09/20/21 ~ | 100,000 | 98,609 | ||||||
Volvo Financial Equipment LLC | 20,929 | 20,879 | ||||||
Wheels SPV LLC | 48,960 | 48,811 | ||||||
World Omni Automobile Lease Securitization Trust | 55,000 | 54,534 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 19,566,328 | ||||||
|
| |||||||
U.S. GOVERNMENT AGENCY ISSUES - 1.6% |
| |||||||
Fannie Mae | 775,000 | 757,525 | ||||||
Federal Home Loan Banks | 830,000 | 827,764 | ||||||
|
| |||||||
Total U.S. Government Agency Issues |
| 1,585,289 | ||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 7.2% |
| |||||||
U.S. Treasury Inflation Protected Securities - 0.5% |
| |||||||
0.625% due 04/15/23 ^ | 537,712 | 530,994 | ||||||
|
| |||||||
U.S. Treasury Notes - 6.7% |
| |||||||
2.250% due 02/29/20 | 2,870,000 | 2,850,661 | ||||||
2.250% due 03/31/20 | 750,000 | 744,478 | ||||||
2.375% due 04/30/20 | 2,665,000 | 2,648,760 | ||||||
2.750% due 09/30/20 | 510,000 | 509,363 | ||||||
|
| |||||||
6,753,262 | ||||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 7,284,256 | ||||||
|
| |||||||
MUNICIPAL BONDS - 0.1% |
| |||||||
State Board of Administration Finance Corp FL ‘A’ | 150,000 | 149,513 | ||||||
|
| |||||||
Total Municipal Bonds |
| 149,513 | ||||||
|
|
Principal Amount | Value | |||||||
SHORT-TERM INVESTMENTS - 2.0% |
| |||||||
Commercial Paper - 0.8% |
| |||||||
Ford Motor Credit Co LLC | $405,000 | $400,193 | ||||||
Syngenta Wilmington Inc | 385,000 | 383,665 | ||||||
|
| |||||||
783,858 | ||||||||
|
| |||||||
Shares | ||||||||
Money Market Fund - 1.2% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 1,257,575 | 1,257,575 | ||||||
|
| |||||||
Total Short-Term Investments |
| 2,041,433 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.8% |
| 101,247,350 | ||||||
DERIVATIVES - (0.1%) | ||||||||
(See Notes (b) and (c) in Notes to Schedule of Investments) |
| (81,490 | ) | |||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - 0.3% |
| 259,355 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $101,425,215 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 53.0% | |||
Asset-Backed Securities | 19.3% | |||
Mortgage-Backed Securities | 16.6% | |||
U.S. Treasury Obligations | 7.2% | |||
Short-Term Investments | 2.0% | |||
Others (each less than 3.0%) | 1.7% | |||
|
| |||
99.8% | ||||
Derivatives | (0.1% | ) | ||
Other Assets & Liabilities, Net | 0.3% | |||
|
| |||
100.0% | ||||
|
|
(b) | Open futures contracts outstanding as of September 30, 2018 were as follows: |
Long Futures Outstanding | Expiration Month | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
U.S. Treasury 2-Year Notes | 12/18 | 92 | $19,453,264 | $19,387,563 | ($65,701 | ) | ||||||||||||||
U.S. Treasury 5-Year Notes | 12/18 | 22 | 2,498,234 | 2,474,484 | (23,750 | ) | ||||||||||||||
U.S. Treasury Ultra 10-Year Notes | 12/18 | 2 | 256,674 | 252,000 | (4,674 | ) | ||||||||||||||
|
| |||||||||||||||||||
(94,125 | ) | |||||||||||||||||||
|
| |||||||||||||||||||
Short Futures Outstanding | ||||||||||||||||||||
U.S. Treasury 10-Year Notes | 12/18 | 9 | 1,084,557 | 1,069,031 | 15,526 | |||||||||||||||
|
| |||||||||||||||||||
Total Futures Contracts | ($78,599 | ) | ||||||||||||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-36
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
(c) | Forward foreign currency contracts outstanding as of September 30, 2018 were as follows: |
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||
USD | 25,360 | EUR | 22,245 | 11/18 | BNP | $— | ($569 | ) | ||||||||||||||||||
USD | 26,402 | EUR | 23,000 | 11/18 | BOA | — | (407 | ) | ||||||||||||||||||
USD | 79,315 | EUR | 69,000 | 11/18 | CIT | — | (1,112 | ) | ||||||||||||||||||
USD | 26,467 | EUR | 23,000 | 11/18 | MSC | — | (341 | ) | ||||||||||||||||||
USD | 26,419 | EUR | 23,000 | 11/18 | SSB | — | (389 | ) | ||||||||||||||||||
USD | 53,544 | EUR | 46,000 | 11/18 | UBS | — | (73 | ) | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Total Forward Foreign Currency Contracts | $— | ($2,891 | ) | |||||||||||||||||||||||
|
|
|
|
(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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $53,744,243 | $— | $53,744,243 | $— | |||||||||||||
Mortgage-Backed Securities | ||||||||||||||||||
Collateralized Mortgage Obligations - Commercial | 4,601,217 | — | 4,601,217 | — | ||||||||||||||
Collateralized Mortgage Obligations - Residential | 7,218,007 | — | 7,120,875 | 97,132 | ||||||||||||||
Fannie Mae | 3,968,726 | — | 3,968,726 | — | ||||||||||||||
Freddie Mac | 31,653 | — | 31,653 | — | ||||||||||||||
Government National Mortgage Association | 1,056,685 | — | 1,056,685 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Mortgage-Backed Securities | 16,876,288 | — | 16,779,156 | 97,132 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Asset-Backed Securities | 19,566,328 | — | 19,566,328 | — | ||||||||||||||
U.S. Government Agency Issues | 1,585,289 | — | 1,585,289 | — | ||||||||||||||
U.S. Treasury Obligations | 7,284,256 | — | 7,284,256 | — | ||||||||||||||
Municipal Bonds | 149,513 | — | 149,513 | — | ||||||||||||||
Short-Term Investments | 2,041,433 | 1,257,575 | 783,858 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | 15,526 | 15,526 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 101,262,876 | 1,273,101 | 99,892,643 | 97,132 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (2,891 | ) | — | (2,891 | ) | — | ||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | (94,125 | ) | (94,125 | ) | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (97,016 | ) | (94,125 | ) | (2,891 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (97,016 | ) | (94,125 | ) | (2,891 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $101,165,860 | $1,178,976 | $99,889,752 | $97,132 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-37
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS & NOTES - 22.0% |
| |||||||
Argentina - 0.4% |
| |||||||
Rio Energy SA | $150,000 | $123,375 | ||||||
YPF SA | 80,000 | 70,276 | ||||||
7.000% due 12/15/47 ~ | 30,000 | 23,925 | ||||||
8.500% due 07/28/25 ~ | 160,000 | 156,602 | ||||||
|
| |||||||
374,178 | ||||||||
|
| |||||||
Azerbaijan - 0.9% |
| |||||||
Southern Gas Corridor CJSC | 420,000 | 467,732 | ||||||
State Oil Co of the Azerbaijan Republic | 270,000 | 292,999 | ||||||
|
| |||||||
760,731 | ||||||||
|
| |||||||
Brazil - 2.0% |
| |||||||
Banco do Brasil SA | 200,000 | 184,560 | ||||||
Gol Finance Inc | 130,000 | 105,626 | ||||||
Petrobras Global Finance BV | 310,000 | 266,600 | ||||||
6.875% due 01/20/40 | 240,000 | 223,740 | ||||||
8.750% due 05/23/26 | 300,000 | 329,100 | ||||||
Rumo Luxembourg Sarl | 200,000 | 185,877 | ||||||
Vale Overseas Ltd | 165,000 | 192,720 | ||||||
6.875% due 11/10/39 | 165,000 | 194,123 | ||||||
|
| |||||||
1,682,346 | ||||||||
|
| |||||||
Chile - 1.4% |
| |||||||
Corp Nacional del Cobre de Chile | 200,000 | 195,082 | ||||||
4.875% due 11/04/44 ~ | 200,000 | 207,420 | ||||||
5.625% due 10/18/43 ~ | 200,000 | 228,075 | ||||||
Empresa Nacional del Petroleo | 200,000 | 190,555 | ||||||
4.500% due 09/14/47 ~ | 200,000 | 180,200 | ||||||
VTR Finance BV | 200,000 | 204,250 | ||||||
|
| |||||||
1,205,582 | ||||||||
|
| |||||||
China - 1.6% |
| |||||||
Amber Circle Funding Ltd | 200,000 | 194,645 | ||||||
China Evergrande Group | 200,000 | 184,308 | ||||||
China Railway Resources Huitung Ltd | 200,000 | 197,354 | ||||||
Sinochem Overseas Capital Co Ltd | 100,000 | 101,328 | ||||||
6.300% due 11/12/40 ~ | 100,000 | 119,476 | ||||||
Sinopec Group Overseas Development Ltd | 200,000 | 208,220 | ||||||
Sunac China Holdings Ltd | 200,000 | 192,004 | ||||||
Yuzhou Properties Co Ltd | 200,000 | 194,605 | ||||||
|
| |||||||
1,391,940 | ||||||||
|
| |||||||
Colombia - 0.6% |
| |||||||
Empresas Publicas de Medellin ESP | COP 336,000,000 | 108,019 | ||||||
Millicom International Cellular SA | $200,000 | 184,750 | ||||||
6.000% due 03/15/25 ~ | 200,000 | 201,874 | ||||||
|
| |||||||
494,643 | ||||||||
|
|
Principal Amount | Value | |||||||
Costa Rica - 0.2% |
| |||||||
Banco Nacional de Costa Rica | $200,000 | $197,875 | ||||||
|
| |||||||
Georgia - 0.3% |
| |||||||
Georgian Railway JSC | 200,000 | 212,863 | ||||||
|
| |||||||
Hong Kong - 0.1% |
| |||||||
Industrial & Commercial Bank of China Asia Ltd | 100,000 | 102,337 | ||||||
|
| |||||||
Indonesia - 0.8% |
| |||||||
P.T. Pertamina Persero | 200,000 | 205,831 | ||||||
P.T. Perusahaan Listrik Negara | 430,000 | 451,285 | ||||||
|
| |||||||
657,116 | ||||||||
|
| |||||||
Israel - 0.4% |
| |||||||
Teva Pharmaceutical Finance Netherlands III BV | 180,000 | 160,425 | ||||||
6.750% due 03/01/28 | 200,000 | 211,213 | ||||||
|
| |||||||
371,638 | ||||||||
|
| |||||||
Jamaica - 0.6% |
| |||||||
Digicel Group Ltd | 200,000 | 131,970 | ||||||
8.250% due 09/30/20 ~ | 200,000 | 153,250 | ||||||
Digicel Ltd | 200,000 | 186,250 | ||||||
|
| |||||||
471,470 | ||||||||
|
| |||||||
Kazakhstan - 1.0% |
| |||||||
Development Bank of Kazakhstan JSC | 220,000 | 217,525 | ||||||
Halyk Savings Bank of Kazakhstan JSC | 90,427 | 90,445 | ||||||
Kazakhstan Temir Zholy Finance BV | 300,000 | 332,063 | ||||||
KazMunayGas National Co JSC | 218,000 | 222,207 | ||||||
|
| |||||||
862,240 | ||||||||
|
| |||||||
Luxembourg - 0.2% |
| |||||||
Altice Financing SA | 200,000 | 195,500 | ||||||
|
| |||||||
Malaysia - 0.3% |
| |||||||
Wakala Global Sukuk Bhd | 250,000 | 258,873 | ||||||
|
| |||||||
Mexico - 2.7% |
| |||||||
Axtel SAB de CV | 200,000 | 198,292 | ||||||
BBVA Bancomer SA | 200,000 | 182,750 | ||||||
Cemex SAB de CV | 200,000 | 218,500 | ||||||
Comision Federal de Electricidad | 200,000 | 203,756 | ||||||
5.750% due 02/14/42 ~ | 200,000 | 198,752 | ||||||
8.180% due 12/23/27 ~ | MXN 950,000 | 47,591 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-38
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Mexichem SAB de CV | $200,000 | $212,302 | ||||||
Petroleos Mexicanos | 45,000 | 38,201 | ||||||
5.625% due 01/23/46 | 190,000 | 161,766 | ||||||
6.000% due 03/05/20 | 50,000 | 51,537 | ||||||
6.500% due 06/02/41 | 115,000 | 108,100 | ||||||
6.750% due 09/21/47 | 284,000 | 271,700 | ||||||
6.875% due 08/04/26 | 192,000 | 203,021 | ||||||
7.190% due 09/12/24 ~ | MXN 3,170,000 | 146,998 | ||||||
|
| |||||||
2,243,266 | ||||||||
|
| |||||||
Morocco - 0.3% |
| |||||||
OCP SA | $200,000 | 214,897 | ||||||
|
| |||||||
Netherlands - 0.2% |
| |||||||
VEON Holdings BV | 200,000 | 191,938 | ||||||
|
| |||||||
Pakistan - 0.6% |
| |||||||
The Second Pakistan International Sukuk Co Ltd | 350,000 | 351,496 | ||||||
The Third Pakistan International Sukuk Co Ltd | 200,000 | 192,301 | ||||||
|
| |||||||
543,797 | ||||||||
|
| |||||||
Peru - 0.7% |
| |||||||
Banco de Credito del Peru | PEN 358,000 | 108,621 | ||||||
Nexa Resources SA | $200,000 | 194,800 | ||||||
Patrimonio EN Fideicomiso | 75,000 | 74,854 | ||||||
Petroleos del Peru SA | 200,000 | 199,252 | ||||||
|
| |||||||
577,527 | ||||||||
|
| |||||||
Philippines - 0.6% |
| |||||||
Development Bank of the Philippines | 200,000 | 208,322 | ||||||
Power Sector Assets & Liabilities Management Corp | 230,000 | 272,591 | ||||||
|
| |||||||
480,913 | ||||||||
|
| |||||||
Russia - 1.1% |
| |||||||
Credit Bank of Moscow | 200,000 | 194,410 | ||||||
Gazprom OAO | 25,000 | 30,959 | ||||||
9.250% due 04/23/19 ~ | 60,000 | 61,647 | ||||||
Sberbank of Russia | 200,000 | 197,932 | ||||||
5.250% due 05/23/23 ~ | 200,000 | 197,826 | ||||||
SCF Capital Designated Activity Co | 232,000 | 225,040 | ||||||
|
| |||||||
907,814 | ||||||||
|
| |||||||
Singapore - 0.2% |
| |||||||
Puma International Financing SA | 200,000 | 175,328 | ||||||
|
| |||||||
South Africa - 1.3% |
| |||||||
Absa Group Ltd | 200,000 | 194,997 | ||||||
Eskom Holdings SOC Ltd | 356,000 | 347,264 | ||||||
6.750% due 08/06/23 ~ | 200,000 | 192,716 | ||||||
7.125% due 02/11/25 ~ | 200,000 | 192,784 | ||||||
MTN Mauritius Investments Ltd | 200,000 | 182,058 | ||||||
|
| |||||||
1,109,819 | ||||||||
|
|
Principal Amount | Value | |||||||
Ukraine - 0.2% |
| |||||||
Ukreximbank | $200,000 | $201,700 | ||||||
|
| |||||||
United Kingdom - 0.3% |
| |||||||
Standard Chartered Bank | INR 20,000,000 | 267,996 | ||||||
|
| |||||||
Venezuela - 3.0% |
| |||||||
Petroleos de Venezuela SA | $113,000 | 25,029 | ||||||
8.500% due 10/27/20 Y ~ | 2,730,750 | 2,321,137 | ||||||
9.000% due 11/17/21 Y ~ | 239,354 | 56,248 | ||||||
9.750% due 05/17/35 Y ~ | 306,278 | 73,507 | ||||||
12.750% due 02/17/22 * Y ~ | 117,000 | 28,724 | ||||||
|
| |||||||
2,504,645 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes | 18,658,972 | |||||||
|
| |||||||
SENIOR LOAN NOTES - 0.7% | ||||||||
United Arab Emirates - 0.7% | ||||||||
Dubai World Corp Term B1 | 651,568 | 613,560 | ||||||
|
| |||||||
Total Senior Loan Notes | 613,560 | |||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 69.4% |
| |||||||
Angola - 0.3% |
| |||||||
Angolan Government | 279,000 | 289,203 | ||||||
|
| |||||||
Argentina - 2.2% |
| |||||||
Argentina Bonar | ARS 486,000 | 11,835 | ||||||
46.010% (ARS Deposit + 3.250%) due 03/01/20 § | 470,000 | 11,372 | ||||||
46.351% (ARS Deposit + 2.000%) due 04/03/22 § | 4,931,267 | 115,448 | ||||||
Argentina POM Politica Monetaria | 7,429,157 | 213,549 | ||||||
Argentine Republic Government | $462,217 | 273,517 | ||||||
5.875% due 01/11/28 | 238,000 | 189,091 | ||||||
6.875% due 04/22/21 | 210,000 | 201,445 | ||||||
6.875% due 01/11/48 | 439,000 | 340,225 | ||||||
7.500% due 04/22/26 | 252,000 | 224,910 | ||||||
8.280% due 12/31/33 ^ | 126,180 | 114,508 | ||||||
8.280% due 12/31/33 | 84,120 | 74,867 | ||||||
Provincia de Buenos Aires | ARS 3,263,000 | 77,248 | ||||||
|
| |||||||
1,848,015 | ||||||||
|
| |||||||
Bahrain - 0.2% |
| |||||||
Bahrain Government | $200,000 | 199,040 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-39
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Belarus - 1.3% |
| |||||||
Republic of Belarus | $200,000 | $193,895 | ||||||
6.875% due 02/28/23 ~ | 460,000 | 483,771 | ||||||
7.625% due 06/29/27 ~ | 400,000 | 427,918 | ||||||
|
| |||||||
1,105,584 | ||||||||
|
| |||||||
Brazil - 8.7% |
| |||||||
Banco Nacional de Desenvolvimento Economico e Social | 170,000 | 174,090 | ||||||
Brazil Letras do Tesouro Nacional | BRL 11,562,000 | 2,592,455 | ||||||
9.882% due 07/01/21 | 12,325,000 | 2,354,362 | ||||||
10.361% due 01/01/22 | 400,000 | 71,838 | ||||||
Brazil Notas do Tesouro Nacional ‘F’ | 5,094,000 | 1,160,830 | ||||||
Brazilian Government | $200,000 | 183,650 | ||||||
4.250% due 01/07/25 | 175,000 | 165,594 | ||||||
4.625% due 01/13/28 | 200,000 | 183,452 | ||||||
5.000% due 01/27/45 | 141,000 | 116,343 | ||||||
5.625% due 02/21/47 | 200,000 | 177,525 | ||||||
7.125% due 01/20/37 | 110,000 | 118,829 | ||||||
8.250% due 01/20/34 | 70,000 | 82,337 | ||||||
|
| |||||||
7,381,305 | ||||||||
|
| |||||||
Chile - 2.9% |
| |||||||
Bonos de la Tesoreria de la Republica en pesos | CLP 1,350,000,000 | 2,084,288 | ||||||
5.000% due 03/01/35 | 255,000,000 | 386,975 | ||||||
|
| |||||||
2,471,263 | ||||||||
|
| |||||||
Colombia - 1.4% |
| |||||||
Colombia Government | $200,000 | 194,250 | ||||||
4.000% due 02/26/24 | 200,000 | 200,250 | ||||||
5.625% due 02/26/44 | 200,000 | 215,500 | ||||||
6.125% due 01/18/41 | 183,000 | 207,705 | ||||||
7.375% due 09/18/37 | 110,000 | 139,013 | ||||||
8.125% due 05/21/24 | 155,000 | 186,581 | ||||||
|
| |||||||
1,143,299 | ||||||||
|
| |||||||
Costa Rica - 0.2% |
| |||||||
Costa Rica Government | 90,000 | 78,153 | ||||||
5.625% due 04/30/43 ~ | 90,000 | 69,581 | ||||||
|
| |||||||
147,734 | ||||||||
|
| |||||||
Croatia - 1.0% |
| |||||||
Croatia Government | 310,000 | 337,378 | ||||||
6.375% due 03/24/21 ~ | 200,000 | 212,240 | ||||||
6.625% due 07/14/20 ~ | 260,000 | 273,455 | ||||||
|
| |||||||
823,073 | ||||||||
|
| |||||||
Dominican Republic - 1.9% |
| |||||||
Dominican Republic | 290,000 | 291,812 | ||||||
5.875% due 04/18/24 ~ | 220,000 | 227,324 | ||||||
6.600% due 01/28/24 ~ | 100,000 | 105,922 | ||||||
6.850% due 01/27/45 ~ | 270,000 | 274,387 | ||||||
6.875% due 01/29/26 ~ | 290,000 | 310,283 | ||||||
7.450% due 04/30/44 ~ | 130,000 | 139,100 | ||||||
7.500% due 05/06/21 ~ | 270,000 | 283,163 | ||||||
|
| |||||||
1,631,991 | ||||||||
|
| |||||||
Ecuador - 7.4% |
| |||||||
Ecuador Government | 770,000 | 695,175 | ||||||
7.950% due 06/20/24 ~ | 568,000 | 544,968 |
Principal Amount | Value | |||||||
8.750% due 06/02/23 ~ | $458,000 | $460,748 | ||||||
8.875% due 10/23/27 ~ | 490,000 | 466,394 | ||||||
9.625% due 06/02/27 ~ | 250,000 | 247,800 | ||||||
9.650% due 12/13/26 ~ | 852,000 | 851,531 | ||||||
10.500% due 03/24/20 ~ | 1,559,000 | 1,625,180 | ||||||
10.750% due 03/28/22 ~ | 1,294,000 | 1,379,728 | ||||||
|
| |||||||
6,271,524 | ||||||||
|
| |||||||
Egypt - 1.3% |
| |||||||
Egypt Government | 200,000 | 191,827 | ||||||
6.875% due 04/30/40 ~ | 100,000 | 89,355 | ||||||
7.500% due 01/31/27 ~ | 450,000 | 459,365 | ||||||
7.903% due 02/21/48 ~ | 200,000 | 191,462 | ||||||
8.500% due 01/31/47 ~ | 200,000 | 201,322 | ||||||
|
| |||||||
1,133,331 | ||||||||
|
| |||||||
El Salvador - 0.8% |
| |||||||
El Salvador Government | 102,000 | 95,455 | ||||||
6.375% due 01/18/27 ~ | 103,000 | 96,820 | ||||||
7.375% due 12/01/19 ~ | 100,000 | 102,125 | ||||||
7.625% due 02/01/41 ~ | 150,000 | 145,147 | ||||||
7.650% due 06/15/35 ~ | 55,000 | 53,645 | ||||||
8.250% due 04/10/32 ~ | 37,000 | 37,810 | ||||||
8.625% due 02/28/29 ~ | 115,000 | 121,900 | ||||||
|
| |||||||
652,902 | ||||||||
|
| |||||||
Ethiopia - 0.4% |
| |||||||
Ethiopia International | 310,000 | 315,050 | ||||||
|
| |||||||
Gabon - 0.5% |
| |||||||
Gabon Government | 400,000 | 379,560 | ||||||
|
| |||||||
Ghana - 0.5% |
| |||||||
Ghana Government | 200,000 | 200,942 | ||||||
8.627% due 06/16/49 ~ | 200,000 | 201,000 | ||||||
|
| |||||||
401,942 | ||||||||
|
| |||||||
Hungary - 1.2% |
| |||||||
Hungary Government | 378,000 | 401,048 | ||||||
5.375% due 03/25/24 | 174,000 | 186,644 | ||||||
5.750% due 11/22/23 | 346,000 | 375,389 | ||||||
7.625% due 03/29/41 | 40,000 | 55,968 | ||||||
|
| |||||||
1,019,049 | ||||||||
|
| |||||||
India - 1.2% |
| |||||||
Export-Import Bank of India | 200,000 | 198,326 | ||||||
India Government | INR 30,000,000 | 390,985 | ||||||
7.350% due 06/22/24 | 10,000,000 | 133,384 | ||||||
7.720% due 05/25/25 | 24,000,000 | 324,375 | ||||||
|
| |||||||
1,047,070 | ||||||||
|
| |||||||
Indonesia - 4.8% |
| |||||||
Indonesia Government | $200,000 | 200,825 | ||||||
5.250% due 01/17/42 ~ | 200,000 | 204,454 | ||||||
5.250% due 01/08/47 ~ | 200,000 | 204,462 | ||||||
5.950% due 01/08/46 ~ | 200,000 | 224,425 | ||||||
6.625% due 02/17/37 ~ | 100,000 | 117,247 | ||||||
7.750% due 01/17/38 ~ | 100,000 | 131,381 | ||||||
8.500% due 10/12/35 ~ | 100,000 | 137,182 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-40
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Indonesia Treasury | IDR 5,329,000,000 | $325,251 | ||||||
6.125% due 05/15/28 | 5,180,000,000 | 302,861 | ||||||
6.625% due 05/15/33 | 3,236,000,000 | 186,323 | ||||||
7.000% due 05/15/22 | 303,000,000 | 19,917 | ||||||
7.500% due 08/15/32 | 3,403,000,000 | 211,924 | ||||||
7.500% due 05/15/38 | 1,460,000,000 | 88,326 | ||||||
8.250% due 07/15/21 | 3,687,000,000 | 251,256 | ||||||
8.250% due 05/15/29 | 1,761,000,000 | 120,256 | ||||||
8.250% due 05/15/36 | 958,000,000 | 62,858 | ||||||
8.375% due 03/15/24 | 8,404,000,000 | 569,328 | ||||||
8.375% due 09/15/26 | 7,071,000,000 | 480,339 | ||||||
8.750% due 05/15/31 | 833,000,000 | 57,577 | ||||||
Perusahaan Penerbit SBSN Indonesia III | $200,000 | 199,500 | ||||||
|
| |||||||
4,095,692 | ||||||||
|
| |||||||
Ivory Coast - 0.7% |
| |||||||
Ivory Coast Government | 653,975 | 619,981 | ||||||
|
| |||||||
Jamaica - 0.3% |
| |||||||
Jamaica Government | 200,000 | 234,000 | ||||||
|
| |||||||
Kazakhstan - 0.8% |
| |||||||
KazAgro National Management Holding JSC | 200,000 | 197,798 | ||||||
Kazakhstan Government | 200,000 | 205,021 | ||||||
6.500% due 07/21/45 ~ | 230,000 | 283,980 | ||||||
|
| |||||||
686,799 | ||||||||
|
| |||||||
Kenya - 0.5% |
| |||||||
Kenya Government | 200,000 | 200,920 | ||||||
8.250% due 02/28/48 ~ | 200,000 | 193,662 | ||||||
|
| |||||||
394,582 | ||||||||
|
| |||||||
Lebanon - 1.5% |
| |||||||
Lebanon Government | 30,000 | 29,884 | ||||||
5.450% due 11/28/19 ~ | 192,000 | 182,312 | ||||||
6.000% due 01/27/23 ~ | 60,000 | 50,959 | ||||||
6.100% due 10/04/22 ~ | 559,000 | 478,901 | ||||||
6.375% due 03/09/20 | 165,000 | 156,573 | ||||||
6.600% due 11/27/26 ~ | 99,000 | 77,873 | ||||||
8.250% due 04/12/21 ~ | 325,000 | 306,026 | ||||||
|
| |||||||
1,282,528 | ||||||||
|
| |||||||
Malaysia - 1.2% |
| |||||||
Malaysia Government | MYR 7,000 | 1,672 | ||||||
3.659% due 10/15/20 | 3,000,000 | 728,353 | ||||||
3.757% due 04/20/23 | 27,000 | 6,523 | ||||||
3.759% due 03/15/19 | 113,000 | 27,376 | ||||||
3.844% due 04/15/33 | 62,000 | 13,835 | ||||||
3.882% due 03/10/22 | 130,000 | 31,675 | ||||||
3.900% due 11/30/26 | 21,000 | 4,994 | ||||||
3.955% due 09/15/25 | 9,000 | 2,169 | ||||||
4.181% due 07/15/24 | 217,000 | 53,080 | ||||||
4.232% due 06/30/31 | 201,000 | 47,515 | ||||||
4.254% due 05/31/35 | 8,000 | 1,836 | ||||||
4.392% due 04/15/26 | 22,000 | 5,400 | ||||||
4.498% due 04/15/30 | 194,000 | 47,077 | ||||||
4.642% due 11/07/33 | 180,000 | 44,164 | ||||||
|
| |||||||
1,015,669 | ||||||||
|
|
Principal Amount | Value | |||||||
Mexico - 3.2% |
| |||||||
Mexican Bonos | MXN 26,140,000 | $1,355,581 | ||||||
6.500% due 06/09/22 | 10,750,000 | 551,844 | ||||||
8.000% due 12/07/23 | 5,470,000 | 295,372 | ||||||
Mexico Government | $200,000 | 187,000 | ||||||
4.750% due 03/08/44 | 68,000 | 65,144 | ||||||
5.550% due 01/21/45 | 94,000 | 100,110 | ||||||
5.750% due 10/12/10 | 112,000 | 113,400 | ||||||
6.050% due 01/11/40 | 60,000 | 66,750 | ||||||
|
| |||||||
2,735,201 | ||||||||
|
| |||||||
Morocco - 0.6% |
| |||||||
Morocco Government | 320,000 | 321,120 | ||||||
5.500% due 12/11/42 ~ | 200,000 | 210,464 | ||||||
|
| |||||||
531,584 | ||||||||
|
| |||||||
Nigeria - 0.5% |
| |||||||
Nigeria Government | 200,000 | 193,135 | ||||||
7.625% due 11/28/47 ~ | 200,000 | 191,952 | ||||||
|
| |||||||
385,087 | ||||||||
|
| |||||||
Oman - 0.5% |
| |||||||
Oman Government | 200,000 | 190,767 | ||||||
6.750% due 01/17/48 ~ | 200,000 | 195,244 | ||||||
|
| |||||||
386,011 | ||||||||
|
| |||||||
Pakistan - 1.0% |
| |||||||
Pakistan Government | 200,000 | 190,426 | ||||||
7.250% due 04/15/19 ~ | 230,000 | 231,077 | ||||||
8.250% due 04/15/24 ~ | 200,000 | 209,504 | ||||||
8.250% due 09/30/25 ~ | 200,000 | 208,874 | ||||||
|
| |||||||
839,881 | ||||||||
|
| |||||||
Panama - 0.8% |
| |||||||
Panama Government | 200,000 | 193,000 | ||||||
6.700% due 01/26/36 | 130,000 | 163,021 | ||||||
7.125% due 01/29/26 | 100,000 | 119,625 | ||||||
8.875% due 09/30/27 | 70,000 | 94,605 | ||||||
9.375% due 04/01/29 | 70,000 | 99,575 | ||||||
|
| |||||||
669,826 | ||||||||
|
| |||||||
Paraguay - 0.2% |
| |||||||
Paraguay Government | 200,000 | 202,250 | ||||||
|
| |||||||
Peru - 1.4% |
| |||||||
Fondo MIVIVIENDA SA | PEN 236,000 | 77,176 | ||||||
Peruvian Government | $317,000 | 377,072 | ||||||
7.350% due 07/21/25 | 278,000 | 341,526 | ||||||
8.750% due 11/21/33 | 260,000 | 384,800 | ||||||
|
| |||||||
1,180,574 | ||||||||
|
| |||||||
Philippines - 0.9% |
| |||||||
Philippine Government | 130,000 | 162,424 | ||||||
7.750% due 01/14/31 | 170,000 | 229,774 | ||||||
9.500% due 02/02/30 | 200,000 | 296,605 | ||||||
10.625% due 03/16/25 | 46,000 | 63,740 | ||||||
|
| |||||||
752,543 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-41
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Qatar - 0.3% |
| |||||||
Qatar Government | $200,000 | $208,420 | ||||||
|
| |||||||
Romania - 0.5% |
| |||||||
Romanian Government | 394,000 | 399,624 | ||||||
6.125% due 01/22/44 ~ | 38,000 | 42,964 | ||||||
|
| |||||||
442,588 | ||||||||
|
| |||||||
Russia - 2.2% |
| |||||||
Russia Federal | RUB 15,890,000 | 222,264 | ||||||
7.400% due 12/07/22 | 2,717,000 | 40,717 | ||||||
7.500% due 08/18/21 | 36,339,000 | 550,292 | ||||||
7.700% due 03/23/33 | 2,460,000 | 35,260 | ||||||
7.750% due 09/16/26 | 22,568,000 | 333,467 | ||||||
8.500% due 09/17/31 | 16,510,000 | 252,786 | ||||||
Russia Foreign | $200,000 | 192,243 | ||||||
5.250% due 06/23/47 ~ | 200,000 | 192,217 | ||||||
|
| |||||||
1,819,246 | ||||||||
|
| |||||||
Senegal - 0.4% |
| |||||||
Senegal Government | 200,000 | 187,215 | ||||||
6.750% due 03/13/48 ~ | 200,000 | 179,340 | ||||||
|
| |||||||
366,555 | ||||||||
|
| |||||||
Serbia - 0.2% |
| |||||||
Serbia Government | 200,000 | 202,902 | ||||||
|
| |||||||
South Africa - 4.2% |
| |||||||
Republic of South Africa Government | 424,000 | 381,171 | ||||||
4.875% due 04/14/26 | 200,000 | 191,180 | ||||||
5.000% due 10/12/46 | 200,000 | 172,298 | ||||||
5.650% due 09/27/47 | 230,000 | 210,376 | ||||||
6.500% due 02/28/41 | ZAR 3,572,000 | 176,071 | ||||||
7.000% due 02/28/31 | 8,370,000 | 486,323 | ||||||
8.000% due 01/31/30 | 3,325,000 | 212,579 | ||||||
8.250% due 03/31/32 | 4,240,000 | 270,232 | ||||||
8.500% due 01/31/37 | 272,000 | 17,126 | ||||||
8.750% due 01/31/44 | 4,839,000 | 305,186 | ||||||
8.750% due 02/28/48 | 6,199,000 | 389,792 | ||||||
8.875% due 02/28/35 | 6,760,000 | 445,143 | ||||||
9.000% due 01/31/40 | 2,272,760 | 148,168 | ||||||
10.500% due 12/21/26 | 2,484,000 | 190,429 | ||||||
|
| |||||||
3,596,074 | ||||||||
|
| |||||||
Sri Lanka - 0.2% |
| |||||||
Sri Lanka Government | $200,000 | 197,329 | ||||||
|
| |||||||
Suriname - 0.2% |
| |||||||
Republic of Suriname | 200,000 | 197,500 | ||||||
|
| |||||||
Thailand - 2.5% |
| |||||||
Thailand Government | THB 21,990,000 | 671,858 | ||||||
2.000% due 12/17/22 | 22,085,000 | 675,639 | ||||||
2.125% due 12/17/26 | 2,461,000 | 73,228 | ||||||
2.400% due 12/17/23 | 5,680,000 | 176,147 | ||||||
2.875% due 12/17/28 | 2,311,000 | 71,911 |
Principal Amount | Value | |||||||
2.875% due 06/17/46 | THB 333,000 | $9,580 | ||||||
3.400% due 06/17/36 | 4,852,000 | 153,285 | ||||||
3.775% due 06/25/32 | 6,951,000 | 230,103 | ||||||
4.875% due 06/22/29 | 1,138,000 | 41,365 | ||||||
|
| |||||||
2,103,116 | ||||||||
|
| |||||||
Turkey - 1.7% |
| |||||||
Turkey Government | TRY 319,962 | 51,426 | ||||||
4.875% due 04/16/43 | $200,000 | 146,334 | ||||||
5.750% due 03/22/24 | 200,000 | 188,791 | ||||||
5.750% due 05/11/47 | 200,000 | 156,520 | ||||||
6.125% due 10/24/28 | 200,000 | 180,802 | ||||||
6.250% due 09/26/22 | 200,000 | 196,296 | ||||||
6.750% due 05/30/40 | 110,000 | 98,585 | ||||||
7.000% due 06/05/20 | 42,000 | 42,508 | ||||||
7.375% due 02/05/25 | 130,000 | 131,626 | ||||||
8.000% due 03/12/25 | TRY 90,000 | 9,291 | ||||||
10.700% due 08/17/22 | 920,000 | 108,919 | ||||||
11.000% due 02/24/27 | 903,000 | 104,737 | ||||||
|
| |||||||
1,415,835 | ||||||||
|
| |||||||
Ukraine - 1.5% |
| |||||||
Ukraine Government | $600,000 | 523,416 | ||||||
7.750% due 09/01/22 ~ | 114,000 | 114,235 | ||||||
7.750% due 09/01/23 ~ | 114,000 | 112,219 | ||||||
7.750% due 09/01/25 ~ | 310,000 | 295,878 | ||||||
7.750% due 09/01/26 ~ | 100,000 | 94,252 | ||||||
7.750% due 09/01/27 ~ | 126,000 | 117,464 | ||||||
|
| |||||||
1,257,464 | ||||||||
|
| |||||||
Uruguay - 1.0% |
| |||||||
Uruguay Government | 108,548 | 101,385 | ||||||
4.975% due 04/20/55 | 288,082 | 288,802 | ||||||
5.100% due 06/18/50 | 90,000 | 92,138 | ||||||
7.625% due 03/21/36 | 122,000 | 165,039 | ||||||
7.875% due 01/15/33 | 163,000 | 222,689 | ||||||
8.500% due 03/15/28 ~ | UYU 453,000 | 11,928 | ||||||
|
| |||||||
881,981 | ||||||||
|
| |||||||
Venezuela - 1.3% |
| |||||||
Venezuela Government | $80,000 | 21,736 | ||||||
7.750% due 10/13/19 * Y ~ | 171,000 | 45,606 | ||||||
8.250% due 10/13/24 Y ~ | 472,000 | 128,242 | ||||||
9.000% due 05/07/23 * Y ~ | 189,000 | 51,918 | ||||||
9.250% due 09/15/27 * Y | 252,000 | 69,728 | ||||||
9.250% due 05/07/28 * Y ~ | 315,000 | 84,641 | ||||||
11.750% due 10/21/26 * Y ~ | 768,700 | 214,045 | ||||||
11.950% due 08/05/31 * Y ~ | 1,525,900 | 423,361 | ||||||
12.750% due 08/23/22 * Y ~ | 211,000 | 58,384 | ||||||
|
| |||||||
1,097,661 | ||||||||
|
| |||||||
Vietnam - 0.5% |
| |||||||
Vietnam Government | 200,000 | 203,946 | ||||||
6.750% due 01/29/20 ~ | 180,000 | 187,090 | ||||||
|
| |||||||
391,036 | ||||||||
|
| |||||||
Zambia - 0.4% |
| |||||||
Zambia Government | 200,000 | 143,758 | ||||||
8.970% due 07/30/27 ~ | 307,000 | 220,095 | ||||||
|
| |||||||
363,853 | ||||||||
|
| |||||||
Total Foreign Government Bonds & Notes |
| 58,814,703 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-42
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 3.9% |
| |||||||
Money Market Fund - 3.9% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 3,280,917 | $3,280,917 | ||||||
|
| |||||||
Total Short-Term Investment |
| 3,280,917 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 96.0% |
| 81,368,152 | ||||||
DERIVATIVES - 0.6% | ||||||||
(See Notes (d) and (e) in Notes to Schedule of Investments) |
| 497,685 | ||||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - 3.4% |
| 2,863,303 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $84,729,140 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition as a percentage of net assets was as follows: |
Foreign Government Bonds & Notes | 69.4% | |||
Corporate Bonds & Notes | 22.0% | |||
Short-Term Investment | 3.9% | |||
Others (each less than 3.0%) | 0.7% | |||
96.0% | ||||
|
| |||
Derivatives | 0.6% | |||
Other Assets & Liabilities, Net | 3.4% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2018, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
Brazil | 10.7% | |||
Ecuador | 7.4% | |||
Mexico | 5.9% | |||
Indonesia | 5.6% | |||
South Africa | 5.5% | |||
Chile | 4.3% | |||
Venezuela | 4.3% | |||
United States (Includes Short-Term Investment) | 3.9% | |||
Russia | 3.3% | |||
Others (each less than 3.0%) | 45.1% | |||
|
| |||
96.0% | ||||
Derivatives | 0.6% | |||
Other Assets & Liabilities, Net | 3.4% | |||
|
| |||
100.0% | ||||
|
|
(c) | Investments with a total aggregate value of $3,602,306 or 4.3% of the Fund’s net assets were in default as of September 30, 2018. |
(d) | Forward foreign currency contracts outstanding as of September 30, 2018 were as follows: |
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||||||
BRL | 2,397,175 | USD | 575,000 | 10/18 | GSC | $18,387 | $— | |||||||||||||||||||||||||||
BRL | 2,549,088 | USD | 623,325 | 10/18 | HSB | 7,666 | — | |||||||||||||||||||||||||||
BRL | 1,182,542 | USD | 285,000 | 10/18 | MSC | 7,722 | — | |||||||||||||||||||||||||||
BRL | 2,175,979 | USD | 535,816 | 11/18 | BNP | 1,364 | — | |||||||||||||||||||||||||||
BRL | 2,282,702 | USD | 560,000 | 11/18 | DUB | 3,526 | — | |||||||||||||||||||||||||||
CLP | 360,128,500 | USD | 535,000 | 10/18 | BNP | 12,910 | — | |||||||||||||||||||||||||||
CLP | 60,296,597 | USD | 88,159 | 10/18 | HSB | 3,578 | — | |||||||||||||||||||||||||||
CLP | 62,463,397 | USD | 93,690 | 10/18 | JPM | 1,343 | — | |||||||||||||||||||||||||||
CNH | 2,956,239 | USD | 430,939 | 10/18 | MER | — | (1,957 | ) | ||||||||||||||||||||||||||
CNY | 2,268,012 | USD | 331,000 | 10/18 | BNP | — | (1,814 | ) | ||||||||||||||||||||||||||
CNY | 12,332,060 | USD | 1,813,068 | 10/18 | HSB | — | (23,156 | ) | ||||||||||||||||||||||||||
COP | 2,710,802,533 | USD | 933,922 | 10/18 | CSF | — | (18,847 | ) | ||||||||||||||||||||||||||
COP | 1,189,740,000 | USD | 395,000 | 10/18 | DUB | 6,616 | — | |||||||||||||||||||||||||||
COP | 2,710,802,533 | USD | 907,397 | 11/18 | CSF | 6,581 | — | |||||||||||||||||||||||||||
CZK | 7,631,952 | USD | 352,000 | 10/18 | DUB | — | (7,692 | ) | ||||||||||||||||||||||||||
CZK | 21,926,870 | USD | 1,001,511 | 11/18 | DUB | — | (11,028 | ) | ||||||||||||||||||||||||||
CZK | 9,374,134 | USD | 431,069 | 01/19 | BNP | — | (5,412 | ) | ||||||||||||||||||||||||||
HUF | 88,567,197 | USD | 319,490 | 10/18 | BNP | — | (622 | ) | ||||||||||||||||||||||||||
HUF | 284,436,627 | USD | 1,027,496 | 10/18 | MER | — | (3,439 | ) | ||||||||||||||||||||||||||
IDR | 6,078,154,726 | USD | 409,000 | 10/18 | GSC | — | (3,215 | ) | ||||||||||||||||||||||||||
IDR | 2,604,623,419 | USD | 170,237 | 10/18 | MER | 3,651 | — | |||||||||||||||||||||||||||
ILS | 941,204 | USD | 261,141 | 10/18 | BNP | — | (1,663 | ) | ||||||||||||||||||||||||||
INR | 43,670,842 | USD | 620,905 | 10/18 | HSB | — | (22,318 | ) | ||||||||||||||||||||||||||
INR | 18,185,580 | USD | 252,000 | 10/18 | JPM | — | (2,734 | ) | ||||||||||||||||||||||||||
KRW | 1,589,426,883 | USD | 1,416,947 | 10/18 | BNP | 16,308 | — | |||||||||||||||||||||||||||
KRW | 208,476,500 | USD | 185,000 | 10/18 | HSB | 2,992 | — | |||||||||||||||||||||||||||
KRW | 581,586,720 | USD | 520,000 | 10/18 | MSC | 4,442 | — | |||||||||||||||||||||||||||
MXN | 1,951,297 | USD | 101,914 | 10/18 | BNP | 1,760 | — | |||||||||||||||||||||||||||
MXN | 46,445,835 | USD | 2,399,880 | 10/18 | GSC | 67,830 | — | |||||||||||||||||||||||||||
MXN | 26,844,056 | USD | 1,415,020 | 10/18 | JPM | 11,230 | — | |||||||||||||||||||||||||||
MYR | 2,032,978 | USD | 492,449 | 10/18 | DUB | — | (1,453 | ) | ||||||||||||||||||||||||||
PEN | 32,758 | USD | 9,960 | 10/18 | HSB | — | (58 | ) | ||||||||||||||||||||||||||
PEN | 298,890 | USD | 90,000 | 10/18 | JPM | 354 | — | |||||||||||||||||||||||||||
PHP | 19,378,590 | USD | 359,329 | 10/18 | HSB | — | (1,631 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-43
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||||||
PLN | 7,859,646 | USD | 2,127,809 | 10/18 | CIT | $5,546 | $— | |||||||||||||||||||||||||||
PLN | 546,870 | USD | 150,000 | 10/18 | JPM | — | (1,562 | ) | ||||||||||||||||||||||||||
PLN | 880,227 | USD | 240,000 | 11/18 | HSB | — | (916 | ) | ||||||||||||||||||||||||||
PLN | 915,697 | USD | 251,006 | 01/19 | BNP | — | (1,780 | ) | ||||||||||||||||||||||||||
RON | 122,929 | USD | 30,931 | 10/18 | BNP | — | (289 | ) | ||||||||||||||||||||||||||
RON | 618,849 | USD | 153,820 | 10/18 | HSB | 437 | — | |||||||||||||||||||||||||||
RON | 437,272 | USD | 110,000 | 10/18 | MER | — | (1,003 | ) | ||||||||||||||||||||||||||
RON | 512,974 | USD | 128,969 | 11/18 | MER | — | (1,193 | ) | ||||||||||||||||||||||||||
RON | 1,494,194 | USD | 376,126 | 01/19 | HSB | — | (4,156 | ) | ||||||||||||||||||||||||||
RUB | 108,074,792 | USD | 1,620,247 | 10/18 | HSB | 23,615 | — | |||||||||||||||||||||||||||
RUB | 7,911,248 | USD | 117,000 | 10/18 | JPM | 3,333 | — | |||||||||||||||||||||||||||
RUB | 1,511,500 | USD | 22,661 | 10/18 | MER | 330 | — | |||||||||||||||||||||||||||
RUB | 28,011,739 | USD | 419,665 | 10/18 | MSC | 6,405 | — | |||||||||||||||||||||||||||
SGD | 350,211 | USD | 256,000 | 10/18 | BNP | 374 | — | |||||||||||||||||||||||||||
SGD | 1,786,817 | USD | 1,315,287 | 10/18 | HSB | — | (7,240 | ) | ||||||||||||||||||||||||||
THB | 13,789,200 | USD | 423,314 | 10/18 | GSC | 3,510 | — | |||||||||||||||||||||||||||
THB | 23,261,003 | USD | 710,563 | 10/18 | HSB | 9,446 | — | |||||||||||||||||||||||||||
TRY | 1,188,919 | USD | 229,881 | 10/18 | BNP | — | (37,141 | ) | ||||||||||||||||||||||||||
TRY | 897,326 | USD | 145,788 | 10/18 | BNP | 2,203 | — | |||||||||||||||||||||||||||
TRY | 2,171,190 | USD | 393,000 | 10/18 | HSB | — | (41,021 | ) | ||||||||||||||||||||||||||
TRY | 575,280 | USD | 92,356 | 10/18 | JPM | 905 | — | |||||||||||||||||||||||||||
TRY | 1,511,213 | USD | 253,000 | 10/18 | MER | — | (8,012 | ) | ||||||||||||||||||||||||||
TRY | 1,829,950 | USD | 296,000 | 10/18 | SCB | 660 | — | |||||||||||||||||||||||||||
TRY | 2,057,075 | USD | 312,000 | 11/18 | SCB | 15,010 | — | |||||||||||||||||||||||||||
TWD | 37,569,517 | USD | 1,231,928 | 10/18 | BNP | 4,919 | — | |||||||||||||||||||||||||||
USD | 281,263 | ARS | 9,746,935 | 10/18 | BNP | 53,128 | — | |||||||||||||||||||||||||||
USD | 38,770 | ARS | 1,570,185 | 10/18 | JPM | 1,324 | — | |||||||||||||||||||||||||||
USD | 937,234 | BRL | 3,808,336 | 10/18 | BNP | — | (5,466 | ) | ||||||||||||||||||||||||||
USD | 416,371 | BRL | 1,733,519 | 10/18 | JPM | — | (12,737 | ) | ||||||||||||||||||||||||||
USD | 140,000 | BRL | 586,950 | 10/18 | MER | — | (5,291 | ) | ||||||||||||||||||||||||||
USD | 2,735,013 | BRL | 10,378,005 | 11/18 | MSC | 173,014 | — | |||||||||||||||||||||||||||
USD | 1,230,910 | BRL | 4,323,939 | 04/19 | SCB | 178,650 | — | |||||||||||||||||||||||||||
USD | 101,504 | CLP | 67,156,855 | 10/18 | BNP | — | (671 | ) | ||||||||||||||||||||||||||
USD | 886,228 | CLP | 532,667,070 | 03/19 | BNP | 75,917 | — | |||||||||||||||||||||||||||
USD | 1,268,151 | CLP | 764,251,125 | 03/19 | MSC | 105,547 | — | |||||||||||||||||||||||||||
USD | 429,767 | CNH | 2,956,239 | 10/18 | MER | 786 | — | |||||||||||||||||||||||||||
USD | 45,000 | CNY | 309,105 | 10/18 | MER | 135 | — | |||||||||||||||||||||||||||
USD | 85,000 | COP | 259,845,000 | 10/18 | CSF | — | (2,715 | ) | ||||||||||||||||||||||||||
USD | 440,000 | COP | 1,346,180,000 | 10/18 | DUB | — | (14,425 | ) | ||||||||||||||||||||||||||
USD | 45,000 | COP | 132,037,200 | 10/18 | JPM | 429 | — | |||||||||||||||||||||||||||
USD | 79,250 | CZK | 1,761,609 | 10/18 | BNP | — | (223 | ) | ||||||||||||||||||||||||||
USD | 21,934 | HUF | 6,028,719 | 10/18 | HSB | 228 | — | |||||||||||||||||||||||||||
USD | 60,320 | HUF | 17,223,471 | 10/18 | MSC | — | (1,690 | ) | ||||||||||||||||||||||||||
USD | 120,757 | IDR | 1,813,173,147 | 10/18 | BNP | — | (292 | ) | ||||||||||||||||||||||||||
USD | 68,000 | IDR | 996,200,000 | 10/18 | BRC | 1,492 | — | |||||||||||||||||||||||||||
USD | 166,284 | IDR | 2,476,987,868 | 10/18 | CIT | 917 | — | |||||||||||||||||||||||||||
USD | 229,055 | IDR | 3,358,216,471 | 10/18 | GSC | 4,856 | — | |||||||||||||||||||||||||||
USD | 425,317 | IDR | 6,287,853,438 | 10/18 | HSB | 5,532 | — | |||||||||||||||||||||||||||
USD | 26,806 | IDR | 397,264,239 | 10/18 | MER | 284 | — | |||||||||||||||||||||||||||
USD | 65,000 | IDR | 952,705,000 | 10/18 | SCB | 1,396 | — | |||||||||||||||||||||||||||
USD | 392,252 | INR | 28,801,075 | 10/18 | ANZ | — | (2,519 | ) | ||||||||||||||||||||||||||
USD | 40,000 | INR | 2,777,600 | 10/18 | GSC | 1,928 | — | |||||||||||||||||||||||||||
USD | 559,468 | MXN | 10,594,919 | 10/18 | BNP | — | (3,450 | ) | ||||||||||||||||||||||||||
USD | 175,000 | MXN | 3,301,626 | 10/18 | HSB | — | (418 | ) | ||||||||||||||||||||||||||
USD | 743,082 | MXN | 14,299,391 | 10/18 | JPM | — | (16,658 | ) | ||||||||||||||||||||||||||
USD | 555,000 | MXN | 10,693,463 | 10/18 | MER | — | (13,153 | ) | ||||||||||||||||||||||||||
USD | 824,134 | MYR | 3,395,233 | 10/18 | DUB | 4,131 | — | |||||||||||||||||||||||||||
USD | 438,000 | MYR | 1,815,510 | 11/18 | DUB | — | (257 | ) | ||||||||||||||||||||||||||
USD | 35,000 | PHP | 1,868,300 | 10/18 | JPM | 514 | — | |||||||||||||||||||||||||||
USD | 45,000 | PLN | 169,487 | 10/18 | BNP | — | (1,004 | ) | ||||||||||||||||||||||||||
USD | 307,000 | RUB | 20,462,318 | 10/18 | GSC | — | (4,240 | ) | ||||||||||||||||||||||||||
USD | 210,454 | RUB | 14,376,636 | 10/18 | HSB | — | (8,221 | ) | ||||||||||||||||||||||||||
USD | 45,000 | RUB | 3,058,365 | 10/18 | JPM | — | (1,519 | ) | ||||||||||||||||||||||||||
USD | 55,000 | SGD | 75,053 | 10/18 | HSB | 57 | — | |||||||||||||||||||||||||||
USD | 39,884 | THB | 1,304,996 | 10/18 | BNP | — | (511 | ) | ||||||||||||||||||||||||||
USD | 641,759 | THB | 21,014,093 | 10/18 | DUB | — | (8,700 | ) | ||||||||||||||||||||||||||
USD | 175,000 | THB | 5,714,188 | 10/18 | JPM | — | (1,874 | ) | ||||||||||||||||||||||||||
USD | 195,000 | TRY | 1,321,983 | 10/18 | SCB | — | (19,311 | ) | ||||||||||||||||||||||||||
USD | 55,000 | TWD | 1,676,400 | 10/18 | HSB | — | (190 | ) | ||||||||||||||||||||||||||
USD | 178,029 | ZAR | 2,398,768 | 10/18 | BNP | 9,161 | — | |||||||||||||||||||||||||||
USD | 639,988 | ZAR | 9,365,069 | 10/18 | JPM | — | (19,291 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-44
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||||||
USD | 518,540 | ZAR | 7,705,021 | 10/18 | MER | $— | ($23,876 | ) | ||||||||||||||||||||||||||
USD | 251,217 | ZAR | 3,516,610 | 11/18 | MER | 4,631 | — | |||||||||||||||||||||||||||
ZAR | 644,900 | USD | 47,827 | 10/18 | HSB | — | (2,428 | ) | ||||||||||||||||||||||||||
ZAR | 12,094,023 | USD | 814,940 | 10/18 | MER | 36,451 | — | |||||||||||||||||||||||||||
ZAR | 3,186,522 | USD | 212,883 | 10/18 | SCB | 11,441 | — | |||||||||||||||||||||||||||
|
|
|
|
| ||||||||||||||||||||||||||||||
Total Forward Foreign Currency Contracts | $926,902 | ($382,482 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
(e) | Swap agreements outstanding as of September 30, 2018 were as follows: |
Interest Rate Swaps – Long
Receive | Pay | Payment Frequency Fixed Rate/ Floating Rate | Exchange | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
7.935% | 28-Day MXN-TIIE | L / L | CME | 12/16/20 | MXN 44,000,000 | $— | $— | $— | ||||||||||||||||||||||
2.400% | 6-Month PLN-WIBOR | A / S | CME | 03/26/23 | PLN 1,060,000 | (522 | ) | — | (522 | ) | ||||||||||||||||||||
8.156% | 28-Day MXN-TIIE | L / L | CME | 12/13/23 | MXN 52,000,000 | 27,962 | — | 27,962 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$27,440 | $— | $27,440 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
Interest Rate Swaps – Short
Pay | Receive | Payment Frequency Fixed Rate/ Floating Rate | Exchange | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
2.069% | 6-Month CZK-PRIBOR | A / S | CME | 09/19/23 | CZK 20,000,000 | $13,997 | $— | $13,997 | ||||||||||||||||||||||
8.255% | 28-Day MXN-TIIE | L / L | CME | 12/06/28 | MXN 12,000,000 | (856 | ) | — | (856 | ) | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$13,141 | $— | $13,141 | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Total Interest Rate Swaps | $40,581 | $— | $40,581 | |||||||||||||||||||||||||||
|
|
|
|
|
|
Total Return Swaps
Receive Total Return | Payment Frequency | Counter- party | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
Indonesia Treasury 12.800% due 06/15/21 | S | SCB | 06/15/21 | IDR 621,000,000 | $48,433 | $61,776 | ($13,343 | ) | ||||||||||||||||||
Indonesia Treasury 8.375% due 03/15/24 | S | ANZ | 03/15/24 | 369,000,000 | 25,090 | 27,723 | (2,633 | ) | ||||||||||||||||||
Indonesia Treasury 8.375% due 03/15/24 | S | SCB | 03/15/24 | 112,000,000 | 7,615 | 8,415 | (800 | ) | ||||||||||||||||||
Indonesia Treasury 11.000% due 09/15/25 | S | SCB | 09/15/25 | 432,000,000 | 33,615 | 49,649 | (16,034 | ) | ||||||||||||||||||
Indonesia Treasury 7.000% due 05/15/27 | S | SCB | 05/15/27 | 100,000,000 | 6,402 | 7,253 | (851 | ) | ||||||||||||||||||
Indonesia Treasury 9.000% due 03/15/29 | S | ANZ | 03/15/29 | 311,000,000 | 22,026 | 23,645 | (1,619 | ) | ||||||||||||||||||
Indonesia Treasury 10.500% due 08/15/30 | S | SCB | 08/15/30 | 622,000,000 | 49,045 | 72,303 | (23,258 | ) | ||||||||||||||||||
Indonesia Treasury 6.625% due 05/15/33 | S | SCB | 05/15/33 | 270,000,000 | 15,999 | 19,049 | (3,050 | ) | ||||||||||||||||||
Indonesia Treasury 8.375% due 03/15/34 | S | ANZ | 03/15/34 | 1,261,000,000 | 83,700 | 99,524 | (15,824 | ) | ||||||||||||||||||
Indonesia Treasury 8.375% due 03/15/34 | S | SCB | 03/15/34 | 42,000,000 | 2,788 | 3,315 | (527 | ) | ||||||||||||||||||
Indonesia Treasury 8.250% due 05/15/36 | S | SCB | 05/15/36 | 980,000,000 | 66,351 | 75,728 | (9,377 | ) | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
$361,064 | $448,380 | ($87,316 | ) | |||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
Total Swap Agreements | $401,645 | $448,380 | ($46,735 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps
Upfront Premiums Paid (Received) | Unrealized Appreciation (Deprecation) | |||||||
OTC Swap Agreements | ||||||||
Assets | $448,380 | $— | ||||||
Liabilities | — | (87,316 | ) | |||||
Centrally Cleared Swap Agreements (1) | ||||||||
Assets | — | 41,959 | ||||||
Liabilities | — | (1,378 | ) | |||||
|
|
|
| |||||
$448,380 | ($46,735 | ) | ||||||
|
|
|
|
(1) | Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-45
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
September 30, 2018 (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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $18,658,972 | $— | $18,658,972 | $— | |||||||||||||
Senior Loan Notes | �� | 613,560 | — | 613,560 | — | |||||||||||||
Foreign Government Bonds & Notes | 58,814,703 | — | 58,814,703 | — | ||||||||||||||
Short-Term Investment | 3,280,917 | 3,280,917 | — | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 926,902 | — | 926,902 | — | ||||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Swaps | 41,959 | — | 41,959 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 968,861 | — | 968,861 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 82,337,013 | 3,280,917 | 79,056,096 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (382,482 | ) | — | (382,482 | ) | — | ||||||||||||
Interest Rate Contracts | ||||||||||||||||||
Swaps | (88,694 | ) | — | (88,694 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (471,176 | ) | — | (471,176 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (471,176 | ) | — | (471,176 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $81,865,837 | $3,280,917 | $78,584,920 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-46
Table of Contents
PACIFIC FUNDS
PF DEVELOPING GROWTH FUND
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
WARRANTS - 0.0% |
| |||||||
Consumer, Non-Cyclical - 0.0% |
| |||||||
Neuralstem Inc Exercise @ $3.64 | 1,194 | $— | ||||||
|
| |||||||
Total Warrants |
| — | ||||||
|
| |||||||
COMMON STOCKS - 97.1% |
| |||||||
Communications - 16.4% |
| |||||||
Cargurus Inc * | 2,066 | 115,056 | ||||||
Etsy Inc * | 3,295 | 169,297 | ||||||
Eventbrite Inc ‘A’ * | 2,719 | 103,240 | ||||||
Mimecast Ltd * | 4,664 | 195,328 | ||||||
Okta Inc * | 2,994 | 210,658 | ||||||
Proofpoint Inc * | 588 | 62,522 | ||||||
RingCentral Inc ‘A’ * | 2,325 | 216,341 | ||||||
Stamps.com Inc * | 535 | 121,017 | ||||||
Stitch Fix Inc ‘A’ * | 2,645 | 115,772 | ||||||
The Trade Desk Inc ‘A’ * | 2,128 | 321,136 | ||||||
Twilio Inc ‘A’ * | 2,407 | 207,676 | ||||||
World Wrestling Entertainment Inc ‘A’ | 3,569 | 345,229 | ||||||
Zendesk Inc * | 1,242 | 88,182 | ||||||
Zscaler Inc * | 3,878 | 158,145 | ||||||
|
| |||||||
2,429,599 | ||||||||
|
| |||||||
Consumer, Cyclical - 9.2% |
| |||||||
At Home Group Inc * | 5,815 | 183,347 | ||||||
Canada Goose Holdings Inc (Canada) * | 1,930 | 124,562 | ||||||
iRobot Corp * | 1,738 | 191,041 | ||||||
Live Nation Entertainment Inc * | 695 | 37,857 | ||||||
Malibu Boats Inc ‘A’ * | 1,615 | 88,373 | ||||||
Planet Fitness Inc ‘A’ * | 5,728 | 309,484 | ||||||
Roku Inc * | 4,154 | 303,367 | ||||||
SiteOne Landscape Supply Inc * | 907 | 68,333 | ||||||
Sonos Inc * | 3,586 | 57,519 | ||||||
|
| |||||||
1,363,883 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 33.4% |
| |||||||
2U Inc * | 890 | 66,919 | ||||||
Agios Pharmaceuticals Inc * | 1,301 | 100,333 | ||||||
Amarin Corp PLC ADR (Ireland) * | 5,268 | 85,710 | ||||||
Amicus Therapeutics Inc * | 7,330 | 88,620 | ||||||
AnaptysBio Inc * | 700 | 69,839 | ||||||
Audentes Therapeutics Inc * | 2,553 | 101,073 | ||||||
Blueprint Medicines Corp * | 1,541 | 120,290 | ||||||
Calavo Growers Inc | 1,415 | 136,689 | ||||||
Chegg Inc * | 6,537 | 185,847 | ||||||
Denali Therapeutics Inc * | 2,502 | 54,393 | ||||||
FibroGen Inc * | 2,494 | 151,511 | ||||||
Glaukos Corp * | 3,461 | 224,619 | ||||||
Grand Canyon Education Inc * | 2,201 | 248,273 | ||||||
GW Pharmaceuticals PLC ADR (United Kingdom) * | 1,255 | 216,789 | ||||||
HealthEquity Inc * | 2,192 | 206,947 | ||||||
Immunomedics Inc * | 5,454 | 113,607 | ||||||
Inogen Inc * | 915 | 223,370 | ||||||
Insperity Inc | 2,632 | 310,444 | ||||||
Insulet Corp * | 2,857 | 302,699 | ||||||
iRhythm Technologies Inc * | 2,259 | 213,837 | ||||||
Loxo Oncology Inc * | 1,159 | 197,992 | ||||||
Myovant Sciences Ltd * | 4,527 | 120,192 | ||||||
Paylocity Holding Corp * | 1,797 | 144,335 | ||||||
Penumbra Inc * | 1,701 | 254,640 | ||||||
Sage Therapeutics Inc * | 768 | 108,480 | ||||||
Sarepta Therapeutics Inc * | 965 | 155,857 | ||||||
Spark Therapeutics Inc * | 169 | 9,219 | ||||||
Tandem Diabetes Care Inc * | 4,313 | 184,769 |
Shares | Value | |||||||
Teladoc Health Inc * | 2,904 | $250,760 | ||||||
Ultragenyx Pharmaceutical Inc * | 1,368 | 104,433 | ||||||
Weight Watchers International Inc * | 2,930 | 210,931 | ||||||
|
| |||||||
4,963,417 | ||||||||
|
| |||||||
Financial - 9.1% |
| |||||||
Air Lease Corp | 3,652 | 167,554 | ||||||
Cadence BanCorp | 4,936 | 128,928 | ||||||
CenterState Bank Corp | 6,677 | 187,290 | ||||||
Evercore Inc ‘A’ | 1,611 | 161,986 | ||||||
Hamilton Lane Inc ‘A’ | 3,954 | 175,083 | ||||||
Moelis & Co ‘A’ | 2,481 | 135,959 | ||||||
Webster Financial Corp | 2,011 | 118,569 | ||||||
Western Alliance Bancorp * | 2,686 | 152,807 | ||||||
Wintrust Financial Corp | 1,496 | 127,070 | ||||||
|
| |||||||
1,355,246 | ||||||||
|
| |||||||
Industrial - 12.3% |
| |||||||
Aerovironment Inc * | 3,036 | 340,548 | ||||||
Atlas Air Worldwide Holdings Inc * | 1,202 | 76,627 | ||||||
Axon Enterprise Inc * | 3,080 | 210,764 | ||||||
Cactus Inc ‘A’ * | 5,003 | 191,515 | ||||||
Chart Industries Inc * | 1,094 | 85,693 | ||||||
Curtiss-Wright Corp | 885 | 121,617 | ||||||
Generac Holdings Inc * | 3,129 | 176,507 | ||||||
NV5 Global Inc * | 849 | 73,608 | ||||||
Proto Labs Inc * | 817 | 132,150 | ||||||
RBC Bearings Inc * | 1,213 | 182,387 | ||||||
Trex Co Inc * | 2,613 | 201,149 | ||||||
XPO Logistics Inc * | 327 | 37,334 | ||||||
|
| |||||||
1,829,899 | ||||||||
|
| |||||||
Technology - 16.7% |
| |||||||
Alteryx Inc ‘A’ * | 2,138 | 122,315 | ||||||
Appian Corp * | 2,096 | 69,378 | ||||||
Aspen Technology Inc * | 658 | 74,953 | ||||||
Carbon Black Inc * | 2,918 | 61,803 | ||||||
Cision Ltd * | 6,343 | 106,562 | ||||||
Coupa Software Inc * | 2,930 | 231,763 | ||||||
EPAM Systems Inc * | 1,326 | 182,590 | ||||||
Everbridge Inc * | 4,366 | 251,656 | ||||||
Five9 Inc * | 4,696 | 205,168 | ||||||
HubSpot Inc * | 1,231 | 185,819 | ||||||
Lumentum Holdings Inc * | 1,641 | 98,378 | ||||||
Monolithic Power Systems Inc | 1,175 | 147,498 | ||||||
New Relic Inc * | 1,404 | 132,299 | ||||||
Paycom Software Inc * | 717 | 111,429 | ||||||
Semtech Corp * | 2,557 | 142,169 | ||||||
SendGrid Inc * | 2,075 | 76,339 | ||||||
Talend SA ADR * | 1,940 | 135,296 | ||||||
Yext Inc * | 3,131 | 74,205 | ||||||
Zuora Inc ‘A’ * | 2,922 | 67,527 | ||||||
|
| |||||||
2,477,147 | ||||||||
|
| |||||||
Total Common Stocks |
| 14,419,191 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 2.0% |
| |||||||
Money Market Fund - 2.0% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 287,379 | 287,379 | ||||||
|
| |||||||
Total Short-Term Investment |
| 287,379 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.1% |
| 14,706,570 | ||||||
OTHER ASSETS & LIABILITIES, NET - 0.9% |
| 139,781 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $14,846,351 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-47
Table of Contents
PACIFIC FUNDS
PF DEVELOPING GROWTH FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-Cyclical | 33.4% | |||
Technology | 16.7% | |||
Communications | 16.4% | |||
Industrial | 12.3% | |||
Consumer, Cyclical | 9.2% | |||
Financial | 9.1% | |||
Others (each less than 3.0%) | 2.0% | |||
|
| |||
99.1% | ||||
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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $14,419,191 | $14,419,191 | $— | $— | |||||||||||||
Short-Term Investment | 287,379 | 287,379 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $14,706,570 | $14,706,570 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-48
Table of Contents
PACIFIC FUNDS
PF GROWTH FUND
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 99.4% |
| |||||||
Basic Materials - 1.6% |
| |||||||
The Sherwin-Williams Co | 6,046 | $2,752,200 | ||||||
|
| |||||||
Communications - 21.6% |
| |||||||
Alibaba Group Holding Ltd ADR (China) * | 3,781 | 622,958 | ||||||
Alphabet Inc ‘A’ * | 5,937 | 7,166,434 | ||||||
Alphabet Inc ‘C’ * | 3,457 | 4,125,826 | ||||||
Amazon.com Inc * | 6,044 | 12,106,132 | ||||||
Booking Holdings Inc * | 908 | 1,801,472 | ||||||
Comcast Corp ‘A’ | 36,291 | 1,285,064 | ||||||
Facebook Inc ‘A’ * | 36,224 | 5,957,399 | ||||||
Netflix Inc * | 11,954 | 4,472,350 | ||||||
Spotify Technology SA (Luxembourg) * | 2,296 | 415,186 | ||||||
|
| |||||||
37,952,821 | ||||||||
|
| |||||||
Consumer, Cyclical - 5.8% |
| |||||||
Chipotle Mexican Grill Inc * | 704 | 319,982 | ||||||
Costco Wholesale Corp | 4,225 | 992,368 | ||||||
Dollar Tree Inc * | 7,287 | 594,255 | ||||||
Garrett Motion Inc (Switzerland) * | 29 | 544 | ||||||
Hilton Worldwide Holdings Inc | 9,014 | 728,151 | ||||||
Lululemon Athletica Inc * | 3,476 | 564,815 | ||||||
Marriott International Inc ‘A’ | 11,381 | 1,502,633 | ||||||
NIKE Inc ‘B’ | 26,750 | 2,266,260 | ||||||
Ross Stores Inc | 18,476 | 1,830,972 | ||||||
Six Flags Entertainment Corp | 9,195 | 641,995 | ||||||
Starbucks Corp | 11,833 | 672,588 | ||||||
|
| |||||||
10,114,563 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 22.8% |
| |||||||
Abbott Laboratories | 23,899 | 1,753,231 | ||||||
Biogen Inc * | 3,599 | 1,271,563 | ||||||
BioMarin Pharmaceutical Inc * | 3,914 | 379,541 | ||||||
Boston Scientific Corp * | 18,731 | 721,143 | ||||||
Bristol-Myers Squibb Co | 17,983 | 1,116,385 | ||||||
Colgate-Palmolive Co | 13,914 | 931,542 | ||||||
Constellation Brands Inc ‘A’ | 7,429 | 1,601,841 | ||||||
CoStar Group Inc * | 397 | 167,073 | ||||||
Danaher Corp | 29,012 | 3,152,444 | ||||||
Edwards Lifesciences Corp * | 8,494 | 1,478,805 | ||||||
Elanco Animal Health Inc * | 459 | 16,014 | ||||||
Eli Lilly & Co | 5,892 | 632,271 | ||||||
FleetCor Technologies Inc * | 6,388 | 1,455,442 | ||||||
Global Payments Inc | 14,969 | 1,907,051 | ||||||
Illumina Inc * | 491 | 180,226 | ||||||
Medtronic PLC | 27,134 | 2,669,172 | ||||||
Monster Beverage Corp * | 8,819 | 513,971 | ||||||
PayPal Holdings Inc * | 22,960 | 2,016,806 | ||||||
Pernod Ricard SA (France) | 2,451 | 401,982 | ||||||
Philip Morris International Inc | 9,730 | 793,384 | ||||||
Regeneron Pharmaceuticals Inc * | 1,093 | 441,616 | ||||||
Square Inc ‘A’ * | 6,738 | 667,129 | ||||||
Stryker Corp | 8,042 | 1,428,903 | ||||||
The Estee Lauder Cos Inc ‘A’ | 8,036 | 1,167,792 | ||||||
Thermo Fisher Scientific Inc | 17,526 | 4,277,746 | ||||||
TransUnion | 13,566 | 998,186 | ||||||
Verisk Analytics Inc * | 20,427 | 2,462,475 | ||||||
Vertex Pharmaceuticals Inc * | 9,909 | 1,909,861 | ||||||
Worldpay Inc ‘A’ * | 12,031 | 1,218,379 | ||||||
Zoetis Inc | 26,105 | 2,390,174 | ||||||
|
| |||||||
40,122,148 | ||||||||
|
| |||||||
Energy - 0.9% |
| |||||||
Concho Resources Inc * | 3,727 | 569,299 | ||||||
Pioneer Natural Resources Co | 5,515 | 960,658 | ||||||
|
| |||||||
1,529,957 | ||||||||
|
|
Shares | Value | |||||||
Financial - 13.0% |
| |||||||
American Tower Corp REIT | 15,678 | $2,278,013 | ||||||
Aon PLC | 14,339 | 2,205,051 | ||||||
