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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)
Mark Karpe, Esq.
Pacific Life Insurance Company
700 Newport Center Drive
Newport Beach, CA 92660
(Name and address of agent for service)
Copies to:
Anthony H. Zacharski, Esq.
Dechert LLP
1095 Avenue of the Americas
New York, NY 10036
Registrant’s telephone number, including area code: 949-219-3224
Date of fiscal year end: March 31
Date of reporting period: April 1, 2021 - March 31, 2022
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.
Table of Contents
March 31, 2022
ANNUAL REPORT
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PACIFIC FUNDS
ANNUAL REPORT
AS OF MARCH 31, 2022
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| A-3 | ||||
| B-1 | ||||
| Financial Statements: |
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| C-1 | ||||
| C-6 | ||||
| C-11 | ||||
| C-19 | ||||
| C-20 | ||||
| D-1 | ||||
| E-1 | ||||
| F-1 | ||||
| F-2 | ||||
| F-5 | ||||
| F-8 | ||||
| F-9 | ||||
| F-26 | ||||
Pacific Funds Series Trust, which is a Delaware statutory trust, may be referred to as “Pacific Funds” or the “Trust”.
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PACIFIC FUNDS
We are pleased to share with you the Pacific Funds Series Trust (“Pacific Funds” or the “Trust”) Annual Report for the fiscal year ended March 31, 2022, including performance data, management’s discussion of fund performance, and a complete list of investments as of the close of this reporting period. Pacific Funds is comprised of twenty-nine funds (each individually, a “Fund” and collectively, the “Funds”), fifteen of which are available for direct investment. Pacific Life Fund Advisors LLC (PLFA) is the Adviser to the Trust and supervises the management of all of the Trust’s Funds. PLFA directly manages Pacific FundsSM Portfolio Optimization Conservative, Pacific FundsSM Portfolio Optimization Moderate-Conservative, Pacific FundsSM Portfolio Optimization Moderate, Pacific FundsSM Portfolio Optimization Growth and Pacific FundsSM Portfolio Optimization Aggressive-Growth (together, the “Portfolio Optimization Funds”) as well as the PF Multi-Asset Fund.
Each of the Portfolio Optimization Funds is an asset allocation “Fund of Funds” that invests in Class P shares of certain other Funds of the Trust (the “PF Underlying Funds”). PLFA supervises the management of those PF Underlying Funds which are only available for investment by the Portfolio Optimization Funds. The Portfolio Optimization Funds also invest in Class P shares of Pacific FundsSM Core Income, Pacific FundsSM High Income and Pacific FundsSM Floating Rate Income.
The Adviser has retained other firms to serve as sub-advisers under its supervision. The sub-advisers, the Adviser and the Funds of the Trust that they manage as of March 31, 2022 are listed below:
| Sub-Adviser or Adviser | Funds Available for Direct Investment |
Page Number | ||
| Pacific Life Fund Advisors LLC (PLFA) | Pacific FundsSM Portfolio Optimization Conservative | A-5 | ||
| Pacific FundsSM Portfolio Optimization Moderate-Conservative | A-6 | |||
| Pacific FundsSM Portfolio Optimization Moderate | A-7 | |||
| Pacific FundsSM Portfolio Optimization Growth | A-8 | |||
| Pacific FundsSM Portfolio Optimization Aggressive-Growth | A-9 | |||
| Pacific Asset Management LLC (Pacific Asset Management) | Pacific FundsSM Ultra Short Income | A-10 | ||
| Pacific FundsSM Short Duration Income | A-11 | |||
| Pacific FundsSM Core Income | A-12 | |||
| Pacific FundsSM ESG Core Bond | A-13 | |||
| Pacific FundsSM Strategic Income | A-14 | |||
| Pacific FundsSM Floating Rate Income | A-15 | |||
| Pacific FundsSM High Income | A-16 | |||
| Rothschild & Co Asset Management US Inc. (Rothschild & Co) | Pacific FundsSM Small/Mid-Cap | A-17 | ||
| Pacific FundsSM Small-Cap | A-18 | |||
| Pacific FundsSM Small-Cap Value | A-19 | |||
| Sub-Adviser or Adviser | PF Underlying Funds | Page Number | ||
| Pacific Investment Management Company LLC (PIMCO) | PF Inflation Managed Fund | A-20 | ||
| J.P. Morgan Investment Management Inc. (JPMorgan) / Pacific Investment Management Company LLC (PIMCO) / Western Asset Management Company, LLC (Western Asset) | PF Managed Bond Fund | A-21 | ||
| T. Rowe Price Associates, Inc. (T. Rowe Price) | PF Short Duration Bond Fund | A-23 | ||
| Principal Global Investors, LLC (PGI) | PF Emerging Markets Debt Fund | A-24 | ||
| MFS Investment Management (MFS) | PF Growth Fund | A-26 | ||
| ClearBridge Investments, LLC (ClearBridge) | PF Large-Cap Value Fund | A-27 | ||
| MFS Investment Management (MFS) | PF Small-Cap Growth Fund | A-28 | ||
| Alliance Bernstein L.P. (AB) | PF Small-Cap Value Fund | A-29 | ||
| Invesco Advisers, Inc. (Invesco) | PF Emerging Markets Fund | A-30 | ||
| ClearBridge Investments, LLC (ClearBridge) | PF International Growth Fund (formerly named PF International Large-Cap Fund) | A-31 | ||
| FIAM LLC (FIAM) | PF International Small-Cap Fund | A-33 | ||
| Wellington Management Company LLP (Wellington) | PF International Value Fund | A-35 | ||
| Pacific Life Fund Advisors LLC (PLFA) / portion sub-advised by Pacific Asset Management LLC | PF Multi-Asset Fund | A-36 | ||
| Principal Real Estate Investors, LLC (Principal REI) | PF Real Estate Fund | A-37 | ||
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PACIFIC FUNDS
Each of the sub-advisers and the Adviser has prepared a discussion regarding the performance of the Funds of the Trust that they manage, including commentary discussing positive and negative factors affecting performance for the past twelve months.
We appreciate your confidence in Pacific Funds and look forward to serving your financial needs in the years to come.
Sincerely,
|
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| Adrian S. Griggs President and Chief Executive Officer |
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| Pacific Funds Series Trust | ||
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PACIFIC FUNDS PERFORMANCE DISCUSSION
This Annual Report is provided for the general information of investors with beneficial interests in the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus, as supplemented, which contains information about the Trust and each of its Funds, including their investment objectives, risks, charges and expenses. You should read the prospectus carefully before investing. There is no assurance that a Fund will achieve its investment objective. Each Fund is subject to market risk. The value of a Fund changes as its asset values go up or down. The value of a Fund’s shares will fluctuate, and when redeemed, may be worth more or less than their original cost. The total return for each share class of each Fund is net of fees and includes reinvestment of all dividends and capital gain distributions, if any, and does not include deductions of any applicable share class sales charges. Past performance is not predictive of future performance. This report shows you the performance of each Fund compared to its benchmark index. Index performance is provided for illustrative and comparative purposes only and does not predict or depict the performance of the Funds. Indices are unmanaged, do not incur transaction costs, do not include fees and expenses, and cannot be purchased directly by investors. Index returns include reinvested dividends.
The composite benchmarks for the Portfolio Optimization Funds are composed of up to four broad-based indices. The percentage amounts of each broad-based index within each composite benchmark are based on each Fund’s target asset class allocations in effect during the reporting period. The percentages attributed to a broad-based index within a composite benchmark will change if a Fund’s target asset class allocations change.
PLFA supervises the management of the Funds contained in this report, subject to the oversight of the Trust’s Board of Trustees (Board). PLFA directly manages the Portfolio Optimization Funds as well as the PF Multi-Asset Fund. PLFA has written the general market conditions commentary which expresses PLFA’s opinions and views on how the market generally performed for the fiscal year ended March 31, 2022 (the reporting period) as well as separate commentary specific to those Funds that it directly manages that is based on its opinion of how these Funds performed during this reporting period.
For the other Funds, PLFA has retained other firms to serve as sub-advisers under its supervision. Each of these sub-advisers has written a separate commentary specific to the Fund(s) that they manage that is based on their opinions of how their Fund(s) performed during the reporting period. The views expressed in those commentaries reflect those of the respective sub-advisers for the fiscal year ended March 31, 2022.
All views and opinions expressed in the management discussion of fund performance are subject to change at any time based upon market, economic or other conditions, and the Trust, its Adviser and the sub-advisers disclaim any responsibility to update such views. These views and options may not be relied upon as investment advice or recommendations, or as an offer for any particular security. Any references to “we”, “I”, or “ours” are references to the sub-adviser or Adviser, as applicable. Any sectors referenced are provided by the applicable sub-adviser and could be different from the sectors listed in the Schedules of Investments if obtained from another source. The Adviser and sub-advisers may include statements that constitute “forward-looking statements” under the United States (U.S.) securities laws. Forward-looking statements include information concerning possible or assumed future results of the Trust’s investment operations, asset levels, earnings, expenses, industry or market conditions, regulatory developments and other aspects of the Trust’s operations or general economic conditions. In addition, when used in this report, words such as “believes”, “expects”, “anticipates”, “intends”, “plans”, “estimates”, “projects” and future or conditional verbs such as “will”, “may”, “could”, “should”, and “would”, or any other statement that necessarily depends on future events, are intended to identify forward- looking statements. Forward-looking statements are not guarantees of performance or economic results. They involve risks, uncertainties and assumptions. Although such statements are based on expectations that the Adviser or a sub-adviser believes to be reasonable, actual results may differ materially from expectations. Investors must not rely on any forward-looking statements. Statements of facts and performance data are from sources considered reliable, but no representation or warranty is made as to their completeness or accuracy.
In connection with any forward-looking statements and any investment in the Trust, investors should carefully consider the investment objectives, policies and risks described in the Trust’s current prospectuses, as supplemented, and Statement of Additional Information, as supplemented, as filed with the United States (U.S.) Securities and Exchange Commission (SEC), which may be obtained from the SEC or by contacting the Trust as noted in the Where to Go for More Information section of this Annual Report.
Market Conditions (for the fiscal year ended March 31, 2022)
The first quarter of 2022 saw a retreat from 2021’s positive market performance with the S&P 500 Index down 4.6% and volatility returning to the market. Small-capitalization growth experienced the largest quarterly loss, while large-capitalization value faced the least amount of damages among domestic equities. Rising interest rates particularly hurt growth, as valuations on information technology reached elevated levels.
Within fixed income, longer-duration bonds faced headwinds, but short-duration bonds, including bank loans, were generally flat.
Outlook
Inflation has been running at its fastest pace in four decades and it’s become a multi-factor problem that will require multiple solutions – a herculean job that threatens to overwhelm the Federal Reserve (Fed). The sticky inflation has been a result of many fundamental and geopolitical disruptions, including supply-chain woes, elevated oil prices, shifting consumer demands and now the Ukraine-Russia war.
The question everyone has been asking is how to properly knock down inflation, especially in a pandemic-driven world. The pandemic led to business slowdowns and shutdowns, leading to a shortage of goods that people want to buy. Next, transporting those goods turned out to be complicated by the lack of infrastructure investments. This underinvestment has been evident by the slow progress in the supply-chain recovery, which has been a major reason for this stubborn inflation that few had predicted.
Energy and gas prices have also fueled price increases. Even before the Ukraine-Russia war, energy and gas prices were on the rise and becoming a global economic threat. Now, sanctions on Russia have further driven up prices on oil prices and other commodities, including wheat.
| See benchmark definitions on A-38 – A-40 |
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PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Finally, China’s heavy-handed COVID-19 strategies have been an important additional factor to global inflation.
So, what has kept the economy stable? Low unemployment, which suggests people still have money to spend. But again, this has led to more inflation since the consumers have had only a few places to spend their savings.
With so many factors pushing prices higher, there is no simple solution to fix today’s rising inflation. The Fed has started its interest-rate hike regime, and the use of balance-sheet quantitative tightening is expected to be not far behind.
Raising rates would make borrowing more expensive, which means less spending and less demand for large ticket items such as houses and cars. The problem with addressing inflation with rate hikes is that it takes time before these hikes are felt through the broader economy.
Recently, more Fed members have spoken with a hawkish tone to, in part, dampen fear of continued increases in inflation. When everyone anticipates a rise in inflation, businesses and workers tend to charge more via prices and wages, self-perpetuating the cycle. The idea is to reduce this expectation of future inflation before it spirals out of control as it did in the 1970s.
But a danger in this hawkish strategy is that it could lead to the Fed moving too aggressively on rates, which could risk the chances of a soft-landing where the economy and inflation are slowed to a manageable pace.
While the Fed tries to adjust inflation expectations, there is very little it or the White House can do about price increases caused by supply-chain disruptions, COVID variants and a war in Ukraine. As we said, today’s inflation has been caused by multiple factors and will require a multi-pronged and potentially painful solution, which will likely include raising interest rates, quantitative tightening, fixing supply chains, getting COVID under better control, and, hopefully, ending the Russia-Ukraine War.
Those are a lot of moving parts. In the coming months, it will be interesting to see if they will work together to bring down inflation while keeping the economy healthy.
Performance of the Portfolio Optimization Funds
Since the performance of each Portfolio Optimization Fund is a composite of the performance of each of the Underlying Funds in which it invests (which may include bonds and domestic and/or international equities), there is no one broad-based industry index to use as a meaningful comparison to a Portfolio Optimization Fund’s performance. Therefore, we at PLFA have provided information regarding four broad-based indices to use as a comparison to each Portfolio Optimization Fund’s performance. In addition, to assist in performance comparisons, composite benchmarks were constructed for each Portfolio Optimization Fund each of which is comprised of up to four broad-based indices shown below.
The composition of the composite benchmark reflects the target broad asset class allocations described in the Portfolio Optimization Fund’s prospectus. However, the actual allocation of a Portfolio Optimization Fund could vary because of factors such as market performance and adjustments to allocations within each Funds’ target allocation bands. The one-year performance for these broad-based indices for the year ended March 31, 2022 is shown in the following table:
| Broad-Based Indices |
|
|||
| S&P 500 Index (representing U.S. Stocks) |
15.65% | |||
| MSCI EAFE Index (International Stocks) |
1.16% | |||
| Bloomberg US Aggregate Bond Index (Fixed Income) |
(4.15% | ) | ||
| ICE BofA U.S. 3-Month Treasury Bill (T-Bill) Index (Cash) |
0.06% | |||
It should be noted that the benchmark indices for the Underlying Funds may differ from the Portfolio Optimization Funds’ broad-based indices. The following investments comprise the Underlying Funds for the Portfolio Optimization Funds. Not all of the Underlying Funds were represented in each of the Portfolio Optimization Fund models during the reporting period, and the allocation of each of the Underlying Funds within the Portfolio Optimization Fund models did vary.
| See benchmark definitions on A-38 – A-40 |
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PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Pacific Funds Portfolio Optimization Conservative (managed by Pacific Life Fund Advisors LLC)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, Pacific Funds Portfolio Optimization Conservative’s Class A (without sales charge) returned -2.13%, compared to a return of -4.15% for the Bloomberg US Aggregate Bond Index, a return of 15.65% for the S&P 500 Index, and a return of -0.33% for the Pacific Funds Portfolio Optimization Conservative Composite Benchmark.
The following graph compares the performance of a hypothetical $10,000 investment in Class A shares of the Fund to its benchmarks for the ten-year period ended March 31, 2022. For comparison purposes, the performance of all classes for the periods ended March 31, 2022 are also shown in the table below. Performance data for Class C and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class A without sales charge |
(2.13% | ) | 4.17% | 3.75% | ||||||||
| Fund’s Class A with maximum sales charge |
(7.54% | ) | 3.00% | 3.17% | ||||||||
| Fund’s Class C without sales charge |
(2.85% | ) | 3.39% | 2.99% | ||||||||
| Fund’s Class C with maximum sales charge |
(3.78% | ) | 3.39% | 2.99% | ||||||||
| Bloomberg US Aggregate Bond Index |
(4.15% | ) | 2.14% | 2.24% | ||||||||
| S&P 500 Index |
15.65% | 15.99% | 14.64% | |||||||||
| Pacific Funds Portfolio Optimization Conservative Composite Benchmark |
(0.33% | ) | 4.77% | 4.52% | ||||||||
Average Annual Total Returns for the Periods Ended March 31, 2022
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Advisor Class |
(1.84% | ) | 4.44% | 3.82% | ||||||||
| Bloomberg US Aggregate Bond Index |
(4.15% | ) | 2.14% | 2.00% | ||||||||
| S&P 500 Index |
15.65% | 15.99% | 15.54% | |||||||||
| Pacific Funds Portfolio Optimization Conservative Composite Benchmark |
(0.33% | ) | 4.77% | 4.48% | ||||||||
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund’s Class A underperformed the Pacific Funds Portfolio Optimization Conservative Composite Benchmark. To seek current income and preservation of capital, under normal market conditions, the Fund targets the following approximate exposure to the two broad asset classes of debt (fixed income) and equity, respectively: 70% - 85% and 15% - 30%.
The Fund was primarily invested in various fixed income strategies, with a smaller allocation to equity, during the reporting period. Fixed income investments included allocations to intermediate-term bond, short duration bond, inflation-indexed bond, emerging markets bond, and floating rate strategies. The equity segment consisted mainly of allocations to domestic and foreign large-capitalization strategies.
Among the fixed income lineup, high yield and Treasury Inflation Protected Securities (TIPS) contributed to performance over the reporting period as inflationary pressures continued to build. However, the PF Managed Bond Fund, which represented the largest weight in the Fund, underperformed the Bloomberg US Aggregate Bond Index and detracted from performance over the reporting period.
Among domestic equities, exposures to large-capitalization, particularly growth-oriented, stocks contributed to performance over the reporting period as buyback activity remained robust throughout the period. On the other hand, the exposure to small-cap growth detracted from performance as biotech companies struggled over the reporting period. In terms of manager performance, the PF Large-Cap Value Fund
| See benchmark definitions on A-38 – A-40 |
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PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
outperformed its benchmark, while the PF Growth Fund underperformed its benchmark. International equities as a group underperformed the MSCI EAFE Index over the reporting period. An overweight to emerging markets had a negative impact on performance.
Pacific Funds Portfolio Optimization Moderate-Conservative (managed by Pacific Life Fund Advisors LLC)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, Pacific Funds Portfolio Optimization Moderate-Conservative’s Class A (without sales charge) returned -0.83%, compared to a return of -4.15% for the Bloomberg US Aggregate Bond Index, a return of 15.65% for the S&P 500 Index, and a return of 2.38% for the Pacific Funds Portfolio Optimization Moderate-Conservative Composite Benchmark.
The following graph compares the performance of a hypothetical $10,000 investment in Class A shares of the Fund to its benchmarks for the ten-year period ended March 31, 2022. For comparison purposes, the performance of all classes for the periods ended March 31, 2022 are also shown in the table below. Performance data for Class C and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class A without sales charge |
(0.83% | ) | 5.69% | 5.17% | ||||||||
| Fund’s Class A with maximum sales charge |
(6.29% | ) | 4.50% | 4.58% | ||||||||
| Fund’s Class C without sales charge |
(1.54% | ) | 4.90% | 4.41% | ||||||||
| Fund’s Class C with maximum sales charge |
(2.47% | ) | 4.90% | 4.41% | ||||||||
| Bloomberg US Aggregate Bond Index |
(4.15% | ) | 2.14% | 2.24% | ||||||||
| S&P 500 Index |
15.65% | 15.99% | 14.64% | |||||||||
| Pacific Funds Portfolio Optimization Moderate-Conservative Composite Benchmark |
2.38% | 6.86% | 6.39% | |||||||||
Average Annual Total Returns for the Periods Ended March 31, 2022
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Advisor Class |
(0.64% | ) | 5.94% | 5.46% | ||||||||
| Bloomberg US Aggregate Bond Index |
(4.15% | ) | 2.14% | 2.00% | ||||||||
| S&P 500 Index |
15.65% | 15.99% | 15.54% | |||||||||
| Pacific Funds Portfolio Optimization Moderate-Conservative Composite Benchmark |
2.38% | 6.86% | 6.50% | |||||||||
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund’s Class A underperformed the Pacific Funds Portfolio Optimization Moderate-Conservative Composite Benchmark. To seek current income and moderate growth of capital, under normal market conditions, the Fund targets the following approximate exposure to the two broad asset classes of debt (fixed income) and equity, respectively: 50% - 70% and 30% - 50%.
The Fund had a diversified allocation mix that was modestly tilted to fixed income during the reporting period. Fixed income investments included intermediate-term bond strategies as well as short duration bond, inflation-indexed bond, high yield bond, emerging markets bond, and floating rate strategies. The Fund’s equity exposure was diversified across style (growth and value), market capitalization and region (including an allocation to foreign small-capitalization and emerging markets strategies).
Among the fixed income lineup, high yield and TIPS contributed to performance over the reporting period as inflationary pressures continued to build. However, the PF Managed Bond Fund, which represented the largest weight in the Fund, underperformed the Bloomberg US Aggregate Bond Index and detracted from performance over the reporting period.
| See benchmark definitions on A-38 – A-40 |
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PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Among domestic equities, exposures to large-capitalization, particularly growth-oriented, stocks contributed to performance over the reporting period as buyback activity remained robust throughout the period. On the other hand, the exposure to small-cap growth detracted from performance as biotech companies struggled over the reporting period. In terms of manager performance, the PF Large-Cap Value Fund outperformed its benchmark, while the PF Growth Fund underperformed its benchmark. International equities as a group underperformed the MSCI EAFE Index over the reporting period. An overweight to emerging markets had a negative impact on performance.
Pacific Funds Portfolio Optimization Moderate (managed by Pacific Life Fund Advisors LLC)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, Pacific Funds Portfolio Optimization Moderate’s Class A (without sales charge) returned 0.92%, compared to a return of 15.65% for the S&P 500 Index, a return of -4.15% for the Bloomberg US Aggregate Bond Index, and a return of 5.46% for the Pacific Funds Portfolio Optimization Moderate Composite Benchmark.
The following graph compares the performance of a hypothetical $10,000 investment in Class A shares of the Fund to its benchmarks for the ten-year period ended March 31, 2022. For comparison purposes, the performance of all classes for the periods ended March 31, 2022 are also shown in the table below. Performance data for Class C and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class A without sales charge |
0.92% | 7.74% | 6.87% | |||||||||
| Fund’s Class A with maximum sales charge |
(4.66% | ) | 6.52% | 6.27% | ||||||||
| Fund’s Class C without sales charge |
0.14% | 6.91% | 6.09% | |||||||||
| Fund’s Class C with maximum sales charge |
(0.79% | ) | 6.91% | 6.09% | ||||||||
| S&P 500 Index |
15.65% | 15.99% | 14.64% | |||||||||
| Bloomberg US Aggregate Bond Index |
(4.15% | ) | 2.14% | 2.24% | ||||||||
| Pacific Funds Portfolio Optimization Moderate Composite Benchmark |
5.46% | 9.20% | 8.50% | |||||||||
Average Annual Total Returns for the Periods Ended March 31, 2022
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Advisor Class |
1.17% | 7.98% | 7.36% | |||||||||
| S&P 500 Index |
15.65% | 15.99% | 15.54% | |||||||||
| Bloomberg US Aggregate Bond Index |
(4.15% | ) | 2.14% | 2.00% | ||||||||
| Pacific Funds Portfolio Optimization Moderate Composite Benchmark |
5.46% | 9.20% | 8.78% | |||||||||
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund’s Class A underperformed the Pacific Funds Portfolio Optimization Moderate Composite Benchmark. To seek long-term growth of capital and low to moderate income, under normal market conditions, the Fund targets the following approximate exposure to the two broad asset classes of debt (fixed income) and equity, respectively: 30% - 50% and 50% - 70%.
The Fund allocated to a mix of equity and fixed income strategies during the reporting period, with a larger allocation toward equity investments. The equity exposure was diversified across style (growth and value), market capitalization and region (including allocations to
| See benchmark definitions on A-38 – A-40 |
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PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
foreign small-capitalization and emerging markets stocks). The Fund also maintained exposure to select market sectors such as publicly-traded real estate investment trusts (REITs). Fixed income investments included intermediate-term bond, short duration bond, inflation-indexed bond, emerging markets bond, and floating rate loan strategies.
Among domestic equities, exposures to large-capitalization, particularly growth-oriented, stocks contributed to performance over the reporting period as buyback activity remained robust throughout the period. On the other hand, the exposure to small-cap growth detracted from performance as biotech companies struggled over the reporting period. In terms of manager performance, the PF Large-Cap Value Fund outperformed its benchmark, while the PF Growth Fund underperformed its benchmark. International equities as a group underperformed the MSCI EAFE Index over the reporting period. An overweight to emerging markets had a negative impact on performance.
Among the fixed income lineup, high yield and TIPS contributed to performance over the reporting period as inflationary pressures continued to build. However, the PF Managed Bond Fund underperformed the Bloomberg US Aggregate Bond Index and detracted from performance over the reporting period.
Pacific Funds Portfolio Optimization Growth (managed by Pacific Life Fund Advisors LLC)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, Pacific Funds Portfolio Optimization Growth’s Class A (without sales charge) returned 2.22%, compared to a return of 15.65% for the S&P 500 Index, a return of -4.15% for the Bloomberg US Aggregate Bond Index, and a return of 8.17% for the Pacific Funds Portfolio Optimization Growth Composite Benchmark.
The following graph compares the performance of a hypothetical $10,000 investment in Class A shares of the Fund to its benchmarks for the ten-year period ended March 31, 2022. For comparison purposes, the performance of all classes for the periods ended March 31, 2022 are also shown in the table below. Performance data for Class C and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class A without sales charge |
2.22% | 9.09% | 8.13% | |||||||||
| Fund’s Class A with maximum sales charge |
(3.39% | ) | 7.86% | 7.52% | ||||||||
| Fund’s Class C without sales charge |
1.51% | 8.28% | 7.36% | |||||||||
| Fund’s Class C with maximum sales charge |
0.59% | 8.28% | 7.36% | |||||||||
| S&P 500 Index |
15.65% | 15.99% | 14.64% | |||||||||
| Bloomberg US Aggregate Bond Index |
(4.15% | ) | 2.14% | 2.24% | ||||||||
| Pacific Funds Portfolio Optimization Growth Composite Benchmark |
8.17% | 11.16% | 10.29% | |||||||||
Average Annual Total Returns for the Periods Ended March 31, 2022
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Advisor Class |
2.46% | 9.36% | 8.86% | |||||||||
| S&P 500 Index |
15.65% | 15.99% | 15.54% | |||||||||
| Bloomberg US Aggregate Bond Index |
(4.15% | ) | 2.14% | 2.00% | ||||||||
| Pacific Funds Portfolio Optimization Growth Composite Benchmark |
8.17% | 11.16% | 10.71% | |||||||||
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
| See benchmark definitions on A-38 – A-40 |
A-8
Table of Contents
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund’s Class A underperformed the Pacific Funds Portfolio Optimization Growth Composite Benchmark. To seek moderately high, long-term capital appreciation with low, current income, under normal market conditions, the Fund targets the following approximate exposure to the two broad asset classes of debt (fixed income) and equity, respectively: 15% - 30% and 70% - 85%.
The Fund had a diversified allocation mix during the reporting period with the majority allocated to equity. The equity exposure was diversified across style (growth and value), market capitalization and region (including allocations to foreign small capitalization and emerging markets stocks). The Fund also maintained exposure to select market sectors such as publicly-traded REITs. Fixed income investments included intermediate-term bond strategies as well as specific strategies such as short duration bond, inflation-indexed bond and emerging markets bond strategies.
Among domestic equities, exposures to large-capitalization, particularly growth-oriented, stocks contributed to performance over the reporting period as buyback activity remained robust throughout the period. On the other hand, the exposure to small-cap growth detracted from performance as biotech companies struggled over the reporting period. In terms of manager performance, the PF Large-Cap Value Fund outperformed its benchmark, while the PF Growth Fund underperformed its benchmark. International equities as a group underperformed the MSCI EAFE Index over the reporting period. An overweight to emerging markets had a negative impact on performance.
Among the fixed income lineup, high yield contributed to performance over the reporting period. However, the PF Managed Bond Fund underperformed the Bloomberg US Aggregate Bond Index and detracted from performance over the reporting period.
Pacific Funds Portfolio Optimization Aggressive-Growth (managed by Pacific Life Fund Advisors LLC)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, Pacific Funds Portfolio Optimization Aggressive-Growth’s Class A (without sales charge) returned 2.80%, compared to a return of 15.65% for the S&P 500 Index, a return of -4.15% for the Bloomberg US Aggregate Bond Index, and a return of 10.76% for the Pacific Funds Portfolio Optimization Aggressive-Growth Composite Benchmark.
The following graph compares the performance of a hypothetical $10,000 investment in Class A shares of the Fund to its benchmarks for the ten-year period ended March 31, 2022. For comparison purposes, the performance of all classes for the periods ended March 31, 2022 are also shown in the table below. Performance data for Class C and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class A without sales charge |
2.80% | 10.50% | 9.01% | |||||||||
| Fund’s Class A with maximum sales charge |
(2.88% | ) | 9.26% | 8.40% | ||||||||
| Fund’s Class C without sales charge |
2.04% | 9.69% | 8.26% | |||||||||
| Fund’s Class C with maximum sales charge |
1.12% | 9.69% | 8.26% | |||||||||
| S&P 500 Index |
15.65% | 15.99% | 14.64% | |||||||||
| Bloomberg US Aggregate Bond Index |
(4.15% | ) | 2.14% | 2.24% | ||||||||
| Pacific Funds Portfolio Optimization Aggressive-Growth Composite Benchmark |
10.76% | 12.91% | 11.87% | |||||||||
Average Annual Total Returns for the Periods Ended March 31, 2022
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Advisor Class |
3.02% | 10.77% | 9.95% | |||||||||
| S&P 500 Index |
15.65% | 15.99% | 15.54% | |||||||||
| Bloomberg US Aggregate Bond Index |
(4.15% | ) | 2.14% | 2.00% | ||||||||
| Pacific Funds Portfolio Optimization Aggressive-Growth Composite Benchmark |
10.76% | 12.91% | 12.43% | |||||||||
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
| See benchmark definitions on A-38 – A-40 |
A-9
Table of Contents
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund’s Class A underperformed the Pacific Funds Portfolio Optimization Aggressive-Growth Composite Benchmark. To seek high, long-term capital appreciation, under normal market conditions, the Fund targets the following approximate exposure to the two broad asset classes of debt (fixed income) and equity, respectively: 0% - 15% and 85% - 100%.
The Fund primarily allocated to domestic and international equity funds that are diversified across style (growth and value), market capitalization and region (which included allocations to foreign small-capitalization and emerging markets stocks) during the reporting period. The Fund also maintained exposure to select sectors, such as publicly-traded REITs, as well as a small allocation to intermediate-term fixed income securities.
Among domestic equities, exposures to large-capitalization, particularly growth-oriented, stocks contributed to performance over the reporting period as buyback activity remained robust throughout the period. On the other hand, the exposure to small-cap growth detracted from performance as biotech companies struggled over the reporting period. In terms of manager performance, the PF Large-Cap Value Fund outperformed its benchmark, while the PF Growth Fund underperformed its benchmark. International equities as a group underperformed the MSCI EAFE Index over the reporting period. An overweight to emerging markets had a negative impact on performance.
Among the fixed income lineup, high yield contributed to performance over the reporting period. However, the PF Managed Bond Fund underperformed the Bloomberg US Aggregate Bond Index and detracted from performance over the reporting period.
Pacific Funds Ultra Short Income (managed by Pacific Asset Management LLC)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, Pacific Funds Ultra-Short Income’s Class I returned -0.42%, compared to a return of -0.13% for its benchmark, the Bloomberg Short Treasury Total Return Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception through March 31, 2022. For comparison purposes, the performance of all classes for the period ended March 31, 2022 are also shown in the table below. Performance data for Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022(1)
| 1 Year | Since Inception (6/28/19) |
|||||||
| Fund’s Class I |
(0.42% | ) | 1.24% | |||||
| Fund’s Advisor Class |
(0.42% | ) | 1.24% | |||||
| Bloomberg Short Treasury Total Return Index |
(0.13% | ) | 0.70% | |||||
| (1) | Pacific Asset Management LLC began managing the Fund effective December 31, 2019. Prior to that date, Pacific Life Fund Advisors LLC doing business under the name Pacific Asset Management managed the Fund. |
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period the Fund’s Class I underperformed the benchmark. The Fund primarily invests in investment grade short-term fixed and floating rate debt securities. Using a fundamental approach with a top-down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts in the process of individual investment selection.
The Fund’s exposure to securities that have longer maturities than the benchmark detracted from performance. The Fund’s overweight relative to the benchmark to corporate bonds, notably BBB rated corporate bonds, was the primary contributor to performance. The Fund’s
| See benchmark definitions on A-38 – A-40 |
A-10
Table of Contents
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
overweight to the non-investment grade bank loans and the high yield bonds benefited performance. At the sector level, overweights to banking, consumer cyclicals, and transportation benefited performance while an overweight to student loan asset backed securities, electric utilities and consumer non-cyclicals detracted.
Pacific Funds Short Duration Income (managed by Pacific Asset Management LLC)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, Pacific Funds Short Duration Income’s Class I returned -1.69%, compared to a return of -2.91% for its benchmark, the Bloomberg US 1-3 Year Government/Credit Bond Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception through March 31, 2022. For comparison purposes, the performance of all classes for the periods ended March 31, 2022 are also shown in the table below. Performance data for Class A, Class C and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022(1)
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class I |
(1.69% | ) | 2.03% | 2.32% | ||||||||
| Bloomberg US 1-3 Year Government/Credit Bond Index |
(2.91% | ) | 1.26% | 1.09% | ||||||||
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Class A without sales charge |
(1.85% | ) | 1.78% | 2.01% | ||||||||
| Fund’s Class A with maximum sales charge |
(4.82% | ) | 1.16% | 1.69% | ||||||||
| Fund’s Class C without sales charge |
(2.59% | ) | 1.02% | 1.26% | ||||||||
| Fund’s Class C with maximum sales charge |
(3.56% | ) | 1.02% | 1.26% | ||||||||
| Fund’s Advisor Class |
(1.70% | ) | 2.03% | 2.25% | ||||||||
| Bloomberg US 1-3 Year Government/Credit Bond Index |
(2.91% | ) | 1.26% | 1.10% | ||||||||
| (1) | Pacific Asset Management LLC began managing the Fund effective December 31, 2019. Prior to that date, Pacific Life Fund Advisors LLC doing business under the name Pacific Asset Management managed the Fund. |
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund’s Class I outperformed the benchmark. The Fund uses a short maturity corporate debt focused strategy. Using a fundamental approach with a top-down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts in the process of individual investment selection.
The Fund’s asset allocation and focus on corporate debt were the primary contributors to relative performance. The Fund’s reporting period saw the continuation of a post-Covid recovery, leading to credit related risk assets outperformance. The Fund’s overweight relative to the benchmark to corporate bonds, notably BBB rated corporate bonds, contributed to performance. The Fund’s overweight to the non-investment grade bank loan sector and the high yield bond sector also contributed to performance. While the Fund’s overall duration was below benchmark, which contributed to performance, the overweight to the intermediate portion of the yield curve was a detractor. The Fund’s overweight to Consumer Cyclicals and Electric Utilities benefited performance while the Fund’s overweight to Basic Industry and exposure to Student Loan Asset Backed Securities detracted. At the issuer level, Aircastle (Finance Companies), PetVet Care Centers (Consumer Non-Cyclical) and Mavis Tire (Consumer Non-Cyclical) were the top contributors while Hyundai (Auto), Bank of America (Banking) and Goldman Sachs (Banking) were the top detractors.
| See benchmark definitions on A-38 – A-40 |
A-11
Table of Contents
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Pacific Funds Core Income (managed by Pacific Asset Management LLC)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, Pacific Funds Core Income’s Class I returned -2.81%, compared to a return of -4.15% for its benchmark, the Bloomberg US Aggregate Bond Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the ten-year period ended March 31, 2022. For comparison purposes, the performance of all classes for the periods ended March 31, 2022 are also shown in the table below. Performance data for Class A, Class C, Class P and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022(1)
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class I |
(2.81% | ) | 3.19% | 3.47% | ||||||||
| Fund’s Class A without sales charge |
(3.11% | ) | 2.88% | 3.17% | ||||||||
| Fund’s Class A with maximum sales charge |
(7.25% | ) | 1.98% | 2.73% | ||||||||
| Fund’s Class C without sales charge |
(3.84% | ) | 2.11% | 2.40% | ||||||||
| Fund’s Class C with maximum sales charge |
(4.77% | ) | 2.11% | 2.40% | ||||||||
| Bloomberg US Aggregate Bond Index |
(4.15% | ) | 2.14% | 2.24% | ||||||||
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Advisor Class |
(2.89% | ) | 3.18% | 3.30% | ||||||||
| Bloomberg US Aggregate Bond Index |
(4.15% | ) | 2.14% | 2.08% | ||||||||
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Class P |
(2.88% | ) | 3.17% | 2.67% | ||||||||
| Bloomberg US Aggregate Bond Index |
(4.15% | ) | 2.14% | 1.86% | ||||||||
| (1) | Pacific Asset Management LLC began managing the Fund effective December 31, 2019. Prior to that date, Pacific Life Fund Advisors LLC doing business under the name Pacific Asset Management managed the Fund. |
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund’s Class I outperformed the benchmark. The Fund uses an intermediate term corporate debt focused strategy. Using a fundamental approach with a top-down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts in the process of individual investment selection.
The Fund benefited from asset allocation and the focus on corporate debt versus government securities as the primary contributors to relative performance. The Fund’s overweight (relative to its benchmark) to corporate bonds, notably BBB rated corporate bonds, benefited performance. The Fund’s overweight to the non-investment grade bank loan sector and the high yield bond sector benefited performance. While the Fund’s overall duration was below benchmark, which contributed to performance, the overweight to the long-end of the yield curve was a detractor. The Fund’s overweight to Consumer Cyclicals, Consumer Non-Cyclicals, Transportation, Capital Goods, and Energy benefited performance while the Fund’s overweight to Insurance, Technology and Banking detracted. At the Issuer level, General Motors (Automotive), Tencent (Technology), and T-Mobile/Sprint (Telecommunications) were the top contributors while Bank of America (Banking), Morgan Stanley (Banking), and Goldman Sachs (Banking) were the top detractors.
| See benchmark definitions on A-38 – A-40 |
A-12
Table of Contents
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Pacific Funds ESG Core Bond (managed by Pacific Asset Management LLC)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, Pacific Funds ESG Core Bond’s Class I returned -4.37% compared to a return of -4.15% for its benchmark, the Bloomberg US Aggregate Bond Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception through March 31, 2022. For comparison purposes, the performance of all classes for the period ended March 31, 2022 are also shown in the table below. Performance data for Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022
| 1 Year | Since Inception (12/14/20) |
|||||||
| Fund’s Class I |
(4.37% | ) | (5.45% | ) | ||||
| Fund’s Advisor Class |
(4.37% | ) | (5.45% | ) | ||||
| Bloomberg US Aggregate Bond Index |
(4.15% | ) | (5.58% | ) | ||||
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund’s Class I underperformed the benchmark. The Fund uses an intermediate term corporate debt focused strategy. Using a fundamental approach with a top-down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts in the process of individual investment selection. The Fund also incorporates sustainable investment goals into the investment process by use of environmental, social and governance (“ESG”) Exclusions and ESG metrics. The sub-adviser created the following ESG Exclusions to seek to screen out investment in issuers with direct involvement in: (i) the production, distribution, sale or use of thermal coal exceeding the sub-adviser’s revenue threshold; (ii) the production of tobacco; (iii) the production or sale of controversial military weapons; and (iv) serious human rights violations, severe environmental damage or gross corruption. Individual investment selection was also based on the sub-adviser’s analysis of ESG metrics provided by independent third-party ESG service providers. That is, the sub-adviser relies on ESG ratings and other information provided by various independent third-party ESG service providers to help construct a portfolio that rates highly on ESG factors.
The Fund benefited from asset allocation, security selection, and the underweight to duration during the reporting period. The Fund’s overweight to Student Loan Asset-Backed Securities, Banking and Energy detracted from performance, while the Fund’s overweight to Consumer Cyclicals, Consumer Non-Cyclicals, Transportation, Capital Goods, and Communications benefited performance. At the issuer level, Enel Finance (Electric Utility), Bank of America (Banking), and Ford Motors (Auto) detracted from performance while Lowe’s Company (Retailers), UBS Group (Banking), and Exelon Corporation (Electric Utility) contributed to performance.
| See benchmark definitions on A-38 – A-40 |
A-13
Table of Contents
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Pacific Funds Strategic Income (managed by Pacific Asset Management LLC)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, Pacific Funds Strategic Income’s Class I returned -1.02%, compared to a return of -4.15% for its benchmark, the Bloomberg US Aggregate Bond Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception through March 31, 2022. For comparison purposes, the performance of all classes for the periods ended March 31, 2022 are also shown in the table below. Performance data for Class A, Class C and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022(1)
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class I |
(1.02% | ) | 4.78% | 5.57% | ||||||||
| Bloomberg US Aggregate Bond Index |
(4.15% | ) | 2.14% | 2.24% | ||||||||
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Class A without sales charge |
(1.30% | ) | 4.46% | 5.17% | ||||||||
| Fund’s Class A with maximum sales charge |
(5.48% | ) | 3.56% | 4.70% | ||||||||
| Fund’s Class C without sales charge |
(1.99% | ) | 3.73% | 4.41% | ||||||||
| Fund’s Class C with maximum sales charge |
(2.94% | ) | 3.73% | 4.41% | ||||||||
| Fund’s Advisor Class |
(0.97% | ) | 4.74% | 5.43% | ||||||||
| Bloomberg US Aggregate Bond Index |
(4.15% | ) | 2.14% | 2.08% | ||||||||
| (1) | Pacific Asset Management LLC began managing the Fund effective December 31, 2019. Prior to that date, Pacific Life Fund Advisors LLC doing business under the name Pacific Asset Management managed the Fund. |
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund’s Class I outperformed the benchmark. The Fund focuses on USD credit focused fixed income asset classes, notably non-investment grade securities. Using a fundamental approach with a top-down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts in the process of individual investment selection.
The Fund’s asset allocation and focus on credit related fixed income sectors including corporate bonds, bank loans, and high yield securities were the primary contributors to performance. The Fund’s reporting period saw the continuation of a post-Covid recovery, leading to credit risk assets outperformance . The Fund’s overweight (relative to its benchmark) in corporate bonds, notably BBB rated corporate bonds, benefited performance. The Fund’s overweight to the non-investment grade bank loan sector and the high yield bond sector contributed to performance. While the Fund’s overall duration was below benchmark, which contributed to performance, the overweight to the long-end of the yield curve was a detractor. At the sector level, overweights to Energy, Consumer Cyclical, Consumer Non-Cyclical, Transportation and Capital Goods benefited performance while positioning in REITS and Banking detracted. At the issuer level, Ahern Rentals (Capital Goods), Occidental Petroleum (Energy) and Chesapeake Energy (Energy) were the top contributors while Bank of America (Banking), Goldman Sachs (Banking) and JP Morgan Chase (Banking) were the top detractors.
| See benchmark definitions on A-38 – A-40 |
A-14
Table of Contents
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Pacific Funds Floating Rate Income (managed by Pacific Asset Management LLC)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, Pacific Funds Floating Rate Income’s Class I returned 3.29%, compared to a return of 3.22% for its benchmark, the Credit Suisse Leveraged Loan Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception through March 31, 2022. For comparison purposes, the performance of all classes for the periods ended March 31, 2022 are also shown in the table below. Performance data for Class A, Class C, Class P and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022(1)
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class I |
3.29% | 3.54% | 4.18% | |||||||||
| Fund’s Class A without sales charge |
2.87% | 3.20% | 3.87% | |||||||||
| Fund’s Class A with maximum sales charge |
(0.21% | ) | 2.59% | 3.56% | ||||||||
| Fund’s Class C without sales charge |
2.15% | 2.50% | 3.13% | |||||||||
| Fund’s Class C with maximum sales charge |
1.16% | 2.50% | 3.13% | |||||||||
| Credit Suisse Leveraged Loan Index |
3.22% | 4.05% | 4.47% | |||||||||
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Advisor Class |
3.25% | 3.49% | 4.10% | |||||||||
| Credit Suisse Leveraged Loan Index |
3.22% | 4.05% | 4.55% | |||||||||
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Class P |
3.28% | 3.52% | 3.77% | |||||||||
| Credit Suisse Leveraged Loan Index |
3.22% | 4.05% | 4.20% | |||||||||
| (1) | Pacific Asset Management LLC began managing the Fund effective December 31, 2019. Prior to that date, Pacific Life Fund Advisors LLC doing business under the name Pacific Asset Management managed the Fund. |
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund’s Class I outperformed the benchmark. Using a fundamental approach with a top down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look for investment opportunities in floating rate loans and floating rate debt securities.
For the reporting period, the Fund outperformed the benchmark primarily due to credit quality allocations and overweight to second-lien loans. During the reporting period, B rated loans outperformed both BB rated loans and distressed loans (loans rated CC and below). The Fund’s overweights (relative to its benchmark) to issuers in the Energy, Gaming/Leisure and Aerospace sectors benefited performance while underweights to Metals/Minerals, Consumer Non-Durables and Transportation sectors detracted from performance. The Fund’s overweight to second lien CCC rated issuers contributed to performance during the reporting period. The Fund’s focus on larger and more liquid issuers, generally those with facility sizes greater than $1 billion detracted from performance as smaller issuers outperformed.
| See benchmark definitions on A-38 – A-40 |
A-15
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PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Pacific Funds High Income (managed by Pacific Asset Management LLC)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, Pacific Funds High Income’s Class I returned -0.20%, compared to a return of -0.66% for its benchmark, the Bloomberg US High-Yield 2% Issuer Capped Bond Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class I shares of the Fund to its benchmark for the period from inception through March 31, 2022. For comparison purposes, the performance of all classes for the periods ended March 31, 2022 are also shown in the table below. Performance data for Class A, Class C, Class P and Advisor Class shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022(1)
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class I |
(0.20% | ) | 4.54% | 5.27% | ||||||||
| Bloomberg US High-Yield 2% Issuer Capped Bond Index |
(0.66% | ) | 4.68% | 5.74% | ||||||||
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Class A without sales charge |
(0.36% | ) | 4.28% | 5.01% | ||||||||
| Fund’s Class A with maximum sales charge |
(4.60% | ) | 3.37% | 4.54% | ||||||||
| Fund’s Class C without sales charge |
(1.17% | ) | 3.53% | 4.26% | ||||||||
| Fund’s Class C with maximum sales charge |
(2.12% | ) | 3.53% | 4.26% | ||||||||
| Fund’s Advisor Class |
(0.11% | ) | 4.56% | 5.28% | ||||||||
| Bloomberg US High-Yield 2% Issuer Capped Bond Index |
(0.66% | ) | 4.68% | 5.70% | ||||||||
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Class P |
(0.20% | ) | 4.54% | 4.79% | ||||||||
| Bloomberg US High-Yield 2% Issuer Capped Bond Index |
(0.66% | ) | 4.68% | 5.25% | ||||||||
| (1) | Pacific Asset Management LLC began managing the Fund effective December 31, 2019. Prior to that date, Pacific Life Fund Advisors LLC doing business under the name Pacific Asset Management managed the Fund. |
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund’s Class I outperformed the benchmark. The Fund seeks a high level of current income by investing in non-investment grade debt instruments or in instruments with characteristics of non-investment grade instruments. Using a fundamental approach with a top-down overlay, Pacific Asset Management’s team of portfolio managers and research analysts look at the relative value of each security and assess the macro environment and marketplace for tailwinds and catalysts.
For the reporting period, the Fund outperformed the benchmark primarily due to security selection within corporate credit and an underweight (relative to the benchmark) to duration. The Fund’s underweight to BB rated securities and overweight to CCC rated securities benefited performance given the rally in lower quality issuers. The Fund’s exposure to select equity holdings contributed to performance. At the sector level, underweights to Communications and Banking benefited performance. The Fund’s underweight to Independent Energy and selection within Technology and Electric Utilities detracted from performance. At the issuer level, Ahern Rentals (Capital Goods), Occidental Petroleum (Energy) and Diamond Sports (Communications) were the top contributors while Talen Energy (Electric Utility), Bausch Health (Consumer Non-Cyclical) and Charter Communications (Communications) were the top detractors.
| See benchmark definitions on A-38 – A-40 |
A-16
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PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Pacific Funds Small/Mid-Cap (managed by Rothschild & Co Asset Management US Inc.)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, Pacific Funds Small/Mid-Cap’s Advisor Class returned -2.52%, compared to a return of 0.34% for its benchmark, the Russell 2500 Index.
The following graph compares the performance of a hypothetical $10,000 investment in Advisor Class shares of the Fund to its benchmark for the period from inception through March 31, 2022. For comparison purposes, the performance of all classes for the periods ended March 31, 2022 are also shown in the table below. Performance data for Class A, Class C, and Class R6 shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Advisor Class |
(2.52% | ) | 8.27% | 10.95% | ||||||||
| Fund’s Class A without sales charge |
(2.82% | ) | 7.98% | 10.69% | ||||||||
| Fund’s Class A with maximum sales charge |
(6.97% | ) | 7.05% | 9.93% | ||||||||
| Fund’s Class C without sales charge |
(3.53% | ) | 7.20% | 9.87% | ||||||||
| Fund’s Class C with maximum sales charge |
(4.44% | ) | 7.20% | 9.87% | ||||||||
| Russell 2500 Index |
0.34% | 11.57% | 14.08% | |||||||||
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Class R6 |
(2.44% | ) | 8.35% | 8.49% | ||||||||
| Russell 2500 Index |
0.34% | 11.57% | 10.40% | |||||||||
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund’s Advisor Class underperformed the benchmark. We at Rothschild & Co Asset Management US implement the Fund’s strategy by investing in common stocks and other equity securities of small and medium capitalization U.S. companies. We analyze a variety of quantitative and fundamental inputs in making stock decisions and seek to build a portfolio that is well diversified at the issuer level and by economic sector. Our focus remains on identifying stocks with attractive relative valuations and the ability to exceed investors’ expectations.
Leading sectors contributing to the Fund’s performance included energy, real estate, and financials. Conversely, the consumer discretionary, healthcare, and information technology sectors were the least impactful to the Fund’s absolute performance. Sector allocation was negative, with the main detractors coming from consumer discretionary, financials, and real estate, partially offset by positive attribution from energy, consumer staples, and information technology. Stock selection was the primary driver of the Fund’s relative underperformance, with the effects of contributors in the real estate, industrials, and financials sectors falling short of those of the detractors in the consumer discretionary, materials, and energy sectors.
Turning to individual stocks, a top detractor from the Fund’s performance included Avaya Holdings Corp., a communication technology provider, which posted mixed results throughout the year as the company continued its migration to a subscription and cloud business model. We still believe in this transition toward a fully cloud communications company as the more flexible “work from anywhere” trends appear to have changed the demand for digitization and movement to the cloud for communications. With this as a backdrop along with a broader and deeper set of cloud and subscription service offerings, the company appears well-positioned to benefit in the long-term. Another detractor from the Fund’s performance was AdaptHealth Corp, a distributor of home medical equipment, which was pressured after its co-CEO Luke Magee was charged by Denmark of tax fraud on past private activities unassociated with AdaptHealth. After an independent investigation commissioned by the Board, Magee resigned and the company’s other co-CEO, Steve Griggs, was named sole CEO. Subsequently, the stock is fundamentally positioned to benefit from the migration of administered healthcare toward lower-cost out-patient locations like the home, however the company was impacted by the COVID-19 Omicron variant disruption to patient admissions and discharges to the home. More recently, management also lowered company sales guidance due to an extended product recall of its distributed CPAP machine (sleep apnea) that’s manufactured by Phillips. Lastly, Heron Therapeutics Inc, a biotechnology company with a best-in-class injectable drug to treat post-surgical pain, whose drug launched in the third quarter of 2021 and early commercial results in consecutive quarters missed analyst revenue estimates, and raised the risk of a dilutive equity capital raise to fund operations to profitability (where there is low visibility).
Top individual stock contributors to the Fund’s performance included Diamondback Energy, Inc., an exploration & production company focused on the Permian Basin in Texas, which rose with the strength in oil prices in 2021. The company divested Williston Basin assets in North Dakota for a price above most broker expectations. It outperformed again in early 2022, as oil prices spiked due to concerns over the sanction
| See benchmark definitions on A-38 – A-40 |
A-17
Table of Contents
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
of Russian supply, and as Organization of the Petroleum Exporting Countries and countries loosely affiliated with the cartel (OPEC+) failed to produce up to the cartel-mandated quotas. Another contributor to the Fund’s performance, Evoqua Water Technologies Corp, a water treatment equipment & services company, was strong on the news that proposed new U.S. infrastructure spending would include $56 billion to upgrade and modernize America’s wastewater, stormwater, and drinking systems. More specific to Evoqua, the proposal included a $10 billion allocation to the monitoring and remediation of Per- and polyfluoroalkyl substances (PFAS-chemicals linked to cancer) in drinking water; Evoqua holds a large market share in this growing niche and would likely be a direct beneficiary of such spending.
Pacific Funds Small-Cap (managed by Rothschild & Co Asset Management US Inc.)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, Pacific Funds Small-Cap’s Advisor Class returned -3.13%, compared to a return of -5.79% for its benchmark, the Russell 2000 Index.
The following graph compares the performance of a hypothetical $10,000 investment in Advisor Class shares of the Fund to its benchmark for the period from inception through March 31, 2022. For comparison purposes, the performance of all classes for the periods ended March 31, 2022 are also shown in the table below. Performance data for Class A, Class C, and Class R6 shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Advisor Class |
(3.13% | ) | 7.45% | 10.62% | ||||||||
| Fund’s Class A without sales charge |
(3.38% | ) | 7.18% | 10.34% | ||||||||
| Fund’s Class A with maximum sales charge |
(7.48% | ) | 6.26% | 9.59% | ||||||||
| Fund’s Class C without sales charge |
(4.07% | ) | 6.39% | 9.52% | ||||||||
| Fund’s Class C with maximum sales charge |
(4.98% | ) | 6.39% | 9.52% | ||||||||
| Russell 2000 Index |
(5.79% | ) | 9.74% | 13.08% | ||||||||
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Class R6 |
(3.07% | ) | 7.53% | 7.77% | ||||||||
| Russell 2000 Index |
(5.79% | ) | 9.74% | 9.19% | ||||||||
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund’s Advisor Class outperformed the benchmark. We at Rothschild & Co Asset Management US implement the Fund’s strategy by investing in common stocks and other equity securities of small capitalization U.S. companies. We analyze a variety of quantitative and fundamental inputs in making stock decisions and seek to build a portfolio that is well diversified at the issuer level and by economic sector. Our focus remains on identifying stocks with attractive relative valuations and the ability to exceed investors’ expectations.
Leading sectors contributing to the Fund’s performance included energy, real estate, and industrials. Conversely, the consumer discretionary, healthcare, and information technology sectors detracted from the Fund’s absolute performance. Sector allocation was negative, with the main detractors coming from consumer discretionary, energy, and real estate, partially offset by positive relative performance from healthcare, communication services, and information technology. Stock selection was the primary driver of the Fund’s relative outperformance, with the effects of contributors in the healthcare, industrials, and financials sectors outshining detractors in the consumer discretionary, information technology, and utilities sectors.
Turning to individual stocks, top individual stock contributors to the Fund’s performance included Magnolia Oil & Gas Corp., an exploration & production (E&P) company operating in Texas, which revealed continued improvement in well results at its developing Giddings asset. As an unhedged E&P company, Magnolia was a direct beneficiary of higher oil and natural gas prices in 2021. The company continued to outperform in early 2022, as oil prices spiked due to concerns over the sanction of Russian supply, and as Organization of the Petroleum Exporting Countries and countries loosely affiliated with the cartel (OPEC+) failed to produce up to the cartel-mandated quotas. The company’s management continues to aggressively repurchase shares, reducing a previous private equity overhang on the stock. Another contributor to the Fund’s performance was NexPoint Residential Trust, Inc, a real estate investment trust that owns and operates middle-income multi-family residential real estate in southern markets in the United States, which reported better-than-expected earnings and accelerating rent growth with increased occupancy. Its renovated apartment rents remain at a discount to other housing options and thus the company’s value proposition to tenants remains intact. In addition, private market transactions provided a supportive valuation marker. Lastly, Brigham Minerals, Inc. , an oil mineral royalty company, benefited from stronger oil prices early in 2021, which drove increased drilling activity by private operators, and the company’s valuation subsequently increased. Like Magnolia (as noted above), Brigham outperformed again in early 2022, as oil prices spiked
| See benchmark definitions on A-38 – A-40 |
A-18
Table of Contents
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
due to concerns over the sanction of Russian supply, and as OPEC+ countries failed to produce up to the cartel-mandated quotas. The company also made a key asset acquisition in Colorado that created value for its shareholders.
Detractors from the Fund’s performance included Avaya Holdings Corp., a communication technology provider, which posted mixed results throughout the year as the company continued its migration to a subscription and cloud business model. We still believe in this transition toward a fully cloud communications company as the more flexible “work from anywhere” trends appear to have changed the demand for digitization and movement to the cloud for communications. With this as a backdrop along with a broader and deeper set of cloud and subscription service offerings, the company appears well-positioned to benefit in the long-term. Another detractor from the Fund’s performance was Heron Therapeutics Inc, a biotechnology company with a best-in-class injectable drug to treat post-surgical pain, whose drug launched in the third quarter of 2021 and early commercial results in consecutive quarters missed analyst revenue estimates, and raised the risk of a dilutive equity capital raise to fund operations to profitability (where there is low visibility).
Pacific Funds Small-Cap Value (managed by Rothschild & Co Asset Management US Inc.)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, Pacific Funds Small-Cap Value’s Advisor Class returned 7.38%, compared to a return of 3.32% for its benchmark, the Russell 2000 Value Index.
The following graph compares the performance of a hypothetical $10,000 investment in Advisor Class shares of the Fund to its benchmark for the period from inception through March 31, 2022. For comparison purposes, the performance of all classes for the periods ended March 31, 2022 are also shown in the table below. Performance data for Class A, Class C, and Class R6 shares will vary due to differences in fees and sales charges. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Advisor Class |
7.38% | 7.17% | 10.63% | |||||||||
| Fund’s Class A without sales charge |
7.15% | 6.89% | 10.32% | |||||||||
| Fund’s Class A with maximum sales charge |
2.61% | 5.96% | 9.55% | |||||||||
| Fund’s Class C without sales charge |
6.41% | 6.12% | 9.52% | |||||||||
| Fund’s Class C with maximum sales charge |
5.41% | 6.12% | 9.52% | |||||||||
| Russell 2000 Value Index |
3.32% | 8.57% | 12.95% | |||||||||
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Class R6 |
7.48% | 7.21% | 7.51% | |||||||||
| Russell 2000 Value Index |
3.32% | 8.57% | 8.75% | |||||||||
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund’s Advisor Class outperformed the benchmark. We at Rothschild & Co Asset Management US implement the Fund’s strategy by investing in common stocks and other equity securities of small capitalization U.S. companies. We analyze a variety of quantitative and fundamental inputs in making stock decisions and seek to build a portfolio that is well diversified at the issuer level and by economic sector. Our focus remains on identifying stocks with attractive relative valuations and the ability to exceed investors’ expectations.
Leading sectors contributing to the Fund’s performance included energy, materials, and real estate. Conversely, the consumer discretionary, healthcare, and information technology sectors were the least impactful to the Fund’s absolute performance, with the consumer discretionary sector partially detracting from overall returns. Sector allocation was negative, with the main detractors coming from energy, utilities, and real estate, partially offset by positive attribution from healthcare, consumer staples, and communication services. Stock selection was the primary driver of the Fund’s relative outperformance, with the effects of contributors in the materials, healthcare, and financials sectors outshining detractors in the consumer discretionary, information technology, and utilities sectors.
Turning to individual stocks, top individual stock contributors to the Fund’s performance included Magnolia Oil & Gas Corp. , an exploration & production (E&P) company operating in Texas, which revealed continued improvement in well results at its developing Giddings asset. As an unhedged E&P company, Magnolia was a direct beneficiary of higher oil and natural gas prices in 2021. The company continued to outperform in early 2022, as oil prices spiked due to concerns over the sanction of Russian supply, and as Organization of the Petroleum Exporting Countries and the countries loosely affiliated with the cartel (OPEC+) failed to produce up to the cartel-mandated quotas. The company’s management continues to aggressively repurchase shares, reducing a previous private equity overhang on the stock. Another contributor to the Fund’s performance was Alcoa Corporation, an aluminum producer, which benefited from strong demand for aluminum across consumers, auto, industrial, and aerospace end markets. Supply has also tightened as China continues to reign in supply on concerns about elevated energy costs
| See benchmark definitions on A-38 – A-40 |
A-19
Table of Contents
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
and the environmental impact of highly polluting aluminum smelters. The net effect is strong positive revisions to Alcoa’s expected earnings power and free cash flow reflected in consensus estimates. It subsequently benefitted from higher global aluminum prices as concerns about sanctions on Russian aluminum supply mounted, following Russia’s invasion of Ukraine. Continued prudent capital allocation and a significantly de-levered balance sheet have been received well by the market. Management confirmed that major greenfield investments will not be a near-term priority, reinforcing a strong capital-return story at current high aluminum prices. Lastly, Brigham Minerals, Inc., an oil mineral royalty company, benefited from stronger oil prices in 2021, which drove increased drilling activity by private operators, and the company’s valuation subsequently increased. Like Magnolia (as noted above), Brigham outperformed again in early 2022, as oil prices spiked due to concerns over the sanction of Russian supply. The company also made a key asset acquisition in Colorado that created value for its shareholders.
A top detractor from the Fund’s performance was BJ’s Restaurants, Inc., a casual dining restaurant, which was under pressure in 2021 due to the combination of profit taking following strong stock performance along with concerns over sustainability of improving trends. It was also negatively impacted during periods of rising COVID-19 cases. Another detractor from the Fund’s performance was Avaya Holdings Corp., a communication technology provider, which posted mixed results throughout the year as the company continued its migration to a subscription and cloud business model. We still believe in this transition toward a fully cloud communications company as the more flexible “work from anywhere” trends appear to have changed the demand for digitization and movement to the cloud for communications. With this as a backdrop along with a broader and deeper set of cloud and subscription service offerings, the company appears well-positioned to benefit in the long-term.
PF Inflation Managed Fund (sub-advised by Pacific Investment Management Company LLC)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, the PF Inflation Managed Fund returned 3.97%, compared to a return of 4.29% for its benchmark, the Bloomberg US TIPS Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended March 31, 2022. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022(1)
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class P |
3.97% | 4.45% | 2.46% | |||||||||
| Bloomberg US TIPS Index |
4.29% | 4.43% | 2.69% | |||||||||
| (1) | Effective October 31, 2016, Pacific Investment Management Company LLC (“PIMCO”) became the sole sub-adviser to the Fund. Between January 15, 2015 and October 31, 2016, Western Asset Management Company, LLC served as co-sub-adviser of the Fund with PIMCO. Prior to January 15, 2015, PIMCO served as the sole sub-adviser. |
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund underperformed the benchmark. We at PIMCO implement the Fund’s investment strategies by investing in bonds and derivative instruments, focusing on inflation-indexed debt securities.
The Fund’s short position to core United Kingdom (U.K.) Retail Price Index detracted from performance. U.S. interest rate strategies detracted from performance as the yield curve flattened (front end rates rose more than long end rates). An overweight to U.S. and European breakeven inflation, the difference between nominal and real interest rates, contributed to performance.
During the reporting period, the Fund entered into interest rate swaps to manage nominal or real interest rate exposure in various global markets and as a substitute for cash bond exposure. The Fund entered into futures contracts to manage interest rate exposure, as a substitute for cash bond exposure, and for purposes of liquidity. Interest rate swaps and futures allow the portfolio manager to effectively manage risk and gain or reduce exposure by targeting specific markets and areas of the yield curve that may not otherwise be accessible through the use of cash bonds. The Fund sold/wrote and purchased options and swaptions on futures, bond indices, and swaps as a means of capitalizing on anticipated changes in market volatility and to generate income. The Fund purchased and sold foreign currency contracts in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some of the Fund’s securities, or as a part of a tactical investment strategy. The Fund also held inflation caps to hedge duration.
| See benchmark definitions on A-38 – A-40 |
A-20
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PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
PF Managed Bond Fund (co-sub-advised by J.P.Morgan Investment Management Inc., Pacific Investment Management Company LLC and Western Asset Management Company, LLC)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, the PF Managed Bond Fund returned -5.01%, compared to a return of -4.15% for its benchmark, the Bloomberg US Aggregate Bond Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended March 31, 2022. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022(1)
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class P |
(5.01% | ) | 2.57% | 2.93% | ||||||||
| Bloomberg US Aggregate Bond Index |
(4.15% | ) | 2.14% | 2.24% | ||||||||
| (1) | J.P. Morgan Investment Management Inc. became co-sub-advisor to the Fund on October 23, 2020 and some investment policies changed at that time. Western Asset Management Company, LLC became co-sub-adviser to the Fund on August 1, 2014, and some investment policies changed at that time. Pacific Investment Management Company LLC was the sole sub-adviser to the Fund before that date. |
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund underperformed the benchmark. The Fund is co-sub-advised by JP Morgan, PIMCO and Western Asset. The following are separate discussions from each co-sub-adviser.
JP Morgan
For the reporting period, the portion of the Fund managed by JP Morgan underperformed the benchmark. In seeking the Fund’s goal of maximizing total return, we at JP Morgan invest our portion of the Fund assets in debt securities that focused on investment grade intermediate-term debt securities (five to ten years to maturity) in order for the Fund to maintain a dollar-weighted average maturity between three and ten years. Taking a long-term approach, we look for individual fixed income investments that we believe will perform well over a market cycle. We are value oriented and make decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity, legal provisions in offering documents (like term to maturity) of the debt security or instrument and the legal structure (such as priority of payments in a multi-class structure) of the debt security.
During the reporting period, the Treasury yield curve flattened (front end rates rose more than long end rates) by 1.58% between two- and ten-year market indicators. Two-year yields ended 2.18% higher to finish the reporting period at 2.34%, while the ten-year was 0.60% higher to finish at 2.34%.
For our portion of the Fund, the Fund’s yield curve posture was a detractor from performance, while the Fund’s duration positioning was a positive contributor to the performance of our portion of the Fund. When interest rates rise across the maturity spectrum, those issues with a longer time to maturity decline in price more than those with shorter maturities, all else being equal. We had focused on securities with a shorter maturity and emphasized what is called the belly of the curve, which is more specifically securities with maturities in the next five to ten-years. In addition, we had a lower weighting of securities that mature farther out, which was negative for performance. For the portion of the Fund we managed, the Fund duration, which is an effective measure of how long it will take to have the investments returned either through principal paydowns, interest coupon payments or maturities, was lower than that of the benchmark. In a rising rate period, which was the case during the reporting period, this contributed to the Fund’s performance relative to the benchmark.
For our portion of the Fund, security selection in agency mortgage-backed securities was a positive contributor, as the Fund’s mortgages outperformed benchmark mortgage pass-throughs. From a sector allocation perspective, the Fund’s underweight to the mortgage-backed securities sector was also positive.
| See benchmark definitions on A-38 – A-40 |
A-21
Table of Contents
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
For our portion of the Fund, the Fund’s underweight to corporate bonds was a detracted from performance relative to the benchmark, while sector allocation in securitized credit (non-agency mortgage-backed securities, commercial mortgage-backed securities, and asset-backed securities) was positive for performance relative to the benchmark.
PIMCO
For the reporting period, the portion of the Fund managed by PIMCO outperformed the benchmark. We at PIMCO implement the Fund’s investment strategies by investing in bonds and derivative instruments with the characteristics of debt instruments.
For our portion of the Fund, tactical U.S. duration positioning and short exposure to U.K. interest rates contributed to performance, while interest rate strategies within emerging markets, particularly a preference for Latin American debt, detracted from performance.
For our portion of the Fund, an underweight to Agency mortgage backed securities (MBS) and an overweight to non-Agency MBS both contributed to relative performance. Underweight positioning within investment grade credit and out of benchmark exposure to high yield credit also contributed to performance. Exposure to USD denominated Israeli Government debt detracted from performance. Within currencies, exposure to the Japanese Yen detracted from performance.
During the reporting period, our portion of the Fund bought and sold credit protection through credit default swaps to increase and decrease exposure to the credit risk of individual securities and to the broader investment grade, high yield, mortgage, and emerging market sectors, and to take advantage of the basis between the credit default swap and cash bond market. Our portion of the Fund entered into interest rate swaps to manage nominal or real interest rate exposure in various global markets and as a substitute for cash bond exposure. Our portion of the Fund entered into futures contracts to manage interest rate exposure, as a substitute for cash bond exposure, and for purposes of liquidity. Our portion of the Fund sold/wrote options on futures, bond indices, and also purchased options on futures, bond indices, and to-be-announced (TBAs) as a means of capitalizing on anticipated changes in market volatility and to generate income. Our portion of the Fund purchased and sold foreign currency contracts in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some of the Fund’s securities, and to express certain views on currency markets.
Western Asset
For the reporting period, the portion of the Fund managed by Western Asset underperformed the benchmark. For our portion of the Fund, we at Western Asset seek to maximize total return consistent with prudent investment management. We utilize a long-term, fundamental value philosophy in conjunction with a global investment platform to build a diversified portfolio of investment grade bonds with opportunistic allocations to high yield, emerging markets and non-U.S. dollar securities to enhance returns. Value is added through sector rotation, yield curve positioning, issue selection and duration management.
During the reporting period, in our portion of the Fund, interest rate exposure (which includes both duration and yield curve positioning) and spread sectors detracted from performance. The Fund’s duration positioning was a detractor to performance, while yield curve positioning contributed to performance. Our portion of the Fund held a long duration position relative to the benchmark that served as a diversification strategy for spread sector exposure as well as a hedge against potential challenges to global growth. At the start of the reporting period, we believed that interest rates would stay relatively low and range-bound and that inflation would prove to be transitory, but ultimately, interest rates significantly increased during the reporting period, which detracted from performance. Additionally, in terms of the yield curve, our portion of the Fund was generally positioned for a flatter yield curve as we believed that the Federal Reserve would keep the front and intermediate parts of the yield curve anchored. Ultimately, during the reporting period, the yield curve flattened, which contributed to performance.
For our portion of the Fund, exposure to Emerging Markets (EM) was another detractor to performance during the reporting period. This was mainly due to the selloff in Russian local-currency assets with the imposition of sanctions after Russia’s invasion of Ukraine. Additionally, U.S. dollar-denominated bond spreads widened over the reporting period and EM currency performance was mixed. Finally, Non-U.S. Developed Market positions detracted from performance as we held long positions to certain foreign currencies and most foreign currencies ultimately weakened versus the U.S. dollar during the reporting period.
For our portion of the Fund, corporate credit exposures, including both investment grade and high-yield/high risk or non-investment grade debt, were positive contributors to performance as these sectors generated positive excess returns despite modestly wider spreads. Our portion of the Fund began the reporting period with overweights to both sectors, and tactically added to investment-grade bonds later in the reporting period as spreads widened with the emergence of the Omicron COVID-19 variant. We believed that investment-grade corporate bonds remained attractive relative to U.S. Treasuries and that certain subsectors and issuers still had further upside. In non-investment grade bonds, we held an out-of-benchmark exposure with a preference for higher-quality, shorter-duration issues, as we believed that select high-yield subsectors and individual issuers would present compelling value opportunities.
Other contributors to our portion of the Fund’s performance during the reporting period include exposures to structured products, namely non-agency mortgage backed securities (MBS) and commercial MBS. Structured products, in aggregate, contributed to performance as the sector generated positive excess returns. We believed that fundamentals in the structured product market were sound and improving as the economy reopens, and valuations were attractive relative to historical levels. Finally, an underweight position in agency MBS also contributed to performance as the sector underperformed. Although mortgage valuations were generally fair, we maintained an underweight position as we felt certain coupons appeared expensive and saw more attractive return opportunities in select spread sectors relative to agency MBS.
During the reporting period, our portion of the Fund primarily used a combination of U.S. Treasury, Eurodollar and non-US interest rate futures, options, swaps and swaptions to manage its overall duration and yield curve exposure as well as exposures to certain international bond markets. Credit default swaps on investment-grade indices as well as high-yield issuers and indices were used as an efficient, low cost way of adjusting exposures to these sectors on the margin. The Fund also used Mortgage TBAs (To Be Announced) to gain exposure to the agency MBS market and other stripped MBS derivatives to gain exposure to specific characteristics of agency MBS. Finally, the Fund used foreign exchange futures, forwards and options to hedge positions as well as to take outright positions in a variety of emerging and developed market currencies, including the Australian dollar (AUD), Mexican peso (MXN), Japanese yen (JPY), British pound (GBP), and Euro (EUR).
| See benchmark definitions on A-38 – A-40 |
A-22
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PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
PF Short Duration Bond Fund (sub-advised by T. Rowe Price Associates, Inc.)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, the PF Short Duration Bond Fund returned -2.91%, compared to a return of -2.91% for its benchmark, the Bloomberg US 1-3 Year Government/Credit Bond Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended March 31, 2022. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class P |
(2.91% | ) | 1.60% | 1.31% | ||||||||
| Bloomberg US 1-3 Year Government/Credit Bond Index |
(2.91% | ) | 1.26% | 1.09% | ||||||||
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund performed in line with the benchmark. We at T. Rowe Price manage the Fund’s investment strategy by investing in debt securities (including derivatives on such securities). In our attempt to seek current income, the strategy focuses on high-quality, investment-grade securities. Furthermore, the Fund will invest in out-of-benchmark securitized sectors to pick up incremental yield in the strategy. In addition to making active sector allocation and security selection decisions, we also monitor the Fund’s duration, which is generally expected to track the duration of the benchmark (plus or minus a half year), as part of our management of the Fund. Duration is often used to measure a bond’s sensitivity to interest rates.
Yield curve positioning, which describes the portfolio’s performance attributable to changing interest rates, was the primary contributor to relative performance. Over the reporting period, the Fund maintained a shorter average duration profile relative to the benchmark, which was beneficial amid a broad-based rise in U.S. Treasury yields. Furthermore, an underweight in the short end of the yield curve also contributed as the Treasury curve flattened later in the period.
Security selection within investment-grade corporate bonds contributed to relative results. Credits issued by global banks were supported by strong corporate earnings, and exploration and production names in the energy sector received a boost from a rally in oil prices.
Sector allocation was constructive in aggregate. An overweight to investment-grade corporate bonds and corresponding underweight to U.S. Treasuries helped relative performance amid improving corporate fundamentals and generally encouraging corporate earnings. Against this supportive fundamental backdrop, the Fund’s allocation to credits rated A and BBB generated relative gains. Out-of-benchmark allocations to securitized sectors produced mixed results. Holdings in mortgage-backed securities detracted as the sector faced headwinds from rate volatility, elevated supply, and the unwinding of the U.S. Federal Reserve’s quantitative easing program. Additionally, an underweight allocation to government-related credits detracted from performance. An allocation to cash for liquidity purposes also hindered relative performance as risk assets continued to recover from the pandemic-induced downturn.
As of the end of the reporting period, the Fund held interest rate futures that contributed to returns.
| See benchmark definitions on A-38 – A-40 |
A-23
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PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
PF Emerging Markets Debt Fund (sub-advised by Principal Global Investors, LLC)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, the PF Emerging Markets Debt Fund returned -1.11%, compared to a return of -7.71% for its benchmark, the J.P Morgan Emerging Markets Blended-Equal Weighted Index and -7.44% for the J.P. Morgan Emerging Markets Bond Index Global Diversified Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmarks for the period from inception through March 31, 2022. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022(1)
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Class P |
(1.11% | ) | 1.20% | 2.26% | ||||||||
| J.P.Morgan JEMB Equal Weighted Index |
(7.71% | ) | 1.62% | 2.38% | ||||||||
| J.P. Morgan EMBI Global Diversified Index |
(7.44% | ) | 1.69% | 3.55% | ||||||||
| (1) | Principal Global Investors LLC began managing the Fund on November 1, 2021 and some investment policies changed at that time. Another firm managed the Fund before that date. |
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund outperformed the Fund’s benchmark index, the J.P. Morgan Emerging Market Blended – Equal Weighted Index. The Fund also outperformed the J.P. Morgan Emerging Markets Bond Index Global Diversified Index, which was the Fund’s benchmark index prior to November 1, 2021. The Fund changed its benchmark index in connection with the Fund’s change in sub-adviser to reflect the emerging market debt asset class utilized by the current sub-adviser.
PGI
Principal Global Investors assumed management of the Fund on November 1, 2021. During the approximate 5-month period when Principal Global Investors managed the Fund from November 1, 2021 through March 31, 2022, the Fund outperformed the benchmark. We at Principal Global Investors follow a total return strategy of considering investments in all emerging market debt asset classes. The strategy is designed to be an “all-weather” solution across the emerging market debt market cycle with an emphasis on potentially limiting volatility and liquidity risk by using a dynamic allocation to emerging market bonds and derivatives.
Three factors explain the bulk of the outperformance relative to the index benchmarks over the period we managed the Fund. The first being our ability to timely deleverage risk in Russia. Additionally, the Fund has been significantly underweight duration which contributed to relative performance. Foreign Exchange (FX) currency positioning contributed to relative performance as well.
The main performance contributors during the period we managed the Fund were positions in Brazil Local Sovereign and paid rates positions in Poland and United States. Brazil is a large commodity export country and benefited from the global rise in commodity prices. In Poland, the Fund has been paying the five year rate on the local Polish curve on the thesis that the Polish Central Bank was going to be forced to raise rates quickly to fight inflation pressures. The trade worked very well over the period we managed the Fund as they raised the policy rate by 0.75% in November of 2021 and another 0.50% in December of 2021. We hedged the Fund’s duration using short durations on United States debt, with the Fund benefiting from rising interest rates.
Unsurprisingly, the largest detractors over the period we managed the Fund stem from the Fund’s exposure to Ukraine. Although we reduced positions in Ukraine during the month of February,2022, the remaining position in sovereign and state guaranteed paper detracted from performance. Furthermore, remaining detractors for the period we managed the Fund were mainly from hard-currency sovereign positions which drew down given the negative risk sentiment with “non-oil” names such as Romania and Tunisia underperforming.
Additionally, an off-index position in Venezuela detracted from relative performance over the period we managed the Fund. There was some price insensitive position clearing at the end of the period we managed the Fund across the complex which particularly negatively impacted Petroleos de Venezuela, the Venezuelan state-owned oil and natural gas company which represented the bulk of the Fund’s Venezuela exposure during the period we managed the Fund.
| See benchmark definitions on A-38 – A-40 |
A-24
Table of Contents
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Over the period that we managed the Fund, the Fund bought protection against emerging markets spreads through credit default swaps and utilized U.S. Treasury Futures and Swaps as macro hedges to adjust the emerging markets spread and U.S interest rate duration profile of the Fund.
Ashmore
During the reporting period, Ashmore managed the Fund from April 1, 2021 through October 29, 2021. During that approximate seven-month period, the Fund outperformed the benchmark. During the period we at Ashmore managed the Fund, we invested its assets in debt instruments that are economically tied to emerging market countries, which are issued by governments (sovereigns), government-guaranteed or majority government-owned entities (quasi-sovereigns), government agencies and instrumentalities and corporate issuers, and may be denominated in any currency, including the local currency of the issuer. We at Ashmore tactically manage exposure to emerging market sovereign external debt, local currency sovereign debt and corporate debt in seeking to maximize total return consistent with prudent investment management.
Over the period we managed, the Fund’s allocation to emerging markets sovereign external debt decreased, starting the reporting period at 58.65% and ending at around 57.65% of the Fund’s net asset value (NAV). Over the period we managed, the Fund the Fund’s exposure to corporate debt increased, starting the reporting period at 14.03% and ending at around 16.41% of NAV. Finally, the Fund’s exposure to emerging market local bonds and net exchange rate positions shifted throughout the period we managed the Fund, starting the reporting period at 46.26% and ending at around 22.25% of NAV.
The Fund’s overweight position in hard currency sovereign external debt and underweight position in local currency sovereign debt contributed to the Fund’s relative performance over the period we managed the Fund. Overall, the largest contributor over the period we managed the Fund was driven by asset allocation in hard currency sovereign debt. The Fund’s off-benchmark allocation to corporate debt detracted from relative returns over the period we managed the Fund.
The largest country contributors to Fund performance over the period we managed the Fund were overweight debt positions in Ecuador and underweight positions in Poland. The top country detractors from performance over the period we managed the Fund were corporate debt positions in China and sovereign local currency positions in Brazil.
The Fund’s positions in derivatives were mainly in foreign exchange (FX) currency forwards — notably to hedge the FX exposure of some local currency bond positions, and some swaps — for efficient portfolio management purposes.
In Ecuador, bond prices pulled back over the period we managed the Fund, on profit-taking after an extended positive run. The International Monetary Fund (IMF) approved disbursement of approximately $800 million U.S. dollars in the wake of the second and third reviews of the country’s funding program, bringing total disbursements under the program to $4.8 billion U.S. dollars. Finance Minister Cueva indicated that the country might consider a return to the global bond markets in 2022, a step which would require continued structural reforms to bolster the country’s creditworthiness.
Inflationary pressures in Poland drove a sell-off in rates, the Polish central bank (NBP) hiked its policy rate by 0.40% to 0.50% in October (surprising consensus expectations for no change) in a bid to anchor inflation expectations. In political news, the Polish constitutional tribunal ruled that certain articles of the European Union (EU) treaty are incompatible with the Polish constitution and impede the country’s sovereignty, intensifying a conflict over democratic backsliding that questions Poland’s access to both the EU pandemic aid and its membership in the EU.
Escalating tensions in the political sphere in Brazil hit asset prices, creating hurdles for the government in its attempts to move economic reforms through its Congress. However, Congress has forged ahead with an income tax reform bill, as the Brazilian government looks to reduce the primary fiscal deficit to less than 1.0% of gross domestic product (GDP) in 2022. The release of 2021 second quarter GDP showed an economy that was not rebounding as quickly as had been expected, likely exacerbated by the impact of monetary policy normalization. Presidential elections are scheduled for 2022, with a likely battle between President Bolsonaro and former President Lula and a potential spoiler candidate from the center. On the rates side, the Brazilian Central Bank (BCB) increased its policy rate to 6.25% over the third quarter of 2021, in line with consensus. The BCB expects inflation to decline in 2022.
China reported in September 2021 the first contraction in its manufacturing Purchasing Managers Index (PMI) since the start of the pandemic, highlighting concerns about the impact on the global economy of weakness in the world’s second largest economy. While the crisis engulfing the real estate sector certainly seemed to grab headlines, overall economic data was better than expected towards the end of the period. The People’s Bank of China has injected $610 billion Chinese Yuan Renminbi (approximately $94 billion U.S. dollars) of liquidity via open market operations into the banking system since September 17, 2021 ahead of its one-week holiday from October 1 to October 7, 2021. On the political end, President Xi Jinping had two telephone calls with U.S. President Joe Biden as they agreed to hold further discussions in areas where China’s interests converge and diverge with America. The U.S. statements said that Biden is committed to “responsibly manage the competition between the countries”, while China emphasized the bilateral relationship needs a rebalance across all areas (i.e. less undermining of China’s economy and technology development is necessary for further cooperation in other areas such as climate change).
| See benchmark definitions on A-38 – A-40 |
A-25
Table of Contents
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
PF Growth Fund (sub-advised by MFS Investment Management)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, the PF Growth Fund returned 7.84%, compared to a return of 14.98% for its benchmark, the Russell 1000 Growth Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended March 31, 2022. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022(1)
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class P |
7.84% | 19.33% | 15.69% | |||||||||
| Russell 1000 Growth Index |
14.98% | 20.88% | 17.04% | |||||||||
| (1) | MFS Investment Management began managing the Fund on May 1, 2013, and some investment policies changed at that time. Another firm managed the Fund before that date. |
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund underperformed the benchmark. The strategy is an actively managed, research-driven growth fund. We, the MFS investment management team, build the Fund from the bottom up, selecting companies with the best opportunities for growth two to three years into the future. When applying the Fund’s valuation analysis, we consider the magnitude and potential growth rate of a company against what the market has discounted. At the sector level, we typically limit significant over- and under-weights relative to the benchmark, allowing bottom-up stock selection to drive performance results over time.
Stock selection in the technology sector detracted from performance relative to the benchmark. Within this sector, an underweight position in computer and personal electronics maker Apple was the largest detractor as the iPhone maker continued to see strength in phone sales and services revenue. Additionally, the Fund’s overweight positions in software and digital payments holdings underperformed as higher growth/multiple names were weak over the trailing 6 months.
Stock selection in the autos & housing sector detracted from relative returns, led by not holding shares of electric vehicle manufacturer Tesla, which continued to see strong vehicle sales numbers over the period and was the second largest detractor.
An overweight position in the special products & services segment negatively impacted relative performance. Within this sector, the Fund’s overweight positions in businesses focused on payment technology and data analytics hurt relative results, due to a combination of above average multiples compressing and slowing growth profiles
Elsewhere, the Fund’s out of the benchmark holding of shares of internet and mobile platform company Sea (not held in the Fund at reporting period end), and not holding shares of pharmaceutical company Abbvie and wholesale retailer Costco Wholesale, hindered relative performance.
Stock selection in the health care sector contributed to relative performance. Within this sector, the Fund’s position in healthcare equipment manufacturer Danaher and an overweight position in life sciences supply company Thermo Fisher Scientific bolstered relative returns, as earnings segments tied to COVID-19 testing kits were stronger than expected.
Other top relative contributors included not holding shares of benchmark constituents Zoom Video Communications, and other businesses tied to home improvement, streaming and at-home fitness that were, largely viewed as stay-at-home beneficiaries, which faced difficult year-over-year comparisons. The Fund’s relative positions in digital advertising businesses, overweight Alphabet and underweight Meta Platforms (formerly Facebook) contributed to relative returns, as Meta faces increased political and regulatory scrutiny on a relative basis, and has begun a massive investment cycle towards virtual reality concepts that include the “Metaverse”.
| See benchmark definitions on A-38 – A-40 |
A-26
Table of Contents
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
PF Large-Cap Value Fund (sub-advised by ClearBridge Investments, LLC)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, the PF Large-Cap Value Fund returned 13.45%, compared to a return of 11.67% for its benchmark, the Russell 1000 Value Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended March 31, 2022. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class P |
13.45% | 10.86% | 11.39% | |||||||||
| Russell 1000 Value Index |
11.67% | 10.29% | 11.70% | |||||||||
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund outperformed the benchmark. We, the ClearBridge large-capitalization value team, use an interactive, research-driven approach to identify large-capitalization companies with strong business franchises and attractive valuations. We look for companies with proven business models and sustainable competitive advantages capable of generating superior returns over time across a range of potential scenarios. We consider valuations relative to normalized earnings power. There is no change to our disciplined investment approach that focuses on competitively well-positioned companies with strong business franchises capable of generating superior returns across cycles.
Relative to the benchmark, overall stock selection contributed to performance for the reporting period, while sector allocation detracted. The Fund’s stock selection in the information technology (IT), industrials, utilities, financials and health care sectors contributed the most to relative performance for the reporting period. In terms of allocation, the Fund’s overweight position in the energy sector contributed the most to relative performance. On an individual stock basis, the leading contributors to relative performance included positions in exploration and production energy company ConocoPhillips in the energy sector; leading global payments company American Express in the financials sector; and Sempra Energy, a best-in-class utility with regulated assets in California and Texas in the utilities sector.
Stock selection in the materials and real estate sectors, overweights to the IT, industrials and communication services sectors and underweights to the health care and real estate sectors detracted from relative performance. On an individual stock basis, the leading relative detractors from Fund performance for the reporting period included our holdings in industrials company Vertiv, which is a leader in power and thermal management and related tools and systems used by data centers, enterprise and industrials customers and communication carriers globally; Berkshire Hathaway, a holding company in the financials sector engaged in a set of diverse businesses including insurance, freight rail transportation, utility and energy generation and distribution, among others; and pay-TV, broadband and telephone services provider Charter Communications in the communication services sector.
During the reporting period, we established new positions in electronic payment company Visa, in the IT sector, and Intel, the world’s largest manufacturer of semiconductors, including CPUs for computers and mobile devices, also in the IT sector. We exited positions in household packaging and containers company Reynolds Consumer Products in the consumer staples sector; semiconductor company NXP Semiconductors in the IT sector; wireless network operator T-Mobile in the communication services sector; diversified financial services company Capital One in the financials sector; and leading supplier of etch and deposition equipment used in the manufacturing process of semiconductors, Lam Research, in the IT sector.
| See benchmark definitions on A-38 – A-40 |
A-27
Table of Contents
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
PF Small-Cap Growth Fund (sub-advised by MFS Investment Management)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, the PF Small-Cap Growth Fund returned -15.66%, compared to a return of -14.33% for its benchmark, the Russell 2000 Growth Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended March 31, 2022. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022(1)
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class P |
(15.66% | ) | 17.05% | 11.11% | ||||||||
| Russell 2000 Growth Index |
(14.33% | ) | 10.33% | 11.21% | ||||||||
| (1) | The Fund changed its name from PF Developing Growth Fund and MFS began managing the Fund on May 1, 2020, and some investment policies changed at that time. Other firms managed the Fund before that date. |
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund underperformed the benchmark. We at MFS focus on investing the Fund’s assets in the stocks of small-capitalization companies we believe to have above average earnings growth potential compared to other companies (growth companies). We use an active bottom-up investment approach to buying and selling investments for the Fund. Investments are selected primarily based on fundamental analysis of individual issuers and their potential in light of their financial condition, and market, economic, political, and regulatory conditions. Factors considered may include analysis of an issuer’s earnings, cash flows, competitive position, and management ability.
Stock selection within the industrials sector detracted from performance relative to the benchmark, led by the Fund’s out of benchmark holding in digital automotive wholesale retailer ACV Auctions; shares of the company declined as management confirmed that conditions were satisfied for a partial lockup release associated with its IPO. Another Fund detractor was due to the decline in the stock price of building products manufacturer AZEK; despite the company’s better than anticipated sales and margin growth, macroeconomic and global geopolitical events appeared to have weighed on investor sentiment.
An underweight to the energy sector detracted from relative results as energy was the best performing sector within the index during the 12-month period.
Stocks in other sectors that detracted from relative results included cross-border payment platform Remitly Global. Although the company reported robust revenue growth, the share price declined over concerns of increased competition and potential disruption of cross-border commerce, partially as a result of the Ukraine conflict. The Fund’s out of benchmark holdings of used vehicle ecommerce platform Vroom (not held in the Fund at reporting period end) detracted as the company faced higher reconditioning costs, labor shortages and a lowered near-term outlook from management. Event management and enterprise safety software developer Everbridge shares declined sharply after the company announced the resignation of its CEO and a disappointing fiscal year 2022 sales outlook.
Turning to sector level contributors, an underweight allocation to the health care sector contributed to relative results as did stock selection within the real estate sector
Individual relative contributors for the period included the Fund’s out of benchmark position in global payment solutions provider Nuvei (Canada), who reported stronger-than-expected fourth-quarter of 2021 financial results and 2022 guidance, which reflected robust organic sales growth across all of its major business channels. Government intelligence and nationality security information solutions and services provider CACI International, an out of benchmark holding, outperformed after the company raised its revenue guidance for fiscal-year 2022. The Fund’s overweight holdings of security risk intelligence solutions provider Rapid7 benefitted relative results as the company reported strong growth in its customer base, significant acceleration in profitability and better-than-anticipated cash flows. The Fund’s position in operations management and analytics company ExlService Holdings also benefitted relative results during the period.
| See benchmark definitions on A-38 – A-40 |
A-28
Table of Contents
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
PF Small-Cap Value Fund (sub-advised by AllianceBernstein L.P.)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, the PF Small-Cap Value Fund returned 2.25%, compared to a return of 3.32% for its benchmark, the Russell 2000 Value Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended March 31, 2022. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022(1)
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class P |
2.25% | 8.45% | 10.83% | |||||||||
| Russell 2000 Value Index |
3.32% | 8.57% | 10.54% | |||||||||
| (1) | AllianceBernstein L.P. began managing the Fund on May 1, 2014 and some investment policies changed at that time. Another firm managed the Fund before that date. |
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund underperformed the benchmark. We at AllianceBernstein maintain the Fund’s investment goal by seeking long-term growth of capital. The Fund seeks undervalued small-capitalization stocks with attractive long-term earnings prospects. We believe that small-capitalization stocks offer greater opportunity for fundamental stock selection since they are covered by fewer industry analysts. The Fund invests primarily in the equity securities of small-capitalization U.S. companies.
During the reporting period, overall sector allocation detracted from the Fund’s performance. An underweight relative to the benchmark to the energy sector and an overweight to the consumer-discretionary sector detracted, while underweights to the healthcare and communication-services sectors contributed to performance.
Overall security selection contributed to the Fund’s performance, particularly selection within the consumer-discretionary and healthcare sectors. Stock selection in the industrials and energy sectors detracted from performance during the reporting period.
SkyWest Inc., a regional airline, detracted from the Fund’s performance, as COVID-19 cases resumed an upward trajectory in the fourth quarter of 2021, resulting in airlines broadly underperformed due to fears of reduced demand and labor disruptions. Regis detracted as the hair salons operator suffered from labor shortages that kept it from fully staffing currently open locations and reopening some closed stores.
Houghton Mifflin Harcourt Co., a publisher of educational materials, books and media, contributed to Fund performance during the reporting period. Houghton received an offer from Veritas Capital in the first quarter of 2022 to be acquired for a significant premium. Cactus Inc., a manufacturer of wellhead and pressure control equipment for the onshore energy market, contributed. The stock benefited from expectations that the sharp increase in oil and gas prices would drive higher domestic energy production.
| See benchmark definitions on A-38 – A-40 |
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PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
PF Emerging Markets Fund (sub-advised by Invesco Advisers, Inc.)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, the PF Emerging Markets Fund returned -23.63%, compared to a return of -11.37% for its benchmark, the MSCI Emerging Markets Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended March 31, 2022. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class P |
(23.63% | ) | 4.46% | 3.30% | ||||||||
| MSCI Emerging Markets Index |
(11.37% | ) | 5.98% | 3.36% | ||||||||
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. |
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund underperformed the benchmark. The Invesco Emerging Markets Equity team uses a bottom-up, benchmark agnostic approach. We believe investment success requires both imagination and rigor. Differentiated research — focused on businesses, not stocks — allows us to unearth real options embedded in portfolio companies. Our long-term investment horizon allows us to capture opportunities often unappreciated by conventional wisdom.
From a sector perspective, the largest detractor from relative performance to the benchmark was stock selection in the financials sector. Stock selection and an underweight allocation to the communication services sector also detracted from performance as did stock selection in the energy sector. The largest contributors to relative performance were stock selection in the consumer staples, real estate, and consumer discretionary sectors.
From a country perspective, the largest detractor from relative performance was stock selection and a relative overweight in Russia. Stock selection in China negatively impacted relative performance as did an underweight and stock selection in Taiwan. Overweight allocations to Mexican, French, and Swiss equities contributed the most to relative performance.
The largest individual stock detractors for the reporting period were Yandex, Novatek and Tencent.
Yandex (Russia) is one of the dominant internet companies in Russia’s transforming digital landscape, holding leading positions in Russia’s search engine category, shared mobility platform, food delivery platform, ecommerce platform, classifieds for autos and real estate, in media, logistics networks, and grocery delivery. Due to local market closures, lack of trading partners, low liquidity, settlement concerns and future uncertainty as a result of global sanctions levied against Russia following its invasion of Ukraine, the price of all Russian equity holdings was adjusted to 0.00 as of March 2, 2022.
Novatek (Russia) is one of the largest independent global gas producers, and we believe it has considerable growth options in its portfolio of low cost, competitively advantaged liquefied natural gas (LNG) projects on the Yamal Peninsula. Demand for Novatek’s LNG projects, as well as its nascent projects in Carbon Capture Utilization and Storage (CCUS), is fundamentally supported by global push to develop sources of cleaner energy. As noted above, Russian equities were heavily impacted by global sanctions imposed on Russia following its invasion of Ukraine. Due to the ongoing local market closures in Russia, lack of trading partners, low liquidity, settlement concerns and future uncertainty, the price of all Russian equity holdings was adjusted to 0.00 as of March 2, 2022.
Tencent (China), a long-term holding of the Fund, is a Chinese internet and technology company that has developed a robust suite of offerings for its user base, including access to communication and social tools, PC and mobile games, a plethora of digital content, including long-form videos, news, music and literature. In addition, Tencent provides enterprise services, such as cloud computing and access to FinTech platforms to its clients, all of which, culminate in a robust digital ecosystem working to fulfill the needs of China’s consumers and companies. Lingering concerns about the impact of regulatory interventions have impacted the stock.
| See benchmark definitions on A-38 – A-40 |
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PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Grupo Mexico (Mexico) is a diversified mining company based in Mexico that boasts a portfolio of unique assets including the fourth largest copper mine in the world- Buena Vista del Cobra. We believe copper should rise in importance as countries, like the United States, roll out their green agendas — as electric vehicles and other forms of renewable energy are heavily dependent on the metal. Grupo Mexico is well positioned, with notable copper reserves including the Tia Maria mining operation in Peru, and a team focused on reduction of time and costs of extractions.
One of the largest iron ore and nickel producer globally is Vale (Brazil), a Brazilian multinational company with expertise in mining, logistics, energy, and steelmaking. Vale’s management team is actively working to streamline its portfolio, exemplified by the recent sale of its coal assets, so that the main focus is on base metals which stand to benefit from the structural shift towards renewable energies. For instance, Vale recently entered a multi-year contract to supply Tesla with the nickel needed to produce batteries for their fleet of electric vehicles. Vale has benefited from an incremental rise in nickel prices over the past few years as the green revolution became more viable, however, since Russia’s invasion of Ukraine, nickel prices have risen to historic highs.
PF International Growth Fund (formerly named PF International Large-Cap Fund) (sub-advised by ClearBridge Investments, LLC)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, the PF International Growth Fund returned -4.56%, compared to a return of 1.16% for its benchmark, the MSCI EAFE Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended March 31, 2022. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022(1)
| 1 Year | 5 Years |
10 Years |
||||||||||
| Fund’s Class P |
(4.56% | ) | 7.52% | 6.39% | ||||||||
| MSCI EAFE Index |
1.16% | 6.72% | 6.27% | |||||||||
| (1) | ClearBridge Investments, LLC began managing the Fund on November 1, 2021 and some investment policies changed at that time. Another firm managed the Fund before that date. |
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. | ||||||
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund underperformed the benchmark.
ClearBridge
ClearBridge assumed management of the Fund on November 1, 2021. During the approximate five-month period from November 1, 2021 through March 31, 2022, when ClearBridge managed the Fund, the Fund underperformed the benchmark. The ClearBridge International Growth team seeks out attractively valued stocks across all market capitalizations to construct a diversified portfolio of growth companies in developed and emerging markets outside the US.
Relative to the benchmark, overall security selection and sector allocation detracted from the Fund’s performance during the period we managed the Fund. Specifically, stock selection within the information technology (IT) and communication services sector detracted the most from the Fund’s relative performance. An overweight to the IT sector also detracted from the Fund’s relative performance. On an individual holding basis, the leading detractors from relative Fund performance for the period we managed the Fund included positions in software development company Atlassian (Australia) and data search and analysis software maker Elastic (Netherlands) in the IT sector, job search and human resources services provider Recruit Holdings (Japan) in the industrials sector, fast fashion retailer Industria De Desino Textil (Spain) in the consumer discretionary sector, and commercial and consumer bank BNP Paribas S.A. (France) in the financials sector.
Relative to the benchmark, the Fund’s security selection in the energy and materials sectors contributed to performance during the period we managed the Fund. The Fund’s overweight to the energy sector and underweight to the consumer discretionary sector also had positive impacts on relative returns. In terms of individual holdings, the leading contributors to relative Fund performance included positions in oilfield services
| See benchmark definitions on A-38 – A-40 |
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PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
and equipment provider Schlumberger (France) in the energy sector, freight rail operator Canadian Pacific Railway (Canada) in the industrials sector, securities exchange and financial data providers London Stock Exchange (United Kingdom) and Deutsche Boerse (Germany) in the financials sector and biotechnology company Argenx (Netherlands) in the health care sector.
During the period we managed the Fund, we established new positions in IT services provider Accenture (Ireland), solar inverter maker SolarEdge Technologies (Israel) and design software maker Dassault Systemes (France) in the IT sector, biotechnology company Zai Lab (China) and precision equipment and medical device maker Olympus (Japan) in the health care sector, Deutsche Boerse (Germany) and banking and financial services provider Canadian Imperial Bank of Commerce (Canada) in the financials sector, oil and gas exploration & production company Suncor Energy (Canada) in the energy sector and mining company Barrick Gold (Canada) in the materials. We closed the Fund’s positions in electronic payments platform StoneCo (Brazil), financial software maker Temenos (Switzerland), e-commerce enablement platform Shopify (Canada), payment processor Worldline (France) and semiconductor equipment maker Tokyo Electron (Japan) in the IT sector, e-commerce platform MercadoLibre (Uruguay) in the consumer discretionary sector, e-commerce, gaming and payments provider Sea Ltd. (Singapore) in the communication services sector and diversified financial services provider KBC Group (Belgium) and investment manager XP (Brazil) in the financials sector.
MFS
During the reporting period, MFS managed the Fund from April 1, 2021 through October 29, 2021. During that approximate seven-month period, the Fund outperformed the benchmark. We at MFS use a bottom-up investment style, which involves the research of the fundamentals of each individual opportunity and analyzing certain aspects of a company such as earnings, cash flows, growth potential and management abilities. During the period when MFS was managing the Fund, we invested primarily in the securities of foreign issuers with large market capitalizations pursuant to the investment strategies of the Fund in effect during that time period.
Stock selection and, to a lesser extent, an overweight position in the consumer, non-cyclical sector benefited performance relative to the benchmark during the period we managed the Fund. Contributing to relative returns was the Fund’s overweight positions in pharmaceutical companies Novo Nordisk (Denmark) which reported financial results that were above expectations, driven by strong sales performance in its insulin and biopharma businesses, and Merck KGaA (Germany) which boosted relative returns on the back of stellar quarterly earnings led by strong organic growth across all divisions, in particular Life Sciences and Healthcare/Electronics.; as well as credit risk services provider Experian (United Kingdom), imaging products manufacturer HOYA (Japan), information solutions provider RELX Group (United Kingdom), alcoholic beverage distributor Pernod Ricard (France) and luxury goods company Richemont (Switzerland).
Security selection in the industrial sector also contributed to relative performance during the period we managed the Fund. Within this sector, the Fund’s overweight position in electronics company Hitachi (Japan) strengthened relative results as the company’s share price outperformed the benchmark during the period we managed the Fund. Not holding positions within the poor-performing communications sector further contributed to relative returns during the period we managed the Fund. Notably, avoiding holding shares of technology investment firm Softbank (Japan) aided relative performance as the company’s share price came under pressure over the period we managed the Fund.
Elsewhere, the Fund’s overweight position in consulting services provider Capgemini (France), which reported strong revenue growth in its digital and cloud businesses, contributed to relative returns during the period we managed the Fund. During the period we managed the Fund, the Fund’s relative currency exposure, resulting primarily from differences between the Fund’s and the benchmark’s exposures to holdings of securities denominated in foreign currencies, was another contributor to relative performance. All of our investment decisions were driven by the fundamentals of each individual opportunity and as such, it is common for our portfolios to have different currency exposure than the benchmark.
The Fund’s underweight position in the strong-performing energy sector dampened relative performance during the period we managed the Fund. Here, not holding shares of global energy and petrochemicals company Royal Dutch Shell (United Kingdom) weighed on relative returns as the company’s stock price outpaced the benchmark over the reporting period.
Stock selection in the technology sector also weakened relative results during the period we managed the Fund. Within this sector, not holding shares of lithography systems manufacturer ASML (Netherlands), which reported strong revenue growth in its digital and cloud businesses, and owning shares of the Fund’s out of the benchmark holdings in both multinational technology and entertainment conglomerate Tencent (China) and semiconductor manufacturer Taiwan Semiconductor Manufacturing (Taiwan), detracted from relative returns.
Stocks in other sectors that further hindered relative performance during the period we managed the Fund included overweighting shares of medical equipment maker Koninklijke Philips (Netherlands). Although the company reported solid first-quarter financial results, driven by organic sales growth and margin expansion, the stock depreciated following a recall of its sleep care product DreamStation due to potential health concerns. Other stocks that hindered relative performance were insurance company AIA Group (Hong Kong), automotive lighting systems manufacturer Koito Manufacturing (Japan), machinery and industrial products manufacturer Kubota (Japan) and cosmetic products manufacturer Kose (Japan). Lastly, not holding shares of strong-performing biopharmaceutical company AstraZeneca (United Kingdom) hurt relative results.
| See benchmark definitions on A-38 – A-40 |
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PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
PF International Small-Cap Fund (sub-advised by FIAM, LLC)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, the PF International Small-Cap Fund returned -1.34%, compared to a return of 0.03% for its benchmark, the MSCI ACWI ex USA Small Cap Index and a return of -3.34% for the S&P Developed Ex-U.S. SmallCap Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the period from inception through March 31, 2022. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022(1)
| 1 Year | 5 Years |
Since |
||||||||||
| Fund’s Class P |
(1.34% | ) | 6.15% | 7.14% | ||||||||
| MSCI ACWI ex USA Small Cap Index |
0.03% | 7.89% | 7.85% | |||||||||
| S&P Developed Ex-U.S. SmallCap Index |
(3.34% | ) | 7.53% | 7.94% | ||||||||
| (1) | FIAM began managing the Fund on November 1, 2021 and some investment policies changed at that time. Other firms managed the Fund before that date. |
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. | ||||||
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund underperformed the Fund’s benchmark index, the MSCI ACWI ex USA Small Cap Index. The Fund outperformed the S&P Developed Ex-U.S. SmallCap Index, which was the Fund’s benchmark index prior to November 1, 2021. The Fund changed its benchmark index in connection with the Fund’s change in sub-adviser to reflect to reflect the current sub-adviser’s investment strategy and approach.
FIAM
FIAM assumed management of the Fund on November 1, 2021. During the approximate five-month period from November 1, 2021 through March, 31, 2022 when FIAM managed the Fund, the Fund underperformed the benchmark. The Fund seeks to invests in securities of companies with small market capitalizations, primarily in non-U.S. securities, including securities of issuers located in emerging markets. In buying and selling securities for the Fund, we at FIAM utilize fundamental analysis of factors such as each issuer’s financial condition and industry position, as well as market and economic conditions.
On both a geographic and sector basis, combined stock and market selection detracted from performance during the period we managed the Fund. Stock selection in the materials sector was the biggest detractor, in particular a sizeable overweighting in Austria-based RHI Magnesita, a manufacturer of refractory materials used in steel and cement production. These materials are used in the production of steel, cement, and other building materials, which reported full-year results at the low end of guidance. Some of the benefit of higher selling prices was offset by large increases in its own input costs, namely energy, and by large wage increases. The market also appeared concerned by how fast RHI Magnesita might be able to pass costs on to customers given its products are largely undifferentiated from competitors’.
The second most significant individual detractor was a modest out-of-benchmark position in Japanese drug store chain Tsuruha Holdings, which was challenged by input costs during the period we managed the Fund.
The Fund’s underweighting in the energy sector also detracted from relative returns as geopolitical turmoil bid up oil and gas prices, boosting the prices of many stocks we did not own. One position we did own, Japanese petroleum wholesaler and storage company San-Ai Obbli, suffered from these rising supply costs.
Elsewhere, a modest overweighting in Norma Group, a German manufacturer of industrial clamps and connectors, detracted from Fund performance. Like many other European industrial companies, it faced rising costs and uncertain demand impacts in important Eastern European markets.
On the positive side, stock selection was additive for five of 11 Global Industry Classification Standard (GICS) sectors that the Fund was invested in, most notably health care, where an out-of-benchmark position in Brazilian pharmaceutical company Hypera contributed to Fund performance. Hypera’s prescription and over-the-counter drug business benefited from an unseasonably strong flu season in Brazil. It also reported an aggressive generic drug launch schedule, which has the potential to boost sales and margins.
| See benchmark definitions on A-38 – A-40 |
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PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
In information technology, a significant overweighting in Japan-based optical, electronic, and adhesive materials manufacturer Dexerials Corp. contributed to relative returns. The company saw solid growth across its core business with additional benefits from pricing and a weaker Yen. The Fund also participated in the IPO of British subsea equipment rental and solutions provider (for energy companies and others) Ashtead Technology Holdings, which benefited from strong utilization rates amongst oil, gas, and offshore wind customers.
The Fund’s iShares MSCI Taiwan ETF position ended up as the third biggest individual contributor to relative returns. (This was largely a proxy for certain individual stocks that the Fund could not purchase directly during the transition period from the former sub-adviser.)
The single biggest contributor to relative performance surged late in the period we managed the Fund, a modest overweighting in German defense company Rheinmetall. Geopolitical strife in Ukraine and the shifting expectations around European defense budgets helped lift the stock price.
On a geographic basis, stock selection was a net contributor to returns. Negative returns from market selection more than offset those results, however. More specifically, excellent stock selection in emerging markets and the United Kingdom was not enough to offset weak stock selection in Japan and the negative impacts of underweightings in Asia Pacific ex-Japan and Canada.
Franklin Advisers
During the reporting period, Franklin Advisers (as the successor entity to sub-adviser QS Investors, LLC) managed the Fund from April 1, 2021 through October 14, 2021. During that approximate ten-month period, the Fund outperformed the benchmark. The transitioning of the Fund’s portfolio of investments by PLFA to FIAM LLC (the new sub-adviser) accounted for the Fund’s performance during the period from October 15, 2021 to October 31, 2021. During the period that we managed the Fund, we at Franklin Advisers maintained a well-diversified, style neutral portfolio with modest region and sector allocations versus the benchmark through the combination of bottom-up stock selection based on fundamentals and implemented with quantitative tools, risk controls and cost-efficient trading. Our focus was on securities of companies with small market capitalizations that are located in developed, foreign countries. We continued to invest in excess of 200 companies and generally expected to invest in about the same number of non-U.S. countries as the benchmark.
Outperformance relative to the benchmark during the period we managed the Fund was driven by our overall stock selection results, led by selection in continental Europe, notably in the information technology and health care sectors. Stock selection in Developed Asia (ex-Japan), Australia, New Zealand, Canada, and the United Kingdom contributed to performance. Stock selection results in Japan notably detracted from relative performance, primarily in the consumer discretionary and industrials sectors of that market. United Kingdom communication services selection results also detracted.
Our region and sector allocation results overall detracted to performance relative to the benchmark during the period we managed the Fund. Allocation to the consumer discretionary, health care, and industrials sectors within Australia, New Zealand and Canada as well as an underweight to Japan were the largest contributors to Fund performance, offset by the negative effect of being overweight Developed Asia (ex-Japan) which underperformed for the period we managed the Fund, as well as cash holdings. An overweight to Japan’s consumer discretionary sector was also a detractor.
At the security level, non-benchmark holding Israel’s InMode, a provider of innovative medical technologies, was the top contributor with a return of 135.40% in the period we managed the Fund, the medtech company posted strong results through the pandemic. Germany’s GFT Technologies SE., a technology solutions provider, was also a primary contributor, the company saw high demand for it’s digitalization solutions. Overweights to Enerplus., a Canadian Oil and Gas producer, completed two strategic acquisitions that were viewed positively, and SeSa S.p.A, an Italian technology company with high quality and momentum characteristics, were also leading contributors with strong returns.