Intercontinental Exchange Inc | 22,653 | 1,696,483 | ||||||
Mastercard Inc ‘A’ | 29,106 | 6,479,287 | ||||||
The Blackstone Group LP | 13,521 | 514,880 | ||||||
The Charles Schwab Corp | 32,429 | 1,593,885 | ||||||
Visa Inc ‘A’ | 53,192 | 7,983,587 | ||||||
|
| |||||||
22,751,186 | ||||||||
|
| |||||||
Industrial - 7.2% |
| |||||||
AMETEK Inc | 17,473 | 1,382,464 | ||||||
Amphenol Corp ‘A’ | 14,649 | 1,377,299 | ||||||
Canadian Pacific Railway Ltd (Canada) | 7,440 | 1,576,834 | ||||||
FLIR Systems Inc | 8,966 | 551,140 | ||||||
Fortive Corp | 14,349 | 1,208,186 | ||||||
Honeywell International Inc | 1,104 | 183,706 | ||||||
Roper Technologies Inc | 6,865 | 2,033,482 | ||||||
TE Connectivity Ltd | 6,658 | 585,438 | ||||||
Union Pacific Corp | 12,165 | 1,980,827 | ||||||
Vulcan Materials Co | 15,823 | 1,759,518 | ||||||
|
| |||||||
12,638,894 | ||||||||
|
| |||||||
Technology - 26.5% |
| |||||||
Activision Blizzard Inc | 42,081 | 3,500,718 | ||||||
Adobe Systems Inc * | 27,777 | 7,498,401 | ||||||
Analog Devices Inc | 10,562 | 976,563 | ||||||
Apple Inc | 13,283 | 2,998,504 | ||||||
Cognizant Technology Solutions Corp ‘A’ | 9,121 | 703,685 | ||||||
Electronic Arts Inc * | 24,653 | 2,970,440 | ||||||
Fidelity National Information Services Inc | 16,172 | 1,763,880 | ||||||
Fiserv Inc * | 41,911 | 3,452,628 | ||||||
Intuit Inc | 12,597 | 2,864,558 | ||||||
Microsoft Corp | 95,266 | 10,895,572 | ||||||
MSCI Inc | 7,101 | 1,259,788 | ||||||
NVIDIA Corp | 9,372 | 2,633,719 | ||||||
PTC Inc * | 4,411 | 468,404 | ||||||
salesforce.com Inc * | 28,914 | 4,598,193 | ||||||
|
| |||||||
46,585,053 | ||||||||
|
| |||||||
Total Common Stocks |
| 174,446,822 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 0.7% |
| |||||||
Money Market Fund - 0.7% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 1,294,631 | 1,294,631 | ||||||
|
| |||||||
Total Short-Term Investment |
| 1,294,631 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% |
| 175,741,453 | ||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) |
| (228,189 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $175,513,264 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-49
Table of Contents
PACIFIC FUNDS
PF GROWTH FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition by sector as a percentage of net assets was as follows: |
Technology | 26.5% | |||
Consumer, Non-Cyclical | 22.8% | |||
Communications | 21.6% | |||
Financial | 13.0% | |||
Industrial | 7.2% | |||
Consumer, Cyclical | 5.8% | |||
Others (each less than 3.0%) | 3.2% | |||
|
| |||
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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Basic Materials | $2,752,200 | $2,752,200 | $— | $— | ||||||||||||||
Communications | 37,952,821 | 37,952,821 | — | — | ||||||||||||||
Consumer, Cyclical | 10,114,563 | 10,114,563 | — | — | ||||||||||||||
Consumer, Non-Cyclical | 40,122,148 | 39,720,166 | 401,982 | — | ||||||||||||||
Energy | 1,529,957 | 1,529,957 | — | — | ||||||||||||||
Financial | 22,751,186 | 22,751,186 | — | — | ||||||||||||||
Industrial | 12,638,894 | 12,638,894 | — | — | ||||||||||||||
Technology | 46,585,053 | 46,585,053 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 174,446,822 | 174,044,840 | 401,982 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 1,294,631 | 1,294,631 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $175,741,453 | $175,339,471 | $401,982 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-50
Table of Contents
PACIFIC FUNDS
PF LARGE-CAP VALUE FUND
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.8% |
| |||||||
Basic Materials - 3.5% |
| |||||||
Air Products & Chemicals Inc | 14,751 | $2,464,155 | ||||||
Freeport-McMoRan Inc | 147,826 | 2,057,738 | ||||||
PPG Industries Inc | 24,350 | 2,657,315 | ||||||
|
| |||||||
7,179,208 | ||||||||
|
| |||||||
Communications - 13.4% |
| |||||||
AT&T Inc | 96,728 | 3,248,126 | ||||||
Charter Communications Inc ‘A’ * | 15,263 | 4,973,906 | ||||||
Comcast Corp ‘A’ | 134,622 | 4,766,965 | ||||||
DISH Network Corp ‘A’ * | 105,629 | 3,777,293 | ||||||
Motorola Solutions Inc | 47,308 | 6,156,663 | ||||||
Twenty-First Century Fox Inc ‘B’ | 111,097 | 5,090,465 | ||||||
|
| |||||||
28,013,418 | ||||||||
|
| |||||||
Consumer, Cyclical - 2.1% |
| |||||||
The Home Depot Inc | 20,730 | 4,294,219 | ||||||
|
| |||||||
Consumer, Non-Cyclical - 21.1% |
| |||||||
AmerisourceBergen Corp | 28,014 | 2,583,451 | ||||||
Amgen Inc | 17,993 | 3,729,769 | ||||||
Anheuser-Busch InBev SA/NV ADR (Belgium) | 26,176 | 2,292,232 | ||||||
Anthem Inc | 23,891 | 6,547,329 | ||||||
British American Tobacco PLC ADR (United Kingdom) | 48,510 | 2,262,021 | ||||||
CVS Health Corp | 45,536 | 3,584,594 | ||||||
Johnson & Johnson | 29,940 | 4,136,810 | ||||||
McCormick & Co Inc | 21,175 | 2,789,806 | ||||||
Merck & Co Inc | 61,768 | 4,381,822 | ||||||
Novartis AG ADR (Switzerland) | 25,521 | 2,198,889 | ||||||
Pfizer Inc | 51,240 | 2,258,147 | ||||||
Philip Morris International Inc | 40,888 | 3,334,007 | ||||||
UnitedHealth Group Inc | 14,261 | 3,793,996 | ||||||
|
| |||||||
43,892,873 | ||||||||
|
| |||||||
Energy - 10.7% |
| |||||||
Chevron Corp | 33,345 | 4,077,427 | ||||||
Exxon Mobil Corp | 44,827 | 3,811,191 | ||||||
Halliburton Co | 101,090 | 4,097,178 | ||||||
Royal Dutch Shell PLC ‘A’ ADR (Netherlands) | 43,644 | 2,973,902 | ||||||
Schlumberger Ltd | 39,949 | 2,433,693 | ||||||
Suncor Energy Inc (Canada) | 127,130 | 4,918,660 | ||||||
|
| |||||||
22,312,051 | ||||||||
|
| |||||||
Financial - 26.9% |
| |||||||
American Express Co | 43,992 | 4,684,708 | ||||||
American Tower Corp REIT | 28,589 | 4,153,982 | ||||||
Bank of America Corp | 169,917 | 5,005,755 | ||||||
Capital One Financial Corp | 27,115 | 2,574,027 | ||||||
Citigroup Inc | 39,420 | 2,827,991 | ||||||
JPMorgan Chase & Co | 85,414 | 9,638,116 | ||||||
Marsh & McLennan Cos Inc | 41,516 | 3,434,203 | ||||||
MetLife Inc | 42,172 | 1,970,276 | ||||||
State Street Corp | 27,233 | 2,281,581 | ||||||
The Bank of New York Mellon Corp | 51,897 | 2,646,228 | ||||||
The Progressive Corp | 41,965 | 2,981,194 | ||||||
The Travelers Cos Inc | 22,398 | 2,905,245 | ||||||
US Bancorp | 106,679 | 5,633,718 | ||||||
Wells Fargo & Co | 99,906 | 5,251,059 | ||||||
|
| |||||||
55,988,083 | ||||||||
|
| |||||||
Industrial - 14.1% |
| |||||||
Deere & Co | 18,810 | 2,827,707 | ||||||
Honeywell International Inc | 40,442 | 6,729,549 | ||||||
Illinois Tool Works Inc | 32,685 | 4,612,507 | ||||||
Martin Marietta Materials Inc | 17,406 | 3,167,022 |
Shares | Value | |||||||
TE Connectivity Ltd | 49,977 | $4,394,478 | ||||||
United Parcel Service Inc ‘B’ | 26,765 | 3,124,814 | ||||||
United Technologies Corp | 32,977 | 4,610,514 | ||||||
|
| |||||||
29,466,591 | ||||||||
|
| |||||||
Technology - 5.5% |
| |||||||
Microsoft Corp | 52,370 | 5,989,557 | ||||||
Oracle Corp | 76,007 | 3,918,921 | ||||||
Xerox Corp | 60,571 | 1,634,206 | ||||||
|
| |||||||
11,542,684 | ||||||||
|
| |||||||
Utilities - 1.5% |
| |||||||
Sempra Energy | 27,636 | 3,143,595 | ||||||
|
| |||||||
Total Common Stocks |
| 205,832,722 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.2% |
| |||||||
Money Market Fund - 1.2% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 2,598,147 | 2,598,147 | ||||||
|
| |||||||
Total Short-Term Investment | 2,598,147 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 100.0% | 208,430,869 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.0%) |
| (48,856 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% | $208,382,013 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 26.9% | |||
Consumer, Non-Cyclical | 21.1% | |||
Industrial | 14.1% | |||
Communications | 13.4% | |||
Energy | 10.7% | |||
Technology | 5.5% | |||
Basic Materials | 3.5% | |||
Others (each less than 3.0%) | 4.8% | |||
|
| |||
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-110 and A-111 |
A-51
Table of Contents
PACIFIC FUNDS
PF LARGE-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2018 (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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $205,832,722 | $205,832,722 | $— | $— | |||||||||||||
Short-Term Investment | 2,598,147 | 2,598,147 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $208,430,869 | $208,430,869 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-52
Table of Contents
PACIFIC FUNDS
PF MID-CAP EQUITY FUND
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.0% |
| |||||||
Basic Materials - 2.9% |
| |||||||
Eastman Chemical Co | 1,275 | $122,043 | ||||||
Steel Dynamics Inc | 2,000 | 90,380 | ||||||
The Chemours Co | 2,200 | 86,768 | ||||||
|
| |||||||
299,191 | ||||||||
|
| |||||||
Communications - 6.2% |
| |||||||
eBay Inc * | 2,876 | 94,966 | ||||||
GrubHub Inc * | 1,300 | 180,206 | ||||||
LogMeIn Inc | 1,100 | 98,010 | ||||||
RingCentral Inc ‘A’ * | 1,500 | 139,575 | ||||||
Viacom Inc ‘B’ | 3,500 | 118,160 | ||||||
|
| |||||||
630,917 | ||||||||
|
| |||||||
Consumer, Cyclical - 11.4% |
| |||||||
Alaska Air Group Inc | 1,700 | 117,062 | ||||||
Aramark | 3,200 | 137,664 | ||||||
BorgWarner Inc | 2,800 | 119,784 | ||||||
Lululemon Athletica Inc * | 1,100 | 178,739 | ||||||
Michael Kors Holdings Ltd * | 1,700 | 116,552 | ||||||
Pool Corp | 1,000 | 166,880 | ||||||
PVH Corp | 860 | 124,184 | ||||||
Tiffany & Co | 900 | 116,073 | ||||||
Watsco Inc | 490 | 87,269 | ||||||
|
| |||||||
1,164,207 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 21.7% |
| |||||||
Acadia Healthcare Co Inc * | 2,500 | 88,000 | ||||||
Amicus Therapeutics Inc * | 6,225 | 75,260 | ||||||
Booz Allen Hamilton Holding Corp | 3,100 | 153,853 | ||||||
Euronet Worldwide Inc * | 1,500 | 150,330 | ||||||
Hill-Rom Holdings Inc | 1,200 | 113,280 | ||||||
Ionis Pharmaceuticals Inc * | 2,000 | 103,160 | ||||||
Laboratory Corp of America Holdings * | 800 | 138,944 | ||||||
Lamb Weston Holdings Inc | 2,300 | 153,180 | ||||||
ManpowerGroup Inc | 1,600 | 137,536 | ||||||
MarketAxess Holdings Inc | 600 | 107,094 | ||||||
Neurocrine Biosciences Inc * | 1,100 | 135,245 | ||||||
Post Holdings Inc * | 1,400 | 137,256 | ||||||
Service Corp International | 4,100 | 181,220 | ||||||
Syneos Health Inc * | 2,500 | 128,875 | ||||||
Teleflex Inc | 500 | 133,045 | ||||||
The Cooper Cos Inc | 600 | 166,290 | ||||||
Tyson Foods Inc ‘A’ | 1,900 | 113,107 | ||||||
|
| |||||||
2,215,675 | ||||||||
|
| |||||||
Energy - 5.9% |
| |||||||
Energen Corp * | 725 | 62,473 | ||||||
Marathon Petroleum Corp | 2,000 | 159,940 | ||||||
Noble Energy Inc | 5,420 | 169,050 | ||||||
Pioneer Natural Resources Co | 800 | 139,352 | ||||||
WPX Energy Inc * | 3,275 | 65,893 | ||||||
|
| |||||||
596,708 | ||||||||
|
| |||||||
Financial - 19.5% |
| |||||||
Alleghany Corp | 300 | 195,759 | ||||||
Discover Financial Services | 2,100 | 160,545 | ||||||
Douglas Emmett Inc REIT | 3,200 | 120,704 | ||||||
Equity LifeStyle Properties Inc REIT | 1,400 | 135,030 | ||||||
Everest Re Group Ltd | 500 | 114,235 | ||||||
FNB Corp | 8,020 | 102,014 | ||||||
Highwoods Properties Inc REIT | 2,700 | 127,602 | ||||||
Hudson Pacific Properties Inc REIT | 3,500 | 114,520 | ||||||
Huntington Bancshares Inc | 9,600 | 143,232 | ||||||
Mid-America Apartment Communities Inc REIT | 1,300 | 130,234 | ||||||
Raymond James Financial Inc | 1,400 | 128,870 | ||||||
Ryman Hospitality Properties Inc REIT | 1,261 | 108,660 |
Shares | Value | |||||||
SunTrust Banks Inc | 2,600 | $173,654 | ||||||
Western Alliance Bancorp * | 2,000 | 113,780 | ||||||
Zions Bancorp NA | 2,500 | 125,375 | ||||||
|
| |||||||
1,994,214 | ||||||||
|
| |||||||
Industrial - 14.6% |
| |||||||
Graphic Packaging Holding Co | 5,700 | 79,857 | ||||||
Hubbell Inc | 940 | 125,556 | ||||||
Ingersoll-Rand PLC | 1,610 | 164,703 | ||||||
ITT Inc | 1,800 | 110,268 | ||||||
Kirby Corp * | 1,400 | 115,150 | ||||||
Owens Corning | 1,340 | 72,722 | ||||||
Packaging Corp of America | 1,030 | 112,981 | ||||||
Parker-Hannifin Corp | 800 | 147,144 | ||||||
PerkinElmer Inc | 1,300 | 126,451 | ||||||
Spirit AeroSystems Holdings Inc ‘A’ | 1,700 | 155,839 | ||||||
Stanley Black & Decker Inc | 1,000 | 146,440 | ||||||
Waste Management Inc | 1,500 | 135,540 | ||||||
|
| |||||||
1,492,651 | ||||||||
|
| |||||||
Technology - 10.8% |
| |||||||
Analog Devices Inc | 2,200 | 203,412 | ||||||
Nuance Communications Inc * | 6,500 | 112,580 | ||||||
ON Semiconductor Corp * | 6,000 | 110,580 | ||||||
PTC Inc * | 1,200 | 127,428 | ||||||
RealPage Inc * | 1,800 | 118,620 | ||||||
Synopsys Inc * | 1,800 | 177,498 | ||||||
Take-Two Interactive Software Inc * | 1,200 | 165,588 | ||||||
Zebra Technologies Corp ‘A’ * | 500 | 88,415 | ||||||
|
| |||||||
1,104,121 | ||||||||
|
| |||||||
Utilities - 5.0% |
| |||||||
Ameren Corp | 2,400 | 151,728 | ||||||
CMS Energy Corp | 3,400 | 166,600 | ||||||
Public Service Enterprise Group Inc | 3,600 | 190,044 | ||||||
|
| |||||||
508,372 | ||||||||
|
| |||||||
Total Common Stocks |
| 10,006,056 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 2.1% |
| |||||||
Money Market Fund - 2.1% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 209,171 | 209,171 | ||||||
|
| |||||||
Total Short-Term Investment |
| 209,171 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.1% | 10,215,227 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) | (6,113 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $10,209,114 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-53
Table of Contents
PACIFIC FUNDS
PF MID-CAP EQUITY FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-Cyclical | 21.7% | |||
Financial | 19.5% | |||
Industrial | 14.6% | |||
Consumer, Cyclical | 11.4% | |||
Technology | 10.8% | |||
Communications | 6.2% | |||
Energy | 5.9% | |||
Utilities | 5.0% | |||
Others (each less than 3.0%) | 5.0% | |||
|
| |||
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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $10,006,056 | $10,006,056 | $— | $— | |||||||||||||
Short-Term Investment | 209,171 | 209,171 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $10,215,227 | $10,215,227 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-54
Table of Contents
PACIFIC FUNDS
PF MULTI-ASSET FUND
Schedule of Investments
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS & NOTES - 43.2% |
| |||||||
Basic Materials - 0.2% |
| |||||||
Anglo American Capital PLC (South Africa) | $1,600,000 | $1,611,080 | ||||||
Glencore Funding LLC (Switzerland) | 1,600,000 | 1,536,150 | ||||||
|
| |||||||
3,147,230 | ||||||||
|
| |||||||
Communications - 2.2% |
| |||||||
Amazon.com Inc | 3,500,000 | 3,367,505 | ||||||
AT&T Inc | 3,200,000 | 3,136,156 | ||||||
3.289% (USD LIBOR + 0.950%) due 07/15/21 § | 1,800,000 | 1,822,061 | ||||||
3.514% (USD LIBOR + 1.180%) due 06/12/24 § | 3,750,000 | 3,769,778 | ||||||
3.875% due 08/15/21 | 2,000,000 | 2,018,653 | ||||||
eBay Inc | 3,060,000 | 3,084,364 | ||||||
NBCUniversal Enterprise Inc | 1,200,000 | 1,194,711 | ||||||
Sprint Spectrum Co LLC | 2,400,000 | 2,397,000 | ||||||
The Interpublic Group of Cos Inc | 2,000,000 | 2,001,054 | ||||||
Verizon Communications Inc | 4,800,000 | 4,903,699 | ||||||
Vodafone Group PLC (United Kingdom) | 1,500,000 | 1,504,740 | ||||||
|
| |||||||
29,199,721 | ||||||||
|
| |||||||
Consumer, Cyclical - 5.5% |
| |||||||
Alimentation Couche-Tard Inc (Canada) | 4,200,000 | 4,160,584 | ||||||
2.700% due 07/26/22 ~ | 2,000,000 | 1,923,920 | ||||||
American Honda Finance Corp | 4,000,000 | 4,008,286 | ||||||
BMW US Capital LLC (Germany) | 5,000,000 | 5,017,710 | ||||||
Daimler Finance North America LLC (Germany) | 3,000,000 | 2,946,899 | ||||||
2.450% due 05/18/20 ~ | 3,200,000 | 3,158,213 | ||||||
2.760% (USD LIBOR + 0.450%) due 02/22/21 § ~ | 6,000,000 | 6,005,091 | ||||||
Dollar Tree Inc | 2,000,000 | 2,003,205 | ||||||
Ford Motor Credit Co LLC | 2,000,000 | 1,958,681 | ||||||
2.681% due 01/09/20 | 3,200,000 | 3,167,597 | ||||||
3.336% due 03/18/21 | 2,000,000 | 1,972,747 | ||||||
3.428% (USD LIBOR + 1.080%) due 08/03/22 § | 3,200,000 | 3,168,389 | ||||||
General Motors Financial Co Inc | 3,200,000 | 3,167,786 | ||||||
3.696% (USD LIBOR + 1.310%) due 06/30/22 § | 1,700,000 | 1,718,988 | ||||||
4.200% due 03/01/21 | 3,000,000 | 3,038,774 | ||||||
Hyundai Capital America | 3,000,000 | 3,002,861 |
Principal Amount | Value | |||||||
Nissan Motor Acceptance Corp | $3,085,000 | $3,017,998 | ||||||
2.983% (USD LIBOR + 0.630%) due 09/21/21 § ~ | 2,500,000 | 2,505,772 | ||||||
2.987% (USD LIBOR + 0.650%) due 07/13/22 § ~ | 2,500,000 | 2,505,474 | ||||||
3.076% (USD LIBOR + 0.690%) due 09/28/22 § ~ | 3,200,000 | 3,206,926 | ||||||
Toyota Motor Corp (Japan) | 5,000,000 | 5,007,382 | ||||||
Toyota Motor Credit Corp | 3,500,000 | 3,520,393 | ||||||
Walmart Inc | 3,050,000 | 3,062,164 | ||||||
|
| |||||||
73,245,840 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 8.9% |
| |||||||
Amgen Inc | 1,500,000 | 1,457,843 | ||||||
Anheuser-Busch InBev Finance Inc (Belgium) | 4,000,000 | 3,944,848 | ||||||
3.300% due 02/01/23 | 7,300,000 | 7,214,052 | ||||||
Anheuser-Busch InBev Worldwide Inc (Belgium) | 1,300,000 | 1,306,810 | ||||||
AstraZeneca PLC (United Kingdom) | 2,400,000 | 2,396,728 | ||||||
BAT Capital Corp (United Kingdom) | 2,500,000 | 2,410,814 | ||||||
BAT International Finance PLC (United Kingdom) | 2,500,000 | 2,474,857 | ||||||
3.500% due 06/15/22 ~ | 3,200,000 | 3,169,259 | ||||||
Bayer US Finance II LLC (Germany) | 2,000,000 | 2,004,840 | ||||||
3.500% due 06/25/21 ~ | 1,750,000 | 1,746,942 | ||||||
Cargill Inc | 1,500,000 | 1,489,769 | ||||||
CVS Health Corp | 1,500,000 | 1,447,771 | ||||||
Danone SA (France) | 2,500,000 | 2,394,376 | ||||||
General Mills Inc | 2,000,000 | 1,979,447 | ||||||
3.200% due 04/16/21 | 1,000,000 | 994,085 | ||||||
3.346% (USD LIBOR + 1.010%) due 10/17/23 § | 4,061,000 | 4,094,520 | ||||||
Halfmoon Parent Inc | 8,000,000 | 7,973,431 | ||||||
3.224% (USD LIBOR + 0.890%) due 07/15/23 § ~ | 3,450,000 | 3,452,443 | ||||||
Imperial Brands Finance PLC (United Kingdom) | 4,200,000 | 4,160,479 | ||||||
3.750% due 07/21/22 ~ | 1,000,000 | 996,210 | ||||||
Keurig Dr Pepper Inc | 7,000,000 | 6,991,681 | ||||||
Medtronic Inc | 6,200,000 | 6,160,218 | ||||||
Mondelez International Holdings Netherlands BV | 2,000,000 | 1,972,035 | ||||||
2.000% due 10/28/21 ~ | 1,500,000 | 1,433,878 | ||||||
Mondelez International Inc | 5,250,000 | 5,237,705 | ||||||
Moody’s Corp | 5,000,000 | 4,977,163 | ||||||
Nestle Holdings Inc | 5,000,000 | 4,991,613 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-55
Table of Contents
PACIFIC FUNDS
PF MULTI-ASSET FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
Philip Morris International Inc | $4,000,000 | $3,875,689 | ||||||
2.000% due 02/21/20 | 4,000,000 | 3,946,430 | ||||||
2.625% due 02/18/22 | 2,000,000 | 1,947,071 | ||||||
Reynolds American Inc (United Kingdom) | 4,347,000 | 4,339,748 | ||||||
Smithfield Foods Inc | 2,900,000 | 2,805,123 | ||||||
UnitedHealth Group Inc | 2,300,000 | 2,297,665 | ||||||
3.500% due 06/15/23 | 4,400,000 | 4,410,879 | ||||||
Zimmer Biomet Holdings Inc | 1,500,000 | 1,485,869 | ||||||
Zoetis Inc | 3,350,000 | 3,357,176 | ||||||
|
| |||||||
117,339,467 | ||||||||
|
| |||||||
Energy - 1.5% |
| |||||||
BP Capital Markets PLC (United Kingdom) | 1,300,000 | 1,332,916 | ||||||
Energy Transfer Partners LP | 3,400,000 | 3,344,244 | ||||||
Enterprise Products Operating LLC | 5,000,000 | 4,981,497 | ||||||
5.250% due 01/31/20 | 2,100,000 | 2,156,223 | ||||||
Equinor ASA (Norway) | 1,000,000 | 963,678 | ||||||
Kinder Morgan Energy Partners LP | 2,000,000 | 2,006,621 | ||||||
3.950% due 09/01/22 | 2,000,000 | 2,014,420 | ||||||
MPLX LP | 1,500,000 | 1,468,994 | ||||||
Williams Partners LP | 1,500,000 | 1,539,857 | ||||||
|
| |||||||
19,808,450 | ||||||||
|
| |||||||
Financial - 20.5% |
| |||||||
AerCap Ireland Capital DAC (Ireland) | 960,000 | 957,900 | ||||||
AIG Global Funding | 2,000,000 | 2,004,110 | ||||||
Air Lease Corp | 2,000,000 | 1,969,070 | ||||||
2.625% due 07/01/22 | 1,500,000 | 1,436,759 | ||||||
3.500% due 01/15/22 | 2,650,000 | 2,632,287 | ||||||
American Express Co | 2,000,000 | 1,958,701 | ||||||
2.961% (USD LIBOR + 0.650%) due 02/27/23 § | 5,000,000 | 5,000,427 | ||||||
Australia & New Zealand Banking Group Ltd (Australia) | 2,500,000 | 2,427,031 | ||||||
2.550% due 11/23/21 | 1,350,000 | 1,310,856 | ||||||
AvalonBay Communities Inc REIT | 1,500,000 | 1,507,469 | ||||||
Bank of America Corp | 6,400,000 | 6,316,056 | ||||||
2.503% due 10/21/22 | 7,200,000 | 6,897,019 | ||||||
3.342% (USD LIBOR + 1.000%) due 04/24/23 § | 6,359,000 | 6,446,937 | ||||||
3.499% due 05/17/22 | 5,000,000 | 4,998,773 | ||||||
3.508% (USD LIBOR + 1.160%) due 01/20/23 § | 16,321,000 | 16,604,788 | ||||||
Bank of Montreal (Canada) | 1,500,000 | 1,441,634 | ||||||
3.100% due 07/13/20 | 9,000,000 | 9,009,138 | ||||||
BB&T Corp | 3,700,000 | 3,667,885 |
Principal Amount | Value | |||||||
Boston Properties LP REIT | $1,500,000 | $1,526,183 | ||||||
Capital One Financial Corp | 5,000,000 | 4,997,363 | ||||||
Citizens Bank NA | 4,000,000 | 4,007,376 | ||||||
Commonwealth Bank of Australia (Australia) | 4,000,000 | 3,977,216 | ||||||
Cooperatieve Rabobank UA (Netherlands) | 6,000,000 | 5,941,534 | ||||||
3.234% (USD LIBOR + 0.860%) due 09/26/23 § ~ | 2,500,000 | 2,504,765 | ||||||
4.500% due 01/11/21 | 1,600,000 | 1,639,482 | ||||||
Duke Realty LP REIT | 2,000,000 | 2,019,551 | ||||||
Fifth Third Bank | 1,455,000 | 1,436,636 | ||||||
2.775% (USD LIBOR + 0.440%) due 07/26/21 § | 1,600,000 | 1,603,664 | ||||||
HSBC Bank USA NA | 4,000,000 | 4,103,535 | ||||||
HSBC Holdings PLC (United Kingdom) | 6,290,000 | 6,276,699 | ||||||
ING Bank NV (Netherlands) | 1,600,000 | 1,580,537 | ||||||
2.750% due 03/22/21 ~ | 2,200,000 | 2,161,848 | ||||||
Intercontinental Exchange Inc | 2,200,000 | 2,190,890 | ||||||
Jackson National Life Global Funding | 1,850,000 | 1,781,293 | ||||||
Lloyds Bank PLC (United Kingdom) | 1,350,000 | 1,337,787 | ||||||
MassMutual Global Funding II | 2,100,000 | 2,096,203 | ||||||
Mid-America Apartments LP REIT | 2,000,000 | 2,024,752 | ||||||
Mitsubishi UFJ Financial Group Inc (Japan) | 5,300,000 | 5,319,136 | ||||||
3.125% (USD LIBOR + 0.790%) due 07/25/22 § | 4,000,000 | 4,025,542 | ||||||
Mitsubishi UFJ Trust & Banking Corp (Japan) | 6,000,000 | 5,905,408 | ||||||
National Australia Bank Ltd (Australia) | 3,000,000 | 3,014,898 | ||||||
New York Life Global Funding | 4,000,000 | 3,944,751 | ||||||
2.847% (USD LIBOR + 0.520%) due 06/10/22 § ~ | 2,000,000 | 2,017,006 | ||||||
3.250% due 08/06/21 ~ | 1,500,000 | 1,499,139 | ||||||
PNC Bank NA | 3,700,000 | 3,639,593 | ||||||
Protective Life Global Funding | 3,000,000 | 3,005,822 | ||||||
Royal Bank of Canada (Canada) | 2,000,000 | 1,960,482 | ||||||
3.073% (USD LIBOR + 0.730%) due 02/01/22 § | 1,300,000 | 1,315,481 | ||||||
SL Green Operating Partnership LP REIT | 3,000,000 | 3,004,002 | ||||||
Sumitomo Mitsui Banking Corp (Japan) | 7,250,000 | 7,193,820 | ||||||
2.650% due 07/23/20 | 2,000,000 | 1,977,446 | ||||||
Sumitomo Mitsui Financial Group Inc (Japan) | 2,500,000 | 2,420,819 | ||||||
2.846% due 01/11/22 | 1,510,000 | 1,473,571 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-56
Table of Contents
PACIFIC FUNDS
PF MULTI-ASSET FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
3.076% (USD LIBOR + 0.740%) due 01/17/23 § | $3,130,000 | $3,134,976 | ||||||
3.202% (USD LIBOR + 0.860%) due 07/19/23 § | 5,000,000 | 5,024,012 | ||||||
SunTrust Bank | 6,000,000 | 6,015,815 | ||||||
Svenska Handelsbanken AB (Sweden) | 2,000,000 | 1,974,673 | ||||||
2.450% due 03/30/21 | 2,300,000 | 2,248,603 | ||||||
The Allstate Corp | 2,000,000 | 2,007,241 | ||||||
The Bank of Nova Scotia (Canada) | 1,500,000 | 1,474,204 | ||||||
The Charles Schwab Corp | 2,500,000 | 2,501,076 | ||||||
The Toronto-Dominion Bank (Canada) | 10,000,000 | 10,043,702 | ||||||
UBS Group Funding Switzerland AG (Switzerland) | 2,500,000 | 2,417,368 | ||||||
United Overseas Bank Ltd (Singapore) | 2,000,000 | 1,987,413 | ||||||
US Bank NA | 2,100,000 | 2,057,251 | ||||||
3.050% due 07/24/20 | 3,750,000 | 3,746,531 | ||||||
3.104% due 05/21/21 | 4,000,000 | 3,990,438 | ||||||
USAA Capital Corp | 3,000,000 | 2,988,055 | ||||||
Wells Fargo & Co | 2,940,000 | 2,909,275 | ||||||
2.625% due 07/22/22 | 7,000,000 | 6,763,336 | ||||||
3.452% (USD LIBOR + 1.110%) due 01/24/23 § | 9,800,000 | 9,926,946 | ||||||
Wells Fargo Bank NA | 5,000,000 | 4,995,281 | ||||||
Westpac Banking Corp (Australia) | 2,000,000 | 1,974,794 | ||||||
2.800% due 01/11/22 | 2,000,000 | 1,955,637 | ||||||
3.034% (USD LIBOR + 0.720%) due 05/15/23 § | 5,000,000 | 5,018,064 | ||||||
3.096% (USD LIBOR + 0.710%) due 06/28/22 § | 4,000,000 | 4,028,143 | ||||||
Zions Bancorp NA | 1,750,000 | 1,740,946 | ||||||
|
| |||||||
272,434,850 | ||||||||
|
| |||||||
Industrial - 0.6% |
| |||||||
Union Pacific Corp | 2,350,000 | 2,349,909 | ||||||
United Technologies Corp | 1,600,000 | 1,604,457 | ||||||
3.350% due 08/16/21 | 4,000,000 | 3,996,960 | ||||||
|
| |||||||
7,951,326 | ||||||||
|
| |||||||
Technology - 1.2% |
| |||||||
Apple Inc | 4,200,000 | 4,055,499 | ||||||
2.400% due 05/03/23 | 3,000,000 | 2,885,361 | ||||||
Fidelity National Information Services Inc | 1,300,000 | 1,307,645 | ||||||
Fiserv Inc | 2,200,000 | 2,205,543 | ||||||
Hewlett Packard Enterprise Co | 2,100,000 | 2,102,321 | ||||||
Oracle Corp | 2,000,000 | 1,941,206 | ||||||
salesforce.com Inc | 1,500,000 | 1,489,704 | ||||||
|
| |||||||
15,987,279 | ||||||||
|
|
Principal Amount | Value | |||||||
Utilities - 2.6% |
| |||||||
Commonwealth Edison Co | $2,100,000 | $2,127,261 | ||||||
Consolidated Edison Co of New York Inc | 5,000,000 | 5,028,483 | ||||||
Dominion Energy Inc | 4,924,000 | 4,868,376 | ||||||
2.579% due 07/01/20 | 3,100,000 | 3,060,961 | ||||||
Duke Energy Corp | 1,705,000 | 1,630,537 | ||||||
Electricite de France SA (France) | 1,500,000 | 1,528,271 | ||||||
Enel Finance International NV (Italy) | 2,500,000 | 2,379,444 | ||||||
NextEra Energy Capital Holdings Inc | 2,200,000 | 2,205,475 | ||||||
Sempra Energy | 3,000,000 | 2,957,358 | ||||||
2.400% due 02/01/20 | 2,000,000 | 1,975,652 | ||||||
2.784% (USD LIBOR + 0.450%) due 03/15/21 § | 2,000,000 | 1,998,738 | ||||||
Southern California Edison Co | 3,000,000 | 2,972,569 | ||||||
WEC Energy Group Inc | 2,100,000 | 2,101,914 | ||||||
|
| |||||||
34,835,039 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 573,949,202 | ||||||
|
| |||||||
ASSET-BACKED SECURITIES - 17.1% |
| |||||||
Ally Auto Receivables Trust | 1,458,483 | 1,455,489 | ||||||
2.397% due 07/15/19 | 4,387,704 | 4,387,339 | ||||||
2.720% due 05/17/21 | 8,000,000 | 7,997,850 | ||||||
American Express Credit Account Master Trust | �� | 32,400,000 | 32,196,914 | |||||
AmeriCredit Automobile Receivables Trust | 2,850,519 | 2,840,004 | ||||||
1.980% due 12/20/21 | 1,500,000 | 1,488,774 | ||||||
2.300% due 02/18/22 | 3,750,000 | 3,712,428 | ||||||
2.429% due 08/19/19 | 2,103,199 | 2,102,635 | ||||||
2.710% due 07/19/21 | 2,000,000 | 1,998,180 | ||||||
2.860% due 11/18/21 | 9,000,000 | 8,995,099 | ||||||
Capital Auto Receivables Asset Trust | 3,040,309 | 3,038,445 | ||||||
Chase Issuance Trust | 1,300,000 | 1,285,437 | ||||||
1.370% due 06/15/21 | 10,600,000 | 10,499,914 | ||||||
1.580% due 08/15/21 | 5,000,000 | 4,949,106 | ||||||
Citibank Credit Card Issuance Trust | 17,465,000 | 17,427,097 | ||||||
1.800% due 09/20/21 | 9,115,000 | 9,026,682 | ||||||
2.150% due 07/15/21 | 7,317,000 | 7,281,788 | ||||||
CNH Equipment Trust | 1,697,640 | 1,691,259 | ||||||
Ford Credit Auto Owner Trust | 3,279,429 | 3,273,704 | ||||||
GM Financial Consumer Automobile Receivables Trust | 5,500,000 | 5,498,464 | ||||||
Honda Auto Receivables Owner Trust | 1,288,820 | 1,285,599 | ||||||
2.360% due 06/15/20 | 3,799,188 | 3,794,690 | ||||||
2.660% due 12/18/20 | 3,000,000 | 2,998,097 | ||||||
2.670% due 12/21/20 | 10,000,000 | 9,992,575 | ||||||
Hyundai Auto Receivables Trust | 867,536 | 866,690 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-57
Table of Contents
PACIFIC FUNDS
PF MULTI-ASSET FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
John Deere Owner Trust | $419,805 | $419,707 | ||||||
2.420% due 10/15/20 | 2,500,000 | 2,496,309 | ||||||
2.830% due 04/15/21 | 2,750,000 | 2,748,680 | ||||||
Mercedes-Benz Auto Receivables Trust | 6,000,000 | 5,996,807 | ||||||
Navient Student Loan Trust | 3,006,995 | 3,007,520 | ||||||
2.456% (USD LIBOR + 0.240%) due 03/25/67 § ~ | 3,925,920 | 3,928,106 | ||||||
2.486% (USD LIBOR + 0.270%) due 03/25/67 § ~ | 5,377,851 | 5,379,094 | ||||||
Nelnet Student Loan Trust | 1,804,930 | 1,803,857 | ||||||
2.435% (USD LIBOR + 0.100%) due 01/25/30 § | 2,216,687 | 2,215,643 | ||||||
Nissan Auto Receivables Owner Trust | 3,469,704 | 3,463,300 | ||||||
Santander Drive Auto Receivables Trust | 2,831,296 | 2,823,647 | ||||||
2.080% due 02/16/21 | 945,267 | 944,248 | ||||||
2.100% due 06/15/21 | 3,000,000 | 2,991,926 | ||||||
2.350% due 04/15/19 | 127,547 | 127,548 | ||||||
2.450% due 06/17/19 | 4,520,537 | 4,520,596 | ||||||
2.580% due 10/15/20 | 3,000,000 | 2,998,709 | ||||||
2.730% due 04/15/21 | 3,000,000 | 2,999,403 | ||||||
2.780% due 03/15/21 | 5,500,000 | 5,500,825 | ||||||
SLM Student Loan Trust | 869,605 | 869,293 | ||||||
2.435% (USD LIBOR + 0.100%) due 01/27/25 § | 263,360 | 263,358 | ||||||
2.435% (USD LIBOR + 0.100%) due 04/25/27 § | 1,229,980 | 1,228,998 | ||||||
2.885% (USD LIBOR + 0.550%) due 04/27/26 § ~ | 1,382,200 | 1,385,804 | ||||||
2.885% (USD LIBOR + 0.550%) due 10/26/26 § | 1,151,592 | 1,152,549 | ||||||
SMB Private Education Loan Trust | 3,551,104 | 3,551,243 | ||||||
2.478% (USD LIBOR + 0.320%) due 12/16/24 § ~ | 5,918,187 | 5,923,505 | ||||||
Toyota Auto Receivables Owner Trust | 2,726,379 | 2,716,082 | ||||||
2.640% due 03/15/21 | 3,000,000 | 2,998,385 | ||||||
Verizon Owner Trust | 981,850 | 978,456 | ||||||
2.060% due 09/20/21 ~ | 2,000,000 | 1,982,272 | ||||||
|
| |||||||
Total Asset-Backed Securities |
| 227,500,129 | ||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 35.8% |
| |||||||
U.S. Treasury Notes - 35.8% |
| |||||||
0.750% due 08/15/19 | 14,000,000 | 13,777,969 | ||||||
1.125% due 01/31/19 | 114,100,000 | 113,653,518 | ||||||
1.375% due 07/31/19 ‡ | 52,000,000 | 51,490,156 | ||||||
1.500% due 12/31/18 | 134,300,000 | 134,059,414 | ||||||
2.000% due 01/31/20 | 55,500,000 | 54,981,855 | ||||||
2.500% due 05/31/20 | 18,500,000 | 18,414,004 | ||||||
3.125% due 05/15/19 | 89,000,000 | 89,360,117 | ||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 475,737,033 | ||||||
|
|
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 0.4% |
| |||||||
Money Market Fund - 0.4% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 4,632,850 | $4,632,850 | ||||||
|
| |||||||
Total Short-Term Investment |
| 4,632,850 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 96.5% |
| 1,281,819,214 | ||||||
DERIVATIVES - 3.5% (See Note (c) in Notes to Schedule of Investments) |
| 45,801,897 | ||||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - 0.0% |
| 187,983 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $1,327,809,094 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition as a percentage of net assets was as follows: |
Corporate Bonds & Notes | 43.2% | |||
U.S. Treasury Obligations | 35.8% | |||
Asset-Backed Securities | 17.1% | |||
Others (each less than 3.0%) | 0.4% | |||
|
| |||
96.5% | ||||
Derivatives | 3.5% | |||
Other Assets & Liabilities, Net | 0.0% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2018, an investment with a value of $899,097 was fully or partially segregated with the broker(s)/custodian as collateral for swap agreements. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-58
Table of Contents
PACIFIC FUNDS
PF MULTI-ASSET FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
(c) | Swap agreements outstanding as of September 30, 2018 were as follows: |
Total Return Swaps – Long
Receive | Pay | Payment Frequency | Counter- party | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
MSCI World Index | 3-Month USD-LIBOR - 0.350% | Z | CIT | 10/12/18 | $218,373,887 | $3,750,690 | $— | $3,750,690 | ||||||||||||||||||||||
Russell Mid-Cap Growth Index | 3-Month USD-LIBOR - 0.010% | Z | GSC | 10/12/18 | 57,471,010 | 1,649,833 | — | 1,649,833 | ||||||||||||||||||||||
Russell Mid-Cap Value Index | 3-Month USD-LIBOR - 0.050% | Z | GSC | 10/12/18 | 48,179,597 | 429,093 | — | 429,093 | ||||||||||||||||||||||
MSCI EAFE Index | 3-Month USD-LIBOR - 0.260% | Z | JPM | 10/12/18 | 43,783,909 | 957,124 | — | 957,124 | ||||||||||||||||||||||
MSCI World Index | 3-Month USD-LIBOR - 0.420% | Z | MSC | 10/12/18 | 50,179,687 | 872,499 | — | 872,499 | ||||||||||||||||||||||
Russell 1000 Index | 3-Month USD-LIBOR - 0.020% | Z | MSC | 10/12/18 | 2,006,441 | 83,166 | — | 83,166 | ||||||||||||||||||||||
Russell 2000 Index | 3-Month USD-LIBOR - 0.150% | Z | MSC | 10/12/18 | 2,013,003 | 12,261 | — | 12,261 | ||||||||||||||||||||||
Russell 1000 Growth Index | 3-Month USD-LIBOR + 0.440% | Z | BRC | 03/14/19 | 22,703,203 | 3,146,364 | — | 3,146,364 | ||||||||||||||||||||||
MSCI World Index | 3-Month USD-LIBOR - 0.065% | Z | JPM | 03/14/19 | 325,676,417 | 16,710,001 | — | 16,710,001 | ||||||||||||||||||||||
Russell 1000 Index | 3-Month USD-LIBOR + 0.530% | Z | JPM | 03/14/19 | 5,147,975 | 151,286 | — | 151,286 | ||||||||||||||||||||||
Russell Mid-Cap Value Index | 3-Month USD-LIBOR + 0.380% | Z | JPM | 03/14/19 | 32,443,245 | 1,658,190 | — | 1,658,190 | ||||||||||||||||||||||
Russell 2000 Index | 3-Month USD-LIBOR | Z | MSC | 03/14/19 | 6,572,860 | 858,766 | — | 858,766 | ||||||||||||||||||||||
Russell Mid-Cap Growth Index | 3-Month USD-LIBOR + 0.340% | Z | MSC | 03/14/19 | 19,843,447 | 2,314,396 | — | 2,314,396 | ||||||||||||||||||||||
MSCI World Index | 3-Month USD-LIBOR - 0.140% | Z | BRC | 05/16/19 | 2,003,682 | 48,225 | — | 48,225 | ||||||||||||||||||||||
S&P 500 Index | 3-Month USD-LIBOR + 0.500% | Z | BRC | 05/16/19 | 25,385,812 | 1,254,981 | — | 1,254,981 | ||||||||||||||||||||||
S&P Mid-Cap 400 Index | 3-Month USD-LIBOR + 0.340% | Z | JPM | 05/16/19 | 89,715,469 | 3,187,369 | — | 3,187,369 | ||||||||||||||||||||||
MSCI EAFE Index | 3-Month USD-LIBOR - 0.110% | Z | MSC | 05/16/19 | 63,074,578 | (1,966,693 | ) | — | (1,966,693 | ) | ||||||||||||||||||||
MSCI Japan Index | 3-Month USD-LIBOR + 0.150% | Z | MSC | 05/16/19 | 3,752,840 | (64,799 | ) | — | (64,799 | ) | ||||||||||||||||||||
MSCI World Index | 3-Month USD-LIBOR - 0.120% | Z | MSC | 05/16/19 | 488,766,512 | 9,339,150 | — | 9,339,150 | ||||||||||||||||||||||
MSCI World Index | 3-Month USD-LIBOR - 0.290% | Z | CIT | 08/15/19 | 1,010,318 | 20,912 | — | 20,912 | ||||||||||||||||||||||
MSCI World Index | 3-Month USD-LIBOR - 0.300% | Z | CIT | 08/15/19 | 268,553,574 | 4,571,897 | — | 4,571,897 | ||||||||||||||||||||||
Russell Mid-Cap Value Index | 3-Month USD-LIBOR + 0.150% | Z | CIT | 08/15/19 | 48,179,597 | 399,918 | — | 399,918 | ||||||||||||||||||||||
Russell 1000 Index | 3-Month USD-LIBOR + 0.170% | Z | MSC | 08/15/19 | 2,006,441 | 82,012 | — | 82,012 | ||||||||||||||||||||||
Russell 2000 Index | 3-Month USD-LIBOR - 0.100% | Z | MSC | 08/15/19 | 2,013,003 | 11,957 | — | 11,957 | ||||||||||||||||||||||
Russell Mid-Cap Growth Index | 3-Month USD-LIBOR + 0.100% | Z | MSC | 08/15/19 | 57,471,010 | 1,630,691 | — | 1,630,691 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
$51,109,289 | $— | $51,109,289 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
Total Return Swaps – Short
Pay | Receive | Payment Frequency | Counter- party | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
MSCI Pacific Index | 3-Month USD-LIBOR - 0.010% | Z | BRC | 10/12/18 | $6,993,777 | $120,706 | $— | $120,706 | ||||||||||||||||||||||
DJ Industrial Average Index | 3-Month USD-LIBOR + 0.010% | Z | CIT | 10/12/18 | 8,996,094 | (398,664 | ) | — | (398,664 | ) | ||||||||||||||||||||
MSCI EAFE Index | 3-Month USD-LIBOR - 0.100% | Z | CIT | 10/12/18 | 29,132,719 | 662,029 | — | 662,029 | ||||||||||||||||||||||
S&P 500 Index | 3-Month USD-LIBOR | Z | CIT | 10/12/18 | 34,097,730 | (1,515,387 | ) | — | (1,515,387 | ) | ||||||||||||||||||||
S&P Mid-Cap 400 Index | 3-Month USD-LIBOR - 0.100% | Z | CIT | 10/12/18 | 7,011,906 | (41,533 | ) | — | (41,533 | ) | ||||||||||||||||||||
Russell Mid-Cap Index | 3-Month USD-LIBOR - 0.180% | Z | JPM | 10/12/18 | 1,002,540 | (16,952 | ) | — | (16,952 | ) | ||||||||||||||||||||
MSCI Canada Index | 3-Month USD-LIBOR - 0.350% | Z | MSC | 10/12/18 | 1,003,341 | 8,220 | — | 8,220 | ||||||||||||||||||||||
MSCI Europe Index | 3-Month USD-LIBOR - 0.190% | Z | MSC | 10/12/18 | 13,098,545 | 341,977 | — | 341,977 | ||||||||||||||||||||||
Russell 1000 Growth Index | 3-Month USD-LIBOR + 0.075% | Z | MSC | 10/12/18 | 6,034,578 | (337,003 | ) | — | (337,003 | ) | ||||||||||||||||||||
Russell 1000 Growth Index | 3-Month USD-LIBOR + 0.050% | Z | MSC | 10/12/18 | 44,740,853 | (1,763,528 | ) | — | (1,763,528 | ) | ||||||||||||||||||||
Russell 1000 Value Index | 3-Month USD-LIBOR + 0.075% | Z | MSC | 10/12/18 | 9,999,752 | (264,902 | ) | — | (264,902 | ) | ||||||||||||||||||||
MSCI EAFE Index | 3-Month USD-LIBOR + 0.080% | Z | BRC | 03/14/19 | 61,683,884 | 706,130 | — | 706,130 | ||||||||||||||||||||||
S&P 500 Index | 3-Month USD-LIBOR + 0.520% | Z | GSC | 03/14/19 | 24,398,398 | (2,214,193 | ) | — | (2,214,193 | ) | ||||||||||||||||||||
MSCI Canada Index | 3-Month USD-LIBOR - 0.440% | Z | BRC | 05/16/19 | 21,323,971 | (657,001 | ) | — | (657,001 | ) | ||||||||||||||||||||
MSCI Europe Index | 3-Month USD-LIBOR - 0.270% | Z | BRC | 05/16/19 | 89,467,806 | 2,947,041 | — | 2,947,041 | ||||||||||||||||||||||
MSCI Pacific Index | 3-Month USD-LIBOR + 0.150% | Z | BRC | 05/16/19 | 59,034,942 | 1,738,156 | — | 1,738,156 | ||||||||||||||||||||||
Russell Mid-Cap Growth Index | 3-Month USD-LIBOR + 0.380% | Z | GSC | 05/16/19 | 8,118,948 | (433,186 | ) | — | (433,186 | ) | ||||||||||||||||||||
Russell Mid-Cap Value Index | 3-Month USD-LIBOR + 0.340% | Z | GSC | 05/16/19 | 15,714,227 | (245,919 | ) | — | (245,919 | ) | ||||||||||||||||||||
Russell 1000 Value Index | 3-Month USD-LIBOR + 0.430% | Z | JPM | 05/16/19 | 29,434,197 | (485,199 | ) | — | (485,199 | ) | ||||||||||||||||||||
Russell 2000 Index | 3-Month USD-LIBOR - 0.080% | Z | JPM | 05/16/19 | 1,527,132 | (93,641 | ) | — | (93,641 | ) | ||||||||||||||||||||
Russell 1000 Growth Index | 3-Month USD-LIBOR + 0.440% | Z | MSC | 05/16/19 | 23,922,997 | (1,944,659 | ) | — | (1,944,659 | ) | ||||||||||||||||||||
MSCI Canada Index | 3-Month USD-LIBOR - 0.750% | Z | BRC | 08/15/19 | 1,003,341 | 7,005 | — | 7,005 | ||||||||||||||||||||||
MSCI Pacific Index | 3-Month USD-LIBOR + 0.080% | Z | BRC | 08/15/19 | 6,993,777 | 122,612 | — | 122,612 | ||||||||||||||||||||||
MSCI EAFE Index | 3-Month USD-LIBOR - 0.120% | Z | CIT | 08/15/19 | 29,132,719 | 660,265 | — | 660,265 | ||||||||||||||||||||||
MSCI Europe Index | 3-Month USD-LIBOR - 0.180% | Z | CIT | 08/15/19 | 13,098,545 | 342,373 | — | 342,373 | ||||||||||||||||||||||
Russell 1000 Growth Index | 3-Month USD-LIBOR + 0.130% | Z | CIT | 08/15/19 | 6,034,578 | (335,998 | ) | — | (335,998 | ) | ||||||||||||||||||||
Russell 1000 Value Index | 3-Month USD-LIBOR + 0.130% | Z | CIT | 08/15/19 | 9,999,752 | (263,236 | ) | — | (263,236 | ) | ||||||||||||||||||||
Russell Mid-Cap Index | 3-Month USD-LIBOR | Z | GSC | 08/15/19 | 1,002,540 | (16,406 | ) | — | (16,406 | ) | ||||||||||||||||||||
S&P Mid-Cap 400 Index | 3-Month USD-LIBOR | Z | GSC | 08/15/19 | 7,011,906 | (39,410 | ) | — | (39,410 | ) | ||||||||||||||||||||
DJ Industrial Average Index | 3-Month USD-LIBOR + 0.140% | Z | MSC | 08/15/19 | 8,996,094 | (395,123 | ) | — | (395,123 | ) | ||||||||||||||||||||
S&P 500 Index | 3-Month USD-LIBOR + 0.130% | Z | MSC | 08/15/19 | 34,097,730 | (1,501,966 | ) | — | (1,501,966 | ) | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
($5,307,392 | ) | $— | ($5,307,392 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Total Swap Agreements | $45,801,897 | $— | $45,801,897 | |||||||||||||||||||||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-59
Table of Contents
PACIFIC FUNDS
PF MULTI-ASSET FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps
Upfront Premiums Paid (Received) | Unrealized Appreciation (Deprecation) | |||||||
OTC Swap Agreements | ||||||||
Assets | $— | $60,797,295 | ||||||
Liabilities | — | (14,995,398 | ) | |||||
|
|
|
| |||||
$— | $45,801,897 | |||||||
|
|
|
|
(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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $573,949,202 | $— | $573,949,202 | $— | |||||||||||||
Asset-Backed Securities | 227,500,129 | — | 227,500,129 | — | ||||||||||||||
U.S. Treasury Obligations | 475,737,033 | — | 475,737,033 | — | ||||||||||||||
Short-Term Investments | 4,632,850 | 4,632,850 | — | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Equity Contracts | ||||||||||||||||||
Swaps | 60,797,295 | — | 60,797,295 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 1,342,616,509 | 4,632,850 | 1,337,983,659 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Equity Contracts | ||||||||||||||||||
Swaps | (14,995,398 | ) | — | (14,995,398 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (14,995,398 | ) | — | (14,995,398 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $1,327,621,111 | $4,632,850 | $1,322,988,261 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-60
Table of Contents
PACIFIC FUNDS
PF SMALL-CAP VALUE FUND
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 96.7% |
| |||||||
Basic Materials - 1.5% |
| |||||||
Orion Engineered Carbons SA (Luxembourg) | 27,300 | $876,330 | ||||||
Stepan Co | 3,210 | 279,302 | ||||||
|
| |||||||
1,155,632 | ||||||||
|
| |||||||
Communications - 5.2% |
| |||||||
A10 Networks Inc * | 92,886 | 564,747 | ||||||
Extreme Networks Inc * | 77,490 | 424,645 | ||||||
Finisar Corp * | 47,960 | 913,638 | ||||||
Houghton Mifflin Harcourt Co * | 55,977 | 391,839 | ||||||
Infinera Corp * | 48,640 | 355,072 | ||||||
Mitel Networks Corp * | 49,561 | 546,162 | ||||||
Scholastic Corp | 16,112 | 752,269 | ||||||
|
| |||||||
3,948,372 | ||||||||
|
| |||||||
Consumer, Cyclical - 13.1% |
| |||||||
Anixter International Inc * | 12,470 | 876,641 | ||||||
Bloomin’ Brands Inc | 43,642 | 863,675 | ||||||
BMC Stock Holdings Inc * | 24,997 | 466,194 | ||||||
Citi Trends Inc | 27,110 | 779,955 | ||||||
Cooper-Standard Holdings Inc * | 7,301 | 875,974 | ||||||
Hawaiian Holdings Inc | 23,930 | 959,593 | ||||||
Knoll Inc | 28,654 | 671,936 | ||||||
Red Robin Gourmet Burgers Inc * | 11,660 | 468,149 | ||||||
REV Group Inc | 14,908 | 234,056 | ||||||
Signet Jewelers Ltd | 13,480 | 888,736 | ||||||
Skechers U.S.A. Inc ‘A’ * | 17,110 | 477,882 | ||||||
SkyWest Inc | 17,846 | 1,051,130 | ||||||
Taylor Morrison Home Corp ‘A’ * | 42,030 | 758,221 | ||||||
Tower International Inc | 20,649 | 624,632 | ||||||
|
| |||||||
9,996,774 | ||||||||
|
| |||||||
Consumer, Non-Cyclical - 10.5% |
| |||||||
Booz Allen Hamilton Holding Corp | 14,776 | 733,333 | ||||||
Cott Corp | 60,634 | 979,239 | ||||||
ICON PLC * | 7,195 | 1,106,231 | ||||||
LifePoint Health Inc * | 12,610 | 812,084 | ||||||
Molina Healthcare Inc * | 6,345 | 943,502 | ||||||
Nomad Foods Ltd (United Kingdom) * | 44,130 | 894,074 | ||||||
Nutrisystem Inc | 17,840 | 660,972 | ||||||
Sotheby’s * | 15,690 | 771,791 | ||||||
Viad Corp | 7,390 | 437,857 | ||||||
WellCare Health Plans Inc * | 2,030 | 650,595 | ||||||
|
| |||||||
7,989,678 | ||||||||
|
| |||||||
Energy - 9.7% |
| |||||||
Dril-Quip Inc * | 10,990 | 574,228 | ||||||
Helix Energy Solutions Group Inc * | 37,480 | 370,302 | ||||||
MRC Global Inc * | 42,180 | 791,719 | ||||||
Oasis Petroleum Inc * | 75,700 | 1,073,426 | ||||||
Oil States International Inc * | 20,260 | 672,632 | ||||||
Patterson-UTI Energy Inc | 39,410 | 674,305 | ||||||
QEP Resources Inc * | 84,630 | 958,012 | ||||||
RPC Inc | 43,600 | 674,928 | ||||||
SM Energy Co | 29,264 | 922,694 | ||||||
SRC Energy Inc * | 73,560 | 653,948 | ||||||
|
| |||||||
7,366,194 | ||||||||
|
| |||||||
Financial - 28.4% |
| |||||||
1st Source Corp | 10,179 | 535,619 | ||||||
Armada Hoffler Properties Inc REIT | 33,950 | 512,985 | ||||||
Associated Banc-Corp | 35,050 | 911,300 | ||||||
BankUnited Inc | 21,083 | 746,338 | ||||||
City Office REIT Inc | 45,800 | 577,996 | ||||||
Customers Bancorp Inc * | 22,226 | 522,978 | ||||||
Empire State Realty Trust Inc ‘A’ REIT | 39,417 | 654,716 | ||||||
Essent Group Ltd * | 22,020 | 974,385 |
Shares | Value | |||||||
First American Financial Corp | 9,960 | $513,836 | ||||||
First Commonwealth Financial Corp | 27,732 | 447,595 | ||||||
Fulton Financial Corp | 25,360 | 422,244 | ||||||
Gramercy Property Trust REIT | 24,335 | 667,752 | ||||||
Heritage Financial Corp | 27,422 | 963,883 | ||||||
Hope Bancorp Inc | 12,973 | 209,774 | ||||||
IBERIABANK Corp | 8,966 | 729,384 | ||||||
Independence Realty Trust Inc REIT | 80,820 | 851,035 | ||||||
Independent Bank Group Inc | 16,550 | 1,097,265 | ||||||
National Storage Affiliates Trust REIT | 32,380 | 823,747 | ||||||
Sandy Spring Bancorp Inc | 22,167 | 871,385 | ||||||
Selective Insurance Group Inc | 12,305 | 781,368 | ||||||
STAG Industrial Inc REIT | 37,618 | 1,034,495 | ||||||
State Auto Financial Corp | 13,200 | 403,128 | ||||||
Sterling Bancorp | 49,230 | 1,083,060 | ||||||
Synovus Financial Corp | 18,220 | 834,294 | ||||||
Texas Capital Bancshares Inc * | 12,160 | 1,005,024 | ||||||
Umpqua Holdings Corp | 47,590 | 989,872 | ||||||
Webster Financial Corp | 13,750 | 810,700 | ||||||
WSFS Financial Corp | 14,875 | 701,356 | ||||||
Zions Bancorp | 18,414 | 923,462 | ||||||
|
| |||||||
21,600,976 | ||||||||
|
| |||||||
Industrial - 13.7% |
| |||||||
AECOM * l | — | 23 | ||||||
Air Transport Services Group Inc * | 25,050 | 537,824 | ||||||
Atlas Air Worldwide Holdings Inc * | 7,050 | 449,438 | ||||||
Columbus McKinnon Corp | 11,857 | 468,826 | ||||||
Covenant Transportation Group Inc ‘A’ * | 17,703 | 514,449 | ||||||
EnerSys | 11,350 | 988,925 | ||||||
Granite Construction Inc | 13,270 | 606,439 | ||||||
Graphic Packaging Holding Co | 66,940 | 937,829 | ||||||
MYR Group Inc * | 6,910 | 225,542 | ||||||
Oshkosh Corp | 11,950 | 851,318 | ||||||
Primoris Services Corp | 28,862 | 716,355 | ||||||
Regal Beloit Corp | 9,740 | 803,063 | ||||||
Sanmina Corp * | 21,860 | 603,336 | ||||||
SPX FLOW Inc * | 11,630 | 604,760 | ||||||
Terex Corp | 13,879 | 553,911 | ||||||
Trinseo SA | 12,139 | 950,484 | ||||||
Tutor Perini Corp * | 32,290 | 607,052 | ||||||
|
| |||||||
10,419,574 | ||||||||
|
| |||||||
Technology - 11.1% |
| |||||||
CSG Systems International Inc | 16,750 | 672,345 | ||||||
Kulicke & Soffa Industries Inc (Singapore) | 37,070 | 883,749 | ||||||
Luxoft Holding Inc * | 18,330 | 867,925 | ||||||
MagnaChip Semiconductor Corp (South Korea) * | 65,388 | 647,341 | ||||||
MaxLinear Inc * | 25,630 | 509,524 | ||||||
Mellanox Technologies Ltd (Israel) * | 5,180 | 380,471 | ||||||
NCR Corp * | 37,170 | 1,056,000 | ||||||
NetScout Systems Inc * | 30,512 | 770,428 | ||||||
Unisys Corp * | 38,460 | 784,584 | ||||||
Verint Systems Inc * | 23,420 | 1,173,342 | ||||||
WNS Holdings Ltd ADR (India) * | 14,530 | 737,398 | ||||||
|
| |||||||
8,483,107 | ||||||||
|
| |||||||
Utilities - 3.5% |
| |||||||
Black Hills Corp | 12,706 | 738,092 | ||||||
PNM Resources Inc | 19,630 | 774,403 | ||||||
Portland General Electric Co | 13,780 | 628,506 | ||||||
Southwest Gas Holdings Inc | 7,180 | 567,435 | ||||||
|
| |||||||
2,708,436 | ||||||||
|
| |||||||
Total Common Stocks |
| 73,668,743 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-61
Table of Contents
PACIFIC FUNDS
PF SMALL-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 3.5% |
| |||||||
Money Market Fund - 3.5% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 2,648,132 | $2,648,132 | ||||||
|
| |||||||
Total Short-Term Investment |
| 2,648,132 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 100.2% | 76,316,875 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.2%) | (161,501 | ) | ||||||
|
| |||||||
NET ASSETS - 100.0% | $76,155,374 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 28.4% | |||
Industrial | 13.7% | |||
Consumer, Cyclical | 13.1% | |||
Technology | 11.1% | |||
Consumer, Non-Cyclical | 10.5% | |||
Energy | 9.7% | |||
Communications | 5.2% | |||
Utilities | 3.5% | |||
Short-Term Investment | 3.5% | |||
Others (each less than 3.0%) | 1.5% | |||
|
| |||
100.2% | ||||
Other Assets & Liabilities, Net | (0.2% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $73,668,743 | $73,668,743 | $— | $— | |||||||||||||
Short-Term Investment | 2,648,132 | 2,648,132 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $76,316,875 | $76,316,875 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-62
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS FUND
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
PREFERRED STOCKS - 1.6% | ||||||||
Brazil - 1.5% | ||||||||
Itau Unibanco Holding SA ADR | 52,480 | $576,230 | ||||||
Lojas Americanas SA | 313,418 | 1,226,960 | ||||||
|
| |||||||
1,803,190 | ||||||||
|
| |||||||
India - 0.1% | ||||||||
Zee Entertainment Enterprises Ltd | 567,139 | 61,259 | ||||||
|
| |||||||
Total Preferred Stocks | 1,864,449 | |||||||
|
| |||||||
COMMON STOCKS - 94.2% | ||||||||
Argentina - 0.5% | ||||||||
MercadoLibre Inc | 1,670 | 568,585 | ||||||
|
| |||||||
Brazil - 3.5% | ||||||||
Atacadao Distribuicao Comercio e Industria Ltda | 311,100 | 1,140,853 | ||||||
B3 SA - Brasil Bolsa Balcao | 311,550 | 1,805,170 | ||||||
Vale SA ADR | 82,690 | 1,227,120 | ||||||
|
| |||||||
4,173,143 | ||||||||
|
| |||||||
Chile - 0.2% | ||||||||
Banco de Chile | 1,300,052 | 197,962 | ||||||
|
| |||||||
China - 22.5% | ||||||||
3SBio Inc ~ | 68,000 | 113,948 | ||||||
AAC Technologies Holdings Inc | 35,500 | 366,584 | ||||||
Alibaba Group Holding Ltd ADR * | 41,813 | 6,889,110 | ||||||
BEST Inc ADR * | 23,561 | 139,481 | ||||||
China International Capital Corp Ltd ‘H’ ~ | 272,800 | 502,463 | ||||||
Dong-E-E-Jiao Co Ltd ‘A’ | 86,200 | 594,924 | ||||||
Huazhu Group Ltd ADR | 74,155 | 2,395,206 | ||||||
Jiangsu Hengrui Medicine Co Ltd ‘A’ | 162,656 | 1,501,045 | ||||||
Meituan Dianping ‘B’ * ◇ | 156,500 | 1,305,691 | ||||||
New Oriental Education & Technology Group Inc ADR * | 14,950 | 1,106,449 | ||||||
Pinduoduo Inc ADR * | 37,020 | 973,256 | ||||||
Ping An Healthcare and Technology Co Ltd * ~ | 9,326 | 62,004 | ||||||
Sinopharm Group Co Ltd ‘H’ | 603,800 | 2,954,076 | ||||||
Sunny Optical Technology Group Co Ltd | 33,600 | 387,914 | ||||||
Tencent Holdings Ltd | 133,722 | 5,459,980 | ||||||
Wuxi Biologics Cayman Inc * ~ | 39,000 | 394,665 | ||||||
Yum China Holdings Inc | 15,760 | 553,334 | ||||||
ZTO Express Cayman Inc ADR | 70,610 | 1,170,008 | ||||||
|
| |||||||
26,870,138 | ||||||||
|
| |||||||
Colombia - 0.7% | ||||||||
Grupo Aval Acciones y Valores SA ADR | 86,439 | 670,767 | ||||||
Grupo de Inversiones Suramericana SA | 12,771 | 149,831 | ||||||
|
| |||||||
820,598 | ||||||||
|
| |||||||
Egypt - 0.5% | ||||||||
Commercial International Bank Egypt SAE | 120,363 | 557,542 | ||||||
|
| |||||||
France - 6.4% | ||||||||
Kering SA | 8,037 | 4,310,681 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 9,216 | 3,256,665 | ||||||
|
| |||||||
7,567,346 | ||||||||
|
| |||||||
Hong Kong - 5.4% | ||||||||
AIA Group Ltd | 369,400 | 3,293,910 | ||||||
Hong Kong Exchanges & Clearing Ltd | 47,227 | 1,349,500 |
Shares | Value | |||||||
Hutchison China MediTech Ltd ADR * | 8,030 | $258,486 | ||||||
Jardine Strategic Holdings Ltd | 42,811 | 1,553,788 | ||||||
|
| |||||||
6,455,684 | ||||||||
|
| |||||||
India - 9.4% | ||||||||
Apollo Hospitals Enterprise Ltd | 22,334 | 321,128 | ||||||
Biocon Ltd | 82,509 | 787,029 | ||||||
Cholamandalam Investment and Finance Co Ltd | 22,088 | 355,830 | ||||||
Dalmia Bharat Ltd * | 4,616 | 147,881 | ||||||
Housing Development Finance Corp Ltd | 133,865 | 3,240,330 | ||||||
Kotak Mahindra Bank Ltd | 182,067 | 2,868,811 | ||||||
Tata Consultancy Services Ltd | 46,673 | 1,406,027 | ||||||
UltraTech Cement Ltd | 14,187 | 794,907 | ||||||
Zee Entertainment Enterprises Ltd | 208,312 | 1,261,407 | ||||||
|
| |||||||
11,183,350 | ||||||||
|
| |||||||
Indonesia - 0.9% | ||||||||
P.T. Bank Central Asia Tbk | 358,400 | 580,519 | ||||||
P.T. Indocement Tunggal Prakarsa Tbk | 399,700 | 496,058 | ||||||
|
| |||||||
1,076,577 | ||||||||
|
| |||||||
Italy - 1.4% | ||||||||
PRADA SpA | 347,200 | 1,658,913 | ||||||
|
| |||||||
Malaysia - 0.5% | ||||||||
Genting Bhd | 295,200 | 557,020 | ||||||
|
| |||||||
Mexico - 5.2% | ||||||||
Fomento Economico Mexicano SAB de CV | 201,327 | 1,991,754 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 9,860 | 975,844 | ||||||
Grupo Aeroportuario del Sureste SAB de CV ‘B’ | 38,542 | 787,563 | ||||||
Grupo Financiero Inbursa SAB de CV ‘O’ | 680,683 | 1,070,092 | ||||||
Grupo Mexico SAB de CV ‘B’ | 473,796 | 1,363,613 | ||||||
|
| |||||||
6,188,866 | ||||||||
|
| |||||||
Peru - 1.3% | ||||||||
Credicorp Ltd | 6,700 | 1,494,636 | ||||||
|
| |||||||
Philippines - 3.5% | ||||||||
Ayala Corp | 24,000 | 412,121 | ||||||
Ayala Land Inc | 995,000 | 737,545 | ||||||
BDO Unibank Inc | 51,080 | 113,258 | ||||||
Jollibee Foods Corp | 136,920 | 651,005 | ||||||
SM Investments Corp | 85,032 | 1,422,185 | ||||||
SM Prime Holdings Inc | 1,326,670 | 887,761 | ||||||
|
| |||||||
4,223,875 | ||||||||
|
| |||||||
Russia - 8.1% | ||||||||
LUKOIL PJSC ADR | 14,130 | 1,081,982 | ||||||
Magnit PJSC | 4,134 | 241,425 | ||||||
Novatek PJSC GDR ~ | 29,770 | 5,460,154 | ||||||
Polyus PJSC GDR ~ | 7,800 | 244,920 | ||||||
Sberbank of Russia PJSC | 311,202 | 961,955 | ||||||
Yandex NV ‘A’ * | 49,230 | 1,619,175 | ||||||
|
| |||||||
9,609,611 | ||||||||
|
| |||||||
South Africa - 2.9% | ||||||||
FirstRand Ltd | 436,244 | 2,092,592 | ||||||
Mediclinic International PLC | 82,040 | 458,205 | ||||||
Shoprite Holdings Ltd | 66,787 | 904,354 | ||||||
Steinhoff International Holdings NV * | 369,477 | 60,093 | ||||||
|
| |||||||
3,515,244 | ||||||||
|
| |||||||
South Korea - 8.5% | ||||||||
Amorepacific Corp | 3,342 | 786,067 | ||||||
AMOREPACIFIC Group | 1,864 | 156,744 | ||||||
Kakao Corp | 4,070 | 436,457 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-63
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Shares | Value | |||||||
LG Household & Health Care Ltd | 1,805 | $2,075,963 | ||||||
NAVER Corp | 3,974 | 2,565,057 | ||||||
Netmarble Corp ~ | 2,804 | 290,623 | ||||||
Samsung Biologics Co Ltd * ~ | 3,598 | 1,731,439 | ||||||
Samsung Electronics Co Ltd | 49,193 | 2,058,770 | ||||||
|
| |||||||
10,101,120 | ||||||||
|
| |||||||
Switzerland - 4.0% | ||||||||
Glencore PLC | 1,109,866 | 4,784,303 | ||||||
|
| |||||||
Taiwan - 5.8% | ||||||||
Taiwan Semiconductor Manufacturing Co Ltd | 814,995 | 6,954,789 | ||||||
|
| |||||||
Thailand - 0.5% | ||||||||
The Siam Commercial Bank PCL | 138,200 | 636,695 | ||||||
|
| |||||||
Turkey - 0.6% | ||||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS | 122,301 | 426,852 | ||||||
BIM Birlesik Magazalar AS | 21,120 | 284,302 | ||||||
|
| |||||||
711,154 | ||||||||
|
| |||||||
United Arab Emirates - 1.6% | ||||||||
DP World Ltd | 71,924 | 1,373,748 | ||||||
Emaar Properties PJSC | 414,447 | 558,684 | ||||||
|
| |||||||
1,932,432 | ||||||||
|
| |||||||
United States - 0.3% | ||||||||
Snap Inc ‘A’ * | 47,974 | 406,819 | ||||||
|
| |||||||
Total Common Stocks |
| 112,246,402 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 2.1% | ||||||||
Money Market Fund - 2.1% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 2,525,315 | 2,525,315 | ||||||
|
| |||||||
Total Short-Term Investment |
| 2,525,315 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 97.9% |
| 116,636,166 | ||||||
OTHER ASSETS & LIABILITIES, NET - 2.1% |
| 2,524,504 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $119,160,670 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 21.1% | |||
Communications | 18.1% | |||
Consumer, Non-Cyclical | 16.3% | |||
Consumer, Cyclical | 14.5% | |||
Technology | 9.0% | |||
Basic Materials | 6.4% | |||
Energy | 5.5% | |||
Industrial | 3.6% | |||
Others (each less than 3.0%) | 3.4% | |||
|
| |||
97.9% | ||||
Other Assets & Liabilities, Net | 2.1% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2018, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
China | 22.5% | |||
India | 9.5% | |||
South Korea | 8.5% | |||
Russia | 8.1% | |||
France | 6.4% | |||
Taiwan | 5.8% | |||
Hong Kong | 5.4% | |||
Mexico | 5.2% | |||
Brazil | 5.0% | |||
Switzerland | 4.0% | |||
Philippines | 3.5% | |||
Others (each less than 3.0%) | 14.0% | |||
|
| |||
97.9% | ||||
Other Assets & Liabilities, Net | 2.1% | |||
|
| |||
100.0% | ||||
|
|
(c) | Restricted securities as of September 30, 2018 were as follows: |
Issuer and Acquisition Date | Cost | Value | Value as a % of Net Assets | |||||||||
Meituan Dianping ‘B’ (Acq 09/20/18) | $1,389,803 | $1,305,691 | 1.1% | |||||||||
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-64
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
(d) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Preferred Stocks | $1,864,449 | $1,864,449 | $— | $— | |||||||||||||
Common Stocks | ||||||||||||||||||
Argentina | 568,585 | 568,585 | — | — | ||||||||||||||
Brazil | 4,173,143 | 4,173,143 | — | — | ||||||||||||||
Chile | 197,962 | — | 197,962 | — | ||||||||||||||
China | 26,870,138 | 17,486,611 | 9,383,527 | — | ||||||||||||||
Colombia | 820,598 | 820,598 | — | — | ||||||||||||||
Egypt | 557,542 | — | 557,542 | — | ||||||||||||||
France | 7,567,346 | — | 7,567,346 | — | ||||||||||||||
Hong Kong | 6,455,684 | 258,486 | 6,197,198 | — | ||||||||||||||
India | 11,183,350 | — | 11,183,350 | — | ||||||||||||||
Indonesia | 1,076,577 | — | 1,076,577 | — | ||||||||||||||
Italy | 1,658,913 | — | 1,658,913 | — | ||||||||||||||
Malaysia | 557,020 | — | 557,020 | — | ||||||||||||||
Mexico | 6,188,866 | 6,188,866 | — | — | ||||||||||||||
Peru | 1,494,636 | 1,494,636 | — | — | ||||||||||||||
Philippines | 4,223,875 | — | 4,223,875 | — | ||||||||||||||
Russia | 9,609,611 | 1,619,175 | 7,990,436 | — | ||||||||||||||
South Africa | 3,515,244 | 60,093 | 3,455,151 | — | ||||||||||||||
South Korea | 10,101,120 | — | 10,101,120 | — | ||||||||||||||
Switzerland | 4,784,303 | — | 4,784,303 | — | ||||||||||||||
Taiwan | 6,954,789 | — | 6,954,789 | — | ||||||||||||||
Thailand | 636,695 | — | 636,695 | |||||||||||||||
Turkey | 711,154 | — | 711,154 | — | ||||||||||||||
United Arab Emirates | 1,932,432 | 1,373,748 | 558,684 | — | ||||||||||||||
United States | 406,819 | 406,819 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 112,246,402 | 34,450,760 | 77,795,642 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 2,525,315 | 2,525,315 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $116,636,166 | $38,840,524 | $77,795,642 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-65
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL LARGE-CAP FUND
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.0% |
| |||||||
Australia - 1.7% |
| |||||||
Amcor Ltd | 23,376 | $231,030 | ||||||
Orica Ltd | 12,884 | 158,484 | ||||||
Rio Tinto PLC | 11,575 | 583,864 | ||||||
|
| |||||||
973,378 | ||||||||
|
| |||||||
Belgium - 1.3% |
| |||||||
KBC Group NV | 9,674 | 719,343 | ||||||
|
| |||||||
Brazil - 0.6% |
| |||||||
Ambev SA ADR | 70,929 | 324,146 | ||||||
|
| |||||||
Canada - 3.7% |
| |||||||
Canadian National Railway Co | 12,994 | 1,166,861 | ||||||
Suncor Energy Inc | 23,389 | 905,030 | ||||||
|
| |||||||
2,071,891 | ||||||||
|
| |||||||
China - 2.5% |
| |||||||
Alibaba Group Holding Ltd ADR * | 1,042 | 171,680 | ||||||
Baidu Inc ADR * | 2,001 | 457,589 | ||||||
Yum China Holdings Inc | 21,535 | 756,094 | ||||||
|
| |||||||
1,385,363 | ||||||||
|
| |||||||
Denmark - 2.3% |
| |||||||
Carlsberg AS ‘B’ | 3,192 | 382,801 | ||||||
Novo Nordisk AS ‘B’ | 19,151 | 901,343 | ||||||
|
| |||||||
1,284,144 | ||||||||
|
| |||||||
France - 15.0% |
| |||||||
Air Liquide SA | 10,399 | 1,365,619 | ||||||
Danone SA | 9,284 | 721,491 | ||||||
Dassault Systemes SE | 2,155 | 322,468 | ||||||
Engie SA | 39,128 | 576,052 | ||||||
Essilor International Cie Generale d’Optique SA | 3,118 | 461,525 | ||||||
Hermes International | 296 | 196,107 | ||||||
L’Oreal SA | 2,534 | 610,914 | ||||||
Legrand SA | 7,102 | 517,851 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 3,574 | 1,262,947 | ||||||
Pernod Ricard SA | 7,083 | 1,161,666 | ||||||
Schneider Electric SE | 15,888 | 1,275,757 | ||||||
|
| |||||||
8,472,397 | ||||||||
|
| |||||||
Germany - 9.8% |
| |||||||
Bayer AG | 15,385 | 1,364,659 | ||||||
Beiersdorf AG | 8,632 | 973,027 | ||||||
Linde AG | 2,429 | 573,625 | ||||||
Merck KGaA | 5,147 | 531,791 | ||||||
MTU Aero Engines AG | 1,627 | 366,528 | ||||||
ProSiebenSat.1 Media SE | 12,441 | 322,322 | ||||||
SAP SE | 11,149 | 1,370,920 | ||||||
|
| |||||||
5,502,872 | ||||||||
|
| |||||||
Hong Kong - 2.6% |
| |||||||
AIA Group Ltd | 162,662 | 1,450,444 | ||||||
|
| |||||||
India - 3.0% |
| |||||||
Housing Development Finance Corp Ltd | 21,011 | 508,591 | ||||||
Tata Consultancy Services Ltd | 38,857 | 1,170,569 | ||||||
|
| |||||||
1,679,160 | ||||||||
|
| |||||||
Israel - 1.3% |
| |||||||
Check Point Software Technologies Ltd * | 6,438 | 757,559 | ||||||
|
|
Shares | Value | |||||||
Italy - 2.4% |
| |||||||
Eni SPA | 34,437 | $649,122 | ||||||
Intesa Sanpaolo SPA | 226,090 | 576,062 | ||||||
Luxottica Group SPA | 1,552 | 105,183 | ||||||
|
| |||||||
1,330,367 | ||||||||
|
| |||||||
Japan - 14.1% |
| |||||||
Daikin Industries Ltd | 6,200 | 825,243 | ||||||
Denso Corp | 12,400 | 655,067 | ||||||
FANUC Corp | 2,400 | 451,519 | ||||||
Hoya Corp | 22,700 | 1,348,176 | ||||||
Japan Tobacco Inc | 26,300 | 686,780 | ||||||
Kao Corp | 3,300 | 266,567 | ||||||
Kubota Corp | 41,300 | 701,653 | ||||||
Kyocera Corp | 12,500 | 750,270 | ||||||
Olympus Corp | 20,800 | 811,635 | ||||||
Shin-Etsu Chemical Co Ltd | 3,600 | 318,270 | ||||||
Terumo Corp | 19,600 | 1,160,008 | ||||||
|
| |||||||
7,975,188 | ||||||||
|
| |||||||
Netherlands - 4.6% |
| |||||||
Akzo Nobel NV | 10,634 | 994,739 | ||||||
ING Groep NV | 74,077 | 961,452 | ||||||
Randstad NV | 12,056 | 643,484 | ||||||
|
| |||||||
2,599,675 | ||||||||
|
| |||||||
Singapore - 1.5% |
| |||||||
DBS Group Holdings Ltd | 44,200 | 843,210 | ||||||
|
| |||||||
Spain - 2.2% |
| |||||||
Amadeus IT Group SA | 13,257 | 1,228,776 | ||||||
|
| |||||||
Sweden - 0.7% |
| |||||||
Essity AB ‘B’ | 16,441 | 412,690 | ||||||
|
| |||||||
Switzerland - 12.4% |
| |||||||
Julius Baer Group Ltd | 9,828 | 491,165 | ||||||
Kuehne + Nagel International AG | 1,423 | 225,795 | ||||||
Nestle SA | 24,219 | 2,015,908 | ||||||
Novartis AG | 11,572 | 996,100 | ||||||
Roche Holding AG | 6,009 | 1,453,069 | ||||||
UBS Group AG | 72,077 | 1,137,997 | ||||||
Zurich Insurance Group AG | 2,064 | 650,790 | ||||||
|
| |||||||
6,970,824 | ||||||||
|
| |||||||
Taiwan - 1.4% |
| |||||||
Taiwan Semiconductor Manufacturing Co Ltd ADR | 18,525 | 818,064 | ||||||
|
| |||||||
United Kingdom - 14.2% |
| |||||||
Barclays PLC | 184,472 | 409,166 | ||||||
Compass Group PLC | 54,680 | 1,215,725 | ||||||
Diageo PLC | 25,727 | 911,463 | ||||||
Experian PLC | 37,573 | 964,131 | ||||||
Just Eat PLC * | 11,102 | 96,894 | ||||||
Prudential PLC | 17,362 | 398,079 | ||||||
Reckitt Benckiser Group PLC | 10,610 | 969,229 | ||||||
RELX NV | 28,990 | 609,056 | ||||||
RELX PLC | 11,091 | 233,319 | ||||||
Rolls-Royce Holdings PLC * | 44,587 | 573,633 | ||||||
Smiths Group PLC | 20,005 | 389,504 | ||||||
Tesco PLC | 91,714 | 286,747 | ||||||
WPP PLC | 64,116 | 938,956 | ||||||
|
| |||||||
7,995,902 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-66
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL LARGE-CAP FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Shares | Value | |||||||
United States - 0.7% |
| |||||||
QIAGEN NV * | 10,998 | $416,522 | ||||||
|
| |||||||
Total Common Stocks |
| 55,211,915 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 0.4% |
| |||||||
Money Market Fund - 0.4% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 237,772 | 237,772 | ||||||
|
| |||||||
Total Short-Term Investment |
| 237,772 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 98.4% |
| 55,449,687 | ||||||
OTHER ASSETS & LIABILITIES, NET - 1.6% |
| 896,155 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $56,345,842 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition by sector as a percentage of net assets was as follows: |
Consumer, Non-Cyclical | 36.0% | |||
Industrial | 15.9% | |||
Financial | 14.5% | |||
Technology | 10.1% | |||
Consumer, Cyclical | 7.4% | |||
Basic Materials | 6.8% | |||
Communications | 3.5% | |||
Others (each less than 3.0%) | 4.2% | |||
|
| |||
98.4% | ||||
Other Assets & Liabilities, Net | 1.6% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2018, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
France | 15.0% | |||
United Kingdom | 14.2% | |||
Japan | 14.1% | |||
Switzerland | 12.4% | |||
Germany | 9.8% | |||
Netherlands | 4.6% | |||
Canada | 3.7% | |||
India | 3.0% | |||
Others (each less than 3.0%) | 21.6% | |||
|
| |||
98.4% | ||||
Other Assets & Liabilities, Net | 1.6% | |||
|
| |||
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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Australia | $973,378 | $— | $973,378 | $— | ||||||||||||||
Belgium | 719,343 | — | 719,343 | — | ||||||||||||||
Brazil | 324,146 | 324,146 | — | — | ||||||||||||||
Canada | 2,071,891 | 2,071,891 | — | — | ||||||||||||||
China | 1,385,363 | 1,385,363 | — | — | ||||||||||||||
Denmark | 1,284,144 | — | 1,284,144 | — | ||||||||||||||
France | 8,472,397 | — | 8,472,397 | — | ||||||||||||||
Germany | 5,502,872 | — | 5,502,872 | — | ||||||||||||||
Hong Kong | 1,450,444 | — | 1,450,444 | — | ||||||||||||||
India | 1,679,160 | — | 1,679,160 | — | ||||||||||||||
Israel | 757,559 | 757,559 | — | — | ||||||||||||||
Italy | 1,330,367 | — | 1,330,367 | — | ||||||||||||||
Japan | 7,975,188 | — | 7,975,188 | — | ||||||||||||||
Netherlands | 2,599,675 | — | 2,599,675 | — | ||||||||||||||
Singapore | 843,210 | — | 843,210 | — | ||||||||||||||
Spain | 1,228,776 | — | 1,228,776 | — | ||||||||||||||
Sweden | 412,690 | — | 412,690 | — | ||||||||||||||
Switzerland | 6,970,824 | — | 6,970,824 | — | ||||||||||||||
Taiwan | 818,064 | 818,064 | — | — | ||||||||||||||
United Kingdom | 7,995,902 | 609,056 | 7,386,846 | — | ||||||||||||||
United States | 416,522 | — | 416,522 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 55,211,915 | 5,966,079 | 49,245,836 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 237,772 | 237,772 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $55,449,687 | $6,203,851 | $49,245,836 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-67
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.8% |
| |||||||
Australia - 4.6% |
| |||||||
Accent Group Ltd | 168,236 | $198,256 | ||||||
Altium Ltd | 12,803 | 252,832 | ||||||
Asaleo Care Ltd | 89,001 | 46,631 | ||||||
Australian Pharmaceutical Industries Ltd | 52,648 | 65,617 | ||||||
Aveo Group » | 117,013 | 170,952 | ||||||
Beach Energy Ltd | 139,899 | 216,586 | ||||||
Charter Hall Long Wale REIT | 78,445 | 238,348 | ||||||
Charter Hall Retail REIT | 70,183 | 215,209 | ||||||
CSR Ltd | 105,516 | 287,453 | ||||||
Metcash Ltd | 174,340 | 377,732 | ||||||
Nine Entertainment Co Holdings Ltd | 128,865 | 210,041 | ||||||
Orora Ltd | 81,243 | 194,843 | ||||||
Sandfire Resources NL | 49,279 | 264,358 | ||||||
Seven Group Holdings Ltd | 16,893 | 275,969 | ||||||
Shopping Centres Australasia Property Group REIT | 104,039 | 180,868 | ||||||
Super Retail Group Ltd | 15,872 | 101,717 | ||||||
Whitehaven Coal Ltd | 77,662 | 304,911 | ||||||
|
| |||||||
3,602,323 | ||||||||
|
| |||||||
Austria - 0.6% |
| |||||||
AT&S Austria Technologie & Systemtechnik AG | 8,682 | 200,415 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 9,585 | 273,585 | ||||||
|
| |||||||
474,000 | ||||||||
|
| |||||||
Belgium - 0.7% |
| |||||||
Barco NV | 2,535 | 339,482 | ||||||
Fagron | 11,024 | 213,233 | ||||||
|
| |||||||
552,715 | ||||||||
|
| |||||||
Canada - 7.8% |
| |||||||
AGF Management Ltd ‘B’ | 45,600 | 215,705 | ||||||
Alaris Royalty Corp | 15,500 | 243,483 | ||||||
Baytex Energy Corp * | 66,776 | 193,868 | ||||||
Canfor Pulp Products Inc | 19,800 | 374,953 | ||||||
Choice Properties REIT | 21,700 | 202,779 | ||||||
Cogeco Communications Inc | 4,000 | 200,364 | ||||||
Dundee Precious Metals Inc * | 89,300 | 210,175 | ||||||
Element Fleet Management Corp | 58,500 | 301,185 | ||||||
Empire Co Ltd ‘A’ | 12,900 | 235,099 | ||||||
Enerplus Corp | 42,100 | 519,874 | ||||||
Genworth MI Canada Inc | 11,642 | 383,875 | ||||||
Hudbay Minerals Inc | 31,200 | 157,975 | ||||||
Medical Facilities Corp | 17,300 | 192,200 | ||||||
NuVista Energy Ltd * | 37,900 | 220,067 | ||||||
Parex Resources Inc * | 19,400 | 329,679 | ||||||
Points International Ltd * | 13,800 | 193,752 | ||||||
Precision Drilling Corp * | 63,600 | 219,607 | ||||||
Premier Gold Mines Ltd * | 82,300 | 111,505 | ||||||
Rocky Mountain Dealership Inc | 7,376 | 58,533 | ||||||
Seven Generations Energy Ltd ‘A’ * | 19,600 | 233,686 | ||||||
Sherritt International Corp * | 296,900 | 181,590 | ||||||
SmartCentres REIT | 9,400 | 222,037 | ||||||
Superior Plus Corp | 24,200 | 237,569 | ||||||
The Stars Group Inc * | 7,000 | 173,855 | ||||||
Transat AT Inc * | 29,500 | 180,885 | ||||||
Trican Well Service Ltd * | 55,600 | 99,436 | ||||||
Wajax Corp | 13,300 | 268,955 | ||||||
|
| |||||||
6,162,691 | ||||||||
|
| |||||||
China - 0.5% |
| |||||||
Gemdale Properties & Investment Corp Ltd | 2,326,886 | 210,688 | ||||||
Yangzijiang Shipbuilding Holdings Ltd | 250,100 | 226,737 | ||||||
|
| |||||||
437,425 | ||||||||
|
|
Shares | Value | |||||||
Denmark - 3.3% |
| |||||||
Alm Brand AS | 20,343 | $173,780 | ||||||
Dfds AS | 7,999 | 395,617 | ||||||
FLSmidth & Co AS | 3,017 | 187,605 | ||||||
Rockwool International AS ‘B’ | 1,357 | 580,639 | ||||||
Royal Unibrew AS | 7,295 | 600,490 | ||||||
Spar Nord Bank AS | 19,282 | 178,809 | ||||||
Topdanmark AS | 9,953 | 454,892 | ||||||
|
| |||||||
2,571,832 | ||||||||
|
| |||||||
Egypt - 0.2% |
| |||||||
Centamin PLC | 129,808 | 179,262 | ||||||
|
| |||||||
Finland - 0.7% |
| |||||||
Ramirent OYJ | 25,875 | 208,857 | ||||||
Valmet OYJ | 16,096 | 358,527 | ||||||
|
| |||||||
567,384 | ||||||||
|
| |||||||
France - 5.5% |
| |||||||
Alstom SA | 8,791 | 393,209 | ||||||
Alten SA | 3,202 | 329,398 | ||||||
Arkema SA | 2,139 | 265,084 | ||||||
Beneteau SA | 10,613 | 170,624 | ||||||
Coface SA * | 28,165 | 267,165 | ||||||
Eiffage SA | 5,037 | 562,682 | ||||||
Eramet | 3,485 | 368,148 | ||||||
Eutelsat Communications SA | 9,574 | 226,190 | ||||||
Ipsen SA | 2,655 | 446,977 | ||||||
IPSOS | 6,285 | 192,439 | ||||||
Kaufman & Broad SA | 5,316 | 249,470 | ||||||
Nexity SA | 4,863 | 268,775 | ||||||
SCOR SE | 5,160 | 239,225 | ||||||
Trigano SA | 3,387 | 370,420 | ||||||
|
| |||||||
4,349,806 | ||||||||
|
| |||||||
Germany - 6.5% |
| |||||||
AIXTRON SE * | 10,464 | 105,744 | ||||||
Aurubis AG | 2,833 | 197,713 | ||||||
Bauer AG | 7,058 | 133,635 | ||||||
Brenntag AG | 8,787 | 541,907 | ||||||
Covestro AG ~ | 4,322 | 349,854 | ||||||
Deutz AG | 29,132 | 259,143 | ||||||
DIC Asset AG | 16,283 | 179,227 | ||||||
HOCHTIEF AG | 3,179 | 527,000 | ||||||
HUGO BOSS AG | 3,719 | 286,121 | ||||||
Jenoptik AG | 14,595 | 537,762 | ||||||
LEG Immobilien AG | 4,343 | 516,146 | ||||||
Rheinmetall AG | 1,620 | 169,338 | ||||||
Scout24 AG ~ | 5,277 | 245,787 | ||||||
Siltronic AG | 1,961 | 239,811 | ||||||
Software AG | 2,626 | 119,559 | ||||||
TAG Immobilien AG | 15,015 | 357,753 | ||||||
Talanx AG | 6,969 | 264,797 | ||||||
United Internet AG | 2,330 | 110,162 | ||||||
|
| |||||||
5,141,459 | ||||||||
|
| |||||||
Hong Kong - 2.7% |
| |||||||
Champion REIT | 401,000 | 280,634 | ||||||
Dah Sing Financial Holdings Ltd | 24,800 | 158,650 | ||||||
HK Electric Investments & HK Electric Investments Ltd ~ » | 425,000 | 428,890 | ||||||
Kerry Properties Ltd | 74,500 | 252,969 | ||||||
Lifestyle International Holdings Ltd | 106,500 | 208,850 | ||||||
Melco International Development Ltd | 85,000 | 169,215 | ||||||
Shun Tak Holdings Ltd | 536,000 | 186,907 | ||||||
Valuetronics Holdings Ltd | 272,500 | 141,404 | ||||||
Vitasoy International Holdings Ltd | 92,000 | 313,740 | ||||||
|
| |||||||
2,141,259 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-68
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Shares | Value | |||||||
Israel - 0.8% |
| |||||||
AudioCodes Ltd | 18,603 | $187,146 | ||||||
Gazit-Globe Ltd | 24,068 | 219,044 | ||||||
Nova Measuring Instruments Ltd * | 9,565 | 251,655 | ||||||
|
| |||||||
657,845 | ||||||||
|
| |||||||
Italy - 2.5% |
| |||||||
A2A SPA | 234,206 | 406,167 | ||||||
ASTM SpA | 9,410 | 202,845 | ||||||
DiaSorin SPA | 2,663 | 279,905 | ||||||
El.En. SpA | 7,380 | 181,183 | ||||||
ERG SPA | 14,517 | 295,422 | ||||||
Infrastrutture Wireless Italiane SpA ~ | 30,674 | 227,035 | ||||||
Iren SPA | 101,761 | 249,504 | ||||||
Rizzoli Corriere Della Sera Mediagroup SPA * | 143,573 | 166,195 | ||||||
|
| |||||||
2,008,256 | ||||||||
|
| |||||||
Japan - 25.7% |
| |||||||
Asahi Diamond Industrial Co Ltd | 28,600 | 201,479 | ||||||
Capcom Co Ltd | 20,400 | 517,365 | ||||||
Citizen Watch Co Ltd | 32,400 | 213,509 | ||||||
cocokara fine Inc | 3,700 | 237,352 | ||||||
Daiho Corp | 8,200 | 232,437 | ||||||
Daiwabo Holdings Co Ltd | 8,400 | 542,625 | ||||||
DIC Corp | 7,200 | 259,144 | ||||||
DMG Mori Co Ltd | 17,000 | 283,942 | ||||||
Feed One Co Ltd | 110,200 | 205,615 | ||||||
First-corp Inc | 24,000 | 248,034 | ||||||
Foster Electric Co Ltd | 8,800 | 110,906 | ||||||
Glory Ltd | 7,100 | 173,380 | ||||||
Goldcrest Co Ltd | 19,900 | 324,945 | ||||||
Haseko Corp | 29,000 | 376,650 | ||||||
Japan Securities Finance Co Ltd | 43,500 | 260,703 | ||||||
Kato Sangyo Co Ltd | 7,000 | 236,032 | ||||||
Kinden Corp | 23,000 | 368,295 | ||||||
Kobe Bussan Co Ltd | 6,100 | 346,901 | ||||||
Kureha Corp | 5,200 | 389,416 | ||||||
Leopalace21 Corp | 45,900 | 255,658 | ||||||
Look Holdings Inc | 10,526 | 122,637 | ||||||
Megmilk Snow Brand Co Ltd | 7,400 | 190,235 | ||||||
Meidensha Corp | 15,000 | 245,515 | ||||||
Meitec Corp | 6,600 | 317,350 | ||||||
Miraca Holdings Inc | 8,100 | 210,713 | ||||||
Mochida Pharmaceutical Co Ltd | 3,100 | 256,167 | ||||||
Morinaga & Co Ltd | 4,600 | 171,883 | ||||||
Nagase & Co Ltd | 29,400 | 516,397 | ||||||
NichiiGakkan Co Ltd | 7,332 | 62,055 | ||||||
Nihon Unisys Ltd | 19,900 | 513,316 | ||||||
Nippon Piston Ring Co Ltd | 18,700 | 393,136 | ||||||
NIPPON REIT Investment Corp | 83 | 268,336 | ||||||
Nippon Thompson Co Ltd | 18,825 | 125,123 | ||||||
Nippon Yakin Kogyo Co Ltd | 109,600 | 318,163 | ||||||
Nisshin Steel Co Ltd | 20,400 | 305,871 | ||||||
Nissin Kogyo Co Ltd | 11,900 | 200,367 | ||||||
Nojima Corp | 10,100 | 221,181 | ||||||
North Pacific Bank Ltd | 62,400 | 211,429 | ||||||
Oiles Corp | 12,400 | 267,069 | ||||||
Penta-Ocean Construction Co Ltd | 57,700 | 384,426 | ||||||
Rengo Co Ltd | 27,700 | 236,205 | ||||||
Riken Vitamin Co Ltd | 7,500 | 260,072 | ||||||
Roland DG Corp | 7,500 | 181,368 | ||||||
Ryobi Ltd | 12,800 | 504,419 | ||||||
Sanken Electric Co Ltd | 6,000 | 157,622 | ||||||
Sankyu Inc | 5,000 | 280,782 | ||||||
Seven Bank Ltd | 67,600 | 213,504 | ||||||
Shinoken Group Co Ltd | 21,800 | 231,301 | ||||||
Ship Healthcare Holdings Inc | 9,200 | 356,022 | ||||||
Sinanen Holdings Co Ltd | 8,000 | 205,267 | ||||||
Sumitomo Seika Chemicals Co Ltd | 5,000 | 280,775 |
Shares | Value | |||||||
Tachi-S Co Ltd | 13,600 | $203,490 | ||||||
Takara Leben Co Ltd | 26,400 | 79,636 | ||||||
Tekken Corp | 7,700 | 200,460 | ||||||
The Hokkoku Bank Ltd | 7,900 | 305,144 | ||||||
The Hyakugo Bank Ltd | 50,400 | 203,666 | ||||||
The Oita Bank Ltd | 6,200 | 225,703 | ||||||
The Okinawa Electric Power Co Inc | 20,706 | 436,666 | ||||||
TOA ROAD Corp | 6,300 | 211,535 | ||||||
Tocalo Co Ltd | 15,100 | 155,467 | ||||||
Toho Holdings Co Ltd | 13,600 | 361,172 | ||||||
Tokai Carbon Co Ltd | 33,600 | 659,081 | ||||||
Topy Industries Ltd | 7,900 | 232,577 | ||||||
Tosei Corp | 36,900 | 381,735 | ||||||
Toshiba TEC Corp | 7,800 | 227,185 | ||||||
Toyo Construction Co Ltd | 48,700 | 198,508 | ||||||
Toyota Boshoku Corp | 10,800 | 201,844 | ||||||
Tsugami Corp | 34,000 | 336,559 | ||||||
Ulvac Inc | 8,600 | 322,802 | ||||||
Unipres Corp | 11,200 | 217,788 | ||||||
Unitika Ltd * | 31,100 | 198,192 | ||||||
Wacom Co Ltd | 49,200 | 209,780 | ||||||
Yodogawa Steel Works Ltd | 9,400 | 232,499 | ||||||
Yuasa Trading Co Ltd | 14,200 | 509,857 | ||||||
|
| |||||||
20,304,440 | ||||||||
|
| |||||||
Luxembourg - 0.6% |
| |||||||
Orion Engineered Carbons SA | 13,787 | 442,563 | ||||||
|
| |||||||
Malta - 0.3% |
| |||||||
Kindred Group PLC SDR | 21,009 | 235,503 | ||||||
|
| |||||||
Netherlands - 2.8% |
| |||||||
ASR Nederland NV | 13,119 | 625,329 | ||||||
BE Semiconductor Industries NV | 6,948 | 146,612 | ||||||
BinckBank NV | 44,232 | 271,938 | ||||||
Heijmans NV * | 19,688 | 283,989 | ||||||
Koninklijke Volkerwessels NV | 7,511 | 157,844 | ||||||
OCI NV * | 4,815 | 153,934 | ||||||
SBM Offshore NV | 17,019 | 307,225 | ||||||
Signify NV ~ | 10,419 | 269,694 | ||||||
|
| |||||||
2,216,565 | ||||||||
|
| |||||||
New Zealand - 0.5% |
| |||||||
Air New Zealand Ltd | 100,337 | 205,578 | ||||||
Z Energy Ltd | 42,282 | 200,255 | ||||||
|
| |||||||
405,833 | ||||||||
|
| |||||||
Norway - 0.6% |
| |||||||
Aker Solutions ASA * | 37,144 | 264,201 | ||||||
Norwegian Finans Holding ASA * | 15,933 | 194,731 | ||||||
|
| |||||||
458,932 | ||||||||
|
| |||||||
Portugal - 0.2% |
| |||||||
Sonae SGPS SA | 188,251 | 195,256 | ||||||
|
| |||||||
Singapore - 1.4% |
| |||||||
First Resources Ltd | 163,800 | 201,225 | ||||||
IGG Inc | 189,000 | 235,127 | ||||||
Mapletree North Asia Commercial Trust REIT | 313,009 | 260,930 | ||||||
Venture Corp Ltd | 29,200 | 376,525 | ||||||
|
| |||||||
1,073,807 | ||||||||
|
| |||||||
South Korea - 5.6% |
| |||||||
Chong Kun Dang Pharmaceutical Corp | 2,093 | 222,555 | ||||||
DB Insurance Co Ltd | 3,186 | 209,097 | ||||||
Dentium Co Ltd | 2,734 | 247,866 | ||||||
Dong-A ST Co Ltd | 2,366 | 229,226 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-69
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Shares | Value | |||||||
Grand Korea Leisure Co Ltd | 9,175 | $206,344 | ||||||
GS Engineering & Construction Corp | 4,634 | 218,401 | ||||||
Handsome Co Ltd | 6,230 | 210,334 | ||||||
Hotel Shilla Co Ltd | 2,139 | 209,158 | ||||||
Huchems Fine Chemical Corp | 11,446 | 257,407 | ||||||
Hyundai Marine & Fire Insurance Co Ltd | 9,819 | 371,171 | ||||||
Kumho Petrochemical Co Ltd | 2,736 | 242,922 | ||||||
LG Uplus Corp | 22,815 | 376,418 | ||||||
Nasmedia Co Ltd | 3,394 | 123,724 | ||||||
OCI Co Ltd | 2,056 | 203,846 | ||||||
SFA Engineering Corp | 7,406 | 244,343 | ||||||
Silicon Works Co Ltd | 6,688 | 244,534 | ||||||
SK Discovery Co Ltd | 5,894 | 178,237 | ||||||
SL Corp | 10,203 | 193,482 | ||||||
Soulbrain Co Ltd | 3,697 | 200,284 | ||||||
|
| |||||||
4,389,349 | ||||||||
|
| |||||||
Spain - 2.7% |
| |||||||
Atento SA | 19,121 | 143,407 | ||||||
Atlantica Yield PLC | 12,482 | 256,880 | ||||||
Bankinter SA | 37,651 | 345,855 | ||||||
Cia de Distribucion Integral Logista Holdings SA | 10,398 | 267,136 | ||||||
Construcciones y Auxiliar de Ferrocarriles SA | 7,073 | 293,848 | ||||||
Enagas SA | 16,763 | 451,816 | ||||||
Faes Farma SA | 45,458 | 191,983 | ||||||
Talgo SA * ~ | 27,626 | 145,739 | ||||||
|
| |||||||
2,096,664 | ||||||||
|
| |||||||
Sweden - 2.9% |
| |||||||
Betsson AB * | 23,846 | 183,575 | ||||||
Evolution Gaming Group AB ~ | 3,812 | 271,242 | ||||||
G5 Entertainment AB | 4,216 | 144,686 | ||||||
Hemfosa Fastigheter AB | 22,703 | 313,396 | ||||||
JM AB | 12,523 | 245,545 | ||||||
NCC AB ‘B’ | 9,873 | 174,676 | ||||||
Peab AB | 33,020 | 301,872 | ||||||
SSAB AB ‘A’ | 68,842 | 345,540 | ||||||
Wihlborgs Fastigheter AB | 23,286 | 280,830 | ||||||
|
| |||||||
2,261,362 | ||||||||
|
| |||||||
Switzerland - 6.4% |
| |||||||
Adecco Group AG | 7,400 | 388,998 | ||||||
Bucher Industries AG | 635 | 204,461 | ||||||
Coca-Cola HBC AG | 16,032 | 546,200 | ||||||
Emmi AG | 343 | 256,071 | ||||||
Implenia AG | 3,276 | 207,906 | ||||||
Julius Baer Group Ltd | 9,791 | 489,316 | ||||||
Logitech International SA | 7,878 | 353,323 | ||||||
Oriflame Holding AG | 11,999 | 306,665 | ||||||
PSP Swiss Property AG | 3,784 | 366,838 | ||||||
Schweiter Technologies AG | 191 | 231,201 | ||||||
Siegfried Holding AG | 730 | 339,468 | ||||||
Sika AG | 1,020 | 148,430 | ||||||
Sonova Holding AG | 2,610 | 518,002 | ||||||
Straumann Holding AG | 502 | 378,188 | ||||||
Tecan Group AG | 1,323 | 313,195 | ||||||
|
| |||||||
5,048,262 | ||||||||
|
| |||||||
United Kingdom - 11.6% |
| |||||||
B&M European Value Retail SA | 63,250 | 318,769 | ||||||
Barratt Developments PLC | 20,839 | 153,896 | ||||||
Bellway PLC | 11,338 | 444,984 | ||||||
Brewin Dolphin Holdings PLC | 62,464 | 278,763 | ||||||
Charter Court Financial Services Group PLC ~ | 63,573 | 277,420 | ||||||
Chemring Group PLC | 91,982 | 257,763 | ||||||
Computacenter PLC | 18,617 | 306,998 | ||||||
Drax Group PLC | 60,000 | 303,336 | ||||||
EI Group PLC * | 131,386 | 283,589 | ||||||
esure Group PLC | 71,807 | 259,653 | ||||||
Fevertree Drinks PLC | 13,572 | 637,680 |
Shares | Value | |||||||
Great Portland Estates PLC REIT | 36,208 | $315,441 | ||||||
Gulf Keystone Petroleum Ltd * | 66,924 | 251,656 | ||||||
Hansteen Holdings PLC REIT | 118,256 | 149,512 | ||||||
Inchcape PLC | 38,482 | 335,080 | ||||||
International Personal Finance PLC | 64,868 | 189,397 | ||||||
J D Wetherspoon PLC | 15,738 | 267,900 | ||||||
Jardine Lloyd Thompson Group PLC | 17,453 | 431,309 | ||||||
Man Group PLC | 60,608 | 139,033 | ||||||
Morgan Sindall Group PLC | 14,410 | 247,172 | ||||||
OneSavings Bank PLC | 53,260 | 281,880 | ||||||
Paragon Banking Group PLC | 44,502 | 277,569 | ||||||
Persimmon PLC | 6,821 | 210,002 | ||||||
Premier Oil PLC * | 98,110 | 175,883 | ||||||
QinetiQ Group PLC | 94,931 | 353,997 | ||||||
Safestore Holdings PLC REIT | 65,637 | 444,561 | ||||||
Spirent Communications PLC | 136,969 | 241,011 | ||||||
Stock Spirits Group PLC | 65,485 | 168,147 | ||||||
Tate & Lyle PLC | 46,932 | 417,344 | ||||||
Taylor Wimpey PLC | 63,363 | 141,630 | ||||||
WH Smith PLC | 14,120 | 379,124 | ||||||
Workspace Group PLC REIT | 17,761 | 227,159 | ||||||
|
| |||||||
9,167,658 | ||||||||
|
| |||||||
United States - 1.1% |
| |||||||
Argonaut Gold Inc * | 119,900 | 132,743 | ||||||
BRP Inc | 10,200 | 478,472 | ||||||
IMAX Corp * | 11,000 | 283,800 | ||||||
|
| |||||||
895,015 | ||||||||
|
| |||||||
Total Common Stocks |
| 78,037,466 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 0.9% |
| |||||||
Money Market Fund - 0.9% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 722,216 | 722,216 | ||||||
|
| |||||||
Total Short-Term Investment |
| 722,216 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 99.7% | 78,759,682 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.3% | 213,933 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $78,973,615 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 20.4% | |||
Industrial | 18.8% | |||
Consumer, Cyclical | 16.3% | |||
Consumer, Non-Cyclical | 15.4% | |||
Basic Materials | 9.2% | |||
Technology | 6.2% | |||
Energy | 5.1% | |||
Utilities | 3.4% | |||
Communications | 3.4% | |||
Others (each less than 3.0%) | 1.5% | |||
|
| |||
99.7% | ||||
Other Assets & Liabilities, Net | 0.3% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-70
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
(b) | As of September 30, 2018, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
Japan | 25.7% | |||
United Kingdom | 11.6% | |||
Canada | 7.8% | |||
Germany | 6.5% | |||
Switzerland | 6.4% | |||
South Korea | 5.6% | |||
France | 5.5% | |||
Australia | 4.6% | |||
Denmark | 3.3% | |||
Others (each less than 3.0%) | 22.7% | |||
|
| |||
99.7% | ||||
Other Assets & Liabilities, Net | 0.3% | |||
|
| |||
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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Australia | $3,602,323 | $— | $3,602,323 | $— | ||||||||||||||
Austria | 474,000 | — | 474,000 | — | ||||||||||||||
Belgium | 552,715 | — | 552,715 | — | ||||||||||||||
Canada | 6,162,691 | 6,162,691 | — | — | ||||||||||||||
China | 437,425 | — | 437,425 | — | ||||||||||||||
Denmark | 2,571,832 | — | 2,571,832 | — | ||||||||||||||
Egypt | 179,262 | — | 179,262 | — | ||||||||||||||
Finland | 567,384 | — | 567,384 | — | ||||||||||||||
France | 4,349,806 | — | 4,349,806 | — | ||||||||||||||
Germany | 5,141,459 | — | 5,141,459 | — | ||||||||||||||
Hong Kong | 2,141,259 | 428,890 | 1,712,369 | — | ||||||||||||||
Israel | 657,845 | 438,801 | 219,044 | — | ||||||||||||||
Italy | 2,008,256 | 166,195 | 1,842,061 | — | ||||||||||||||
Japan | 20,304,440 | — | 20,304,440 | — | ||||||||||||||
Luxembourg | 442,563 | 442,563 | — | — | ||||||||||||||
Malta | 235,503 | — | 235,503 | — | ||||||||||||||
Netherlands | 2,216,565 | 157,844 | 2,058,721 | — | ||||||||||||||
New Zealand | 405,833 | — | 405,833 | — | ||||||||||||||
Norway | 458,932 | — | 458,932 | — | ||||||||||||||
Portugal | 195,256 | — | 195,256 | — | ||||||||||||||
Singapore | 1,073,807 | — | 1,073,807 | — | ||||||||||||||
South Korea | 4,389,349 | 419,431 | 3,969,918 | — | ||||||||||||||
Spain | 2,096,664 | 400,287 | 1,696,377 | — | ||||||||||||||
Sweden | 2,261,362 | — | 2,261,362 | — | ||||||||||||||
Switzerland | 5,048,262 | — | 5,048,262 | — | ||||||||||||||
United Kingdom | 9,167,658 | 2,575,479 | 6,592,179 | — | ||||||||||||||
United States | 895,015 | 895,015 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 78,037,466 | 12,087,196 | 65,950,270 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Short-Term Investment | 722,216 | 722,216 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $78,759,682 | $12,809,412 | $65,950,270 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-71
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL VALUE FUND
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
PREFERRED STOCKS - 0.5% |
| |||||||
Brazil - 0.5% |
| |||||||
Telefonica Brasil SA | 36,600 | $354,894 | ||||||
|
| |||||||
Total Preferred Stocks |
| 354,894 | ||||||
|
| |||||||
COMMON STOCKS - 96.9% |
| |||||||
Argentina - 0.6% |
| |||||||
YPF SA ADR | 27,945 | 431,750 | ||||||
|
| |||||||
Belgium - 1.2% |
| |||||||
Ageas | 17,217 | 925,562 | ||||||
|
| |||||||
Brazil - 0.5% |
| |||||||
Petroleo Brasileiro SA ADR | 34,529 | 416,765 | ||||||
|
| |||||||
Canada - 1.9% |
| |||||||
ARC Resources Ltd | 16,569 | 184,720 | ||||||
Barrick Gold Corp | 52,720 | 583,261 | ||||||
Cameco Corp | 18,323 | 208,882 | ||||||
Eldorado Gold Corp * | 74,219 | 65,543 | ||||||
Kinross Gold Corp * | 97,723 | 263,852 | ||||||
Tourmaline Oil Corp | 11,077 | 195,015 | ||||||
|
| |||||||
1,501,273 | ||||||||
|
| |||||||
China - 5.4% |
| |||||||
China Mobile Ltd | 113,723 | 1,118,107 | ||||||
China Telecom Corp Ltd ‘H’ | 2,137,743 | 1,062,672 | ||||||
China Unicom Hong Kong Ltd | 948,497 | 1,108,086 | ||||||
Dongfeng Motor Group Co Ltd ‘H’ | 860,191 | 886,433 | ||||||
|
| |||||||
4,175,298 | ||||||||
|
| |||||||
Denmark - 1.0% |
| |||||||
AP Moller - Maersk AS ‘B’ | 568 | 797,967 | ||||||
|
| |||||||
Finland - 0.4% |
| |||||||
Nokia OYJ | 61,003 | 339,162 | ||||||
|
| |||||||
France - 11.5% |
| |||||||
Air France-KLM * | 89,470 | 932,484 | ||||||
Alstom SA | 14,741 | 659,344 | ||||||
BNP Paribas SA | 20,478 | 1,254,002 | ||||||
Cie de Saint-Gobain | 28,954 | 1,247,945 | ||||||
Engie SA | 48,243 | 710,245 | ||||||
Renault SA | 3,077 | 266,166 | ||||||
Rexel SA | 51,476 | 773,198 | ||||||
Societe Generale SA | 22,376 | 960,834 | ||||||
TOTAL SA | 33,640 | 2,187,297 | ||||||
|
| |||||||
8,991,515 | ||||||||
|
| |||||||
Germany - 3.2% |
| |||||||
CECONOMY AG | 41,021 | 289,997 | ||||||
E.ON SE | 67,180 | 683,606 | ||||||
METRO AG | 39,421 | 617,449 | ||||||
RWE AG | 24,943 | 615,827 | ||||||
Salzgitter AG | 5,215 | 260,193 | ||||||
|
| |||||||
2,467,072 | ||||||||
|
|
Shares | Value | |||||||
India - 0.9% |
| |||||||
Canara Bank | 68,924 | $210,286 | ||||||
NTPC Ltd | 207,447 | 477,350 | ||||||
|
| |||||||
687,636 | ||||||||
|
| |||||||
Ireland - 0.7% |
| |||||||
Bank of Ireland Group PLC | 72,799 | 556,689 | ||||||
|
| |||||||
Italy - 6.7% |
| |||||||
Assicurazioni Generali SPA | 60,896 | 1,048,620 | ||||||
BPER Banca | 114,588 | 528,514 | ||||||
Eni SPA | 91,831 | 1,730,974 | ||||||
Saipem SPA * | 149,000 | 915,468 | ||||||
UniCredit SPA | 68,844 | 1,032,978 | ||||||
|
| |||||||
5,256,554 | ||||||||
|
| |||||||
Japan - 27.1% |
| |||||||
Benesse Holdings Inc | 5,929 | 168,831 | ||||||
Canon Inc | 20,538 | 651,251 | ||||||
Chiyoda Corp | 26,328 | 214,304 | ||||||
Citizen Watch Co Ltd | 45,935 | 302,701 | ||||||
Dai-ichi Life Holdings Inc | 45,549 | 949,483 | ||||||
DeNA Co Ltd | 23,972 | 423,301 | ||||||
Eisai Co Ltd | 7,413 | 722,154 | ||||||
Fuji Media Holdings Inc | 13,000 | 231,387 | ||||||
Fujitsu Ltd | 15,131 | 1,077,892 | ||||||
Gree Inc | 56,792 | 267,906 | ||||||
Hitachi Metals Ltd | 40,283 | 498,823 | ||||||
Honda Motor Co Ltd | 53,368 | 1,607,245 | ||||||
Ibiden Co Ltd | 20,953 | 293,585 | ||||||
Inpex Corp | 77,956 | 974,026 | ||||||
JGC Corp | 32,533 | 746,016 | ||||||
JSR Corp | 48,647 | 908,180 | ||||||
Mitsubishi Heavy Industries Ltd | 28,822 | 1,113,032 | ||||||
Mitsubishi UFJ Financial Group Inc | 218,232 | 1,355,808 | ||||||
Mizuho Financial Group Inc | 713,182 | 1,242,935 | ||||||
Nikon Corp | 23,339 | 438,570 | ||||||
Nippon Television Holdings Inc | 23,734 | 411,137 | ||||||
Sankyo Co Ltd | 6,760 | 264,447 | ||||||
Shimamura Co Ltd | 5,810 | 551,128 | ||||||
Sumitomo Mitsui Financial Group Inc | 35,790 | 1,440,328 | ||||||
Sumitomo Mitsui Trust Holdings Inc | 23,052 | 948,508 | ||||||
T&D Holdings Inc | 74,004 | 1,222,145 | ||||||
Takeda Pharmaceutical Co Ltd | 26,862 | 1,148,567 | ||||||
Yahoo Japan Corp | 274,658 | 986,335 | ||||||
|
| |||||||
21,160,025 | ||||||||
|
| |||||||
Netherlands - 3.8% |
| |||||||
ING Groep NV | 79,966 | 1,037,886 | ||||||
PostNL NV | 119,821 | 428,763 | ||||||
Royal Dutch Shell PLC ‘B’ | 41,998 | 1,470,214 | ||||||
|
| |||||||
2,936,863 | ||||||||
|
| |||||||
Russia - 3.1% |
| |||||||
Gazprom PJSC ADR | 219,438 | 1,090,607 | ||||||
LUKOIL PJSC ADR | 12,717 | 972,087 | ||||||
Sberbank of Russia PJSC ADR | 29,768 | 374,333 | ||||||
|
| |||||||
2,437,027 | ||||||||
|
| |||||||
South Africa - 2.4% |
| |||||||
Anglo American Platinum Ltd | 10,396 | 339,877 | ||||||
Anglo American PLC | 41,961 | 938,714 | ||||||
Gold Fields Ltd ADR | 177,968 | 430,682 | ||||||
Impala Platinum Holdings Ltd * | 65,457 | 126,430 | ||||||
|
| |||||||
1,835,703 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-72
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Shares | Value | |||||||
South Korea - 4.4% |
| |||||||
KB Financial Group Inc | 17,091 | $832,400 | ||||||
Kia Motors Corp | 28,450 | 899,929 | ||||||
KT Corp ADR | 66,078 | 981,258 | ||||||
Shinhan Financial Group Co Ltd | 18,636 | 753,053 | ||||||
|
| |||||||
3,466,640 | ||||||||
|
| |||||||
Spain - 1.1% |
| |||||||
CaixaBank SA | 191,908 | 872,782 | ||||||
|
| |||||||
Sweden - 1.5% |
| |||||||
Telefonaktiebolaget LM Ericsson ‘B’ | 128,027 | 1,133,141 | ||||||
|
| |||||||
Switzerland - 6.3% |
| |||||||
Adecco Group AG | 20,600 | 1,082,888 | ||||||
Julius Baer Group Ltd | 11,307 | 565,080 | ||||||
LafargeHolcim Ltd | 19,551 | 967,909 | ||||||
UBS Group AG | 96,524 | 1,523,982 | ||||||
Zurich Insurance Group AG | 2,436 | 768,083 | ||||||
|
| |||||||
4,907,942 | ||||||||
|
| |||||||
Taiwan - 0.8% |
| |||||||
MediaTek Inc | 27,644 | 223,061 | ||||||
Shin Kong Financial Holding Co Ltd | 1,115,423 | 436,224 | ||||||
|
| |||||||
659,285 | ||||||||
|
| |||||||
United Kingdom - 12.4% |
| |||||||
AstraZeneca PLC | 22,024 | 1,716,650 | ||||||
BP PLC | 283,110 | 2,169,975 | ||||||
BT Group PLC | 264,619 | 776,752 | ||||||
Centrica PLC | 420,430 | 848,839 | ||||||
HSBC Holdings PLC | 186,053 | 1,623,393 | ||||||
J Sainsbury PLC | 207,712 | 870,214 | ||||||
Kingfisher PLC | 84,750 | 286,561 | ||||||
Marks & Spencer Group PLC | 159,223 | 599,070 | ||||||
Standard Chartered PLC | 93,602 | 775,516 | ||||||
|
| |||||||
9,666,970 | ||||||||
|
| |||||||
Total Common Stocks |
| 75,623,621 | ||||||
|
| |||||||
EXCHANGE-TRADED FUND - 0.3% |
| |||||||
iShares Core MSCI EAFE | 3,630 | 232,610 | ||||||
|
| |||||||
Total Exchange-Traded Fund |
| 232,610 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT - 1.2% |
| |||||||
Money Market Fund - 1.2% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 975,320 | 975,320 | ||||||
|
| |||||||
Total Short-Term Investment | 975,320 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 98.9% | 77,186,445 | |||||||
OTHER ASSETS & LIABILITIES, NET - 1.1% | 856,738 | |||||||
|
| |||||||
NET ASSETS - 100.0% | $78,043,183 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition by sector as a percentage of net assets was as follows: |
Financial | 29.8% | |||
Energy | 16.3% | |||
Communications | 10.9% | |||
Consumer, Cyclical | 9.8% | |||
Industrial | 8.9% | |||
Consumer, Non-Cyclical | 8.1% | |||
Basic Materials | 5.9% | |||
Utilities | 4.3% | |||
Technology | 3.4% | |||
Others (each less than 3.0%) | 1.5% | |||
|
| |||
98.9% | ||||
Other Assets & Liabilities, Net | 1.1% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2018, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
Japan | 27.1% | |||
United Kingdom | 12.4% | |||
France | 11.5% | |||
Italy | 6.7% | |||
Switzerland | 6.3% | |||
China | 5.4% | |||
South Korea | 4.4% | |||
Netherlands | 3.8% | |||
Germany | 3.2% | |||
Russia | 3.1% | |||
Others (each less than 3.0%) | 15.0% | |||
|
| |||
98.9% | ||||
Other Assets & Liabilities, Net | 1.1% | |||
|
| |||
100.0% | ||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-73
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
September 30, 2018 (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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input | |||||||||||||||
Assets | Preferred Stocks | $354,894 | $354,894 | $— | $— | |||||||||||||
Common Stocks | ||||||||||||||||||
Argentina | 431,750 | 431,750 | — | — | ||||||||||||||
Belgium | 925,562 | — | 925,562 | — | ||||||||||||||
Brazil | 416,765 | 416,765 | — | — | ||||||||||||||
Canada | 1,501,273 | 1,501,273 | — | — | ||||||||||||||
China | 4,175,298 | — | 4,175,298 | — | ||||||||||||||
Denmark | 797,967 | — | 797,967 | — | ||||||||||||||
Finland | 339,162 | — | 339,162 | — | ||||||||||||||
France | 8,991,515 | — | 8,991,515 | — | ||||||||||||||
Germany | 2,467,072 | — | 2,467,072 | — | ||||||||||||||
India | 687,636 | — | 687,636 | — | ||||||||||||||
Ireland | 556,689 | — | 556,689 | — | ||||||||||||||
Italy | 5,256,554 | — | 5,256,554 | — | ||||||||||||||
Japan | 21,160,025 | — | 21,160,025 | — | ||||||||||||||
Netherlands | 2,936,863 | — | 2,936,863 | — | ||||||||||||||
Russia | 2,437,027 | 1,464,940 | 972,087 | — | ||||||||||||||
South Africa | 1,835,703 | 430,682 | 1,405,021 | — | ||||||||||||||
South Korea | 3,466,640 | 981,258 | 2,485,382 | — | ||||||||||||||
Spain | 872,782 | — | 872,782 | — | ||||||||||||||
Sweden | 1,133,141 | — | 1,133,141 | — | ||||||||||||||
Switzerland | 4,907,942 | — | 4,907,942 | — | ||||||||||||||
Taiwan | 659,285 | — | 659,285 | — | ||||||||||||||
United Kingdom | 9,666,970 | 848,839 | 8,818,131 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 75,623,621 | 6,075,507 | 69,548,114 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Exchange-Traded Fund | 232,610 | 232,610 | — | — | ||||||||||||||
Short-Term Investment | 975,320 | 975,320 | — | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $77,186,445 | 7,638,331 | $69,548,114 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-74
Table of Contents
PACIFIC FUNDS
PF REAL ESTATE FUND
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 99.6% |
| |||||||
Consumer, Cyclical - 4.3% |
| |||||||
Extended Stay America Inc | 27,920 | $564,822 | ||||||
Hilton Grand Vacations Inc * | 16,900 | 559,390 | ||||||
Hilton Worldwide Holdings Inc | 14,010 | 1,131,728 | ||||||
|
| |||||||
2,255,940 | ||||||||
|
| |||||||
Financial - 93.4% |
| |||||||
Alexandria Real Estate Equities Inc REIT | 17,550 | 2,207,614 | ||||||
American Homes 4 Rent ‘A’ REIT | 26,400 | 577,896 | ||||||
American Tower Corp REIT | 5,310 | 771,543 | ||||||
Apartment Investment & Management Co ‘A’ REIT | 35,640 | 1,572,793 | ||||||
AvalonBay Communities Inc REIT | 17,150 | 3,106,722 | ||||||
Boston Properties Inc REIT | 7,440 | 915,790 | ||||||
Corporate Office Properties Trust REIT | 10,380 | 309,635 | ||||||
Crown Castle International Corp REIT | 6,170 | 686,906 | ||||||
CubeSmart REIT | 26,290 | 750,054 | ||||||
Duke Realty Corp REIT | 26,810 | 760,600 | ||||||
EPR Properties REIT | 15,740 | 1,076,773 | ||||||
Equinix Inc REIT | 8,705 | 3,768,307 | ||||||
Equity LifeStyle Properties Inc REIT | 8,080 | 779,316 | ||||||
Equity Residential REIT | 7,690 | 509,539 | ||||||
Essex Property Trust Inc REIT | 10,020 | 2,472,034 | ||||||
Extra Space Storage Inc REIT | 14,790 | 1,281,406 | ||||||
First Industrial Realty Trust Inc REIT | 13,700 | 430,180 | ||||||
HCP Inc REIT | 18,040 | 474,813 | ||||||
Healthcare Trust of America Inc ‘A’ REIT | 53,310 | 1,421,778 | ||||||
Hudson Pacific Properties Inc REIT | 19,880 | 650,474 | ||||||
Invitation Homes Inc REIT | 102,220 | 2,341,860 | ||||||
Kilroy Realty Corp REIT | 15,940 | 1,142,739 | ||||||
Physicians Realty Trust REIT | 28,230 | 475,958 | ||||||
Prologis Inc REIT | 57,270 | 3,882,333 | ||||||
Public Storage REIT | 4,380 | 883,139 | ||||||
Realty Income Corp REIT | 5,620 | 319,722 | ||||||
Regency Centers Corp REIT | 31,340 | 2,026,758 | ||||||
Simon Property Group Inc REIT | 21,025 | 3,716,169 | ||||||
SL Green Realty Corp REIT | 2,890 | 281,862 | ||||||
Spirit Realty Capital Inc REIT | 120,210 | 968,893 | ||||||
STORE Capital Corp REIT | 53,770 | 1,494,268 | ||||||
Sun Communities Inc REIT | 12,817 | 1,301,438 |
Shares | Value | |||||||
Sunstone Hotel Investors Inc REIT | 51,870 | $848,593 | ||||||
Tanger Factory Outlet Centers Inc REIT | 17,990 | 411,611 | ||||||
Terreno Realty Corp REIT | 10,710 | 403,767 | ||||||
VICI Properties Inc REIT | 7,740 | 167,339 | ||||||
Vornado Realty Trust REIT | 6,910 | 504,430 | ||||||
Welltower Inc REIT | 34,740 | 2,234,477 | ||||||
Weyerhaeuser Co REIT | 13,450 | 434,031 | ||||||
|
| |||||||
48,363,560 | ||||||||
|
| |||||||
Technology - 1.9% |
| |||||||
InterXion Holding NV * | 14,550 | 979,215 | ||||||
|
| |||||||
Total Common Stocks | 51,598,715 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 99.6% | 51,598,715 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.4% |
| 207,000 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $51,805,715 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition by property sector as a percentage of net assets was as follows: |
REITS-Apartments | 20.5% | |||
REITS-Diversified | 15.8% | |||
REITS-Office Property | 10.6% | |||
REITS-Warehouse/Industrial | 9.1% | |||
REITS-Health Care | 8.9% | |||
REITS-Regional Malls | 8.0% | |||
REITS-Storage | 5.6% | |||
REITS-Single Tenant | 5.3% | |||
Hotels & Motels | 4.4% | |||
REITS-Manufactured Homes | 4.0% | |||
REITS-Shopping Centers | 3.9% | |||
Others (each less than 3.0%) | 3.5% | |||
|
| |||
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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | $51,598,715 | $51,598,715 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-75
Table of Contents
PACIFIC FUNDS
PF CURRENCY STRATEGIES FUND
Schedule of Investments
September 30, 2018 (Unaudited)
Principal Amount | Value | |||||||
CORPORATE BONDS & NOTES - 13.7% |
| |||||||
Multi-National - 13.7% |
| |||||||
African Development Bank | $3,000,000 | $2,954,112 | ||||||
European Investment Bank | 2,500,000 | 2,467,160 | ||||||
Inter-American Development Bank | 2,500,000 | 2,499,824 | ||||||
|
| |||||||
7,921,096 | ||||||||
|
| |||||||
Total Corporate Bonds & Notes |
| 7,921,096 | ||||||
|
| |||||||
U.S. TREASURY OBLIGATIONS - 6.6% |
| |||||||
U.S. Treasury Notes - 6.6% |
| |||||||
0.750% due 08/15/19 ‡ | 3,900,000 | 3,838,149 | ||||||
|
| |||||||
Total U.S. Treasury Obligations |
| 3,838,149 | ||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 32.9% |
| |||||||
Canada - 6.8% |
| |||||||
Canadian Government | CAD 5,100,000 | 3,932,210 | ||||||
|
| |||||||
France - 5.3% |
| |||||||
French Republic Government OAT ~ | EUR 2,600,000 | 3,049,235 | ||||||
|
| |||||||
Germany - 6.1% |
| |||||||
Bundesrepublik Deutschland Bundesanleihe | 3,020,000 | 3,547,035 | ||||||
|
| |||||||
Sweden - 7.7% |
| |||||||
Sweden Government International | ||||||||
1.125% due 03/15/19 | $2,000,000 | 1,987,934 | ||||||
1.500% due 07/25/19 | 2,500,000 | 2,476,335 | ||||||
|
| |||||||
4,464,269 | ||||||||
|
| |||||||
United Kingdom - 7.0% |
| |||||||
United Kingdom Gilt | GBP 3,100,000 | 4,071,674 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes |
| 19,064,423 | ||||||
|
|
Shares | Value | |||||||
SHORT-TERM INVESTMENTS - 58.9% |
| |||||||
Money Market Fund - 37.4% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 21,680,637 | $21,680,637 | ||||||
|
| |||||||
Principal Amount | ||||||||
U.S. Treasury Bills - 21.5% |
| |||||||
2.043% due 11/01/18 | $4,000,000 | 3,992,913 | ||||||
2.145% due 12/13/18 ‡ | 2,500,000 | 2,489,265 | ||||||
2.252% due 01/24/19 | 3,000,000 | 2,978,844 | ||||||
2.321% due 02/21/19 | 3,000,000 | 2,972,964 | ||||||
|
| |||||||
12,433,986 | ||||||||
|
| |||||||
Total Short-Term Investments |
| 34,114,623 | ||||||
|
| |||||||
TOTAL INVESTMENTS - 112.1% |
| 64,938,291 | ||||||
DERIVATIVES - (2.0%) | ||||||||
(See Notes (c) in Notes |
| (1,157,921 | ) | |||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - (10.1%) |
| (5,868,182 | ) | |||||
|
| |||||||
NET ASSETS - 100.0% |
| $57,912,188 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition as a percentage of net assets was as follows: |
Short-Term Investments | 58.9% | |||
Foreign Government Bonds & Notes | 32.9% | |||
Corporate Bonds & Notes | 13.7% | |||
U.S. Treasury Obligations | 6.6% | |||
|
| |||
112.1% | ||||
Derivatives | (2.0% | ) | ||
Other Assets & Liabilities, Net | (10.1% | ) | ||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2018, investments with a total aggregate value of $1,731,654 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, 2018 were as follows: |
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||
AUD | 8,899,191 | USD | 6,503,395 | 11/18 | CIT | $— | ($68,380 | ) | ||||||||||||||||||||||
AUD | 3,019,443 | USD | 2,180,630 | 11/18 | UBS | 2,733 | — | |||||||||||||||||||||||
CAD | 2,843,552 | USD | 2,186,861 | 11/18 | BRC | 16,874 | — | |||||||||||||||||||||||
CAD | 2,844,843 | USD | 2,193,134 | 11/18 | GSC | 11,603 | — | |||||||||||||||||||||||
CAD | 2,919,717 | USD | 2,237,708 | 11/18 | JPM | 25,055 | — | |||||||||||||||||||||||
CAD | 2,846,296 | USD | 2,188,095 | 11/18 | RBC | 17,767 | — | |||||||||||||||||||||||
CHF | 851,700 | USD | 886,320 | 11/18 | ANZ | — | (14,604 | ) | ||||||||||||||||||||||
CHF | 2,789,241 | USD | 2,927,445 | 11/18 | CIT | — | (72,656 | ) | ||||||||||||||||||||||
CHF | 8,545,773 | USD | 8,823,473 | 11/18 | JPM | — | (76,870 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-76
Table of Contents
PACIFIC FUNDS
PF CURRENCY STRATEGIES FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||||
CHF | 2,315,715 | USD | 2,368,121 | 11/18 | JPM | $2,014 | $— | |||||||||||||||||||||||||
CHF | 4,177,423 | USD | 4,344,476 | 11/18 | UBS | — | (68,881 | ) | ||||||||||||||||||||||||
EUR | 3,817,182 | USD | 4,505,000 | 10/18 | GSC | — | (63,769 | ) | ||||||||||||||||||||||||
EUR | 2,094,996 | USD | 2,410,144 | 11/18 | BRC | 31,778 | — | |||||||||||||||||||||||||
EUR | 5,601,094 | USD | 6,569,055 | 11/18 | GSC | — | (40,434 | ) | ||||||||||||||||||||||||
EUR | 3,737,029 | USD | 4,411,970 | 11/18 | UBS | — | (56,098 | ) | ||||||||||||||||||||||||
GBP | 1,719,087 | USD | 2,214,196 | 11/18 | BRC | 31,413 | — | |||||||||||||||||||||||||
GBP | 2,068,277 | USD | 2,711,572 | 11/18 | GSC | — | (9,824 | ) | ||||||||||||||||||||||||
GBP | 8,749,955 | USD | 11,212,630 | 11/18 | GSC | 217,263 | — | |||||||||||||||||||||||||
GBP | 3,401,136 | USD | 4,424,024 | 11/18 | JPM | 18,812 | — | |||||||||||||||||||||||||
JPY | 1,542,500,000 | USD | 13,770,194 | 10/18 | JPM | — | (167,906 | ) | ||||||||||||||||||||||||
JPY | 566,279,145 | USD | 5,124,851 | 11/18 | ANZ | — | (122,845 | ) | ||||||||||||||||||||||||
JPY | 748,384,292 | USD | 6,717,702 | 11/18 | BRC | — | (107,141 | ) | ||||||||||||||||||||||||
JPY | 318,871,412 | USD | 2,904,270 | 11/18 | SCB | — | (87,643 | ) | ||||||||||||||||||||||||
JPY | 117,198,758 | USD | 1,067,831 | 11/18 | SGN | — | (32,602 | ) | ||||||||||||||||||||||||
JPY | 1,323,153,681 | USD | 12,055,675 | 11/18 | UBS | — | (368,111 | ) | ||||||||||||||||||||||||
MXN | 175,730,000 | USD | 9,246,028 | 10/18 | JPM | 101,197 | — | |||||||||||||||||||||||||
NOK | 39,100,000 | USD | 4,813,244 | 10/18 | JPM | — | (3,883 | ) | ||||||||||||||||||||||||
NOK | 40,220,402 | USD | 4,830,665 | 11/18 | GSC | 121,005 | — | |||||||||||||||||||||||||
NOK | 14,098,440 | USD | 1,714,262 | 11/18 | RBC | 21,445 | — | |||||||||||||||||||||||||
NZD | 7,979,561 | USD | 5,268,664 | 11/18 | ANZ | 22,140 | — | |||||||||||||||||||||||||
SEK | 41,420,000 | USD | 4,727,285 | 10/18 | JPM | — | (56,579 | ) | ||||||||||||||||||||||||
USD | 4,727,889 | AUD | 6,485,000 | 10/18 | SSB | 39,316 | — | |||||||||||||||||||||||||
USD | 2,173,561 | AUD | 3,036,340 | 11/18 | ANZ | — | (22,020 | ) | ||||||||||||||||||||||||
USD | 5,077,536 | AUD | 6,957,205 | 11/18 | CIT | 46,773 | — | |||||||||||||||||||||||||
USD | 2,276,739 | AUD | 3,166,971 | 11/18 | UBS | — | (13,302 | ) | ||||||||||||||||||||||||
USD | 8,646,080 | CAD | 11,155,000 | �� | 10/18 | SSB | 4,796 | — | ||||||||||||||||||||||||
USD | 4,833,574 | CHF | 4,615,000 | 10/18 | SSB | 119,869 | — | |||||||||||||||||||||||||
USD | 9,025,059 | CHF | 8,901,371 | 11/18 | BRC | — | (85,499 | ) | ||||||||||||||||||||||||
USD | 4,408,232 | CHF | 4,348,104 | 11/18 | CIT | — | (42,055 | ) | ||||||||||||||||||||||||
USD | 2,180,475 | CHF | 2,116,184 | 11/18 | CIT | 14,560 | — | |||||||||||||||||||||||||
USD | 2,007,632 | CHF | 1,979,927 | 11/18 | GSC | — | (18,824 | ) | ||||||||||||||||||||||||
USD | 2,207,090 | CHF | 2,118,365 | 11/18 | GSC | 38,942 | — | |||||||||||||||||||||||||
USD | 1,346,461 | CHF | 1,328,714 | 11/18 | JPM | — | (13,479 | ) | ||||||||||||||||||||||||
USD | 6,769,692 | CHF | 6,677,286 | 11/18 | SCB | — | (64,514 | ) | ||||||||||||||||||||||||
USD | 1,243,667 | CHF | 1,226,915 | 11/18 | UBS | — | (12,081 | ) | ||||||||||||||||||||||||
USD | 6,756,750 | EUR | 5,720,000 | 10/18 | BRC | 101,620 | — | |||||||||||||||||||||||||
USD | 7,657,920 | EUR | 6,656,578 | 11/18 | BRC | — | (100,971 | ) | ||||||||||||||||||||||||
USD | 2,613,261 | EUR | 2,236,979 | 11/18 | GSC | 5,844 | — | |||||||||||||||||||||||||
USD | 2,300,058 | EUR | 1,976,266 | 11/18 | JPM | — | (3,473 | ) | ||||||||||||||||||||||||
USD | 4,560,233 | EUR | 3,900,836 | 11/18 | JPM | 13,428 | — | |||||||||||||||||||||||||
USD | 1,714,262 | EUR | 1,467,426 | 11/18 | RBC | 3,834 | — | |||||||||||||||||||||||||
USD | 3,736,126 | EUR | 3,246,307 | 11/18 | SSB | — | (47,762 | ) | ||||||||||||||||||||||||
USD | 2,170,810 | EUR | 1,865,205 | 11/18 | UBS | — | (3,269 | ) | ||||||||||||||||||||||||
USD | 2,173,666 | EUR | 1,860,689 | 11/18 | UBS | 4,852 | — | |||||||||||||||||||||||||
USD | 8,754,589 | GBP | 6,615,000 | 10/18 | MSC | 122,312 | — | |||||||||||||||||||||||||
USD | 2,926,297 | GBP | 2,225,592 | 11/18 | ANZ | 19,051 | — | |||||||||||||||||||||||||
USD | 6,717,702 | GBP | 5,107,175 | 11/18 | BRC | 46,301 | — | |||||||||||||||||||||||||
USD | 1,963,182 | GBP | 1,497,144 | 11/18 | JPM | 7,493 | — | |||||||||||||||||||||||||
USD | 2,180,500 | JPY | 241,809,818 | 11/18 | GSC | 44,567 | — | |||||||||||||||||||||||||
USD | 2,188,095 | JPY | 247,489,982 | 11/18 | RBC | 1,989 | — | |||||||||||||||||||||||||
USD | 4,484,180 | JPY | 496,717,139 | 11/18 | SCB | 96,623 | — | |||||||||||||||||||||||||
USD | 9,074,969 | KRW | 10,196,000,000 | 10/18 | MSC | — | (118,264 | ) | ||||||||||||||||||||||||
USD | 2,186,861 | NOK | 17,813,015 | 11/18 | BRC | — | (6,160 | ) | ||||||||||||||||||||||||
USD | 6,333,140 | NOK | 53,473,871 | 11/18 | GSC | — | (250,209 | ) | ||||||||||||||||||||||||
USD | 2,231,031 | NOK | 18,722,648 | 11/18 | JPM | — | (73,977 | ) | ||||||||||||||||||||||||
USD | 2,180,630 | NOK | 17,759,787 | 11/18 | UBS | — | (5,838 | ) | ||||||||||||||||||||||||
USD | 4,505,000 | NZD | 6,769,041 | 10/18 | GSC | 17,428 | — | |||||||||||||||||||||||||
USD | 9,396,877 | NZD | 14,045,000 | 10/18 | SSB | 85,670 | — | |||||||||||||||||||||||||
USD | 6,713,218 | NZD | 10,140,047 | 11/18 | ANZ | — | (10,084 | ) | ||||||||||||||||||||||||
USD | 2,193,134 | NZD | 3,332,675 | 11/18 | GSC | — | (16,578 | ) | ||||||||||||||||||||||||
USD | 2,711,548 | NZD | 4,057,776 | 11/18 | GSC | 21,062 | — | |||||||||||||||||||||||||
USD | 2,368,121 | NZD | 3,557,287 | 11/18 | JPM | 9,482 | — | |||||||||||||||||||||||||
USD | 4,224,400 | SEK | 38,264,700 | 11/18 | BRC | — | (98,561 | ) | ||||||||||||||||||||||||
USD | 2,455,860 | SEK | 22,246,359 | 11/18 | GSC | — | (57,426 | ) | ||||||||||||||||||||||||
USD | 6,684,336 | SEK | 60,779,689 | 11/18 | JPM | — | (182,260 | ) | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total Forward Foreign Currency Contracts | $1,506,911 | ($2,664,832 | ) | |||||||||||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-77
Table of Contents
PACIFIC FUNDS
PF CURRENCY STRATEGIES FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