Com2us, a Korean game developer, was the top detractor returning -43.58% for the period we managed the Fund. Betsson, a Swedish online gambling company, was also a large detractor, returning -25.71% for the period we managed the Fund. Other detractors included not holding benchmark component Swiss dental implant firm Straumann Holding AG which benefited from solid growth and outperformed the benchmark overall (61.73% vs. 6.14%) for the period we managed the Fund. Kindred Group, which returned -21.92% for the period we managed the Fund, was also a major detractor.
| See benchmark definitions on A-38 – A-40 |
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PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
PF International Value Fund (sub-advised by Wellington Management Company LLP)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, the PF International Value Fund returned 7.46%, compared to a return of 1.16% for its benchmark, the MSCI EAFE Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmark for the ten-year period ended March 31, 2022. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022(1)
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class P |
7.46% | 5.02% | 4.69% | |||||||||
| MSCI EAFE Index |
1.16% | 6.72% | 6.27% | |||||||||
| (1) | Wellington Management Company LLP began managing the Fund on May 1, 2017 and some investment policies changed at that time. Other firms managed the Fund before that date. |
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. | ||||||
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund outperformed the benchmark. The Fund seeks long-term capital appreciation by investing primarily in a diversified portfolio of equity securities of large non-U.S. companies that we at Wellington believe to be undervalued. We, the Wellington portfolio management team, use a “contrarian value” approach to selecting securities, applying fundamental analysis to identify securities that we believe are undervalued by the market.
Security selection within the communication services, financials, and utilities sectors was partially offset by selection in the health care sector. Sector allocation, a residual of our fundamental stock selection process, also contributed to relative performance. The Fund’s overweight positions relative to the benchmark in the energy and financials sectors and an underweight position in the industrials sector contributed most to relative performance but were partially offset by an underweight allocation to the health care and materials sectors and an overweight to the communication services sector.
On a country-by-country basis, security selection in issuers based in the United Kingdom, Japan, and Italy contributed most to relative performance.
Top contributors to benchmark relative returns included Shell (energy) and Inpex (energy). Shares of Shell, an oil and gas conglomerate, and Inpex, a Japanese fossil fuel exploration and production company, advanced during the reporting period driven by higher oil prices leading up to the Russia and Ukraine war and sanctions on Russia. We continue to hold positions in both companies as of the end of the reporting period.
Among the top detractors from relative performance were an overweight relative to the benchmark in constituent Adecco Group (industrials) and not owning benchmark constituent Novo Nordisk (health care). Shares of Adecco Group ended the reporting period lower as the global staffing provider continued to recover from the impacts of the pandemic. Supply-chain issues in the automotive and electronic sectors as well as staff shortages have created headwinds for the stock. We continued to hold the company as of the end of the reporting period. Novo Nordisk shares advanced during the reporting period. The pharmaceutical company’s phase II trial of a kidney disease medication ended with encouraging results. Not holding a position detracted from relative performance.
| See benchmark definitions on A-38 – A-40 |
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PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
PF Multi-Asset Fund (managed by Pacific Life Fund Advisors LLC (portion sub-advised by Pacific Asset Management LLC))
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, the PF Multi-Asset Fund returned 7.01%, compared to a return of 10.12% for its benchmark, the MSCI World Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmarks for the period from inception through March 31, 2022. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022(1)
| 1 Year | Since Inception (1/31/18) |
|||||||
| Fund’s Class P |
7.01% | 10.40% | ||||||
| MSCI World Index |
10.12% | 9.91% | ||||||
| (1) | Pacific Asset Management LLC began sub-advising a portion of the Fund with Pacific Life Fund Advisors LLC effective December 31, 2019. Prior to that date, Pacific Life Fund Advisors LLC doing business under the name Pacific Asset Management sub-advised a portion of the Fund with Pacific Life Fund Advisors LLC. |
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. | ||||||
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund underperformed the benchmark. The Fund buys and sells total return swap agreements to gain exposure to the large-capitalization and mid-capitalization asset classes of the U.S. and developed non-U.S. equity markets, including growth and value styles, that may be denominated in foreign currencies. We at PLFA actively manage the Fund’s exposures in these asset classes in seeking to contribute to overall returns for the Fund.
A primary driver of the Fund’s underperformance versus the benchmark during the reporting period was the Fund’s fixed income holdings (which are available as collateral for the derivatives holdings) as they returned less than the Fund’s derivatives financing expenses over the reporting period. In addition, the Fund’s overweight (relative to its benchmark) exposure to the US mid-capitalization equities asset class detracted from performance, as they experienced a weaker recovery than their larger counterparts over the reporting period. Holdings in investment grade corporate bonds detracted from performance. On the other hand, the underweight (relative to its benchmark) exposure to international equities contributed to performance. In addition to total return swap agreements, the Fund used futures contracts to gain and reduce exposures to certain asset classes during the reporting period. In turn, financing costs related to gaining and reducing exposures detracted from performance.
| See benchmark definitions on A-38 – A-40 |
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PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
PF Real Estate Fund (sub-advised by Principal Real Estate Investors, LLC)
Q. How did the Fund perform for the year ended March 31, 2022?
A. For the year ended March 31, 2022, the PF Real Estate Fund returned 24.21%, compared to a return of 15.65% for the broad-based S&P 500 Index, and 25.02% return for the sector-specific benchmark the MSCI U.S. REIT Index.
The following graph compares the performance of a hypothetical $10,000 investment in Class P shares of the Fund to its benchmarks for the ten-year period ended March 31, 2022. The Fund’s performance reflects reinvestments of all dividends and capital gains distributions, if any.
Performance Comparison
Average Annual Total Returns for the Periods Ended March 31, 2022(1)
| 1 Year | 5 Years | 10 Years |
||||||||||
| Fund’s Class P |
24.21% | 10.32% | 9.28% | |||||||||
| S&P 500 Index |
15.65% | 15.99% | 14.64% | |||||||||
| MSCI U.S. REIT Index |
25.02% | 8.36% | 8.42% | |||||||||
| (1) | Principal Real Estate Investors LLC began managing the Fund on May 1, 2018, and some investment policies changed at that time. Another firm managed the Fund before that date. |
|
Performance data shown represents past performance. Investment return and principal value will fluctuate so that shares of the Fund when redeemed may be worth more or less than their original cost. Past performance is not predictive of future performance. | ||||||
Q. Discuss both positive and negative factors that materially affected the Fund’s performance during the year, including relevant market conditions, investment strategies and techniques, and particular sectors or securities.
A. For the reporting period, the Fund outperformed the broad-based S&P 500 Index and underperformed the sector-specific MSCI U.S. Real Estate Investment Trust (REIT) Index. We, the real estate securities team at Principal Real Estate Investors, utilize a fundamental style of investing. We rely on skilled portfolio managers and analysts to provide deep forward-looking perspectives and carry out rigorous, fundamental research on all investment opportunities. Security selection focuses on identifying relative stock mispricing amongst groups of comparable stocks. Excess return generation is bottom-up as we believe security selection is the most reliable and repeatable source of consistent outperformance. We construct portfolios to diversify risk and sources of excess returns, so excess return generation is consistent over the long term. Top-down and macro elements are incorporated but represent a minor role in our investment process.
In general, the real estate sector outperformed the domestic equity market (as measured by the broad-based benchmark) during the reporting period, as stocks benefitting from declining COVID cases were generally in favor and investors displayed an increased appetite for real assets against mounting inflation pressures. Despite more recent market volatility in equity markets due to rate and inflation concerns and geopolitical conflict, Real Estate Investment Trusts (REITs) have held up relatively well, exhibiting more resilience as fundamentals remain robust.
Relative to the sector-specific benchmark, the Fund underperformed, attributed to allocation decisions during the reporting period. An overweight to out of benchmark cell tower stock, American Tower Corporation, was a top detractor. The stock suffered from recent macroeconomic factors related to rising rates and inflation as well as investors reacting poorly to its acquisition of CoreSite Realty as the transaction is into a business segment outside its core expertise. Within apartments, performance was strong as fundamentals continued improving through the year with occupancy and pricing power back to pre-COVID levels. However, the Fund’s overweight to coastal operators over Sunbelt markets (Southern and Southwestern portions of the U.S.) was detractive as the surge in COVID cases in the second half of the reporting period put pressure on coastal markets. An underweight to Public Storage, a U.S. self-storage REIT, detracted. The company outperformed on better than expected operating results across occupancy and rental rate growth, in addition to completing a record level of mergers & acquisition activity. This led analysts to upwardly revise earnings growth estimates. An overweight to homebuilder stock, D.R. Horton, also detracted. Homebuilders underperformed mainly driven by macroeconomic factors related to Fed tightening and rising mortgage rates year to date. Despite strong housing momentum, investors are skeptical the housing market strength will continue. As the market has had positive returns during the reporting period, our cash holdings was another drag on relative performance.
A relative underweight to data center company Digital Realty Trust was a contributor to the Fund’s performance. The stock underperformed as investors rotated out of defensive growth names such as this one based upon a perceived greater sensitivity to rising interest rates. Data centers also suffered from supply chain concerns impacting tenant move-ins and development costs. With continued push backs in return to office timelines from large corporations, traditional office stocks underperformed the benchmark and our underweight to such stocks was another contributor.
| See benchmark definitions on A-38 – A-40 |
A-37
Table of Contents
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Benchmark Definitions
Bloomberg US 1-3 Year Government/Credit Bond Index measures the performance of a subset of the Bloomberg US Aggregate Bond Index and includes investment grade U.S. dollar-denominated, fixed-rate Treasuries, government-related and corporate securities with maturities of one to three years. Results include the reinvestment of all distributions.
Bloomberg Short Treasury Total Return Index measures the performance of the US Treasury bills, notes, and bonds under 1 year to maturity. STRIPS are excluded from the index because their inclusion would result in double-counting. Results include the reinvestment of all distributions.
Bloomberg US Aggregate Bond Index measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, which includes Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities and commercial mortgage-backed securities. Results include the reinvestment of all distributions.
Bloomberg US High-Yield 2% Issuer Capped Bond Index is an issuer-constrained version of the Bloomberg US Corporate High-Yield Bond Index that covers the U.S. dollar-denominated, high yield, fixed-rate corporate bond market and limits issuer exposures to a maximum of 2% and redistributes the excess market value index-wide on a pro-rata basis. Results include the reinvestment of all distributions.
Bloomberg US Treasury Inflation-Protected Securities (TIPS) Index (also known as Bloomberg US Treasury Inflation-Linked Bond Index) is an index of all outstanding treasury inflation protected securities issued by the U.S. government. Results include the reinvestment of all distributions.
Credit Suisse Leveraged Loan Index tracks the investable market of the U.S. dollar-denominated leveraged loan market. It consists of issues rated “5B” or lower, meaning that the highest rated issues included in this index are Moody’s/S&P ratings of Baa1/BB+ or Ba1/BBB+. All loans are funded term loans with a tenure of at least one year and are made by issuers domiciled in developed countries. Results include the reinvestment of all distributions.
ICE BofA U.S. 3-Month Treasury Bill (T-Bill) Index is an index comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date. Results include the reinvestment of all distributions.
J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified Index tracks liquid, U.S. dollar-denominated emerging market fixed and floating-rate debt instruments issued by corporates. Results include the reinvestment of all distributions.
J.P. Morgan Emerging Markets Blended – Equal Weighted Index is a blended index comprised of 1/3 each of the following indices: J.P. Morgan Government Bond Index — Emerging Markets Global Diversified Index, J.P. Morgan Emerging Markets Bond Index Global Diversified, and J.P. Morgan Corporate Emerging Markets Bond Index Broad Diversified Index. The J.P. Morgan Emerging Markets Blended — Equal Weighted Index is designed to blend U.S. dollar and local currency denominated sovereign, quasi-sovereign and corporate bonds in equal proportion. Results include the reinvestment of all distributions.
J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified tracks total returns of U.S. dollar-denominated debt instruments issued by emerging markets sovereign and quasi-sovereign entities: Brady bonds, loans, and Eurobonds. This diversified index limits the exposure of some of the larger countries. Results include the reinvestment of all distributions.
J.P. Morgan Government Bond Index-Emerging Markets (GBI-EM) Global Diversified tracks total returns of emerging markets local currency denominated fixed income instruments. The instruments of the index are regularly traded, fixed-rate local sovereign bonds to which international investors can gain exposure. Country weights are based on a trade-weighted allocation, with a maximum weight of 10% per country. Results include the reinvestment of all distributions.
MSCI All Country World Index (ACWI) ex USA Small Cap Index is a market capitalization-weighted index designed to measure the investable equity market performance for global investors of small cap stocks in developed and emerging markets, excluding the United States. Results include the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.
MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance of large- and mid-capitalization securities in emerging markets. As of March 31, 2022, the MSCI Emerging Markets Index consists of the following emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, South Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. Results include the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.
MSCI Europe, Australasia and Far East (EAFE) Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. As of March 31, 2022, the MSCI EAFE Index consists of the following developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Results include the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.
MSCI U.S. Real Estate Investment Trust (“REIT”) Index is a free float-adjusted market capitalization index that is comprised of equity REITs and represents approximately 99% of the U.S. REIT universe and securities that are classified in the Equity REITs Industry (under the Real Estate sector) according to the Global Industry Classification Standard (GICS). Results include the reinvestment of all distributions.
MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of large and mid-capitalization securities in developed markets. Results include the reinvestment of dividends after the deduction of withholding tax, applying the tax rate to non-resident individuals who do not benefit from double taxation treaties.
Table of Contents
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Pacific Funds Portfolio Optimization Composite Benchmarks: The composite benchmarks for the Portfolio Optimization Funds show the performance of a combination of three or more broad-based market indices that represent fixed income, domestic equity, international equity and cash asset class categories in weights that are fixed and specific to each Fund. The composition of each Fund’s composite benchmark is shown below. Results include the reinvestment of all distributions. Prior to July 1, 2012, the weighting to each asset category was adjusted annually to reflect the Fund’s target allocations for the year.
Pacific Funds Portfolio Optimization Conservative Composite Benchmark is 71% Bloomberg US Aggregate Bond; 17% S&P 500; 7% ICE BofA U.S. 3-Month Treasury Bill; and 5% MSCI EAFE Indices. Results include the reinvestment of all distributions.
Pacific Funds Portfolio Optimization Moderate-Conservative Composite Benchmark is 55% Bloomberg US Aggregate Bond; 30% S&P 500; 10% MSCI EAFE; and 5% ICE BofA U.S. 3-Month Treasury Bill Indices. Results include the reinvestment of all distributions.
Pacific Funds Portfolio Optimization Moderate Composite Benchmark is 45% S&P 500; 38% Bloomberg US Aggregate Bond; 15% MSCI EAFE; and 2% ICE BofA U.S. 3-Month Treasury Bill Indices. Results include the reinvestment of all distributions.
Pacific Funds Portfolio Optimization Growth Composite Benchmark is 58% S&P 500; 23% Bloomberg US Aggregate Bond; and 19% MSCI EAFE Indices. Results include the reinvestment of all distributions. Results include the reinvestment of all distributions.
Pacific Funds Portfolio Optimization Aggressive-Growth Composite Benchmark is 69% S&P 500; 26% MSCI EAFE; and 5% Bloomberg US Aggregate Bond Indices. Results include the reinvestment of all distributions.
Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher growth earning potential as defined by the index provider. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment and is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics. Results include the reinvestment of all distributions.
Russell 1000 Index measures the performance of the large-capitalization segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The Russell 1000 Index represents approximately 92% of the investable U.S. equity market. It is constructed to provide a comprehensive and unbiased barometer for the large-capitalization and is completely reconstituted annually to ensure new and growing equities are reflected. Results include the reinvestment of all distributions.
Russell 1000 Value Index measures the performance of the large-capitalization segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The Russell 1000 Index represents approximately 92% of the investable U.S. equity market. The Russell 1000 Index is constructed to provide a comprehensive and unbiased barometer for the large-cap segment and is completely reconstituted annually to ensure new and growing equities are reflected. Results include the reinvestment of all distributions.
Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 Index companies with higher growth earning potential as defined by the index provider. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics. Results include the reinvestment of all distributions.
Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. Results include the reinvestment of all distributions.
Russell 2000 Value Index measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000 Index companies that are considered more value oriented relative to the overall market as defined by the index provider. The Russell 2000 Value Index is constructed to provide a comprehensive and unbiased barometer for the small-cap value segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect value characteristics. Results include the reinvestment of all distributions.
Russell 2500 Index measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as “smid” cap. The Russell 2500 Index is a subset of the Russell 3000 Index. It includes approximately 2,500 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2500 Index is constructed to provide a comprehensive and unbiased barometer for the small to mid-cap segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small to mid-cap opportunity set. Results include the reinvestment of all distributions.
Russell 3000 Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market. The Russell 3000 Index is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected. Results include the reinvestment of all distributions.
Russell Midcap Index measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap represents approximately 31% of the total market capitalization of the Russell 1000 companies. The Russell Midcap Index is constructed to provide a comprehensive and unbiased barometer for the mid-cap segment and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap opportunity set. Results include the reinvestment of all distributions.
A-39
Table of Contents
PACIFIC FUNDS PERFORMANCE DISCUSSION (Continued)
Russell Midcap Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies that are considered more value oriented relative to the overall market as defined by the index provider. The Russell Midcap Value Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap value market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap value market. Results include the reinvestment of all distributions.
S&P 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Results include the reinvestment of all distributions.
S&P Developed Ex-U.S. SmallCap Index is an index which is comprised of the stocks representing the lowest 15% of float-adjusted market cap in each developed country, excluding the United States. Results include the reinvestment of all distributions.
Table of Contents
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION CONSERVATIVE
Schedule of Investments
March 31, 2022
| Shares |
Value |
|||||||
| AFFILIATED MUTUAL FUNDS - 100.1% |
||||||||
| Pacific Funds Core Income ‘P’ |
602,833 | $6,299,606 | ||||||
| Pacific Funds Floating Rate Income ‘P’ |
1,061,053 | 10,260,383 | ||||||
| Pacific Funds High Income ‘P’ |
2,559,667 | 24,931,159 | ||||||
| PF Inflation Managed Fund ‘P’ |
1,230,494 | 12,218,803 | ||||||
| PF Managed Bond Fund ‘P’ |
7,664,458 | 77,794,250 | ||||||
| PF Short Duration Bond Fund ‘P’ |
2,659,895 | 25,854,179 | ||||||
| PF Emerging Markets Debt Fund ‘P’ |
1,336,666 | 10,359,165 | ||||||
| PF Growth Fund ‘P’ |
15,666 | 456,194 | ||||||
| PF Large-Cap Value Fund ‘P’ |
435,887 | 5,452,948 | ||||||
| PF Small-Cap Value Fund ‘P’ |
447,027 | 4,421,095 | ||||||
| PF Emerging Markets Fund ‘P’ |
337,592 | 3,389,425 | ||||||
| PF International Growth Fund ‘P’ |
152,985 | 1,006,640 | ||||||
| PF International Small-Cap Fund ‘P’ |
414,465 | 3,390,322 | ||||||
| PF International Value Fund ‘P’ |
269,390 | 2,270,960 | ||||||
| PF Multi-Asset Fund ‘P’ |
3,650,473 | 34,241,440 | ||||||
| PF Real Estate Fund ‘P’ |
206,721 | 3,454,301 | ||||||
|
|
|
|||||||
| Total Affiliated Mutual Funds |
|
225,800,870 | ||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 100.1% |
|
225,800,870 | ||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - (0.1%) |
|
(251,672 | ) | |||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$225,549,198 | ||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition as a percentage of net assets was as follows: |
| Affiliated Fixed Income Funds |
74.4% | |||
| Affiliated Equity Funds |
25.7% | |||
|
|
|
|||
| 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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Affiliated Mutual Funds |
$225,800,870 | $225,800,870 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-1
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE
Schedule of Investments
March 31, 2022
|
|
|
|||||||
| AFFILIATED MUTUAL FUNDS - 100.1% |
||||||||
| Pacific Funds Core Income ‘P’ |
744,363 | $7,778,592 | ||||||
| Pacific Funds Floating Rate Income ‘P’ |
940,553 | 9,095,148 | ||||||
| Pacific Funds High Income ‘P’ |
2,320,804 | 22,604,630 | ||||||
| PF Inflation Managed Fund ‘P’ |
892,462 | 8,862,145 | ||||||
| PF Managed Bond Fund ‘P’ |
9,369,336 | 95,098,759 | ||||||
| PF Short Duration Bond Fund ‘P’ |
1,384,034 | 13,452,807 | ||||||
| PF Emerging Markets Debt Fund ‘P’ |
987,568 | 7,653,649 | ||||||
| PF Growth Fund ‘P’ |
223,966 | 6,521,886 | ||||||
| PF Large-Cap Value Fund ‘P’ |
1,292,185 | 16,165,233 | ||||||
| PF Small-Cap Growth Fund ‘P’ |
187,208 | 2,961,637 | ||||||
| PF Small-Cap Value Fund ‘P’ |
594,389 | 5,878,503 | ||||||
| PF Emerging Markets Fund ‘P’ |
748,256 | 7,512,489 | ||||||
| PF International Growth Fund ‘P’ |
361,671 | 2,379,798 | ||||||
| PF International Small-Cap Fund ‘P’ |
734,884 | 6,011,349 | ||||||
| PF International Value Fund ‘P’ |
1,003,128 | 8,456,372 | ||||||
| PF Multi-Asset Fund ‘P’ |
8,107,723 | 76,050,439 | ||||||
| PF Real Estate Fund ‘P’ |
274,924 | 4,593,986 | ||||||
|
|
|
|||||||
| Total Affiliated Mutual Funds |
301,077,422 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 100.1% |
301,077,422 | |||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - (0.1%) |
|
(371,852 | ) | |||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$300,705,570 | ||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition as a percentage of net assets was as follows: |
| Affiliated Fixed Income Funds |
54.7% | |||
| Affiliated Equity Funds |
45.4% | |||
|
|
|
|||
| 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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Affiliated Mutual Funds |
$301,077,422 | $301,077,422 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-2
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION MODERATE
Schedule of Investments
March 31, 2022
|
|
|
|||||||
| AFFILIATED MUTUAL FUNDS - 100.1% |
||||||||
| Pacific Funds Core Income ‘P’ |
1,446,486 | $15,115,777 | ||||||
| Pacific Funds Floating Rate Income ‘P’ |
2,044,288 | 19,768,265 | ||||||
| Pacific Funds High Income ‘P’ |
5,043,260 | 49,121,354 | ||||||
| PF Inflation Managed Fund ‘P’ |
1,939,440 | 19,258,639 | ||||||
| PF Managed Bond Fund ‘P’ |
18,142,678 | 184,148,179 | ||||||
| PF Short Duration Bond Fund ‘P’ |
3,007,647 | 29,234,332 | ||||||
| PF Emerging Markets Debt Fund ‘P’ |
1,931,389 | 14,968,265 | ||||||
| PF Growth Fund ‘P’ |
2,224,000 | 64,762,868 | ||||||
| PF Large-Cap Value Fund ‘P’ |
5,432,123 | 67,955,865 | ||||||
| PF Small-Cap Growth Fund ‘P’ |
915,341 | 14,480,701 | ||||||
| PF Small-Cap Value Fund ‘P’ |
3,390,674 | 33,533,761 | ||||||
| PF Emerging Markets Fund ‘P’ |
2,438,957 | 24,487,133 | ||||||
| PF International Growth Fund ‘P’ |
1,326,255 | 8,726,755 | ||||||
| PF International Small-Cap Fund ‘P’ |
2,395,401 | 19,594,384 | ||||||
| PF International Value Fund ‘P’ |
2,802,575 | 23,625,704 | ||||||
| PF Multi-Asset Fund ‘P’ |
39,990,584 | 375,111,682 | ||||||
| PF Real Estate Fund ‘P’ |
1,194,809 | 19,965,253 | ||||||
|
|
|
|||||||
| Total Affiliated Mutual Funds |
983,858,917 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 100.1% |
983,858,917 | |||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - (0.1%) |
(1,224,927 | ) | ||||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$982,633,990 | ||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition as a percentage of net assets was as follows: |
| Affiliated Equity Funds |
66.4% | |||
| Affiliated Fixed Income Funds |
33.7% | |||
|
|
|
|||
| 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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Affiliated Mutual Funds |
$983,858,917 | $983,858,917 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-3
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION GROWTH
Schedule of Investments
March 31, 2022
| Shares |
Value |
|||||||
| AFFILIATED MUTUAL FUNDS - 100.1% |
||||||||
| Pacific Funds Core Income ‘P’ |
544,346 | $5,688,418 | ||||||
| Pacific Funds Floating Rate Income ‘P’ |
1,276,804 | 12,346,693 | ||||||
| Pacific Funds High Income ‘P’ |
3,361,992 | 32,745,799 | ||||||
| PF Inflation Managed Fund ‘P’ |
404,027 | 4,011,991 | ||||||
| PF Managed Bond Fund ‘P’ |
6,621,647 | 67,209,713 | ||||||
| PF Short Duration Bond Fund ‘P’ |
417,705 | 4,060,094 | ||||||
| PF Emerging Markets Debt Fund ‘P’ |
1,072,928 | 8,315,190 | ||||||
| PF Growth Fund ‘P’ |
1,923,976 | 56,026,177 | ||||||
| PF Large-Cap Value Fund ‘P’ |
4,428,136 | 55,395,982 | ||||||
| PF Small-Cap Growth Fund ‘P’ |
1,271,265 | 20,111,409 | ||||||
| PF Small-Cap Value Fund ‘P’ |
3,229,126 | 31,936,057 | ||||||
| PF Emerging Markets Fund ‘P’ |
3,658,261 | 36,728,940 | ||||||
| PF International Growth Fund ‘P’ |
2,087,547 | 13,736,057 | ||||||
| PF International Small-Cap Fund ‘P’ |
2,495,090 | 20,409,833 | ||||||
| PF International Value Fund ‘P’ |
3,600,345 | 30,350,907 | ||||||
| PF Multi-Asset Fund ‘P’ |
42,415,490 | 397,857,293 | ||||||
| PF Real Estate Fund ‘P’ |
1,493,453 | 24,955,600 | ||||||
|
|
|
|||||||
| Total Affiliated Mutual Funds |
821,886,153 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 100.1% |
821,886,153 | |||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - (0.1%) |
|
(543,011 | ) | |||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$821,343,142 | ||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition as a percentage of net assets was as follows: |
| Affiliated Equity Funds |
83.7% | |||
| Affiliated Fixed Income Funds |
16.4% | |||
|
|
|
|||
| 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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Affiliated Mutual Funds |
$821,886,153 | $821,886,153 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-4
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM PORTFOLIO OPTIMIZATION AGGRESSIVE-GROWTH
Schedule of Investments
March 31, 2022
|
|
|
|||||||
| AFFILIATED MUTUAL FUNDS - 100.1% |
||||||||
| Pacific Funds Floating Rate Income ‘P’ |
164,281 | $1,588,599 | ||||||
| Pacific Funds High Income ‘P’ |
486,649 | 4,739,958 | ||||||
| PF Emerging Markets Debt Fund ‘P’ |
207,068 | 1,604,775 | ||||||
| PF Growth Fund ‘P’ |
1,059,329 | 30,847,662 | ||||||
| PF Large-Cap Value Fund ‘P’ |
1,531,955 | 19,164,757 | ||||||
| PF Small-Cap Growth Fund ‘P’ |
785,131 | 12,420,775 | ||||||
| PF Small-Cap Value Fund ‘P’ |
2,181,318 | 21,573,238 | ||||||
| PF Emerging Markets Fund ‘P’ |
1,568,946 | 15,752,215 | ||||||
| PF International Growth Fund ‘P’ |
1,564,173 | 10,292,256 | ||||||
| PF International Small-Cap Fund ‘P’ |
1,155,704 | 9,453,656 | ||||||
| PF International Value Fund ‘P’ |
1,427,238 | 12,031,617 | ||||||
| PF Multi-Asset Fund ‘P’ |
18,255,257 | 171,234,306 | ||||||
| PF Real Estate Fund ‘P’ |
384,290 | 6,421,493 | ||||||
|
|
|
|||||||
| Total Affiliated Mutual Funds |
317,125,307 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 100.1% |
317,125,307 | |||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - (0.1%) |
(162,007 | ) | ||||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
$316,963,300 | |||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition as a percentage of net assets was as follows: |
| Affiliated Equity Funds |
97.6% | |||
| Affiliated Fixed Income Funds |
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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Affiliated Mutual Funds |
$317,125,307 | $317,125,307 | $— | $— | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-5
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM ULTRA SHORT INCOME
Schedule of Investments
March 31, 2022
| Principal |
Value |
|||||||
| CORPORATE BONDS & NOTES - 60.2% |
|
|||||||
| Communications - 2.3% |
|
|||||||
| Charter Communications Operating LLC |
$300,000 | $305,927 | ||||||
| Verizon Communications Inc |
400,000 | 405,387 | ||||||
|
|
|
|||||||
| 711,314 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 6.0% |
|
|||||||
| 7-Eleven Inc |
350,000 | 344,694 | ||||||
| British Airways Pass-Through Trust ‘A’ (United Kingdom) |
81,168 | 77,018 | ||||||
| 4.625% due 12/20/25 ~ |
58,650 | 58,980 | ||||||
| Daimler Trucks Finance North America LLC (Germany) |
500,000 | 500,000 | ||||||
| DR Horton Inc |
250,000 | 251,255 | ||||||
| Hyatt Hotels Corp |
100,000 | 100,137 | ||||||
| Lennar Corp |
250,000 | 252,566 | ||||||
| Magallanes Inc |
300,000 | 302,830 | ||||||
|
|
|
|||||||
| 1,887,480 | ||||||||
|
|
|
|||||||
| Consumer, Non-Cyclical - 2.8% |
|
|||||||
| AmerisourceBergen Corp |
150,000 | 147,869 | ||||||
| Bayer US Finance II LLC (Germany) |
250,000 | 251,237 | ||||||
| Coca-Cola Europacific Partners PLC (United Kingdom) |
500,000 | 489,291 | ||||||
|
|
|
|||||||
| 888,397 | ||||||||
|
|
|
|||||||
| Energy - 4.1% |
|
|||||||
| Enbridge Inc (Canada) |
250,000 | 250,009 | ||||||
| Energy Transfer Partners LP |
200,000 | 201,196 | ||||||
| 5.000% due 10/01/22 |
200,000 | 201,642 | ||||||
| Kinder Morgan Energy Partners LP |
266,000 | 267,952 | ||||||
| Kinder Morgan Inc |
100,000 | 100,603 | ||||||
| MPLX LP |
250,000 | 252,064 | ||||||
|
|
|
|||||||
| 1,273,466 | ||||||||
|
|
|
|||||||
| Financial - 28.8% |
|
|||||||
| AerCap Ireland Capital DAC (Ireland) |
350,000 | 335,225 | ||||||
| Athene Global Funding |
250,000 | 250,451 | ||||||
| Bank of America Corp |
500,000 | 497,413 | ||||||
| Principal |
Value |
|||||||
| 1.373% (USD LIBOR + 0.790%) |
||||||||
| due 03/05/24 § |
$250,000 | $250,549 | ||||||
| Citigroup Inc |
||||||||
| due 07/24/23 § |
350,000 | 350,612 | ||||||
| 1.569% (USD LIBOR + 1.100%) |
||||||||
| due 05/17/24 § |
200,000 | 201,161 | ||||||
| 1.825% (SOFR + 1.528%) |
||||||||
| due 03/17/26 § |
250,000 | 253,131 | ||||||
| Cooperatieve Rabobank UA (Netherlands) |
250,000 | 251,918 | ||||||
| HSBC Holdings PLC (United Kingdom) |
||||||||
| due 05/18/24 § |
450,000 | 451,596 | ||||||
| JPMorgan Chase & Co |
150,000 | 150,870 | ||||||
| 1.151% (SOFR + 0.920%) |
||||||||
| due 02/24/26 § |
850,000 | 849,635 | ||||||
| Lloyds Banking Group PLC (United Kingdom) |
200,000 | 199,522 | ||||||
| Mitsubishi UFJ Financial Group Inc (Japan) |
365,000 | 366,851 | ||||||
| 3.455% due 03/02/23 |
950,000 | 960,400 | ||||||
| Morgan Stanley |
500,000 | 503,478 | ||||||
| 1.659% (USD LIBOR + 1.400%) |
||||||||
| due 10/24/23 § |
250,000 | 251,404 | ||||||
| Nasdaq Inc |
100,000 | 98,882 | ||||||
| New York Life Global Funding |
400,000 | 400,331 | ||||||
| Piedmont Operating Partnership LP REIT |
200,000 | 200,319 | ||||||
| Reliance Standard Life Global Funding II |
150,000 | 150,261 | ||||||
| Skandinaviska Enskilda Banken AB (Sweden) 0.843% (USD LIBOR + 0.320%) |
500,000 | 499,614 | ||||||
| Sumitomo Mitsui Financial Group Inc (Japan) 1.108% (USD LIBOR + 0.860%) |
132,000 | 132,694 | ||||||
| The Goldman Sachs Group Inc |
500,000 | 492,212 | ||||||
| 0.843% (SOFR + 0.700%) |
||||||||
| due 01/24/25 § |
500,000 | 496,854 | ||||||
| UBS AG (Switzerland) |
500,000 | 496,708 | ||||||
|
|
|
|||||||
| 9,092,091 | ||||||||
|
|
|
|||||||
| Industrial - 4.7% |
|
|||||||
| Carlisle Cos Inc |
300,000 | 290,810 | ||||||
| DAE Funding LLC (United Arab Emirates) |
200,000 | 189,067 | ||||||
| Graphic Packaging International LLC |
200,000 | 190,233 | ||||||
| Penske Truck Leasing Co LP |
200,000 | 200,982 | ||||||
| 4.875% due 07/11/22 ~ |
100,000 | 100,891 | ||||||
| Siemens Financieringsmaatschappij NV (Germany) 0.706% (SOFR + 0.430%) |
500,000 | 499,834 | ||||||
|
|
|
|||||||
| 1,471,817 | ||||||||
|
|
|
|||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-6
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS ULTRA SHORT INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal |
Value |
|||||||
| Technology - 0.6% |
|
|||||||
| Roper Technologies Inc |
$200,000 | $199,172 | ||||||
|
|
|
|||||||
| Utilities - 10.9% |
|
|||||||
| American Electric Power Co Inc |
250,000 | 249,744 | ||||||
| CenterPoint Energy Inc |
250,000 | 248,132 | ||||||
| CenterPoint Energy Resources Corp |
172,000 | 171,506 | ||||||
| DTE Energy Co |
500,000 | 500,820 | ||||||
| Emera US Finance LP (Canada) |
150,000 | 142,100 | ||||||
| NextEra Energy Capital Holdings Inc |
350,000 | 348,643 | ||||||
| 0.750% (USD LIBOR + 0.270%) |
||||||||
| due 02/22/23 § |
500,000 | 498,352 | ||||||
| OGE Energy Corp |
200,000 | 196,013 | ||||||
| Pacific Gas and Electric Co |
300,000 | 299,691 | ||||||
| PPL Electric Utilities Corp |
250,000 | 248,483 | ||||||
| Southern California Edison Co |
350,000 | 341,101 | ||||||
| 1.130% (SOFR + 0.830%) |
||||||||
| due 04/01/24 § |
200,000 | 199,980 | ||||||
|
|
|
|||||||
| 3,444,565 | ||||||||
|
|
|
|||||||
| Total Corporate Bonds & Notes |
18,968,302 | |||||||
|
|
|
|||||||
| SENIOR LOAN NOTES - 7.8% |
|
|||||||
| Basic Materials - 0.8% |
||||||||
| Asplundh Tree Expert LLC Term B |
246,250 | 244,034 | ||||||
|
|
|
|||||||
| Communications - 1.5% |
||||||||
| Charter Communications Operating LLC |
491,184 | 487,653 | ||||||
|
|
|
|||||||
| Consumer, Cyclical - 1.6% |
||||||||
| Hilton Worldwide Finance LLC Term B-2 |
250,000 | 247,586 | ||||||
| SeaWorld Parks & Entertainment Inc Term B |
248,750 | 246,496 | ||||||
|
|
|
|||||||
| 494,082 | ||||||||
|
|
|
|||||||
| Consumer, Non-Cyclical - 1.5% |
||||||||
| United Rentals North America Inc Term B |
491,094 | 492,717 | ||||||
|
|
|
|||||||
| Principal |
Value |
|||||||
| Energy - 1.6% |
||||||||
| BCP Raptor II LLC Term B |
$248,644 | $248,489 | ||||||
| DT Midstream Inc Term B |
249,372 | 249,333 | ||||||
|
|
|
|||||||
| 497,822 | ||||||||
|
|
|
|||||||
| Financial - 0.4% |
||||||||
| Avolon (US) LLC Term B-3 (Ireland) |
138,642 | 136,909 | ||||||
|
|
|
|||||||
| Industrial - 0.4% |
||||||||
| GFL Environmental Inc Term B (Canada) |
124,672 | 124,371 | ||||||
|
|
|
|||||||
| Total Senior Loan Notes |
2,477,588 | |||||||
|
|
|
|||||||
| ASSET-BACKED SECURITIES - 25.0% |
|
|||||||
| AmeriCredit Automobile Receivables Trust |
300,000 | 291,778 | ||||||
| 1.480% due 01/21/25 |
250,000 | 248,730 | ||||||
| Hilton Grand Vacations Trust |
60,048 | 58,665 | ||||||
| Magnetite Ltd (Cayman) |
596,706 | 597,004 | ||||||
| 1.221% (USD LIBOR + 0.980%) |
||||||||
| due 04/15/31 ~ § |
500,000 | 497,576 | ||||||
| 1.386% (USD LIBOR + 0.880%) |
||||||||
| due 11/15/28 ~ § |
496,994 | 493,695 | ||||||
| Navient Private Education Refi Loan Trust |
112,303 | 107,278 | ||||||
| 1.060% due 10/15/69 ~ |
188,305 | 179,166 | ||||||
| 1.220% due 07/15/69 ~ |
184,690 | 180,345 | ||||||
| 1.310% due 01/15/69 ~ |
122,212 | 118,405 | ||||||
| 1.690% due 05/15/69 ~ |
119,086 | 114,460 | ||||||
| Navient Student Loan Trust |
57,079 | 56,987 | ||||||
| 1.057% (USD LIBOR + 0.600%) |
||||||||
| due 12/26/69 ~ § |
132,531 | 131,637 | ||||||
| 1.320% due 08/26/69 ~ |
127,715 | 116,658 | ||||||
| Nelnet Student Loan Trust |
225,011 | 224,020 | ||||||
| Neuberger Berman Loan Advisers CLO 26 Ltd (Cayman) |
450,000 | 449,696 | ||||||
| Neuberger Berman Loan Advisers CLO 37 Ltd (Cayman) |
300,000 | 296,827 | ||||||
| OCP CLO Ltd (Cayman) |
250,000 | 250,009 | ||||||
| Palmer Square CLO Ltd (Cayman) |
250,000 | 248,803 | ||||||
| Palmer Square Loan Funding Ltd (Cayman) |
173,461 | 172,825 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-7
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS ULTRA SHORT INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal |
Value |
|||||||
| 1.159% (USD LIBOR + 0.900%) |
||||||||
| due 10/24/27 ~ § |
$ | 162,182 | $ | 161,893 | ||||
| 1.224% (USD LIBOR + 0.970%) |
||||||||
| due 04/20/27 ~ § |
81,446 | 81,203 | ||||||
| 1.280% (USD LIBOR + 0.800%) |
||||||||
| due 02/20/28 ~ § |
495,914 | 495,989 | ||||||
| 1.280% (USD LIBOR + 0.800%) |
||||||||
| due 05/20/29 ~ § |
232,177 | 231,320 | ||||||
| 1.284% (3-Month SOFR + 1.050%) |
||||||||
| due 04/15/30 ~ § |
500,000 | 498,877 | ||||||
| 1.304% (USD LIBOR + 1.050%) |
||||||||
| due 04/20/27 ~ § |
56,208 | 56,278 | ||||||
| 1.330% (USD LIBOR + 0.850%) |
||||||||
| due 08/20/27 ~ § |
77,577 | 77,450 | ||||||
| Santander Drive Auto Receivables Trust |
200,000 | 198,003 | ||||||
| SMB Private Education Loan Trust |
28,963 | 28,955 | ||||||
| 1.027% (USD LIBOR + 0.630%) due 02/15/51 ~ § |
133,734 | 132,834 | ||||||
| 2.340% due 09/15/34 ~ |
208,921 | 206,124 | ||||||
| 2.430% due 02/17/32 ~ |
64,993 | 63,877 | ||||||
| 2.700% due 05/15/31 ~ |
142,729 | 141,471 | ||||||
| Stratus CLO Ltd (Cayman) |
250,000 | 248,024 | ||||||
| Voya CLO Ltd (Cayman) |
193,538 | 192,570 | ||||||
| 1.371% (USD LIBOR + 1.130%) |
250,000 | 249,858 | ||||||
|
|
|
|||||||
| Total Asset-Backed Securities |
7,899,290 | |||||||
|
|
|
|||||||
| Principal |
Value |
|||||||
| U.S. TREASURY OBLIGATIONS - 1.6% |
|
|||||||
| U.S. Treasury Notes - 1.6% |
||||||||
| 0.125% due 06/30/22 |
$ | 500,000 | $ | 499,440 | ||||
|
|
|
|||||||
| Total U.S. Treasury Obligations |
|
499,440 | ||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENTS - 10.1% |
|
|||||||
| Corporate Notes - 1.1% |
|
|||||||
| Southern California Edison Co |
350,000 | 349,933 | ||||||
|
|
|
|||||||
| Shares |
||||||||
| Money Market Fund - 9.0% |
|
|||||||
| BlackRock Liquidity Funds T-Fund
Portfolio |
2,826,891 | 2,826,891 | ||||||
|
|
|
|||||||
| Total Short-Term Investments |
3,176,824 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 104.7% |
|
33,021,444 | ||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - (4.7%) |
|
(1,493,585 | ) | |||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$ | 31,527,859 | |||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition as a percentage of net assets was as follows: |
| Corporate Bonds & Notes |
60.2% | |||
| Asset-Backed Securities |
25.0% | |||
| Short-Term Investments |
10.1% | |||
| Senior Loan Notes |
7.8% | |||
| Others (each less than 3.0%) |
1.6% | |||
|
|
|
|||
| 104.7% | ||||
| Other Assets & Liabilities, Net |
(4.7% | ) | ||
|
|
|
|||
| 100.0% | ||||
|
|
|
| (b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Corporate Bonds & Notes |
$18,968,302 | $ — | $18,968,302 | $ — | |||||||||||||
| Senior Loan Notes |
2,477,588 | — | 2,477,588 | — | ||||||||||||||
| Asset-Backed Securities |
7,899,290 | — | 7,899,290 | — | ||||||||||||||
| U.S. Treasury Obligations |
499,440 | — | 499,440 | — | ||||||||||||||
| Short-Term Investments |
3,176,824 | 2,826,891 | 349,933 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$33,021,444 | $2,826,891 | $30,194,553 | $ — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-8
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM SHORT DURATION INCOME
Schedule of Investments
March 31, 2022
| Principal Amount |
Value |
|||||||
| CORPORATE BONDS & NOTES - 53.8% |
| |||||||
| Basic Materials - 1.0% |
|
|||||||
| DuPont de Nemours Inc |
$2,000,000 | $2,020,583 | ||||||
| Glencore Funding LLC (Australia) |
||||||||
| 4.125% due 05/30/23 ~ |
1,400,000 | 1,424,864 | ||||||
| 4.125% due 03/12/24 ~ |
2,500,000 | 2,535,487 | ||||||
| 4.625% due 04/29/24 ~ |
3,830,000 | 3,924,041 | ||||||
|
|
|
|||||||
| 9,904,975 | ||||||||
|
|
|
|||||||
| Communications - 2.5% |
| |||||||
| Charter Communications Operating LLC |
5,000,000 | 5,117,402 | ||||||
| Expedia Group Inc |
7,000,000 | 7,062,220 | ||||||
| Rogers Communications Inc (Canada) |
3,350,000 | 3,329,367 | ||||||
| Sprint Spectrum Co LLC |
7,968,750 | 8,139,527 | ||||||
| T-Mobile USA Inc |
||||||||
| 2.250% due 02/15/26 ~ |
1,675,000 | 1,580,195 | ||||||
| 2.625% due 04/15/26 |
100,000 | 95,642 | ||||||
|
|
|
|||||||
| 25,324,353 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 8.6% |
| |||||||
| American Airlines Pass-Through Trust ‘A’ |
728,635 | 677,546 | ||||||
| Aptiv PLC |
1,000,000 | 975,146 | ||||||
| British Airways Pass-Through Trust ‘A’ (United Kingdom) |
||||||||
| 3.350% due 12/15/30 ~ |
2,759,713 | 2,618,604 | ||||||
| 4.625% due 12/20/25 ~ |
1,607,024 | 1,616,061 | ||||||
| Brunswick Corp |
1,950,000 | 1,845,018 | ||||||
| Daimler Trucks Finance North America LLC (Germany) |
7,000,000 | 6,792,222 | ||||||
| Delta Air Lines Inc |
6,000,000 | 6,039,579 | ||||||
| Delta Air Lines Pass-Through Trust ‘AA’ |
4,500,000 | 4,508,317 | ||||||
| DR Horton Inc |
4,500,000 | 4,441,053 | ||||||
| Ford Motor Credit Co LLC |
||||||||
| 2.300% due 02/10/25 |
2,500,000 | 2,375,844 | ||||||
| 2.700% due 08/10/26 |
1,775,000 | 1,652,987 | ||||||
| 3.096% due 05/04/23 |
3,000,000 | 3,000,000 | ||||||
| 3.375% due 11/13/25 |
4,200,000 | 4,109,826 | ||||||
| 5.584% due 03/18/24 |
1,300,000 | 1,338,493 | ||||||
| General Motors Co |
2,000,000 | 2,070,227 | ||||||
| General Motors Financial Co Inc |
3,000,000 | 2,969,118 | ||||||
| Genting New York LLC |
1,800,000 | 1,704,754 | ||||||
| Hyatt Hotels Corp |
||||||||
| 1.800% due 10/01/24 |
4,200,000 | 4,044,804 | ||||||
| 3.375% due 07/15/23 |
6,234,000 | 6,242,563 | ||||||
| Hyundai Capital America |
3,750,000 | 3,530,227 | ||||||
| Hyundai Capital Services Inc (South Korea) |
3,000,000 | 2,879,097 | ||||||
| International Game Technology PLC |
1,500,000 | 1,483,822 | ||||||
| Kia Corp (South Korea) |
2,000,000 | 1,945,913 | ||||||
| Principal Amount |
Value |
|||||||
| Las Vegas Sands Corp |
$3,000,000 | $2,866,289 | ||||||
| Lennar Corp |
5,000,000 | 5,129,099 | ||||||
| Magallanes Inc |
3,550,000 | 3,575,353 | ||||||
| MGM Resorts International |
2,800,000 | 2,866,822 | ||||||
| Nordstrom Inc |
2,300,000 | 2,275,528 | ||||||
| United Airlines Pass-Through Trust ‘B’ |
493,056 | 466,064 | ||||||
| US Airways Pass-Through Trust ‘A’ |
509,611 | 487,549 | ||||||
|
|
|
|||||||
| 86,527,925 | ||||||||
|
|
|
|||||||
| Consumer, Non-Cyclical - 2.3% |
| |||||||
| Block Inc |
750,000 | 709,800 | ||||||
| Element Fleet Management Corp (Canada) |
7,300,000 | 7,045,433 | ||||||
| Global Payments Inc |
1,500,000 | 1,435,467 | ||||||
| GSK Consumer Healthcare Capital UK PLC |
4,750,000 | 4,738,682 | ||||||
| JDE Peet’s NV (Netherlands) |
3,000,000 | 2,817,647 | ||||||
| Suntory Holdings Ltd (Japan) |
5,600,000 | 5,438,197 | ||||||
| Thermo Fisher Scientific Inc |
1,500,000 | 1,443,712 | ||||||
|
|
|
|||||||
| 23,628,938 | ||||||||
|
|
|
|||||||
| Energy - 2.3% |
| |||||||
| Energy Transfer LP |
||||||||
| 3.600% due 02/01/23 |
5,325,000 | 5,357,299 | ||||||
| 4.250% due 03/15/23 |
1,500,000 | 1,516,911 | ||||||
| 4.250% due 04/01/24 |
5,000,000 | 5,100,289 | ||||||
| Kinder Morgan Inc |
2,355,000 | 2,432,148 | ||||||
| MPLX LP |
||||||||
| 3.500% due 12/01/22 |
2,000,000 | 2,016,510 | ||||||
| 4.500% due 07/15/23 |
1,000,000 | 1,017,101 | ||||||
| 4.875% due 12/01/24 |
6,020,000 | 6,240,096 | ||||||
|
|
|
|||||||
| 23,680,354 | ||||||||
|
|
|
|||||||
| Financial - 23.6% |
| |||||||
| AerCap Ireland Capital DAC (Ireland) |
||||||||
| 1.650% due 10/29/24 |
4,900,000 | 4,631,704 | ||||||
| 1.750% due 01/30/26 |
1,250,000 | 1,148,399 | ||||||
| 4.500% due 09/15/23 |
5,000,000 | 5,040,243 | ||||||
| Air Lease Corp |
||||||||
| 3.000% due 09/15/23 |
2,432,000 | 2,422,871 | ||||||
| 3.375% due 07/01/25 |
1,200,000 | 1,184,083 | ||||||
| American Express Co |
1,000,000 | 982,989 | ||||||
| ANZ New Zealand Int’l Ltd (New Zealand) |
1,650,000 | 1,608,266 | ||||||
| Avolon Holdings Funding Ltd (Ireland) |
||||||||
| 2.125% due 02/21/26 ~ |
4,550,000 | 4,159,956 | ||||||
| 4.250% due 04/15/26 ~ |
2,650,000 | 2,617,029 | ||||||
| Banco Santander SA (Spain) |
3,000,000 | 2,926,656 | ||||||
| Bank of America Corp |
||||||||
| 0.976% due 04/22/25 |
7,500,000 | 7,193,888 | ||||||
| 1.843% due 02/04/25 |
13,950,000 | 13,645,710 | ||||||
| 3.384% due 04/02/26 |
8,000,000 | 7,992,616 | ||||||
| 4.200% due 08/26/24 |
2,000,000 | 2,049,669 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-9
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| BOC Aviation Ltd (Singapore) |
||||||||
| 2.750% due 09/18/22 ~ |
$3,500,000 | $3,502,635 | ||||||
| 2.750% due 12/02/23 ~ |
5,000,000 | 4,958,766 | ||||||
| Citigroup Inc |
||||||||
| 0.776% due 10/30/24 |
1,400,000 | 1,353,197 | ||||||
| 1.546% (USD LIBOR + 1.023%) |
5,000,000 | 5,028,262 | ||||||
| 2.014% due 01/25/26 |
5,650,000 | 5,443,342 | ||||||
| Corebridge Financial Inc |
1,700,000 | 1,698,657 | ||||||
| Credit Suisse AG (Switzerland) |
3,500,000 | 3,448,910 | ||||||
| GLP Capital LP REIT |
4,425,000 | 4,403,052 | ||||||
| HSBC Holdings PLC (United Kingdom) |
||||||||
| 0.732% due 08/17/24 |
4,050,000 | 3,919,114 | ||||||
| 0.976% due 05/24/25 |
2,500,000 | 2,375,258 | ||||||
| 1.162% due 11/22/24 |
4,000,000 | 3,864,636 | ||||||
| JPMorgan Chase & Co |
||||||||
| 0.824% due 06/01/25 |
1,500,000 | 1,431,526 | ||||||
| 0.969% due 06/23/25 |
3,200,000 | 3,057,802 | ||||||
| 0.989% (USD LIBOR + 0.730%) |
700,000 | 701,991 | ||||||
| 1.151% (SOFR + 0.920%) |
3,450,000 | 3,448,518 | ||||||
| 2.595% due 02/24/26 |
1,500,000 | 1,472,131 | ||||||
| 3.900% due 07/15/25 |
2,000,000 | 2,054,214 | ||||||
| Metropolitan Life Global Funding I |
3,000,000 | 2,978,932 | ||||||
| Mitsubishi UFJ Financial Group Inc (Japan) |
||||||||
| 0.848% due 09/15/24 |
2,050,000 | 1,987,827 | ||||||
| 0.953% due 07/19/25 |
6,000,000 | 5,692,124 | ||||||
| Mizuho Financial Group Inc (Japan) |
5,000,000 | 4,895,186 | ||||||
| Morgan Stanley |
||||||||
| 0.560% due 11/10/23 |
1,600,000 | 1,581,909 | ||||||
| 0.731% due 04/05/24 |
2,000,000 | 1,959,850 | ||||||
| 0.790% due 05/30/25 |
8,400,000 | 7,986,440 | ||||||
| 3.875% due 04/29/24 |
3,000,000 | 3,061,663 | ||||||
| Office Properties Income Trust REIT |
4,000,000 | 3,663,200 | ||||||
| OneMain Finance Corp |
5,200,000 | 5,336,058 | ||||||
| Piedmont Operating Partnership LP REIT |
3,800,000 | 3,806,059 | ||||||
| Protective Life Global Funding |
2,500,000 | 2,497,579 | ||||||
| Reliance Standard Life Global Funding II |
2,000,000 | 1,965,847 | ||||||
| Societe Generale SA (France) |
1,900,000 | 1,805,539 | ||||||
| Standard Chartered PLC (United Kingdom) |
||||||||
| 0.991% due 01/12/25 ~ |
3,000,000 | 2,867,932 | ||||||
| 1.319% due 10/14/23 ~ |
2,500,000 | 2,477,135 | ||||||
| 3.885% due 03/15/24 ~ |
1,500,000 | 1,511,358 | ||||||
| Sumitomo Mitsui Financial Group Inc (Japan) |
||||||||
| 0.508% due 01/12/24 |
3,200,000 | 3,079,114 | ||||||
| 1.402% due 09/17/26 |
3,000,000 | 2,741,328 | ||||||
| 1.474% due 07/08/25 |
4,000,000 | 3,767,972 | ||||||
| 2.348% due 01/15/25 |
2,500,000 | 2,431,714 | ||||||
| 2.448% due 09/27/24 |
600,000 | 589,914 | ||||||
| Sumitomo Mitsui Trust Bank Ltd (Japan) |
3,850,000 | 3,637,069 | ||||||
| The Goldman Sachs Group Inc |
||||||||
| 0.657% due 09/10/24 |
9,000,000 | 8,709,377 | ||||||
| 0.843% (SOFR + 0.700%) |
9,000,000 | 8,943,373 | ||||||
| 1.757% due 01/24/25 |
13,050,000 | 12,730,762 | ||||||
| 3.500% due 04/01/25 |
3,246,000 | 3,272,190 | ||||||
| 3.625% due 02/20/24 |
500,000 | 506,574 | ||||||
| Principal Amount |
Value |
|||||||
| The PNC Financial Services Group Inc |
$2,155,000 | $2,205,756 | ||||||
| UBS AG (Switzerland) |
5,000,000 | 4,743,686 | ||||||
| VICI Properties LP REIT |
6,050,000 | 5,969,868 | ||||||
| Wells Fargo & Co |
9,000,000 | 8,895,488 | ||||||
|
|
|
|||||||
| 238,064,913 | ||||||||
|
|
|
|||||||
| Industrial - 3.6% |
| |||||||
| Berry Global Inc |
3,250,000 | 3,031,845 | ||||||
| Canadian Pacific Railway Co (Canada) |
1,200,000 | 1,151,699 | ||||||
| DAE Funding LLC (United Arab Emirates) |
2,300,000 | 2,174,273 | ||||||
| Graphic Packaging International LLC |
2,400,000 | 2,282,795 | ||||||
| Penske Truck Leasing Co LP |
||||||||
| 2.700% due 03/14/23 ~ |
1,000,000 | 1,004,909 | ||||||
| 2.700% due 11/01/24 ~ |
4,750,000 | 4,682,740 | ||||||
| 3.450% due 07/01/24 ~ |
2,300,000 | 2,306,484 | ||||||
| 4.125% due 08/01/23 ~ |
2,000,000 | 2,025,077 | ||||||
| Silgan Holdings Inc |
2,950,000 | 2,694,227 | ||||||
| TD SYNNEX Corp |
4,800,000 | 4,564,328 | ||||||
| Teledyne Technologies Inc |
9,000,000 | 8,645,878 | ||||||
| TK Elevator US Newco Inc (Germany) |
1,500,000 | 1,485,345 | ||||||
|
|
|
|||||||
| 36,049,600 | ||||||||
|
|
|
|||||||
| Technology - 3.0% |
| |||||||
| Dell International LLC |
5,100,000 | 5,214,109 | ||||||
| DXC Technology Co |
1,800,000 | 1,652,702 | ||||||
| Fidelity National Information Services Inc |
4,400,000 | 4,215,307 | ||||||
| Infor Inc |
3,000,000 | 2,940,904 | ||||||
| Microchip Technology Inc |
||||||||
| 0.972% due 02/15/24 |
8,250,000 | 7,912,444 | ||||||
| 0.983% due 09/01/24 ~ |
3,750,000 | 3,553,612 | ||||||
| NXP BV (China) |
3,300,000 | 3,202,072 | ||||||
| Qorvo Inc |
1,700,000 | 1,623,585 | ||||||
|
|
|
|||||||
| 30,314,735 | ||||||||
|
|
|
|||||||
| Utilities - 6.9% |
| |||||||
| Black Hills Corp |
2,000,000 | 1,910,926 | ||||||
| CenterPoint Energy Inc |
2,750,000 | 2,729,450 | ||||||
| CenterPoint Energy Resources Corp |
862,000 | 859,525 | ||||||
| Dominion Energy Inc |
4,280,000 | 4,274,592 | ||||||
| DPL Inc |
600,000 | 596,682 | ||||||
| Edison International |
2,000,000 | 2,047,622 | ||||||
| Emera US Finance LP (Canada) |
3,857,000 | 3,653,867 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-10
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Evergy Inc |
$4,050,000 | $3,977,173 | ||||||
| FirstEnergy Corp |
8,800,000 | 8,810,780 | ||||||
| NextEra Energy Operating Partners LP |
7,875,000 | 7,981,470 | ||||||
| OGE Energy Corp |
1,900,000 | 1,862,122 | ||||||
| Oklahoma Gas and Electric Co |
1,650,000 | 1,615,115 | ||||||
| Pacific Gas and Electric Co |
7,200,000 | 7,192,580 | ||||||
| Sempra Energy |
3,600,000 | 3,608,292 | ||||||
| Southern California Edison Co |
||||||||
| 0.975% due 08/01/24 |
4,650,000 | 4,437,619 | ||||||
| 1.100% due 04/01/24 |
2,100,000 | 2,027,999 | ||||||
| The AES Corp |
||||||||
| 1.375% due 01/15/26 |
4,350,000 | 4,005,792 | ||||||
| 3.300% due 07/15/25 ~ |
3,650,000 | 3,588,808 | ||||||
| Vistra Operations Co LLC |
4,250,000 | 4,212,848 | ||||||
|
|
|
|||||||
| 69,393,262 | ||||||||
|
|
|
|||||||
| Total Corporate Bonds & Notes |
542,889,055 | |||||||
|
|
|
|||||||
| SENIOR LOAN NOTES - 13.9% |
|
|||||||
| Communications - 0.3% |
||||||||
| CSC Holdings LLC Term B |
1,480,916 | 1,456,983 | ||||||
| SBA Senior Finance II LLC Term B |
1,184,615 | 1,172,557 | ||||||
|
|
|
|||||||
| 2,629,540 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 2.5% |
| |||||||
| Carnival Corp Term B |
1,246,875 | 1,220,899 | ||||||
| ClubCorp Holdings Inc Term B |
3,819,574 | 3,637,548 | ||||||
| Hilton Grand Vacations Borrower LLC Term B |
1,987,008 | 1,978,004 | ||||||
| Marriott Ownership Resorts Inc Term B |
1,819,096 | 1,776,651 | ||||||
| Mileage Plus Holdings LLC Term B |
2,000,000 | 2,083,750 | ||||||
| Restaurant Brands International Inc Term B (Canada) |
1,896,276 | 1,859,299 | ||||||
| SeaWorld Parks & Entertainment Inc Term B |
4,477,500 | 4,436,925 | ||||||
| SRS Distribution Inc Term B |
2,487,500 | 2,453,919 | ||||||
| Stars Group Holdings BV Term B (Canada) |
3,253,578 | 3,229,177 | ||||||
| United Airlines Inc Term B |
3,049,087 | 3,018,596 | ||||||
|
|
|
|||||||
| 25,694,768 | ||||||||
|
|
|
|||||||
| Principal Amount |
Value |
|||||||
| Consumer, Non-Cyclical - 4.1% |
| |||||||
| Allied Universal Holdco LLC Term B |
$2,487,500 | $2,451,431 | ||||||
| Bausch Health Americas Inc Term B |
4,529,020 | 4,499,300 | ||||||
| CoreLogic Inc Term B |
3,482,500 | 3,435,486 | ||||||
| Heartland Dental LLC Term B |
3,473,750 | 3,455,297 | ||||||
| Mavis Tire Express Services Topco Corp |
4,758,015 | 4,734,225 | ||||||
| Pathway Vet Alliance LLC Term B |
2,945,835 | 2,921,901 | ||||||
| PetVet Care Centers LLC Term B-3 |
7,607,543 | 7,571,088 | ||||||
| Spin Holdco Inc Term B |
2,475,000 | 2,461,078 | ||||||
| Sunshine Luxembourg VII SARL Term B (Luxembourg) |
3,682,763 | 3,663,200 | ||||||
| United Rentals North America Inc Term B |
4,419,847 | 4,434,451 | ||||||
| Wand NewCo 3 Inc Term B-1 |
1,750,683 | 1,702,977 | ||||||
|
|
|
|||||||
| 41,330,434 | ||||||||
|
|
|
|||||||
| Energy - 1.2% |
| |||||||
| BCP Raptor II LLC Term B |
4,972,881 | 4,969,773 | ||||||
| BCP Raptor LLC |
2,984,091 | 2,981,915 | ||||||
| DT Midstream Inc Term B |
3,740,578 | 3,739,994 | ||||||
|
|
|
|||||||
| 11,691,682 | ||||||||
|
|
|
|||||||
| Financial - 2.7% |
| |||||||
| Acrisure LLC Term B |
2,210,554 | 2,180,712 | ||||||
| AssuredPartners Inc Term B |
7,091,775 | 7,017,531 | ||||||
| Avolon (US) LLC Term B-3 (Ireland) |
6,029,412 | 5,954,044 | ||||||
| HUB International Ltd Term B |
5,913,004 | 5,853,537 | ||||||
| NFP Corp Term B |
3,108,756 | 3,057,268 | ||||||
| USI Inc Term B |
3,360,633 | 3,344,586 | ||||||
|
|
|
|||||||
| 27,407,678 | ||||||||
|
|
|
|||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-11
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Industrial - 0.8% |
| |||||||
| Brown Group Holding LLC Term B |
$232,345 | $228,739 | ||||||
| Filtration Group Corp Term B |
5,177,344 | 5,109,391 | ||||||
| Proampac PG Borrower LLC Term B |
2,722,569 | 2,670,385 | ||||||
| TransDigm Inc Term F |
453,865 | 446,277 | ||||||
|
|
|
|||||||
| 8,454,792 | ||||||||
|
|
|
|||||||
| Technology - 2.3% |
| |||||||
| Applied Systems Inc Term B |
1,966,765 | 1,956,579 | ||||||
| AthenaHealth Group Inc Term B |
500,000 | 495,781 | ||||||
| Epicor Software Corp Term C |
5,954,660 | 5,915,073 | ||||||
| Sophia LP Term B |
3,209,497 | 3,181,414 | ||||||
| Tempo Acquisition LLC Term B |
4,738,285 | 4,690,902 | ||||||
| UKG Inc |
6,675,820 | 6,629,924 | ||||||
|
|
|
|||||||
| 22,869,673 | ||||||||
|
|
|
|||||||
| Total Senior Loan Notes |
140,078,567 | |||||||
|
|
|
|||||||
| ASSET-BACKED SECURITIES - 23.7% |
|
|||||||
| AIMCO CLO 10 Ltd (Cayman) |
2,700,000 | 2,679,820 | ||||||
| AmeriCredit Automobile Receivables Trust |
||||||||
| 0.680% due 10/19/26 |
10,100,000 | 9,748,947 | ||||||
| 0.690% due 01/19/27 |
2,400,000 | 2,297,061 | ||||||
| 0.760% due 12/18/25 |
2,400,000 | 2,334,225 | ||||||
| 1.170% due 08/18/27 |
4,700,000 | 4,463,303 | ||||||
| 1.480% due 01/21/25 |
2,750,000 | 2,736,026 | ||||||
| 2.600% due 09/18/23 |
34,207 | 34,233 | ||||||
| Atrium XIII (Cayman) |
470,000 | 468,351 | ||||||
| Buttermilk Park CLO Ltd (Cayman) |
1,850,000 | 1,840,095 | ||||||
| Carlyle Global Market Strategies CLO Ltd (Cayman) |
495,916 | 491,850 | ||||||
| CIFC Funding
2013-III-R Ltd (Cayman) |
2,000,000 | 1,985,077 | ||||||
| CIFC Funding 2015-III Ltd (Cayman) |
1,467,638 | 1,465,203 | ||||||
| Dryden 55 CLO Ltd (Cayman) |
2,500,000 | 2,475,098 | ||||||
| Principal Amount |
Value |
|||||||
| Dryden 58 CLO Ltd (Cayman) |
$3,148,000 | $3,118,531 | ||||||
| Dryden 61 CLO Ltd (Cayman) |
7,000,000 | 6,936,387 | ||||||
| Dryden 64 CLO Ltd (Cayman) |
2,000,000 | 1,984,433 | ||||||
| Ford Credit Auto Owner Trust |
||||||||
| 0.700% due 10/15/26 |
10,550,000 | 9,897,827 | ||||||
| 0.790% due 08/15/26 |
2,650,000 | 2,507,919 | ||||||
| 1.190% due 01/15/26 |
2,050,000 | 1,985,436 | ||||||
| 2.040% due 08/15/31 ~ |
2,000,000 | 1,933,544 | ||||||
| 2.130% due 05/15/25 |
5,000,000 | 4,981,697 | ||||||
| GM Financial Consumer Automobile Receivables Trust |
||||||||
| 0.750% due 05/17/27 |
800,000 | 754,960 | ||||||
| 3.270% due 01/16/24 |
1,200,000 | 1,205,195 | ||||||
| Hilton Grand Vacations Trust |
240,194 | 234,658 | ||||||
| Hyundai Auto Receivables Trust |
2,000,000 | 1,994,802 | ||||||
| Magnetite Ltd (Cayman) |
2,170,000 | 2,159,480 | ||||||
| Magnetite XIV-R Ltd (Cayman) |
3,000,000 | 2,985,441 | ||||||
| Magnetite XV Ltd (Cayman) |
1,500,000 | 1,488,759 | ||||||
| Magnetite XVIII Ltd (Cayman) |
2,981,962 | 2,962,170 | ||||||
| Magnetite XXIX Ltd (Cayman) |
3,300,000 | 3,269,164 | ||||||
| MVW LLC |
||||||||
| 1.140% due 01/22/41 ~ |
1,561,006 | 1,480,999 | ||||||
| 1.740% due 10/20/37 ~ |
416,591 | 402,697 | ||||||
| Navient Private Education Loan Trust |
733,576 | 737,777 | ||||||
| Navient Private Education Refi Loan Trust |
||||||||
| 0.840% due 05/15/69 ~ |
954,575 | 911,863 | ||||||
| 1.060% due 10/15/69 ~ |
4,331,025 | 4,120,817 | ||||||
| 1.110% due 02/18/70 ~ |
2,250,078 | 2,099,022 | ||||||
| 1.170% due 09/16/69 ~ |
602,692 | 583,088 | ||||||
| 1.220% due 07/15/69 ~ |
923,449 | 901,727 | ||||||
| 1.310% due 01/15/69 ~ |
2,248,703 | 2,178,656 | ||||||
| 1.690% due 05/15/69 ~ |
4,135,386 | 3,984,797 | ||||||
| 2.120% due 01/15/69 ~ |
2,175,775 | 2,135,166 | ||||||
| 2.230% due 07/15/70 ~ |
6,200,000 | 5,997,849 | ||||||
| 2.460% due 11/15/68 ~ |
920,751 | 884,929 | ||||||
| 2.640% due 05/15/68 ~ |
1,164,885 | 1,148,172 | ||||||
| Navient Student Loan Trust |
||||||||
| 1.007% (USD LIBOR + 0.550%) |
3,224,366 | 3,194,397 | ||||||
| 1.057% (USD LIBOR + 0.600%) |
3,843,393 | 3,817,468 | ||||||
| 1.320% due 08/26/69 ~ |
3,788,879 | 3,460,851 | ||||||
| 1.507% (USD LIBOR + 1.050%) |
2,145,801 | 2,159,656 | ||||||
| 3.390% due 12/15/59 ~ |
1,489,788 | 1,490,990 | ||||||
| Nelnet Student Loan Trust |
||||||||
| 1.139% (USD LIBOR + 0.690%) |
2,655,130 | 2,643,440 | ||||||
| 1.360% due 04/20/62 ~ |
3,135,699 | 2,941,086 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-12
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Neuberger Berman Loan Advisers CLO 24 Ltd (Cayman) |
$1,000,000 | $987,592 | ||||||
| Neuberger Berman Loan Advisers CLO 25 Ltd (Cayman) |
2,650,000 | 2,626,150 | ||||||
| Neuberger Berman Loan Advisers CLO 26 Ltd (Cayman) |
5,550,000 | 5,546,255 | ||||||
| Neuberger Berman Loan Advisers CLO 37 Ltd (Cayman) |
4,700,000 | 4,650,289 | ||||||
| OCP CLO Ltd (Cayman) |
2,500,000 | 2,500,085 | ||||||
| Palmer Square CLO Ltd (Cayman) |
2,250,000 | 2,239,230 | ||||||
| Palmer Square Loan Funding Ltd (Cayman) |
||||||||
| 0.928% (USD LIBOR + 0.800%) |
7,000,000 | 6,975,441 | ||||||
| 1.154% (USD LIBOR + 0.900%) |
1,734,611 | 1,728,244 | ||||||
| 1.280% (USD LIBOR + 0.800%) |
7,894,007 | 7,864,882 | ||||||
| 1.528% (USD LIBOR + 1.400%) |
3,000,000 | 2,994,234 | ||||||
| 1.654% (USD LIBOR + 1.400%) |
4,000,000 | 4,000,787 | ||||||
| 1.830% (USD LIBOR + 1.350%) |
2,950,000 | 2,944,282 | ||||||
| 2.380% (USD LIBOR + 1.900%) |
1,200,000 | 1,189,805 | ||||||
| Regatta XIV Funding Ltd (Cayman) |
1,100,000 | 1,096,688 | ||||||
| Santander Drive Auto Receivables Trust |
||||||||
| 0.500% due 04/15/25 |
9,900,000 | 9,859,339 | ||||||
| 0.590% due 09/15/25 |
3,150,000 | 3,118,544 | ||||||
| 0.750% due 02/17/26 |
3,750,000 | 3,678,788 | ||||||
| 0.880% due 06/15/26 |
1,850,000 | 1,787,127 | ||||||
| 0.900% due 06/15/26 |
4,000,000 | 3,889,534 | ||||||
| 0.950% due 09/15/27 |
2,100,000 | 2,038,638 | ||||||
| 1.260% due 02/16/27 |
5,000,000 | 4,776,489 | ||||||
| SLC Student Loan Trust |
337,607 | 336,138 | ||||||
| SMB Private Education Loan Trust |
||||||||
| 1.027% (USD LIBOR + 0.630%) |
2,318,051 | 2,302,451 | ||||||
| 1.070% due 01/15/53 ~ |
3,179,563 | 2,926,356 | ||||||
| 1.290% due 07/15/53 ~ |
2,351,368 | 2,238,710 | ||||||
| 2.340% due 09/15/34 ~ |
3,797,100 | 3,746,272 | ||||||
| 2.430% due 02/17/32 ~ |
2,163,929 | 2,126,775 | ||||||
| 2.700% due 05/15/31 ~ |
1,433,394 | 1,420,758 | ||||||
| 3.440% due 07/15/36 ~ |
1,252,863 | 1,255,275 | ||||||
| 3.500% due 02/15/36 ~ |
638,466 | 640,581 | ||||||
| 3.600% due 01/15/37 ~ |
1,765,919 | 1,754,273 | ||||||
| 3.630% due 11/15/35 ~ |
1,817,929 | 1,828,041 | ||||||
| Sofi Consumer Loan Program Trust |
75,991 | 76,033 | ||||||
| Stratus CLO Ltd (Cayman) |
||||||||
| 0.891% (USD LIBOR + 0.800%) |
750,000 | 744,073 | ||||||
| 1.491% (USD LIBOR + 1.400%) |
6,000,000 | 5,933,317 | ||||||
| Principal Amount |
Value |
|||||||
| Verizon Owner Trust |
$2,805,420 | $2,806,839 | ||||||
| Volvo Financial Equipment LLC |
1,738,332 | 1,745,524 | ||||||
|
|
|
|||||||
| Total Asset-Backed Securities |
239,068,978 | |||||||
|
|
|
|||||||
| U.S. TREASURY OBLIGATIONS - 4.4% |
| |||||||
| U.S. Treasury Notes - 4.4% |
| |||||||
| 0.375% due 07/15/24 |
2,700,000 | 2,577,551 | ||||||
| 0.375% due 08/15/24 |
10,000,000 | 9,525,391 | ||||||
| 0.375% due 09/15/24 |
6,000,000 | 5,701,406 | ||||||
| 1.250% due 07/31/23 |
2,300,000 | 2,276,775 | ||||||
| 1.250% due 08/31/24 |
5,000,000 | 4,859,375 | ||||||
| 1.500% due 09/30/24 |
10,000,000 | 9,766,406 | ||||||
| 1.750% due 07/31/24 |
9,500,000 | 9,353,418 | ||||||
|
|
|
|||||||
| Total U.S. Treasury Obligations |
44,060,322 | |||||||
|
|
|
|||||||
| Shares |
||||||||
| SHORT-TERM INVESTMENT - 2.4% |
|
|||||||
| Money Market Fund - 2.4% |
|
|||||||
| BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.210% |
24,398,506 | 24,398,506 | ||||||
|
|
|
|||||||
| Total Short-Term Investment |
24,398,506 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 98.2% |
|
990,495,428 | ||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - 1.8% |
|
17,658,230 | ||||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$1,008,153,658 | ||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition as a percentage of net assets was as follows: |
| Corporate Bonds & Notes |
53.8% | |||
| Asset-Backed Securities |
23.7% | |||
| Senior Loan Notes |
13.9% | |||
| U.S. Treasury Obligations |
4.4% | |||
| Others (each less than 3.0%) |
2.4% | |||
|
|
|
|||
| 98.2% | ||||
| Other Assets & Liabilities, Net |
1.8% | |||
|
|
|
|||
| 100.0% | ||||
|
|
|
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-13
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SHORT DURATION INCOME
Schedule of Investments (Continued)
March 31, 2022
| (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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Corporate Bonds & Notes |
$542,889,055 | $— | $542,889,055 | $— | |||||||||||||
| Senior Loan Notes |
140,078,567 | — | 140,078,567 | — | ||||||||||||||
| Asset-Backed Securities |
239,068,978 | — | 239,068,978 | — | ||||||||||||||
| U.S. Treasury Obligations |
44,060,322 | — | 44,060,322 | — | ||||||||||||||
| Short-Term Investment |
24,398,506 | 24,398,506 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$990,495,428 | $24,398,506 | $966,096,922 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-14
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM CORE INCOME
Schedule of Investments
March 31, 2022
| Principal Amount |
Value |
|||||||
| CORPORATE BONDS & NOTES - 44.9% |
|
|||||||
| Basic Materials - 1.2% |
|
|||||||
| Anglo American Capital PLC (South Africa) |
||||||||
| 2.625% due 09/10/30 ~ |
$4,550,000 | $4,132,091 | ||||||
| 3.950% due 09/10/50 ~ |
3,000,000 | 2,818,997 | ||||||
| 4.750% due 03/16/52 ~ |
2,750,000 | 2,875,467 | ||||||
| Glencore Funding LLC (Australia) |
1,200,000 | 1,075,479 | ||||||
|
|
|
|||||||
| 10,902,034 | ||||||||
|
|
|
|||||||
| Communications - 2.9% |
|
|||||||
| AT&T Inc |
||||||||
| 2.550% due 12/01/33 |
2,000,000 | 1,780,880 | ||||||
| 3.500% due 09/15/53 |
4,865,000 | 4,287,351 | ||||||
| 3.850% due 06/01/60 |
2,800,000 | 2,516,231 | ||||||
| Charter Communications Operating LLC |
||||||||
| 3.500% due 06/01/41 |
3,300,000 | 2,750,946 | ||||||
| 3.850% due 04/01/61 |
5,200,000 | 4,196,939 | ||||||
| Expedia Group Inc |
1,600,000 | 1,484,000 | ||||||
| Rogers Communications Inc (Canada) |
4,500,000 | 4,486,773 | ||||||
| T-Mobile USA Inc |
||||||||
| 2.250% due 02/15/26 ~ |
2,325,000 | 2,193,405 | ||||||
| 2.625% due 04/15/26 |
100,000 | 95,642 | ||||||
| 3.375% due 04/15/29 ~ |
1,600,000 | 1,524,000 | ||||||
| Verizon Communications Inc |
2,550,000 | 2,397,243 | ||||||
|
|
|
|||||||
| 27,713,410 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 7.0% |
|
|||||||
| Air Canada Pass-Through Trust ‘A’ (Canada) |
3,484,939 | 3,390,148 | ||||||
| American Airlines Inc |
4,000,000 | 3,990,500 | ||||||
| American Airlines Pass-Through Trust ‘A’ |
2,200,000 | 1,994,105 | ||||||
| American Airlines Pass-Through Trust ‘AA’ |
2,218,939 | 2,161,514 | ||||||
| American Airlines Pass-Through Trust ‘B’ |
1,300,000 | 1,179,990 | ||||||
| British Airways Pass-Through Trust ‘A’ (United Kingdom) |
||||||||
| 3.350% due 12/15/30 ~ |
2,336,828 | 2,217,341 | ||||||
| 4.625% due 12/20/25 ~ |
1,365,384 | 1,373,062 | ||||||
| British Airways Pass-Through Trust ‘AA’ (United Kingdom) |
4,039,899 | 3,830,595 | ||||||
| Continental Airlines Pass-Through Trust ‘A’ |
2,104,177 | 2,100,884 | ||||||
| Delta Air Lines Inc |
4,000,000 | 4,026,386 | ||||||
| Delta Air Lines Pass-Through Trust ‘AA’ |
1,237,899 | 1,228,145 | ||||||
| Ford Motor Credit Co LLC |
||||||||
| 2.300% due 02/10/25 |
1,675,000 | 1,591,815 | ||||||
| 2.700% due 08/10/26 |
2,225,000 | 2,072,054 | ||||||
| 2.900% due 02/16/28 |
3,200,000 | 2,898,864 | ||||||
| 3.375% due 11/13/25 |
2,475,000 | 2,421,862 | ||||||
| 4.542% due 08/01/26 |
1,725,000 | 1,725,345 | ||||||
| Genting New York LLC |
2,000,000 | 1,894,171 | ||||||
| Hilton Grand Vacations Borrower Escrow LLC |
2,850,000 | 2,652,709 | ||||||
| International Game Technology PLC |
2,000,000 | 1,978,430 | ||||||
| Kohl’s Corp |
3,000,000 | 2,900,824 | ||||||
| Principal Amount |
Value |
|||||||
| Lowe’s Cos Inc |
$ | 2,750,000 | $ | 2,866,385 | ||||
| Magallanes Inc |
2,500,000 | 2,555,259 | ||||||
| Marriott International Inc |
3,150,000 | 3,004,166 | ||||||
| New Red Finance Inc (Canada) |
4,000,000 | 3,797,520 | ||||||
| Six Flags Entertainment Corp |
2,000,000 | 2,002,400 | ||||||
| Spirit Airlines Pass-Through Trust ‘A’ |
461,863 | 451,804 | ||||||
| United Airlines Pass-Through Trust ‘A’ |
1,302,117 | 1,184,591 | ||||||
| United Airlines Pass-Through Trust ‘AA’ |
995,415 | 1,008,009 | ||||||
| US Airways Pass-Through Trust ‘A’ |
1,776,726 | 1,714,842 | ||||||
|
|
|
|||||||
| 66,213,720 | ||||||||
|
|
|
|||||||
| Consumer, Non-Cyclical - 4.5% |
|
|||||||
| AmerisourceBergen Corp |
1,000,000 | 925,564 | ||||||
| Amgen Inc |
||||||||
| 3.150% due 02/21/40 |
2,750,000 | 2,520,550 | ||||||
| 4.200% due 02/22/52 |
1,100,000 | 1,141,232 | ||||||
| Anheuser-Busch InBev Finance Inc (Belgium) |
2,000,000 | 1,973,632 | ||||||
| Anheuser-Busch InBev Worldwide Inc (Belgium) |
5,000,000 | 5,857,580 | ||||||
| BAT Capital Corp (United Kingdom) |
1,650,000 | 1,678,105 | ||||||
| Block Inc |
||||||||
| 2.750% due 06/01/26 ~ |
4,000,000 | 3,785,600 | ||||||
| 3.500% due 06/01/31 ~ |
500,000 | 458,337 | ||||||
| Centene Corp |
||||||||
| 2.450% due 07/15/28 |
1,750,000 | 1,601,294 | ||||||
| 2.500% due 03/01/31 |
1,900,000 | 1,679,923 | ||||||
| CoStar Group Inc |
500,000 | 457,712 | ||||||
| HCA Inc |
2,500,000 | 2,435,768 | ||||||
| JBS USA LUX SA |
3,000,000 | 2,706,405 | ||||||
| Kraft Heinz Foods Co |
6,500,000 | 6,444,035 | ||||||
| Universal Health Services Inc |
||||||||
| 2.650% due 10/15/30 ~ |
4,450,000 | 4,046,324 | ||||||
| 2.650% due 01/15/32 ~ |
1,950,000 | 1,755,797 | ||||||
| Viatris Inc |
3,350,000 | 2,906,134 | ||||||
|
|
|
|||||||
| 42,373,992 | ||||||||
|
|
|
|||||||
| Energy - 3.9% |
|
|||||||
| Cheniere Corpus Christi Holdings LLC |
4,150,000 | 3,618,887 | ||||||
| Cheniere Energy Partners LP |
3,500,000 | 3,521,647 | ||||||
| DT Midstream Inc |
2,000,000 | 2,007,720 | ||||||
| Energy Transfer LP |
||||||||
| 4.750% due 01/15/26 |
3,000,000 | 3,120,348 | ||||||
| 5.000% due 05/15/44 |
4,000,000 | 3,929,017 | ||||||
| 6.500% due 11/15/26 |
1,650,000 | 1,625,745 | ||||||
| Enterprise Products Operating LLC |
1,850,000 | 1,584,569 | ||||||
| Kinder Morgan Energy Partners LP |
2,000,000 | 2,053,174 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-15
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| MPLX LP |
||||||||
| 4.950% due 03/14/52 |
$ | 1,750,000 | $ | 1,826,632 | ||||
| 5.200% due 12/01/47 |
1,200,000 | 1,277,031 | ||||||
| 6.875% due 02/15/23 |
3,000,000 | 2,955,000 | ||||||
| Petroleos Mexicanos (Mexico) |
2,100,000 | 1,654,380 | ||||||
| Sempra Infrastructure Partners LP |
1,800,000 | 1,665,064 | ||||||
| Targa Resources Partners LP |
5,750,000 | 5,548,750 | ||||||
|
|
|
|||||||
| 36,387,964 | ||||||||
|
|
|
|||||||
| Financial - 15.3% |
|
|||||||
| ABN AMRO Bank NV (Netherlands) |
1,700,000 | 1,547,015 | ||||||
| AerCap Ireland Capital DAC (Ireland) |
3,100,000 | 2,799,511 | ||||||
| Air Lease Corp |
||||||||
| 3.000% due 02/01/30 |
4,000,000 | 3,689,334 | ||||||
| 4.650% due 06/15/26 |
4,300,000 | 3,870,000 | ||||||
| Aon Corp |
1,650,000 | 1,633,482 | ||||||
| Assured Guaranty US Holdings Inc |
2,150,000 | 1,864,127 | ||||||
| Avolon Holdings Funding Ltd (Ireland) |
||||||||
| 2.750% due 02/21/28 ~ |
4,950,000 | 4,410,598 | ||||||
| 4.250% due 04/15/26 ~ |
1,350,000 | 1,333,203 | ||||||
| Bank of America Corp |
||||||||
| 2.482% due 09/21/36 |
4,700,000 | 4,048,293 | ||||||
| 2.687% due 04/22/32 |
5,700,000 | 5,250,484 | ||||||
| 2.972% due 02/04/33 |
4,000,000 | 3,752,267 | ||||||
| 3.846% due 03/08/37 |
2,900,000 | 2,781,145 | ||||||
| 4.375% due 01/27/27 |
3,000,000 | 2,826,900 | ||||||
| BNP Paribas SA (France) |
||||||||
| 2.871% due 04/19/32 ~ |
3,500,000 | 3,190,121 | ||||||
| 4.625% due 02/25/31 ~ |
3,000,000 | 2,685,030 | ||||||
| Broadstone Net Lease LLC REIT |
2,750,000 | 2,453,464 | ||||||
| Citigroup Inc |
3,750,000 | 3,507,739 | ||||||
| Corebridge Financial Inc |
1,550,000 | 1,558,444 | ||||||
| Credit Agricole SA (France) |
3,000,000 | 2,729,790 | ||||||
| GLP Capital LP REIT |
1,200,000 | 1,090,758 | ||||||
| Hill City Funding Trust |
2,400,000 | 2,018,260 | ||||||
| Host Hotels & Resorts LP REIT |
||||||||
| 2.900% due 12/15/31 |
4,400,000 | 3,937,513 | ||||||
| 3.375% due 12/15/29 |
3,200,000 | 3,053,079 | ||||||
| 3.500% due 09/15/30 |
1,500,000 | 1,432,397 | ||||||
| HSBC Holdings PLC (United Kingdom) |
||||||||
| 2.871% due 11/22/32 |
3,750,000 | 3,413,349 | ||||||
| 4.700% due 03/09/31 |
3,150,000 | 2,831,063 | ||||||
| JPMorgan Chase & Co |
9,950,000 | 9,390,706 | ||||||
| Liberty Mutual Group Inc |
5,650,000 | 4,504,180 | ||||||
| LSEGA Financing PLC (United Kingdom) |
2,200,000 | 1,987,040 | ||||||
| Morgan Stanley |
||||||||
| 2.475% due 01/21/28 |
3,000,000 | 2,864,437 | ||||||
| 2.484% due 09/16/36 |
5,700,000 | 4,896,415 | ||||||
| 2.943% due 01/21/33 |
4,700,000 | 4,412,968 | ||||||
| OneMain Finance Corp |
||||||||
| 5.375% due 11/15/29 |
1,575,000 | 1,532,885 | ||||||
| 6.125% due 03/15/24 |
5,200,000 | 5,336,058 | ||||||
| Standard Chartered PLC (United Kingdom) |
2,400,000 | 2,224,497 | ||||||
| Principal Amount |
Value |
|||||||
| Stewart Information Services Corp |
$ | 3,150,000 | $ | 2,870,645 | ||||
| Teachers Insurance & Annuity Association of America |
3,000,000 | 3,182,521 | ||||||
| The Goldman Sachs Group Inc |
||||||||
| 2.615% due 04/22/32 |
7,950,000 | 7,241,896 | ||||||
| 3.102% due 02/24/33 |
3,600,000 | 3,397,144 | ||||||
| The Northwestern Mutual Life Insurance Co |
3,000,000 | 2,730,861 | ||||||
| VICI Properties LP REIT |
||||||||
| 3.500% due 02/15/25 ~ |
2,300,000 | 2,269,537 | ||||||
| 3.750% due 02/15/27 ~ |
2,250,000 | 2,191,838 | ||||||
| 4.625% due 12/01/29 ~ |
5,500,000 | 5,496,535 | ||||||
| Wells Fargo & Co |
3,750,000 | 3,903,917 | ||||||
|
|
|
|||||||
| 144,141,446 | ||||||||
|
|
|
|||||||
| Industrial - 3.4% |
|
|||||||
| Allegion US Holding Co Inc |
3,336,000 | 3,283,611 | ||||||
| Berry Global Inc |
5,000,000 | 5,056,050 | ||||||
| Flowserve Corp |
7,000,000 | 6,203,013 | ||||||
| Masco Corp |
2,000,000 | 2,428,818 | ||||||
| nVent Finance Sarl (United Kingdom) |
2,300,000 | 2,070,370 | ||||||
| TD SYNNEX Corp |
3,250,000 | 2,931,839 | ||||||
| The Weir Group PLC (United Kingdom) |
5,950,000 | 5,565,221 | ||||||
| TK Elevator US Newco Inc (Germany) |
2,500,000 | 2,475,575 | ||||||
| Vontier Corp |
2,350,000 | 2,071,337 | ||||||
|
|
|
|||||||
| 32,085,834 | ||||||||
|
|
|
|||||||
| Technology - 2.5% |
|
|||||||
| Broadcom Inc |
||||||||
| due 04/15/29 # ~ |
1,450,000 | 1,449,290 | ||||||
| 3.137% due 11/15/35 ~ |
5,000,000 | 4,415,431 | ||||||
| 3.187% due 11/15/36 ~ |
1,474,000 | 1,282,653 | ||||||
| CGI Inc (Canada) |
3,350,000 | 2,927,420 | ||||||
| Kyndryl Holdings Inc |
6,500,000 | 5,486,720 | ||||||
| Oracle Corp |
||||||||
| 2.875% due 03/25/31 |
2,650,000 | 2,420,345 | ||||||
| 3.950% due 03/25/51 |
5,000,000 | 4,387,085 | ||||||
| Skyworks Solutions Inc |
1,300,000 | 1,159,410 | ||||||
|
|
|
|||||||
| 23,528,354 | ||||||||
|
|
|
|||||||
| Utilities - 4.2% |
|
|||||||
| Dominion Energy Inc |
3,150,000 | 3,061,989 | ||||||
| DPL Inc |
||||||||
| 4.125% due 07/01/25 |
600,000 | 596,682 | ||||||
| 4.350% due 04/15/29 |
1,350,000 | 1,324,242 | ||||||
| Duke Energy Progress NC Storm Funding LLC |
5,350,000 | 5,004,534 | ||||||
| Edison International |
650,000 | 611,650 | ||||||
| FirstEnergy Corp |
2,500,000 | 2,520,162 | ||||||
| IPALCO Enterprises Inc |
2,400,000 | 2,407,785 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-16
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| KeySpan Gas East Corp |
$ | 2,850,000 | $ | 2,535,672 | ||||
| NextEra Energy Capital Holdings Inc |
2,500,000 | 2,140,544 | ||||||
| NextEra Energy Operating Partners LP |
6,925,000 | 7,018,626 | ||||||
| PG&E Energy Recovery Funding LLC |
2,400,000 | 2,120,269 | ||||||
| Sempra Energy |
5,000,000 | 4,680,483 | ||||||
| Southern California Edison Co |
1,550,000 | 1,495,316 | ||||||
| Southwestern Electric Power Co |
1,600,000 | 1,381,327 | ||||||
| Talen Energy Supply LLC |
||||||||
| 6.500% due 06/01/25 |
1,000,000 | 253,245 | ||||||
| 6.625% due 01/15/28 ~ |
2,500,000 | 2,329,613 | ||||||
|
|
|
|||||||
| 39,482,139 | ||||||||
|
|
|
|||||||
| Total Corporate Bonds & Notes |
422,828,893 | |||||||
|
|
|
|||||||
| SENIOR LOAN NOTES - 15.7% |
|
|||||||
| Communications - 0.4% |
||||||||
| CSC Holdings LLC Term B |
2,468,193 | 2,428,305 | ||||||
| SBA Senior Finance II LLC Term B |
1,184,615 | 1,172,557 | ||||||
|
|
|
|||||||
| 3,600,862 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 3.2% |
||||||||
| Carnival Corp Term B |
1,496,250 | 1,465,079 | ||||||
| ClubCorp Holdings Inc Term B |
4,794,792 | 4,566,291 | ||||||
| Hilton Grand Vacations Borrower LLC Term B |
1,990,000 | 1,980,983 | ||||||
| Marriott Ownership Resorts Inc Term B |
3,849,779 | 3,759,952 | ||||||
| Mileage Plus Holdings LLC Term B |
2,000,000 | 2,083,750 | ||||||
| Restaurant Brands International Inc Term B (Canada) |
2,124,676 | 2,083,245 | ||||||
| SeaWorld Parks & Entertainment Inc Term B |
3,980,000 | 3,943,933 | ||||||
| SRS Distribution Inc Term B |
2,487,500 | 2,453,919 | ||||||
| Stars Group Holdings BV Term B (Canada) |
4,478,330 | 4,444,743 | ||||||
| United Airlines Inc Term B |
3,283,632 | 3,250,796 | ||||||
|
|
|
|||||||
| 30,032,691 | ||||||||
|
|
|
|||||||
| Consumer, Non-cyclical - 4.1% |
||||||||
| Allied Universal Holdco LLC Term B |
2,487,500 | 2,451,431 | ||||||
| Principal Amount |
Value |
|||||||
| Bausch Health Americas Inc Term B |
$ | 5,028,156 | $ | 4,995,162 | ||||
| CoreLogic Inc Term B |
4,228,750 | 4,171,662 | ||||||
| Heartland Dental LLC Term B |
3,473,750 | 3,455,297 | ||||||
| Mavis Tire Express Services Topco Corp |
4,758,015 | 4,734,225 | ||||||
| Mozart Borrower LP Term B |
250,000 | 247,656 | ||||||
| Pathway Vet Alliance LLC Term B |
4,418,641 | 4,382,739 | ||||||
| PetVet Care Centers LLC Term B-3 |
6,625,213 | 6,593,465 | ||||||
| Spin Holdco Inc Term B |
2,475,000 | 2,461,078 | ||||||
| Sunshine Luxembourg VII SARL Term B (Luxembourg) |
3,682,763 | 3,663,200 | ||||||
| Wand NewCo 3 Inc Term B-1 |
1,750,683 | 1,702,977 | ||||||
|
|
|
|||||||
| 38,858,892 | ||||||||
|
|
|
|||||||
| Energy - 1.4% |
||||||||
| BCP Raptor LLC |
3,978,787 | 3,975,887 | ||||||
| BCP Raptor II LLC Term B |
5,470,169 | 5,466,750 | ||||||
| DT Midstream Inc Term B |
3,491,206 | 3,490,661 | ||||||
|
|
|
|||||||
| 12,933,298 | ||||||||
|
|
|
|||||||
| Financial - 2.2% |
||||||||
| Acrisure LLC Term B |
2,210,554 | 2,180,712 | ||||||
| AssuredPartners Inc Term B |
4,154,375 | 4,110,883 | ||||||
| Deerfield Dakota Holding LLC Term B |
7,481 | 7,460 | ||||||
| HUB International Ltd Term B |
7,331,763 | 7,258,027 | ||||||
| NFP Corp Term B |
3,607,483 | 3,547,736 | ||||||
| USI Inc Term B |
3,812,618 | 3,794,412 | ||||||
|
|
|
|||||||
| 20,899,230 | ||||||||
|
|
|
|||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-17
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Industrial - 1.9% |
||||||||
| Brown Group Holding LLC Term B |
$ | 232,345 | $ | 228,739 | ||||
| Filtration Group Corp Term B |
7,132,411 | 7,038,799 | ||||||
| Proampac PG Borrower LLC Term B |
2,722,569 | 2,670,385 | ||||||
| TransDigm Inc |
||||||||
| Term E |
|
1,865,701 |
|
|
1,834,736 |
| ||
| Term F |
|
5,667,046 |
|
|
5,572,299 |
| ||
|
|
|
|||||||
| 17,344,958 | ||||||||
|
|
|
|||||||
| Technology - 2.5% |
||||||||
| Applied Systems Inc Term B |
1,966,765 | 1,956,579 | ||||||
| AthenaHealth Group Inc Term B |
1,250,000 | 1,239,453 | ||||||
| Epicor Software Corp Term C |
5,954,660 | 5,915,073 | ||||||
| Sophia LP Term B |
3,209,497 | 3,181,414 | ||||||
| Tempo Acquisition LLC Term B |
4,738,285 | 4,690,902 | ||||||
| UKG Inc |
6,675,820 | 6,629,924 | ||||||
|
|
|
|||||||
| 23,613,345 | ||||||||
|
|
|
|||||||
| Total Senior Loan Notes |
147,283,276 | |||||||
|
|
|
|||||||
| MORTGAGE-BACKED SECURITIES - 2.1% |
|
|||||||
| Fannie Mae - 2.1% |
|
|||||||
| due 04/01/37 # |
17,500,000 | 16,997,559 | ||||||
| due 04/01/52 # |
3,000,000 | 2,785,195 | ||||||
|
|
|
|||||||
| 19,782,754 | ||||||||
|
|
|
|||||||
| Total Mortgage-Backed Securities |
19,782,754 | |||||||
|
|
|
|||||||
| ASSET-BACKED SECURITIES - 18.9% |
|
|||||||
| Aimco CLO 11 Ltd (Cayman) |
5,000,000 | 4,956,500 | ||||||
| AmeriCredit Automobile Receivables Trust |
||||||||
| 0.760% due 12/18/25 |
2,450,000 | 2,382,855 | ||||||
| 0.890% due 10/19/26 |
2,450,000 | 2,328,954 | ||||||
| 1.410% due 08/18/27 |
3,500,000 | 3,278,148 | ||||||
| 1.480% due 02/18/26 |
1,000,000 | 976,467 | ||||||
| Buttermilk Park CLO Ltd (Cayman) |
1,600,000 | 1,591,433 | ||||||
| Carlyle Global Market Strategies CLO Ltd (Cayman) |
||||||||
| 1.318% (USD LIBOR + 1.050%) |
991,833 | 983,700 | ||||||
| Principal Amount |
Value |
|||||||
| 1.818% (USD LIBOR + 1.550%) |
$ | 2,000,000 | $ | 1,979,825 | ||||
| CIFC Funding 2015-III Ltd (Cayman) |
1,467,638 | 1,465,203 | ||||||
| Dryden 53 CLO Ltd (Cayman) |
1,500,000 | 1,484,250 | ||||||
| Dryden 61 CLO Ltd (Cayman) |
4,250,000 | 4,211,378 | ||||||
| Dryden CLO Ltd (Cayman) |
||||||||
| 1.641% (USD LIBOR + 1.400%) |
1,600,000 | 1,579,920 | ||||||
| 1.741% (USD LIBOR + 1.500%) |
2,000,000 | 1,969,195 | ||||||
| 2.041% (USD LIBOR + 1.800%) |
2,000,000 | 1,979,316 | ||||||
| 2.141% (USD LIBOR + 1.900%) |
1,000,000 | 985,081 | ||||||
| Flatiron CLO 19 Ltd (Cayman) |
1,000,000 | 987,347 | ||||||
| Ford Credit Auto Owner Trust |
||||||||
| 1.190% due 01/15/26 |
1,350,000 | 1,307,482 | ||||||
| 1.530% due 05/15/34 ~ |
1,050,000 | 979,498 | ||||||
| 2.040% due 12/15/26 |
1,000,000 | 981,588 | ||||||
| 2.040% due 08/15/31 ~ |
2,000,000 | 1,933,544 | ||||||
| 3.190% due 07/15/31 ~ |
4,000,000 | 3,989,808 | ||||||
| Madison Park Funding Ltd (Cayman) |
||||||||
| 1.841% (USD LIBOR + 1.600%) |
2,600,000 | 2,568,004 | ||||||
| 1.991% (USD LIBOR + 1.750%) |
2,600,000 | 2,568,533 | ||||||
| Magnetite Ltd (Cayman) |
3,000,000 | 2,985,456 | ||||||
| Magnetite XIV-R Ltd (Cayman) |
2,500,000 | 2,487,868 | ||||||
| Magnetite XXIX Ltd (Cayman) |
3,250,000 | 3,219,631 | ||||||
| MVW LLC |
416,591 | 402,697 | ||||||
| Navient Private Education Refi Loan Trust |
||||||||
| 0.840% due 05/15/69 ~ |
842,272 | 804,585 | ||||||
| 1.170% due 09/16/69 ~ |
602,692 | 583,088 | ||||||
| 1.220% due 07/15/69 ~ |
923,449 | 901,727 | ||||||
| 1.310% due 01/15/69 ~ |
1,539,873 | 1,491,906 | ||||||
| 1.690% due 05/15/69 ~ |
4,763,456 | 4,578,386 | ||||||
| 2.460% due 11/15/68 ~ |
920,751 | 884,929 | ||||||
| 2.640% due 05/15/68 ~ |
1,164,885 | 1,148,172 | ||||||
| Navient Student Loan Trust |
||||||||
| 1.057% (USD LIBOR + 0.600%) |
2,650,616 | 2,632,736 | ||||||
| 1.177% (USD LIBOR + 0.720%) |
2,000,000 | 1,995,537 | ||||||
| 1.310% due 12/26/69 ~ |
1,943,785 | 1,767,801 | ||||||
| 1.320% due 08/26/69 ~ |
3,788,879 | 3,460,851 | ||||||
| 1.507% (USD LIBOR + 1.050%) |
2,145,801 | 2,159,656 | ||||||
| Neuberger Berman Loan Advisers CLO 25 Ltd (Cayman) |
||||||||
| 1.171% (USD LIBOR + 0.930%) |
2,600,000 | 2,576,600 | ||||||
| 1.591% (USD LIBOR + 1.350%) |
1,500,000 | 1,480,362 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-18
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Neuberger Berman Loan Advisers CLO 40 Ltd (Cayman) |
$ | 500,000 | $ | 496,119 | ||||
| Palmer Square CLO Ltd (Cayman) |
||||||||
| 1.341% (USD LIBOR + 1.100%) |
2,500,000 | 2,488,034 | ||||||
| 1.586% (USD LIBOR + 1.080%) |
6,500,000 | 6,459,861 | ||||||
| Palmer Square Loan Funding Ltd (Cayman) |
||||||||
| 1.154% (USD LIBOR + 0.900%) |
1,734,611 | 1,728,244 | ||||||
| 1.528% (USD LIBOR + 1.400%) |
9,700,000 | 9,681,358 | ||||||
| 1.654% (USD LIBOR + 1.400%) |
4,500,000 | 4,500,885 | ||||||
| 1.730% (USD LIBOR + 1.250%) |
6,000,000 | 5,959,386 | ||||||
| 1.859% (USD LIBOR + 1.600%) |
1,750,000 | 1,743,649 | ||||||
| 2.054% (USD LIBOR + 1.800%) |
750,000 | 749,424 | ||||||
| 2.380% (USD LIBOR + 1.900%) |
1,200,000 | 1,189,805 | ||||||
| Regatta XIV Funding Ltd (Cayman) |
1,400,000 | 1,395,785 | ||||||
| Santander Drive Auto Receivables Trust |
3,700,000 | 3,629,738 | ||||||
| SLM Student Loan Trust |
1,673,670 | 1,633,880 | ||||||
| SMB Private Education Loan Trust |
||||||||
| 1.070% due 01/15/53 ~ |
4,542,233 | 4,180,508 | ||||||
| 1.127% (USD LIBOR + 0.730%) |
10,900,000 | 10,729,973 | ||||||
| 1.290% due 07/15/53 ~ |
2,351,368 | 2,238,710 | ||||||
| 1.680% due 02/15/51 ~ |
3,120,454 | 2,989,764 | ||||||
| 2.230% due 09/15/37 ~ |
5,497,194 | 5,308,133 | ||||||
| 2.340% due 09/15/34 ~ |
1,534,034 | 1,513,499 | ||||||
| 2.430% due 02/17/32 ~ |
1,949,779 | 1,916,301 | ||||||
| 2.700% due 05/15/31 ~ |
1,067,421 | 1,058,011 | ||||||
| 2.820% due 10/15/35 ~ |
2,437,886 | 2,388,330 | ||||||
| 2.880% due 09/15/34 ~ |
2,256,014 | 2,242,400 | ||||||
| 3.440% due 07/15/36 ~ |
1,735,723 | 1,739,065 | ||||||
| 3.500% due 02/15/36 ~ |
3,339,179 | 3,350,241 | ||||||
| 3.600% due 01/15/37 ~ |
912,392 | 906,375 | ||||||
| 3.630% due 11/15/35 ~ |
1,230,825 | 1,237,672 | ||||||
| Sofi Professional Loan Program LLC |
1,311,904 | 1,300,268 | ||||||
| SoFi Professional Loan Program Trust |
1,867,064 | 1,841,402 | ||||||
| Stratus CLO Ltd (Cayman) |
6,000,000 | 5,933,317 | ||||||
| TIAA CLO IV Ltd (Cayman) |
2,750,000 | 2,733,558 | ||||||
|
|
|
|||||||
| Total Asset-Backed Securities |
178,293,712 | |||||||
|
|
|
|||||||
| U.S. TREASURY OBLIGATIONS - 15.9% |
|
|||||||
| U.S. Treasury Bonds - 5.5% |
|
|||||||
| 1.125% due 05/15/40 |
14,500,000 | 11,437,725 | ||||||
| 1.250% due 05/15/50 |
4,000,000 | 2,988,438 | ||||||
| 1.375% due 08/15/50 |
3,250,000 | 2,505,039 | ||||||
| 1.750% due 08/15/41 |
10,000,000 | 8,673,437 | ||||||
| Principal Amount |
Value |
|||||||
| 1.875% due 11/15/51 |
$ | 5,000,000 | $ | 4,387,500 | ||||
| 2.000% due 08/15/51 |
5,000,000 | 4,512,500 | ||||||
| 2.250% due 08/15/46 |
2,550,000 | 2,387,637 | ||||||
| 2.250% due 02/15/52 |
3,000,000 | 2,878,125 | ||||||
| 2.500% due 02/15/46 |
3,500,000 | 3,430,205 | ||||||
| 2.500% due 05/15/46 |
3,000,000 | 2,942,402 | ||||||
| 2.750% due 11/15/47 |
2,000,000 | 2,076,914 | ||||||
| 3.000% due 11/15/44 |
2,000,000 | 2,121,797 | ||||||
| 3.000% due 02/15/49 |
1,500,000 | 1,650,410 | ||||||
|
|
|
|||||||
| 51,992,129 | ||||||||
|
|
|
|||||||
| U.S. Treasury Notes - 10.4% |
|
|||||||
| 0.250% due 10/31/25 |
1,000,000 | 922,168 | ||||||
| 0.375% due 09/30/27 |
5,000,000 | 4,464,844 | ||||||
| 0.500% due 06/30/27 |
5,000,000 | 4,519,824 | ||||||
| 0.500% due 10/31/27 |
8,000,000 | 7,183,437 | ||||||
| 0.625% due 11/30/27 |
7,000,000 | 6,321,055 | ||||||
| 0.625% due 05/15/30 |
16,000,000 | 13,954,375 | ||||||
| 1.125% due 02/28/27 |
7,000,000 | 6,569,336 | ||||||
| 1.125% due 02/15/31 |
11,500,000 | 10,386,836 | ||||||
| 1.625% due 05/15/26 |
3,000,000 | 2,895,352 | ||||||
| 1.625% due 09/30/26 |
10,000,000 | 9,630,078 | ||||||
| 1.750% due 11/15/29 |
10,000,000 | 9,570,312 | ||||||
| 2.250% due 02/15/27 |
2,000,000 | 1,979,531 | ||||||
| 2.375% due 05/15/29 |
5,000,000 | 4,986,914 | ||||||
| 2.500% due 02/28/26 |
7,400,000 | 7,390,894 | ||||||
| 2.625% due 02/15/29 |
7,000,000 | 7,085,586 | ||||||
|
|
|
|||||||
| 97,860,542 | ||||||||
|
|
|
|||||||
| Total U.S. Treasury Obligations |
149,852,671 | |||||||
|
|
|
|||||||
| Shares |
||||||||
| SHORT-TERM INVESTMENT - 4.7% |
|
|||||||
| Money Market Fund - 4.7% |
|
|||||||
| BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.210% |
44,650,154 | 44,650,154 | ||||||
|
|
|
|||||||
| Total Short-Term Investment |
44,650,154 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 102.2% |
|
962,691,460 | ||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - (2.2%) |
|
(20,635,385 | ) | |||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$942,056,075 | ||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022 the Fund’s composition as a percentage of net assets was as follows: |
| Corporate Bonds & Notes |
44.9% | |||
| Asset-Backed Securities |
18.9% | |||
| U.S. Treasury Obligations |
15.9% | |||
| Senior Loan Notes |
15.7% | |||
| Short-Term Investment |
4.7% | |||
| Others (each less than 3.0%) |
2.1% | |||
|
|
|
|||
| 102.2% | ||||
| Other Assets & Liabilities, Net |
(2.2% | ) | ||
|
|
|
|||
| 100.0% | ||||
|
|
|
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-19
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS CORE INCOME
Schedule of Investments (Continued)
March 31, 2022
| (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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Corporate Bonds & Notes |
$422,828,893 | $— | $422,828,893 | $— | |||||||||||||
| Senior Loan Notes |
147,283,276 | — | 147,283,276 | — | ||||||||||||||
| Mortgage-Backed Securities |
19,782,754 | — | 19,782,754 | — | ||||||||||||||
| Asset-Backed Securities |
178,293,712 | — | 178,293,712 | — | ||||||||||||||
| U.S. Treasury Obligations |
149,852,671 | — | 149,852,671 | — | ||||||||||||||
| Short-Term Investment |
44,650,154 | 44,650,154 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$962,691,460 | $44,650,154 | $918,041,306 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-20
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM ESG CORE BOND
Schedule of Investments
March 31, 2022
| Principal Amount |
Value |
|||||||
| CORPORATE BONDS & NOTES - 57.7% |
|
|||||||
| Communications - 3.1% |
|
|||||||
| Charter Communications Operating LLC |
$250,000 | $214,091 | ||||||
| Sprint Spectrum Co LLC |
225,000 | 229,822 | ||||||
| The Walt Disney Co |
100,000 | 95,626 | ||||||
| Verizon Communications Inc |
||||||||
| 2.850% due 09/03/41 |
50,000 | 44,158 | ||||||
| 3.400% due 03/22/41 |
250,000 | 235,024 | ||||||
|
|
|
|||||||
| 818,721 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 3.4% |
|
|||||||
| Ferguson Finance PLC |
200,000 | 190,639 | ||||||
| Lowe’s Cos Inc |
250,000 | 260,580 | ||||||
| Magallanes Inc |
150,000 | 153,316 | ||||||
| Marriott International Inc |
100,000 | 95,370 | ||||||
| Meritage Homes Corp |
200,000 | 190,920 | ||||||
|
|
|
|||||||
| 890,825 | ||||||||
|
|
|
|||||||
| Consumer, Non-Cyclical - 8.7% |
|
|||||||
| Amgen Inc |
||||||||
| 3.000% due 02/22/29 |
100,000 | 98,256 | ||||||
| 3.150% due 02/21/40 |
100,000 | 91,656 | ||||||
| Anheuser-Busch InBev Worldwide Inc (Belgium) |
500,000 | 477,300 | ||||||
| Bristol-Myers Squibb Co |
300,000 | 293,869 | ||||||
| Cigna Corp |
200,000 | 183,408 | ||||||
| CVS Health Corp |
300,000 | 263,300 | ||||||
| HCA Inc |
||||||||
| 3.125% due 03/15/27 ~ |
100,000 | 97,866 | ||||||
| 5.250% due 04/15/25 |
125,000 | 131,697 | ||||||
| McKesson Corp |
250,000 | 229,862 | ||||||
| Sysco Corp |
150,000 | 128,293 | ||||||
| Takeda Pharmaceutical Co Ltd (Japan) |
200,000 | 180,781 | ||||||
| Zoetis Inc |
100,000 | 89,798 | ||||||
|
|
|
|||||||
| 2,266,086 | ||||||||
|
|
|
|||||||
| Energy - 1.3% |
|
|||||||
| Cheniere Corpus Christi Holdings LLC |
150,000 | 130,803 | ||||||
| Kinder Morgan Energy Partners LP |
200,000 | 205,318 | ||||||
|
|
|
|||||||
| 336,121 | ||||||||
|
|
|
|||||||
| Financial - 26.7% |
|
|||||||
| AerCap Ireland Capital DAC (Ireland) |
250,000 | 225,767 | ||||||
| Air Lease Corp |
450,000 | 415,186 | ||||||
| American Tower Corp REIT |
100,000 | 95,906 | ||||||
| Aon Corp |
150,000 | 148,498 | ||||||
| Principal Amount |
Value |
|||||||
| Bank of America Corp |
||||||||
| 2.482% due 09/21/36 |
$ | 350,000 | $ | 301,469 | ||||
| 3.846% due 03/08/37 |
300,000 | 287,705 | ||||||
| Bank of Montreal (Canada) |
300,000 | 272,943 | ||||||
| Broadstone Net Lease LLC REIT |
200,000 | 178,434 | ||||||
| Citigroup Inc |
||||||||
| 3.057% due 01/25/33 |
250,000 | 233,849 | ||||||
| 4.125% due 07/25/28 |
250,000 | 254,282 | ||||||
| Cooperatieve Rabobank UA (Netherlands) |
500,000 | 464,676 | ||||||
| Equinix Inc REIT |
250,000 | 248,685 | ||||||
| GLP Capital LP REIT |
100,000 | 90,896 | ||||||
| Healthpeak Properties Inc REIT |
150,000 | 137,906 | ||||||
| HSBC Holdings PLC (United Kingdom) |
250,000 | 237,944 | ||||||
| Morgan Stanley |
500,000 | 469,465 | ||||||
| Nordea Bank Abp (Finland) |
350,000 | 321,713 | ||||||
| PNC Bank NA |
250,000 | 240,326 | ||||||
| Rayonier LP REIT |
300,000 | 274,494 | ||||||
| Sumitomo Mitsui Financial Group Inc (Japan) |
500,000 | 465,472 | ||||||
| Sun Communities Operating LP REIT |
150,000 | 135,570 | ||||||
| The Goldman Sachs Group Inc |
500,000 | 504,341 | ||||||
| Truist Bank |
250,000 | 245,981 | ||||||
| Ventas Realty LP REIT |
250,000 | 245,508 | ||||||
| VICI Properties LP REIT |
||||||||
| 4.125% due 08/15/30 ~ |
200,000 | 193,454 | ||||||
| 4.625% due 12/01/29 ~ |
100,000 | 99,937 | ||||||
| Weyerhaeuser Co REIT |
200,000 | 205,917 | ||||||
|
|
|
|||||||
| 6,996,324 | ||||||||
|
|
|
|||||||
| Industrial - 6.4% |
|
|||||||
| Allegion US Holding Co Inc |
200,000 | 196,859 | ||||||
| Canadian Pacific Railway Co (Canada) |
400,000 | 372,017 | ||||||
| Flowserve Corp |
250,000 | 221,536 | ||||||
| Keysight Technologies Inc |
250,000 | 238,629 | ||||||
| nVent Finance Sarl (United Kingdom) |
250,000 | 225,041 | ||||||
| Ryder System Inc |
200,000 | 197,547 | ||||||
| The Weir Group PLC (United Kingdom) |
250,000 | 233,833 | ||||||
|
|
|
|||||||
| 1,685,462 | ||||||||
|
|
|
|||||||
| Technology - 5.6% |
|
|||||||
| Broadcom Inc |
12,000 | 10,442 | ||||||
| Dell International LLC |
300,000 | 314,973 | ||||||
| Fiserv Inc |
250,000 | 246,374 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-21
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS ESG CORE BOND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Hewlett Packard Enterprise Co |
$ | 250,000 | $ | 235,090 | ||||
| Micron Technology Inc |
250,000 | 226,716 | ||||||
| Oracle Corp |
300,000 | 274,600 | ||||||
| Workday Inc |
150,000 | 150,063 | ||||||
|
|
|
|||||||
| 1,458,258 | ||||||||
|
|
|
|||||||
| Utilities - 2.5% |
|
|||||||
| Enel Finance International NV (Italy) |
500,000 | 451,673 | ||||||
| 2.650% due 09/10/24 ~ |
200,000 | 197,165 | ||||||
|
|
|
|||||||
| 648,838 | ||||||||
|
|
|
|||||||
| Total Corporate Bonds & Notes |
15,100,635 | |||||||
|
|
|
|||||||
| MORTGAGE-BACKED SECURITIES - 3.4% |
|
|||||||
| Fannie Mae - 2.0% |
|
|||||||
| 2.000% due 09/01/35 |
157,350 | 153,073 | ||||||
| 2.000% due 12/01/35 |
372,586 | 362,449 | ||||||
|
|
|
|||||||
| 515,522 | ||||||||
|
|
|
|||||||
| Freddie Mac - 1.4% |
|
|||||||
| 2.000% due 12/01/35 |
374,682 | 364,491 | ||||||
|
|
|
|||||||
| Total Mortgage-Backed Securities |
880,013 | |||||||
|
|
|
|||||||
| ASSET-BACKED SECURITIES - 18.1% |
|
|||||||
| Ford Credit Auto Owner Trust |
450,000 | 422,182 | ||||||
| 1.530% due 05/15/34 ~ |
350,000 | 326,499 | ||||||
| GM Financial Revolving Receivables Trust |
150,000 | 137,504 | ||||||
| Magnetite Ltd (Cayman) |
250,000 | 248,788 | ||||||
| Magnetite XXVIII Ltd (Cayman) |
250,000 | 246,618 | ||||||
| Navient Private Education Refi Loan Trust |
168,454 | 160,917 | ||||||
| Navient Student Loan Trust |
132,531 | 131,637 | ||||||
| 1.310% due 12/26/69 ~ |
220,885 | 200,887 | ||||||
| 1.320% due 08/26/69 ~ |
191,573 | 174,987 | ||||||
| OCP CLO Ltd (Cayman) |
250,000 | 250,009 | ||||||
| Palmer Square CLO Ltd (Cayman) |
250,000 | 248,803 | ||||||
| Palmer Square Loan Funding Ltd (Cayman) |
219,185 | 218,635 | ||||||
| 1.154% (USD LIBOR + 0.900%) |
|
346,922 |
|
|
345,649 |
| ||
| 1.528% (USD LIBOR + 1.400%) |
|
500,000 |
|
|
499,039 |
| ||
| Principal Amount |
Value |
|||||||
| Santander Drive Auto Receivables Trust |
$ | 200,000 | $ | 198,003 | ||||
| 0.750% due 02/17/26 |
750,000 | 735,758 | ||||||
| SMB Private Education Loan Trust |
19,309 | 19,303 | ||||||
| 1.070% due 01/15/53 ~ |
189,260 | 174,188 | ||||||
|
|
|
|||||||
| Total Asset-Backed Securities |
4,739,406 | |||||||
|
|
|
|||||||
| U.S. TREASURY OBLIGATIONS - 16.5% |
|
|||||||
| U.S. Treasury Bonds - 2.9% |
|
|||||||
| 1.625% due 11/15/50 |
500,000 | 410,351 | ||||||
| 1.750% due 08/15/41 |
125,000 | 108,418 | ||||||
| 2.000% due 08/15/51 |
250,000 | 225,625 | ||||||
|
|
|
|||||||
| 744,394 | ||||||||
|
|
|
|||||||
| U.S. Treasury Notes - 13.6% |
|
|||||||
| 0.125% due 11/30/22 |
1,300,000 | 1,289,734 | ||||||
| 0.375% due 11/30/25 |
1,500,000 | 1,387,061 | ||||||
| 0.875% due 11/15/30 |
1,000,000 | 885,781 | ||||||
|
|
|
|||||||
| 3,562,576 | ||||||||
|
|
|
|||||||
| Total U.S. Treasury Obligations |
4,306,970 | |||||||
|
|
|
|||||||
| Shares |
||||||||
| SHORT-TERM INVESTMENT - 3.9% |
|
|||||||
| Money Market Fund - 3.9% |
|
|||||||
| BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.210% |
1,020,288 | 1,020,288 | ||||||
|
|
|
|||||||
| Total Short-Term Investment |
1,020,288 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 99.6% |
|
26,047,312 | ||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - 0.4% |
|
112,773 | ||||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$26,160,085 | ||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition as a percentage of net assets was as follows: |
| Corporate Bonds & Notes |
57.7% | |||
| Asset-Backed Securities |
18.1% | |||
| U.S. Treasury Obligations |
16.5% | |||
| Short-Term Investment |
3.9% | |||
| Mortgage-Backed Securities |
3.4% | |||
|
|
|
|||
| 99.6% | ||||
| Other Assets & Liabilities, Net |
0.4% | |||
|
|
|
|||
| 100.0% | ||||
|
|
|
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-22
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS ESG CORE BOND
Schedule of Investments (Continued)
March 31, 2022
| (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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Corporate Bonds & Notes |
$15,100,635 | $— | $15,100,635 | $— | |||||||||||||
| Mortgage-Backed Securities |
880,013 | — | 880,013 | — | ||||||||||||||
| Asset-Backed Securities |
4,739,406 | — | 4,739,406 | — | ||||||||||||||
| U.S. Treasury Obligations |
4,306,970 | — | 4,306,970 | — | ||||||||||||||
| Short-Term Investment |
1,020,288 | 1,020,288 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$26,047,312 | $1,020,288 | $25,027,024 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-23
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM STRATEGIC INCOME
Schedule of Investments
March 31, 2022
| Shares |
Value |
|||||||
| COMMON STOCKS - 0.9% |
| |||||||
| Consumer, Cyclical - 0.3% |
| |||||||
| Beazer Homes USA Inc * |
120,441 | $1,833,112 | ||||||
| Cedar Fair LP * |
40,059 | 2,195,233 | ||||||
|
|
|
|||||||
| 4,028,345 | ||||||||
|
|
|
|||||||
| Financial - 0.3% |
||||||||
| JPMorgan Chase & Co |
17,264 | 2,353,429 | ||||||
| The Goldman Sachs Group Inc |
7,170 | 2,366,817 | ||||||
|
|
|
|||||||
| 4,720,246 | ||||||||
|
|
|
|||||||
| Industrial - 0.3% |
||||||||
| GFL Environmental Inc (Canada) |
68,354 | 2,224,239 | ||||||
| TNT Crane & Rigging Inc |
4,054 | 70,438 | ||||||
| Xylem Inc |
34,046 | 2,902,762 | ||||||
|
|
|
|||||||
| 5,197,439 | ||||||||
|
|
|
|||||||
| Total Common Stocks |
13,946,030 | |||||||
|
|
|
|||||||
| Principal Amount |
||||||||
| CORPORATE BONDS & NOTES - 67.7% |
| |||||||
| Basic Materials - 1.9% |
| |||||||
| Anglo American Capital PLC (South Africa) |
||||||||
| 2.625% due 09/10/30 ~ |
$4,450,000 | 4,041,276 | ||||||
| 2.875% due 03/17/31 ~ |
3,000,000 | 2,769,408 | ||||||
| 3.875% due 03/16/29 ~ |
750,000 | 751,108 | ||||||
| EverArc Escrow SARL |
3,200,000 | 2,930,000 | ||||||
| JW Aluminum Continuous Cast Co |
2,785,000 | 2,915,853 | ||||||
| Novelis Corp |
||||||||
| 3.250% due 11/15/26 ~ |
500,000 | 478,250 | ||||||
| 3.875% due 08/15/31 ~ |
5,679,000 | 5,203,639 | ||||||
| SPCM SA (France) |
||||||||
| 3.125% due 03/15/27 ~ |
400,000 | 368,852 | ||||||
| 3.375% due 03/15/30 ~ |
5,000,000 | 4,399,625 | ||||||
| TMS International Corp |
6,191,000 | 5,893,275 | ||||||
| WR Grace Holdings LLC |
1,150,000 | 1,078,240 | ||||||
|
|
|
|||||||
| 30,829,526 | ||||||||
|
|
|
|||||||
| Communications - 7.3% |
|
|||||||
| Arches Buyer Inc |
3,175,000 | 2,965,704 | ||||||
| AT&T Inc |
||||||||
| 2.250% due 02/01/32 |
2,475,000 | 2,198,376 | ||||||
| 2.300% due 06/01/27 |
4,000,000 | 3,817,911 | ||||||
| 4.350% due 03/01/29 |
5,500,000 | 5,826,415 | ||||||
| Avaya Inc |
3,275,000 | 3,233,522 | ||||||
| Booking Holdings Inc |
5,950,000 | 6,462,242 | ||||||
| CCO Holdings LLC |
||||||||
| 4.250% due 02/01/31 ~ |
750,000 | 681,596 | ||||||
| 4.250% due 01/15/34 ~ |
4,375,000 | 3,806,250 | ||||||
| Charter Communications Operating LLC |
||||||||
| 2.800% due 04/01/31 |
1,950,000 | 1,760,454 | ||||||
| 3.750% due 02/15/28 |
1,500,000 | 1,484,060 | ||||||
| 4.200% due 03/15/28 |
5,750,000 | 5,821,309 | ||||||
| 5.050% due 03/30/29 |
1,500,000 | 1,590,214 | ||||||
| Principal Amount |
Value |
|||||||
| CSC Holdings LLC |
||||||||
| 3.375% due 02/15/31 ~ |
$1,500,000 | $1,265,677 | ||||||
| 4.625% due 12/01/30 ~ |
1,400,000 | 1,172,738 | ||||||
| 5.750% due 01/15/30 ~ |
200,000 | 178,345 | ||||||
| 6.500% due 02/01/29 ~ |
2,725,000 | 2,751,896 | ||||||
| Frontier Communications Holdings LLC |
4,250,000 | 4,085,206 | ||||||
| LogMeIn Inc |
4,600,000 | 4,302,058 | ||||||
| Rogers Communications Inc (Canada) |
8,000,000 | 7,948,063 | ||||||
| Sirius XM Radio Inc |
6,275,000 | 5,720,761 | ||||||
| Sprint Capital Corp |
3,000,000 | 4,046,655 | ||||||
| T-Mobile USA Inc |
||||||||
| 2.400% due 03/15/29 ~ |
2,000,000 | 1,833,110 | ||||||
| 2.625% due 02/15/29 |
175,000 | 159,967 | ||||||
| 2.875% due 02/15/31 |
75,000 | 67,687 | ||||||
| 3.375% due 04/15/29 ~ |
925,000 | 881,062 | ||||||
| 3.375% due 04/15/29 |
1,125,000 | 1,071,563 | ||||||
| 3.500% due 04/15/31 |
375,000 | 353,452 | ||||||
| 3.500% due 04/15/31 ~ |
750,000 | 706,905 | ||||||
| 3.750% due 04/15/27 |
7,000,000 | 7,052,640 | ||||||
| 3.875% due 04/15/30 |
6,000,000 | 6,031,573 | ||||||
| 4.375% due 04/15/40 |
1,900,000 | 1,913,738 | ||||||
| Twitter Inc |
6,500,000 | 6,478,517 | ||||||
| Uber Technologies Inc |
5,525,000 | 5,190,047 | ||||||
| Verizon Communications Inc |
||||||||
| 1.750% due 01/20/31 |
3,000,000 | 2,619,777 | ||||||
| 2.550% due 03/21/31 |
11,500,000 | 10,700,107 | ||||||
|
|
|
|||||||
| 116,179,597 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 10.1% |
|
|||||||
| American Airlines Inc |
5,125,000 | 5,112,828 | ||||||
| American Airlines Pass-Through Trust ‘A’ |
||||||||
| 3.500% due 08/15/33 |
1,738,567 | 1,561,730 | ||||||
| 4.100% due 07/15/29 |
1,107,169 | 1,020,486 | ||||||
| American Airlines Pass-Through Trust ‘AA’ |
2,630,140 | 2,479,097 | ||||||
| American Airlines Pass-Through Trust ‘B’ |
759,490 | 741,804 | ||||||
| British Airways Pass-Through Trust ‘AA’ (United Kingdom) |
2,553,959 | 2,421,640 | ||||||
| Carvana Co |
||||||||
| 4.875% due 09/01/29 ~ |
3,375,000 | 2,791,800 | ||||||
| 5.500% due 04/15/27 ~ |
375,000 | 335,214 | ||||||
| 5.625% due 10/01/25 ~ |
3,875,000 | 3,658,446 | ||||||
| CDI Escrow Issuer Inc |
2,150,000 | 2,174,188 | ||||||
| Cedar Fair LP |
5,500,000 | 5,426,327 | ||||||
| Dornoch Debt Merger Sub Inc |
3,070,000 | 2,673,110 | ||||||
| DR Horton Inc |
3,000,000 | 2,730,755 | ||||||
| Fertitta Entertainment LLC |
||||||||
| 4.625% due 01/15/29 ~ |
4,975,000 | 4,723,862 | ||||||
| 6.750% due 01/15/30 ~ |
5,000,000 | 4,606,175 | ||||||
| Ford Motor Credit Co LLC |
||||||||
| 2.900% due 02/10/29 |
7,500,000 | 6,690,900 | ||||||
| 3.375% due 11/13/25 |
400,000 | 391,412 | ||||||
| 4.000% due 11/13/30 |
400,000 | 377,316 | ||||||
| 4.125% due 08/17/27 |
3,500,000 | 3,425,415 | ||||||
| 4.950% due 05/28/27 |
1,600,000 | 1,628,880 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-24
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Foundation Building Materials Inc |
$3,355,000 | $3,026,009 | ||||||
| General Motors Co |
||||||||
| 4.200% due 10/01/27 |
6,500,000 | 6,538,270 | ||||||
| 6.125% due 10/01/25 |
1,950,000 | 2,095,199 | ||||||
| General Motors Financial Co Inc |
||||||||
| 4.350% due 01/17/27 |
5,000,000 | 5,092,398 | ||||||
| 5.100% due 01/17/24 |
1,000,000 | 1,034,314 | ||||||
| Hilton Grand Vacations Borrower Escrow LLC |
||||||||
| 4.875% due 07/01/31 ~ |
2,775,000 | 2,582,901 | ||||||
| 5.000% due 06/01/29 ~ |
1,875,000 | 1,791,637 | ||||||
| Hyatt Hotels Corp |
5,450,000 | 6,032,370 | ||||||
| Hyundai Capital America |
5,000,000 | 4,565,062 | ||||||
| Kohl’s Corp |
7,950,000 | 7,687,185 | ||||||
| LBM Acquisition LLC |
4,000,000 | 3,751,620 | ||||||
| Lowe’s Cos Inc |
5,000,000 | 5,179,654 | ||||||
| Magallanes Inc |
||||||||
| 4.054% due 03/15/29 ~ |
6,000,000 | 6,036,696 | ||||||
| 4.279% due 03/15/32 ~ |
2,000,000 | 2,011,375 | ||||||
| MajorDrive Holdings IV LLC |
6,375,000 | 5,654,306 | ||||||
| Marriott International Inc |
4,000,000 | 3,656,780 | ||||||
| Midwest Gaming Borrower LLC |
4,625,000 | 4,272,991 | ||||||
| New Red Finance Inc (Canada) |
||||||||
| 3.875% due 01/15/28 ~ |
5,000,000 | 4,746,900 | ||||||
| 4.000% due 10/15/30 ~ |
6,000,000 | 5,420,340 | ||||||
| PetSmart Inc |
||||||||
| 4.750% due 02/15/28 ~ |
250,000 | 241,932 | ||||||
| 7.750% due 02/15/29 ~ |
6,150,000 | 6,357,378 | ||||||
| SRS Distribution Inc |
||||||||
| 4.625% due 07/01/28 ~ |
2,750,000 | 2,632,369 | ||||||
| 6.125% due 07/01/29 ~ |
1,875,000 | 1,731,966 | ||||||
| STL Holding Co LLC |
3,400,000 | 3,442,500 | ||||||
| The Michaels Cos Inc |
4,400,000 | 3,772,978 | ||||||
| United Airlines Pass-Through Trust ‘AA’ |
2,388,996 | 2,419,222 | ||||||
| Viking Cruises Ltd |
||||||||
| 6.250% due 05/15/25 ~ |
3,200,000 | 2,999,856 | ||||||
| 7.000% due 02/15/29 ~ |
2,625,000 | 2,420,092 | ||||||
| Viking Ocean Cruises Ship VII Ltd |
175,000 | 160,070 | ||||||
|
|
|
|||||||
| 162,325,755 | ||||||||
|
|
|
|||||||
| Consumer, Non-Cyclical - 8.8% |
| |||||||
| Ahern Rentals Inc |
6,600,000 | 6,154,500 | ||||||
| Allied Universal Holdco LLC |
7,950,000 | 8,226,660 | ||||||
| AmerisourceBergen Corp |
8,000,000 | 7,404,514 | ||||||
| Anheuser-Busch InBev Worldwide Inc (Belgium) |
9,325,000 | 10,119,028 | ||||||
| APi Escrow Corp |
5,925,000 | 5,514,042 | ||||||
| Avantor Funding Inc |
||||||||
| 3.875% due 11/01/29 ~ |
450,000 | 423,599 | ||||||
| 4.625% due 07/15/28 ~ |
3,375,000 | 3,342,212 | ||||||
| Bausch Health Americas Inc |
||||||||
| 8.500% due 01/31/27 ~ |
450,000 | 449,235 | ||||||
| 9.250% due 04/01/26 ~ |
1,500,000 | 1,537,845 | ||||||
| Principal Amount |
Value |
|||||||
| Bausch Health Cos Inc |
||||||||
| 4.875% due 06/01/28 ~ |
$1,500,000 | $1,438,282 | ||||||
| 5.000% due 01/30/28 ~ |
800,000 | 660,236 | ||||||
| 5.000% due 02/15/29 ~ |
400,000 | 312,092 | ||||||
| 5.250% due 02/15/31 ~ |
200,000 | 155,940 | ||||||
| 6.125% due 04/15/25 ~ |
3,302,000 | 3,332,956 | ||||||
| 6.125% due 02/01/27 ~ |
2,375,000 | 2,392,919 | ||||||
| Central Garden & Pet Co |
4,625,000 | 4,170,201 | ||||||
| Cigna Corp |
4,100,000 | 3,759,870 | ||||||
| Community Health Systems Inc |
||||||||
| 4.750% due 02/15/31 ~ |
765,000 | 723,988 | ||||||
| 5.250% due 05/15/30 ~ |
500,000 | 480,625 | ||||||
| 5.625% due 03/15/27 ~ |
325,000 | 331,406 | ||||||
| 6.125% due 04/01/30 ~ |
4,000,000 | 3,729,880 | ||||||
| 6.875% due 04/15/29 ~ |
75,000 | 73,791 | ||||||
| CoreLogic Inc |
4,225,000 | 3,992,224 | ||||||
| Global Payments Inc |
8,000,000 | 7,521,539 | ||||||
| GSK Consumer Healthcare Capital US LLC |
3,000,000 | 2,971,621 | ||||||
| HCA Inc |
7,000,000 | 6,867,396 | ||||||
| Kraft Heinz Foods Co |
3,975,000 | 4,307,906 | ||||||
| Lamb Weston Holdings Inc |
||||||||
| 4.125% due 01/31/30 ~ |
1,275,000 | 1,192,763 | ||||||
| 4.375% due 01/31/32 ~ |
5,250,000 | 4,913,055 | ||||||
| Mondelez International Inc |
5,000,000 | 4,887,088 | ||||||
| Mozart Debt Merger Sub Inc |
||||||||
| 3.875% due 04/01/29 ~ |
1,875,000 | 1,736,766 | ||||||
| 5.250% due 10/01/29 ~ |
225,000 | 209,464 | ||||||
| MPH Acquisition Holdings LLC |
||||||||
| 5.500% due 09/01/28 ~ |
900,000 | 864,621 | ||||||
| 5.750% due 11/01/28 ~ |
5,200,000 | 4,704,908 | ||||||
| Option Care Health Inc |
6,000,000 | 5,636,010 | ||||||
| Performance Food Group Inc |
1,875,000 | 1,710,938 | ||||||
| Sysco Corp |
3,000,000 | 2,754,140 | ||||||
| Tenet Healthcare Corp |
||||||||
| 4.250% due 06/01/29 ~ |
3,125,000 | 3,000,187 | ||||||
| 4.375% due 01/15/30 ~ |
1,825,000 | 1,754,217 | ||||||
| 6.125% due 10/01/28 ~ |
2,675,000 | 2,721,425 | ||||||
| The Hertz Corp |
5,900,000 | 5,347,141 | ||||||
| US Foods Inc |
5,800,000 | 5,376,368 | ||||||
| Viatris Inc |
4,450,000 | 3,920,354 | ||||||
|
|
|
|||||||
| 141,123,952 | ||||||||
|
|
|
|||||||
| Energy - 8.5% |
| |||||||
| Antero Midstream Partners LP |
3,400,000 | 3,402,482 | ||||||
| Antero Resources Corp |
||||||||
| 5.375% due 03/01/30 ~ |
4,275,000 | 4,372,299 | ||||||
| 7.625% due 02/01/29 ~ |
1,126,000 | 1,219,306 | ||||||
| Archrock Partners LP |
||||||||
| 6.250% due 04/01/28 ~ |
2,025,000 | 1,999,687 | ||||||
| 6.875% due 04/01/27 ~ |
1,325,000 | 1,341,443 | ||||||
| Cheniere Corpus Christi Holdings LLC |
7,625,000 | 8,137,187 | ||||||
| Cheniere Energy Partners LP |
6,925,000 | 6,307,948 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-25
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Chesapeake Energy Corp |
$2,975,000 | $3,155,315 | ||||||
| Comstock Resources Inc |
5,000,000 | 4,932,500 | ||||||
| CQP Holdco LP |
5,225,000 | 5,140,094 | ||||||
| DT Midstream Inc |
650,000 | 652,509 | ||||||
| Energy Transfer Operating LP |
||||||||
| 2.900% due 05/15/25 |
1,000,000 | 979,195 | ||||||
| 3.750% due 05/15/30 |
3,000,000 | 2,955,560 | ||||||
| 4.000% due 10/01/27 |
1,200,000 | 1,209,783 | ||||||
| 4.050% due 03/15/25 |
1,200,000 | 1,218,184 | ||||||
| 4.750% due 01/15/26 |
4,200,000 | 4,368,487 | ||||||
| 5.500% due 06/01/27 |
1,500,000 | 1,613,783 | ||||||
| 5.800% due 06/15/38 |
3,000,000 | 3,258,084 | ||||||
| EnLink Midstream LLC |
3,500,000 | 3,497,270 | ||||||
| EQM Midstream Partners LP |
||||||||
| 4.750% due 01/15/31 ~ |
9,600,000 | 8,990,496 | ||||||
| 5.500% due 07/15/28 |
1,250,000 | 1,257,112 | ||||||
| 6.000% due 07/01/25 ~ |
500,000 | 510,850 | ||||||
| 6.500% due 07/01/27 ~ |
1,750,000 | 1,830,666 | ||||||
| Genesis Energy LP |
||||||||
| 7.750% due 02/01/28 |
2,750,000 | 2,768,700 | ||||||
| 8.000% due 01/15/27 |
750,000 | 772,365 | ||||||
| ITT Holdings LLC |
3,500,000 | 3,240,160 | ||||||
| MPLX LP |
||||||||
| 2.650% due 08/15/30 |
2,225,000 | 2,042,017 | ||||||
| 4.800% due 02/15/29 |
1,350,000 | 1,438,803 | ||||||
| 4.950% due 03/14/52 |
1,150,000 | 1,200,358 | ||||||
| 6.875% due 02/15/23 |
450,000 | 443,250 | ||||||
| New Fortress Energy Inc |
3,875,000 | 3,843,884 | ||||||
| Occidental Petroleum Corp |
||||||||
| 5.500% due 12/01/25 |
325,000 | 342,518 | ||||||
| 6.125% due 01/01/31 |
325,000 | 366,130 | ||||||
| 6.625% due 09/01/30 |
6,700,000 | 7,696,625 | ||||||
| 8.000% due 07/15/25 |
800,000 | 899,280 | ||||||
| 8.500% due 07/15/27 |
1,175,000 | 1,392,192 | ||||||
| 8.875% due 07/15/30 |
1,500,000 | 1,925,542 | ||||||
| Range Resources Corp |
6,000,000 | 5,968,200 | ||||||
| Sabine Pass Liquefaction LLC |
2,725,000 | 2,882,914 | ||||||
| Southwestern Energy Co |
6,325,000 | 6,325,917 | ||||||
| Tallgrass Energy Partners LP |
||||||||
| 6.000% due 12/31/30 ~ |
3,100,000 | 3,012,812 | ||||||
| 6.000% due 09/01/31 ~ |
2,275,000 | 2,194,465 | ||||||
| Targa Resources Partners LP |
||||||||
| 4.000% due 01/15/32 |
1,850,000 | 1,785,250 | ||||||
| 5.000% due 01/15/28 |
650,000 | 659,756 | ||||||
| 6.500% due 07/15/27 |
500,000 | 526,900 | ||||||
| The Williams Cos Inc |
3,000,000 | 2,766,980 | ||||||
| Venture Global Calcasieu Pass LLC |
||||||||
| 3.875% due 08/15/29 ~ |
900,000 | 876,209 | ||||||
| 3.875% due 11/01/33 ~ |
5,425,000 | 5,196,635 | ||||||
| 4.125% due 08/15/31 ~ |
2,900,000 | 2,850,149 | ||||||
|
|
|
|||||||
| 135,768,251 | ||||||||
|
|
|
|||||||
| Financial - 15.6% |
| |||||||
| AerCap Ireland Capital DAC (Ireland) |
||||||||
| 2.450% due 10/29/26 |
3,250,000 | 3,010,666 | ||||||
| 4.450% due 10/01/25 |
2,000,000 | 2,008,994 | ||||||
| 4.625% due 10/15/27 |
1,000,000 | 1,021,370 | ||||||
| Principal Amount |
Value |
|||||||
| Air Lease Corp |
||||||||
| 1.875% due 08/15/26 |
$750,000 | $691,977 | ||||||
| 3.125% due 12/01/30 |
3,500,000 | 3,241,212 | ||||||
| 3.750% due 06/01/26 |
1,500,000 | 1,493,286 | ||||||
| 4.250% due 09/15/24 |
1,000,000 | 1,013,047 | ||||||
| 4.650% due 06/15/26 |
2,750,000 | 2,475,000 | ||||||
| Athene Holding Ltd |
||||||||
| 3.500% due 01/15/31 |
1,000,000 | 958,697 | ||||||
| 6.150% due 04/03/30 |
4,925,000 | 5,562,810 | ||||||
| Avolon Holdings Funding Ltd (Ireland) |
||||||||
| 2.125% due 02/21/26 ~ |
450,000 | 411,424 | ||||||
| 2.750% due 02/21/28 ~ |
5,000,000 | 4,455,150 | ||||||
| 3.250% due 02/15/27 ~ |
3,200,000 | 3,014,940 | ||||||
| Bank of America Corp |
||||||||
| 1.922% due 10/24/31 |
1,000,000 | 869,796 | ||||||
| 2.087% due 06/14/29 |
7,300,000 | 6,675,577 | ||||||
| 2.482% due 09/21/36 |
4,250,000 | 3,660,690 | ||||||
| 2.592% due 04/29/31 |
7,500,000 | 6,932,099 | ||||||
| 2.651% due 03/11/32 |
5,000,000 | 4,594,571 | ||||||
| 2.687% due 04/22/32 |
1,450,000 | 1,335,650 | ||||||
| 2.972% due 02/04/33 |
6,000,000 | 5,628,401 | ||||||
| BOC Aviation Ltd (Singapore) |
4,700,000 | 4,630,940 | ||||||
| Citigroup Inc |
||||||||
| 1.462% due 06/09/27 |
5,000,000 | 4,599,023 | ||||||
| 2.520% due 11/03/32 |
2,000,000 | 1,798,192 | ||||||
| 2.561% due 05/01/32 |
450,000 | 406,690 | ||||||
| 2.666% due 01/29/31 |
1,000,000 | 928,324 | ||||||
| 3.668% due 07/24/28 |
4,000,000 | 4,005,672 | ||||||
| 3.980% due 03/20/30 |
3,000,000 | 3,050,807 | ||||||
| 4.075% due 04/23/29 |
3,000,000 | 3,060,723 | ||||||
| 4.450% due 09/29/27 |
4,500,000 | 4,649,209 | ||||||
| Corebridge Financial Inc |
5,000,000 | 4,995,450 | ||||||
| GLP Capital LP REIT |
||||||||
| 4.000% due 01/15/31 |
2,925,000 | 2,841,418 | ||||||
| 5.300% due 01/15/29 |
9,000,000 | 9,469,890 | ||||||
| Host Hotels & Resorts LP REIT |
||||||||
| 2.900% due 12/15/31 |
1,750,000 | 1,566,056 | ||||||
| 3.375% due 12/15/29 |
6,800,000 | 6,487,792 | ||||||
| 3.500% due 09/15/30 |
1,500,000 | 1,432,397 | ||||||
| HSBC Holdings PLC (United Kingdom) |
||||||||
| 2.206% due 08/17/29 |
4,500,000 | 4,054,461 | ||||||
| 2.871% due 11/22/32 |
1,000,000 | 910,226 | ||||||
| 4.700% due 03/09/31 |
3,000,000 | 2,696,250 | ||||||
| Invitation Homes Operating Partnership LP REIT |
6,000,000 | 5,259,785 | ||||||
| Iron Mountain Inc REIT |
||||||||
| 4.500% due 02/15/31 ~ |
275,000 | 254,320 | ||||||
| 4.875% due 09/15/29 ~ |
4,175,000 | 3,981,217 | ||||||
| 5.000% due 07/15/28 ~ |
3,500,000 | 3,418,398 | ||||||
| 5.250% due 03/15/28 ~ |
575,000 | 568,273 | ||||||
| 5.250% due 07/15/30 ~ |
1,000,000 | 981,360 | ||||||
| Iron Mountain Information Management Services Inc REIT |
900,000 | 845,096 | ||||||
| JPMorgan Chase & Co |
||||||||
| 1.578% due 04/22/27 |
5,000,000 | 4,661,901 | ||||||
| 2.069% due 06/01/29 |
6,000,000 | 5,534,925 | ||||||
| 2.522% due 04/22/31 |
1,950,000 | 1,809,971 | ||||||
| 2.580% due 04/22/32 |
550,000 | 504,646 | ||||||
| 2.947% due 02/24/28 |
2,300,000 | 2,247,122 | ||||||
| 2.963% due 01/25/33 |
6,950,000 | 6,559,337 | ||||||
| 4.005% due 04/23/29 |
2,000,000 | 2,047,086 | ||||||
| 4.125% due 12/15/26 |
5,725,000 | 5,931,320 | ||||||
| Liberty Mutual Group Inc |
3,950,000 | 3,148,940 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-26
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Morgan Stanley |
||||||||
| 1.512% due 07/20/27 |
$5,000,000 | $4,603,196 | ||||||
| 2.484% due 09/16/36 |
550,000 | 472,461 | ||||||
| 2.943% due 01/21/33 |
5,000,000 | 4,694,647 | ||||||
| 3.591% due 07/22/28 |
11,000,000 | 11,043,387 | ||||||
| 5.000% due 11/24/25 |
3,150,000 | 3,323,472 | ||||||
| OneMain Finance Corp |
||||||||
| 3.875% due 09/15/28 |
3,175,000 | 2,875,344 | ||||||
| 4.000% due 09/15/30 |
800,000 | 707,112 | ||||||
| 5.375% due 11/15/29 |
2,775,000 | 2,700,797 | ||||||
| 7.125% due 03/15/26 |
3,425,000 | 3,664,818 | ||||||
| The Charles Schwab Corp |
5,000,000 | 4,994,000 | ||||||
| The Goldman Sachs Group Inc |
||||||||
| 1.542% due 09/10/27 |
7,000,000 | 6,407,265 | ||||||
| 1.948% due 10/21/27 |
5,000,000 | 4,653,733 | ||||||
| 2.383% due 07/21/32 |
450,000 | 399,378 | ||||||
| 2.600% due 02/07/30 |
4,000,000 | 3,715,174 | ||||||
| 2.615% due 04/22/32 |
5,050,000 | 4,600,198 | ||||||
| 3.102% due 02/24/33 |
4,000,000 | 3,774,605 | ||||||
| 3.800% due 03/15/30 |
3,000,000 | 3,023,856 | ||||||
| VICI Properties LP REIT |
3,000,000 | 2,998,110 | ||||||
| Wells Fargo & Co |
||||||||
| 2.393% due 06/02/28 |
4,500,000 | 4,260,332 | ||||||
| 3.196% due 06/17/27 |
5,000,000 | 4,938,882 | ||||||
| 3.526% due 03/24/28 |
1,450,000 | 1,448,248 | ||||||
| Weyerhaeuser Co REIT |
3,000,000 | 2,926,294 | ||||||
|
|
|
|||||||
| 250,617,883 | ||||||||
|
|
|
|||||||
| Industrial - 11.9% |
|
|||||||
| Allegion US Holding Co Inc |
||||||||
| 3.200% due 10/01/24 |
3,000,000 | 2,966,169 | ||||||
| 3.550% due 10/01/27 |
650,000 | 639,792 | ||||||
| ARD Finance SA (Luxembourg) |
3,768,194 | 3,452,382 | ||||||
| Ardagh Packaging Finance PLC (Ireland) |
1,629,000 | 1,507,648 | ||||||
| Artera Services LLC |
2,750,000 | 2,751,100 | ||||||
| BWX Technologies Inc |
4,850,000 | 4,678,213 | ||||||
| Cargo Aircraft Management Inc |
7,050,000 | 6,894,724 | ||||||
| Carrier Global Corp |
4,450,000 | 4,187,351 | ||||||
| Clydesdale Acquisition Holdings Inc |
||||||||
| due 04/15/29 # ~ |
1,075,000 | 1,088,437 | ||||||
| due 04/15/30 # ~ |
2,150,000 | 2,026,375 | ||||||
| First Student Bidco Inc |
7,475,000 | 6,981,538 | ||||||
| Flowserve Corp |
||||||||
| 2.800% due 01/15/32 |
3,550,000 | 3,145,814 | ||||||
| 3.500% due 10/01/30 |
7,050,000 | 6,687,084 | ||||||
| GFL Environmental Inc (Canada) |
||||||||
| 3.500% due 09/01/28 ~ |
1,025,000 | 963,705 | ||||||
| 4.000% due 08/01/28 ~ |
875,000 | 805,941 | ||||||
| 4.375% due 08/15/29 ~ |
1,950,000 | 1,804,910 | ||||||
| 4.750% due 06/15/29 ~ |
2,375,000 | 2,262,140 | ||||||
| Granite US Holdings Corp |
1,975,000 | 2,085,985 | ||||||
| Hillenbrand Inc |
6,375,000 | 5,846,353 | ||||||
| Husky III Holding Ltd (Canada) |
2,050,000 | 2,134,614 | ||||||
| Principal Amount |
Value |
|||||||
| LABL Inc |
||||||||
| 5.875% due 11/01/28 ~ |
$6,975,000 | $6,552,141 | ||||||
| 8.250% due 11/01/29 ~ |
1,975,000 | 1,746,641 | ||||||
| Madison IAQ LLC |
||||||||
| 4.125% due 06/30/28 ~ |
1,875,000 | 1,730,437 | ||||||
| 5.875% due 06/30/29 ~ |
6,625,000 | 5,955,113 | ||||||
| Masco Corp |
4,110,000 | 4,991,221 | ||||||
| Mauser Packaging Solutions Holding Co |
||||||||
| 5.500% due 04/15/24 ~ |
4,375,000 | 4,363,570 | ||||||
| 7.250% due 04/15/25 ~ |
3,700,000 | 3,671,510 | ||||||
| nVent Finance Sarl (United Kingdom) |
3,600,000 | 3,240,580 | ||||||
| OT Merger Corp |
5,500,000 | 4,768,637 | ||||||
| Penske Truck Leasing Co LP |
3,675,000 | 3,601,745 | ||||||
| Redwood Star Merger Sub Inc |
6,600,000 | 6,327,684 | ||||||
| Standard Industries Inc |
||||||||
| 3.375% due 01/15/31 ~ |
3,000,000 | 2,629,515 | ||||||
| 4.375% due 07/15/30 ~ |
6,000,000 | 5,503,200 | ||||||
| 4.750% due 01/15/28 ~ |
4,443,000 | 4,256,483 | ||||||
| TD SYNNEX Corp |
5,000,000 | 4,302,550 | ||||||
| Teledyne Technologies Inc |
||||||||
| 2.250% due 04/01/28 |
3,500,000 | 3,253,734 | ||||||
| 2.750% due 04/01/31 |
3,500,000 | 3,249,147 | ||||||
| Textron Inc |
3,700,000 | 3,536,074 | ||||||
| The Boeing Co |
12,200,000 | 12,868,079 | ||||||
| The Weir Group PLC (United Kingdom) |
6,800,000 | 6,360,252 | ||||||
| Titan Acquisition Ltd (Canada) |
3,395,000 | 3,378,534 | ||||||
| TK Elevator US Newco Inc (Germany) |
5,000,000 | 4,951,150 | ||||||
| TransDigm Inc |
||||||||
| 4.625% due 01/15/29 |
675,000 | 631,959 | ||||||
| 4.875% due 05/01/29 |
4,475,000 | 4,203,367 | ||||||
| 5.500% due 11/15/27 |
675,000 | 670,778 | ||||||
| TriMas Corp |
4,225,000 | 3,863,298 | ||||||
| Vertiv Group Corp |
8,475,000 | 7,744,455 | ||||||
| Vontier Corp |
4,500,000 | 4,006,282 | ||||||
| WRKCo Inc |
5,175,000 | 5,204,647 | ||||||
|
|
|
|||||||
| 190,473,058 | ||||||||
|
|
|
|||||||
| Technology - 2.6% |
| |||||||
| Broadcom Inc |
||||||||
| 3.137% due 11/15/35 ~ |
2,700,000 | 2,384,332 | ||||||
| 3.187% due 11/15/36 ~ |
203,000 | 176,648 | ||||||
| 3.469% due 04/15/34 ~ |
2,000,000 | 1,856,443 | ||||||
| 4.150% due 11/15/30 |
3,747,000 | 3,803,522 | ||||||
| Dell International LLC |
||||||||
| 4.900% due 10/01/26 |
1,700,000 | 1,784,845 | ||||||
| 6.200% due 07/15/30 |
2,950,000 | 3,368,288 | ||||||
| 8.100% due 07/15/36 |
540,000 | 711,887 | ||||||
| Kyndryl Holdings Inc |
3,000,000 | 2,601,684 | ||||||
| Open Text Corp (Canada) |
1,350,000 | 1,284,640 | ||||||
| Open Text Holdings Inc (Canada) |
3,200,000 | 3,002,704 | ||||||
| Oracle Corp |
4,000,000 | 3,661,334 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-27
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Rackspace Technology Global Inc |
|
$7,700,000 |
|
|
$6,904,590 |
| ||
| Twilio Inc |
||||||||
| 3.625% due 03/15/29 |
|
750,000 |
|
|
707,876 |
| ||
| 3.875% due 03/15/31 |
|
6,250,000 |
|
|
5,819,546 |
| ||
| Workday Inc |
|
4,000,000 |
|
|
4,012,537 |
| ||
|
|
|
|||||||
|
|
42,080,876 |
| ||||||
|
|
|
|||||||
| Utilities - 1.0% |
| |||||||
| IPALCO Enterprises Inc |
|
4,000,000 |
|
|
4,012,974 |
| ||
| Pike Corp |
|
4,800,000 |
|
|
4,532,304 |
| ||
| Vistra Operations Co LLC |
||||||||
| 4.300% due 07/15/29 ~ |
|
6,000,000 |
|
|
5,798,746 |
| ||
| 4.375% due 05/01/29 ~ |
|
375,000 |
|
|
354,859 |
| ||
| 5.625% due 02/15/27 ~ |
|
850,000 |
|
|
850,255 |
| ||
|
|
|
|||||||
|
|
15,549,138 |
| ||||||
|
|
|
|||||||
| Total Corporate Bonds & Notes |
|
1,084,948,036 |
| |||||
|
|
|
|||||||
| SENIOR LOAN NOTES - 22.5% |
|
|||||||
| Communications - 0.8% |
||||||||
| Clear Channel Outdoor Holdings Inc Term B |
|
6,597,257 |
|
|
6,497,065 |
| ||
| Uber Technologies Inc Term B |
||||||||
| 3.957% (USD LIBOR + 3.500%) |
|
4,689,103 |
|
|
4,679,893 |
| ||
| 3.957% (USD LIBOR + 3.500%) |
|
2,467,363 |
|
|
2,461,451 |
| ||
|
|
|
|||||||
|
|
13,638,409 |
| ||||||
|
|
|
|||||||
| Consumer, Cyclical - 3.3% |
||||||||
| Caesars Resort Collection LLC Term B |
|
6,238,258 |
|
|
6,214,864 |
| ||
| ClubCorp Holdings Inc Term B |
|
4,317,718 |
|
|
4,111,953 |
| ||
| Fertitta Entertainment LLC Term B |
|
2,974,536 |
|
|
2,961,862 |
| ||
| Great Outdoors Group LLC
Term B-2 |
|
3,209,497 |
|
|
3,201,974 |
| ||
| LBM Acquisition LLC Term B |
|
6,445,165 |
|
|
6,306,194 |
| ||
| MIC Glen LLC (2nd Lien) |
|
1,750,000 |
|
|
1,723,750 |
| ||
| Mileage Plus Holdings LLC Term B |
|
4,000,000 |
|
|
4,167,500 |
| ||
| Motion Finco LLC Term B (United Kingdom) |
|
2,955,280 |
|
|
2,910,336 |
| ||
| SRS Distribution Inc Term B |
|
12,437,500 |
|
|
12,269,594 |
| ||
| Tacala Investment Corp Term B |
||||||||
| 4.250% (USD LIBOR + 3.500%) |
|
3,849,697 |
|
|
3,799,971 |
| ||
| (2nd Lien) |
|
1,500,000 |
|
|
1,479,750 |
| ||
| Principal Amount |
Value |
|||||||
| United Airlines Inc Term B |
|
$3,960,000 |
|
|
$3,920,400 |
| ||
|
|
|
|||||||
|
|
53,068,148 |
| ||||||
|
|
|
|||||||
| Consumer, Non-Cyclical - 5.6% |
||||||||
| Allied Universal Holdco LLC Term B |
|
9,950,000 |
|
|
9,805,725 |
| ||
| CoreLogic Inc Term B |
|
10,945,000 |
|
|
10,797,243 |
| ||
| Garda World Security Corp Term B (Canada) |
|
2,404,729 |
|
|
2,386,693 |
| ||
| Heartland Dental LLC Term B |
|
8,684,375 |
|
|
8,638,244 |
| ||
| LifePoint Health Inc Term B |
|
4,458,381 |
|
|
4,436,089 |
| ||
| Mavis Tire Express Services Topco Corp |
|
7,940,000 |
|
|
7,900,300 |
| ||
| Mozart Borrower LP Term B |
|
4,250,000 |
|
|
4,210,144 |
| ||
| Pathway Vet Alliance LLC Term B |
|
8,897,051 |
|
|
8,824,762 |
| ||
| PetVet Care Centers LLC |
||||||||
| 3.207% (USD LIBOR + 2.750%) |
|
2,931,309 |
|
|
2,891,370 |
| ||
| (2nd Lien) |
|
2,000,000 |
|
|
1,993,334 |
| ||
| Term B |
|
2,954,082 |
|
|
2,913,832 |
| ||
| Term B-3 |
|
3,979,592 |
|
|
3,960,522 |
| ||
| Spin Holdco Inc Term B |
|
5,940,000 |
|
|
5,906,587 |
| ||
| Sunshine Luxembourg VII SARL Term B (Luxembourg) |
|
8,635,237 |
|
|
8,589,367 |
| ||
| WCG Purchaser Corp Term B |
|
5,954,545 |
|
|
5,942,142 |
| ||
|
|
|
|||||||
|
|
89,196,354 |
| ||||||
|
|
|
|||||||
| Energy - 1.0% |
||||||||
| CQP Holdco LP Term B |
|
7,960,000 |
|
|
7,926,003 |
| ||
| Traverse Midstream Partners LLC Term B |
|
7,589,918 |
|
|
7,570,943 |
| ||
|
|
|
|||||||
|
|
15,496,946 |
| ||||||
|
|
|
|||||||
| Financial - 1.6% |
||||||||
| AssuredPartners Inc Term B |
|
5,376,250 |
|
|
5,319,966 |
| ||
| Deerfield Dakota Holding LLC Term B |
|
8,914,320 |
|
|
8,888,691 |
| ||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-28
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| NFP Corp Term B |
|
$4,655,000 |
|
|
$4,577,904 |
| ||
| USI Inc Term B |
|
6,272,553 |
|
|
6,242,602 |
| ||
|
|
|
|||||||
|
|
25,029,163 |
| ||||||
|
|
|
|||||||
| Industrial - 5.7% |
||||||||
| Brand Industrial Services Inc |
|
3,819,549 |
|
|
3,659,342 |
| ||
| Brown Group Holding LLC Term B |
|
4,879,255 |
|
|
4,803,524 |
| ||
| Dynasty Acquisition Co Inc |
|
3,726,873 |
|
|
3,675,629 |
| ||
| Engineered Machinery Holdings Inc |
|
3,806,150 |
|
|
3,761,972 |
| ||
| Filtration Group Corp Term B |
|
5,904,030 |
|
|
5,826,540 |
| ||
| LABL Inc Term B |
|
9,725,625 |
|
|
9,613,177 |
| ||
| Madison IAQ LLC |
|
7,940,000 |
|
|
7,838,273 |
| ||
| Mauser Packaging Solutions Holding Co Term B |
|
8,047,258 |
|
|
7,951,697 |
| ||
| Pregis TopCo LLC |
||||||||
| 4.500% (USD LIBOR + 4.000%) |
|
3,482,500 |
|
|
3,417,203 |
| ||
| Term B |
|
5,429,343 |
|
|
5,327,543 |
| ||
| Pro Mach Group Inc |
||||||||
| due 08/31/28 f |
|
289,106 |
|
|
288,203 |
| ||
| Term B |
|
4,200,367 |
|
|
4,187,240 |
| ||
| Proampac PG Borrower LLC Term B |
|
7,672,694 |
|
|
7,525,631 |
| ||
| Quikrete Holdings Inc Term B-1 |
|
3,500,000 |
|
|
3,442,883 |
| ||
| Standard Aero Ltd |
|
2,003,695 |
|
|
1,976,145 |
| ||
| Titan Acquisition Ltd Term B (Canada) |
|
3,864,307 |
|
|
3,789,919 |
| ||
| TransDigm Inc |
||||||||
| Term E |
|
2,443,750 |
|
|
2,403,191 |
| ||
| Term F |
|
943,403 |
|
|
927,630 |
| ||
| Term G |
|
2,747,573 |
|
|
2,713,610 |
| ||
| Principal Amount |
Value |
|||||||
| TricorBraun Holdings Inc |
|
$4,964,003 |
|
|
$4,850,541 |
| ||
| USIC Holdings Inc Term B |
|
2,720,637 |
|
|
2,700,233 |
| ||
|
|
|
|||||||
|
|
90,680,126 |
| ||||||
|
|
|
|||||||
| Technology - 4.3% |
||||||||
| Applied Systems Inc Term B |
|
14,385,380 |
|
|
14,310,879 |
| ||
| Bright Bidco BV Term B (Netherlands) |
|
1,974,129 |
|
|
1,196,816 |
| ||
| Epicor Software Corp Term C |
|
5,954,660 |
|
|
5,915,073 |
| ||
| Finastra USA Inc Term B |
|
4,931,958 |
|
|
4,874,934 |
| ||
| Peraton Corp Term B |
|
7,776,900 |
|
|
7,724,126 |
| ||
| Polaris Newco LLC Term B |
|
7,960,000 |
|
|
7,913,235 |
| ||
| Rackspace Technology Global Inc Term B |
|
4,950,000 |
|
|
4,860,281 |
| ||
| RealPage Inc Term B |
|
6,965,000 |
|
|
6,897,091 |
| ||
| Tempo Acquisition LLC Term B |
|
5,758,053 |
|
|
5,700,473 |
| ||
| UKG Inc |
||||||||
| 3.750% (USD LIBOR + 3.250%) |
|
8,912,675 |
|
|
8,851,400 |
| ||
| (2nd Lien) |
|
750,000 |
|
|
746,875 |
| ||
|
|
|
|||||||
|
|
68,991,183 |
| ||||||
|
|
|
|||||||
| Utilities - 0.2% |
||||||||
| PG&E Corp Term B |
|
4,175,625 |
|
|
4,130,390 |
| ||
|
|
|
|||||||
| Total Senior Loan Notes |
|
360,230,719 |
| |||||
|
|
|
|||||||
| ASSET-BACKED SECURITIES - 3.2% |
|
|||||||
| Dryden CLO Ltd (Cayman) |
||||||||
| 1.641% (USD LIBOR + 1.400%) |
|
2,600,000 |
|
|
2,567,371 |
| ||
| 1.641% (USD LIBOR + 1.400%) |
|
1,500,000 |
|
|
1,477,932 |
| ||
| 1.741% (USD LIBOR + 1.500%) |
|
1,500,000 |
|
|
1,476,897 |
| ||
| 1.991% (USD LIBOR + 1.750%) |
|
1,500,000 |
|
|
1,465,091 |
| ||
| 2.041% (USD LIBOR + 1.800%) |
|
1,500,000 |
|
|
1,484,487 |
| ||
| 2.141% (USD LIBOR + 1.900%) |
|
250,000 |
|
|
246,270 |
| ||
| Flatiron RR CLO 22 LLC |
|
7,000,000 |
|
|
6,922,449 |
| ||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-29
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS STRATEGIC INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Madison Park Funding Ltd (Cayman) |
||||||||
| 1.841% (USD LIBOR + 1.600%) |
$2,000,000 | $1,975,387 | ||||||
| 1.991% (USD LIBOR + 1.750%) |
2,650,000 | 2,617,928 | ||||||
| 2.091% (USD LIBOR + 1.850%) |
1,000,000 | 984,349 | ||||||
| Magnetite Xxx Ltd (Cayman) |
6,550,000 | 6,425,513 | ||||||
| Neuberger Berman Loan Advisers CLO 38 Ltd |
5,000,000 | 4,922,093 | ||||||
| Palmer Square Loan Funding Ltd (Cayman) |
||||||||
| 1.830% (USD LIBOR + 1.350%) |
2,000,000 | 1,996,123 | ||||||
| 2.380% (USD LIBOR + 1.900%) |
1,000,000 | 991,504 | ||||||
| 3.509% (USD LIBOR + 3.250%) |
2,250,000 | 2,251,233 | ||||||
| Rad CLO 12 Ltd (Cayman) |
4,000,000 | 3,982,718 | ||||||
| Sandstone Peak Ltd (Cayman) |
9,000,000 | 8,955,482 | ||||||
|
|
|
|||||||
| Total Asset-Backed Securities |
50,742,827 | |||||||
|
|
|
|||||||
| Shares |
Value |
|||||||
| SHORT-TERM INVESTMENT - 6.0% |
|
|||||||
| Money Market Fund - 6.0% |
|
|||||||
| BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.210% |
95,906,867 | $95,906,867 | ||||||
|
|
|
|||||||
| Total Short-Term Investment |
95,906,867 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 100.3% |
|
1,605,774,479 | ||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - (0.3%) |
|
(4,469,733 | ) | |||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$1,601,304,746 | ||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition as a percentage of net assets was as follows: |
| Corporate Bonds & Notes |
67.7% | |||
| Senior Loan Notes |
22.5% | |||
| Short-Term Investment |
6.0% | |||
| Asset-Backed Securities |
3.2% | |||
| Others (each less than 3.0%) |
0.9% | |||
|
|
|
|||
| 100.3% | ||||
| Other Assets & Liabilities, Net |
(0.3% | ) | ||
|
|
|
|||
| 100.0% | ||||
|
|
|
| (b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Common Stocks |
|||||||||||||||||
| Consumer, Cyclical |
$4,028,345 | $4,028,345 | $— | $— | ||||||||||||||
| Financial |
4,720,246 | 4,720,246 | — | — | ||||||||||||||
| Industrial |
5,197,439 | 5,127,001 | 70,438 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Common Stocks |
13,946,030 | 13,875,592 | 70,438 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Corporate Bonds & Notes |
1,084,948,036 | — | 1,084,948,036 | — | ||||||||||||||
| Senior Loan Notes |
360,230,719 | — | 356,813,516 | 3,417,203 | ||||||||||||||
| Asset-Backed Securities |
50,742,827 | — | 50,742,827 | — | ||||||||||||||
| Short-Term Investment |
95,906,867 | 95,906,867 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$1,605,774,479 | $109,782,459 | $1,492,574,817 | $3,417,203 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-30
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM FLOATING RATE INCOME
Schedule of Investments
March 31, 2022
| Shares |
Value |
|||||||
| EXCHANGE-TRADED FUNDS - 2.0% |
|
|||||||
| iShares iBoxx High Yield Corporate Bond |
479,065 | $39,422,259 | ||||||
| SPDR Bloomberg Short Term High Yield Bond |
1,523,225 | 39,969,424 | ||||||
|
|
|
|||||||
| Total Exchange-Traded Funds |
79,391,683 | |||||||
|
|
|
|||||||
| Principal |
||||||||
| CORPORATE BONDS & NOTES - 7.0% |
|
|||||||
| Communications - 1.9% |
|
|||||||
| CSC Holdings LLC |
$13,500,000 | 13,633,245 | ||||||
| Uber Technologies Inc |
8,000,000 | 8,356,840 | ||||||
| 7.500% due 09/15/27 ~ |
10,000,000 | 10,675,050 | ||||||
| 8.000% due 11/01/26 ~ |
40,470,000 | 43,047,939 | ||||||
|
|
|
|||||||
| 75,713,074 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 1.7% |
|
|||||||
| American Airlines Inc |
16,000,000 | 18,699,920 | ||||||
| Caesars Entertainment Inc |
7,125,000 | 7,643,843 | ||||||
| Carnival Corp |
14,335,000 | 15,868,415 | ||||||
| eG Global Finance PLC (United Kingdom) |
11,909,000 | 11,897,031 | ||||||
| 8.500% due 10/30/25 ~ |
2,000,000 | 2,050,750 | ||||||
| Merlin Entertainments PLC 144A |
12,903,000 | 12,754,680 | ||||||
|
|
|
|||||||
| 68,914,639 | ||||||||
|
|
|
|||||||
| Consumer, Non-Cyclical - 1.0% |
|
|||||||
| Allied Universal Holdco LLC |
9,000,000 | 8,437,181 | ||||||
| 6.625% due 07/15/26 ~ |
22,952,000 | 23,254,967 | ||||||
| CoreLogic Inc |
9,250,000 | 8,740,371 | ||||||
|
|
|
|||||||
| 40,432,519 | ||||||||
|
|
|
|||||||
| Energy - 0.2% |
|
|||||||
| Antero Midstream Partners LP |
10,000,000 | 10,200,200 | ||||||
|
|
|
|||||||
| Financial - 1.3% |
|
|||||||
| Acrisure LLC |
22,071,000 | 22,087,112 | ||||||
| AssuredPartners Inc |
32,039,000 | 31,877,363 | ||||||
|
|
|
|||||||
| 53,964,475 | ||||||||
|
|
|
|||||||
| Industrial - 0.9% |
|
|||||||
| Artera Services LLC |
5,000,000 | 5,002,000 | ||||||
| TransDigm Inc |
31,073,000 | 31,939,004 | ||||||
|
|
|
|||||||
| 36,941,004 | ||||||||
|
|
|
|||||||
| Total Corporate Bonds & Notes |
286,165,911 | |||||||
|
|
|
|||||||
| Principal |
Value |
|||||||
| SENIOR LOAN NOTES - 87.9% |
|
|||||||
| Basic Materials - 3.7% |
||||||||
| ASP Unifrax Holdings Inc Term B |
$6,298,175 | $6,109,229 | ||||||
| Herens US Holdco Corp Term B |
36,301,581 | 35,541,499 | ||||||
| PMHC II Inc |
41,900,000 | 40,024,975 | ||||||
| SPA US HoldCo Inc Term B |
22,551,426 | 22,058,114 | ||||||
| Sparta US HoldCo LLC |
11,970,000 | 11,925,113 | ||||||
| Vantage Specialty Chemicals Inc Term B |
38,103,126 | 36,753,628 | ||||||
|
|
|
|||||||
| 152,412,558 | ||||||||
|
|
|
|||||||
| Communications - 4.8% |
||||||||
| Arches Buyer Inc |
36,539,951 | 36,000,402 | ||||||
| CNT Holdings I Corp Term B |
16,330,837 | 16,263,472 | ||||||
| (2nd Lien) 7.500% (USD LIBOR + 6.750%) due 11/06/28 § ∞ |
35,055,111 | 35,120,839 | ||||||
| Hunter US Bidco Inc Term B |
23,537,344 | 23,478,500 | ||||||
| MH Sub I LLC |
17,574,133 | 17,434,999 | ||||||
| Pug LLC Term B |
13,274,712 | 13,050,701 | ||||||
| 4.750% (USD LIBOR + 4.250%) due 02/13/27 ± § |
15,092,876 | 15,036,278 | ||||||
| Xplornet Communications Inc (Canada) |
||||||||
| (2nd Lien) 7.500% (USD LIBOR + 7.000%) due 10/01/29 ± § |
10,500,000 | 10,500,000 | ||||||
| Term B 4.500% (USD LIBOR + 4.000%) due 10/01/28 § ∞ |
29,879,613 | 29,379,130 | ||||||
|
|
|
|||||||
| 196,264,321 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 11.7% |
||||||||
| BCPE Empire Holdings Inc |
12,953,481 | 12,856,330 | ||||||
| Carnival Corp Term B |
21,088,497 | 20,592,917 | ||||||
| 4.000% (USD LIBOR + 3.250%) due 10/18/28 § ∞ |
33,166,875 | 32,475,909 | ||||||
| ClubCorp Holdings Inc Term B |
25,576,760 | 24,357,874 | ||||||
| FCG Acquisitions Inc (2nd Lien) 7.250% (USD LIBOR + 6.750%) |
8,750,000 | 8,662,500 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-31
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal |
Value |
|||||||
| Fertitta Entertainment LLC Term B |
$56,426,336 | $56,185,904 | ||||||
| First Brands Group LLC Term B |
19,563,615 | 19,480,470 | ||||||
| Great Outdoors Group LLC Term B-2 |
57,257,265 | 57,123,054 | ||||||
| LBM Acquisition LLC Term B |
9,342,921 | 9,141,469 | ||||||
| MIC Glen LLC (2nd Lien) |
4,750,000 | 4,678,750 | ||||||
| PetSmart LLC Term B |
30,218,295 | 30,127,641 | ||||||
| Playa Resorts Holding BV Term B |
44,902,998 | 43,990,928 | ||||||
| Radwell International LLC |
30,202,300 | 30,051,288 | ||||||
| SRS Distribution Inc Term B |
11,000,000 | 10,845,318 | ||||||
| 4.000% (USD LIBOR + 3.500%) due 06/04/28 § |
36,422,886 | 35,931,177 | ||||||
| Sunset Debt Merger Sub Inc Term B |
26,750,000 | 25,980,937 | ||||||
| Tecta America Corp |
13,062,645 | 12,964,675 | ||||||
| United Airlines Inc Term B |
39,828,938 | 39,430,649 | ||||||
|
|
|
|||||||
| 474,877,790 | ||||||||
|
|
|
|||||||
| Consumer, Non-Cyclical - 21.7% |
||||||||
| Air Methods Corp |
9,450,392 | 9,054,656 | ||||||
| Allied Universal Holdco LLC Term B |
43,709,977 | 43,076,183 | ||||||
| Bausch Health Cos Inc Term B |
29,500,000 | 29,265,593 | ||||||
| CoreLogic Inc |
||||||||
| (2nd Lien) 7.000% (USD LIBOR + 6.500%) due 06/04/29 § ∞ |
23,802,823 | 23,594,549 | ||||||
| Term B 4.000% (USD LIBOR + 3.500%) due 06/02/28 § |
29,699,753 | 29,298,806 | ||||||
| Curium Bidco SARL Term B |
||||||||
| (Luxembourg) 4.224% (USD LIBOR + 4.000%) due 07/11/26 ± § |
4,102,325 | 4,086,941 | ||||||
| 5.000% (USD LIBOR + 4.250%) due 09/10/27 ± § |
5,064,650 | 5,032,996 | ||||||
| Dermatology Intermediate Holdings III Inc |
16,000,000 | 15,890,000 | ||||||
| EyeCare Partners LLC |
10,479,000 | 10,382,939 | ||||||
| Flynn America LP Term B |
10,434,375 | 9,912,656 | ||||||
| Principal |
Value |
|||||||
| Gainwell Acquisition Corp Term B |
$43,660,464 | $43,496,737 | ||||||
| Garda World Security Corp Term B (Canada) |
17,618,915 | 17,486,773 | ||||||
| Heartland Dental LLC |
37,641,690 | 37,280,969 | ||||||
| Term B 4.447% (USD LIBOR + 4.000%) due 04/30/25 § |
807,743 | 803,452 | ||||||
| Latham Pool Products Inc Term B |
9,250,000 | 9,172,920 | ||||||
| Mavis Tire Express Services Topco Corp |
43,987,933 | 43,767,994 | ||||||
| Midwest Veterinary Partners LLC |
46,571,473 | 46,280,402 | ||||||
| Packaging Coordinators Midco Inc |
50,420,240 | 50,210,139 | ||||||
| Pathway Vet Alliance LLC Term B |
67,215,986 | 66,669,856 | ||||||
| PECF USS Intermediate Holding III Corp |
7,481,250 | 7,422,470 | ||||||
| PetVet Care Centers LLC |
||||||||
| (2nd Lien) 6.707% (USD LIBOR + 6.250%) due 02/15/26 § ∞ |
27,758,221 | 27,665,703 | ||||||
| Term B-3 4.250% (USD LIBOR + 3.500%) due 02/15/25 § ∞ |
66,180,692 | 65,863,554 | ||||||
| Precision Medicine Group LLC Term B |
27,237,727 | 26,795,115 | ||||||
| Southern Veterinary Partners LLC |
50,038,471 | 49,913,375 | ||||||
| Spin Holdco Inc Term B |
37,514,749 | 37,303,728 | ||||||
| Sunshine Luxembourg VII SARL Term B |
70,377,460 | 70,003,615 | ||||||
| Team Health Holdings Inc Term B |
32,148,873 | 30,712,204 | ||||||
| US Anesthesia Partners Inc Term B |
18,668,719 | 18,569,550 | ||||||
| Vetcor Professional Practices LLC |
18,358,348 | 18,065,752 | ||||||
| WCG Purchaser Corp Term B |
35,041,736 | 34,968,744 | ||||||
|
|
|
|||||||
| 882,048,371 | ||||||||
|
|
|
|||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-32
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal |
Value |
|||||||
| Energy - 4.2% |
||||||||
| BCP Raptor LLC |
$39,521,133 | $39,492,323 | ||||||
| BCP Raptor II LLC Term B |
37,664,906 | 37,641,365 | ||||||
| Brazos Delaware II LLC Term B |
16,075,536 | 15,902,724 | ||||||
| Lucid Energy Group II Borrower LLC |
27,431,250 | 27,239,807 | ||||||
| Traverse Midstream Partners LLC Term B |
49,485,444 | 49,361,731 | ||||||
|
|
|
|||||||
| 169,637,950 | ||||||||
|
|
|
|||||||
| Financial - 7.8% |
||||||||
| Acrisure LLC Term B |
9,169,258 | 9,045,473 | ||||||
| 4.750% (USD LIBOR + 4.250%) due 02/15/27 § |
28,428,750 | 28,357,678 | ||||||
| Alliant Holdings Intermediate LLC |
||||||||
| Term B 3.707% (USD LIBOR + 3.250%) due 05/10/25 § |
4,486,570 | 4,442,265 | ||||||
| Term B-4 4.000% (USD LIBOR + 3.500%) due 11/12/27 § |
32,200,307 | 32,036,440 | ||||||
| Apex Group Treasury LLC Term B |
39,127,462 | 38,882,916 | ||||||
| AssuredPartners Inc |
18,750,000 | 18,562,500 | ||||||
| Term B 3.957% - 4.000% (USD LIBOR + 3.500%) due 02/13/27 § ∞ |
24,845,614 | 24,615,159 | ||||||
| Deerfield Dakota Holding LLC Term B |
23,564,295 | 23,496,547 | ||||||
| (2nd Lien) 7.500% (USD LIBOR + 6.750%) due 04/14/28 ± § ∞ |
45,470,766 | 45,584,442 | ||||||
| HUB International Ltd |
||||||||
| Term B 3.267% (USD LIBOR + 3.000%) due 04/25/25 § ∞ |
9,526,090 | 9,430,286 | ||||||
| Term B-3 4.000% (USD LIBOR + 3.250%) due 04/25/25 § ∞ |
50,775,557 | 50,515,332 | ||||||
| OneDigital Borrower LLC Term B |
20,788,056 | 20,684,116 | ||||||
| USI Inc Term B |
9,270,055 | 9,225,791 | ||||||
|
|
|
|||||||
| 314,878,945 | ||||||||
|
|
|
|||||||
| Industrial - 16.9% |
||||||||
| Artera Services LLC |
4,312,629 | 4,040,395 | ||||||
| 4.506% (USD LIBOR + 3.500%) due 03/06/25 § |
14,154,919 | 13,371,982 | ||||||
| Principal |
Value |
|||||||
| ASP Blade Holdings Inc Term B |
$31,727 | $31,380 | ||||||
| ASP LS Acquisition Corp |
26,692,686 | 26,603,719 | ||||||
| Brand Industrial Services Inc |
8,205,859 | 7,861,672 | ||||||
| Chariot Buyer LLC Term B |
12,219,375 | 12,081,907 | ||||||
| Charter Next Generation Inc |
||||||||
| 4.500% (USD LIBOR + 3.750%) |
34,769,395 | 34,577,433 | ||||||
| Clydesdale Acquisition Holdings Inc |
||||||||
| due 03/30/29 ∞ |
20,750,000 | 20,425,781 | ||||||
| Dynasty Acquisition Co Inc |
24,784,073 | 24,443,292 | ||||||
| Engineered Components & Systems LLC |
9,476,250 | 9,334,106 | ||||||
| Engineered Machinery Holdings Inc |
27,699,475 | 27,377,967 | ||||||
| Graham Packaging Co Inc |
26,468,657 | 26,052,728 | ||||||
| Hunter Douglas Inc Term B (Netherlands) |
38,000,000 | 37,319,154 | ||||||
| Kloeckner Pentaplast of America Inc Term B |
16,713,731 | 15,293,064 | ||||||
| LABL Inc Term B |
49,625,625 | 49,051,854 | ||||||
| LTI Holdings Inc Term B |
37,344,430 | 36,578,869 | ||||||
| Mauser Packaging Solutions Holding Co |
47,077,248 | 46,518,206 | ||||||
| Pelican Products Inc |
6,733,125 | 6,606,879 | ||||||
| Pregis TopCo LLC |
2,966,662 | 2,911,037 | ||||||
| Term B |
||||||||
| 4.457% (USD LIBOR + 4.000%) |
8,953,160 |
|
8,785,288 |
| ||||
| Pretium PKG Holdings Inc |
18,497,308 | 18,011,753 | ||||||
| (2nd Lien) |
||||||||
| 7.250% (USD LIBOR + 6.750%) |
7,245,000 | 7,054,819 | ||||||
| Pro Mach Group Inc |
||||||||
| due 08/31/28 ∞ f |
2,591,909 | 2,583,809 | ||||||
| Term B |
||||||||
| 5.000% (USD LIBOR + 4.000%) |
29,713,554 | 29,620,699 | ||||||
| Proampac PG Borrower LLC Term B |
35,026,311 | 34,354,962 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-33
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal |
Value |
|||||||
| Quikrete Holdings Inc Term B-1 |
$19,250,000 | $18,935,859 | ||||||
| SPX FLOW Inc Term B |
28,250,000 | 27,548,157 | ||||||
| Standard Aero Ltd |
||||||||
| 4.506% (USD LIBOR + 3.500%) |
13,324,771 | 13,141,555 | ||||||
| Star US Bidco LLC Term B |
31,047,684 | 30,834,231 | ||||||
| The Kenan Advantage Group Inc Term B-1 |
11,114,944 | 10,987,122 | ||||||
| TransDigm Inc Term G |
12,234,519 | 12,083,289 | ||||||
| USIC Holdings Inc |
||||||||
| (2nd Lien) |
||||||||
| 7.250% (USD LIBOR + 6.500%) |
18,555,965 | 18,401,338 | ||||||
| Term B |
||||||||
| 4.250% (USD LIBOR + 3.500%) |
33,071,292 | 32,823,258 | ||||||
| WP CPP Holdings LLC Term B |
20,655,290 | 19,663,836 | ||||||
|
|
|
|||||||
| 685,311,400 | ||||||||
|
|
|
|||||||
| Technology - 16.6% |
||||||||
| Applied Systems Inc (2nd Lien) |
||||||||
| 6.506% (USD LIBOR + 5.500%) |
30,430,598 | 30,345,028 | ||||||
| AthenaHealth Group Inc Term B |
44,250,000 | 43,876,618 | ||||||
| Azalea Topco Inc Term B |
10,500,000 | 10,421,250 | ||||||
| Cornerstone OnDemand Inc Term B |
||||||||
| 4.250% (USD LIBOR + 3.750%) |
15,250,000 | 15,116,562 | ||||||
| Epicor Software Corp |
||||||||
| (2nd Lien) |
||||||||
| 8.750% (USD LIBOR + 7.750%) |
53,915,088 | 55,209,051 | ||||||
| Term C |
||||||||
| 4.000% (USD LIBOR + 3.250%) |
31,016,647 | 30,810,448 | ||||||
| Finastra USA Inc Term B |
67,369,835 | 66,590,905 | ||||||
| Peraton Corp |
||||||||
| (2nd Lien) |
||||||||
| 8.500% (USD LIBOR + 7.750%) |
18,999,334 | 18,928,087 | ||||||
| Term B |
||||||||
| 4.500% (USD LIBOR + 3.750%) |
33,152,875 | 32,927,899 | ||||||
| Polaris Newco LLC Term B |
73,953,541 | 73,519,064 | ||||||
| Project Ruby Ultimate Parent Corp Term B |
32,107,358 | 31,794,311 | ||||||
| RealPage Inc (2nd Lien) |
61,207,079 | 61,589,624 | ||||||
| Principal |
Value |
|||||||
| Sophia LP |
||||||||
| (2nd Lien) |
||||||||
| 9.006% (USD LIBOR + 8.000%) |
||||||||
| due 10/07/28 § |
$21,033,770 | $21,507,030 | ||||||
| Term B |
||||||||
| 4.256% (USD LIBOR + 3.250%) |
||||||||
| due 10/07/27 § ∞ |
17,354,025 | 17,202,178 | ||||||
| Sovos Compliance LLC Term B |
56,402,245 | 56,402,245 | ||||||
| Tempo Acquisition LLC Term B |
19,598,995 | 19,403,005 | ||||||
| UKG Inc |
32,625,954 | 32,401,651 | ||||||
| 4.756% (USD LIBOR + 3.750%) |
||||||||
| due 05/03/26 § ∞ |
30,361,589 | 30,298,346 | ||||||
| (2nd Lien) |
||||||||
| 5.750% (USD LIBOR + 5.250%) |
||||||||
| due 05/03/27 § ∞ |
24,500,000 | 24,397,908 | ||||||
|
|
|
|||||||
| 672,741,210 | ||||||||
|
|
|
|||||||
| Utilities - 0.5% |
||||||||
| PG&E Corp Term B |
20,083,959 | 19,866,389 | ||||||
|
|
|
|||||||
| Total Senior Loan Notes |
3,568,038,934 | |||||||
|
|
|
|||||||
| Shares |
||||||||
| SHORT-TERM INVESTMENT - 15.3% |
||||||||
| Money Market Fund - 15.3% |
||||||||
| BlackRock Liquidity Funds T-Fund Portfolio |
||||||||
| ‘Institutional’ 0.210% |
623,298,915 | 623,298,915 | ||||||
|
|
|
|||||||
| Total Short-Term Investment |
623,298,915 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 112.2% |
4,556,895,443 | |||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - (12.2%) |
|
(496,268,020 | ) | |||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
$4,060,627,423 | |||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition by sector as a percentage of net assets was as follows: |
| Consumer, Non-Cyclical |
22.7% | |||
| Industrial |
17.8% | |||
| Technology |
16.6% | |||
| Short-Term Investment |
15.3% | |||
| Consumer, Cyclical |
13.4% | |||
| Financial |
9.1% | |||
| Communications |
6.7% | |||
| Energy |
4.4% | |||
| Basic Materials |
3.7% | |||
| Others (each less than 3.0%) |
2.5% | |||
|
|
|
|||
| 112.2% | ||||
| Other Assets & Liabilities, Net |
(12.2% | ) | ||
|
|
|
|||
| 100.0% | ||||
|
|
|
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-34
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS FLOATING RATE INCOME
Schedule of Investments (Continued)
March 31, 2022
| (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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Exchange-Traded Funds |
$79,391,683 | $79,391,683 | $— | $— | |||||||||||||
| Corporate Bonds & Notes |
286,165,911 | — | 286,165,911 | — | ||||||||||||||
| Senior Loan Notes |
3,568,038,934 | — | 3,347,045,873 | 220,993,061 | ||||||||||||||
| Short-Term Investment |
623,298,915 | 623,298,915 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$4,556,895,443 | $702,690,598 | $3,633,211,784 | $220,993,061 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
The following is a reconciliation of investments for significant unobservable inputs (Level 3) used in valuing the Fund’s assets and liabilities for the year ended March 31, 2022:
| Senior Loan Notes |
||||
| Value, Beginning of Year |
$165,966,179 | |||
| Purchases |
256,765,019 | |||
| Sales (Includes Paydowns) |
(115,862,350 | ) | ||
| Accrued Discounts (Premiums) |
(29,164 | ) | ||
| Net Realized Gains (Losses) |
212,308 | |||
| Change in Net Unrealized Appreciation (Depreciation) |
(2,702,809 | ) | ||
| Transfers In |
— | |||
| Transfers Out |
(83,356,122 | ) | ||
|
|
|
|||
| Value, End of Year |
$220,993,061 | |||
|
|
|
|||
| Change in Net Unrealized Appreciation (Depreciation) on Level 3 Investments Held at the End of Year, if Applicable |
($1,099,828 | ) | ||
|
|
|
|||
The table below shows transfers to/from Level 3:
| Amount Transferred |
Level Transfer | Change in Fair Valuation Measurement Inputs | ||||||||||||
| From | To | From | To | |||||||||||
| $ | 83,356,122 | 3 | 2 | Unobservable Single Broker Quote |
Vendor Price (Observable inputs) | |||||||||
All significant unobservable inputs used to value Senior Loan Notes with the aggregate value of $220,993,061 were provided by a single broker quote. Significant changes to a single broker quote would have direct and proportional changes to the fair value of the security.
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-35
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM HIGH INCOME
Schedule of Investments
March 31, 2022
| Shares |
Value |
|||||||
| COMMON STOCKS - 0.5% |
||||||||
| Consumer, Cyclical - 0.2% |
||||||||
| Beazer Homes USA Inc * |
7,537 | $114,713 | ||||||
| Cedar Fair LP * |
3,367 | 184,511 | ||||||
|
|
|
|||||||
| 299,224 | ||||||||
|
|
|
|||||||
| Industrial - 0.3% |
||||||||
| GFL Environmental Inc (Canada) |
4,657 | 151,539 | ||||||
| TNT Crane & Rigging Inc |
709 | 12,319 | ||||||
| Xylem Inc |
2,889 | 246,316 | ||||||
|
|
|
|||||||
| 410,174 | ||||||||
|
|
|
|||||||
| Total Common Stocks |
709,398 | |||||||
|
|
|
|||||||
| Principal Amount |
||||||||
| CORPORATE BONDS & NOTES - 88.5% |
|
|||||||
| Basic Materials - 4.2% |
|
|||||||
| EverArc Escrow SARL |
$400,000 | 366,250 | ||||||
| Hecla Mining Co |
1,000,000 | 1,048,830 | ||||||
| Hexion Inc |
400,000 | 422,080 | ||||||
| INEOS Quattro Finance 2 PLC (United Kingdom) |
600,000 | 559,380 | ||||||
| JW Aluminum Continuous Cast Co |
475,000 | 497,318 | ||||||
| Novelis Corp |
||||||||
| 3.875% due 08/15/31 ~ |
375,000 | 343,611 | ||||||
| 4.750% due 01/30/30 ~ |
650,000 | 632,274 | ||||||
| Perenti Finance Pty Ltd (Australia) |
700,000 | 701,645 | ||||||
| SPCM SA (France) |
750,000 | 659,944 | ||||||
| TMS International Corp |
925,000 | 880,517 | ||||||
| WR Grace Holdings LLC |
150,000 | 140,640 | ||||||
|
|
|
|||||||
| 6,252,489 | ||||||||
|
|
|
|||||||
| Communications - 12.5% |
||||||||
| Altice France SA (France) |
350,000 | 314,160 | ||||||
| Arches Buyer Inc |
800,000 | 747,264 | ||||||
| Avaya Inc |
700,000 | 691,135 | ||||||
| CCO Holdings LLC |
||||||||
| 4.250% due 02/01/31 ~ |
400,000 | 363,518 | ||||||
| 4.250% due 01/15/34 ~ |
175,000 | 152,250 | ||||||
| 4.750% due 03/01/30 ~ |
2,100,000 | 2,020,189 | ||||||
| 5.000% due 02/01/28 ~ |
100,000 | 99,141 | ||||||
| 5.375% due 06/01/29 ~ |
300,000 | 300,526 | ||||||
| Ciena Corp |
50,000 | 48,198 | ||||||
| Clear Channel Outdoor Holdings Inc |
1,025,000 | 1,015,775 | ||||||
| 7.750% due 04/15/28 ~ |
25,000 | 25,159 | ||||||
| CommScope Inc |
750,000 | 730,241 | ||||||
| CommScope Technologies LLC |
484,000 | 458,972 | ||||||
| CSC Holdings LLC |
||||||||
| 3.375% due 02/15/31 ~ |
200,000 | 168,757 | ||||||
| Principal Amount |
Value |
|||||||
| 4.625% due 12/01/30 ~ |
$ | 200,000 | $ | 167,534 | ||||
| 6.500% due 02/01/29 ~ |
2,250,000 | 2,272,207 | ||||||
| Frontier Communications Holdings Corp |
||||||||
| 5.000% due 05/01/28 ~ |
500,000 | 480,613 | ||||||
| 5.875% due 10/15/27 ~ |
150,000 | 149,181 | ||||||
| Lamar Media Corp |
||||||||
| 3.625% due 01/15/31 |
250,000 | 229,929 | ||||||
| 3.750% due 02/15/28 |
575,000 | 546,768 | ||||||
| 4.000% due 02/15/30 |
25,000 | 23,835 | ||||||
| Level 3 Financing Inc |
||||||||
| 3.625% due 01/15/29 ~ |
225,000 | 197,275 | ||||||
| 3.750% due 07/15/29 ~ |
75,000 | 66,562 | ||||||
| 4.625% due 09/15/27 ~ |
850,000 | 801,690 | ||||||
| LogMeIn Inc |
550,000 | 514,376 | ||||||
| Lumen Technologies Inc |
||||||||
| 4.000% due 02/15/27 ~ |
500,000 | 466,485 | ||||||
| 4.500% due 01/15/29 ~ |
150,000 | 129,281 | ||||||
| Nexstar Media Inc |
675,000 | 684,079 | ||||||
| Outfront Media Capital LLC |
||||||||
| 4.250% due 01/15/29 ~ |
250,000 | 232,850 | ||||||
| 4.625% due 03/15/30 ~ |
50,000 | 47,156 | ||||||
| 5.000% due 08/15/27 ~ |
975,000 | 955,305 | ||||||
| 6.250% due 06/15/25 ~ |
175,000 | 179,808 | ||||||
| Sirius XM Radio Inc |
300,000 | 273,503 | ||||||
| Sprint Capital Corp |
800,000 | 1,079,108 | ||||||
| T-Mobile USA Inc |
||||||||
| 2.625% due 02/15/29 |
50,000 | 45,705 | ||||||
| 2.875% due 02/15/31 |
25,000 | 22,563 | ||||||
| 3.375% due 04/15/29 |
200,000 | 190,500 | ||||||
| 3.375% due 04/15/29 ~ |
175,000 | 166,688 | ||||||
| 3.500% due 04/15/31 |
75,000 | 70,691 | ||||||
| 3.500% due 04/15/31 ~ |
150,000 | 141,381 | ||||||
| Twitter Inc |
625,000 | 622,934 | ||||||
| Uber Technologies Inc |
||||||||
| 4.500% due 08/15/29 ~ |
675,000 | 634,078 | ||||||
| 7.500% due 05/15/25 ~ |
125,000 | 130,576 | ||||||
|
|
|
|||||||
| 18,657,946 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 16.7% |
||||||||
| Affinity Gaming |
600,000 | 584,673 | ||||||
| American Airlines Inc |
705,000 | 703,326 | ||||||
| American Airlines Pass-Through Trust ‘B’ |
88,607 | 86,544 | ||||||
| Aramark Services Inc |
250,000 | 242,947 | ||||||
| 6.375% due 05/01/25 ~ |
550,000 | 565,290 | ||||||
| Boyd Gaming Corp |
||||||||
| 4.750% due 06/15/31 ~ |
225,000 | 217,223 | ||||||
| 8.625% due 06/01/25 ~ |
213,000 | 223,989 | ||||||
| Caesars Entertainment Inc |
||||||||
| 6.250% due 07/01/25 ~ |
450,000 | 465,174 | ||||||
| 8.125% due 07/01/27 ~ |
775,000 | 831,436 | ||||||
| Carvana Co |
||||||||
| 4.875% due 09/01/29 ~ |
175,000 | 144,760 | ||||||
| 5.500% due 04/15/27 ~ |
75,000 | 67,043 | ||||||
| 5.625% due 10/01/25 ~ |
700,000 | 660,881 | ||||||
| 5.875% due 10/01/28 ~ |
125,000 | 111,463 | ||||||
| CDI Escrow Issuer Inc |
||||||||
| due 04/01/30 # ~ |
225,000 | 227,531 | ||||||
| Cedar Fair LP |
||||||||
| 5.250% due 07/15/29 |
1,250,000 | 1,233,256 | ||||||
| 5.375% due 04/15/27 |
500,000 | 495,992 | ||||||
| 6.500% due 10/01/28 |
225,000 | 229,201 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-36
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Clarios Global LP |
||||||||
| 6.250% due 05/15/26 ~ |
$ | 630,000 | $ | 649,095 | ||||
| 8.500% due 05/15/27 ~ |
250,000 | 259,712 | ||||||
| Dornoch Debt Merger Sub Inc |
420,000 | 365,702 | ||||||
| Empire Resorts Inc |
200,000 | 195,240 | ||||||
| Fertitta Entertainment LLC |
||||||||
| 4.625% due 01/15/29 ~ |
575,000 | 545,974 | ||||||
| 6.750% due 01/15/30 ~ |
350,000 | 322,432 | ||||||
| Ford Motor Co |
||||||||
| 3.250% due 02/12/32 |
1,900,000 | 1,700,139 | ||||||
| 4.750% due 01/15/43 |
750,000 | 682,541 | ||||||
| Ford Motor Credit Co LLC |
200,000 | 203,610 | ||||||
| Foundation Building Materials Inc |
150,000 | 135,291 | ||||||
| Hilton Grand Vacations Borrower Escrow LLC |
||||||||
| 4.875% due 07/01/31 ~ |
500,000 | 465,388 | ||||||
| 5.000% due 06/01/29 ~ |
350,000 | 334,439 | ||||||
| IRB Holding Corp |
675,000 | 702,996 | ||||||
| Jacobs Entertainment Inc |
50,000 | 50,314 | ||||||
| LBM Acquisition LLC |
875,000 | 820,667 | ||||||
| LGI Homes Inc |
775,000 | 681,260 | ||||||
| MajorDrive Holdings IV LLC |
725,000 | 643,039 | ||||||
| Marriott Ownership Resorts Inc |
||||||||
| 4.500% due 06/15/29 ~ |
100,000 | 94,437 | ||||||
| 4.750% due 01/15/28 |
675,000 | 651,034 | ||||||
| Midwest Gaming Borrower LLC |
625,000 | 577,431 | ||||||
| New Red Finance Inc (Canada) |
||||||||
| 3.500% due 02/15/29 ~ |
550,000 | 508,585 | ||||||
| 3.875% due 01/15/28 ~ |
100,000 | 94,938 | ||||||
| 4.000% due 10/15/30 ~ |
350,000 | 316,186 | ||||||
| 4.375% due 01/15/28 ~ |
600,000 | 577,059 | ||||||
| NMG Holding Co Inc |
725,000 | 745,557 | ||||||
| PetSmart Inc |
950,000 | 982,034 | ||||||
| Scientific Games International Inc |
||||||||
| 7.000% due 05/15/28 ~ |
150,000 | 155,737 | ||||||
| 7.250% due 11/15/29 ~ |
350,000 | 367,376 | ||||||
| 8.250% due 03/15/26 ~ |
450,000 | 468,562 | ||||||
| SeaWorld Parks & Entertainment Inc |
150,000 | 143,370 | ||||||
| Six Flags Entertainment Corp |
1,075,000 | 1,075,043 | ||||||
| Six Flags Theme Parks Inc |
25,000 | 26,133 | ||||||
| SRS Distribution Inc |
||||||||
| 4.625% due 07/01/28 ~ |
525,000 | 502,543 | ||||||
| 6.000% due 12/01/29 ~ |
175,000 | 162,221 | ||||||
| 6.125% due 07/01/29 ~ |
75,000 | 69,279 | ||||||
| STL Holding Co LLC |
650,000 | 658,125 | ||||||
| The Michaels Cos Inc |
350,000 | 300,123 | ||||||
| Viking Cruises Ltd |
||||||||
| 6.250% due 05/15/25 ~ |
525,000 | 492,164 | ||||||
| 7.000% due 02/15/29 ~ |
100,000 | 92,194 | ||||||
| Viking Ocean Cruises Ship VII Ltd |
50,000 | 45,734 | ||||||
|
|
|
|||||||
| 24,954,433 | ||||||||
|
|
|
|||||||
| Principal Amount |
Value |
|||||||
| Consumer, Non-Cyclical - 19.9% |
||||||||
| Ahern Rentals Inc |
$ | 1,591,000 | $ | 1,483,607 | ||||
| Albertsons Cos Inc |
||||||||
| 3.500% due 03/15/29 ~ |
50,000 | 45,185 | ||||||
| 4.625% due 01/15/27 ~ |
50,000 | 48,422 | ||||||
| 5.875% due 02/15/28 ~ |
1,700,000 | 1,697,365 | ||||||
| Allied Universal Holdco LLC |
2,300,000 | 2,380,040 | ||||||
| APi Escrow Corp |
625,000 | 581,650 | ||||||
| Avantor Funding Inc |
||||||||
| 3.875% due 11/01/29 ~ |
50,000 | 47,067 | ||||||
| 4.625% due 07/15/28 ~ |
625,000 | 618,928 | ||||||
| Bausch Health Americas Inc |
1,250,000 | 1,247,875 | ||||||
| Bausch Health Cos Inc |
||||||||
| 4.875% due 06/01/28 ~ |
275,000 | 263,685 | ||||||
| 5.000% due 01/30/28 ~ |
125,000 | 103,162 | ||||||
| 5.000% due 02/15/29 ~ |
75,000 | 58,517 | ||||||
| 5.250% due 02/15/31 ~ |
25,000 | 19,493 | ||||||
| 6.125% due 04/15/25 ~ |
225,000 | 227,109 | ||||||
| 6.125% due 02/01/27 ~ |
75,000 | 75,566 | ||||||
| 6.250% due 02/15/29 ~ |
825,000 | 677,824 | ||||||
| Central Garden & Pet Co |
700,000 | 631,166 | ||||||
| Charles River Laboratories International Inc |
||||||||
| 3.750% due 03/15/29 ~ |
100,000 | 94,519 | ||||||
| 4.000% due 03/15/31 ~ |
100,000 | 94,075 | ||||||
| 4.250% due 05/01/28 ~ |
800,000 | 783,672 | ||||||
| Community Health Systems Inc |
||||||||
| 4.750% due 02/15/31 ~ |
180,000 | 170,350 | ||||||
| 5.250% due 05/15/30 ~ |
50,000 | 48,063 | ||||||
| 5.625% due 03/15/27 ~ |
75,000 | 76,478 | ||||||
| 6.125% due 04/01/30 ~ |
1,025,000 | 955,782 | ||||||
| 6.875% due 04/15/29 ~ |
25,000 | 24,597 | ||||||
| CoreLogic Inc |
775,000 | 732,301 | ||||||
| DaVita Inc |
700,000 | 613,358 | ||||||
| Garda World Security Corp (Canada) |
||||||||
| 6.000% due 06/01/29 ~ |
150,000 | 135,033 | ||||||
| 9.500% due 11/01/27 ~ |
497,000 | 510,270 | ||||||
| HCA Inc |
||||||||
| 5.625% due 09/01/28 |
100,000 | 108,273 | ||||||
| 5.875% due 02/01/29 |
2,425,000 | 2,654,938 | ||||||
| JBS USA LUX SA |
650,000 | 665,873 | ||||||
| Kraft Heinz Foods Co |
||||||||
| 4.375% due 06/01/46 |
1,350,000 | 1,338,376 | ||||||
| 5.200% due 07/15/45 |
400,000 | 433,500 | ||||||
| Lamb Weston Holdings Inc |
||||||||
| 4.125% due 01/31/30 ~ |
150,000 | 140,325 | ||||||
| 4.375% due 01/31/32 ~ |
500,000 | 467,910 | ||||||
| Legacy LifePoint Health LLC |
||||||||
| 4.375% due 02/15/27 ~ |
100,000 | 96,820 | ||||||
| 6.750% due 04/15/25 ~ |
50,000 | 51,755 | ||||||
| LifePoint Health Inc |
100,000 | 94,689 | ||||||
| Mozart Debt Merger Sub Inc |
||||||||
| 3.875% due 04/01/29 ~ |
225,000 | 208,412 | ||||||
| 5.250% due 10/01/29 ~ |
25,000 | 23,274 | ||||||
| MPH Acquisition Holdings LLC |
||||||||
| 5.500% due 09/01/28 ~ |
125,000 | 120,086 | ||||||
| 5.750% due 11/01/28 ~ |
750,000 | 678,592 | ||||||
| Option Care Health Inc |
650,000 | 610,568 | ||||||
| PECF USS Intermediate Holding III Corp |
450,000 | 435,128 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-37
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Performance Food Group Inc |
$ | 350,000 | $ | 319,375 | ||||
| Pilgrim’s Pride Corp |
||||||||
| 4.250% due 04/15/31 ~ |
350,000 | 324,496 | ||||||
| 5.875% due 09/30/27 ~ |
550,000 | 556,020 | ||||||
| Post Holdings Inc |
||||||||
| 4.625% due 04/15/30 ~ |
900,000 | 811,890 | ||||||
| 5.500% due 12/15/29 ~ |
50,000 | 48,186 | ||||||
| RegionalCare Hospital Partners Holdings Inc |
525,000 | 549,775 | ||||||
| Select Medical Corp |
950,000 | 984,551 | ||||||
| Tenet Healthcare Corp |
||||||||
| 4.250% due 06/01/29 ~ |
350,000 | 336,021 | ||||||
| 4.375% due 01/15/30 ~ |
225,000 | 216,273 | ||||||
| 4.625% due 06/15/28 ~ |
75,000 | 73,680 | ||||||
| 4.875% due 01/01/26 ~ |
180,000 | 181,793 | ||||||
| 6.125% due 10/01/28 ~ |
225,000 | 228,905 | ||||||
| 6.250% due 02/01/27 ~ |
1,100,000 | 1,130,470 | ||||||
| The Hertz Corp |
650,000 | 589,092 | ||||||
| US Foods Inc |
850,000 | 787,916 | ||||||
|
|
|
|||||||
| 29,712,121 | ||||||||
|
|
|
|||||||
| Energy - 12.4% |
||||||||
| Antero Midstream Partners LP |
1,000,000 | 1,000,730 | ||||||
| Antero Resources Corp |
||||||||
| 5.375% due 03/01/30 ~ |
675,000 | 690,363 | ||||||
| 7.625% due 02/01/29 ~ |
250,000 | 270,716 | ||||||
| Archrock Partners LP |
||||||||
| 6.250% due 04/01/28 ~ |
100,000 | 98,750 | ||||||
| 6.875% due 04/01/27 ~ |
475,000 | 480,895 | ||||||
| Buckeye Partners LP |
||||||||
| 4.125% due 03/01/25 ~ |
25,000 | 24,687 | ||||||
| 4.500% due 03/01/28 ~ |
525,000 | 504,000 | ||||||
| Cheniere Energy Partners LP |
||||||||
| 3.250% due 01/31/32 ~ |
625,000 | 569,309 | ||||||
| 4.000% due 03/01/31 |
425,000 | 412,652 | ||||||
| Chesapeake Energy Corp |
575,000 | 609,851 | ||||||
| Comstock Resources Inc |
775,000 | 764,538 | ||||||
| CQP Holdco LP |
700,000 | 688,625 | ||||||
| Endeavor Energy Resources LP |
||||||||
| 5.750% due 01/30/28 ~ |
975,000 | 1,009,003 | ||||||
| 6.625% due 07/15/25 ~ |
50,000 | 51,957 | ||||||
| EnLink Midstream LLC |
50,000 | 51,070 | ||||||
| EnLink Midstream Partners LP |
100,000 | 99,820 | ||||||
| EQM Midstream Partners LP |
||||||||
| 4.750% due 01/15/31 ~ |
700,000 | 655,557 | ||||||
| 5.500% due 07/15/28 |
175,000 | 175,996 | ||||||
| 6.000% due 07/01/25 ~ |
75,000 | 76,627 | ||||||
| 6.500% due 07/01/27 ~ |
250,000 | 261,524 | ||||||
| Genesis Energy LP |
||||||||
| 7.750% due 02/01/28 |
700,000 | 704,760 | ||||||
| 8.000% due 01/15/27 |
150,000 | 154,473 | ||||||
| ITT Holdings LLC |
525,000 | 486,024 | ||||||
| MPLX LP |
650,000 | 640,250 | ||||||
| New Fortress Energy Inc |
500,000 | 495,985 | ||||||
| Occidental Petroleum Corp |
||||||||
| 5.500% due 12/01/25 |
75,000 | 79,042 | ||||||
| 5.875% due 09/01/25 |
475,000 | 505,224 | ||||||
| Principal Amount |
Value |
|||||||
| 6.125% due 01/01/31 |
$ | 575,000 | $ | 647,769 | ||||
| 6.625% due 09/01/30 |
300,000 | 344,625 | ||||||
| 8.000% due 07/15/25 |
100,000 | 112,410 | ||||||
| 8.500% due 07/15/27 |
150,000 | 177,727 | ||||||
| 8.875% due 07/15/30 |
800,000 | 1,026,956 | ||||||
| Range Resources Corp |
||||||||
| 4.750% due 02/15/30 ~ |
375,000 | 373,013 | ||||||
| 8.250% due 01/15/29 |
350,000 | 384,062 | ||||||
| Southwestern Energy Co |
725,000 | 725,105 | ||||||
| Sunoco LP |
125,000 | 115,350 | ||||||
| Tallgrass Energy Partners LP |
||||||||
| 6.000% due 12/31/30 ~ |
650,000 | 631,719 | ||||||
| 6.000% due 09/01/31 ~ |
300,000 | 289,380 | ||||||
| Targa Resources Partners LP |
||||||||
| 4.000% due 01/15/32 |
500,000 | 482,500 | ||||||
| 6.500% due 07/15/27 |
50,000 | 52,690 | ||||||
| USA Compression Partners LP |
775,000 | 779,173 | ||||||
| Venture Global Calcasieu Pass LLC |
||||||||
| 3.875% due 08/15/29 ~ |
125,000 | 121,696 | ||||||
| 3.875% due 11/01/33 ~ |
525,000 | 502,900 | ||||||
| 4.125% due 08/15/31 ~ |
125,000 | 122,851 | ||||||
|
|
|
|||||||
| 18,452,354 | ||||||||
|
|
|
|||||||
| Financial - 4.6% |
||||||||
| Iron Mountain Inc REIT |
||||||||
| 4.500% due 02/15/31 ~ |
75,000 | 69,360 | ||||||
| 4.875% due 09/15/29 ~ |
925,000 | 882,066 | ||||||
| 5.000% due 07/15/28 ~ |
75,000 | 73,251 | ||||||
| 5.250% due 03/15/28 ~ |
100,000 | 98,830 | ||||||
| Iron Mountain Information Management Services Inc REIT |
125,000 | 117,374 | ||||||
| OneMain Finance Corp |
||||||||
| 3.875% due 09/15/28 |
425,000 | 384,889 | ||||||
| 4.000% due 09/15/30 |
150,000 | 132,584 | ||||||
| 5.375% due 11/15/29 |
225,000 | 218,984 | ||||||
| 6.875% due 03/15/25 |
25,000 | 26,315 | ||||||
| 7.125% due 03/15/26 |
1,950,000 | 2,086,539 | ||||||
| Park Intermediate Holdings LLC REIT |
850,000 | 798,558 | ||||||
| The Howard Hughes Corp |
||||||||
| 4.375% due 02/01/31 ~ |
75,000 | 70,604 | ||||||
| 5.375% due 08/01/28 ~ |
1,125,000 | 1,131,238 | ||||||
| VICI Properties LP REIT |
||||||||
| 4.250% due 12/01/26 ~ |
200,000 | 199,480 | ||||||
| 4.625% due 12/01/29 ~ |
600,000 | 599,622 | ||||||
|
|
|
|||||||
| 6,889,694 | ||||||||
|
|
|
|||||||
| Industrial - 14.7% |
||||||||
| ARD Finance SA (Luxembourg) |
497,686 | 455,975 | ||||||
| Artera Services LLC |
675,000 | 675,270 | ||||||
| BWX Technologies Inc |
850,000 | 819,893 | ||||||
| Cargo Aircraft Management Inc |
700,000 | 684,582 | ||||||
| Clydesdale Acquisition Holdings Inc |
||||||||
| due 04/15/29 # ~ |
100,000 | 101,250 | ||||||
| due 04/15/30 # ~ |
225,000 | 212,063 | ||||||
| First Student Bidco Inc |
1,125,000 | 1,050,733 | ||||||
| GFL Environmental Inc (Canada) |
||||||||
| 3.500% due 09/01/28 ~ |
225,000 | 211,545 | ||||||
| 4.000% due 08/01/28 ~ |
75,000 | 69,081 | ||||||
| 4.375% due 08/15/29 ~ |
200,000 | 185,119 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-38
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| 4.750% due 06/15/29 ~ |
$ | 75,000 | $ | 71,436 | ||||
| 5.125% due 12/15/26 ~ |
225,000 | 227,214 | ||||||
| Granite US Holdings Corp |
800,000 | 844,956 | ||||||
| Hillenbrand Inc |
||||||||
| 3.750% due 03/01/31 |
650,000 | 596,099 | ||||||
| Husky III Holding Ltd (Canada) |
175,000 | 182,223 | ||||||
| LABL Inc |
||||||||
| 5.875% due 11/01/28 ~ |
525,000 | 493,172 | ||||||
| 8.250% due 11/01/29 ~ |
200,000 | 176,875 | ||||||
| Madison IAQ LLC |
||||||||
| 4.125% due 06/30/28 ~ |
225,000 | 207,652 | ||||||
| 5.875% due 06/30/29 ~ |
1,175,000 | 1,056,190 | ||||||
| Mauser Packaging Solutions Holding Co |
1,200,000 | 1,190,760 | ||||||
| OT Merger Corp |
700,000 | 606,918 | ||||||
| Redwood Star Merger Sub Inc |
675,000 | 647,150 | ||||||
| Sensata Technologies BV |
||||||||
| 4.000% due 04/15/29 ~ |
150,000 | 143,056 | ||||||
| 5.625% due 11/01/24 ~ |
1,175,000 | 1,217,353 | ||||||
| Sensata Technologies Inc |
||||||||
| 3.750% due 02/15/31 ~ |
75,000 | 69,492 | ||||||
| 4.375% due 02/15/30 ~ |
1,150,000 | 1,102,217 | ||||||
| Standard Industries Inc |
||||||||
| 3.375% due 01/15/31 ~ |
75,000 | 65,738 | ||||||
| 4.375% due 07/15/30 ~ |
175,000 | 160,510 | ||||||
| 4.750% due 01/15/28 ~ |
1,600,000 | 1,532,832 | ||||||
| Titan Acquisition Ltd (Canada) |
1,210,000 | 1,204,131 | ||||||
| TK Elevator Holdco GmbH (Germany) |
625,000 | 620,759 | ||||||
| TK Elevator US Newco Inc (Germany) |
525,000 | 519,871 | ||||||
| TransDigm Inc |
||||||||
| 4.875% due 05/01/29 |
575,000 | 540,097 | ||||||
| 6.250% due 03/15/26 ~ |
700,000 | 719,509 | ||||||
| 8.000% due 12/15/25 ~ |
225,000 | 235,555 | ||||||
| TransDigm UK Holdings PLC |
1,525,000 | 1,554,898 | ||||||
| TriMas Corp |
675,000 | 617,213 | ||||||
| Vertiv Group Corp |
825,000 | 753,885 | ||||||
|
|
|
|||||||
| 21,823,272 | ||||||||
|
|
|
|||||||
| Technology - 1.6% |
|
|||||||
| Entegris Inc |
||||||||
| 3.625% due 05/01/29 ~ |
150,000 | 140,537 | ||||||
| 4.375% due 04/15/28 ~ |
525,000 | 509,043 | ||||||
| MSCI Inc |
300,000 | 270,281 | ||||||
| Open Text Corp (Canada) |
200,000 | 190,317 | ||||||
| Open Text Holdings Inc (Canada) |
400,000 | 375,338 | ||||||
| Rackspace Technology Global Inc |
375,000 | 336,262 | ||||||
| Twilio Inc |
||||||||
| 3.625% due 03/15/29 |
150,000 | 141,575 | ||||||
| 3.875% due 03/15/31 |
450,000 | 419,007 | ||||||
|
|
|
|||||||
| 2,382,360 | ||||||||
|
|
|
|||||||
| Utilities - 1.9% |
||||||||
| Calpine Corp |
700,000 | 668,091 | ||||||
| NRG Energy Inc |
||||||||
| 3.625% due 02/15/31 ~ |
200,000 | 176,209 | ||||||
| 5.250% due 06/15/29 ~ |
300,000 | 293,788 | ||||||
| Principal Amount |
Value |
|||||||
| Pike Corp |
$ | 700,000 | $ | 660,961 | ||||
| Talen Energy Supply LLC |
||||||||
| 6.500% due 06/01/25 |
500,000 | 126,622 | ||||||
| 7.250% due 05/15/27 ~ |
100,000 | 93,603 | ||||||
| 7.625% due 06/01/28 ~ |
100,000 | 92,815 | ||||||
| Vistra Operations Co LLC |
||||||||
| 4.375% due 05/01/29 ~ |
75,000 | 70,972 | ||||||
| 5.000% due 07/31/27 ~ |
375,000 | 369,561 | ||||||
| 5.500% due 09/01/26 ~ |
200,000 | 201,310 | ||||||
| 5.625% due 02/15/27 ~ |
100,000 | 100,030 | ||||||
|
|
|
|||||||
| 2,853,962 | ||||||||
|
|
|
|||||||
| Total Corporate Bonds & Notes |
131,978,631 | |||||||
|
|
|
|||||||
| SENIOR LOAN NOTES - 2.8% |
||||||||
| Consumer, Cyclical - 1.3% |
||||||||
| MIC Glen LLC (2nd Lien) |
250,000 | 246,250 | ||||||
| SeaWorld Parks & Entertainment Inc Term B |
1,492,500 | 1,478,975 | ||||||
| Tacala Investment Corp Term B (2nd Lien) |
250,000 | 246,625 | ||||||
|
|
|
|||||||
| 1,971,850 | ||||||||
|
|
|
|||||||
| Energy - 0.3% |
||||||||
| Traverse Midstream Partners LLC Term B |
458,734 | 457,587 | ||||||
|
|
|
|||||||
| Industrial - 0.7% |
||||||||
| Dynasty Acquisition Co Inc |
634,091 | 625,372 | ||||||
| Standard Aero Ltd |
340,909 | 336,222 | ||||||
|
|
|
|||||||
| 961,594 | ||||||||
|
|
|
|||||||
| Technology - 0.5% |
||||||||
| Bright Bidco BV Term B (Netherlands) |
370,149 | 224,403 | ||||||