(d) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities (See Note 3D in Notes to Financial Statements) as of September 30, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Corporate Bonds & Notes | $7,921,096 | $— | $7,921,096 | $— | |||||||||||||
U.S. Treasury Obligations | 3,838,149 | — | 3,838,149 | — | ||||||||||||||
Foreign Government Bonds & Notes | 19,064,423 | — | 19,064,423 | — | ||||||||||||||
Short-Term Investments | 34,114,623 | 21,680,637 | 12,433,986 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 1,506,911 | — | 1,506,911 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 66,445,202 | 21,680,637 | 44,764,565 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (2,664,832 | ) | — | (2,664,832 | ) | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (2,664,832 | ) | — | (2,664,832 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $63,780,370 | $21,680,637 | $42,099,733 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-78
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments
September 30, 2018 (Unaudited)
Shares | Value | |||||||
SHORT-TERM INVESTMENTS - 81.2% | ||||||||
Money Market Fund - 16.8% |
| |||||||
BlackRock Liquidity Funds T-Fund Portfolio | 8,557,714 | $8,557,714 | ||||||
|
| |||||||
Principal | ||||||||
U.S. Treasury Bills - 64.4% |
| |||||||
1.995% due 10/18/18 | $9,002,000 | 8,993,233 | ||||||
2.039% due 10/25/18 ‡ | 23,933,000 | 23,899,932 | ||||||
|
| |||||||
32,893,165 | ||||||||
|
| |||||||
Total Short-Term Investments | 41,450,879 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 81.2% | 41,450,879 | |||||||
DERIVATIVES - 1.7% |
| |||||||
(See Notes (c) through (e) in Notes to Schedule of Investments) |
| 879,627 | ||||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - 17.1% |
| 8,745,460 | ||||||
|
| |||||||
NET ASSETS - 100.0% |
| $51,075,966 | ||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition as a percentage of net assets was as follows: |
Short-Term Investments | 81.2% | |||
Derivatives | 1.7% | |||
Other Assets & Liabilities, Net | 17.1% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2018, investments with a total aggregate value of $3,161,626 were 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, 2018 were as follows: |
Long Futures Outstanding | Expiration Month | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
AEX Index | 10/18 | 2 | $250,716 | $255,175 | $4,459 | |||||||||||||||
CAC 40 Index | 10/18 | 16 | 991,196 | 1,019,773 | 28,577 | |||||||||||||||
DAX Index | 12/18 | 2 | 699,918 | 710,649 | 10,731 | |||||||||||||||
FTSE 100 Index | 12/18 | 13 | 1,231,775 | 1,268,534 | 36,759 | |||||||||||||||
IBEX 35 Index | 10/18 | 2 | 217,858 | 217,534 | (324 | ) | ||||||||||||||
OMX Index | 10/18 | 16 | 293,712 | 298,850 | 5,138 | |||||||||||||||
S&P 500 E-Mini Index | 12/18 | 92 | 13,363,717 | 13,427,400 | 63,683 | |||||||||||||||
S&P/TSE 60 Index | 12/18 | 3 | 440,643 | 441,435 | 792 | |||||||||||||||
SGX MSCI Index | 10/18 | 3 | 80,608 | 81,252 | 644 | |||||||||||||||
SPI 200 Index | 12/18 | 5 | 556,769 | 559,668 | 2,899 | |||||||||||||||
TOPIX Index | 12/18 | 10 | 1,473,451 | 1,599,630 | 126,179 | |||||||||||||||
|
| |||||||||||||||||||
Total Futures Contracts | $279,537 | |||||||||||||||||||
|
|
(d) | Forward foreign currency contracts outstanding as of September 30, 2018 were as follows: |
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||
AUD | 349,602 | USD | 253,262 | 12/18 | CIT | $— | ($387 | ) | ||||||||||||||||
AUD | 524,398 | USD | 379,889 | 12/18 | JPM | — | (581 | ) | ||||||||||||||||
CAD | 474,801 | USD | 363,726 | 12/18 | CIT | 4,534 | — | |||||||||||||||||
CAD | 712,199 | USD | 545,588 | 12/18 | JPM | 6,801 | — | |||||||||||||||||
CHF | 301,200 | USD | 312,081 | 12/18 | CIT | — | (2,683 | ) | ||||||||||||||||
CHF | 451,800 | USD | 468,121 | 12/18 | JPM | — | (4,025 | ) | ||||||||||||||||
DKK | 408,000 | USD | 63,857 | 12/18 | CIT | 147 | — | |||||||||||||||||
DKK | 612,000 | USD | 95,786 | 12/18 | JPM | 220 | — | |||||||||||||||||
EUR | 1,052,801 | USD | 1,233,245 | 12/18 | CIT | — | (2,230 | ) | ||||||||||||||||
EUR | 1,579,199 | USD | 1,849,866 | 12/18 | JPM | — | (3,347 | ) | ||||||||||||||||
GBP | 501,600 | USD | 651,290 | 12/18 | CIT | 5,161 | — | |||||||||||||||||
GBP | 752,400 | USD | 976,937 | 12/18 | JPM | 7,741 | — | |||||||||||||||||
HKD | 1,031,600 | USD | 131,713 | 12/18 | CIT | 223 | — | |||||||||||||||||
HKD | 1,547,400 | USD | 197,569 | 12/18 | JPM | 334 | — | |||||||||||||||||
ILS | 72,000 | USD | 20,001 | 12/18 | CIT | — | (78 | ) | ||||||||||||||||
ILS | 108,000 | USD | 30,002 | 12/18 | JPM | — | (118 | ) | ||||||||||||||||
JPY | 98,232,000 | USD | 890,163 | 12/18 | CIT | — | (19,648 | ) | ||||||||||||||||
JPY | 147,348,000 | USD | 1,335,246 | 12/18 | JPM | — | (29,473 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-79
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||
NOK | 230,000 | USD | 27,641 | 12/18 | CIT | $721 | $— | |||||||||||||||||||
NOK | 345,000 | USD | 41,462 | 12/18 | JPM | 1,081 | — | |||||||||||||||||||
NZD | 11,200 | USD | 7,453 | 12/18 | CIT | — | (25 | ) | ||||||||||||||||||
NZD | 16,800 | USD | 11,179 | 12/18 | JPM | — | (38 | ) | ||||||||||||||||||
SEK | 871,604 | USD | 96,533 | 12/18 | CIT | 2,265 | — | |||||||||||||||||||
SEK | 1,307,396 | USD | 144,799 | 12/18 | JPM | 3,397 | — | |||||||||||||||||||
SGD | 63,600 | USD | 46,734 | 12/18 | CIT | — | (127 | ) | ||||||||||||||||||
SGD | 95,400 | USD | 70,101 | 12/18 | JPM | — | (190 | ) | ||||||||||||||||||
USD | 5,179 | AUD | 7,200 | 12/18 | CIT | — | (28 | ) | ||||||||||||||||||
USD | 7,769 | AUD | 10,800 | 12/18 | JPM | — | (43 | ) | ||||||||||||||||||
USD | 15,487 | CAD | 20,400 | 12/18 | CIT | — | (335 | ) | ||||||||||||||||||
USD | 23,231 | CAD | 30,600 | 12/18 | JPM | — | (503 | ) | ||||||||||||||||||
USD | 15,324 | CHF | 14,800 | 12/18 | CIT | 121 | — | |||||||||||||||||||
USD | 22,986 | CHF | 22,200 | 12/18 | JPM | 182 | — | |||||||||||||||||||
USD | 1,876 | DKK | 12,000 | 12/18 | CIT | — | (7 | ) | ||||||||||||||||||
USD | 2,813 | DKK | 18,000 | 12/18 | JPM | — | (10 | ) | ||||||||||||||||||
USD | 62,039 | EUR | 53,200 | 12/18 | CIT | — | (166 | ) | ||||||||||||||||||
USD | 93,058 | EUR | 79,800 | 12/18 | JPM | — | (250 | ) | ||||||||||||||||||
USD | 34,465 | GBP | 26,800 | 12/18 | CIT | — | (608 | ) | ||||||||||||||||||
USD | 51,698 | GBP | 40,200 | 12/18 | JPM | — | (913 | ) | ||||||||||||||||||
USD | 3,063 | HKD | 24,000 | 12/18 | CIT | — | (7 | ) | ||||||||||||||||||
USD | 4,594 | HKD | 36,000 | 12/18 | JPM | — | (10 | ) | ||||||||||||||||||
USD | 27,716 | JPY | 3,068,800 | 12/18 | CIT | 520 | — | |||||||||||||||||||
USD | 41,573 | JPY | 4,603,200 | 12/18 | JPM | 781 | — | |||||||||||||||||||
USD | 763 | NOK | 6,400 | 12/18 | CIT | — | (26 | ) | ||||||||||||||||||
USD | 1,144 | NOK | 9,600 | 12/18 | JPM | — | (39 | ) | ||||||||||||||||||
USD | 707 | SEK | 6,400 | 12/18 | CIT | — | (18 | ) | ||||||||||||||||||
USD | 1,061 | SEK | 9,600 | 12/18 | JPM | — | (28 | ) | ||||||||||||||||||
USD | 1,746 | SGD | 2,400 | 12/18 | CIT | — | (13 | ) | ||||||||||||||||||
USD | 2,619 | SGD | 3,600 | 12/18 | JPM | — | (19 | ) | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
Total Forward Foreign Currency Contracts |
| $34,229 | ($65,973 | ) | ||||||||||||||||||||||
|
|
|
|
(e) | Swap agreements outstanding as of September 30, 2018 were as follows: |
Total Return Basket Swaps
Counterparty | Payment Frequency | Currency | Expiration Dates (1) | Notional Amount Long (2) | Notional Amount Short (2) | Unrealized Appreciation (Depreciation) (3) | Net Dividends and Financing Fees, Including Cash (4) | Net Value of Reference Entities | Percentage of Total Net Value | |||||||||||||||||||||||
GSC | M | USD | 05/11/23 - 09/28/23 | $40,840,120 | ($36,073,728 | ) | ($237,548 | ) | ($421,282 | ) | $4,950,126 | 69.3% | ||||||||||||||||||||
JPM | M | AUD | 01/11/19 -10/28/19 | 772,327 | (698,862 | ) | (133,141 | ) | (51,051 | ) | (8,625 | ) | (0.1% | ) | ||||||||||||||||||
JPM | M | GBP | 10/29/18 -10/28/19 | 3,752,095 | (3,592,028 | ) | (172,824 | ) | (5,665 | ) | (7,092 | ) | (0.1% | ) | ||||||||||||||||||
JPM | M | HKD | 12/06/18 -10/28/19 | 686,392 | (636,822 | ) | (60,992 | ) | 7,151 | (18,573 | ) | (0.3% | ) | |||||||||||||||||||
JPM | M | SGD | 02/26/19 -10/29/19 | 89,637 | (108,461 | ) | 18,735 | (3,456 | ) | 3,367 | 0.0% | |||||||||||||||||||||
MSC | M | CAD | 05/02/19 | 1,479,307 | (1,800,059 | ) | 297,250 | (6,225 | ) | (17,277 | ) | (0.2% | ) | |||||||||||||||||||
MSC | M | CHF | 05/02/19 | 1,040,043 | (1,211,597 | ) | 189,280 | (15,328 | ) | 33,054 | 0.5% | |||||||||||||||||||||
MSC | M | DKK | 05/01/19 | 670,436 | (635,386 | ) | 286,933 | 17,794 | 304,189 | 4.3% | ||||||||||||||||||||||
MSC | M | EUR | 05/02/19 | 8,952,888 | (8,304,755 | ) | 863,369 | (58,653 | ) | 1,570,155 | 22.0% | |||||||||||||||||||||
MSC | M | JPY | 05/01/20 | 7,151,222 | (7,082,366 | ) | (120,113 | ) | (33,101 | ) | (18,156 | ) | (0.3% | ) | ||||||||||||||||||
MSC | M | NOK | 05/02/19 | 504,289 | (250,597 | ) | 47,327 | 4,189 | 296,830 | 4.2% | ||||||||||||||||||||||
MSC | M | SEK | 05/02/19 | 1,357,422 | (924,268 | ) | (374,839 | ) | (319 | ) | 58,634 | 0.8% | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
$67,296,178 | ($61,318,929 | ) | $603,437 | ($565,946 | ) | $7,146,632 | 100.0% | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(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, Including Cash. |
(4) | Net Dividends and Financing Fees, Including Cash, includes the gains (losses) realized within the swap when the swap resets. |
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 USD-LIBOR and the 1-Day USD Federal Funds plus or minus a specified spread (rates range from (3.660%) 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 | 05/11/23- 09/28/23 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-80
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2018:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
United Kingdom | ||||||||
nVent Electric PLC | 572 | $15,536 | ||||||
|
| |||||||
United States | ||||||||
3M Co | 106 | 22,335 | ||||||
Abbott Laboratories | 371 | 27,217 | ||||||
AbbVie Inc | 1,163 | 109,997 | ||||||
ABIOMED Inc | 742 | 333,715 | ||||||
Accenture PLC ‘A’ | 175 | 29,785 | ||||||
Activision Blizzard Inc | 606 | 50,413 | ||||||
Adobe Systems Inc | 2,951 | 796,622 | ||||||
Aflac Inc | 5,208 | 245,141 | ||||||
Agilent Technologies Inc | 4,419 | 311,716 | ||||||
Air Products & Chemicals Inc | 692 | 115,599 | ||||||
Akamai Technologies Inc | 782 | 57,203 | ||||||
Alcoa Corp | 1,322 | 53,409 | ||||||
Align Technology Inc | 428 | 167,442 | ||||||
ALLETE Inc | 134 | 10,051 | ||||||
Amazon.com Inc | 336 | 673,008 | ||||||
Amdocs Ltd | 2,402 | 158,484 | ||||||
American Eagle Outfitters Inc | 10,456 | 259,622 | ||||||
Ameriprise Financial Inc | 365 | 53,896 | ||||||
Amgen Inc | 1,486 | 308,033 | ||||||
Anadarko Petroleum Corp | 5,643 | 380,395 | ||||||
ANSYS Inc | 37 | 6,907 | ||||||
Antero Resources Corp | 728 | 12,893 | ||||||
Anthem Inc | 70 | 19,184 | ||||||
Apple Inc | 396 | 89,393 | ||||||
Applied Materials Inc | 4,508 | 174,234 | ||||||
Archer-Daniels-Midland Co | 255 | 12,819 | ||||||
Arista Networks Inc | 470 | 124,954 | ||||||
Armstrong World Industries Inc | 262 | 18,235 | ||||||
Arrow Electronics Inc | 1,789 | 131,885 | ||||||
Assured Guaranty Ltd | 6,821 | 288,051 | ||||||
Athene Holding Ltd ‘A’ | 249 | 12,863 | ||||||
Automatic Data Processing Inc | 345 | 51,978 | ||||||
AutoZone Inc | 298 | 231,159 | ||||||
Avery Dennison Corp | 627 | 67,935 | ||||||
Avnet Inc | 1,345 | 60,216 | ||||||
Baxter International Inc | 5,621 | 433,323 | ||||||
Bed Bath & Beyond Inc | 596 | 8,940 | ||||||
Berry Global Group Inc | 529 | 25,598 | ||||||
Best Buy Co Inc | 2,902 | 230,303 | ||||||
Big Lots Inc | 1,142 | 47,724 | ||||||
Biogen Inc | 1,660 | 586,495 | ||||||
Bio-Techne Corp | 133 | 27,147 | ||||||
Booking Holdings Inc | 150 | 297,600 | ||||||
Booz Allen Hamilton Holding Corp | 1,192 | 59,159 | ||||||
Boston Scientific Corp | 1,139 | 43,852 | ||||||
Bristol-Myers Squibb Co | 3,895 | 241,802 | ||||||
Broadcom Inc | 797 | 196,644 | ||||||
Broadridge Financial Solutions Inc | 667 | 88,011 | ||||||
Bruker Corp | 9,801 | 327,843 | ||||||
Brunswick Corp | 4,044 | 271,029 | ||||||
Burlington Stores Inc | 1,946 | 317,042 | ||||||
Cabot Corp | 2,267 | 142,186 | ||||||
Cadence Design Systems Inc | 4,616 | 209,197 | ||||||
Cantel Medical Corp | 229 | 21,082 | ||||||
Cardinal Health Inc | 1,411 | 76,194 | ||||||
Carlisle Cos Inc | 81 | 9,866 | ||||||
Carter’s Inc | 955 | 94,163 | ||||||
Cboe Global Markets Inc | 90 | 8,636 | ||||||
CDK Global Inc | 441 | 27,589 | ||||||
CDW Corp | 3,172 | 282,054 | ||||||
Celanese Corp ‘A’ | 1,905 | 217,170 |
Referenced Entity | Shares | Value | ||||||
Celgene Corp | 5,351 | $478,861 | ||||||
CenterPoint Energy Inc | 1,540 | 42,581 | ||||||
Cerner Corp | 1,550 | 99,836 | ||||||
CH Robinson Worldwide Inc | 681 | 66,684 | ||||||
Charles River Laboratories International Inc | 3,062 | 411,961 | ||||||
Chevron Corp | 1,498 | 183,175 | ||||||
Chipotle Mexican Grill Inc | 416 | 189,080 | ||||||
Cigna Corp | 56 | 11,662 | ||||||
Cimarex Energy Co | 468 | 43,496 | ||||||
Cirrus Logic Inc | 330 | 12,738 | ||||||
Cisco Systems Inc | 4,156 | 202,189 | ||||||
Citrix Systems Inc | 423 | 47,021 | ||||||
CNX Resources Corp | 1,835 | 26,259 | ||||||
Cognizant Technology Solutions Corp ‘A’ | 2,501 | 192,952 | ||||||
Comcast Corp ‘A’ | 288 | 10,198 | ||||||
CommVault Systems Inc | 859 | 60,130 | ||||||
ConocoPhillips | 6,882 | 532,667 | ||||||
Consolidated Edison Inc | 2,663 | 202,894 | ||||||
Copart Inc | 2,199 | 113,314 | ||||||
CoStar Group Inc | 46 | 19,359 | ||||||
Costco Wholesale Corp | 841 | 197,534 | ||||||
Cracker Barrel Old Country Store Inc | 190 | 27,955 | ||||||
Crane Co | 1,770 | 174,080 | ||||||
Credit Acceptance Corp | 49 | 21,465 | ||||||
Cummins Inc | 1,076 | 157,171 | ||||||
Curtiss-Wright Corp | 1,595 | 219,185 | ||||||
Dana Inc | 1,691 | 31,571 | ||||||
Danaher Corp | 1,341 | 145,713 | ||||||
Darden Restaurants Inc | 1,390 | 154,554 | ||||||
Deckers Outdoor Corp | 1,061 | 125,813 | ||||||
Deluxe Corp | 151 | 8,598 | ||||||
DexCom Inc | 354 | 50,636 | ||||||
Dolby Laboratories Inc ‘A’ | 720 | 50,378 | ||||||
Dollar General Corp | 464 | 50,715 | ||||||
DR Horton Inc | 2,334 | 98,448 | ||||||
DXC Technology Co | 2,342 | 219,024 | ||||||
Eastman Chemical Co | 742 | 71,024 | ||||||
Eaton Corp PLC | 698 | 60,538 | ||||||
eBay Inc | 299 | 9,873 | ||||||
Edwards Lifesciences Corp | 48 | 8,357 | ||||||
Electronic Arts Inc | 2,253 | 271,464 | ||||||
Eli Lilly & Co | 301 | 32,300 | ||||||
EMCOR Group Inc | 870 | 65,346 | ||||||
Emerson Electric Co | 1,491 | 114,181 | ||||||
EOG Resources Inc | 1,201 | 153,212 | ||||||
Esterline Technologies Corp | 2,359 | 214,551 | ||||||
Everest Re Group Ltd | 282 | 64,429 | ||||||
Exelixis Inc | 2,631 | 46,621 | ||||||
Exelon Corp | 2,515 | 109,805 | ||||||
Expeditors International of Washington Inc | 1,323 | 97,280 | ||||||
F5 Networks Inc | 982 | 195,830 | ||||||
Facebook Inc ‘A’ | 605 | 99,498 | ||||||
Federated Investors Inc ‘B’ | 3,990 | 96,239 | ||||||
FedEx Corp | 1,071 | 257,886 | ||||||
Fidelity National Financial Inc | 5,285 | 207,965 | ||||||
First Solar Inc | 1,581 | 76,552 | ||||||
Five Below Inc | 671 | 87,270 | ||||||
Flex Ltd | 10,472 | 137,393 | ||||||
FLIR Systems Inc | 2,106 | 129,456 | ||||||
Foot Locker Inc | 5,238 | 267,033 | ||||||
Fortinet Inc | 3,189 | 294,249 | ||||||
Freeport-McMoRan Inc | 1,617 | 22,509 | ||||||
Garmin Ltd | 799 | 55,970 | ||||||
General Dynamics Corp | 1,403 | 287,222 | ||||||
Genpact Ltd | 3,280 | 100,401 | ||||||
Gilead Sciences Inc | 5,494 | 424,192 | ||||||
Globus Medical Inc ‘A’ | 1,916 | 108,752 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-81
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Referenced Entity | Shares | Value | ||||||
Graham Holdings Co ‘B’ | 18 | $10,427 | ||||||
Greif Inc ‘A’ | 497 | 26,669 | ||||||
Halliburton Co | 2,038 | 82,600 | ||||||
Harris Corp | 139 | 23,520 | ||||||
HCA Healthcare Inc | 50 | 6,956 | ||||||
HD Supply Holdings Inc | 6,140 | 262,731 | ||||||
Helmerich & Payne Inc | 1,319 | 90,708 | ||||||
Herman Miller Inc | 5,549 | 213,082 | ||||||
HollyFrontier Corp | 3,484 | 243,532 | ||||||
Honeywell International Inc | 1,808 | 300,851 | ||||||
HP Inc | 6,917 | 178,251 | ||||||
Humana Inc | 1,247 | 422,134 | ||||||
Huntington Ingalls Industries Inc | 1,622 | 415,362 | ||||||
Huntsman Corp | 2,235 | 60,859 | ||||||
IAC/InterActiveCorp | 1,655 | 358,672 | ||||||
ICU Medical Inc | 297 | 83,977 | ||||||
IDACORP Inc | 95 | 9,427 | ||||||
IDEX Corp | 42 | 6,328 | ||||||
IDEXX Laboratories Inc | 102 | 25,465 | ||||||
Illinois Tool Works Inc | 465 | 65,621 | ||||||
Ingersoll-Rand PLC | 838 | 85,727 | ||||||
Intel Corp | 8,280 | 391,561 | ||||||
InterDigital Inc | 121 | 9,680 | ||||||
International Business Machines Corp | 3,815 | 576,866 | ||||||
Intuit Inc | 1,977 | 449,570 | ||||||
Intuitive Surgical Inc | 460 | 264,040 | ||||||
IQVIA Holdings Inc | 286 | 37,106 | ||||||
ITT Inc | 2,328 | 142,613 | ||||||
JB Hunt Transport Services Inc | 151 | 17,960 | ||||||
John Wiley & Sons Inc ‘A’ | 2,136 | 129,442 | ||||||
Johnson & Johnson | 407 | 56,235 | ||||||
Juniper Networks Inc | 4,257 | 127,582 | ||||||
KBR Inc | 694 | 14,664 | ||||||
Keysight Technologies Inc | 613 | 40,630 | ||||||
KLA-Tencor Corp | 1,012 | 102,931 | ||||||
Kohl’s Corp | 1,213 | 90,429 | ||||||
L Brands Inc | 903 | 27,361 | ||||||
L3 Technologies Inc | 823 | 174,986 | ||||||
Lam Research Corp | 314 | 47,634 | ||||||
Landstar System Inc | 287 | 35,014 | ||||||
Laredo Petroleum Inc | 1,089 | 8,897 | ||||||
Lear Corp | 1,957 | 283,765 | ||||||
Lincoln Electric Holdings Inc | 116 | 10,839 | ||||||
LivaNova PLC | 294 | 36,447 | ||||||
Lockheed Martin Corp | 336 | 116,243 | ||||||
Louisiana-Pacific Corp | 850 | 22,516 | ||||||
Lowe’s Cos Inc | 754 | 86,574 | ||||||
Lululemon Athletica Inc | 3,607 | 586,101 | ||||||
LyondellBasell Industries NV ‘A’ | 4,050 | 415,165 | ||||||
Macy’s Inc | 4,590 | 159,411 | ||||||
Manhattan Associates Inc | 445 | 24,297 | ||||||
ManpowerGroup Inc | 742 | 63,782 | ||||||
Marathon Oil Corp | 6,743 | 156,977 | ||||||
Marvell Technology Group Ltd | 3,311 | 63,902 | ||||||
Masco Corp | 1,037 | 37,954 | ||||||
Masimo Corp | 456 | 56,790 | ||||||
Maxim Integrated Products Inc | 2,785 | 157,046 | ||||||
MAXIMUS Inc | 1,194 | 77,682 | ||||||
McDermott International Inc | 1,855 | 34,188 | ||||||
McKesson Corp | 930 | 123,364 | ||||||
MEDNAX Inc | 353 | 16,471 | ||||||
Medtronic PLC | 561 | 55,186 | ||||||
Merck & Co Inc | 3,387 | 240,274 | ||||||
Mettler-Toledo International Inc | 188 | 114,488 | ||||||
Michael Kors Holdings Ltd | 5,199 | 356,443 | ||||||
Micron Technology Inc | 6,808 | 307,926 | ||||||
Microsoft Corp | 5,471 | 625,718 | ||||||
Motorola Solutions Inc | 199 | 25,898 | ||||||
MSA Safety Inc | 366 | 38,957 | ||||||
MSC Industrial Direct Co Inc ‘A’ | 471 | 41,500 | ||||||
Murphy Oil Corp | 273 | 9,102 |
Referenced Entity | Shares | Value | ||||||
Murphy USA Inc | 112 | $9,571 | ||||||
Nasdaq Inc | 1,034 | 88,717 | ||||||
National Instruments Corp | 2,041 | 98,642 | ||||||
National Oilwell Varco Inc | 315 | 13,570 | ||||||
NetApp Inc | 2,088 | 179,338 | ||||||
Netflix Inc | 594 | 222,233 | ||||||
Newfield Exploration Co | 2,014 | 58,064 | ||||||
NIKE Inc ‘B’ | 3,866 | 327,528 | ||||||
Nordstrom Inc | 2,430 | 145,338 | ||||||
Norfolk Southern Corp | 285 | 51,442 | ||||||
Northrop Grumman Corp | 663 | 210,416 | ||||||
NorthWestern Corp | 406 | 23,816 | ||||||
Nu Skin Enterprises Inc ‘A’ | 3,198 | 263,579 | ||||||
NVIDIA Corp | 248 | 69,693 | ||||||
NVR Inc | 91 | 224,843 | ||||||
Occidental Petroleum Corp | 1,885 | 154,890 | ||||||
OGE Energy Corp | 184 | 6,683 | ||||||
Old Dominion Freight Line Inc | 343 | 55,312 | ||||||
ONE Gas Inc | 117 | 9,627 | ||||||
O’Reilly Automotive Inc | 38 | 13,198 | ||||||
Oshkosh Corp | 2,195 | 156,372 | ||||||
Palo Alto Networks Inc | 97 | 21,850 | ||||||
Parker-Hannifin Corp | 104 | 19,129 | ||||||
Patterson-UTI Energy Inc | 5,168 | 88,424 | ||||||
Paychex Inc | 425 | 31,301 | ||||||
PayPal Holdings Inc | 818 | 71,853 | ||||||
Pfizer Inc | 7,286 | 321,094 | ||||||
Phillips 66 | 928 | 104,604 | ||||||
Piedmont Office Realty Trust Inc ‘A’ REIT | 508 | 9,616 | ||||||
Pitney Bowes Inc | 1,698 | 12,022 | ||||||
Plantronics Inc | 1,513 | 91,234 | ||||||
Popular Inc | 490 | 25,112 | ||||||
PRA Health Sciences Inc | 556 | 61,266 | ||||||
Primerica Inc | 146 | 17,600 | ||||||
PVH Corp | 155 | 22,382 | ||||||
QIAGEN NV | 9,271 | 351,185 | ||||||
Qurate Retail Inc | 534 | 11,860 | ||||||
Ralph Lauren Corp | 732 | 100,687 | ||||||
Raytheon Co | 2,202 | 455,065 | ||||||
Red Hat Inc | 74 | 10,085 | ||||||
Reinsurance Group of America Inc | 2,465 | 356,340 | ||||||
Reliance Steel & Aluminum Co | 334 | 28,487 | ||||||
Republic Services Inc | 92 | 6,685 | ||||||
ResMed Inc | 292 | 33,679 | ||||||
Retail Properties of America Inc ‘A’ REIT | 779 | 9,496 | ||||||
Robert Half International Inc | 1,251 | 88,045 | ||||||
Rockwell Automation Inc | 100 | 18,752 | ||||||
Ross Stores Inc | 3,237 | 320,787 | ||||||
salesforce.com Inc | 93 | 14,790 | ||||||
Schlumberger Ltd | 285 | 17,362 | ||||||
Science Applications International Corp | 599 | 48,279 | ||||||
Seagate Technology PLC | 2,822 | 133,622 | ||||||
ServiceMaster Global Holdings Inc | 153 | 9,491 | ||||||
Skechers U.S.A. Inc ‘A’ | 4,970 | 138,812 | ||||||
Skyworks Solutions Inc | 3,690 | 334,720 | ||||||
Snap-on Inc | 235 | 43,146 | ||||||
Sonoco Products Co | 120 | 6,660 | ||||||
Spirit AeroSystems Holdings Inc ‘A’ | 3,349 | 307,003 | ||||||
Splunk Inc | 1,258 | 152,105 | ||||||
SS&C Technologies Holdings Inc | 204 | 11,593 | ||||||
Stanley Black & Decker Inc | 1,363 | 199,598 | ||||||
Stryker Corp | 142 | 25,231 | ||||||
Superior Energy Services Inc | 5,750 | 56,005 | ||||||
Symantec Corp | 5,512 | 117,295 | ||||||
SYNNEX Corp | 1,538 | 130,269 | ||||||
T Rowe Price Group Inc | 234 | 25,548 | ||||||
Take-Two Interactive Software Inc | 94 | 12,971 | ||||||
Tapestry Inc | 740 | 37,200 | ||||||
Target Corp | 6,460 | 569,837 | ||||||
TE Connectivity Ltd | 613 | 53,901 | ||||||
TEGNA Inc | 1,058 | 12,654 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-82
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Referenced Entity | Shares | Value | ||||||
Teledyne Technologies Inc | 158 | $38,975 | ||||||
Texas Instruments Inc | 2,943 | 315,754 | ||||||
The Allstate Corp | 3,756 | 370,717 | ||||||
The Boeing Co | 1,699 | 631,858 | ||||||
The Boston Beer Co Inc ‘A’ | 205 | 58,937 | ||||||
The Chemours Co | 722 | 28,476 | ||||||
The Dun & Bradstreet Corp | 696 | 99,187 | ||||||
The Estee Lauder Cos Inc ‘A’ | 473 | 68,736 | ||||||
The Gap Inc | 7,955 | 229,502 | ||||||
The Kroger Co | 2,334 | 67,943 | ||||||
The Procter & Gamble Co | 384 | 31,960 | ||||||
The Progressive Corp | 886 | 62,941 | ||||||
The Scotts Miracle-Gro Co | 155 | 12,203 | ||||||
The TJX Cos Inc | 3,710 | 415,594 | ||||||
Tiffany & Co | 1,007 | 129,873 | ||||||
Torchmark Corp | 397 | 34,416 | ||||||
Tractor Supply Co | 194 | 17,631 | ||||||
Tupperware Brands Corp | 2,194 | 73,389 | ||||||
Twitter Inc | 1,415 | 40,271 | ||||||
Ulta Beauty Inc | 292 | 82,379 | ||||||
United Technologies Corp | 96 | 13,422 | ||||||
United Therapeutics Corp | 1,809 | 231,335 | ||||||
Unum Group | 1,309 | 51,143 | ||||||
Urban Outfitters Inc | 5,440 | 222,496 | ||||||
Valero Energy Corp | 3,434 | 390,618 | ||||||
Varian Medical Systems Inc | 610 | 68,277 | ||||||
VeriSign Inc | 54 | 8,646 | ||||||
Vertex Pharmaceuticals Inc | 2,157 | 415,740 | ||||||
VF Corp | 1,362 | 127,279 | ||||||
Viacom Inc ‘B’ | 1,856 | 62,659 | ||||||
Vistra Energy Corp | 6,621 | 164,730 | ||||||
VMware Inc ‘A’ | 269 | 41,980 | ||||||
Walmart Inc | 5,837 | 548,153 | ||||||
Waste Management Inc | 1,830 | 165,359 | ||||||
Waters Corp | 97 | 18,884 | ||||||
Wayfair Inc ‘A’ | 495 | 73,097 | ||||||
Weingarten Realty Investors REIT | 950 | 28,272 | ||||||
WellCare Health Plans Inc | 140 | 44,869 | ||||||
WESCO International Inc | 2,246 | 138,017 | ||||||
Western Digital Corp | 2,100 | 122,934 | ||||||
Whiting Petroleum Corp | 1,298 | 68,846 | ||||||
Williams-Sonoma Inc | 1,262 | 82,939 | ||||||
Woodward Inc | 125 | 10,107 | ||||||
World Fuel Services Corp | 923 | 25,549 | ||||||
WR Grace & Co | 137 | 9,790 | ||||||
WW Grainger Inc | 681 | 243,396 | ||||||
Xilinx Inc | 1,880 | 150,720 | ||||||
Xylem Inc | 95 | 7,588 | ||||||
Zebra Technologies Corp ‘A’ | 466 | 82,403 | ||||||
Zoetis Inc | 375 | 34,335 | ||||||
Zynga Inc ‘A’ | 16,288 | 65,315 | ||||||
|
| |||||||
42,727,083 | ||||||||
|
| |||||||
Total Long Positions | 42,742,619 | |||||||
|
| |||||||
Short Positions: | ||||||||
Argentina | ||||||||
MercadoLibre Inc | 233 | (79,330 | ) | |||||
|
| |||||||
Ghana | ||||||||
Kosmos Energy Ltd | 7,289 | (68,152 | ) | |||||
|
| |||||||
United States | ||||||||
Acadia Healthcare Co Inc | 7,282 | (256,326 | ) | |||||
ACI Worldwide Inc | 6,681 | (188,003 | ) | |||||
Adient PLC | 3,931 | (154,528 | ) | |||||
Advanced Micro Devices Inc | 6,041 | (186,606 | ) |
Referenced Entity | Shares | Value | ||||||
AECOM | 2,355 | ($76,914 | ) | |||||
AES Corp | 7,595 | (106,330 | ) | |||||
Agios Pharmaceuticals Inc | 3,763 | (290,203 | ) | |||||
Akorn Inc | 1,732 | (22,481 | ) | |||||
Alaska Air Group Inc | 3,967 | (273,168 | ) | |||||
Albemarle Corp | 4,926 | (491,516 | ) | |||||
Alkermes PLC | 5,516 | (234,099 | ) | |||||
Allegheny Technologies Inc | 9,638 | (284,803 | ) | |||||
Alliant Energy Corp | 216 | (9,195 | ) | |||||
Ally Financial Inc | 5,127 | (135,609 | ) | |||||
Alnylam Pharmaceuticals Inc | 1,330 | (116,402 | ) | |||||
Altria Group Inc | 154 | (9,288 | ) | |||||
American Airlines Group Inc | 11,797 | (487,570 | ) | |||||
American Homes 4 Rent ‘A’ REIT | 297 | (6,501 | ) | |||||
American International Group Inc | 7,048 | (375,236 | ) | |||||
American Tower Corp REIT | 46 | (6,684 | ) | |||||
Apache Corp | 140 | (6,674 | ) | |||||
Aptiv PLC | 2,039 | (171,072 | ) | |||||
Arch Capital Group Ltd | 273 | (8,138 | ) | |||||
Arconic Inc | 3,305 | (72,743 | ) | |||||
ARRIS International PLC | 2,753 | (71,550 | ) | |||||
Atlassian Corp PLC ‘A’ | 707 | (67,971 | ) | |||||
AutoNation Inc | 1,130 | (46,952 | ) | |||||
Avanos Medical Inc | 2,238 | (153,303 | ) | |||||
Baker Hughes a GE Co | 2,030 | (68,675 | ) | |||||
Ball Corp | 5,891 | (259,145 | ) | |||||
BancorpSouth Bank | 366 | (11,968 | ) | |||||
Bank OZK | 6,648 | (252,358 | ) | |||||
Belden Inc | 3,214 | (229,512 | ) | |||||
BioMarin Pharmaceutical Inc | 882 | (85,528 | ) | |||||
Black Hills Corp | 4,446 | (258,268 | ) | |||||
Boston Properties Inc REIT | 78 | (9,601 | ) | |||||
Brandywine Realty Trust REIT | 512 | (8,049 | ) | |||||
Brookdale Senior Living Inc | 46,026 | (452,436 | ) | |||||
Brown-Forman Corp ‘B’ | 181 | (9,150 | ) | |||||
Callon Petroleum Co | 18,130 | (217,379 | ) | |||||
Campbell Soup Co | 3,603 | (131,978 | ) | |||||
CarMax Inc | 4,136 | (308,835 | ) | |||||
Carpenter Technology Corp | 1,629 | (96,030 | ) | |||||
Cars.com Inc | 921 | (25,429 | ) | |||||
Casey’s General Stores Inc | 1,659 | (214,193 | ) | |||||
Catalent Inc | 494 | (22,502 | ) | |||||
Centennial Resource Development Inc ‘A’ | 2,510 | (54,843 | ) | |||||
CenturyLink Inc | 24,048 | (509,818 | ) | |||||
Charter Communications Inc ‘A’ | 2,028 | (660,885 | ) | |||||
Chemical Financial Corp | 3,351 | (178,943 | ) | |||||
Cheniere Energy Inc | 1,100 | (76,439 | ) | |||||
Ciena Corp | 825 | (25,773 | ) | |||||
CIT Group Inc | 1,463 | (75,505 | ) | |||||
Citigroup Inc | 538 | (38,596 | ) | |||||
Clean Harbors Inc | 2,103 | (150,533 | ) | |||||
CNO Financial Group Inc | 1,085 | (23,024 | ) | |||||
Cognex Corp | 1,916 | (106,951 | ) | |||||
Coherent Inc | 292 | (50,279 | ) | |||||
Colfax Corp | 1,302 | (46,950 | ) | |||||
Colony Capital Inc REIT | 36,694 | (223,466 | ) | |||||
CommScope Holding Co Inc | 468 | (14,396 | ) | |||||
Compass Minerals International Inc | 2,616 | (175,795 | ) | |||||
Conduent Inc | 5,245 | (118,117 | ) | |||||
Cooper Tire & Rubber Co | 2,866 | (81,108 | ) | |||||
Corning Inc | 3,677 | (129,798 | ) | |||||
Coty Inc ‘A’ | 25,157 | (315,972 | ) | |||||
Cousins Properties Inc REIT | 9,004 | (80,046 | ) | |||||
Cree Inc | 4,729 | (179,087 | ) | |||||
Crown Holdings Inc | 3,877 | (186,096 | ) | |||||
Cullen/Frost Bankers Inc | 75 | (7,833 | ) | |||||
CVS Health Corp | 4,598 | (361,955 | ) | |||||
Cypress Semiconductor Corp | 6,566 | (95,141 | ) | |||||
CyrusOne Inc REIT | 102 | (6,467 | ) | |||||
DaVita Inc | 541 | (38,752 | ) | |||||
DDR Corp REIT | 7,075 | (94,734 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-83
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Referenced Entity | Shares | Value | ||||||
Deere & Co | 767 | ($115,303 | ) | |||||
Delta Air Lines Inc | 2,648 | (153,134 | ) | |||||
Discovery Inc ‘A’ | 3,867 | (123,744 | ) | |||||
DISH Network Corp ‘A’ | 7,471 | (267,163 | ) | |||||
Dominion Energy Inc | 100 | (7,028 | ) | |||||
DowDuPont Inc | 2,600 | (167,206 | ) | |||||
Dril-Quip Inc | 155 | (8,099 | ) | |||||
Dunkin’ Brands Group Inc | 4,340 | (319,945 | ) | |||||
Dycom Industries Inc | 333 | (28,172 | ) | |||||
E*TRADE Financial Corp | 944 | (49,456 | ) | |||||
EchoStar Corp ‘A’ | 330 | (15,302 | ) | |||||
Edgewell Personal Care Co | 198 | (9,154 | ) | |||||
Endo International PLC | 2,951 | (49,665 | ) | |||||
Ensco PLC ‘A’ | 35,347 | (298,329 | ) | |||||
EPR Properties REIT | 302 | (20,660 | ) | |||||
EQT Corp | 3,295 | (145,738 | ) | |||||
Euronet Worldwide Inc | 391 | (39,186 | ) | |||||
Extraction Oil & Gas Inc | 2,599 | (29,343 | ) | |||||
FireEye Inc | 7,540 | (128,180 | ) | |||||
First Data Corp ‘A’ | 44,364 | (1,085,587 | ) | |||||
First Republic Bank | 212 | (20,352 | ) | |||||
FirstEnergy Corp | 15,102 | (561,341 | ) | |||||
Floor & Decor Holdings Inc ‘A’ | 652 | (19,671 | ) | |||||
Flowserve Corp | 2,935 | (160,515 | ) | |||||
FNB Corp | 10,656 | (135,544 | ) | |||||
Ford Motor Co | 23,217 | (214,757 | ) | |||||
Gartner Inc | 2,198 | (348,383 | ) | |||||
GATX Corp | 344 | (29,787 | ) | |||||
GCI Liberty Inc ‘A’ | 522 | (26,622 | ) | |||||
General Electric Co | 29,746 | (335,832 | ) | |||||
General Motors Co | 1,126 | (37,912 | ) | |||||
Genesee & Wyoming Inc ‘A’ | 1,689 | (153,682 | ) | |||||
Gentex Corp | 409 | (8,777 | ) | |||||
Global Payments Inc | 3,028 | (385,767 | ) | |||||
Granite Construction Inc | 4,308 | (196,876 | ) | |||||
Guidewire Software Inc | 2,330 | (235,353 | ) | |||||
Harley-Davidson Inc | 911 | (41,268 | ) | |||||
HCP Inc REIT | 620 | (16,318 | ) | |||||
Healthcare Services Group Inc | 2,537 | (103,053 | ) | |||||
HEICO Corp | 3,756 | (347,843 | ) | |||||
Henry Schein Inc | 415 | (35,287 | ) | |||||
Highwoods Properties Inc REIT | 204 | (9,641 | ) | |||||
Home BancShares Inc | 552 | (12,089 | ) | |||||
Host Hotels & Resorts Inc REIT | 402 | (8,482 | ) | |||||
Hudson Pacific Properties Inc REIT | 413 | (13,513 | ) | |||||
IHS Markit Ltd | 4,486 | (242,065 | ) | |||||
International Game Technology PLC | 3,662 | (72,324 | ) | |||||
Ionis Pharmaceuticals Inc | 2,611 | (134,675 | ) | |||||
IPG Photonics Corp | 47 | (7,335 | ) | |||||
Jack in the Box Inc | 600 | (50,298 | ) | |||||
Jefferies Financial Group Inc | 752 | (16,514 | ) | |||||
Kemper Corp | 2,527 | (203,297 | ) | |||||
Kennametal Inc | 453 | (19,733 | ) | |||||
Kilroy Realty Corp REIT | 229 | (16,417 | ) | |||||
Kimco Realty Corp REIT | 863 | (14,447 | ) | |||||
KLX Energy Services Holdings Inc | 67 | (2,151 | ) | |||||
Knight-Swift Transportation Holdings Inc | 2,492 | (85,924 | ) | |||||
Knowles Corp | 7,727 | (128,423 | ) | |||||
Leggett & Platt Inc | 2,092 | (91,609 | ) | |||||
LendingTree Inc | 161 | (37,046 | ) | |||||
Lennar Corp ‘A’ | 641 | (29,928 | ) | |||||
Liberty Broadband Corp ‘C’ | 339 | (28,578 | ) | |||||
Liberty Expedia Holdings Inc ‘A’ | 212 | (9,972 | ) | |||||
LifePoint Health Inc | 143 | (9,209 | ) | |||||
Lions Gate Entertainment Corp ‘A’ | 1,199 | (29,244 | ) | |||||
Live Nation Entertainment Inc | 441 | (24,021 | ) | |||||
LKQ Corp | 525 | (16,627 | ) | |||||
Loews Corp | 918 | (46,111 | ) | |||||
Lumentum Holdings Inc | 1,667 | (99,937 | ) | |||||
Macquarie Infrastructure Corp | 14,910 | (687,798 | ) | |||||
Mallinckrodt PLC | 4,244 | (124,392 | ) |
Referenced Entity | Shares | Value | ||||||
Markel Corp | 16 | ($19,016 | ) | |||||
MarketAxess Holdings Inc | 68 | (12,137 | ) | |||||
Martin Marietta Materials Inc | 49 | (8,916 | ) | |||||
Matador Resources Co | 1,721 | (56,879 | ) | |||||
Mattel Inc | 1,231 | (19,327 | ) | |||||
McCormick & Co Inc | 1,930 | (254,278 | ) | |||||
Medical Properties Trust Inc REIT | 1,365 | (20,352 | ) | |||||
Medidata Solutions Inc | 1,709 | (125,287 | ) | |||||
Mercury General Corp | 2,214 | (111,054 | ) | |||||
Meredith Corp | 2,590 | (132,220 | ) | |||||
MetLife Inc | 1,112 | (51,953 | ) | |||||
MGM Resorts International | 823 | (22,970 | ) | |||||
Microchip Technology Inc | 2,909 | (229,549 | ) | |||||
Monolithic Power Systems Inc | 73 | (9,164 | ) | |||||
Monster Beverage Corp | 822 | (47,906 | ) | |||||
Morgan Stanley | 708 | (32,972 | ) | |||||
Nabors Industries Ltd | 1,065 | (6,560 | ) | |||||
National Fuel Gas Co | 2,865 | (160,612 | ) | |||||
NCR Corp | 2,381 | (67,644 | ) | |||||
Nektar Therapeutics | 770 | (46,939 | ) | |||||
NetScout Systems Inc | 4,671 | (117,943 | ) | |||||
Neurocrine Biosciences Inc | 888 | (109,180 | ) | |||||
New York Community Bancorp Inc | 20,006 | (207,462 | ) | |||||
Newell Brands Inc | 25,647 | (520,634 | ) | |||||
Newmont Mining Corp | 5,237 | (158,157 | ) | |||||
News Corp ‘A’ | 512 | (6,753 | ) | |||||
NextEra Energy Inc | 286 | (47,934 | ) | |||||
Nielsen Holdings PLC | 6,587 | (182,196 | ) | |||||
NiSource Inc | 1,074 | (26,764 | ) | |||||
Norwegian Cruise Line Holdings Ltd | 1,139 | (65,413 | ) | |||||
NOW Inc | 4,272 | (70,702 | ) | |||||
NRG Energy Inc | 2,036 | (76,146 | ) | |||||
NuVasive Inc | 5,878 | (417,220 | ) | |||||
Oasis Petroleum Inc | 1,645 | (23,326 | ) | |||||
Omega Healthcare Investors Inc REIT | 1,071 | (35,097 | ) | |||||
OPKO Health Inc | 6,978 | (24,144 | ) | |||||
PacWest Bancorp | 1,967 | (93,728 | ) | |||||
Pandora Media Inc | 25,958 | (246,861 | ) | |||||
Paramount Group Inc REIT | 632 | (9,537 | ) | |||||
Penske Automotive Group Inc | 1,909 | (90,468 | ) | |||||
Perrigo Co PLC | 1,209 | (85,597 | ) | |||||
PG&E Corp | 815 | (37,498 | ) | |||||
Pinnacle Financial Partners Inc | 1,093 | (65,744 | ) | |||||
Platform Specialty Products Corp | 3,976 | (49,581 | ) | |||||
Post Holdings Inc | 5,168 | (506,671 | ) | |||||
PPL Corp | 16,683 | (488,145 | ) | |||||
Premier Inc ‘A’ | 7,324 | (335,293 | ) | |||||
Prestige Brands Holdings Inc | 6,140 | (232,645 | ) | |||||
Range Resources Corp | 5,179 | (87,991 | ) | |||||
Realogy Holdings Corp | 4,710 | (97,214 | ) | |||||
Realty Income Corp REIT | 117 | (6,656 | ) | |||||
Rowan Cos PLC ‘A’ | 5,607 | (105,580 | ) | |||||
Royal Gold Inc | 1,002 | (77,214 | ) | |||||
Sabra Health Care REIT Inc | 1,621 | (37,478 | ) | |||||
Sally Beauty Holdings Inc | 1,459 | (26,831 | ) | |||||
Scientific Games Corp | 2,858 | (72,593 | ) | |||||
Sealed Air Corp | 383 | (15,377 | ) | |||||
Seattle Genetics Inc | 2,777 | (214,162 | ) | |||||
Sempra Energy | 2,581 | (293,589 | ) | |||||
Sensata Technologies Holding PLC | 5,095 | (252,457 | ) | |||||
Six Flags Entertainment Corp | 1,732 | (120,928 | ) | |||||
SL Green Realty Corp REIT | 236 | (23,017 | ) | |||||
SLM Corp | 42,882 | (478,134 | ) | |||||
SM Energy Co | 4,803 | (151,439 | ) | |||||
Sotheby’s | 2,914 | (143,340 | ) | |||||
Southwest Gas Holdings Inc | 1,448 | (114,435 | ) | |||||
Spectrum Brands Holdings Inc | 144 | (10,760 | ) | |||||
Spirit Airlines Inc | 6,747 | (316,907 | ) | |||||
Sprouts Farmers Market Inc | 2,161 | (59,233 | ) | |||||
Square Inc ‘A’ | 1,117 | (110,594 | ) | |||||
Stericycle Inc | 2,068 | (121,350 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-84
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Referenced Entity | Shares | Value | ||||||
Sterling Bancorp | 16,368 | ($360,096 | ) | |||||
Stifel Financial Corp | 4,568 | (234,156 | ) | |||||
SVB Financial Group | 136 | (42,273 | ) | |||||
Syneos Health Inc | 2,073 | (106,863 | ) | |||||
Targa Resources Corp | 4,700 | (264,657 | ) | |||||
Taubman Centers Inc REIT | 734 | (43,915 | ) | |||||
Telephone & Data Systems Inc | 1,531 | (46,588 | ) | |||||
Tempur Sealy International Inc | 167 | (8,834 | ) | |||||
Tenet Healthcare Corp | 3,449 | (98,159 | ) | |||||
Tesla Inc | 2,068 | (547,544 | ) | |||||
Texas Capital Bancshares Inc | 1,882 | (155,547 | ) | |||||
The Charles Schwab Corp | 4,941 | (242,850 | ) | |||||
The Goodyear Tire & Rubber Co | 1,086 | (25,402 | ) | |||||
The Hain Celestial Group Inc | 6,798 | (184,362 | ) | |||||
The JM Smucker Co | 313 | (32,117 | ) | |||||
The Kraft Heinz Co | 11,149 | (614,421 | ) | |||||
The Middleby Corp | 529 | (68,426 | ) | |||||
The Mosaic Co | 1,139 | (36,995 | ) | |||||
The New York Times Co ‘A’ | 4,625 | (107,069 | ) | |||||
The Southern Co | 2,018 | (87,985 | ) | |||||
The Ultimate Software Group Inc | 20 | (6,444 | ) | |||||
The Wendy’s Co | 6,946 | (119,054 | ) | |||||
The Williams Cos Inc | 1,490 | (40,513 | ) | |||||
Thor Industries Inc | 186 | (15,568 | ) | |||||
TransDigm Group Inc | 1,014 | (377,512 | ) | |||||
Transocean Ltd | 3,855 | (53,777 | ) | |||||
TreeHouse Foods Inc | 6,415 | (306,958 | ) | |||||
TRI Pointe Group Inc | 12,155 | (150,722 | ) | |||||
Tyler Technologies Inc | 363 | (88,957 | ) | |||||
Under Armour Inc ‘A’ | 599 | (12,711 | ) | |||||
United Bankshares Inc | 7,935 | (288,437 | ) | |||||
United Continental Holdings Inc | 668 | (59,492 | ) | |||||
United Natural Foods Inc | 921 | (27,584 | ) |
Referenced Entity | Shares | Value | ||||||
United States Steel Corp | 1,384 | ($42,184 | ) | |||||
Uniti Group Inc REIT | 24,454 | (492,748 | ) | |||||
Universal Display Corp | 2,911 | (343,207 | ) | |||||
Valley National Bancorp | 1,221 | (13,736 | ) | |||||
Valvoline Inc | 4,356 | (93,698 | ) | |||||
Ventas Inc REIT | 175 | (9,516 | ) | |||||
VEREIT Inc REIT | 58,702 | (426,177 | ) | |||||
ViaSat Inc | 5,371 | (343,475 | ) | |||||
Visa Inc ‘A’ | 2,209 | (331,549 | ) | |||||
Visteon Corp | 1,309 | (121,606 | ) | |||||
Vornado Realty Trust REIT | 206 | (15,038 | ) | |||||
Vulcan Materials Co | 309 | (34,361 | ) | |||||
Wabtec Corp | 3,510 | (368,129 | ) | |||||
Washington Federal Inc | 305 | (9,760 | ) | |||||
Washington Prime Group Inc REIT | 4,692 | (34,252 | ) | |||||
Weatherford International PLC | 74,323 | (201,415 | ) | |||||
Webster Financial Corp | 3,148 | (185,606 | ) | |||||
Welbilt Inc | 4,247 | (88,677 | ) | |||||
Wells Fargo & Co | 3,819 | (200,727 | ) | |||||
Welltower Inc REIT | 1,057 | (67,986 | ) | |||||
Willis Towers Watson PLC | 181 | (25,510 | ) | |||||
Workday Inc ‘A’ | 1,296 | (189,190 | ) | |||||
Wyndham Destinations Inc | 961 | (41,669 | ) | |||||
XPO Logistics Inc | 673 | (76,836 | ) | |||||
Zayo Group Holdings Inc | 9,408 | (326,646 | ) | |||||
Zillow Group Inc ‘C’ | 1,877 | (83,057 | ) | |||||
Zions Bancorp NA | 1,856 | (93,078 | ) | |||||
|
| |||||||
(37,645,011 | ) | |||||||
|
| |||||||
Total Short Positions | (37,792,493 | ) | ||||||
|
| |||||||
Total Long and Short Positions | $4,950,126 | |||||||
|
|
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 plus or minus a specified spread (rates range from (0.962%) 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 | 01/11/19- 10/28/19 |
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2018:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Australia | ||||||||
Alumina Ltd | 4,314 | $8,636 | ||||||
Aurizon Holdings Ltd | 50,025 | 148,522 | ||||||
BlueScope Steel Ltd | 919 | 11,272 | ||||||
Boral Ltd | 2,431 | 12,135 | ||||||
Caltex Australia Ltd | 1,703 | 36,791 | ||||||
CIMIC Group Ltd | 8,184 | 303,751 | ||||||
Newcrest Mining Ltd | 6,226 | 87,428 | ||||||
Orica Ltd | 1,996 | 24,552 | ||||||
Origin Energy Ltd | 7,747 | 46,177 | ||||||
Qantas Airways Ltd | 4,188 | 17,851 | ||||||
Santos Ltd | 2,220 | 11,655 | ||||||
Woodside Petroleum Ltd | 3,606 | 100,596 | ||||||
|
| |||||||
809,366 | ||||||||
|
| |||||||
Total Long Positions | 809,366 | |||||||
|
|
Referenced Entity | Shares | Value | ||||||
Short Positions: | ||||||||
Australia | ||||||||
APA Group » | 24,957 | ($179,975 | ) | |||||
Challenger Ltd | 2,812 | (22,753 | ) | |||||
Computershare Ltd | 843 | (12,140 | ) | |||||
CSL Ltd | 46 | (6,684 | ) | |||||
Healthscope Ltd | 68,792 | (104,356 | ) | |||||
Ramsay Health Care Ltd | 234 | (9,284 | ) | |||||
REA Group Ltd | 1,240 | (76,933 | ) | |||||
SEEK Ltd | 13,592 | (203,515 | ) | |||||
Sydney Airport » | 2,939 | (14,629 | ) | |||||
TPG Telecom Ltd | 12,495 | (77,075 | ) | |||||
Transurban Group » | 1,714 | (11,912 | ) | |||||
Vocus Group Ltd | 41,691 | (98,735 | ) | |||||
|
| |||||||
(817,991 | ) | |||||||
|
| |||||||
Total Short Positions | (817,991 | ) | ||||||
|
| |||||||
Total Long and Short Positions | ($8,625 | ) | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-85
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
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 plus or minus a specified spread (rates range from (4.051%) to 0.300%) as negotiated by the parties, which is denominated in GBP based on the local currencies of the positions within the swap. | JPM | 10/29/18- 10/28/19 |
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2018:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Chile | ||||||||
Antofagasta PLC | 1,142 | $12,690 | ||||||
|
| |||||||
Russia | ||||||||
Evraz PLC | 12,961 | 95,399 | ||||||
|
| |||||||
South Africa | ||||||||
Investec PLC | 18,534 | 130,019 | ||||||
|
| |||||||
Switzerland | ||||||||
Coca-Cola HBC AG | 5,528 | 188,335 | ||||||
IWG PLC | 10,953 | 34,616 | ||||||
|
| |||||||
222,951 | ||||||||
|
| |||||||
United Kingdom | ||||||||
Aviva PLC | 1,120 | 7,146 | ||||||
BAE Systems PLC | 2,989 | 24,510 | ||||||
Barclays PLC | 4,088 | 9,067 | ||||||
Barratt Developments PLC | 16,613 | 122,687 | ||||||
BBA Aviation PLC | 15,722 | 61,541 | ||||||
Beazley PLC | 2,106 | 15,659 | ||||||
Bellway PLC | 3,411 | 133,872 | ||||||
BP PLC | 8,726 | 66,883 | ||||||
Britvic PLC | 797 | 8,113 | ||||||
BT Group PLC | 84,567 | 248,235 | ||||||
Burberry Group PLC | 11,570 | 303,822 | ||||||
Centrica PLC | 37,135 | 74,975 | ||||||
Close Brothers Group PLC | 4,419 | 91,078 | ||||||
Direct Line Insurance Group PLC | 4,216 | 17,795 | ||||||
Dixons Carphone PLC | 8,638 | 19,042 | ||||||
Drax Group PLC | 6,296 | 31,830 | ||||||
DS Smith PLC | 1,225 | 7,630 | ||||||
Experian PLC | 637 | 16,346 | ||||||
GVC Holdings PLC | 1,479 | 17,699 | ||||||
Hays PLC | 13,305 | 35,319 | ||||||
Howden Joinery Group PLC | 1,599 | 9,765 | ||||||
Inchcape PLC | 15,094 | 131,430 | ||||||
Indivior PLC | 10,867 | 26,063 | ||||||
Intermediate Capital Group PLC | 4,885 | 69,286 | ||||||
JD Sports Fashion PLC | 12,770 | 76,312 | ||||||
Man Group PLC | 47,563 | 109,108 | ||||||
Meggitt PLC | 9,097 | 67,163 | ||||||
Moneysupermarket.com Group PLC | 28,860 | 105,015 | ||||||
National Grid PLC | 2,087 | 21,556 | ||||||
Persimmon PLC | 5,384 | 165,760 | ||||||
Petrofac Ltd | 1,076 | 9,048 | ||||||
Playtech PLC | 2,567 | 16,292 | ||||||
Rentokil Initial PLC | 1,697 | 7,029 | ||||||
Rolls-Royce Holdings PLC | 1,969 | 25,332 | ||||||
Royal Bank of Scotland Group PLC | 16,142 | 52,302 | ||||||
Royal Mail PLC | 34,250 | 212,912 | ||||||
RPC Group PLC | 1,556 | 16,114 | ||||||
Smith & Nephew PLC | 10,753 | 196,186 | ||||||
Spectris PLC | 930 | 28,726 | ||||||
Standard Life PLC | 42,782 | 170,471 | ||||||
Tate & Lyle PLC | 13,217 | 117,533 | ||||||
Taylor Wimpey PLC | 34,749 | 77,671 | ||||||
Thomas Cook Group PLC | 43,542 | 32,816 |
Referenced Entity | Shares | Value | ||||||
WH Smith PLC | 845 | $22,688 | ||||||
William Hill PLC | 40,819 | 134,132 | ||||||
|
| |||||||
3,213,959 | ||||||||
|
| |||||||
Total Long Positions | 3,675,018 | |||||||
|
| |||||||
Short Positions: | ||||||||
Australia | ||||||||
BHP Billiton PLC | 4,854 | (105,923 | ) | |||||
Rio Tinto PLC | 1,115 | (56,243 | ) | |||||
|
| |||||||
(162,166 | ) | |||||||
|
| |||||||
South Africa | ||||||||
Mediclinic International PLC | 9,952 | (55,583 | ) | |||||
Old Mutual Ltd | 5,230 | (11,041 | ) | |||||
|
| |||||||
(66,624 | ) | |||||||
|
| |||||||
Switzerland | ||||||||
Glencore PLC | 71,178 | (306,827 | ) | |||||
|
| |||||||
United Arab Emirates | ||||||||
NMC Health PLC | 559 | (24,711 | ) | |||||
|
| |||||||
United Kingdom | ||||||||
AA PLC | 42,022 | (53,129 | ) | |||||
Admiral Group PLC | 3,964 | (107,454 | ) | |||||
Aggreko PLC | 7,318 | (83,225 | ) | |||||
ASOS PLC | 856 | (64,189 | ) | |||||
Auto Trader Group PLC | 4,714 | (27,423 | ) | |||||
Babcock International Group PLC | 13,120 | (123,564 | ) | |||||
Balfour Beatty PLC | 18,634 | (66,476 | ) | |||||
British American Tobacco PLC | 778 | (36,271 | ) | |||||
BTG PLC | 7,739 | (55,583 | ) | |||||
Capita PLC | 18,503 | (34,429 | ) | |||||
Cobham PLC | 52,298 | (79,468 | ) | |||||
ConvaTec Group PLC | 41,140 | (124,477 | ) | |||||
Essentra PLC | 3,245 | (17,096 | ) | |||||
Greene King PLC | 8,835 | (56,414 | ) | |||||
Halma PLC | 5,234 | (98,540 | ) | |||||
Hargreaves Lansdown PLC | 5,508 | (160,342 | ) | |||||
Inmarsat PLC | 15,381 | (100,127 | ) | |||||
ITV PLC | 11,556 | (23,717 | ) | |||||
J Sainsbury PLC | 31,393 | (131,522 | ) | |||||
John Wood Group PLC | 35,153 | (352,684 | ) | |||||
Legal & General Group PLC | 11,661 | (39,808 | ) | |||||
Melrose Industries PLC | 2,527 | (6,578 | ) | |||||
Merlin Entertainments PLC | 37,028 | (193,108 | ) | |||||
Micro Focus International PLC | 16,079 | (299,020 | ) | |||||
Pennon Group PLC | 4,844 | (45,019 | ) | |||||
Provident Financial PLC | 2,640 | (20,769 | ) | |||||
Reckitt Benckiser Group PLC | 2,468 | (225,453 | ) | |||||
Rightmove PLC | 10,885 | (66,800 | ) | |||||
Rotork PLC | 15,060 | (64,822 | ) | |||||
Severn Trent PLC | 782 | (18,850 | ) | |||||
St James’s Place PLC | 788 | (11,746 | ) | |||||
The Sage Group PLC | 7,758 | (59,252 | ) | |||||
The Weir Group PLC | 2,777 | (63,710 | ) | |||||
Travis Perkins PLC | 449 | (6,231 | ) | |||||
United Utilities Group PLC | 9,479 | (87,017 | ) | |||||
Whitbread PLC | 157 | (9,650 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-86
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Referenced Entity | Shares | Value | ||||||
Wm Morrison Supermarkets PLC | 10,202 | ($34,493 | ) | |||||
WPP PLC | 5,007 | (73,326 | ) | |||||
|
| |||||||
(3,121,782 | ) | |||||||
|
| |||||||
Total Short Positions | (3,682,110 | ) | ||||||
|
| |||||||
Total Long and Short Positions | ($7,092 | ) | ||||||
|
|
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 plus or minus a specified spread (rates range from (2.250%) to 0.479%) as negotiated by the parties, which is denominated in HKD based on the local currencies of the positions within the swap. | JPM | 12/06/18- 10/28/19 |
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2018:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Hong Kong | ||||||||
Chow Tai Fook Jewellery Group Ltd | 34,800 | $35,683 | ||||||
CLP Holdings Ltd | 1,000 | 11,711 | ||||||
Henderson Land Development Co Ltd | 5,500 | 27,621 | ||||||
Kerry Properties Ltd | 27,500 | 93,378 | ||||||
Lifestyle International Holdings Ltd | 7,500 | 14,708 | ||||||
Melco International Development Ltd | 48,000 | 95,557 | ||||||
Power Assets Holdings Ltd | 1,000 | 6,951 | ||||||
Sino Land Co Ltd | 30,000 | 51,396 | ||||||
Sun Hung Kai Properties Ltd | 500 | 7,256 | ||||||
The Wharf Holdings Ltd | 3,000 | 8,168 | ||||||
VTech Holdings Ltd | 2,000 | 23,085 | ||||||
Wheelock & Co Ltd | 14,000 | 84,170 | ||||||
Yue Yuen Industrial Holdings Ltd | 43,000 | 119,539 | ||||||
|
| |||||||
579,223 | ||||||||
|
| |||||||
Macao | ||||||||
SJM Holdings Ltd | 9,000 | 8,292 | ||||||
|
| |||||||
Total Long Positions | 587,515 | |||||||
|
|
Referenced Entity | Shares | Value | ||||||
Short Positions: | ||||||||
China | ||||||||
Guotai Junan International Holdings Ltd | 16,000 | ($2,797 | ) | |||||
Minth Group Ltd | 14,000 | (57,597 | ) | |||||
|
| |||||||
(60,394 | ) | |||||||
|
| |||||||
Hong Kong | ||||||||
AIA Group Ltd | 16,200 | (144,454 | ) | |||||
ASM Pacific Technology Ltd | 6,800 | (69,487 | ) | |||||
Cathay Pacific Airways Ltd | 19,639 | (29,608 | ) | |||||
Haitong International Securities Group Ltd | 6,270 | (2,192 | ) | |||||
Hong Kong & China Gas Co Ltd | 53,497 | (106,034 | ) | |||||
Hysan Development Co Ltd | 2,000 | (10,100 | ) | |||||
MTR Corp Ltd | 24,603 | (129,385 | ) | |||||
Value Partners Group Ltd | 36,276 | (28,863 | ) | |||||
|
| |||||||
(520,123 | ) | |||||||
|
| |||||||
Macao | ||||||||
MGM China Holdings Ltd | 16,197 | (25,571 | ) | |||||
|
| |||||||
Total Short Positions | (606,088 | ) | ||||||
|
| |||||||
Total Long and Short Positions | ($18,573 | ) | ||||||
|
|
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 plus or minus a specified spread (rates range from (2.000%) 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 | 02/26/19- 10/29/19 |
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2018:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
China | ||||||||
Yangzijiang Shipbuilding Holdings Ltd | 16,206 | $14,692 | ||||||
|
| |||||||
Singapore | ||||||||
ComfortDelGro Corp Ltd | 5,600 | 9,953 | ||||||
DBS Group Holdings Ltd | 400 | 7,630 | ||||||
Genting Singapore Ltd | 77,100 | 59,763 | ||||||
|
| |||||||
77,346 | ||||||||
|
| |||||||
Total Long Positions | 92,038 | |||||||
|
|
Referenced Entity | Shares | Value | ||||||
Short Positions: | ||||||||
Singapore | ||||||||
CapitaLand Ltd | 7,700 | ($18,966 | ) | |||||
Golden Agri-Resources Ltd | 38,700 | (7,069 | ) | |||||
Singapore Post Ltd | 75,800 | (62,636 | ) | |||||
|
| |||||||
(88,671 | ) | |||||||
|
| |||||||
Total Short Positions | (88,671 | ) | ||||||
|
| |||||||
Total Long and Short Positions | $3,367 | |||||||
|
|
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 plus or minus a specified spread (rates range from (1.380%) to 0.330%) 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 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-87
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2018:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Canada | ||||||||
Air Canada | 17,753 | $379,346 | ||||||
Atco Ltd ‘I’ | 241 | 7,044 | ||||||
Bombardier Inc ‘B’ | 5,030 | 17,914 | ||||||
CAE Inc | 480 | 9,744 | ||||||
Canadian Imperial Bank of Commerce | 231 | 21,645 | ||||||
Canadian Tire Corp Ltd ‘A’ | 818 | 95,843 | ||||||
CGI Group Inc ‘A’ | 99 | 6,383 | ||||||
Constellation Software Inc | 45 | 33,093 | ||||||
Dollarama Inc | 8,527 | 268,620 | ||||||
Empire Co Ltd ‘A’ | 5,641 | 102,806 | ||||||
Fairfax Financial Holdings Ltd | 20 | 10,866 | ||||||
Finning International Inc | 3,774 | 92,184 | ||||||
Industrial Alliance Insurance & Financial Services Inc | 1,541 | 61,621 | ||||||
Kinross Gold Corp | 3,042 | 8,290 | ||||||
Linamar Corp | 2,372 | 109,285 | ||||||
Methanex Corp | 598 | 47,205 | ||||||
Quebecor Inc ‘B’ | 692 | 13,876 | ||||||
Suncor Energy Inc | 306 | 11,841 | ||||||
Teck Resources Ltd ‘B’ | 576 | 13,882 | ||||||
Tourmaline Oil Corp | 399 | 7,025 | ||||||
West Fraser Timber Co Ltd | 3,552 | 202,150 | ||||||
WestJet Airlines Ltd | 852 | 13,529 | ||||||
|
| |||||||
1,534,192 | ||||||||
|
| |||||||
Chile | ||||||||
Lundin Mining Corp | 4,278 | 22,654 | ||||||
|
| |||||||
United States | ||||||||
Bausch Health Cos Inc | 1,178 | 30,250 | ||||||
BRP Inc | 1,499 | 70,317 | ||||||
|
| |||||||
100,567 | ||||||||
|
| |||||||
Total Long Positions | 1,657,413 | |||||||
|
|
Referenced Entity | Shares | Value | ||||||
Short Positions: | ||||||||
Brazil | ||||||||
Yamana Gold | 2,666 | ($6,646 | ) | |||||
|
| |||||||
Canada | ||||||||
Agnico Eagle Mines Ltd | 1,393 | (47,583 | ) | |||||
AltaGas Ltd | 6,965 | (110,812 | ) | |||||
Barrick Gold Corp | 3,981 | (44,043 | ) | |||||
Brookfield Asset Management Inc ‘A’ | 390 | (17,358 | ) | |||||
Cameco Corp | 13,525 | (154,239 | ) | |||||
Canadian Utilities Ltd ‘A’ | 2,322 | (57,096 | ) | |||||
Cenovus Energy Inc | 807 | (8,103 | ) | |||||
Eldorado Gold Corp | 12,431 | (10,875 | ) | |||||
Element Fleet Management Corp | 9,238 | (47,561 | ) | |||||
Enbridge Inc | 9,629 | (310,717 | ) | |||||
Franco-Nevada Corp | 656 | (41,037 | ) | |||||
Gildan Activewear Inc | 223 | (6,785 | ) | |||||
Goldcorp Inc | 3,135 | (31,941 | ) | |||||
Inter Pipeline Ltd | 1,138 | (19,735 | ) | |||||
Keyera Corp | 2,884 | (77,277 | ) | |||||
Pembina Pipeline Corp | 323 | (10,975 | ) | |||||
Peyto Exploration & Development Corp | 2,418 | (20,836 | ) | |||||
PrairieSky Royalty Ltd | 615 | (10,804 | ) | |||||
Seven Generations Energy Ltd ‘A’ | 637 | (7,595 | ) | |||||
Shopify Inc ‘A’ | 71 | (11,670 | ) | |||||
SNC-Lavalin Group Inc | 236 | (9,623 | ) | |||||
Stantec Inc | 582 | (14,477 | ) | |||||
TransCanada Corp | 5,241 | (212,050 | ) | |||||
Wheaton Precious Metals Corp | 9,519 | (166,554 | ) | |||||
WSP Global Inc | 498 | (27,255 | ) | |||||
|
| |||||||
(1,477,001 | ) | |||||||
|
| |||||||
Zambia | ||||||||
First Quantum Minerals Ltd | 16,775 | (191,043 | ) | |||||
|
| |||||||
Total Short Positions | (1,674,690 | ) | ||||||
|
| |||||||
Total Long and Short Positions | ($17,277 | ) | ||||||
|
|
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 plus or minus a specified spread (rates range from (1.250%) to 0.350%) 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, 2018:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Switzerland | ||||||||
Adecco Group AG | 2,181 | $114,649 | ||||||
Barry Callebaut AG | 5 | 9,468 | ||||||
Flughafen Zurich AG | 481 | 97,191 | ||||||
GAM Holding AG | 5,205 | 37,011 | ||||||
Georg Fischer AG | 192 | 217,472 | ||||||
Partners Group Holding AG | 18 | 14,269 | ||||||
Roche Holding AG | 177 | 42,801 | ||||||
Sika AG | 1,291 | 187,866 | ||||||
Sonova Holding AG | 354 | 70,258 | ||||||
Temenos Group AG | 3,166 | 515,654 | ||||||
|
| |||||||
1,306,639 | ||||||||
|
| |||||||
Total Long Positions | 1,306,639 | |||||||
|
|
Referenced Entity | Shares | Value | ||||||
Short Positions: | ||||||||
Austria | ||||||||
ams AG | 3,594 | ($202,287 | ) | |||||
|
| |||||||
Switzerland | ||||||||
Chocoladefabriken Lindt & Spruengli AG | 16 | (111,975 | ) | |||||
Credit Suisse Group AG | 27,239 | (408,734 | ) | |||||
Dufry AG | 617 | (69,711 | ) | |||||
Lonza Group AG | 222 | (75,945 | ) | |||||
Straumann Holding AG | 10 | (7,534 | ) | |||||
UBS Group AG | 2,352 | (37,135 | ) | |||||
Vifor Pharma AG | 2,078 | (360,264 | ) | |||||
|
| |||||||
(1,071,298 | ) | |||||||
|
| |||||||
Total Short Positions | (1,273,585 | ) | ||||||
|
| |||||||
Total Long and Short Positions | $33,054 | |||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-88
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