| The Dun & Bradstreet Corp Term B |
588,056 | 583,719 | ||||||
|
|
|
|||||||
| 808,122 | ||||||||
|
|
|
|||||||
| Total Senior Loan Notes |
4,199,153 | |||||||
|
|
|
|||||||
| ASSET-BACKED SECURITIES - 3.2% |
||||||||
| Benefit Street Partners CLO Ltd (Cayman) |
||||||||
| 6.204% (USD LIBOR + 5.950%) |
250,000 | 230,950 | ||||||
| 6.941% (USD LIBOR + 6.700%) |
250,000 | 246,057 | ||||||
| Dryden CLO Fund (Cayman) |
250,000 | 219,912 | ||||||
| Magnetite XXII Ltd (Cayman) |
500,000 | 487,500 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-39
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS HIGH INCOME
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Magnetite XXIX Ltd (Cayman) |
$ | 1,050,000 | $ | 1,017,292 | ||||
| Magnetite XXXI Ltd (Cayman) |
500,000 | 475,215 | ||||||
| Neuberger Berman Loan Advisers CLO Ltd (Cayman) |
||||||||
| 6.454% (USD LIBOR + 6.200%) |
750,000 | 711,396 | ||||||
| 6.754% (USD LIBOR + 6.500%) |
500,000 | 479,241 | ||||||
| OHA Credit Partners VII Ltd (Cayman) |
250,000 | 238,283 | ||||||
| Rad CLO 2 Ltd (Cayman) |
||||||||
| 6.241% (USD LIBOR + 6.000%) |
400,000 | 393,896 | ||||||
| 7.691% (USD LIBOR + 7.450%) |
250,000 | 243,225 | ||||||
|
|
|
|||||||
| Total Asset-Backed Securities |
4,742,967 | |||||||
|
|
|
|||||||
| U.S. TREASURY OBLIGATIONS - 1.2% |
||||||||
| U.S. Treasury Notes - 1.2% |
||||||||
| 0.125% due 02/28/23 |
1,750,000 | 1,726,563 | ||||||
|
|
|
|||||||
| Total U.S. Treasury Obligations |
1,726,563 | |||||||
|
|
|
|||||||
| Shares |
Value |
|||||||
| SHORT-TERM INVESTMENT - 3.2% |
||||||||
| Money Market Fund - 3.2% |
||||||||
| BlackRock Liquidity Funds T-Fund
Portfolio |
4,821,674 | $ | 4,821,674 | |||||
|
|
|
|||||||
| Total Short-Term Investment |
4,821,674 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 99.4% |
148,178,386 | |||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - 0.6% |
932,418 | |||||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
$149,110,804 |
|||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition by sector as a percentage of net assets was as follows: |
| Consumer, Non-Cyclical |
19.9% | |||
| Consumer, Cyclical |
18.2% | |||
| Industrial |
15.7% | |||
| Energy |
12.7% | |||
| Communications |
12.5% | |||
| Financial |
4.6% | |||
| Basic Materials |
4.2% | |||
| Asset-Backed Securities |
3.2% | |||
| Short-Term Investment |
3.2% | |||
| Others (each less than 3.0%) |
5.2% | |||
|
|
|
|||
| 99.4% | ||||
| 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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Common Stocks |
|||||||||||||||||
| Consumer, Cyclical |
$299,224 | $299,224 | $— | $— | ||||||||||||||
| Industrial |
410,174 | 397,855 | 12,319 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Common Stocks |
709,398 | 697,079 | 12,319 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Corporate Bonds & Notes |
131,978,631 | — | 131,978,631 | — | ||||||||||||||
| Senior Loan Notes |
4,199,153 | — | 4,199,153 | — | ||||||||||||||
| Asset-Backed Securities |
4,742,967 | — | 4,742,967 | — | ||||||||||||||
| U.S. Treasury Obligations |
1,726,563 | — | 1,726,563 | — | ||||||||||||||
| Short-Term Investment |
4,821,674 | 4,821,674 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$148,178,386 | $5,518,753 | $142,659,633 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-40
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM SMALL/MID-CAP
Schedule of Investments
March 31, 2022
|
|
Value |
|||||||
| COMMON STOCKS - 98.5% |
|
|||||||
| Basic Materials - 3.8% |
||||||||
| AdvanSix Inc |
34,989 | $1,787,588 | ||||||
| Arconic Corp * |
96,334 | 2,468,077 | ||||||
| Axalta Coating Systems Ltd * |
70,940 | 1,743,705 | ||||||
| Celanese Corp |
14,901 | 2,128,906 | ||||||
|
|
|
|||||||
| 8,128,276 | ||||||||
|
|
|
|||||||
| Communications - 1.6% |
||||||||
| Calix Inc * |
43,491 | 1,866,199 | ||||||
| Revolve Group Inc * |
29,581 | 1,588,204 | ||||||
|
|
|
|||||||
| 3,454,403 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 14.9% |
||||||||
| American Eagle Outfitters Inc |
101,446 | 1,704,293 | ||||||
| Avient Corp |
36,674 | 1,760,352 | ||||||
| BJ’s Restaurants Inc * |
25,743 | 728,527 | ||||||
| BJ’s Wholesale Club Holdings Inc * |
45,567 | 3,080,785 | ||||||
| Bloomin’ Brands Inc |
75,085 | 1,647,365 | ||||||
| Darden Restaurants Inc |
12,219 | 1,624,516 | ||||||
| Deckers Outdoor Corp * |
6,869 | 1,880,526 | ||||||
| Hilton Grand Vacations Inc * |
41,397 | 2,153,058 | ||||||
| JetBlue Airways Corp * |
134,464 | 2,010,237 | ||||||
| KB Home |
44,907 | 1,454,089 | ||||||
| Kohl’s Corp |
54,208 | 3,277,416 | ||||||
| Lithia Motors Inc |
8,678 | 2,604,441 | ||||||
| Penn National Gaming Inc * |
24,184 | 1,025,885 | ||||||
| RH * |
3,796 | 1,237,837 | ||||||
| SeaWorld Entertainment Inc * |
33,201 | 2,471,482 | ||||||
| Steven Madden Ltd |
42,177 | 1,629,719 | ||||||
| UniFirst Corp |
9,403 | 1,732,785 | ||||||
|
|
|
|||||||
|
|
|
|||||||
| 32,023,313 | ||||||||
|
|
|
|||||||
| Consumer, Non-Cyclical - 20.6% |
||||||||
| AdaptHealth Corp * |
85,149 | 1,364,939 | ||||||
| Amedisys Inc * |
8,524 | 1,468,600 | ||||||
| Amicus Therapeutics Inc * |
127,821 | 1,210,465 | ||||||
| Avantor Inc * |
60,643 | 2,050,946 | ||||||
| Charles River Laboratories International Inc * |
7,595 | 2,156,752 | ||||||
| Deluxe Corp |
66,808 | 2,020,274 | ||||||
| Exact Sciences Corp * |
21,551 | 1,506,846 | ||||||
| Horizon Therapeutics PLC * |
48,530 | 5,105,841 | ||||||
| Iovance Biotherapeutics Inc * |
86,434 | 1,439,126 | ||||||
| Jazz Pharmaceuticals PLC * |
18,893 | 2,941,073 | ||||||
| Merit Medical Systems Inc * |
31,897 | 2,121,789 | ||||||
| Neurocrine Biosciences Inc * |
20,936 | 1,962,750 | ||||||
| Novavax Inc * |
6,224 | 458,398 | ||||||
| NuVasive Inc * |
30,876 | 1,750,669 | ||||||
| Performance Food Group Co * |
47,306 | 2,408,349 | ||||||
| Prestige Consumer Healthcare Inc * |
38,296 | 2,027,390 | ||||||
| Progyny Inc * |
31,273 | 1,607,432 | ||||||
| Protagonist Therapeutics Inc * |
59,218 | 1,402,282 | ||||||
| Quanta Services Inc |
33,975 | 4,471,450 | ||||||
| Spectrum Brands Holdings Inc |
28,774 | 2,552,829 | ||||||
| Syneos Health Inc * |
27,256 | 2,206,373 | ||||||
|
|
|
|||||||
|
|
|
|||||||
| 44,234,573 | ||||||||
|
|
|
|||||||
| Energy - 6.2% |
||||||||
| Civitas Resources Inc |
55,527 | 3,315,517 | ||||||
| Diamondback Energy Inc |
25,491 | 3,494,306 | ||||||
| Earthstone Energy Inc ‘A’ * |
149,449 | 1,887,541 | ||||||
| HF Sinclair Corp * |
31,435 | 1,252,685 | ||||||
| Pioneer Natural Resources Co |
9,894 | 2,473,797 | ||||||
| Sunnova Energy International Inc * |
34,579 | 797,392 | ||||||
|
|
|
|||||||
|
|
|
|||||||
| 13,221,238 | ||||||||
|
|
|
|||||||
|
|
Value |
|||||||
| Financial - 22.4% |
||||||||
| Brixmor Property Group Inc REIT |
155,185 | $ | 4,005,325 | |||||
| Cadence Bank |
112,757 | 3,299,270 | ||||||
| DiamondRock Hospitality Co REIT * |
236,308 | 2,386,711 | ||||||
| Everest Re Group Ltd |
8,002 | 2,411,643 | ||||||
| First Horizon Corp |
98,260 | 2,308,127 | ||||||
| First Industrial Realty Trust Inc REIT |
52,091 | 3,224,954 | ||||||
| Hancock Whitney Corp |
76,045 | 3,965,747 | ||||||
| Host Hotels & Resorts Inc REIT |
134,674 | 2,616,716 | ||||||
| James River Group Holdings Ltd |
77,716 | 1,922,694 | ||||||
| Lamar Advertising Co ‘A’ REIT |
25,099 | 2,916,002 | ||||||
| Mid-America Apartment Communities Inc REIT |
17,013 | 3,563,373 | ||||||
| Pinnacle Financial Partners Inc |
35,729 | 3,289,926 | ||||||
| Radian Group Inc |
113,106 | 2,512,084 | ||||||
| Stifel Financial Corp |
43,884 | 2,979,723 | ||||||
| Western Alliance Bancorp |
40,812 | 3,380,050 | ||||||
| Wintrust Financial Corp |
36,976 | 3,436,179 | ||||||
|
|
|
|||||||
|
|
|
|||||||
| 48,218,524 | ||||||||
|
|
|
|||||||
| Industrial - 13.8% |
||||||||
| Atkore Inc * |
28,423 | 2,797,960 | ||||||
| CIRCOR International Inc * |
43,395 | 1,155,175 | ||||||
| EnPro Industries Inc |
19,484 | 1,904,171 | ||||||
| Evoqua Water Technologies Corp * |
64,173 | 3,014,847 | ||||||
| Generac Holdings Inc * |
9,650 | 2,868,559 | ||||||
| GrafTech International Ltd |
235,482 | 2,265,337 | ||||||
| Graphic Packaging Holding Co |
116,833 | 2,341,333 | ||||||
| Hillenbrand Inc |
66,822 | 2,951,528 | ||||||
| II-VI Inc * |
35,898 | 2,602,246 | ||||||
| Jacobs Engineering Group Inc |
18,089 | 2,492,845 | ||||||
| Knight-Swift Transportation Holdings Inc |
29,832 | 1,505,323 | ||||||
| Littelfuse Inc |
6,851 | 1,708,708 | ||||||
| The Timken Co |
33,108 | 2,009,656 | ||||||
|
|
|
|||||||
|
|
|
|||||||
| 29,617,688 | ||||||||
|
|
|
|||||||
| Technology - 13.0% |
||||||||
| Avaya Holdings Corp * |
100,548 | 1,273,943 | ||||||
| Box Inc ‘A’ * |
95,063 | 2,762,531 | ||||||
| Cohu Inc * |
64,069 | 1,896,442 | ||||||
| CommVault Systems Inc * |
26,036 | 1,727,489 | ||||||
| DigitalOcean Holdings Inc * |
21,499 | 1,243,717 | ||||||
| Elastic NV * |
21,700 | 1,930,215 | ||||||
| Marvell Technology Inc |
29,899 | 2,144,057 | ||||||
| MKS Instruments Inc |
10,994 | 1,649,100 | ||||||
| ON Semiconductor Corp * |
39,437 | 2,469,151 | ||||||
| Sailpoint Technologies Holdings Inc * |
36,820 | 1,884,448 | ||||||
| Silicon Laboratories Inc * |
16,390 | 2,461,778 | ||||||
| Sprout Social Inc ‘A’ * |
25,932 | 2,077,672 | ||||||
| Ziff Davis Inc * |
22,066 | 2,135,547 | ||||||
| ZoomInfo Technologies Inc ‘A’ * |
37,001 | 2,210,440 | ||||||
|
|
|
|||||||
|
|
|
|||||||
| 27,866,530 | ||||||||
|
|
|
|||||||
| Utilities - 2.2% |
||||||||
| Portland General Electric Co |
61,818 | 3,409,262 | ||||||
| The AES Corp |
51,423 | 1,323,114 | ||||||
|
|
|
|||||||
| 4,732,376 | ||||||||
|
|
|
|||||||
| Total Common Stocks |
211,496,921 | |||||||
|
|
|
|||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-41
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SMALL/MID-CAP
Schedule of Investments (Continued)
March 31, 2022
|
|
Value |
|||||||
| SHORT-TERM INVESTMENT - 1.6% |
|
|||||||
| Money Market Fund - 1.6% |
|
|||||||
| BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.210% |
3,426,736 | $3,426,736 | ||||||
|
|
|
|||||||
| Total Short-Term Investment |
3,426,736 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 100.1% |
|
214,923,657 | ||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - (0.1%) |
|
(142,801 | ) | |||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$214,780,856 | ||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition by sector as a percentage of net assets was as follows: |
| Financial |
22.4% | |||
| Consumer, Non-Cyclical |
20.6% | |||
| Consumer, Cyclical |
14.9% | |||
| Industrial |
13.8% | |||
| Technology |
13.0% | |||
| Energy |
6.2% | |||
| Basic Materials |
3.8% | |||
| Others (each less than 3.0%) |
5.4% | |||
|
|
|
|||
| 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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Common Stocks |
$211,496,921 | $211,496,921 | $— | $— | |||||||||||||
| Short-Term Investment |
3,426,736 | 3,426,736 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$214,923,657 | $214,923,657 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-42
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM SMALL-CAP
Schedule of Investments
March 31, 2022
|
|
Value |
|||||||
| COMMON STOCKS - 97.6% |
|
|||||||
| Basic Materials - 3.3% |
||||||||
| AdvanSix Inc |
6,604 | $337,398 | ||||||
| Arconic Corp * |
7,626 | 195,378 | ||||||
| Kaiser Aluminum Corp |
2,136 | 201,126 | ||||||
|
|
|
|||||||
| 733,902 | ||||||||
|
|
|
|||||||
| Communications - 2.7% |
||||||||
| Calix Inc * |
4,818 | 206,740 | ||||||
| Revolve Group Inc * |
3,618 | 194,251 | ||||||
| Viavi Solutions Inc * |
12,838 | 206,435 | ||||||
|
|
|
|||||||
| 607,426 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 15.1% |
||||||||
| American Eagle Outfitters Inc |
10,724 | 180,163 | ||||||
| Avient Corp |
5,574 | 267,552 | ||||||
| Bally’s Corp * |
5,532 | 170,054 | ||||||
| Bed Bath & Beyond Inc * |
6,527 | 147,053 | ||||||
| Big Lots Inc |
4,613 | 159,610 | ||||||
| BJ’s Restaurants Inc * |
4,748 | 134,368 | ||||||
| BJ’s Wholesale Club Holdings Inc * |
4,364 | 295,050 | ||||||
| Bloomin’ Brands Inc |
9,138 | 200,488 | ||||||
| Dave & Buster’s Entertainment Inc * |
5,630 | 276,433 | ||||||
| Deckers Outdoor Corp * |
449 | 122,923 | ||||||
| Hilton Grand Vacations Inc * |
5,129 | 266,759 | ||||||
| KB Home |
5,574 | 180,486 | ||||||
| Kohl’s Corp |
4,138 | 250,183 | ||||||
| Lithia Motors Inc |
599 | 179,772 | ||||||
| SeaWorld Entertainment Inc * |
4,270 | 317,859 | ||||||
| Steven Madden Ltd |
5,101 | 197,103 | ||||||
|
|
|
|||||||
| 3,345,856 | ||||||||
|
|
|
|||||||
| Consumer, Non-Cyclical - 23.3% |
||||||||
| Acadia Healthcare Co Inc * |
2,288 | 149,933 | ||||||
| AdaptHealth Corp * |
10,952 | 175,561 | ||||||
| Addus HomeCare Corp * |
2,386 | 222,590 | ||||||
| Alphatec Holdings Inc * |
16,705 | 192,107 | ||||||
| Amicus Therapeutics Inc * |
18,676 | 176,862 | ||||||
| AtriCure Inc * |
3,752 | 246,394 | ||||||
| Avid Bioservices Inc * |
6,166 | 125,601 | ||||||
| Deluxe Corp |
9,193 | 277,996 | ||||||
| Halozyme Therapeutics Inc * |
6,254 | 249,410 | ||||||
| Harmony Biosciences Holdings Inc * |
7,767 | 377,865 | ||||||
| Herc Holdings Inc |
1,811 | 302,600 | ||||||
| Iovance Biotherapeutics Inc * |
8,062 | 134,232 | ||||||
| LivaNova PLC * |
2,476 | 202,611 | ||||||
| Medpace Holdings Inc * |
1,387 | 226,899 | ||||||
| Novavax Inc * |
555 | 40,876 | ||||||
| NuVasive Inc * |
3,447 | 195,445 | ||||||
| Performance Food Group Co * |
4,746 | 241,619 | ||||||
| PetIQ Inc * |
8,152 | 198,909 | ||||||
| Phathom Pharmaceuticals Inc * |
9,012 | 122,653 | ||||||
| Prestige Consumer Healthcare Inc * |
3,942 | 208,689 | ||||||
| Progyny Inc * |
4,664 | 239,730 | ||||||
| Protagonist Therapeutics Inc * |
5,651 | 133,816 | ||||||
| Revance Therapeutics Inc * |
7,939 | 154,810 | ||||||
| SP Plus Corp * |
4,213 | 132,120 | ||||||
| Spectrum Brands Holdings Inc |
3,349 | 297,123 | ||||||
| Ultragenyx Pharmaceutical Inc * |
1,934 | 140,447 | ||||||
|
|
|
|||||||
| 5,166,898 | ||||||||
|
|
|
|||||||
| Energy - 6.8% |
||||||||
| Brigham Minerals Inc ‘A’ |
14,575 | 372,391 | ||||||
| Civitas Resources Inc |
5,501 | 328,465 | ||||||
| Infrastructure and Energy Alternatives Inc * |
17,350 | 205,598 | ||||||
| Magnolia Oil & Gas Corp ‘A’ |
21,210 | 501,616 | ||||||
| Sunnova Energy International Inc * |
4,270 | 98,466 | ||||||
|
|
|
|||||||
| 1,506,536 | ||||||||
|
|
|
|||||||
|
|
Value |
|||||||
| Financial - 21.6% |
||||||||
| Argo Group International Holdings Ltd |
4,073 | $ | 168,134 | |||||
| Blucora Inc * |
8,310 | 162,461 | ||||||
| Cadence Bank |
9,691 | 283,559 | ||||||
| DiamondRock Hospitality Co REIT * |
26,734 | 270,013 | ||||||
| Enterprise Financial Services Corp |
5,556 | 262,854 | ||||||
| First Industrial Realty Trust Inc REIT |
3,543 | 219,347 | ||||||
| Hancock Whitney Corp |
6,615 | 344,972 | ||||||
| Home BancShares Inc |
12,514 | 282,816 | ||||||
| James River Group Holdings Ltd |
8,694 | 215,090 | ||||||
| NexPoint Residential Trust Inc REIT |
4,268 | 385,443 | ||||||
| Origin Bancorp Inc |
3,111 | 131,564 | ||||||
| Pinnacle Financial Partners Inc |
2,074 | 190,974 | ||||||
| Plymouth Industrial Inc REIT |
8,251 | 223,602 | ||||||
| Radian Group Inc |
11,633 | 258,369 | ||||||
| Seacoast Banking Corp of Florida |
6,565 | 229,906 | ||||||
| SITE Centers Corp REIT |
19,325 | 322,921 | ||||||
| Stifel Financial Corp |
3,456 | 234,662 | ||||||
| United Community Banks Inc |
8,066 | 280,697 | ||||||
| Veritex Holdings Inc |
8,009 | 305,704 | ||||||
|
|
|
|||||||
| 4,773,088 | ||||||||
|
|
|
|||||||
| Industrial - 11.7% |
||||||||
| Atkore Inc * |
3,193 | 314,319 | ||||||
| CIRCOR International Inc * |
6,466 | 172,125 | ||||||
| EnPro Industries Inc |
2,455 | 239,927 | ||||||
| Evoqua Water Technologies Corp * |
6,435 | 302,316 | ||||||
| GrafTech International Ltd |
19,056 | 183,319 | ||||||
| Hillenbrand Inc |
7,708 | 340,462 | ||||||
| II-VI Inc * |
3,787 | 274,520 | ||||||
| Masonite International Corp * |
1,610 | 143,193 | ||||||
| MYR Group Inc * |
2,327 | 218,831 | ||||||
| Saia Inc * |
1,062 | 258,937 | ||||||
| The Timken Co |
2,540 | 154,178 | ||||||
|
|
|
|||||||
| 2,602,127 | ||||||||
|
|
|
|||||||
| Technology - 11.8% |
||||||||
| Avaya Holdings Corp * |
13,645 | 172,882 | ||||||
| Box Inc ‘A’ * |
11,757 | 341,658 | ||||||
| Cohu Inc * |
6,422 | 190,091 | ||||||
| CommVault Systems Inc * |
3,213 | 213,182 | ||||||
| Digital Turbine Inc * |
4,060 | 177,869 | ||||||
| DigitalOcean Holdings Inc * |
2,223 | 128,601 | ||||||
| Sailpoint Technologies Holdings Inc * |
4,950 | 253,341 | ||||||
| Silicon Laboratories Inc * |
1,528 | 229,506 | ||||||
| SiTime Corp * |
865 | 214,364 | ||||||
| Sprout Social Inc ‘A’ * |
2,369 | 189,804 | ||||||
| Ultra Clean Holdings Inc * |
5,379 | 228,016 | ||||||
| Ziff Davis Inc * |
2,720 | 263,242 | ||||||
|
|
|
|||||||
| 2,602,556 | ||||||||
|
|
|
|||||||
| Utilities - 1.3% |
||||||||
| Portland General Electric Co |
5,032 | 277,515 | ||||||
|
|
|
|||||||
| Total Common Stocks |
21,615,904 | |||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENT - 1.9% |
|
|||||||
| Money Market Fund - 1.9% |
|
|||||||
| BlackRock Liquidity Funds T-Fund
Portfolio |
424,253 | 424,253 | ||||||
|
|
|
|||||||
| Total Short-Term Investment |
424,253 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 99.5% |
|
22,040,157 | ||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - 0.5% |
|
106,603 | ||||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$22,146,760 | ||||||
|
|
|
|||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-43
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SMALL-CAP
Schedule of Investments (Continued)
March 31, 2022
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition by sector as a percentage of net assets was as follows: |
| Consumer, Non-Cyclical |
23.3% | |||
| Financial |
21.6% | |||
| Consumer, Cyclical |
15.1% | |||
| Technology |
11.8% | |||
| Industrial |
11.7% | |||
| Energy |
6.8% | |||
| Basic Materials |
3.3% | |||
| Others (each less than 3.0%) |
5.9% | |||
|
|
|
|||
| 99.5% | ||||
| Other Assets & Liabilities, Net |
0.5% | |||
|
|
|
|||
| 100.0% | ||||
|
|
|
| (b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Common Stocks |
$21,615,904 | $21,615,904 | $— | $— | |||||||||||||
| Short-Term Investment |
424,253 | 424,253 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Assets |
22,040,157 | 22,040,157 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Liabilities |
Due to Custodian |
(96 | ) | — | (96 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Liabilities |
(96 | ) | — | (96 | ) | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$22,040,061 | $22,040,157 | ($96 | ) | $— | |||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-44
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDSSM SMALL-CAP VALUE
Schedule of Investments
March 31, 2022
| Shares |
|
|||||||
| COMMON STOCKS - 95.9% |
| |||||||
| Basic Materials - 3.8% |
||||||||
| AdvanSix Inc |
7,510 | $383,686 | ||||||
| Alcoa Corp |
1,858 | 167,276 | ||||||
| Arconic Corp * |
8,767 | 224,610 | ||||||
|
|
|
|||||||
| 775,572 | ||||||||
|
|
|
|||||||
| Communications - 0.7% |
||||||||
| Viavi Solutions Inc * |
9,261 | 148,917 | ||||||
|
|
|
|||||||
| Consumer, Cyclical - 10.0% |
||||||||
| American Eagle Outfitters Inc |
10,465 | 175,812 | ||||||
| Avient Corp |
5,126 | 246,048 | ||||||
| Bed Bath & Beyond Inc * |
3,732 | 84,082 | ||||||
| Big Lots Inc |
3,678 | 127,259 | ||||||
| BJ’s Restaurants Inc * |
4,113 | 116,398 | ||||||
| Bloomin’ Brands Inc |
7,312 | 160,425 | ||||||
| Dana Inc |
9,422 | 165,544 | ||||||
| Dave & Buster’s Entertainment Inc * |
3,032 | 148,871 | ||||||
| Hilton Grand Vacations Inc * |
3,697 | 192,281 | ||||||
| KB Home |
4,563 | 147,750 | ||||||
| SkyWest Inc * |
4,699 | 135,566 | ||||||
| Steven Madden Ltd |
4,806 | 185,704 | ||||||
| UniFirst Corp |
982 | 180,963 | ||||||
|
|
|
|||||||
| 2,066,703 | ||||||||
|
|
|
|||||||
| Consumer, Non-Cyclical - 16.6% |
||||||||
| Acadia Healthcare Co Inc * |
2,376 | 155,699 | ||||||
| AdaptHealth Corp * |
9,947 | 159,450 | ||||||
| Deluxe Corp |
6,685 | 202,154 | ||||||
| Halozyme Therapeutics Inc * |
5,203 | 207,496 | ||||||
| Harmony Biosciences Holdings Inc * |
5,103 | 248,261 | ||||||
| Herc Holdings Inc |
1,470 | 245,622 | ||||||
| Hostess Brands Inc * |
16,284 | 357,271 | ||||||
| LivaNova PLC * |
1,835 | 150,158 | ||||||
| Performance Food Group Co * |
3,869 | 196,971 | ||||||
| PetIQ Inc * |
5,987 | 146,083 | ||||||
| Prestige Consumer Healthcare Inc * |
4,120 | 218,113 | ||||||
| Protagonist Therapeutics Inc * |
3,595 | 85,130 | ||||||
| Revance Therapeutics Inc * |
4,798 | 93,561 | ||||||
| SeaSpine Holdings Corp * |
10,693 | 130,027 | ||||||
| SP Plus Corp * |
7,807 | 244,828 | ||||||
| Spectrum Brands Holdings Inc |
2,970 | 263,498 | ||||||
| Textainer Group Holdings Ltd (China) |
7,983 | 303,913 | ||||||
|
|
|
|||||||
| 3,408,235 | ||||||||
|
|
|
|||||||
| Energy - 9.1% |
||||||||
| Brigham Minerals Inc ‘A’ |
17,253 | 440,814 | ||||||
| Civitas Resources Inc |
6,924 | 413,432 | ||||||
| Earthstone Energy Inc ‘A’ * |
14,631 | 184,790 | ||||||
| Infrastructure and Energy Alternatives Inc * |
23,322 | 276,366 | ||||||
| Magnolia Oil & Gas Corp ‘A’ |
20,032 | 473,757 | ||||||
| Sunnova Energy International Inc * |
3,706 | 85,460 | ||||||
|
|
|
|||||||
| 1,874,619 | ||||||||
|
|
|
|||||||
| Financial - 37.1% |
||||||||
| Argo Group International Holdings Ltd |
4,625 | 190,920 | ||||||
| Blucora Inc * |
10,854 | 212,196 | ||||||
| Brixmor Property Group Inc REIT |
12,491 | 322,393 | ||||||
| Cadence Bank |
10,267 | 300,412 | ||||||
| ConnectOne Bancorp Inc |
8,111 | 259,633 | ||||||
| DiamondRock Hospitality Co REIT * |
28,211 | 284,931 | ||||||
| Enterprise Financial Services Corp |
6,017 | 284,664 | ||||||
| First Bancorp |
3,556 | 148,534 | ||||||
| First Industrial Realty Trust Inc REIT |
4,037 | 249,931 | ||||||
| Hancock Whitney Corp |
7,289 | 380,121 | ||||||
| Healthcare Realty Trust Inc REIT |
8,325 | 228,771 | ||||||
| Home BancShares Inc |
10,968 | 247,877 | ||||||
| Shares |
|
|||||||
| Horizon Bancorp Inc |
12,338 | $ | 230,351 | |||||
| James River Group Holdings Ltd |
9,216 | 228,004 | ||||||
| National Storage Affiliates Trust REIT |
3,862 | 242,379 | ||||||
| NexPoint Residential Trust Inc REIT |
3,526 | 318,433 | ||||||
| Old Second Bancorp Inc |
12,361 | 179,358 | ||||||
| Origin Bancorp Inc |
4,074 | 172,290 | ||||||
| Piedmont Office Realty Trust Inc ‘A’ REIT |
12,210 | 210,256 | ||||||
| Pinnacle Financial Partners Inc |
3,001 | 276,332 | ||||||
| Plymouth Industrial Inc REIT |
8,386 | 227,261 | ||||||
| QCR Holdings Inc |
5,263 | 297,833 | ||||||
| Radian Group Inc |
11,425 | 253,749 | ||||||
| Seacoast Banking Corp of Florida |
6,421 | 224,864 | ||||||
| Selective Insurance Group Inc |
2,765 | 247,080 | ||||||
| SITE Centers Corp REIT |
20,329 | 339,698 | ||||||
| Stifel Financial Corp |
3,496 | 237,378 | ||||||
| United Community Banks Inc |
9,634 | 335,263 | ||||||
| Veritex Holdings Inc |
8,119 | 309,902 | ||||||
| WSFS Financial Corp |
3,748 | 174,732 | ||||||
|
|
|
|||||||
| 7,615,546 | ||||||||
|
|
|
|||||||
| Industrial - 13.4% |
||||||||
| Atkore Inc * |
3,009 | 296,206 | ||||||
| CIRCOR International Inc * |
5,987 | 159,374 | ||||||
| Crane Co |
2,186 | 236,700 | ||||||
| EnPro Industries Inc |
2,420 | 236,507 | ||||||
| Evoqua Water Technologies Corp * |
3,675 | 172,652 | ||||||
| GrafTech International Ltd |
21,753 | 209,264 | ||||||
| Hillenbrand Inc |
7,152 | 315,904 | ||||||
| II-VI Inc * |
2,658 | 192,678 | ||||||
| Masonite International Corp * |
1,531 | 136,167 | ||||||
| MYR Group Inc * |
2,452 | 230,586 | ||||||
| The Timken Co |
3,641 | 221,009 | ||||||
| UFP Industries Inc |
1,744 | 134,567 | ||||||
| UFP Technologies Inc * |
3,085 | 204,134 | ||||||
|
|
|
|||||||
| 2,745,748 | ||||||||
|
|
|
|||||||
| Technology - 2.8% |
||||||||
| Avaya Holdings Corp * |
8,012 | 101,512 | ||||||
| Cohu Inc * |
5,203 | 154,009 | ||||||
| Synaptics Inc * |
919 | 183,340 | ||||||
| Ultra Clean Holdings Inc * |
3,259 | 138,149 | ||||||
|
|
|
|||||||
| 577,010 | ||||||||
|
|
|
|||||||
| Utilities - 2.4% |
||||||||
| Portland General Electric Co |
8,949 | 493,537 | ||||||
|
|
|
|||||||
| Total Common Stocks |
19,705,887 | |||||||
|
|
|
|||||||
| EXCHANGE-TRADED FUND - 1.0% |
||||||||
| iShares Russell 2000 Value |
1,279 | 206,430 | ||||||
|
|
|
|||||||
| Total Exchange-Traded Fund |
206,430 | |||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENT - 3.0% |
||||||||
| Money Market Fund - 3.0% |
||||||||
| BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.210% |
614,295 | 614,295 | ||||||
|
|
|
|||||||
| Total Short-Term Investment |
614,295 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 99.9% |
20,526,612 | |||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - 0.1% |
22,415 | |||||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$20,549,027 | ||||||
|
|
|
|||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-45
Table of Contents
PACIFIC FUNDS
PACIFIC FUNDS SMALL-CAP VALUE
Schedule of Investments (Continued)
March 31, 2022
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition by sector as a percentage of net assets was as follows: |
| Financial |
37.1% | |||
| Consumer, Non-Cyclical |
16.6% | |||
| Industrial |
13.4% | |||
| Consumer, Cyclical |
10.0% | |||
| Energy |
9.1% | |||
| Basic Materials |
3.8% | |||
| Short-Term Investment |
3.0% | |||
| Others (each less than 3.0%) |
6.9% | |||
|
|
|
|||
| 99.9% | ||||
| Other Assets & Liabilities, Net |
0.1% | |||
|
|
|
|||
| 100.0% | ||||
|
|
|
| (b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Common Stocks |
$19,705,887 | $19,705,887 | $— | $— | |||||||||||||
| Exchange-Traded Fund |
206,430 | 206,430 | — | — | ||||||||||||||
| Short-Term Investment |
614,295 | 614,295 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$20,526,612 | $20,526,612 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-46
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments
March 31, 2022
| Principal Amount |
Value |
|||||||
| CORPORATE BONDS & NOTES - 0.7% |
|
|||||||
| Financial - 0.2% |
|
|||||||
| Avolon Holdings Funding Ltd (Ireland) |
$100,000 | $99,753 | ||||||
| Bank of America Corp |
10,000 | 10,110 | ||||||
|
|
|
|||||||
| 109,863 | ||||||||
|
|
|
|||||||
| Industrial - 0.5% |
|
|||||||
| Komatsu Finance America Inc |
200,000 | 200,083 | ||||||
|
|
|
|||||||
| Total Corporate Bonds & Notes |
309,946 | |||||||
|
|
|
|||||||
| MORTGAGE-BACKED SECURITIES - 2.6% |
|
|||||||
| Collateralized Mortgage Obligations - Commercial - 0.1% |
|
|||||||
| MF1 Ltd (Cayman) |
58,348 | 58,450 | ||||||
|
|
|
|||||||
| Collateralized Mortgage Obligations - Residential - 1.7% |
|
|||||||
| Chevy Chase Funding LLC Mortgage-Backed Certificates |
60,062 | 61,178 | ||||||
| CHL Mortgage Pass-Through Trust |
8,358 | 8,601 | ||||||
| Credit Suisse Mortgage Trust |
120,687 | 118,212 | ||||||
| Fannie Mae REMICS |
||||||||
| 0.807% (USD LIBOR + 0.350%) |
11,270 | 11,280 | ||||||
| 0.837% (USD LIBOR + 0.380%) |
15,887 | 15,924 | ||||||
| 0.897% (USD LIBOR + 0.440%) |
9,389 | 9,435 | ||||||
| 0.902% (USD LIBOR + 0.445%) |
2,825 | 2,840 | ||||||
| Government National Mortgage Association |
55,944 | 54,740 | ||||||
| GSR Mortgage Loan Trust |
4,657 | 4,711 | ||||||
| Hawksmoor Mortgages (United Kingdom) |
GBP 170,541 | 224,435 | ||||||
| JP Morgan Mortgage Trust |
$5,340 | 5,452 | ||||||
| Merrill Lynch Mortgage Investors Trust |
19,093 | 19,061 | ||||||
| Towd Point Mortgage Funding PLC (United Kingdom) |
GBP 131,416 | 173,080 | ||||||
| WaMu Mortgage Pass-Through Certificates Trust 1.197% (USD LIBOR + 0.740%) |
$19,348 | 19,168 | ||||||
|
|
|
|||||||
| 728,117 | ||||||||
|
|
|
|||||||
| Fannie Mae - 0.8% |
|
|||||||
| due 05/01/52 # |
370,000 | 369,534 | ||||||
|
|
|
|||||||
| Total Mortgage-Backed Securities |
1,156,101 | |||||||
|
|
|
|||||||
| Principal Amount |
Value |
|||||||
| ASSET-BACKED SECURITIES - 1.1% |
|
|||||||
| Asset Backed Funding Corp Trust |
$ | 21,723 | $ | 21,651 | ||||
| Freddie Mac Structured Pass-Through Certificates 0.737% (USD LIBOR + 0.280%) |
502 | 499 | ||||||
| Home Equity Asset Trust |
13,125 | 12,964 | ||||||
| LoanCore Issuer Ltd (Cayman) |
29,875 | 29,782 | ||||||
| OZLM Ltd (Cayman) |
100,000 | 99,513 | ||||||
| Saxon Asset Securities Trust |
14,457 | 14,113 | ||||||
| THL Credit Wind River CLO Ltd (Cayman) |
100,000 | 99,293 | ||||||
| TICP CLO Ltd (Cayman) |
225,756 | 225,151 | ||||||
|
|
|
|||||||
| Total Asset-Backed Securities |
502,966 | |||||||
|
|
|
|||||||
| U.S. TREASURY OBLIGATIONS - 103.6% |
|
|||||||
| U.S. Treasury Inflation Protected Securities - 103.6% |
|
|||||||
| 0.125% due 04/15/22 ^ |
69,364 | 69,629 | ||||||
| 0.125% due 07/15/24 ^ |
1,420,860 | 1,491,415 | ||||||
| 0.125% due 10/15/24 ^ |
2,082,058 | 2,178,422 | ||||||
| 0.125% due 04/15/25 ^ |
1,741,520 | 1,820,853 | ||||||
| 0.125% due 10/15/25 ^ |
541,775 | 568,082 | ||||||
| 0.125% due 04/15/26 ^ |
536,030 | 560,504 | ||||||
| 0.125% due 07/15/26 ^ |
234,582 | 246,665 | ||||||
| 0.125% due 10/15/26 ^ |
1,131,757 | 1,190,168 | ||||||
| 0.125% due 01/15/30 ^ |
1,322,228 | 1,396,708 | ||||||
| 0.125% due 07/15/30 ^ |
548,280 | 581,894 | ||||||
| 0.125% due 01/15/31 ^ |
1,263,635 | 1,338,430 | ||||||
| 0.125% due 07/15/31 ^ |
2,517,552 | 2,679,890 | ||||||
| 0.125% due 01/15/32 ^ |
1,014,230 | 1,079,644 | ||||||
| 0.125% due 02/15/51 ^ |
215,976 | 221,489 | ||||||
| 0.125% due 02/15/52 ^ |
605,976 | 629,482 | ||||||
| 0.250% due 01/15/25 ^ |
1,008,959 | 1,058,343 | ||||||
| 0.250% due 07/15/29 ^ |
549,560 | 587,060 | ||||||
| 0.375% due 07/15/23 ^ |
1,208,110 | 1,268,257 | ||||||
| 0.375% due 07/15/25 ^ |
717,264 | 758,771 | ||||||
| 0.375% due 01/15/27 ^ |
581,945 | 617,065 | ||||||
| 0.375% due 07/15/27 ^ |
2,482,553 | 2,645,458 | ||||||
| 0.500% due 04/15/24 ^ |
3,121,272 | 3,281,179 | ||||||
| 0.500% due 01/15/28 ^ |
2,427,753 | 2,598,333 | ||||||
| 0.625% due 04/15/23 ^ |
1,145,679 | 1,194,630 | ||||||
| 0.625% due 01/15/24 ^ |
1,465,195 | 1,541,279 | ||||||
| 0.625% due 01/15/26 ^ |
650,777 | 694,038 | ||||||
| 0.625% due 02/15/43 ^ |
1,002,745 | 1,120,148 | ||||||
| 0.750% due 07/15/28 ^ |
3,819,336 | 4,179,388 | ||||||
| 0.750% due 02/15/42 ^ |
124,423 | 142,333 | ||||||
| 0.750% due 02/15/45 ^ |
680,540 | 782,127 | ||||||
| 0.875% due 01/15/29 ^ |
1,725,848 | 1,906,676 | ||||||
| 0.875% due 02/15/47 ^ |
494,993 | 593,287 | ||||||
| 1.000% due 02/15/46 ^ |
1,264,873 | 1,541,260 | ||||||
| 1.000% due 02/15/49 ^ |
44,691 | 55,961 | ||||||
| 1.375% due 02/15/44 ^ |
1,713,003 | 2,198,241 | ||||||
| 2.000% due 01/15/26 ^ |
300,302 | 336,604 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-47
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| 2.125% due 02/15/41 ^ |
$ | 385,149 | $ | 544,842 | ||||
| 3.375% due 04/15/32 ^ |
93,452 | 131,906 | ||||||
| 3.875% due 04/15/29 ^ |
59,858 | 79,184 | ||||||
|
|
|
|||||||
| Total U.S. Treasury Obligations |
45,909,645 | |||||||
|
|
|
|||||||
| FOREIGN GOVERNMENT BONDS & NOTES - 4.3% |
|
|||||||
| French Republic Government OAT (France) 0.100% due 03/01/26 ^ ~ |
EUR 104,918 | 129,999 | ||||||
| 0.250% due 07/25/24 ^ ~ |
111,831 | 136,632 | ||||||
| Italy Buoni Poliennali Del Tesoro (Italy) |
204,672 | 235,820 | ||||||
| 0.400% due 05/15/30 ^ ~ |
319,632 | 384,026 | ||||||
| 1.400% due 05/26/25 ^ ~ |
618,174 | 744,018 | ||||||
| New Zealand Government (New Zealand) |
NZD 110,000 | 93,999 | ||||||
| United Kingdom Inflation-Linked Gilt (United Kingdom) |
GBP 131,054 | 189,568 | ||||||
|
|
|
|||||||
| Total Foreign Government Bonds & Notes |
1,914,062 | |||||||
|
|
|
|||||||
|
|
Value |
|||||||
| TOTAL INVESTMENTS - 112.3% |
$ | 49,792,720 | ||||||
|
|
|
|||||||
| DERIVATIVES - 0.1% |
|
37,335 | ||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - (12.4%) |
|
(5,494,894 | ) | |||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$44,335,161 | ||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition as a percentage of net assets was as follows: |
| U.S. Treasury Obligations |
103.6% | |||
| Foreign Government Bonds & Notes |
4.3% | |||
| Others (each less than 3.0%) |
4.4% | |||
|
|
|
|||
| 112.3% | ||||
| Derivatives |
0.1% | |||
| Other Assets & Liabilities, Net |
(12.4% | ) | ||
|
|
|
|||
| 100.0% | ||||
|
|
|
| (b) | The average amount of borrowings by the Fund on sale-buyback financing transactions during the year ended March 31, 2022 was $6,107,089 at a weighted average interest rate of 0.063%. |
| (c) | Open futures contracts outstanding as of March 31, 2022 were as follows: |
| Long Futures Outstanding | Expiration Month |
Number of Contracts |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) |
|||||||||||||||
| Euribor |
03/23 | 12 | $3,327,863 | $3,295,353 | ($32,510 | ) | ||||||||||||||
| Long Gilt |
06/22 | 3 | 479,025 | 477,761 | (1,264 | ) | ||||||||||||||
| U.S. Treasury Long Bonds |
06/22 | 2 | 307,292 | 300,125 | (7,167 | ) | ||||||||||||||
|
|
|
|||||||||||||||||||
| (40,941 | ) | |||||||||||||||||||
|
|
|
|||||||||||||||||||
| Short Futures Outstanding |
||||||||||||||||||||
| Australia 3-Year Bonds |
06/22 | 2 | 167,152 | 164,459 | 2,693 | |||||||||||||||
| Euro-Bobl |
06/22 | 10 | 1,442,187 | 1,425,514 | 16,673 | |||||||||||||||
| Euro-BTP |
06/22 | 5 | 798,541 | 765,027 | 33,514 | |||||||||||||||
| Euro-Bund |
06/22 | 2 | 353,212 | 351,035 | 2,177 | |||||||||||||||
| Euro-Schatz |
06/22 | 34 | 4,184,273 | 4,165,020 | 19,253 | |||||||||||||||
| Short Euro-BTP |
06/22 | 5 | 620,911 | 613,803 | 7,108 | |||||||||||||||
| U.S. Treasury 2-Year Notes |
06/22 | 8 | 1,718,687 | 1,695,375 | 23,312 | |||||||||||||||
| U.S. Treasury 10-Year Notes |
06/22 | 13 | 1,595,541 | 1,597,375 | (1,834 | ) | ||||||||||||||
| U.S. Treasury Ultra 10-Year Notes |
06/22 | 13 | 1,811,565 | 1,761,094 | 50,471 | |||||||||||||||
| U.S. Treasury Ultra Long Bonds |
06/22 | 1 | 182,233 | 177,125 | 5,108 | |||||||||||||||
|
|
|
|||||||||||||||||||
| 158,475 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Total Futures Contracts |
$117,534 | |||||||||||||||||||
|
|
|
|||||||||||||||||||
| (d) | Forward foreign currency contracts outstanding as of March 31, 2022 were as follows: |
| Currency Purchased |
Currency Sold |
Settlement Month |
Counterparty | Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||||||||||||
| AUD | 114,000 | USD | 82,240 | 04/22 | DUB | $3,071 | $— | |||||||||||||||||||||||||
| EUR | 16,000 | USD | 17,602 | 04/22 | BRC | 100 | — | |||||||||||||||||||||||||
| EUR | 27,000 | USD | 29,756 | 04/22 | GSC | 116 | — | |||||||||||||||||||||||||
| EUR | 15,000 | USD | 16,560 | 04/22 | JPM | 35 | — | |||||||||||||||||||||||||
| EUR | 1,441,000 | USD | 1,599,885 | 04/22 | SCB | — | (5,591 | ) | ||||||||||||||||||||||||
| GBP | 36,000 | USD | 48,259 | 04/22 | BRC | — | (969 | ) | ||||||||||||||||||||||||
| GBP | 24,000 | USD | 31,290 | 04/22 | DUB | 237 | — | |||||||||||||||||||||||||
| GBP | 458,000 | USD | 603,026 | 04/22 | SCB | — | (1,389 | ) | ||||||||||||||||||||||||
| USD | 92,078 | AUD | 125,000 | 04/22 | GSC | — | (1,464 | ) | ||||||||||||||||||||||||
| USD | 86,861 | EUR | 78,000 | 04/22 | GSC | 564 | — | |||||||||||||||||||||||||
| USD | 1,598,117 | EUR | 1,421,000 | 04/22 | SCB | 25,950 | — | |||||||||||||||||||||||||
| USD | 1,601,268 | EUR | 1,441,000 | 05/22 | SCB | 5,542 | — | |||||||||||||||||||||||||
| USD | 668,290 | GBP | 498,000 | 04/22 | SCB | 14,109 | — | |||||||||||||||||||||||||
| USD | 26,633 | GBP | 20,000 | 04/22 | SGN | 361 | — | |||||||||||||||||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-48
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
March 31, 2022
| Currency Purchased |
Currency Sold |
Settlement Month |
Counterparty | Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||||||||||||||||
| USD | 602,909 | GBP | 458,000 | 05/22 | SCB | $ | 1,381 | $ | — | |||||||||||||||||||||||||||
| USD | 92,696 | NZD | 137,000 | 04/22 | JPM | — | (2,246 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| Total Forward Foreign Currency Contracts |
$51,466 | ($11,659 | ) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||||||||||||
| (e) | Purchased options outstanding as of March 31, 2022 were as follows: |
Interest Rate Swaptions
| Description | Pay/Receive Floating Rate |
Floating Rate Index | Exercise Rate |
Expiration Date |
Counter- party |
Notional Amount |
Cost | Value | ||||||||||||||||||||||||
| Call - 2-Year Interest Rate Swap |
Pay | 1-Day USD-SOFR | 1.710% | 01/25/23 | JPM | $1,300,000 | $7,930 | $3,018 | ||||||||||||||||||||||||
| Call - 2-Year Interest Rate Swap |
Pay | 1-Day USD-SOFR | 1.428% | 01/31/23 | MSC | 500,000 | 2,555 | 727 | ||||||||||||||||||||||||
| Call - 2-Year Interest Rate Swap |
Pay | 1-Day USD-SOFR | 1.410% | 02/02/23 | BRC | 500,000 | 2,500 | 715 | ||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||
| 12,985 | 4,460 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||
| Put - 30-Year Interest Rate Swap |
Receive | 6-Month EUR-LIBOR | 0.190% | 11/02/22 | MSC | EUR 60,000 | 4,375 | 15,127 | ||||||||||||||||||||||||
| Put - 30-Year Interest Rate Swap |
Receive | 6-Month EUR-LIBOR | 0.197% | 11/04/22 | BRC | 200,000 | 14,957 | 50,108 | ||||||||||||||||||||||||
| Put - 30-Year Interest Rate Swap |
Receive | 3-Month USD-LIBOR | 2.237% | 11/17/23 | DUB | $300,000 | 18,621 | 26,802 | ||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||
| 37,953 | 92,037 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total Interest Rate Swaptions |
$50,938 | $96,497 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total Purchased Options |
$50,938 | $96,497 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||
| (f) | Premiums received and value of written options outstanding as of March 31, 2022 were as follows: |
Credit Default Swaptions on Credit Indices – Sell Protection
| Description | Exercise Rate |
Expiration Date |
Counter- party |
Notional Amount |
Premium | Value | ||||||||||||||||||
| Put - CDX IG 37 5Y |
0.950% | 04/20/22 | JPM | $100,000 | $127 | ($12 | ) | |||||||||||||||||
| Put - CDX IG 37 5Y |
0.950% | 04/20/22 | MSC | 100,000 | 127 | (12 | ) | |||||||||||||||||
| Put - iTraxx Main 36 5Y |
0.950% | 05/18/22 | GSC | EUR 100,000 | 161 | (76 | ) | |||||||||||||||||
| Put - iTraxx Main 36 5Y |
1.000% | 05/18/22 | BRC | 100,000 | 151 | (64 | ) | |||||||||||||||||
| Put - CDX IG 37 5Y |
1.000% | 06/15/22 | BRC | $100,000 | 190 | (71 | ) | |||||||||||||||||
| Put - iTraxx Main 36 5Y |
1.000% | 06/15/22 | BRC | EUR 100,000 | 131 | (124 | ) | |||||||||||||||||
| Put - CDX IG 37 5Y |
1.100% | 06/15/22 | DUB | $100,000 | 165 | (54 | ) | |||||||||||||||||
| Put - CDX IG 37 5Y |
1.200% | 06/15/22 | MSC | 100,000 | 137 | (41 | ) | |||||||||||||||||
| Put - iTraxx Main 36 5Y |
1.200% | 07/20/22 | BRC | EUR 200,000 | 906 | (272 | ) | |||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| $2,095 | ($726 | ) | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
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 | ($31 | ) | ||||||||||||||||||
| 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 | — | |||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||
| $15,213 | ($31 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||
Interest Rate Swaptions
| Description | Pay/Receive Floating Rate |
Floating Rate Index | Exercise Rate |
Expiration Date |
Counter- party |
Notional Amount |
Premium | Value | ||||||||||||||||||||||||
| Call - 5-Year Interest Rate Swap |
Receive | 6-Month EUR-LIBOR | 0.450% | 04/08/22 | JPM | EUR 100,000 | $354 | ($1) | ||||||||||||||||||||||||
| Call - 5-Year Interest Rate Swap |
Receive | 6-Month EUR-LIBOR | 0.450% | 05/09/22 | BRC | 100,000 | 434 | (33) | ||||||||||||||||||||||||
| Call - 5-Year Interest Rate Swap |
Receive | 6-Month EUR-LIBOR | 0.500% | 05/11/22 | GSC | 100,000 | 328 | (50) | ||||||||||||||||||||||||
| Call - 10-Year Interest Rate Swap |
Receive | 1-Day USD-SOFR | 1.785% | 01/25/23 | JPM | $300,000 | 8,299 | (5,373) | ||||||||||||||||||||||||
| Call - 10-Year Interest Rate Swap |
Receive | 1-Day USD-SOFR | 1.579% | 01/31/23 | MSC | 100,000 | 2,337 | (1,279) | ||||||||||||||||||||||||
| Call - 10-Year Interest Rate Swap |
Receive | 1-Day USD-SOFR | 1.558% | 02/02/23 | BRC | 100,000 | 2,287 | (1,244) | ||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||
| 14,039 | (7,980) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||
| Put - 5-Year Interest Rate Swap |
Pay | 6-Month EUR-LIBOR | 0.650% | 04/08/22 | JPM | EUR 100,000 | 571 | (1,844) | ||||||||||||||||||||||||
| Put - 5-Year Interest Rate Swap |
Pay | 6-Month EUR-LIBOR | 0.650% | 05/09/22 | BRC | 100,000 | 817 | (2,096) | ||||||||||||||||||||||||
| Put - 5-Year Interest Rate Swap |
Pay | 6-Month EUR-LIBOR | 1.000% | 05/11/22 | GSC | 100,000 | 419 | (819) | ||||||||||||||||||||||||
| Put - 10-Year Interest Rate Swap |
Pay | 6-Month EUR-LIBOR | 0.000% | 11/02/22 | MSC | 200,000 | 4,851 | (27,693) | ||||||||||||||||||||||||
| Put - 10-Year Interest Rate Swap |
Pay | 6-Month EUR-LIBOR | 0.000% | 11/04/22 | BRC | 600,000 | 14,726 | (83,195) | ||||||||||||||||||||||||
| Put - 5-Year Interest Rate Swap |
Pay | 3-Month USD-LIBOR | 2.340% | 11/17/23 | DUB | $1,300,000 | 16,380 | (37,104) | ||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||
| 37,764 | (152,751) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total Interest Rate Swaptions |
$51,803 | ($160,731) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-49
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
March 31, 2022
Options on Futures
| Description | Exercise Price |
Expiration Date |
Exchange | Number of Contracts |
Notional Amount |
Premium | Value | |||||||||||||||||||
| Put - Euro-Bobl (04/22) |
EUR 131.50 | 04/22/22 | EUX | 1 | EUR 131,500 | $425 | ($3,004 | ) | ||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||
Options on Securities
| Description | Exercise Price |
Expiration Date |
Counter- party |
Notional Amount |
Premium | Value | ||||||||||||||||||
| Call - Fannie Mae 3.000% due 06/13/52 |
$98.41 | 06/06/22 | JPM | $100,000 | $531 | ($692 | ) | |||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Put - Fannie Mae 3.000% due 06/13/52 |
96.41 | 06/06/22 | JPM | 100,000 | 621 | (781 | ) | |||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total Options on Securities |
$1,152 | ($1,473 | ) | |||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total Written Options |
$70,688 | ($165,965 | ) | |||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| (g) | Swap agreements outstanding as of March 31, 2022 were as follows: |
Interest Rate Swaps – Long
| Receive | Pay | Payment Frequency Receive Rate/ Pay Rate |
Exchange | Expiration Date |
Notional Amount |
Value | Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| 5.000% | U.S. CPI Urban Consumers | Z / Z | LCH | 03/03/23 | $300,000 | ($1,866 | ) | $— | ($1,866 | ) | ||||||||||||||||||
| 5.033% | U.S. CPI Urban Consumers | Z / Z | LCH | 03/08/23 | 200,000 | (1,064 | ) | — | (1,064 | ) | ||||||||||||||||||
| 5.470% | U.S. CPI Urban Consumers | Z / Z | LCH | 03/21/23 | 400,000 | 195 | — | 195 | ||||||||||||||||||||
| (0.526%) | 3-Month EUR-LIBOR | A / Q | LCH | 11/21/23 | EUR 800,000 | (10,832 | ) | — | (10,832 | ) | ||||||||||||||||||
| 3.850% | GBP Retail Price | Z / Z | LCH | 09/15/24 | GBP 200,000 | (17,355 | ) | — | (17,355 | ) | ||||||||||||||||||
| 3.330% | GBP Retail Price | Z / Z | LCH | 01/15/25 | 100,000 | (13,604 | ) | 2,815 | (16,419 | ) | ||||||||||||||||||
| 2.335% | U.S. CPI Urban Consumers | Z / Z | LCH | 02/05/28 | $190,000 | (20,256 | ) | 338 | (20,594 | ) | ||||||||||||||||||
| 2.364% | U.S. CPI Urban Consumers | Z / Z | LCH | 05/10/28 | 50,000 | (5,123 | ) | — | (5,123 | ) | ||||||||||||||||||
| 2.379% | U.S. CPI Urban Consumers | Z / Z | LCH | 07/09/28 | 500,000 | (50,888 | ) | (288 | ) | (50,600 | ) | |||||||||||||||||
| 3.593% | GBP Retail Price | Z / Z | LCH | 11/15/28 | GBP 45,000 | (6,938 | ) | — | (6,938 | ) | ||||||||||||||||||
| 2.165% | U.S. CPI Urban Consumers | Z / Z | LCH | 04/16/29 | $100,000 | (13,466 | ) | — | (13,466 | ) | ||||||||||||||||||
| 1.998% | U.S. CPI Urban Consumers | Z / Z | LCH | 07/25/29 | 100,000 | (14,905 | ) | — | (14,905 | ) | ||||||||||||||||||
| 1.760% | U.S. CPI Urban Consumers | Z / Z | LCH | 11/04/29 | 400,000 | (70,723 | ) | (708 | ) | (70,015 | ) | |||||||||||||||||
| 3.400% | GBP Retail Price | Z / Z | LCH | 06/15/30 | GBP 200,000 | (40,418 | ) | 2,555 | (42,973 | ) | ||||||||||||||||||
| 3.475% | GBP Retail Price | Z / Z | LCH | 08/15/30 | 200,000 | (48,747 | ) | 2,476 | (51,223 | ) | ||||||||||||||||||
| 1.380% | Eurostat Eurozone HICP | Z / Z | LCH | 03/15/31 | EUR 200,000 | (40,631 | ) | (1,361 | ) | (39,270 | ) | |||||||||||||||||
| 3.566% | GBP Retail Price | Z / Z | LCH | 03/15/36 | GBP 190,000 | (51,662 | ) | (907 | ) | (50,755 | ) | |||||||||||||||||
| 3.580% | GBP Retail Price | Z / Z | LCH | 03/15/36 | 40,000 | (10,731 | ) | (413 | ) | (10,318 | ) | |||||||||||||||||
| 1.387% | Eurostat Eurozone HICP | Z / Z | LCH | 08/15/49 | EUR 20,000 | (10,330 | ) | — | (10,330 | ) | ||||||||||||||||||
| 1.888% | 3-Month USD-LIBOR | S / Q | LCH | 11/21/53 | $100,000 | (6,842 | ) | — | (6,842 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||
| ($436,186 | ) | $4,507 | ($440,693 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||
Interest Rate Swaps – Short
| Pay | Receive | Payment Frequency Pay Rate/ Receive Rate |
Exchange | Expiration Date |
Notional Amount |
Value | Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| 0.090% | Eurostat Eurozone HICP | Z / Z | LCH | 05/15/22 | EUR 200,000 | $14,726 | $— | $14,726 | ||||||||||||||||||||
| 2.210% | U.S. CPI Urban Consumers | Z / Z | LCH | 02/05/23 | $120,000 | 9,237 | — | 9,237 | ||||||||||||||||||||
| 2.263% | U.S. CPI Urban Consumers | Z / Z | LCH | 04/27/23 | 60,000 | 4,502 | — | 4,502 | ||||||||||||||||||||
| 2.263% | U.S. CPI Urban Consumers | Z / Z | LCH | 05/09/23 | 120,000 | 9,123 | — | 9,123 | ||||||||||||||||||||
| 2.281% | U.S. CPI Urban Consumers | Z / Z | LCH | 05/10/23 | 180,000 | 13,207 | — | 13,207 | ||||||||||||||||||||
| 1.030% | France CPI Ex Tobacco | Z / Z | LCH | 03/15/24 | EUR 140,000 | 10,429 | (53 | ) | 10,482 | |||||||||||||||||||
| 2.314% | U.S. CPI Urban Consumers | Z / Z | LCH | 02/26/26 | $200,000 | 21,807 | — | 21,807 | ||||||||||||||||||||
| 2.419% | U.S. CPI Urban Consumers | Z / Z | LCH | 03/05/26 | 100,000 | 10,383 | — | 10,383 | ||||||||||||||||||||
| 2.768% | U.S. CPI Urban Consumers | Z / Z | LCH | 05/13/26 | 100,000 | 8,315 | — | 8,315 | ||||||||||||||||||||
| 2.690% | U.S. CPI Urban Consumers | Z / Z | LCH | 06/01/26 | 100,000 | 8,550 | — | 8,550 | ||||||||||||||||||||
| 4.735% | GBP Retail Price | Z / Z | LCH | 12/15/26 | GBP 200,000 | 10,574 | (2,684 | ) | 13,258 | |||||||||||||||||||
| 4.615% | GBP Retail Price | Z / Z | LCH | 02/15/27 | 100,000 | 4,712 | — | 4,712 | ||||||||||||||||||||
| 4.626% | GBP Retail Price | Z / Z | LCH | 02/15/27 | 100,000 | 4,633 | — | 4,633 | ||||||||||||||||||||
| 1.798% | U.S. CPI Urban Consumers | Z / Z | LCH | 08/25/27 | $500,000 | 81,317 | — | 81,317 | ||||||||||||||||||||
| 1.890% | U.S. CPI Urban Consumers | Z / Z | LCH | 08/27/27 | 500,000 | 77,971 | — | 77,971 | ||||||||||||||||||||
| 3.250% | 3-Month NZD-Bank Bills | S / Q | CME | 03/21/28 | NZD 100,000 | 472 | 290 | 182 | ||||||||||||||||||||
| 2.645% | U.S. CPI Urban Consumers | Z / Z | LCH | 09/10/28 | $100,000 | 6,882 | — | 6,882 | ||||||||||||||||||||
| 1.840% | 3-Month USD-LIBOR | S / Q | LCH | 11/21/28 | 400,000 | 10,844 | — | 10,844 | ||||||||||||||||||||
| 3.470% | GBP Retail Price | Z / Z | LCH | 01/15/31 | GBP 120,000 | 31,123 | — | 31,123 | ||||||||||||||||||||
| 2.311% | U.S. CPI Urban Consumers | Z / Z | LCH | 02/24/31 | $200,000 | 26,686 | 94 | 26,592 | ||||||||||||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-50
Table of Contents
PACIFIC FUNDS
PF INFLATION MANAGED FUND
Schedule of Investments (Continued)
March 31, 2022
| Pay | Receive | Payment Frequency Pay Rate/ Receive Rate |
Exchange | Expiration Date |
Notional Amount |
Value | Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| 4.300% | GBP Retail Price | Z / Z | LCH | 01/15/32 | GBP 100,000 | $ | 6,426 | $ | 157 | $ | 6,269 | |||||||||||||||||
| 0.750% | 1-Day GBP-SONIA | A / A | LCH | 09/21/32 | 200,000 | 22,022 | 5,982 | 16,040 | ||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||
| $393,941 | $3,786 | $390,155 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||
| Total Interest Rate Swaps |
($42,245 | ) | $8,293 | ($50,538 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||
| Total Swap Agreements |
($42,245 | ) | $8,293 | ($50,538 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||
Balances reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps
| Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||
| Centrally Cleared Swap Agreements (1) |
||||||||
| Assets |
$14,707 | $390,350 | ||||||
| Liabilities |
(6,414 | ) | (440,888 | ) | ||||
|
|
|
|
|
|||||
| $8,293 | ($50,538 | ) | ||||||
|
|
|
|
|
|||||
| (1) | Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only variation margin is reported within the Statement of Assets and Liabilities. |
| (h) | 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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Corporate Bonds & Notes |
$309,946 | $— | $309,946 | $— | |||||||||||||
| Mortgage-Backed Securities |
1,156,101 | — | 1,156,101 | — | ||||||||||||||
| Asset-Backed Securities |
502,966 | — | 502,966 | — | ||||||||||||||
| U.S. Treasury Obligations |
45,909,645 | — | 45,909,645 | — | ||||||||||||||
| Foreign Government Bonds & Notes |
1,914,062 | — | 1,914,062 | — | ||||||||||||||
| Derivatives: |
||||||||||||||||||
| Foreign Currency Contracts |
|
|||||||||||||||||
| Forward Foreign Currency Contracts |
51,466 | — | 51,466 | — | ||||||||||||||
| Interest Rate Contracts |
|
|||||||||||||||||
| Futures |
160,309 | 160,309 | — | — | ||||||||||||||
| Purchased Options |
96,497 | — | 96,497 | — | ||||||||||||||
| Swaps |
390,350 | — | 390,350 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Interest Rate Contracts |
647,156 | 160,309 | 486,847 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Assets - Derivatives |
698,622 | 160,309 | 538,313 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Assets |
50,491,342 | 160,309 | 50,331,033 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Liabilities |
Due to Custodian |
(296,174 | ) | — | (296,174 | ) | — | |||||||||||
| Sale-buyback Financing Transactions |
(6,119,309 | ) | — | (6,119,309 | ) | — | ||||||||||||
| Derivatives: |
||||||||||||||||||
| Credit Contracts |
||||||||||||||||||
| Written Options |
(726 | ) | — | (726 | ) | — | ||||||||||||
| Foreign Currency Contracts |
||||||||||||||||||
| Forward Foreign Currency Contracts |
(11,659 | ) | — | (11,659 | ) | — | ||||||||||||
| Interest Rate Contracts |
|
|||||||||||||||||
| Futures |
(42,775 | ) | (42,775 | ) | — | — | ||||||||||||
| Written Options |
(165,239 | ) | — | (165,239 | ) | — | ||||||||||||
| Swaps |
(440,888 | ) | — | (440,888 | ) | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Interest Rate Contracts |
(648,902 | ) | (42,775 | ) | (606,127 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Liabilities - Derivatives |
(661,287 | ) | (42,775 | ) | (618,512 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Liabilities |
(7,076,770 | ) | (42,775 | ) | (7,033,995 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$43,414,572 | $117,534 | $43,297,038 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-51
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments
March 31, 2022
| Shares |
Value |
|||||||
| COMMON STOCKS - 0.0% |
|
|||||||
| Financial - 0.0% |
||||||||
| CBL & Associates Properties Inc REIT * |
2,876 | $94,592 | ||||||
|
|
|
|||||||
| Total Common Stocks |
94,592 | |||||||
|
|
|
|||||||
| Principal Amount |
||||||||
| CORPORATE BONDS & NOTES - 34.3% |
|
|||||||
| Basic Materials - 0.9% |
|
|||||||
| Anglo American Capital PLC (South Africa) |
||||||||
| 3.625% due 09/11/24 ~ |
$465,000 | 464,781 | ||||||
| 4.750% due 04/10/27 ~ |
200,000 | 207,779 | ||||||
| ArcelorMittal SA (Luxembourg) |
80,000 | 94,100 | ||||||
| Barrick Gold Corp (Canada) |
30,000 | 34,829 | ||||||
| Barrick North America Finance LLC (Canada) |
90,000 | 109,740 | ||||||
| DuPont de Nemours Inc |
55,000 | 63,366 | ||||||
| Freeport-McMoRan Inc |
||||||||
| 4.625% due 08/01/30 |
20,000 | 20,473 | ||||||
| 5.450% due 03/15/43 |
190,000 | 213,142 | ||||||
| Glencore Funding LLC (Australia) |
||||||||
| 2.500% due 09/01/30 ~ |
135,000 | 121,001 | ||||||
| 3.875% due 10/27/27 ~ |
10,000 | 9,984 | ||||||
| 4.000% due 03/27/27 ~ |
620,000 | 622,843 | ||||||
| 4.125% due 03/12/24 ~ |
150,000 | 152,129 | ||||||
| International Flavors & Fragrances Inc |
||||||||
| 1.832% due 10/15/27 ~ |
200,000 | 182,151 | ||||||
| 3.468% due 12/01/50 ~ |
66,000 | 58,458 | ||||||
| LYB International Finance III LLC |
||||||||
| 1.250% due 10/01/25 |
59,000 | 54,681 | ||||||
| Nutrien Ltd (Canada) |
30,000 | 34,930 | ||||||
| OCP SA (Morocco) |
200,000 | 200,922 | ||||||
| 5.125% due 06/23/51 ~ |
200,000 | 167,000 | ||||||
| Orbia Advance Corp SAB de CV (Mexico) |
220,000 | 206,474 | ||||||
| 2.875% due 05/11/31 ~ |
210,000 | 186,269 | ||||||
| Southern Copper Corp (Peru) |
210,000 | 268,508 | ||||||
| Suzano Austria GmbH (Brazil) |
50,000 | 44,380 | ||||||
| 3.750% due 01/15/31 |
240,000 | 226,373 | ||||||
| Vale Overseas Ltd (Brazil) |
48,000 | 57,992 | ||||||
| Yamana Gold Inc (Canada) |
90,000 | 91,535 | ||||||
|
|
|
|||||||
| 3,893,840 | ||||||||
|
|
|
|||||||
| Communications - 3.8% |
|
|||||||
| Alphabet Inc |
||||||||
| 0.450% due 08/15/25 |
20,000 | 18,681 | ||||||
| 0.800% due 08/15/27 |
30,000 | 27,124 | ||||||
| 1.100% due 08/15/30 |
30,000 | 26,254 | ||||||
| 2.050% due 08/15/50 |
50,000 | 39,571 | ||||||
| Amazon.com Inc |
||||||||
| 0.800% due 06/03/25 |
60,000 | 56,808 | ||||||
| 1.200% due 06/03/27 |
70,000 | 64,658 | ||||||
| 1.500% due 06/03/30 |
30,000 | 26,883 | ||||||
| 2.100% due 05/12/31 |
40,000 | 37,220 | ||||||
| 2.500% due 06/03/50 |
580,000 | 485,822 | ||||||
| Principal Amount |
Value |
|||||||
| 3.875% due 08/22/37 |
$ | 70,000 | $ | 74,268 | ||||
| 4.250% due 08/22/57 |
10,000 | 11,365 | ||||||
| 4.950% due 12/05/44 |
60,000 | 73,127 | ||||||
| AT&T Inc |
||||||||
| 1.650% due 02/01/28 |
230,000 | 209,974 | ||||||
| 2.300% due 06/01/27 |
10,000 | 9,545 | ||||||
| 2.550% due 12/01/33 |
10,000 | 8,904 | ||||||
| 3.100% due 02/01/43 |
230,000 | 199,148 | ||||||
| 3.300% due 02/01/52 |
30,000 | 25,810 | ||||||
| 3.500% due 06/01/41 |
110,000 | 101,565 | ||||||
| 3.500% due 09/15/53 |
170,000 | 149,815 | ||||||
| 3.550% due 09/15/55 |
300,000 | 265,617 | ||||||
| 3.650% due 09/15/59 |
30,000 | 26,412 | ||||||
| 3.800% due 02/15/27 |
30,000 | 30,713 | ||||||
| 3.800% due 12/01/57 |
10,000 | 9,163 | ||||||
| 4.350% due 06/15/45 |
32,000 | 32,393 | ||||||
| 5.350% due 09/01/40 |
40,000 | 45,917 | ||||||
| 5.550% due 08/15/41 |
30,000 | 35,092 | ||||||
| CCO Holdings LLC |
||||||||
| 4.500% due 08/15/30 ~ |
10,000 | 9,400 | ||||||
| 4.500% due 05/01/32 |
1,480,000 | 1,355,828 | ||||||
| 4.750% due 02/01/32 ~ |
40,000 | 37,309 | ||||||
| 5.125% due 05/01/27 ~ |
130,000 | 130,364 | ||||||
| Charter Communications Operating LLC |
||||||||
| 2.250% due 01/15/29 |
300,000 | 270,358 | ||||||
| 3.500% due 06/01/41 |
40,000 | 33,345 | ||||||
| 3.500% due 03/01/42 |
20,000 | 16,592 | ||||||
| 3.700% due 04/01/51 |
135,000 | 111,642 | ||||||
| 4.400% due 04/01/33 |
430,000 | 429,323 | ||||||
| 4.800% due 03/01/50 |
90,000 | 85,762 | ||||||
| 4.908% due 07/23/25 |
460,000 | 477,470 | ||||||
| 5.750% due 04/01/48 |
10,000 | 10,662 | ||||||
| 6.384% due 10/23/35 |
20,000 | 22,640 | ||||||
| 6.834% due 10/23/55 |
30,000 | 35,672 | ||||||
| Comcast Corp |
||||||||
| 2.800% due 01/15/51 |
172,000 | 145,695 | ||||||
| 2.887% due 11/01/51 ~ |
110,000 | 93,195 | ||||||
| 2.937% due 11/01/56 ~ |
27,000 | 22,412 | ||||||
| 3.150% due 03/01/26 |
30,000 | 30,287 | ||||||
| 3.250% due 11/01/39 |
185,000 | 176,044 | ||||||
| 3.300% due 04/01/27 |
20,000 | 20,258 | ||||||
| 3.375% due 08/15/25 |
20,000 | 20,276 | ||||||
| 3.400% due 04/01/30 |
30,000 | 30,431 | ||||||
| 3.450% due 02/01/50 |
20,000 | 18,796 | ||||||
| 3.750% due 04/01/40 |
140,000 | 141,457 | ||||||
| 3.950% due 10/15/25 |
220,000 | 227,389 | ||||||
| 3.999% due 11/01/49 |
51,000 | 51,661 | ||||||
| 4.000% due 08/15/47 |
20,000 | 20,490 | ||||||
| 4.000% due 03/01/48 |
10,000 | 10,300 | ||||||
| 4.250% due 10/15/30 |
510,000 | 544,814 | ||||||
| 5.650% due 06/15/35 |
20,000 | 24,006 | ||||||
| CommScope Inc |
40,000 | 40,512 | ||||||
| Corning Inc |
20,000 | 24,602 | ||||||
| Cox Communications Inc |
60,000 | 47,417 | ||||||
| CSC Holdings LLC |
200,000 | 179,539 | ||||||
| Discovery Communications LLC |
100,000 | 97,271 | ||||||
| DISH DBS Corp |
||||||||
| 5.125% due 06/01/29 |
70,000 | 59,703 | ||||||
| 5.250% due 12/01/26 ~ |
40,000 | 38,175 | ||||||
| 5.875% due 11/15/24 |
40,000 | 39,955 | ||||||
| 7.750% due 07/01/26 |
10,000 | 9,947 | ||||||
| Expedia Group Inc |
800,000 | 797,295 | ||||||
| Fox Corp |
150,000 | 170,228 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-52
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Paramount Global |
$ | 50,000 | $ | 50,828 | ||||
| Prosus NV (China) |
||||||||
| 3.061% due 07/13/31 ~ |
210,000 | 174,748 | ||||||
| 3.832% due 02/08/51 ~ |
460,000 | 336,376 | ||||||
| Sprint Capital Corp |
130,000 | 175,355 | ||||||
| Sprint Spectrum Co LLC |
337,500 | 344,733 | ||||||
| Telefonica Emisiones SA (Spain) |
150,000 | 161,362 | ||||||
| Tencent Holdings Ltd (China) |
330,000 | 286,945 | ||||||
| Time Warner Cable LLC |
||||||||
| 5.875% due 11/15/40 |
50,000 | 53,863 | ||||||
| 6.550% due 05/01/37 |
140,000 | 161,351 | ||||||
| 6.750% due 06/15/39 |
20,000 | 23,243 | ||||||
| 7.300% due 07/01/38 |
460,000 | 559,706 | ||||||
| Time Warner Entertainment Co LP |
20,000 | 26,154 | ||||||
| T-Mobile USA Inc |
||||||||
| 2.250% due 02/15/26 |
10,000 | 9,434 | ||||||
| 2.550% due 02/15/31 |
390,000 | 354,269 | ||||||
| 2.625% due 02/15/29 |
50,000 | 45,705 | ||||||
| 2.875% due 02/15/31 |
840,000 | 758,100 | ||||||
| 3.375% due 04/15/29 |
30,000 | 28,575 | ||||||
| 3.500% due 04/15/25 |
230,000 | 231,758 | ||||||
| 3.500% due 04/15/31 |
50,000 | 47,127 | ||||||
| 3.750% due 04/15/27 |
10,000 | 10,075 | ||||||
| 3.875% due 04/15/30 |
290,000 | 291,526 | ||||||
| United Group BV (Netherlands) |
EUR 600,000 | 663,777 | ||||||
| Verizon Communications Inc |
||||||||
| 1.750% due 01/20/31 |
$70,000 | 61,128 | ||||||
| 2.100% due 03/22/28 |
280,000 | 261,534 | ||||||
| 2.355% due 03/15/32 ~ |
555,000 | 502,219 | ||||||
| 2.550% due 03/21/31 |
430,000 | 400,091 | ||||||
| 2.625% due 08/15/26 |
20,000 | 19,581 | ||||||
| 2.650% due 11/20/40 |
866,000 | 738,902 | ||||||
| 2.875% due 11/20/50 |
280,000 | 234,813 | ||||||
| 3.150% due 03/22/30 |
50,000 | 49,238 | ||||||
| 3.850% due 11/01/42 |
20,000 | 20,042 | ||||||
| 4.000% due 03/22/50 |
30,000 | 30,573 | ||||||
| 4.125% due 08/15/46 |
30,000 | 30,935 | ||||||
| 4.329% due 09/21/28 |
5,000 | 5,282 | ||||||
| 4.400% due 11/01/34 |
90,000 | 96,010 | ||||||
| 4.500% due 08/10/33 |
520,000 | 559,300 | ||||||
| 4.862% due 08/21/46 |
20,000 | 23,042 | ||||||
| 5.500% due 03/16/47 |
30,000 | 37,594 | ||||||
| Vodafone Group PLC (United Kingdom) |
90,000 | 94,296 | ||||||
|
|
|
|||||||
| 16,159,961 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 3.8% |
|
|||||||
| 7-Eleven Inc |
||||||||
| 0.950% due 02/10/26 ~ |
60,000 | 54,611 | ||||||
| 2.500% due 02/10/41 ~ |
49,000 | 39,688 | ||||||
| Alimentation Couche-Tard Inc (Canada) |
||||||||
| 3.439% due 05/13/41 ~ |
85,000 | 76,583 | ||||||
| 3.625% due 05/13/51 ~ |
90,000 | 82,040 | ||||||
| American Airlines Pass-Through Trust ‘A’ |
137,610 | 122,119 | ||||||
| American Airlines Pass-Through Trust ‘AA’ |
266,811 | 253,859 | ||||||
| American Airlines Pass-Through Trust ‘B’ |
221,000 | 200,598 | ||||||
| AutoZone Inc |
100,000 | 101,163 | ||||||
| Principal Amount |
Value |
|||||||
| British Airways Pass-Through Trust ‘AA’ (United Kingdom) |
$ | 388,252 | $ | 383,837 | ||||
| Costco Wholesale Corp |
||||||||
| 1.375% due 06/20/27 |
60,000 | 55,841 | ||||||
| 1.600% due 04/20/30 |
40,000 | 35,888 | ||||||
| Daimler Trucks Finance North America LLC (Germany) |
400,000 | 398,865 | ||||||
| Delta Air Lines Inc |
||||||||
| 2.900% due 10/28/24 |
80,000 | 78,328 | ||||||
| 3.800% due 04/19/23 |
10,000 | 10,073 | ||||||
| 4.500% due 10/20/25 ~ |
70,000 | 70,462 | ||||||
| 4.750% due 10/20/28 ~ |
590,000 | 595,548 | ||||||
| 7.000% due 05/01/25 ~ |
400,000 | 428,774 | ||||||
| 7.375% due 01/15/26 |
50,000 | 54,355 | ||||||
| Delta Air Lines Pass-Through Trust ‘A’ |
129,669 | 120,496 | ||||||
| Delta Air Lines Pass-Through Trust ‘B’ |
93,284 | 93,514 | ||||||
| Ford Motor Credit Co LLC |
||||||||
| 1.355% due 02/07/25 |
EUR 300,000 | 320,093 | ||||||
| 3.250% due 09/15/25 |
300,000 | 337,125 | ||||||
| 3.375% due 11/13/25 |
$1,600,000 | 1,565,648 | ||||||
| 4.000% due 11/13/30 |
200,000 | 188,658 | ||||||
| 4.125% due 08/17/27 |
200,000 | 195,738 | ||||||
| General Motors Co |
||||||||
| 5.150% due 04/01/38 |
20,000 | 20,377 | ||||||
| 5.950% due 04/01/49 |
20,000 | 22,308 | ||||||
| 6.125% due 10/01/25 |
45,000 | 48,351 | ||||||
| 6.250% due 10/02/43 |
40,000 | 45,502 | ||||||
| General Motors Financial Co Inc |
||||||||
| 1.200% due 10/15/24 |
45,000 | 42,759 | ||||||
| 2.700% due 06/10/31 |
65,000 | 57,339 | ||||||
| 2.750% due 06/20/25 |
720,000 | 700,099 | ||||||
| 3.100% due 01/12/32 |
40,000 | 36,002 | ||||||
| 4.250% due 05/15/23 |
30,000 | 30,384 | ||||||
| 4.350% due 01/17/27 |
60,000 | 61,109 | ||||||
| Hasbro Inc |
50,000 | 50,234 | ||||||
| Hilton Domestic Operating Co Inc |
||||||||
| 5.375% due 05/01/25 ~ |
20,000 | 20,488 | ||||||
| 5.750% due 05/01/28 ~ |
20,000 | 20,719 | ||||||
| Hilton Worldwide Finance LLC |
130,000 | 131,106 | ||||||
| Hyundai Capital America |
||||||||
| 0.875% due 06/14/24 ~ |
300,000 | 283,437 | ||||||
| 1.300% due 01/08/26 ~ |
40,000 | 36,691 | ||||||
| 2.650% due 02/10/25 ~ |
150,000 | 145,482 | ||||||
| 5.875% due 04/07/25 ~ |
300,000 | 317,288 | ||||||
| JetBlue Pass-Through Trust ‘A’ |
280,369 | 281,060 | ||||||
| JetBlue Pass-Through Trust ‘B’ |
116,436 | |||||||
| 127,406 | ||||||||
| Kohl’s Corp |
96,000 | 92,826 | ||||||
| Las Vegas Sands Corp |
||||||||
| 2.900% due 06/25/25 |
690,000 | 643,694 | ||||||
| 3.200% due 08/08/24 |
350,000 | 334,400 | ||||||
| Lear Corp |
25,000 | 22,126 | ||||||
| Lennar Corp |
35,000 | 35,904 | ||||||
| Lowe’s Cos Inc |
20,000 | 21,426 | ||||||
| Magallanes Inc |
||||||||
| 3.755% due 03/15/27 ~ |
60,000 | 59,991 | ||||||
| 4.054% due 03/15/29 ~ |
70,000 | 70,428 | ||||||
| 4.279% due 03/15/32 ~ |
380,000 | 382,161 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-53
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| 5.050% due 03/15/42 ~ |
$ | 20,000 | $ | 20,442 | ||||
| 5.141% due 03/15/52 ~ |
240,000 | 246,113 | ||||||
| McDonald’s Corp |
||||||||
| 1.450% due 09/01/25 |
10,000 | 9,570 | ||||||
| 3.300% due 07/01/25 |
30,000 | 30,369 | ||||||
| 3.500% due 03/01/27 |
20,000 | 20,383 | ||||||
| 3.500% due 07/01/27 |
10,000 | 10,181 | ||||||
| 3.600% due 07/01/30 |
310,000 | 316,049 | ||||||
| 3.625% due 09/01/49 |
10,000 | 9,603 | ||||||
| 3.700% due 01/30/26 |
40,000 | 41,007 | ||||||
| 3.800% due 04/01/28 |
30,000 | 30,924 | ||||||
| 4.200% due 04/01/50 |
190,000 | 198,997 | ||||||
| MDC Holdings Inc |
40,000 | 34,984 | ||||||
| Mileage Plus Holdings LLC |
260,000 | 271,375 | ||||||
| New Red Finance Inc (Canada) |
||||||||
| 3.500% due 02/15/29 ~ |
30,000 | 27,741 | ||||||
| 3.875% due 01/15/28 ~ |
20,000 | 18,988 | ||||||
| Newell Brands Inc |
||||||||
| 4.100% due 04/01/23 |
20,000 | 20,219 | ||||||
| 4.450% due 04/01/26 |
10,000 | 10,075 | ||||||
| NIKE Inc |
||||||||
| 2.400% due 03/27/25 |
30,000 | 29,819 | ||||||
| 2.750% due 03/27/27 |
240,000 | 239,092 | ||||||
| 3.250% due 03/27/40 |
20,000 | 19,518 | ||||||
| 3.375% due 03/27/50 |
120,000 | 119,604 | ||||||
| Nissan Motor Acceptance Co LLC |
||||||||
| 2.000% due 03/09/26 ~ |
300,000 | 274,820 | ||||||
| 2.750% due 03/09/28 ~ |
300,000 | 270,944 | ||||||
| Nissan Motor Co Ltd (Japan) |
1,100,000 | 1,079,402 | ||||||
| Nordstrom Inc |
94,000 | 85,841 | ||||||
| O’Reilly Automotive Inc |
100,000 | 101,625 | ||||||
| Sands China Ltd (Macau) |
||||||||
| 2.550% due 03/08/27 ~ |
250,000 | 218,375 | ||||||
| 3.100% due 03/08/29 ~ |
200,000 | 171,000 | ||||||
| 5.125% due 08/08/25 |
310,000 | 308,838 | ||||||
| Spirit Loyalty Cayman Ltd |
270,000 | 288,020 | ||||||
| Starbucks Corp |
40,000 | 36,136 | ||||||
| Target Corp |
30,000 | 29,605 | ||||||
| The Home Depot Inc |
||||||||
| 2.700% due 04/15/30 |
40,000 | 38,803 | ||||||
| 3.300% due 04/15/40 |
40,000 | 38,666 | ||||||
| 3.350% due 04/15/50 |
380,000 | 359,635 | ||||||
| 3.900% due 06/15/47 |
10,000 | 10,460 | ||||||
| Tractor Supply Co |
100,000 | 86,041 | ||||||
| United Airlines Inc |
||||||||
| 4.375% due 04/15/26 ~ |
10,000 | 9,850 | ||||||
| 4.625% due 04/15/29 ~ |
120,000 | 114,267 | ||||||
| United Airlines Pass-Through Trust ‘A’ |
82,798 | 76,045 | ||||||
| 3.700% due 09/01/31 |
212,644 | 198,720 | ||||||
| United Airlines Pass-Through Trust ‘B’ |
239,954 | 225,303 | ||||||
| 3.650% due 07/07/27 |
157,778 | 149,140 | ||||||
| VOC Escrow Ltd |
140,000 | 130,500 | ||||||
| Walmart Inc |
||||||||
| 1.500% due 09/22/28 |
60,000 | 55,178 | ||||||
| 1.800% due 09/22/31 |
30,000 | 27,335 | ||||||
| Wynn Macau Ltd (Macau) |
200,000 | 174,126 | ||||||
|
|
|
|||||||
| 16,288,729 | ||||||||
|
|
|
|||||||
| Principal Amount |
Value |
|||||||
| Consumer, Non-Cyclical – 4.5% |
|
|||||||
| Abbott Laboratories |
||||||||
| 3.750% due 11/30/26 |
$ | 38,000 | $ | 39,477 | ||||
| 4.750% due 11/30/36 |
70,000 | 81,523 | ||||||
| 4.900% due 11/30/46 |
100,000 | 122,138 | ||||||
| AbbVie Inc |
||||||||
| 2.300% due 11/21/22 |
230,000 | 230,850 | ||||||
| 2.600% due 11/21/24 |
330,000 | 328,022 | ||||||
| 2.950% due 11/21/26 |
540,000 | 535,739 | ||||||
| 3.200% due 11/21/29 |
670,000 | 662,751 | ||||||
| 3.600% due 05/14/25 |
70,000 | 70,986 | ||||||
| 3.750% due 11/14/23 |
10,000 | 10,197 | ||||||
| 3.800% due 03/15/25 |
90,000 | 91,762 | ||||||
| 4.050% due 11/21/39 |
100,000 | 103,044 | ||||||
| 4.250% due 11/21/49 |
315,000 | 328,078 | ||||||
| Aetna Inc |
40,000 | 40,170 | ||||||
| Altria Group Inc |
||||||||
| 2.450% due 02/04/32 |
220,000 | 191,648 | ||||||
| 3.400% due 02/04/41 |
350,000 | 288,277 | ||||||
| 3.875% due 09/16/46 |
20,000 | 17,004 | ||||||
| 4.400% due 02/14/26 |
421,000 | 435,903 | ||||||
| 4.800% due 02/14/29 |
6,000 | 6,300 | ||||||
| 5.800% due 02/14/39 |
40,000 | 43,243 | ||||||
| 5.950% due 02/14/49 |
110,000 | 119,547 | ||||||
| 6.200% due 02/14/59 |
12,000 | 13,449 | ||||||
| Amgen Inc |
||||||||
| 2.770% due 09/01/53 |
43,000 | 34,649 | ||||||
| 3.625% due 05/22/24 |
30,000 | 30,575 | ||||||
| 4.663% due 06/15/51 |
11,000 | 12,157 | ||||||
| Anheuser-Busch Cos LLC (Belgium) |
||||||||
| 3.650% due 02/01/26 |
270,000 | 276,260 | ||||||
| 4.900% due 02/01/46 |
90,000 | 100,237 | ||||||
| Anheuser-Busch InBev Worldwide Inc (Belgium) |
||||||||
| 3.500% due 06/01/30 |
220,000 | 223,397 | ||||||
| 3.750% due 07/15/42 |
250,000 | 238,650 | ||||||
| 4.350% due 06/01/40 |
60,000 | 62,596 | ||||||
| 4.500% due 06/01/50 |
320,000 | 342,986 | ||||||
| 4.750% due 01/23/29 |
210,000 | 227,882 | ||||||
| 5.550% due 01/23/49 |
30,000 | 36,722 | ||||||
| Anthem Inc |
||||||||
| 2.250% due 05/15/30 |
105,000 | 96,459 | ||||||
| 3.125% due 05/15/22 |
30,000 | 30,047 | ||||||
| 3.350% due 12/01/24 |
40,000 | 40,335 | ||||||
| 3.650% due 12/01/27 |
30,000 | 30,658 | ||||||
| AstraZeneca PLC (United Kingdom) |
35,000 | 46,631 | ||||||
| Baptist Healthcare System Obligated Group |
395,000 | 362,271 | ||||||
| BAT Capital Corp (United Kingdom) |
200,000 | 179,809 | ||||||
| 3.557% due 08/15/27 |
330,000 | 321,739 | ||||||
| 4.390% due 08/15/37 |
40,000 | 37,285 | ||||||
| 4.540% due 08/15/47 |
160,000 | 143,208 | ||||||
| Bausch Health Cos Inc |
||||||||
| 5.000% due 02/15/29 ~ |
50,000 | 39,012 | ||||||
| 5.250% due 01/30/30 ~ |
430,000 | 338,472 | ||||||
| 6.250% due 02/15/29 ~ |
110,000 | 90,377 | ||||||
| 7.250% due 05/30/29 ~ |
50,000 | 42,740 | ||||||
| Becton Dickinson and Co |
||||||||
| 3.363% due 06/06/24 |
50,000 | 50,450 | ||||||
| 3.700% due 06/06/27 |
200,000 | 203,220 | ||||||
| 3.734% due 12/15/24 |
14,000 | 14,239 | ||||||
| 4.685% due 12/15/44 |
32,000 | 34,489 | ||||||
| Biogen Inc |
34,000 | 30,640 | ||||||
| Bon Secours Mercy Health Inc |
125,000 | 106,516 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-54
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Boston Scientific Corp |
||||||||
| 2.650% due 06/01/30 |
$ | 900,000 | $ | 845,676 | ||||
| 4.550% due 03/01/39 |
30,000 | 32,535 | ||||||
| Bristol-Myers Squibb Co |
25,000 | 21,151 |
||||||
| 2.900% due 07/26/24 |
45,000 | 45,357 | ||||||
| 3.200% due 06/15/26 |
33,000 | 33,541 | ||||||
| 3.550% due 08/15/22 |
90,000 | 90,748 | ||||||
| Bunge Ltd Finance Corp |
95,000 | 87,557 | ||||||
| Cargill Inc |
40,000 | 39,520 | ||||||
| Centene Corp |
10,000 | 9,427 | ||||||
| Cigna Corp |
||||||||
| 3.750% due 07/15/23 |
66,000 | 66,982 | ||||||
| 4.125% due 11/15/25 |
40,000 | 41,261 | ||||||
| 4.375% due 10/15/28 |
440,000 | 463,522 | ||||||
| 4.900% due 12/15/48 |
200,000 | 225,079 | ||||||
| CommonSpirit Health |
185,000 | 172,683 | ||||||
| Constellation Brands Inc |
30,000 | 30,572 | ||||||
| CVS Health Corp |
||||||||
| 1.875% due 02/28/31 |
30,000 | 26,449 | ||||||
| 2.125% due 09/15/31 |
100,000 | 89,496 | ||||||
| 3.625% due 04/01/27 |
10,000 | 10,182 | ||||||
| 3.750% due 04/01/30 |
600,000 | 611,310 | ||||||
| 4.125% due 04/01/40 |
160,000 | 163,192 | ||||||
| 4.250% due 04/01/50 |
20,000 | 20,823 | ||||||
| 4.300% due 03/25/28 |
36,000 | 37,721 | ||||||
| 4.875% due 07/20/35 |
105,000 | 115,501 | ||||||
| 5.050% due 03/25/48 |
270,000 | 306,575 | ||||||
| 5.125% due 07/20/45 |
60,000 | 67,926 | ||||||
| Danone SA (France) |
200,000 | 199,868 | ||||||
| DP World PLC (United Arab Emirates) |
200,000 | 217,061 | ||||||
| Gilead Sciences Inc |
||||||||
| 2.600% due 10/01/40 |
90,000 | 76,048 | ||||||
| 3.650% due 03/01/26 |
160,000 | 162,872 | ||||||
| 4.750% due 03/01/46 |
30,000 | 33,379 | ||||||
| Global Payments Inc |
122,000 | 116,055 | ||||||
| HCA Inc |
||||||||
| 3.500% due 09/01/30 |
140,000 | 135,497 | ||||||
| 4.500% due 02/15/27 |
40,000 | 41,372 | ||||||
| 5.250% due 06/15/26 |
440,000 | 464,856 | ||||||
| 5.375% due 02/01/25 |
20,000 | 20,835 | ||||||
| 5.875% due 02/01/29 |
30,000 | 32,845 | ||||||
| Humana Inc |
||||||||
| 3.150% due 12/01/22 |
50,000 | 50,335 | ||||||
| 3.950% due 03/15/27 |
100,000 | 101,734 | ||||||
| 4.625% due 12/01/42 |
50,000 | 53,431 | ||||||
| 4.800% due 03/15/47 |
20,000 | 22,702 | ||||||
| Johnson & Johnson |
||||||||
| 0.550% due 09/01/25 |
40,000 | 37,336 | ||||||
| 0.950% due 09/01/27 |
80,000 | 73,286 | ||||||
| 3.625% due 03/03/37 |
100,000 | 103,616 | ||||||
| Keurig Dr Pepper Inc |
165,000 | 160,127 | ||||||
| Kraft Heinz Foods Co |
||||||||
| 4.250% due 03/01/31 |
10,000 | 10,308 | ||||||
| 4.375% due 06/01/46 |
55,000 | 54,526 | ||||||
| 4.625% due 10/01/39 |
65,000 | 66,198 | ||||||
| 4.875% due 10/01/49 |
30,000 | 31,646 | ||||||
| 5.000% due 06/04/42 |
10,000 | 10,694 | ||||||
| 5.200% due 07/15/45 |
20,000 | 21,675 | ||||||
| 5.500% due 06/01/50 |
20,000 | 22,811 | ||||||
| 6.500% due 02/09/40 |
200,000 | 239,500 | ||||||
| Principal Amount |
Value |
|||||||
| Mars Inc |
||||||||
| 2.700% due 04/01/25 ~ |
$ | 40,000 | $ | 39,672 | ||||
| 3.200% due 04/01/30 ~ |
40,000 | 39,693 | ||||||
| MedStar Health Inc |
90,000 | 84,503 | ||||||
| Medtronic Inc |
36,000 | 36,764 | ||||||
| Merck & Co Inc |
190,000 | 168,942 | ||||||
| MidMichigan Health |
55,000 | 48,502 | ||||||
| PayPal Holdings Inc |
70,000 | 67,380 | ||||||
| PeaceHealth Obligated Group |
115,000 | 102,605 | ||||||
| PepsiCo Inc |
||||||||
| 2.250% due 03/19/25 |
10,000 | 9,902 | ||||||
| 2.625% due 03/19/27 |
120,000 | 119,398 | ||||||
| 2.875% due 10/15/49 |
20,000 | 18,587 | ||||||
| Pfizer Inc |
60,000 | 58,323 | ||||||
| Philip Morris International Inc |
||||||||
| 2.500% due 08/22/22 |
90,000 | 90,442 | ||||||
| 2.500% due 11/02/22 |
80,000 | 80,365 | ||||||
| 4.500% due 03/20/42 |
30,000 | 30,176 | ||||||
| Piedmont Healthcare Inc |
55,000 | 45,097 | ||||||
| Prime Security Services Borrower LLC |
50,000 | 51,065 | ||||||
| Quanta Services Inc |
90,000 | 78,281 | ||||||
| Regeneron Pharmaceuticals Inc |
600,000 | 521,454 | ||||||
| Reynolds American Inc (United Kingdom) |
||||||||
| 5.850% due 08/15/45 |
50,000 | 51,618 | ||||||
| 6.150% due 09/15/43 |
30,000 | 31,818 | ||||||
| S&P Global Inc |
2,000 | 79,550 | ||||||
| Smithfield Foods Inc |
100,000 | 90,900 | ||||||
| Teva Pharmaceutical Finance Co BV (Israel) |
760,000 | |
756,481 Value |
|||||
| Teva Pharmaceutical Finance Co LLC (Israel) |
20,000 | 20,241 | ||||||
| Teva Pharmaceutical Finance Netherlands III BV (Israel) |
140,000 | 138,264 | ||||||
| 3.150% due 10/01/26 |
260,000 | 235,872 | ||||||
| 4.100% due 10/01/46 |
10,000 | 7,870 | ||||||
| The Coca-Cola Co |
20,000 | 16,777 | ||||||
| 3.375% due 03/25/27 |
90,000 | 92,197 | ||||||
| The Procter & Gamble Co |
10,000 | 10,017 | ||||||
| Thermo Fisher Scientific Inc |
85,000 | 76,421 | ||||||
| Triton Container International Ltd (Bermuda) |
150,000 | 140,055 | ||||||
| Tyson Foods Inc |
75,000 | 75,712 | ||||||
| United Rentals North America Inc |
||||||||
| 3.750% due 01/15/32 |
80,000 | 74,740 | ||||||
| 3.875% due 02/15/31 |
20,000 | 18,882 | ||||||
| UnitedHealth Group Inc |
||||||||
| 2.000% due 05/15/30 |
250,000 | 230,410 | ||||||
| 2.300% due 05/15/31 |
20,000 | 18,811 | ||||||
| 2.375% due 10/15/22 |
10,000 | 10,050 | ||||||
| 3.500% due 06/15/23 |
20,000 | 20,268 | ||||||
| 3.750% due 07/15/25 |
80,000 | 82,344 | ||||||
| 3.875% due 08/15/59 |
50,000 | 51,777 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-55
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| 4.250% due 06/15/48 |
$ | 150,000 | $ | 164,769 | ||||
| 4.450% due 12/15/48 |
10,000 | 11,315 | ||||||
| Universal Health Services Inc |
50,000 | 45,464 | ||||||
| University of Miami |
20,000 | 20,000 | ||||||
| Utah Acquisition Sub Inc |
105,000 | 104,345 | ||||||
| Viatris Inc |
60,000 | 52,050 | ||||||
| West Virginia United Health System Obligated Group |
55,000 | 46,670 | ||||||
| Zimmer Biomet Holdings Inc |
68,000 | 62,141 | ||||||
| Zoetis Inc |
900,000 | 808,179 | ||||||
|
|
|
|||||||
| 19,137,374 | ||||||||
|
|
|
|||||||
| Energy - 4.7% |
|
|||||||
| Apache Corp |
170,000 | 149,143 | ||||||
| 4.750% due 04/15/43 |
40,000 | 37,886 | ||||||
| 5.100% due 09/01/40 |
70,000 | 70,664 | ||||||
| 5.250% due 02/01/42 |
10,000 | 9,996 | ||||||
| 5.350% due 07/01/49 |
70,000 | 67,503 | ||||||
| Boardwalk Pipelines LP |
85,000 | 86,896 | ||||||
| BP Capital Markets America Inc |
||||||||
| 2.772% due 11/10/50 |
100,000 | 83,881 | ||||||
| 2.939% due 06/04/51 |
55,000 | 47,173 | ||||||
| 3.000% due 02/24/50 |
230,000 | 199,551 | ||||||
| 3.633% due 04/06/30 |
520,000 | 530,150 | ||||||
| 3.790% due 02/06/24 |
10,000 | 10,178 | ||||||
| BP Capital Markets PLC (United Kingdom) |
||||||||
| 3.506% due 03/17/25 |
130,000 | 132,573 | ||||||
| 3.535% due 11/04/24 |
40,000 | 40,662 | ||||||
| Cameron LNG LLC |
||||||||
| 2.902% due 07/15/31 ~ |
10,000 | 9,565 | ||||||
| 3.302% due 01/15/35 ~ |
230,000 | 216,741 | ||||||
| Cheniere Energy Inc |
30,000 | 30,139 | ||||||
| Cheniere Energy Partners LP |
||||||||
| 3.250% due 01/31/32 ~ |
150,000 | 136,634 | ||||||
| 4.000% due 03/01/31 |
30,000 | 29,128 | ||||||
| Chevron Corp |
170,000 | 160,982 | ||||||
| Chevron USA Inc |
70,000 | 73,012 | ||||||
| ConocoPhillips |
10,000 | 13,414 | ||||||
| Continental Resources Inc |
||||||||
| 2.268% due 11/15/26 ~ |
60,000 | 56,100 | ||||||
| 3.800% due 06/01/24 |
40,000 | 40,193 | ||||||
| 4.375% due 01/15/28 |
90,000 | 91,379 | ||||||
| 4.500% due 04/15/23 |
50,000 | 50,681 | ||||||
| 4.900% due 06/01/44 |
20,000 | 19,830 | ||||||
| 5.750% due 01/15/31 ~ |
430,000 | 470,988 | ||||||
| Coterra Energy Inc |
||||||||
| 3.900% due 05/15/27 ~ |
285,000 | 287,583 | ||||||
| 4.375% due 03/15/29 ~ |
280,000 | 292,125 | ||||||
| DCP Midstream Operating LP |
20,000 | 23,088 | ||||||
| Devon Energy Corp |
||||||||
| 4.500% due 01/15/30 |
8,000 | 8,263 | ||||||
| 4.750% due 05/15/42 |
20,000 | 21,208 | ||||||
| 5.000% due 06/15/45 |
460,000 | 502,694 | ||||||
| 5.250% due 10/15/27 |
6,000 | 6,222 | ||||||
| 5.875% due 06/15/28 |
416,000 | 440,559 | ||||||
| Diamondback Energy Inc |
||||||||
| 3.250% due 12/01/26 |
160,000 | 160,003 | ||||||
| 3.500% due 12/01/29 |
320,000 | 317,348 | ||||||
| Principal Amount |
Value |
|||||||
| Ecopetrol SA (Colombia) |
||||||||
| 4.625% due 11/02/31 |
$110,000 | $99,705 | ||||||
| 5.875% due 05/28/45 |
220,000 | 193,153 | ||||||
| Energy Transfer Operating LP |
||||||||
| 2.900% due 05/15/25 |
10,000 | 9,792 | ||||||
| 3.750% due 05/15/30 |
190,000 | 187,185 | ||||||
| 3.900% due 05/15/24 |
230,000 | 231,548 | ||||||
| 3.900% due 07/15/26 |
305,000 | 307,063 | ||||||
| 4.950% due 06/15/28 |
50,000 | 52,585 | ||||||
| 5.250% due 04/15/29 |
270,000 | 288,579 | ||||||
| 6.250% due 02/15/23 |
20,000 | 17,175 | ||||||
| 6.250% due 04/15/49 |
280,000 | 322,531 | ||||||
| 6.750% due 05/15/25 |
80,000 | 78,100 | ||||||
| 7.125% due 05/15/30 |
10,000 | 9,775 | ||||||
| Enterprise Products Operating LLC |
||||||||
| 2.800% due 01/31/30 |
140,000 | 134,750 | ||||||
| 3.700% due 01/31/51 |
160,000 | 146,891 | ||||||
| 3.950% due 01/31/60 |
30,000 | 27,995 | ||||||
| 4.150% due 10/16/28 |
100,000 | 104,203 | ||||||
| 4.200% due 01/31/50 |
130,000 | 129,440 | ||||||
| 4.800% due 02/01/49 |
10,000 | 10,709 | ||||||
| 4.850% due 03/15/44 |
10,000 | 10,632 | ||||||
| 7.550% due 04/15/38 |
220,000 | 292,681 | ||||||
| EOG Resources Inc |
||||||||
| 3.900% due 04/01/35 |
30,000 | 30,884 | ||||||
| 4.150% due 01/15/26 |
70,000 | 72,549 | ||||||
| 4.375% due 04/15/30 |
30,000 | 32,527 | ||||||
| 4.950% due 04/15/50 |
110,000 | 135,224 | ||||||
| EQT Corp |
||||||||
| 3.625% due 05/15/31 ~ |
80,000 | 76,520 | ||||||
| 3.900% due 10/01/27 |
670,000 | 669,049 | ||||||
| 5.000% due 01/15/29 |
40,000 | 41,343 | ||||||
| Exxon Mobil Corp |
||||||||
| 1.571% due 04/15/23 |
10,000 | 9,973 | ||||||
| 2.992% due 03/19/25 |
40,000 | 40,205 | ||||||
| 2.995% due 08/16/39 |
180,000 | 167,271 | ||||||
| 3.043% due 03/01/26 |
140,000 | 141,414 | ||||||
| 3.482% due 03/19/30 |
470,000 | 483,006 | ||||||
| 4.114% due 03/01/46 |
50,000 | 53,966 | ||||||
| 4.327% due 03/19/50 |
110,000 | 123,210 | ||||||
| Flex Intermediate Holdco LLC |
||||||||
| 3.363% due 06/30/31 ~ |
45,000 | 41,884 | ||||||
| 4.317% due 12/30/39 ~ |
35,000 | 32,710 | ||||||
| Gray Oak Pipeline LLC |
||||||||
| 2.600% due 10/15/25 ~ |
300,000 | 288,216 | ||||||
| 3.450% due 10/15/27 ~ |
125,000 | 120,659 | ||||||
| HollyFrontier Corp |
||||||||
| 2.625% due 10/01/23 |
35,000 | 34,662 | ||||||
| 5.875% due 04/01/26 |
63,000 | 65,648 | ||||||
| KazMunayGas National Co JSC (Kazakhstan) |
400,000 | 385,477 | ||||||
| Kinder Morgan Energy Partners LP |
|
10,000 |
|
|
10,909 |
| ||
| Kinder Morgan Inc |
||||||||
| 4.300% due 06/01/25 |
50,000 | 51,408 | ||||||
| 4.300% due 03/01/28 |
170,000 | 176,498 | ||||||
| 5.050% due 02/15/46 |
30,000 | 31,893 | ||||||
| 5.200% due 03/01/48 |
110,000 | 119,899 | ||||||
| 5.550% due 06/01/45 |
30,000 | 33,637 | ||||||
| MEG Energy Corp (Canada) |
10,000 | 10,157 | ||||||
| Midwest Connector Capital Co LLC |
500,000 | 501,813 | ||||||
| MPLX LP |
||||||||
| 4.500% due 04/15/38 |
465,000 | 476,251 | ||||||
| 4.700% due 04/15/48 |
60,000 | 60,629 | ||||||
| 4.800% due 02/15/29 |
250,000 | 266,445 | ||||||
| NGPL PipeCo LLC |
50,000 | 46,756 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-56
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Occidental Petroleum Corp |
||||||||
| 3.000% due 02/15/27 |
$ | 30,000 | $ | 29,388 | ||||
| 3.200% due 08/15/26 |
60,000 | 59,046 | ||||||
| 4.100% due 02/15/47 |
160,000 | 148,320 | ||||||
| 4.200% due 03/15/48 |
10,000 | 9,368 | ||||||
| 4.400% due 04/15/46 |
20,000 | 19,038 | ||||||
| 4.625% due 06/15/45 |
50,000 | 48,608 | ||||||
| 5.550% due 03/15/26 |
90,000 | 95,506 | ||||||
| 6.450% due 09/15/36 |
310,000 | 364,746 | ||||||
| Petrobras Global Finance BV (Brazil) |
||||||||
| 5.299% due 01/27/25 |
955,000 | 998,877 | ||||||
| 5.500% due 06/10/51 |
160,000 | 137,523 | ||||||
| 6.900% due 03/19/49 |
230,000 | 228,890 | ||||||
| Petroleos Mexicanos (Mexico) |
220,000 | 230,425 | ||||||
| Phillips 66 Partners LP |
100,000 | 100,099 | ||||||
| Pioneer Natural Resources Co |
||||||||
| 1.125% due 01/15/26 |
20,000 | 18,573 | ||||||
| 1.900% due 08/15/30 |
135,000 | 119,830 | ||||||
| 2.150% due 01/15/31 |
70,000 | 63,174 | ||||||
| Qatar Energy (Qatar) |
||||||||
| 2.250% due 07/12/31 ~ |
280,000 | 258,293 | ||||||
| 3.125% due 07/12/41 ~ |
200,000 | 182,469 | ||||||
| 3.300% due 07/12/51 ~ |
200,000 | 184,151 | ||||||
| Range Resources Corp |
||||||||
| 4.875% due 05/15/25 |
10,000 | 10,139 | ||||||
| 5.000% due 03/15/23 |
113,000 | 113,961 | ||||||
| Reliance Industries Ltd (India) |
310,000 | 275,684 | ||||||
| Sabine Pass Liquefaction LLC |
||||||||
| 5.625% due 03/01/25 |
200,000 | 211,590 | ||||||
| Schlumberger Holdings Corp |
70,000 | 71,199 | ||||||
| Shell International Finance BV (Netherlands) |
||||||||
| 2.750% due 04/06/30 |
20,000 | 19,424 | ||||||
| 2.875% due 05/10/26 |
50,000 | 50,154 | ||||||
| 3.125% due 11/07/49 |
50,000 | 45,684 | ||||||
| 3.250% due 04/06/50 |
190,000 | 179,058 | ||||||
| 4.375% due 05/11/45 |
280,000 | 303,296 | ||||||
| 4.550% due 08/12/43 |
50,000 | 55,776 | ||||||
| Sinopec Group Overseas Development Ltd (China) |
290,000 | 297,953 | ||||||
| Southwestern Energy Co |
||||||||
| 4.750% due 02/01/32 |
60,000 | 60,009 | ||||||
| 5.375% due 03/15/30 |
20,000 | 20,353 | ||||||
| Targa Resources Corp |
20,000 | 20,210 | ||||||
| Targa Resources Partners LP |
||||||||
| 4.000% due 01/15/32 |
10,000 | 9,650 | ||||||
| 4.875% due 02/01/31 |
40,000 | 40,454 | ||||||
| 5.000% due 01/15/28 |
30,000 | 30,450 | ||||||
| 5.500% due 03/01/30 |
20,000 | 20,796 | ||||||
| 5.875% due 04/15/26 |
20,000 | 20,639 | ||||||
| 6.500% due 07/15/27 |
10,000 | 10,538 | ||||||
| 6.875% due 01/15/29 |
10,000 | 10,747 | ||||||
| Tennessee Gas Pipeline Co LLC |
200,000 | 187,887 | ||||||
| The Williams Cos Inc |
||||||||
| 3.750% due 06/15/27 |
90,000 | 91,138 | ||||||
| 7.500% due 01/15/31 |
190,000 | 236,512 | ||||||
| Transcontinental Gas Pipe Line Co LLC |
250,000 | 286,834 | ||||||
| Venture Global Calcasieu Pass LLC |
70,000 | 67,053 | ||||||
| Western Midstream Operating LP |
||||||||
| 2.621% (USD LIBOR + 1.850%) |
20,000 | 19,802 | ||||||
| 3.600% due 02/01/25 |
30,000 | 29,844 | ||||||
| 4.500% due 03/01/28 |
30,000 | 30,656 | ||||||
| 4.550% due 02/01/30 |
60,000 | 59,811 | ||||||
| Principal Amount |
Value |
|||||||
| 4.650% due 07/01/26 |
$ | 100,000 | $ | 102,626 | ||||
| 5.300% due 03/01/48 |
897,000 | 889,721 | ||||||
| 5.500% due 08/15/48 |
60,000 | 59,358 | ||||||
| 5.750% due 02/01/50 |
50,000 | 48,843 | ||||||
|
|
|
|||||||
| 19,695,492 | ||||||||
|
|
|
|||||||
| Financial - 12.6% |
|
|||||||
| ABN AMRO Bank NV (Netherlands) |
200,000 | 183,673 | ||||||
| AerCap Ireland Capital DAC (Ireland) |
430,000 | 398,334 | ||||||
| 3.300% due 01/30/32 |
270,000 | 243,828 | ||||||
| AIB Group PLC (Ireland) |
200,000 | 200,526 | ||||||
| Air Lease Corp |
||||||||
| 3.000% due 09/15/23 |
555,000 | 552,917 | ||||||
| 3.375% due 07/01/25 |
30,000 | 29,602 | ||||||
| American Campus Communities Operating Partnership LP REIT |
||||||||
| 2.250% due 01/15/29 |
40,000 | 36,610 | ||||||
| American Express Co |
||||||||
| 2.550% due 03/04/27 |
75,000 | 73,015 | ||||||
| American Homes 4 Rent LP REIT |
100,000 | 101,679 | ||||||
| American International Group Inc |
||||||||
| 3.750% due 07/10/25 |
350,000 | 356,024 | ||||||
| 4.375% due 06/30/50 |
140,000 | 154,021 | ||||||
| American Tower Corp REIT |
||||||||
| 1.500% due 01/31/28 |
135,000 | 119,529 | ||||||
| 2.950% due 01/15/51 |
41,000 | 32,335 | ||||||
| 3.100% due 06/15/50 |
64,000 | 51,889 | ||||||
| Athene Global Funding |
||||||||
| 2.500% due 01/14/25 ~ |
215,000 | 208,828 | ||||||
| Atrium European Real Estate Ltd (Poland) |
EUR 800,000 | 873,787 | ||||||
| Australia & New Zealand Banking Group Ltd (Australia) |
$205,000 | 209,028 | ||||||
| Avolon Holdings Funding Ltd (Ireland) |
45,000 | 41,142 | ||||||
| 2.528% due 11/18/27 ~ |
1,273,000 | 1,126,770 | ||||||
| 4.250% due 04/15/26 ~ |
65,000 | 64,191 | ||||||
| Banco Santander SA (Spain) |
200,000 | 176,314 | ||||||
| 3.848% due 04/12/23 |
200,000 | 202,718 | ||||||
| Bank of America Corp |
||||||||
| 2.572% due 10/20/32 |
225,000 | 204,802 | ||||||
| 2.592% due 04/29/31 |
1,330,000 | 1,229,292 | ||||||
| 2.676% due 06/19/41 |
420,000 | 355,944 | ||||||
| 2.972% due 02/04/33 |
100,000 | 93,807 | ||||||
| 3.004% due 12/20/23 |
155,000 | 155,450 | ||||||
| 3.419% due 12/20/28 |
203,000 | 201,100 | ||||||
| 3.500% due 04/19/26 |
110,000 | 111,469 | ||||||
| 3.550% due 03/05/24 |
90,000 | 90,557 | ||||||
| 3.593% due 07/21/28 |
100,000 | 100,309 | ||||||
| 3.705% due 04/24/28 |
190,000 | 191,459 | ||||||
| 3.974% due 02/07/30 |
240,000 | 244,146 | ||||||
| 4.083% due 03/20/51 |
80,000 | 83,172 | ||||||
| 4.200% due 08/26/24 |
350,000 | 358,692 | ||||||
| 4.250% due 10/22/26 |
1,310,000 | 1,349,909 | ||||||
| 4.330% due 03/15/50 |
20,000 | 21,544 | ||||||
| 4.450% due 03/03/26 |
90,000 | 93,167 | ||||||
| Bank of Montreal (Canada) |
||||||||
| 1.850% due 05/01/25 |
100,000 | 96,178 | ||||||
| 3.803% due 12/15/32 |
60,000 | 59,376 | ||||||
| Barclays PLC (United Kingdom) |
200,000 | 200,945 | ||||||
| 4.972% due 05/16/29 |
200,000 | 209,508 | ||||||
| 5.088% due 06/20/30 |
500,000 | 519,520 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-57
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| 7.250% due 03/15/23 ~ |
GBP 200,000 | $ | 270,289 | |||||
| 7.750% due 09/15/23 |
$300,000 | 311,710 | ||||||
| Berkshire Hathaway Finance Corp |
||||||||
| 3.850% due 03/15/52 |
50,000 | 51,193 | ||||||
| 4.250% due 01/15/49 |
120,000 | 132,012 | ||||||
| BNP Paribas SA (France) |
900,000 | 807,115 | ||||||
| 2.159% due 09/15/29 ~ |
200,000 | 178,230 | ||||||
| 2.219% due 06/09/26 ~ |
200,000 | 190,341 | ||||||
| 2.824% due 01/26/41 ~ |
350,000 | 289,247 | ||||||
| 4.375% due 03/01/33 ~ |
250,000 | 248,395 | ||||||
| 4.705% due 01/10/25 ~ |
230,000 | 234,945 | ||||||
| 5.198% due 01/10/30 ~ |
200,000 | 213,548 | ||||||
| BPCE SA (France) |
295,000 | 272,547 | ||||||
| Brixmor Operating Partnership LP REIT |
||||||||
| 2.250% due 04/01/28 |
70,000 | 64,059 | ||||||
| 2.500% due 08/16/31 |
25,000 | 22,123 | ||||||
| Brookfield Finance Inc (Canada) |
115,000 | 102,631 | ||||||
| Brown & Brown Inc |
120,000 | 105,599 | ||||||
| Capital One Financial Corp |
100,000 | 100,770 | ||||||
| Carlyle Finance LLC |
150,000 | 174,367 | ||||||
| Citigroup Inc |
||||||||
| 2.750% due 04/25/22 |
300,000 | 300,140 | ||||||
| 3.057% due 01/25/33 |
40,000 | 37,416 | ||||||
| 3.785% due 03/17/33 |
180,000 | 178,643 | ||||||
| 3.875% due 03/26/25 |
455,000 | 461,436 | ||||||
| 4.075% due 04/23/29 |
150,000 | 153,036 | ||||||
| 4.400% due 06/10/25 |
170,000 | 175,074 | ||||||
| 4.412% due 03/31/31 |
545,000 | 566,821 | ||||||
| 5.300% due 05/06/44 |
52,000 | 59,378 | ||||||
| 5.500% due 09/13/25 |
1,110,000 | 1,186,228 | ||||||
| 5.950% due 01/30/23 |
300,000 | 303,930 | ||||||
| 5.950% due 05/15/25 |
90,000 | 91,849 | ||||||
| 6.675% due 09/13/43 |
70,000 | 92,391 | ||||||
| 8.125% due 07/15/39 |
220,000 | 334,115 | ||||||
| Cooperatieve Rabobank UA (Netherlands) |
920,000 | 935,753 | ||||||
| Corebridge Financial Inc |
||||||||
| due 04/05/27 #~ |
35,000 | 34,951 | ||||||
| due 04/05/29 #~ |
25,000 | 24,977 | ||||||
| Credit Suisse AG (Switzerland) |
250,000 | 247,445 | ||||||
| Credit Suisse Group AG (Switzerland) |
250,000 | 235,038 | ||||||
| 3.091% due 05/14/32 ~ |
250,000 | 225,880 | ||||||
| 3.869% due 01/12/29 ~ |
300,000 | 293,167 | ||||||
| 4.194% due 04/01/31 ~ |
420,000 | 415,056 | ||||||
| 4.282% due 01/09/28 ~ |
250,000 | 249,999 | ||||||
| Crown Castle International Corp REIT |
100,000 | 94,875 | ||||||
| CyrusOne LP REIT |
EUR 100,000 | 114,393 | ||||||
| Danske Bank AS (Denmark) |
$300,000 | 302,620 | ||||||
| 5.375% due 01/12/24 ~ |
750,000 | 773,616 | ||||||
| Deutsche Bank AG (Germany) |
||||||||
| 1.738% (USD LIBOR + 1.230%) |
300,000 | 301,645 | ||||||
| 2.625% due 12/16/24 ~ |
GBP 200,000 | 258,836 | ||||||
| 3.961% due 11/26/25 |
$300,000 | 300,044 | ||||||
| Diversified Healthcare Trust REIT |
600,000 | 632,226 | ||||||
| Empower Finance LP (Canada) |
115,000 | 97,882 | ||||||
| Principal Amount |
Value |
|||||||
| Equinix Inc REIT |
$ | 109,000 | $ | 98,441 | ||||
| F&G Global Funding |
45,000 | 41,893 | ||||||
| Goodman US Finance Three LLC REIT (Australia) |
200,000 | 199,953 | ||||||
| Healthcare Trust of America Holdings LP REIT |
200,000 | 173,354 | ||||||
| Healthpeak Properties Inc REIT |
79,000 | 72,717 | ||||||
| Host Hotels & Resorts LP REIT |
200,000 | 202,021 | ||||||
| HSBC Holdings PLC (United Kingdom) |
||||||||
| 2.871% due 11/22/32 |
200,000 | 182,045 | ||||||
| 4.762% due 03/29/33 |
210,000 | 216,046 | ||||||
| 4.950% due 03/31/30 |
600,000 | 641,959 | ||||||
| Hudson Pacific Properties LP REIT |
800,000 | 839,848 | ||||||
| ING Groep NV (Netherlands) |
700,000 | 724,178 | ||||||
| International Lease Finance Corp |
150,000 | 151,864 | ||||||
| Intesa Sanpaolo SPA (Italy) |
||||||||
| 3.375% due 01/12/23 ~ |
220,000 | |
220,550 373,197 |
|||||
| 5.017% due 06/26/24 ~ |
370,000 | |||||||
| JPMorgan Chase & Co |
||||||||
| 2.083% due 04/22/26 |
1,020,000 | 985,057 | ||||||
| 2.522% due 04/22/31 |
590,000 | 547,632 | ||||||
| 2.595% due 02/24/26 |
300,000 | 294,426 | ||||||
| 2.947% due 02/24/28 |
300,000 | 293,103 | ||||||
| 3.109% due 04/22/51 |
300,000 | 266,924 | ||||||
| 3.509% due 01/23/29 |
150,000 | 149,466 | ||||||
| 4.203% due 07/23/29 |
170,000 | 176,011 | ||||||
| 4.452% due 12/05/29 |
70,000 | 73,054 | ||||||
| 4.950% due 06/01/45 |
50,000 | 56,789 | ||||||
| Jyske Realkredit AS (Denmark) |
DKK 896,268 | 120,216 | ||||||
| KKR Group Finance Co II LLC |
$30,000 | 34,323 | ||||||
| Life Storage LP REIT |
75,000 | 66,223 | ||||||
| Lloyds Banking Group PLC (United Kingdom) |
AUD 800,000 | 602,105 | ||||||
| 4.375% due 03/22/28 |
$700,000 | 716,366 | ||||||
| Macquarie Group Ltd (Australia) |
185,000 | 168,782 | ||||||
| Mastercard Inc |
110,000 | 116,766 | ||||||
| Mizuho Financial Group Inc (Japan) |
300,000 | 291,153 | ||||||
| Morgan Stanley |
||||||||
| 2.188% due 04/28/26 |
430,000 | 415,799 | ||||||
| 2.699% due 01/22/31 |
80,000 | 75,164 | ||||||
| 3.622% due 04/01/31 |
690,000 | 687,299 | ||||||
| 3.737% due 04/24/24 |
100,000 | 101,047 | ||||||
| 3.772% due 01/24/29 |
10,000 | 10,087 | ||||||
| 4.431% due 01/23/30 |
10,000 | 10,467 | ||||||
| 4.457% due 04/22/39 |
150,000 | 162,271 | ||||||
| MPT Operating Partnership LP REIT |
||||||||
| 2.550% due 12/05/23 |
GBP 700,000 | 910,672 | ||||||
| 3.500% due 03/15/31 |
$10,000 | 9,304 | ||||||
| National Retail Properties Inc REIT |
200,000 | 199,464 | ||||||
| NatWest Group PLC (United Kingdom) |
200,000 | 205,502 | ||||||
| New York Life Global Funding |
40,000 | 37,389 | ||||||
| New York Life Insurance Co |
150,000 | 146,060 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-58
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Nordea Bank Abp (Finland) |
$ | 200,000 | $ | 196,032 | ||||
| Northwestern Mutual Global Funding |
50,000 | 45,864 | ||||||
| Nykredit Realkredit AS (Denmark) |
DKK 1,198,550 | 158,112 | ||||||
| Office Properties Income Trust REIT |
||||||||
| 2.400% due 02/01/27 |
$90,000 | 80,191 | ||||||
| 4.500% due 02/01/25 |
50,000 | 49,951 | ||||||
| Omega Healthcare Investors Inc REIT |
900,000 | 825,800 | ||||||
| Park Aerospace Holdings Ltd (Ireland) |
4,000 | 4,026 | ||||||
| Physicians Realty LP REIT |
30,000 | 27,118 | ||||||
| Principal Life Global Funding II |
20,000 | 18,777 | ||||||
| Public Storage REIT |
||||||||
| 1.950% due 11/09/28 |
38,000 | 35,244 | ||||||
| 2.250% due 11/09/31 |
32,000 | 29,300 | ||||||
| RGA Global Funding |
300,000 | 284,815 | ||||||
| Royal Bank of Canada (Canada) |
||||||||
| 1.150% due 06/10/25 |
130,000 | 122,830 | ||||||
| 1.600% due 04/17/23 |
90,000 | 89,598 | ||||||
| Sabra Health Care LP REIT |
50,000 | 44,704 | ||||||
| Santander Holdings USA Inc |
||||||||
| 3.450% due 06/02/25 |
700,000 | 695,738 | ||||||
| 4.500% due 07/17/25 |
330,000 | 337,649 | ||||||
| Scentre Group Trust 1 REIT (Australia) |
220,000 | 221,231 | ||||||
| Skandinaviska Enskilda Banken AB (Sweden) |
400,000 | 401,958 | ||||||
| Societe Generale SA (France) |
300,000 | 270,743 | ||||||
| 4.250% due 04/14/25 ~ |
200,000 | 199,062 | ||||||
| Spirit Realty LP REIT |
800,000 | 774,761 | ||||||
| Standard Chartered PLC (United Kingdom) |
300,000 | 296,726 | ||||||
| 1.456% due 01/14/27 ~ |
500,000 | 455,288 | ||||||
| Sumitomo Mitsui Financial Group Inc (Japan) |
300,000 | 279,283 | ||||||
| Teachers Insurance & Annuity Association of America |
||||||||
| 3.300% due 05/15/50 ~ |
50,000 | 44,464 | ||||||
| 4.900% due 09/15/44 ~ |
40,000 | 44,257 | ||||||
| 6.850% due 12/16/39 ~ |
18,000 | 23,670 | ||||||
| The Bank of New York Mellon Corp |
30,000 | 28,941 | ||||||
| The Goldman Sachs Group Inc |
||||||||
| 1.948% due 10/21/27 |
50,000 | 46,537 | ||||||
| 2.383% due 07/21/32 |
80,000 | 71,000 | ||||||
| 2.640% due 02/24/28 |
70,000 | 67,004 | ||||||
| 3.200% due 02/23/23 |
60,000 | 60,558 | ||||||
| 3.615% due 03/15/28 |
50,000 | 49,992 | ||||||
| 3.850% due 07/08/24 |
160,000 | 163,004 | ||||||
| 4.017% due 10/31/38 |
120,000 | 121,653 | ||||||
| 4.223% due 05/01/29 |
470,000 | 481,691 | ||||||
| 4.250% due 10/21/25 |
1,205,000 | 1,235,656 | ||||||
| 5.150% due 05/22/45 |
420,000 | 471,109 | ||||||
| 6.250% due 02/01/41 |
190,000 | 246,124 | ||||||
| The Norinchukin Bank (Japan) |
300,000 | 269,715 | ||||||
| The Toronto-Dominion Bank (Canada) |
470,000 | 444,079 | ||||||
| Principal Amount |
Value |
|||||||
| UBS Group AG (Switzerland) |
$ | 200,000 | $ | 181,825 | ||||
| 3.491% due 05/23/23 ~ |
260,000 | 260,390 | ||||||
| 4.125% due 09/24/25 ~ |
280,000 | 285,469 | ||||||
| 7.000% due 01/31/24 ~ |
450,000 | 469,802 | ||||||
| UDR Inc REIT |
||||||||
| 1.900% due 03/15/33 |
30,000 | 25,127 | ||||||
| 2.100% due 08/01/32 |
200,000 | 172,749 | ||||||
| Visa Inc |
||||||||
| 3.150% due 12/14/25 |
80,000 | 80,978 | ||||||
| 4.300% due 12/14/45 |
250,000 | 281,372 | ||||||
| Wells Fargo & Co |
||||||||
| 2.188% due 04/30/26 |
80,000 | 77,225 | ||||||
| 2.393% due 06/02/28 |
900,000 | 852,066 | ||||||
| 2.879% due 10/30/30 |
110,000 | 104,669 | ||||||
| 3.000% due 10/23/26 |
890,000 | 878,566 | ||||||
| 3.350% due 03/02/33 |
50,000 | 48,647 | ||||||
| 3.584% due 05/22/28 |
100,000 | 99,965 | ||||||
| 3.750% due 01/24/24 |
50,000 | 50,932 | ||||||
| 4.400% due 06/14/46 |
30,000 | 31,231 | ||||||
| 4.478% due 04/04/31 |
1,240,000 | 1,314,681 | ||||||
| 4.750% due 12/07/46 |
110,000 | 120,042 | ||||||
| 4.900% due 11/17/45 |
50,000 | 55,397 | ||||||
| 5.013% due 04/04/51 |
720,000 | 858,293 | ||||||
| 5.375% due 11/02/43 |
80,000 | 93,141 | ||||||
| 5.606% due 01/15/44 |
400,000 | 477,841 | ||||||
| Westpac Banking Corp (Australia) |
53,000 | 45,588 | ||||||
| WP Carey Inc REIT |
||||||||
| 2.250% due 04/01/33 |
55,000 | 47,079 | ||||||
| 2.400% due 02/01/31 |
75,000 | 67,703 | ||||||
|
|
|
|||||||
| 53,517,107 | ||||||||
|
|
|
|||||||
| Industrial - 1.6% |
|
|||||||
| 3M Co |
||||||||
| 2.375% due 08/26/29 |
60,000 | 57,128 | ||||||
| 3.050% due 04/15/30 |
10,000 | 9,955 | ||||||
| 3.700% due 04/15/50 |
330,000 | 334,568 | ||||||
| Ball Corp |
80,000 | 71,672 | ||||||
| Builders FirstSource Inc |
10,000 | 9,328 | ||||||
| Carrier Global Corp |
||||||||
| 2.700% due 02/15/31 |
10,000 | 9,346 | ||||||
| 2.722% due 02/15/30 |
10,000 | 9,410 | ||||||
| 3.577% due 04/05/50 |
10,000 | 9,184 | ||||||
| CSX Corp |
70,000 | 69,953 | ||||||
| Deere & Co |
||||||||
| 3.100% due 04/15/30 |
20,000 | 20,055 | ||||||
| 3.750% due 04/15/50 |
60,000 | 63,725 | ||||||
| Eaton Corp |
||||||||
| 2.750% due 11/02/22 |
130,000 | 130,748 | ||||||
| 4.150% due 11/02/42 |
20,000 | 20,863 | ||||||
| General Dynamics Corp |
||||||||
| 3.500% due 05/15/25 |
10,000 | 10,185 | ||||||
| 4.250% due 04/01/40 |
10,000 | 10,949 | ||||||
| 4.250% due 04/01/50 |
30,000 | 33,856 | ||||||
| General Electric Co |
17,000 | 21,461 | ||||||
| GFL Environmental Inc (Canada) |
30,000 | 29,848 | ||||||
| Graphic Packaging International LLC |
95,000 | 87,383 | ||||||
| Kansas City Southern |
47,000 | 52,034 | ||||||
| L3Harris Technologies Inc |
80,000 | 69,614 | ||||||
| 5.054% due 04/27/45 |
40,000 | 45,372 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-59
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Lockheed Martin Corp |
||||||||
| 3.100% due 01/15/23 |
$ | 20,000 | $ | 20,179 | ||||
| 3.550% due 01/15/26 |
70,000 | 71,739 | ||||||
| 4.500% due 05/15/36 |
30,000 | 33,180 | ||||||
| Masco Corp |
125,000 | 108,403 | ||||||
| Norfolk Southern Corp |
80,000 | 71,489 | ||||||
| Northrop Grumman Corp |
||||||||
| 2.930% due 01/15/25 |
40,000 | 40,124 | ||||||
| 3.250% due 01/15/28 |
360,000 | 360,672 | ||||||
| 5.250% due 05/01/50 |
180,000 | 225,213 | ||||||
| Otis Worldwide Corp |
||||||||
| 2.056% due 04/05/25 |
30,000 | 29,238 | ||||||
| 3.112% due 02/15/40 |
85,000 | 75,012 | ||||||
| Raytheon Technologies Corp |
||||||||
| 3.750% due 11/01/46 |
95,000 | 93,793 | ||||||
| 3.950% due 08/16/25 |
60,000 | 61,939 | ||||||
| 4.125% due 11/16/28 |
180,000 | 188,415 | ||||||
| 4.500% due 06/01/42 |
60,000 | 66,401 | ||||||
| Republic Services Inc |
50,000 | 49,510 | ||||||
| TD SYNNEX Corp |
400,000 | 344,204 | ||||||
| Textron Inc |
700,000 | 634,843 | ||||||
| The Boeing Co |
||||||||
| 1.433% due 02/04/24 |
90,000 | 87,102 | ||||||
| 2.196% due 02/04/26 |
70,000 | 66,257 | ||||||
| 2.700% due 02/01/27 |
30,000 | 28,821 | ||||||
| 2.800% due 03/01/27 |
30,000 | 28,750 | ||||||
| 3.100% due 05/01/26 |
465,000 | 457,494 | ||||||
| 3.200% due 03/01/29 |
90,000 | 85,871 | ||||||
| 3.250% due 02/01/35 |
290,000 | 259,483 | ||||||
| 3.550% due 03/01/38 |
20,000 | 17,620 | ||||||
| 3.750% due 02/01/50 |
600,000 | 536,136 | ||||||
| 5.150% due 05/01/30 |
770,000 | 822,358 | ||||||
| Union Pacific Corp |
||||||||
| 2.150% due 02/05/27 |
50,000 | 48,139 | ||||||
| 2.400% due 02/05/30 |
230,000 | 217,947 | ||||||
| 3.750% due 07/15/25 |
70,000 | 71,791 | ||||||
| 3.750% due 02/05/70 |
70,000 | 68,539 | ||||||
| 3.839% due 03/20/60 |
130,000 | 131,153 | ||||||
| Vertiv Group Corp |
30,000 | 27,414 | ||||||
|
|
|
|||||||
|
|
|
|||||||
| 6,605,866 | ||||||||
|
|
|
|||||||
| Technology - 1.3% |
|
|||||||
| Activision Blizzard Inc |
58,000 | 50,349 | ||||||
| Advanced Micro Devices Inc |
153,000 | 142,343 | ||||||
| Analog Devices Inc |
20,000 | 18,017 | ||||||
| Apple Inc |
||||||||
| 2.450% due 08/04/26 |
250,000 | 247,214 | ||||||
| 3.450% due 02/09/45 |
140,000 | 139,473 | ||||||
| Broadcom Inc |
||||||||
| 2.450% due 02/15/31 ~ |
500,000 | 446,801 | ||||||
| 3.137% due 11/15/35 ~ |
510,000 | 450,374 | ||||||
| 3.187% due 11/15/36 ~ |
26,000 | 22,625 | ||||||
| 3.469% due 04/15/34 ~ |
300,000 | 278,466 | ||||||
| CGI Inc (Canada) |
||||||||
| 1.450% due 09/14/26 ~ |
300,000 | 276,048 | ||||||
| 2.300% due 09/14/31 ~ |
90,000 | 78,647 | ||||||
| Dell International LLC |
60,000 | 68,507 | ||||||
| Intel Corp |
||||||||
| 1.600% due 08/12/28 |
130,000 | 118,748 | ||||||
| 3.050% due 08/12/51 |
60,000 | 53,616 | ||||||
| Principal Amount |
Value |
|||||||
| 3.700% due 07/29/25 |
$ | 50,000 | $ | 51,245 | ||||
| 4.750% due 03/25/50 |
50,000 | 58,494 | ||||||
| KLA Corp |
50,000 | 47,307 | ||||||
| Leidos Inc |
35,000 | 30,407 | ||||||
| Microchip Technology Inc |
||||||||
| 0.972% due 02/15/24 |
120,000 | 115,090 | ||||||
| 0.983% due 09/01/24 ~ |
90,000 | 85,287 | ||||||
| Microsoft Corp |
||||||||
| 2.525% due 06/01/50 |
510,000 | 441,848 | ||||||
| 2.675% due 06/01/60 |
5,000 | 4,328 | ||||||
| 2.921% due 03/17/52 |
10,000 | 9,412 | ||||||
| 3.041% due 03/17/62 |
25,000 | 23,434 | ||||||
| 3.300% due 02/06/27 |
130,000 | 133,496 | ||||||
| 3.450% due 08/08/36 |
10,000 | 10,424 | ||||||
| NVIDIA Corp |
||||||||
| 2.850% due 04/01/30 |
30,000 | 29,553 | ||||||
| 3.500% due 04/01/40 |
70,000 | 70,672 | ||||||
| 3.500% due 04/01/50 |
470,000 | 476,480 | ||||||
| 3.700% due 04/01/60 |
40,000 | 40,710 | ||||||
| NXP BV (China) |
85,000 | 76,474 | ||||||
| 3.250% due 05/11/41 ~ |
90,000 | 79,609 | ||||||
| Oracle Corp |
||||||||
| 1.650% due 03/25/26 |
210,000 | 196,100 | ||||||
| 2.875% due 03/25/31 |
340,000 | 310,535 | ||||||
| 2.950% due 04/01/30 |
20,000 | 18,475 | ||||||
| Renesas Electronics Corp (Japan) |
300,000 | 285,927 | ||||||
| Roper Technologies Inc |
100,000 | 86,518 | ||||||
| Texas Instruments Inc |
20,000 | 18,224 | ||||||
| VMware Inc |
||||||||
| 1.400% due 08/15/26 |
100,000 | 91,953 | ||||||
| 4.700% due 05/15/30 |
165,000 | 174,824 | ||||||
| Workday Inc |
||||||||
| due 04/01/27 # |
102,000 | 102,043 | ||||||
| due 04/01/29 # |
50,000 | 50,157 | ||||||
| due 04/01/32 # |
80,000 | 79,947 | ||||||
|
|
|
|||||||
| 5,590,201 | ||||||||
|
|
|
|||||||
| Utilities - 1.1% |
|
|||||||
| Alabama Power Co |
400,000 | 347,381 | ||||||
| Alexander Funding Trust |
200,000 | 193,969 | ||||||
| Atmos Energy Corp |
60,000 | 51,146 | ||||||
| Berkshire Hathaway Energy Co |
100,000 | 85,126 | ||||||
| Consolidated Edison Co of New York Inc |
||||||||
| 3.350% due 04/01/30 |
20,000 | 19,959 | ||||||
| 3.950% due 04/01/50 |
10,000 | 10,327 | ||||||
| Constellation Energy Generation LLC |
300,000 | 299,073 | ||||||
| Consumers Energy Co |
45,000 | 41,569 | ||||||
| Duke Energy Carolinas LLC |
60,000 | 71,019 | ||||||
| Duke Energy Ohio Inc |
20,000 | 20,357 | ||||||
| Edison International |
70,000 | 75,094 | ||||||
| Emera US Finance LP (Canada) |
100,000 | 104,633 | ||||||
| Entergy Arkansas LLC |
||||||||
| 2.650% due 06/15/51 |
45,000 | 36,873 | ||||||
| 3.050% due 06/01/23 |
300,000 | 299,899 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-60
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Entergy Louisiana LLC |
$ | 50,000 | $ | 43,340 | ||||
| Evergy Inc |
130,000 | 124,395 | ||||||
| Fells Point Funding Trust |
135,000 | 129,635 | ||||||
| Fortis Inc (Canada) |
135,000 | 133,633 | ||||||
| Indiana Michigan Power Co |
45,000 | 40,339 | ||||||
| ITC Holdings Corp |
65,000 | 61,660 | ||||||
| New York State Electric & Gas Corp |
300,000 | 266,658 | ||||||
| NRG Energy Inc |
||||||||
| 2.000% due 12/02/25 ~ |
80,000 | 75,321 | ||||||
| 2.450% due 12/02/27 ~ |
90,000 | 83,169 | ||||||
| OGE Energy Corp |
35,000 | 34,302 | ||||||
| Oklahoma Gas and Electric Co |
45,000 | 44,049 | ||||||
| Pacific Gas and Electric Co |
||||||||
| 1.367% due 03/10/23 |
85,000 | 83,546 | ||||||
| 1.700% due 11/15/23 |
345,000 | 336,491 | ||||||
| 1.750% due 06/16/22 |
80,000 | 79,918 | ||||||
| 2.100% due 08/01/27 |
20,000 | 18,004 | ||||||
| 2.500% due 02/01/31 |
30,000 | 25,920 | ||||||
| 2.950% due 03/01/26 |
50,000 | 47,576 | ||||||
| 3.150% due 01/01/26 |
200,000 | 192,824 | ||||||
| 3.250% due 02/16/24 |
115,000 | 114,542 | ||||||
| 3.300% due 08/01/40 |
10,000 | 8,206 | ||||||
| 3.450% due 07/01/25 |
85,000 | 83,007 | ||||||
| 3.500% due 08/01/50 |
20,000 | 16,158 | ||||||
| 3.750% due 08/15/42 |
33,000 | 26,970 | ||||||
| PacifiCorp |
80,000 | 83,678 | ||||||
| Southern California Edison Co |
||||||||
| 1.200% due 02/01/26 |
95,000 | 87,513 | ||||||
| 3.700% due 08/01/25 |
300,000 | 305,237 | ||||||
| 4.125% due 03/01/48 |
60,000 | 59,279 | ||||||
| Southern Power Co |
70,000 | 74,534 | ||||||
| Union Electric Co |
51,000 | 52,829 | ||||||
| Virginia Electric and Power Co |
160,000 | 205,694 | ||||||
|
|
|
|||||||
| 4,594,852 | ||||||||
|
|
|
|||||||
| Total Corporate Bonds & Notes |
145,483,422 | |||||||
|
|
|
|||||||
| SENIOR LOAN NOTES - 3.6% |
|
|||||||
| Basic Materials - 0.1% |
||||||||
| Asplundh Tree Expert LLC Term B |
217,144 | 215,190 | ||||||
| INEOS US Petrochem LLC Term B |
69,425 | 68,225 | ||||||
|
|
|
|||||||
| 283,415 | ||||||||
|
|
|
|||||||
| Principal Amount |
Value |
|||||||
| Communications - 0.4% |
||||||||
| Altice France SA Term B-12 (France) |
$ | 238,472 | $ | 231,020 | ||||
| Charter Communications Operating LLC |
||||||||
| Term B-1 |
214,624 | 214,054 | ||||||
| Term B-2 |
197,720 | 196,298 | ||||||
| CSC Holdings LLC |
||||||||
| Term B |
49,616 | 48,815 | ||||||
| Term B-5 |
29,400 | 28,952 | ||||||
| Delta Topco Inc Term B |
||||||||
| 4.500% (USD LIBOR + 3.750%) |
29,700 | 29,270 | ||||||
| Level 3 Financing Inc Term B |
183,972 | 180,835 | ||||||
| Nexstar Media Inc Term B-4 |
233,922 | |||||||
| 233,288 | ||||||||
| Terrier Media Buyer Inc Term B |
||||||||
| 3.957% (USD LIBOR + 3.500%) |
246,875 | 243,502 | ||||||
| Virgin Media Bristol LLC Term N |
||||||||
| 2.897% (USD LIBOR + 2.500%) |
210,000 | 207,605 | ||||||
| Zayo Group Holdings Inc Term B |
90,000 | 87,694 | ||||||
| Ziggo Financing Partnership Term I (Netherlands) |
99,750 | 98,332 | ||||||
|
|
|
|||||||
| 1,799,665 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 0.7% |
||||||||
| Air Canada Term B (Canada) |
110,000 | 108,983 | ||||||
| Alterra Mountain Co Term B |
77,590 | 76,959 | ||||||
| Caesars Resort Collection LLC Term B-1 |
68,950 | 68,663 | ||||||
| Clarios Global LP Term B |
163,011 | 161,279 | ||||||
| Great Outdoors Group LLC Term B-2 |
49,377 | 49,261 | ||||||
| GVC Holdings Gibraltar Ltd Term B-4
(United Kingdom) |
69,475 | 68,708 | ||||||
| Harbor Freight Tools USA Inc Term B |
118,599 | 116,351 | ||||||
| Hilton Worldwide Finance LLC Term B-2 |
240,000 | 237,683 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-61
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| IRB Holding Corp Term B |
$ | 246,787 | $ | 244,936 | ||||
| Nascar Holdings LLC Term B |
189,489 | 188,541 | ||||||
| PCI Gaming Authority Term B |
32,362 | 32,151 | ||||||
| Petco Health & Wellness Co Inc Term B |
153,052 | 151,770 | ||||||
| PetSmart LLC Term B |
248,750 | 248,004 | ||||||
| Scientific Games International Inc Term B-5 |
298,157 | 297,081 | ||||||
| Station Casinos LLC Term B-1 |
118,747 | 117,337 | ||||||
| The Michaels Cos Inc |
225 | 211 | ||||||
| UFC Holdings LLC Term B-3 |
225,708 | 223,639 | ||||||
| United Airlines Inc Term B |
217,800 | 215,622 | ||||||
| Whatabrands LLC Term B |
299,250 | 296,033 | ||||||
|
|
|
|||||||
| 2,903,212 | ||||||||
|
|
|
|||||||
| Consumer, Non-cyclical - 0.9% |
||||||||
| AlixPartners LLP Term B |
247,500 | 244,277 | ||||||
| Allied Universal Holdco LLC Term B |
295,418 | 291,135 | ||||||
| APi Group DE Inc Term B |
226,974 | 224,491 | ||||||
| Belron Finance US LLC Term B |
346,419 | 344,399 | ||||||
| Eyecare Partners LLC |
49,075 | 48,543 | ||||||
| Froneri US Inc Term B (United Kingdom) |
207,066 | 203,804 | ||||||
| Gainwell Acquisition Corp Term B |
187,540 | 186,837 | ||||||
| Garda World Security Corp Term B (Canada) |
34,353 | 34,096 | ||||||
| Global Medical Response Inc Term B |
329,809 | 328,160 | ||||||
| Horizon Therapeutics USA Inc Term B-2 |
232,650 | 230,731 | ||||||
| ICON Luxembourg SARL Term B (Luxembourg) |
191,077 | 190,241 | ||||||
| Principal Amount |
Value |
|||||||
| Jazz Financing Lux Sarl Term B |
$ | 307,675 | $ | 307,013 | ||||
| Mozart Borrower LP Term B |
230,000 | 227,843 | ||||||
| Phoenix Guarantor Inc Term B |
||||||||
| 3.707% (USD LIBOR + 3.250%) |
222,451 | 220,107 | ||||||
| 3.947% (USD LIBOR + 3.500%) |
79,200 | 78,365 | ||||||
| Phoenix Newco Inc |
70,000 | 69,557 | ||||||
| PRA Health Sciences Inc Term B |
47,607 | 47,399 | ||||||
| Prime Security Services Borrower LLC |
230,106 | 228,651 | ||||||
| Sotera Health Holdings LLC |
190,000 | 188,219 | ||||||
| Triton Water Holdings Inc Term B |
228,275 | 223,210 | ||||||
| Verscend Holding Corp Term B |
58,922 | 58,848 | ||||||
|
|
|
|||||||
| 3,975,926 | ||||||||
|
|
|
|||||||
| Diversified - 0.0% |
||||||||
| First Eagle Holdings Inc Term B |
28,123 | 27,684 | ||||||
|
|
|
|||||||
| Financial - 0.6% |
||||||||
| AmWINS Group Inc Term B |
217,251 | 214,060 | ||||||
| Asurion LLC |
||||||||
| Term B-7 |
146,021 | 144,347 | ||||||
| Term B-8 |
196,899 | 192,908 | ||||||
| Term B-9 |
59,400 | 58,274 | ||||||
| Avolon (US) LLC Term B-5 (Ireland) |
49,375 | 49,005 | ||||||
| Castlelake Aviation One DAC Term B |
318,400 | 310,838 | ||||||
| Citadel Securities LP Term B |
232,279 | 231,304 | ||||||
| Deerfield Dakota Holding LLC Term B |
226,469 | 225,818 | ||||||
| FleetCor Technologies Operating Co LLC |
129,026 | 127,159 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-62
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Focus Financial Partners LLC Term B-3 |
$ | 77,901 | $ | 76,873 | ||||
| Hudson River Trading LLC Term B |
69,300 | 68,369 | ||||||
| Jane Street Group LLC Term B |
196,564 | 194,451 | ||||||
| Setanta Aircraft Leasing DAC Term B (Ireland) |
270,000 | 266,577 | ||||||
| The Edelman Financial Engines Center LLC |
58,210 | 57,646 | ||||||
| VFH Parent LLC Term B |
90,000 | 89,288 | ||||||
| Zebra Buyer LLC Term B |
129,000 | 128,387 | ||||||
|
|
|
|||||||
| 2,435,304 | ||||||||
|
|
|
|||||||
| Industrial - 0.5% |
||||||||
| Ali Group North America Corp Term B |
240,000 | 235,950 | ||||||
| Berry Global Inc Term Z |
104,552 | 103,216 | ||||||
| Brookfield WEC Holdings Inc |
39,500 | 38,856 | ||||||
| Brown Group Holding LLC Term B |
149,197 | 146,881 | ||||||
| Energizer Holdings Inc |
39,600 | 38,857 | ||||||
| Genesee & Wyoming Inc |
379,442 | 375,932 | ||||||
| Hunter Douglas Inc Term B (Netherlands) |
350,000 | 343,729 | ||||||
| II-VI Inc Term B |
120,000 | 118,700 | ||||||
| Quikrete Holdings Inc |
246,843 | 241,201 | ||||||
| Term B-1 |
120,000 | 118,042 | ||||||
| TransDigm Inc Term F |
9,874 | 9,709 | ||||||
| XPO Logistics Inc Term B |
215,000 | 213,138 | ||||||
|
|
|
|||||||
| 1,984,211 | ||||||||
|
|
|
|||||||
| Technology - 0.4% |
||||||||
| AthenaHealth Group Inc Term B |
400,000 | 396,625 | ||||||
| Cloudera Inc Term B |
||||||||
| 4.250% (USD LIBOR + 3.750%) |
90,000 | 89,212 | ||||||
| Principal Amount |
Value |
|||||||
| Dcert Buyer Inc |
||||||||
| 4.457% (USD LIBOR + 4.000%) |
$ | 206,096 | $ | 204,974 | ||||
| Magenta Buyer LLC |
||||||||
| 5.750% (USD LIBOR + 5.000%) |
399,000 | 396,132 | ||||||
| Peraton Corp Term B |
||||||||
| 4.500% (USD LIBOR + 3.750%) |
174,980 | 173,793 | ||||||
| Rackspace Technology Global Inc Term B |
||||||||
| 3.500% (USD LIBOR + 2.750%) |
99,000 | 97,205 | ||||||
| RealPage Inc Term B |
||||||||
| 3.750% (USD LIBOR + 3.250%) |
268,650 | 266,031 | ||||||
|
|
|
|||||||
| 1,623,972 | ||||||||
|
|
|
|||||||
| Total Senior Loan Notes |
15,033,389 | |||||||
|
|
|
|||||||
| MORTGAGE-BACKED SECURITIES - 33.9% |
|
|||||||
| Collateralized Mortgage Obligations - Commercial - 4.9% |
|
|||||||
| 1211 Avenue of the Americas Trust |
900,000 | 904,040 | ||||||
| ACRE Commercial Mortgage Ltd (Cayman) |
360,778 | 358,084 |
||||||
| 1.868% (USD LIBOR + 1.400%) |
180,000 | 177,527 | ||||||
| AREIT Trust |
92,090 | 91,991 | ||||||
| Ashford Hospitality Trust |
600,000 | 595,293 | ||||||
| BAMLL Re-REMIC Trust |
190,000 | 180,333 | ||||||
| 6.026% due 08/10/45 ~ § |
1,624,540 | 666,061 | ||||||
| BBCMS Trust (IO) |
1,942,712 | 169,319 | ||||||
| Benchmark Mortgage Trust |
||||||||
| 2.669% due 12/15/54 |
150,000 | 141,967 | ||||||
| 3.458% due 03/15/55 |
300,000 | 303,459 | ||||||
| Benchmark Mortgage Trust (IO) |
2,149,064 | 131,130 | ||||||
| 1.622% due 10/15/53 § |
1,632,612 | 152,920 | ||||||
| BPR Trust |
320,000 | 318,000 | ||||||
| BX Commercial Mortgage Trust |
||||||||
| 2.447% (USD LIBOR + 2.050%) |
98,000 | 97,397 | ||||||
| 2.505% (USD LIBOR + 1.951%) |
572,543 | 564,501 | ||||||
| 3.667% due 03/11/44 ~ § |
230,000 | 207,167 | ||||||
| Citigroup Commercial Mortgage Trust |
||||||||
| 3.778% due 09/10/58 |
700,000 | 709,295 | ||||||
| Commercial Mortgage Trust |
||||||||
| 2.398% due 01/10/38 ~ § |
300,000 | 273,900 | ||||||
| 3.545% due 02/10/36 ~ |
1,000,000 | 983,180 | ||||||
| 4.441% due 02/10/48 § |
90,000 | 86,282 | ||||||
| CSMC Trust |
||||||||
| 2.257% due 08/15/37 ~ |
978,834 | 931,880 | ||||||
| 4.024% (USD LIBOR + 3.024%) |
430,000 | 429,413 | ||||||
| 4.293% (USD LIBOR + 3.739%) |
560,000 | 558,834 | ||||||
| 4.373% due 09/15/37 ~ |
830,000 | 652,045 | ||||||
| DBGS Mortgage Trust |
||||||||
| 3.843% due 04/10/37 ~ |
900,000 | 902,461 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-63
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Fannie Mae |
||||||||
| 1.764% due 11/25/31 § |
$ | 300,000 | $ | 270,485 | ||||
| 3.273% due 02/25/29 |
30,000 | 30,766 | ||||||
| 3.610% due 02/25/31 |
70,000 | 74,111 | ||||||
| 3.700% due 01/25/36 |
100,000 | 106,821 | ||||||
| Fannie Mae (IO) |
4,999,746 | 615,494 | ||||||
| FHLMC Multifamily Structured Pass-Through Certificates (IO) |
3,235,000 | |||||||
| 287,303 | ||||||||
| 1.211% due 10/25/30 § |
2,700,000 | 240,367 | ||||||
| 1.364% due 12/25/29 |
1,490,000 | 116,857 | ||||||
| Freddie Mac Multiclass Certificates (IO) |
2,670,000 | 368,357 | ||||||
| Freddie Mac Multifamily Structured Credit Risk 1.899% (SOFR + 1.800%) |
372,091 | 354,805 | ||||||
| Freddie Mac Multifamily WI Certificates |
||||||||
| 1.981% due 02/25/32 |
400,000 | 368,492 | ||||||
| 2.400% due 05/25/32 |
400,000 | 381,888 | ||||||
| FREMF Mortgage Trust |
||||||||
| 2.391% (USD LIBOR + 2.150%) |
121,578 | 120,933 | ||||||
| 3.576% due 01/25/26 ~ § |
350,000 | 335,769 | ||||||
| 3.880% due 01/25/50 ~ § |
415,000 | 419,187 | ||||||
| 3.934% due 12/25/46 ~ § |
300,000 | 302,380 | ||||||
| FRR Re-REMIC Trust |
100,000 | 95,898 | ||||||
| Government National Mortgage Association |
46,926 | 45,746 | ||||||
| Government National Mortgage Association (IO) |
||||||||
| 0.334% due 01/16/53 § |
4,137,515 | 43,869 | ||||||
| 0.525% due 04/16/47 § |
2,527,959 | 39,288 | ||||||
| 0.640% due 02/16/61 § |
697,892 | 45,690 | ||||||
| GS Mortgage Securities Trust |
1,051,967 | 952,463 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust |
||||||||
| 3.431% (USD LIBOR + 3.000%) |
161,311 | 155,821 | ||||||
| 4.431% (USD LIBOR + 4.000%) |
255,000 | 243,128 | ||||||
| 4.804% (USD LIBOR + 4.250%) |
280,000 | 253,352 | ||||||
| 7.304% (USD LIBOR + 6.750%) |
280,000 | 240,165 | ||||||
| JPMDB Commercial Mortgage Securities Trust 4.009% due 03/15/50 § |
180,000 | 174,471 | ||||||
| MF1 Ltd (Cayman) |
233,392 | 233,800 | ||||||
| MHC Trust |
620,000 | 608,890 | ||||||
| ML-CFC Commercial Mortgage Trust |
22,799 | 11,212 | ||||||
| Morgan Stanley Capital I Trust |
400,000 | 370,703 | ||||||
| PFP Ltd (Cayman) |
261,987 | 255,705 | ||||||
| SLG Office Trust |
235,000 | 218,970 | ||||||
| VASA Trust |
610,000 | 597,830 | ||||||
| VLS Commercial Mortgage Trust |
390,000 | 344,895 | ||||||
| Waterfall Commercial Mortgage Trust |
78,702 | 77,986 | ||||||
| Principal Amount |
Value |
|||||||
| Wells Fargo Commercial Mortgage Trust |
$ | 199,985 | $ | 198,373 | ||||
| Wells Fargo Commercial Mortgage Trust (IO) |
4,086,294 | 194,765 | ||||||
| 1.555% due 08/15/54 § |
1,295,514 | 138,200 | ||||||
| WFRBS Commercial Mortgage Trust |
240,000 | 238,859 | ||||||
|
|
|
|||||||
| 20,760,573 | ||||||||
|
|
|
|||||||
| Collateralized Mortgage Obligations - Residential - 8.1% |
|
|||||||
| Ajax Mortgage Loan Trust |
258,708 | 248,999 | ||||||
| Alternative Loan Trust |
||||||||
| 0.797% (USD LIBOR + 0.340%) |
614 | — | ||||||
| 0.877% (USD LIBOR + 0.420%) |
181,933 | 174,180 | ||||||
| 2.609% due 06/25/37 § |
51,349 | 46,190 | ||||||
| American Home Mortgage Investment Trust 6.700% due 06/25/36 |
1,313,206 | 284,367 | ||||||
| Anchor Mortgage Trust |
340,000 | 331,622 | ||||||
| Banc of America Funding Trust |
9,458 | 9,657 | ||||||
| Bayview Financing Trust |
155,152 | 156,046 | ||||||
| BCAP LLC Trust |
||||||||
| 0.587% due 03/28/37 ~ § |
908,080 | 892,711 | ||||||
| 4.792% due 03/26/37 ~ |
18,555 | 18,757 | ||||||
| Bear Stearns Adjustable Rate Mortgage Trust |
||||||||
| 2.594% due 08/25/33 § |
13,130 | 13,109 | ||||||
| 2.632% due 01/25/35 § |
137,109 | 143,383 | ||||||
| 2.962% due 10/25/36 § |
2,559 | 2,479 | ||||||
| Bear Stearns ALT-A Trust |
||||||||
| 2.627% due 05/25/35 § |
9,654 | 9,605 | ||||||
| 2.880% due 11/25/36 § |
37,662 | 23,802 | ||||||
| Cascade MH Asset Trust |
284,000 | 260,666 | ||||||
| CFMT LLC |
||||||||
| 0.946% due 12/26/30 ~ § |
243,625 | 242,015 | ||||||
| 1.374% due 02/25/31 ~ § |
665,000 | 643,033 | ||||||
| Chase Mortgage Finance Trust |
||||||||
| 2.326% due 02/25/37 § |
85,795 | 86,426 | ||||||
| 2.860% due 09/25/36 § |
35,526 | 32,395 | ||||||
| ChaseFlex Trust |
231,944 | 212,205 | ||||||
| Chevy Chase Funding LLC |
||||||||
| 0.604% due 05/25/35 ~ § |
613,955 | 536,740 | ||||||
| 0.707% (USD LIBOR + 0.250%) |
9,021 | 8,830 | ||||||
| Citigroup Mortgage Loan Trust Inc |
3,095 | 3,184 | ||||||
| Countrywide Home Loan Mortgage Pass-Through Trust |
6,029 | 5,824 | ||||||
| Credit Suisse First Boston Mortgage Securities Corp |
25,947 | 23,120 | ||||||
| CSMC Trust |
||||||||
| 1.538% due 02/25/66 ~ § |
371,845 | 359,465 | ||||||
| 1.668% due 09/27/60 ~ § |
535,353 | 516,335 | ||||||
| 2.000% due 01/25/60 ~ § |
456,195 | 443,934 | ||||||
| 2.202% (USD LIBOR + 1.750%) |
134,628 | 133,208 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-64
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Downey Saving & Loan Association Mortgage Loan Trust |
$ | 68,140 | $ | 81,908 | ||||
| Eurosail-UK PLC (United Kingdom) |
GBP 436,121 | 570,246 | ||||||
| Fannie Mae REMICS |
||||||||
| 1.875% (US PRIME - 1.625%) |
$14,275 | 14,074 | ||||||
| 3.500% due 11/25/57 |
831,895 | 846,151 | ||||||
| 5.500% due 04/25/35 |
258,505 | 282,492 | ||||||
| Fannie Mae REMICS (IO) |
||||||||
| 2.500% due 01/25/49 |
886,775 | 122,966 | ||||||
| 4.000% due 03/25/43 |
124,900 | 17,564 | ||||||
| 4.000% due 04/25/43 |
472,481 | 68,327 | ||||||
| 5.543% (6.000% - USD LIBOR) |
959,184 | 153,352 | ||||||
| 5.643% (6.100% - USD LIBOR) |
263,470 | 30,155 | ||||||
| Fannie Mae Connecticut Avenue Securities |
450,000 | 459,015 | ||||||
| FMC GMSR Issuer Trust |
||||||||
| 3.650% due 02/25/24 ~ § |
630,000 | 634,725 | ||||||
| 4.450% due 01/25/26 ~ § |
500,000 | 482,985 | ||||||
| Freddie Mac REMICS (IO) |
||||||||
| 2.000% due 10/25/50 |
90,780 | 12,719 | ||||||
| 2.500% due 05/25/49 |
291,745 | 41,374 | ||||||
| 2.500% due 09/25/50 |
86,712 | 14,636 | ||||||
| 2.500% due 09/25/50 |
73,595 | 11,096 | ||||||
| 3.500% due 04/15/43 |
149,809 | 24,084 | ||||||
| 4.000% due 04/15/43 |
58,672 | 2,517 | ||||||
| Freddie Mac REMICS |
||||||||
| 3.000% due 08/15/48 |
56,079 | 54,829 | ||||||
| 8.000% due 04/15/30 |
42,699 | 47,605 | ||||||
| Freddie Mac Strips |
||||||||
| 5.546% (6.100% - USD LIBOR) |
127,643 | 20,445 | ||||||
| Freddie Mac Structured Agency Credit Risk Debt Notes |
||||||||
| 2.399% (SOFR + 2.300%) |
620,000 | 611,753 | ||||||
| 2.757% (USD LIBOR + 2.300%) |
160,000 | 153,147 | ||||||
| 3.607% (USD LIBOR + 3.150%) |
1,120,000 | 1,081,048 | ||||||
| 4.457% (USD LIBOR + 4.000%) |
93,651 | 95,109 | ||||||
| Government National Mortgage Association |
||||||||
| 0.406% (USD LIBOR + 0.300%) |
262,448 | 260,875 | ||||||
| 0.556% (USD LIBOR + 0.450%) |
268,295 | 267,259 | ||||||
| 0.606% (USD LIBOR + 0.500%) |
144,486 | 144,107 | ||||||
| 0.706% (USD LIBOR + 0.600%) |
608,042 | 608,060 | ||||||
| 0.906% (USD LIBOR + 0.800%) |
482,539 | 484,974 | ||||||
| 0.906% (USD LIBOR + 0.800%) |
825,078 | 828,765 | ||||||
| 1.029% (USD LIBOR + 0.750%) |
481,345 | 479,556 | ||||||
| 1.386% (USD LIBOR + 1.280%) |
918,182 | 952,547 | ||||||
| 1.386% (USD LIBOR + 1.280%) |
663,612 | 688,746 | ||||||
| 2.840% due 09/20/66 § |
600,884 | 622,393 | ||||||
| Principal Amount |
Value |
|||||||
| Government National Mortgage Association (IO) |
||||||||
| 1.097% due 03/20/71 § |
$ | 9,963,457 | $ | 406,658 | ||||
| 2.500% due 08/20/50 |
174,563 | 25,258 | ||||||
| 2.500% due 09/20/50 |
90,319 | 13,040 | ||||||
| 2.500% due 10/20/50 |
181,410 | 23,708 | ||||||
| 4.000% due 11/20/44 |
392,570 | 65,348 | ||||||
| 4.500% due 11/16/45 |
162,405 | 31,121 | ||||||
| 5.506% (6.100% - USD LIBOR) |
163,857 | 34,317 | ||||||
| 5.701% (6.150% - USD LIBOR) |
849,635 | 148,702 | ||||||
| Great Hall Mortgages PLC (United Kingdom) |
154,050 | 151,626 | ||||||
| GS Mortgage-Backed Securities Corp Trust |
620,000 | 574,363 | ||||||
| GSR Mortgage Loan Trust |
||||||||
| 6.000% due 11/25/35 |
390,750 | 229,481 | ||||||
| 6.000% due 07/25/37 |
202,882 | 167,705 | ||||||
| HarborView Mortgage Loan Trust |
||||||||
| 0.617% (USD LIBOR + 0.320%) |
175,929 | 156,764 | ||||||
| 0.724% (USD LIBOR + 0.340%) |
110,509 | 101,526 | ||||||
| 0.774% (USD LIBOR + 0.440%) |
152,063 | 145,389 | ||||||
| 2.598% due 02/25/36 § |
36,501 | 15,639 | ||||||
| 2.934% due 08/19/36 § |
82,115 | 79,233 | ||||||
| Hawksmoor Mortgages (United Kingdom) |
GBP 955,030 | 1,256,837 | ||||||
| JP Morgan Mortgage Trust |
||||||||
| 2.314% due 07/25/35 § |
$11,679 | 12,047 | ||||||
| 3.500% due 10/25/48 ~ § |
221,885 | 219,734 | ||||||
| 5.750% due 01/25/36 |
10,768 | 6,687 | ||||||
| Ludgate Funding PLC (United Kingdom) |
GBP 389,176 | 485,854 | ||||||
| Merrill Lynch Mortgage Investors Trust |
$176,368 | 176,309 | ||||||
| Metlife Securitization Trust |
522,367 | 524,515 | ||||||
| New Residential Mortgage Loan Trust |
||||||||
| 2.492% due 09/25/59 ~ § |
83,309 | 82,881 | ||||||
| 3.500% due 12/25/57 ~ § |
478,336 | 479,746 | ||||||
| Nomura Resecuritization Trust |
1,833,291 | 1,762,566 | ||||||
| OBX Trust |
487,988 | 482,648 | ||||||
| PRPM LLC |
296,135 | 285,614 | ||||||
| Radnor RE Ltd (Bermuda) |
590,000 | 556,570 | ||||||
| RALI Trust |
640,973 | 603,893 | ||||||
| Reperforming Loan REMIC Trust |
||||||||
| 0.797% (USD LIBOR + 0.340%) |
19,057 | 18,623 | ||||||
| 0.797% (USD LIBOR + 0.340%) |
107,100 | 106,462 | ||||||
| Seasoned Credit Risk Transfer Trust |
||||||||
| 3.500% due 05/25/57 |
286,514 | 288,030 | ||||||
| 3.500% due 06/25/57 |
299,797 | 301,376 | ||||||
| 4.250% due 09/25/60 ~ |
620,000 | 592,900 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-65
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Towd Point Mortgage Funding PLC (United Kingdom) |
||||||||
| 0.174% (SONIA + 0.900%) |
GBP 1,133,626 | $ | 1,489,521 | |||||
| 0.992% (SONIA + 0.900%) |
$1,168,215 | 1,535,510 | ||||||
| 1.236% (SONIA + 1.144%) |
788,498 | 1,038,481 | ||||||
| Towd Point Mortgage Trust |
||||||||
| 3.000% due 04/25/60 ~ § |
240,000 | 225,360 | ||||||
| 3.160% due 10/25/53 ~ § |
300,000 | 286,670 | ||||||
| 3.250% due 10/25/57 ~ § |
180,000 | 175,447 | ||||||
| 3.306% due 11/25/60 ~ § |
610,000 | 579,706 | ||||||
| 4.000% due 11/25/47 ~ |
186,908 | 182,412 | ||||||
| Two |
750,000 | 755,700 | ||||||
| WaMu Mortgage Pass-Through Certificates Trust |
88,493 | 86,868 | ||||||
| ZH Trust |
200,000 | 198,592 | ||||||
|
|
|
|||||||
|
|
|
|||||||
| 34,301,328 | ||||||||
|
|
|
|||||||
| Fannie Mae - 15.7% |
|
|||||||
| due 04/01/52 - 06/01/52 # |
6,600,000 | 6,438,865 | ||||||
| due 05/01/52 # |
4,500,000 | 4,494,324 | ||||||
| due 05/01/52 # |
5,500,000 | 5,368,824 | ||||||
| due 06/01/52 # |
12,300,000 | 11,989,283 | ||||||
| 0.970% due 07/01/27 |
1,177,139 | 1,079,096 | ||||||
| 1.090% due 04/01/28 |
506,000 | 458,062 | ||||||
| 1.275% due 04/01/30 |
735,809 | 659,442 | ||||||
| 1.342% (US FED + 1.200%) |
5,041 | 5,147 | ||||||
| 1.370% due 03/01/30 |
660,000 | 595,750 | ||||||
| 1.410% due 12/01/30 |
1,210,000 | 1,079,758 | ||||||
| 1.440% due 01/01/31 |
1,142,000 | 1,020,967 | ||||||
| 1.460% due 12/01/30 |
715,000 | 640,822 | ||||||
| 1.560% due 01/01/31 |
500,000 | 451,720 | ||||||
| 1.757% (USD LIBOR + 1.507%) |
23,401 | 23,412 | ||||||
| 1.870% due 05/01/31 |
350,000 | 323,573 | ||||||
| 2.000% due 12/01/41 - 03/01/52 |
4,720,001 | 4,398,048 | ||||||
| 2.043% (US Treasury + 2.043%) |
6,806 | 6,846 | ||||||
| 2.140% due 12/01/33 |
250,000 | 230,965 | ||||||
| 2.150% due 02/01/32 § |
220,000 | 207,040 | ||||||
| 2.160% due 12/01/33 |
300,000 | 277,700 | ||||||
| 2.310% due 08/01/22 |
473,659 | 473,276 | ||||||
| 2.424% (US Treasury + 2.360%) |
15,013 | 15,740 | ||||||
| 2.500% due 09/01/36 - 04/01/52 |
6,920,835 | 6,641,189 | ||||||
| 2.550% due 10/01/30 |
160,000 | 156,160 | ||||||
| 2.790% due 08/01/29 |
100,000 | 99,626 | ||||||
| 2.810% due 04/01/25 |
30,000 | 30,002 | ||||||
| 2.930% due 06/01/30 |
77,355 | 77,590 | ||||||
| 3.000% due 09/01/28 - 07/01/60 |
7,951,314 | 7,850,781 | ||||||
| 3.160% due 05/01/29 |
38,510 | 39,254 | ||||||
| 3.250% due 05/01/29 |
59,233 | 60,689 | ||||||
| 3.450% due 03/01/29 |
38,788 | 40,167 | ||||||
| 3.468% due 03/01/30 |
78,829 | 81,409 | ||||||
| 3.500% due 12/01/34 - 03/01/60 |
4,545,338 | 4,612,430 | ||||||
| 3.610% due 01/01/37 |
464,578 | 479,593 | ||||||
| 4.000% due 06/01/25 - 06/01/57 |
2,783,585 | 2,879,055 | ||||||
| 4.009% (COFI + 1.928%) |
894 | 956 | ||||||
| 4.500% due 06/01/24 - 09/01/57 |
1,588,834 | 1,667,500 | ||||||
| 5.000% due 02/01/35 - 01/01/59 |
381,525 | 413,540 | ||||||
| 5.500% due 05/01/22 - 05/01/58 |
1,209,168 | 1,331,221 | ||||||
| 6.000% due 02/01/33 - 07/01/41 |
133,653 | 148,112 | ||||||
|
|
|
|||||||
| 66,847,934 | ||||||||
|
|
|
|||||||
| Principal Amount |
Value |
|||||||
| Freddie Mac - 2.6% |
|
|||||||
| 1.500% due 10/01/41 - 11/01/41 |
$ | 446,513 | $ | 404,910 | ||||
| 1.595% (USD LIBOR + 1.345%) |
2,915 | 3,004 | ||||||
| 1.981% (USD LIBOR + 1.730%) |
22,820 | 23,876 | ||||||
| 2.000% due 09/01/41 - 11/01/51 |
2,426,167 | 2,266,242 | ||||||
| 2.120% (USD LIBOR + 1.870%) |
5,867 | 5,879 | ||||||
| 2.339% (US Treasury + 2.250%) |
892 | 893 | ||||||
| 2.375% (US Treasury + 2.250%) |
4,960 | 4,981 | ||||||
| 2.500% due 12/01/50 - 02/01/52 |
2,675,832 | 2,566,325 | ||||||
| 2.870% (USD LIBOR + 1.619%) |
150,063 | 151,272 | ||||||
| 3.000% due 09/01/32 - 02/01/52 |
1,883,515 | 1,857,867 | ||||||
| 3.009% (USD LIBOR + 1.628%) |
397,606 | 399,555 | ||||||
| 3.088% (USD LIBOR + 1.623%) |
241,721 | 243,118 | ||||||
| 3.500% due 04/01/33 - 06/01/46 |
761,890 | 779,062 | ||||||
| 4.000% due 11/01/33 - 04/01/49 |
1,650,166 | 1,704,639 | ||||||
| 4.500% due 11/01/44 |
57,208 | 60,877 | ||||||
| 5.000% due 08/01/48 - 01/01/49 |
197,806 | 209,536 | ||||||
| 5.500% due 03/01/23 - 05/01/40 |
282,642 | 311,261 | ||||||
| 6.000% due 03/01/23 |
964 | 1,028 | ||||||
|
|
|
|||||||
| 10,994,325 | ||||||||
|
|
|
|||||||
| Government National Mortgage Association - 2.6% |
|
|||||||
| due 05/20/52 - 06/20/52 # |
1,400,000 | 1,379,176 | ||||||
| 2.000% due 12/20/50 |
303,344 | 288,677 | ||||||
| 2.315% (US Treasury + 1.734%) |
250,287 | 266,347 | ||||||
| 2.414% (US Treasury + 1.833%) |
247,856 | 264,899 | ||||||
| 2.500% due 01/20/51 - 08/20/51 |
1,333,273 | 1,280,644 | ||||||
| 2.815% due 07/20/71 § |
253,156 | 245,592 | ||||||
| 2.941% due 10/20/70 § |
378,407 | 368,291 | ||||||
| 3.000% due 09/15/42 - 09/20/51 |
1,463,033 | 1,467,252 | ||||||
| 3.088% due 12/20/71 § |
293,292 | 290,063 | ||||||
| 3.500% due 01/20/46 - 01/20/51 |
2,915,018 | 2,972,722 | ||||||
| 4.000% due 11/20/47 - 12/20/51 |
1,260,077 | 1,292,936 | ||||||
| 4.500% due 06/20/48 - 12/20/50 |
760,992 | 792,971 | ||||||
| 5.000% due 10/15/38 - 03/20/48 |
73,077 | 80,663 | ||||||
|
|
|
|||||||
| 10,990,233 | ||||||||
|
|
|
|||||||
| Total Mortgage-Backed Securities |
143,894,393 | |||||||
|
|
|
|||||||
| ASSET-BACKED SECURITIES - 8.5% |
|
|||||||
| AccessLex Institute |
535,183 | 519,844 | ||||||
| ACE Securities Corp Home Equity Loan Trust |
165,585 | 165,321 | ||||||
| ACRES Commercial Realty Ltd |
470,000 | 463,656 | ||||||
| American Homes 4 Rent LP |
300,000 | 303,207 | ||||||
| AmeriCredit Automobile Receivables Trust |
540,000 | 510,756 | ||||||
| Ameriquest Mortgage Securities Inc |
250,000 | 247,646 | ||||||
| 2.512% (USD LIBOR + 2.055%) |
362,404 | 353,973 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-66
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| AMSR Trust |
||||||||
| 2.006% due 11/17/37 ~ |
$ | 365,000 | $ | 336,265 | ||||
| 2.327% due 10/17/38 ~ |
128,000 | 116,449 | ||||||
| 2.751% due 06/17/38 ~ § |
350,000 | 309,332 | ||||||
| Aqua Finance Trust |
210,000 | 201,874 | ||||||
| Ares XL CLO Ltd (Cayman) |
284,060 | 283,018 | ||||||
| Argent Securities Inc |
||||||||
| 1.277% (USD LIBOR + 0.820%) |
438,652 | 424,538 | ||||||
| 1.582% (USD LIBOR + 1.125%) |
469,638 | 469,000 | ||||||
| Asset-Backed Funding Certificates Trust |
39,035 | 38,248 | ||||||
| Avoca CLO XVII DAC (Netherlands) |
EUR 300,000 | 328,255 | ||||||
| Basic Asset-Backed Securities Trust |
$12,933 | 12,937 | ||||||
| Bear Stearns Asset-Backed Securities I Trust |
14,585 | 14,573 | ||||||
| 0.697% (USD LIBOR + 0.240%) |
1,224,767 | 1,199,341 | ||||||
| 1.462% (USD LIBOR + 1.005%) |
173,079 | 171,789 | ||||||
| Business Jet Securities LLC |
||||||||
| 2.918% due 04/15/36 ~ |
252,072 | 235,037 | ||||||
| 2.981% due 11/15/35 ~ |
431,822 | 416,506 | ||||||
| Carlyle Global Market Strategies CLO Ltd |
300,000 | 300,097 | ||||||
| Cars Net Lease Mortgage Notes |
99,375 | 94,031 | ||||||
| CBAM Ltd (Cayman) |
800,000 | 794,793 | ||||||
| Citigroup Mortgage Loan Trust |
71,268 | 71,147 | ||||||
| CLNC Ltd (Cayman) |
830,618 | 824,396 | ||||||
| College Ave Student Loans LLC |
390,000 | 367,301 | ||||||
| Continental Finance Credit Card ABS Master Trust |
370,000 | 356,959 | ||||||
| Countrywide Asset-Backed Certificates |
||||||||
| 0.597% (USD LIBOR + 0.140%) |
235,483 | 224,136 | ||||||
| 1.057% (USD LIBOR + 0.600%) |
221,508 | 220,593 | ||||||
| Credit Acceptance Auto Loan Trust |
665,000 | 629,765 | ||||||
| Crossroads Asset Trust |
116,000 | 113,359 | ||||||
| DataBank Issuer |
250,000 | 232,738 | ||||||
| Dividend Solar Loans LLC |
192,553 | 191,071 | ||||||
| Drive Auto Receivables Trust |
575,000 | 578,282 | ||||||
| Dryden 36 Senior Loan Fund (Cayman) |
288,197 | 287,372 | ||||||
| Principal Amount |
Value |
|||||||
| First Franklin Mortgage Loan Trust |
$ | 546,339 | $ | 521,218 | ||||
| FirstKey Homes Trust |
300,000 | 270,950 | ||||||
| FMC GMSR Issuer Trust |
||||||||
| 3.620% due 07/25/26 ~ § |
300,000 | 281,779 | ||||||
| 3.850% due 10/25/26 ~ § |
210,000 | 194,761 | ||||||
| FORT CRE Issuer LLC |
300,000 | 301,050 | ||||||
| Foundation Finance Trust |
205,820 | 194,585 | ||||||
| Freddie Mac Structured Pass-Through Certificates |
200,000 | 196,539 | ||||||
| Freed ABS Trust |
99,870 | 99,663 | ||||||
| Freedom |
300,000 | 302,250 | ||||||
| Gallatin CLO VIII Ltd (Cayman) |
300,000 | 298,682 | ||||||
| Gallatin CLO IX Ltd (Cayman) |
300,051 | 298,956 | ||||||
| Genesis Sales Finance Master Trust |
500,000 | 494,312 | ||||||
| GLS Auto Receivables Issuer Trust |
||||||||
| 0.870% due 12/16/24 ~ |
150,000 | 149,520 | ||||||
| 1.140% due 11/17/25 ~ |
145,000 | 142,669 | ||||||
| 1.640% due 10/15/26 ~ |
75,000 | 72,557 | ||||||
| Goldentree Loan Management US CLO 2 Ltd (Cayman) |
400,000 | 396,690 | ||||||
| GSAA Home Equity Trust |
||||||||
| 0.657% (USD LIBOR + 0.200%) |
385,347 | 140,782 | ||||||
| 1.507% (USD LIBOR + 1.050%) |
270,000 | 262,535 | ||||||
| 6.000% due 08/25/47 |
161,698 | 153,223 | ||||||
| Hildene Community Funding CDO Ltd (Cayman) |
280,000 | 256,208 | ||||||
| Home Equity Asset Trust |
||||||||
| 1.357% (USD LIBOR + 0.900%) |
75,502 | 75,472 | ||||||
| 1.402% (USD LIBOR + 0.945%) |
620,000 | 606,974 | ||||||
| Jamestown CLO XV Ltd (Cayman) |
1,100,000 | 1,096,249 | ||||||
| JP Morgan Mortgage Acquisition Trust |
160,000 | 155,968 | ||||||
| KKR CLO 18 Ltd (Cayman) |
300,000 | 299,685 | ||||||
| KREF Ltd |
300,000 | 299,021 | ||||||
| LFT CRE Ltd (Cayman) |
250,000 | 245,262 | ||||||
| LoanCore Issuer Ltd (Cayman) |
96,507 | 96,332 | ||||||
| LP LMS |
246,350 | 247,525 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-67
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Madison Park Euro Funding XIV DAC (Ireland) |
EUR 300,000 | $328,331 | ||||||
| Madison Park Funding Ltd (Cayman) |
$297,512 | 296,199 | ||||||
| Magnetite XVIII Ltd (Cayman) |
298,196 | 296,217 | ||||||
| Mariner Finance Issuance Trust |
430,000 | 428,021 | ||||||
| Mastr Asset-Backed Securities Trust |
578,491 | 234,872 | ||||||
| Merrill Lynch Mortgage Investors Trust |
345,023 | 225,397 | ||||||
| MF1 Ltd (Cayman) |
300,000 | 298,658 | ||||||
| National Collegiate Student Loan Trust |
1,000,000 | 783,620 | ||||||
| Navient Student Loan Trust |
||||||||
| 1.607% (USD LIBOR + 1.150%) |
145,222 | 143,719 | ||||||
| 1.807% (USD LIBOR + 1.350%) |
276,014 | 281,620 | ||||||
| New Century Home Equity Loan Trust |
663,984 | 656,069 | ||||||
| NRZ Excess Spread-Collateralized Notes |
||||||||
| 3.104% due 07/25/26 ~ |
377,694 | 357,678 | ||||||
| 3.844% due 12/25/25 ~ |
260,546 | 253,915 | ||||||
| Oak Street Investment Grade Net Lease Fund |
195,350 | 183,742 | ||||||
| OneMain Financial Issuance Trust |
120,000 | 114,078 | ||||||
| Oportun Funding LLC |
6,102 | 6,102 | ||||||
| Oportun Funding XIV LLC |
105,000 | 101,984 | ||||||
| Option One Mortgage Loan Trust |
747,273 | 624,135 | ||||||
| OZLM VIII Ltd (Cayman) |
298,070 | 297,037 | ||||||
| Pagaya AI Debt Selection Trust |
||||||||
| 1.180% due 11/15/27 ~ |
404,312 | 398,810 | ||||||
| Palmer Square European Loan Funding DAC (Ireland) |
EUR 300,000 | 331,875 | ||||||
| PRET LLC |
$425,357 | 416,244 | ||||||
| Progress Residential Trust |
565,000 | 497,084 | ||||||
| Rad CLO 5 Ltd (Cayman) |
600,000 | 596,244 | ||||||
| RASC Trust |
199,972 | 194,361 | ||||||
| Regional Management Issuance Trust |
||||||||
| 1.680% due 03/17/31 ~ |
198,000 | 187,340 | ||||||
| 3.040% due 03/17/31 ~ |
191,000 | 179,325 | ||||||
| Santander Consumer Auto Receivables Trust |
100,000 | 94,143 | ||||||
| Principal Amount |
Value |
|||||||
| SBA Small Business Investment Cos |
$ | 168,768 | $ | 169,996 | ||||
| SCF Equipment Leasing LLC |
345,000 | 322,233 | ||||||
| Securitized Asset-Backed Receivables LLC Trust |
||||||||
| 0.587% (USD LIBOR + 0.130%) |
54,848 | 45,222 | ||||||
| 0.737% (USD LIBOR + 0.280%) |
146,216 | 94,998 | ||||||
| SLM Student Loan Trust |
620,000 | 611,901 | ||||||
| SMB Private Education Loan Trust |
||||||||
| 2.054% (USD LIBOR + 1.500%) |
404,002 | 406,556 | ||||||
| 2.310% due 01/15/53 ~ |
150,000 | 140,234 | ||||||
| Structured Asset Investment Loan Trust |
196,309 | 193,181 | ||||||
| STWD Ltd (Cayman) |
789,117 | 786,147 | ||||||
| Sunnova Helios II Issuer LLC |
168,471 | 166,070 | ||||||
| TRTX Issuer Ltd (Cayman) |
669,618 | 670,423 | ||||||
| United Auto Credit Securitization Trust |
450,000 | 437,380 | ||||||
| United States Small Business Administration |
||||||||
| 2.690% due 07/01/44 |
50,296 | 50,621 | ||||||
| 2.980% due 04/01/39 |
48,988 | 49,173 | ||||||
| Upstart Securitization Trust |
169,425 | 167,903 | ||||||
| VCAT LLC |
441,768 | 430,996 | ||||||
| Venture XXVIII CLO Ltd (Cayman) |
300,000 | 296,932 | ||||||
| VOLT XCII LLC |
120,741 | 117,330 | ||||||
| VOLT XCIII LLC |
448,331 | 435,729 | ||||||
| VOLT XCIV LLC |
304,727 | 293,841 | ||||||
| Wachovia Mortgage Loan Trust |
898,337 | 859,116 | ||||||
|
|
|
|||||||
| Total Asset-Backed Securities |
36,111,824 | |||||||
|
|
|
|||||||
| U.S. TREASURY OBLIGATIONS - 18.3% |
|
|||||||
| U.S. Treasury Bonds - 12.4% |
||||||||
| 1.125% due 08/15/40 |
460,000 | 360,974 | ||||||
| 1.250% due 05/15/50 |
5,294,000 | 3,955,197 | ||||||
| 1.375% due 08/15/50 |
5,725,000 | 4,412,723 | ||||||
| 1.625% due 11/15/50 |
20,300,000 | 16,660,273 | ||||||
| 1.750% due 08/15/41 |
2,975,000 | 2,580,348 | ||||||
| 1.875% due 02/15/41 |
1,400,000 | 1,247,668 | ||||||
| 1.875% due 02/15/51 |
4,450,000 | 3,893,924 | ||||||
| 1.875% due 11/15/51 |
2,494,000 | 2,188,485 | ||||||
| 2.000% due 11/15/41 |
225,000 | 203,660 | ||||||
| 2.000% due 02/15/50 |
960,000 | 865,913 | ||||||
| 2.000% due 08/15/51 |
765,000 | 690,412 | ||||||
| 2.250% due 05/15/41 |
1,895,000 | 1,790,479 | ||||||
| 2.250% due 08/15/46 |
50,000 | 46,816 | ||||||
| 2.250% due 02/15/52 |
750,000 | 719,531 | ||||||
| 2.375% due 02/15/42 |
1,330,000 | 1,283,242 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-68
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| 2.375% due 05/15/51 |
$ | 1,380,000 | $ | 1,353,936 | ||||
| 2.875% due 05/15/43 |
1,700,000 | 1,761,592 | ||||||
| 2.875% due 08/15/45 |
1,300,000 | 1,356,418 | ||||||
| 3.000% due 05/15/42 |
600,000 | 636,070 | ||||||
| 3.000% due 08/15/48 ‡ |
300,000 | 327,850 | ||||||
| 3.125% due 02/15/43 |
1,402,000 | 1,510,354 | ||||||
| 3.125% due 08/15/44 |
1,800,000 | 1,948,008 | ||||||
| 3.375% due 05/15/44 |
900,000 | 1,011,604 | ||||||
| 3.500% due 02/15/39 |
150,000 | 172,002 | ||||||
| 3.625% due 02/15/44 |
69,000 | 80,322 | ||||||
| 3.875% due 08/15/40 |
320,000 | 382,500 | ||||||
| 4.250% due 05/15/39 ‡ |
400,000 | 501,312 | ||||||
| 4.625% due 02/15/40 |
400,000 | 524,547 | ||||||
|
|
|
|||||||
| 52,466,160 | ||||||||
|
|
|
|||||||
| U.S. Treasury Notes - 5.9% |
|
|||||||
| 0.250% due 11/15/23 |
10,000 | 9,692 | ||||||
| 0.250% due 06/30/25 |
1,500,000 | 1,393,799 | ||||||
| 0.250% due 07/31/25 |
2,000,000 | 1,854,492 | ||||||
| 0.250% due 10/31/25 |
40,000 | 36,887 | ||||||
| 0.375% due 11/30/25 |
210,000 | 194,188 | ||||||
| 0.375% due 01/31/26 |
130,000 | 119,800 | ||||||
| 0.500% due 02/28/26 |
2,940,000 | 2,718,639 | ||||||
| 0.500% due 10/31/27 |
1,675,000 | 1,504,032 | ||||||
| 0.625% due 10/15/24 |
150,000 | 143,215 | ||||||
| 0.750% due 03/31/26 |
180,000 | 167,889 | ||||||
| 0.875% due 06/30/26 |
614,000 | 573,574 | ||||||
| 0.875% due 09/30/26 |
596,300 | 555,153 | ||||||
| 1.250% due 11/30/26 |
10,000 | 9,463 | ||||||
| 1.250% due 03/31/28 |
670,000 | 625,076 | ||||||
| 1.250% due 04/30/28 |
450,000 | 419,291 | ||||||
| 1.250% due 05/31/28 |
1,350,000 | 1,257,082 | ||||||
| 1.375% due 11/15/31 |
88,500 | 81,226 | ||||||
| 1.500% due 02/15/30 |
95,000 | 89,085 | ||||||
| 1.750% due 03/15/25 |
3,500,000 | 3,426,172 | ||||||
| 1.875% due 02/28/29 |
700,000 | 675,883 | ||||||
| 2.500% due 08/15/23 |
3,000,000 | 3,017,988 | ||||||
| 2.500% due 03/31/27 |
4,360,000 | 4,369,878 | ||||||
| 2.875% due 10/31/23 |
2,000,000 | 2,021,758 | ||||||
|
|
|
|||||||
| 25,264,262 | ||||||||
|
|
|
|||||||
| Total U.S. Treasury Obligations |
77,730,422 | |||||||
|
|
|
|||||||
| FOREIGN GOVERNMENT BONDS & NOTES - 4.9% |
|
|||||||
| Abu Dhabi Government International (United Arab Emirates) |
830,000 | 762,048 | ||||||
| Argentine Republic Government International (Argentina) |
||||||||
| 0.500% due 07/09/30 |
417,100 | 140,775 | ||||||
| 1.000% due 07/09/29 |
18,460 | 6,352 | ||||||
| 2.500% due 07/09/41 |
250,000 | 88,602 | ||||||
| Brazil Notas do Tesouro Nacional ‘F’ (Brazil) |
BRL 4,397,000 | 844,071 | ||||||
| Brazilian Government (Brazil) |
$900,000 | 853,776 | ||||||
| Chile Government (Chile) |
200,000 | 188,424 | ||||||
| Chile Government International (Chile) |
300,000 | 296,673 | ||||||
| China Government (China) |
||||||||
| 3.310% due 11/30/25 ~ |
CNY 3,000,000 | 481,884 | ||||||
| 3.380% due 11/21/24 ~ |
500,000 | 80,277 | ||||||
| 3.390% due 05/21/25 ~ |
1,000,000 | 160,940 | ||||||
| Colombia Government (Colombia) |
||||||||
| 4.125% due 02/22/42 |
$200,000 | 156,752 | ||||||
| 5.625% due 02/26/44 |
200,000 | 181,794 | ||||||
| Principal Amount |
Value |
|||||||
| Indonesia Government (Indonesia) |
$ | 700,000 | $ | 719,065 | ||||
| Indonesia Treasury (Indonesia) |
||||||||
| 6.500% due 02/15/31 |
IDR 30,036,000,000 | 2,058,509 | ||||||
| 7.000% due 05/15/27 |
9,084,000,000 | 663,706 | ||||||
| 7.500% due 06/15/35 |
1,622,000,000 | 116,130 | ||||||
| Israel Government (Israel) |
$600,000 | 640,270 | ||||||
| Japanese Government CPI Linked (Japan) |
JPY 138,673,187 | 1,192,744 | ||||||
| Kuwait International Government (Kuwait) |
$270,000 | 281,499 | ||||||
| Mexican Bonos (Mexico) |
||||||||
| 7.750% due 11/13/42 |
MXN 104,460,000 | 4,899,274 | ||||||
| 8.000% due 11/07/47 |
14,560,000 | 698,529 | ||||||
| 8.500% due 05/31/29 |
2,780,000 | 140,817 | ||||||
| Mexico Government (Mexico) |
||||||||
| 2.659% due 05/24/31 |
$200,000 | 182,640 | ||||||
| 4.125% due 01/21/26 |
200,000 | 210,386 | ||||||
| 4.350% due 01/15/47 |
500,000 | 463,495 | ||||||
| Panama Government (Panama) |
||||||||
| 2.252% due 09/29/32 |
300,000 | 265,743 | ||||||
| 4.500% due 04/16/50 |
200,000 | 198,030 | ||||||
| Peru Government (Peru) |
PEN 3,000,000 | 786,874 | ||||||
| Peruvian Government (Peru) |
$30,000 | 38,203 | ||||||
| 6.350% due 08/12/28 ~ |
PEN 2,000,000 | 542,737 | ||||||
| 6.550% due 03/14/37 |
$300,000 | 380,266 | ||||||
| Qatar Government (Qatar) |
600,000 | 712,928 | ||||||
| Republic of Kenya Government International (Kenya) |
380,000 | 327,750 | ||||||
| Republic of Poland Government (Poland) |
320,000 | 328,794 | ||||||
| Romanian Government International (Romania) |
300,000 | 292,481 | ||||||
| Russian Federal (Russia) |
RUB 34,809,000 | 21,421 | ||||||
| 7.000% due 08/16/23 |
26,040,000 | 16,025 | ||||||
| 7.050% due 01/19/28 |
107,902,000 | 66,401 | ||||||
| 7.250% due 05/10/34 |
5,970,000 | 3,674 | ||||||
| 7.650% due 04/10/30 |
39,790,000 | 24,486 | ||||||
| 7.700% due 03/16/39 |
65,580,000 | 40,357 | ||||||
|
|
|
|||||||
| Total Foreign Government Bonds & Notes |
20,555,602 | |||||||
|
|
|
|||||||
| MUNICIPAL BONDS - 0.2% |
|
|||||||
| New York State Urban Development Corp |
$700,000 | 657,539 | ||||||
| Regents of the University of California Medical Center Pooled Revenue ‘N’ |
120,000 | 101,495 | ||||||
| State of California |
180,000 | 265,244 | ||||||
|
|
|
|||||||
| Total Municipal Bonds |
1,024,278 | |||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENTS - 2.5% |
|
|||||||
| Corporate Notes - 0.1% |
|
|||||||
| Pacific Gas and Electric Co |
300,000 | 300,113 | ||||||
| Southern California Edison Co |
||||||||
| 0.716% (SOFR + 0.470%) |
300,000 | 300,071 | ||||||
|
|
|
|||||||
| 600,184 | ||||||||
|
|
|
|||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-69
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Commercial Paper - 0.1% |
|
|||||||
| Nissan Motor Acceptance Co LLC |
$ | 250,000 | $ | 249,994 | ||||
|
|
|
|||||||
| Foreign Government Issues - 0.4% |
|
|||||||
| Bank of Israel Bill - Makam (Israel) |
||||||||
| (0.319%) due 09/07/22 |
ILS 1,600,000 | 502,097 | ||||||
| (0.230%) due 10/07/22 |
3,400,000 | 1,066,742 | ||||||
|
|
|
|||||||
|
|
|
|||||||
| 1,568,839 |
||||||||
|
|
|
|||||||
| Shares |
||||||||
| Money Market Fund - 1.1% |
|
|||||||
| BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.210% |
4,703,048 | 4,703,048 | ||||||
|
|
|
|||||||
| Principal Amount |
||||||||
| U.S. Cash Management Bills - 0.7% |
|
|||||||
| 0.737% due 07/26/22 |
$2,800,000 | 2,793,414 | ||||||
| 0.676% due 07/19/22 ‡ |
300,000 | 299,391 | ||||||
|
|
|
|||||||
| 3,092,805 | ||||||||
|
|
|
|||||||
| U.S. Treasury Bills - 0.1% |
|
|||||||
| 0.463% due 06/23/22 ‡ |
300,000 | 299,681 | ||||||
|
|
|
|||||||
| Total Short-Term Investments |
10,514,551 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 106.2% |
|
450,442,473 | ||||||
|
|
|
|||||||
| TOTAL SECURITIES SOLD SHORT - (0.4%) |
|
(1,858,734 | ) | |||||
|
|
|
|||||||
| DERIVATIVES - (0.6%) |
|
(2,616,630) | ||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - (5.2%) |
|
(21,862,451 | ) | |||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$424,104,658 | ||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition as a percentage of net assets was as follows: |
| Corporate Bonds & Notes |
34.3% | |||
| Mortgage-Backed Securities |
33.9% | |||
| U.S. Treasury Obligations |
18.3% | |||
| Asset-Backed Securities |
8.5% | |||
| Foreign Government Bonds & Notes |
4.9% | |||
| Senior Loan Notes |
3.6% | |||
| Others (each less than 3.0%) |
2.7% | |||
|
|
|
|||
| 106.2% | ||||
| Securities Sold Short |
(0.4% | ) | ||
| Derivatives |
(0.6% | ) | ||
| Other Assets & Liabilities, Net |
(5.2% | ) | ||
|
|
|
|||
| 100.0% | ||||
|
|
|
| (b) | As of March 31, 2022, investments with a total aggregate value of $592,028 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) | Securities sold short outstanding as of March 31, 2022 were as follows: |
| Description | Principal Amount |
Value | ||||||
| Mortgage-Backed Securities - (0.4%) |
|
|||||||
| Fannie Mae |
||||||||
| due 04/01/52 # |
$1,900,000 | ($1,858,734 | ) | |||||
|
|
|
|||||||
| Total Securities Sold Short |
($1,858,734 | ) | ||||||
|
|
|
|||||||
| (d) | Open futures contracts outstanding as of March 31, 2022 were as follows: |
| Long Futures Outstanding |
Expiration Month |
Number of Contracts |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) |
|||||||||||||||
| AUD FX |
06/22 | 75 | $5,482,784 | $5,622,375 | $139,591 | |||||||||||||||
| Australia 10-Year Bonds |
06/22 | 28 | 2,760,619 | 2,655,571 | (105,048 | ) | ||||||||||||||
| CAD FX |
06/22 | 12 | 932,261 | 961,080 | 28,819 | |||||||||||||||
| EUR FX |
06/22 | 43 | 5,882,442 | 5,965,712 | 83,270 | |||||||||||||||
| Euro-Bobl |
06/22 | 16 | 2,331,941 | 2,280,822 | (51,119 | ) | ||||||||||||||
| Euro-Bund |
06/22 | 26 | 4,728,973 | 4,563,458 | (165,515 | ) | ||||||||||||||
| Eurodollar |
12/22 | 348 | 85,564,767 | 84,685,800 | (878,967 | ) | ||||||||||||||
| Eurodollar |
06/23 | 55 | 13,645,610 | 13,319,625 | (325,985 | ) | ||||||||||||||
| Eurodollar |
09/23 | 13 | 3,219,540 | 3,148,600 | (70,940 | ) | ||||||||||||||
| Eurodollar |
12/23 | 118 | 28,979,855 | 28,606,150 | (373,705 | ) | ||||||||||||||
| Euro-OAT |
06/22 | 11 | 1,933,230 | 1,843,687 | (89,543 | ) | ||||||||||||||
| GBP FX |
06/22 | 2 | 163,693 | 164,137 | 444 | |||||||||||||||
| JPY FX |
06/22 | 24 | 2,599,860 | 2,471,250 | (128,610 | ) | ||||||||||||||
| Long Gilt |
06/22 | 1 | 161,542 | 159,254 | (2,288 | ) | ||||||||||||||
| MXN FX |
06/22 | 91 | 2,102,052 | 2,262,715 | 160,663 | |||||||||||||||
| SOFR |
09/22 | 48 | 11,843,251 | 11,839,800 | (3,451 | ) | ||||||||||||||
| U.S. Treasury 5-Year Notes |
06/22 | 1,023 | 119,937,363 | 117,325,313 | (2,612,050 | ) | ||||||||||||||
| U.S. Treasury 10-Year Notes |
06/22 | 87 | 10,919,671 | 10,690,125 | (229,546 | ) | ||||||||||||||
| U.S. Treasury Long Bonds |
06/22 | 297 | 45,971,834 | 44,568,563 | (1,403,271 | ) | ||||||||||||||
|
|
|
|||||||||||||||||||
| (6,027,251 | ) | |||||||||||||||||||
|
|
|
|||||||||||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-70
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Short Futures Outstanding | Expiration Month |
Number of Contracts |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) |
|||||||||||||||
| Euribor |
06/22 | 104 | $28,858,757 | $28,858,854 | ($97 | ) | ||||||||||||||
| Euro-Bund |
06/22 | 31 | 5,516,142 | 5,441,046 | 75,096 | |||||||||||||||
| Euro-Buxl |
06/22 | 6 | 1,338,489 | 1,235,903 | 102,586 | |||||||||||||||
| Eurodollar |
04/22 | 2 | 494,084 | 494,988 | (904 | ) | ||||||||||||||
| Japan 10-Year Bonds |
06/22 | 3 | 3,714,618 | 3,689,009 | 25,609 | |||||||||||||||
| Long Gilt |
06/22 | 2 | 322,145 | 318,508 | 3,637 | |||||||||||||||
| U.S. Fed Funds |
04/22 | 89 | 36,951,474 | 36,959,279 | (7,805 | ) | ||||||||||||||
| U.S. Treasury 2-Year Notes |
06/22 | 47 | 10,055,956 | 9,960,328 | 95,628 | |||||||||||||||
| U.S. Treasury 10-Year Notes |
06/22 | 566 | 71,164,721 | 69,547,250 | 1,617,471 | |||||||||||||||
| U.S. Treasury Long Bonds |
06/22 | 14 | 2,151,003 | 2,100,875 | 50,128 | |||||||||||||||
| U.S. Treasury Ultra 10-Year Notes |
06/22 | 34 | 4,743,282 | 4,605,938 | 137,344 | |||||||||||||||
| U.S. Treasury Ultra Long Bonds |
06/22 | 63 | 11,740,807 | 11,158,875 | 581,932 | |||||||||||||||
|
|
|
|||||||||||||||||||
| 2,680,625 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Total Futures Contracts |
($3,346,626 | ) | ||||||||||||||||||
|
|
|
|||||||||||||||||||
| (e) | Forward foreign currency contracts outstanding as of March 31, 2022 were as follows: |
| Currency Purchased |
Currency Sold |
Settlement Month |
Counterparty | Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||||||||||
| AUD | 580,000 | USD | 435,094 | 04/22 | DUB | $— | ($1,060 | ) | ||||||||||||||||||||||
| AUD | 3,106,925 | USD | 2,227,578 | 04/22 | JPM | 97,859 | — | |||||||||||||||||||||||
| BRL | 212,485 | USD | 44,431 | 04/22 | CIT | — | (36 | ) | ||||||||||||||||||||||
| BRL | 4,869,863 | USD | 883,292 | 04/22 | CIT | 134,195 | — | |||||||||||||||||||||||
| BRL | 2,169,076 | USD | 373,399 | 04/22 | MSC | 79,798 | — | |||||||||||||||||||||||
| CAD | 11,837,819 | USD | 9,301,709 | 04/22 | MSC | 166,495 | — | |||||||||||||||||||||||
| CLP | 5,854,149 | USD | 7,162 | 05/22 | SCB | 233 | — | |||||||||||||||||||||||
| DKK | 1,361,259 | USD | 201,378 | 04/22 | DUB | 1,073 | — | |||||||||||||||||||||||
| EUR | 361,000 | USD | 409,719 | 04/22 | GSC | — | (10,140 | ) | ||||||||||||||||||||||
| EUR | 58,000 | USD | 64,066 | 04/22 | HSB | 104 | — | |||||||||||||||||||||||
| EUR | 3,159,000 | USD | 3,507,311 | 04/22 | SCB | — | (12,256 | ) | ||||||||||||||||||||||
| GBP | 1,712,636 | USD | 2,322,083 | 04/22 | GSC | — | (72,551 | ) | ||||||||||||||||||||||
| GBP | 690,000 | USD | 932,730 | 05/22 | DUB | — | (26,540 | ) | ||||||||||||||||||||||
| GBP | 89,000 | USD | 119,305 | 05/22 | SCB | — | (2,419 | ) | ||||||||||||||||||||||
| GBP | 110,000 | USD | 143,356 | 05/22 | SCB | 1,109 | — | |||||||||||||||||||||||
| IDR | 6,028,157,034 | USD | 415,692 | 04/22 | CIT | 4,134 | — | |||||||||||||||||||||||
| INR | 32,903,342 | USD | 436,587 | 04/22 | CIT | — | (4,249 | ) | ||||||||||||||||||||||
| JPY | 171,672,000 | USD | 1,392,763 | 04/22 | GSC | 17,915 | — | |||||||||||||||||||||||
| JPY | 155,358,283 | USD | 1,342,658 | 04/22 | MSC | — | (66,034 | ) | ||||||||||||||||||||||
| JPY | 182,431,357 | USD | 1,582,040 | 05/22 | HSB | — | (81,839 | ) | ||||||||||||||||||||||
| MXN | 4,837,000 | USD | 242,409 | 04/22 | CIT | — | (32 | ) | ||||||||||||||||||||||
| MXN | 11,537,000 | USD | 555,759 | 05/22 | JPM | 20,797 | — | |||||||||||||||||||||||
| NOK | 14,445,000 | USD | 1,623,432 | 05/22 | BRC | 16,605 | — | |||||||||||||||||||||||
| PEN | 1,280,561 | USD | 338,084 | 04/22 | SCB | 9,293 | — | |||||||||||||||||||||||
| PEN | 469,665 | USD | 126,000 | 05/22 | HSB | 1,313 | — | |||||||||||||||||||||||
| RUB | 246,583,162 | USD | 3,199,584 | 04/22 | GSC | — | (265,736 | ) | ||||||||||||||||||||||
| USD | 284,241 | AUD | 383,331 | 04/22 | BNP | — | (2,671 | ) | ||||||||||||||||||||||
| USD | 93,861 | AUD | 125,000 | 04/22 | CIT | 302 | — | |||||||||||||||||||||||
| USD | 589,324 | AUD | 810,000 | 04/22 | HSB | — | (16,827 | ) | ||||||||||||||||||||||
| USD | 138,464 | BRL | 700,486 | 04/22 | CIT | — | (7,893 | ) | ||||||||||||||||||||||
| USD | 874,648 | BRL | 4,170,937 | 04/22 | CIT | 3,191 | — | |||||||||||||||||||||||
| USD | 499,751 | BRL | 2,380,000 | 04/22 | GSC | 2,483 | — | |||||||||||||||||||||||
| USD | 1,147,978 | CAD | 1,445,580 | 04/22 | CIT | — | (8,235 | ) | ||||||||||||||||||||||
| USD | 2,458,545 | CNH | 15,706,035 | 04/22 | JPM | — | (9,819 | ) | ||||||||||||||||||||||
| USD | 297,079 | DKK | 1,895,000 | 04/22 | HSB | 15,249 | — | |||||||||||||||||||||||
| USD | 201,378 | DKK | 1,356,181 | 07/22 | DUB | — | (1,055 | ) | ||||||||||||||||||||||
| USD | 75,625 | DKK | 505,000 | 07/22 | DUB | 245 | — | |||||||||||||||||||||||
| USD | 396,053 | EUR | 360,000 | 04/22 | BRC | — | (2,244 | ) | ||||||||||||||||||||||
| USD | 626,434 | EUR | 566,258 | 04/22 | CIT | — | (339 | ) | ||||||||||||||||||||||
| USD | 5,532,364 | EUR | 4,888,280 | 04/22 | CIT | 121,678 | — | |||||||||||||||||||||||
| USD | 3,213,103 | EUR | 2,857,000 | 04/22 | SCB | 52,174 | — | |||||||||||||||||||||||
| USD | 3,510,344 | EUR | 3,159,000 | 05/22 | SCB | 12,150 | — | |||||||||||||||||||||||
| USD | 278,230 | GBP | 211,117 | 04/22 | GSC | 930 | — | |||||||||||||||||||||||
| USD | 92,979 | GBP | 71,000 | 05/22 | HSB | — | (266 | ) | ||||||||||||||||||||||
| USD | 158,008 | GBP | 116,000 | 05/22 | HSB | 5,663 | — | |||||||||||||||||||||||
| USD | 9,016,851 | GBP | 6,686,000 | 05/22 | SCB | 236,005 | — | |||||||||||||||||||||||
| USD | 51,543 | IDR | 740,052,915 | 04/22 | CIT | 3 | — | |||||||||||||||||||||||
| USD | 501,539 | ILS | 1,600,160 | 09/22 | JPM | — | (3,036 | ) | ||||||||||||||||||||||
| USD | 752,233 | ILS | 2,399,860 | 10/22 | DUB | — | (5,609 | ) | ||||||||||||||||||||||
| USD | 315,428 | ILS | 1,000,000 | 10/22 | HSB | — | (358 | ) | ||||||||||||||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-71
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Currency Purchased |
Currency Sold |
Settlement Month |
Counterparty | Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||||||||||||
| USD | 54,112 | INR | 4,129,560 | 04/22 | CIT | $— | ($149 | ) | ||||||||||||||||||||||||
| USD | 49,000 | JPY | 5,961,004 | 04/22 | BNP | 31 | — | |||||||||||||||||||||||||
| USD | 159,826 | JPY | 19,030,387 | 04/22 | GSC | 3,448 | — | |||||||||||||||||||||||||
| USD | 285,753 | JPY | 34,700,000 | 05/22 | DUB | 402 | — | |||||||||||||||||||||||||
| USD | 606,013 | JPY | 74,400,000 | 05/22 | HSB | — | (5,806 | ) | ||||||||||||||||||||||||
| USD | 301,721 | JPY | 36,400,000 | 05/22 | HSB | 2,391 | — | |||||||||||||||||||||||||
| USD | 284,725 | JPY | 34,600,000 | 05/22 | UBS | 197 | — | |||||||||||||||||||||||||
| USD | 3,037,922 | MXN | 63,318,015 | 04/22 | CIT | — | (134,880 | ) | ||||||||||||||||||||||||
| USD | 424,706 | MXN | 8,813,933 | 04/22 | JPM | — | (16,951 | ) | ||||||||||||||||||||||||
| USD | 544,841 | MXN | 11,470,000 | 05/22 | JPM | — | (28,366 | ) | ||||||||||||||||||||||||
| USD | 322,583 | NOK | 2,825,000 | 05/22 | UBS | 1,843 | — | |||||||||||||||||||||||||
| USD | 2,037,742 | PEN | 7,750,958 | 08/22 | JPM | — | (43,740 | ) | ||||||||||||||||||||||||
| USD | 85,178 | PEN | 353,082 | 11/22 | SCB | — | (8,620 | ) | ||||||||||||||||||||||||
| USD | 31,320 | RUB | 2,943,499 | 04/22 | BNP | — | (3,702 | ) | ||||||||||||||||||||||||
| USD | 105,456 | RUB | 9,748,290 | 04/22 | CIT | — | (10,530 | ) | ||||||||||||||||||||||||
| USD | 1,793,180 | RUB | 183,244,962 | 04/22 | GSC | — | (387,069 | ) | ||||||||||||||||||||||||
| USD | 95,750 | RUB | 9,877,997 | 04/22 | JPM | — | (21,779 | ) | ||||||||||||||||||||||||
| ZAR | 4,736,125 | USD | 297,551 | 04/22 | MSC | 25,776 | — | |||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||
| Total Forward Foreign Currency Contracts |
$1,035,084 | ($1,262,836 | ) | |||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||
| (f) | Purchased options outstanding as of March 31, 2022 were as follows: |
Options on Futures
| Description | Exercise Price |
Expiration Date |
Exchange | Number of Contracts |
Notional Amount |
Cost | Value | |||||||||||||||||||||
| Call - U.S. Treasury 5-Year Notes (05/22) |
$114.50 | 04/22/22 | CME | 53 | $6,068,500 | $27,373 | $36,438 | |||||||||||||||||||||
| Call - U.S. Treasury 5-Year Notes (05/22) |
115.00 | 04/22/22 | CME | 23 | 2,645,000 | 14,165 | 9,883 | |||||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (05/22) |
123.25 | 04/22/22 | CME | 32 | 3,944,000 | 23,555 | 21,500 | |||||||||||||||||||||
| Call - JPY-FX (05/22) |
83.00 | 05/06/22 | CME | 1 | 103,750 | 990 | 862 | |||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||
| $66,083 | $68,683 | |||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||
| Total Purchased Options |
|
$66,083 | $68,683 | |||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||
| (g) | Premiums received and value of written options outstanding as of March 31, 2022 were as follows: |
Options on Futures
| Description | Exercise Price |
Expiration Date |
Exchange | Number of Contracts |
Notional Amount |
Premium | Value | |||||||||||||||||||
| Call - U.S. Treasury 5-Year Notes (04/22) |
$114.50 | 04/01/22 | CME | 24 | $2,748,000 | $4,896 | ($7,125 | ) | ||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (04/22) |
121.75 | 04/01/22 | CME | 3 | 365,250 | 1,276 | (3,469 | ) | ||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (04/22) |
122.00 | 04/01/22 | CME | 6 | 732,000 | 3,037 | (5,625 | ) | ||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (04/22) |
122.75 | 04/01/22 | CME | 6 | 736,500 | 1,443 | (2,063 | ) | ||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (04/22) |
123.50 | 04/01/22 | CME | 2 | 247,000 | 606 | (125 | ) | ||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (04/22) |
124.25 | 04/01/22 | CME | 1 | 124,250 | 233 | (16 | ) | ||||||||||||||||||
| Call - U.S. Treasury 30-Year Bonds (04/22) |
152.00 | 04/01/22 | CME | 1 | 152,000 | 326 | (78 | ) | ||||||||||||||||||
| Call - U.S. Treasury 5-Year Notes (05/22) |
114.75 | 04/22/22 | CME | 14 | 1,606,500 | 7,655 | (7,656 | ) | ||||||||||||||||||
| Call - U.S. Treasury 5-Year Notes (05/22) |
115.75 | 04/22/22 | CME | 85 | 9,838,750 | 29,361 | (15,938 | ) | ||||||||||||||||||
| Call - U.S. Treasury 5-Year Notes (05/22) |
116.50 | 04/22/22 | CME | 71 | 8,271,500 | 28,971 | (6,102 | ) | ||||||||||||||||||
| Call - U.S. Treasury 5-Year Notes (05/22) |
117.00 | 04/22/22 | CME | 4 | 468,000 | 915 | (219 | ) | ||||||||||||||||||
| Call - U.S. Treasury 5-Year Notes (05/22) |
117.50 | 04/22/22 | CME | 5 | 587,500 | 1,476 | (195 | ) | ||||||||||||||||||
| Call - U.S. Treasury 5-Year Notes (05/22) |
118.25 | 04/22/22 | CME | 69 | 8,159,250 | 23,396 | (1,617 | ) | ||||||||||||||||||
| Call - U.S. Treasury 5-Year Notes (05/22) |
118.50 | 04/22/22 | CME | 18 | 2,133,000 | 7,024 | (422 | ) | ||||||||||||||||||
| Call - U.S. Treasury 5-Year Notes (05/22) |
119.00 | 04/22/22 | CME | 5 | 595,000 | 2,413 | (78 | ) | ||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (05/22) |
122.25 | 04/22/22 | CME | 2 | 244,500 | 1,700 | (2,438 | ) | ||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (05/22) |
122.50 | 04/22/22 | CME | 68 | 8,330,000 | 33,882 | (72,250 | ) | ||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (05/22) |
123.00 | 04/22/22 | CME | 89 | 10,947,000 | 49,690 | (70,922 | ) | ||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (05/22) |
123.50 | 04/22/22 | CME | 1 | 123,500 | 545 | (563 | ) | ||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (05/22) |
124.00 | 04/22/22 | CME | 58 | 7,192,000 | 30,243 | (22,656 | ) | ||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (05/22) |
124.50 | 04/22/22 | CME | 28 | 3,486,000 | 11,342 | (7,437 | ) | ||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (05/22) |
125.00 | 04/22/22 | CME | 1 | 125,000 | 155 | (188 | ) | ||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (05/22) |
125.50 | 04/22/22 | CME | 1 | 125,500 | 436 | (125 | ) | ||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (05/22) |
126.00 | 04/22/22 | CME | 4 | 504,000 | 1,571 | (375 | ) | ||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (05/22) |
127.00 | 04/22/22 | CME | 36 | 4,572,000 | 24,938 | (2,250 | ) | ||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (05/22) |
127.50 | 04/22/22 | CME | 2 | 255,000 | 747 | (95 | ) | ||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (05/22) |
128.00 | 04/22/22 | CME | 11 | 1,408,000 | 7,403 | (516 | ) | ||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (05/22) |
128.50 | 04/22/22 | CME | 3 | 385,500 | 2,760 | (94 | ) | ||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (05/22) |
129.00 | 04/22/22 | CME | 12 | 1,548,000 | 9,604 | (375 | ) | ||||||||||||||||||
| Call - U.S. Treasury 30-Year Bonds (05/22) |
152.00 | 04/22/22 | CME | 2 | 304,000 | 1,559 | (2,000 | ) | ||||||||||||||||||
| Call - U.S. Treasury 30-Year Bonds (05/22) |
153.00 | 04/22/22 | CME | 4 | 612,000 | 3,368 | (2,875 | ) | ||||||||||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-72
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Description | Exercise Price |
Expiration Date |
Exchange | Number of Contracts |
Notional Amount |
Premium | Value | |||||||||||||||||||||
| Call - U.S. Treasury 30-Year Bonds (05/22) |
$154.00 | 04/22/22 | CME | 5 | $770,000 | $5,538 | ($2,578 | ) | ||||||||||||||||||||
| Call - U.S. Treasury 30-Year Bonds (05/22) |
156.00 | 04/22/22 | CME | 1 | 156,000 | 842 | (281 | ) | ||||||||||||||||||||
| Call - Euro-Bund (05/22) |
EUR 161.50 | 04/22/22 | EUX | 1 | EUR 161,500 | 813 | (482 | ) | ||||||||||||||||||||
| Call - Euro-Bund (05/22) |
162.00 | 04/22/22 | EUX | 3 | 486,000 | 4,272 | (1,168 | ) | ||||||||||||||||||||
| Call - U.S. Treasury 5-Year Notes (06/22) |
$114.75 | 05/20/22 | CME | 35 | $4,016,250 | 20,721 | (28,984 | ) | ||||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (06/22) |
124.00 | 05/20/22 | CME | 100 | 12,400,000 | 62,311 | (78,125 | ) | ||||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (06/22) |
124.50 | 05/20/22 | CME | 27 | 3,361,500 | 14,516 | (16,453 | ) | ||||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (06/22) |
126.00 | 05/20/22 | CME | 9 | 1,134,000 | 5,969 | (2,672 | ) | ||||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (06/22) |
127.00 | 05/20/22 | CME | 30 | 3,810,000 | 25,448 | (5,625 | ) | ||||||||||||||||||||
| Call - U.S. Treasury 10-Year Notes (06/22) |
130.00 | 05/20/22 | CME | 30 | 3,900,000 | 16,120 | (2,344 | ) | ||||||||||||||||||||
| Call - U.S. Treasury 30-Year Bonds (06/22) |
155.00 | 05/20/22 | CME | 2 | 310,000 | 1,731 | (1,969 | ) | ||||||||||||||||||||
| Call - U.S. Treasury 30-Year Bonds (06/22) |
156.00 | 05/20/22 | CME | 1 | 156,000 | 936 | (797 | ) | ||||||||||||||||||||
| Call - Eurodollar (12/22) |
99.00 | 12/19/22 | CME | 2 | 495,000 | 646 | (188 | ) | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||
| 452,834 | (377,553 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||
| Put - U.S. Treasury 10-Year Notes (04/22) |
122.50 | 04/01/22 | CME | 5 | 612,500 | 773 | (703 | ) | ||||||||||||||||||||
| Put - U.S. Treasury 10-Year Notes (04/22) |
122.75 | 04/01/22 | CME | 6 | 736,500 | 1,162 | (1,313 | ) | ||||||||||||||||||||
| Put - U.S. Treasury 5-Year Notes (05/22) |
114.00 | 04/22/22 | CME | 52 | 5,928,000 | 16,879 | (16,656 | ) | ||||||||||||||||||||
| Put - U.S. Treasury 10-Year Notes (05/22) |
122.25 | 04/22/22 | CME | 4 | 489,000 | 2,524 | (2,375 | ) | ||||||||||||||||||||
| Put - U.S. Treasury 10-Year Notes (05/22) |
126.50 | 04/22/22 | CME | 2 | 253,000 | 2,059 | (7,406 | ) | ||||||||||||||||||||
| Put - U.S. Treasury 10-Year Notes (05/22) |
127.00 | 04/22/22 | CME | 3 | 381,000 | 1,964 | (12,563 | ) | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||
| 25,361 | (41,016 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||
| Total Options on Futures |
$478,195 | ($418,569 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||
Options on Securities
| Description | Exercise Price |
Expiration Date |
Counter- party |
Notional Amount |
Premium | Value | ||||||||||||||||||
| Call - Fannie Mae 2.500% due 05/12/52 |
$99.77 | 05/05/22 | JPM | $300,000 | $1,242 | ($61 | ) | |||||||||||||||||
| Call - Fannie Mae 3.000% due 06/13/52 |
98.41 | 06/06/22 | JPM | 200,000 | 1,063 | (1,384 | ) | |||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| 2,305 | (1,445 | ) | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Put - Fannie Mae 3.000% due 06/13/52 |
96.41 | 06/06/22 | JPM | 200,000 | 1,242 | (1,563 | ) | |||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total Options on Securities |
$3,547 | ($3,008 | ) | |||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total Written Options |
$481,742 | ($421,577 | ) | |||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| (h) | Swap agreements outstanding as of March 31, 2022 were as follows: |
Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection (1)
| Referenced Obligation | Payment Frequency |
Fixed Deal Receive Rate |
Expiration Date |
Counterparty | Implied Credit Spread at 03/31/22 (2) |
Notional Amount (3) |
Value | Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||||||||||||||||||||||
| Republic of Colombia |
Q | 1.000% | 06/20/27 | MSC | 1.919% | $500,000 | ($21,706 | ) | ($28,267 | ) | $6,561 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| Exchange | ||||||||||||||||||||||||||||||||||||
| Rolls-Royce PLC |
Q | 1.000% | 12/20/24 | ICE | 1.378% | EUR 800,000 | (8,729 | ) | (4,034 | ) | (4,695 | ) | ||||||||||||||||||||||||
| Apache Corp |
Q | 1.000% | 06/20/26 | ICE | 1.148% | $220,000 | (1,221 | ) | (11,403 | ) | 10,182 | |||||||||||||||||||||||||
| General Electric Co |
Q | 1.000% | 06/20/26 | ICE | 0.703% | 400,000 | 4,878 | 2,736 | 2,142 | |||||||||||||||||||||||||||
| Apache Corp |
Q | 1.000% | 12/20/26 | ICE | 1.268% | 524,000 | (5,992 | ) | (15,568 | ) | 9,576 | |||||||||||||||||||||||||
| Boeing Co |
Q | 1.000% | 12/20/26 | ICE | 1.428% | 300,000 | (5,466 | ) | (1,695 | ) | (3,771 | ) | ||||||||||||||||||||||||
| Stellantis N.V. |
Q | 5.000% | 12/20/26 | ICE | 1.365% | EUR 300,000 | 55,595 | 68,879 | (13,284 | ) | ||||||||||||||||||||||||||
| British Telecommunications PLC |
Q | 1.000% | 06/20/28 | ICE | 1.255% | 300,000 | (4,933 | ) | (1,477 | ) | (3,456 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| 34,132 | 37,438 | (3,306 | ) | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| Total Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection |
|
$12,426 | $9,171 | $3,255 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-73
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
Credit Default Swaps on Credit Indices - Sell Protection (1)
| Referenced Obligation | Payment Frequency |
Fixed Deal Receive Rate |
Expiration Date |
Exchange | Notional Amount (3) |
Value (4) | Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||
| CDX iTraxx Main 36 5Y |
Q | 5.000% | 12/20/26 | ICE | EUR 2,100,000 | $188,180 | $298,792 | ($110,612 | ) | |||||||||||||||||||||||
| CDX IG 38 5Y |
Q | 1.000% | 06/20/27 | ICE | $41,026,000 | 671,186 | 568,119 | 103,067 | ||||||||||||||||||||||||
| CDX HY 38 5Y |
Q | 5.000% | 06/20/27 | ICE | 4,110,000 | 232,879 | 210,885 | 21,994 | ||||||||||||||||||||||||
| CDX iTraxx Main 37 5Y |
Q | 5.000% | 06/20/27 | ICE | EUR 600,000 | 49,410 | 43,774 | 5,636 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $1,141,655 | $1,121,570 | $20,085 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total Credit Default Swaps |
|
$1,154,081 | $1,130,741 | $23,340 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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 year 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. |
| (3) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
| (4) | The quoted market prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the expected amount paid or received for the credit derivative had the notional amount of the swap agreement been closed/sold as of year 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 Receive Rate/ Pay Rate |
Exchange | Expiration Date |
Notional Amount |
Value | Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||
| 0.000% | 1-Day JPY-TONAR | S / S | LCH | 04/07/22 | JPY 4,000,000 | $7 | $— | $7 | ||||||||||||||||||||||||
| 0.000% | 1-Day JPY-TONAR | S / S | LCH | 04/22/22 | 10,000,000 | 17 | — | 17 | ||||||||||||||||||||||||
| 0.000% | 1-Day JPY-TONAR | S / S | LCH | 05/12/22 | 13,260,000 | 22 | — | 22 | ||||||||||||||||||||||||
| 0.190% | 3-Month USD-LIBOR | S / Q | CME | 06/15/22 | $5,492,000 | (4,900 | ) | (25 | ) | (4,875 | ) | |||||||||||||||||||||
| 2.800% | 3-Month USD-LIBOR | S / Q | CME | 08/22/23 | 500,000 | 5,356 | — | 5,356 | ||||||||||||||||||||||||
| 1.320% | 1-Day USD-SOFR | A / A | LCH | 12/21/23 | 3,900,000 | (54,050 | ) | (21,636 | ) | (32,414 | ) | |||||||||||||||||||||
| 0.000% | 1-Day JPY-TONAR | A / A | LCH | 03/17/24 | JPY 1,300,000,000 | (5,684 | ) | 19,440 | (25,124 | ) | ||||||||||||||||||||||
| 0.820% | 3-Month USD-LIBOR | S / Q | CME | 06/04/24 | $27,829,000 | (606,921 | ) | — | (606,921 | ) | ||||||||||||||||||||||
| (0.068%) | 1-Day JPY-TONAR | S / S | LCH | 09/18/26 | JPY 120,000,000 | (6,895 | ) | — | (6,895 | ) | ||||||||||||||||||||||
| (0.097%) | 1-Day JPY-TONAR | S / S | LCH | 09/24/26 | 82,000,000 | (5,617 | ) | 106 | (5,723 | ) | ||||||||||||||||||||||
| 3.370% | U.S. CPI Urban Consumers | Z / Z | LCH | 11/18/26 | $3,880,000 | (105,023 | ) | 41,155 | (146,178 | ) | ||||||||||||||||||||||
| 1.550% | 1-Day USD-SOFR | A / A | CME | 03/04/27 | 2,938,000 | (86,524 | ) | (4,562 | ) | (81,962 | ) | |||||||||||||||||||||
| 0.300% | 1-Day JPY-TONAR | S / S | LCH | 03/20/28 | JPY 166,000,000 | 13,703 | 24,874 | (11,171 | ) | |||||||||||||||||||||||
| 7.450% | 28-Day MXN-TIIE | L / L | CME | 07/18/29 | MXN 63,630,000 | (126,646 | ) | 26,769 | (153,415 | ) | ||||||||||||||||||||||
| 2.770% | U.S. CPI Urban Consumers | Z / Z | LCH | 10/20/31 | $2,820,000 | (160,592 | ) | 2,442 | (163,034 | ) | ||||||||||||||||||||||
| 0.750% | 6-Month EUR-LIBOR | A / S | LCH | 06/15/32 | EUR 3,800,000 | (193,551 | ) | (135,837 | ) | (57,714 | ) | |||||||||||||||||||||
| 0.750% | 1-Day GBP-SONIA | A / A | LCH | 03/16/52 | GBP 500,000 | (108,404 | ) | (110,908 | ) | 2,504 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| ($1,445,702 | ) | ($158,182 | ) | ($1,287,520 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Interest Rate Swaps – Short
| Pay | Receive | Payment Frequency Pay Rate/ Receive Rate |
Exchange | Expiration Date |
Notional Amount |
Value | Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
| 0.000% | 6-Month JPY-LIBOR | S / S | LCH | 04/07/22 | JPY 4,000,000 | ($7 | ) | $— | ($7 | ) | ||||||||||||||||||