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 plus or minus a specified spread (rates range from (0.350%) to 0.350%) 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 |
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2018:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Denmark | ||||||||
Carlsberg AS ‘B’ | 84 | $10,074 | ||||||
Coloplast AS ‘B’ | 279 | 28,501 | ||||||
Dfds AS | 347 | 17,162 | ||||||
DSV AS | 231 | 20,991 | ||||||
GN Store Nord AS | 7,294 | 355,045 | ||||||
H Lundbeck AS | 3,741 | 230,926 | ||||||
Jyske Bank AS | 152 | 7,360 | ||||||
Novo Nordisk AS ‘B’ | 1,995 | 93,895 | ||||||
Orsted AS | 766 | 52,052 | ||||||
Rockwool International AS ‘B’ | 88 | 37,654 | ||||||
|
| |||||||
853,660 | ||||||||
|
| |||||||
Total Long Positions | 853,660 | |||||||
|
|
Referenced Entity | Shares | Value | ||||||
Short Positions: | ||||||||
Denmark | ||||||||
AP Moller-Maersk AS ‘B’ | 143 | ($200,897 | ) | |||||
Genmab AS | 1,694 | (266,080 | ) | |||||
Pandora AS | 1,321 | (82,494 | ) | |||||
|
| |||||||
(549,471 | ) | |||||||
|
| |||||||
Total Short Positions | (549,471 | ) | ||||||
|
| |||||||
Total Long and Short Positions | $304,189 | |||||||
|
|
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 plus or minus a specified spread (rates range from (12.750%) to 0.350%) 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, 2018:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Belgium | ||||||||
Ageas | 2,985 | $160,469 | ||||||
Bekaert SA | 462 | 11,479 | ||||||
bpost SA | 1,870 | 30,346 | ||||||
Solvay SA | 694 | 93,033 | ||||||
UCB SA | 2,404 | 216,033 | ||||||
|
| |||||||
511,360 | ||||||||
|
| |||||||
Finland | ||||||||
Cargotec OYJ ‘B’ | 1,238 | 55,579 | ||||||
Fortum OYJ | 2,112 | 52,930 | ||||||
Kesko OYJ ‘B’ | 2,788 | 151,252 | ||||||
Neste OYJ | 5,152 | 424,655 | ||||||
Stora Enso OYJ ‘R’ | 821 | 15,678 | ||||||
UPM-Kymmene OYJ | 1,551 | 60,829 | ||||||
|
| |||||||
760,923 | ||||||||
|
| |||||||
France | ||||||||
Aeroports de Paris | 44 | 9,907 | ||||||
Alstom SA | 537 | 24,019 | ||||||
Amundi SA | 126 | 9,436 | ||||||
Atos SE | 1,431 | 170,270 | ||||||
BioMerieux | 245 | 20,450 | ||||||
Cie Generale des Etablissements Michelin | 3,251 | 388,025 | ||||||
Cie Plastic Omnium SA | 242 | 9,125 | ||||||
CNP Assurances | 3,408 | 82,152 | ||||||
Elior Group | 501 | 7,758 | ||||||
Engie SA | 22,637 | 333,267 | ||||||
Eutelsat Communications SA | 508 | 12,002 | ||||||
Faurecia SA | 112 | 6,736 | ||||||
Hermes International | 112 | 74,203 | ||||||
Imerys SA | 119 | 8,788 |
Referenced Entity | Shares | Value | ||||||
Ipsen SA | 120 | $20,202 | ||||||
Peugeot SA | 8,465 | 228,349 | ||||||
Renault SA | 1,364 | 117,989 | ||||||
Societe BIC SA | 84 | 7,690 | ||||||
Sopra Steria Group | 55 | 8,815 | ||||||
Teleperformance | 2,373 | 447,678 | ||||||
Thales SA | 1,108 | 157,425 | ||||||
TOTAL SA | 5,564 | 361,775 | ||||||
|
| |||||||
2,506,061 | ||||||||
|
| |||||||
Germany | ||||||||
Allianz SE | 755 | 168,037 | ||||||
Aurubis AG | 2,417 | 168,681 | ||||||
Covestro AG | 6,186 | 500,739 | ||||||
Delivery Hero SE | 242 | 11,621 | ||||||
Deutsche Lufthansa AG | 10,425 | 255,869 | ||||||
Hannover Rueck SE | 102 | 14,397 | ||||||
HeidelbergCement AG | 159 | 12,419 | ||||||
Hella GmbH & Co KGaA | 172 | 9,586 | ||||||
HOCHTIEF AG | 596 | 98,802 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 177 | 39,097 | ||||||
Rheinmetall AG | 1,993 | 208,328 | ||||||
Salzgitter AG | 2,902 | 144,790 | ||||||
Schaeffler AG Preferred | 2,274 | 29,006 | ||||||
Software AG | 3,545 | 161,401 | ||||||
Suedzucker AG | 4,129 | 54,898 | ||||||
Talanx AG | 1,949 | 74,055 | ||||||
Wirecard AG | 1,191 | 257,672 | ||||||
|
| |||||||
2,209,398 | ||||||||
|
| |||||||
Italy | ||||||||
A2A SPA | 157,692 | 273,474 | ||||||
Autogrill SPA | 10,096 | 103,038 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-89
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Referenced Entity | Shares | Value | ||||||
DiaSorin SPA | 358 | $37,629 | ||||||
Eni SPA | 26,438 | 498,345 | ||||||
Hera SPA | 24,488 | 76,152 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 900 | 8,957 | ||||||
Moncler SPA | 6,520 | 280,539 | ||||||
Poste Italiane SpA | 1,601 | 12,770 | ||||||
Prysmian SPA | 1,552 | 36,034 | ||||||
Snam SpA | 2,369 | 9,851 | ||||||
UniCredit SpA | 2,711 | 40,678 | ||||||
|
| |||||||
1,377,467 | ||||||||
|
| |||||||
Luxembourg | ||||||||
APERAM SA | 837 | 38,288 | ||||||
SES SA | 5,429 | 119,133 | ||||||
|
| |||||||
157,421 | ||||||||
|
| |||||||
Netherlands | ||||||||
Aalberts Industries NV | 191 | 8,133 | ||||||
Akzo Nobel NV | 719 | 67,258 | ||||||
ASM International NV | 3,904 | 202,251 | ||||||
ASML Holding NV | 87 | 16,335 | ||||||
ASR Nederland NV | 5,951 | 283,660 | ||||||
Koninklijke Ahold Delhaize NV | 9,279 | 212,884 | ||||||
Koninklijke DSM NV | 369 | 39,082 | ||||||
NN Group NV | 3,585 | 160,007 | ||||||
Signify NV | 7,502 | 194,188 | ||||||
Wolters Kluwer NV | 517 | 32,230 | ||||||
|
| |||||||
1,216,028 | ||||||||
|
| |||||||
Portugal | ||||||||
Galp Energia SGPS SA | 606 | 12,016 | ||||||
|
| |||||||
Spain | ||||||||
Acerinox SA | 5,062 | 72,213 | ||||||
Amadeus IT Group SA | 2,198 | 203,730 | ||||||
Ebro Foods SA | 922 | 20,124 | ||||||
Enagas SA | 1,207 | 32,532 | ||||||
Endesa SA | 13,193 | 284,569 | ||||||
Mapfre SA | 3,308 | 10,347 | ||||||
Repsol SA | 27,215 | 541,777 | ||||||
|
| |||||||
1,165,292 | ||||||||
|
| |||||||
Switzerland | ||||||||
STMicroelectronics NV | 3,456 | 63,320 | ||||||
|
| |||||||
United Kingdom | ||||||||
Fiat Chrysler Automobiles NV | 406 | 7,101 | ||||||
|
| |||||||
Total Long Positions | 9,986,387 | |||||||
|
| |||||||
Short Positions: | ||||||||
Belgium | ||||||||
Anheuser-Busch InBev SA NV | 4,226 | (369,924 | ) | |||||
Telenet Group Holding NV | 2,210 | (121,769 | ) | |||||
Umicore SA | 349 | (19,495 | ) | |||||
|
| |||||||
(511,188 | ) | |||||||
|
| |||||||
Finland | ||||||||
Amer Sports OYJ | 3,253 | (132,930 | ) | |||||
Huhtamaki OYJ | 2,954 | (94,626 | ) | |||||
Metso OYJ | 227 | (8,034 | ) | |||||
Outokumpu OYJ | 8,660 | (50,786 | ) | |||||
|
| |||||||
(286,376 | ) | |||||||
|
| |||||||
France | ||||||||
Air France-KLM | 7,718 | (80,440 | ) | |||||
Altran Technologies SA | 1,766 | (15,315 | ) |
Referenced Entity | Shares | Value | ||||||
Bollore SA | 85,447 | ($369,082 | ) | |||||
Carrefour SA | 3,284 | (62,944 | ) | |||||
Edenred | 9,815 | (374,025 | ) | |||||
Electricite de France SA | 10,253 | (180,318 | ) | |||||
Getlink SE | 6,977 | (89,131 | ) | |||||
Iliad SA | 1,650 | (215,529 | ) | |||||
Ingenico Group SA | 3,582 | (272,343 | ) | |||||
JCDecaux SA | 2,431 | (88,909 | ) | |||||
Orpea | 885 | (114,491 | ) | |||||
Remy Cointreau SA | 522 | (68,079 | ) | |||||
Rexel SA | 472 | (7,090 | ) | |||||
Suez | 6,221 | (88,493 | ) | |||||
Technicolor SA | 28,806 | (34,533 | ) | |||||
Valeo SA | 2,334 | (101,064 | ) | |||||
Vivendi SA | 8,104 | (208,411 | ) | |||||
|
| |||||||
(2,370,197 | ) | |||||||
|
| |||||||
Germany | ||||||||
1&1 Drillisch AG | 568 | (27,611 | ) | |||||
Axel Springer SE | 135 | (9,076 | ) | |||||
Bayer AG | 1,333 | (118,238 | ) | |||||
Bilfinger SE | 171 | (8,627 | ) | |||||
CECONOMY AG | 2,425 | (17,143 | ) | |||||
Daimler AG | 1,464 | (92,264 | ) | |||||
Deutsche Bank AG | 44,447 | (506,238 | ) | |||||
Deutsche Telekom AG | 13,514 | (217,557 | ) | |||||
Fielmann AG | 234 | (14,080 | ) | |||||
Fraport AG Frankfurt Airport Services Worldwide | 141 | (12,448 | ) | |||||
GEA Group AG | 5,904 | (210,147 | ) | |||||
OSRAM Licht AG | 2,132 | (84,655 | ) | |||||
Puma SE | 20 | (9,868 | ) | |||||
Sartorius AG Preferred | 151 | (24,476 | ) | |||||
Siemens Healthineers AG | 315 | (13,852 | ) | |||||
thyssenkrupp AG | 5,088 | (128,352 | ) | |||||
Zalando SE | 3,595 | (139,696 | ) | |||||
|
| |||||||
(1,634,328 | ) | |||||||
|
| |||||||
Italy | ||||||||
Atlantia SpA | 797 | (16,535 | ) | |||||
Banco BPM SpA | 31,361 | (77,014 | ) | |||||
BPER Banca | 10,344 | (47,710 | ) | |||||
Buzzi Unicem SpA | 4,141 | (85,866 | ) | |||||
Davide Campari-Milano SpA | 2,623 | (22,337 | ) | |||||
Leonardo SPA | 20,989 | (252,271 | ) | |||||
Pirelli & C SpA | 1,255 | (10,515 | ) | |||||
Recordati SPA | 956 | (32,326 | ) | |||||
Saipem SpA | 5,089 | (31,267 | ) | |||||
Telecom Italia SpA/Milano | 153,058 | (92,521 | ) | |||||
Unione di Banche Italiane SpA | 30,029 | (120,173 | ) | |||||
|
| |||||||
(788,535 | ) | |||||||
|
| |||||||
Luxembourg | ||||||||
Eurofins Scientific SE | 483 | (274,793 | ) | |||||
Tenaris SA | 22,594 | (378,392 | ) | |||||
|
| |||||||
(653,185 | ) | |||||||
|
| |||||||
Netherlands | ||||||||
ALTICE EUROPE NV | 24,311 | (65,601 | ) | |||||
Boskalis Westminster | 1,784 | (56,175 | ) | |||||
Koninklijke KPN NV | 22,598 | (59,614 | ) | |||||
Koninklijke Vopak NV | 3,703 | (182,433 | ) | |||||
OCI NV | 5,194 | (166,051 | ) | |||||
SBM Offshore NV | 11,549 | (208,481 | ) | |||||
|
| |||||||
(738,355 | ) | |||||||
|
| |||||||
Spain | ||||||||
Atresmedia Corp de Medios de Comunicacion SA | 409 | (2,539 | ) | |||||
Banco Santander SA | 20,778 | (104,028 | ) | |||||
Bankia SA | 54,884 | (214,251 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-90
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Referenced Entity | Shares | Value | ||||||
Cellnex Telecom SAU | 10,777 | ($282,651 | ) | |||||
Distribuidora Internacional de Alimentacion SA | 8,123 | (18,827 | ) | |||||
Grifols SA | 6,156 | (173,093 | ) | |||||
Industria de Diseno Textil SA | 5,852 | (176,798 | ) | |||||
Telefonica SA | 17,468 | (137,793 | ) | |||||
Zardoya Otis SA | 3,050 | (28,417 | ) | |||||
|
| |||||||
(1,138,397 | ) | |||||||
|
|
Referenced Entity | Shares | Value | ||||||
United States | ||||||||
QIAGEN NV | 7,807 | ($295,671 | ) | |||||
|
| |||||||
Total Short Positions | (8,416,232 | ) | ||||||
|
| |||||||
Total Long and Short Positions | $1,570,155 | |||||||
|
|
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 plus or minus a specified spread (rates range from (2.750%) 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 | 05/01/20 |
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2018:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Japan | ||||||||
Alfresa Holdings Corp | 8,500 | $227,679 | ||||||
Amada Holdings Co Ltd | 2,300 | 24,556 | ||||||
ANA Holdings Inc | 500 | 17,467 | ||||||
Astellas Pharma Inc | 9,100 | 158,913 | ||||||
Bandai Namco Holdings Inc | 6,800 | 264,186 | ||||||
Chubu Electric Power Co Inc | 1,000 | 15,148 | ||||||
Citizen Watch Co Ltd | 1,500 | 9,885 | ||||||
CyberAgent Inc | 500 | 26,608 | ||||||
Daiichi Sankyo Co Ltd | 300 | 13,004 | ||||||
Eisai Co Ltd | 500 | 48,709 | ||||||
Fujitsu Ltd | 1,100 | 78,364 | ||||||
GungHo Online Entertainment Inc | 4,700 | 9,672 | ||||||
Hakuhodo DY Holdings Inc | 8,300 | 145,776 | ||||||
Haseko Corp | 24,700 | 320,802 | ||||||
Hitachi High-Technologies Corp | 1,300 | 44,887 | ||||||
Hitachi Ltd | 4,400 | 149,563 | ||||||
Idemitsu Kosan Co Ltd | 9,300 | 492,384 | ||||||
Inpex Corp | 19,000 | 237,397 | ||||||
ITOCHU Corp | 2,400 | 43,927 | ||||||
Itochu Techno-Solutions Corp | 12,200 | 265,047 | ||||||
Japan Airlines Co Ltd | 13,400 | 481,624 | ||||||
JFE Holdings Inc | 700 | 16,058 | ||||||
JXTG Holdings Inc | 64,200 | 485,596 | ||||||
Kajima Corp | 12,500 | 181,757 | ||||||
Kamigumi Co Ltd | 5,300 | 116,826 | ||||||
Kaneka Corp | 800 | 36,958 | ||||||
Kobayashi Pharmaceutical Co Ltd | 900 | 66,259 | ||||||
Kobe Steel Ltd | 1,500 | 13,330 | ||||||
Kose Corp | 200 | 38,109 | ||||||
Kyushu Railway Co | 500 | 15,223 | ||||||
Lion Corp | 1,100 | 24,431 | ||||||
Marubeni Corp | 1,100 | 10,060 | ||||||
Matsumotokiyoshi Holdings Co Ltd | 5,200 | 213,243 | ||||||
Medipal Holdings Corp | 7,300 | 152,510 | ||||||
Mitsubishi Gas Chemical Co Inc | 6,900 | 146,887 | ||||||
Mitsubishi Tanabe Pharma Corp | 6,600 | 110,462 | ||||||
Mitsui & Co Ltd | 500 | 8,885 | ||||||
Mitsui Chemicals Inc | 400 | 10,002 | ||||||
Mixi Inc | 2,400 | 57,565 | ||||||
Mizuho Financial Group Inc | 6,200 | 10,805 | ||||||
NHK Spring Co Ltd | 13,000 | 135,192 | ||||||
Nikon Corp | 2,400 | 45,099 | ||||||
Nippon Express Co Ltd | 3,700 | 242,993 | ||||||
Nippon Shinyaku Co Ltd | 700 | 45,921 | ||||||
Nippon Shokubai Co Ltd | 900 | 69,929 | ||||||
NOK Corp | 400 | 6,866 | ||||||
Nomura Research Institute Ltd | 300 | 15,149 | ||||||
Obayashi Corp | 22,900 | 216,893 | ||||||
Obic Co Ltd | 100 | 9,458 | ||||||
Oji Holdings Corp | 1,000 | 7,262 |
Referenced Entity | Shares | Value | ||||||
Ono Pharmaceutical Co Ltd | 800 | $22,645 | ||||||
Oracle Corp Japan | 2,000 | 161,145 | ||||||
Osaka Gas Co Ltd | 1,200 | 23,432 | ||||||
Otsuka Corp | 5,400 | 201,420 | ||||||
Persol Holdings Co Ltd | 4,000 | 93,882 | ||||||
Pigeon Corp | 200 | 11,271 | ||||||
Pola Orbis Holdings Inc | 5,400 | 197,225 | ||||||
Rinnai Corp | 100 | 7,624 | ||||||
Rohm Co Ltd | 100 | 7,316 | ||||||
Sankyo Co Ltd | 200 | 7,824 | ||||||
SCSK Corp | 800 | 37,793 | ||||||
Sega Sammy Holdings Inc | 9,600 | 141,555 | ||||||
Sekisui Chemical Co Ltd | 900 | 16,597 | ||||||
SG Holdings Co Ltd | 300 | 7,859 | ||||||
Shimamura Co Ltd | 100 | 9,486 | ||||||
Shimizu Corp | 1,300 | 11,869 | ||||||
Shinsei Bank Ltd | 500 | 8,169 | ||||||
Sojitz Corp | 20,600 | 74,336 | ||||||
Square Enix Holdings Co Ltd | 10,000 | 413,465 | ||||||
Stanley Electric Co Ltd | 200 | 6,838 | ||||||
Sugi Holdings Co Ltd | 200 | 9,823 | ||||||
Sumitomo Chemical Co Ltd | 2,000 | 11,705 | ||||||
Sumitomo Dainippon Pharma Co Ltd | 900 | 20,670 | ||||||
Sumitomo Heavy Industries Ltd | 1,200 | 42,830 | ||||||
Sundrug Co Ltd | 200 | 7,137 | ||||||
Suruga Bank Ltd | 2,100 | 10,500 | ||||||
Suzuken Co Ltd | 3,700 | 175,562 | ||||||
Taiheiyo Cement Corp | 2,800 | 87,816 | ||||||
Taisei Corp | 7,300 | 332,759 | ||||||
Taisho Pharmaceutical Holdings Co Ltd | 100 | 12,233 | ||||||
The Chugoku Bank Ltd | 800 | 8,146 | ||||||
The Gunma Bank Ltd | 8,600 | 44,268 | ||||||
The Hachijuni Bank Ltd | 7,600 | 34,835 | ||||||
The Hiroshima Bank Ltd | 1,600 | 10,827 | ||||||
The Iyo Bank Ltd | 1,300 | 8,123 | ||||||
Tokyo Broadcasting System Holdings Inc | 3,500 | 72,882 | ||||||
Tokyo Electric Power Co Holdings Inc | 7,700 | 37,838 | ||||||
Tokyo Gas Co Ltd | 1,500 | 36,897 | ||||||
Toppan Printing Co Ltd | 500 | 8,027 | ||||||
Tosoh Corp | 7,900 | 121,675 | ||||||
Toyo Suisan Kaisha Ltd | 3,000 | 116,467 | ||||||
Toyoda Gosei Co Ltd | 800 | 19,757 | ||||||
Toyota Boshoku Corp | 6,700 | 125,218 | ||||||
Toyota Tsusho Corp | 400 | 15,103 | ||||||
|
| |||||||
8,418,175 | ||||||||
|
| |||||||
Total Long Positions | 8,418,175 | |||||||
|
| |||||||
Short Positions: | ||||||||
Japan | ||||||||
Aeon Co Ltd | 13,300 | (320,468 | ) | |||||
AEON Financial Service Co Ltd | 6,100 | (126,337 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-91
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Referenced Entity | Shares | Value | ||||||
Asics Corp | 11,500 | ($171,508 | ) | |||||
Calbee Inc | 7,600 | (250,239 | ) | |||||
Casio Computer Co Ltd | 2,000 | (32,691 | ) | |||||
Daifuku Co Ltd | 500 | (25,482 | ) | |||||
Daiwa Securities Group Inc | 2,600 | (15,813 | ) | |||||
Denso Corp | 300 | (15,848 | ) | |||||
Don Quijote Holdings Co Ltd | 900 | (45,543 | ) | |||||
Electric Power Development Co Ltd | 300 | (8,304 | ) | |||||
FamilyMart UNY Holdings Co Ltd | 1,396 | (145,467 | ) | |||||
Fast Retailing Co Ltd | 200 | (101,320 | ) | |||||
Hamamatsu Photonics KK | 2,904 | (115,656 | ) | |||||
Hokuriku Electric Power Co | 13,400 | (137,283 | ) | |||||
Isetan Mitsukoshi Holdings Ltd | 17,200 | (211,164 | ) | |||||
Japan Airport Terminal Co Ltd | 300 | (13,647 | ) | |||||
Japan Post Insurance Co Ltd | 500 | (11,854 | ) | |||||
Japan Tobacco Inc | 600 | (15,668 | ) | |||||
JGC Corp | 800 | (18,345 | ) | |||||
Kakaku.com Inc | 3,500 | (68,383 | ) | |||||
Kansai Paint Co Ltd | 6,000 | (110,581 | ) | |||||
Keihan Holdings Co Ltd | 2,200 | (84,017 | ) | |||||
Keikyu Corp | 9,100 | (165,856 | ) | |||||
Keio Corp | 2,500 | (136,834 | ) | |||||
Keyence Corp | 300 | (174,266 | ) | |||||
Kikkoman Corp | 3,100 | (184,626 | ) | |||||
Kintetsu Group Holdings Co Ltd | 3,700 | (148,803 | ) | |||||
Konica Minolta Inc | 3,100 | (32,990 | ) | |||||
Kyushu Electric Power Co Inc | 1,200 | (14,504 | ) | |||||
LINE Corp | 1,800 | (75,834 | ) | |||||
M3 Inc | 1,200 | (27,214 | ) | |||||
Marui Group Co Ltd | 18,753 | (462,709 | ) | |||||
Mitsubishi Logistics Corp | 5,200 | (134,327 | ) | |||||
Mitsubishi UFJ Lease & Finance Co Ltd | 1,600 | (9,417 | ) | |||||
Nagoya Railroad Co Ltd | 4,200 | (104,010 | ) | |||||
Nankai Electric Railway Co Ltd | 1,900 | (47,735 | ) | |||||
NGK Spark Plug Co Ltd | 10,400 | (303,156 | ) |
Referenced Entity | Shares | Value | ||||||
Nidec Corp | 500 | ($71,898 | ) | |||||
Nintendo Co Ltd | 800 | (291,067 | ) | |||||
Nippon Paint Holdings Co Ltd | 7,000 | (261,283 | ) | |||||
NSK Ltd | 800 | (9,170 | ) | |||||
Odakyu Electric Railway Co Ltd | 9,200 | (217,644 | ) | |||||
Orient Corp | 4,900 | (7,201 | ) | |||||
Rakuten Inc | 900 | (6,895 | ) | |||||
Ricoh Co Ltd | 35,400 | (380,358 | ) | |||||
Seven Bank Ltd | 19,000 | (60,009 | ) | |||||
Shikoku Electric Power Co Inc | 11,700 | (152,870 | ) | |||||
Shimano Inc | 2,100 | (338,622 | ) | |||||
SoftBank Group Corp | 2,400 | (239,759 | ) | |||||
Sompo Holdings Inc | 400 | (17,043 | ) | |||||
Sony Financial Holdings Inc | 13,400 | (295,498 | ) | |||||
Suzuki Motor Corp | 5,500 | (315,211 | ) | |||||
Sysmex Corp | 300 | (25,870 | ) | |||||
T&D Holdings Inc | 11,800 | (194,872 | ) | |||||
TDK Corp | 2,000 | (217,918 | ) | |||||
Terumo Corp | 200 | (11,837 | ) | |||||
The Bank of Kyoto Ltd | 2,300 | (120,052 | ) | |||||
The Chugoku Electric Power Co Inc | 13,200 | (169,632 | ) | |||||
The Yokohama Rubber Co Ltd | 3,000 | (64,662 | ) | |||||
Tokio Marine Holdings Inc | 3,000 | (148,930 | ) | |||||
Toray Industries Inc | 1,600 | (12,005 | ) | |||||
Toyota Industries Corp | 200 | (11,837 | ) | |||||
Toyota Motor Corp | 3,800 | (236,751 | ) | |||||
Yamaha Corp | 1,900 | (100,677 | ) | |||||
Yamato Holdings Co Ltd | 5,700 | (175,013 | ) | |||||
Yaskawa Electric Corp | 7,200 | (213,848 | ) | |||||
|
| |||||||
(8,436,331 | ) | |||||||
|
| |||||||
Total Short Positions | (8,436,331 | ) | ||||||
|
| |||||||
Total Long and Short Positions | ($18,156 | ) | ||||||
|
|
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 plus or minus a specified spread (rates range from (0.350%) to 0.350%) 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, 2018:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Norway | ||||||||
Equinor ASA | 7,308 | $205,474 | ||||||
Leroy Seafood Group ASA | 16,001 | 130,583 | ||||||
Norsk Hydro ASA | 10,978 | 65,834 | ||||||
Orkla ASA | 3,118 | 26,344 | ||||||
Salmar ASA | 3,968 | 198,229 | ||||||
Telenor ASA | 396 | 7,744 | ||||||
|
| |||||||
634,208 | ||||||||
|
| |||||||
Total Long Positions | 634,208 | |||||||
|
|
Referenced Entity | Shares | Value | ||||||
Short Position: | ||||||||
Norway | ||||||||
Gjensidige Forsikring ASA | 481 | ($8,107 | ) | |||||
Schibsted ASA ‘A’ | 8,573 | (321,809 | ) | |||||
|
| |||||||
(329,916 | ) | |||||||
|
| |||||||
United Kingdom | ||||||||
Subsea 7 SA | 506 | (7,462 | ) | |||||
|
| |||||||
Total Short Position | (337,378 | ) | ||||||
|
| |||||||
Total Long and Short Positions | $296,830 | |||||||
|
|
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 plus or minus a specified spread (rates range from (0.500%) to 0.350%) 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 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-92
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
The following table represents the individual long and short positions and related values within the total return basket swap as of September 30, 2018:
Referenced Entity | Shares | Value | ||||||
Long Positions: | ||||||||
Malta | ||||||||
Kindred Group PLC SDR | 13,774 | $154,402 | ||||||
|
| |||||||
Sweden | ||||||||
Axfood AB | 1,291 | 24,164 | ||||||
Boliden AB | 14,252 | 396,360 | ||||||
Electrolux AB ‘B’ | 3,517 | 77,477 | ||||||
Elekta AB ‘B’ | 3,138 | 42,192 | ||||||
Epiroc AB ‘A’ | 571 | 6,380 | ||||||
Essity AB ‘B’ | 533 | 13,379 | ||||||
Holmen AB ‘B’ | 741 | 19,264 | ||||||
NCC AB ‘B’ | 5,192 | 91,859 | ||||||
Sandvik AB | 2,720 | 48,156 | ||||||
Securitas AB ‘B’ | 749 | 13,022 | ||||||
SSAB AB ‘A’ | 9,244 | 46,398 | ||||||
Svenska Cellulosa AB SCA ‘B’ | 4,231 | 47,850 | ||||||
Swedish Match AB | 864 | 44,164 | ||||||
Swedish Orphan Biovitrum AB | 4,065 | 118,921 | ||||||
Volvo AB ‘B’ | 8,795 | 155,117 | ||||||
|
| |||||||
1,144,703 | ||||||||
|
| |||||||
Total Long Positions | 1,299,105 | |||||||
|
|
Referenced Entity | Shares | Value | ||||||
Short Positions: | ||||||||
Colombia | ||||||||
Millicom International Cellular SA SDR | 1,884 | ($108,049 | ) | |||||
|
| |||||||
Sweden | ||||||||
Getinge AB ‘B’ | 7,217 | (82,882 | ) | |||||
Hexpol AB | 2,518 | (27,708 | ) | |||||
Svenska Handelsbanken AB ‘A’ | 9,091 | (114,652 | ) | |||||
Tele2 AB ‘B’ | 1,450 | (17,427 | ) | |||||
Telefonaktiebolaget LM Ericsson ‘B’ | 100,528 | (889,753 | ) | |||||
|
| |||||||
(1,132,422 | ) | |||||||
|
| |||||||
Total Short Positions | (1,240,471 | ) | ||||||
|
| |||||||
Total Long and Short Positions | $58,634 | |||||||
|
| |||||||
Total Basket Swaps | $7,146,632 | |||||||
|
|
Total Return Swaps – Long
Receive | Pay | Payment Frequency | Counter- Party | Expiration Date | Number of Contracts | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
MSCI Canada Index appreciation | MSCI Canada Index depreciation | M | JPM | 12/19/18 | 96 | $480,899 | $2,806 | $— | $2,806 | |||||||||||||||||||||||||
MSCI Hong Kong Index appreciation | MSCI Hong Kong Index depreciation | M | JPM | 12/19/18 | 23 | 246,084 | 3,157 | — | 3,157 | |||||||||||||||||||||||||
MSCI Italy Index appreciation | MSCI Italy Index depreciation | M | JPM | 12/19/18 | 922 | 105,325 | (522 | ) | — | (522 | ) | |||||||||||||||||||||||
MSCI Japan Index appreciation | MSCI Japan Index depreciation | M | JPM | 12/19/18 | 12,388 | 228,502 | 12,290 | — | 12,290 | |||||||||||||||||||||||||
Swiss Market Index appreciation | Swiss Market Index depreciation | M | GSC | 12/21/18 | 4 | 369,573 | 6,095 | — | 6,095 | |||||||||||||||||||||||||
Swiss Market Index appreciation | Swiss Market Index depreciation | M | MSC | 12/21/18 | 3 | 277,135 | 4,571 | — | 4,571 | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||
$28,397 | $— | $28,397 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||
Total Swap Agreements | $631,834 | |||||||||||||||||||||||||||||||||
|
|
Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps
Upfront Premium Paid (Received) | Unrealized Appreciation (Deprecation) | |||||||
OTC Swap Agreements | ||||||||
Assets | $— | $1,731,813 | ||||||
Liabilities | — | (1,099,979 | ) | |||||
|
|
|
| |||||
$— | $631,834 | |||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-93
Table of Contents
PACIFIC FUNDS
PF EQUITY LONG/SHORT FUND
Schedule of Investments (Continued)
September 30, 2018 (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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Short-Term Investments | $41,450,879 | $8,557,714 | $32,893,165 | $— | |||||||||||||
Derivatives: | ||||||||||||||||||
Equity Contracts | ||||||||||||||||||
Futures | 279,861 | 279,861 | — | — | ||||||||||||||
Swaps | 1,731,813 | — | 1,731,813 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Equity Contracts | 2,011,674 | 279,861 | 1,731,813 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 34,229 | — | 34,229 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Asset — Derivatives | 2,045,903 | 279,861 | 1,766,042 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 43,496,782 | 8,837,575 | 34,659,207 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Equity Contracts | ||||||||||||||||||
Futures | (324 | ) | (324 | ) | — | — | ||||||||||||
Swaps | (1,099,979 | ) | — | (1,099,979 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Equity Contracts | (1,100,303 | ) | (324 | ) | (1,099,979 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (65,973 | ) | — | (65,973 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities — Derivatives | (1,166,276 | ) | (324 | ) | (1,165,952 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (1,166,276 | ) | (324 | ) | (1,165,952 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $42,330,506 | $8,837,251 | $33,493,255 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-94
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments
September 30, 2018 (Unaudited)
| Value | |||||||
COMMON STOCKS - 6.9% | ||||||||
Cyprus - 0.5% | ||||||||
Bank of Cyprus Holdings PLC * | 104,173 | $266,090 | ||||||
|
| |||||||
Iceland - 2.8% | ||||||||
Arion Banki HF ~ | 223,470 | 175,397 | ||||||
Eik fasteignafelag HF * | 1,514,000 | 106,060 | ||||||
Eimskipafelag Islands HF | 93,300 | 177,572 | ||||||
Hagar HF | 618,250 | 260,195 | ||||||
Kvika Banki HF * | 78,656 | 5,570 | ||||||
N1 HF * | 94,600 | 100,706 | ||||||
Reginn HF * | 719,300 | 120,700 | ||||||
Reitir fasteignafelag HF | 360,629 | 246,774 | ||||||
Siminn HF | 7,044,100 | 248,477 | ||||||
Sjova-Almennar Tryggingar HF | 782,568 | 98,908 | ||||||
Tryggingamidstodin HF | 182,200 | 49,189 | ||||||
Vatryggingafelag Islands HF | 213,612 | 21,324 | ||||||
|
| |||||||
1,610,872 | ||||||||
|
| |||||||
Japan - 1.1% | ||||||||
Mitsubishi UFJ Financial Group Inc | 33,400 | 207,504 | ||||||
Mizuho Financial Group Inc | 69,600 | 121,299 | ||||||
Resona Holdings Inc | 9,500 | 53,337 | ||||||
Sumitomo Mitsui Financial Group Inc | 4,100 | 165,000 | ||||||
Sumitomo Mitsui Trust Holding Inc | 2,100 | 86,408 | ||||||
|
| |||||||
633,548 | ||||||||
|
| |||||||
Myanmar - 0.3% | ||||||||
Yoma Strategic Holdings Ltd | 980,467 | 189,884 | ||||||
|
| |||||||
Serbia - 0.1% | ||||||||
Komercijalna Banka AD Beograd * | 1,991 | 37,514 | ||||||
|
| |||||||
South Korea - 0.7% | ||||||||
Hana Financial Group Inc | 430 | 17,266 | ||||||
Hyundai Mobis Co Ltd | 104 | 21,377 | ||||||
Hyundai Motor Co | 188 | 21,945 | ||||||
KB Financial Group Inc | 419 | 20,407 | ||||||
KT&G Corp | 130 | 12,188 | ||||||
LG Chem Ltd | 44 | 14,496 | ||||||
LG Electronics Inc | 160 | 10,238 | ||||||
LG Household & Health Care Ltd | 16 | 18,402 | ||||||
Lotte Corp l * | — | 35 | ||||||
Lotte Shopping Co Ltd l | — | 29 | ||||||
NAVER Corp | 46 | 29,691 | ||||||
POSCO | 58 | 15,396 | ||||||
S-Oil Corp | 120 | 14,823 | ||||||
Samsung Biologics Co Ltd * ~ | 39 | 18,768 | ||||||
Samsung C&T Corp | 160 | 18,671 | ||||||
Samsung Electronics Co Ltd | 1,250 | 52,314 | ||||||
Samsung Life Insurance Co Ltd | 180 | 15,789 | ||||||
Samsung SDI Co Ltd | 126 | 29,344 | ||||||
Samsung SDS Co Ltd | 94 | 19,572 | ||||||
SK Hynix Inc | 363 | 24,015 | ||||||
SK Telecom Co Ltd | 100 | 25,353 | ||||||
|
| |||||||
400,119 | ||||||||
|
| |||||||
Vietnam - 1.4% | ||||||||
Bank for Foreign Trade of Vietnam JSC | 19,050 | 51,464 | ||||||
Bank for Investment and Development of Vietnam JSC * | 12,200 | 18,424 | ||||||
Bao Viet Holdings | 4,100 | 17,221 | ||||||
Binh Minh Plastics JSC | 6,600 | 17,966 | ||||||
Coteccons Construction JSC | 3,400 | 24,190 | ||||||
Danang Rubber JSC | 1,800 | 2,121 | ||||||
Domesco Medical Import Export JSC | 6,200 | 22,219 |
| Value | |||||||
HA TIEN 1 Cement JSC | 5,600 | $3,599 | ||||||
Ho Chi Minh City Infrastructure Investment JSC * | 17,410 | 20,260 | ||||||
Hoa Phat Group JSC * | 26,320 | 47,721 | ||||||
Hoa Sen Group | 4,070 | 2,206 | ||||||
KIDO Group Corp | 9,700 | 11,955 | ||||||
Kinh Bac City Development Share Holding Corp * | 13,300 | 7,241 | ||||||
Masan Group Corp * | 16,900 | 67,256 | ||||||
PetroVietnam Drilling & Well Services JSC * | 6,800 | 6,044 | ||||||
Petrovietnam Fertilizer & Chemicals JSC | 10,000 | 8,316 | ||||||
PetroVietnam Gas JSC | 4,300 | 21,350 | ||||||
PetroVietnam Nhon Trach 2 Power JSC | 19,840 | 22,411 | ||||||
PetroVietnam Technical Services Corp | 16,300 | 16,230 | ||||||
Pha Lai Thermal Power JSC | 5,700 | 4,915 | ||||||
Refrigeration Electrical Engineering Corp | 10,500 | 16,610 | ||||||
Saigon - Hanoi Commercial Joint Stock Bank * | 24,510 | 9,561 | ||||||
Saigon Securities Inc | 17,300 | 24,832 | ||||||
Saigon Thuong Tin Commercial JSB * | 38,500 | 22,277 | ||||||
Tan Tao Investment & Industry JSC * | 27,800 | 3,351 | ||||||
Viet Capital Securities JSC | 7,560 | 21,039 | ||||||
Viet Nam Construction and Import-Export JSC | 8,000 | 6,586 | ||||||
Vietnam Dairy Products JSC | 12,288 | 72,278 | ||||||
Vietnam Joint Stock Commercial Bank for Industry and Trade | 3,900 | 4,607 | ||||||
Vietnam Technological & Commercial Joint Stock Bank * W | 17,400 | 23,156 | ||||||
Vingroup JSC * | 47,577 | 200,058 | ||||||
|
| |||||||
797,464 | ||||||||
|
| |||||||
Total Common Stocks | 3,935,491 | |||||||
|
| |||||||
Principal | ||||||||
CORPORATE BONDS & NOTES - 3.3% | ||||||||
Argentina - 0.4% | ||||||||
Banco Hipotecario SA | ARS 5,110,000 | 107,749 | ||||||
YPF SA | $372,000 | 137,683 | ||||||
|
| |||||||
245,432 | ||||||||
|
| |||||||
China - 2.0% | ||||||||
21Vianet Group Inc | 200,000 | 196,494 | ||||||
China Evergrande Group | 200,000 | 179,799 | ||||||
eHi Car Services Ltd | 200,000 | 180,016 | ||||||
Logan Property Holdings Co Ltd | 200,000 | 175,309 | ||||||
Times China Holdings Ltd | 200,000 | 191,778 | ||||||
Zoomlion HK SPV Co Ltd | 200,000 | 191,572 | ||||||
|
| |||||||
1,114,968 | ||||||||
|
| |||||||
Ecuador - 0.1% | ||||||||
EP PetroEcuador | 65,789 | 65,888 | ||||||
|
| |||||||
Honduras - 0.5% | ||||||||
Inversiones Atlantida SA | 250,000 | 258,625 | ||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-95
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal | Value | |||||||
India - 0.3% | ||||||||
ABJA Investment Co Pte Ltd | $200,000 | $181,634 | ||||||
|
| |||||||
Total Corporate Bonds & Notes | 1,866,547 | |||||||
|
| |||||||
SENIOR LOAN NOTES - 0.7% |
| |||||||
Barbados - 0.5% | ||||||||
Barbados Government | 800,000 | 267,040 | ||||||
|
| |||||||
Kenya - 0.2% | ||||||||
Republic of Kenya | 114,000 | 114,285 | ||||||
|
| |||||||
Total Senior Loan Notes | 381,325 | |||||||
|
| |||||||
MORTGAGE-BACKED SECURITIES - 2.0% |
| |||||||
United States - 2.0% | ||||||||
Fannie Mae (IO) | ||||||||
3.000% due 04/25/48 | 617,782 | 118,989 | ||||||
3.934% (6.150% - USD LIBOR) | 1,432,366 | 161,713 | ||||||
4.000% due 08/25/48 | 2,560,596 | 611,087 | ||||||
Fannie Mae Interest Strip (IO) | 592,719 | 131,237 | ||||||
Freddie Mac Strips (IO) | 413,978 | 89,732 | ||||||
|
| |||||||
1,112,758 | ||||||||
|
| |||||||
Total Mortgage-Backed Securities | 1,112,758 | |||||||
|
| |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 53.1% |
| |||||||
Albania - 1.8% | ||||||||
Albania Government | EUR 804,000 | 1,019,644 | ||||||
|
| |||||||
Angola - 0.4% | ||||||||
Angolan Government International Bond | $200,000 | 207,314 | ||||||
|
| |||||||
Argentina - 3.6% | ||||||||
Argentine Republic Government International Bond | ||||||||
6.250% due 11/09/47 | EUR 1,228,000 | 1,095,175 | ||||||
6.875% due 01/11/48 | $726,000 | 562,650 | ||||||
Autonomous City of Buenos Aires | ARS 662,000 | 13,269 | ||||||
Bonos De La Nacion Argentina En Moneda Dua | $211,610 | 205,706 | ||||||
Provincia de Buenos Aires | ||||||||
49.065% (ARS Deposit + 3.830%) due 05/31/22 § | ARS 4,209,000 | 91,293 | ||||||
52.752% (ARS Deposit + 3.750%) due 04/12/25 § ~ | 3,024,000 | 71,590 | ||||||
|
| |||||||
2,039,683 | ||||||||
|
|
Principal | Value | |||||||
Bahrain - 2.0% | ||||||||
Bahrain Government International Bond | ||||||||
6.125% due 08/01/23 ~ | $380,000 | $386,811 | ||||||
7.000% due 10/12/28 ~ | 390,000 | 388,128 | ||||||
7.500% due 09/20/47 ~ | 380,000 | 367,597 | ||||||
|
| |||||||
1,142,536 | ||||||||
|
| |||||||
Barbados - 0.5% | ||||||||
Barbados Government | ||||||||
6.625% due 12/05/35 Y ~ | 421,000 | 219,846 | ||||||
7.000% due 08/04/22 Y ~ | 145,000 | 77,097 | ||||||
|
| |||||||
296,943 | ||||||||
|
| |||||||
Dominican Republic - 3.1% | ||||||||
Dominican Republic | DOP 88,400,000 | 1,761,396 | ||||||
|
| |||||||
El Salvador - 3.2% | ||||||||
El Salvador Government | ||||||||
5.875% due 01/30/25 ~ | $163,000 | 152,540 | ||||||
6.375% due 01/18/27 ~ | 194,000 | 182,360 | ||||||
8.250% due 04/10/32 ~ | 463,000 | 473,130 | ||||||
8.625% due 02/28/29 ~ | 971,000 | 1,029,260 | ||||||
|
| |||||||
1,837,290 | ||||||||
|
| |||||||
Iceland - 0.8% | ||||||||
Iceland Rikisbref | ISK 50,183,769 | 477,978 | ||||||
|
| |||||||
Indonesia - 1.4% | ||||||||
Indonesia Treasury Bond | ||||||||
6.125% due 05/15/28 | IDR 9,957,000,000 | 582,159 | ||||||
7.000% due 05/15/27 | 3,422,000,000 | 212,992 | ||||||
|
| |||||||
795,151 | ||||||||
|
| |||||||
Macedonia - 4.1% | ||||||||
Macedonia Government | ||||||||
2.750% due 01/18/25 ~ | EUR 140,000 | 160,684 | ||||||
3.975% due 07/24/21 ~ | 1,773,000 | 2,189,731 | ||||||
|
| |||||||
2,350,415 | ||||||||
|
| |||||||
New Zealand - 3.6% | ||||||||
New Zealand Government | NZD 2,652,993 | 2,068,729 | ||||||
|
| |||||||
Peru - 4.0% | ||||||||
Peru Government | ||||||||
5.700% due 08/12/24 | PEN 3,054,000 | 965,248 | ||||||
6.350% due 08/12/28 | 628,000 | 200,299 | ||||||
8.200% due 08/12/26 | 3,126,000 | 1,119,008 | ||||||
|
| |||||||
2,284,555 | ||||||||
|
| |||||||
Saudi Arabia - 1.8% | ||||||||
Saudi Government | ||||||||
4.625% due 10/04/47 ~ | $200,000 | 193,229 | ||||||
5.000% due 04/17/49 ~ | 800,000 | 813,800 | ||||||
|
| |||||||
1,007,029 | ||||||||
|
| |||||||
Serbia - 14.7% | ||||||||
Serbia Treasury | ||||||||
5.750% due 07/21/23 | RSD 545,500,000 | 5,834,286 | ||||||
5.875% due 02/08/28 | 223,980,000 | 2,384,717 | ||||||
10.000% due 09/11/21 | 10,270,000 | 119,277 | ||||||
|
| |||||||
8,338,280 | ||||||||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-96
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Principal | Value | |||||||
Sri Lanka - 7.1% | ||||||||
Sri Lanka Government | ||||||||
9.000% due 05/01/21 | LKR 5,000,000 | $28,756 | ||||||
9.250% due 05/01/20 | 71,020,000 | 415,743 | ||||||
9.450% due 10/15/21 | 47,000,000 | 271,089 | ||||||
10.000% due 10/01/22 | 220,100,000 | 1,268,564 | ||||||
10.000% due 03/15/23 | 19,000,000 | 109,862 | ||||||
10.200% due 07/15/23 | 24,000,000 | 140,132 | ||||||
10.250% due 03/15/25 | 3,360,000 | 19,295 | ||||||
10.600% due 07/01/19 | 2,630,000 | 15,706 | ||||||
10.750% due 03/01/21 | 88,000,000 | 522,947 | ||||||
11.000% due 08/01/21 | 9,270,000 | 55,556 | ||||||
11.000% due 08/01/24 | 15,000,000 | 88,668 | ||||||
11.000% due 08/01/25 | 5,000,000 | 29,753 | ||||||
11.000% due 06/01/26 | 77,800,000 | 461,742 | ||||||
11.200% due 07/01/22 | 15,380,000 | 92,837 | ||||||
11.400% due 01/01/24 | 33,000,000 | 200,202 | ||||||
11.500% due 12/15/21 | 15,000,000 | 91,605 | ||||||
11.500% due 08/01/26 | 9,000,000 | 54,053 | ||||||
11.500% due 09/01/28 | 26,000,000 | 155,659 | ||||||
|
| |||||||
4,022,169 | ||||||||
|
| |||||||
Tunisia - 0.5% | ||||||||
Banque Centrale de Tunisie International Bond | EUR 260,000 | 296,771 | ||||||
|
| |||||||
Turkey - 0.5% | ||||||||
Turkey Government International Bond | $291,000 | 263,067 | ||||||
|
| |||||||
Total Foreign Government Bonds & Notes | 30,208,950 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS - 26.3% | ||||||||
Foreign Government Issues - 10.5% | ||||||||
Argentina Treasury Bills (Argentina) | ARS 7,515,000 | 175,726 | ||||||
Egypt Treasury Bills (Egypt) | ||||||||
(3.935%) due 10/02/18 | EGP 5,600,000 | 312,569 | ||||||
11.272% due 10/16/18 | 3,850,000 | 213,840 | ||||||
16.961% due 12/18/18 | 1,700,000 | 91,703 | ||||||
17.868% due 01/08/19 | 2,850,000 | 152,036 | ||||||
18.580% due 01/15/19 | 3,325,000 | 176,505 | ||||||
18.643% due 07/23/19 | 5,125,000 | 248,971 | ||||||
18.823% due 01/29/19 | 2,500,000 | 131,756 | ||||||
19.470% due 04/23/19 | 3,725,000 | 188,104 | ||||||
19.769% due 04/16/19 | 11,950,000 | 604,687 | ||||||
19.773% due 04/02/19 | 8,975,000 | 457,294 | ||||||
Nigeria OMO Bill (Nigeria) | ||||||||
12.834% due 01/17/19 | NGN 54,065,000 | 143,024 | ||||||
13.388% due 01/10/19 | 109,388,000 | 289,651 | ||||||
14.201% due 11/22/18 | 39,451,000 | 106,130 | ||||||
14.808% due 10/18/18 | 37,412,000 | 101,908 | ||||||
15.385% due 10/11/18 | 21,977,000 | 60,014 | ||||||
Nigeria Treasury Bills (Nigeria) | ||||||||
2.996% due 10/04/18 | 40,519,000 | 111,089 | ||||||
2.996% due 10/04/18 | 25,301,000 | 69,367 | ||||||
10.921% due 10/18/18 | 23,154,000 | 63,177 | ||||||
10.921% due 10/18/18 | 32,011,000 | 87,344 | ||||||
12.083% due 11/01/18 | 108,182,000 | 293,741 | ||||||
12.834% due 01/17/19 | 149,876,000 | 396,484 | ||||||
12.910% due 11/29/18 | 27,224,000 | 73,188 | ||||||
12.910% due 11/29/18 | 9,210,000 | 24,760 | ||||||
14.026% due 12/06/18 | 132,477,000 | 354,675 | ||||||
14.223% due 11/08/18 | 125,848,000 | 340,274 | ||||||
14.223% due 11/08/18 | 79,141,000 | 213,985 | ||||||
14.296% due 11/01/18 | 116,069,000 | 314,617 | ||||||
14.456% due 10/25/18 | 66,098,000 | 179,608 | ||||||
|
| |||||||
5,976,227 | ||||||||
|
|
| Value | |||||||
Money Market Fund - 11.4% | ||||||||
BlackRock Liquidity Funds T-Fund Portfolio | 6,495,112 | $6,495,112 | ||||||
|
| |||||||
Principal | ||||||||
U.S. Treasury Bills - 4.4% | ||||||||
1.900% due 10/11/18 ‡ | $1,250,000 | 1,249,291 | ||||||
2.043% due 11/01/18 ‡ | 1,250,000 | 1,247,785 | ||||||
|
| |||||||
2,497,076 | ||||||||
|
| |||||||
Total Short-Term Investments | 14,968,415 | |||||||
|
| |||||||
TOTAL INVESTMENTS - 92.3% | 52,473,486 | |||||||
DERIVATIVES - 0.7% | ||||||||
(See Notes (f) through (j) in Notes to Schedule of Investments) |
| (60,931 | ) | |||||
|
| |||||||
OTHER ASSETS & LIABILITIES, NET - 7.0% |
| 4,445,399 | ||||||
|
| |||||||
NET ASSETS - 100.0% | $56,857,954 | |||||||
|
|
Notes to Schedule of Investments
(a) | As of September 30, 2018, the Fund’s composition as a percentage of net assets was as follows: |
Foreign Government Bonds & Notes | 53.1% | |||
Short-Term Investments | 26.3% | |||
Common Stocks | 6.9% | |||
Corporate Bonds & Notes | 3.3% | |||
Others (each less than 3.0%) | 2.7% | |||
|
| |||
92.3% | ||||
Derivatives | 0.7% | |||
Other Assets & Liabilities, Net | 7.0% | |||
|
| |||
100.0% | ||||
|
|
(b) | As of September 30, 2018, the fund’s composition by country of risk as a percentage of net assets as follows: |
United States (Includes Short-Term Investments) | 17.8% | |||
Serbia | 14.8% | |||
Sri Lanka | 7.1% | |||
Nigeria | 5.7% | |||
Egypt | 4.5% | |||
Argentina | 4.3% | |||
Macedonia | 4.1% | |||
Peru | 4.0% | |||
Iceland | 3.6% | |||
New Zealand | 3.6% | |||
El Salvador | 3.2% | |||
Dominican Republic | 3.1% | |||
Others (each less than 3.0%) | 16.5% | |||
|
| |||
92.3% | ||||
Derivatives | 0.7% | |||
Other Assets & Liabilities, Net | 7.0% | |||
|
| |||
100.0% | ||||
|
|
(c) | Investments with a total aggregate value of $290,196 or 0.5% 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) | Investments with a total aggregate value of $563,983 or 1.0% of the Fund’s net assets were in default as of September 30, 2018. |
(e) | As of September 30, 2018, investments with a total aggregate value of $1,058,304 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts, forward foreign currency contracts, option contracts and swap agreements. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-97
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
(f) | Open futures contracts outstanding as of September 30, 2018 were as follows: |
Long Futures Outstanding | Expiration Month | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) | |||||||||||||
Euribor | 09/19 | 121 | $35,189,095 | $35,184,955 | ($4,140 | ) | ||||||||||||
Eurodollar | 12/18 | 68 | 16,577,004 | 16,547,800 | (29,204 | ) | ||||||||||||
|
| |||||||||||||||||
(33,344 | ) | |||||||||||||||||
|
| |||||||||||||||||
Short Futures Outstanding | �� | |||||||||||||||||
Euribor | 09/20 | 121 | 35,064,509 | 35,046,224 | 18,285 | |||||||||||||
Eurodollar | 12/19 | 68 | 16,526,946 | 16,466,200 | 60,746 | |||||||||||||
U.S. 5-Year Interest Rate Swap | 12/18 | 2 | 197,574 | 196,688 | 886 | |||||||||||||
|
| |||||||||||||||||
79,917 | ||||||||||||||||||
|
| |||||||||||||||||
Total Futures Contracts | $46,573 | |||||||||||||||||
|
|
(g) | Forward foreign currency contracts outstanding as of September 30, 2018 were as follows: |
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||||||||
AED | 649,000 | USD | 176,637 | 05/19 | SCB | $— | ($8 | ) | ||||||||||||||||||||||||||||
AED | 675,000 | USD | 183,549 | 02/20 | BNP | — | (20 | ) | ||||||||||||||||||||||||||||
AED | 5,700,000 | USD | 1,547,231 | 02/20 | BNP | 2,657 | — | |||||||||||||||||||||||||||||
ARS | 17,795,200 | USD | 517,048 | 10/18 | BNP | — | (97,130 | ) | ||||||||||||||||||||||||||||
ARS | 17,985,000 | USD | 451,657 | 10/18 | GSC | — | (20,345 | ) | ||||||||||||||||||||||||||||
ARS | 7,980,000 | USD | 240,579 | 11/18 | BNP | — | (60,298 | ) | ||||||||||||||||||||||||||||
AUD | 370,000 | USD | 267,269 | 10/18 | CIT | 197 | — | |||||||||||||||||||||||||||||
AUD | 2,396,663 | USD | 1,780,470 | 10/18 | SCB | — | (47,688 | ) | ||||||||||||||||||||||||||||
AUD | 2,125,070 | USD | 1,528,357 | 10/18 | SCB | 7,942 | — | |||||||||||||||||||||||||||||
AUD | 410,000 | USD | 294,608 | 12/18 | CIT | 1,934 | — | |||||||||||||||||||||||||||||
BRL | 643,000 | USD | 157,059 | 11/18 | SCB | 1,532 | — | |||||||||||||||||||||||||||||
CLP | 86,050,000 | USD | 134,980 | 10/18 | SCB | — | (4,103 | ) | ||||||||||||||||||||||||||||
CNH | 3,000,000 | USD | 445,997 | 10/18 | DUB | — | (10,314 | ) | ||||||||||||||||||||||||||||
CNH | 5,326,000 | USD | 792,706 | 10/18 | GSC | — | (19,223 | ) | ||||||||||||||||||||||||||||
CNH | 4,000,000 | USD | 595,548 | 10/18 | JPM | — | (14,637 | ) | ||||||||||||||||||||||||||||
CNH | 4,000,000 | USD | 595,717 | 10/18 | SCB | — | (14,806 | ) | ||||||||||||||||||||||||||||
CNH | 837,000 | USD | 121,348 | 06/19 | DUB | — | (744 | ) | ||||||||||||||||||||||||||||
CNH | 9,390,000 | USD | 1,372,451 | 06/19 | SCB | — | (19,435 | ) | ||||||||||||||||||||||||||||
CNH | 3,000,000 | USD | 437,082 | 07/19 | DUB | — | (5,009 | ) | ||||||||||||||||||||||||||||
CNH | 5,326,000 | USD | 775,672 | 07/19 | GSC | — | (8,600 | ) | ||||||||||||||||||||||||||||
CNH | 4,000,000 | USD | 582,708 | 07/19 | JPM | — | (6,611 | ) | ||||||||||||||||||||||||||||
CNH | 4,000,000 | USD | 582,601 | 07/19 | SCB | — | (6,504 | ) | ||||||||||||||||||||||||||||
COP | 1,535,970,000 | USD | 527,870 | 10/18 | CIT | — | (9,325 | ) | ||||||||||||||||||||||||||||
COP | 930,740,497 | USD | 310,713 | 10/18 | GSC | 3,499 | — | |||||||||||||||||||||||||||||
COP | 2,292,536,000 | USD | 771,723 | 11/18 | UBS | 1,232 | — | |||||||||||||||||||||||||||||
COP | 1,880,600,000 | USD | 604,160 | 12/18 | CIT | 29,770 | — | |||||||||||||||||||||||||||||
COP | 750,824,000 | USD | 241,597 | 12/18 | GSC | 11,435 | — | |||||||||||||||||||||||||||||
COP | 737,726,000 | USD | 240,743 | 12/18 | SCB | 7,866 | — | |||||||||||||||||||||||||||||
COP | 696,090,000 | USD | 229,461 | 12/18 | UBS | 5,059 | — | |||||||||||||||||||||||||||||
CZK | 25,560,000 | EUR | 993,520 | 10/18 | DUB | — | (2,698 | ) | ||||||||||||||||||||||||||||
EGP | 5,460,000 | USD | 297,884 | 11/18 | HSB | 2,789 | — | |||||||||||||||||||||||||||||
EGP | 6,040,000 | USD | 327,369 | 12/18 | HSB | 2,874 | — | |||||||||||||||||||||||||||||
EGP | 1,910,000 | USD | 100,792 | 02/19 | HSB | 1,247 | — | |||||||||||||||||||||||||||||
EGP | 1,046,000 | USD | 55,315 | 03/19 | DUB | 246 | — | |||||||||||||||||||||||||||||
EGP | 7,651,000 | USD | 402,193 | 03/19 | HSB | 4,511 | — | |||||||||||||||||||||||||||||
EGP | 3,532,000 | USD | 182,532 | 04/19 | DUB | 2,739 | — | |||||||||||||||||||||||||||||
EGP | 7,400,000 | USD | 386,787 | 05/19 | CIT | — | (67 | ) | ||||||||||||||||||||||||||||
EGP | 4,463,000 | USD | 230,052 | 05/19 | DUB | 2,050 | — | |||||||||||||||||||||||||||||
EGP | 1,494,000 | USD | 76,567 | 06/19 | DUB | 742 | — | |||||||||||||||||||||||||||||
EGP | 1,320,000 | USD | 67,762 | 07/19 | DUB | — | (4 | ) | ||||||||||||||||||||||||||||
EGP | 5,430,000 | USD | 273,736 | 07/19 | DUB | 3,979 | — | |||||||||||||||||||||||||||||
EGP | 1,240,000 | USD | 63,460 | 08/19 | DUB | — | (236 | ) | ||||||||||||||||||||||||||||
EGP | 4,483,000 | USD | 226,016 | 08/19 | DUB | 1,595 | — | |||||||||||||||||||||||||||||
EGP | 928,000 | USD | 46,987 | 08/19 | JPM | 368 | — | |||||||||||||||||||||||||||||
EGP | 3,460,000 | USD | 173,202 | 09/19 | DUB | 1,829 | — | |||||||||||||||||||||||||||||
EGP | 4,920,000 | USD | 246,926 | 09/19 | HSB | 2,049 | — | |||||||||||||||||||||||||||||
EUR | 153,338 | HUF | 49,590,000 | 12/18 | GSC | — | (22 | ) | ||||||||||||||||||||||||||||
EUR | 972,790 | PLN | 4,160,000 | 10/18 | DUB | 2,307 | — | |||||||||||||||||||||||||||||
EUR | 20,843 | PLN | 90,700 | 10/18 | GSC | — | (367 | ) | ||||||||||||||||||||||||||||
EUR | 222,171 | RON | 1,077,638 | 01/19 | BNP | — | (7,562 | ) | ||||||||||||||||||||||||||||
EUR | 379,021 | RON | 1,832,000 | 01/19 | CIT | — | (11,524 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-98
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||||||||
EUR | 697,761 | RON | 3,375,000 | 01/19 | DUB | $— | ($21,618 | ) | ||||||||||||||||||||||||||||
EUR | 232,172 | RON | 1,120,000 | 01/19 | JPM | — | (6,510 | ) | ||||||||||||||||||||||||||||
EUR | 772,298 | RON | 3,730,530 | 02/19 | BNP | — | (21,258 | ) | ||||||||||||||||||||||||||||
EUR | 987,907 | RON | 4,776,000 | 02/19 | CIT | — | (28,588 | ) | ||||||||||||||||||||||||||||
EUR | 682,595 | RON | 3,297,000 | 02/19 | DUB | — | (18,220 | ) | ||||||||||||||||||||||||||||
EUR | 269,542 | RON | 1,300,000 | 02/19 | JPM | — | (6,615 | ) | ||||||||||||||||||||||||||||
EUR | 81,595 | RON | 392,000 | 02/19 | SCB | — | (1,625 | ) | ||||||||||||||||||||||||||||
EUR | 187,000 | USD | 218,040 | 10/18 | JPM | — | (802 | ) | ||||||||||||||||||||||||||||
EUR | 106,000 | USD | 124,123 | 10/18 | SCB | — | (992 | ) | ||||||||||||||||||||||||||||
EUR | 2,186,900 | USD | 2,555,396 | 11/18 | DUB | — | �� | (5,599 | ) | |||||||||||||||||||||||||||
EUR | 1,067,100 | USD | 1,265,149 | 01/19 | DUB | — | (14,830 | ) | ||||||||||||||||||||||||||||
EUR | 9,643 | USD | 11,394 | 01/19 | JPM | — | (80 | ) | ||||||||||||||||||||||||||||
EUR | 290,099 | USD | 335,472 | 01/19 | SCB | 4,824 | — | |||||||||||||||||||||||||||||
EUR | 146,000 | USD | 171,166 | 02/19 | GSC | 524 | — | |||||||||||||||||||||||||||||
EUR | 70,000 | USD | 83,065 | 02/19 | SCB | — | (890 | ) | ||||||||||||||||||||||||||||
EUR | 25,895 | USD | 30,498 | 03/19 | SCB | — | (9 | ) | ||||||||||||||||||||||||||||
IDR | 3,365,255,000 | USD | 222,202 | 10/18 | JPM | 3,210 | — | |||||||||||||||||||||||||||||
IDR | 2,362,745,000 | USD | 155,885 | 10/18 | SCB | 2,378 | — | |||||||||||||||||||||||||||||
IDR | 3,632,700,000 | USD | 245,585 | 11/18 | DUB | — | (4,311 | ) | ||||||||||||||||||||||||||||
IDR | 3,637,300,000 | USD | 245,722 | 11/18 | SCB | — | (4,142 | ) | ||||||||||||||||||||||||||||
ILS | 5,410,000 | USD | 1,486,652 | 10/18 | GSC | 1,562 | — | |||||||||||||||||||||||||||||
ILS | 1,003,100 | USD | 280,965 | 10/18 | JPM | — | (4,625 | ) | ||||||||||||||||||||||||||||
ILS | 5,410,000 | USD | 1,500,589 | 11/18 | GSC | — | (7,688 | ) | ||||||||||||||||||||||||||||
INR | 5,745,000 | USD | 78,991 | 12/18 | SCB | — | (749 | ) | ||||||||||||||||||||||||||||
INR | 25,735,000 | USD | 353,916 | 12/18 | UBS | — | (3,427 | ) | ||||||||||||||||||||||||||||
INR | 17,695,000 | USD | 242,663 | 01/19 | DUB | — | (2,516 | ) | ||||||||||||||||||||||||||||
INR | 35,115,000 | USD | 480,853 | 01/19 | GSC | — | (4,290 | ) | ||||||||||||||||||||||||||||
INR | 22,910,000 | USD | 313,707 | 01/19 | JPM | — | (2,784 | ) | ||||||||||||||||||||||||||||
JPY | 72,939,820 | USD | 654,051 | 10/18 | SCB | — | (10,795 | ) | ||||||||||||||||||||||||||||
JPY | 184,608,180 | USD | 1,672,035 | 11/18 | SCB | — | (41,564 | ) | ||||||||||||||||||||||||||||
KRW | 593,000,000 | USD | 534,620 | 01/19 | JPM | 1,569 | — | |||||||||||||||||||||||||||||
MAD | 4,718,000 | USD | 477,048 | 12/18 | BNP | 18,362 | — | |||||||||||||||||||||||||||||
MAD | 2,482,000 | USD | 250,884 | 12/18 | SCB | 9,749 | — | |||||||||||||||||||||||||||||
MAD | 1,576,000 | USD | 164,711 | 01/19 | BNP | 216 | — | |||||||||||||||||||||||||||||
NOK | 5,490,000 | EUR | 575,050 | 10/18 | CIT | 6,269 | — | |||||||||||||||||||||||||||||
NOK | 1,823,000 | EUR | 190,502 | 10/18 | JPM | 2,526 | — | |||||||||||||||||||||||||||||
NOK | 17,090,000 | EUR | 1,784,612 | 11/18 | DUB | 24,759 | — | |||||||||||||||||||||||||||||
NOK | 5,237,000 | EUR | 535,223 | 11/18 | JPM | 20,544 | — | |||||||||||||||||||||||||||||
NZD | 1,050,000 | USD | 688,817 | 10/18 | SCB | 7,295 | — | |||||||||||||||||||||||||||||
NZD | 252,070 | USD | 165,884 | 12/18 | BNP | 1,284 | — | |||||||||||||||||||||||||||||
OMR | 233,000 | USD | 604,567 | 01/19 | BNP | — | (260 | ) | ||||||||||||||||||||||||||||
OMR | 573,000 | USD | 1,469,985 | 04/19 | BNP | 14,816 | — | |||||||||||||||||||||||||||||
OMR | 530,000 | USD | 1,350,835 | 08/19 | BNP | 17,799 | — | |||||||||||||||||||||||||||||
PHP | 20,660,000 | USD | 382,734 | 10/18 | JPM | — | (1,119 | ) | ||||||||||||||||||||||||||||
PHP | 11,790,000 | USD | 220,778 | 11/18 | BNP | — | (3,261 | ) | ||||||||||||||||||||||||||||
PHP | 14,500,000 | USD | 271,205 | 11/18 | CIT | — | (3,690 | ) | ||||||||||||||||||||||||||||
PHP | 18,900,000 | USD | 353,418 | 11/18 | UBS | — | (4,726 | ) | ||||||||||||||||||||||||||||
PLN | 90,700 | EUR | 21,152 | 10/18 | GSC | 6 | — | |||||||||||||||||||||||||||||
QAR | 1,800,000 | USD | 491,287 | 12/18 | SCB | 1,458 | — | |||||||||||||||||||||||||||||
QAR | 340,000 | USD | 93,151 | 01/19 | BNP | 403 | — | |||||||||||||||||||||||||||||
RON | 1,832,000 | EUR | 383,456 | 01/19 | CIT | 6,322 | — | |||||||||||||||||||||||||||||
RON | 2,809,700 | EUR | 591,061 | 01/19 | DUB | 6,170 | — | |||||||||||||||||||||||||||||
RON | 1,120,000 | EUR | 234,490 | 01/19 | JPM | 3,792 | — | |||||||||||||||||||||||||||||
RON | 1,300,000 | EUR | 271,407 | 02/19 | JPM | 4,422 | — | |||||||||||||||||||||||||||||
RSD | 49,712,000 | EUR | 419,055 | 10/18 | CIT | 317 | — | |||||||||||||||||||||||||||||
RSD | 62,268,000 | EUR | 517,800 | 10/18 | DUB | 9,177 | — | |||||||||||||||||||||||||||||
RSD | 20,000,000 | EUR | 168,648 | 11/18 | DUB | — | (366 | ) | ||||||||||||||||||||||||||||
THB | 29,810,000 | USD | 915,813 | 10/18 | GSC | 6,507 | — | |||||||||||||||||||||||||||||
THB | 28,610,000 | USD | 879,012 | 10/18 | SCB | 6,229 | — | |||||||||||||||||||||||||||||
THB | 22,896,000 | USD | 688,912 | 11/18 | UBS | 19,993 | — | |||||||||||||||||||||||||||||
TRY | 3,937,973 | USD | 618,476 | 10/18 | SCB | 29,266 | — | |||||||||||||||||||||||||||||
TRY | 2,113,171 | USD | 506,999 | 01/19 | DUB | — | (183,406 | ) | ||||||||||||||||||||||||||||
TRY | 2,113,000 | USD | 506,836 | 01/19 | SCB | — | (183,270 | ) | ||||||||||||||||||||||||||||
TRY | 2,113,171 | USD | 458,587 | 02/20 | DUB | — | (201,501 | ) | ||||||||||||||||||||||||||||
TRY | 8,968,075 | USD | 1,950,284 | 02/20 | GSC | — | (857,826 | ) | ||||||||||||||||||||||||||||
TRY | 2,752,925 | USD | 593,273 | 02/20 | JPM | — | (257,030 | ) | ||||||||||||||||||||||||||||
TRY | 6,586,829 | USD | 1,431,384 | 02/20 | SCB | — | (630,776 | ) | ||||||||||||||||||||||||||||
TWD | 8,000,000 | USD | 268,546 | 10/18 | BNP | — | (5,454 | ) | ||||||||||||||||||||||||||||
TWD | 15,180,000 | USD | 512,410 | 10/18 | CIT | — | (13,985 | ) | ||||||||||||||||||||||||||||
TWD | 7,500,000 | USD | 253,122 | 10/18 | DUB | — | (6,920 | ) | ||||||||||||||||||||||||||||
TWD | 19,782,000 | USD | 668,151 | 10/18 | GSC | — | (17,631 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-99
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||||||||
TWD | 5,900,000 | USD | 198,186 | 10/18 | JPM | $— | ($3,949 | ) | ||||||||||||||||||||||||||||
TWD | 20,640,000 | USD | 695,273 | 10/18 | SCB | — | (16,527 | ) | ||||||||||||||||||||||||||||
TWD | 11,000,000 | USD | 378,527 | 04/19 | CIT | — | (10,757 | ) | ||||||||||||||||||||||||||||
TWD | 10,292,000 | USD | 354,225 | 04/19 | DUB | — | (10,126 | ) | ||||||||||||||||||||||||||||
TWD | 8,450,000 | USD | 291,883 | 04/19 | GSC | — | (9,510 | ) | ||||||||||||||||||||||||||||
UGX | 35,487,000 | USD | 9,000 | 10/18 | SCB | 274 | — | |||||||||||||||||||||||||||||
UGX | 160,224,000 | USD | 42,010 | 11/18 | SCB | — | (503 | ) | ||||||||||||||||||||||||||||
UGX | 92,631,000 | USD | 23,642 | 01/19 | CIT | 96 | — | |||||||||||||||||||||||||||||
UGX | 91,460,000 | USD | 22,499 | 01/19 | SCB | 972 | — | |||||||||||||||||||||||||||||
UGX | 58,090,000 | USD | 14,186 | 02/19 | CIT | 617 | — | |||||||||||||||||||||||||||||
UGX | 246,007,000 | USD | 62,971 | 02/19 | SCB | — | (382 | ) | ||||||||||||||||||||||||||||
USD | 47,438 | AED | 175,000 | 10/19 | SCB | — | (166 | ) | ||||||||||||||||||||||||||||
USD | 23,790 | AED | 88,000 | 12/19 | BNP | — | (143 | ) | ||||||||||||||||||||||||||||
USD | 5,419,809 | AED | 19,991,000 | 02/20 | BNP | — | (15,911 | ) | ||||||||||||||||||||||||||||
USD | 640,086 | ARS | 25,435,854 | 10/18 | BNP | 30,437 | — | |||||||||||||||||||||||||||||
USD | 144,538 | ARS | 5,786,724 | 10/18 | DUB | 6,097 | — | |||||||||||||||||||||||||||||
USD | 1,113,782 | ARS | 40,369,217 | 10/18 | GSC | 157,257 | — | |||||||||||||||||||||||||||||
USD | 148,554 | BHD | 57,000 | 12/18 | SCB | — | (2,444 | ) | ||||||||||||||||||||||||||||
USD | 572,669 | BHD | 218,600 | 06/19 | BNP | — | (5,408 | ) | ||||||||||||||||||||||||||||
USD | 527,894 | BHD | 201,400 | 06/19 | SCB | — | (4,692 | ) | ||||||||||||||||||||||||||||
USD | 392,514 | BHD | 151,000 | 09/19 | SCB | — | (6,404 | ) | ||||||||||||||||||||||||||||
USD | 1,485,990 | BHD | 571,000 | 10/19 | SCB | — | (22,106 | ) | ||||||||||||||||||||||||||||
USD | 356,307 | BHD | 137,000 | 02/20 | BNP | — | (4,359 | ) | ||||||||||||||||||||||||||||
USD | 358,395 | BHD | 138,000 | 03/20 | BNP | — | (4,845 | ) | ||||||||||||||||||||||||||||
USD | 158,648 | BRL | 643,000 | 11/18 | CIT | 57 | — | |||||||||||||||||||||||||||||
USD | 133,188 | CLP | 86,050,000 | 10/18 | BNP | 2,311 | — | |||||||||||||||||||||||||||||
USD | 439,625 | CNH | 3,000,000 | 10/18 | DUB | 3,941 | — | |||||||||||||||||||||||||||||
USD | 780,252 | CNH | 5,326,000 | 10/18 | GSC | 6,769 | — | |||||||||||||||||||||||||||||
USD | 586,124 | CNH | 4,000,000 | 10/18 | JPM | 5,212 | — | |||||||||||||||||||||||||||||
USD | 586,041 | CNH | 4,000,000 | 10/18 | SCB | 5,129 | — | |||||||||||||||||||||||||||||
USD | 166,048 | CNH | 1,150,000 | 06/19 | CIT | 343 | — | |||||||||||||||||||||||||||||
USD | 580,406 | CNH | 3,940,000 | 06/19 | DUB | 12,687 | — | |||||||||||||||||||||||||||||
USD | 2,189,985 | CNH | 14,915,000 | 06/19 | SCB | 40,865 | — | |||||||||||||||||||||||||||||
USD | 443,001 | CNH | 3,000,000 | 07/19 | DUB | 10,928 | — | |||||||||||||||||||||||||||||
USD | 787,380 | CNH | 5,326,000 | 07/19 | GSC | 20,307 | — | |||||||||||||||||||||||||||||
USD | 591,541 | CNH | 4,000,000 | 07/19 | JPM | 15,444 | — | |||||||||||||||||||||||||||||