| 0.000% | 6-Month JPY-LIBOR | S / S | LCH | 04/22/22 | 10,000,000 | (27 | ) | — | (27 | ) | ||||||||||||||||||
| 0.000% | 6-Month JPY-LIBOR | S / S | LCH | 05/12/22 | 13,260,000 | (30 | ) | — | (30 | ) | ||||||||||||||||||
| 3.970% | U.S. CPI Urban Consumers | Z / Z | LCH | 11/18/23 | $3,880,000 | 106,228 | (14,294 | ) | 120,522 | |||||||||||||||||||
| 2.950% | U.S. CPI Urban Consumers | Z / Z | LCH | 10/20/26 | 2,820,000 | 138,684 | (1,481 | ) | 140,165 | |||||||||||||||||||
| 1.520% | 1-Day USD-SOFR | A / A | CME | 11/20/26 | 4,410,000 | 95,333 | (7,556 | ) | 102,889 | |||||||||||||||||||
| 0.710% | 1-Day USD-SOFR | A / A | CME | 05/15/27 | 5,461,000 | 371,797 | 12,349 | 359,448 | ||||||||||||||||||||
| 1.350% | 3-Month USD-LIBOR | S /Q | CME | 02/15/28 | 4,307,000 | 250,300 | (23,353 | ) | 273,653 | |||||||||||||||||||
| 1.130% | 1-Day USD-SOFR | A / A | CME | 08/15/28 | 6,054,000 | 349,623 | 33,535 | 316,088 | ||||||||||||||||||||
| 1.220% | 1-Day USD-SOFR | A / A | CME | 08/15/28 | 3,309,000 | 172,652 | (1,418 | ) | 174,070 | |||||||||||||||||||
| 1.200% | 1-Day USD-SOFR | A / A | CME | 11/01/28 | 1,908,000 | 101,116 | (111 | ) | 101,227 | |||||||||||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-74
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Pay | Receive | Payment Frequency Pay Rate/ Receive Rate |
Exchange | Expiration Date |
Notional Amount |
Value | Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||
| 0.450% | 1-Day JPY-TONAR | S / S | LCH | 03/20/29 | JPY 260,000,000 | ($42,744 | ) | ($91,663 | ) | $48,919 | ||||||||||||||||||||||
| 1.733% | 1-Day USD-SOFR | A / A | CME | 10/20/31 | $2,820,000 | 27,836 | 11,118 | 16,718 | ||||||||||||||||||||||||
| 0.050% | 1-Day JPY-TONAR | A / A | LCH | 12/15/31 | JPY 3,000,000 | 476 | 471 | 5 | ||||||||||||||||||||||||
| 0.202% | 1-Day JPY-TONAR | A / A | LCH | 02/08/32 | 30,000,000 | 1,273 | — | 1,273 | ||||||||||||||||||||||||
| 0.225% | 1-Day JPY-TONAR | A / A | LCH | 02/09/32 | 16,000,000 | 378 | — | 378 | ||||||||||||||||||||||||
| 0.253% | 1-Day JPY-TONAR | A / A | LCH | 02/10/32 | 11,000,000 | 9 | — | 9 | ||||||||||||||||||||||||
| 2.000% | 1-Day USD-SOFR | A / A | CME | 03/18/32 | $1,461,000 | 11,535 | 11,842 | (307 | ) | |||||||||||||||||||||||
| 0.800% | 1-Day JPY-TONAR | S / S | LCH | 10/22/38 | JPY 10,000,000 | (4,769 | ) | — | (4,769 | ) | ||||||||||||||||||||||
| 0.785% | 1-Day JPY-TONAR | S / S | LCH | 11/12/38 | 13,260,000 | (5,988 | ) | 46 | (6,034 | ) | ||||||||||||||||||||||
| 0.560% | 1-Day USD-SOFR | A /A | CME | 07/20/45 | $1,380,000 | 374,645 | 12,421 | 362,224 | ||||||||||||||||||||||||
| 0.740% | 1-Day USD-SOFR | A /A | CME | 08/19/45 | 640,000 | 152,314 | — | 152,314 | ||||||||||||||||||||||||
| 0.641% | 1-Day JPY-TONAR | S /S | CME | 05/09/46 | JPY 187,300,000 | 18,549 | 250 | 18,299 | ||||||||||||||||||||||||
| 1.520% | 1-Day USD-SOFR | A /A | CME | 02/15/47 | $3,080,000 | 298,604 | (3,068 | ) | 301,672 | |||||||||||||||||||||||
| 1.729% | 1-Day USD-SOFR | A /A | CME | 02/15/47 | 240,000 | 13,444 | — | 13,444 | ||||||||||||||||||||||||
| 1.650% | 1-Day USD-SOFR | A /A | CME | 08/15/47 | 3,908,000 | 295,026 | 435,154 | (140,128 | ) | |||||||||||||||||||||||
| 0.538% | 1-Day JPY-TONAR | S /S | LCH | 03/15/51 | JPY 41,000,000 | 14,635 | (231 | ) | 14,866 | |||||||||||||||||||||||
| 0.350% | 1-Day JPY-TONAR | S /S | LCH | 03/17/51 | 10,000,000 | 7,723 | 5,297 | 2,426 | ||||||||||||||||||||||||
| 0.557% | 1-Day JPY-TONAR | S /S | LCH | 03/17/51 | 87,700,000 | 27,608 | — | 27,608 | ||||||||||||||||||||||||
| 0.565% | 1-Day JPY-TONAR | S / S | LCH | 03/19/51 | 48,000,000 | 14,274 | — | 14,274 | ||||||||||||||||||||||||
| 0.570% | 1-Day JPY-TONAR | S / S | LCH | 03/19/51 | 10,000,000 | 2,856 | — | 2,856 | ||||||||||||||||||||||||
| 0.572% | 1-Day JPY-TONAR | S / S | LCH | 04/07/51 | 4,000,000 | 1,043 | — | 1,043 | ||||||||||||||||||||||||
| 1.671% | 3-Month USD-LIBOR | S /Q | CME | 07/09/51 | $1,080,000 | 133,018 | (4,813 | ) | 137,831 | |||||||||||||||||||||||
| 0.800% | 1-Day JPY-TONAR | A / A | LCH | 06/15/52 | JPY 10,000,000 | (1,818 | ) | (130 | ) | (1,688 | ) | |||||||||||||||||||||
| 0.750% | 1-Day GBP-SONIA | A / A | LCH | 09/21/52 | GBP 2,000,000 | 432,785 | 409,194 | 23,591 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $3,358,381 | $783,559 | $2,574,822 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total Interest Rate Swaps |
$1,912,679 | $625,377 | $1,287,302 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total Swap Agreements |
$3,066,760 | $1,756,118 | $1,310,642 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps
| Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||
| OTC Swap Agreements |
|
|||||||
| Assets |
$— | $6,561 | ||||||
| Liabilities |
(28,267 | ) | — | |||||
| Centrally Cleared Swap Agreements (1) |
||||||||
| Assets |
2,239,648 | 2,888,315 | ||||||
| Liabilities |
(455,263 | ) | (1,584,234 | ) | ||||
|
|
|
|
|
|||||
| $1,756,118 | $1,310,642 | |||||||
|
|
|
|
|
|||||
| (1) | Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only 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 B-114 |
B-75
Table of Contents
PACIFIC FUNDS
PF MANAGED BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| (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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Common Stocks |
$94,592 | $94,592 | $— | $— | |||||||||||||
| Corporate Bonds & Notes |
145,483,422 | — | 145,483,422 | — | ||||||||||||||
| Senior Loan Notes |
15,033,389 | — | 14,944,177 | 89,212 | ||||||||||||||
| Mortgage-Backed Securities |
143,894,393 | — | 143,894,393 | — | ||||||||||||||
| Asset-Backed Securities |
36,111,824 | — | 35,779,949 | 331,875 | ||||||||||||||
| U.S. Treasury Obligations |
77,730,422 | — | 77,730,422 | — | ||||||||||||||
| Foreign Government Bonds & Notes |
20,555,602 | — | 20,555,602 | — | ||||||||||||||
| Municipal Bonds |
1,024,278 | — | 1,024,278 | — | ||||||||||||||
| Short-Term Investments |
10,514,551 | 4,703,048 | 5,811,503 | — | ||||||||||||||
| Derivatives: |
||||||||||||||||||
| Credit Contracts |
||||||||||||||||||
| Swaps |
159,158 | — | 159,158 | — | ||||||||||||||
| Foreign Currency Contracts |
||||||||||||||||||
| Futures |
412,787 | 412,787 | — | — | ||||||||||||||
| Forward Foreign Currency Contracts |
1,035,084 | — | 1,035,084 | — | ||||||||||||||
| Purchased Options |
862 | — | 862 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Foreign Currency Contracts |
1,448,733 | 412,787 | 1,035,946 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Interest Rate Contracts |
||||||||||||||||||
| Futures |
2,689,431 | 2,689,431 | — | — | ||||||||||||||
| Purchased Options |
67,821 | — | 67,821 | — | ||||||||||||||
| Swaps |
2,735,718 | — | 2,735,718 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Interest Rate Contracts |
5,492,970 | 2,689,431 | 2,803,539 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Assets - Derivatives |
7,100,861 | 3,102,218 | 3,998,643 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Assets |
457,543,334 | 7,899,858 | 449,222,389 | 421,087 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Liabilities |
Due to Custodian |
(4,057,359 | ) | — | (4,057,359 | ) | — | |||||||||||
| Securities Sold Short |
||||||||||||||||||
| Mortgaged-Backed Securities |
(1,858,734 | ) | — | (1,858,734 | ) | — | ||||||||||||
| Derivatives: |
||||||||||||||||||
| Credit Contracts |
||||||||||||||||||
| Swaps |
(135,818 | ) | — | (135,818 | ) | — | ||||||||||||
| Foreign Currency Contracts |
||||||||||||||||||
| Futures |
(128,610 | ) | (128,610 | ) | — | — | ||||||||||||
| Forward Foreign Currency Contracts |
(1,262,836 | ) | — | (1,262,836 | ) | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Foreign Currency Contracts |
(1,391,446 | ) | (128,610 | ) | (1,262,836 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Interest Rate Contracts |
||||||||||||||||||
| Futures |
(6,320,234 | ) | (6,320,234 | ) | — | — | ||||||||||||
| Written Options |
(421,577 | ) | — | (421,577 | ) | — | ||||||||||||
| Swaps |
(1,448,416 | ) | — | (1,448,416 | ) | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Interest Rate Contracts |
(8,190,227 | ) | (6,320,234 | ) | (1,869,993 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Liabilities - Derivatives |
(9,717,491 | ) | (6,448,844 | ) | (3,268,647 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Liabilities |
(15,633,584 | ) | (6,448,844 | ) | (9,184,740 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$441,909,750 | $1,451,014 | $440,037,649 | $421,087 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-76
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments
March 31, 2022
| Principal Amount |
Value |
|||||||
| CORPORATE BONDS & NOTES - 49.5% |
|
|||||||
| Basic Materials - 1.3% |
|
|||||||
| ArcelorMittal SA (Luxembourg) |
$55,000 | $55,111 | ||||||
| Celulosa Arauco y Constitucion SA (Chile) |
200,000 | 205,755 | ||||||
| Ecolab Inc |
50,000 | 47,029 | ||||||
| LYB International Finance III LLC |
138,000 | 127,898 | ||||||
| Nucor Corp |
65,000 | 62,991 | ||||||
| POSCO Holdings Inc (South Korea) |
450,000 | 449,594 | ||||||
| Westlake Corp |
25,000 | 23,995 | ||||||
|
|
|
|||||||
| 972,373 | ||||||||
|
|
|
|||||||
| Communications - 3.7% |
| |||||||
| Charter Communications Operating LLC |
||||||||
| 4.464% due 07/23/22 |
790,000 | 792,953 | ||||||
| 4.908% due 07/23/25 |
350,000 | 363,292 | ||||||
| Expedia Group Inc |
260,000 | 262,311 | ||||||
| NBN Co Ltd (Australia) |
250,000 | 231,627 | ||||||
| Rogers Communications Inc (Canada) |
155,000 | 152,834 | ||||||
| SES SA (Luxembourg) |
98,000 | 98,574 | ||||||
| The Walt Disney Co |
90,000 | 86,321 | ||||||
| T-Mobile USA Inc |
145,000 | 136,793 | ||||||
| Verizon Communications Inc |
||||||||
| 0.850% due 11/20/25 |
235,000 | 217,712 | ||||||
| 1.450% due 03/20/26 |
165,000 | 155,339 | ||||||
| 2.625% due 08/15/26 |
195,000 | 190,918 | ||||||
|
|
|
|||||||
| 2,688,674 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 6.8% |
| |||||||
| American Airlines Pass-Through Trust ‘B’ |
122,764 | 115,525 | ||||||
| Brunswick Corp |
160,000 | 151,386 | ||||||
| Daimler Trucks Finance North America LLC (Germany) |
150,000 | 143,353 | ||||||
| General Motors Co |
||||||||
| 4.875% due 10/02/23 |
165,000 | 170,062 | ||||||
| 5.400% due 10/02/23 |
210,000 | 217,374 | ||||||
| General Motors Financial Co Inc |
210,000 | 205,321 | ||||||
| Genuine Parts Co |
50,000 | 47,793 | ||||||
| Hasbro Inc |
280,000 | 278,004 | ||||||
| Hyatt Hotels Corp |
75,000 | 73,126 | ||||||
| Hyundai Capital America |
||||||||
| 0.800% due 01/08/24 ~ |
120,000 | 114,622 | ||||||
| 0.875% due 06/14/24 ~ |
50,000 | 47,239 | ||||||
| 1.000% due 09/17/24 ~ |
60,000 | 56,484 | ||||||
| 2.375% due 02/10/23 ~ |
270,000 | 269,242 | ||||||
| 2.850% due 11/01/22 ~ |
121,000 | 121,399 | ||||||
| 3.000% due 06/20/22 ~ |
235,000 | 235,540 | ||||||
| Lowe’s Cos Inc |
30,000 | 30,209 | ||||||
| Principal Amount |
Value |
|||||||
| Magallanes Inc |
$350,000 | $349,947 | ||||||
| Marriott International Inc |
240,000 | 242,628 | ||||||
| Nissan Motor Acceptance Co LLC |
||||||||
| 2.600% due 09/28/22 ~ |
195,000 | 195,030 | ||||||
| 2.650% due 07/13/22 ~ |
30,000 | 30,056 | ||||||
| Nissan Motor Co Ltd (Japan) |
230,000 | 229,603 | ||||||
| Nordstrom Inc |
20,000 | 19,787 | ||||||
| QVC Inc |
470,000 | 473,097 | ||||||
| Ross Stores Inc |
460,000 | 478,653 | ||||||
| Stellantis Finance US Inc |
200,000 | 182,616 | ||||||
| United Airlines Pass-Through Trust ‘B’ |
75,203 | 68,092 | ||||||
| Volkswagen Group of America Finance LLC (Germany) |
||||||||
| 2.700% due 09/26/22 ~ |
200,000 | 200,864 | ||||||
| 2.900% due 05/13/22 ~ |
200,000 | 200,266 | ||||||
|
|
|
|||||||
| 4,947,318 | ||||||||
|
|
|
|||||||
| Consumer, Non-Cyclical - 6.0% |
| |||||||
| AbbVie Inc |
||||||||
| 2.600% due 11/21/24 |
535,000 | 531,793 | ||||||
| 2.950% due 11/21/26 |
260,000 | 257,949 | ||||||
| 3.200% due 05/14/26 |
25,000 | 25,099 | ||||||
| Anheuser-Busch Cos LLC (Belgium) |
60,000 | 61,391 | ||||||
| Astrazeneca Finance LLC (United Kingdom) |
190,000 | 176,421 | ||||||
| BAT International Finance PLC (United Kingdom) |
||||||||
| 1.668% due 03/25/26 |
210,000 | 192,962 | ||||||
| 4.448% due 03/16/28 |
180,000 | 180,769 | ||||||
| Baxalta Inc |
95,000 | 95,097 | ||||||
| Becton Dickinson and Co |
58,000 | 58,990 | ||||||
| Cardinal Health Inc |
||||||||
| 3.200% due 03/15/23 |
210,000 | 211,563 | ||||||
| 3.500% due 11/15/24 |
270,000 | 272,682 | ||||||
| CVS Health Corp |
||||||||
| 2.875% due 06/01/26 |
65,000 | 64,440 | ||||||
| 3.000% due 08/15/26 |
50,000 | 49,664 | ||||||
| HCA Inc |
130,000 | 127,227 | ||||||
| Health Care Service Corp |
190,000 | 180,986 | ||||||
| HPHT Finance 19 Ltd (Hong Kong) |
200,000 | 198,138 | ||||||
| Humana Inc |
||||||||
| 1.350% due 02/03/27 |
20,000 | 18,147 | ||||||
| 3.850% due 10/01/24 |
25,000 | 25,418 | ||||||
| 4.500% due 04/01/25 |
225,000 | 233,245 | ||||||
| Imperial Brands Finance PLC (United Kingdom) |
200,000 | 198,298 | ||||||
| JDE Peet’s NV (Netherlands) |
150,000 | 140,882 | ||||||
| Mondelez International Inc |
95,000 | 92,855 | ||||||
| PeaceHealth Obligated Group |
40,000 | 37,741 | ||||||
| Perrigo Finance Unlimited Co |
255,000 | 256,320 | ||||||
| Royalty Pharma PLC |
190,000 | 184,564 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-77
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| S&P Global Inc |
$250,000 | $243,557 | ||||||
| Shire Acquisitions Investments Ireland DAC |
55,000 | 55,177 | ||||||
| Triton Container International Ltd (Bermuda) |
200,000 | 194,123 | ||||||
|
|
|
|||||||
| 4,365,498 | ||||||||
|
|
|
|||||||
| Energy - 6.1% |
| |||||||
| Aker BP ASA (Norway) |
230,000 | 226,863 | ||||||
| Canadian Natural Resources Ltd (Canada) |
260,000 | 249,607 | ||||||
| Cheniere Corpus Christi Holdings LLC |
||||||||
| 5.875% due 03/31/25 |
185,000 | 195,379 | ||||||
| 7.000% due 06/30/24 |
290,000 | 308,712 | ||||||
| Devon Energy Corp |
70,000 | 74,187 | ||||||
| Enbridge Inc (Canada) |
||||||||
| 2.500% due 01/15/25 |
155,000 | 152,442 | ||||||
| 2.500% due 02/14/25 |
75,000 | 73,391 | ||||||
| Energy Transfer LP |
||||||||
| 2.900% due 05/15/25 |
60,000 | 58,752 | ||||||
| 4.250% due 03/15/23 |
300,000 | 303,382 | ||||||
| 4.250% due 04/01/24 |
15,000 | 15,301 | ||||||
| 5.875% due 01/15/24 |
285,000 | 297,024 | ||||||
| Eni SPA (Italy) |
270,000 | 273,782 | ||||||
| Gray Oak Pipeline LLC |
||||||||
| 2.000% due 09/15/23 ~ |
45,000 | 44,362 | ||||||
| 2.600% due 10/15/25 ~ |
90,000 | 86,465 | ||||||
| Sabine Pass Liquefaction LLC |
||||||||
| 5.625% due 04/15/23 |
315,000 | 322,424 | ||||||
| 5.625% due 03/01/25 |
65,000 | 68,767 | ||||||
| 5.750% due 05/15/24 |
100,000 | 104,711 | ||||||
| Saudi Arabian Oil Co (Saudi Arabia) |
200,000 | 195,705 | ||||||
| Schlumberger Finance Canada Ltd |
70,000 | 66,493 | ||||||
| Schlumberger Holdings Corp |
||||||||
| 3.750% due 05/01/24 ~ |
315,000 | 320,940 | ||||||
| 4.000% due 12/21/25 ~ |
75,000 | 76,285 | ||||||
| The Williams Cos Inc |
||||||||
| 3.350% due 08/15/22 |
120,000 | 120,207 | ||||||
| 3.700% due 01/15/23 |
375,000 | 377,500 | ||||||
| Western Midstream Operating LP |
425,000 | 425,000 | ||||||
|
|
|
|||||||
| 4,437,681 | ||||||||
|
|
|
|||||||
| Financial - 17.6% |
| |||||||
| AerCap Ireland Capital DAC (Ireland) |
||||||||
| 1.650% due 10/29/24 |
175,000 | 165,418 | ||||||
| 4.125% due 07/03/23 |
150,000 | 150,960 | ||||||
| 4.500% due 09/15/23 |
195,000 | 196,569 | ||||||
| 4.875% due 01/16/24 |
150,000 | 152,092 | ||||||
| AIB Group PLC (Ireland) |
200,000 | 203,563 | ||||||
| Air Lease Corp |
175,000 | 175,139 | ||||||
| American Express Co |
220,000 | 216,257 | ||||||
| American Tower Corp REIT |
85,000 | 82,804 | ||||||
| Athene Global Funding |
||||||||
| 1.716% due 01/07/25 ~ |
215,000 | 205,099 | ||||||
| 2.514% due 03/08/24 ~ |
265,000 | 261,021 | ||||||
| Avolon Holdings Funding Ltd (Ireland) |
||||||||
| 2.875% due 02/15/25 ~ |
125,000 | 120,139 | ||||||
| 3.950% due 07/01/24 ~ |
65,000 | 64,839 | ||||||
| Banco Bilbao Vizcaya Argentaria SA (Spain) |
400,000 | 388,829 | ||||||
| Principal Amount |
Value |
|||||||
| Bank of America Corp |
||||||||
| 0.976% due 04/22/25 |
$150,000 | $143,878 | ||||||
| 1.734% due 07/22/27 |
105,000 | 97,607 | ||||||
| Bank of Ireland Group PLC (Ireland) |
345,000 | 351,888 | ||||||
| Banque Federative du Credit Mutuel SA (France) |
295,000 | 282,496 | ||||||
| Barclays PLC (United Kingdom) |
200,000 | 192,133 | ||||||
| BDO Unibank Inc (Philippines) |
400,000 | 398,606 | ||||||
| BNP Paribas SA (France) |
200,000 | 188,419 | ||||||
| BPCE SA (France) |
400,000 | 413,940 | ||||||
| Brighthouse Financial Global Funding |
120,000 | 115,014 | ||||||
| Capital One Financial Corp |
||||||||
| 2.636% due 03/03/26 |
135,000 | 132,241 | ||||||
| 3.500% due 06/15/23 |
130,000 | 131,552 | ||||||
| Citigroup Inc |
125,000 | 119,253 | ||||||
| CNO Global Funding |
||||||||
| 1.650% due 01/06/25 ~ |
150,000 | 142,981 | ||||||
| 1.750% due 10/07/26 ~ |
150,000 | 138,518 | ||||||
| Corebridge Financial Inc |
85,000 | 84,933 | ||||||
| Credicorp Ltd (Peru) |
200,000 | 192,750 | ||||||
| Crown Castle International Corp REIT |
||||||||
| 1.050% due 07/15/26 |
150,000 | 135,727 | ||||||
| 2.900% due 03/15/27 |
105,000 | 101,680 | ||||||
| Danske Bank AS (Denmark) |
||||||||
| due 03/28/25 # ~ |
200,000 | 200,516 | ||||||
| 5.375% due 01/12/24 ~ |
280,000 | 288,817 | ||||||
| Equitable Financial Life Global Funding |
||||||||
| 1.100% due 11/12/24 ~ |
125,000 | 118,590 | ||||||
| 1.400% due 07/07/25 ~ |
255,000 | 239,666 | ||||||
| HSBC Holdings PLC (United Kingdom) |
||||||||
| 1.162% due 11/22/24 |
200,000 | 193,232 | ||||||
| 2.099% due 06/04/26 |
315,000 | 299,809 | ||||||
| Jackson Financial Inc |
140,000 | 135,867 | ||||||
| Jackson National Life Global Funding |
150,000 | 143,789 | ||||||
| JPMorgan Chase & Co |
140,000 | 133,609 | ||||||
| LeasePlan Corp NV (Netherlands) |
200,000 | 195,545 | ||||||
| Lloyds Banking Group PLC (United Kingdom) |
200,000 | 199,522 | ||||||
| LSEGA Financing PLC (United Kingdom) |
200,000 | 190,973 | ||||||
| Mitsubishi UFJ Financial Group Inc (Japan) |
220,000 | 208,711 | ||||||
| Mizuho Financial Group Cayman 2 Ltd (Japan) |
230,000 | 231,463 | ||||||
| Morgan Stanley |
||||||||
| 1.164% due 10/21/25 |
105,000 | 99,836 | ||||||
| 2.630% due 02/18/26 |
130,000 | 127,617 | ||||||
| NatWest Markets PLC (United Kingdom) |
485,000 | 482,636 | ||||||
| Park Aerospace Holdings Ltd (Ireland) |
||||||||
| 4.500% due 03/15/23 ~ |
185,000 | 186,405 | ||||||
| 5.250% due 08/15/22 ~ |
190,000 | 191,253 | ||||||
| Protective Life Global Funding |
150,000 | 149,855 | ||||||
| Public Storage REIT |
70,000 | 70,006 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-78
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| QNB Finance Ltd (Qatar) |
$280,000 | $281,458 | ||||||
| Santander Holdings USA Inc |
95,000 | 88,777 | ||||||
| SBA Tower Trust REIT |
||||||||
| 1.631% due 11/15/26 ~ |
70,000 | 65,826 | ||||||
| 1.884% due 01/15/26 ~ |
70,000 | 66,097 | ||||||
| 2.836% due 01/15/25 ~ |
230,000 | 226,387 | ||||||
| 3.448% due 03/15/23 ~ |
320,000 | 320,164 | ||||||
| Simon Property Group LP REIT |
65,000 | 63,838 | ||||||
| Standard Chartered PLC (United Kingdom) |
||||||||
| 1.822% due 11/23/25 ~ |
200,000 | 190,193 | ||||||
| 3.950% due 01/11/23 ~ |
390,000 | 392,123 | ||||||
| Synchrony Financial |
130,000 | 131,914 | ||||||
| The Charles Schwab Corp |
245,000 | 238,261 | ||||||
| The Goldman Sachs Group Inc |
135,000 | 136,089 | ||||||
| The Western Union Co |
240,000 | 237,461 | ||||||
| Truist Financial Corp |
100,000 | 99,431 | ||||||
| UniCredit SPA (Italy) |
240,000 | 240,057 | ||||||
| Wells Fargo & Co |
95,000 | 91,705 | ||||||
| Willis North America Inc |
90,000 | 90,582 | ||||||
|
|
|
|||||||
| 12,794,425 | ||||||||
|
|
|
|||||||
| Industrial - 1.6% |
|
|||||||
| Avnet Inc |
45,000 | 45,876 | ||||||
| Boral Finance Pty Ltd (Australia) |
35,000 | 35,020 | ||||||
| Canadian Pacific Railway Co (Canada) |
||||||||
| 1.350% due 12/02/24 |
170,000 | 163,157 | ||||||
| 1.750% due 12/02/26 |
75,000 | 70,766 | ||||||
| Carrier Global Corp |
60,000 | 58,471 | ||||||
| DAE Funding LLC (United Arab Emirates) |
200,000 | 189,067 | ||||||
| Penske Truck Leasing Co LP |
95,000 | 95,466 | ||||||
| SMBC Aviation Capital Finance DAC (Ireland) |
||||||||
| 3.550% due 04/15/24 ~ |
200,000 | 199,192 | ||||||
| 4.125% due 07/15/23 ~ |
265,000 | 265,879 | ||||||
|
|
|
|||||||
| 1,122,894 | ||||||||
|
|
|
|||||||
| Technology - 2.1% |
|
|||||||
| CDW LLC |
40,000 | 41,446 | ||||||
| Fortinet Inc |
95,000 | 86,570 | ||||||
| Marvell Technology Inc |
140,000 | 142,341 | ||||||
| Microchip Technology Inc |
||||||||
| 0.972% due 02/15/24 |
160,000 | 153,453 | ||||||
| 0.983% due 09/01/24 ~ |
135,000 | 127,930 | ||||||
| 2.670% due 09/01/23 |
205,000 | 204,422 | ||||||
| NXP BV (China) |
||||||||
| 2.700% due 05/01/25 ~ |
40,000 | 38,813 | ||||||
| 3.875% due 06/18/26 ~ |
55,000 | 55,250 | ||||||
| 4.625% due 06/01/23 ~ |
400,000 | 406,457 | ||||||
| 4.875% due 03/01/24 ~ |
95,000 | 97,658 | ||||||
| Qorvo Inc |
65,000 | 62,078 | ||||||
| Principal Amount |
Value |
|||||||
| Skyworks Solutions Inc |
$45,000 | $44,015 | ||||||
| Workday Inc |
50,000 | 50,021 | ||||||
|
|
|
|||||||
| 1,510,454 | ||||||||
|
|
|
|||||||
| Utilities - 4.3% |
|
|||||||
| Alexander Funding Trust |
120,000 | 116,381 | ||||||
| APT Pipelines Ltd (Australia) |
215,000 | 218,188 | ||||||
| Enel Finance International NV (Italy) |
200,000 | 183,869 | ||||||
| FirstEnergy Corp |
240,000 | 240,294 | ||||||
| Israel Electric Corp Ltd (Israel) |
300,000 | 311,772 | ||||||
| NextEra Energy Capital Holdings Inc |
160,000 | 150,317 | ||||||
| NRG Energy Inc |
130,000 | 129,598 | ||||||
| Pacific Gas and Electric Co |
||||||||
| 1.750% due 06/16/22 |
810,000 | 809,165 | ||||||
| 3.500% due 06/15/25 |
135,000 | 131,878 | ||||||
| Sempra Energy |
65,000 | 65,150 | ||||||
| Southern California Gas Co |
90,000 | 88,868 | ||||||
| The AES Corp |
155,000 | 152,402 | ||||||
| Vistra Operations Co LLC |
530,000 | 525,367 | ||||||
|
|
|
|||||||
| 3,123,249 | ||||||||
|
|
|
|||||||
| Total Corporate Bonds & Notes |
35,962,566 | |||||||
|
|
|
|||||||
| MORTGAGE-BACKED SECURITIES - 19.9% |
| |||||||
| Collateralized Mortgage Obligations - Commercial - 6.0% |
| |||||||
| Austin Fairmont Hotel Trust |
115,000 | 113,880 | ||||||
| BAMLL Commercial Mortgage Securities Trust |
130,000 | 127,852 | ||||||
| Bank 2019-BNK 19 |
70,361 | 68,663 | ||||||
| Bank 2019-BNK 24 |
78,817 | 77,503 | ||||||
| BCP Trust |
70,000 | 68,604 | ||||||
| BIG Commercial Mortgage Trust |
100,000 | 99,560 | ||||||
| BPR Trust |
105,000 | 102,812 | ||||||
| BX Commercial Mortgage Trust |
||||||||
| 1.317% (USD LIBOR + 0.920%) |
83,424 | 83,116 | ||||||
| 1.797% (USD LIBOR + 1.400%) |
100,000 | 97,622 | ||||||
| BX Trust |
75,000 | 73,565 | ||||||
| CGDB Commercial Mortgage Trust |
350,000 | 344,784 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-79
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| Commercial Mortgage Trust |
||||||||
| 3.221% due 10/10/48 |
$114,204 | $113,586 | ||||||
| 3.633% due 02/10/37 ~ § |
120,000 | 114,474 | ||||||
| 3.926% due 03/10/48 § |
65,000 | 64,684 | ||||||
| 4.701% due 03/10/47 |
195,000 | 196,999 | ||||||
| 4.705% due 08/10/47 ~ § |
100,000 | 94,192 | ||||||
| CSAIL Commercial Mortgage Trust |
82,061 | 81,352 | ||||||
| Extended Stay America Trust |
114,297 | 112,873 | ||||||
| Great Wolf Trust |
145,000 | 142,433 | ||||||
| GS Mortgage Securities Corp Trust |
100,000 | 98,935 | ||||||
| InTown Hotel Portfolio Trust |
100,000 | 99,565 | ||||||
| JP Morgan Chase Commercial Mortgage Securities Trust |
||||||||
| 1.747% (USD LIBOR + 1.350%) |
380,000 | 373,811 | ||||||
| 1.997% (USD LIBOR + 1.600%) |
120,000 | 117,765 | ||||||
| 2.167% (USD LIBOR + 1.770%) |
205,000 | 199,770 | ||||||
| 2.567% (USD LIBOR + 2.170%) |
165,000 | 158,811 | ||||||
| KIND Trust |
130,000 | 127,602 | ||||||
| KKR Industrial Portfolio Trust |
||||||||
| 1.397% (USD LIBOR + 1.000%) |
75,000 | 73,409 | ||||||
| 1.647% (USD LIBOR + 1.250%) |
75,000 | 73,240 | ||||||
| MHC Trust |
90,000 | 87,639 | ||||||
| Morgan Stanley Capital I Trust |
255,000 | 239,017 | ||||||
| New Orleans Hotel Trust |
385,000 | 377,720 | ||||||
| Shelter Growth CRE Issuer Ltd (Cayman) |
72,400 | 71,412 | ||||||
| SLIDE Fund Trust |
119,793 | 117,495 | ||||||
|
|
|
|||||||
| 4,394,745 | ||||||||
|
|
|
|||||||
| Collateralized Mortgage Obligations - Residential - 10.4% |
|
|||||||
| Angel Oak Mortgage Trust |
||||||||
| 1.068% due 05/25/66 ~ § |
67,668 | 64,171 | ||||||
| 1.115% due 01/25/66 ~ § |
29,212 | 28,335 | ||||||
| 1.579% due 05/25/65 ~ § |
49,261 | 48,454 | ||||||
| 1.691% due 04/25/65 ~ § |
20,982 | 20,738 | ||||||
| Barclays Mortgage Loan Trust |
166,832 | 161,054 | ||||||
| Bayview MSR Opportunity Master Fund Trust (Cayman) |
123,549 | 118,488 | ||||||
| BINOM Securitization Trust |
92,455 | 88,508 | ||||||
| Principal Amount |
Value |
|||||||
| COLT Mortgage Loan Trust |
||||||||
| 1.167% due 06/25/66 ~ § |
$81,761 | $75,394 | ||||||
| 1.419% due 09/27/66 ~ § |
88,297 | 82,140 | ||||||
| 1.506% due 04/27/65 ~ § |
21,053 | 21,001 | ||||||
| Deephaven Residential Mortgage Trust |
||||||||
| 0.899% due 04/25/66 ~ § |
73,671 | 69,609 | ||||||
| 0.973% due 05/25/65 ~ § |
43,849 | 42,603 | ||||||
| 1.260% due 04/25/66 ~ § |
73,671 | 69,533 | ||||||
| Eagle RE Ltd (Bermuda) |
150,000 | 149,264 | ||||||
| Ellington Financial Mortgage Trust |
||||||||
| 0.797% due 02/25/66 ~ § |
46,421 | 44,747 | ||||||
| 0.931% due 06/25/66 ~ § |
73,173 | 68,746 | ||||||
| 1.241% due 09/25/66 ~ § |
92,825 | 85,219 | ||||||
| 1.291% due 06/25/66 ~ § |
73,173 | 68,532 | ||||||
| 1.550% due 09/25/66 ~ § |
92,825 | 85,100 | ||||||
| Fannie Mae Connecticut Avenue Securities |
||||||||
| 1.099% (SOFR + 1.000%) |
57,660 | 57,102 | ||||||
| 1.299% (SOFR + 1.200%) |
213,714 | 212,051 | ||||||
| 1.657% (USD LIBOR + 1.200%) |
89,836 | 88,247 | ||||||
| 1.807% (USD LIBOR + 1.350%) |
6,707 | 6,656 | ||||||
| 2.199% (SOFR + 2.100%) |
105,000 | 106,280 | ||||||
| Flagstar Mortgage Trust |
||||||||
| 1.307% (USD LIBOR + 0.850%) |
65,185 | 64,923 | ||||||
| 3.500% due 10/25/49 ~ § |
36,652 | 36,546 | ||||||
| 4.000% due 09/25/48 ~ § |
44,455 | 44,529 | ||||||
| Freddie Mac STACR REMIC Trust |
||||||||
| 0.799% (SOFR + 0.700%) |
15,662 | 15,581 | ||||||
| 0.949% (SOFR + 0.850%) |
70,000 | 68,336 | ||||||
| 1.599% (SOFR + 1.500%) |
100,000 | 95,224 | ||||||
| 2.307% (USD LIBOR + 1.850%) |
116,352 | 116,152 | ||||||
| 3.557% (USD LIBOR + 3.100%) |
113,408 | 114,009 | ||||||
| Freddie Mac STACR Trust |
||||||||
| 1.407% (USD LIBOR + 0.950%) |
69,154 | 68,917 | ||||||
| 1.857% (USD LIBOR + 1.400%) |
120,740 | 119,163 | ||||||
| Freddie Mac Structured Agency Credit Risk Debt Notes |
|
|||||||
| 0.899% (SOFR + 0.800%) |
49,974 | 49,629 | ||||||
| 1.049% (SOFR + 0.950%) |
115,000 | 112,206 | ||||||
| 1.899% (SOFR + 1.800%) |
45,000 | 42,862 | ||||||
| Freddie Mac Whole Loan Securities Trust |
16,915 | 16,883 | ||||||
| Galton Funding Mortgage Trust |
||||||||
| 2.310% due 01/25/60 ~ § |
6,410 | 6,372 | ||||||
| 2.832% due 01/25/60 ~ § |
145,000 | 139,225 | ||||||
| 3.339% due 10/25/59 ~ § |
140,000 | 136,025 | ||||||
| 3.500% due 11/25/57 ~ § |
21,795 | 21,736 | ||||||
| 4.000% due 02/25/59 ~ § |
25,863 | 25,929 | ||||||
| GS Mortgage-Backed Securities Corp Trust |
||||||||
| 1.017% due 07/25/61 ~ § |
56,386 | 54,285 | ||||||
| 2.500% due 10/25/51 ~ § |
196,434 | 188,998 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-80
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| GS Mortgage-Backed Securities Trust |
||||||||
| 1.633% due 07/25/44 ~ § |
$2,689 | $2,712 | ||||||
| 2.500% due 01/25/52 ~ § |
96,703 | 93,143 | ||||||
| 2.500% due 06/25/52 ~ § |
232,412 | 223,983 | ||||||
| Hundred Acre Wood Trust |
131,016 | 125,771 | ||||||
| Imperial Fund Mortgage Trust |
90,029 | 83,563 | ||||||
| Mello Mortgage Capital Acceptance |
104,058 | 99,748 | ||||||
| Metlife Securitization Trust |
53,408 | 53,015 | ||||||
| New Residential Mortgage Loan Trust |
||||||||
| 1.650% due 05/24/60 ~ § |
25,639 | 25,207 | ||||||
| 2.464% due 01/26/60 ~ § |
52,513 | 52,290 | ||||||
| 2.500% due 06/25/51 ~ § |
90,373 | 86,754 | ||||||
| 2.500% due 09/25/51 ~ § |
220,498 | 212,380 | ||||||
| 2.710% due 11/25/59 ~ § |
97,369 | 96,976 | ||||||
| NLT Trust |
||||||||
| 1.162% due 08/25/56 ~ § |
236,036 | 222,122 | ||||||
| 1.520% due 08/25/56 ~ § |
95,322 | 89,745 | ||||||
| OBX Trust |
||||||||
| 1.054% due 07/25/61 ~ § |
85,107 | 80,200 | ||||||
| 1.072% due 02/25/66 ~ § |
59,946 | 58,224 | ||||||
| 1.207% (USD LIBOR + 0.750%) |
47,927 | 47,677 | ||||||
| 1.407% (USD LIBOR + 0.950%) |
24,578 | 24,446 | ||||||
| 1.657% (USD LIBOR + 1.200%) |
65,095 | 64,842 | ||||||
| 2.500% due 05/25/51 ~ § |
141,800 | 136,580 | ||||||
| 3.000% due 05/25/60 ~ § |
34,789 | 34,218 | ||||||
| 3.500% due 12/25/49 ~ § |
28,335 | 28,189 | ||||||
| 3.500% due 02/25/60 ~ § |
94,124 | 92,153 | ||||||
| Oceanview Mortgage Trust |
110,714 | 106,765 | ||||||
| PSMC Trust |
||||||||
| 2.500% due 03/25/51 ~ § |
198,587 | 190,611 | ||||||
| 2.500% due 05/25/51 ~ § |
154,097 | 148,170 | ||||||
| Sequoia Mortgage Trust |
||||||||
| 4.000% due 06/25/48 ~ § |
38,138 | 38,232 | ||||||
| 4.000% due 08/25/48 ~ § |
26,166 | 26,293 | ||||||
| 4.500% due 08/25/48 ~ § |
4,361 | 4,389 | ||||||
| SG Residential Mortgage Trust |
||||||||
| 1.381% due 05/25/65 ~ § |
35,743 | 35,132 | ||||||
| 2.703% due 09/25/59 ~ § |
9,110 | 9,008 | ||||||
| 3.166% due 03/27/62 ~ § |
104,762 | 102,949 | ||||||
| STACR Trust |
72,939 | 72,726 | ||||||
| Starwood Mortgage Residential Trust |
||||||||
| 0.943% due 05/25/65 ~ § |
60,001 | 58,769 | ||||||
| 1.162% due 08/25/56 ~ § |
76,908 | 74,006 | ||||||
| 2.408% due 02/25/50 ~ § |
115,611 | 113,319 | ||||||
| 2.610% due 09/27/49 ~ § |
8,342 | 8,363 | ||||||
| Towd Point Mortgage Trust |
||||||||
| 2.250% due 07/25/56 ~ § |
5,473 | 5,474 | ||||||
| 2.750% due 08/25/55 ~ § |
2,101 | 2,101 | ||||||
| 2.750% due 10/25/56 ~ § |
12,642 | 12,648 | ||||||
| 2.750% due 04/25/57 ~ § |
27,343 | 27,386 | ||||||
| 3.750% due 05/25/58 ~ § |
58,391 | 58,420 | ||||||
| UWM Mortgage Trust |
41,882 | 40,172 | ||||||
| Verus Securitization Trust |
||||||||
| 0.918% due 02/25/64 ~ § |
62,454 | 61,290 | ||||||
| 1.052% due 01/25/66 ~ § |
52,292 | 50,659 | ||||||
| 1.977% due 03/25/60 ~ § |
32,885 | 32,455 | ||||||
| 2.724% due 01/25/60 ~ § |
137,607 | 137,003 | ||||||
| 3.100% due 11/25/59 ~ § |
108,189 | 108,179 | ||||||
| 3.117% due 07/25/59 ~ § |
117,923 | 118,158 | ||||||
| 3.288% due 01/25/67 ~ § |
171,185 | 166,554 | ||||||
| Principal Amount |
Value |
|||||||
| Vista Point Securitization Trust |
||||||||
| 1.763% due 03/25/65 ~ § |
$30,625 | $30,589 | ||||||
| 2.496% due 04/25/65 ~ § |
40,792 | 39,789 | ||||||
| Wells Fargo Mortgage-Backed Securities Trust |
165,061 | 158,143 | ||||||
| ZH Trust |
100,000 | 99,296 | ||||||
|
|
|
|||||||
| 7,570,488 | ||||||||
|
|
|
|||||||
| Fannie Mae - 1.8% |
|
|||||||
| due 04/01/52 # |
205,000 | 200,548 | ||||||
| 2.000% due 10/01/50 |
60,621 | 56,502 | ||||||
| 2.500% due 01/01/52 |
120,000 | 114,685 | ||||||
| 3.000% due 08/01/32 |
122,854 | 124,201 | ||||||
| 3.500% due 01/01/48 - 01/01/52 |
132,207 | 133,202 | ||||||
| 4.500% due 04/01/26 - 01/01/50 |
305,599 | 320,109 | ||||||
| 5.000% due 09/01/25 - 02/01/49 |
63,690 | 67,750 | ||||||
| 6.000% due 11/01/35 - 02/01/49 |
237,649 | 267,993 | ||||||
|
|
|
|||||||
| 1,284,990 | ||||||||
|
|
|
|||||||
| Freddie Mac - 0.4% |
|
|||||||
| 2.500% due 01/01/52 |
54,485 | 52,115 | ||||||
| 4.000% due 02/01/50 |
94,054 | 96,886 | ||||||
| 4.500% due 03/01/49 |
21,585 | 22,438 | ||||||
| 5.000% due 12/01/41 |
51,568 | 54,445 | ||||||
| 7.000% due 03/01/39 |
23,345 | 25,481 | ||||||
| 7.500% due 06/01/38 |
24,074 | 26,373 | ||||||
|
|
|
|||||||
| 277,738 | ||||||||
|
|
|
|||||||
| Government National Mortgage Association - 1.3% |
|
|||||||
| due 04/20/52 # |
322,000 | 323,862 | ||||||
| 3.000% due 09/20/47 |
164,117 | 163,483 | ||||||
| 4.000% due 10/20/50 |
107,646 | 110,425 | ||||||
| 5.000% due 01/20/48 - 05/20/48 |
133,311 | 141,725 | ||||||
| 5.500% due 09/15/45 - 02/20/49 |
158,769 | 175,472 | ||||||
|
|
|
|||||||
| 914,967 | ||||||||
|
|
|
|||||||
| Total Mortgage-Backed Securities |
14,442,928 | |||||||
|
|
|
|||||||
| ASSET-BACKED SECURITIES - 14.0% |
|
|||||||
| AmeriCredit Automobile Receivables Trust |
||||||||
| 0.890% due 10/19/26 |
115,000 | 109,318 | ||||||
| 0.970% due 02/18/26 |
85,000 | 83,636 | ||||||
| 1.060% due 08/18/26 |
80,000 | 76,882 | ||||||
| 1.210% due 12/18/26 |
65,000 | 61,480 | ||||||
| 1.290% due 06/18/27 |
140,000 | 130,702 | ||||||
| 1.590% due 10/20/25 |
165,000 | 163,060 | ||||||
| 1.800% due 12/18/25 |
160,000 | 156,176 | ||||||
| Applebee’s Funding LLC |
257,400 | 256,397 | ||||||
| Arbor Realty Commercial Real Estate Notes Ltd |
||||||||
| 1.467% (USD LIBOR + 1.070%) |
150,000 | 149,584 | ||||||
| 1.747% (USD LIBOR + 1.350%) |
110,000 | 109,231 | ||||||
| ARI Fleet Lease Trust |
190,000 | 187,933 | ||||||
| Avis Budget Rental Car Funding AESOP LLC |
||||||||
| 3.330% due 03/20/24 ~ |
260,000 | 260,608 | ||||||
| 4.950% due 03/20/25 ~ |
100,000 | 101,385 | ||||||
| Bayview Mortgage Fund IVc Trust |
70,652 | 69,705 | ||||||
| Bayview Opportunity Master Fund IVb Trust |
44,259 | 44,016 | ||||||
| Blackbird Capital Aircraft Lease Securitization Ltd |
88,542 | 84,405 | ||||||
| BRE Grand Islander Timeshare Issuer LLC |
191,827 | 189,491 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-81
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal Amount |
Value |
|||||||
| BSPRT Issuer Ltd (Cayman) |
$185,000 | $183,965 | ||||||
| Carmax Auto Owner Trust |
105,000 | 104,047 | ||||||
| Cedar Funding XIV CLO Ltd (Cayman) |
255,000 | 253,470 | ||||||
| CIFC Funding Ltd (Cayman) |
500,000 | 497,976 | ||||||
| CNH Equipment Trust |
31,389 | 31,555 | ||||||
| Dryden 86 CLO Ltd (Cayman) |
250,000 | 246,644 | ||||||
| Elara HGV Timeshare Issuer LLC |
||||||||
| 2.690% due 03/25/30 ~ |
26,114 | 26,105 | ||||||
| 2.730% due 04/25/28 ~ |
76,578 | 76,337 | ||||||
| Exeter Automobile Receivables Trust |
165,000 | 160,722 | ||||||
| Ford Credit Auto Owner Trust |
||||||||
| 1.740% due 04/15/33 ~ |
115,000 | 106,955 | ||||||
| 2.040% due 12/15/26 |
185,000 | 181,594 | ||||||
| GM Financial Automobile Leasing Trust |
95,000 | 95,459 | ||||||
| GM Financial Consumer Automobile Receivables Trust |
85,000 | 81,828 | ||||||
| Hilton Grand Vacations Trust |
||||||||
| 2.660% due 12/26/28 ~ |
42,820 | 42,802 | ||||||
| 2.960% due 12/26/28 ~ |
17,841 | 17,795 | ||||||
| Hyundai Auto Receivables Trust |
||||||||
| 1.600% due 12/15/26 |
150,000 | 145,232 | ||||||
| 2.940% due 05/15/25 |
165,000 | 166,132 | ||||||
| Madison Park Funding Ltd (Cayman) |
250,000 | 248,049 | ||||||
| MF1 Ltd (Cayman) |
110,000 | 108,826 | ||||||
| MVW LLC |
54,678 | 53,502 | ||||||
| MVW Owner Trust |
||||||||
| 2.420% due 12/20/34 ~ |
150,721 | 150,168 | ||||||
| 2.890% due 11/20/36 ~ |
153,015 | 151,244 | ||||||
| Navient Private Education Refi Loan Trust |
||||||||
| 0.940% due 07/15/69 ~ |
106,967 | 101,060 | ||||||
| 1.170% due 09/16/69 ~ |
40,179 | 38,873 | ||||||
| 1.220% due 07/15/69 ~ |
138,517 | 135,259 | ||||||
| 2.230% due 07/15/70 ~ |
220,000 | 212,827 | ||||||
| 2.400% due 10/15/68 ~ |
61,772 | 61,405 | ||||||
| 2.460% due 11/15/68 ~ |
179,546 | 172,561 | ||||||
| 2.640% due 05/15/68 ~ |
209,679 | 206,671 | ||||||
| Navistar Financial Dealer Note Master Trust |
||||||||
| 1.407% (USD LIBOR + 0.950%) |
190,000 | 190,120 | ||||||
| 1.807% (USD LIBOR + 1.350%) |
180,000 | 180,419 | ||||||
| OCP CLO Ltd (Cayman) |
||||||||
| 1.374% (USD LIBOR + 1.120%) |
415,000 | 413,737 | ||||||
| 1.791% (USD LIBOR + 1.550%) |
250,000 | 248,197 | ||||||
| Octane Receivables Trust |
84,088 | 82,031 | ||||||
| Palmer Square CLO Ltd (Cayman) |
250,000 | 248,456 | ||||||
| Principal Amount |
Value |
|||||||
| Santander Bank NA |
$215,330 | $211,576 | ||||||
| Santander Drive Auto Receivables Trust |
||||||||
| 1.010% due 01/15/26 |
125,000 | 123,616 | ||||||
| 1.670% due 10/15/27 |
70,000 | 66,260 | ||||||
| 2.560% due 04/17/28 |
200,000 | 195,751 | ||||||
| 3.760% due 07/16/29 |
185,000 | 184,139 | ||||||
| Santander Retail Auto Lease Trust |
||||||||
| 1.140% due 03/20/26 ~ |
255,000 | 244,924 | ||||||
| 2.520% due 11/20/24 ~ |
165,000 | 164,296 | ||||||
| Sierra Timeshare Receivables Funding LLC |
||||||||
| 1.340% due 11/20/37 ~ |
56,463 | 53,797 | ||||||
| 3.510% due 07/20/37 ~ |
56,079 | 55,132 | ||||||
| SMB Private Education Loan Trust |
||||||||
| 1.290% due 07/15/53 ~ |
77,387 | 73,679 | ||||||
| 1.897% (USD LIBOR + 1.500%) |
165,273 | 166,318 | ||||||
| 3.600% due 01/15/37 ~ |
85,353 | 84,790 | ||||||
| Symphony CLO XXIII Ltd (Cayman) |
250,000 | 248,041 | ||||||
| Symphony Static CLO I Ltd (Cayman) |
250,000 | 247,520 | ||||||
| World Omni Auto Receivables Trust |
120,000 | 117,700 | ||||||
| World Omni Select Auto Trust |
||||||||
| 0.840% due 06/15/26 |
125,000 | 123,369 | ||||||
| 1.250% due 10/15/26 |
140,000 | 137,210 | ||||||
|
|
|
|||||||
| Total Asset-Backed Securities |
10,154,150 | |||||||
|
|
|
|||||||
| U.S. TREASURY OBLIGATIONS - 15.5% |
|
|||||||
| U.S. Treasury Notes - 15.5% |
|
|||||||
| 0.125% due 08/31/23 |
3,610,000 | 3,512,417 | ||||||
| 0.250% due 09/30/23 |
740,000 | 719,607 | ||||||
| 0.375% due 10/31/23 |
40,000 | 38,892 | ||||||
| 0.375% due 08/15/24 |
250,000 | 238,135 | ||||||
| 0.500% due 11/30/23 |
1,190,000 | 1,156,833 | ||||||
| 0.750% due 12/31/23 |
950,000 | 925,545 | ||||||
| 0.875% due 01/31/24 |
935,000 | 911,333 | ||||||
| 1.500% due 02/29/24 |
2,745,000 | 2,705,219 | ||||||
| 1.750% due 03/15/25 |
1,045,000 | 1,022,957 | ||||||
|
|
|
|||||||
| Total U.S. Treasury Obligations |
11,230,938 | |||||||
|
|
|
|||||||
| MUNICIPAL BONDS - 0.2% |
|
|||||||
| Golden State Tobacco Securitization Corp |
100,000 | 97,326 | ||||||
| Long Island Power Authority |
75,000 | 74,218 | ||||||
|
|
|
|||||||
| Total Municipal Bonds |
171,544 | |||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENTS - 3.4% |
|
|||||||
| Corporate Notes - 0.1% |
|
|||||||
| Pacific Gas and Electric Co |
25,000 | 25,009 | ||||||
|
|
|
|||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-82
Table of Contents
PACIFIC FUNDS
PF SHORT DURATION BOND FUND
Schedule of Investments (Continued)
March 31, 2022
| Shares |
Value |
|||||||
| Money Market Fund - 3.3% |
|
|||||||
| BlackRock Liquidity Funds T-Fund
Portfolio |
2,423,888 | $2,423,888 | ||||||
|
|
|
|||||||
| Total Short-Term Investments |
2,448,897 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 102.5% |
|
74,411,023 | ||||||
|
|
|
|||||||
| DERIVATIVES - 0.0% |
|
5,691 | ||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - (2.5%) |
|
(1,794,528 | ) | |||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$72,622,186 | ||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition as a percentage of net assets was as follows: |
| Corporate Bonds & Notes |
49.5% | |||
| Mortgage-Backed Securities |
19.9% | |||
| U.S. Treasury Obligations |
15.5% | |||
| Asset-Backed Securities |
14.0% | |||
| Short-Term Investments |
3.4% | |||
| Others (each less than 3.0%) |
0.2% | |||
|
|
|
|||
| 102.5% | ||||
| Derivatives |
0.0% | |||
| Other Assets & Liabilities, Net |
(2.5% | ) | ||
|
|
|
|||
| 100.0% | ||||
|
|
|
| (b) | Open futures contracts outstanding as of March 31, 2022 were as follows: |
| Long Futures Outstanding | Expiration Month |
Number of Contracts |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) |
|||||||||||||||
| U.S. Treasury 2-Year Notes |
06/22 | 39 | $8,311,625 | $8,264,953 | ($46,672 | ) | ||||||||||||||
| U.S. Treasury Ultra 10-Year Notes |
06/22 | 4 | 560,346 | 541,875 | (18,471 | ) | ||||||||||||||
|
|
|
|||||||||||||||||||
| (65,143 | ) | |||||||||||||||||||
|
|
|
|||||||||||||||||||
| Short Futures Outstanding |
||||||||||||||||||||
| U.S. Treasury 5-Year Notes |
06/22 | 18 | 2,101,611 | 2,064,375 | 37,236 | |||||||||||||||
| U.S. Treasury 10-Year Notes |
06/22 | 9 | 1,139,473 | 1,105,875 | 33,598 | |||||||||||||||
|
|
|
|||||||||||||||||||
| 70,834 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||
| Total Futures Contracts |
$5,691 | |||||||||||||||||||
|
|
|
|||||||||||||||||||
| (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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Corporate Bonds & Notes |
$35,962,566 | $— | $35,962,566 | $— | |||||||||||||
| Mortgage-Backed Securities |
14,442,928 | — | 14,442,928 | — | ||||||||||||||
| Asset-Backed Securities |
10,154,150 | — | 10,154,150 | — | ||||||||||||||
| U.S. Treasury Obligations |
11,230,938 | — | 11,230,938 | — | ||||||||||||||
| Municipal Bonds |
171,544 | — | 171,544 | — | ||||||||||||||
| Short-Term Investments |
2,448,897 | 2,423,888 | 25,009 | — | ||||||||||||||
| Derivatives: |
||||||||||||||||||
| Interest Rate Contracts |
||||||||||||||||||
| Futures |
70,834 | 70,834 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Assets |
74,481,857 | 2,494,722 | 71,987,135 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Liabilities |
Derivatives: |
|||||||||||||||||
| Interest Rate Contracts |
||||||||||||||||||
| Futures |
(65,143 | ) | (65,143 | ) | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Liabilities |
(65,143 | ) | (65,143 | ) | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$74,416,714 | $2,429,579 | $71,987,135 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-83
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments
March 31, 2022
|
|
Value |
|||||||
| EXCHANGE-TRADED FUND - 1.4% |
|
|||||||
| iShares JP Morgan USD Emerging Markets Bond |
6,116 | $597,900 | ||||||
|
|
|
|||||||
| Total Exchange-Traded Fund |
597,900 | |||||||
|
|
|
|||||||
| Principal |
||||||||
| CORPORATE BONDS & NOTES - 34.5% |
|
|||||||
| Azerbaijan - 1.2% |
|
|||||||
| International Bank of Azerbaijan OJSC |
$250,000 | 235,000 | ||||||
| Southern Gas Corridor CJSC |
237,000 | 259,521 | ||||||
|
|
|
|||||||
| 494,521 | ||||||||
|
|
|
|||||||
| Brazil - 2.7% |
|
|||||||
| CSN Inova Ventures |
200,000 | 207,475 | ||||||
| Itau Unibanco Holding SA |
350,000 | 349,534 | ||||||
| MARB BondCo PLC |
200,000 | 177,391 | ||||||
| MC Brazil Downstream Trading SARL |
300,000 | 276,032 | ||||||
| Rede D’or Finance SARL |
164,000 | 151,131 | ||||||
|
|
|
|||||||
| 1,161,563 | ||||||||
|
|
|
|||||||
| Burkina Faso - 0.4% |
|
|||||||
| Endeavour Mining PLC |
200,000 | 184,456 | ||||||
|
|
|
|||||||
| China - 1.9% |
|
|||||||
| Kaisa Group Holdings Ltd |
200,000 | 37,500 | ||||||
| Logan Group Co Ltd |
250,000 | 60,625 | ||||||
| Powerlong Real Estate Holdings Ltd |
200,000 | 81,000 | ||||||
| Prosus NV |
425,000 | 388,921 | ||||||
| Sunac China Holdings Ltd |
200,000 | 50,500 | ||||||
| Tencent Holdings Ltd |
200,000 | 186,054 | ||||||
|
|
|
|||||||
| 804,600 | ||||||||
|
|
|
|||||||
| Colombia - 0.1% |
|
|||||||
| Empresas Publicas de Medellin ESP |
COP 151,000,000 | 34,903 | ||||||
|
|
|
|||||||
| Czech Republic - 0.7% |
|
|||||||
| Energo-Pro AS |
$300,000 | 285,000 | ||||||
|
|
|
|||||||
| Ghana - 1.2% |
|
|||||||
| Kosmos Energy Ltd |
300,000 | 293,703 | ||||||
| 7.500% due 03/01/28 ~ |
225,000 | 217,384 | ||||||
|
|
|
|||||||
| 511,087 | ||||||||
|
|
|
|||||||
| Principal |
Value |
|||||||
| Hong Kong - 0.7% |
|
|||||||
| Melco Resorts Finance Ltd |
$325,000 | $294,193 | ||||||
|
|
|
|||||||
| India - 1.4% |
|
|||||||
| Adani Electricity Mumbai Ltd |
275,000 | 249,269 | ||||||
| HDFC Bank Ltd |
400,000 | 371,500 | ||||||
|
|
|
|||||||
| 620,769 | ||||||||
|
|
|
|||||||
| Israel - 5.0% |
|
|||||||
| Bank Hapoalim BM |
425,000 | 393,125 | ||||||
| Energean Israel Finance Ltd |
375,000 | 363,560 | ||||||
| 5.375% due 03/30/28 ~ |
400,000 | 386,100 | ||||||
| ICL Group Ltd |
250,000 | 275,000 | ||||||
| Leviathan Bond Ltd |
150,000 | 152,236 | ||||||
| 6.125% due 06/30/25 ~ |
250,000 | 255,160 | ||||||
| 6.500% due 06/30/27 ~ |
325,000 | 334,696 | ||||||
|
|
|
|||||||
| 2,159,877 | ||||||||
|
|
|
|||||||
| Macau - 0.4% |
|
|||||||
| Studio City Finance Ltd |
200,000 | 152,554 | ||||||
|
|
|
|||||||
| Malaysia - 2.3% |
|
|||||||
| 1MDB Global Investments Ltd |
1,000,000 | 978,044 | ||||||
|
|
|
|||||||
| Mexico - 6.0% |
|
|||||||
| America Movil SAB de CV |
350,000 | 350,000 | ||||||
| Banco Mercantil del Norte SA |
250,000 | 231,875 | ||||||
| Cemex SAB de CV |
200,000 | 196,579 | ||||||
| 5.200% due 09/17/30 ~ |
400,000 | 398,612 | ||||||
| Comision Federal de Electricidad |
237,000 | 242,320 | ||||||
| Petroleos Mexicanos |
275,000 | 262,285 | ||||||
| 6.625% due 06/15/35 |
75,000 | 67,358 | ||||||
| 6.700% due 02/16/32 |
200,000 | 190,208 | ||||||
| 6.750% due 09/21/47 |
376,000 | 306,335 | ||||||
| 6.840% due 01/23/30 |
350,000 | 348,703 | ||||||
|
|
|
|||||||
| 2,594,275 | ||||||||
|
|
|
|||||||
| Netherlands - 0.8% |
|
|||||||
| United Group BV |
EUR 175,000 | 179,816 | ||||||
| 4.625% due 08/15/28 ~ |
175,000 | 181,661 | ||||||
|
|
|
|||||||
| 361,477 | ||||||||
|
|
|
|||||||
| Nigeria - 0.7% |
|
|||||||
| IHS Holding Ltd |
$325,000 | 309,069 | ||||||
|
|
|
|||||||
| Qatar - 0.9% |
|
|||||||
| QIB Sukuk Ltd |
400,000 | 406,160 | ||||||
|
|
|
|||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-84
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal |
Value |
|||||||
| Saudi Arabia - 0.7% |
|
|||||||
| SA Global Sukuk Ltd |
$300,000 | $287,368 | ||||||
|
|
|
|||||||
| South Africa - 3.9% |
|
|||||||
| Absa Group Ltd |
325,000 | 316,193 | ||||||
| Sasol Financing USA LLC |
225,000 | 215,272 | ||||||
| 5.500% due 03/18/31 |
350,000 | 327,442 | ||||||
| Stillwater Mining Co |
325,000 | 313,300 | ||||||
| 4.500% due 11/16/29 ~ |
250,000 | 233,125 | ||||||
| The Bidvest Group UK PLC |
275,000 | 258,162 | ||||||
|
|
|
|||||||
| 1,663,494 | ||||||||
|
|
|
|||||||
| Supranational - 0.7% |
|
|||||||
| Africa Finance Corp |
300,000 | 277,596 | ||||||
|
|
|
|||||||
| Ukraine - 0.6% |
|
|||||||
| NPC Ukrenergo |
275,000 | 110,000 | ||||||
| State Agency of Roads of Ukraine |
300,000 | 127,500 | ||||||
|
|
|
|||||||
| 237,500 | ||||||||
|
|
|
|||||||
| United Arab Emirates - 1.2% |
|
|||||||
| Galaxy Pipeline Assets Bidco Ltd |
576,516 | 532,292 | ||||||
|
|
|
|||||||
| United States - 0.4% |
|
|||||||
| LCPR Senior Secured Financing DAC |
200,000 | 191,340 | ||||||
|
|
|
|||||||
| Venezuela - 0.6% |
|
|||||||
| Petroleos de Venezuela SA |
113,000 | 7,910 | ||||||
| 8.500% due 10/27/22 * ~ Y |
1,360,500 | 231,285 | ||||||
| 9.000% due 11/17/22 * ~ Y |
239,354 | 17,652 | ||||||
| 12.750% due 02/17/23 * ~ Y |
117,000 | 8,629 | ||||||
|
|
|
|||||||
| 265,476 | ||||||||
|
|
|
|||||||
| Total Corporate Bonds & Notes |
14,807,614 | |||||||
|
|
|
|||||||
| FOREIGN GOVERNMENT BONDS & NOTES - 50.5% |
|
|||||||
| Angola - 1.9% |
|
|||||||
| Angolan Government International |
275,000 | 277,096 | ||||||
| 9.500% due 11/12/25 ~ |
500,000 | 548,675 | ||||||
|
|
|
|||||||
| 825,771 | ||||||||
|
|
|
|||||||
| Argentina - 2.5% |
|
|||||||
| Argentine Republic Government International 0.500% due 07/09/30 |
1,800,000 | 607,518 | ||||||
| 1.125% due 07/09/35 |
1,225,000 | 375,046 | ||||||
| 2.000% due 01/09/38 |
150,000 | 56,790 | ||||||
| 2.500% due 07/09/41 |
100,000 | 35,441 | ||||||
|
|
|
|||||||
| 1,074,795 | ||||||||
|
|
|
|||||||
| Bahamas - 0.9% |
|
|||||||
| Bahamas Government International |
500,000 | 389,380 | ||||||
|
|
|
|||||||
| Principal |
Value |
|||||||
| Bahrain - 0.5% |
|
|||||||
| Bahrain Government International |
$225,000 | $196,839 | ||||||
|
|
|
|||||||
| Brazil - 4.2% |
|
|||||||
| Brazil Notas do Tesouro Nacional ‘F’ |
BRL 9,000,000 | 1,799,333 | ||||||
|
|
|
|||||||
| Colombia - 1.9% |
|
|||||||
| Colombia Government International |
$200,000 | 171,204 | ||||||
| 5.625% due 02/26/44 |
450,000 | 409,036 | ||||||
| 6.125% due 01/18/41 |
250,000 | 243,314 | ||||||
|
|
|
|||||||
| 823,554 | ||||||||
|
|
|
|||||||
| Dominican Republic - 1.2% |
|
|||||||
| Dominican Republic International |
250,000 | 226,877 | ||||||
| 6.000% due 02/22/33 ~ |
275,000 | 269,434 | ||||||
|
|
|
|||||||
| 496,311 | ||||||||
|
|
|
|||||||
| Ecuador - 1.8% |
|
|||||||
| Ecuador Government International |
400,000 | 229,504 | ||||||
| 1.000% due 07/31/35 ~ |
525,000 | 344,668 | ||||||
| 5.000% due 07/31/30 ~ |
250,000 | 210,002 | ||||||
|
|
|
|||||||
| 784,174 | ||||||||
|
|
|
|||||||
| Egypt - 2.0% |
|
|||||||
| Egypt Government International |
400,000 | 326,038 | ||||||
| 8.500% due 01/31/47 ~ |
400,000 | 342,176 | ||||||
| 8.875% due 05/29/50 ~ |
200,000 | 173,684 | ||||||
|
|
|
|||||||
| 841,898 | ||||||||
|
|
|
|||||||
| El Salvador - 1.1% |
|
|||||||
| El Salvador Government International |
50,000 | 25,000 | ||||||
| 7.125% due 01/20/50 ~ |
450,000 | 203,630 | ||||||
| 7.625% due 09/21/34 ~ |
108,000 | 50,101 | ||||||
| 7.625% due 02/01/41 ~ |
300,000 | 140,253 | ||||||
| 7.650% due 06/15/35 ~ |
125,000 | 59,450 | ||||||
|
|
|
|||||||
| 478,434 | ||||||||
|
|
|
|||||||
| Indonesia - 1.9% |
|
|||||||
| Indonesia Treasury |
IDR 11,800,000,000 | 824,731 | ||||||
|
|
|
|||||||
| Iraq - 2.0% |
|
|||||||
| Iraq International |
$862,500 | 844,021 | ||||||
|
|
|
|||||||
| Ivory Coast - 2.5% |
|
|||||||
| Ivory Coast Government International |
EUR 950,000 | 928,451 | ||||||
| 5.875% due 10/17/31 ~ |
125,000 | 128,411 | ||||||
|
|
|
|||||||
| 1,056,862 | ||||||||
|
|
|
|||||||
| Mexico - 4.4% |
|
|||||||
| Mexican Bonos |
MXN 35,900,000 | 1,727,063 | ||||||
| Mexico Government International |
$200,000 | 185,398 | ||||||
|
|
|
|||||||
| 1,912,461 | ||||||||
|
|
|
|||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-85
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal |
Value |
|||||||
| Nigeria - 2.9% |
|
|||||||
| Nigeria Government International |
$300,000 | $283,515 | ||||||
| 8.250% due 09/28/51 ~ |
575,000 | 502,395 | ||||||
| 8.375% due 03/24/29 ~ |
450,000 | 455,346 | ||||||
|
|
|
|||||||
| 1,241,256 | ||||||||
|
|
|
|||||||
| Oman - 1.7% |
|
|||||||
| Oman Government International |
200,000 | 196,561 | ||||||
| 6.750% due 01/17/48 ~ |
525,000 | 525,964 | ||||||
|
|
|
|||||||
| 722,525 | ||||||||
|
|
|
|||||||
| Romania - 3.2% |
|
|||||||
| Romanian Government International |
EUR 100,000 | 94,702 | ||||||
| 2.000% due 01/28/32 ~ |
175,000 | 161,478 | ||||||
| 2.000% due 04/14/33 ~ |
525,000 | 468,469 | ||||||
| 2.750% due 04/14/41 ~ |
150,000 | 127,342 | ||||||
| 2.875% due 04/13/42 ~ |
175,000 | 149,043 | ||||||
| 3.750% due 02/07/34 ~ |
325,000 | 336,413 | ||||||
| 3.875% due 10/29/35 ~ |
50,000 | 52,021 | ||||||
|
|
|
|||||||
| 1,389,468 | ||||||||
|
|
|
|||||||
| Saudi Arabia - 0.7% |
|
|||||||
| Saudi Government International |
$300,000 | 316,455 | ||||||
|
|
|
|||||||
| South Africa - 6.5% |
|
|||||||
| Republic of South Africa Government |
ZAR 32,224,000 | 1,982,396 | ||||||
| Republic of South Africa Government International 5.000% due 10/12/46 |
$950,000 | 789,962 | ||||||
|
|
|
|||||||
| 2,772,358 | ||||||||
|
|
|
|||||||
| South Korea - 1.8% |
|
|||||||
| Korea International |
300,000 | 296,233 | ||||||
| The Korea Development Bank |
475,000 | 475,528 | ||||||
|
|
|
|||||||
| 771,761 | ||||||||
|
|
|
|||||||
| Sri Lanka - 1.2% |
|
|||||||
| Sri Lanka Government International |
200,000 | 95,000 | ||||||
| 6.350% due 06/28/24 ~ |
200,000 | 99,714 | ||||||
| 6.825% due 07/18/26 ~ |
200,000 | 98,170 | ||||||
| 6.850% due 11/03/25 ~ |
475,000 | 235,776 | ||||||
|
|
|
|||||||
| 528,660 | ||||||||
|
|
|
|||||||
| Tunisia - 1.1% |
|
|||||||
| Banque Centrale de Tunisie International |
EUR 100,000 | 75,868 | ||||||
| 5.750% due 01/30/25 ~ |
$400,000 | 270,400 | ||||||
| 6.375% due 07/15/26 ~ |
EUR 175,000 | 121,873 | ||||||
|
|
|
|||||||
| 468,141 | ||||||||
|
|
|
|||||||
| Turkey - 0.8% |
|
|||||||
| Turkey Government International |
$450,000 | 337,458 | ||||||
|
|
|
|||||||
| Ukraine - 1.2% |
|
|||||||
| Ukraine Government International |
275,000 | 91,113 | ||||||
| 6.876% due 05/21/29 ~ |
500,000 | 211,571 | ||||||
| 7.253% due 03/15/33 ~ |
250,000 | 109,937 | ||||||
| 7.375% due 09/25/32 ~ |
200,000 | 84,899 | ||||||
|
|
|
|||||||
| 497,520 | ||||||||
|
|
|
|||||||
| Principal |
Value |
|||||||
| Venezuela - 0.3% |
|
|||||||
| Venezuela Government International |
$85,000 | $7,395 | ||||||
| 8.250% due 10/13/24 * ~ Y |
166,100 | 14,451 | ||||||
| 9.000% due 05/07/23 * ~ Y |
73,000 | 6,351 | ||||||
| 9.250% due 09/15/27 * Y |
252,000 | 21,924 | ||||||
| 9.250% due 05/07/28 * ~ Y |
121,000 | 10,527 | ||||||
| 11.750% due 10/21/26 * ~ Y |
768,700 | 66,877 | ||||||
| 12.750% due 08/23/22 * ~ Y |
211,000 | 18,357 | ||||||
|
|
|
|||||||
| 145,882 | ||||||||
|
|
|
|||||||
| Zambia - 0.3% |
|
|||||||
| Zambia Government International |
200,000 | 145,486 | ||||||
|
|
|
|||||||
| Total Foreign Government Bonds & Notes |
21,685,534 | |||||||
|
|
|
|||||||
| Shares |
||||||||
| SHORT-TERM INVESTMENT - 5.7% |
|
|||||||
| Money Market Fund - 5.7% |
|
|||||||
| BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.210% |
2,434,222 | 2,434,222 | ||||||
|
|
|
|||||||
| Total Short-Term Investment |
2,434,222 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 92.1% |
|
39,525,270 | ||||||
|
|
|
|||||||
| DERIVATIVES - 0.7% |
|
310,035 | ||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - 7.2% |
|
3,102,532 | ||||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$42,937,837 | ||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition as a percentage of net assets was as follows: |
| Foreign Government Bonds & Notes |
50.5% | |||
| Corporate Bonds & Notes |
34.5% | |||
| Short-Term Investment |
5.7% | |||
| Others (each less than 3.0%) |
1.4% | |||
|
|
|
|||
| 92.1% | ||||
| Derivatives |
0.7% | |||
| Other Assets & Liabilities, Net |
7.2% | |||
|
|
|
|||
| 100.0% | ||||
|
|
|
| (b) | As of March 31, 2022, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
| Mexico |
10.4% | |||
| South Africa |
10.4% | |||
| Brazil |
6.9% | |||
| United States (Includes Short-Term Investment) |
6.1% | |||
| Israel |
5.0% | |||
| Nigeria |
3.6% | |||
| Romania |
3.2% | |||
| Others (each less than 3.0%) |
46.5% | |||
|
|
|
|||
| 92.1% | ||||
| Derivatives |
0.7% | |||
| Other Assets & Liabilities, Net |
7.2% | |||
|
|
|
|||
| 100.0% | ||||
|
|
|
| (c) | Investments with a total aggregate value of $556,844 or 1.3% of the Fund’s net assets were in default as of March 31, 2022. |
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-86
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
March 31, 2022
| (d) | Open futures contracts outstanding as of March 31, 2022 were as follows: |
| Short Futures Outstanding | Expiration Month |
Number of Contracts |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) |
|||||||||||||||||||
| Euro-BTP |
06/22 | 5 | $799,534 | $765,027 | $34,507 | |||||||||||||||||||
| Euro-Bund |
06/22 | 4 | 707,612 | 702,070 | 5,542 | |||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| Total Futures Contracts |
$40,049 | |||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||
| (e) | Forward foreign currency contracts outstanding as of March 31, 2022 were as follows: |
| Currency Purchased |
Currency Sold |
Settlement Month |
Counterparty | Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||||||||||||||||||
| BRL | 1,600,000 | USD | 322,803 | 04/22 | HSB | $10,849 | $— | |||||||||||||||||||||||||||
| CLP | 1,060,000,000 | USD | 1,328,154 | 04/22 | JPM | 12,724 | — | |||||||||||||||||||||||||||
| COP | 4,000,000,000 | USD | 1,049,844 | 04/22 | JPM | 6,678 | — | |||||||||||||||||||||||||||
| CZK | 19,000,000 | USD | 847,832 | 04/22 | JPM | 10,524 | — | |||||||||||||||||||||||||||
| EGP | 4,800,000 | USD | 277,948 | 06/22 | HSB | — | (18,039 | ) | ||||||||||||||||||||||||||
| EGP | 4,150,000 | USD | 223,041 | 06/22 | HSB | 1,673 | — | |||||||||||||||||||||||||||
| EGP | 2,100,000 | USD | 129,032 | 06/22 | JPM | — | (15,293 | ) | ||||||||||||||||||||||||||
| EGP | 6,700,000 | USD | 352,837 | 06/22 | JPM | 10,044 | — | |||||||||||||||||||||||||||
| EUR | 25,000 | USD | 27,840 | 04/22 | HSB | — | (173 | ) | ||||||||||||||||||||||||||
| EUR | 675,000 | USD | 745,820 | 04/22 | HSB | 1,207 | — | |||||||||||||||||||||||||||
| EUR | 75,000 | USD | 82,802 | 04/22 | JPM | 201 | — | |||||||||||||||||||||||||||
| HUF | 212,000,000 | USD | 622,675 | 04/22 | JPM | 13,401 | — | |||||||||||||||||||||||||||
| ILS | 3,850,000 | USD | 1,193,552 | 04/22 | JPM | 13,426 | — | |||||||||||||||||||||||||||
| MXN | 3,950,000 | USD | 194,751 | 04/22 | JPM | 2,936 | — | |||||||||||||||||||||||||||
| MYR | 1,800,000 | USD | 426,945 | 04/22 | GSC | — | (374 | ) | ||||||||||||||||||||||||||
| PLN | 3,650,000 | USD | 849,963 | 04/22 | JPM | 16,574 | — | |||||||||||||||||||||||||||
| USD | 1,259,064 | BRL | 6,050,000 | 04/22 | JPM | — | (2,558 | ) | ||||||||||||||||||||||||||
| USD | 2,095,108 | CNH | 13,400,000 | 04/22 | JPM | — | (9,877 | ) | ||||||||||||||||||||||||||
| USD | 545,363 | EGP | 8,950,000 | 06/22 | HSB | 60,741 | — | |||||||||||||||||||||||||||
| USD | 540,747 | EGP | 8,800,000 | 06/22 | JPM | 64,126 | — | |||||||||||||||||||||||||||
| USD | 248,266 | EUR | 225,000 | 04/22 | HSB | — | (742 | ) | ||||||||||||||||||||||||||
| USD | 361,679 | EUR | 325,000 | 04/22 | HSB | 1,998 | — | |||||||||||||||||||||||||||
| USD | 3,269,763 | EUR | 2,995,910 | 04/22 | JPM | — | (45,829 | ) | ||||||||||||||||||||||||||
| USD | 476,116 | ZAR | 7,050,000 | 04/22 | JPM | — | (4,746 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||
| Total Forward Foreign Currency Contracts |
$227,102 | ($97,631 | ) | |||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||
| (f) | Swap agreements outstanding as of March 31, 2022 were as follows: |
Interest Rate Swaps - Long
| Receive | Pay | Payment Frequency Receive Rate/ Pay Rate |
Exchange | Expiration Date |
Notional Amount |
Value | Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||
| 8.590% |
28-Day MXN-TIIE | L / L | LCH | 06/12/24 | MXN 141,000,000 | ($20,083 | ) | ($26,036 | ) | $5,953 | ||||||||||||||||||||
| 1.240% |
6-Month THB-FIX | S / S | LCH | 06/15/24 | THB 82,000,000 | (1,781 | ) | 987 | (2,768 | ) | ||||||||||||||||||||
| 1.813% |
1-Day USD-SOFR | S / Q | LCH | 03/18/26 | $ 2,100,000 | (20,826 | ) | (9,758 | ) | (11,068 | ) | |||||||||||||||||||
| 8.270% |
28-Day MXN-TIIE | L / L | LCH | 06/09/27 | MXN 62,000,000 | (10,713 | ) | — | (10,713 | ) | ||||||||||||||||||||
| 1.755% |
6-Month THB-FIX | S / S | LCH | 06/15/27 | THB 8,500,000 | (401 | ) | 893 | (1,294 | ) | ||||||||||||||||||||
| 6.110% |
1-Day INR-OIS | S / S | LCH | 06/15/27 | INR 75,000,000 | (749 | ) | 2,300 | (3,049 | ) | ||||||||||||||||||||
| 3.567% |
6-Month CZK-PRIBOR | A / S | LCH | 06/15/32 | CZK 43,000,000 | (49,512 | ) | (19,472 | ) | (30,040 | ) | |||||||||||||||||||
| 5.590% |
6-Month HUF-BUBOR | A / S | LCH | 06/15/32 | HUF 100,000,000 | (6,537 | ) | (3,002 | ) | (3,535 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| ($110,602 | ) | ($54,088 | ) | ($56,514 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Interest Rate Swaps - Short
| Pay | Receive | Payment Frequency Pay Rate/ Receive Rate |
Counterparty | Expiration Date |
Notional Amount |
Value | Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||
| 3.150% |
3-Month MYR-LIBOR | Q / Q | HSB | 06/15/24 | MYR 18,700,000 | ($19,434 | ) | ($1,959 | ) | ($17,475 | ) | |||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Exchange | ||||||||||||||||||||||||
| 8.590% |
28-Day MXN-TIIE | L / L | LCH | 06/12/24 | MXN 141,000,000 | 21,358 | — | 21,358 | ||||||||||||||||
| 1.240% |
6-Month THB-FIX | S / S | LCH | 06/15/24 | THB 300,000,000 | 6,515 | — | 6,515 | ||||||||||||||||
| 6.955% |
1-Day CLP-CAMARA | S / S | LCH | 06/15/24 | CLP 3,750,000,000 | (7,751 | ) | — | (7,751 | ) | ||||||||||||||
| 1.813% |
1-Day USD-SOFR | A / A | LCH | 03/18/26 | $ 8,900,000 | 86,998 | 9,660 | 77,338 | ||||||||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-87
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS DEBT FUND
Schedule of Investments (Continued)
March 31, 2022
| Pay | Receive | Payment Frequency Pay Rate/ Receive Rate |
Exchange | Expiration Date |
Notional Amount |
Value | Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||
| 8.270% |
28-Day MXN-TIIE | L / L | LCH | 06/09/27 | MXN 62,000,000 | $11,137 | $19,824 | ($8,687 | ) | |||||||||||||||||||||||
| 1.755% |
6-Month THB-FIX | S / S | LCH | 06/15/27 | THB 37,000,000 | 1,744 | — | 1,744 | ||||||||||||||||||||||||
| 6.110% |
1-Day INR-OIS | S / S | LCH | 06/15/27 | INR 313,000,000 | 3,126 | — | 3,126 | ||||||||||||||||||||||||
| 3.567% |
6-Month CZK-PRIBOR | A / S | LCH | 06/15/32 | CZK 78,000,000 | 89,811 | — | 89,811 | ||||||||||||||||||||||||
| 5.590% |
6-Month HUF-BUBOR | A / S | LCH | 06/15/32 | HUF 475,000,000 | 31,050 | — | 31,050 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| 243,988 | 29,484 | 214,504 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total Interest Rate Swaps - Short |
|
$224,554 | $27,525 | $197,029 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total Interest Rate Swaps |
|
$113,952 | ($26,563 | ) | $140,515 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps and Centrally Cleared Swaps
| Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||
| OTC Swap Agreements |
|
|||||||
| Assets |
$— | $— | ||||||
| Liabilities |
(1,959 | ) | (17,475 | ) | ||||
| Centrally Cleared Swap Agreements (1) |
|
|||||||
| Assets |
33,664 | 236,895 | ||||||
| Liabilities |
(58,268 | ) | (78,905 | ) | ||||
|
|
|
|
|
|||||
| ($26,563 | ) | $140,515 | ||||||
|
|
|
|
|
|||||
| (1) | Includes cumulative value on centrally cleared swaps, as reported in the Schedule of Investments. Only variation margin is reported within the Statement of Assets and Liabilities. |
| (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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Exchange-Traded Fund |
$597,900 | $597,900 | $— | $— | |||||||||||||
| Corporate Bonds & Notes |
14,807,614 | — | 14,807,614 | — | ||||||||||||||
| Foreign Government Bonds & Notes |
21,685,534 | — | 21,685,534 | — | ||||||||||||||
| Short-Term Investment |
2,434,222 | 2,434,222 | — | — | ||||||||||||||
| Derivatives: |
||||||||||||||||||
| Foreign Currency Contracts |
||||||||||||||||||
| Forward Foreign Currency Contracts |
227,102 | — | 227,102 | — | ||||||||||||||
| Interest Rate Contracts |
||||||||||||||||||
| Futures |
40,049 | 40,049 | — | — | ||||||||||||||
| Swaps |
236,895 | — | 236,895 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Interest Rate Contracts |
276,944 | 40,049 | 236,895 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Assets - Derivatives |
504,046 | 40,049 | 463,997 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Assets |
40,029,316 | 3,072,171 | 36,957,145 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Liabilities |
Derivatives: |
|||||||||||||||||
| Foreign Currency Contracts |
||||||||||||||||||
| Forward Foreign Currency Contracts |
(97,631 | ) | — | (97,631 | ) | — | ||||||||||||
| Interest Rate Contracts |
||||||||||||||||||
| Swaps |
(96,380 | ) | — | (96,380 | ) | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Liabilities - Derivatives |
(194,011 | ) | — | (194,011 | ) | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Liabilities |
(194,011 | ) | — | (194,011 | ) | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$39,835,305 | $3,072,171 | $36,763,134 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-88
Table of Contents
PACIFIC FUNDS
PF GROWTH FUND
Schedule of Investments
March 31, 2022
| Shares |
Value |
|||||||
| COMMON STOCKS - 97.8% |
|
|||||||
| Basic Materials - 1.7% |
||||||||
| Air Products and Chemicals Inc |
1,694 | $423,348 | ||||||
| The Sherwin-Williams Co |
9,083 | 2,267,298 | ||||||
|
|
|
|||||||
| 2,690,646 | ||||||||
|
|
|
|||||||
| Communications - 21.0% |
||||||||
| Alphabet Inc ‘A’ * |
3,568 | 9,923,857 | ||||||
| Alphabet Inc ‘C’ * |
1,094 | 3,055,531 | ||||||
| Amazon.com Inc * |
3,936 | 12,831,163 | ||||||
| Bumble Inc ‘A’ * |
5,591 | 162,027 | ||||||
| Charter Communications Inc ‘A’ * |
3,066 | 1,672,564 | ||||||
| Match Group Inc * |
10,952 | 1,190,921 | ||||||
| Meta Platforms Inc ‘A’ * |
9,178 | 2,040,820 | ||||||
| Netflix Inc * |
4,354 | 1,630,965 | ||||||
| Shopify Inc ‘A’ (Canada) * |
188 | 127,081 | ||||||
| Uber Technologies Inc * |
17,230 | 614,766 | ||||||
|
|
|
|||||||
| 33,249,695 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 3.7% |
||||||||
| Chipotle Mexican Grill Inc * |
557 | 881,191 | ||||||
| Dollar Tree Inc * |
2,616 | 418,953 | ||||||
| Hilton Worldwide Holdings Inc * |
9,145 | 1,387,662 | ||||||
| Lululemon Athletica Inc * |
1,821 | 665,084 | ||||||
| MGM Resorts International |
11,095 | 465,324 | ||||||
| NIKE Inc ‘B’ |
8,446 | 1,136,494 | ||||||
| Ross Stores Inc |
5,033 | 455,285 | ||||||
| Starbucks Corp |
5,221 | 474,954 | ||||||
|
|
|
|||||||
| 5,884,947 | ||||||||
|
|
|
|||||||
| Consumer, Non-Cyclical - 19.7% |
||||||||
| Abbott Laboratories |
21,630 | 2,560,127 | ||||||
| Becton Dickinson and Co |
2,713 | 721,658 | ||||||
| Block Inc * |
4,235 | 574,266 | ||||||
| Boston Scientific Corp * |
51,130 | 2,264,548 | ||||||
| Clarivate PLC * |
38,476 | 644,858 | ||||||
| Colgate-Palmolive Co |
18,463 | 1,400,049 | ||||||
| CoStar Group Inc * |
16,344 | 1,088,674 | ||||||
| Danaher Corp |
12,763 | 3,743,771 | ||||||
| Edwards Lifesciences Corp * |
12,141 | 1,429,238 | ||||||
| Equifax Inc |
5,339 | 1,265,877 | ||||||
| ICON PLC (Ireland) * |
5,021 | 1,221,208 | ||||||
| PayPal Holdings Inc * |
8,445 | 976,664 | ||||||
| STERIS PLC |
2,933 | 709,111 | ||||||
| The Estee Lauder Cos Inc ‘A’ |
7,716 | 2,101,221 | ||||||
| Thermo Fisher Scientific Inc |
5,860 | 3,461,209 | ||||||
| TransUnion |
14,474 | 1,495,743 | ||||||
| Verisk Analytics Inc |
11,369 | 2,440,128 | ||||||
| Vertex Pharmaceuticals Inc * |
4,648 | 1,212,989 | ||||||
| Zoetis Inc |
10,596 | 1,998,300 | ||||||
|
|
|
|||||||
| 31,309,639 | ||||||||
|
|
|
|||||||
| Financial - 11.0% |
||||||||
| American Express Co |
3,715 | 694,705 | ||||||
| American Tower Corp REIT |
3,775 | 948,355 | ||||||
| Aon PLC ‘A’ |
6,677 | 2,174,231 | ||||||
| CME Group Inc |
7,822 | 1,860,541 | ||||||
| Equinix Inc REIT |
548 | 406,408 | ||||||
| Mastercard Inc ‘A’ |
13,895 | 4,965,795 | ||||||
| The Charles Schwab Corp |
26,242 | 2,212,463 | ||||||
| Visa Inc ‘A’ |
18,601 | 4,125,144 | ||||||
|
|
|
|||||||
| 17,387,642 | ||||||||
|
|
|
|||||||
| Shares |
Value |
|||||||
| Industrial - 3.6% |
||||||||
| AMETEK Inc |
10,731 | $ | 1,429,155 | |||||
| Canadian Pacific Railway Ltd (Canada) |
14,293 | 1,179,744 | ||||||
| Johnson Controls International PLC |
12,737 | 835,165 | ||||||
| Vulcan Materials Co |
12,044 | 2,212,483 | ||||||
|
|
|
|||||||
| 5,656,547 | ||||||||
|
|
|
|||||||
| Technology - 37.1% |
||||||||
| Activision Blizzard Inc |
7,224 | 578,715 | ||||||
| Adobe Inc * |
11,519 | 5,248,287 | ||||||
| Apple Inc |
46,198 | 8,066,633 | ||||||
| Applied Materials Inc |
6,561 | 864,740 | ||||||
| ASML Holding NV (Netherlands) |
2,314 | 1,545,590 | ||||||
| Atlassian Corp PLC ‘A’ * |
2,527 | 742,508 | ||||||
| Autodesk Inc * |
6,032 | 1,292,959 | ||||||
| Black Knight Inc * |
5,098 | 295,633 | ||||||
| Cadence Design Systems Inc * |
7,537 | 1,239,535 | ||||||
| Electronic Arts Inc |
9,001 | 1,138,716 | ||||||
| Intuit Inc |
7,636 | 3,671,694 | ||||||
| Lam Research Corp |
2,990 | 1,607,454 | ||||||
| Microsoft Corp |
60,550 | 18,668,170 | ||||||
| MSCI Inc |
5,264 | 2,647,160 | ||||||
| NVIDIA Corp |
19,067 | 5,202,622 | ||||||
| ROBLOX Corp ‘A’ * |
3,901 | 180,382 | ||||||
| Roper Technologies Inc |
2,007 | 947,766 | ||||||
| salesforce.com Inc * |
8,752 | 1,858,225 | ||||||
| ServiceNow Inc * |
3,259 | 1,814,905 | ||||||
| Synopsys Inc * |
2,886 | 961,817 | ||||||
| Take-Two Interactive Software Inc * |
1,877 | 288,570 | ||||||
|
|
|
|||||||
| 58,862,081 | ||||||||
|
|
|
|||||||
| Total Common Stocks |
155,041,197 | |||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENT - 2.4% |
|
|||||||
| Money Market Fund - 2.4% |
|
|||||||
| BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.210% |
3,818,757 | 3,818,757 | ||||||
|
|
|
|||||||
| Total Short-Term Investment |
3,818,757 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 100.2% |
158,859,954 | |||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - (0.2%) |
|
(268,202 | ) | |||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$158,591,752 | ||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition by sector as a percentage of net assets was as follows: |
| Technology |
37.1% | |||
| Communications |
21.0% | |||
| Consumer, Non-Cyclical |
19.7% | |||
| Financial |
11.0% | |||
| Consumer, Cyclical |
3.7% | |||
| Industrial |
3.6% | |||
| Others (each less than 3.0%) |
4.1% | |||
|
|
|
|||
| 100.2% | ||||
| Other Assets & Liabilities, Net |
(0.2% | ) | ||
|
|
|
|||
| 100.0% | ||||
|
|
|
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-89
Table of Contents
PACIFIC FUNDS
PF GROWTH FUND
Schedule of Investments (Continued)
March 31, 2022
| (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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Common Stocks |
$155,041,197 | $155,041,197 | $— | $— | |||||||||||||
| Short-Term Investment |
3,818,757 | 3,818,757 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$158,859,954 | $158,859,954 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-90
Table of Contents
PACIFIC FUNDS
PF LARGE-CAP VALUE FUND
Schedule of Investments
March 31, 2022
| Shares |
Value |
|||||||
| COMMON STOCKS - 96.7% |
|
|||||||
| Basic Materials - 3.2% |
||||||||
| Air Products and Chemicals Inc |
11,792 | $2,946,939 | ||||||
| PPG Industries Inc |
17,907 | 2,347,070 | ||||||
|
|
|
|||||||
| 5,294,009 | ||||||||
|
|
|
|||||||
| Communications - 14.5% |
||||||||
| Alphabet Inc ‘A’ * |
1,250 | 3,476,688 | ||||||
| Booking Holdings Inc * |
1,123 | 2,637,309 | ||||||
| Charter Communications Inc ‘A’ * |
6,524 | 3,558,973 | ||||||
| Cisco Systems Inc |
74,447 | 4,151,165 | ||||||
| Comcast Corp ‘A’ |
62,426 | 2,922,785 | ||||||
| DISH Network Corp ‘A’ * |
104,598 | 3,310,527 | ||||||
| Motorola Solutions Inc |
15,667 | 3,794,547 | ||||||
|
|
|
|||||||
| 23,851,994 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 2.5% |
||||||||
| The Home Depot Inc |
8,233 | 2,464,384 | ||||||
| The TJX Cos Inc |
25,987 | 1,574,292 | ||||||
|
|
|
|||||||
| 4,038,676 | ||||||||
|
|
|
|||||||
| Consumer, Non-Cyclical - 10.6% |
||||||||
| Amgen Inc |
7,681 | 1,857,420 | ||||||
| Anthem Inc |
7,867 | 3,864,428 | ||||||
| Johnson & Johnson |
17,579 | 3,115,526 | ||||||
| Merck & Co Inc |
17,387 | 1,426,603 | ||||||
| PepsiCo Inc |
13,314 | 2,228,497 | ||||||
| UnitedHealth Group Inc |
9,606 | 4,898,772 | ||||||
|
|
|
|||||||
| 17,391,246 | ||||||||
|
|
|
|||||||
| Energy - 8.3% |
||||||||
| Chevron Corp |
25,404 | 4,136,533 | ||||||
| ConocoPhillips |
64,922 | 6,492,200 | ||||||
| Enterprise Products Partners LP |
114,276 | 2,949,464 | ||||||
|
|
|
|||||||
| 13,578,197 | ||||||||
|
|
|
|||||||
| Financial - 25.8% |
||||||||
| American Express Co |
32,321 | 6,044,027 | ||||||
| American Tower Corp REIT |
11,700 | 2,939,274 | ||||||
| Bank of America Corp |
163,118 | 6,723,724 | ||||||
| Berkshire Hathaway Inc ‘B’ * |
8,589 | 3,031,144 | ||||||
| JPMorgan Chase & Co |
42,714 | 5,822,772 | ||||||
| Marsh & McLennan Cos Inc |
14,140 | 2,409,739 | ||||||
| The Bank of New York Mellon Corp |
40,236 | 1,996,913 | ||||||
| The Charles Schwab Corp |
46,227 | 3,897,398 | ||||||
| The Progressive Corp |
18,844 | 2,148,028 | ||||||
| The Travelers Cos Inc |
12,478 | 2,280,105 | ||||||
| US Bancorp |
30,642 | 1,628,622 | ||||||
| Visa Inc ‘A’ |
15,141 | 3,357,820 | ||||||
|
|
|
|||||||
| 42,279,566 | ||||||||
|
|
|
|||||||
| Industrial - 20.6% |
||||||||
| Deere & Co |
15,313 | 6,361,939 | ||||||
| Honeywell International Inc |
9,636 | 1,874,973 | ||||||
| Illinois Tool Works Inc |
11,386 | 2,384,228 | ||||||
| Martin Marietta Materials Inc |
5,390 | 2,074,557 | ||||||
| Northrop Grumman Corp |
7,573 | 3,386,797 | ||||||
| Shares |
Value |
|||||||
| Otis Worldwide Corp |
22,076 | $ | 1,698,748 | |||||
| Raytheon Technologies Corp |
56,450 | 5,592,502 | ||||||
| TE Connectivity Ltd |
38,975 | 5,104,946 | ||||||
| United Parcel Service Inc ‘B’ |
16,203 | 3,474,895 | ||||||
| Vertiv Holdings Co |
137,498 | 1,924,972 | ||||||
|
|
|
|||||||
| 33,878,557 | ||||||||
|
|
|
|||||||
| Technology - 5.1% |
||||||||
| Apple Inc |
4,724 | 824,857 | ||||||
| Intel Corp |
51,787 | 2,566,564 | ||||||
| Microsoft Corp |
5,778 | 1,781,415 | ||||||
| Oracle Corp |
22,004 | 1,820,391 | ||||||
| QUALCOMM Inc |
9,417 | 1,439,106 | ||||||
|
|
|
|||||||
| 8,432,333 | ||||||||
|
|
|
|||||||
| Utilities - 6.1% |
||||||||
| Edison International |
40,330 | 2,827,133 | ||||||
| Sempra Energy |
42,298 | 7,111,140 | ||||||
|
|
|
|||||||
| 9,938,273 | ||||||||
|
|
|
|||||||
| Total Common Stocks |
158,682,851 | |||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENT - 3.4% |
|
|||||||
| Money Market Fund - 3.4% |
|
|||||||
| BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.210% |
5,582,777 | 5,582,777 | ||||||
|
|
|
|||||||
| Total Short-Term Investment |
5,582,777 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 100.1% |
164,265,628 | |||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - (0.1%) |
|
(83,771 | ) | |||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$164,181,857 | ||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition by sector as a percentage of net assets was as follows: |
| Financial |
25.8% | |||
| Industrial |
20.6% | |||
| Communications |
14.5% | |||
| Consumer, Non-Cyclical |
10.6% | |||
| Energy |
8.3% | |||
| Utilities |
6.1% | |||
| Technology |
5.1% | |||
| Short-Term Investment |
3.4% | |||
| Basic Materials |
3.2% | |||
| 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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Common Stocks |
$158,682,851 | $158,682,851 | $— | $— | |||||||||||||
| Short-Term Investment |
5,582,777 | 5,582,777 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$164,265,628 | $164,265,628 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-91
Table of Contents
PACIFIC FUNDS
PF SMALL-CAP GROWTH FUND
Schedule of Investments
March 31, 2022
| Shares |
Value |
|||||||
| COMMON STOCKS - 95.6% |
|
|||||||
| Basic Materials - 4.7% |
||||||||
| Axalta Coating Systems Ltd * |
33,602 | $825,937 | ||||||
| Element Solutions Inc |
40,540 | 887,826 | ||||||
| Ingevity Corp * |
9,847 | 630,897 | ||||||
|
|
|
|||||||
| 2,344,660 | ||||||||
|
|
|
|||||||
| Communications - 3.9% |
||||||||
| Open Lending Corp ‘A’ * |
34,030 | 643,507 | ||||||
| Q2 Holdings Inc * |
14,015 | 864,025 | ||||||
| Vivid Seats Inc ‘A’ |
41,086 | 454,411 | ||||||
|
|
|
|||||||
| 1,961,943 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 13.5% |
||||||||
| Brunswick Corp |
3,799 | 307,301 | ||||||
| F45 Training Holdings Inc * |
23,630 | 252,841 | ||||||
| Genius Sports Ltd (United Kingdom) * |
47,356 | 217,838 | ||||||
| JetBlue Airways Corp * |
54,514 | 814,984 | ||||||
| Leslie’s Inc * |
53,198 | 1,029,913 | ||||||
| Malibu Boats Inc ‘A’ * |
5,642 | 327,292 | ||||||
| Manchester United PLC ‘A’ (United Kingdom) |
40,716 | 589,161 | ||||||
| Methode Electronics Inc |
10,706 | 463,034 | ||||||
| On Holding AG ‘A’ (Switzerland) * |
9,911 | 250,154 | ||||||
| Penn National Gaming Inc * |
11,142 | 472,644 | ||||||
| Petco Health & Wellness Co Inc * |
30,453 | 595,965 | ||||||
| Skechers USA Inc ‘A’ * |
21,901 | 892,685 | ||||||
| Visteon Corp * |
4,775 | 521,096 | ||||||
|
|
|
|||||||
| 6,734,908 | ||||||||
|
|
|
|||||||
| Consumer, Non-Cyclical - 24.6% |
||||||||
| Abcam PLC (United Kingdom) * |
24,834 | 448,877 | ||||||
| Adaptive Biotechnologies Corp * |
9,893 | 137,315 | ||||||
| Allovir Inc * |
10,109 | 68,236 | ||||||
| Annexon Inc * |
9,842 | 26,869 | ||||||
| BioAtla Inc * |
6,433 | 32,165 | ||||||
| Bioxcel Therapeutics Inc * |
5,418 | 113,290 | ||||||
| Boyd Group Services Inc (Canada) |
2,957 | 391,625 | ||||||
| Bright Horizons Family Solutions Inc * |
3,247 | 430,844 | ||||||
| Bruker Corp |
4,575 | 294,172 | ||||||
| Certara Inc * |
33,885 | 727,850 | ||||||
| Collegium Pharmaceutical Inc * |
10,036 | 204,333 | ||||||
| European Wax Center Inc ‘A’ * |
7,882 | 232,992 | ||||||
| Evo Payments Inc ‘A’ * |
35,120 | 810,921 | ||||||
| Guardant Health Inc * |
2,469 | 163,547 | ||||||
| Harmony Biosciences Holdings Inc * |
4,875 | 237,169 | ||||||
| HealthEquity Inc * |
9,242 | 623,280 | ||||||
| Immunocore Holdings PLC ADR (United Kingdom) * |
4,355 | 130,215 | ||||||
| Legalzoom.com Inc * |
17,614 | 249,062 | ||||||
| Lyell Immunopharma Inc * |
12,778 | 64,529 | ||||||
| Maravai LifeSciences Holdings Inc ‘A’ * |
10,199 | 359,719 | ||||||
| MaxCyte Inc * |
23,489 | 164,188 | ||||||
| Neurocrine Biosciences Inc * |
2,718 | 254,813 | ||||||
| Nevro Corp * |
3,051 | 220,679 | ||||||
| Nuvei Corp (Canada) * |
6,910 | 520,945 | ||||||
| Oatly Group AB ADR * |
37,977 | 190,265 | ||||||
| Olink Holding AB ADR (Sweden) * |
6,310 | 111,435 | ||||||
| Optinose Inc * |
23,596 | 58,282 | ||||||
| Oxford Nanopore Technologies PLC (United Kingdom) * |
14,308 | 74,415 | ||||||
| Paylocity Holding Corp * |
1,221 | 251,245 | ||||||
| Payoneer Global Inc * |
71,686 | 319,720 | ||||||
| Prelude Therapeutics Inc * |
6,209 | 42,842 | ||||||
| PROCEPT BioRobotics Corp * |
10,309 | 360,712 | ||||||
| Recursion Pharmaceuticals Inc ‘A’ * |
16,795 | 120,252 | ||||||
| Remitly Global Inc * |
47,758 | 471,371 | ||||||
| Ritchie Bros Auctioneers Inc (Canada) |
12,596 | 743,542 | ||||||
| Sabre Corp * |
30,101 | 344,054 | ||||||
| Shares |
Value |
|||||||
| Sana Biotechnology Inc * |
9,894 | $ | 81,724 | |||||
| Silk Road Medical Inc * |
4,722 | 194,971 | ||||||
| SpringWorks Therapeutics Inc * |
5,389 | 304,155 | ||||||
| Syneos Health Inc * |
10,310 | 834,595 | ||||||
| The Duckhorn Portfolio Inc * |
21,939 | 399,070 | ||||||
| TriNet Group Inc * |
2,015 | 198,195 | ||||||
| Turning Point Therapeutics Inc * |
4,592 | 123,295 | ||||||
| Twist Bioscience Corp * |
3,519 | 173,768 | ||||||
|
|
|
|||||||
| 12,305,543 | ||||||||
|
|
|
|||||||
| Energy - 0.8% |
||||||||
| Shoals Technologies Group Inc ‘A’ * |
24,049 | 409,795 | ||||||
|
|
|
|||||||
| Financial - 11.4% |
||||||||
| Big Yellow Group PLC REIT (United Kingdom) |
19,516 | 393,446 | ||||||
| First Interstate BancSystem Inc ‘A’ |
16,438 | 604,425 | ||||||
| Focus Financial Partners Inc ‘A’ * |
13,136 | 600,841 | ||||||
| GCM Grosvenor Inc ‘A’ |
35,856 | 348,162 | ||||||
| Hamilton Lane Inc ‘A’ |
10,498 | 811,390 | ||||||
| Innovative Industrial Properties Inc REIT |
2,461 | 505,489 | ||||||
| Prosperity Bancshares Inc |
8,973 | 622,547 | ||||||
| STAG Industrial Inc REIT |
19,564 | 808,971 | ||||||
| United Community Banks Inc |
12,087 | 420,628 | ||||||
| WisdomTree Investments Inc |
94,391 | 554,075 | ||||||
|
|
|
|||||||
| 5,669,974 | ||||||||
|
|
|
|||||||
| Industrial - 13.2% |
||||||||
| Advanced Drainage Systems Inc |
4,889 | 580,862 | ||||||
| Advanced Energy Industries Inc |
9,757 | 839,882 | ||||||
| CryoPort Inc * |
11,646 | 406,562 | ||||||
| Gerresheimer AG (Germany) |
7,952 | 580,870 | ||||||
| GFL Environmental Inc (Canada) |
21,266 | 691,996 | ||||||
| Hydrofarm Holdings Group Inc * |
19,171 | 290,441 | ||||||
| Knight-Swift Transportation Holdings Inc |
11,189 | 564,597 | ||||||
| Littelfuse Inc |
1,685 | 420,256 | ||||||
| Schneider National Inc ‘B’ |
11,341 | 289,195 | ||||||
| Sensata Technologies Holding PLC * |
16,549 | 841,517 | ||||||
| The AZEK Co Inc * |
34,259 | 850,994 | ||||||
| Trex Co Inc * |
3,846 | 251,259 | ||||||
|
|
|
|||||||
| 6,608,431 | ||||||||
|
|
|
|||||||
| Technology - 23.5% |
||||||||
| ACV Auctions Inc ‘A’ * |
48,662 | 720,684 | ||||||
| Alkami Technology Inc * |
29,348 | 419,970 | ||||||
| Avalara Inc * |
3,842 | 382,317 | ||||||
| CACI International Inc ‘A’ * |
3,411 | 1,027,598 | ||||||
| Corsair Gaming Inc * |
18,931 | 400,580 | ||||||
| Definitive Healthcare Corp * |
11,963 | 294,888 | ||||||
| DoubleVerify Holdings Inc * |
17,439 | 438,940 | ||||||
| Endava PLC ADR (United Kingdom) * |
2,869 | 381,663 | ||||||
| Everbridge Inc * |
9,229 | 402,753 | ||||||
| ExlService Holdings Inc * |
7,247 | 1,038,278 | ||||||
| Expensify Inc ‘A’ * |
11,929 | 209,473 | ||||||
| Five9 Inc * |
3,927 | 433,541 | ||||||
| Keywords Studios PLC (Ireland) |
21,210 | 729,998 | ||||||
| nCino Inc * |
5,895 | 241,577 | ||||||
| Outset Medical Inc * |
6,079 | 275,987 | ||||||
| Paycor HCM Inc * |
29,888 | 870,040 | ||||||
| Procore Technologies Inc * |
6,312 | 365,843 | ||||||
| Rapid7 Inc * |
9,013 | 1,002,606 | ||||||
| TaskUS Inc ‘A’ (Philippines) * |
13,889 | 534,171 | ||||||
| Thoughtworks Holding Inc * |
31,292 | 651,186 | ||||||
| WNS Holdings Ltd ADR (India) * |
10,540 | 901,065 | ||||||
|
|
|
|||||||
| 11,723,158 | ||||||||
|
|
|
|||||||
| Total Common Stocks |
47,758,412 | |||||||
|
|
|
|||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-92
Table of Contents
PACIFIC FUNDS
PF SMALL-CAP GROWTH FUND
Schedule of Investments (Continued)
March 31, 2022
| Shares |
Value |
|||||||
| SHORT-TERM INVESTMENT - 4.1% |
|
|||||||
| Money Market Fund - 4.1% |
|
|||||||
| BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.210% |
2,043,622 | $2,043,622 | ||||||
|
|
|
|||||||
| Total Short-Term Investment |
2,043,622 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 99.7% |
49,802,034 | |||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - 0.3% |
|
162,453 | ||||||
|
|
|
|||||||
| NET ASSETS—100.0% |
|
$49,964,487 | ||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition by sector as a percentage of net assets was as follows: |
| Consumer, Non-Cyclical |
24.6% | |||
| Technology |
23.5% | |||
| Consumer, Cyclical |
13.5% | |||
| Industrial |
13.2% | |||
| Financial |
11.4% | |||
| Basic Materials |
4.7% | |||
| Short-Term Investment |
4.1% | |||
| Communications |
3.9% | |||
| Others (each less than 3.0%) |
0.8% | |||
|
|
|
|||
| 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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Common Stocks |
|||||||||||||||||
| Basic Materials |
$2,344,660 | $2,344,660 | $— | $— | ||||||||||||||
| Communications |
1,961,943 | 1,961,943 | — | — | ||||||||||||||
| Consumer, Cyclical |
6,734,908 | 6,734,908 | — | — | ||||||||||||||
| Consumer, Non-Cyclical |
12,305,543 | 11,782,251 | 523,292 | — | ||||||||||||||
| Energy |
409,795 | 409,795 | — | — | ||||||||||||||
| Financial |
5,669,974 | 5,276,528 | 393,446 | — | ||||||||||||||
| Industrial |
6,608,431 | 6,027,561 | 580,870 | — | ||||||||||||||
| Technology |
11,723,158 | 11,723,158 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Common Stocks |
47,758,412 | 46,260,804 | 1,497,608 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Short-Term Investment |
2,043,622 | 2,043,622 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$49,802,034 | $48,304,426 | $1,497,608 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-93
Table of Contents
PACIFIC FUNDS
PF SMALL-CAP VALUE FUND
Schedule of Investments
March 31, 2022
| Shares |
Value |
|||||||
| COMMON STOCKS - 98.9% |
|
|||||||
| Basic Materials - 3.9% |
||||||||
| AdvanSix Inc |
19,940 | $1,018,735 | ||||||
| Carpenter Technology Corp |
20,563 | 863,235 | ||||||
| HB Fuller Co |
17,110 | 1,130,458 | ||||||
| Innospec Inc |
7,430 | 687,646 | ||||||
| Orion Engineered Carbons SA (Germany) |
5,284 | 84,385 | ||||||
| Trinseo PLC |
229 | 10,974 | ||||||
|
|
|
|||||||
| 3,795,433 | ||||||||
|
|
|
|||||||
| Communications - 2.6% |
||||||||
| A10 Networks Inc |
69,153 | 964,684 | ||||||
| Casa Systems Inc * |
123,402 | 557,777 | ||||||
| Criteo SA ADR (France) * |
38,031 | 1,035,965 | ||||||
|
|
|
|||||||
| 2,558,426 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 21.7% |
||||||||
| Blue Bird Corp * |
50,183 | 944,444 | ||||||
| Citi Trends Inc * |
20,530 | 628,731 | ||||||
| Dana Inc |
49,800 | 874,986 | ||||||
| Dine Brands Global Inc |
15,363 | 1,197,546 | ||||||
| Genesco Inc * |
12,670 | 805,939 | ||||||
| H&E Equipment Services Inc |
26,405 | 1,149,146 | ||||||
| Hilton Grand Vacations Inc * |
24,440 | 1,271,124 | ||||||
| IMAX Corp * |
65,580 | 1,241,429 | ||||||
| KB Home |
34,410 | 1,114,196 | ||||||
| Kontoor Brands Inc |
20,225 | 836,304 | ||||||
| MillerKnoll Inc |
38,190 | 1,319,846 | ||||||
| Papa John’s International Inc |
11,306 | 1,190,296 | ||||||
| REV Group Inc |
88,914 | 1,191,448 | ||||||
| Ruth’s Hospitality Group Inc |
31,138 | 712,437 | ||||||
| Sally Beauty Holdings Inc * |
68,062 | 1,063,809 | ||||||
| Scientific Games Corp * |
13,150 | 772,562 | ||||||
| SkyWest Inc * |
28,919 | 834,313 | ||||||
| Taylor Morrison Home Corp * |
49,048 | 1,335,087 | ||||||
| The Goodyear Tire & Rubber Co * |
105,670 | 1,510,024 | ||||||
| The Shyft Group Inc |
31,537 | 1,138,801 | ||||||
|
|
|
|||||||
| 21,132,468 | ||||||||
|
|
|
|||||||
| Consumer, Non-Cyclical - 9.8% |
||||||||
| Acadia Healthcare Co Inc * |
22,440 | 1,470,493 | ||||||
| Adtalem Global Education Inc * |
16,140 | 479,519 | ||||||
| Herc Holdings Inc |
8,740 | 1,460,367 | ||||||
| Integra LifeSciences Holdings Corp * |
19,600 | 1,259,496 | ||||||
| Korn Ferry |
13,644 | 886,041 | ||||||
| MEDNAX Inc * |
60,780 | 1,427,114 | ||||||
| Nomad Foods Ltd (United Kingdom) * |
56,994 | 1,286,925 | ||||||
| The Hain Celestial Group Inc * |
38,094 | 1,310,434 | ||||||
|
|
|
|||||||
| 9,580,389 | ||||||||
|
|
|
|||||||
| Energy - 3.1% |
||||||||
| Coterra Energy Inc |
28,814 | 777,114 | ||||||
| HF Sinclair Corp * |
35,770 | 1,425,434 | ||||||
| Infrastructure and Energy Alternatives Inc * |
66,868 | 792,386 | ||||||
|
|
|
|||||||
| 2,994,934 | ||||||||
|
|
|
|||||||
| Financial - 34.4% |
||||||||
| 1st Source Corp |
19,552 | 904,280 | ||||||
| Armada Hoffler Properties Inc REIT |
25,155 | 367,263 | ||||||
| Associated Banc-Corp |
51,992 | 1,183,338 | ||||||
| Bank of Marin Bancorp |
16,928 | 593,665 | ||||||
| BankUnited Inc |
32,288 | 1,419,380 | ||||||
| Berkshire Hills Bancorp Inc |
44,860 | 1,299,594 | ||||||
| Broadstone Net Lease Inc REIT |
59,330 | 1,292,207 | ||||||
| Carter Bankshares Inc * |
36,301 | 630,548 | ||||||
| Cousins Properties Inc REIT |
24,436 | 984,526 | ||||||
| First BanCorp |
33,214 | 435,768 | ||||||
| Shares |
Value |
|||||||
| HarborOne Bancorp Inc |
82,292 | $1,153,734 | ||||||
| Heritage Financial Corp |
45,990 | 1,152,509 | ||||||
| Independence Realty Trust Inc REIT |
67,016 | 1,771,903 | ||||||
| Independent Bank Group Inc |
14,409 | 1,025,344 | ||||||
| Moelis & Co ‘A’ |
27,290 | 1,281,266 | ||||||
| National Storage Affiliates Trust REIT |
13,176 | 826,926 | ||||||
| NETSTREIT Corp REIT |
50,520 | 1,133,669 | ||||||
| Pacific Premier Bancorp Inc |
24,289 | 858,616 | ||||||
| Physicians Realty Trust REIT |
81,351 | 1,426,897 | ||||||
| Premier Financial Corp |
22,890 | 694,254 | ||||||
| Sandy Spring Bancorp Inc |
19,223 | 863,497 | ||||||
| Selective Insurance Group Inc |
16,765 | 1,498,120 | ||||||
| STAG Industrial Inc REIT |
35,142 | 1,453,122 | ||||||
| Stifel Financial Corp |
14,655 | 995,075 | ||||||
| Synovus Financial Corp |
25,610 | 1,254,890 | ||||||
| Texas Capital Bancshares Inc * |
22,971 | 1,316,468 | ||||||
| The Hanover Insurance Group Inc |
8,960 | 1,339,699 | ||||||
| TriCo Bancshares |
21,839 | 874,215 | ||||||
| Umpqua Holdings Corp |
50,260 | 947,904 | ||||||
| Webster Financial Corp |
22,373 | 1,255,573 | ||||||
| WSFS Financial Corp |
26,317 | 1,226,899 | ||||||
|
|
|
|||||||
| 33,461,149 | ||||||||
|
|
|
|||||||
| Industrial - 14.1% |
||||||||
| Applied Industrial Technologies Inc |
9,740 | 999,908 | ||||||
| ArcBest Corp |
16,890 | 1,359,645 | ||||||
| Arcosa Inc |
15,334 | 877,871 | ||||||
| Belden Inc |
17,684 | 979,694 | ||||||
| Cactus Inc ‘A’ |
36,630 | 2,078,386 | ||||||
| Dycom Industries Inc * |
15,320 | 1,459,383 | ||||||
| GATX Corp |
7,990 | 985,407 | ||||||
| Great Lakes Dredge & Dock Corp * |
72,470 | 1,016,754 | ||||||
| Kirby Corp. * |
13,110 | 946,411 | ||||||
| Masonite International Corp * |
8,148 | 724,683 | ||||||
| Regal Rexnord Corp |
299 | 44,485 | ||||||
| Terex Corp |
29,557 | 1,054,003 | ||||||
| The Manitowoc Co Inc * |
52,661 | 794,128 | ||||||
| TTM Technologies Inc * |
26,494 | 392,641 | ||||||
|
|
|
|||||||
| 13,713,399 | ||||||||
|
|
|
|||||||
| Technology - 6.7% |
||||||||
| ACI Worldwide Inc * |
33,250 | 1,047,043 | ||||||
| Change Healthcare Inc * |
66,990 | 1,460,382 | ||||||
| CommVault Systems Inc * |
18,689 | 1,240,015 | ||||||
| Kulicke & Soffa Industries Inc (Singapore) |
11,510 | 644,790 | ||||||
| MagnaChip Semiconductor Corp (South Korea) * |
66,352 | 1,122,012 | ||||||
| Unisys Corp * |
47,910 | 1,035,335 | ||||||
|
|
|
|||||||
| 6,549,577 | ||||||||
|
|
|
|||||||
| Utilities - 2.6% |
||||||||
| IDACORP Inc |
13,150 | 1,516,984 | ||||||
| Southwest Gas Holdings Inc |
12,900 | 1,009,941 | ||||||
|
|
|
|||||||
| 2,526,925 | ||||||||
|
|
|
|||||||
| Total Common Stocks |
96,312,700 | |||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENT - 0.6% |
|
|||||||
| Money Market Fund - 0.6% |
|
|||||||
| BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.210% |
557,112 | 557,112 | ||||||
|
|
|
|||||||
| Total Short-Term Investment |
557,112 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 99.5% |
96,869,812 | |||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - 0.5% |
452,640 | |||||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
$97,322,452 | |||||||
|
|
|
|||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-94
Table of Contents
PACIFIC FUNDS
PF SMALL-CAP VALUE FUND
Schedule of Investments (Continued)
March 31, 2022
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition by sector as a percentage of net assets was as follows: |
| Financial |
34.4% | |||
| Consumer, Cyclical |
21.7% | |||
| Industrial |
14.1% | |||
| Consumer, Non-Cyclical |
9.8% | |||
| Technology |
6.7% | |||
| Basic Materials |
3.9% | |||
| Energy |
3.1% | |||
| Others (each less than 3.0%) |
5.8% | |||
|
|
|
|||
| 99.5% | ||||
| Other Assets & Liabilities, Net |
0.5% | |||
|
|
|
|||
| 100.0% | ||||
|
|
|
| (b) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Common Stocks |
$96,312,700 | $96,312,700 | $— | $— | |||||||||||||
| Short-Term Investment |
557,112 | 557,112 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$96,869,812 | $96,869,812 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-95
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS FUND
Schedule of Investments
March 31, 2022
| Shares |
Value |
|||||||
| RIGHTS - 0.0% |
|
|||||||
| South Korea - 0.0% |
|
|||||||
| Samsung Biologics Co Ltd |
197 | $30,556 | ||||||
|
|
|
|||||||
| Total Rights |
30,556 | |||||||
|
|
|
|||||||
| WARRANTS - 0.1% |
|
|||||||
| Switzerland - 0.1% |
|
|||||||
| Cie Financiere Richemont SA Exercise @ CHF 67.00 Exp 11/22/23 * |
46,078 | 36,402 | ||||||
|
|
|
|||||||
| Total Warrants |
36,402 | |||||||
|
|
|
|||||||
| PREFERRED STOCKS - 1.3% |
|
|||||||
| Brazil - 1.3% |
|
|||||||
| Banco Bradesco SA |
248,690 | 1,158,556 | ||||||
|
|
|
|||||||
| Total Preferred Stocks |
1,158,556 | |||||||
|
|
|
|||||||
| COMMON STOCKS - 95.1% |
|
|||||||
| Brazil - 5.8% |
|
|||||||
| Ambev SA |
260,400 | 848,848 | ||||||
| Americanas SA |
142,028 | 969,946 | ||||||
| Lojas Renner SA |
102,088 | 592,237 | ||||||
| NU Holdings Ltd ‘A’ * |
49,846 | 384,811 | ||||||
| Pagseguro Digital Ltd ‘A’ * |
31,775 | 637,089 | ||||||
| Vale SA ADR |
84,442 | 1,687,996 | ||||||
|
|
|
|||||||
| 5,120,927 | ||||||||
|
|
|
|||||||
| China - 21.0% |
|
|||||||
| Alibaba Group Holding Ltd * |
81,500 | 1,112,207 | ||||||
| BeiGene Ltd ADR * |
5,550 | 1,046,730 | ||||||
| Brii Biosciences Ltd * |
99,000 | 138,286 | ||||||
| Huazhu Group Ltd |
1,800 | 6,012 | ||||||
| Huazhu Group Ltd ADR |
68,800 | 2,269,712 | ||||||
| JD.com Inc ‘A’ * |
3,380 | 96,042 | ||||||
| Keymed Biosciences Inc * ~ |
21,550 | 58,668 | ||||||
| Meituan ‘B’ * ~ |
45,500 | 861,949 | ||||||
| MicroTech Medical Hangzhou Co Ltd ‘H’ * ~ |
5,200 | 7,461 | ||||||
| MicroTech Medical Hangzhou Co Ltd ‘H’ * ~ ± W |
21,500 | 29,308 | ||||||
| NetEase Inc ADR |
31,400 | 2,816,266 | ||||||
| New Horizon Health Ltd * ~ |
37,000 | 106,558 | ||||||
| OneConnect Financial Technology Co Ltd ADR * |
1,350 | 1,904 | ||||||
| Remegen Co Ltd ‘H’ * ~ |
29 | 169 | ||||||
| Tencent Holdings Ltd |
62,781 | 2,893,849 | ||||||
| Wuxi Biologics Cayman Inc * ~ |
178,500 | 1,417,398 | ||||||
| Yum China Holdings Inc |
74,955 | 3,113,631 | ||||||
| Zai Lab Ltd ADR * |
17,989 | 791,156 | ||||||
| ZTO Express Cayman Inc |
5,813 | 145,738 | ||||||
| ZTO Express Cayman Inc ADR |
60,549 | 1,513,725 | ||||||
|
|
|
|||||||
| 18,426,769 | ||||||||
|
|
|
|||||||
| Egypt - 0.4% |
|
|||||||
| Commercial International Bank Egypt SAE |
152,744 | 384,875 | ||||||
|
|
|
|||||||
| France - 4.3% |
|
|||||||
| Kering SA |
1,451 | 916,056 | ||||||
| L’Oreal SA |
123 | 49,132 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE |
166 | 118,491 | ||||||
| Pernod Ricard SA |
12,224 | 2,685,749 | ||||||
|
|
|
|||||||
| 3,769,428 | ||||||||
|
|
|
|||||||
| Shares |
Value |
|||||||
| Hong Kong - 5.2% |
|
|||||||
| AIA Group Ltd |
420,000 | $ | 4,385,592 | |||||
| Hong Kong Exchanges & Clearing Ltd |
4,400 | 206,243 | ||||||
|
|
|
|||||||
| 4,591,835 | ||||||||
|
|
|
|||||||
| India - 19.4% |
|
|||||||
| HDFC Bank Ltd |
13,707 | 263,994 | ||||||
| HDFC Life Insurance Co Ltd ~ |
22,912 | 162,105 | ||||||
| Housing Development Finance Corp Ltd |
170,259 | 5,323,673 | ||||||
| Infosys Ltd |
85,637 | 2,144,578 | ||||||
| Kotak Mahindra Bank Ltd |
173,162 | 3,976,950 | ||||||
| Macrotech Developers Ltd * ~ |
9,662 | 142,608 | ||||||
| Oberoi Realty Ltd * |
44,884 | 553,279 | ||||||
| Tata Consultancy Services Ltd |
77,159 | 3,792,010 | ||||||
| Zee Entertainment Enterprises Ltd |
182,571 | 688,989 | ||||||
|
|
|
|||||||
| 17,048,186 | ||||||||
|
|
|
|||||||
| Indonesia - 1.0% |
|
|||||||
| P.T. Bank Central Asia Tbk |
1,529,700 | 849,389 | ||||||
|
|
|
|||||||
| Italy - 1.7% |
|
|||||||
| Ermenegildo Zegna Holditalia SPA * |
14,108 | 148,839 | ||||||
| Moncler SPA |
2,678 | 148,581 | ||||||
| PRADA SPA |
181,600 | 1,150,288 | ||||||
|
|
|
|||||||
| 1,447,708 | ||||||||
|
|
|
|||||||
| Mexico - 9.9% |
|
|||||||
| America Movil SAB de CV ‘L’ ADR |
36,889 | 780,202 | ||||||
| Fomento Economico Mexicano SAB de CV |
212,898 | 1,767,621 | ||||||
| Grupo Mexico SAB de CV ‘B’ |
705,162 | 4,210,055 | ||||||
| Wal-Mart de Mexico SAB de CV |
471,960 | 1,934,110 | ||||||
|
|
|
|||||||
| 8,691,988 | ||||||||
|
|
|
|||||||
| Peru - 0.1% |
|
|||||||
| Credicorp Ltd |
608 | 104,497 | ||||||
|
|
|
|||||||
| Philippines - 2.5% |
|
|||||||
| Ayala Land Inc |
1,058,500 | 714,696 | ||||||
| SM Investments Corp |
65,377 | 1,148,472 | ||||||
| SM Prime Holdings Inc |
503,456 | 367,046 | ||||||
|
|
|
|||||||
| 2,230,214 | ||||||||
|
|
|
|||||||
| Poland - 0.3% |
|
|||||||
| InPost SA * |
40,678 | 258,095 | ||||||
|
|
|
|||||||
| Russia - 0.0% |
|
|||||||
| Novatek PJSC GDR ± W |
24,056 | — | ||||||
| Polyus PJSC ± W |
3,943 | — | ||||||
| Polyus PJSC GDR ~ ± W |
3,877 | — | ||||||
| Sberbank of Russia PJSC ± W |
14,210 | — | ||||||
| TCS Group Holding PLC GDR ± W |
7,899 | — | ||||||
| Yandex NV ‘A’ * ± W |
65,568 | — | ||||||
|
|
|
|||||||
| — | ||||||||
|
|
|
|||||||
| South Africa - 1.1% |
|
|||||||
| FirstRand Ltd |
175,623 | 926,967 | ||||||
|
|
|
|||||||
| South Korea - 7.1% |
|
|||||||
| LG Chem Ltd |
2,996 | 1,309,152 | ||||||
| NAVER Corp |
2,371 | 658,970 | ||||||
| Samsung Biologics Co Ltd * ~ |
2,524 | 1,715,000 | ||||||
| Samsung Electronics Co Ltd |
44,628 | 2,553,747 | ||||||
|
|
|
|||||||
| 6,236,869 | ||||||||
|
|
|
|||||||
| Switzerland - 3.5% |
|
|||||||
| Cie Financiere Richemont SA ‘A’ |
24,538 | 3,110,311 | ||||||
|
|
|
|||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-96
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS FUND
Schedule of Investments (Continued)
March 31, 2022
| Shares |
Value |
|||||||
| Taiwan - 11.2% |
|
|||||||
| MediaTek Inc |
37,000 | $ | 1,151,460 | |||||
| Taiwan Semiconductor Manufacturing Co Ltd |
424,995 | 8,718,144 | ||||||
|
|
|
|||||||
| 9,869,604 | ||||||||
|
|
|
|||||||
| Turkey - 0.1% |
|
|||||||
| Akbank T.A.S. |
181,699 | 89,544 | ||||||
|
|
|
|||||||
| United Kingdom - 0.5% |
|
|||||||
| Oxford Nanopore Technologies PLC * |
2,000 | 10,402 | ||||||
| Prudential PLC |
29,400 | 424,908 | ||||||
|
|
|
|||||||
| 435,310 | ||||||||
|
|
|
|||||||
| Total Common Stocks |
83,592,516 | |||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENT - 3.5% |
|
|||||||
| Money Market Fund - 3.5% |
|
|||||||
| BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.210% |
3,052,024 | 3,052,024 | ||||||
|
|
|
|||||||
| Total Short-Term Investment |
3,052,024 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 100.0% |
87,870,054 | |||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - 0.0% |
23,240 | |||||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
$87,893,294 | |||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition by sector as a percentage of net assets was as follows: |
| Technology |
24.1% | |||
| Financial |
24.0% | |||
| Consumer, Cyclical |
16.5% | |||
| Consumer, Non-Cyclical |
13.4% | |||
| Basic Materials |
8.2% | |||
| Communications |
8.1% | |||
| Short-Term Investment |
3.5% | |||
| Others (each less than 3.0%) |
2.2% | |||
|
|
|
|||
| 100.0% | ||||
| Other Assets & Liabilities, Net |
0.0% | |||
|
|
|
|||
| 100.0% | ||||
|
|
|
| (b) | As of March 31, 2022, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
| China |
21.0% | |||
| India |
19.4% | |||
| Taiwan |
11.2% | |||
| Mexico |
9.9% | |||
| Brazil |
7.1% | |||
| South Korea |
7.1% | |||
| Hong Kong |
5.2% | |||
| France |
4.3% | |||
| Switzerland |
3.6% | |||
| United States (Includes Short-Term Investments) |
3.5% | |||
| Others (each less than 3.0%) |
7.7% | |||
|
|
|
|||
| 100.0% | ||||
| Other Assets & Liabilities, Net |
0.0% | |||
|
|
|
|||
| 100.0% | ||||
|
|
|
| (c) | Investments with a total aggregate value of $29,308 or less than 0.1% 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. |
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-97
Table of Contents
PACIFIC FUNDS
PF EMERGING MARKETS FUND
Schedule of Investments (Continued)
March 31, 2022
| (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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Rights |
$30,556 | $— | $30,556 | $— | |||||||||||||
| Warrants |
36,402 | 36,402 | — | — | ||||||||||||||
| Preferred Stocks |
1,158,556 | 1,158,556 | — | — | ||||||||||||||
| Common Stocks |
||||||||||||||||||
| Brazil |
5,120,927 | 5,120,927 | — | — | ||||||||||||||
| China |
18,426,769 | 11,560,585 | 6,836,876 | 29,308 | ||||||||||||||
| Egypt |
384,875 | — | 384,875 | — | ||||||||||||||
| France |
3,769,428 | — | 3,769,428 | — | ||||||||||||||
| Hong Kong |
4,591,835 | — | 4,591,835 | — | ||||||||||||||
| India |
17,048,186 | — | 17,048,186 | — | ||||||||||||||
| Indonesia |
849,389 | 849,389 | — | — | ||||||||||||||
| Italy |
1,447,708 | 148,839 | 1,298,869 | — | ||||||||||||||
| Mexico |
8,691,988 | 8,691,988 | — | — | ||||||||||||||
| Peru |
104,497 | 104,497 | — | — | ||||||||||||||
| Philippines |
2,230,214 | 1,148,472 | 1,081,742 | — | ||||||||||||||
| Poland |
258,095 | — | 258,095 | — | ||||||||||||||
| South Africa |
926,967 | — | 926,967 | — | ||||||||||||||
| South Korea |
6,236,869 | — | 6,236,869 | — | ||||||||||||||
| Switzerland |
3,110,311 | — | 3,110,311 | — | ||||||||||||||
| Taiwan |
9,869,604 | — | 9,869,604 | — | ||||||||||||||
| Turkey |
89,544 | — | 89,544 | — | ||||||||||||||
| United Kingdom |
435,310 | — | 435,310 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Common Stocks |
83,592,516 | 27,624,697 | 55,938,511 | 29,308 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Short-Term Investment |
3,052,024 | 3,052,024 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$87,870,054 | $31,871,679 | $55,969,067 | $29,308 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-98
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL GROWTH FUND (Formerly named PF INTERNATIONAL LARGE-CAP FUND)
Schedule of Investments
March 31, 2022
| Shares |
Value |
|||||||
| COMMON STOCKS - 97.2% |
|
|||||||
| Canada - 7.5% |
|
|||||||
| Barrick Gold Corp |
4,030 | $98,856 | ||||||
| Canadian Imperial Bank of Commerce |
2,958 | 359,058 | ||||||
| Canadian Pacific Railway Ltd |
14,521 | 1,198,478 | ||||||
| Suncor Energy Inc |
13,180 | 429,089 | ||||||
| Thomson Reuters Corp |
5,962 | 647,300 | ||||||
|
|
|
|||||||
| 2,732,781 | ||||||||
|
|
|
|||||||
| China - 0.3% |
|
|||||||
| Zai Lab Ltd * |
24,500 | 112,440 | ||||||
|
|
|
|||||||
| Denmark - 2.9% |
|
|||||||
| Novo Nordisk AS ‘B’ |
9,348 | 1,036,844 | ||||||
|
|
|
|||||||
| France - 12.8% |
|
|||||||
| Airbus SE * |
3,545 | 427,770 | ||||||
| BNP Paribas SA |
12,202 | 697,279 | ||||||
| Dassault Systemes SE |
2,220 | 109,066 | ||||||
| EssilorLuxottica SA |
3,449 | 630,790 | ||||||
| L’Oreal SA |
2,525 | 1,008,599 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE |
1,565 | 1,117,096 | ||||||
| Teleperformance |
1,693 | 644,861 | ||||||
|
|
|
|||||||
| 4,635,461 | ||||||||
|
|
|
|||||||
| Germany - 3.1% |
|
|||||||
| adidas AG |
2,766 | 644,550 | ||||||
| Deutsche Boerse AG |
2,606 | 469,108 | ||||||
|
|
|
|||||||
| 1,113,658 | ||||||||
|
|
|
|||||||
| Hong Kong - 2.6% |
|
|||||||
| AIA Group Ltd |
90,659 | 946,651 | ||||||
|
|
|
|||||||
| Ireland - 4.3% |
|
|||||||
| CRH PLC |
15,713 | 626,715 | ||||||
| ICON PLC * |
3,898 | 948,072 | ||||||
|
|
|
|||||||
| 1,574,787 | ||||||||
|
|
|
|||||||
| Israel - 1.0% |
|
|||||||
| Nice Ltd ADR * |
1,610 | 352,590 | ||||||
|
|
|
|||||||
| Italy - 1.7% |
|
|||||||
| Intesa Sanpaolo SPA |
265,707 | 608,141 | ||||||
|
|
|
|||||||
| Japan - 9.5% |
|
|||||||
| FANUC Corp |
10 | 1,755 | ||||||
| Hoya Corp |
4,370 | 497,996 | ||||||
| Keyence Corp |
1,860 | 862,487 | ||||||
| MonotaRO Co Ltd |
10,939 | 234,777 | ||||||
| Nidec Corp |
3,200 | 252,746 | ||||||
| Olympus Corp |
19,020 | 360,478 | ||||||
| Recruit Holdings Co Ltd |
17,800 | 773,357 | ||||||
| Shiseido Co Ltd |
8,700 | 439,424 | ||||||
|
|
|
|||||||
| 3,423,020 | ||||||||
|
|
|
|||||||
| Netherlands - 5.0% |
|
|||||||
| Adyen NV * ~ |
236 | 467,444 | ||||||
| Argenx SE * |
1,292 | 404,230 | ||||||
| ASML Holding NV |
1,402 | 936,847 | ||||||
|
|
|
|||||||
| 1,808,521 | ||||||||
|
|
|
|||||||
| Portugal - 2.2% |
|
|||||||
| EDP - Energias de Portugal SA |
159,473 | 784,908 | ||||||
|
|
|
|||||||
| Shares |
Value |
|||||||
| Spain - 3.6% |
|
|||||||
| Amadeus IT Group SA * |
9,684 | $ | 629,635 | |||||
| Cellnex Telecom SA ~ |
5,777 | 278,015 | ||||||
| Industria de Diseno Textil SA |
18,998 | 414,251 | ||||||
|
|
|
|||||||
| 1,321,901 | ||||||||
|
|
|
|||||||
| Sweden - 3.7% |
|
|||||||
| Atlas Copco AB ‘A’ |
14,358 | 745,266 | ||||||
| Sandvik AB |
27,760 | 589,701 | ||||||
|
|
|
|||||||
| 1,334,967 | ||||||||
|
|
|
|||||||
| Switzerland - 13.3% |
|
|||||||
| Alcon Inc |
7,102 | 562,663 | ||||||
| Givaudan SA |
94 | 388,496 | ||||||
| Nestle SA |
12,449 | 1,618,602 | ||||||
| Roche Holding AG |
3,355 | 1,327,446 | ||||||
| TE Connectivity Ltd |
6,927 | 907,298 | ||||||
|
|
|
|||||||
| 4,804,505 | ||||||||
|
|
|
|||||||
| Taiwan - 0.3% |
|
|||||||
| Taiwan Semiconductor Manufacturing Co Ltd ADR |
940 | 98,004 | ||||||
|
|
|
|||||||
| United Kingdom - 16.8% |
|
|||||||
| 3i Group PLC |
22,421 | 405,425 | ||||||
| Ashtead Group PLC |
4,457 | 280,632 | ||||||
| Burberry Group PLC |
18,876 | 412,057 | ||||||
| Compass Group PLC |
33,836 | 728,154 | ||||||
| Diageo PLC |
26,457 | 1,342,020 | ||||||
| Dr. Martens PLC |
36,253 | 112,713 | ||||||
| Linde PLC |
3,070 | 979,614 | ||||||
| London Stock Exchange Group PLC |
10,295 | 1,073,569 | ||||||
| Ocado Group PLC * |
9,252 | 141,275 | ||||||
| Rentokil Initial PLC |
90,458 | 623,118 | ||||||
|
|
|
|||||||
| 6,098,577 | ||||||||
|
|
|
|||||||
| United States - 6.6% |
|
|||||||
| Accenture PLC ‘A’ |
1,150 | 387,815 | ||||||
| Atlassian Corp PLC ‘A’ * |
1,986 | 583,546 | ||||||
| Elastic NV * |
4,817 | 428,472 | ||||||
| Schlumberger NV |
16,880 | 697,313 | ||||||
| SolarEdge Technologies Inc * |
875 | 282,074 | ||||||
|
|
|
|||||||
| 2,379,220 | ||||||||
|
|
|
|||||||
| Total Common Stocks |
35,166,976 | |||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENT - 1.9% |
|
|||||||
| Money Market Fund - 1.9% |
|
|||||||
| BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.210% |
685,090 | 685,090 | ||||||
|
|
|
|||||||
| Total Short-Term Investment |
685,090 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 99.1% |
35,852,066 | |||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - 0.9% |
310,023 | |||||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
$36,162,089 | |||||||
|
|
|
|||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-99
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL GROWTH FUND
Schedule of Investments (Continued)
March 31, 2022
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition by sector as a percentage of net assets was as follows: |
| Consumer, Non-Cyclical |
35.1% | |||
| Industrial |
17.7% | |||
| Financial |
12.6% | |||
| Consumer, Cyclical |
9.5% | |||
| Technology |
8.8% | |||
| Basic Materials |
4.1% | |||
| Energy |
3.9% | |||
| Communications |
3.4% | |||
| Others (each less than 3.0%) |
4.0% | |||
|
|
|
|||
| 99.1% | ||||
| Other Assets & Liabilities, Net |
0.9% | |||
|
|
|
|||
| 100.0% | ||||
|
|
|
| (b) | As of March 31, 2022, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
| United Kingdom |
16.8% | |||
| Switzerland |
13.3% | |||
| France |
12.8% | |||
| Japan |
9.5% | |||
| United States (Includes Short-Term Investments) |
8.5% | |||
| Canada |
7.5% | |||
| Netherlands |
5.0% | |||
| Ireland |
4.3% | |||
| Sweden |
3.7% | |||
| Spain |
3.6% | |||
| Germany |
3.1% | |||
| Others (each less than 3.0%) |
11.0% | |||
|
|
|
|||
| 99.1% | ||||
| Other Assets & Liabilities, Net |
0.9% | |||
|
|
|
|||
| 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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Common Stocks |
|||||||||||||||||
| Canada |
$2,732,781 | $2,732,781 | $— | $— | ||||||||||||||
| China |
112,440 | 112,440 | — | — | ||||||||||||||
| Denmark |
1,036,844 | — | 1,036,844 | — | ||||||||||||||
| France |
4,635,461 | — | 4,635,461 | — | ||||||||||||||
| Germany |
1,113,658 | — | 1,113,658 | — | ||||||||||||||
| Hong Kong |
946,651 | — | 946,651 | — | ||||||||||||||
| Ireland |
1,574,787 | 948,072 | 626,715 | — | ||||||||||||||
| Israel |
352,590 | 352,590 | — | — | ||||||||||||||
| Italy |
608,141 | — | 608,141 | — | ||||||||||||||
| Japan |
3,423,020 | — | 3,423,020 | — | ||||||||||||||
| Netherlands |
1,808,521 | — | 1,808,521 | — | ||||||||||||||
| Portugal |
784,908 | — | 784,908 | — | ||||||||||||||
| Spain |
1,321,901 | — | 1,321,901 | — | ||||||||||||||
| Sweden |
1,334,967 | — | 1,334,967 | — | ||||||||||||||
| Switzerland |
4,804,505 | 907,298 | 3,897,207 | — | ||||||||||||||
| Taiwan |
98,004 | 98,004 | — | — | ||||||||||||||
| United Kingdom |
6,098,577 | — | 6,098,577 | — | ||||||||||||||
| United States |
2,379,220 | 2,379,220 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Common Stocks |
35,166,976 | 7,530,405 | 27,636,571 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Short-Term Investment |
685,090 | 685,090 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$35,852,066 | $8,215,495 | $27,636,571 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-100
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments
March 31, 2022
| Shares |
Value |
|||||||
| COMMON STOCKS - 92.2% |
|
|||||||
| Australia - 3.4% |
|
|||||||
| EBOS Group Ltd |
12,000 | $343,718 | ||||||
| GUD Holdings Ltd |
50,713 | 438,938 | ||||||
| Imdex Ltd |
137,804 | 279,072 | ||||||
| Inghams Group Ltd |
267,219 | 610,820 | ||||||
| Nanosonics Ltd * |
53,372 | 157,171 | ||||||
| Servcorp Ltd |
34,476 | 95,454 | ||||||
| SomnoMed Ltd * |
60,187 | 87,374 | ||||||
|
|
|
|||||||
| 2,012,547 | ||||||||
|
|
|
|||||||
| Austria - 1.4% |
|
|||||||
| Mayr Melnhof Karton AG |
2,300 | 410,037 | ||||||
| Wienerberger AG |
14,500 | 437,837 | ||||||
|
|
|
|||||||
| 847,874 | ||||||||
|
|
|
|||||||
| Belgium - 1.6% |
|
|||||||
| Econocom Group SA |
83,500 | 369,905 | ||||||
| Fagron |
29,800 | 542,947 | ||||||
|
|
|
|||||||
| 912,852 | ||||||||
|
|
|
|||||||
| Brazil - 2.6% |
|
|||||||
| Hypera SA |
75,184 | 611,920 | ||||||
| LOG Commercial Properties e Participacoes SA |
67,662 | 413,130 | ||||||
| YDUQS Participacoes SA |
117,549 | 519,719 | ||||||
|
|
|
|||||||
| 1,544,769 | ||||||||
|
|
|
|||||||
| Canada - 2.5% |
|
|||||||
| CCL Industries Inc ‘B’ |
7,700 | 347,382 | ||||||
| ECN Capital Corp |
32,000 | 170,732 | ||||||
| Open Text Corp |
16,300 | 691,167 | ||||||
| The North West Co Inc |
7,600 | 232,836 | ||||||
|
|
|
|||||||
| 1,442,117 | ||||||||
|
|
|
|||||||
| Cayman - 0.2% |
|
|||||||
| Patria Investments Ltd ‘A’ |
5,600 | 99,736 | ||||||
|
|
|
|||||||
| China - 3.4% |
|
|||||||
| Best Pacific International Holdings Ltd |
562,170 | 157,887 | ||||||
| Far East Horizon Ltd |
501,643 | 448,278 | ||||||
| Precision Tsugami China Corp Ltd |
213,178 | 244,245 | ||||||
| Qingdao Port International Co Ltd ‘H’ ~ |
647,901 | 330,874 | ||||||
| Shenzhen YUTO Packaging Technology Co Ltd ‘A’ |
90,920 | 372,889 | ||||||
| TravelSky Technology Ltd ‘H’ |
256,890 | 368,520 | ||||||
| Xingda International Holdings Ltd |
332,000 | 59,874 | ||||||
|
|
|
|||||||
| 1,982,567 | ||||||||
|
|
|
|||||||
| Denmark - 0.6% |
|
|||||||
| Spar Nord Bank AS |
26,000 | 342,416 | ||||||
|
|
|
|||||||
| Finland - 2.1% |
|
|||||||
| Huhtamaki Oyj |
10,900 | 379,193 | ||||||
| Kamux Corp |
28,200 | 347,371 | ||||||
| Nanoform Finland PLC * |
21,200 | 98,266 | ||||||
| Rovio Entertainment Oyj ~ |
51,600 | 433,541 | ||||||
|
|
|
|||||||
| 1,258,371 | ||||||||
|
|
|
|||||||
| France - 4.0% |
|
|||||||
| Altarea SCA REIT |
2,200 | 375,092 | ||||||
| Antin Infrastructure Partners SA * |
8,000 | 256,650 | ||||||
| Elior Group SA * ~ |
89,200 | 299,023 | ||||||
| Lectra |
6,100 | 289,921 | ||||||
| Maisons du Monde SA ~ |
21,100 | 405,611 | ||||||
| Thermador Groupe |
3,400 | 355,438 | ||||||
| Vicat SA |
10,200 | 345,701 | ||||||
|
|
|
|||||||
| 2,327,436 | ||||||||
|
|
|
|||||||
| Shares |
Value |
|||||||
| Germany - 5.7% |
|
|||||||
| DIC Asset AG |
30,900 | $ | 493,590 | |||||
| DWS Group GmbH & Co KGaA ~ |
6,500 | 237,556 | ||||||
| JOST Werke AG ~ |
7,000 | 281,933 | ||||||
| Norma Group SE |
8,300 | 238,327 | ||||||
| Rheinmetall AG |
1,840 | 388,918 | ||||||
| Stabilus SA |
5,800 | 287,849 | ||||||
| Synlab AG * |
18,900 | 333,172 | ||||||
| Takkt AG |
23,700 | 429,037 | ||||||
| Talanx AG |
15,100 | 665,242 | ||||||
|
|
|
|||||||
| 3,355,624 | ||||||||
|
|
|
|||||||
| Greece - 0.8% |
|
|||||||
| Mytilineos SA |
27,000 | 442,101 | ||||||
|
|
|
|||||||
| Hong Kong - 1.6% |
|
|||||||
| ASM Pacific Technology Ltd |
44,368 | 446,672 | ||||||
| Sino Land Co Ltd |
218,082 | 281,198 | ||||||
| Value Partners Group Ltd |
536,638 | 229,015 | ||||||
|
|
|
|||||||
| 956,885 | ||||||||
|
|
|
|||||||
| Hungary - 0.5% |
|
|||||||
| Richter Gedeon Nyrt |
13,615 | 287,805 | ||||||
|
|
|
|||||||
| Indonesia - 1.1% |
|
|||||||
| P.T. Ace Hardware Indonesia Tbk |
2,563,971 | 182,981 | ||||||
| P.T. Avia Avian Tbk * |
4,031,824 | 218,961 | ||||||
| P.T. Selamat Sempurna Tbk |
2,486,500 | 245,837 | ||||||
|
|
|
|||||||
| 647,779 | ||||||||
|
|
|
|||||||
| Ireland - 2.4% |
|
|||||||
| AerCap Holdings NV * |
7,897 | 397,061 | ||||||
| Dalata Hotel Group PLC * |
77,500 | 339,508 | ||||||
| Irish Residential Properties REIT PLC ◇ |
292,500 | 470,483 | ||||||
| Mincon Group PLC |
148,700 | 207,269 | ||||||
|
|
|
|||||||
| 1,414,321 | ||||||||
|
|
|
|||||||
| Italy - 1.1% |
|
|||||||
| Banca Generali SPA |
8,500 | 314,501 | ||||||
| Recordati Industria Chimica e Farmaceutica SPA |
6,100 | 305,850 | ||||||
|
|
|
|||||||
| 620,351 | ||||||||
|
|
|
|||||||
| Japan - 20.3% |
|
|||||||
| Amano Corp |
16,900 | 302,201 | ||||||
| ASKUL Corp |
22,500 | 295,350 | ||||||
| Capcom Co Ltd |
12,800 | 310,327 | ||||||
| Daiichikosho Co Ltd |
9,700 | 275,122 | ||||||
| Daikyonishikawa Corp |
49,785 | 219,492 | ||||||
| Daiwa Industries Ltd |
17,200 | 152,722 | ||||||
| Dexerials Corp |
19,800 | 534,210 | ||||||
| Dip Corp |
11,300 | 308,193 | ||||||
| GMO internet Inc |
17,400 | 395,074 | ||||||
| Inaba Denki Sangyo Co Ltd |
13,800 | 279,866 | ||||||
| Isuzu Motors Ltd |
39,900 | 515,429 | ||||||
| JAFCO Group Co ltd * |
14,400 | 219,493 | ||||||
| Lixil Corp |
17,200 | 320,191 | ||||||
| Maruwa Co Ltd |
2,400 | 318,009 | ||||||
| Meitec Corp |
5,900 | 319,613 | ||||||
| MINEBEA MITSUMI Inc |
19,200 | 418,175 | ||||||
| Mitani Corp |
11,500 | 174,402 | ||||||
| Nihon Parkerizing Co Ltd |
44,500 | 337,400 | ||||||
| Nishimoto Co Ltd |
9,081 | 210,523 | ||||||
| NSD Co Ltd |
24,800 | 443,248 | ||||||
| PALTAC Corp |
10,100 | 375,328 | ||||||
| Park24 Co Ltd * |
20,300 | 332,186 | ||||||
| Persol Holdings Co Ltd |
10,800 | 241,988 | ||||||
| Renesas Electronics Corp * |
72,400 | 838,897 | ||||||
| Roland Corp |
12,500 | 412,495 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-101
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments (Continued)
March 31, 2022
| Shares |
Value |
|||||||
| S Foods Inc |
20,800 | $ | 558,092 | |||||
| San-Ai Obbli Co Ltd |
36,300 | 278,005 | ||||||
| Ship Healthcare Holdings Inc |
24,900 | 403,393 | ||||||
| Sugi Holdings Co Ltd |
8,500 | 420,720 | ||||||
| SUMCO Corp |
22,400 | 366,575 | ||||||
| TechnoPro Holdings Inc |
13,600 | 367,401 | ||||||
| TIS Inc |
21,900 | 512,517 | ||||||
| TKC Corp |
7,000 | 189,950 | ||||||
| Tsuruha Holdings Inc |
4,400 | 279,392 | ||||||
|
|
|
|||||||
| 11,925,979 | ||||||||
|
|
|
|||||||
| Mexico - 2.4% |
|
|||||||
| Bolsa Mexicana de Valores SAB de CV |
203,778 | 432,759 | ||||||
| GCC SAB de CV |
71,703 | 516,341 | ||||||
| Gruma SAB de CV ‘B’ |
36,458 | 457,127 | ||||||
|
|
|
|||||||
| 1,406,227 | ||||||||
|
|
|
|||||||
| Netherlands - 1.3% |
|
|||||||
| Amsterdam Commodities NV * |
17,100 | 462,291 | ||||||
| Arcadis NV |
7,300 | 327,991 | ||||||
|
|
|
|||||||
| 790,282 | ||||||||
|
|
|
|||||||
| Norway - 0.5% |
|
|||||||
| Europris ASA ~ |
48,200 | 309,331 | ||||||
|
|
|
|||||||
| Peru - 0.6% |
|
|||||||
| Intercorp Financial Services Inc |
10,633 | 367,370 | ||||||
|
|
|
|||||||
| Philippines - 1.6% |
|
|||||||
| Century Pacific Food Inc |
1,035,687 | 470,357 | ||||||
| Robinsons Land Corp |
1,247,103 | 492,110 | ||||||
|
|
|
|||||||
| 962,467 | ||||||||
|
|
|
|||||||
| Singapore - 2.0% |
|
|||||||
| HRnetgroup Ltd |
405,865 | 230,093 | ||||||
| Mapletree Industrial Trust REIT |
203,451 | 402,774 | ||||||
| The Hour Glass Ltd |
179,369 | 307,390 | ||||||
| Wing Tai Holdings Ltd |
161,300 | 211,913 | ||||||
|
|
|
|||||||
| 1,152,170 | ||||||||
|
|
|
|||||||
| South Korea - 1.7% |
|
|||||||
| Hyundai Marine & Fire Insurance Co Ltd |
8,904 | 235,202 | ||||||
| Soulbrain Co Ltd |
2,500 | 500,990 | ||||||
| Vitzrocell Co Ltd |
20,200 | 235,541 | ||||||
|
|
|
|||||||
| 971,733 | ||||||||
|
|
|
|||||||
| Spain - 2.6% |
|
|||||||
| Cia de Distribucion Integral Logista Holdings SA |
26,000 | 475,557 | ||||||
| CIE Automotive SA |
16,600 | 378,278 | ||||||
| Grupo Catalana Occidente SA |
14,200 | 436,123 | ||||||
| Indra Sistemas SA * |
1,000 | 11,080 | ||||||
| Prosegur Cia de Seguridad SA |
116,000 | 251,456 | ||||||
|
|
|
|||||||
| 1,552,494 | ||||||||
|
|
|
|||||||
| Sweden - 3.0% |
|
|||||||
| BHG Group AB * |
44,700 | 294,868 | ||||||
| Dustin Group AB ~ |
53,500 | 458,283 | ||||||
| Granges AB |
37,500 | 367,646 | ||||||
| Hexpol AB |
38,100 | 371,885 | ||||||
| John Mattson Fastighetsforetagen AB * |
9,300 | 163,401 | ||||||
| Nordnet AB publ |
5,900 | 105,619 | ||||||
|
|
|
|||||||
| 1,761,702 | ||||||||
|
|
|
|||||||
| Taiwan - 2.8% |
|
|||||||
| International Games System Co Ltd |
18,155 | 483,263 | ||||||
| Sporton International Inc |
50,529 | 331,245 | ||||||
| Test Research Inc |
116,916 | 275,747 | ||||||
| Tripod Technology Corp |
63,091 | 293,621 | ||||||
| Yageo Corp |
17,520 | 261,523 | ||||||
|
|
|
|||||||
| 1,645,399 | ||||||||
|
|
|
|||||||
| Shares |
Value |
|||||||
| Tanzania - 0.3% |
|
|||||||
| Helios Towers PLC * |
132,240 | $ | 200,470 | |||||
|
|
|
|||||||
| Thailand - 0.7% |
|
|||||||
| Star Petroleum Refining PCL |
1,529,253 | 441,585 | ||||||
|
|
|
|||||||
| United Kingdom - 14.2% |
|
|||||||
| Ashtead Technology Holdings PLC * |
63,800 | 219,584 | ||||||
| B&M European Value Retail SA |
44,965 | 314,589 | ||||||
| Biffa PLC ~ |
94,751 | 395,100 | ||||||
| Bodycote PLC |
30,772 | 254,092 | ||||||
| Brewin Dolphin Holdings PLC |
81,287 | 545,406 | ||||||
| Bytes Technology Group PLC |
30,866 | 201,844 | ||||||
| Grainger PLC |
122,204 | 466,060 | ||||||
| Harbour Energy PLC * |
80,921 | 511,610 | ||||||
| Hiscox Ltd |
14,900 | 192,147 | ||||||
| Hyve Group PLC * |
161,594 | 150,603 | ||||||
| Informa PLC * |
53,618 | 420,098 | ||||||
| J D Wetherspoon PLC * |
38,828 | 395,502 | ||||||
| JET2 PLC * |
24,560 | 368,534 | ||||||
| John Wood Group PLC * |
199,424 | 420,613 | ||||||
| Lancashire Holdings Ltd |
75,960 | 428,312 | ||||||
| LSL Property Services PLC |
66,530 | 339,101 | ||||||
| On the Beach Group PLC * ~ |
87,250 | 268,774 | ||||||
| Reach PLC |
116,229 | 279,271 | ||||||
| Sabre Insurance Group PLC ~ |
108,259 | 328,789 | ||||||
| Savills PLC |
18,194 | 264,565 | ||||||
| Tate & Lyle PLC |
64,911 | 622,245 | ||||||
| Ultra Electronics Holdings PLC |
4,700 | 204,209 | ||||||
| Vistry Group PLC |
24,288 | 298,845 | ||||||
| WH Smith PLC * |
26,302 | 491,264 | ||||||
|
|
|
|||||||
| 8,381,157 | ||||||||
|
|
|
|||||||
| United States - 3.2% |
|
|||||||
| Adient PLC * |
6,600 | 269,082 | ||||||
| Adtalem Global Education Inc * |
9,200 | 273,332 | ||||||
| Antero Resources Corp * |
16,865 | 514,888 | ||||||
| GrafTech International Ltd |
38,472 | 370,101 | ||||||
| Impro Precision Industries Ltd ~ |
202,179 | 51,104 | ||||||
| RHI Magnesita NV |
12,700 | 403,008 | ||||||
|
|
|
|||||||
| 1,881,515 | ||||||||
|
|
|
|||||||
| Total Common Stocks |
54,245,432 | |||||||
|
|
|
|||||||
| EXCHANGE-TRADED FUND - 2.3% |
|
|||||||
| iShares MSCI India |
29,800 | 1,328,186 | ||||||
|
|
|
|||||||
| Total Exchange-Traded Fund |
1,328,186 | |||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENT - 5.0% |
|
|||||||
| Money Market Fund - 5.0% |
|
|||||||
| BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.210% |
2,965,235 | 2,965,235 | ||||||
|
|
|
|||||||
| Total Short-Term Investment |
2,965,235 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 99.5% |
58,538,853 | |||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - 0.5% |
306,229 | |||||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
$58,845,082 | |||||||
|
|
|
|||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-102
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL SMALL-CAP FUND
Schedule of Investments (Continued)
March 31, 2022
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition by sector as a percentage of net assets was as follows: |
| Industrial |
19.5% | |||
| Consumer, Non-Cyclical |
18.3% | |||
| Financial |
17.9% | |||
| Consumer, Cyclical |
17.3% | |||
| Technology |
9.2% | |||
| Short-Term Investment |
5.0% | |||
| Energy |
4.1% | |||
| Communications |
3.4% | |||
| Others (each less than 3.0%) |
4.8% | |||
|
|
|
|||
| 99.5% | ||||
| Other Assets & Liabilities, Net |
0.5% | |||
|
|
|
|||
| 100.0% | ||||
|
|
|
| (b) | As of March 31, 2022, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
| Japan |
20.3% | |||
| United Kingdom |
14.2% | |||
| United States (Includes Short-Term Investments) |
8.2% | |||
| Germany |
5.7% | |||
| France |
4.0% | |||
| Australia |
3.4% | |||
| China |
3.4% | |||
| Sweden |
3.0% | |||
| Others (each less than 3.0%) |
37.3% | |||
|
|
|
|||
| 99.5% | ||||
| Other Assets & Liabilities, Net |
0.5% | |||
|
|
|
|||
| 100.0% | ||||
|
|
|
| (c) | Restricted securities as of March 31, 2022 were as follows: |
| Issuer and Acquisition Date |
Cost | Value | Value as a % of Net Assets |
|||||||
| Irish Residential Properties REIT PLC (Acq 10/29/21) |
$519,293 | $470,483 | 0.8% | |||||||
|
|
|
|
|
|
||||||
| (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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Common Stocks |
|||||||||||||||||
| Australia |
$2,012,547 | $182,828 | $1,829,719 | $— | ||||||||||||||
| Austria |
847,874 | — | 847,874 | — | ||||||||||||||
| Belgium |
912,852 | — | 912,852 | — | ||||||||||||||
| Brazil |
1,544,769 | 1,544,769 | — | — | ||||||||||||||
| Canada |
1,442,117 | 1,442,117 | — | — | ||||||||||||||
| Cayman |
99,736 | 99,736 | — | — | ||||||||||||||
| China |
1,982,567 | 606,165 | 1,376,402 | — | ||||||||||||||
| Denmark |
342,416 | — | 342,416 | — | ||||||||||||||
| Finland |
1,258,371 | 531,807 | 726,564 | — | ||||||||||||||
| France |
2,327,436 | 612,088 | 1,715,348 | — | ||||||||||||||
| Germany |
3,355,624 | — | 3,355,624 | — | ||||||||||||||
| Greece |
442,101 | — | 442,101 | — | ||||||||||||||
| Hong Kong |
956,885 | — | 956,885 | — | ||||||||||||||
| Hungary |
287,805 | 287,805 | — | — | ||||||||||||||
| Indonesia |
647,779 | 647,779 | — | — | ||||||||||||||
| Ireland |
1,414,321 | 1,414,321 | — | — | ||||||||||||||
| Italy |
620,351 | — | 620,351 | — | ||||||||||||||
| Japan |
11,925,979 | — | 11,925,979 | — | ||||||||||||||
| Mexico |
1,406,227 | 1,406,227 | — | — | ||||||||||||||
| Netherlands |
790,282 | — | 790,282 | — | ||||||||||||||
| Norway |
309,331 | 309,331 | — | — | ||||||||||||||
| Peru |
367,370 | 367,370 | — | — | ||||||||||||||
| Philippines |
962,467 | 470,357 | 492,110 | — | ||||||||||||||
| Singapore |
1,152,170 | — | 1,152,170 | — | ||||||||||||||
| South Korea |
971,733 | — | 971,733 | — | ||||||||||||||
| Spain |
1,552,494 | — | 1,552,494 | — | ||||||||||||||
| Sweden |
1,761,702 | 163,401 | 1,598,301 | — | ||||||||||||||
| Taiwan |
1,645,399 | — | 1,645,399 | — | ||||||||||||||
| Tanzania |
200,470 | 200,470 | — | — | ||||||||||||||
| Thailand |
441,585 | — | 441,585 | — | ||||||||||||||
| United Kingdom |
8,381,157 | 1,029,303 | 7,351,854 | — | ||||||||||||||
| United States |
1,881,515 | 1,478,507 | 403,008 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Common Stocks |
54,245,432 | 12,794,381 | 41,451,051 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Exchange-Traded Fund |
1,328,186 | 1,328,186 | — | — | ||||||||||||||
| Short-Term Investment |
2,965,235 | 2,965,235 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$58,538,853 | $17,087,802 | $41,451,051 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-103
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL VALUE FUND
Schedule of Investments
March 31, 2022
| Shares |
Value |
|||||||
| PREFERRED STOCKS - 0.7% |
|
|||||||
| Germany - 0.7% |
|
|||||||
| Henkel AG & Co KGaA |
7,920 | $530,100 | ||||||
|
|
|
|||||||
| Total Preferred Stocks |
530,100 | |||||||
|
|
|
|||||||
| COMMON STOCKS - 96.8% |
|
|||||||
| Argentina - 0.1% |
|
|||||||
| YPF SA ADR * |
17,055 | 82,376 | ||||||
|
|
|
|||||||
| Austria - 0.7% |
|
|||||||
| Erste Group Bank AG |
14,844 | 541,309 | ||||||
|
|
|
|||||||
| Belgium - 0.8% |
|
|||||||
| Ageas SA |
12,542 | 634,039 | ||||||
|
|
|
|||||||
| Brazil - 2.3% |
|
|||||||
| Atacadao SA |
33,358 | 158,345 | ||||||
| Cia de Saneamento Basico do Estado de Sao Paulo |
74,533 | 738,591 | ||||||
| Telefonica Brasil SA |
55,205 | 624,282 | ||||||
| Ultrapar Participacoes SA |
92,157 | 276,216 | ||||||
|
|
|
|||||||
| 1,797,434 | ||||||||
|
|
|
|||||||
| Burkina Faso - 0.5% |
|
|||||||
| Endeavour Mining PLC |
14,255 | 353,596 | ||||||
|
|
|
|||||||
| Canada - 2.9% |
|
|||||||
| ARC Resources Ltd |
30,070 | 402,649 | ||||||
| Barrick Gold Corp |
37,657 | 923,540 | ||||||
| Cameco Corp |
14,988 | 436,151 | ||||||
| Kinross Gold Corp |
74,741 | 439,477 | ||||||
|
|
|
|||||||
| 2,201,817 | ||||||||
|
|
|
|||||||
| China - 0.7% |
|
|||||||
| Dongfeng Motor Group Co Ltd ‘H’ |
704,221 | 526,777 | ||||||
|
|
|
|||||||
| Finland - 1.1% |
|
|||||||
| Nokia OYJ * |
153,958 | 847,850 | ||||||
|
|
|
|||||||
| France - 13.1% |
|
|||||||
| AXA SA |
42,549 | 1,245,594 | ||||||
| BNP Paribas SA |
15,908 | 909,058 | ||||||
| Carrefour SA |
28,050 | 610,426 | ||||||
| Cie de Saint-Gobain |
20,152 | 1,199,052 | ||||||
| Dassault Aviation SA |
2,662 | 420,375 | ||||||
| Engie SA |
79,736 | 1,048,289 | ||||||
| Orange SA |
60,781 | 719,726 | ||||||
| Renault SA * |
16,416 | 429,115 | ||||||
| Rexel SA |
17,012 | 363,169 | ||||||
| SCOR SE |
12,742 | 409,725 | ||||||
| Societe Generale SA |
29,440 | 789,209 | ||||||
| TotalEnergies SE |
37,977 | 1,921,619 | ||||||
|
|
|
|||||||
| 10,065,357 | ||||||||
|
|
|
|||||||
| Germany - 3.3% |
|
|||||||
| CECONOMY AG |
39,202 | 147,737 | ||||||
| Continental AG * |
6,375 | 456,999 | ||||||
| Daimler Truck Holding AG * |
14,041 | 389,427 | ||||||
| Fresenius SE & Co KGaA |
25,970 | 953,527 | ||||||
| Mercedes-Benz Group AG |
8,245 | 578,713 | ||||||
|
|
|
|||||||
| 2,526,403 | ||||||||
|
|
|
|||||||
| Shares |
Value |
|||||||
| Hong Kong - 1.0% |
|
|||||||
| CK Asset Holdings Ltd |
103,509 | $ | 707,529 | |||||
| WH Group Ltd ~ |
125,500 | 78,808 | ||||||
|
|
|
|||||||
| 786,337 | ||||||||
|
|
|
|||||||
| India - 0.9% |
|
|||||||
| Canara Bank * |
109,122 | 325,740 | ||||||
| Oil & Natural Gas Corp Ltd |
122,249 | 262,891 | ||||||
| Zee Entertainment Enterprises Ltd |
30,163 | 113,829 | ||||||
|
|
|
|||||||
| 702,460 | ||||||||
|
|
|
|||||||
| Indonesia - 1.0% |
|
|||||||
| P.T. Bank Mandiri Persero Tbk |
1,348,198 | 739,437 | ||||||
|
|
|
|||||||
| Ireland - 1.2% |
|
|||||||
| AIB Group PLC |
142,815 | 314,565 | ||||||
| Bank of Ireland Group PLC * |
94,416 | 600,402 | ||||||
|
|
|
|||||||
| 914,967 | ||||||||
|
|
|
|||||||
| Italy - 4.2% |
|
|||||||
| Assicurazioni Generali SPA |
37,026 | 846,865 | ||||||
| BPER Banca |
130,739 | 228,025 | ||||||
| Eni SPA |
89,394 | 1,303,653 | ||||||
| UniCredit SPA |
81,688 | 881,230 | ||||||
|
|
|
|||||||
| 3,259,773 | ||||||||
|
|
|
|||||||
| Japan - 26.3% |
|
|||||||
| Alfresa Holdings Corp |
20,440 | 283,332 | ||||||
| Alps Alpine Co Ltd |
25,800 | 254,016 | ||||||
| Benesse Holdings Inc |
1,659 | 30,439 | ||||||
| Chiyoda Corp * |
24,421 | 93,426 | ||||||
| Dai-ichi Life Holdings Inc |
37,694 | 765,972 | ||||||
| DeNA Co Ltd * |
19,521 | 296,547 | ||||||
| Eisai Co Ltd |
4,078 | 188,928 | ||||||
| Fuji Media Holdings Inc |
12,616 | 120,807 | ||||||
| Hino Motors Ltd |
73,060 | 427,096 | ||||||
| Honda Motor Co Ltd |
51,345 | 1,455,417 | ||||||
| Inpex Corp |
64,687 | 760,547 | ||||||
| Isuzu Motors Ltd |
57,006 | 736,404 | ||||||
| Japan Airlines Co Ltd * |
30,910 | 576,265 | ||||||
| JGC Holdings Corp |
47,593 | 568,858 | ||||||
| Kamigumi Co Ltd |
14,670 | 263,335 | ||||||
| Kirin Holdings Co Ltd |
31,390 | 468,862 | ||||||
| Mitsubishi Estate Co Ltd |
46,480 | 692,108 | ||||||
| Mitsubishi Heavy Industries Ltd |
9,506 | 312,045 | ||||||
| Mitsubishi Motors Corp * |
58,434 | 156,938 | ||||||
| Mitsubishi UFJ Financial Group Inc |
182,668 | 1,129,097 | ||||||
| MS&AD Insurance Group Holdings Inc |
23,830 | 773,711 | ||||||
| Nikon Corp |
39,499 | 421,772 | ||||||
| Nippon Television Holdings Inc |
24,099 | 250,560 | ||||||
| Nissan Motor Co Ltd * |
117,348 | 521,416 | ||||||
| Nomura Holdings Inc |
56,363 | 237,050 | ||||||
| Ono Pharmaceutical Co Ltd |
37,600 | 942,459 | ||||||
| Resona Holdings Inc |
210,952 | 898,516 | ||||||
| Shimamura Co Ltd |
6,399 | 568,736 | ||||||
| Stanley Electric Co Ltd |
6,818 | 128,910 | ||||||
| Subaru Corp |
38,540 | 612,130 | ||||||
| Sumitomo Electric Industries Ltd |
52,930 | 629,194 | ||||||
| Sumitomo Heavy Industries Ltd |
15,930 | 365,050 | ||||||
| Sumitomo Mitsui Financial Group Inc |
17,796 | 562,147 | ||||||
| Sumitomo Mitsui Trust Holdings Inc |
23,186 | 754,580 | ||||||
| Sumitomo Rubber Industries Ltd |
8,540 | 78,249 | ||||||
| T&D Holdings Inc |
77,389 | 1,050,787 | ||||||
| Taiheiyo Cement Corp |
15,770 | 259,863 | ||||||
| Takeda Pharmaceutical Co Ltd |
21,370 | 608,879 | ||||||
| THK Co Ltd |
21,107 | 464,471 | ||||||
| Toppan Inc |
6,440 | 113,601 | ||||||
| Yamato Holdings Co Ltd |
18,070 | 337,551 | ||||||
|
|
|
|||||||
| 20,160,071 | ||||||||
|
|
|
|||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-104
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
March 31, 2022
| Shares |
Value |
|||||||
| Luxembourg - 0.5% |
|
|||||||
| RTL Group SA |
7,549 | $ | 418,543 | |||||
|
|
|
|||||||
| Malaysia - 0.5% |
|
|||||||
| CIMB Group Holdings Bhd |
291,200 | 368,882 | ||||||
|
|
|
|||||||
| Mexico - 0.5% |
|
|||||||
| America Movil SAB de CV ‘L’ ADR |
19,517 | 412,785 | ||||||
|
|
|
|||||||
| Netherlands - 5.0% |
|
|||||||
| ABN AMRO Bank NV ~ |
45,424 | 580,057 | ||||||
| ING Groep NV |
52,042 | 543,367 | ||||||
| PostNL NV |
54,449 | 207,514 | ||||||
| Shell PLC |
90,995 | 2,494,057 | ||||||
|
|
|
|||||||
| 3,824,995 | ||||||||
|
|
|
|||||||
| Norway - 0.2% |
|
|||||||
| Norsk Hydro ASA |
14,978 | 145,524 | ||||||
|
|
|
|||||||
| Russia - 0.1% |
|
|||||||
| Gazprom PJSC ADR ± W |
11,628 | — | ||||||
| LUKOIL PJSC ADR ± W |
1,019 | — | ||||||
| Mobile TeleSystems PJSC ADR ± W |
13,793 | — | ||||||
| Sberbank of Russia PJSC ADR ± W |
9,967 | — | ||||||
| VEON Ltd ADR * |
64,233 | 43,858 | ||||||
|
|
|
|||||||
| 43,858 | ||||||||
|
|
|
|||||||
| South Africa - 2.0% |
|
|||||||
| Anglo American PLC |
18,210 | 946,235 | ||||||
| MTN Group Ltd |
13,436 | 173,850 | ||||||
| Old Mutual Ltd |
406,045 | 382,087 | ||||||
|
|
|
|||||||
| 1,502,172 | ||||||||
|
|
|
|||||||
| South Korea - 4.8% |
|
|||||||
| Coway Co Ltd |
8,335 | 469,812 | ||||||
| Hankook Tire & Technology Co Ltd |
9,627 | 265,801 | ||||||
| Hyundai Mobis Co Ltd |
1,867 | 329,060 | ||||||
| KB Financial Group Inc |
18,517 | 927,959 | ||||||
| KT Corp ADR * |
53,141 | 762,042 | ||||||
| Shinhan Financial Group Co Ltd |
27,773 | 943,414 | ||||||
|
|
|
|||||||
| 3,698,088 | ||||||||
|
|
|
|||||||
| Spain - 1.3% |
|
|||||||
| CaixaBank SA |
290,720 | 986,088 | ||||||
|
|
|
|||||||
| Sweden - 0.5% |
|
|||||||
| SKF AB ‘B’ |
24,499 | 399,480 | ||||||
|
|
|
|||||||
| Switzerland - 7.6% |
|
|||||||
| Adecco Group AG |
20,809 | 943,929 | ||||||
| Holcim Ltd |
22,864 | 1,112,031 | ||||||
| Julius Baer Group Ltd |
2,623 | 151,857 | ||||||
| Novartis AG |
17,736 | 1,557,071 | ||||||
| The Swatch Group AG |
1,399 | 396,650 | ||||||
| UBS Group AG |
86,466 | 1,689,659 | ||||||
|
|
|
|||||||
| 5,851,197 | ||||||||
|
|
|
|||||||
| Taiwan - 1.3% |
|
|||||||
| Catcher Technology Co Ltd |
84,130 | 422,067 | ||||||
| Hon Hai Precision Industry Co Ltd |
152,615 | 560,376 | ||||||
|
|
|
|||||||
| 982,443 | ||||||||
|
|
|
|||||||
| Shares |
Value |
|||||||
| Thailand - 1.3% |
|
|||||||
| Kasikornbank PCL |
127,293 | $ | 615,184 | |||||
| Kasikornbank PCL NVDR |
76,884 | 371,074 | ||||||
|
|
|
|||||||
| 986,258 | ||||||||
|
|
|
|||||||
| Turkey - 0.7% |
|
|||||||
| Turk Telekomunikasyon AS |
339,732 | 241,280 | ||||||
| Turkcell Iletisim Hizmetleri AS |
188,284 | 289,258 | ||||||
|
|
|
|||||||
| 530,538 | ||||||||
|
|
|
|||||||
| United Kingdom - 10.4% |
|
|||||||
| Babcock International Group PLC * |
72,549 | 308,038 | ||||||
| BAE Systems PLC |
100,435 | 943,231 | ||||||
| BP PLC |
344,799 | 1,690,336 | ||||||
| BT Group PLC |
295,731 | 705,115 | ||||||
| Centrica PLC * |
274,584 | 287,229 | ||||||
| easyJet PLC * |
31,102 | 225,635 | ||||||
| J Sainsbury PLC |
161,131 | 533,309 | ||||||
| Kingfisher PLC |
93,523 | 312,147 | ||||||
| Land Securities Group PLC REIT |
42,417 | 435,190 | ||||||
| Marks & Spencer Group PLC * |
54,739 | 110,483 | ||||||
| Standard Chartered PLC |
139,403 | 925,359 | ||||||
| The British Land Co PLC REIT |
61,754 | 427,576 | ||||||
| WPP PLC |
82,823 | 1,083,995 | ||||||
|
|
|
|||||||
| 7,987,643 | ||||||||
|
|
|
|||||||
| Total Common Stocks |
74,278,497 | |||||||
|
|
|
|||||||
| EXCHANGE-TRADED FUND - 0.2% |
|
|||||||
| iShares Core MSCI EAFE |
2,218 | 154,173 | ||||||
|
|
|
|||||||
| Total Exchange-Traded Fund |
154,173 | |||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENT - 1.1% |
|
|||||||
| Money Market Fund - 1.1% |
|
|||||||
| BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.210% |
872,645 | 872,645 | ||||||
|
|
|
|||||||
| Total Short-Term Investment |
872,645 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 98.8% |
75,835,415 | |||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - 1.2% |
889,385 | |||||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
$76,724,800 | |||||||
|
|
|
|||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-105
Table of Contents
PACIFIC FUNDS
PF INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
March 31, 2022
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition by sector as a percentage of net assets was as follows: |
| Financial |
33.1% | |||
| Consumer, Cyclical |
14.2% | |||
| Energy |
12.0% | |||
| Industrial |
11.2% | |||
| Consumer, Non-Cyclical |
10.8% | |||
| Communications |
8.9% | |||
| Basic Materials |
4.2% | |||
| Others (each less than 3.0%) |
4.4% | |||
|
|
|
|||
| 98.8% | ||||
| Other Assets & Liabilities, Net |
1.2% | |||
|
|
|
|||
| 100.0% | ||||
|
|
|
| (b) | As of March 31, 2022, the Fund’s composition by country of risk as a percentage of net assets was as follows: |
| Japan |
26.3% | |||
| France |
13.1% | |||
| United Kingdom |
10.4% | |||
| Switzerland |
7.6% | |||
| Netherlands |
5.0% | |||
| South Korea |
4.8% | |||
| Italy |
4.2% | |||
| Germany |
4.0% | |||
| Others (each less than 3.0%) |
23.4% | |||
|
|
|
|||
| 98.8% | ||||
| Other Assets & Liabilities, Net |
1.2% | |||
|
|
|
|||
| 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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Preferred Stocks |
$530,100 | $— | $530,100 | $— | |||||||||||||
| Common Stocks |
||||||||||||||||||
| Argentina |
82,376 | 82,376 | — | — | ||||||||||||||
| Austria |
541,309 | — | 541,309 | — | ||||||||||||||
| Belgium |
634,039 | — | 634,039 | — | ||||||||||||||
| Brazil |
1,797,434 | 1,797,434 | — | — | ||||||||||||||
| Burkina Faso |
353,596 | 353,596 | — | — | ||||||||||||||
| Canada |
2,201,817 | 2,201,817 | — | — | ||||||||||||||
| China |
526,777 | — | 526,777 | — | ||||||||||||||
| Finland |
847,850 | — | 847,850 | — | ||||||||||||||
| France |
10,065,357 | 719,726 | 9,345,631 | — | ||||||||||||||
| Germany |
2,526,403 | — | 2,526,403 | — | ||||||||||||||
| Hong Kong |
786,337 | — | 786,337 | — | ||||||||||||||
| India |
702,460 | — | 702,460 | — | ||||||||||||||
| Indonesia |
739,437 | — | 739,437 | — | ||||||||||||||
| Ireland |
914,967 | — | 914,967 | — | ||||||||||||||
| Italy |
3,259,773 | — | 3,259,773 | — | ||||||||||||||
| Japan |
20,160,071 | — | 20,160,071 | — | ||||||||||||||
| Luxembourg |
418,543 | — | 418,543 | — | ||||||||||||||
| Malaysia |
368,882 | — | 368,882 | — | ||||||||||||||
| Mexico |
412,785 | 412,785 | — | — | ||||||||||||||
| Netherlands |
3,824,995 | — | 3,824,995 | — | ||||||||||||||
| Norway |
145,524 | — | 145,524 | — | ||||||||||||||
| Russia |
43,858 | 43,858 | — | — | ||||||||||||||
| South Africa |
1,502,172 | — | 1,502,172 | — | ||||||||||||||
| South Korea |
3,698,088 | 762,042 | 2,936,046 | — | ||||||||||||||
| Spain |
986,088 | — | 986,088 | — | ||||||||||||||
| Sweden |
399,480 | — | 399,480 | — | ||||||||||||||
| Switzerland |
5,851,197 | — | 5,851,197 | — | ||||||||||||||
| Taiwan |
982,443 | — | 982,443 | — | ||||||||||||||
| Thailand |
986,258 | — | 986,258 | — | ||||||||||||||
| Turkey |
530,538 | 530,538 | — | — | ||||||||||||||
| United Kingdom |
7,987,643 | — | 7,987,643 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Common Stocks |
74,278,497 | 6,904,172 | 67,374,325 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Exchange-Traded Fund |
154,173 | 154,173 | — | — | ||||||||||||||
| Short-Term Investment |
872,645 | 872,645 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$75,835,415 | $7,930,990 | $67,904,425 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-106
Table of Contents
PACIFIC FUNDS
PF MULTI-ASSET FUND
Schedule of Investments
March 31, 2022
| Principal |
Value |
|||||||
| CORPORATE BONDS & NOTES - 56.6% |
|
|||||||
| Basic Materials - 0.6% |
|
|||||||
| DuPont de Nemours Inc |
$2,500,000 | $2,525,728 | ||||||
| Glencore Funding LLC (Australia) |
1,600,000 | 1,606,462 | ||||||
| 4.625% due 04/29/24 ~ |
2,000,000 | 2,049,108 | ||||||
|
|
|
|||||||
| 6,181,298 | ||||||||
|
|
|
|||||||
| Communications - 2.4% |
|
|||||||
| AT&T Inc |
7,750,000 | 7,868,079 | ||||||
| Charter Communications Operating LLC |
500,000 | 509,879 | ||||||
| eBay Inc |
2,500,000 | 2,424,978 | ||||||
| NTT Finance Corp (Japan) |
4,000,000 | 3,836,919 | ||||||
| Sprint Spectrum Co LLC |
5,883,750 | 6,009,844 | ||||||
| Verizon Communications Inc |
5,000,000 | 4,841,903 | ||||||
|
|
|
|||||||
| 25,491,602 | ||||||||
|
|
|
|||||||
| Consumer, Cyclical - 3.3% |
|
|||||||
| Aptiv PLC |
1,000,000 | 975,146 | ||||||
| Brunswick Corp |
2,500,000 | 2,365,408 | ||||||
| Daimler Trucks Finance North America LLC |
2,250,000 | 2,247,525 | ||||||
| Delta Air Lines Inc |
3,000,000 | 3,019,790 | ||||||
| DR Horton Inc |
2,000,000 | 1,973,801 | ||||||
| 4.375% due 09/15/22 |
1,000,000 | 1,005,018 | ||||||
| Ford Motor Credit Co LLC |
3,200,000 | 3,189,376 | ||||||
| 3.087% due 01/09/23 |
1,000,000 | 1,002,375 | ||||||
| General Motors Financial Co Inc |
2,000,000 | 1,926,140 | ||||||
| 1.200% due 10/15/24 |
2,350,000 | 2,232,972 | ||||||
| Hyatt Hotels Corp |
2,500,000 | 2,437,541 | ||||||
| Magallanes Inc |
3,450,000 | 3,482,546 | ||||||
| Marriott International Inc |
1,000,000 | 1,010,949 | ||||||
| Nissan Motor Acceptance Corp |
1,700,000 | 1,698,158 | ||||||
| Toyota Motor Credit Corp |
3,000,000 | 3,021,218 | ||||||
| Walgreens Boots Alliance Inc |
2,800,000 | 2,729,888 | ||||||
|
|
|
|||||||
| 34,317,851 | ||||||||
|
|
|
|||||||
| Consumer, Non-Cyclical - 7.0% |
|
|||||||
| AmerisourceBergen Corp |
1,550,000 | 1,527,980 | ||||||
| Anthem Inc |
1,200,000 | 1,184,323 | ||||||
| Principal |
Value |
|||||||
| Baxter International Inc |
$4,650,000 | $4,444,642 | ||||||
| Bayer US Finance II LLC (Germany) |
3,200,000 | 3,215,832 | ||||||
| Cigna Corp |
4,000,000 | 4,029,868 | ||||||
| Coca-Cola Europacific Partners PLC |
5,000,000 | 4,779,844 | ||||||
| Element Fleet Management Corp (Canada) |
4,000,000 | 3,860,511 | ||||||
| General Mills Inc |
6,000,000 | 6,074,657 | ||||||
| Gilead Sciences Inc |
2,812,000 | 2,747,561 | ||||||
| GlaxoSmithKline Capital PLC (United Kingdom) |
2,150,000 | 2,101,259 | ||||||
| Global Payments Inc |
750,000 | 717,734 | ||||||
| Hormel Foods Corp |
2,350,000 | 2,257,746 | ||||||
| Humana Inc |
2,800,000 | 2,732,900 | ||||||
| JDE Peet’s NV (Netherlands) |
1,500,000 | 1,408,824 | ||||||
| Keurig Dr Pepper Inc |
3,000,000 | 2,891,508 | ||||||
| McKesson Corp |
1,000,000 | 919,448 | ||||||
| Mondelez International Holdings Netherlands BV |
2,000,000 | 1,889,862 | ||||||
| Mondelez International Inc |
1,500,000 | 1,490,032 | ||||||
| PayPal Holdings Inc |
1,750,000 | 1,745,547 | ||||||
| PerkinElmer Inc |
2,700,000 | 2,623,596 | ||||||
| Philip Morris International Inc |
2,000,000 | 1,977,514 | ||||||
| Quanta Services Inc |
1,750,000 | 1,660,666 | ||||||
| Royalty Pharma PLC |
3,500,000 | 3,399,871 | ||||||
| Suntory Holdings Ltd (Japan) |
5,100,000 | 4,952,644 | ||||||
| Thermo Fisher Scientific Inc |
3,200,000 | 3,079,920 | ||||||
| UnitedHealth Group Inc |
4,400,000 | 4,421,804 | ||||||
| Zimmer Biomet Holdings Inc |
1,750,000 | 1,680,027 | ||||||
|
|
|
|||||||
| 73,816,120 | ||||||||
|
|
|
|||||||
| Energy - 1.7% |
|
|||||||
| Enbridge Inc (Canada) |
2,250,000 | 2,250,078 | ||||||
| 2.500% due 02/14/25 |
1,250,000 | 1,223,183 | ||||||
| Energy Transfer LP |
3,400,000 | 3,420,623 | ||||||
| 4.250% due 03/15/23 |
1,519,000 | 1,536,125 | ||||||
| Kinder Morgan Energy Partners LP |
2,000,000 | 2,007,516 | ||||||
| Kinder Morgan Inc |
1,000,000 | 1,006,026 | ||||||
| 5.625% due 11/15/23 ~ |
915,000 | 944,975 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-107
Table of Contents
PACIFIC FUNDS
PF MULTI-ASSET FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal |
Value |
|||||||
| MPLX LP |
$3,500,000 | $3,527,875 | ||||||
| 3.500% due 12/01/22 |
1,606,000 | 1,619,257 | ||||||
|
|
|
|||||||
| 17,535,658 | ||||||||
|
|
|
|||||||
| Financial - 27.7% |
|
|||||||
| AerCap Ireland Capital DAC (Ireland) |
3,300,000 | 3,160,696 | ||||||
| AIG Global Funding |
1,000,000 | 951,897 | ||||||
| Air Lease Corp |
1,500,000 | 1,433,933 | ||||||
| 2.625% due 07/01/22 |
1,500,000 | 1,501,318 | ||||||
| American Express Co |
2,000,000 | 2,004,678 | ||||||
| 2.250% due 03/04/25 |
1,500,000 | 1,474,483 | ||||||
| ANZ New Zealand Int’l Ltd (New Zealand) |
1,650,000 | 1,608,266 | ||||||
| Athene Global Funding |
4,550,000 | 4,384,316 | ||||||
| 2.192% (USD LIBOR + 1.230%) |
||||||||
| due 07/01/22 ~ § |
2,500,000 | 2,504,506 | ||||||
| Banco Santander SA (Spain) |
2,900,000 | 2,870,763 | ||||||
| 2.746% due 05/28/25 |
1,250,000 | 1,219,440 | ||||||
| Bank of America Corp |
7,500,000 | 7,336,403 | ||||||
| 3.384% due 04/02/26 |
3,000,000 | 2,997,231 | ||||||
| 4.200% due 08/26/24 |
2,500,000 | 2,562,086 | ||||||
| Canadian Imperial Bank of Commerce |
7,000,000 | 6,836,473 | ||||||
| Citigroup Inc |
1,200,000 | 1,159,883 | ||||||
| 0.981% due 05/01/25 |
2,100,000 | 2,003,444 | ||||||
| 1.569% (USD LIBOR + 1.100%) |
||||||||
| due 05/17/24 § |
2,800,000 | 2,816,258 | ||||||
| 1.678% due 05/15/24 |
600,000 | 595,405 | ||||||
| 2.014% due 01/25/26 |
3,600,000 | 3,468,324 | ||||||
| Citizens Bank NA |
3,000,000 | 3,014,109 | ||||||
| Cooperatieve Rabobank UA (Netherlands) |
2,000,000 | 1,923,141 | ||||||
| 1.826% (USD LIBOR + 0.860%) |
||||||||
| due 09/26/23 ~ § |
2,500,000 | 2,519,183 | ||||||
| Corebridge Financial Inc |
1,650,000 | 1,648,697 | ||||||
| Credit Suisse AG (Switzerland) |
3,000,000 | 2,872,291 | ||||||
| 1.000% due 05/05/23 |
1,750,000 | 1,724,455 | ||||||
| Danske Bank AS (Denmark) |
3,150,000 | 2,954,675 | ||||||
| F&G Global Funding |
2,000,000 | 1,887,106 | ||||||
| Fifth Third Bank NA |
2,000,000 | 2,000,661 | ||||||
| HSBC Holdings PLC (United Kingdom) |
2,650,000 | 2,564,359 | ||||||
| 0.976% due 05/24/25 |
3,500,000 | 3,325,362 | ||||||
| 1.162% due 11/22/24 |
3,600,000 | 3,478,173 | ||||||
| 1.488% (USD LIBOR + 1.000%) |
||||||||
| due 05/18/24 § |
2,300,000 | 2,308,155 | ||||||
| Intercontinental Exchange Inc |
2,500,000 | 2,463,915 | ||||||
| 3.450% due 09/21/23 |
2,200,000 | 2,226,215 | ||||||
| JPMorgan Chase & Co |
2,500,000 | 2,385,877 | ||||||
| 0.969% due 06/23/25 |
2,350,000 | 2,245,573 | ||||||
| Principal |
Value |
|||||||
| 1.149% (USD LIBOR + 0.890%) |
$700,000 | $704,062 | ||||||
| 1.151% (SOFR + 0.920%) |
||||||||
| due 02/24/26 § |
2,200,000 | 2,199,055 | ||||||
| 2.595% due 02/24/26 |
5,500,000 | 5,397,813 | ||||||
| Lloyds Banking Group PLC (United Kingdom) |
2,000,000 | 1,995,220 | ||||||
| MassMutual Global Funding II |
10,000,000 | 9,583,930 | ||||||
| Metropolitan Life Global Funding I |
2,000,000 | 1,922,418 | ||||||
| Mid-America Apartments LP REIT |
2,000,000 | 2,034,465 | ||||||
| Mitsubishi UFJ Financial Group Inc (Japan) |
4,350,000 | 4,218,073 | ||||||
| 0.953% due 07/19/25 |
7,000,000 | 6,640,811 | ||||||
| 1.244% (USD LIBOR + 0.740%) |
||||||||
| due 03/02/23 § |
5,700,000 | 5,712,632 | ||||||
| Mizuho Financial Group Inc (Japan) |
3,000,000 | 2,937,112 | ||||||
| Morgan Stanley |
4,000,000 | 3,936,512 | ||||||
| 0.731% due 04/05/24 |
3,000,000 | 2,939,775 | ||||||
| 0.790% due 05/30/25 |
2,900,000 | 2,757,223 | ||||||
| 1.559% (USD LIBOR + 1.220%) |
||||||||
| due 05/08/24 § |
700,000 | 704,869 | ||||||
| New York Life Global Funding |
||||||||
| 0.400% due 10/21/23 ~ |
1,650,000 | 1,599,236 | ||||||
| 1.223% (USD LIBOR + 0.520%) |
||||||||
| due 06/10/22 ~ § |
2,000,000 | 2,000,130 | ||||||
| 1.451% (USD LIBOR + 0.440%) |
||||||||
| due 07/12/22 ~ § |
2,000,000 | 2,001,654 | ||||||
| Principal Life Global Funding II |
2,000,000 | 1,899,719 | ||||||
| Protective Life Global Funding |
2,500,000 | 2,374,257 | ||||||
| 3.218% due 03/28/25 ~ |
1,250,000 | 1,248,789 | ||||||
| Reliance Standard Life Global Funding II |
2,100,000 | 2,103,648 | ||||||
| Royal Bank of Canada (Canada) |
4,500,000 | 4,362,644 | ||||||
| 0.650% due 07/29/24 |
7,500,000 | 7,138,266 | ||||||
| 0.750% due 10/07/24 |
12,000,000 | 11,393,815 | ||||||
| 1.600% due 01/21/25 |
4,000,000 | 3,847,721 | ||||||
| Skandinaviska Enskilda Banken AB (Sweden) |
5,000,000 | 4,853,200 | ||||||
| 0.843% (USD LIBOR + 0.320%) |
||||||||
| due 09/01/23 ~ § |
6,500,000 | 6,494,977 | ||||||
| Societe Generale SA (France) |
1,900,000 | 1,805,539 | ||||||
| Standard Chartered PLC (United Kingdom) |
2,900,000 | 2,770,007 | ||||||
| 1.319% due 10/14/23 ~ |
2,000,000 | 1,981,708 | ||||||
| 3.885% due 03/15/24 ~ |
1,000,000 | 1,007,572 | ||||||
| Sumitomo Mitsui Financial Group Inc (Japan) |
7,500,000 | 7,537,472 | ||||||
| 1.402% due 09/17/26 |
8,000,000 | 7,310,207 | ||||||
| The Bank of Nova Scotia (Canada) |
7,500,000 | 7,139,309 | ||||||
| 1.450% due 01/10/25 |
5,000,000 | 4,803,334 | ||||||
| The Charles Schwab Corp |
3,000,000 | 2,902,266 | ||||||
| The Goldman Sachs Group Inc |
4,400,000 | 4,257,918 | ||||||
| 1.757% due 01/24/25 |
5,750,000 | 5,609,340 | ||||||
| The Toronto-Dominion Bank (Canada) |
6,500,000 | 6,533,229 | ||||||
| 1.450% due 01/10/25 |
7,000,000 | 6,711,486 | ||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-108
Table of Contents
PACIFIC FUNDS
PF MULTI-ASSET FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal |
Value |
|||||||
| UBS AG (Switzerland) |
$5,000,000 | $4,769,822 | ||||||
| 0.548% (SOFR + 0.360%) |
||||||||
| due 02/09/24 ~ § |
3,250,000 | 3,228,603 | ||||||
| 1.375% due 01/13/25 ~ |
9,000,000 | 8,557,790 | ||||||
| UBS Group AG (Switzerland) |
1,500,000 | 1,459,841 | ||||||
| Ventas Realty LP REIT |
1,650,000 | 1,620,354 | ||||||
| Wells Fargo & Co |
5,750,000 | 5,683,228 | ||||||
| Westpac Banking Corp (Australia) |
4,200,000 | 4,024,475 | ||||||
| 3.650% due 05/15/23 |
3,251,000 | 3,303,979 | ||||||
|
|
|
|||||||
| 292,451,255 | ||||||||
|
|
|
|||||||
| Industrial - 3.3% |
|
|||||||
| Berry Global Inc |
2,850,000 | 2,730,280 | ||||||
| Canadian Pacific Railway Co (Canada) |
1,200,000 | 1,151,699 | ||||||
| Carlisle Cos Inc |
2,400,000 | 2,326,478 | ||||||
| Graphic Packaging International LLC |
1,950,000 | 1,854,771 | ||||||
| Jabil Inc 1.700% |
1,000,000 | 927,153 | ||||||
| Penske Truck Leasing Co LP |
2,000,000 | 1,838,015 | ||||||
| 2.700% due 11/01/24 ~ |
1,000,000 | 985,840 | ||||||
| 4.875% due 07/11/22 ~ |
2,000,000 | 2,017,830 | ||||||
| Ryder System Inc |
3,000,000 | 2,963,207 | ||||||
| Siemens Financieringsmaatschappij NV |
6,200,000 | 5,977,396 | ||||||
| TD SYNNEX Corp |
3,800,000 | 3,613,426 | ||||||
| Teledyne Technologies Inc |
7,000,000 | 6,724,571 | ||||||
| The Boeing Co 4.508% |
1,500,000 | 1,526,249 | ||||||
|
|
|
|||||||
| 34,636,915 | ||||||||
|
|
|
|||||||
| Technology - 3.3% |
|
|||||||
| Apple Inc |
2,450,000 | 2,419,908 | ||||||
| CGI Inc (Canada) |
2,000,000 | 1,840,320 | ||||||
| DXC Technology Co |
1,000,000 | 918,168 | ||||||
| Fidelity National Information Services Inc |
4,000,000 | 3,832,097 | ||||||
| Hewlett Packard Enterprise Co |
1,000,000 | 971,191 | ||||||
| 2.250% due 04/01/23 |
2,100,000 | 2,099,116 | ||||||
| Infor Inc |
2,700,000 | 2,646,813 | ||||||
| Microchip Technology Inc |
4,950,000 | 4,747,467 | ||||||
| Oracle Corp |
1,800,000 | 1,680,854 | ||||||
| 2.500% due 04/01/25 |
5,450,000 | 5,328,070 | ||||||
| Qorvo Inc |
1,200,000 | 1,146,060 | ||||||
| salesforce.com Inc |
3,600,000 | 3,449,646 | ||||||
| VMware Inc |
1,750,000 | 1,701,560 | ||||||
| 4.500% due 05/15/25 |
2,350,000 | 2,423,259 | ||||||
|
|
|
|||||||
| 35,204,529 | ||||||||
|
|
|
|||||||
| Principal |
Value |
|||||||
| Utilities - 7.3% |
||||||||
| American Electric Power Co Inc |
$2,450,000 | $2,375,112 | ||||||
| Black Hills Corp |
2,500,000 | 2,388,658 | ||||||
| CenterPoint Energy Inc |
2,350,000 | 2,332,439 | ||||||
| CenterPoint Energy Resources Corp |
490,000 | 488,593 | ||||||
| Consolidated Edison Inc |
3,500,000 | 3,419,497 | ||||||
| Consumers Energy Co |
4,000,000 | 3,899,713 | ||||||
| Dominion Energy Inc |
1,000,000 | 998,736 | ||||||
| DTE Energy Co |
1,000,000 | 936,579 | ||||||
| Edison International |
1,500,000 | 1,535,717 | ||||||
| Emera US Finance LP (Canada) |
2,550,000 | 2,415,702 | ||||||
| Enel Finance International NV (Italy) |
7,000,000 | 6,435,413 | ||||||
| Entergy Louisiana LLC |
2,250,000 | 2,184,493 | ||||||
| Evergy Inc |
4,176,000 | 4,100,908 | ||||||
| Mississippi Power Co |
1,900,000 | 1,883,631 | ||||||
| NextEra Energy Capital Holdings Inc |
2,500,000 | 2,465,199 | ||||||
| Oklahoma Gas and Electric Co |
3,350,000 | 3,279,172 | ||||||
| Oncor Electric Delivery Co LLC |
1,800,000 | 1,786,633 | ||||||
| Pacific Gas and Electric Co |
4,500,000 | 4,495,363 | ||||||
| 3.250% due 02/16/24 |
3,000,000 | 2,988,059 | ||||||
| PPL Electric Utilities Corp |
2,000,000 | 1,987,863 | ||||||
| Public Service Enterprise Group Inc |
2,800,000 | 2,584,857 | ||||||
| 0.841% due 11/08/23 |
5,200,000 | 5,045,394 | ||||||
| Sempra Energy |
1,600,000 | 1,603,685 | ||||||
| Southern California Edison Co |
4,550,000 | 4,434,319 | ||||||
| 0.940% (SOFR + 0.640%) |
||||||||
| due 04/03/23 § |
2,000,000 | 1,999,593 | ||||||
| 1.100% due 04/01/24 |
1,300,000 | 1,255,428 | ||||||
| 1.130% (SOFR + 0.830%) |
||||||||
| due 04/01/24 § |
1,800,000 | 1,799,816 | ||||||
| The AES Corp |
3,000,000 | 2,949,705 | ||||||
| WEC Energy Group Inc |
2,500,000 | 2,400,761 | ||||||
| Xcel Energy Inc |
650,000 | 629,894 | ||||||
|
|
|
|||||||
| 77,100,932 | ||||||||
|
|
|
|||||||
| Total Corporate Bonds & Notes |
596,736,160 | |||||||
|
|
|
|||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-109
Table of Contents
PACIFIC FUNDS
PF MULTI-ASSET FUND
Schedule of Investments (Continued)
March 31, 2022
| Principal |
Value |
|||||||
| SENIOR LOAN NOTES - 0.6% |
||||||||
| Communications - 0.2% |
||||||||
| Charter Communications Operating LLC |
$2,000,000 | $1,985,624 | ||||||
|
|
|
|||||||
| Consumer, Cyclical - 0.2% |
||||||||
| Hilton Worldwide Finance LLC Term B-2 |
2,000,000 | 1,980,694 | ||||||
|
|
|
|||||||
| Consumer, Non-Cyclical - 0.2% |
||||||||
| United Rentals North America Inc Term B |
2,000,000 | 2,006,608 | ||||||
|
|
|
|||||||
| Total Senior Loan Notes |
5,972,926 | |||||||
|
|
|
|||||||
| ASSET-BACKED SECURITIES - 4.3% |
||||||||
| AmeriCredit Automobile Receivables Trust |
1,413,946 | 1,411,337 | ||||||
| 0.420% due 03/18/24 |
396,487 | 396,328 | ||||||
| Carmax Auto Owner Trust |
541,726 | 541,001 | ||||||
| GM Financial Consumer Automobile |
276,408 | 276,023 | ||||||
| Magnetite Ltd (Cayman) |
10,838,009 | 10,843,428 | ||||||
| 1.221% (USD LIBOR + 0.980%) |
||||||||
| due 04/15/31 ~ § |
1,665,000 | 1,656,928 | ||||||
| Palmer Square Loan Funding Ltd (Cayman) |
7,671,481 | 7,652,239 | ||||||
| 1.280% (USD LIBOR + 0.800%) |
||||||||
| due 02/20/28 ~ § |
2,777,117 | 2,777,540 | ||||||
| 1.284% (3-Month SOFR + 1.050%) |
||||||||
| due 04/15/30 ~ § |
9,500,000 | 9,478,664 | ||||||
| 1.498% (USD LIBOR + 1.000%) |
||||||||
| due 11/25/28 ~ § |
781,005 | 779,793 | ||||||
| Santander Drive Auto Receivables Trust |
731,019 | 730,767 | ||||||
| 0.370% due 08/15/24 |
7,103,222 | 7,073,661 | ||||||
| SMB Private Education Loan Trust |
347,558 | 347,456 | ||||||
| Stratus CLO Ltd (Cayman) |
1,000,000 | 992,097 | ||||||
|
|
|
|||||||
| Total Asset-Backed Securities |
44,957,262 | |||||||
|
|
|
|||||||
| U.S. TREASURY OBLIGATIONS - 24.4% |
|
|||||||
| U.S. Treasury Notes - 24.4% |
|
|||||||
| 0.125% due 04/30/22 |
25,000,000 | 24,996,793 | ||||||
| 0.125% due 05/31/22 |
15,000,000 | 14,993,571 | ||||||
| 0.125% due 06/30/22 |
15,000,000 | 14,983,194 | ||||||
| 0.125% due 09/30/22 |
30,000,000 | 29,863,629 | ||||||
| 0.125% due 11/30/22 |
87,000,000 | 86,312,967 | ||||||
| 0.125% due 02/28/23 |
10,000,000 | 9,866,072 | ||||||
| 0.500% due 03/15/23 |
5,000,000 | 4,945,546 | ||||||
| 1.500% due 01/15/23 |
30,000,000 | 29,997,659 | ||||||
| 1.750% due 07/15/22 |
10,000,000 | 10,030,615 | ||||||
| Principal |
Value |
|||||||
| 1.750% due 06/30/24 ‡ |
$10,000,000 | $9,857,422 | ||||||
| 1.750% due 07/31/24 |
10,000,000 | 9,845,703 | ||||||
| 2.000% due 07/31/22 |
10,000,000 | 10,040,793 | ||||||
| 2.625% due 02/28/23 |
2,100,000 | 2,118,470 | ||||||
|
|
|
|||||||
| Total U.S. Treasury Obligations |
257,852,434 | |||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENTS - 15.3% |
|
|||||||
| Corporate Notes - 0.0% |
|
|||||||
| Southern California Edison Co |
650,000 | 649,874 | ||||||
|
|
|
|||||||
| Shares |
||||||||
| Money Market Fund - 5.7% |
|
|||||||
| BlackRock Liquidity Funds T-Fund Portfolio |
||||||||
| ‘Institutional’ 0.210% |
59,626,510 | 59,626,510 | ||||||
|
|
|
|||||||
| Principal |
||||||||
| U.S. Treasury Bills - 9.6% |
|
|||||||
| 0.099% due 04/28/22 |
$25,000,000 | 24,998,101 | ||||||
| 0.940% due 09/15/22 |
22,000,000 | 21,905,446 | ||||||
| 1.018% due 09/29/22 |
54,500,000 | 54,225,484 | ||||||
|
|
|
|||||||
| 101,129,031 | ||||||||
|
|
|
|||||||
| Total Short-Term Investments |
161,405,415 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 101.2% |
|
1,066,924,197 | ||||||
|
|
|
|||||||
| DERIVATIVES - 3.6% |
|
37,515,796 | ||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - (4.8%) |
|
(50,244,159 | ) | |||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$1,054,195,834 | ||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition as a percentage of net assets was as follows: |
| Corporate Bonds & Notes |
56.6% | |||
| U.S. Treasury Obligations |
24.4% | |||
| Short-Term Investments |
15.3% | |||
| Asset-Backed Securities |
4.3% | |||
| Others (each less than 3.0%) |
0.6% | |||
|
|
|
|||
| 101.2% | ||||
| Derivatives |
3.6% | |||
| Other Assets & Liabilities, Net |
(4.8% | ) | ||
|
|
|
|||
| 100.0% | ||||
|
|
|
| (b) | As of March 31, 2022, an investment with a value of $3,440,240 was fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts. |
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-110
Table of Contents
PACIFIC FUNDS
PF MULTI-ASSET FUND
Schedule of Investments (Continued)
March 31, 2022
| (c) | Open futures contracts outstanding as of March 31, 2022 were as follows: |
| Short Futures Outstanding | Expiration Month |
Number of Contracts |
Notional Amount |
Value | Unrealized Appreciation (Depreciation) |
|||||||||||||||
| S&P 500 E-Mini Index |
06/22 | 103 | $23,131,004 | $23,333,362 | ($202,358 | ) | ||||||||||||||
|
|
|
|||||||||||||||||||
| (d) | Swap agreements outstanding as of March 31, 2022 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 EAFE Index |
1-Day U.S. Fed Funds - 0.040% | Z | BOA | 06/16/22 | $19,591,861 | $63,477 | $— | $63,477 | ||||||||||||||||||||||||
| Russell 1000 Growth Index |
1-Day U.S. Fed Funds + 0.430% | Z | BOA | 06/16/22 | 72,045,217 | 11,982,873 | — | 11,982,873 | ||||||||||||||||||||||||
| Russell 1000 Value Index |
1-Day U.S. Fed Funds + 0.440% | Z | GSC | 06/16/22 | 61,020,763 | 7,252,913 | — | 7,252,913 | ||||||||||||||||||||||||
| Russell Mid-Cap Growth Index |
1-Day U.S. Fed Funds + 0.380% | Z | GSC | 06/16/22 | 73,661,207 | (559,693 | ) | — | (559,693 | ) | ||||||||||||||||||||||
| Russell Mid-Cap Value Index |
1-Day U.S. Fed Funds + 0.380% | Z | GSC | 06/16/22 | 24,894,918 | 2,611,871 | — | 2,611,871 | ||||||||||||||||||||||||
| MSCI EAFE Index |
1-Day U.S. Fed Funds + 0.020% | Z | CIT | 09/15/22 | 16,452,647 | (1,122,654 | ) | — | (1,122,654 | ) | ||||||||||||||||||||||
| Russell 1000 Growth Index |
1-Day U.S. Fed Funds + 0.400% | Z | CIT | 09/15/22 | 83,546,714 | 5,155,816 | — | 5,155,816 | ||||||||||||||||||||||||
| Russell Mid-Cap Growth Index |
1-Day U.S. Fed Funds + 0.330% | Z | CIT | 09/15/22 | 10,127,554 | (708,051 | ) | — | (708,051 | ) | ||||||||||||||||||||||
| Russell Mid-Cap Value Index |
1-Day U.S. Fed Funds + 0.350% | Z | CIT | 09/15/22 | 91,544,568 | 3,582,346 | — | 3,582,346 | ||||||||||||||||||||||||
| Russell 1000 Value Index |
1-Day U.S. Fed Funds + 0.470% | Z | SGN | 09/15/22 | 97,531,801 | 4,555,096 | — | 4,555,096 | ||||||||||||||||||||||||
| Russell 1000 Growth Index |
1-Day U.S. Fed Funds + 0.410% | Z | CIT | 11/18/22 | 31,658,636 | (42,753 | ) | — | (42,753 | ) | ||||||||||||||||||||||
| Russell 1000 Value Index |
1-Day U.S. Fed Funds + 0.430% | Z | CIT | 11/18/22 | 115,781,392 | 5,762,328 | — | 5,762,328 | ||||||||||||||||||||||||
| Russell Mid-Cap Growth Index |
1-Day U.S. Fed Funds + 0.300% | Z | CIT | 11/18/22 | 52,656,949 | (6,323,712 | ) | — | (6,323,712 | ) | ||||||||||||||||||||||
| MSCI EAFE Index |
1-Day U.S. Fed Funds + 0.010% | Z | JPM | 11/18/22 | 56,169,131 | (1,872,575 | ) | — | (1,872,575 | ) | ||||||||||||||||||||||
| Russell 1000 Growth Index |
1-Day U.S. Fed Funds + 0.380% | Z | BOA | 03/28/23 | 76,833,921 | 1,698,329 | — | 1,698,329 | ||||||||||||||||||||||||
| Russell Mid-Cap Value Index |
1-Day U.S. Fed Funds + 0.400% | Z | CIT | 03/28/23 | 46,475,970 | 1,799,991 | — | 1,799,991 | ||||||||||||||||||||||||
| MSCI EAFE Index |
1-Day U.S. Fed Funds - 0.070% | Z | JPM | 03/28/23 | 48,829,835 | 705,154 | — | 705,154 | ||||||||||||||||||||||||
| MSCI EAFE Index |
1-Day U.S. Fed Funds + 0.060% | Z | SGN | 03/28/23 | 8,354,435 | (572,742 | ) | — | (572,742 | ) | ||||||||||||||||||||||
| Russell 1000 Growth Index |
1-Day U.S. Fed Funds + 0.470% | Z | SGN | 03/28/23 | 42,416,146 | 2,593,823 | — | 2,593,823 | ||||||||||||||||||||||||
| Russell 1000 Value Index |
1-Day U.S. Fed Funds + 0.490% | Z | SGN | 03/28/23 | 49,515,270 | 2,304,624 | — | 2,304,624 | ||||||||||||||||||||||||
| Russell Mid-Cap Growth Index |
1-Day U.S. Fed Funds + 0.470% | Z | SGN | 03/28/23 | 5,139,668 | (365,088 | ) | — | (365,088 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $38,501,373 | $— | $38,501,373 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total Return Swaps - Short |
|
|||||||||||||||||||||||||||||||
| Pay | Receive | Payment Frequency |
Counter- party |
Expiration Date |
Notional Amount |
Value | Upfront Premiums Paid (Received) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||||
| Russell Mid-Cap Value Index |
1-Day U.S. Fed Funds + 0.375% | Z | SGN | 11/18/22 | $15,102,087 | ($555,138 | ) | $— | ($555,138 | ) | ||||||||||||||||||||||
| Russell Mid-Cap Growth Index |
1-Day U.S. Fed Funds + 0.250% | Z | CIT | 03/28/23 | 3,633,841 | (24,334 | ) | — | (24,334 | ) | ||||||||||||||||||||||
| Russell Mid-Cap Value Index |
1-Day U.S. Fed Funds + 0.280% | Z | CIT | 03/28/23 | 8,453,749 | (81,005 | ) | — | (81,005 | ) | ||||||||||||||||||||||
| Russell 1000 Value Index |
1-Day U.S. Fed Funds + 0.390% | Z | SGN | 03/28/23 | 18,401,777 | (122,742 | ) | — | (122,742 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| ($783,219 | ) | $— | ($783,219 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| Total Swap Agreements |
$37,718,154 | $— | $37,718,154 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Balances reported in the Statement of Assets and Liabilities for Over the Counter (OTC) Swaps
| Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) |
|||||||
| OTC Swap Agreements |
||||||||
| Assets |
$— | $50,068,641 | ||||||
| Liabilities |
— | (12,350,487 | ) | |||||
|
|
|
|
|
|||||
| $— | $37,718,154 | |||||||
|
|
|
|
|
|||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-111
Table of Contents
PACIFIC FUNDS
PF MULTI-ASSET FUND
Schedule of Investments (Continued)
March 31, 2022
| (e) | Fair Value Measurements |
The following is a summary of the Fund’s investments as categorized under the three-tier hierarchy of inputs used in valuing the Fund’s assets and liabilities as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Corporate Bonds & Notes |
$596,736,160 | $— | $596,736,160 | $— | |||||||||||||
| Senior Loan Notes |
5,972,926 | — | 5,972,926 | — | ||||||||||||||
| Asset-Backed Securities |
44,957,262 | — | 44,957,262 | — | ||||||||||||||
| U.S. Treasury Obligations |
257,852,434 | — | 257,852,434 | — | ||||||||||||||
| Short-Term Investments |
161,405,415 | 59,626,510 | 101,778,905 | — | ||||||||||||||
| Derivatives: |
||||||||||||||||||
| Equity Contracts |
||||||||||||||||||
| Swaps |
50,068,641 | — | 50,068,641 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Assets - Derivatives |
50,068,641 | — | 50,068,641 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Assets |
1,116,992,838 | 59,626,510 | 1,057,366,328 | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Liabilities |
Derivatives: |
|||||||||||||||||
| Equity Contracts |
||||||||||||||||||
| Futures |
(202,358 | ) | (202,358 | ) | — | — | ||||||||||||
| Swaps |
(12,350,487 | ) | — | (12,350,487 | ) | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Equity Contracts |
(12,552,845 | ) | (202,358 | ) | (12,350,487 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Liabilities - Derivatives |
(12,552,845 | ) | (202,358 | ) | (12,350,487 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$1,104,439,993 | $59,424,152 | $1,045,015,841 | $— | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-112
Table of Contents
PACIFIC FUNDS
PF REAL ESTATE FUND
Schedule of Investments
March 31, 2022
| Shares |
Value |
|||||||
| COMMON STOCKS - 98.1% |
|
|||||||
| Consumer, Cyclical - 3.4% |
||||||||
| DR Horton Inc |
9,233 | $687,951 | ||||||
| Marriott Vacations Worldwide Corp |
5,462 | 861,358 | ||||||
| Travel + Leisure Co |
8,531 | 494,286 | ||||||
|
|
|
|||||||
| 2,043,595 | ||||||||
|
|
|
|||||||
| Financial - 94.7% |
||||||||
| Agree Realty Corp REIT |
11,135 | 738,919 | ||||||
| Alexandria Real Estate Equities Inc REIT |
10,096 | 2,031,820 | ||||||
| American Assets Trust Inc REIT |
5,085 | 192,671 | ||||||
| American Homes 4 Rent ‘A’ REIT |
51,445 | 2,059,343 | ||||||
| American Tower Corp REIT |
6,619 | 1,662,825 | ||||||
| Apartment Income REIT Corp |
23,507 | 1,256,684 | ||||||
| Apple Hospitality REIT Inc |
33,988 | 610,764 | ||||||
| AvalonBay Communities Inc REIT |
12,894 | 3,202,483 | ||||||
| Brandywine Realty Trust REIT |
12,551 | 177,471 | ||||||
| Broadstone Net Lease Inc REIT |
36,477 | 794,469 | ||||||
| Cousins Properties Inc REIT |
26,880 | 1,082,995 | ||||||
| CubeSmart REIT |
25,139 | 1,307,982 | ||||||
| DiamondRock Hospitality Co REIT * |
43,267 | 436,997 | ||||||
| Digital Realty Trust Inc REIT |
3,394 | 481,269 | ||||||
| Equinix Inc REIT |
4,642 | 3,442,600 | ||||||
| Equity LifeStyle Properties Inc REIT |
13,932 | 1,065,519 | ||||||
| Essex Property Trust Inc REIT |
7,850 | 2,712,018 | ||||||
| Extra Space Storage Inc REIT |
12,075 | 2,482,620 | ||||||
| First Industrial Realty Trust Inc REIT |
23,845 | 1,476,244 | ||||||
| Healthcare Realty Trust Inc REIT |
7,911 | 217,394 | ||||||
| Healthcare Trust of America Inc ‘A’ REIT |
40,496 | 1,269,145 | ||||||
| InvenTrust Properties Corp REIT |
21,445 | 660,077 | ||||||
| Invitation Homes Inc REIT |
57,128 | 2,295,403 | ||||||
| Kilroy Realty Corp REIT |
18,438 | 1,409,032 | ||||||
| Medical Properties Trust Inc REIT |
49,347 | 1,043,196 | ||||||
| MGM Growth Properties LLC ‘A’ REIT |
17,086 | 661,228 | ||||||
| NETSTREIT Corp REIT |
9,109 | 204,406 | ||||||
| Park Hotels & Resorts Inc REIT |
18,903 | 369,176 | ||||||
| Prologis Inc REIT |
27,515 | 4,443,122 | ||||||
| PS Business Parks Inc REIT |
4,990 | 838,719 | ||||||
| Public Storage REIT |
3,811 | 1,487,357 | ||||||
| Regency Centers Corp REIT |
18,715 | 1,335,128 | ||||||
| Rexford Industrial Realty Inc REIT |
16,888 | 1,259,676 | ||||||
| Sabra Health Care REIT Inc |
53,483 | 796,362 | ||||||
| Simon Property Group Inc REIT |
5,297 | 696,873 | ||||||
| STORE Capital Corp REIT |
35,141 | 1,027,172 | ||||||
| Shares |
Value |
|||||||
| Sun Communities Inc REIT |
12,889 | $2,259,313 | ||||||
| Terreno Realty Corp REIT |
15,325 | 1,134,816 | ||||||
| Ventas Inc REIT |
47,387 | 2,926,621 | ||||||
| VICI Properties Inc REIT |
50,762 | 1,444,687 | ||||||
| Welltower Inc REIT |
9,564 | 919,483 | ||||||
| Weyerhaeuser Co REIT |
8,960 | 339,584 | ||||||
|
|
|
|||||||
| 56,253,663 | ||||||||
|
|
|
|||||||
| Total Common Stocks |
58,297,258 | |||||||
|
|
|
|||||||
| SHORT-TERM INVESTMENT - 1.6% |
|
|||||||
| Money Market Fund - 1.6% |
|
|||||||
| BlackRock Liquidity Funds T-Fund Portfolio ‘Institutional’ 0.210% |
939,316 | 939,316 | ||||||
|
|
|
|||||||
| Total Short-Term Investment |
939,316 | |||||||
|
|
|
|||||||
| TOTAL INVESTMENTS - 99.7% |
|
59,236,574 | ||||||
|
|
|
|||||||
| OTHER ASSETS & LIABILITIES, NET - 0.3% |
|
150,193 | ||||||
|
|
|
|||||||
| NET ASSETS - 100.0% |
|
$59,386,767 | ||||||
|
|
|
|||||||
Notes to Schedule of Investments
| (a) | As of March 31, 2022, the Fund’s composition by property sector as a percentage of net assets was as follows: |
| REITS-Apartments |
19.4% | |||
| REITS-Diversified |
16.6% | |||
| REITS-Warehouse/Industrial |
14.0% | |||
| REITS-Health Care |
12.1% | |||
| REITS-Storage |
8.9% | |||
| REITS-Office Property |
7.9% | |||
| REITS-Manufactured Homes |
5.6% | |||
| REITS-Hotels |
3.5% | |||
| REITS-Single Tenant |
3.0% | |||
| Others (each less than 3.0%) |
7.1% | |||
|
|
|
|||
| 98.1% | ||||
| Short-Term Investment |
1.6% | |||
| 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 as of March 31, 2022:
| Total Value at March 31, 2022 |
Level 1 Quoted Price |
Level 2 Significant Observable Inputs |
Level 3 Significant Unobservable Inputs |
|||||||||||||||
| Assets |
Common Stocks |
$58,297,258 | $58,297,258 | $— | $— | |||||||||||||
| Short-Term Investment |
939,316 | 939,316 | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$59,236,574 | $59,236,574 | $— | $— | ||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||
| See Notes to Financial Statements |
See explanation of symbols and terms, if any, on B-114 |
B-113
Table of Contents
PACIFIC FUNDS
Schedule of Investments (Continued)
Explanation of Symbols and Terms
March 31, 2022
|
Explanation of Symbols: | ||
| # | Securities purchased on a when-issued basis. Rates do not take effect until settlement date. | |
| * | Non-income producing investments. | |
| ^ | Investments with their principal amount adjusted for inflation. | |
| ~ | Securities are not registered under the Securities Act of 1933 (1933 Act) and these securities are either (1) exempt from registration pursuant to Rule 144A of the 1933 Act and may only be sold to “qualified institutional buyers”, or (2) the securities comply with Regulation S rules governing offers and sales made outside the United States without registration under the 1933 Act and contain certain restrictions as to public resale. | |
| ± | Investments categorized as a significant unobservable input (Level 3). | |
| § | Variable rate investments. The rate shown is based on the latest available information as of March 31, 2022. 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. | |
| ‡ | 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 March 31, 2022. | |
| ∞ | 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. | |
| f | All or a portion of this senior loan position is unfunded as of March 31, 2022. The interest rate for fully unfunded terms loans is to be determined. | |
| y | Issuer filed bankruptcy and/or is in default as of March 31, 2022. | |
| 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. | |
| ◇ | 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”). | |
|
Counterparty & Exchange Abbreviations: | ||
| BNP | BNP Paribas | |
| BOA | Bank of America | |
| BRC | Barclays | |
| CIT | Citigroup | |
| CME | Chicago Mercantile Exchange | |
| DUB | Deutsche Bank | |
| EUX | Eurex Exchange | |
| GSC | Goldman Sachs | |
| HSB | HSBC | |
| ICE | Intercontinental Exchange Inc | |
| JPM | JPMorgan Chase | |
| LCH | London Clearing House | |
| MSC | Morgan Stanley | |
| SCB | Standard Chartered Bank | |
| SGN | Societe Generale | |
| UBS |
UBS | |
|
Currency Abbreviations: | ||
| AUD | Australian Dollar | |
| BRL | Brazilian Real | |
| CAD | Canadian Dollar | |
| CHF | Swiss Franc | |
| CLP | Chilean Peso | |
| CNH | Renminbi Offshore (Hong Kong) | |
| CNY | Chinese Renminbi | |
| COP | Colombian Peso | |
| CZK | Czech Koruna | |
| DKK | Danish Krone | |
| EGP | Egyptian Pound | |
| EUR | Euro | |
| GBP | British Pound | |
| HUF | Hungarian Forint | |
| IDR | Indonesian Rupiah | |
| ILS | Israeli Shekel | |
| INR | Indian Rupee | |
| JPY | Japanese Yen | |
| MXN | Mexican Peso | |
| MYR | Malaysian Ringgit | |
| NOK | Norwegian Krone | |
| NZD | New Zealand Dollar | |
| PEN | Peruvian Nuevo Sol | |
| PLN | Polish Zloty | |
| RUB | Russian Ruble | |
| THB | Thai Baht | |
| USD | United States Dollar | |
| ZAR | South African Rand | |
|
Payment Frequency Abbreviations: | ||
| A | Annual | |
| L | Lunar | |
| Q | Quarterly | |
| S | Semiannual | |
| Z | At Maturity | |
|
Reference Rate Abbreviations: | ||
| AUD Bank Bill | Australian Dollar Bank Bill Rate | |
| COFI | Cost of Funds Index | |
| LIBOR | London Interbank Offered Rate | |
| SOFR | Secured Overnight Financing Rate | |
| SONIA | Sterling Overnight Interbank Average Rate | |
| US FED | United States Federal Reserve Bank Rate | |
| US PRIME | United States Prime Rate | |
|
Other Abbreviations: | ||
| ADR | American Depositary Receipt | |
| GDR | Global Depositary Receipt | |
| IO | Interest Only | |
| NVDR |
Non-Voting Depositary Receipt | |
| PIK | Payment In Kind | |
| REIT | Real Estate Investment Trust | |
Notes:
For debt investments, the interest rates disclosed in the Schedules of Investments reflect the stated coupon rate or for discounted investments or zero coupon bonds, the yield-to-maturity.