USD | 591,602 | CNH | 4,000,000 | 07/19 | SCB | 15,505 | — | |||||||||||||||||||||||||||||
USD | 605,247 | CNH | 4,194,000 | 08/19 | CIT | 1,771 | — | |||||||||||||||||||||||||||||
USD | 635,297 | CNH | 4,400,000 | 08/19 | SCB | 2,179 | — | |||||||||||||||||||||||||||||
USD | 2,335,019 | EUR | 1,923,604 | 10/18 | JPM | 97,320 | — | |||||||||||||||||||||||||||||
USD | 6,412,030 | EUR | 5,369,841 | 10/18 | SCB | 170,809 | — | |||||||||||||||||||||||||||||
USD | 1,152,276 | EUR | 970,072 | 11/18 | DUB | 21,718 | — | �� | ||||||||||||||||||||||||||||
USD | 4,787,011 | EUR | 4,007,523 | 11/18 | SCB | 111,717 | — | |||||||||||||||||||||||||||||
USD | 1,054,542 | EUR | 890,450 | 12/18 | DUB | 13,251 | — | |||||||||||||||||||||||||||||
USD | 1,133,661 | EUR | 952,000 | 12/18 | GSC | 21,212 | — | |||||||||||||||||||||||||||||
USD | 196,619 | EUR | 164,311 | 12/18 | SCB | 4,756 | — | |||||||||||||||||||||||||||||
USD | 910,114 | EUR | 781,234 | 01/19 | DUB | — | (5,256 | ) | ||||||||||||||||||||||||||||
USD | 669,503 | EUR | 566,665 | 01/19 | JPM | 4,682 | — | |||||||||||||||||||||||||||||
USD | 486,459 | EUR | 421,155 | 01/19 | SCB | — | (7,655 | ) | ||||||||||||||||||||||||||||
USD | 310,749 | EUR | 262,087 | 01/19 | SCB | 3,476 | — | |||||||||||||||||||||||||||||
USD | 503,560 | EUR | 430,000 | 02/19 | DUB | — | (1,797 | ) | ||||||||||||||||||||||||||||
USD | 2,474,834 | EUR | 2,110,967 | 02/19 | GSC | — | (7,581 | ) | ||||||||||||||||||||||||||||
USD | 787,117 | EUR | 665,852 | 02/19 | SCB | 5,455 | — | |||||||||||||||||||||||||||||
USD | 373,070 | EUR | 319,634 | 02/19 | UBS | — | (2,351 | ) | ||||||||||||||||||||||||||||
USD | 1,307,855 | EUR | 1,093,767 | 03/19 | SCB | 20,066 | — | |||||||||||||||||||||||||||||
USD | 52,383 | GHS | 279,000 | 05/19 | JPM | — | (336 | ) | ||||||||||||||||||||||||||||
USD | 160,055 | GHS | 893,000 | 06/19 | JPM | — | (7,565 | ) | ||||||||||||||||||||||||||||
USD | 85,198 | GHS | 470,000 | 06/19 | SCB | — | (3,049 | ) | ||||||||||||||||||||||||||||
USD | 71,453 | GHS | 403,000 | 07/19 | JPM | — | (3,491 | ) | ||||||||||||||||||||||||||||
USD | 47,960 | IDR | 726,500,000 | 11/18 | DUB | — | (292 | ) | ||||||||||||||||||||||||||||
USD | 149,918 | IDR | 2,273,500,000 | 11/18 | GSC | — | (1,082 | ) | ||||||||||||||||||||||||||||
USD | 139,510 | ILS | 500,000 | 10/18 | GSC | 1,968 | — | |||||||||||||||||||||||||||||
USD | 428,708 | INR | 31,480,000 | 12/18 | CIT | — | (23 | ) | ||||||||||||||||||||||||||||
USD | 1,027,408 | INR | 75,720,000 | 01/19 | JPM | — | (225 | ) | ||||||||||||||||||||||||||||
USD | 220,687 | JPY | 24,267,562 | 10/18 | SCB | 6,672 | — | |||||||||||||||||||||||||||||
USD | 406,600 | JPY | 44,998,000 | 11/18 | GSC | 9,156 | — | |||||||||||||||||||||||||||||
USD | 844,307 | KRW | 946,130,000 | 11/18 | CIT | — | (9,486 | ) | ||||||||||||||||||||||||||||
USD | 639,980 | KRW | 714,800,000 | 12/18 | GSC | — | (5,409 | ) | ||||||||||||||||||||||||||||
USD | 589,481 | KRW | 654,000,000 | 01/19 | DUB | — | (1,541 | ) | ||||||||||||||||||||||||||||
USD | 799,567 | KRW | 886,000,000 | 01/19 | GSC | — | (1,114 | ) | ||||||||||||||||||||||||||||
USD | 662,743 | KRW | 738,759,457 | 01/19 | JPM | — | (4,877 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-100
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Currency Purchased | Currency Sold | Settlement Month | Counterparty | Unrealized Appreciation | Unrealized Depreciation | |||||||||||||||||||||||||||||||
USD | 480,447 | MAD | 4,472,000 | 12/18 | BNP | $10,868 | $— | |||||||||||||||||||||||||||||
USD | 150,966 | MYR | 625,000 | 10/18 | GSC | 2 | — | |||||||||||||||||||||||||||||
USD | 222,899 | MYR | 915,000 | 11/18 | GSC | 2,010 | — | |||||||||||||||||||||||||||||
USD | 226,553 | MYR | 930,000 | 11/18 | UBS | 2,043 | — | |||||||||||||||||||||||||||||
USD | 266,020 | NZD | 401,000 | 10/18 | CIT | 208 | — | |||||||||||||||||||||||||||||
USD | 2,296,536 | NZD | 3,484,073 | 10/18 | SCB | — | (13,096 | ) | ||||||||||||||||||||||||||||
USD | 3,082,257 | NZD | 4,535,812 | 10/18 | SCB | 75,259 | — | |||||||||||||||||||||||||||||
USD | 737,102 | NZD | 1,120,071 | 12/18 | BNP | — | (5,704 | ) | ||||||||||||||||||||||||||||
USD | 2,154,776 | OMR | 891,000 | 01/19 | BNP | — | (156,101 | ) | ||||||||||||||||||||||||||||
USD | 1,450,633 | OMR | 573,000 | 04/19 | BNP | — | (34,168 | ) | ||||||||||||||||||||||||||||
USD | 5,280,204 | OMR | 2,146,000 | 08/19 | BNP | — | (260,571 | ) | ||||||||||||||||||||||||||||
USD | 250,552 | PHP | 13,620,000 | 10/18 | BNP | — | (1,308 | ) | ||||||||||||||||||||||||||||
USD | 166,513 | PHP | 9,005,000 | 10/18 | DUB | 179 | — | |||||||||||||||||||||||||||||
USD | 192,273 | PHP | 10,352,000 | 10/18 | GSC | 1,060 | — | |||||||||||||||||||||||||||||
USD | 146,026 | PHP | 7,965,000 | 11/18 | DUB | — | (923 | ) | ||||||||||||||||||||||||||||
USD | 222,795 | PHP | 12,028,000 | 11/18 | JPM | 887 | — | |||||||||||||||||||||||||||||
USD | 237,748 | PHP | 12,880,000 | 11/18 | MSC | 121 | — | |||||||||||||||||||||||||||||
USD | 196,206 | QAR | 724,000 | 12/18 | BNP | — | (2,016 | ) | ||||||||||||||||||||||||||||
USD | 665,897 | QAR | 2,476,000 | 12/18 | SCB | — | (11,911 | ) | ||||||||||||||||||||||||||||
USD | 623,129 | QAR | 2,294,000 | 01/19 | BNP | — | (5,055 | ) | ||||||||||||||||||||||||||||
USD | 232,602 | QAR | 859,230 | 01/19 | SCB | — | (2,689 | ) | ||||||||||||||||||||||||||||
USD | 229,036 | RUB | 15,170,000 | 10/18 | GSC | — | (1,753 | ) | ||||||||||||||||||||||||||||
USD | 279,575 | SGD | 382,305 | 10/18 | DUB | — | (127 | ) | ||||||||||||||||||||||||||||
USD | 633,471 | TRY | 3,937,973 | 10/18 | SCB | — | (14,271 | ) | ||||||||||||||||||||||||||||
USD | 506,756 | TRY | 2,113,171 | 01/19 | DUB | 183,163 | — | |||||||||||||||||||||||||||||
USD | 507,323 | TRY | 2,113,000 | 01/19 | SCB | 183,757 | — | |||||||||||||||||||||||||||||
USD | 418,760 | TRY | 2,125,000 | 02/20 | DUB | 160,235 | — | |||||||||||||||||||||||||||||
USD | 1,867,664 | TRY | 8,968,075 | 02/20 | GSC | 775,206 | — | |||||||||||||||||||||||||||||
USD | 572,353 | TRY | 2,756,000 | 02/20 | JPM | 235,734 | — | |||||||||||||||||||||||||||||
USD | 1,304,407 | TRY | 6,628,800 | 02/20 | SCB | 498,700 | — | |||||||||||||||||||||||||||||
USD | 359,935 | TWD | 10,400,000 | 10/18 | CIT | 18,364 | — | |||||||||||||||||||||||||||||
USD | 103,484 | TWD | 3,000,000 | 10/18 | DUB | 4,938 | — | |||||||||||||||||||||||||||||
USD | 1,230,083 | TWD | 35,625,000 | 10/18 | GSC | 58,238 | — | |||||||||||||||||||||||||||||
USD | 975,118 | TWD | 27,977,000 | 10/18 | SCB | 55,858 | — | |||||||||||||||||||||||||||||
USD | 299,752 | TWD | 8,450,000 | 04/19 | JPM | 17,379 | — | |||||||||||||||||||||||||||||
USD | 735,683 | TWD | 21,292,000 | 04/19 | SCB | 23,814 | — | |||||||||||||||||||||||||||||
USD | 267,549 | UYU | 8,796,340 | 10/18 | CIT | 3,748 | — | |||||||||||||||||||||||||||||
USD | 81,806 | UYU | 2,712,000 | 10/18 | JPM | 690 | — | |||||||||||||||||||||||||||||
USD | 361,665 | UYU | 12,270,000 | 11/18 | CIT | ��� | (3,668 | ) | ||||||||||||||||||||||||||||
USD | 273,511 | UYU | 9,242,684 | 11/18 | JPM | — | (2,307 | ) | ||||||||||||||||||||||||||||
USD | 104,972 | UYU | 3,568,000 | 12/18 | CIT | — | (774 | ) | ||||||||||||||||||||||||||||
USD | 233,435 | UYU | 7,874,000 | 12/18 | JPM | 71 | — | |||||||||||||||||||||||||||||
USD | 177,854 | UYU | 6,140,000 | 02/19 | CIT | — | (2,281 | ) | ||||||||||||||||||||||||||||
USD | 299,993 | ZAR | 4,414,800 | 10/18 | GSC | — | (11,602 | ) | ||||||||||||||||||||||||||||
USD | 287,441 | ZAR | 4,319,000 | 12/18 | GSC | — | (14,604 | ) | ||||||||||||||||||||||||||||
USD | 274,619 | ZAR | 4,289,000 | 12/18 | SCB | — | (25,847 | ) | ||||||||||||||||||||||||||||
UYU | 10,982,000 | USD | 360,972 | 10/18 | CIT | — | (31,839 | ) | ||||||||||||||||||||||||||||
UYU | 19,090,000 | USD | 625,810 | 11/18 | CIT | — | (57,112 | ) | ||||||||||||||||||||||||||||
UYU | 6,332,684 | USD | 212,649 | 11/18 | JPM | — | (23,671 | ) | ||||||||||||||||||||||||||||
UYU | 11,442,000 | USD | 354,351 | 12/18 | CIT | — | (15,242 | ) | ||||||||||||||||||||||||||||
UYU | 6,140,000 | USD | 195,168 | 02/19 | CIT | — | (15,033 | ) | ||||||||||||||||||||||||||||
ZAR | 578,000 | USD | 40,561 | 10/18 | GSC | 158 | — | |||||||||||||||||||||||||||||
|
|
|
|
| ||||||||||||||||||||||||||||||||
Total Forward Foreign Currency Contracts | $3,478,342 | ($3,848,063 | ) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-101
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
(h) | Purchased options outstanding as of September 30, 2018 were as follows: |
Foreign Currency Options
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Cost | Value | ||||||||||||||||||
Call - CNH versus USD | CNH 7.45 | 11/09/18 | CIT | $3,600,000 | $13,752 | $388 | ||||||||||||||||||
Call - MXN versus USD | MXN 21.32 | 05/06/19 | CIT | 545,000 | 19,680 | 7,711 | ||||||||||||||||||
Call - MXN versus USD | 21.32 | 05/06/19 | CIT | 1,150,000 | 44,367 | 16,270 | ||||||||||||||||||
Call - MXN versus USD | 21.32 | 05/06/19 | GSC | 545,000 | 19,691 | 7,711 | ||||||||||||||||||
Call - MXN versus USD | 21.32 | 05/07/19 | GSC | 1,265,000 | 49,746 | 18,038 | ||||||||||||||||||
Call - CNH versus USD | CNH 6.93 | 06/26/19 | GSC | 2,500,000 | 18,710 | 46,335 | ||||||||||||||||||
Call - CNH versus USD | 6.95 | 06/26/19 | GSC | 1,000,000 | 10,240 | 17,335 | ||||||||||||||||||
Call - EUR versus USD | $0.87 | 02/24/22 | GSC | 3,880,000 | 77,561 | 15,949 | ||||||||||||||||||
Call - EUR versus USD | 0.88 | 02/28/22 | BNP | 3,856,000 | 72,878 | 17,617 | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||
326,625 | 147,354 | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Put - EUR versus SEK | SEK 9.70 | 01/16/19 | DUB | EUR 835,000 | 2,444 | 829 | ||||||||||||||||||
Put - EUR versus SEK | 9.67 | 01/18/19 | CIT | 632,000 | 1,819 | 564 | ||||||||||||||||||
Put - EUR versus SEK | 9.68 | 01/18/19 | BNP | 616,000 | 1,601 | 578 | ||||||||||||||||||
Put - EUR versus SEK | 9.58 | 04/12/19 | CIT | 870,000 | 3,737 | 1,671 | ||||||||||||||||||
Put - EUR versus SEK | 9.96 | 04/12/19 | CIT | 1,160,000 | 13,828 | 8,637 | ||||||||||||||||||
Put - EUR versus SEK | 9.96 | 04/15/19 | BNP | 955,000 | 11,786 | 7,214 | ||||||||||||||||||
Put - EUR versus SEK | 9.56 | 04/23/19 | DUB | 1,350,000 | 5,557 | 2,677 | ||||||||||||||||||
Put - EUR versus USD | $1.14 | 05/27/19 | GSC | 1,905,000 | 27,021 | 24,708 | ||||||||||||||||||
Put - EUR versus USD | 1.13 | 05/29/19 | BNP | 2,222,000 | 36,260 | 225 | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||
104,053 | 47,103 | |||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Foreign Currency Options | $430,678 | $194,457 | ||||||||||||||||||||||
|
|
|
|
Interest Rate Swaptions
Description | Pay/Receive Floating Rate | Floating Rate Index | Exercise Rate | Expiration Date | Counter- party | Notional Amount | Cost | Value | ||||||||||||||||||||||||
Call - 10-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 3.010% | 07/03/28 | MSC | $1,214,000 | $69,077 | $57,892 | ||||||||||||||||||||||||
Call - 10-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.980% | 07/05/28 | MSC | 1,214,000 | 69,441 | 56,877 | ||||||||||||||||||||||||
Call - 10-Year Interest Rate Swap | Pay | 3-Month USD-LIBOR | 2.991% | 07/05/28 | GSC | 1,121,000 | 64,373 | 52,853 | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
202,891 | 167,622 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Put - 30-Year Interest Rate Swap | Receive | 6-Month EUR-LIBOR | 1.910% | 05/15/19 | GSC | EUR 1,815,000 | 39,766 | 10,564 | ||||||||||||||||||||||||
Put - 10-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 3.010% | 07/03/28 | MSC | $1,214,000 | 69,077 | 73,703 | ||||||||||||||||||||||||
Put - 10-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 2.980% | 07/05/28 | MSC | 1,214,000 | 69,441 | 74,971 | ||||||||||||||||||||||||
Put - 10-Year Interest Rate Swap | Receive | 3-Month USD-LIBOR | 2.991% | 07/05/28 | GSC | 1,121,000 | 64,373 | 68,814 | ||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
242,657 | 228,052 | |||||||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||||||
Total Interest Rate Swaptions | $445,548 | $395,674 | ||||||||||||||||||||||||||||||
|
|
|
|
Options on Indices
Description | Exercise Price | Expiration Date | Counter- party | Number of Contracts | Notional Amount | Cost | Value | |||||||||||||||||||||
Call - FTSE 100 | GBP 6,275.00 | 02/15/22 | GSC | 64 | GBP 401,600 | $89,450 | $87,249 | |||||||||||||||||||||
Call - Euro Stoxx 50 | EUR 3,560.00 | 06/16/23 | GSC | 175 | EUR 623,000 | 60,588 | 40,260 | |||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
$150,038 | $127,509 | |||||||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||||||
Total Purchased Options | $1,026,264 | $717,640 | ||||||||||||||||||||||||||
|
|
|
|
(i) | Premiums received and value of written options outstanding as of September 30, 2018 were as follows: |
Foreign Currency Options
Description | Exercise Price | Expiration Date | Counter- party | Notional Amount | Premium | Value | ||||||||||||||||||
Call - CNH versus USD | CNH 7.45 | 11/09/18 | DUB | $3,600,000 | $5,184 | ($388 | ) | |||||||||||||||||
|
|
|
| |||||||||||||||||||||
Total Written Options | $5,184 | ($388 | ) | |||||||||||||||||||||
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-102
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
(j) | Swap agreements outstanding as of September 30, 2018 were as follows: |
Credit Default Swaps on Sovereign Issues – Buy Protection (1)
Referenced Obligation | Payment Frequency | Fixed Deal Pay Rate | Expiration Date | Counter- party | Implied Credit Spread at 09/30/18 (2) | Notional Amount (3) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Lebanon Government | Q | 5.000% | 12/20/18 | GSC | 10.029% | $663,000 | $6,515 | ($39,103 | ) | $45,618 | ||||||||||||||||||||
Qatar Government | Q | 1.000% | 03/20/19 | GSC | 0.116% | 490,000 | (2,211 | ) | (8,606 | ) | 6,395 | |||||||||||||||||||
Croatia Government | Q | 1.000% | 06/20/20 | CIT | 0.302% | 143,000 | (1,740 | ) | 10,929 | (12,669 | ) | |||||||||||||||||||
Qatar Government | Q | 1.000% | 12/20/20 | GSC | 0.243% | 1,120,000 | (18,800 | ) | 21,581 | (40,381 | ) | |||||||||||||||||||
Qatar Government | Q | 1.000% | 06/20/21 | CIT | 0.306% | 937,457 | (17,466 | ) | 5,720 | (23,186 | ) | |||||||||||||||||||
Qatar Government | Q | 1.000% | 06/20/21 | GSC | 0.306% | 1,241,000 | (23,122 | ) | 5,274 | (28,396 | ) | |||||||||||||||||||
Lebanon Government | Q | 5.000% | 06/20/21 | GSC | 7.530% | 200,000 | 11,306 | (1,580 | ) | 12,886 | ||||||||||||||||||||
Qatar Government | Q | 1.000% | 12/20/22 | GSC | 0.517% | 350,000 | (6,835 | ) | (3,911 | ) | (2,924 | ) | ||||||||||||||||||
Qatar Government | Q | 1.000% | 12/20/23 | GSC | 0.684% | 300,000 | (4,661 | ) | 284 | (4,945 | ) | |||||||||||||||||||
Qatar Government | Q | 1.000% | 09/20/24 | GSC | 0.803% | 290,000 | (3,184 | ) | (622 | ) | (2,562 | ) | ||||||||||||||||||
South Africa Government | Q | 1.000% | 12/20/25 | BNP | 2.421% | 3,167,000 | 269,123 | 573,006 | (303,883 | ) | ||||||||||||||||||||
France Government | Q | 0.250% | 12/20/28 | CIT | 0.449% | 1,181,000 | 19,439 | 24,721 | (5,282 | ) | ||||||||||||||||||||
France Government | Q | 0.250% | 12/20/28 | GSC | 0.483% | 2,213,000 | 36,425 | 45,448 | (9,023 | ) | ||||||||||||||||||||
Colombia Government | Q | 1.000% | 12/20/28 | GSC | 1.849% | 419,000 | 6,801 | 30,205 | (23,404 | ) | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
271,590 | 663,346 | (391,756 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||||
South Africa Government | Q | 1.000% | 06/20/21 | ICE | 1.442% | 1,790,000 | 18,339 | 127,155 | (108,816 | ) | ||||||||||||||||||||
Qatar Government | Q | 1.000% | 12/20/22 | ICE | 0.517% | 2,040,000 | (38,068 | ) | (137 | ) | (37,931 | ) | ||||||||||||||||||
Russia Government | Q | 1.000% | 06/20/23 | ICE | 1.347% | 646,000 | 9,472 | 6,389 | 3,083 | |||||||||||||||||||||
Colombia Government | Q | 1.000% | 12/20/23 | ICE | 1.099% | 1,820,000 | 8,501 | 15,774 | (7,273 | ) | ||||||||||||||||||||
Malaysia Government | Q | 1.000% | 12/20/23 | ICE | 0.935% | 6,090,000 | (18,801 | ) | 29,285 | (48,086 | ) | |||||||||||||||||||
Mexico Government | Q | 1.000% | 12/20/23 | ICE | 1.127% | 3,075,000 | 18,533 | 29,969 | (11,436 | ) | ||||||||||||||||||||
Russia Government | Q | 1.000% | 12/20/23 | ICE | 1.432% | 2,531,600 | 51,380 | 64,082 | (12,702 | ) | ||||||||||||||||||||
France Government | Q | 0.250% | 12/20/24 | ICE | 0.451% | 334,000 | 1,072 | 412 | 660 | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
50,428 | 272,929 | (222,501 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Total Credit Default Swaps on Sovereign Issues – Buy Protection |
| $322,018 | $936,275 | ($614,257 | ) | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Credit Default Swaps on Sovereign Issues – Sell Protection (4) |
| |||||||||||||||||||||||||||||
Referenced Obligation | Payment Frequency | Fixed Deal Receive Rate | Expiration Date | Counter- party | Implied Credit Spread at 09/30/18 (2) | Notional Amount (3) | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||
Turkey Government | Q | 1.000% | 06/20/20 | BNP | 3.091% | $2,488,000 | ($85,012 | ) | ($125,661 | ) | $40,649 | |||||||||||||||||||
Argentina Government | Q | 5.000% | 12/20/23 | GSC | 5.843% | 1,165,254 | (17,488 | ) | (49,750 | ) | 32,262 | |||||||||||||||||||
Turkey Government | Q | 1.000% | 12/20/26 | BNP | 4.009% | 1,313,084 | (239,664 | ) | (223,125 | ) | (16,539 | ) | ||||||||||||||||||
Turkey Government | Q | 1.000% | 12/20/26 | GSC | 4.009% | 547,119 | (99,860 | ) | (93,525 | ) | (6,335 | ) | ||||||||||||||||||
Turkey Government | Q | 1.000% | 12/20/27 | GSC | 4.042% | 327,000 | (65,034 | ) | (48,358 | ) | (16,676 | ) | ||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
($507,058 | ) | ($540,419 | ) | $33,361 | ||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Credit Default Swaps on Credit Indices – Buy Protection (1) |
| |||||||||||||||||||||||||||||
Referenced Obligation | Payment Frequency | Fixed Deal Pay Rate | Expiration Date | Exchange | Notional Amount (3) | Value (5) | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
CDX EM 30 | Q | 1.000% | 12/20/23 | ICE | $1,660,000 | $70,746 | $78,187 | ($7,441 | ) | |||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Total Credit Default Swaps | ($114,294 | ) | $474,043 | ($588,337 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
(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 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-103
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
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 expected amount paid or received 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 – Long
Receive | Pay | Payment Frequency Fixed Rate/ Floating Rate | Counterparty | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
4.060% | 3-Month NZD Bank Bills | Q/S | JPM | 06/04/23 | NZD 810,000 | $47,081 | $— | $47,081 | ||||||||||||||||||||||
2.203% | 3-Month KRW-KWCDC | S/Q | DUB | 06/20/23 | KRW 525,000,000 | 3,661 | — | 3,661 | ||||||||||||||||||||||
2.213% | 3-Month KRW-KWCDC | S/Q | GSC | 06/20/23 | 418,000,000 | 3,094 | — | 3,094 | ||||||||||||||||||||||
2.215% | 3-Month KRW-KWCDC | A/Q | CIT | 06/20/23 | 541,000,000 | 4,049 | — | 4,049 | ||||||||||||||||||||||
2.215% | 3-Month KRW-KWCDC | Z/Q | JPM | 06/20/23 | 426,000,000 | 3,188 | — | 3,188 | ||||||||||||||||||||||
3.920% | 3-Month MYR KLIBOR | S/Q | JPM | 07/19/23 | MYR 1,600,000 | 174 | — | 174 | ||||||||||||||||||||||
3.930% | 3-Month MYR KLIBOR | S/Q | SCB | 07/19/23 | 2,000,000 | 439 | — | 439 | ||||||||||||||||||||||
3.880% | 3-Month MYR KLIBOR | S/Q | CIT | 07/23/23 | 2,800,000 | (986 | ) | — | (986 | ) | ||||||||||||||||||||
3.880% | 3-Month MYR KLIBOR | S/Q | SCB | 07/23/23 | 600,000 | (211 | ) | — | (211 | ) | ||||||||||||||||||||
3.880% | 3-Month MYR KLIBOR | Q/Q | CIT | 08/01/23 | 600,000 | (232 | ) | — | (232 | ) | ||||||||||||||||||||
3.880% | 3-Month MYR KLIBOR | Q/Q | JPM | 08/01/23 | 1,200,000 | (464 | ) | — | (464 | ) | ||||||||||||||||||||
3.885% | 3-Month MYR KLIBOR | Q/Q | JPM | 08/14/23 | 1,280,000 | (460 | ) | (2 | ) | (458 | ) | |||||||||||||||||||
3.858% | 3-Month MYR KLIBOR | Q/Q | JPM | 09/04/23 | 1,600,000 | (1,142 | ) | — | (1,142 | ) | ||||||||||||||||||||
3.875% | 3-Month MYR KLIBOR | Q/Q | SCB | 09/04/23 | 700,000 | (365 | ) | — | (365 | ) | ||||||||||||||||||||
3.878% | 3-Month MYR KLIBOR | Q/Q | SCB | 09/04/23 | 600,000 | (296 | ) | — | (296 | ) | ||||||||||||||||||||
3.885% | 3-Month MYR KLIBOR | Q/Q | JPM | 09/05/23 | 1,300,000 | (538 | ) | (3 | ) | (535 | ) | |||||||||||||||||||
2.135% | 3-Month KRW-KWCDC | Q/Q | DUB | 09/19/23 | KRW 398,000,000 | 1,653 | — | 1,653 | ||||||||||||||||||||||
2.270% | 3-Month KRW-KWCDC | S/Q | DUB | 06/20/28 | 321,300,000 | 3,749 | — | 3,749 | ||||||||||||||||||||||
2.273% | 3-Month KRW-KWCDC | S/Q | GSC | 06/20/28 | 229,500,000 | 2,724 | — | 2,724 | ||||||||||||||||||||||
2.275% | 3-Month KRW-KWCDC | A/Q | SCB | 06/20/28 | 132,820,000 | 1,603 | — | 1,603 | ||||||||||||||||||||||
2.278% | 3-Month KRW-KWCDC | A/Q | DUB | 06/20/28 | 325,000,000 | 3,987 | — | 3,987 | ||||||||||||||||||||||
2.278% | 3-Month KRW-KWCDC | S/Q | JPM | 06/20/28 | 325,000,000 | 3,987 | — | 3,987 | ||||||||||||||||||||||
2.280% | 3-Month KRW-KWCDC | S/Q | GSC | 06/20/28 | 232,000,000 | 2,892 | — | 2,892 | ||||||||||||||||||||||
2.288% | 3-Month KRW-KWCDC | Q/Q | DUB | 06/20/28 | 479,100,000 | 6,258 | — | 6,258 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
83,845 | (5 | ) | 83,850 | |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||||
7.700% | 28-Day MXN-TIIE | Z/L | CME | 12/12/19 | MXN 72,000,000 | (16,882 | ) | — | (16,882 | ) | ||||||||||||||||||||
7.715% | 28-Day MXN-TIIE | S/L | CME | 12/13/19 | 70,800,000 | (15,938 | ) | — | (15,938 | ) | ||||||||||||||||||||
1.744% | 3-Month USD-LIBOR | Q/Z | LCH | 07/31/20 | $1,000,000 | (21,836 | ) | — | (21,836 | ) | ||||||||||||||||||||
1.744% | 3-Month USD-LIBOR | Q/S | LCH | 07/31/20 | 800,000 | (17,465 | ) | — | (17,465 | ) | ||||||||||||||||||||
1.750% | 3-Month USD-LIBOR | Q/Q | LCH | 07/31/20 | 535,000 | (11,746 | ) | — | (11,746 | ) | ||||||||||||||||||||
1.560% | 3-Month USD-LIBOR | Q/S | LCH | 08/22/20 | 713,000 | (18,578 | ) | — | (18,578 | ) | ||||||||||||||||||||
8.080% | 28-Day MXN-TIIE | L/L | CME | 08/31/20 | MXN 64,469,000 | 7,433 | (1,820 | ) | 9,253 | |||||||||||||||||||||
1.545% | 3-Month USD-LIBOR | Q/Q | LCH | 09/23/20 | $80,000 | (2,215 | ) | — | (2,215 | ) | ||||||||||||||||||||
1.424% | 3-Month USD-LIBOR | S/Q | LCH | 10/28/20 | 680,000 | (21,520 | ) | — | (21,520 | ) | ||||||||||||||||||||
1.426% | 3-Month USD-LIBOR | S/Q | LCH | 10/28/20 | 680,000 | (21,485 | ) | — | (21,485 | ) | ||||||||||||||||||||
1.540% | 3-Month USD-LIBOR | Q/Q | LCH | 11/05/20 | 706,000 | (20,948 | ) | — | (20,948 | ) | ||||||||||||||||||||
1.555% | 3-Month USD-LIBOR | S/Q | LCH | 11/09/20 | 683,000 | (20,174 | ) | — | (20,174 | ) | ||||||||||||||||||||
1.114% | 3-Month USD-LIBOR | S/Q | LCH | 02/23/21 | 441,000 | (19,480 | ) | — | (19,480 | ) | ||||||||||||||||||||
2.410% | 6-Month PLN-WIBOR | A/S | LCH | 12/13/21 | PLN 1,172,000 | 1,919 | — | 1,919 | ||||||||||||||||||||||
2.460% | 6-Month PLN-WIBOR | S/S | LCH | 01/12/22 | 2,113,000 | 4,165 | — | 4,165 | ||||||||||||||||||||||
2.025% | 6-Month CZK-PRIBOR | S/S | LCH | 07/27/22 | CZK 44,620,000 | (22,168 | ) | — | (22,168 | ) | ||||||||||||||||||||
2.056% | 6-Month CZK-PRIBOR | S/S | LCH | 07/30/22 | 39,730,000 | (17,688 | ) | — | (17,688 | ) | ||||||||||||||||||||
2.068% | 6-Month CZK-PRIBOR | S/S | LCH | 07/31/22 | 40,377,000 | (17,181 | ) | — | (17,181 | ) | ||||||||||||||||||||
2.105% | 6-Month CZK-PRIBOR | A/S | LCH | 08/03/22 | 10,900,000 | (4,000 | ) | — | (4,000 | ) | ||||||||||||||||||||
2.080% | 6-Month CZK-PRIBOR | A/S | LCH | 08/06/22 | 13,360,000 | (5,503 | ) | — | (5,503 | ) | ||||||||||||||||||||
2.060% | 6-Month CZK-PRIBOR | A/S | LCH | 08/16/22 | 9,821,000 | (4,757 | ) | — | (4,757 | ) | ||||||||||||||||||||
2.105% | 6-Month CZK-PRIBOR | A/S | LCH | 08/17/22 | 36,300,000 | (14,838 | ) | — | (14,838 | ) | ||||||||||||||||||||
2.100% | 6-Month CZK-PRIBOR | A/S | LCH | 08/18/22 | 19,010,000 | (7,972 | ) | — | (7,972 | ) | ||||||||||||||||||||
2.115% | 6-Month CZK-PRIBOR | A/S | LCH | 08/21/22 | 19,326,000 | (7,643 | ) | — | (7,643 | ) | ||||||||||||||||||||
2.128% | 6-Month CZK-PRIBOR | A/S | LCH | 08/21/22 | 6,337,000 | (2,373 | ) | — | (2,373 | ) | ||||||||||||||||||||
2.168% | 6-Month CZK-PRIBOR | A/S | LCH | 08/23/22 | 4,618,000 | (1,426 | ) | — | (1,426 | ) | ||||||||||||||||||||
2.200% | 6-Month CZK-PRIBOR | A/S | LCH | 08/23/22 | 24,188,000 | (6,143 | ) | — | (6,143 | ) |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-104
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Receive | Pay | Payment Frequency Fixed Rate/ Floating Rate | Exchange | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
1.841% | 3-Month USD-LIBOR | S/Q | LCH | 09/15/22 | $320,000 | ($14,514 | ) | ($11,734 | ) | ($2,780 | ) | |||||||||||||||||||
2.489% | 3-Month CAD-CDOR | S/Q | LCH | 02/05/23 | CAD 1,830,000 | (11,176 | ) | — | (11,176 | ) | ||||||||||||||||||||
2.506% | 3-Month CAD-CDOR | S/Q | LCH | 02/05/23 | 1,650,000 | (9,152 | ) | — | (9,152 | ) | ||||||||||||||||||||
2.458% | 3-Month CAD-CDOR | S/S | LCH | 02/06/23 | 1,998,500 | (14,154 | ) | — | (14,154 | ) | ||||||||||||||||||||
2.688% | 6-Month PLN-WIBOR | S/S | LCH | 02/07/23 | PLN 1,998,000 | 5,961 | — | 5,961 | ||||||||||||||||||||||
2.625% | 6-Month PLN-WIBOR | S/S | LCH | 02/09/23 | 2,455,000 | 5,596 | — | 5,596 | ||||||||||||||||||||||
0.471% | 6-Month EUR-LIBOR | Z/S | LCH | 02/27/23 | EUR 3,100,000 | 27,336 | — | 27,336 | ||||||||||||||||||||||
2.507% | 6-Month PLN-WIBOR | A/S | LCH | 06/15/23 | PLN 1,352,000 | 506 | — | 506 | ||||||||||||||||||||||
2.525% | 6-Month PLN-WIBOR | S/S | LCH | 06/18/23 | 548,000 | 317 | — | 317 | ||||||||||||||||||||||
2.145% | 6-Month CZK-PRIBOR | A/S | LCH | 08/06/23 | CZK 14,310,000 | (6,778 | ) | — | (6,778 | ) | ||||||||||||||||||||
2.200% | 6-Month CZK-PRIBOR | A/S | LCH | 08/07/23 | 28,544,000 | (11,137 | ) | — | (11,137 | ) | ||||||||||||||||||||
2.175% | 6-Month CZK-PRIBOR | A/S | LCH | 08/08/23 | 1,300,000 | (575 | ) | — | (575 | ) | ||||||||||||||||||||
2.180% | 6-Month CZK-PRIBOR | A/S | LCH | 08/08/23 | 10,460,000 | (4,517 | ) | — | (4,517 | ) | ||||||||||||||||||||
2.168% | 6-Month CZK-PRIBOR | A/S | LCH | 08/10/23 | 6,500,000 | (2,974 | ) | — | (2,974 | ) | ||||||||||||||||||||
2.160% | 6-Month CZK-PRIBOR | A/S | LCH | 08/13/23 | 5,300,000 | (2,513 | ) | — | (2,513 | ) | ||||||||||||||||||||
2.167% | 6-Month CZK-PRIBOR | A/S | LCH | 08/13/23 | 6,120,000 | (2,818 | ) | — | (2,818 | ) | ||||||||||||||||||||
2.485% | 3-Month NZD Bank Bills | Q/S | LCH | 07/25/26 | NZD 1,000,000 | (10,353 | ) | — | (10,353 | ) | ||||||||||||||||||||
2.226% | 6-Month PLN-WIBOR | Q/S | LCH | 07/28/26 | PLN 1,850,000 | (20,832 | ) | — | (20,832 | ) | ||||||||||||||||||||
2.280% | 6-Month PLN-WIBOR | A/S | LCH | 09/21/26 | 483,000 | (5,152 | ) | — | (5,152 | ) | ||||||||||||||||||||
2.300% | 6-Month PLN-WIBOR | S/S | LCH | 09/21/26 | 1,787,000 | (18,369 | ) | — | (18,369 | ) | ||||||||||||||||||||
2.490% | 6-Month PLN-WIBOR | S/S | LCH | 10/13/26 | 510,000 | (3,440 | ) | — | (3,440 | ) | ||||||||||||||||||||
2.470% | 6-Month PLN-WIBOR | A/S | LCH | 10/19/26 | 519,000 | (3,725 | ) | — | (3,725 | ) | ||||||||||||||||||||
2.430% | 6-Month PLN-WIBOR | A/S | LCH | 10/20/26 | 570,000 | (4,540 | ) | — | (4,540 | ) | ||||||||||||||||||||
2.470% | 6-Month PLN-WIBOR | A/S | LCH | 10/28/26 | 514,000 | (3,720 | ) | — | (3,720 | ) | ||||||||||||||||||||
2.560% | 6-Month PLN-WIBOR | A/S | LCH | 11/02/26 | 514,000 | (2,833 | ) | — | (2,833 | ) | ||||||||||||||||||||
2.540% | 6-Month PLN-WIBOR | A/S | LCH | 11/07/26 | 514,000 | (3,057 | ) | — | (3,057 | ) | ||||||||||||||||||||
2.500% | 6-Month PLN-WIBOR | A/S | LCH | 11/08/26 | 514,000 | (3,460 | ) | — | (3,460 | ) | ||||||||||||||||||||
2.516% | 6-Month PLN-WIBOR | S/S | LCH | 11/10/26 | 1,419,000 | (9,107 | ) | — | (9,107 | ) | ||||||||||||||||||||
3.120% | 6-Month PLN-WIBOR | S/S | LCH | 02/07/28 | 528,000 | 2,032 | — | 2,032 | ||||||||||||||||||||||
3.140% | 6-Month PLN-WIBOR | S/S | LCH | 02/07/28 | 350,000 | 1,503 | 1,343 | 160 | ||||||||||||||||||||||
3.170% | 6-Month PLN-WIBOR | S/S | LCH | 02/07/28 | 1,067,000 | 5,290 | — | 5,290 | ||||||||||||||||||||||
3.100% | 6-Month PLN-WIBOR | S/S | LCH | 02/08/28 | 528,000 | 1,795 | — | 1,795 | ||||||||||||||||||||||
3.080% | 6-Month PLN-WIBOR | S/S | LCH | 02/09/28 | 1,017,000 | 3,003 | — | 3,003 | ||||||||||||||||||||||
2.405% | U.S. CPI Urban Consumers | Z/Z | LCH | 02/06/33 | $149,500 | 56 | — | 56 | ||||||||||||||||||||||
1.772% | Eurostat Eurozone HICP | A/Z | LCH | 08/15/42 | EUR 379,000 | (12,726 | ) | — | (12,726 | ) | ||||||||||||||||||||
1.775% | Eurostat Eurozone HICP | A/Z | LCH | 08/15/42 | 381,000 | (12,435 | ) | — | (12,435 | ) | ||||||||||||||||||||
1.793% | Eurostat Eurozone HICP | S/Z | LCH | 08/15/42 | 371,000 | (10,073 | ) | — | (10,073 | ) | ||||||||||||||||||||
1.847% | Eurostat Eurozone HICP | Z/Z | LCH | 10/15/42 | 374,000 | (4,637 | ) | — | (4,637 | ) | ||||||||||||||||||||
1.935% | Eurostat Eurozone HICP | Z/Z | LCH | 02/15/43 | 30,900 | 399 | — | 399 | ||||||||||||||||||||||
1.885% | Eurostat Eurozone HICP | A/Z | LCH | 08/07/47 | 6,000 | (129 | ) | — | (129 | ) | ||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
(461,544 | ) | (12,211 | ) | (449,333 | ) | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Total Interest Rate Swaps – Long | ($377,699 | ) | ($12,216 | ) | ($365,483 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
Interest Rate Swaps – Short
Pay | Receive | Payment Frequency Fixed Rate/ Floating Rate | Counterparty | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
2.160% | 3-Month SAR-SAIBOR | Q/Q | GSC | 08/03/20 | SAR 3,990,000 | $23,135 | $— | $23,135 | ||||||||||||||||||||||
2.350% | 3-Month SAR-SAIBOR | Q/Q | GSC | 08/12/20 | 5,188,000 | 25,219 | — | 25,219 | ||||||||||||||||||||||
3.410% | 3-Month SAR-SAIBOR | Q/Q | GSC | 08/22/20 | 4,051,000 | (2,402 | ) | — | (2,402 | ) | ||||||||||||||||||||
2.645% | 3-Month SAR-SAIBOR | A/Q | GSC | 02/23/21 | 2,118,000 | 2,356 | — | 2,356 | ||||||||||||||||||||||
3.380% | 3-Month SAR-SAIBOR | Q/A | GSC | 05/10/26 | 1,945,000 | 9,984 | — | 9,984 | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
58,292 | — | 58,292 | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Exchange | ||||||||||||||||||||||||||||||
(0.088%) | 3-Month EUR-LIBOR | S/Q | LCH | 03/25/20 | EUR 4,046,000 | (5,244 | ) | — | (5,244 | ) | ||||||||||||||||||||
(0.086%) | 3-Month EUR-LIBOR | Z/Q | LCH | 03/25/20 | 4,046,000 | (5,315 | ) | — | (5,315 | ) | ||||||||||||||||||||
(0.106%) | 3-Month EUR-LIBOR | S/Q | LCH | 03/26/20 | 1,309,000 | (1,405 | ) | — | (1,405 | ) | ||||||||||||||||||||
(0.110%) | 3-Month EUR-LIBOR | S/Q | LCH | 03/27/20 | 1,309,000 | (1,343 | ) | — | (1,343 | ) | ||||||||||||||||||||
(0.103%) | 3-Month EUR-LIBOR | S/Q | LCH | 03/27/20 | 1,309,000 | (1,442 | ) | — | (1,442 | ) | ||||||||||||||||||||
(0.113%) | 3-Month EUR-LIBOR | S/Q | LCH | 03/29/20 | 2,579,000 | (2,488 | ) | — | (2,488 | ) | ||||||||||||||||||||
(0.120%) | 3-Month EUR-LIBOR | S/Q | LCH | 04/03/20 | 3,902,000 | (3,310 | ) | — | (3,310 | ) | ||||||||||||||||||||
(0.110%) | 3-Month EUR-LIBOR | S/Q | LCH | 04/05/20 | 1,336,000 | (1,252 | ) | — | (1,252 | ) | ||||||||||||||||||||
(0.111%) | 3-Month EUR-LIBOR | S/Q | LCH | 04/06/20 | 1,336,000 | (1,236 | ) | — | (1,236 | ) | ||||||||||||||||||||
(0.090%) | 3-Month EUR-LIBOR | S/Q | LCH | 04/15/20 | 9,278,000 | (10,070 | ) | — | (10,070 | ) | ||||||||||||||||||||
1.265% | 6-Month HUF-BUBOR | A/S | LCH | 12/13/21 | HUF 80,325,000 | 3,056 | — | 3,056 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-105
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Pay | Receive | Payment Frequency Fixed Rate/ Floating Rate | Exchange | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
1.460% | 6-Month HUF-BUBOR | A/S | LCH | 01/12/22 | HUF 141,670,000 | $3,167 | $— | $3,167 | ||||||||||||||||||||||
0.250% | 6-Month EUR-LIBOR | A/S | LCH | 09/20/22 | EUR 2,028,730 | (1,922 | ) | 8,741 | (10,663 | ) | ||||||||||||||||||||
1.253% | 6-Month HUF-BUBOR | A/S | LCH | 02/06/23 | HUF 132,996,000 | 14,445 | — | 14,445 | ||||||||||||||||||||||
1.315% | 6-Month HUF-BUBOR | A/S | LCH | 02/09/23 | 166,839,000 | 16,642 | — | 16,642 | ||||||||||||||||||||||
2.753% | 3-Month NZD Bank Bills | Q/S | LCH | 02/09/23 | NZD 1,440,000 | (17,480 | ) | — | (17,480 | ) | ||||||||||||||||||||
2.755% | 3-Month NZD Bank Bills | S/Q | LCH | 02/09/23 | 1,040,000 | (12,696 | ) | — | (12,696 | ) | ||||||||||||||||||||
2.734% | 3-Month NZD Bank Bills | Q/S | LCH | 02/20/23 | 1,100,000 | (12,767 | ) | — | (12,767 | ) | ||||||||||||||||||||
2.740% | 3-Month NZD Bank Bills | Z/Q | LCH | 02/22/23 | 1,180,000 | (13,877 | ) | — | (13,877 | ) | ||||||||||||||||||||
1.000% | 6-Month EUR-LIBOR | S/S | LCH | 03/21/23 | EUR 175,000 | (6,302 | ) | (5,772 | ) | (530 | ) | |||||||||||||||||||
0.431% | 6-Month EUR-LIBOR | S/S | LCH | 05/22/23 | 260,000 | (1,363 | ) | (1,718 | ) | 355 | ||||||||||||||||||||
1.820% | 6-Month HUF-BUBOR | S/S | LCH | 06/15/23 | HUF 231,691,000 | 9,198 | — | 9,198 | ||||||||||||||||||||||
1.885% | 6-Month HUF-BUBOR | S/S | LCH | 06/18/23 | 47,309,000 | 1,407 | — | 1,407 | ||||||||||||||||||||||
2.887% | 3-Month USD-LIBOR | S/Q | LCH | 06/27/23 | $350,000 | 2,651 | — | 2,651 | ||||||||||||||||||||||
1.923% | 6-Month HUF-BUBOR | Q/S | LCH | 07/28/26 | HUF 131,000,000 | 26,943 | — | 26,943 | ||||||||||||||||||||||
1.940% | 6-Month HUF-BUBOR | Q/S | LCH | 08/01/26 | 92,200,000 | 18,615 | — | 18,615 | ||||||||||||||||||||||
1.888% | 6-Month HUF-BUBOR | A/S | LCH | 09/21/26 | 89,324,000 | 20,110 | — | 20,110 | ||||||||||||||||||||||
1.930% | 6-Month HUF-BUBOR | Q/S | LCH | 09/21/26 | 36,212,000 | 7,757 | — | 7,757 | ||||||||||||||||||||||
1.935% | 6-Month HUF-BUBOR | A/S | LCH | 09/21/26 | 35,307,000 | 7,517 | — | 7,517 | ||||||||||||||||||||||
2.140% | 6-Month HUF-BUBOR | A/S | LCH | 10/13/26 | 35,971,000 | 5,837 | — | 5,837 | ||||||||||||||||||||||
2.075% | 6-Month HUF-BUBOR | A/S | LCH | 10/28/26 | 35,850,000 | 6,508 | — | 6,508 | ||||||||||||||||||||||
2.180% | 6-Month HUF-BUBOR | A/S | LCH | 11/03/26 | 35,967,000 | 5,568 | — | 5,568 | ||||||||||||||||||||||
2.150% | 6-Month HUF-BUBOR | A/S | LCH | 11/07/26 | 35,266,000 | 5,770 | — | 5,770 | ||||||||||||||||||||||
2.120% | 6-Month HUF-BUBOR | A/S | LCH | 11/08/26 | 35,033,000 | 6,009 | — | 6,009 | ||||||||||||||||||||||
2.145% | 6-Month HUF-BUBOR | S/S | LCH | 11/10/26 | 96,456,000 | 15,931 | — | 15,931 | ||||||||||||||||||||||
3.400% | 3-Month NZD Bank Bills | S/Q | LCH | 04/28/27 | NZD 900,000 | (28,828 | ) | — | (28,828 | ) | ||||||||||||||||||||
3.395% | 3-Month NZD Bank Bills | S/Q | LCH | 05/08/27 | 705,000 | (22,368 | ) | — | (22,368 | ) | ||||||||||||||||||||
3.405% | 3-Month NZD Bank Bills | A/Q | LCH | 05/08/27 | 705,000 | (22,729 | ) | — | (22,729 | ) | ||||||||||||||||||||
3.313% | 3-Month NZD Bank Bills | Q/S | LCH | 05/18/27 | 609,000 | (16,734 | ) | — | (16,734 | ) | ||||||||||||||||||||
1.965% | U.S. CPI Urban Consumers | Z/Z | LCH | 06/23/27 | $2,000,000 | 78,414 | — | 78,414 | ||||||||||||||||||||||
2.175% | 3-Month USD-LIBOR | S/Q | LCH | 09/19/27 | 568,000 | 41,537 | — | 41,537 | ||||||||||||||||||||||
7.670% | 28-Day MXN-TIIE | A/L | CME | 12/02/27 | MXN 17,900,000 | 32,087 | — | 32,087 | ||||||||||||||||||||||
7.670% | 28-Day MXN-TIIE | S/L | CME | 12/03/27 | 18,000,000 | 32,286 | — | 32,286 | ||||||||||||||||||||||
3.128% | 3-Month NZD Bank Bills | S/Q | LCH | 01/09/28 | NZD 1,000,000 | (16,234 | ) | — | (16,234 | ) | ||||||||||||||||||||
3.130% | 3-Month NZD Bank Bills | Z/Q | LCH | 01/09/28 | 1,000,000 | (16,370 | ) | — | (16,370 | ) | ||||||||||||||||||||
3.150% | 3-Month NZD Bank Bills | S/Q | LCH | 01/11/28 | 1,000,000 | (17,454 | ) | — | (17,454 | ) | ||||||||||||||||||||
3.203% | 3-Month NZD Bank Bills | S/Q | LCH | 01/12/28 | 2,000,000 | (40,624 | ) | — | (40,624 | ) | ||||||||||||||||||||
2.676% | 3-Month USD-LIBOR | S/Q | LCH | 01/30/28 | $620,000 | 21,830 | — | 21,830 | ||||||||||||||||||||||
2.723% | 3-Month USD-LIBOR | Z/Q | LCH | 01/31/28 | 40,000 | 1,255 | — | 1,255 | ||||||||||||||||||||||
2.735% | 3-Month USD-LIBOR | S/Q | LCH | 02/01/28 | 640,200 | 19,485 | — | 19,485 | ||||||||||||||||||||||
2.353% | U.S. CPI Urban Consumers | Z/Z | LCH | 02/06/28 | 36,100 | 100 | — | 100 | ||||||||||||||||||||||
2.090% | 6-Month HUF-BUBOR | S/S | LCH | 02/07/28 | HUF 23,271,000 | 6,017 | — | 6,017 | ||||||||||||||||||||||
2.115% | 6-Month HUF-BUBOR | S/S | LCH | 02/07/28 | 69,724,000 | 17,509 | — | 17,509 | ||||||||||||||||||||||
2.180% | 6-Month HUF-BUBOR | A/S | LCH | 02/07/28 | 34,475,000 | 7,989 | — | 7,989 | ||||||||||||||||||||||
2.195% | 6-Month HUF-BUBOR | Z/S | LCH | 02/08/28 | 35,165,000 | 7,998 | — | 7,998 | ||||||||||||||||||||||
2.230% | 6-Month HUF-BUBOR | S/S | LCH | 02/09/28 | 67,395,000 | 14,638 | — | 14,638 | ||||||||||||||||||||||
2.845% | 3-Month USD-LIBOR | S/Q | LCH | 02/09/28 | $21,640 | 466 | — | 466 | ||||||||||||||||||||||
3.020% | 3-Month USD-LIBOR | S/Q | LCH | 05/10/28 | 175,000 | 1,303 | (846 | ) | 2,149 | |||||||||||||||||||||
3.006% | 3-Month USD-LIBOR | S/Q | LCH | 05/29/28 | 244,000 | 2,077 | — | 2,077 | ||||||||||||||||||||||
2.942% | 3-Month USD-LIBOR | S/Q | LCH | 06/27/28 | 150,000 | 2,044 | — | 2,044 | ||||||||||||||||||||||
2.121% | 6-Month CZK-PRIBOR | S/S | LCH | 07/27/28 | CZK 18,950,000 | 22,700 | — | 22,700 | ||||||||||||||||||||||
2.150% | 6-Month CZK-PRIBOR | S/S | LCH | 07/30/28 | 15,520,000 | 16,815 | — | 16,815 | ||||||||||||||||||||||
2.155% | 6-Month CZK-PRIBOR | S/S | LCH | 07/31/28 | 15,410,000 | 16,381 | — | 16,381 | ||||||||||||||||||||||
2.230% | 6-Month CZK-PRIBOR | A/S | LCH | 08/03/28 | 4,160,000 | 3,197 | — | 3,197 | ||||||||||||||||||||||
2.197% | 6-Month CZK-PRIBOR | A/S | LCH | 08/06/28 | 7,340,000 | 6,605 | — | 6,605 | ||||||||||||||||||||||
2.208% | 6-Month CZK-PRIBOR | A/S | LCH | 08/06/28 | 5,130,000 | 4,409 | — | 4,409 | ||||||||||||||||||||||
2.248% | 6-Month CZK-PRIBOR | A/S | LCH | 08/07/28 | 14,560,000 | 10,649 | — | 10,649 | ||||||||||||||||||||||
2.225% | 6-Month CZK-PRIBOR | A/S | LCH | 08/08/28 | 5,840,000 | 4,793 | — | 4,793 | ||||||||||||||||||||||
2.225% | 6-Month CZK-PRIBOR | A/S | LCH | 08/09/28 | 730,000 | 599 | — | 599 | ||||||||||||||||||||||
2.220% | 6-Month CZK-PRIBOR | A/S | LCH | 08/10/28 | 3,630,000 | 3,050 | — | 3,050 | ||||||||||||||||||||||
2.225% | 6-Month CZK-PRIBOR | A/S | LCH | 08/13/28 | 3,390,000 | 2,784 | — | 2,784 | ||||||||||||||||||||||
2.185% | 6-Month CZK-PRIBOR | A/S | LCH | 08/16/28 | 3,919,000 | 3,866 | — | 3,866 | ||||||||||||||||||||||
2.230% | 6-Month CZK-PRIBOR | A/S | LCH | 08/17/28 | 16,440,000 | 13,276 | — | 13,276 | ||||||||||||||||||||||
2.230% | 6-Month CZK-PRIBOR | A/S | LCH | 08/20/28 | 7,770,000 | 6,282 | — | 6,282 | ||||||||||||||||||||||
2.240% | 6-Month CZK-PRIBOR | A/S | LCH | 08/21/28 | 7,839,000 | 6,037 | — | 6,037 | ||||||||||||||||||||||
2.320% | 6-Month CZK-PRIBOR | A/S | LCH | 08/23/28 | 11,032,000 | 5,004 | — | 5,004 | ||||||||||||||||||||||
8.300% | 28-Day MXN-TIIE | L/L | CME | 08/23/28 | MXN 8,170,000 | (2,587 | ) | 37 | (2,624 | ) | ||||||||||||||||||||
3.112% | 3-Month USD-LIBOR | Q/S | LCH | 10/02/28 | $13,900 | — | (7 | ) | 7 | |||||||||||||||||||||
3.117% | 3-Month USD-LIBOR | Q/S | LCH | 10/02/28 | 310,300 | — | — | — | ||||||||||||||||||||||
1.569% | Eurostat Eurozone HICP | S/Z | LCH | 08/15/32 | EUR 379,000 | 8,516 | — | 8,516 | ||||||||||||||||||||||
1.585% | Eurostat Eurozone HICP | Z/Z | LCH | 08/15/32 | 381,000 | 7,447 | — | 7,447 | ||||||||||||||||||||||
1.601% | Eurostat Eurozone HICP | A/Z | LCH | 08/15/32 | 371,000 | 6,164 | — | 6,164 | ||||||||||||||||||||||
1.638% | Eurostat Eurozone HICP | S/Z | LCH | 10/15/32 | 374,000 | 4,366 | — | 4,366 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-106
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2018 (Unaudited)
Pay | Receive | Payment Frequency Fixed Rate/ Floating Rate | Exchange | Expiration Date | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||
1.735% | Eurostat Eurozone HICP | Z/Z | LCH | 02/15/33 | EUR 30,900 | ($146 | ) | $— | ($146 | ) | ||||||||||||||||||||
2.980% | 3-Month USD-LIBOR | S/Q | LCH | 07/05/38 | $127,000 | 1,959 | — | 1,959 | ||||||||||||||||||||||
3.010% | 3-Month USD-LIBOR | S/Q | LCH | 07/05/38 | 292,000 | 3,939 | — | 3,939 | ||||||||||||||||||||||
2.982% | 3-Month USD-LIBOR | S/Q | LCH | 07/06/38 | 178,000 | 2,725 | — | 2,725 | ||||||||||||||||||||||
2.968% | 3-Month USD-LIBOR | S/Q | LCH | 07/07/38 | 274,000 | 4,447 | — | 4,447 | ||||||||||||||||||||||
2.419% | U.S. CPI Urban Consumers | A/Z | LCH | 02/06/43 | 149,500 | (304 | ) | — | (304 | ) | ||||||||||||||||||||
0.783% | 6-Month JPY-LIBOR | S/S | LCH | 12/19/46 | JPY 47,720,000 | 18,523 | — | 18,523 | ||||||||||||||||||||||
0.853% | 6-Month JPY-LIBOR | S/S | LCH | 06/19/47 | 14,700,000 | 3,605 | — | 3,605 | ||||||||||||||||||||||
0.856% | 6-Month JPY-LIBOR | A/S | LCH | 06/19/47 | 14,700,000 | 3,502 | — | 3,502 | ||||||||||||||||||||||
2.160% | U.S. CPI Urban Consumers | A/Z | LCH | 08/04/47 | $135,000 | 9,087 | — | 9,087 | ||||||||||||||||||||||
2.148% | U.S. CPI Urban Consumers | S/Z | LCH | 08/07/47 | 80,000 | 5,631 | — | 5,631 | ||||||||||||||||||||||
2.146% | U.S. CPI Urban Consumers | S/Z | LCH | 08/25/47 | 169,000 | 12,041 | — | 12,041 | ||||||||||||||||||||||
2.149% | U.S. CPI Urban Consumers | S/Z | LCH | 09/01/47 | 168,000 | 11,867 | — | 11,867 | ||||||||||||||||||||||
0.892% | 6-Month JPY-LIBOR | S/S | LCH | 09/18/47 | JPY 51,000,000 | 8,330 | — | 8,330 | ||||||||||||||||||||||
0.924% | 6-Month JPY-LIBOR | A/S | LCH | 09/18/47 | 46,000,000 | 4,097 | — | 4,097 | ||||||||||||||||||||||
2.220% | U.S. CPI Urban Consumers | S/Z | LCH | 10/05/47 | $147,000 | 7,965 | — | 7,965 | ||||||||||||||||||||||
0.946% | 6-Month JPY-LIBOR | A/S | LCH | 12/18/47 | JPY 85,000,000 | 3,819 | — | 3,819 | ||||||||||||||||||||||
0.949% | 6-Month JPY-LIBOR | S/S | LCH | 12/18/47 | 22,000,000 | 806 | — | 806 | ||||||||||||||||||||||
0.953% | 6-Month JPY-LIBOR | S/S | LCH | 12/18/47 | 39,000,000 | 1,105 | — | 1,105 | ||||||||||||||||||||||
0.958% | 6-Month JPY-LIBOR | S/S | LCH | 12/18/47 | 43,850,000 | 721 | — | 721 | ||||||||||||||||||||||
1.635% | 6-Month EUR-LIBOR | Z/S | LCH | 02/27/48 | EUR 640,000 | (18,912 | ) | — | (18,912 | ) | ||||||||||||||||||||
1.360% | 6-Month EUR-LIBOR | S/A | LCH | 04/05/48 | 99,300 | 4,853 | 3,419 | 1,434 | ||||||||||||||||||||||
1.473% | 6-Month EUR-LIBOR | S/A | LCH | 04/05/48 | 36,000 | 598 | — | 598 | ||||||||||||||||||||||
2.918% | 3-Month USD-LIBOR | Q/S | LCH | 04/16/48 | $108,500 | 4,536 | — | 4,536 | ||||||||||||||||||||||
2.905% | 3-Month USD-LIBOR | Q/S | LCH | 04/17/48 | 115,000 | 5,095 | — | 5,095 | ||||||||||||||||||||||
1.600% | 6-Month EUR-LIBOR | S/S | LCH | 05/18/48 | EUR 249,700 | (4,929 | ) | (734 | ) | (4,195 | ) | |||||||||||||||||||
3.115% | 3-Month USD-LIBOR | S/Q | LCH | 05/18/48 | $67,900 | 146 | (145 | ) | 291 | |||||||||||||||||||||
3.118% | 3-Month USD-LIBOR | A/Q | LCH | 05/23/48 | 50,000 | 81 | — | 81 | ||||||||||||||||||||||
1.539% | 6-Month EUR-LIBOR | S/S | LCH | 05/29/48 | EUR 133,000 | (326 | ) | — | (326 | ) | ||||||||||||||||||||
3.017% | 3-Month USD-LIBOR | A/Q | LCH | 05/29/48 | $38,600 | 832 | — | 832 | ||||||||||||||||||||||
1.458% | 6-Month EUR-LIBOR | S/S | LCH | 05/31/48 | EUR 55,300 | 1,149 | 50 | 1,099 | ||||||||||||||||||||||
0.861% | 6-Month JPY-LIBOR | S/S | LCH | 06/17/48 | JPY 12,380,000 | 3,294 | — | 3,294 | ||||||||||||||||||||||
3.143% | 3-Month USD-LIBOR | Q/S | LCH | 09/28/48 | $318,000 | (1,184 | ) | — | (1,184 | ) | ||||||||||||||||||||
3.120% | 3-Month USD-LIBOR | Q/S | LCH | 10/01/48 | 470,700 | — | — | — | ||||||||||||||||||||||
3.123% | 3-Month USD-LIBOR | Q/S | LCH | 10/01/48 | 208,700 | — | — | — | ||||||||||||||||||||||
3.116% | 3-Month USD-LIBOR | Q/S | LCH | 10/02/48 | 2,900 | — | — | — | ||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
432,618 | 3,025 | 429,593 | ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Total Interest Rate Swaps – Short | $490,910 | $3,025 | $487,885 | |||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||
Total Interest Rate Swaps | $113,211 | ($9,191 | ) | $122,402 | ||||||||||||||||||||||||||
|
|
|
|
|
|
Total Return Swaps – Long
Receive | Pay | Payment Frequency Receive Rate/ Pay Rate | Counter- party | Expiration Date | Number of Contracts | Notional Amount | Value | Upfront Premiums Paid (Received) | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
Kospi 200 Index-appreciation | Kospi 200 Index-depreciation | Z/Z | CIT | 12/13/18 | 3 | KRW 226,200,000 | $6,260 | $— | $6,260 | |||||||||||||||||||||||||
Egyptian Treasury Bills | 3-Month USD-LIBOR + 0.550% | S/Z | GSC | 07/23/19 | — | EGP 3,900,000 | 5,553 | 913 | 4,640 | |||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||
$11,813 | $913 | $10,900 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||
Total Swap Agreements | $10,730 | $465,765 | ($455,035 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps
Upfront Premiums Paid (Received) | Unrealized Appreciation (Deprecation) | |||||||
OTC Swap Agreements | ||||||||
Assets | $718,081 | $297,943 | ||||||
Liabilities | (594,246 | ) | (503,296 | ) | ||||
Centrally Cleared Swap Agreements (6) | ||||||||
Assets | 364,843 | 811,274 | ||||||
Liabilities | (22,913 | ) | (1,060,956 | ) | ||||
|
|
|
| |||||
$465,765 | ($455,035 | ) | ||||||
|
|
|
|
(6) | Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-107
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2018 (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, 2018:
Total Value at September 30, 2018 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |||||||||||||||
Assets | Common Stocks | |||||||||||||||||
Cyprus | $266,090 | $266,090 | $— | $— | ||||||||||||||
Iceland | 1,610,872 | 1,334,392 | 276,480 | — | ||||||||||||||
Japan | 633,548 | — | 633,548 | — | ||||||||||||||
Myanmar | 189,884 | — | 189,884 | — | ||||||||||||||
Serbia | 37,514 | 37,514 | — | — | ||||||||||||||
South Korea | 400,119 | 33,565 | 366,554 | — | ||||||||||||||
Vietnam | 797,464 | 84,112 | 713,352 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Common Stocks | 3,935,491 | 1,755,673 | 2,179,818 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Corporate Bond & Notes | 1,866,547 | — | 1,866,547 | — | ||||||||||||||
Senior Loan Notes | 381,325 | — | 114,285 | 267,040 | ||||||||||||||
Mortgage-Backed Securities | 1,112,758 | — | 1,112,758 | — | ||||||||||||||
Foreign Government Bonds & Notes | 30,208,950 | — | 30,208,950 | — | ||||||||||||||
Short-Term Investments | 14,968,415 | 6,495,112 | 8,473,303 | — | ||||||||||||||
Derivatives: | ||||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | 141,553 | — | 141,553 | — | ||||||||||||||
Equity Contracts | ||||||||||||||||||
Purchased Options | 127,509 | — | 127,509 | — | ||||||||||||||
Swaps | 6,260 | — | 6,260 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Equity Contracts | 133,769 | — | 133,769 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | 3,478,342 | — | 3,478,342 | — | ||||||||||||||
Purchased Options | 194,457 | — | 194,457 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | 3,672,799 | — | 3,672,799 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | 79,917 | 79,917 | — | — | ||||||||||||||
Purchased Options | 395,674 | — | 395,674 | — | ||||||||||||||
Swaps | 961,404 | — | 961,404 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | 1,436,995 | 79,917 | 1,357,078 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets - Derivatives | 5,385,116 | 79,917 | 5,305,199 | — | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 57,858,602 | 8,330,702 | 49,260,860 | 267,040 | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Liabilities | Derivatives: | |||||||||||||||||
Credit Contracts | ||||||||||||||||||
Swaps | (729,890 | ) | — | (729,890 | ) | — | ||||||||||||
Foreign Currency Contracts | ||||||||||||||||||
Forward Foreign Currency Contracts | (3,848,063 | ) | — | (3,848,063 | ) | — | ||||||||||||
Written Options | (388 | ) | — | (388 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Foreign Currency Contracts | (3,848,451 | ) | — | (3,848,451 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Interest Rate Contracts | ||||||||||||||||||
Futures | (33,344 | ) | (33,344 | ) | — | — | ||||||||||||
Swaps | (834,362 | ) | — | (834,362 | ) | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Interest Rate Contracts | (867,706 | ) | (33,344 | ) | (834,362 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities - Derivatives | (5,446,047 | ) | (33,344 | ) | (5,412,703 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | (5,446,047 | ) | (33,344 | ) | (5,412,703 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $52,412,555 | $8,297,358 | $43,848,157 | $267,040 | ||||||||||||||
|
|
|
|
|
|
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-108
Table of Contents
PACIFIC FUNDS
PF GLOBAL ABSOLUTE RETURN FUND
Schedule of Investments (Continued)
September 30, 2018 (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, 2018:
Senior Loan Notes | ||||
Value, Beginning of Year | $790,978 | |||
Purchases | — | |||
Sales (Includes Paydowns) | — | |||
Accrued Discounts (Premiums) | 1,414 | |||
Net Realized Gains (Losses) | — | |||
Change in Net Unrealized Appreciation (Depreciation) | (525,352 | ) | ||
Transfers In | — | |||
Transfers Out | — | |||
|
| |||
Value, End of Period | $267,040 | |||
|
| |||
Change in Net Unrealized Appreciation (Depreciation) on | ($525,352 | ) | ||
|
|
See Notes to Financial Statements | See explanation of symbols and terms, if any, on A-110 and A-111 |
A-109
Table of Contents
PACIFIC FUNDS
Schedule of Investments (Continued)
Explanation of Symbols and Terms
September 30, 2018 (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, 2018. For Senior Loan Notes, the rate shown may represent a weighted average interest rate. Interest rates for certain securities are subject to interest rate caps and floors, which would result in a period end rate being more, less or equal to the referenced rate plus spread. 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. | |
Y | Issuer filed bankruptcy and/or is in default as of September 30, 2018. | |
¥ | 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. Rates do not take effect until settlement date. | |
~ | 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. | |
◇ | Restricted Securities. These securities are not registered and may not be sold to the public. There are legal and/or contractual restrictions on resale. The Trust does not have the right to demand that such securities be registered. The values of these securities are determined by valuations provided by pricing services, brokers, dealers, market makers, or in good faith under the procedures established by the Trust’s Board of Trustees (the “Board”). | |
‡ | Investments were fully or partially segregated with the broker(s)/custodian as collateral for futures contracts, forward foreign currency contracts, option contracts and/or swap agreements as of September 30, 2018. | |
W | 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, 2018 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 | |
BOA | Bank of America | |
BRC | Barclays | |
CIT | Citigroup | |
CME | Chicago Mercantile Exchange | |
CSF | Credit Suisse | |
DUB | Deutsche Bank | |
EUX | Eurex Exchange | |
GSC | Goldman Sachs | |
HSB | HSBC | |
ICE | Intercontinental Exchange Inc | |
JPM | JPMorgan Chase | |
LCH | London Clearing House | |
MER | Merrill Lynch | |
MSC | Morgan Stanley |
MSE | Montreal Exchange | |
RBC | Royal Bank of Canada | |
RBS | Royal Bank of Scotland | |
SCB | Standard Chartered Bank | |
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 | |
GHS | Ghana Cedi | |
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 | |
LKR | Sri Lankan Rupee | |
MAD | Moroccan Dirham | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
NGN | Nigerian Naira | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
OMR | Omani Rial | |
PEN | Peruvian Nuevo Sol | |
PHP | Philippine Peso | |
PLN | Polish Zloty | |
QAR | Qatari Riyal | |
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 |
Payment Frequency Abbreviations: | ||
A | Annual | |
L | Lunar | |
M | Monthly | |
Q | Quarterly | |
S | Semiannual | |
Z | At Maturity |
See Notes to Financial Statements |
A-110
Table of Contents
PACIFIC FUNDS
Schedule of Investments (Continued)
Explanation of Symbols and Terms (Continued)
September 30, 2018 (Unaudited)
Reference Rate Abbreviations: | ||
ARS Deposit | Argentina Deposit Rate | |
ARS Reference | Argentina Reference Rate | |
AUD Bank Bill | Australian Dollar Bank Bill Rate | |
EUR LIBOR | Euro London Interbank Offered Rate | |
GBP LIBOR | British Pound London Interbank Offered Rate | |
US FED | United States Federal Reserve Bank Rate | |
US PRIME | United States Prime Rate | |
USD LIBOR | United States Dollar London Interbank Offered Rate | |
UST | United States Treasury Rate | |
Other Abbreviations: | ||
ADR | American Depositary Receipt | |
GDR | Global Depositary Receipt | |
IO | Interest Only | |
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-111
Table of Contents
STATEMENTS OF ASSETS AND LIABILITIES
September 30, 2018 (Unaudited)
PF Inflation Managed Fund | PF Managed Bond Fund | PF Short Duration Bond Fund | PF Emerging Markets Debt Fund | PF Developing Growth Fund | PF Growth Fund | |||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||
Investments, at value (excluding derivatives) | $88,646,146 | $677,771,775 | $101,247,350 | $81,368,152 | $14,706,570 | $175,741,453 | ||||||||||||||||||||||||
Outstanding purchased options, at value | — | 87,853 | — | — | — | — | ||||||||||||||||||||||||
Cash | — | 812,258 | 333,447 | — | — | — | ||||||||||||||||||||||||
Cash (segregated for derivative instruments) | 298,000 | 5,593,204 | 67,300 | 685,697 | — | — | ||||||||||||||||||||||||
Foreign currency held, at value | 126,093 | 6,098,482 | 3,576 | 330,071 | — | — | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||
Dividends and interest | 182,984 | 3,688,169 | 597,423 | 1,078,946 | 3,082 | 63,661 | ||||||||||||||||||||||||
Fund shares sold | 1,573 | — | — | 3,147 | — | — | ||||||||||||||||||||||||
Securities sold | 4,724,380 | 167,939,388 | 90,540 | 966,609 | 256,663 | 1,354 | ||||||||||||||||||||||||
Variation margin on futures contracts | 14,131 | 2,937 | 6,231 | — | — | — | ||||||||||||||||||||||||
Variation margin on swap contracts | — | 286,774 | — | 49,192 | — | — | ||||||||||||||||||||||||
Swap agreements | 13,830 | — | — | 94 | — | — | ||||||||||||||||||||||||
Due from adviser | 4,155 | 36,892 | 8,912 | 7,863 | 1,099 | 8,953 | ||||||||||||||||||||||||
Forward foreign currency contracts appreciation | 22,652 | 2,221,503 | — | 926,902 | — | — | ||||||||||||||||||||||||
Swap premiums paid | — | 16,850 | — | 448,380 | — | — | ||||||||||||||||||||||||
Swap agreements appreciation | 4,282 | 133,366 | — | — | — | — | ||||||||||||||||||||||||
Prepaid expenses and other assets | — | 7,544 | 486 | — | — | 165 | ||||||||||||||||||||||||
Total Assets | 94,038,226 | 864,696,995 | 102,355,265 | 85,865,053 | 14,967,414 | 175,815,586 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||
Fund shares redeemed | 49,933 | 424,348 | 71,940 | 71,073 | 13,337 | 158,380 | ||||||||||||||||||||||||
Securities purchased | 9,755,737 | 299,386,867 | 750,133 | 231,819 | 88,786 | — | ||||||||||||||||||||||||
Sale-buyback financing transactions | 15,910,174 | 38,199,218 | — | — | — | — | ||||||||||||||||||||||||
Due to custodian | 14,996 | — | — | 3,569 | — | — | ||||||||||||||||||||||||
Swap agreements | — | 316,088 | — | — | — | — | ||||||||||||||||||||||||
Variation margin on swap contracts | 58,157 | — | — | — | — | — | ||||||||||||||||||||||||
Due to brokers | — | 770,000 | — | 250,000 | — | — | ||||||||||||||||||||||||
Accrued advisory fees | 22,696 | 173,413 | 33,655 | 54,180 | 6,967 | 78,724 | ||||||||||||||||||||||||
Accrued administration fees | 8,511 | 65,030 | 12,621 | 10,353 | 1,742 | 21,470 | ||||||||||||||||||||||||
Accrued support service expenses | 2,822 | 18,344 | 3,463 | 3,320 | 321 | 5,978 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 4,254 | 44,311 | 5,718 | 19,337 | 965 | 3,501 | ||||||||||||||||||||||||
Accrued legal, audit and tax service fees | 4,257 | 38,055 | 7,528 | 5,362 | 626 | 11,827 | ||||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 2,734 | 15,606 | 2,255 | — | 2,333 | 4,219 | ||||||||||||||||||||||||
Accrued other | 8,822 | 104,841 | 39,846 | 17,102 | 5,986 | 18,223 | ||||||||||||||||||||||||
Forward foreign currency contracts depreciation | 42,004 | 2,113,266 | 2,891 | 382,482 | — | — | ||||||||||||||||||||||||
Outstanding options written, at value | 21,211 | 112,880 | — | — | — | — | ||||||||||||||||||||||||
Swap premiums received | 3,106 | 265,398 | — | — | — | — | ||||||||||||||||||||||||
Swap agreements depreciation | 5,975 | 11,186 | — | 87,316 | — | — | ||||||||||||||||||||||||
Total Liabilities | 25,915,389 | 342,058,851 | 930,050 | 1,135,913 | 121,063 | 302,322 | ||||||||||||||||||||||||
NET ASSETS | $68,122,837 | $522,638,144 | $101,425,215 | $84,729,140 | $14,846,351 | $175,513,264 | ||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||
Paid-in capital | $77,139,956 | $537,022,265 | $103,743,839 | $97,137,366 | $10,644,582 | $80,332,039 | ||||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 1,497,467 | 6,786,073 | 1,723,503 | 1,697,263 | (24,333 | ) | 12,915 | |||||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (9,255,187 | ) | (9,261,749 | ) | (3,142,978 | ) | (10,219,252 | ) | 601,140 | 9,632,814 | ||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | (1,259,399 | ) | (11,908,445 | ) | (899,149 | ) | (3,886,237 | ) | 3,624,962 | 85,535,496 | ||||||||||||||||||||
NET ASSETS | $68,122,837 | $522,638,144 | $101,425,215 | $84,729,140 | $14,846,351 | $175,513,264 | ||||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 7,673,862 | 49,852,895 | 10,277,171 | 9,649,641 | 773,596 | 5,992,434 | ||||||||||||||||||||||||
Net Asset Value Per Share | $8.88 | $10.48 | $9.87 | $8.78 | $19.19 | $29.29 | ||||||||||||||||||||||||
Investments, at cost (excluding derivatives) | $90,116,204 | $686,747,014 | $102,065,003 | $85,741,170 | $11,081,608 | $90,205,957 | ||||||||||||||||||||||||
Outstanding purchased options, at cost | — | 172,202 | — | — | — | — | ||||||||||||||||||||||||
Foreign currency held, at cost | 126,994 | 6,122,315 | 3,580 | 330,717 | — | — | ||||||||||||||||||||||||
Premiums received from outstanding options written | 61,954 | 175,453 | — | — | — | — |
See Notes to Financial Statements
B-1
Table of Contents
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
September 30, 2018 (Unaudited)
PF Large-Cap Value Fund | PF Mid-Cap Equity Fund | PF Multi-Asset Fund | PF Small-Cap Value Fund | PF Emerging Markets Fund | PF International Large-Cap Fund | |||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||
Investments, at value (excluding derivatives) | $208,430,869 | $10,215,227 | $1,281,819,214 | $76,316,875 | $116,636,166 | $55,449,687 | ||||||||||||||||||||||||
Cash | — | 5,306 | 2,730 | — | — | 3,422 | ||||||||||||||||||||||||
Foreign currency held, at value | — | — | — | — | 208,384 | 2,038 | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||
Dividends and interest | 332,533 | 8,263 | 6,049,470 | 57,782 | 144,747 | 1,035,926 | ||||||||||||||||||||||||
Fund shares sold | — | — | — | — | 2,203 | — | ||||||||||||||||||||||||
Securities sold | — | — | — | 113,284 | 2,859,642 | 267,220 | ||||||||||||||||||||||||
Due from adviser | 11,616 | 1,414 | 54,084 | 4,683 | 41,035 | 13,912 | ||||||||||||||||||||||||
Swap agreements appreciation | — | — | 60,797,295 | — | — | — | ||||||||||||||||||||||||
Prepaid expenses and other assets | 2,798 | — | 27,210 | — | 1,594 | 700 | ||||||||||||||||||||||||
Total Assets | 208,777,816 | 10,230,210 | 1,348,750,003 | 76,492,624 | 119,893,771 | 56,772,905 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||
Fund shares redeemed | 194,279 | — | — | 72,671 | 125,607 | 54,637 | ||||||||||||||||||||||||
Securities purchased | — | — | 5,208,197 | 182,898 | 17,136 | — | ||||||||||||||||||||||||
Due to custodian | 3,718 | — | — | — | 28,428 | — | ||||||||||||||||||||||||
Variation margin on futures contracts | — | — | 1,500 | — | — | — | ||||||||||||||||||||||||
Accrued advisory fees | 112,286 | 5,451 | 380,742 | 47,695 | 81,912 | 39,421 | ||||||||||||||||||||||||
Accrued administration fees | 25,912 | 1,258 | 163,175 | 9,539 | 15,358 | 6,957 | ||||||||||||||||||||||||
Accrued support service expenses | 5,874 | 23 | 52,182 | 2,443 | 5,795 | 1,339 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 7,991 | 1,914 | 17,545 | 2,731 | 232,068 | 77,866 | ||||||||||||||||||||||||
Accrued legal, audit and tax service fees | 15,115 | 945 | 65,506 | 5,688 | 11,917 | 5,955 | ||||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | 8,511 | 1,315 | — | 1,062 | 1,680 | 4,122 | ||||||||||||||||||||||||
Accrued foreign capital gains tax | — | — | — | — | 182,071 | 212,625 | ||||||||||||||||||||||||
Accrued other | 22,117 | 10,190 | 56,664 | 12,523 | 31,129 | 24,141 | ||||||||||||||||||||||||
Swap agreements depreciation | — | — | 14,995,398 | — | — | — | ||||||||||||||||||||||||
Total Liabilities | 395,803 | 21,096 | 20,940,909 | 337,250 | 733,101 | 427,063 | ||||||||||||||||||||||||
NET ASSETS | $208,382,013 | $10,209,114 | $1,327,809,094 | $76,155,374 | $119,160,670 | $56,345,842 | ||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||
Paid-in capital | $65,552,959 | ($5,549,640 | ) | $1,271,836,205 | $44,233,290 | $64,582,187 | ($17,754,639 | ) | ||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 1,909,082 | 52,392 | 12,018,743 | 115,001 | (307,305 | ) | 1,029,088 | |||||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | 62,001,465 | 14,988,996 | (363,335 | ) | 15,077,779 | 13,149,156 | 47,507,375 | |||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 78,918,507 | 717,366 | 44,317,481 | 16,729,304 | 41,736,632 | 25,564,018 | ||||||||||||||||||||||||
NET ASSETS | $208,382,013 | $10,209,114 | $1,327,809,094 | $76,155,374 | $119,160,670 | $56,345,842 | ||||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 11,433,628 | 878,005 | 130,521,607 | 6,330,449 | 7,416,661 | 2,657,507 | ||||||||||||||||||||||||
Net Asset Value Per Share | $18.23 | $11.63 | $10.17 | $12.03 | $16.07 | $21.20 | ||||||||||||||||||||||||
Investments, at cost (excluding derivatives) | $129,512,362 | $9,497,861 | $1,283,303,630 | $59,587,571 | $74,718,309 | $29,668,328 | ||||||||||||||||||||||||
Foreign currency held, at cost | — | — | — | — | 208,548 | 2,045 |
See Notes to Financial Statements
B-2
Table of Contents
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
September 30, 2018 (Unaudited)
PF International Small-Cap Fund | PF International Value Fund | PF Real Estate Fund | PF Currency Strategies Fund | PF Equity Long/Short Fund | PF Global Absolute Return Fund | |||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||
Investments, at value (excluding derivatives) | $78,759,682 | $77,186,445 | $51,598,715 | $64,938,291 | $41,450,879 | $52,473,486 | ||||||||||||||||||||||||
Outstanding purchased options, at value | — | — | — | — | — | 717,640 | ||||||||||||||||||||||||
Cash | — | — | — | 2,245 | 876,384 | 1,757,953 | ||||||||||||||||||||||||
Cash (segregated for derivative instruments) | — | — | — | — | 9,255,000 | — | ||||||||||||||||||||||||
Foreign currency held, at value | 42,467 | 91,289 | — | 12,483 | 220,395 | 2,235,971 | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||
Dividends and interest | 362,515 | 889,724 | 162,536 | 163,634 | 14,915 | 532,300 | ||||||||||||||||||||||||
Fund shares sold | 1,574 | — | 944 | 7,868 | 3,462 | 7,868 | ||||||||||||||||||||||||
Securities sold | — | 480,589 | 161,693 | — | — | 57,639 | ||||||||||||||||||||||||
Variation margin on swap contracts | — | — | — | — | — | 1,417,139 | ||||||||||||||||||||||||
Swap agreements | — | — | — | — | — | 229,197 | ||||||||||||||||||||||||
Due from adviser | 1,751 | 12,540 | 2,092 | — | — | 9,812 | ||||||||||||||||||||||||
Forward foreign currency contracts appreciation | — | — | — | 1,506,911 | 34,229 | 3,478,342 | ||||||||||||||||||||||||
Swap premiums paid | — | — | — | — | — | 718,081 | ||||||||||||||||||||||||
Swap agreements appreciation | — | — | — | — | 1,731,813 | 297,943 | ||||||||||||||||||||||||
Prepaid expenses and other assets | — | 1,099 | 70 | — | — | 275,450 | ||||||||||||||||||||||||
Total Assets | 79,167,989 | 78,661,686 | 51,926,050 | 66,631,432 | 53,587,077 | 64,208,821 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||
Fund shares redeemed | 76,909 | 74,991 | 44,098 | 42,514 | 43,111 | 43,111 | ||||||||||||||||||||||||
Securities purchased | — | 399,650 | — | 5,951,758 | — | 1,822,103 | ||||||||||||||||||||||||
Due to custodian | 3,245 | — | 21,888 | — | — | — | ||||||||||||||||||||||||
Variation margin on futures contracts | — | — | — | — | 24,849 | 5,942 | ||||||||||||||||||||||||
Swap agreements | — | — | — | — | 1,103 | — | ||||||||||||||||||||||||
Due to brokers | — | — | — | — | 1,200,000 | 380,000 | ||||||||||||||||||||||||
Accrued advisory fees | 55,589 | 41,166 | 36,751 | 31,499 | 41,839 | 37,970 | ||||||||||||||||||||||||
Accrued administration fees | 9,810 | 9,500 | 6,125 | 7,269 | 6,276 | 7,119 | ||||||||||||||||||||||||
Accrued support service expenses | 3,247 | 2,225 | 1,162 | 1,921 | — | 1,874 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 26,758 | 56,465 | 1,360 | 8,758 | 8,621 | 78,732 | ||||||||||||||||||||||||
Accrued legal, audit and tax service fees | 5,440 | 7,109 | 2,389 | 4,153 | 3,057 | 4,260 | ||||||||||||||||||||||||
Accrued trustees’ fees and expenses and deferred compensation | — | 5,155 | 595 | 1,147 | — | 206 | ||||||||||||||||||||||||
Accrued foreign capital gains tax | — | 1 | — | — | — | — | ||||||||||||||||||||||||
Accrued other | 13,376 | 22,241 | 5,967 | 5,393 | 16,303 | 23,557 | ||||||||||||||||||||||||
Forward foreign currency contracts depreciation | — | — | — | 2,664,832 | 65,973 | 3,848,063 | ||||||||||||||||||||||||
Outstanding options written, at value | — | — | — | — | — | 388 | ||||||||||||||||||||||||
Swap premiums received | — | — | — | — | — | 594,246 | ||||||||||||||||||||||||
Swap agreements depreciation | — | — | — | — | 1,099,979 | 503,296 | ||||||||||||||||||||||||
Total Liabilities | 194,374 | 618,503 | 120,335 | 8,719,244 | 2,511,111 | 7,350,867 | ||||||||||||||||||||||||
NET ASSETS | $78,973,615 | $78,043,183 | $51,805,715 | $57,912,188 | $51,075,966 | $56,857,954 | ||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||
Paid-in capital | $73,819,678 | $64,169,048 | $39,000,692 | $58,703,955 | $54,236,872 | $64,252,102 | ||||||||||||||||||||||||
Undistributed/accumulated net investment income (loss) | 854,654 | 2,581,287 | 692,852 | (1,607,043 | ) | (5,179,658 | ) | 1,073,611 | ||||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | 821,627 | 4,495,664 | 4,942,252 | 2,373,282 | 1,141,102 | (4,733,844 | ) | |||||||||||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 3,477,656 | 6,797,184 | 7,169,919 | (1,558,006 | ) | 877,650 | (3,733,915 | ) | ||||||||||||||||||||||
NET ASSETS | $78,973,615 | $78,043,183 | $51,805,715 | $57,912,188 | $51,075,966 | $56,857,954 | ||||||||||||||||||||||||
Class P Shares: | ||||||||||||||||||||||||||||||
Shares of beneficial interest outstanding | 7,361,911 | 7,753,100 | 4,064,039 | 6,338,543 | 5,763,278 | 6,359,736 | ||||||||||||||||||||||||
Net Asset Value Per Share | $10.73 | $10.07 | $12.75 | $9.14 | $8.86 | $8.94 | ||||||||||||||||||||||||
Investments, at cost (excluding derivatives) | $75,280,471 | $70,369,420 | $44,428,796 | $65,335,756 | $41,452,774 | $54,682,835 | ||||||||||||||||||||||||
Outstanding purchased options, at cost | — | — | — | — | — | 1,026,264 | ||||||||||||||||||||||||
Foreign currency held, at cost | 42,661 | 92,044 | — | 12,387 | 221,620 | 2,381,641 | ||||||||||||||||||||||||
Premiums received from outstanding options written | — | — | — | — | — | 5,184 |
See Notes to Financial Statements
B-3
Table of Contents
STATEMENTS OF OPERATIONS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2018 (Unaudited)
PF Inflation Managed Fund | PF Managed Bond Fund | PF Short Duration Bond Fund | PF Emerging Markets Debt Fund | PF Developing Growth Fund | PF Growth Fund | |||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $3,729 | $204,281 | $10,365 | $85,943 | $16,880 | $666,597 | ||||||||||||||||||||||||
Interest, net of foreign taxes withheld | 1,663,208 | 10,062,683 | 1,364,337 | 2,395,062 | — | 581 | ||||||||||||||||||||||||
Other | — | 38 | — | — | — | — | ||||||||||||||||||||||||
Total Investment Income | 1,666,937 | 10,267,002 | 1,374,702 | 2,481,005 | 16,880 | 667,178 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 145,185 | 1,120,347 | 214,895 | 334,272 | 31,477 | 518,332 | ||||||||||||||||||||||||
Administration fees | 54,444 | 420,130 | 80,586 | 63,874 | 7,869 | 141,363 | ||||||||||||||||||||||||
Support services expenses | 6,237 | 48,477 | 9,288 | 7,367 | 800 | 16,483 | ||||||||||||||||||||||||
Custodian fees and expenses | 3,087 | 32,005 | 4,341 | 14,766 | 719 | 2,597 | ||||||||||||||||||||||||
Shareholder report expenses | 3,261 | 25,342 | 4,856 | 3,851 | 418 | 8,617 | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 2,615 | 20,328 | 3,894 | 3,089 | 335 | 6,914 | ||||||||||||||||||||||||
Registration fees | 104 | 796 | 155 | 128 | 14 | 253 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 5,026 | 38,919 | 7,480 | 5,987 | 650 | 13,049 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 1,675 | 13,030 | 2,496 | 1,897 | 215 | 4,440 | ||||||||||||||||||||||||
Interest expense | 156,240 | 296,785 | — | — | — | — | ||||||||||||||||||||||||
Other (1) | 4,233 | 53,751 | 22,783 | 10,795 | 3,557 | 8,392 | ||||||||||||||||||||||||
Total Expenses | 382,107 | 2,069,910 | 350,774 | 446,026 | 46,054 | 720,440 | ||||||||||||||||||||||||
Adviser Expense Reimbursement (2) | (26,238 | ) | (232,649 | ) | (55,294 | ) | (47,881 | ) | (6,707 | ) | (60,745 | ) | ||||||||||||||||||
Net Expenses | 355,869 | 1,837,261 | 295,480 | 398,145 | 39,347 | 659,695 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 1,311,068 | 8,429,741 | 1,079,222 | 2,082,860 | (22,467 | ) | 7,483 | |||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions (3) | (255,475 | ) | (5,378,288 | ) | 16,666 | (266,727 | ) | 1,740,568 | 3,780,141 | |||||||||||||||||||||
Closed short positions | — | (594 | ) | — | — | — | — | |||||||||||||||||||||||
Foreign currency transactions | (65,139 | ) | 184,396 | (284 | ) | (1,018,013 | ) | — | (140 | ) | ||||||||||||||||||||
Forward foreign currency contract transactions | 231,255 | (798,489 | ) | 20,684 | (1,585,770 | ) | — | — | ||||||||||||||||||||||
Futures contract transactions | (28,561 | ) | (1,423,809 | ) | (40,372 | ) | — | — | — | |||||||||||||||||||||
Purchased option transactions | (12,415 | ) | (1,256,862 | ) | — | — | — | — | ||||||||||||||||||||||
Swap transactions | 5,682 | 1,353,296 | — | (94,323 | ) | — | — | |||||||||||||||||||||||
Written option transactions | 52,731 | 1,532,897 | — | — | — | — | ||||||||||||||||||||||||
Net Realized Gain (Loss) | (71,922 | ) | (5,787,453 | ) | (3,306 | ) | (2,964,833 | ) | 1,740,568 | 3,780,001 | ||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities | (1,425,289 | ) | (6,075,137 | ) | (104,818 | ) | (4,915,780 | ) | 882,942 | 24,157,516 | ||||||||||||||||||||
Foreign currencies | (154 | ) | (94,488 | ) | 24 | (13,319 | ) | — | — | |||||||||||||||||||||
Forward foreign currency contracts | (7,013 | ) | 2,547,232 | (3,048 | ) | 509,677 | — | — | ||||||||||||||||||||||
Futures contracts | 158,052 | (4,067,137 | ) | (96,610 | ) | — | — | — | ||||||||||||||||||||||
Purchased options | 3,236 | 77,212 | — | — | — | — | ||||||||||||||||||||||||
Swaps | 36,749 | (707,318 | ) | — | (24,952 | ) | — | — | ||||||||||||||||||||||
Written options | (5,733 | ) | (41,321 | ) | — | — | — | — | ||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | (1,240,152 | ) | (8,360,957 | ) | (204,452 | ) | (4,444,374 | ) | 882,942 | 24,157,516 | ||||||||||||||||||||
NET GAIN (LOSS) | (1,312,074 | ) | (14,148,410 | ) | (207,758 | ) | (7,409,207 | ) | 2,623,510 | 27,937,517 | ||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | ($1,006 | ) | ($5,718,669 | ) | $871,464 | ($5,326,347 | ) | $2,601,043 | $27,945,000 | |||||||||||||||||||||
Foreign taxes withheld on dividends and interest | $— | $10,795 | $209 | $22,841 | $— | $2,060 |
(1) | Other Expense for the PF Short Duration Bond and PF Developing Growth Funds include $21,373 and $3,290 of Accounting fees, respectively. |
(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 $3,951. |
See Notes to Financial Statements
B-4
Table of Contents
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2018 (Unaudited)
PF Large-Cap Value Fund | PF Mid-Cap Equity Fund | PF Multi-Asset Fund | PF Small-Cap Value Fund | PF Emerging Markets Fund | PF International Large-Cap Fund | |||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $2,038,923 | $127,935 | $118,803 | $481,116 | $1,986,675 | $1,704,497 | ||||||||||||||||||||||||
Interest, net of foreign taxes withheld | — | — | 13,596,089 | — | — | 150 | ||||||||||||||||||||||||
Total Investment Income | 2,038,923 | 127,935 | 13,714,892 | 481,116 | 1,986,675 | 1,704,647 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 613,441 | 60,553 | 1,894,599 | 304,477 | 649,995 | 362,154 | ||||||||||||||||||||||||
Administration fees | 141,563 | 13,974 | 811,971 | 60,895 | 121,874 | 63,910 | ||||||||||||||||||||||||
Support services expenses | 15,766 | 1,769 | 85,544 | 6,964 | 15,018 | 7,894 | ||||||||||||||||||||||||
Custodian fees and expenses | 5,943 | 1,409 | 16,230 | 2,018 | 174,068 | 57,226 | ||||||||||||||||||||||||
Shareholder report expenses | 8,242 | 925 | 44,720 | 3,640 | 7,851 | 4,127 | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 6,606 | 744 | 35,823 | 2,920 | 6,297 | 3,316 | ||||||||||||||||||||||||
Registration fees | 307 | 14 | 1,841 | 117 | 252 | 86 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 13,163 | 1,266 | 73,211 | 5,621 | 12,114 | 5,888 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 4,211 | 484 | 22,060 | 1,871 | 4,034 | 2,146 | ||||||||||||||||||||||||
Offering expenses | — | — | 44,377 | — | — | — | ||||||||||||||||||||||||
Other (1) | 8,185 | 5,434 | 13,353 | 5,890 | 29,943 | 15,169 | ||||||||||||||||||||||||
Total Expenses | 817,427 | 86,572 | 3,043,729 | 394,413 | 1,021,446 | 521,916 | ||||||||||||||||||||||||
Adviser Expense Reimbursement (2) | (62,423 | ) | (12,045 | ) | (283,025 | ) | (29,041 | ) | (249,578 | ) | (95,852 | ) | ||||||||||||||||||
Net Expenses | 755,004 | 74,527 | 2,760,704 | 365,372 | 771,868 | 426,064 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 1,283,919 | 53,408 | 10,954,188 | 115,744 | 1,214,807 | 1,278,583 | ||||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions (3) | 8,565,834 | 9,494,357 | (227,988 | ) | 7,673,039 | 9,079,819 | 30,534,010 | |||||||||||||||||||||||
Foreign currency transactions | — | — | — | — | (252,153 | ) | 17,815 | |||||||||||||||||||||||
Futures contract transactions | — | — | (7,672 | ) | — | — | — | |||||||||||||||||||||||
Swap transactions | — | — | 1,160,795 | — | — | — | ||||||||||||||||||||||||
Net Realized Gain (Loss) | 8,565,834 | 9,494,357 | 925,135 | 7,673,039 | 8,827,666 | 30,551,825 | ||||||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities (4) | 1,515,232 | (7,451,538 | ) | (938,834 | ) | (1,886,265 | ) | (23,379,583 | ) | (29,240,853 | ) | |||||||||||||||||||
Foreign currencies | — | — | — | — | 1,919 | (24,046 | ) | |||||||||||||||||||||||
Swaps | — | — | 62,102,521 | — | — | — | ||||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 1,515,232 | (7,451,538 | ) | 61,163,687 | (1,886,265 | ) | (23,377,664 | ) | (29,264,899 | ) | ||||||||||||||||||||
NET GAIN (LOSS) | 10,081,066 | 2,042,819 | 62,088,822 | 5,786,774 | (14,549,998 | ) | 1,286,926 | |||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $11,364,985 | $2,096,227 | $73,043,010 | $5,902,518 | ($13,335,191 | ) | $2,565,509 | |||||||||||||||||||||||
Foreign taxes withheld on dividends and interest | $24,934 | $— | $26,741 | $2,871 | $342,215 | $236,048 |
(1) | Other Expense for the PF Mid-Cap Equity Fund includes $4,743 of Accounting fees. |
(2) | See Note 7B in Notes to Financial Statements. |
(3) | Net realized gain (loss) on investment security transactions for the PF International Large-Cap Fund is net of foreign capital gains tax withheld of $66,997. |
(4) | Change in net unrealized appreciation (depreciation) on investment securities for the PF Emerging Markets and PF International Large-Cap Funds was net of increase in deferred foreign capital gains tax of $174,834 and $206,403, respectively. |
See Notes to Financial Statements
B-5
Table of Contents
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2018 (Unaudited)
PF International Small-Cap Fund | PF International Value Fund | PF Real Estate Fund | PF Currency Strategies Fund | PF Equity Long/Short Fund | PF Global Absolute Return Fund | |||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld | $1,418,830 | $2,406,003 | $762,947 | $163,146 | $93,246 | $130,033 | ||||||||||||||||||||||||
Interest, net of foreign taxes withheld | — | — | — | 306,113 | 331,231 | 1,769,162 | ||||||||||||||||||||||||
Total Investment Income | 1,418,830 | 2,406,003 | 762,947 | 469,259 | 424,477 | 1,899,195 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||
Advisory fees | 363,677 | 339,674 | 181,012 | 200,025 | 309,613 | 242,722 | ||||||||||||||||||||||||
Administration fees | 64,178 | 78,386 | 30,168 | 46,160 | 40,384 | 45,510 | ||||||||||||||||||||||||
Support services expenses | 7,562 | 9,578 | 3,218 | 5,154 | 4,796 | 5,230 | ||||||||||||||||||||||||
Custodian fees and expenses | 20,107 | 45,346 | 996 | 6,517 | 6,429 | 57,331 | ||||||||||||||||||||||||
Shareholder report expenses | 3,952 | 5,007 | 1,683 | 2,694 | 2,507 | 2,735 | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 3,171 | 4,021 | 1,350 | 2,161 | 2,011 | 2,194 | ||||||||||||||||||||||||
Registration fees | 127 | 119 | 51 | 86 | 80 | 87 | ||||||||||||||||||||||||
Legal, audit and tax service fees | 6,102 | 7,287 | 2,557 | 4,158 | 3,866 | 4,219 | ||||||||||||||||||||||||
Trustees’ fees and expenses | 1,947 | 2,596 | 867 | 1,328 | 1,235 | 1,347 | ||||||||||||||||||||||||
Interest expense | — | — | — | — | — | 21,183 | ||||||||||||||||||||||||
Other | 7,715 | 12,659 | 3,076 | 2,540 | 13,862 | 16,003 | ||||||||||||||||||||||||
Total Expenses | 478,538 | 504,673 | 224,978 | 270,823 | 384,783 | 398,561 | ||||||||||||||||||||||||
Advisory Fee Waiver (1) | — | — | — | — | (40,384 | ) | — | |||||||||||||||||||||||
Adviser Expense Reimbursement (2) | (7,896 | ) | (86,612 | ) | (13,798 | ) | — | — | (58,805 | ) | ||||||||||||||||||||
Net Expenses | 470,642 | 418,061 | 211,180 | 270,823 | 344,399 | 339,756 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 948,188 | 1,987,942 | 551,767 | 198,436 | 80,078 | 1,559,439 | ||||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||
Net Realized Gain (Loss) On: | ||||||||||||||||||||||||||||||
Investment security transactions (3) | (645,896 | ) | 5,492,625 | 4,392,988 | (14,795 | ) | (1,329 | ) | (233,152 | ) | ||||||||||||||||||||
Foreign currency transactions | (21,570 | ) | (20,316 | ) | — | (31,444 | ) | (26,306 | ) | (807,984 | ) | |||||||||||||||||||
Forward foreign currency contract transactions | — | — | — | 2,463,086 | (689,966 | ) | 607,741 | |||||||||||||||||||||||
Futures contract transactions | — | — | — | — | 864,880 | 16,720 | ||||||||||||||||||||||||
Purchased option transactions | — | — | — | (276,152 | ) | — | 234,184 | |||||||||||||||||||||||
Swap transactions | — | — | — | — | (791,123 | ) | (1,408,550 | ) | ||||||||||||||||||||||
Written option transactions | — | — | — | 235,799 | — | 8,160 | ||||||||||||||||||||||||
Net Realized Gain (Loss) | (667,466 | ) | 5,472,309 | 4,392,988 | 2,376,494 | (643,844 | ) | (1,582,881 | ) | |||||||||||||||||||||
Change In Net Unrealized Appreciation (Depreciation) On: | ||||||||||||||||||||||||||||||
Investment securities (4) | (4,209,172 | ) | (8,988,747 | ) | (2,376,068 | ) | (636,851 | ) | 4,753 | (3,852,679 | ) | |||||||||||||||||||
Foreign currencies | (10,426 | ) | (28,207 | ) | — | (3,462 | ) | 284 | (465,919 | ) | ||||||||||||||||||||
Forward bonds and forward volatility agreements | — | — | — | — | — | 10,313 | ||||||||||||||||||||||||
Forward foreign currency contracts | — | — | — | (2,032,930 | ) | (6,710 | ) | 35,167 | ||||||||||||||||||||||
Futures contracts | — | — | — | — | 1,052,359 | 50,960 | ||||||||||||||||||||||||
Purchased options | — | — | — | 477,239 | — | (83,593 | ) | |||||||||||||||||||||||
Swaps | — | — | — | — | (5,557,711 | ) | 829,803 | |||||||||||||||||||||||
Written options | — | — | — | (193,674 | ) | — | 4,796 | |||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | (4,219,598 | ) | (9,016,954 | ) | (2,376,068 | ) | (2,389,678 | ) | (4,507,025 | ) | (3,471,152 | ) | ||||||||||||||||||
NET GAIN (LOSS) | (4,887,064 | ) | (3,544,645 | ) | 2,016,920 | (13,184 | ) | (5,150,869 | ) | (5,054,033 | ) | |||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | ($3,938,876 | ) | ($1,556,703 | ) | $2,568,687 | $185,252 | ($5,070,791 | ) | ($3,494,594 | ) | ||||||||||||||||||||
Foreign taxes withheld on dividends and interest | $178,492 | $412,283 | $— | $— | $— | $76,877 |
(1) | See Note 6 in Notes to Financial Statements. |
(2) | See Note 7B in Notes to Financial Statements. |
(3) | Net realized gain (loss) on investment security transactions for the PF Global Absolute Return Fund is net of foreign capital gains tax withheld of $7,604. |
(4) | Change in net unrealized appreciation (depreciation) on investment securities for the PF International Value Fund was net of decrease in deferred foreign capital gains tax of $20,233. |
See Notes to Financial Statements
B-6
Table of Contents
STATEMENTS OF CHANGES IN NET ASSETS
Six-Month Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | Six-Month Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | Six-Month Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | |||||||||||||||||||||||||||||||||
PF Inflation Managed Fund | PF Managed Bond Fund | PF Short Duration Bond Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $1,311,068 | $488,345 | $8,429,741 | $18,549,661 | $1,079,222 | $2,448,443 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | (71,922 | ) | 15,306 | (5,787,453 | ) | 9,219,892 | (3,306 | ) | (803,745 | ) | ||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (1,240,152 | ) | (36,317 | ) | (8,360,957 | ) | (4,482,311 | ) | (204,452 | ) | (655,791 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (1,006 | ) | 467,334 | (5,718,669 | ) | 23,287,242 | 871,464 | 988,907 | ||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (165,026 | ) | — | (26,381,232 | ) | — | (2,387,342 | ) | |||||||||||||||||||||||||||||
Net realized gains - Class P | — | — | — | (871,668 | ) | — | — | |||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (165,026 | ) | — | (27,252,900 | ) | — | (2,387,342 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 817,129 | 64,592,086 | 2,569,475 | 5,783,284 | 584,948 | 4,942,999 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 165,026 | — | 27,252,900 | — | 2,387,342 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (8,465,582 | ) | (2,417,220 | ) | (72,889,141 | ) | (172,610,204 | ) | (12,299,955 | ) | (61,302,167 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (7,648,453 | ) | 62,339,892 | (70,319,666 | ) | (139,574,020 | ) | (11,715,007 | ) | (53,971,826 | ) | |||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (7,649,459 | ) | 62,642,200 | (76,038,335 | ) | (143,539,678 | ) | (10,843,543 | ) | (55,370,261 | ) | |||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 75,772,296 | 13,130,096 | 598,676,479 | 742,216,157 | 112,268,758 | 167,639,019 | ||||||||||||||||||||||||||||||||
End of Year or Period | $68,122,837 | $75,772,296 | $522,638,144 | $598,676,479 | $101,425,215 | $112,268,758 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $1,497,467 | $186,399 | $6,786,073 | ($1,643,668 | ) | $1,723,503 | $644,281 | |||||||||||||||||||||||||||||||
PF Emerging Markets Debt Fund | PF Developing Growth Fund | PF Growth Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $2,082,860 | $2,347,533 | ($22,467 | ) | ($41,051 | ) | $7,483 | $231,718 | ||||||||||||||||||||||||||||||
Net realized gain (loss) | (2,964,833 | ) | 1,779,170 | 1,740,568 | 1,272,919 | 3,780,001 | 10,114,729 | |||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (4,444,374 | ) | (420,204 | ) | 882,942 | 1,084,703 | 24,157,516 | 18,433,706 | ||||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (5,326,347 | ) | 3,706,499 | 2,601,043 | 2,316,571 | 27,945,000 | 28,780,153 | |||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (3,464,056 | ) | — | — | — | (255,381 | ) | ||||||||||||||||||||||||||||||
Net realized gains - Class P | — | — | — | — | — | (5,034,209 | ) | |||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (3,464,056 | ) | — | — | — | (5,289,590 | ) | ||||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 13,976,686 | 46,255,849 | 5,001,927 | 1,177,216 | 1,010,283 | 78,781,362 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 3,464,056 | — | — | — | 5,289,590 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (9,678,989 | ) | (6,818,320 | ) | (2,220,077 | ) | (2,835,820 | ) | (60,173,875 | ) | (35,961,516 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 4,297,697 | 42,901,585 | 2,781,850 | (1,658,604 | ) | (59,163,592 | ) | 48,109,436 | ||||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (1,028,650 | ) | 43,144,028 | 5,382,893 | 657,967 | (31,218,592 | ) | 71,599,999 | ||||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 85,757,790 | 42,613,762 | 9,463,458 | 8,805,491 | 206,731,856 | 135,131,857 | ||||||||||||||||||||||||||||||||
End of Year or Period | $84,729,140 | $85,757,790 | $14,846,351 | $9,463,458 | $175,513,264 | $206,731,856 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $1,697,263 | ($385,597 | ) | ($24,333 | ) | ($1,866 | ) | $12,915 | $5,432 |
(1) | Unaudited. |
See Notes to Financial Statements
B-7
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Six-Month Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | Six-Month Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | Six-Month | Year/Period | |||||||||||||||||||||||||||||||||
PF Large-Cap Value Fund | PF Mid-Cap Equity Fund | PF Multi-Asset Fund (2) | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $1,283,919 | $5,264,729 | $53,408 | $255,243 | $10,954,188 | $1,047,910 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | 8,565,834 | 105,969,265 | 9,494,357 | 15,006,079 | 925,135 | (1,288,736 | ) | |||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | 1,515,232 | (74,455,651 | ) | (7,451,538 | ) | (5,362,910 | ) | 61,163,687 | (16,846,206 | ) | ||||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 11,364,985 | 36,778,343 | 2,096,227 | 9,898,412 | 73,043,010 | (17,087,032 | ) | |||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (5,568,048 | ) | — | (279,701 | ) | — | — | ||||||||||||||||||||||||||||||
Net realized gains - Class P | — | (5,764,837 | ) | — | (10,976,374 | ) | — | — | ||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (11,332,885 | ) | — | (11,256,075 | ) | — | — | ||||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 69,408,800 | 2,825,708 | 10,035,915 | 226,914 | 521,465,606 | 750,387,520 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 11,332,885 | — | 11,256,075 | — | — | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (27,334,917 | ) | (318,212,161 | ) | (33,232,638 | ) | (44,826,567 | ) | — | (10 | ) | |||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | 42,073,883 | (304,053,568 | ) | (23,196,723 | ) | (33,343,578 | ) | 521,465,606 | 750,387,510 | |||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 53,438,868 | (278,608,110 | ) | (21,100,496 | ) | (34,701,241 | ) | 594,508,616 | 733,300,478 | |||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 154,943,145 | 433,551,255 | 31,309,610 | 66,010,851 | 733,300,478 | — | ||||||||||||||||||||||||||||||||
End of Year or Period | $208,382,013 | $154,943,145 | $10,209,114 | $31,309,610 | $1,327,809,094 | $733,300,478 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $1,909,082 | $625,163 | $52,392 | ($1,016 | ) | $12,018,743 | $1,064,555 | |||||||||||||||||||||||||||||||
PF Small-Cap Value Fund | PF Emerging Markets Fund | PF International Large-Cap Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $115,744 | $194,522 | $1,214,807 | $1,311,410 | $1,278,583 | $2,258,631 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | 7,673,039 | 13,993,171 | 8,827,666 | 29,818,496 | 30,551,825 | 32,271,447 | ||||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (1,886,265 | ) | (5,896,589 | ) | (23,377,664 | ) | 17,643,260 | (29,264,899 | ) | (6,291,224 | ) | |||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 5,902,518 | 8,291,104 | (13,335,191 | ) | 48,773,166 | 2,565,509 | 28,238,854 | |||||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (230,521 | ) | — | (1,205,327 | ) | — | (2,849,998 | ) | |||||||||||||||||||||||||||||
Net realized gains - Class P | — | (15,035,437 | ) | — | — | — | — | |||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (15,265,958 | ) | — | (1,205,327 | ) | — | (2,849,998 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 393,141 | 759,572 | 6,445,116 | 2,759,146 | 380,121 | 5,456,504 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 15,265,958 | — | 1,205,327 | — | 2,849,998 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (11,654,827 | ) | (46,126,238 | ) | (52,340,708 | ) | (73,761,115 | ) | (71,984,280 | ) | (84,980,635 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (11,261,686 | ) | (30,100,708 | ) | (45,895,592 | ) | (69,796,642 | ) | (71,604,159 | ) | (76,674,133 | ) | ||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (5,359,168 | ) | (37,075,562 | ) | (59,230,783 | ) | (22,228,803 | ) | (69,038,650 | ) | (51,285,277 | ) | ||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 81,514,542 | 118,590,104 | 178,391,453 | 200,620,256 | 125,384,492 | 176,669,769 | ||||||||||||||||||||||||||||||||
End of Year or Period | $76,155,374 | $81,514,542 | $119,160,670 | $178,391,453 | $56,345,842 | $125,384,492 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $115,001 | ($743 | ) | ($307,305 | ) | ($1,522,112 | ) | $1,029,088 | ($249,495 | ) |
(1) | Unaudited. |
(2) | PF Multi-Asset Fund commenced operations on January 31, 2018. |
See Notes to Financial Statements
B-8
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Six-Month Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | Six-Month Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | Six-Month Period Ended September 30, 2018 (1) | Year Ended March 31, 2018 | |||||||||||||||||||||||||||||||||
PF International Small-Cap Fund | PF International Value Fund | PF Real Estate Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $948,188 | $754,316 | $1,987,942 | $5,038,239 | $551,767 | $777,524 | ||||||||||||||||||||||||||||||||
Net realized gain (loss) | (667,466 | ) | 4,296,821 | 5,472,309 | 27,546,854 | 4,392,988 | 4,246,790 | |||||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (4,219,598 | ) | 1,654,919 | (9,016,954 | ) | (9,695,966 | ) | (2,376,068 | ) | (6,500,964 | ) | |||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | (3,938,876 | ) | 6,706,056 | (1,556,703 | ) | 22,889,127 | 2,568,687 | (1,476,650 | ) | |||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (1,105,961 | ) | — | (7,139,546 | ) | — | (616,661 | ) | |||||||||||||||||||||||||||||
Net realized gains - Class P | — | (3,413,550 | ) | — | — | — | (5,759,868 | ) | ||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (4,519,511 | ) | — | (7,139,546 | ) | — | (6,376,529 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 2,373,243 | 49,538,815 | 508,289 | 5,213,861 | 18,291,328 | 9,367,327 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 4,519,511 | — | 7,139,546 | — | 6,376,529 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (9,277,032 | ) | (9,226,369 | ) | (64,533,952 | ) | (59,107,900 | ) | (10,573,518 | ) | (5,409,463 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (6,903,789 | ) | 44,831,957 | (64,025,663 | ) | (46,754,493 | ) | 7,717,810 | 10,334,393 | |||||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (10,842,665 | ) | 47,018,502 | (65,582,366 | ) | (31,004,912 | ) | 10,286,497 | 2,481,214 | |||||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 89,816,280 | 42,797,778 | 143,625,549 | 174,630,461 | 41,519,218 | 39,038,004 | ||||||||||||||||||||||||||||||||
End of Year or Period | $78,973,615 | $89,816,280 | $78,043,183 | $143,625,549 | $51,805,715 | $41,519,218 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $854,654 | ($93,534 | ) | $2,581,287 | $593,345 | $692,852 | $141,085 | |||||||||||||||||||||||||||||||
PF Currency Strategies Fund | PF Equity Long/Short Fund | PF Global Absolute Return Fund | ||||||||||||||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $198,436 | ($119,890 | ) | $80,078 | ($300,859 | ) | $1,559,439 | $3,801,257 | ||||||||||||||||||||||||||||||
Net realized gain (loss) | 2,376,494 | (900,769 | ) | (643,844 | ) | 16,433,672 | (1,582,881 | ) | (2,083,532 | ) | ||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) | (2,389,678 | ) | (433,088 | ) | (4,507,025 | ) | (6,424,573 | ) | (3,471,152 | ) | 1,525,013 | |||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets | 185,252 | (1,453,747 | ) | (5,070,791 | ) | 9,708,240 | (3,494,594 | ) | 3,242,738 | |||||||||||||||||||||||||||||
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||||||||
Net investment income - Class P | — | (2,053,772 | ) | — | (4,575,880 | ) | — | (221,727 | ) | |||||||||||||||||||||||||||||
Net realized gains - Class P | — | — | — | (5,371,424 | ) | — | — | |||||||||||||||||||||||||||||||
Net Decrease from Dividends and | — | (2,053,772 | ) | — | (9,947,304 | ) | — | (221,727 | ) | |||||||||||||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||
Proceeds from sale of shares - Class P | 2,773,370 | 7,841,564 | 5,381,421 | 3,506,269 | 4,806,912 | 7,667,734 | ||||||||||||||||||||||||||||||||
Dividends and distribution reinvestments - Class P | — | 2,053,772 | — | 9,947,304 | — | 221,727 | ||||||||||||||||||||||||||||||||
Cost of shares repurchased - Class P | (7,601,535 | ) | (31,655,007 | ) | (6,357,246 | ) | (27,173,385 | ) | (7,418,240 | ) | (34,991,071 | ) | ||||||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from | (4,828,165 | ) | (21,759,671 | ) | (975,825 | ) | (13,719,812 | ) | (2,611,328 | ) | (27,101,610 | ) | ||||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | (4,642,913 | ) | (25,267,190 | ) | (6,046,616 | ) | (13,958,876 | ) | (6,105,922 | ) | (24,080,599 | ) | ||||||||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||||||||
Beginning of Year or Period | 62,555,101 | 87,822,291 | 57,122,582 | 71,081,458 | 62,963,876 | 87,044,475 | ||||||||||||||||||||||||||||||||
End of Year or Period | $57,912,188 | $62,555,101 | $51,075,966 | $57,122,582 | $56,857,954 | $62,963,876 | ||||||||||||||||||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | ($1,607,043 | ) | ($1,805,479 | ) | ($5,179,658 | ) | ($5,259,736 | ) | $1,073,611 | ($485,828 | ) |
(1) | Unaudited. |
See Notes to Financial Statements
B-9
Table of Contents
PACIFIC FUNDS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2018 (Unaudited)
PF Inflation Managed Fund | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES (2): | ||||||||||
Net increase (decrease) in net assets from operations | ($1,006 | ) | ||||||||
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 | (41,659,738 | ) | ||||||||
Proceeds from disposition of long-term securities | 41,608,224 | |||||||||
Proceeds (purchases) of short-term securities, net | 682,414 | |||||||||
Proceeds (purchases) from foreign currency transactions | 204,582 | |||||||||
(Increase) decrease in dividends and interest receivable | (14,723 | ) | ||||||||
(Increase) decrease in receivable for securities sold | (3,375,661 | ) | ||||||||
(Increase) decrease in receivable due from adviser | (1,382 | ) | ||||||||
(Increase) decrease in variation margin on futures contracts | (33,370 | ) | ||||||||
(Increase) decrease in variation margin on swap contracts | (2,905 | ) | ||||||||
Increase (decrease) in payable for securities purchased | 6,723,164 | |||||||||
Increase (decrease) in payable for due to custodian | 14,980 | |||||||||
Increase (decrease) in accrued advisory fees | 5,936 | |||||||||
Increase (decrease) in accrued administration fees | 2,226 | |||||||||
Increase (decrease) in accrued support services expenses | 2,375 | |||||||||
Increase (decrease) in accrued custodian fees and expenses | 2,607 | |||||||||
Increase (decrease) in accrued legal, audit and tax service fees | 1,812 | |||||||||
Increase (decrease) in accrued trustees’ fees and expenses and deferred compensation | 486 | |||||||||
Increase (decrease) in accrued other payable | 5,033 | |||||||||
Change in net unrealized (appreciation) depreciation on investment securities | 1,425,289 | |||||||||
Change in net unrealized (appreciation) depreciation on swaps (3) | (5,201 | ) | ||||||||
Change in net unrealized (appreciation) depreciation on written options | 5,733 | |||||||||
Change in net unrealized (appreciation) depreciation on purchased options | (3,236 | ) | ||||||||
Change in net unrealized (appreciation) depreciation on forward foreign currency contract transactions | 7,013 | |||||||||
Change in net unrealized (appreciation) depreciation on foreign currencies | 154 | |||||||||
Net realized (gain) loss on investment security transactions | 255,475 | |||||||||
Net realized (gain) loss on written option transactions | (52,731 | ) | ||||||||
Net realized (gain) loss on purchased options transactions | 12,415 | |||||||||
Net realized (gain) loss on forward foreign currency contract transactions | (231,255 | ) | ||||||||
Net realized (gain) loss on foreign currency | 65,139 | |||||||||
Net amortization on investments | 119,078 | |||||||||
Net cash provided by (used in) operating activities | 5,762,927 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
Proceeds from shares sold | 819,959 | |||||||||
Payment of shares redeemed | (8,441,127 | ) | ||||||||
Increase (decrease) in payable for reverse repurchase agreement | (2,450,000 | ) | ||||||||
Proceeds from sale-buyback financing activities | 707,981,083 | |||||||||
Payment on sale-buyback financing transactions | (703,608,762 | ) | ||||||||
Net cash provided by (used in) financing activities | (5,698,847 | ) | ||||||||
NET INCREASE (DECREASE) IN CASH AND FOREIGN CURRENCY | 64,080 | |||||||||
CASH AND FOREIGN CURRENCY (4): | ||||||||||
Beginning of Period | 360,013 | |||||||||
End of Period | $424,093 |
(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, but does 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 $156,240. |
(3) | Excludes centrally cleared swaps included in variation margin. |
(4) | Includes cash (segregated for derivative instruments) of $298,000. |
See Notes to Financial Statements
B-10
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (5) | $8.88 | $0.16 | ($0.16 | ) | $— | $— | $— | $— | $8.88 | 1.05 | % | 0.98 | %(6) | 3.61 | % | 0.00 | % | $68,123 | 46 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 8.92 | 0.27 | (0.19 | ) | 0.08 | (0.12 | ) | — | (0.12 | ) | 8.88 | 1.06 | % | 0.94 | % | 3.08 | % | 0.87 | % | 75,772 | 108 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||
PF Managed Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (5) | $10.58 | $0.16 | ($0.26 | ) | ($0.10 | ) | $— | $— | $— | $10.48 | 0.74 | % | 0.66 | %(6) | 3.01 | % | (0.95 | %) | $522,638 | 219 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.67 | 0.29 | 0.05 | 0.34 | (0.42 | ) | (0.01 | ) | (0.43 | ) | 10.58 | 0.64 | % | 0.57 | % | 2.63 | % | 3.29 | % | 598,676 | 364 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||
PF Short Duration Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (5) | $9.79 | $0.10 | ($0.02 | ) | $0.08 | $— | $— | $— | $9.87 | 0.65 | % | 0.55 | % | 2.01 | % | 0.82 | % | $101,425 | 24 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 9.88 | 0.15 | (0.09 | ) | 0.06 | (0.15 | ) | — | (0.15 | ) | 9.79 | 0.63 | % | 0.55 | % | 1.56 | % | 0.65 | % | 112,269 | 67 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
PF Emerging Markets Debt Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (5) | $9.37 | $0.22 | ($0.81 | ) | ($0.59 | ) | $— | $— | $— | $8.78 | 1.05 | % | 0.94 | % | 4.89 | % | (6.30 | %) | $84,729 | 26 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 9.39 | 0.51 | 0.30 | 0.81 | (0.83 | ) | — | (0.83 | ) | 9.37 | 1.11 | % | 0.94 | % | 5.28 | % | 8.76 | % | 85,758 | 68 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||
PF Developing Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (5) | $14.84 | ($0.04 | ) | $4.39 | $4.35 | $— | $— | $— | $19.19 | 0.88 | % | 0.75 | % | (0.43 | %) | 29.31 | % | $14,846 | 67 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.50 | (0.06 | ) | 3.40 | 3.34 | — | — | — | 14.84 | 0.90 | % | 0.75 | % | (0.45 | %) | 29.04 | % | 9,463 | 86 | % | ||||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||
PF Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (5) | $25.38 | $0.00 | (7) | $3.91 | $3.91 | $— | $— | $— | $29.29 | 0.76 | % | 0.70 | % | 0.01 | % | 15.41 | % | $175,513 | 8 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 20.94 | 0.04 | 5.33 | 5.37 | (0.04 | ) | (0.89 | ) | (0.93 | ) | 25.38 | 0.76 | % | 0.70 | % | 0.16 | % | 25.93 | % | 206,732 | 34 | % | ||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
PF Large-Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (5) | $17.14 | $0.12 | $0.97 | $1.09 | $— | $— | $— | $18.23 | 0.87 | % | 0.80 | % | 1.36 | % | 6.36 | % | $208,382 | 17 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 16.60 | 0.22 | 0.79 | 1.01 | (0.23 | ) | (0.24 | ) | (0.47 | ) | 17.14 | 0.86 | % | 0.80 | % | 1.27 | % | 6.01 | % | 154,943 | 7 | % | ||||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references, if any, on B-13 |
B-11
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 Mid-Cap Equity Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (5) | $10.73 | $0.03 | $0.87 | $0.90 | $— | $— | $— | $11.63 | 0.93 | % | 0.80 | % | 0.57 | % | 8.39 | % | $10,209 | 84 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 11.00 | 0.05 | 1.75 | 1.80 | (0.04 | ) | (2.03 | ) | (2.07 | ) | 10.73 | 0.88 | % | 0.80 | % | 0.40 | % | 16.31 | % | 31,310 | 77 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
PF Multi-Asset Fund (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (5) | $9.42 | $0.10 | $0.65 | $0.75 | $— | $— | $— | $10.17 | 0.56 | % | 0.51 | % | 2.02 | % | 7.96 | % | $1,327,809 | 38 | % | |||||||||||||||||||||||||||||||||||||
1/31/2018 - 3/31/2018 | 10.00 | 0.03 | (0.61 | ) | (0.58 | ) | — | — | — | 9.42 | 0.59 | % | 0.51 | % | 1.68 | % | (5.80 | %) | 733,300 | 37 | % | |||||||||||||||||||||||||||||||||||
PF Small-Cap Value Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (5) | $11.22 | $0.02 | $0.79 | $0.81 | $— | $— | $— | $12.03 | 0.97 | % | 0.90 | % | 0.29 | % | 7.22 | % | $76,155 | 20 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 12.09 | 0.02 | 0.79 | 0.81 | (0.02 | ) | (1.66 | ) | (1.68 | ) | 11.22 | 0.97 | % | 0.90 | % | 0.17 | % | 6.54 | % | 81,515 | 30 | % | ||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
PF Emerging Markets Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (5) | $17.30 | $0.13 | ($1.36 | ) | ($1.23 | ) | $— | $— | $— | $16.07 | 1.26 | % | 0.95 | % | 1.50 | % | (7.00 | %) | $119,161 | 15 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 13.81 | 0.10 | 3.49 | 3.59 | (0.10 | ) | — | (0.10 | ) | 17.30 | 1.20 | % | 0.95 | % | 0.63 | % | 25.93 | % | 178,391 | 34 | % | |||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||
PF International Large-Cap Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (5) | $20.85 | $0.32 | $0.03 | $0.35 | $— | $— | $— | $21.20 | 1.22 | % | 1.00 | % | 3.00 | % | 1.63 | % | $56,346 | 4 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 18.19 | 0.26 | 2.74 | 3.00 | (0.34 | ) | — | (0.34 | ) | 20.85 | 1.14 | % | 1.00 | % | 1.28 | % | 16.54 | % | 125,384 | 10 | % | |||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
PF International Small-Cap Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (5) | $11.24 | $0.12 | ($0.63 | ) | ($0.51 | ) | $— | $— | $— | $10.73 | 1.12 | % | 1.10 | % | 2.22 | % | (4.62 | %) | $78,974 | 15 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 10.50 | 0.19 | 1.79 | 1.98 | (0.29 | ) | (0.95 | ) | (1.24 | ) | 11.24 | 1.16 | % | 1.10 | % | 1.63 | % | 19.24 | % | 89,816 | 52 | % | ||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (5) | $10.17 | $0.19 | ($0.29 | ) | ($0.10 | ) | $— | $— | $— | $10.07 | 0.97 | % | 0.80 | % | 3.81 | % | (1.08 | %) | $78,043 | 18 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 9.31 | 0.30 | 0.99 | 1.29 | (0.43 | ) | — | (0.43 | ) | 10.17 | 0.92 | % | 0.80 | % | 2.95 | % | 14.01 | % | 143,626 | 111 | % | |||||||||||||||||||||||||||||||||||
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 | % | |||||||||||||||||||||||||||||||||||
PF Real Estate Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (5) | $11.86 | $0.17 | $0.72 | $0.89 | $— | $— | $— | $12.75 | 1.12 | % | 1.05 | % | 2.74 | % | 7.50 | % | $51,806 | 96 | % | |||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 14.94 | 0.30 | (0.75 | ) | (0.45 | ) | (0.22 | ) | (2.41 | ) | (2.63 | ) | 11.86 | 1.13 | % | 1.05 | % | 2.12 | % | (4.15 | %) | 41,519 | 47 | % | ||||||||||||||||||||||||||||||||
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 | % |
See Notes to Financial Statements | See explanation of references, if any, on B-13 |
B-12
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 Currency Strategies Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (5) | $9.12 | $0.03 | ($0.01 | ) | $0.02 | $— | $— | $— | $9.14 | 0.88 | % | 0.88 | % | 0.64 | % | 0.11 | % | $57,912 | 0 | % | ||||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 9.49 | (0.01 | ) | (0.13 | ) | (0.14 | ) | (0.23 | ) | — | (0.23 | ) | 9.12 | 0.88 | % | 0.88 | % | (0.15 | %) | (1.32 | %) | 62,555 | 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 | % | ||||||||||||||||||||||||||||||||
PF Equity Long/Short Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (5) | $9.71 | $0.01 | ($0.86 | ) | ($0.85 | ) | $— | $— | $— | $8.86 | 1.43 | % | 1.28 | % | 0.30 | % | (8.85 | %) | $51,076 | 0 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 9.78 | (0.04 | ) | 1.41 | 1.37 | (0.64 | ) | (0.80 | ) | (1.44 | ) | 9.71 | 1.39 | % | 1.24 | % | (0.41 | %) | 14.45 | % | 57,123 | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4/1/2018 - 9/30/2018 (5) | $9.47 | $0.24 | ($0.77 | ) | ($0.53 | ) | $— | $— | $— | $8.94 | 1.31 | % | 1.12 | %(6) | 5.14 | % | (5.59 | %) | $56,858 | 30 | % | |||||||||||||||||||||||||||||||||||
4/1/2017 - 3/31/2018 | 9.14 | 0.42 | (0.07 | ) | 0.35 | (0.02 | ) | — | (0.02 | ) | 9.47 | 1.25 | % | 1.12 | % | 4.47 | % | 3.99 | % | 62,964 | 91 | % | ||||||||||||||||||||||||||||||||||
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 | % |
(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. |
(6) | The annualized ratios of expenses, excluding interest expense, after expense reductions to average net assets for the six-month period ended September 30, 2018 are as follows: |
Fund | Class P | |||
PF Inflation Managed Fund | 0.55% | |||
PF Managed Bond Fund | 0.55% | |||
PF Global Absolute Return Fund | 1.05% |
(7) | Reflects an amount rounding to less than $0.01 per share. |
(8) | PF Multi-Asset Fund commenced operations on January 31, 2018. |
See Notes to Financial Statements |
B-13
Table of Contents
PACIFIC FUNDS
(Unaudited)
1. ORGANIZATION
Pacific Funds Series Trust (which may be referred to as “Pacific Funds” or the “Trust”) is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as an open-end, management investment company and is organized as a Delaware statutory trust. Pacific Life Fund Advisors LLC (“PLFA” or the “Investment Adviser”) serves as investment adviser to the Trust. As of September 30, 2018, the Trust was comprised of thirty-five separate funds, eighteen 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 Mid-Cap Equity Fund (1) | PF International Value Fund | ||
PF Short Duration Bond Fund | PF Multi-Asset Fund | PF Real Estate Fund | ||
PF Emerging Markets Debt Fund | PF Small-Cap Value Fund | PF Currency Strategies Fund | ||
PF Developing Growth Fund | PF Emerging Markets Fund | PF Equity Long/Short Fund | ||
PF Growth Fund | PF International Large-Cap Fund | PF Global Absolute Return Fund |
(1) | Class P shares of the PF Mid-Cap Equity are currently not available for investment by any fund of funds of the Trust. |
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.
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 and Pacific Funds Diversified Alternatives, 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-7.
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. The following Accounting Standards Update(s) (each an “ASU”) were implemented during this reporting cycle.
On November 17, 2016, the FASB issued ASU No. 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 is included as components of cash and cash equivalents as presented on the statement of cash flows (disclosures have been amended as reported on page B-10).
On August 28, 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. This update intends to improve the effectiveness of disclosure requirements on fair value measurements, including the consideration of costs and benefits. Changes to disclosure as a result of the implementation of ASU 2018-13, 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
C-1
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
senior loan commitments are amortized to income over the period of the commitment. Consent fees, which are compensation for agreeing to changes in the terms of debt instruments, are recorded as interest income when received. Realized gains and losses from investment transactions are recorded on the basis of identified cost. Gains and losses realized on principal paydowns from mortgage-backed and asset-backed securities are recorded as interest income. Litigation settlements on securities that were previously held are recorded as realized gains on investment securities.
B. DISTRIBUTIONS TO SHAREHOLDERS
Each Fund presented in these financial statements distributes all of its net investment income and realized capital gains, if any, to shareholders at least annually, although distributions could occur more often if advantageous to the applicable Fund and its shareholders. Dividends and distributions paid to shareholders are recorded on the ex-dividend date. Each Fund may utilize the consent dividend provision of Section 565 of the Internal Revenue Code to effectively distribute income and capital gains for tax purposes even though they are not actually paid by the Fund.
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 March 30, 2017, the FASB issued ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities, which requires 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.
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 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.
C-2
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 the 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 forward commitments, 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 valued using industry pricing models, broker quotes or other methodologies pursuant to the Trust’s 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 Mutual Funds
Fund investments in affiliated or unaffiliated mutual funds 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, proxy, 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
C-3
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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. A summary of each Fund’s investments as of September 30, 2018, 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.
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
C-4
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 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.
C-5
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 of future cash flows, 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 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
C-6
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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. Risk may be more enhanced for investments in or exposure to investments in frontier market countries.
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, frontier 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, 2018, 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, 2018, none of the Funds presented in this report had any unfunded loan commitments.
C-7
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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, including To Be Announced (“TBA”) securities. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a Fund is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss. Risk may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts, or if the issuer does not issue the securities due to political, economic, or other factors.
Delayed-Delivery Transactions
Certain Funds may purchase or sell securities on a delayed-delivery basis, including TBA securities. 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
C-8
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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.
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
C-9
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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.
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
C-10
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 Multi-Asset Fund entered into futures contracts 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 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 reference 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 reference asset at a specific price on or before a specified future date. A swaption is an option contract granting the owner the right to enter into an underlying swap. Inflation-capped options are options on U.S. inflation rates at a stated strike price. The seller of an inflation-capped option receives an upfront premium and in return the buyer receives the right to receive a payment at the expiration of the option if the cumulative annualized inflation rate over the life of the option is above (for caps) or below (for floors) the stated strike price. The purpose of inflation-capped options is to protect the buyer from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products below a certain rate on a given notional exposure. Writing put options or purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Writing call options or purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes or purchases a call, put, or inflation-capped option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an investment, respectively, and subsequently adjusted to the current market value, based on the quoted daily settlement price of the option written or purchased. Certain options may be written or purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. Premiums received or paid from writing or purchasing options, which expire unexercised, are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or realized is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or loss on investment transactions. A Fund, as a writer of an option, may have no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the underlying written option. In addition, an illiquid market may make it difficult for a Fund to close out an option contract.
The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid.
During the reporting period, the following Funds entered into option contracts for the reasons described: the PF Inflation Managed Fund purchased and wrote options on futures, currencies, bond indices, and swaps as a means of capitalizing on anticipated changes in market
C-11
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
volatility and to generate income. The PF Managed Bond Fund purchased and wrote options and swaptions on futures, bond indices, currencies, and swaps and also purchased options on TBAs as a means of capitalizing on anticipated changes in market volatility and to generate income. The PF Managed Bond Fund held inflation floors, and the PF Inflation Managed Fund held inflation caps and floors, to hedge duration. 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 Short Duration Bond Fund entered into Forward Contracts in order to decrease currency exposure. The PF Emerging Markets Debt Fund entered into Forward Contracts to gain exposure to various markets, for purposes of hedging, and as part of the Fund’s investment strategy. The PF 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 strategies 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 the purchase or sale of 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.
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.
C-12
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 held 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 the Fund because, in addition to the 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 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-
C-13
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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, 2018 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 and PF Managed Bond Funds 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 markets. The PF Managed Bond Fund also 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, mortgage, or other asset classes. The PF Global Absolute Return Fund entered into credit default swaps to increase or decrease credit exposure to a single issuer of debt securities, to a specific debt security, or to 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 and the PF Multi-Asset Funds entered into total return swaps to gain exposure to various markets, for purposes of hedging, and as part of each 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, to gain market exposure, and to increase or decrease credit exposure to a single issuer of debt securities, to a specific debt security, or to a basket of debt securities.
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 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.
C-14
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 reference asset. One party agrees to exchange a “fixed rate” or strike price payment for the “floating rate” or realized price variance on the underlying reference 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 reference 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 reference 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 reference 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 reference asset.
None of the Funds presented in these financial statements held volatility swaps as of September 30, 2018.
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 | Payable: Variation margin on futures contracts | ||||
Interest rate contracts | Receivable: Variation margin on swap contracts | Payable: Variation margin on swap contracts | ||||
Swap agreements appreciation | Swap agreements depreciation | |||||
Foreign currency contracts | Outstanding purchased options, at value | Outstanding options written, at value | ||||
Receivable: Variation margin on futures contracts Receivable: Variation margin on swap contracts | Payable: Variation margin on futures contracts Payable: Variation margin on swap contracts | |||||
Swap agreements appreciation | Swap agreements depreciation | |||||
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, 2018:
Asset Derivative Investments Value | ||||||||||||||||||||
Fund | Total Value at September 30, 2018 | Credit Contracts | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||||||||||||||
PF Inflation Managed | $279,990 | $4,416 | * | $— | $22,652 | $252,922 | * | |||||||||||||
PF Managed Bond | 6,137,692 | 143,193 | * | — | 2,789,712 | * | 3,204,787 | * | ||||||||||||
PF Short Duration Bond | 15,526 | — | — | — | 15,526 | * | ||||||||||||||
PF Emerging Markets Debt | 968,861 | — | — | 926,902 | 41,959 | * | ||||||||||||||
PF Multi-Asset | 60,797,295 | — | 60,797,295 | — | — | |||||||||||||||
PF Currency Strategies | 1,506,911 | — | — | 1,506,911 | — | |||||||||||||||
PF Equity Long/Short | 2,045,903 | — | 2,011,674 | * | 34,229 | — | ||||||||||||||
PF Global Absolute Return | 5,385,116 | 141,553 | * | 133,769 | 3,672,799 | 1,436,995 | * |
Liability Derivative Investments Value | ||||||||||||||||||||
Fund | Total Value at September 30, 2018 | Credit Contracts | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||||||||||||||
PF Inflation Managed | ($129,955 | ) | ($128 | )* | $— | ($46,274 | ) | ($83,553 | )* | |||||||||||
PF Managed Bond | (9,023,888 | ) | (87,824 | )* | — | (2,265,997 | )* | (6,670,067 | )* | |||||||||||
PF Short Duration Bond | (97,016 | ) | — | — | (2,891 | ) | (94,125 | )* | ||||||||||||
PF Emerging Markets Debt | (471,176 | ) | — | — | (382,482 | ) | (88,694 | )* | ||||||||||||
PF Multi-Asset | (14,995,398 | ) | — | (14,995,398 | ) | — | — | |||||||||||||
PF Currency Strategies | (2,664,832 | ) | — | — | (2,664,832 | ) | — | |||||||||||||
PF Equity Long/Short | (1,166,276 | ) | — | (1,100,303 | )* | (65,973 | ) | — | ||||||||||||
PF Global Absolute Return | (5,446,047 | ) | (729,890 | )* | — | (3,848,451 | ) | (867,706 | )* |
* | 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. |
C-15
Table of Contents
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 purchased option transactions | |||
Interest rate contracts | Net realized gain (loss) on swap transactions | |||
Net realized gain (loss) on written option transactions | ||||
Change in net unrealized appreciation (depreciation) on futures contracts | ||||
Change in net unrealized appreciation (depreciation) on purchased options | ||||
Change in net unrealized appreciation (depreciation) on swaps | ||||
Change in net unrealized appreciation (depreciation) on written options | ||||
Foreign currency contracts | Net realized gain (loss) on forward foreign currency contract transactions | |||
Net realized gain (loss) on futures contract transactions | ||||
Net realized gain (loss) on purchased option transactions | ||||
Net realized gain (loss) on swap transactions | ||||
Net realized gain (loss) on written option transactions | ||||
Change in net unrealized appreciation (depreciation) on forward foreign currency contract transactions | ||||
Change in net unrealized appreciation (depreciation) on futures contracts | ||||
Change in net unrealized appreciation (depreciation) on purchased options | ||||
Change in net unrealized appreciation (depreciation) on swaps | ||||
Change in net unrealized appreciation (depreciation) on written options |
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, 2018:
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 | $248,692 | ($344 | ) | $— | $231,255 | $17,781 | ||||||||||||||
PF Managed Bond | (592,967 | ) | 171,695 | — | (843,843 | ) | 79,181 | |||||||||||||
PF Short Duration Bond | (19,688 | ) | — | — | 20,684 | (40,372 | ) | |||||||||||||
PF Emerging Markets Debt | (1,680,093 | ) | — | — | (1,585,770 | ) | (94,323 | ) | ||||||||||||
PF Multi-Asset | 1,153,123 | — | 1,153,123 | — | — | |||||||||||||||
PF Currency Strategies | 2,422,733 | — | — | 2,422,733 | — | |||||||||||||||
PF Equity Long/Short | (616,209 | ) | — | 73,757 | (689,966 | ) | — | |||||||||||||
PF Global Absolute Return | (541,745 | ) | (358,737 | ) | (26,004 | ) | 584,303 | (741,307 | ) |
Change in Net Unrealized Appreciation (Depreciation) on Derivative Investments | ||||||||||||||||||||
Fund | Total | Credit Contracts | Equity Contracts | Foreign Currency Contracts | Interest Rate Contracts | |||||||||||||||
PF Inflation Managed | $185,291 | $67 | $— | ($8,023 | ) | $193,247 | ||||||||||||||
PF Managed Bond | (2,191,332 | ) | 54,970 | — | 2,691,297 | (4,937,599 | ) | |||||||||||||
PF Short Duration Bond | (99,658 | ) | — | — | (3,048 | ) | (96,610 | ) | ||||||||||||
PF Emerging Markets Debt | 484,725 | — | — | 509,677 | (24,952 | ) | ||||||||||||||
PF Multi-Asset | 62,102,521 | — | 62,102,521 | — | — | |||||||||||||||
PF Currency Strategies | (1,749,365 | ) | — | — | (1,749,365 | ) | — | |||||||||||||
PF Equity Long/Short | (4,512,062 | ) | — | (4,505,352 | ) | (6,710 | ) | — | ||||||||||||
PF Global Absolute Return | 847,446 | (67,194 | ) | (7,612 | ) | 227,346 | 694,906 |
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.
C-16
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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, 2018:
Average Positions and Values on 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 | 10 | ($22,280 | ) | 31 | $9,382 | 19 | ($13,040 | ) | 53 | $59,215 | ||||||||||||||||||||||||||||||||||
PF Managed Bond | 37 | 462,684 | 100 | (684,955 | ) | 83 | (55,601 | ) | 49 | (756,845 | ) | |||||||||||||||||||||||||||||||||
PF Short Duration Bond | 4 | (15,139 | ) | 4 | 1,106 | — | — | — | — | |||||||||||||||||||||||||||||||||||
PF Emerging Markets Debt | — | — | 120 | (13,315 | ) | — | — | 17 | (59,850 | ) | ||||||||||||||||||||||||||||||||||
PF Multi-Asset | 1 | 1,090 | — | — | — | — | 44 | 6,455,485 | ||||||||||||||||||||||||||||||||||||
PF Currency Strategies | — | — | 90 | 376,487 | 2 | 52,688 | — | — | ||||||||||||||||||||||||||||||||||||
PF Equity Long/Short | 11 | (317,030 | ) | 48 | (54,183 | ) | — | — | 19 | 2,181,126 | ||||||||||||||||||||||||||||||||||
PF Global Absolute Return | 4 | 19,147 | 240 | (182,988 | ) | 25 | 579,923 | 240 | (692,035 | ) |
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, 2018.
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. If permitted under the Master Agreement, certain funds may rehypothecate cash collateral received from a counterparty. 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
Table of Contents
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, 2018:
| Gross Amounts Presented in the | | Gross Amounts Not Offset in Statements of Assets and Liabilities | | Gross Amounts Presented in the | | Gross Amounts Not Offset in Statements of Assets and | ||||||||||||||||||||||||||||||||||||||
Description | | Financial Instruments | | Collateral Received | | Net Amount | | Financial Instruments | | Collateral Pledged | | Net Amount | |||||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
PF Inflation Managed | |||||||||||||||||||||||||||||||||||||||||||||
Swap agreements | $4,282 | ($1,712 | ) | $— | $2,570 | ($5,975 | ) | $1,712 | $— | ($4,263 | ) | ||||||||||||||||||||||||||||||||||
Option contracts | — | — | — | — | (7,997 | ) | — | — | (7,997 | ) | |||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 22,652 | (21,258 | ) | — | 1,394 | (42,004 | ) | 21,258 | — | (20,746 | ) | ||||||||||||||||||||||||||||||||||
Sale-buyback financing transactions | (15,910,174 | ) | 15,896,015 | — | (14,159 | ) | |||||||||||||||||||||||||||||||||||||||
PF Managed Bond | |||||||||||||||||||||||||||||||||||||||||||||
Swap agreements | 133,366 | — | (58,892 | ) | 74,474 | (11,186 | ) | — | — | (11,186 | ) | ||||||||||||||||||||||||||||||||||
Option contracts | 37,021 | (15,488 | ) | — | 21,533 | (68,468 | ) | 15,488 | — | (52,980 | ) | ||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 2,221,503 | (1,287,812 | ) | (350,564 | ) | 583,127 | (2,113,266 | ) | 1,287,812 | — | (825,454 | ) | |||||||||||||||||||||||||||||||||
Sale-buyback financing transactions | (38,199,218 | ) | 37,369,982 | — | (829,236 | ) | |||||||||||||||||||||||||||||||||||||||
PF Short Duration Bond | |||||||||||||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | — | — | — | — | (2,891 | ) | — | — | (2,891 | ) | |||||||||||||||||||||||||||||||||||
PF Emerging Markets Debt | |||||||||||||||||||||||||||||||||||||||||||||
Swap agreements | — | — | — | — | (87,316 | ) | — | — | (87,316 | ) | |||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 926,902 | (228,899 | ) | (250,000 | ) | 448,003 | (382,482 | ) | 228,899 | 69,858 | (83,725 | ) | |||||||||||||||||||||||||||||||||
PF Multi-Asset | |||||||||||||||||||||||||||||||||||||||||||||
Swap agreements | 60,797,295 | (14,125,210 | ) | (46,083,829 | ) | 588,256 | (14,995,398 | ) | 14,125,210 | 870,188 | — | ||||||||||||||||||||||||||||||||||
PF Currency Strategies | |||||||||||||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 1,506,911 | (1,235,289 | ) | (20,650 | ) | 250,972 | (2,664,832 | ) | 1,235,289 | 876,988 | (552,555 | ) | |||||||||||||||||||||||||||||||||
PF Equity Long/Short | |||||||||||||||||||||||||||||||||||||||||||||
Swap agreements | 1,731,813 | (538,035 | ) | (1,193,778 | ) | — | (1,099,979 | ) | 538,035 | 561,944 | — | ||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 34,229 | (34,229 | ) | — | — | (65,973 | ) | 34,229 | 31,744 | — | |||||||||||||||||||||||||||||||||||
PF Global Absolute Return | |||||||||||||||||||||||||||||||||||||||||||||
Swap agreements | 297,943 | (191,477 | ) | (54,324 | ) | 52,142 | (503,296 | ) | 191,477 | 272,053 | (39,766 | ) | |||||||||||||||||||||||||||||||||
Option contracts | 717,640 | (388 | ) | (482,600 | ) | 234,652 | (388 | ) | 388 | — | — | ||||||||||||||||||||||||||||||||||
Forward foreign currency contracts | 3,478,342 | (3,087,379 | ) | (128,073 | ) | 262,890 | (3,848,063 | ) | 3,087,379 | 635,771 | (124,913 | ) |
During the reporting period, certain Funds may have had investments in repurchase agreements. The gross value and related collateral received for these investments, if any, 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, if any, held by each applicable Fund presented in these financial statements, exceeded the value of the repurchase agreements as of September 30, 2018.
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 PF Multi-Asset Fund. PLFA receives investment advisory fees from each Fund which are based on annual percentages of the average daily net assets of each Fund. Pursuant to Sub-Advisory Agreements, the Trust and PLFA engage various investment management firms under PLFA’s supervision to sub-advise certain PF Underlying Funds presented in these financial statements. PLFA, as Investment Adviser 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, 2018, the investment advisory fees that PLFA receives from each
C-18
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Fund presented in these financial statements based upon an annual percentage of the average daily net assets of each Fund, and the sub-adviser of each Fund, are as follows:
Fund | Advisory Fees | Sub-Adviser(s) | ||
PF Inflation Managed | 0.40% | Pacific Investment Management Company LLC | ||
PF Managed Bond | 0.40% | Pacific Investment Management Company LLC and Western Asset Management Company, LLC (co-sub-advisors) | ||
PF Short Duration Bond | 0.40% | T. Rowe Price Associates, Inc. | ||
PF Emerging Markets Debt (1) | 0.785% | Ashmore Investment Management Limited | ||
PF Developing Growth | 0.60% | Lord, Abbett & Co. LLC | ||
PF Growth | 0.55% | MFS Investment Management | ||
PF Large-Cap Value | 0.65% | ClearBridge Investments, LLC | ||
PF Mid-Cap Equity | 0.65% | Scout Investments, Inc. (April 1, 2018 through June 12, 2018); Rothschild Asset Management Inc. (June 13, 2018 to present) | ||
PF Multi-Asset | 0.35% | |||
PF Small-Cap Value | 0.75% | AllianceBernstein L.P. | ||
PF Emerging Markets | 0.80% | OppenheimerFunds, Inc. | ||
PF International Large-Cap | 0.85% | MFS Investment Management | ||
PF International Small-Cap | 0.85% | QS Investors, LLC | ||
PF International Value | 0.65% | Wellington Management Company LLP | ||
PF Real Estate (1) | 0.90% | Morgan Stanley Investment Management Inc. (April 1, 2018 through April 30, 2018); Principal Real Estate Investors LLC (May 1, 2018 to present) | ||
PF Currency Strategies (2) | 0.65% | Macro Currency Group and UBS Asset Management (Americas) Inc. (co-sub-advisers) | ||
PF Equity Long/Short (3) | 1.15% | AQR Capital Management, LLC | ||
PF Global Absolute Return | 0.80% | Eaton Vance Investment Managers |
(1) | Effective November 1, 2018, PLFA agreed to waive a portion of its advisory fees through July 31, 2020 for the following Funds: 0.02% for the PF Emerging Markets Debt Fund and 0.15% for the PF Real Estate Fund. There is no guarantee that PLFA will continue such waivers after that date. |
(2) | Effective October 16, 2018, UBS Asset Management (Americas) Inc. became the sole sub-adviser of the PF Currency Strategies Fund. |
(3) | PLFA agreed to waive 0.15% of its advisory fee through July 31, 2019 for the PF Equity Long/Short Fund. There is no guarantee that PLFA will continue such waivers after that date. |
Pursuant to an Administration and Shareholder Services Agreement (the “Administration Agreement”), Pacific Life serves as administrator (the “Administrator”) to the Trust. The 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.
7. TRANSACTIONS WITH AFFILIATES
A. ADVISORY FEES, ADMINISTRATION FEES AND EXPENSES FOR SUPPORT SERVICES
The Investment Adviser, the Distributor, and Pacific Life are related parties. The advisory fees earned by the Investment Adviser, including any advisory fee waiver, the administration fees earned by Pacific Life, and expenses for support services recovered by PLFA and Pacific Life (see Note 6) from each Fund presented in these financial statements for the six month reporting period ended September 30, 2018 are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of September 30, 2018 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
C-19
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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, liquidation expenses, reorganization 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 Multi-Asset, PF International Small-Cap, PF Currency Strategies, PF Equity Long/Short, and PF Global Absolute Return Funds) is 0.15% through July 31, 2019 and 0.30% thereafter through July 31, 2023. The expense cap for the PF Multi-Asset Fund is 0.16% through July 31, 2019. The expense cap for the PF International Small-Cap, PF Currency Strategies, and PF Global Absolute Return Funds is 0.25% through July 31, 2019. 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. Any amounts repaid to PLFA will have the effect of increasing such expenses of the applicable Fund, but not above the expense cap. The amounts of adviser reimbursement to each applicable Fund presented in these financial statements for period ended September 30, 2018 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of September 30, 2018 are presented in the Statements of Assets and Liabilities.
The cumulative expense reimbursement amounts, if any, as of September 30, 2018 that are subject to recoupment by PLFA from the Funds presented in these financial statements are as follows:
Expiration Date | ||||||||||||||||
Fund | 3/31/2019 | 3/31/2020 | 3/31/2021 | 3/31/2022 | ||||||||||||
PF Inflation Managed | $95,880 | $33,114 | $19,621 | $26,238 | ||||||||||||
PF Managed Bond | 415,627 | 590,876 | 540,942 | 232,649 | ||||||||||||
PF Short Duration Bond | 108,855 | 123,091 | 131,342 | 55,294 | ||||||||||||
PF Emerging Markets Debt | 154,900 | 107,918 | 77,724 | 47,881 | ||||||||||||
PF Developing Growth | 45,591 | 22,807 | 13,829 | 6,707 | ||||||||||||
PF Growth | 80,955 | 82,308 | 89,652 | 60,745 | ||||||||||||
PF Large-Cap Value | 188,396 | 243,001 | 247,008 | 62,423 | ||||||||||||
PF Mid-Cap Equity | 116,181 | 79,956 | 49,499 | 12,045 | ||||||||||||
PF Multi-Asset | 48,872 | 283,025 | ||||||||||||||
PF Small-Cap Value | 120,806 | 104,811 | 75,777 | 29,041 | ||||||||||||
PF Emerging Markets | 383,441 | 433,451 | 516,488 | 249,578 | ||||||||||||
PF International Large-Cap | 282,785 | 336,014 | 256,803 | 95,852 | ||||||||||||
PF International Small-Cap | 17,806 | 46,102 | 28,196 | 7,896 | ||||||||||||
PF International Value | 181,062 | 181,721 | 213,419 | 86,612 | ||||||||||||
PF Real Estate | 41,737 | 46,036 | 30,103 | 13,798 | ||||||||||||
PF Global Absolute Return | 117,298 | 91,278 | 109,755 | 58,805 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $2,351,320 | $2,522,484 | $2,449,030 | $1,328,589 | ||||||||||||
|
|
|
|
|
|
|
|
There was no recoupment of expense reimbursement by PLFA from any Funds presented in these financial statements for the period ended September 30, 2018.
C. INVESTMENTS IN AFFILIATED FUNDS
As of September 30, 2018, Pacific Life owned the following percentage of the total shares outstanding (aggregate of all share classes) of the following Fund:
Fund | Ownership Percentage | |||
PF Mid-Cap Equity | 100.00% |
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. A Trustee who defers compensation has the option to select credit rate options that track the performance, at NAV of Class A of certain series of the Trust without a sales load or at NAV of Class I shares of the Pacific Select Fund. Pacific Select Fund is a Delaware statutory trust and is registered under the 1940 Act as an open-end management investment company. PLFA is the Investment Adviser to Pacific Select Fund. 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, 2018, such expenses increased by $3,433 for all applicable Funds presented in these financial statements as a result of the market value appreciation on such accounts. As of September 30, 2018 the total amount in the DCP Liability accounts was $51,208 for all applicable Funds presented in these financial statements.
C-20
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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.
G. 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, 2018, the purchase and sale transactions with an affiliated Fund conducted in compliance with Rule 17a-7 under the 1940 Act are summarized in the following table:
Fund | Purchases | Sales | Net Realized Gain (Loss) | |||||||||
PF Multi-Asset | $30,193,432 | $— | $— |
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, 2018, are summarized in the following table:
U.S. Government Securities | Other Securities | |||||||||||||||
Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
PF Inflation Managed | $34,107,572 | $38,469,173 | $6,049,250 | $2,806,282 | ||||||||||||
PF Managed Bond | 1,314,069,972 | 1,310,429,143 | 90,668,071 | 112,083,556 | ||||||||||||
PF Short Duration Bond | 8,091,884 | 5,749,911 | 16,260,234 | 26,177,515 | ||||||||||||
PF Emerging Markets Debt | — | — | 30,951,815 | 19,495,966 | ||||||||||||
PF Developing Growth | — | — | 9,415,979 | 6,845,104 | ||||||||||||
PF Growth | — | — | 14,032,807 | 72,003,081 | ||||||||||||
PF Large-Cap Value | — | — | 74,904,017 | 30,923,072 | ||||||||||||
PF Mid-Cap Equity | — | — | 15,923,948 | 39,208,982 | ||||||||||||
PF Multi-Asset | 121,032,969 | 126,975,977 | 517,288,124 | 167,689,532 | ||||||||||||
PF Small-Cap Value | — | — | 16,016,783 | 27,658,956 | ||||||||||||
PF Emerging Markets | — | — | 24,127,634 | 69,029,570 | ||||||||||||
PF International Large-Cap | — | — | 3,280,221 | 73,078,356 | ||||||||||||
PF International Small-Cap | — | — | 12,965,264 | 18,050,725 | ||||||||||||
PF International Value | — | — | 18,835,199 | 79,323,722 | ||||||||||||
PF Real Estate | — | — | 47,315,922 | 38,689,828 | ||||||||||||
PF Currency Strategies | — | — | 5,428,220 | — | ||||||||||||
PF Global Absolute Return | 956,666 | 49,404 | 15,653,604 | 10,921,189 |
9. SECURED BORROWINGS
The contractual maturity of secured borrowings and type of collateral pledged as of September 30, 2018, 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 | $— | $15,910,174 | $— | $— | $15,910,174 | ||||||||||||||||
Total borrowings | $— | $15,910,174 | $— | $— | $15,910,174 | |||||||||||||||||
PF Managed Bond | ||||||||||||||||||||||
Sale-buyback financing transactions | U.S. Treasury Obligations | $— | $28,517,921 | $9,681,297 | $— | $38,199,218 | ||||||||||||||||
Total borrowings | $— | $28,517,921 | $9,681,297 | $— | $38,199,218 |
C-21
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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, 2018, to qualify as a RIC and is not required to pay Federal income tax under the Code. Accordingly, no provision for Federal income taxes is required in the financial statements. Required distributions are based on net investment income and net realized gains determined in accordance with income tax regulations, which may differ from U.S. GAAP for financial reporting purposes. These differences are primarily due to differing treatments for sale-buyback financing transactions, futures and options, swap income, paydown gain/loss, partnership income, foreign currency transactions, passive foreign investment companies, late year ordinary and post-October capital losses, capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of capital accounts. In addition, the year in which amounts are distributed may differ from the year in which the net investment income is earned and the net gains are realized by each Fund.
The following table shows the accumulated capital losses and components of distributable earnings on a tax basis, and late year ordinary losses and post-October capital losses deferred, if any, as of March 31, 2018:
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 | ($8,947,892 | ) | $242,609 | $— | $— | $— | $— | $— | ||||||||||||||||||||||||
PF Managed Bond | (1,263,843 | ) | 3,408 | — | 2,948,243 | — | — | 2,948,243 | ||||||||||||||||||||||||
PF Short Duration Bond | (3,120,664 | ) | 646,107 | — | — | — | — | — | ||||||||||||||||||||||||
PF Emerging Markets Debt | (6,909,138 | ) | 177,326 | — | — | — | — | — | ||||||||||||||||||||||||
PF Developing Growth | (1,011,567 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
PF Growth | — | 404,823 | 5,934,530 | — | — | — | — | |||||||||||||||||||||||||
PF Large-Cap Value | — | 1,052,201 | 53,382,023 | — | — | — | — | |||||||||||||||||||||||||
PF Mid-Cap Equity | — | 466,616 | 5,796,945 | — | — | — | — | |||||||||||||||||||||||||
PF Multi-Asset | (52,422 | ) | 1,064,555 | — | — | — | — | — | ||||||||||||||||||||||||
PF Small-Cap Value | — | 175,310 | 7,808,545 | — | — | — | — | |||||||||||||||||||||||||
PF Emerging Markets | — | 674,478 | 6,209,047 | — | — | — | — | |||||||||||||||||||||||||
PF International Large-Cap | — | 65,299 | 18,661,917 | — | — | — | — | |||||||||||||||||||||||||
PF International Small-Cap | — | 90,120 | 1,498,859 | — | — | — | — | |||||||||||||||||||||||||
PF International Value | — | 1,161,039 | — | — | — | — | — | |||||||||||||||||||||||||
PF Real Estate | — | 141,518 | 1,589,368 | — | — | — | — | |||||||||||||||||||||||||
PF Currency Strategies | (3,212 | ) | — | — | 520,923 | — | — | 520,923 | ||||||||||||||||||||||||
PF Equity Long/Short | — | 1,496,713 | 458,624 | — | — | — | — | |||||||||||||||||||||||||
PF Global Absolute Return | (3,225,292 | ) | — | — | 1,112,607 | — | — | 1,112,607 |
Accumulated capital losses represent net capital loss carryovers as of March 31, 2018 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, 2018 and capital loss carryover from prior years utilized during the year or period ended March 31, 2018:
Unlimited Period of Net | Accumulated Capital Loss Carryover | Capital Loss Carryover Utilized During the Year/Period Ended March 31, 2018 | Capital Loss Carryover Expired During the Year/Period Ended March 31, 2018 | |||||||||||||||||
Capital Loss Carryover | ||||||||||||||||||||
Fund | Short-Term | Long-Term | ||||||||||||||||||
PF Inflation Managed | ($870,143 | ) | ($8,077,749 | ) | ($8,947,892 | ) | $66,842 | $— | ||||||||||||
PF Managed Bond | — | (1,263,843 | ) | (1,263,843 | ) | — | — | |||||||||||||
PF Short Duration Bond | (1,199,471 | ) | (1,921,193 | ) | (3,120,664 | ) | — | — | ||||||||||||
PF Emerging Markets Debt | (2,148,355 | ) | (4,760,783 | ) | (6,909,138 | ) | 593,866 | — | ||||||||||||
PF Developing Growth | (1,011,567 | ) | — | (1,011,567 | ) | 1,204,021 | — | |||||||||||||
PF Multi-Asset | (52,422 | ) | — | (52,422 | ) | — | — | |||||||||||||
PF Emerging Markets | — | — | — | 22,986,989 | — | |||||||||||||||
PF International Large-Cap | — | — | — | 12,210,202 | — | |||||||||||||||
PF International Value | — | — | — | 24,566,134 | 28,195,469 | |||||||||||||||
PF Currency Strategies | (3,212 | ) | — | (3,212 | ) | — | — | |||||||||||||
PF Global Absolute Return | — | (3,225,292 | ) | (3,225,292 | ) | 2,278,679 | — |
C-22
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 and short sales for Federal income tax purposes as of September 30, 2018, 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 Appreciation (Depreciation) on Other (2) | Net Unrealized Appreciation (Depreciation) | ||||||||||||||||||
PF Inflation Managed | $94,184,468 | $174,666 | ($5,712,988 | ) | ($5,538,322 | ) | $210,659 | ($5,327,663 | ) | |||||||||||||||
PF Managed Bond | 690,935,666 | 13,875,265 | (27,039,156 | ) | (13,163,891 | ) | (2,933,206 | ) | (16,097,097 | ) | ||||||||||||||
PF Short Duration Bond | 102,065,116 | 74,004 | (891,770 | ) | (817,766 | ) | (81,496 | ) | (899,262 | ) | ||||||||||||||
PF Emerging Markets Debt | 86,006,672 | 689,498 | (5,328,018 | ) | (4,638,520 | ) | 486,781 | (4,151,739 | ) | |||||||||||||||
PF Developing Growth | 11,131,489 | 3,658,340 | (83,259 | ) | 3,575,081 | — | 3,575,081 | |||||||||||||||||
PF Growth | 90,536,641 | 85,644,318 | (439,506 | ) | 85,204,812 | — | 85,204,812 | |||||||||||||||||
PF Large-Cap Value | 129,866,097 | 79,743,241 | (1,178,469 | ) | 78,564,772 | — | 78,564,772 | |||||||||||||||||
PF Mid-Cap Equity | 9,563,520 | 927,574 | (275,867 | ) | 651,707 | — | 651,707 | |||||||||||||||||
PF Multi-Asset | 1,283,497,851 | 853,278 | (2,531,915 | ) | (1,678,637 | ) | 45,801,897 | 44,123,260 | ||||||||||||||||
PF Small-Cap Value | 59,998,121 | 17,838,670 | (1,519,916 | ) | 16,318,754 | — | 16,318,754 | |||||||||||||||||
PF Emerging Markets | 76,656,684 | 44,136,930 | (4,157,448 | ) | 39,979,482 | (181,225 | ) | 39,798,257 | ||||||||||||||||
PF International Large-Cap | 30,616,410 | 25,328,380 | (495,103 | ) | 24,833,277 | (217,341 | ) | 24,615,936 | ||||||||||||||||
PF International Small-Cap | 75,283,813 | 9,003,319 | (5,527,450 | ) | 3,475,869 | (1,555 | ) | 3,474,314 | ||||||||||||||||
PF International Value | 71,798,937 | 8,712,515 | (3,325,007 | ) | 5,387,508 | (19,841 | ) | 5,367,667 | ||||||||||||||||
PF Real Estate | 44,949,727 | 6,821,831 | (172,843 | ) | 6,648,988 | — | 6,648,988 | |||||||||||||||||
PF Currency Strategies | 65,335,756 | 74 | (397,539 | ) | (397,465 | ) | (1,160,541 | ) | (1,558,006 | ) | ||||||||||||||
PF Equity Long/Short | 41,452,774 | — | (1,895 | ) | (1,895 | ) | 879,545 | 877,650 | ||||||||||||||||
PF Global Absolute Return | 54,692,101 | 1,519,420 | (3,738,035 | ) | (2,218,615 | ) | (1,524,566 | ) | (3,743,181 | ) |
(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, short sales, and foreign currencies, if any. |
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, 2014.
11. TAX CHARACTER OF DISTRIBUTIONS
The tax character of income and capital gain distributions to shareholders during the fiscal year or period ended March 31, 2018, were as follows:
Funds | Ordinary Income | Long-Term Capital Gains | Total Distributions | |||||||||
PF Inflation Managed | $165,026 | $— | $165,026 | |||||||||
PF Managed Bond | 27,252,900 | — | 27,252,900 | |||||||||
PF Short Duration Bond | 2,387,342 | — | 2,387,342 | |||||||||
PF Emerging Markets Debt | 3,464,056 | — | 3,464,056 | |||||||||
PF Growth | 1,081,093 | 4,208,497 | 5,289,590 | |||||||||
PF Large-Cap Value | 6,916,773 | 4,416,112 | 11,332,885 | |||||||||
PF Mid-Cap Equity | 2,759,880 | 8,496,195 | 11,256,075 | |||||||||
PF Small Cap Value | 230,521 | 15,035,437 | 15,265,958 | |||||||||
PF Emerging Markets | 1,205,327 | — | 1,205,327 | |||||||||
PF International Large-Cap | 2,849,998 | — | 2,849,998 | |||||||||
PF International Small-Cap | 1,494,781 | 3,024,730 | 4,519,511 | |||||||||
PF International Value | 7,139,546 | — | 7,139,546 | |||||||||
PF Real Estate | 636,138 | 5,740,391 | 6,376,529 | |||||||||
PF Currency Strategies | 2,053,772 | — | 2,053,772 | |||||||||
PF Equity Long/Short | 6,050,516 | 3,896,788 | 9,947,304 | |||||||||
PF Global Absolute Return | 221,727 | — | 221,727 |
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, 2018.
C-23
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
12. 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, 2018 and the year or period ended March 31, 2018, were as follows:
Six-Month Period ended 9/30/2018 | Year/ Period ended 3/31/2018 | Six-Month Period ended 9/30/2018 | Year ended 3/31/2018 | Six-Month Period ended 9/30/2018 | Year ended 3/31/2018 | Six-Month Period ended 9/30/2018 | Year ended 3/31/2018 | |||||||||||||||||||||||||||||||||||||
PF Inflation Managed Fund | PF Managed Bond Fund | PF Short Duration Bond Fund | PF Emerging Markets Debt Fund | |||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 91,748 | 7,313,111 | 246,377 | 531,321 | 59,596 | 501,598 | 1,594,312 | 4,948,673 | ||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 18,480 | — | 2,548,681 | — | 243,358 | — | 375,304 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (951,009 | ) | (271,176 | ) | (6,956,957 | ) | (16,107,371 | ) | (1,251,822 | ) | (6,235,028 | ) | (1,096,878 | ) | (707,964 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (859,261 | ) | 7,060,415 | (6,710,580 | ) | (13,027,369 | ) | (1,192,226 | ) | (5,490,072 | ) | 497,434 | 4,616,013 | |||||||||||||||||||||||||||||||
Beginning shares outstanding | 8,533,123 | 1,472,708 | 56,563,475 | 69,590,844 | 11,469,397 | 16,959,469 | 9,152,207 | 4,536,194 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 7,673,862 | 8,533,123 | 49,852,895 | 56,563,475 | 10,277,171 | 11,469,397 | 9,649,641 | 9,152,207 | ||||||||||||||||||||||||||||||||||||
PF Developing Growth Fund | PF Growth Fund | PF Large-Cap Value Fund | PF Mid-Cap Equity Fund | |||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 262,803 | 76,603 | 36,723 | 2,958,294 | 3,938,389 | 162,487 | 881,298 | 19,834 | ||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | — | — | 221,110 | — | 641,021 | — | 1,040,934 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (127,083 | ) | (204,222 | ) | (2,189,290 | ) | (1,488,410 | ) | (1,544,850 | ) | (17,877,474 | ) | (2,921,451 | ) | (4,145,268 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | 135,720 | (127,619 | ) | (2,152,567 | ) | 1,690,994 | 2,393,539 | (17,073,966 | ) | (2,040,153 | ) | (3,084,500 | ) | |||||||||||||||||||||||||||||||
Beginning shares outstanding | 637,876 | 765,495 | 8,145,001 | 6,454,007 | 9,040,089 | 26,114,055 | 2,918,158 | 6,002,658 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 773,596 | 637,876 | 5,992,434 | 8,145,001 | 11,433,628 | 9,040,089 | 878,005 | 2,918,158 | ||||||||||||||||||||||||||||||||||||
PF Multi-Asset Fund (1) | PF Small-Cap Value Fund | PF Emerging Markets Fund | PF International Large-Cap Fund | |||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 52,673,065 | 77,848,543 | 32,812 | 63,528 | 375,423 | 166,751 | 17,980 | 258,634 | ||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | — | — | 1,337,718 | — | 72,654 | — | 135,456 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | — | (1 | ) | (967,882 | ) | (3,945,051 | ) | (3,269,990 | ) | (4,456,527 | ) | (3,374,774 | ) | (4,094,473 | ) | |||||||||||||||||||||||||||||
Net increase (decrease) | 52,673,065 | 77,848,542 | (935,070 | ) | (2,543,805 | ) | (2,894,567 | ) | (4,217,122 | ) | (3,356,794 | ) | (3,700,383 | ) | ||||||||||||||||||||||||||||||
Beginning shares outstanding | 77,848,542 | — | 7,265,519 | 9,809,324 | 10,311,228 | 14,528,350 | 6,014,301 | 9,714,684 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 130,521,607 | 77,848,542 | 6,330,449 | 7,265,519 | 7,416,661 | 10,311,228 | 2,657,507 | 6,014,301 | ||||||||||||||||||||||||||||||||||||
PF International Small-Cap Fund | PF International Value Fund | PF Real Estate Fund | PF Currency Strategies Fund | |||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 211,011 | 4,317,301 | 51,089 | 509,308 | 1,417,393 | 778,164 | 299,391 | 868,157 | ||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 403,934 | — | 700,642 | — | 495,992 | — | 235,254 | ||||||||||||||||||||||||||||||||||||
Shares repurchased | (842,390 | ) | (805,699 | ) | (6,424,771 | ) | (5,843,205 | ) | (853,913 | ) | (387,143 | ) | (823,337 | ) | (3,493,107 | ) | ||||||||||||||||||||||||||||
Net increase (decrease) | (631,379 | ) | 3,915,536 | (6,373,682 | ) | (4,633,255 | ) | 563,480 | 887,013 | (523,946 | ) | (2,389,696 | ) | |||||||||||||||||||||||||||||||
Beginning shares outstanding | 7,993,290 | 4,077,754 | 14,126,782 | 18,760,037 | 3,500,559 | 2,613,546 | 6,862,489 | 9,252,185 | ||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 7,361,911 | 7,993,290 | 7,753,100 | 14,126,782 | 4,064,039 | 3,500,559 | 6,338,543 | 6,862,489 | ||||||||||||||||||||||||||||||||||||
PF Equity Long/Short Fund | PF Global Absolute Return Fund | |||||||||||||||||||||||||||||||||||||||||||
Class P | ||||||||||||||||||||||||||||||||||||||||||||
Shares sold | 584,431 | 344,554 | 520,421 | 813,777 | ||||||||||||||||||||||||||||||||||||||||
Dividends and distributions reinvested | — | 990,313 | — | 23,488 | ||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (701,298 | ) | (2,720,419 | ) | (806,741 | ) | (3,711,334 | ) | ||||||||||||||||||||||||||||||||||||
Net increase (decrease) | (116,867 | ) | (1,385,552 | ) | (286,320 | ) | (2,874,069 | ) | ||||||||||||||||||||||||||||||||||||
Beginning shares outstanding | 5,880,145 | 7,265,697 | 6,646,056 | 9,520,125 | ||||||||||||||||||||||||||||||||||||||||
Ending shares outstanding | 5,763,278 | 5,880,145 | 6,359,736 | 6,646,056 |
(1) | PF Multi-Asset Fund commenced operations on January 31, 2018. |
C-24
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, 2018 to September 30, 2018.
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 09/30/18” 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 04/01/18-09/30/18” 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, 2018 to September 30, 2018.
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 04/01/18-09/30/18.”
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 04/01/18 | Ending Account Value at 09/30/18 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/18 - 09/30/18 (1) | |||||||||||||
PF Inflation Managed Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,000.00 | 0.98% | $4.91 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.16 | 0.98% | $4.96 | ||||||||||||
PF Managed Bond Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $990.50 | 0.66% | $3.29 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.76 | 0.66% | $3.35 | ||||||||||||
PF Short Duration Bond Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,008.20 | 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 | $937.00 | 0.94% | $4.56 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.36 | 0.94% | $4.76 | ||||||||||||
PF Developing Growth Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,293.10 | 0.75% | $4.31 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.31 | 0.75% | $3.80 | ||||||||||||
PF Growth Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,154.10 | 0.70% | $3.78 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.56 | 0.70% | $3.55 | ||||||||||||
PF Large-Cap Value Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,063.60 | 0.80% | $4.14 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.06 | 0.80% | $4.05 | ||||||||||||
PF Mid-Cap Equity Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,083.90 | 0.80% | $4.18 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,021.06 | 0.80% | $4.05 | ||||||||||||
PF Multi-Asset Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,079.60 | 0.51% | $2.66 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,022.51 | 0.51% | $2.59 | ||||||||||||
PF Small-Cap Value Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $1,072.20 | 0.90% | $4.68 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.56 | 0.90% | $4.56 |
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 04/01/18 | Ending Account Value at 09/30/18 | Annualized Expense Ratio | Expenses Paid During the Period 04/01/18 - 09/30/18 (1) | |||||||||||||
PF Emerging Markets Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $930.00 | 0.95% | $4.60 | ||||||||||||
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 | $1,016.30 | 1.00% | $5.05 | ||||||||||||
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 | $953.80 | 1.10% | $5.39 | ||||||||||||
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 | $989.20 | 0.80% | $3.99 | ||||||||||||
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 | $1,075.00 | 1.05% | $5.46 | ||||||||||||
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 | $1,001.10 | 0.88% | $4.41 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,020.66 | 0.88% | $4.46 | ||||||||||||
PF Equity Long/Short Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $911.50 | 1.28% | $6.13 | ||||||||||||
Hypothetical | ||||||||||||||||
Class P | $1,000.00 | $1,018.65 | 1.28% | $6.48 | ||||||||||||
PF Global Absolute Return Fund |
| |||||||||||||||
Actual Fund Return | ||||||||||||||||
Class P | $1,000.00 | $944.10 | 1.12% | $5.46 | ||||||||||||
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
PACIFIC FUNDS
APPROVAL OF SUB-ADVISORY AGREEMENTS
(Unaudited)
I. Introduction and Background
The Board of Trustees (the “Trustees” or “Board”) of Pacific Funds Series Trust (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 PF Multi-Asset Fund, Pacific Funds Core Income, Pacific Funds Floating Rate Income, Pacific Funds High Income, Pacific Funds Short Duration Income, and Pacific Funds Strategic 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 13, 2017. 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 Real Estate Fund and the PF Mid-Cap Equity 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 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 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 Agreements
The Board approved a change in sub-adviser and a new sub-advisory agreement with respect to each of the PF Real Estate Fund and the PF Mid-Cap Equity Fund. 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 may 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 Real Estate Fund
At an in-person meeting on March 27, 2018, based upon a recommendation from PLFA, the Board, including all of the Independent Trustees, approved, effective on or about May 1, 2018, a new sub-advisory agreement with Principal Real Estate Investors, LLC (“Principal”), with respect to the PF Real Estate Fund (the “Principal Sub-Advisory Agreement”) and appointed Principal as the new sub-adviser for the Fund. Also at the March 27, 2018 meeting, the Board terminated the sub-advisory agreement for the PF Real Estate Fund with the prior sub-adviser upon the effectiveness of the Principal Sub-Advisory Agreement. In connection with the change in sub-adviser, changes were also made to the Fund’s principal investment strategies and benchmark.
Principal’s appointment as the sub-adviser and the Board’s approval of the Principal 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 PF Real Estate Fund’s holdings were sold and new investments were purchased in accordance with recommendations by Principal. PLFA and/or the Trust retained a transitioning agent in order to help reduce the transaction costs associated with the purchase and sale of portfolio holdings in connection with the transition.
In considering the appointment of Principal as sub-adviser, the Board reviewed with PLFA its rationale for recommending a change in sub-adviser for the PF Real Estate Fund. The Board, including the Independent Trustees, also considered, among other things, the factors described below in evaluating PLFA’s recommendation that Principal be appointed as the new sub-adviser for the PF Real Estate Fund and in evaluating the proposed Principal 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 Principal and PLFA’s analysis in reaching its conclusion to recommend Principal as sub-adviser for the PF Real Estate 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.
D-3
Table of Contents
PACIFIC FUNDS
APPROVAL OF SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
In evaluating the Principal Sub-Advisory Agreement for the PF Real Estate 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 Principal as the new sub-adviser to the PF Real Estate Fund, particularly in light of the nature, extent, and quality of the services expected to be provided by Principal. In this regard, the Trustees considered various materials relating to Principal, including copies of the proposed Principal Sub-Advisory Agreement; copies of Principal’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 Principal Sub-Advisory Agreement, Principal would be responsible for providing the investment management services for the PF Real Estate 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 PF Real Estate Fund. The Trustees considered the quality of the management services expected to be provided to the PF Real Estate Fund over both the short- and long-term, the organizational depth and resources of Principal, including the background and experience of Principal’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 Principal. The Trustees also considered the CCO’s assessment of Principal’s compliance program, as required under Rule 38a-1 of the 1940 Act, and its code of ethics prior to the effectiveness of the Principal Sub-Advisory Agreement. The Trustees also took note of the due diligence PLFA conducted with respect to Principal, and were aided by the assessment and recommendation of PLFA and the in-person presentation and materials provided by Principal.
The Board concluded that it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the PF Real Estate Fund by Principal under the Principal Sub-Advisory Agreement.
B. Performance
The Trustees considered PLFA’s efforts to identify advisory firms that are qualified to manage a real estate strategy and PLFA’s identification of Principal to serve as sub-adviser with regard to the PF Real Estate 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 Principal Sub-Advisory Agreement, including the factors described below.
The Trustees considered information about the historical performance of a fund managed by Principal using similar investment strategies (the “Principal Comparable Performance”). The Trustees considered that this information included a comparison of the Principal Comparable Performance against a pertinent benchmark and against the applicable peer group for the one-, three- and five-year periods as of December 31, 2017. The Trustees also considered that this information included a comparison of the Principal Comparable Performance against a pertinent benchmark and an applicable peer group for each of the previous ten calendar years. Additionally, the Trustees considered the standard deviation, risk-adjusted returns and other performance metrics of the Principal Comparable Performance during certain periods.
The Board determined that Principal’s performance record was acceptable.
C. Sub-Advisory Fees
The Trustees considered comparative fee information regarding the fees charged under other advisory contracts of Principal with regard to other funds with substantially similar investment strategies as the PF Real Estate Fund. The Trustees also considered that the proposed sub-advisory fee schedule under the Principal Sub-Advisory Agreement contains breakpoints and is the same as the sub-advisory fee schedule for the current Sub-Adviser. The Trustees also considered the portion of the advisory fee retained by PLFA and that the advisory fee schedule would remain unchanged. In comparing the proposed sub-advisory fees to be paid by the PF Real Estate Fund to fees charged by Principal for the other similarly-managed funds, the Trustees noted that there were differences in the nature of the PF Real Estate Fund and those other funds, 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 Principal, and that the PF Real Estate 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 Principal 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 Principal of sub-advising the PF Real Estate Fund and the projected profitability of the Principal Sub-Advisory Agreement to Principal, to the extent practicable based on the information provided by Principal. The Trustees noted that any assessment of projected profitability would involve assumptions regarding expense allocations and other factors. Given the arms’-length nature of the relationship between PLFA and Principal 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 Principal Sub-Advisory Agreement to Principal is an estimate because it had not yet begun to manage the PF Real Estate Fund, the Trustees considered that projected profitability information for Principal at this time was of limited utility.
D-4
Table of Contents
PACIFIC FUNDS
APPROVAL OF SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
The Trustees also considered the organizational strengths of Principal 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 PF Real Estate Fund. The Board concluded that the PF Real Estate Fund’s fee structure reflected in the Principal Sub-Advisory Agreement is fair and reasonable.
E. Ancillary Benefits
The Trustees received information from PLFA and Principal concerning other benefits that may be received by Principal and its affiliates as a result of their relationship with the PF Real Estate Fund, including commissions that may be paid to broker-dealers affiliated with Principal and the anticipated use of soft-dollars by Principal. In this regard, the Trustees noted that Principal 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 Principal from its relationship with the PF Real Estate 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 Principal Sub-Advisory Agreement is in the best interests of the PF Real Estate Fund and its shareholders; and (ii) the compensation payable under the Principal Sub-Advisory Agreement is fair and reasonable. No single factor was determinative of the Board’s findings, but rather the Trustees based their determination on the total mix of information available to them.
PF Mid-Cap Equity Fund
At an in-person meeting on March 27, 2018, based upon a recommendation from PLFA, the Board, including all of the Independent Trustees, approved the appointment of Rothschild Asset Management Inc. (“Rothschild”), as the interim sub-adviser to the PF Mid-Cap Equity Fund and approved an interim sub-advisory agreement with Rothschild (the “Interim Sub-Advisory Agreement”) effective on or about June 12, 2018, pursuant to Rule 15a-4 under the 1940 Act. As described in a supplement dated March 30, 2018, certain principal investment strategies and principal risks of the PF Mid-Cap Equity Fund were modified in connection with the sub-adviser change. At an in-person meeting on June 19, 2018, the Board, including all of the Independent Trustees, approved, effective August 1, 2018, the sub-advisory agreement between Rothschild and PLFA, with respect to the PF Mid-Cap Equity Fund (the “Rothschild Sub-Advisory Agreement”) and appointed Rothschild as the sub-adviser for the Fund. Rothschild’s appointment as the sub-adviser was made in accordance with the exemptive order issued by the SEC with regard to the Trust and does not require shareholder approval. In order to facilitate the change in sub-adviser, a portion of the Fund’s holdings were sold and new investments purchased in accordance with recommendations by the new sub-adviser’s portfolio management team. PLFA, on behalf of the Fund, retained a transitioning agent in order to help reduce the transaction costs associated with the purchase and sale of portfolio holdings in connection with this transition.
In considering the appointment of Rothschild as sub-adviser, the Board reviewed with PLFA its rationale for recommending a change in sub-adviser for the PF Mid-Cap Equity Fund. The Board, including the Independent Trustees, also considered, among other things, the factors described below in evaluating PLFA’s recommendation that Rothschild be appointed as the new sub-adviser for the PF Mid-Cap Equity Fund and in evaluating the proposed Rothschild Sub-Advisory Agreement. Additionally, the Board considered the due diligence conducted by PLFA on the investment resources and personnel of Rothschild and an assessment of the investment strategies used by Rothschild. In addition, the Board reviewed information provided by PLFA regarding the specific criteria and information evaluated by PLFA during the selection process of Rothschild and PLFA’s analysis in reaching its conclusion to recommend Rothschild as a sub-adviser for the PF Mid-Cap Equity Fund. The Trustees also considered that PLFA has historically exercised diligence in monitoring the performance of sub-advisers, and has recommended and taken measures to attempt to remedy relative underperformance by a fund when PLFA and the Board believed it to be appropriate.
In evaluating the proposed Interim Sub-Advisory Agreement and the Rothschild Sub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:
A. Nature, Extent and Quality of Services to be Provided
The Trustees considered the benefits to shareholders of retaining Rothschild as the sub-adviser to the PF Mid-Cap Equity Fund, particularly in light of the nature, extent, and quality of the services provided by Rothschild under the Interim Sub-Advisory Agreement. In this regard, the Trustees considered various materials relating to Rothschild, including copies of the proposed Rothschild Sub-Advisory Agreement; copies of Rothschild’s Form ADV; financial information; a written presentation from Rothschild; a comprehensive report including an assessment from PLFA; responses from Rothschild to information requested by counsel to the Independent Trustees; and other information deemed relevant to the Trustees’ evaluation. The Trustees also considered verbal presentations at an in-person meeting held on June 19, 2018 from the investment management team of PLFA and from management and investment personnel from Rothschild.
The Trustees considered that under the Rothschild Sub-Advisory Agreement, Rothschild would be responsible for providing the investment advisory services to the PF Mid-Cap Equity Fund, 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 PF Mid-Cap Equity Fund over both the short- and long-term, the organizational depth and resources of Rothschild, including the background and experience of Rothschild’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 this regard, the Trustees took into account that Rothschild already served as the PF Mid-Cap Equity Fund’s interim sub-adviser for a short period, effective June 12, 2018, and also sub-advises a number of other funds within the Pacific Funds complex, and that the Board has had substantial experience and interaction with Rothschild in that regard, and has familiarity with the firm’s investment philosophy and strategies.
D-5
Table of Contents
PACIFIC FUNDS
APPROVAL OF SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
In addition, the Trustees considered that the Trust’s Chief Compliance Officer (“CCO”) previously had reviewed the written compliance policies and procedures and code of ethics of Rothschild. The Trustees also considered the CCO’s assessment of Rothschild’s compliance program, as required under Rule 38a-1 of the 1940 Act, and its code of ethics prior to the effectiveness of the Interim Sub-Advisory Agreement. The Trustees also took note of the due diligence PLFA conducted with respect to Rothschild, and were aided by the assessment and recommendation of PLFA and the in-person presentation and materials provided by Rothschild. The Board concluded that it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the PF Mid-Cap Equity Fund by Rothschild under the Rothschild Sub-Advisory Agreement.
B. Performance
The Trustees considered PLFA’s recommendation of Rothschild to serve as sub-adviser with regard to the PF Mid-Cap Equity 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 Rothschild Sub-Advisory Agreement, including the factors described below.
The Trustees considered that the PF Mid-Cap Equity Fund’s historical performance had been obtained under a different sub-adviser, although PLFA has managed the Fund since its inception. With respect to the management of strategies similar to that employed by the PF Mid-Cap Equity Fund, the Trustees considered information about the hypothetical performance of a portfolio of mid-cap companies that were carved out of accounts managed by Rothschild that were invested in both small- and mid-cap companies using similar, although not identical, investment strategies (the “Rothschild Comparable Performance”). The Trustees considered that this information included a comparison of the Rothschild Comparable Performance against the PF Mid-Cap Equity Fund’s benchmark and peer group for the trailing one-, three- and five-year periods as of March 31, 2018, as well as performance for each of the past ten calendar years. The Trustees noted that hypothetical performance does not carry the same credibility as actual performance, and also considered the risk and risk-adjusted returns of the Rothschild Comparable Performance against the PF Mid-Cap Equity Fund’s benchmark and peer group for the trailing one-, three-, five- and ten-year periods as of March 31, 2018.
The Board determined that Rothschild’s performance with respect to similar, although not identical accounts and strategies, provided a sufficient basis to conclude that it was capable of managing the PF Mid-Cap Equity Fund in accordance with its investment objectives and strategies.
C. Sub-Advisory Fees
The Trustees considered comparative fee information regarding the fees charged under other advisory contracts of Rothschild with regard to other funds with substantially similar investment strategies as the PF Mid-Cap Equity Fund. The Trustees also considered that the proposed sub-advisory fee schedule under the Rothschild Sub-Advisory Agreement will be slightly lower than the sub-advisory fee schedule for the Interim Sub-Advisory Agreement, that the advisory fee schedule paid by the PF Mid-Cap Equity Fund would remain unchanged, and that the portion of the advisory fee retained by PLFA would increase slightly.
The Trustees noted that the sub-advisory fee rates were the result of arms’-length negotiations between PLFA and Rothschild, and that the PF Mid-Cap Equity Fund’s sub-advisory fees are paid by PLFA and are not paid directly by the Fund. The Trustees also considered the services rendered by PLFA to the PF Mid-Cap Equity Fund under the investment advisory agreement between PLFA and the Fund.
The Board concluded that the compensation payable under the Rothschild Sub-Advisory Agreement is fair and reasonable, and that the amount of the advisory fee retained by PLFA after paying the sub-advisory fee to Rothschild is fair and reasonable.
D. Costs, Level of Profits and Economies of Scale
The Trustees considered information regarding Rothschild’s firm-wide costs and profitability. The Trustees noted that any assessment of Rothschild’s projected profitability from the PF Mid-Cap Equity Fund would be speculative, would involve assumptions regarding expense allocations and other factors, and would not provide useful information.
The Trustees also considered the organizational strengths of Rothschild 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 PF Mid-Cap Equity Fund. The Board concluded that the PF Mid-Cap Equity Fund’s fee structure reflected in the Rothschild Sub-Advisory Agreement is fair and reasonable.
E. Ancillary Benefits
The Trustees received information from PLFA and Rothschild concerning other benefits that may be received by Rothschild and its affiliates as a result of their relationship with the PF Mid-Cap Equity Fund, including commissions that may be paid to broker-dealers affiliated with Rothschild and the anticipated use of soft-dollars by Rothschild. In this regard, the Trustees noted that Rothschild 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 Rothschild from its relationship with the PF Mid-Cap Equity 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 Rothschild Sub-Advisory Agreement is in the best interests of the PF Mid-Cap Equity Fund and its shareholders; and (ii) the compensation payable under the Rothschild Sub-Advisory Agreement is fair and reasonable. No single factor was determinative of the Board’s findings, but rather the Trustees based their determination on the total mix of information available to them.
D-6
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-7
Table of Contents
Item 2. | Code of Ethics. |
Not applicable.
Item 3. | Audit Committee Financial Expert. |
Not applicable.
Item 4. | Principal Accountant Fees and Services. |
Not applicable.
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant’s Board of Directors.
Table of Contents
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)) are 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. |
Table of Contents
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/ Adrian Griggs | |
Adrian Griggs | ||
Chief Executive Officer | ||
Date: | December 6, 2018 |
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/ Adrian Griggs | |
Adrian Griggs | ||
Chief Executive Officer | ||
Date: | December 6, 2018 | |
By: | /s/ Trevor T. Smith | |
Trevor T. Smith | ||
Treasurer (Principal Financial and Accounting Officer) | ||
Date: | December 6, 2018 |