The sectors and countries (based on country of risk) listed in the Schedules of Investments are obtained from a third party source that is not affiliated with the Trust or the investment adviser, and are believed to be reliable. Sector names, country names and weightings could be different if obtained from another source.
The credit spreads, if any, shown in the Schedules of Investments were obtained from published reports or other sources believed to be reliable, and are not audited by the Independent Registered Public Accounting Firm.
| See Notes to Financial Statements |
B-114
Table of Contents
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
MARCH 31, 2022
|
|
Pacific Funds Portfolio Optimization | |||||||||||||||||||||||||
| Conservative | Moderate- Conservative |
Moderate | Growth | Aggressive- Growth |
||||||||||||||||||||||
| ASSETS |
||||||||||||||||||||||||||
| Investments in affiliated mutual funds, at value |
$225,800,870 | $301,077,422 | $983,858,917 | $821,886,153 | $317,125,307 | |||||||||||||||||||||
| Receivables: |
||||||||||||||||||||||||||
| Fund shares sold |
42,455 | 148,413 | 90,658 | 76,161 | 112,185 | |||||||||||||||||||||
| Securities sold |
63,189 | 183,703 | 885,250 | 317,402 | — | |||||||||||||||||||||
| Due from adviser |
10,946 | 8,935 | 20,167 | 16,575 | 11,718 | |||||||||||||||||||||
| Prepaid expenses and other assets |
12,443 | 14,373 | 19,147 | 20,607 | 13,271 | |||||||||||||||||||||
| Total Assets |
225,929,903 | 301,432,846 | 984,874,139 | 822,316,898 | 317,262,481 | |||||||||||||||||||||
| LIABILITIES |
||||||||||||||||||||||||||
| Payables: |
||||||||||||||||||||||||||
| Fund shares redeemed |
253,687 | 560,864 | 1,725,175 | 546,864 | 45,939 | |||||||||||||||||||||
| Securities purchased |
— | — | — | — | 84,195 | |||||||||||||||||||||
| Accrued advisory fees |
37,991 | 51,059 | 165,397 | 137,286 | 52,712 | |||||||||||||||||||||
| Accrued administration fees |
28,493 | 38,294 | 124,048 | 102,965 | 39,534 | |||||||||||||||||||||
| Accrued custodian and portfolio accounting fees |
10,193 | 10,289 | 11,125 | 10,927 | 10,321 | |||||||||||||||||||||
| Accrued legal, audit and tax service fees |
17,926 | 24,676 | 80,320 | 66,883 | 25,943 | |||||||||||||||||||||
| Accrued trustees’ fees and deferred compensation |
9,399 | 12,048 | 35,364 | 26,533 | 9,038 | |||||||||||||||||||||
| Accrued distribution and service fees |
8,899 | 10,686 | 35,110 | 29,539 | 11,379 | |||||||||||||||||||||
| Accrued other (1) |
14,117 | 19,360 | 63,610 | 52,759 | 20,120 | |||||||||||||||||||||
| Total Liabilities |
380,705 | 727,276 | 2,240,149 | 973,756 | 299,181 | |||||||||||||||||||||
| NET ASSETS |
$225,549,198 | $300,705,570 | $982,633,990 | $821,343,142 | $316,963,300 | |||||||||||||||||||||
| NET ASSETS CONSIST OF: |
||||||||||||||||||||||||||
| Paid-in capital |
$211,752,695 | $268,763,719 | $789,996,647 | $636,828,605 | $235,232,558 | |||||||||||||||||||||
| Undistributed/accumulated earnings (deficit) |
13,796,503 | 31,941,851 | 192,637,343 | 184,514,537 | 81,730,742 | |||||||||||||||||||||
| NET ASSETS |
$225,549,198 | $300,705,570 | $982,633,990 | $821,343,142 | $316,963,300 | |||||||||||||||||||||
| Class A Shares: |
||||||||||||||||||||||||||
| Net Assets |
$174,061,316 | $262,457,075 | $845,027,280 | $712,009,530 | $270,690,752 | |||||||||||||||||||||
| Shares of beneficial interest outstanding |
16,159,994 | 22,588,881 | 63,415,212 | 49,685,568 | 16,540,653 | |||||||||||||||||||||
| Net Asset Value per share* |
$10.77 | $11.62 | $13.33 | $14.33 | $16.37 | |||||||||||||||||||||
| Sales Charge |
0.63 | 0.68 | 0.78 | 0.83 | 0.95 | |||||||||||||||||||||
| Maximum offering price per share |
$11.40 | $12.30 | $14.11 | $15.16 | $17.32 | |||||||||||||||||||||
| Class C Shares: |
||||||||||||||||||||||||||
| Net Assets |
$37,841,016 | $31,538,262 | $107,229,204 | $89,500,611 | $35,332,554 | |||||||||||||||||||||
| Shares of beneficial interest outstanding |
3,623,463 | 2,794,028 | 8,260,295 | 6,459,543 | 2,262,616 | |||||||||||||||||||||
| Net Asset Value per share* |
$10.44 | $11.29 | $12.98 | $13.86 | $15.62 | |||||||||||||||||||||
| Advisor Class: |
||||||||||||||||||||||||||
| Net Assets |
$13,646,866 | $6,710,233 | $30,377,506 | $19,833,001 | $10,939,994 | |||||||||||||||||||||
| Shares of beneficial interest outstanding |
1,259,476 | 573,334 | 2,264,849 | 1,373,292 | 663,727 | |||||||||||||||||||||
| Net Asset Value per share |
$10.84 | $11.70 | $13.41 | $14.44 | $16.48 | |||||||||||||||||||||
| Investments in affiliated mutual funds, at cost |
$219,735,579 | $293,418,064 | $927,384,387 | $768,725,777 | $300,475,814 | |||||||||||||||||||||
| * | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. |
| (1) | Accrued other for Pacific Funds Portfolio Optimization Growth and Aggressive-Growth include $32,675 and $12,599, respectively, of accrued shareholder report expenses. |
See Notes to Financial Statements
C-1
Table of Contents
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2022
| Pacific Funds Ultra Short Income |
Pacific Funds Short Duration Income |
Pacific Funds Core Income |
Pacific Funds ESG Core Bond |
Pacific Funds Strategic Income |
Pacific Funds Floating Rate Income |
|||||||||||||||||||||||||
| ASSETS |
||||||||||||||||||||||||||||||
| Investments, at value (excluding derivatives) |
$33,021,444 | $990,495,428 | $962,691,460 | $26,047,312 | $1,605,774,479 | $4,556,895,443 | ||||||||||||||||||||||||
| Cash |
1,041 | 2,642,349 | 112,521 | — | 215,925 | 3,430,370 | ||||||||||||||||||||||||
| Foreign currency held, at value |
— | — | — | — | 5,328 | — | ||||||||||||||||||||||||
| Receivables: |
||||||||||||||||||||||||||||||
| Dividend and interest |
66,185 | 3,642,157 | 4,865,301 | 121,460 | 13,606,507 | 12,319,064 | ||||||||||||||||||||||||
| Fund shares sold |
1,000 | 12,600,204 | 2,114,718 | 3,716 | 8,745,455 | 34,487,987 | ||||||||||||||||||||||||
| Securities sold |
683 | 13,713,100 | 21,396,294 | 395,832 | 7,842,603 | 92,215,356 | ||||||||||||||||||||||||
| Due from adviser |
6,872 | 84,531 | 102,419 | 16,775 | 180,062 | 472,083 | ||||||||||||||||||||||||
| Prepaid expenses and other assets |
6,758 | 25,243 | 24,589 | 6,738 | 38,274 | 221,288 | ||||||||||||||||||||||||
| Total Assets |
33,103,983 | 1,023,203,012 | 991,307,302 | 26,591,833 | 1,636,408,633 | 4,700,041,591 | ||||||||||||||||||||||||
| LIABILITIES |
||||||||||||||||||||||||||||||
| Payables: |
||||||||||||||||||||||||||||||
| Fund shares redeemed |
554,762 | 4,116,396 | 16,113,178 | — | 7,299,257 | 10,568,351 | ||||||||||||||||||||||||
| Securities purchased |
995,935 | 10,168,699 | 32,036,944 | 398,597 | 25,972,551 | 623,805,460 | ||||||||||||||||||||||||
| Income distributions |
374 | 50,749 | 316,177 | — | 531,757 | 1,956,319 | ||||||||||||||||||||||||
| Accrued advisory fees |
6,832 | 341,159 | 421,663 | 8,814 | 792,342 | 1,997,074 | ||||||||||||||||||||||||
| Accrued administration fees |
4,099 | 127,979 | 126,581 | 3,479 | 201,159 | 487,742 | ||||||||||||||||||||||||
| Accrued custodian and portfolio accounting fees |
9,936 | 83,385 | 82,845 | 17,160 | 107,752 | 213,524 | ||||||||||||||||||||||||
| Accrued legal, audit and tax service fees |
2,393 | 86,038 | 83,155 | 2,134 | 110,069 | 214,737 | ||||||||||||||||||||||||
| Accrued trustees’ fees and deferred compensation |
— | 10 | 11 | — | 30 | 56 | ||||||||||||||||||||||||
| Accrued distribution and service fees |
— | 9,163 | 7,415 | — | 12,230 | 19,456 | ||||||||||||||||||||||||
| Accrued other |
1,793 | 65,776 | 63,258 | 1,564 | 76,740 | 151,449 | ||||||||||||||||||||||||
| Total Liabilities |
1,576,124 | 15,049,354 | 49,251,227 | 431,748 | 35,103,887 | 639,414,168 | ||||||||||||||||||||||||
| NET ASSETS |
$31,527,859 | $1,008,153,658 | $942,056,075 | $26,160,085 | $1,601,304,746 | $4,060,627,423 | ||||||||||||||||||||||||
| NET ASSETS CONSIST OF: |
||||||||||||||||||||||||||||||
| Paid-in capital |
$31,811,240 | $1,032,347,273 | $993,515,342 | $28,535,505 | $1,654,807,517 | $4,204,664,934 | ||||||||||||||||||||||||
| Undistributed/accumulated earnings (deficit) |
(283,381 | ) | (24,193,615 | ) | (51,459,267 | ) | (2,375,420 | ) | (53,502,771 | ) | (144,037,511 | ) | ||||||||||||||||||
| NET ASSETS |
$31,527,859 | $1,008,153,658 | $942,056,075 | $26,160,085 | $1,601,304,746 | $4,060,627,423 | ||||||||||||||||||||||||
| Class A Shares: |
||||||||||||||||||||||||||||||
| Net Assets |
$174,444,085 | $127,726,565 | $134,611,726 | $280,827,322 | ||||||||||||||||||||||||||
| Shares of beneficial interest outstanding |
17,177,270 | 12,271,008 | 12,279,364 | 29,085,089 | ||||||||||||||||||||||||||
| Net Asset Value per share* |
$10.16 | $10.41 | $10.96 | $9.66 | ||||||||||||||||||||||||||
| Sales Charge |
0.31 | 0.46 | 0.49 | 0.30 | ||||||||||||||||||||||||||
| Maximum offering price per share |
$10.47 | $10.87 | $11.45 | $9.96 | ||||||||||||||||||||||||||
| Class C Shares: |
||||||||||||||||||||||||||||||
| Net Assets |
$39,891,317 | $35,730,525 | $78,497,448 | $109,161,403 | ||||||||||||||||||||||||||
| Shares of beneficial interest outstanding |
3,935,458 | 3,431,250 | 7,179,017 | 11,321,933 | ||||||||||||||||||||||||||
| Net Asset Value per share* |
$10.14 | $10.41 | $10.93 | $9.64 | ||||||||||||||||||||||||||
| Class I Shares: |
||||||||||||||||||||||||||||||
| Net Assets |
$12,929,479 | $171,154,006 | $118,420,165 | $14,534,304 | $142,365,356 | $1,838,624,870 | ||||||||||||||||||||||||
| Shares of beneficial interest outstanding |
1,303,732 | 16,874,543 | 11,366,086 | 1,584,981 | 13,067,925 | 190,164,924 | ||||||||||||||||||||||||
| Net Asset Value per share |
$9.92 | $10.14 | $10.42 | $9.17 | $10.89 | $9.67 | ||||||||||||||||||||||||
| Class P Shares: |
||||||||||||||||||||||||||||||
| Net Assets |
$34,896,086 | $53,045,062 | ||||||||||||||||||||||||||||
| Shares of beneficial interest outstanding |
3,338,028 | 5,486,979 | ||||||||||||||||||||||||||||
| Net Asset Value per share |
$10.45 | $9.67 | ||||||||||||||||||||||||||||
| Advisor Class: |
||||||||||||||||||||||||||||||
| Net Assets |
$18,598,380 | $622,664,250 | $625,282,734 | $11,625,781 | $1,245,830,216 | $1,778,968,766 | ||||||||||||||||||||||||
| Shares of beneficial interest outstanding |
1,875,247 | 61,285,794 | 59,926,073 | 1,267,892 | 113,616,036 | 183,612,794 | ||||||||||||||||||||||||
| Net Asset Value per share |
$9.92 | $10.16 | $10.43 | $9.17 | $10.97 | $9.69 | ||||||||||||||||||||||||
| Investments, at cost (excluding derivatives) |
$33,217,606 | $1,013,542,626 | $1,008,159,262 | $27,951,281 | $1,664,491,403 | $4,583,405,646 | ||||||||||||||||||||||||
| Foreign currency held, at cost |
— | — | — | — | 6,640 | — | ||||||||||||||||||||||||
| * | 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
C-2
Table of Contents
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2022
| Pacific Funds High Income |
Pacific
Funds Small/Mid-Cap |
Pacific
Funds Small-Cap |
Pacific
Funds Small-Cap Value |
PF Inflation Managed Fund |
PF Managed Bond Fund |
|||||||||||||||||||||||||
| ASSETS |
||||||||||||||||||||||||||||||
| Investments, at value (excluding derivatives) |
$148,178,386 | $214,923,657 | $22,040,157 | $20,526,612 | $49,792,720 | $450,442,473 | ||||||||||||||||||||||||
| Cash |
— | 3,365 | — | — | — | — | ||||||||||||||||||||||||
| Cash (segregated for derivative instruments) |
— | — | — | — | 225,000 | 4,021,497 | ||||||||||||||||||||||||
| Foreign currency held, at value |
666 | — | — | — | 21,442 | 4,027,407 | ||||||||||||||||||||||||
| Receivables: |
||||||||||||||||||||||||||||||
| Dividend and interest |
2,042,094 | 109,964 | 13,480 | 16,981 | 54,838 | 2,435,193 | ||||||||||||||||||||||||
| Fund shares sold |
5,426 | 121,531 | 353 | 7,619 | — | — | ||||||||||||||||||||||||
| Securities sold |
421,230 | 3,226,195 | 184,336 | — | 1,465,267 | 51,585,619 | ||||||||||||||||||||||||
| Variation margin on futures contracts |
— | — | — | — | 34,061 | 451,112 | ||||||||||||||||||||||||
| Variation margin on swap agreements |
— | — | — | — | 15,508 | 2,168,251 | ||||||||||||||||||||||||
| Swap agreements |
— | — | — | — | 2,042 | — | ||||||||||||||||||||||||
| Due from adviser |
25,079 | 7,772 | 10,455 | 9,997 | 5,317 | 49,748 | ||||||||||||||||||||||||
| Forward foreign currency contracts appreciation |
— | — | — | — | 51,466 | 1,035,084 | ||||||||||||||||||||||||
| Outstanding purchased options, at value |
— | — | — | — | 96,497 | 68,683 | ||||||||||||||||||||||||
| Swap agreements appreciation |
— | — | — | — | — | 6,561 | ||||||||||||||||||||||||
| Prepaid expenses and other assets |
15,204 | 18,618 | 13,736 | 13,677 | 246 | 3,996 | ||||||||||||||||||||||||
| Total Assets |
150,688,085 | 218,411,102 | 22,262,517 | 20,574,886 | 51,764,404 | 516,295,624 | ||||||||||||||||||||||||
| LIABILITIES |
||||||||||||||||||||||||||||||
| Payables: |
||||||||||||||||||||||||||||||
| Fund shares redeemed |
159,819 | 317,557 | 15,818 | 772 | 35,599 | 349,319 | ||||||||||||||||||||||||
| Securities purchased |
1,276,376 | 3,079,798 | 72,383 | — | 761,091 | 82,957,882 | ||||||||||||||||||||||||
| Securities sold short, at value |
— | — | — | — | — | 1,858,734 | ||||||||||||||||||||||||
| Sale-buyback financing transactions |
— | — | — | — | 6,119,309 | — | ||||||||||||||||||||||||
| Swap agreements |
— | — | — | — | — | 249,108 | ||||||||||||||||||||||||
| Due to brokers |
— | — | — | — | — | 560,000 | ||||||||||||||||||||||||
| Due to custodian |
— | — | 96 | — | 296,174 | 4,057,359 | ||||||||||||||||||||||||
| Income distributions |
702 | — | — | — | — | — | ||||||||||||||||||||||||
| Accrued advisory fees |
76,148 | 135,729 | 14,091 | 12,953 | 12,303 | 158,946 | ||||||||||||||||||||||||
| Accrued administration fees |
19,037 | 27,146 | 2,818 | 2,591 | 4,614 | 60,744 | ||||||||||||||||||||||||
| Accrued custodian and portfolio accounting fees |
23,370 | 23,771 | 7,048 | 6,784 | 14,989 | 129,443 | ||||||||||||||||||||||||
| Accrued legal, audit and tax service fees |
12,335 | 25,432 | 2,015 | 1,492 | 2,391 | 41,061 | ||||||||||||||||||||||||
| Accrued trustees’ fees and deferred compensation |
2 | 3 | 1 | — | 3,344 | 24,921 | ||||||||||||||||||||||||
| Accrued distribution and service fees |
330 | 1,592 | 140 | 168 | — | — | ||||||||||||||||||||||||
| Accrued other |
9,162 | 19,218 | 1,347 | 1,099 | 1,805 | 30,769 | ||||||||||||||||||||||||
| Forward foreign currency contracts depreciation |
— | — | — | — | 11,659 | 1,262,836 | ||||||||||||||||||||||||
| Outstanding options written, at value |
— | — | — | — | 165,965 | 421,577 | ||||||||||||||||||||||||
| Swap premiums received |
— | — | — | — | — | 28,267 | ||||||||||||||||||||||||
| Total Liabilities |
1,577,281 | 3,630,246 | 115,757 | 25,859 | 7,429,243 | 92,190,966 | ||||||||||||||||||||||||
| NET ASSETS |
$149,110,804 | $214,780,856 | $22,146,760 | $20,549,027 | $44,335,161 | $424,104,658 | ||||||||||||||||||||||||
| NET ASSETS CONSIST OF: |
||||||||||||||||||||||||||||||
| Paid-in capital |
$157,895,558 | $131,802,028 | $19,380,077 | $16,156,071 | $51,135,132 | $466,542,382 | ||||||||||||||||||||||||
| Undistributed/accumulated earnings (deficit) |
(8,784,754 | ) | 82,978,828 | 2,766,683 | 4,392,956 | (6,799,971 | ) | (42,437,724 | ) | |||||||||||||||||||||
| NET ASSETS |
$149,110,804 | $214,780,856 | $22,146,760 | $20,549,027 | $44,335,161 | $424,104,658 | ||||||||||||||||||||||||
| Class A Shares: |
||||||||||||||||||||||||||||||
| Net Assets |
$6,816,350 | $19,675,455 | $1,940,631 | $2,983,147 | ||||||||||||||||||||||||||
| Shares of beneficial interest outstanding |
692,141 | 1,231,339 | 131,072 | 244,685 | ||||||||||||||||||||||||||
| Net Asset Value per share* |
$9.85 | $15.98 | $14.81 | $12.19 | ||||||||||||||||||||||||||
| Sales Charge |
0.44 | 0.71 | 0.66 | 0.54 | ||||||||||||||||||||||||||
| Maximum offering price per share |
$10.29 | $16.69 | $15.47 | $12.73 | ||||||||||||||||||||||||||
| Class C Shares: |
||||||||||||||||||||||||||||||
| Net Assets |
$1,290,905 | $9,370,368 | $776,016 | $759,635 | ||||||||||||||||||||||||||
| Shares of beneficial interest outstanding |
131,258 | 614,991 | 54,427 | 64,064 | ||||||||||||||||||||||||||
| Net Asset Value per share* |
$9.83 | $15.24 | $14.26 | $11.86 | ||||||||||||||||||||||||||
| Class I Shares: |
||||||||||||||||||||||||||||||
| Net Assets |
$85,631 | |||||||||||||||||||||||||||||
| Shares of beneficial interest outstanding |
8,788 | |||||||||||||||||||||||||||||
| Net Asset Value per share |
$9.74 | |||||||||||||||||||||||||||||
| Class P Shares: |
||||||||||||||||||||||||||||||
| Net Assets |
$134,177,203 | $44,335,161 | $424,104,658 | |||||||||||||||||||||||||||
| Shares of beneficial interest outstanding |
13,772,372 | 4,466,423 | 41,798,118 | |||||||||||||||||||||||||||
| Net Asset Value per share |
$9.74 | $9.93 | $10.15 | |||||||||||||||||||||||||||
| Advisor Class: |
||||||||||||||||||||||||||||||
| Net Assets |
$6,740,715 | $184,717,954 | $17,731,541 | $15,488,308 | ||||||||||||||||||||||||||
| Shares of beneficial interest outstanding |
683,072 | 11,455,764 | 1,171,018 | 1,258,217 | ||||||||||||||||||||||||||
| Net Asset Value per share |
$9.87 | $16.12 | $15.14 | $12.31 | ||||||||||||||||||||||||||
| Class R6 Shares: |
||||||||||||||||||||||||||||||
| Net Assets |
$1,017,079 | $1,698,572 | $1,317,937 | |||||||||||||||||||||||||||
| Shares of beneficial interest outstanding |
59,220 | 116,992 | 106,384 | |||||||||||||||||||||||||||
| Net Asset Value per share |
$17.17 | $14.52 | $12.39 | |||||||||||||||||||||||||||
| Investments, at cost (excluding derivatives) |
$152,545,269 | $158,166,158 | $18,635,427 | $16,442,492 | $49,791,389 | $479,027,251 | ||||||||||||||||||||||||
| Outstanding purchased options, at cost |
— | — | — | — | 50,938 | 66,083 | ||||||||||||||||||||||||
| Foreign currency held, at cost |
788 | — | — | — | 33,067 | 4,008,977 | ||||||||||||||||||||||||
| Proceeds from securities sold short |
— | — | — | — | — | 1,862,594 | ||||||||||||||||||||||||
| Premiums received from outstanding options written |
— | — | — | — | 70,688 | 481,742 | ||||||||||||||||||||||||
| * | 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
C-3
Table of Contents
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2022
| PF Short Duration Bond Fund |
PF Emerging Markets Debt Fund |
PF Growth Fund |
PF Large-Cap Value Fund |
PF Small-Cap Growth Fund |
PF Small-Cap Value Fund |
|||||||||||||||||||||||||
| ASSETS |
||||||||||||||||||||||||||||||
| Investments, at value (excluding derivatives) |
$74,411,023 | $39,525,270 | $158,859,954 | $164,265,628 | $49,802,034 | $96,869,812 | ||||||||||||||||||||||||
| Cash |
7,032 | 53,024 | — | — | 1,527 | — | ||||||||||||||||||||||||
| Cash (segregated for derivative instruments) |
37,820 | 2,580,000 | — | — | — | — | ||||||||||||||||||||||||
| Foreign currency held, at value |
3,502 | 237,437 | — | — | — | — | ||||||||||||||||||||||||
| Receivables: |
||||||||||||||||||||||||||||||
| Dividend and interest |
314,239 | 526,429 | 21,926 | 188,451 | 21,300 | 87,707 | ||||||||||||||||||||||||
| Fund shares sold |
— | 421 | 8,167 | 5,094 | 3,368 | 5,894 | ||||||||||||||||||||||||
| Securities sold |
270,850 | 485,914 | 344,491 | — | 628,597 | 997,019 | ||||||||||||||||||||||||
| Variation margin on futures contracts |
3,242 | 260,814 | — | — | — | — | ||||||||||||||||||||||||
| Variation margin on swap agreements |
— | 231,369 | — | — | — | — | ||||||||||||||||||||||||
| Due from adviser |
10,300 | 14,240 | 8,009 | 8,194 | 5,410 | 7,438 | ||||||||||||||||||||||||
| Forward foreign currency contracts appreciation |
— | 227,102 | — | — | — | — | ||||||||||||||||||||||||
| Prepaid expenses and other assets |
657 | 447 | 1,349 | 1,314 | 479 | 925 | ||||||||||||||||||||||||
| Total Assets |
75,058,665 | 44,142,467 | 159,243,896 | 164,468,681 | 50,462,715 | 97,968,795 | ||||||||||||||||||||||||
| LIABILITIES |
||||||||||||||||||||||||||||||
| Payables: |
||||||||||||||||||||||||||||||
| Fund shares redeemed |
54,473 | 30,394 | 111,872 | 124,043 | 31,051 | 64,604 | ||||||||||||||||||||||||
| Securities purchased |
2,299,466 | 950,084 | 399,133 | — | 411,317 | 467,224 | ||||||||||||||||||||||||
| Swap agreements |
— | 16,368 | — | — | — | — | ||||||||||||||||||||||||
| Accrued advisory fees |
28,632 | 31,818 | 71,171 | 91,067 | 24,848 | 68,523 | ||||||||||||||||||||||||
| Accrued administration fees |
10,737 | 6,493 | 19,410 | 21,015 | 6,212 | 13,705 | ||||||||||||||||||||||||
| Accrued custodian and portfolio accounting fees |
25,866 | 44,563 | 17,371 | 16,041 | 13,791 | 14,406 | ||||||||||||||||||||||||
| Accrued legal, audit and tax service fees |
7,064 | 4,446 | 13,770 | 13,051 | 4,510 | 8,864 | ||||||||||||||||||||||||
| Accrued trustees’ fees and deferred compensation |
4,956 | — | 7,875 | 11,848 | 3,042 | 2,388 | ||||||||||||||||||||||||
| Accrued other |
5,285 | 3,399 | 11,542 | 9,759 | 3,457 | 6,629 | ||||||||||||||||||||||||
| Forward foreign currency contracts depreciation |
— | 97,631 | — | — | — | — | ||||||||||||||||||||||||
| Swap premiums received |
— | 1,959 | — | — | — | — | ||||||||||||||||||||||||
| Swap agreements depreciation |
— | 17,475 | — | — | — | — | ||||||||||||||||||||||||
| Total Liabilities |
2,436,479 | 1,204,630 | 652,144 | 286,824 | 498,228 | 646,343 | ||||||||||||||||||||||||
| NET ASSETS |
$72,622,186 | $42,937,837 | $158,591,752 | $164,181,857 | $49,964,487 | $97,322,452 | ||||||||||||||||||||||||
| NET ASSETS CONSIST OF: |
||||||||||||||||||||||||||||||
| Paid-in capital |
$75,182,131 | $55,367,984 | $47,313,289 | $70,288,268 | $57,344,576 | $67,425,228 | ||||||||||||||||||||||||
| Undistributed/accumulated earnings (deficit) |
(2,559,945 | ) | (12,430,147 | ) | 111,278,463 | 93,893,589 | (7,380,089 | ) | 29,897,224 | |||||||||||||||||||||
| NET ASSETS |
$72,622,186 | $42,937,837 | $158,591,752 | $164,181,857 | $49,964,487 | $97,322,452 | ||||||||||||||||||||||||
| Class P Shares: |
||||||||||||||||||||||||||||||
| Shares of beneficial interest outstanding |
7,469,281 | 5,535,619 | 5,446,936 | 13,120,287 | 3,158,946 | 9,842,533 | ||||||||||||||||||||||||
| Net Asset Value per share |
$9.72 | $7.76 | $29.12 | $12.51 | $15.82 | $9.89 | ||||||||||||||||||||||||
| Investments, at cost (excluding derivatives) |
$76,160,468 | $43,107,523 | $58,374,115 | $80,052,650 | $54,990,513 | $73,581,000 | ||||||||||||||||||||||||
| Foreign currency held, at cost |
3,529 | 228,249 | — | — | — | — | ||||||||||||||||||||||||
See Notes to Financial Statements
C-4
Table of Contents
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
MARCH 31, 2022
| PF Emerging Markets Fund |
PF International Growth Fund |
PF International Small-Cap Fund |
PF International Value Fund |
PF Multi-Asset Fund |
PF Real Estate Fund |
|||||||||||||||||||||||||
| ASSETS |
||||||||||||||||||||||||||||||
| Investments, at value (excluding derivatives) |
$87,870,054 | $35,852,066 | $58,538,853 | $75,835,415 | $1,066,924,197 | $59,236,574 | ||||||||||||||||||||||||
| Cash |
— | — | 1 | — | 2,966,110 | 3,787 | ||||||||||||||||||||||||
| Foreign currency held, at value |
323,256 | 4,569 | 55,419 | 195,667 | — | — | ||||||||||||||||||||||||
| Receivables: |
||||||||||||||||||||||||||||||
| Dividend and interest |
149,116 | 433,834 | 340,349 | 563,680 | 2,253,659 | 193,294 | ||||||||||||||||||||||||
| Fund shares sold |
4,210 | 2,778 | 2,526 | 3,199 | 45,171 | 1,684 | ||||||||||||||||||||||||
| Securities sold |
392,359 | 34,200 | 145,899 | 791,642 | 471,677 | 29,920 | ||||||||||||||||||||||||
| Variation margin on futures contracts |
— | — | — | — | 336,037 | — | ||||||||||||||||||||||||
| Due from adviser |
18,935 | 2,732 | 28,959 | 4,931 | 19,983 | 3,336 | ||||||||||||||||||||||||
| Swap agreements appreciation |
— | — | — | — | 50,068,641 | — | ||||||||||||||||||||||||
| Prepaid expenses and other assets |
913 | 376 | 273 | 437 | 8,376 | 178 | ||||||||||||||||||||||||
| Total Assets |
88,758,843 | 36,330,555 | 59,112,279 | 77,394,971 | 1,123,093,851 | 59,468,773 | ||||||||||||||||||||||||
| LIABILITIES |
||||||||||||||||||||||||||||||
| Payables: |
||||||||||||||||||||||||||||||
| Fund shares redeemed |
56,115 | 20,297 | 39,992 | 51,547 | 270,942 | 41,242 | ||||||||||||||||||||||||
| Securities purchased |
92,229 | 16,371 | 136,322 | 540,996 | 55,593,861 | — | ||||||||||||||||||||||||
| Variation margin on futures contracts |
— | — | 779 | — | — | — | ||||||||||||||||||||||||
| Accrued advisory fees |
65,451 | 27,543 | 29,743 | 26,989 | 307,803 | 23,368 | ||||||||||||||||||||||||
| Accrued administration fees |
12,272 | 5,039 | 5,343 | 6,228 | 131,916 | 4,674 | ||||||||||||||||||||||||
| Accrued custodian and portfolio accounting fees |
79,689 | 25,681 | 49,892 | 25,190 | 88,997 | 7,465 | ||||||||||||||||||||||||
| Accrued legal, audit and tax service fees |
9,377 | 3,761 | 2,747 | 2,610 | 85,427 | 2,032 | ||||||||||||||||||||||||
| Accrued trustees’ fees and deferred compensation |
4,134 | 5,118 | — | 5,998 | 13 | 1,406 | ||||||||||||||||||||||||
| Accrued foreign capital gains tax |
532,739 | 58,497 | — | — | — | — | ||||||||||||||||||||||||
| Accrued other |
13,543 | 6,159 | 2,379 | 10,613 | 68,571 | 1,819 | ||||||||||||||||||||||||
| Swap agreements depreciation |
— | — | — | — | 12,350,487 | — | ||||||||||||||||||||||||
| Total Liabilities |
865,549 | 168,466 | 267,197 | 670,171 | 68,898,017 | 82,006 | ||||||||||||||||||||||||
| NET ASSETS |
$87,893,294 | $36,162,089 | $58,845,082 | $76,724,800 | $1,054,195,834 | $59,386,767 | ||||||||||||||||||||||||
| NET ASSETS CONSIST OF: |
||||||||||||||||||||||||||||||
| Paid-in capital |
$69,453,363 | $34,273,602 | $61,887,286 | $75,428,732 | $1,018,748,527 | $48,310,880 | ||||||||||||||||||||||||
| Undistributed/accumulated earnings (deficit) |
18,439,931 | 1,888,487 | (3,042,204 | ) | 1,296,068 | 35,447,307 | 11,075,887 | |||||||||||||||||||||||
| NET ASSETS |
$87,893,294 | $36,162,089 | $58,845,082 | $76,724,800 | $1,054,195,834 | $59,386,767 | ||||||||||||||||||||||||
| Class P Shares: |
||||||||||||||||||||||||||||||
| Shares of beneficial interest outstanding |
8,752,012 | 5,492,630 | 7,195,543 | 9,102,676 | 112,419,527 | 3,554,197 | ||||||||||||||||||||||||
| Net Asset Value per share |
$10.04 | $6.58 | $8.18 | $8.43 | $9.38 | $16.71 | ||||||||||||||||||||||||
| Investments, at cost (excluding derivatives) |
$64,165,921 | $32,913,094 | $61,726,514 | $70,302,661 | $1,084,750,528 | $48,248,097 | ||||||||||||||||||||||||
| Foreign currency held, at cost |
327,605 | 4,534 | 55,430 | 195,931 | — | — | ||||||||||||||||||||||||
See Notes to Financial Statements
C-5
Table of Contents
PACIFIC FUNDS
FOR THE YEAR ENDED MARCH 31, 2022
|
|
Pacific Funds Portfolio Optimization | |||||||||||||||||||||||||
| Conservative | Moderate- Conservative |
Moderate | Growth | Aggressive- Growth |
||||||||||||||||||||||
| INVESTMENT INCOME |
||||||||||||||||||||||||||
| Dividends from affiliated mutual fund investments |
$5,196,868 | $5,798,422 | $13,888,149 | $9,518,929 | $2,477,110 | |||||||||||||||||||||
| Total Investment Income |
5,196,868 | 5,798,422 | 13,888,149 | 9,518,929 | 2,477,110 | |||||||||||||||||||||
| EXPENSES |
||||||||||||||||||||||||||
| Advisory fees |
488,938 | 665,724 | 2,166,426 | 1,790,599 | 688,164 | |||||||||||||||||||||
| Administration fees |
366,703 | 499,293 | 1,624,819 | 1,342,949 | 516,123 | |||||||||||||||||||||
| Portfolio accounting fees |
55,451 | 55,524 | 56,374 | 56,223 | 55,596 | |||||||||||||||||||||
| Shareholder report expenses |
12,353 | 16,808 | 59,774 | 45,320 | 17,425 | |||||||||||||||||||||
| Distribution fees |
||||||||||||||||||||||||||
| Class C |
323,520 | 297,526 | 974,032 | 807,126 | 304,642 | |||||||||||||||||||||
| Service fees |
||||||||||||||||||||||||||
| Class A |
477,090 | 715,107 | 2,287,249 | 1,914,542 | 720,910 | |||||||||||||||||||||
| Class C |
107,840 | 99,175 | 324,677 | 269,042 | 101,547 | |||||||||||||||||||||
| Registration fees |
58,661 | 53,351 | 76,054 | 72,037 | 57,227 | |||||||||||||||||||||
| Legal, audit and tax service fees |
20,625 | 30,629 | 92,135 | 76,729 | 29,735 | |||||||||||||||||||||
| Trustees’ fees |
12,165 | 16,442 | 53,234 | 43,788 | 16,762 | |||||||||||||||||||||
| Interest expense |
— | 32 | — | — | — | |||||||||||||||||||||
| Other |
7,898 | 9,920 | 27,208 | 22,684 | 9,960 | |||||||||||||||||||||
| Total Expenses |
1,931,244 | 2,459,531 | 7,741,982 | 6,441,039 | 2,518,091 | |||||||||||||||||||||
| Adviser Expense Reimbursement |
(167,153 | ) | (182,675 | ) | (364,780 | ) | (316,780 | ) | (186,705 | ) | ||||||||||||||||
| Net Expenses |
1,764,091 | 2,276,856 | 7,377,202 | 6,124,259 | 2,331,386 | |||||||||||||||||||||
| NET INVESTMENT INCOME (LOSS) |
3,432,777 | 3,521,566 | 6,510,947 | 3,394,670 | 145,724 | |||||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||||||||||||
| Net Realized Gain (Loss) On: |
||||||||||||||||||||||||||
| Investment security transactions in affiliated mutual funds |
(71,250) | 777,453 | 925,905 | 1,619,638 | 289,983 | |||||||||||||||||||||
| Capital gain distributions from affiliated mutual fund investments |
14,251,011 | 34,833,903 | 175,768,525 | 166,931,718 | 82,047,587 | |||||||||||||||||||||
| Net Realized Gain (Loss) |
14,179,761 | 35,611,356 | 176,694,430 | 168,551,356 | 82,337,570 | |||||||||||||||||||||
| Change In Net Unrealized Appreciation (Depreciation) On: |
||||||||||||||||||||||||||
| Investment securities in affiliated mutual fund investments |
(22,006,844) | (40,959,311 | ) | (169,675,188 | ) | (150,308,340 | ) | (72,647,519 | ) | |||||||||||||||||
| Change in Net Unrealized Appreciation (Depreciation) |
(22,006,844) | (40,959,311 | ) | (169,675,188 | ) | (150,308,340 | ) | (72,647,519 | ) | |||||||||||||||||
| NET GAIN (LOSS) |
(7,827,083) | (5,347,955 | ) | 7,019,242 | 18,243,016 | 9,690,051 | ||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET
ASSETS |
($4,394,306) | ($1,826,389 | ) | $13,530,189 | $21,637,686 | $9,835,775 | ||||||||||||||||||||
See Notes to Financial Statements
C-6
Table of Contents
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED MARCH 31, 2022
| Pacific Funds Ultra Short Income |
Pacific Funds Short Duration Income |
Pacific Funds Core Income |
Pacific Funds ESG Core Bond |
Pacific Funds Strategic Income |
Pacific Funds Floating Rate Income |
|||||||||||||||||||||||||
| INVESTMENT INCOME |
||||||||||||||||||||||||||||||
| Dividends, net of foreign taxes withheld |
$355 | $5,586 | $6,347 | $146 | $566,154 | $2,267,691 | ||||||||||||||||||||||||
| Interest, net of foreign taxes withheld |
304,919 | 21,889,294 | 30,219,990 | 425,005 | 50,525,265 | 123,917,605 | ||||||||||||||||||||||||
| Total Investment Income |
305,274 | 21,894,880 | 30,226,337 | 425,151 | 51,091,419 | 126,185,296 | ||||||||||||||||||||||||
| EXPENSES |
||||||||||||||||||||||||||||||
| Advisory fees |
81,064 | 4,653,952 | 5,641,915 | 104,591 | 8,074,671 | 17,995,902 | ||||||||||||||||||||||||
| Administration fees |
48,639 | 1,745,231 | 1,692,575 | 41,286 | 2,018,668 | 4,152,901 | ||||||||||||||||||||||||
| Custodian fees and expenses |
1,559 | 38,028 | 43,311 | 399 | 40,399 | 113,794 | ||||||||||||||||||||||||
| Portfolio accounting fees |
42,180 | 377,701 | 366,150 | 38,091 | 432,131 | 798,279 | ||||||||||||||||||||||||
| Shareholder report expenses |
1,619 | 59,844 | 56,485 | 1,401 | 67,961 | 134,985 | ||||||||||||||||||||||||
| Distribution fees |
||||||||||||||||||||||||||||||
| Class C |
— | 350,132 | 340,491 | — | 597,043 | 701,312 | ||||||||||||||||||||||||
| Service fees |
||||||||||||||||||||||||||||||
| Class A |
— | 496,705 | 384,512 | — | 321,864 | 569,099 | ||||||||||||||||||||||||
| Class C |
— | 116,710 | 113,497 | — | 199,014 | 233,770 | ||||||||||||||||||||||||
| Registration fees |
32,265 | 137,965 | 105,609 | 79,748 | 173,831 | 223,614 | ||||||||||||||||||||||||
| Legal, audit and tax service fees |
2,737 | 99,129 | 95,104 | 2,444 | 125,682 | 252,949 | ||||||||||||||||||||||||
| Trustees’ fees |
1,343 | 49,979 | 48,333 | 1,132 | 52,414 | 102,937 | ||||||||||||||||||||||||
| Offering costs |
— | — | — | 6,539 | — | — | ||||||||||||||||||||||||
| Interest expense |
— | — | — | — | — | 675,652 | ||||||||||||||||||||||||
| Other |
2,235 | 27,378 | 27,595 | 2,124 | 25,783 | 46,666 | ||||||||||||||||||||||||
| Total Expenses |
213,641 | 8,152,754 | 8,915,577 | 277,755 | 12,129,461 | 26,001,860 | ||||||||||||||||||||||||
| Advisory Fee Waiver |
— | (40,894 | ) | (32,505 | ) | — | (86,445 | ) | (667,118 | ) | ||||||||||||||||||||
| Adviser Expense Reimbursement |
(109,878 | ) | (1,392,216 | ) | (1,771,368 | ) | (145,640 | ) | (1,649,288 | ) | (3,904,375 | ) | ||||||||||||||||||
| Net Expenses |
103,763 | 6,719,644 | 7,111,704 | 132,115 | 10,393,728 | 21,430,367 | ||||||||||||||||||||||||
| NET INVESTMENT INCOME (LOSS) |
201,511 | 15,175,236 | 23,114,633 | 293,036 | 40,697,691 | 104,754,929 | ||||||||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||||||||||||||||
| Net Realized Gain (Loss) On: |
||||||||||||||||||||||||||||||
| Investment security transactions |
(68,021 | ) | 4,456,495 | 5,283,479 | (411,247 | ) | 19,602,422 | 15,781,557 | ||||||||||||||||||||||
| Net Realized Gain (Loss) |
(68,021 | ) | 4,456,495 | 5,283,479 | (411,247 | ) | 19,602,422 | 15,781,557 | ||||||||||||||||||||||
| Change In Net Unrealized Appreciation (Depreciation) On: |
||||||||||||||||||||||||||||||
| Investment securities |
(292,063 | ) | (37,853,242 | ) | (57,532,082 | ) | (1,191,228 | ) | (89,029,138 | ) | (45,242,229 | ) | ||||||||||||||||||
| Foreign currencies |
— | — | — | — | 27 | — | ||||||||||||||||||||||||
| Change in Net Unrealized Appreciation (Depreciation) |
(292,063 | ) | (37,853,242 | ) | (57,532,082 | ) | (1,191,228 | ) | (89,029,111 | ) | (45,242,229 | ) | ||||||||||||||||||
| NET GAIN (LOSS) |
(360,084 | ) | (33,396,747 | ) | (52,248,603 | ) | (1,602,475 | ) | (69,426,689 | ) | (29,460,672 | ) | ||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS
|
($158,573 | ) | ($18,221,511 | ) | ($29,133,970 | ) | ($1,309,439 | ) | ($28,728,998 | ) | $75,294,257 | |||||||||||||||||||
| Foreign taxes withheld on dividends and interest |
$99 | $1,669 | $3,282 | $215 | $6,143 | $— | ||||||||||||||||||||||||
See Notes to Financial Statements
C-7
Table of Contents
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED MARCH 31, 2022
| Pacific Funds High Income |
Pacific Funds Small/Mid-Cap |
Pacific Funds Small-Cap |
Pacific Funds Small-Cap Value |
PF Inflation Managed Fund |
PF Managed Bond Fund |
|||||||||||||||||||||||||
| INVESTMENT INCOME |
||||||||||||||||||||||||||||||
| Dividends, net of foreign taxes withheld |
$67,550 | $2,765,117 | $192,617 | $241,451 | $52 | $3,006 | ||||||||||||||||||||||||
| Interest, net of foreign taxes withheld |
8,827,940 | — | — | — | 2,220,796 | 12,192,984 | ||||||||||||||||||||||||
| Total Investment Income |
8,895,490 | 2,765,117 | 192,617 | 241,451 | 2,220,848 | 12,195,990 | ||||||||||||||||||||||||
| EXPENSES |
||||||||||||||||||||||||||||||
| Advisory fees |
974,791 | 2,530,764 | 167,900 | 145,431 | 133,054 | 2,209,265 | ||||||||||||||||||||||||
| Administration fees |
243,698 | 506,153 | 33,580 | 29,086 | 49,895 | 828,474 | ||||||||||||||||||||||||
| Custodian fees and expenses |
5,179 | 9,518 | 581 | 527 | 5,275 | 68,450 | ||||||||||||||||||||||||
| Portfolio accounting fees |
98,264 | 122,632 | 34,515 | 33,555 | 51,286 | 408,374 | ||||||||||||||||||||||||
| Shareholder report expenses |
8,112 | 17,835 | 1,179 | 981 | 1,712 | 28,111 | ||||||||||||||||||||||||
| Distribution fees |
||||||||||||||||||||||||||||||
| Class C |
12,814 | 78,355 | 5,909 | 5,915 | — | — | ||||||||||||||||||||||||
| Service fees |
||||||||||||||||||||||||||||||
| Class A |
18,934 | 56,398 | 5,787 | 6,471 | — | — | ||||||||||||||||||||||||
| Class C |
4,271 | 26,118 | 1,970 | 1,972 | — | — | ||||||||||||||||||||||||
| Registration fees |
58,292 | 65,102 | 54,459 | 54,656 | 572 | 9,906 | ||||||||||||||||||||||||
| Legal, audit and tax service fees |
13,999 | 29,526 | 2,293 | 1,707 | 2,210 | 47,194 | ||||||||||||||||||||||||
| Trustees’ fees |
6,894 | 14,719 | 924 | 783 | 1,616 | 27,596 | ||||||||||||||||||||||||
| Interest expense |
— | 10 | 18 | — | 5,138 | 212 | ||||||||||||||||||||||||
| Other |
6,635 | 22,590 | 4,488 | 4,261 | 578 | 10,916 | ||||||||||||||||||||||||
| Total Expenses |
1,451,883 | 3,479,720 | 313,603 | 285,345 | 251,336 | 3,638,498 | ||||||||||||||||||||||||
| Advisory Fee Waiver |
— | — | — | — | — | (41,424 | ) | |||||||||||||||||||||||
| Adviser Expense Reimbursement |
(296,528 | ) | (114,664 | ) | (89,011 | ) | (87,953 | ) | (63,249 | ) | (600,547 | ) | ||||||||||||||||||
| Net Expenses |
1,155,355 | 3,365,056 | 224,592 | 197,392 | 188,087 | 2,996,527 | ||||||||||||||||||||||||
| NET INVESTMENT INCOME (LOSS) |
7,740,135 | (599,939 | ) | (31,975 | ) | 44,059 | 2,032,761 | 9,199,463 | ||||||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||||||||||||||||
| Net Realized Gain (Loss) On: |
||||||||||||||||||||||||||||||
| Investment security transactions, net of foreign capital gains tax withheld |
4,372,551 | 49,847,006 | 738,950 | 2,054,409 | 471,969 | (6,479,368 | ) | |||||||||||||||||||||||
| Closed short positions |
— | — | — | — | — | 31,302 | ||||||||||||||||||||||||
| Foreign currency transactions |
— | — | — | — | 15,060 | (26,203 | ) | |||||||||||||||||||||||
| Forward foreign currency contract transactions |
— | — | — | — | 227,320 | 1,258,654 | ||||||||||||||||||||||||
| Futures contract transactions |
— | — | — | — | (44,738 | ) | (5,448,751 | ) | ||||||||||||||||||||||
| Purchased option transactions |
— | — | — | — | (2,542 | ) | (1,235,464 | ) | ||||||||||||||||||||||
| Swap transactions |
— | — | — | — | (105,425 | ) | 1,434,961 | |||||||||||||||||||||||
| Written option transactions |
— | — | — | — | 17,207 | 2,314,786 | ||||||||||||||||||||||||
| Net Realized Gain (Loss) |
4,372,551 | 49,847,006 | 738,950 | 2,054,409 | 578,851 | (8,150,083 | ) | |||||||||||||||||||||||
| Change In Net Unrealized Appreciation (Depreciation) On: |
||||||||||||||||||||||||||||||
| Investment securities, net of deferred foreign capital gains tax |
(12,176,512 | ) | (54,854,996 | ) | (1,529,710 | ) | (809,440 | ) | (1,369,773 | ) | (23,660,073 | ) | ||||||||||||||||||
| Short positions |
— | — | — | — | — | (5,601 | ) | |||||||||||||||||||||||
| Foreign currencies |
4 | — | — | — | (5,110 | ) | 41,104 | |||||||||||||||||||||||
| Forward foreign currency contracts |
— | — | — | — | (67,944 | ) | (865,174 | ) | ||||||||||||||||||||||
| Futures contracts |
— | — | — | — | 78,986 | (1,097,921 | ) | |||||||||||||||||||||||
| Purchased options |
— | — | — | — | 24,758 | (6,845 | ) | |||||||||||||||||||||||
| Swaps |
— | — | — | — | (59,936 | ) | (838,628 | ) | ||||||||||||||||||||||
| Written options |
— | — | — | — | (92,172 | ) | (29,786 | ) | ||||||||||||||||||||||
| Change in Net Unrealized Appreciation (Depreciation) |
(12,176,508 | ) | (54,854,996 | ) | (1,529,710 | ) | (809,440 | ) | (1,491,191 | ) | (26,462,924 | ) | ||||||||||||||||||
| NET GAIN (LOSS) |
(7,803,957 | ) | (5,007,990 | ) | (790,760 | ) | 1,244,969 | (912,340 | ) | (34,613,007 | ) | |||||||||||||||||||
| NET INCREASE (DECREASE) IN NET
ASSETS |
($63,822 | ) | ($5,607,929 | ) | ($822,735 | ) | $1,289,028 | $1,120,421 | ($25,413,544 | ) | ||||||||||||||||||||
| Foreign taxes withheld on dividends and interest |
$2,160 | $— | $— | $— | $— | $100,164 | ||||||||||||||||||||||||
| Foreign capital gains tax withheld |
— | — | — | — | — | 2,816 | ||||||||||||||||||||||||
See Notes to Financial Statements
C-8
Table of Contents
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED MARCH 31, 2022
| PF Short Duration Bond Fund |
PF Emerging Markets Debt Fund |
PF Growth Fund |
PF Large-Cap Value Fund |
PF Small-Cap Growth Fund |
PF Small-Cap Value Fund |
|||||||||||||||||||||||||
| INVESTMENT INCOME |
||||||||||||||||||||||||||||||
| Dividends, net of foreign taxes withheld |
$227 | $508 | $739,253 | $2,953,593 | $197,830 | $1,543,932 | ||||||||||||||||||||||||
| Interest, net of foreign taxes withheld |
1,644,318 | 3,172,387 | 94 | — | 130 | — | ||||||||||||||||||||||||
| Total Investment Income |
1,644,545 | 3,172,895 | 739,347 | 2,953,593 | 197,960 | 1,543,932 | ||||||||||||||||||||||||
| EXPENSES |
||||||||||||||||||||||||||||||
| Advisory fees |
378,157 | 479,639 | 1,016,469 | 1,147,454 | 372,989 | 884,899 | ||||||||||||||||||||||||
| Administration fees |
141,809 | 91,651 | 277,219 | 264,797 | 93,247 | 176,980 | ||||||||||||||||||||||||
| Custodian fees and expenses |
5,017 | 34,164 | 5,202 | 4,294 | 4,221 | 3,564 | ||||||||||||||||||||||||
| Portfolio accounting fees |
86,837 | 70,954 | 79,287 | 74,544 | 52,640 | 64,277 | ||||||||||||||||||||||||
| Shareholder report expenses |
4,615 | 3,195 | 9,453 | 8,873 | 3,427 | 6,096 | ||||||||||||||||||||||||
| Registration fees |
1,714 | 1,067 | 3,316 | 3,135 | 1,075 | 2,121 | ||||||||||||||||||||||||
| Legal, audit and tax service fees |
7,937 | 4,860 | 15,854 | 15,003 | 5,420 | 10,303 | ||||||||||||||||||||||||
| Trustees’ fees |
4,715 | 2,621 | 9,145 | 8,434 | 3,157 | 5,670 | ||||||||||||||||||||||||
| Interest expense |
— | — | 738 | 21 | — | — | ||||||||||||||||||||||||
| Other |
2,098 | 1,145 | 12,126 | 9,728 | 3,356 | 6,408 | ||||||||||||||||||||||||
| Total Expenses |
632,899 | 689,296 | 1,428,809 | 1,536,283 | 539,532 | 1,160,318 | ||||||||||||||||||||||||
| Advisory Fee Waiver |
— | (19,421 | ) | — | — | — | — | |||||||||||||||||||||||
| Adviser Expense Reimbursement |
(112,933 | ) | (118,006 | ) | (134,384 | ) | (124,011 | ) | (73,296 | ) | (98,439 | ) | ||||||||||||||||||
| Net Expenses |
519,966 | 551,869 | 1,294,425 | 1,412,272 | 466,236 | 1,061,879 | ||||||||||||||||||||||||
| NET INVESTMENT INCOME (LOSS) |
1,124,579 | 2,621,026 | (555,078 | ) | 1,541,321 | (268,276 | ) | 482,053 | ||||||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||||||||||||||||
| Net Realized Gain (Loss) On: |
||||||||||||||||||||||||||||||
| Investment security transactions, net of foreign capital gains tax withheld |
(321,155 | ) | (3,288,148 | ) | 22,289,522 | 15,322,723 | 3,569,061 | 18,647,202 | ||||||||||||||||||||||
| Foreign currency transactions |
— | (76,330 | ) | 7 | — | 781 | — | |||||||||||||||||||||||
| Forward foreign currency contract transactions |
— | 717,849 | — | — | — | — | ||||||||||||||||||||||||
| Futures contract transactions |
(241,932 | ) | 135,006 | — | — | — | — | |||||||||||||||||||||||
| Swap transactions |
— | 97,269 | — | — | — | — | ||||||||||||||||||||||||
| Net Realized Gain (Loss) |
(563,087 | ) | (2,414,354 | ) | 22,289,529 | 15,322,723 | 3,569,842 | 18,647,202 | ||||||||||||||||||||||
| Change In Net Unrealized Appreciation (Depreciation) On: |
||||||||||||||||||||||||||||||
| Investment securities, net of deferred foreign capital gains tax |
(3,096,805 | ) | (1,873,174 | ) | (5,249,987 | ) | 5,505,490 | (12,618,619 | ) | (16,078,447 | ) | |||||||||||||||||||
| Foreign currencies |
(211 | ) | 9,123 | 8 | — | (171 | ) | — | ||||||||||||||||||||||
| Forward foreign currency contracts |
— | 595,747 | — | — | — | — | ||||||||||||||||||||||||
| Futures contracts |
(100,716 | ) | 40,049 | — | — | — | — | |||||||||||||||||||||||
| Swaps |
— | 177,229 | — | — | — | — | ||||||||||||||||||||||||
| Change in Net Unrealized Appreciation (Depreciation) |
(3,197,732 | ) | (1,051,026 | ) | (5,249,979 | ) | 5,505,490 | (12,618,790 | ) | (16,078,447 | ) | |||||||||||||||||||
| NET GAIN (LOSS) |
(3,760,819 | ) | (3,465,380 | ) | 17,039,550 | 20,828,213 | (9,048,948 | ) | 2,568,755 | |||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS
|
($2,636,240 | ) | ($844,354 | ) | $16,484,472 | $22,369,534 | ($9,317,224 | ) | $3,050,808 | |||||||||||||||||||||
| Foreign taxes withheld on dividends and interest |
$866 | $62,298 | $2,816 | $2,421 | $9,359 | $1,301 | ||||||||||||||||||||||||
| Foreign capital gains tax withheld |
— | 13,211 | — | — | — | — | ||||||||||||||||||||||||
| Change in deferred foreign capital gains tax |
— | (125 | ) | — | — | — | — | |||||||||||||||||||||||
See Notes to Financial Statements
C-9
Table of Contents
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE YEAR ENDED MARCH 31, 2022
| PF Emerging Markets Fund |
PF International Growth Fund Fund |
PF International Small-Cap Fund |
PF International Value Fund |
PF Multi-Asset Fund |
PF Real Estate Fund |
|||||||||||||||||||||||||
| INVESTMENT INCOME |
||||||||||||||||||||||||||||||
| Dividends, net of foreign taxes withheld |
$3,121,194 | $848,259 | $1,146,072 | $1,409,007 | $2,660 | $634,727 | ||||||||||||||||||||||||
| Interest, net of foreign taxes withheld |
— | 15 | — | — | 10,316,525 | — | ||||||||||||||||||||||||
| Total Investment Income |
3,121,194 | 848,274 | 1,146,072 | 1,409,007 | 10,319,185 | 634,727 | ||||||||||||||||||||||||
| EXPENSES |
||||||||||||||||||||||||||||||
| Advisory fees |
1,047,998 | 421,894 | 325,756 | 239,245 | 3,972,696 | 254,538 | ||||||||||||||||||||||||
| Administration fees |
196,500 | 74,452 | 57,486 | 55,211 | 1,702,584 | 42,423 | ||||||||||||||||||||||||
| Custodian fees and expenses |
128,949 | 25,742 | 46,830 | 26,601 | 32,178 | 741 | ||||||||||||||||||||||||
| Portfolio accounting fees |
77,012 | 55,780 | 66,136 | 61,746 | 394,638 | 33,343 | ||||||||||||||||||||||||
| Shareholder report expenses |
6,808 | 2,582 | 1,905 | 1,751 | 56,825 | 1,267 | ||||||||||||||||||||||||
| Registration fees |
2,265 | 904 | 661 | 629 | 20,590 | 497 | ||||||||||||||||||||||||
| Legal, audit and tax service fees |
10,853 | 5,095 | 6,748 | 2,980 | 97,530 | 2,240 | ||||||||||||||||||||||||
| Trustees’ fees |
6,659 | 2,466 | 1,579 | 1,706 | 47,545 | 1,332 | ||||||||||||||||||||||||
| Interest expense |
2,122 | — | 127 | — | 54 | 379 | ||||||||||||||||||||||||
| Other |
50,752 | 22,356 | 7,841 | 30,040 | 27,643 | 1,772 | ||||||||||||||||||||||||
| Total Expenses |
1,529,918 | 611,271 | 515,069 | 419,909 | 6,352,283 | 338,532 | ||||||||||||||||||||||||
| Advisory Fee Waiver |
— | (14,891 | ) | (2,352 | ) | — | — | (42,423 | ) | |||||||||||||||||||||
| Adviser Expense Reimbursement |
(283,298 | ) | (114,925 | ) | (93,375 | ) | (125,454 | ) | (563,443 | ) | (41,192 | ) | ||||||||||||||||||
| Net Expenses |
1,246,620 | 481,455 | 419,342 | 294,455 | 5,788,840 | 254,917 | ||||||||||||||||||||||||
| NET INVESTMENT INCOME (LOSS) |
1,874,574 | 366,819 | 726,730 | 1,114,552 | 4,530,345 | 379,810 | ||||||||||||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||||||||||||||||
| Net Realized Gain (Loss) On: |
||||||||||||||||||||||||||||||
| Investment security transactions, net of foreign capital gains tax withheld |
1,116,444 | 17,858,755 | 13,374,416 | 2,375,427 | 982,081 | 4,203,651 | ||||||||||||||||||||||||
| Foreign currency transactions |
(35,562 | ) | 622 | (59,412 | ) | (1,422 | ) | — | — | |||||||||||||||||||||
| Futures contract transactions |
248,256 | — | 72,893 | — | 981,703 | — | ||||||||||||||||||||||||
| Swap transactions |
— | — | — | — | 210,630,895 | — | ||||||||||||||||||||||||
| Net Realized Gain (Loss) |
1,329,138 | 17,859,377 | 13,387,897 | 2,374,005 | 212,594,679 | 4,203,651 | ||||||||||||||||||||||||
| Change In Net Unrealized Appreciation (Depreciation) On: |
||||||||||||||||||||||||||||||
| Investment securities, net of deferred foreign capital gains tax |
(35,877,136 | ) | (19,982,107 | ) | (14,389,705 | ) | (693,520 | ) | (27,772,595 | ) | 2,037,656 | |||||||||||||||||||
| Foreign currencies |
33,451 | (18,609 | ) | (2,473 | ) | (7,323 | ) | — | — | |||||||||||||||||||||
| Futures contracts |
— | — | — | — | (202,358 | ) | — | |||||||||||||||||||||||
| Swaps |
— | — | — | — | (110,127,508 | ) | — | |||||||||||||||||||||||
| Change in Net Unrealized Appreciation (Depreciation) |
(35,843,685 | ) | (20,000,716 | ) | (14,392,178 | ) | (700,843 | ) | (138,102,461 | ) | 2,037,656 | |||||||||||||||||||
|
|
NET GAIN (LOSS) |
(34,514,547 | ) | (2,141,339 | ) | (1,004,281 | ) | 1,673,162 | 74,492,218 | 6,241,307 | ||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS |
($32,639,973 | ) | ($1,774,520 | ) | ($277,551 | ) | $2,787,714 | $79,022,563 | $6,621,117 | |||||||||||||||||||||
|
|
Foreign taxes withheld on dividends and interest |
$215,665 | $126,768 | $127,137 | $174,583 | $— | $112 | |||||||||||||||||||||||
|
|
Foreign capital gains tax withheld |
263,355 | 61,561 | — | 4,874 | — | — | |||||||||||||||||||||||
|
|
Change in deferred foreign capital gains tax |
(120,758 | ) | 16,869 | — | 62 | — | — | ||||||||||||||||||||||
See Notes to Financial Statements
C-10
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 |
||||||||||||||||||||||||||||||||||||
| Year Ended March 31, 2022 |
Year Ended March 31, 2021 |
Year Ended March 31, 2022 |
Year Ended March 31, 2021 |
Year Ended March 31, 2022 |
Year Ended March 31, 2021 |
|||||||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||||||||||||
| Net Investment income (loss) |
$3,432,777 | $3,156,055 | $3,521,566 | $3,716,258 | $6,510,947 | $8,699,254 | ||||||||||||||||||||||||||||||||
| Net realized gain (loss) |
14,179,761 | 7,835,686 | 35,611,356 | 16,308,484 | 176,694,430 | 74,896,886 | ||||||||||||||||||||||||||||||||
| Change in net unrealized appreciation (depreciation) |
(22,006,844 | ) | 30,372,610 | (40,959,311 | ) | 60,176,240 | (169,675,188 | ) | 247,418,487 | |||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net
Assets |
(4,394,306 | ) | 41,364,351 | (1,826,389 | ) | 80,200,982 | 13,530,189 | 331,014,627 | ||||||||||||||||||||||||||||||
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS |
|
|||||||||||||||||||||||||||||||||||||
| Total distributable earnings |
||||||||||||||||||||||||||||||||||||||
| Class A |
(7,677,228 | ) | (5,283,185 | ) | (18,850,216 | ) | (7,064,752 | ) | (75,252,094 | ) | (27,114,953 | ) | ||||||||||||||||||||||||||
| Class C |
(1,508,664 | ) | (1,152,697 | ) | (2,320,317 | ) | (965,251 | ) | (9,814,220 | ) | (3,868,659 | ) | ||||||||||||||||||||||||||
| Advisor Class |
(418,591 | ) | (288,298 | ) | (501,441 | ) | (188,295 | ) | (3,114,477 | ) | (1,062,829 | ) | ||||||||||||||||||||||||||
| Net Decrease from Dividends and |
(9,604,483 | ) | (6,724,180 | ) | (21,671,974 | ) | (8,218,298 | ) | (88,180,791 | ) | (32,046,441 | ) | ||||||||||||||||||||||||||
| CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||||||||
| Proceeds from sale of shares |
||||||||||||||||||||||||||||||||||||||
| Class A |
20,005,012 | 35,011,759 | 24,665,231 | 29,435,827 | 62,675,467 | 62,789,068 | ||||||||||||||||||||||||||||||||
| Class C |
8,756,080 | 11,261,328 | 3,463,072 | 4,465,886 | 12,530,807 | 11,191,706 | ||||||||||||||||||||||||||||||||
| Advisor Class |
8,665,357 | 5,386,176 | 2,375,761 | 1,355,410 | 15,060,458 | 16,708,416 | ||||||||||||||||||||||||||||||||
| Dividends and distribution reinvestments |
||||||||||||||||||||||||||||||||||||||
| Class A |
7,555,755 | 5,203,279 | 18,642,570 | 6,952,731 | 74,404,804 | 26,791,910 | ||||||||||||||||||||||||||||||||
| Class C |
1,503,913 | 1,147,373 | 2,307,590 | 946,789 | 9,788,698 | 3,854,860 | ||||||||||||||||||||||||||||||||
| Advisor Class |
409,297 | 280,904 | 487,913 | 183,146 | 3,069,437 | 1,039,635 | ||||||||||||||||||||||||||||||||
| Cost of shares repurchased |
||||||||||||||||||||||||||||||||||||||
| Class A |
(33,724,677 | ) | (34,279,957 | ) | (43,762,576 | ) | (44,038,970 | ) | (124,825,579 | ) | (152,990,337 | ) | ||||||||||||||||||||||||||
| Class C |
(16,868,772 | ) | (19,620,458 | ) | (17,222,441 | ) | (20,174,925 | ) | (50,552,425 | ) | (59,225,680 | ) | ||||||||||||||||||||||||||
| Advisor Class |
(6,327,843 | ) | (2,545,688 | ) | (1,701,668 | ) | (2,497,668 | ) | (21,329,257 | ) | (11,687,545 | ) | ||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets
from |
(10,025,878 | ) | 1,844,716 | (10,744,548 | ) | (23,371,774 | ) | (19,177,590 | ) | (101,527,967 | ) | |||||||||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS |
(24,024,667 | ) | 36,484,887 | (34,242,911 | ) | 48,610,910 | (93,828,192 | ) | 197,440,219 | |||||||||||||||||||||||||||||
| NET ASSETS |
||||||||||||||||||||||||||||||||||||||
| Beginning of Year |
249,573,865 | 213,088,978 | 334,948,481 | 286,337,571 | 1,076,462,182 | 879,021,963 | ||||||||||||||||||||||||||||||||
| End of Year |
$225,549,198 | $249,573,865 | $300,705,570 | $334,948,481 | $982,633,990 | $1,076,462,182 | ||||||||||||||||||||||||||||||||
See Notes to Financial Statements
C-11
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 Ultra Short Income |
||||||||||||||||||||||||||||||||||||
| Year Ended March 31, 2022 |
Year Ended March 31, 2021 |
Year Ended March 31, 2022 |
Year Ended March 31, 2021 |
Year Ended March 31, 2022 |
Year Ended March 31, 2021 |
|||||||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||||||||||||
| Net Investment income (loss) |
$3,394,670 | $5,645,754 | $145,724 | $1,406,988 | $201,511 | $348,475 | ||||||||||||||||||||||||||||||||
| Net realized gain (loss) |
168,551,356 | 70,880,721 | 82,337,570 | 34,546,784 | (68,021 | ) | 206,296 | |||||||||||||||||||||||||||||||
| Change in net unrealized appreciation (depreciation) |
(150,308,340 | ) | 238,760,453 | (72,647,519 | ) | 99,089,943 | (292,063 | ) | 977,117 | |||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net
Assets |
21,637,686 | 315,286,928 | 9,835,775 | 135,043,715 | (158,573 | ) | 1,531,888 | |||||||||||||||||||||||||||||||
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||||||||||||||||||||||||
| Total distributable earnings |
||||||||||||||||||||||||||||||||||||||
| Class A |
(76,104,352 | ) | (18,889,570 | ) | (29,294,306 | ) | (8,743,019 | ) | ||||||||||||||||||||||||||||||
| Class C |
(10,150,661 | ) | (2,555,278 | ) | (3,908,728 | ) | (1,275,658 | ) | ||||||||||||||||||||||||||||||
| Class I |
(139,837 | ) | (177,955 | ) | ||||||||||||||||||||||||||||||||||
| Advisor Class |
(2,302,750 | ) | (551,099 | ) | (1,569,808 | ) | (482,568 | ) | (208,704 | ) | (234,884 | ) | ||||||||||||||||||||||||||
| Net Decrease from Dividends and |
(88,557,763 | ) | (21,995,947 | ) | (34,772,842 | ) | (10,501,245 | ) | (348,541 | ) | (412,839 | ) | ||||||||||||||||||||||||||
| CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||||||||
| Proceeds from sale of shares |
||||||||||||||||||||||||||||||||||||||
| Class A |
48,047,353 | 45,822,124 | 18,672,050 | 18,163,912 | ||||||||||||||||||||||||||||||||||
| Class C |
8,746,595 | 12,418,062 | 4,664,511 | 4,721,802 | ||||||||||||||||||||||||||||||||||
| Class I |
— | 46,711 | ||||||||||||||||||||||||||||||||||||
| Advisor Class |
6,961,646 | 6,115,334 | 3,233,965 | 4,722,792 | 2,317,124 | 7,858,842 | ||||||||||||||||||||||||||||||||
| Dividends and distribution reinvestments |
||||||||||||||||||||||||||||||||||||||
| Class A |
75,492,712 | 18,734,417 | 29,102,535 | 8,683,958 | ||||||||||||||||||||||||||||||||||
| Class C |
10,105,205 | 2,541,506 | 3,904,491 | 1,274,479 | ||||||||||||||||||||||||||||||||||
| Class I |
139,837 | 177,929 | ||||||||||||||||||||||||||||||||||||
| Advisor Class |
2,177,836 | 521,522 | 1,553,384 | 475,303 | 208,339 | 234,824 | ||||||||||||||||||||||||||||||||
| Cost of shares repurchased |
||||||||||||||||||||||||||||||||||||||
| Class A |
(96,731,257 | ) | (111,063,153 | ) | (31,737,446 | ) | (44,467,790 | ) | ||||||||||||||||||||||||||||||
| Class C |
(38,715,743 | ) | (40,855,794 | ) | (14,330,969 | ) | (15,032,121 | ) | ||||||||||||||||||||||||||||||
| Class I |
— | (46,711 | ) | |||||||||||||||||||||||||||||||||||
| Advisor Class |
(7,653,163 | ) | (7,551,044 | ) | (7,539,871 | ) | (5,156,479 | ) | (2,071,912 | ) | (2,622,797 | ) | ||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets
from |
8,431,184 | (73,317,026 | ) | 7,522,650 | (26,614,144 | ) | 593,388 | 5,648,798 | ||||||||||||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS |
(58,488,893 | ) | 219,973,955 | (17,414,417 | ) | 97,928,326 | 86,274 | 6,767,847 | ||||||||||||||||||||||||||||||
| NET ASSETS |
||||||||||||||||||||||||||||||||||||||
| Beginning of Year |
879,832,035 | 659,858,080 | 334,377,717 | 236,449,391 | 31,441,585 | 24,673,738 | ||||||||||||||||||||||||||||||||
| End of Year |
$821,343,142 | $879,832,035 | $316,963,300 | $334,377,717 | $31,527,859 | $31,441,585 | ||||||||||||||||||||||||||||||||
See Notes to Financial Statements
C-12
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| Pacific Funds Short Duration Income |
Pacific Funds Core Income |
Pacific Funds ESG Core Bond |
||||||||||||||||||||||||||||||||||||
| Year Ended March 31, 2022 |
Year Ended March 31, 2021 |
Year Ended March 31, 2022 |
Year Ended March 31, 2021 |
Year Ended March 31, 2022 |
Period Ended March 31, 2021 (1) |
|||||||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||||||||||||
| Net Investment income (loss) |
$15,175,236 | $18,602,818 | $23,114,633 | $24,529,763 | $293,036 | $64,147 | ||||||||||||||||||||||||||||||||
| Net realized gain (loss) |
4,456,495 | 11,962,482 | 5,283,479 | 42,289,625 | (411,247 | ) | (38,438 | ) | ||||||||||||||||||||||||||||||
| Change in net unrealized appreciation (depreciation) |
(37,853,242 | ) | 41,907,934 | (57,532,082 | ) | 16,709,444 | (1,191,228 | ) | (712,741 | ) | ||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets
|
(18,221,511 | ) | 72,473,234 | (29,133,970 | ) | 83,528,832 | (1,309,439 | ) | (687,032 | ) | ||||||||||||||||||||||||||||
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS |
|
|||||||||||||||||||||||||||||||||||||
| Total distributable earnings |
||||||||||||||||||||||||||||||||||||||
| Class A |
(4,066,243 | ) | (2,672,415 | ) | (6,149,263 | ) | (4,215,998 | ) | ||||||||||||||||||||||||||||||
| Class C |
(601,474 | ) | (389,391 | ) | (1,387,600 | ) | (1,120,964 | ) | ||||||||||||||||||||||||||||||
| Class I |
(3,741,285 | ) | (2,124,479 | ) | (5,558,014 | ) | (2,398,465 | ) | (175,208 | ) | (34,030 | ) | ||||||||||||||||||||||||||
| Class P |
(1,921,641 | ) | (1,179,750 | ) | ||||||||||||||||||||||||||||||||||
| Advisor Class |
(17,809,112 | ) | (13,533,968 | ) | (32,230,826 | ) | (23,920,380 | ) | (140,089 | ) | (34,031 | ) | ||||||||||||||||||||||||||
| Net Decrease from Dividends and |
(26,218,114 | ) | (18,720,253 | ) | (47,247,344 | ) | (32,835,557 | ) | (315,297 | ) | (68,061 | ) | ||||||||||||||||||||||||||
| CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||||||||
| Proceeds from sale of shares |
||||||||||||||||||||||||||||||||||||||
| Class A |
54,066,803 | 131,631,746 | 34,288,441 | 58,396,192 | ||||||||||||||||||||||||||||||||||
| Class C |
6,250,383 | 16,277,069 | 3,956,398 | 15,063,353 | ||||||||||||||||||||||||||||||||||
| Class I |
68,799,128 | 68,045,239 | 55,006,519 | 63,125,136 | 4,825,391 | 12,500,000 | ||||||||||||||||||||||||||||||||
| Class P |
613,503 | 18,370,178 | ||||||||||||||||||||||||||||||||||||
| Advisor Class |
397,785,487 | 552,115,864 | 250,242,191 | 458,472,517 | — | 12,500,000 | ||||||||||||||||||||||||||||||||
| Dividends and distribution reinvestments |
||||||||||||||||||||||||||||||||||||||
| Class A |
3,223,177 | 2,199,177 | 5,604,739 | 3,919,496 | ||||||||||||||||||||||||||||||||||
| Class C |
589,726 | 382,559 | 1,279,623 | 1,028,819 | ||||||||||||||||||||||||||||||||||
| Class I |
3,740,884 | 2,124,479 | 5,204,582 | 2,397,604 | 175,208 | 34,030 | ||||||||||||||||||||||||||||||||
| Class P |
1,921,641 | 1,179,750 | ||||||||||||||||||||||||||||||||||||
| Advisor Class |
17,531,844 | 13,341,072 | 24,654,705 | 18,227,646 | 140,089 | 34,031 | ||||||||||||||||||||||||||||||||
| Cost of shares repurchased |
||||||||||||||||||||||||||||||||||||||
| Class A |
(80,196,055 | ) | (91,635,549 | ) | (62,828,327 | ) | (49,765,313 | ) | ||||||||||||||||||||||||||||||
| Class C |
(16,612,634 | ) | (16,612,491 | ) | (20,821,980 | ) | (23,781,150 | ) | ||||||||||||||||||||||||||||||
| Class I |
(36,709,897 | ) | (40,086,476 | ) | (39,837,090 | ) | (20,568,210 | ) | (1,668,835 | ) | — | |||||||||||||||||||||||||||
| Class P |
(10,685,252 | ) | (6,811,159 | ) | ||||||||||||||||||||||||||||||||||
| Advisor Class |
(542,266,356 | ) | (542,475,424 | ) | (399,986,442 | ) | (390,643,307 | ) | — | — | ||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets from
|
(123,797,510 | ) | 95,307,265 | (151,386,749 | ) | 148,611,552 | 3,471,853 | 25,068,061 | ||||||||||||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS |
(168,237,135 | ) | 149,060,246 | (227,768,063 | ) | 199,304,827 | 1,847,117 | 24,312,968 | ||||||||||||||||||||||||||||||
| NET ASSETS |
||||||||||||||||||||||||||||||||||||||
| Beginning of Year or Period |
1,176,390,793 | 1,027,330,547 | 1,169,824,138 | 970,519,311 | 24,312,968 | — | ||||||||||||||||||||||||||||||||
| End of Year or Period |
$1,008,153,658 | $1,176,390,793 | $942,056,075 | $1,169,824,138 | $26,160,085 | $24,312,968 | ||||||||||||||||||||||||||||||||
| (1) | Pacific Funds ESG Core Bond commenced operations on December 14, 2020. |
See Notes to Financial Statements
C-13
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| Pacific Funds Strategic Income |
Pacific Funds Floating Rate Income |
Pacific Funds High Income |
||||||||||||||||||||||||||||||||||||
|
Year Ended |
Year Ended March 31, 2021 |
Year Ended |
Year Ended March 31, 2021 |
Year Ended |
Year Ended March 31, 2021 |
|||||||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||||||||||||
| Net Investment income (loss) |
$40,697,691 | $29,150,360 | $104,754,929 | $57,472,842 | $7,740,135 | $8,377,080 | ||||||||||||||||||||||||||||||||
| Net realized gain (loss) |
19,602,422 | 6,015,250 | 15,781,557 | (22,355,305 | ) | 4,372,551 | 2,034,893 | |||||||||||||||||||||||||||||||
| Change in net unrealized appreciation (depreciation) |
(89,029,111 | ) | 112,355,871 | (45,242,229 | ) | 155,137,132 | (12,176,508 | ) | 22,797,040 | |||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets
|
(28,728,998 | ) | 147,521,481 | 75,294,257 | 190,254,669 | (63,822 | ) | 33,209,013 | ||||||||||||||||||||||||||||||
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS |
|
|||||||||||||||||||||||||||||||||||||
| Total distributable earnings |
||||||||||||||||||||||||||||||||||||||
| Class A |
(4,896,474 | ) | (3,037,971 | ) | (8,085,632 | ) | (6,062,500 | ) | (343,229 | ) | (421,042 | ) | ||||||||||||||||||||||||||
| Class C |
(2,411,593 | ) | (1,957,417 | ) | (2,663,094 | ) | (2,722,677 | ) | (63,949 | ) | (82,759 | ) | ||||||||||||||||||||||||||
| Class I |
(1,494,498 | ) | (615,819 | ) | (51,912,830 | ) | (26,315,901 | ) | (3,949 | ) | (3,408 | ) | ||||||||||||||||||||||||||
| Class P |
(412,927 | ) | (277,595 | ) | (6,925,276 | ) | (7,655,914 | ) | ||||||||||||||||||||||||||||||
| Advisor Class |
(44,510,973 | ) | (23,608,205 | ) | (41,380,821 | ) | (22,031,816 | ) | (402,344 | ) | (231,425 | ) | ||||||||||||||||||||||||||
| Net Decrease from Dividends and |
(53,313,538 | ) | (29,219,412 | ) | (104,455,304 | ) | (57,410,489 | ) | (7,738,747 | ) | (8,394,548 | ) | ||||||||||||||||||||||||||
| CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||||||||
| Proceeds from sale of shares |
||||||||||||||||||||||||||||||||||||||
| Class A |
77,501,261 | 53,203,403 | 167,903,051 | 53,983,323 | 2,692,863 | 1,471,829 | ||||||||||||||||||||||||||||||||
| Class C |
28,612,611 | 17,802,296 | 43,390,442 | 13,092,165 | 177,294 | 488,744 | ||||||||||||||||||||||||||||||||
| Class I |
149,535,103 | 15,727,432 | 1,145,075,192 | 661,384,542 | 29,861 | 1,976 | ||||||||||||||||||||||||||||||||
| Class P |
43,955,526 | 5,230,068 | 2,614,594 | 33,970,101 | ||||||||||||||||||||||||||||||||||
| Advisor Class |
898,938,253 | 454,105,230 | 1,449,607,976 | 441,881,455 | 18,328,335 | 5,990,443 | ||||||||||||||||||||||||||||||||
| Dividends and distribution reinvestments |
||||||||||||||||||||||||||||||||||||||
| Class A |
4,101,204 | 2,489,807 | 7,824,984 | 5,794,294 | 337,407 | 413,768 | ||||||||||||||||||||||||||||||||
| Class C |
2,109,232 | 1,702,089 | 2,599,828 | 2,626,202 | 61,111 | 78,671 | ||||||||||||||||||||||||||||||||
| Class I |
1,492,899 | 611,995 | 37,869,697 | 19,007,629 | 3,893 | 3,346 | ||||||||||||||||||||||||||||||||
| Class P |
412,927 | 277,595 | 6,925,276 | 7,655,914 | ||||||||||||||||||||||||||||||||||
| Advisor Class |
38,071,594 | 19,421,643 | 39,696,140 | 20,806,366 | 401,007 | 229,776 | ||||||||||||||||||||||||||||||||
| Cost of shares repurchased |
||||||||||||||||||||||||||||||||||||||
| Class A |
(44,087,791 | ) | (35,588,879 | ) | (62,861,307 | ) | (68,611,639 | ) | (3,365,390 | ) | (2,967,320 | ) | ||||||||||||||||||||||||||
| Class C |
(20,217,748 | ) | (21,674,042 | ) | (24,013,248 | ) | (40,299,876 | ) | (811,126 | ) | (959,919 | ) | ||||||||||||||||||||||||||
| Class I |
(18,952,136 | ) | (22,052,887 | ) | (349,771,424 | ) | (129,151,941 | ) | (4,905 | ) | (7,538 | ) | ||||||||||||||||||||||||||
| Class P |
(1,175,828 | ) | (4,494,891 | ) | (14,812,467 | ) | (38,525,463 | ) | ||||||||||||||||||||||||||||||
| Advisor Class |
(456,469,723 | ) | (223,825,391 | ) | (413,872,820 | ) | (305,995,976 | ) | (15,441,294 | ) | (6,305,673 | ) | ||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets from
|
660,634,759 | 261,922,696 | 2,086,641,136 | 675,529,316 | (2,863,541 | ) | 1,538,655 | |||||||||||||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS |
578,592,223 | 380,224,765 | 2,057,480,089 | 808,373,496 | (10,666,110 | ) | 26,353,120 | |||||||||||||||||||||||||||||||
| NET ASSETS |
||||||||||||||||||||||||||||||||||||||
| Beginning of Year |
1,022,712,523 | 642,487,758 | 2,003,147,334 | 1,194,773,838 | 159,776,914 | 133,423,794 | ||||||||||||||||||||||||||||||||
| End of Year |
$1,601,304,746 | $1,022,712,523 | $4,060,627,423 | $2,003,147,334 | $149,110,804 | $159,776,914 | ||||||||||||||||||||||||||||||||
See Notes to Financial Statements
C-14
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| Pacific Funds Small/Mid-Cap | Pacific Funds Small-Cap | Pacific Funds Small-Cap Value | ||||||||||||||||||||||||||||||||||||
|
Year Ended |
Year Ended March 31, 2021 |
Year Ended |
Year Ended March 31, 2021 |
Year Ended |
Year Ended March 31, 2021 |
|||||||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||||||||||||
| Net Investment income (loss) |
($599,939 | ) | ($376,946 | ) | ($31,975 | ) | ($29,781 | ) | $44,059 | $57,629 | ||||||||||||||||||||||||||||
| Net realized gain (loss) |
49,847,006 | 16,372,248 | 738,950 | 1,090,765 | 2,054,409 | (57,773 | ) | |||||||||||||||||||||||||||||||
| Change in net unrealized appreciation (depreciation) |
(54,854,996 | ) | 157,277,128 | (1,529,710 | ) | 7,519,982 | (809,440 | ) | 9,124,048 | |||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets
|
(5,607,929 | ) | 173,272,430 | (822,735 | ) | 8,580,966 | 1,289,028 | 9,123,904 | ||||||||||||||||||||||||||||||
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||||||||||||||||||||||||
| Total distributable earnings |
||||||||||||||||||||||||||||||||||||||
| Class A |
(1,346,523 | ) | — | (103,138 | ) | — | (38,925 | ) | (8,513 | ) | ||||||||||||||||||||||||||||
| Class C |
(655,137 | ) | — | (39,953 | ) | — | (11,270 | ) | — | |||||||||||||||||||||||||||||
| Advisor Class |
(18,391,064 | ) | (935,874 | ) | (973,814 | ) | (8,412 | ) | (222,752 | ) | (85,233 | ) | ||||||||||||||||||||||||||
| Class R6 |
— | (6,175 | ) | — | — | (2,362 | ) | (8,676 | ) | |||||||||||||||||||||||||||||
| Net Decrease from Dividends and Distributions to Shareholders |
(20,392,724 | ) | (942,049 | ) | (1,116,905 | ) | (8,412 | ) | (275,309 | ) | (102,422 | ) | ||||||||||||||||||||||||||
| CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||||||||
| Proceeds from sale of shares |
||||||||||||||||||||||||||||||||||||||
| Class A |
2,550,228 | 8,174,835 | 199,509 | 1,291,333 | 929,116 | 2,387,429 | ||||||||||||||||||||||||||||||||
| Class C |
634,737 | 901,183 | 203,959 | 222,144 | 132,407 | 239,720 | ||||||||||||||||||||||||||||||||
| Advisor Class |
36,329,682 | 29,138,212 | 13,563,062 | 1,088,209 | 1,873,942 | 2,589,744 | ||||||||||||||||||||||||||||||||
| Class R6 |
2,174,573 | 514,030 | 1,721,811 | 541,712 | 1,445,939 | 242,627 | ||||||||||||||||||||||||||||||||
| Dividends and distribution reinvestments |
||||||||||||||||||||||||||||||||||||||
| Class A |
1,342,290 | — | 103,138 | — | 38,925 | 8,513 | ||||||||||||||||||||||||||||||||
| Class C |
652,758 | — | 37,886 | — | 11,270 | — | ||||||||||||||||||||||||||||||||
| Advisor Class |
18,249,608 | 921,473 | 973,813 | 8,388 | 222,752 | 85,233 | ||||||||||||||||||||||||||||||||
| Class R6 |
— | 6,175 | — | — | 2,362 | 8,676 | ||||||||||||||||||||||||||||||||
| Cost of shares repurchased |
||||||||||||||||||||||||||||||||||||||
| Class A |
(5,345,847 | ) | (10,618,843 | ) | (847,217 | ) | (3,181,124 | ) | (304,250 | ) | (2,321,123 | ) | ||||||||||||||||||||||||||
| Class C |
(1,911,244 | ) | (5,111,786 | ) | (173,506 | ) | (320,215 | ) | (222,893 | ) | (555,791 | ) | ||||||||||||||||||||||||||
| Advisor Class |
(159,728,442 | ) | (86,156,344 | ) | (6,574,375 | ) | (3,833,040 | ) | (1,135,938 | ) | (5,967,233 | ) | ||||||||||||||||||||||||||
| Class R6 |
(2,684,111 | ) | (4,384,109 | ) | (1,723,657 | ) | (297,341 | ) | (1,374,589 | ) | (1,822,036 | ) | ||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets from
|
(107,735,768 | ) | (66,615,174 | ) | 7,484,423 | (4,479,934 | ) | 1,619,043 | (5,104,241 | ) | ||||||||||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS |
(133,736,421 | ) | 105,715,207 | 5,544,783 | 4,092,620 | 2,632,762 | 3,917,241 | |||||||||||||||||||||||||||||||
| NET ASSETS |
||||||||||||||||||||||||||||||||||||||
| Beginning of Year |
348,517,277 | 242,802,070 | 16,601,977 | 12,509,357 | 17,916,265 | 13,999,024 | ||||||||||||||||||||||||||||||||
| End of Year |
$214,780,856 | $348,517,277 | $22,146,760 | $16,601,977 | $20,549,027 | $17,916,265 | ||||||||||||||||||||||||||||||||
See Notes to Financial Statements
C-15
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| PF Inflation Managed Fund |
PF Managed Bond Fund |
PF Short Duration Bond Fund |
||||||||||||||||||||||||||||||||||||
|
Year Ended |
Year Ended March 31, 2021 |
Year Ended |
Year Ended March 31, 2021 |
Year Ended |
Year Ended March 31, 2021 |
|||||||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||||||||||||
| Net Investment income (loss) |
$2,032,761 | $328,658 | $9,199,463 | $8,716,448 | $1,124,579 | $2,117,152 | ||||||||||||||||||||||||||||||||
| Net realized gain (loss) |
578,851 | 803,882 | (8,150,083 | ) | 15,230,711 | (563,087 | ) | 1,795,305 | ||||||||||||||||||||||||||||||
| Change in net unrealized appreciation (depreciation) |
(1,491,191 | ) | 1,028,583 | (26,462,924 | ) | (6,726,856 | ) | (3,197,732 | ) | 4,629,250 | ||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net
Assets |
1,120,421 | 2,161,123 | (25,413,544 | ) | 17,220,303 | (2,636,240 | ) | 8,541,707 | ||||||||||||||||||||||||||||||
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS |
|
|||||||||||||||||||||||||||||||||||||
| Total distributable earnings - Class P |
(1,116,614 | ) | (411,237 | ) | (11,378,319 | ) | (31,347,044 | ) | (1,203,868 | ) | (2,909,983 | ) | ||||||||||||||||||||||||||
| Net Decrease from Dividends and |
(1,116,614 | ) | (411,237 | ) | (11,378,319 | ) | (31,347,044 | ) | (1,203,868 | ) | (2,909,983 | ) | ||||||||||||||||||||||||||
| CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||||||||
| Proceeds from sale of shares - Class P |
15,138,607 | 12,546,594 | 7,620,859 | 230,581,304 | 2,804,448 | 48,630,313 | ||||||||||||||||||||||||||||||||
| Dividends and distribution reinvestments - Class P |
1,116,614 | 411,237 | 11,378,319 | 31,347,044 | 1,203,868 | 2,909,983 | ||||||||||||||||||||||||||||||||
| Cost of shares repurchased - Class P |
(4,905,545 | ) | (2,676,177 | ) | (120,421,844 | ) | (72,315,418 | ) | (25,074,753 | ) | (81,923,397 | ) | ||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets
from |
11,349,676 | 10,281,654 | (101,422,666 | ) | 189,612,930 | (21,066,437 | ) | (30,383,101 | ) | |||||||||||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS |
11,353,483 | 12,031,540 | (138,214,529 | ) | 175,486,189 | (24,906,545 | ) | (24,751,377 | ) | |||||||||||||||||||||||||||||
| NET ASSETS |
||||||||||||||||||||||||||||||||||||||
| Beginning of Year |
32,981,678 | 20,950,138 | 562,319,187 | 386,832,998 | 97,528,731 | 122,280,108 | ||||||||||||||||||||||||||||||||
| End of Year |
$44,335,161 | $32,981,678 | $424,104,658 | $562,319,187 | $72,622,186 | $97,528,731 | ||||||||||||||||||||||||||||||||
| PF Emerging Markets Debt Fund |
PF Growth Fund | PF Large-Cap Value Fund |
||||||||||||||||||||||||||||||||||||
|
Year Ended |
Year Ended March 31, 2021 |
Year Ended |
Year Ended March 31, 2021 |
Year Ended |
Year Ended March 31, 2021 |
|||||||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||||||||||||
| Net Investment income (loss) |
$2,621,026 | $2,854,408 | ($555,078 | ) | ($444,856 | ) | $1,541,321 | $2,088,029 | ||||||||||||||||||||||||||||||
| Net realized gain (loss) |
(2,414,354 | ) | 1,139,379 | 22,289,529 | 49,292,712 | 15,322,723 | 30,475,555 | |||||||||||||||||||||||||||||||
| Change in net unrealized appreciation (depreciation) |
(1,051,026 | ) | 10,675,186 | (5,249,979 | ) | 27,592,531 | 5,505,490 | 36,460,708 | ||||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net
Assets |
(844,354 | ) | 14,668,973 | 16,484,472 | 76,440,387 | 22,369,534 | 69,024,292 | |||||||||||||||||||||||||||||||
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS |
|
|||||||||||||||||||||||||||||||||||||
| Total distributable earnings - Class P |
(3,023,723 | ) | (2,362,664 | ) | (22,120,344 | ) | (43,891,662 | ) | (18,711,066 | ) | (25,782,094 | ) | ||||||||||||||||||||||||||
| Net Decrease from Dividends and |
(3,023,723 | ) | (2,362,664 | ) | (22,120,344 | ) | (43,891,662 | ) | (18,711,066 | ) | (25,782,094 | ) | ||||||||||||||||||||||||||
| CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||||||||
| Proceeds from sale of shares - Class P |
1,396,564 | 16,917,991 | 17,674,129 | 23,644,175 | 12,103,309 | 25,785,476 | ||||||||||||||||||||||||||||||||
| Dividends and distribution reinvestments - Class P |
3,023,723 | 2,362,664 | 22,120,344 | 43,891,662 | 18,711,066 | 25,782,094 | ||||||||||||||||||||||||||||||||
| Cost of shares repurchased - Class P |
(19,092,586 | ) | (57,731,418 | ) | (54,749,885 | ) | (84,476,445 | ) | (41,827,903 | ) | (83,637,866 | ) | ||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets
from |
(14,672,299 | ) | (38,450,763 | ) | (14,955,412 | ) | (16,940,608 | ) | (11,013,528 | ) | (32,070,296 | ) | ||||||||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS |
(18,540,376 | ) | (26,144,454 | ) | (20,591,284 | ) | 15,608,117 | (7,355,060 | ) | 11,171,902 | ||||||||||||||||||||||||||||
| NET ASSETS |
||||||||||||||||||||||||||||||||||||||
| Beginning of Year |
61,478,213 | 87,622,667 | 179,183,036 | 163,574,919 | 171,536,917 | 160,365,015 | ||||||||||||||||||||||||||||||||
| End of Year |
$42,937,837 | $61,478,213 | $158,591,752 | $179,183,036 | $164,181,857 | $171,536,917 | ||||||||||||||||||||||||||||||||
See Notes to Financial Statements
C-16
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| PF Small-Cap Growth Fund |
PF Small-Cap Value Fund |
PF Emerging Markets Fund |
||||||||||||||||||||||||||||||||||||
|
Year Ended |
Year Ended March 31, 2021 |
Year Ended |
Year Ended March 31, 2021 |
Year Ended |
Year Ended March 31, 2021 |
|||||||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||||||||||||
| Net investment income (loss) |
($268,276 | ) | ($88,065 | ) | $482,053 | $388,109 | $1,874,574 | $459,666 | ||||||||||||||||||||||||||||||
| Net realized gain (loss) |
3,569,842 | 9,710,608 | 18,647,202 | 9,177,707 | 1,329,138 | 10,533,525 | ||||||||||||||||||||||||||||||||
| Change in net unrealized appreciation (depreciation) |
(12,618,790 | ) | 5,623,255 | (16,078,447 | ) | 47,156,760 | (35,843,685 | ) | 41,591,508 | |||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net
Assets |
(9,317,224 | ) | 15,245,798 | 3,050,808 | 56,722,576 | (32,639,973 | ) | 52,584,699 | ||||||||||||||||||||||||||||||
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||||||||||||||||||||||||
| Total distributable earnings - Class P |
(8,541,961 | ) | (6,499,780 | ) | (13,139,200 | ) | (325,166 | ) | (15,375,604 | ) | (3,697,886 | ) | ||||||||||||||||||||||||||
| Net Decrease from Dividends and |
(8,541,961 | ) | (6,499,780 | ) | (13,139,200 | ) | (325,166 | ) | (15,375,604 | ) | (3,697,886 | ) | ||||||||||||||||||||||||||
| CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||||||||
| Proceeds from sale of shares - Class P |
6,159,445 | 39,194,635 | 1,543,398 | 61,337,832 | 3,882,070 | 12,084,306 | ||||||||||||||||||||||||||||||||
| Dividends and distribution reinvestments - Class P |
8,541,961 | 6,499,780 | 13,139,200 | 325,166 | 15,375,604 | 3,697,886 | ||||||||||||||||||||||||||||||||
| Cost of shares repurchased - Class P |
(10,433,023 | ) | (8,575,950 | ) | (24,180,494 | ) | (29,167,413 | ) | (25,131,681 | ) | (20,503,939 | ) | ||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets
from |
4,268,383 | 37,118,465 | (9,497,896 | ) | 32,495,585 | (5,874,007 | ) | (4,721,747 | ) | |||||||||||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS |
(13,590,802 | ) | 45,864,483 | (19,586,288 | ) | 88,892,995 | (53,889,584 | ) | 44,165,066 | |||||||||||||||||||||||||||||
| NET ASSETS |
||||||||||||||||||||||||||||||||||||||
| Beginning of Year |
63,555,289 | 17,690,806 | 116,908,740 | 28,015,745 | 141,782,878 | 97,617,812 | ||||||||||||||||||||||||||||||||
| End of Year |
$49,964,487 | $63,555,289 | $97,322,452 | $116,908,740 | $87,893,294 | $141,782,878 | ||||||||||||||||||||||||||||||||
| PF International |
PF International Small-Cap Fund |
PF International Value Fund |
||||||||||||||||||||||||||||||||||||
|
Year Ended |
Year Ended March 31, 2021 |
Year Ended |
Year Ended March 31, 2021 |
Year Ended |
Year Ended March 31, 2021 |
|||||||||||||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||||||||||||||
| Net investment income (loss) |
$366,819 | $473,066 | $726,730 | $435,098 | $1,114,552 | $596,990 | ||||||||||||||||||||||||||||||||
| Net realized gain (loss) |
17,859,377 | 5,394,718 | 13,387,897 | 4,151,929 | 2,374,005 | (3,641,670 | ) | |||||||||||||||||||||||||||||||
| Change in net unrealized appreciation (depreciation) |
(20,000,716 | ) | 9,314,371 | (14,392,178 | ) | 12,346,512 | (700,843 | ) | 19,897,242 | |||||||||||||||||||||||||||||
| Net Increase (Decrease) in Net
Assets |
(1,774,520 | ) | 15,182,155 | (277,551 | ) | 16,933,539 | 2,787,714 | 16,852,562 | ||||||||||||||||||||||||||||||
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS |
||||||||||||||||||||||||||||||||||||||
| Total distributable earnings - Class P |
(20,851,939 | ) | (4,258,496 | ) | (11,214,934 | ) | (658,806 | ) | (904,797 | ) | (829,970 | ) | ||||||||||||||||||||||||||
| Net Decrease from Dividends and |
(20,851,939 | ) | (4,258,496 | ) | (11,214,934 | ) | (658,806 | ) | (904,797 | ) | (829,970 | ) | ||||||||||||||||||||||||||
| CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||||||||
| Proceeds from sale of shares - Class P |
1,934,946 | 6,770,295 | 25,940,487 | 3,199,912 | 42,852,913 | 6,096,658 | ||||||||||||||||||||||||||||||||
| Dividends and distribution reinvestments - Class P |
20,851,939 | 4,258,496 | 11,214,934 | 658,806 | 904,797 | 829,970 | ||||||||||||||||||||||||||||||||
| Cost of shares repurchased - Class P |
(12,889,617 | ) | (14,879,283 | ) | (3,725,917 | ) | (10,207,000 | ) | (3,345,538 | ) | (23,490,082 | ) | ||||||||||||||||||||||||||
| Net Increase (Decrease) in Net Assets
from |
9,897,268 | (3,850,492 | ) | 33,429,504 | (6,348,282 | ) | 40,412,172 | (16,563,454 | ) | |||||||||||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS |
(12,729,191 | ) | 7,073,167 | 21,937,019 | 9,926,451 | 42,295,089 | (540,862 | ) | ||||||||||||||||||||||||||||||
| NET ASSETS |
||||||||||||||||||||||||||||||||||||||
| Beginning of Year |
48,891,280 | 41,818,113 | 36,908,063 | 26,981,612 | 34,429,711 | 34,970,573 | ||||||||||||||||||||||||||||||||
| End of Year |
$36,162,089 | $48,891,280 | $58,845,082 | $36,908,063 | $76,724,800 | $34,429,711 | ||||||||||||||||||||||||||||||||
See Notes to Financial Statements
C-17
Table of Contents
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| PF Multi-Asset Fund |
PF Real Estate Fund |
|||||||||||||||||||||||||
|
Year Ended |
Year Ended March 31, 2021 |
Year Ended |
Year Ended March 31, 2021 |
|||||||||||||||||||||||
| OPERATIONS |
||||||||||||||||||||||||||
| Net investment income (loss) |
$4,530,345 | $10,811,338 | $379,810 | $585,484 | ||||||||||||||||||||||
| Net realized gain (loss) |
212,594,679 | 234,690,317 | 4,203,651 | 5,755,961 | ||||||||||||||||||||||
| Change in net unrealized appreciation (depreciation) |
(138,102,461 | ) | 269,536,738 | 2,037,656 | 5,643,101 | |||||||||||||||||||||
| Net Increase (Decrease) in Net
Assets |
79,022,563 | 515,038,393 | 6,621,117 | 11,984,546 | ||||||||||||||||||||||
| DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS |
|
|||||||||||||||||||||||||
| Total distributable earnings - Class P |
(373,547,120 | ) | (53,822,193 | ) | (300,499 | ) | (339,852 | ) | ||||||||||||||||||
| Return of capital - Class P |
— | — | — | (288,733 | ) | |||||||||||||||||||||
| Net Decrease from Dividends and |
(373,547,120 | ) | (53,822,193 | ) | (300,499 | ) | (628,585 | ) | ||||||||||||||||||
| CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||
| Proceeds from sale of shares - Class P |
40,267,725 | 37,933,437 | 33,473,105 | 1,861,695 | ||||||||||||||||||||||
| Dividends and distribution reinvestments - Class P |
373,547,120 | 53,822,193 | 300,499 | 628,585 | ||||||||||||||||||||||
| Cost of shares repurchased - Class P |
(168,704,096 | ) | (334,278,393 | ) | (6,438,759 | ) | (31,646,889 | ) | ||||||||||||||||||
| Net Increase (Decrease) in Net Assets
from |
245,110,749 | (242,522,763 | ) | 27,334,845 | (29,156,609 | ) | ||||||||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS |
(49,413,808 | ) | 218,693,437 | 33,655,463 | (17,800,648 | ) | ||||||||||||||||||||
| NET ASSETS |
||||||||||||||||||||||||||
| Beginning of Year |
1,103,609,642 | 884,916,205 | 25,731,304 | 43,531,952 | ||||||||||||||||||||||
| End of Year |
$1,054,195,834 | $1,103,609,642 | $59,386,767 | $25,731,304 | ||||||||||||||||||||||
See Notes to Financial Statements
C-18
Table of Contents
PACIFIC FUNDS
FOR THE YEAR ENDED MARCH 31, 2022
| PF Inflation Managed Fund |
||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES (2): |
||||||||||
| Net increase (decrease) in net assets from operations |
$1,120,421 | |||||||||
| 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 |
(31,049,502 | ) | ||||||||
| Proceeds from disposition of long-term securities |
19,410,129 | |||||||||
| Proceeds (purchases) of short-term securities, net |
391,606 | |||||||||
| Proceeds (purchases) from foreign currency transactions |
(5,110 | ) | ||||||||
| (Increase) decrease in dividends and interest receivable |
(5,496 | ) | ||||||||
| (Increase) decrease in receivable for securities sold |
2,437,840 | |||||||||
| (Increase) decrease in receivable for swap agreements |
(1 | ) | ||||||||
| (Increase) decrease in receivable due from adviser |
(4,569 | ) | ||||||||
| (Increase) decrease in prepaid expenses and other assets |
(47 | ) | ||||||||
| (Increase) decrease in variation margin on futures contracts |
(7,676 | ) | ||||||||
| (Increase) decrease in variation margin on swap agreements |
(4,886 | ) | ||||||||
| Increase (decrease) in payable for securities purchased |
(3,557,936 | ) | ||||||||
| Increase (decrease) in payable for due to custodian |
296,174 | |||||||||
| Increase (decrease) in accrued advisory fees |
3,068 | |||||||||
| Increase (decrease) in accrued administration fees |
1,151 | |||||||||
| Increase (decrease) in accrued custodian and portfolio accounting fees |
2,731 | |||||||||
| Increase (decrease) in accrued legal, audit and tax service fees |
(338 | ) | ||||||||
| Increase (decrease) in accrued trustees’ fees and deferred compensation |
225 | |||||||||
| Increase (decrease) in accrued other |
1,022 | |||||||||
| Change in net unrealized (appreciation) depreciation on investment securities |
1,369,773 | |||||||||
| Change in net unrealized (appreciation) depreciation on foreign currencies |
5,110 | |||||||||
| Change in net unrealized (appreciation) depreciation on forward foreign currency contracts |
67,944 | |||||||||
| Change in net unrealized (appreciation) depreciation on purchased options |
(24,758 | ) | ||||||||
| Change in net unrealized (appreciation) depreciation on written options |
92,172 | |||||||||
| Net realized (gain) loss on investment security transactions |
(471,969 | ) | ||||||||
| Net realized (gain) loss on purchased options transactions |
2,542 | |||||||||
| Net realized (gain) loss on written option transactions |
(17,207 | ) | ||||||||
| Net amortization on investments |
249,005 | |||||||||
| Net cash provided by (used in) operating activities |
(9,698,582 | ) | ||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: |
||||||||||
| Proceeds from shares sold |
15,157,180 | |||||||||
| Payment of shares redeemed |
(4,891,237 | ) | ||||||||
| Proceeds from sale-buyback financing activities |
365,737,860 | |||||||||
| Payment on sale-buyback financing transactions |
(366,242,977 | ) | ||||||||
| Net cash provided by (used in) financing activities |
9,760,826 | |||||||||
| NET INCREASE (DECREASE) IN CASH AND FOREIGN CURRENCY |
62,244 | |||||||||
| CASH AND FOREIGN CURRENCY: |
||||||||||
| Beginning of Year |
184,198 | |||||||||
| End of Year (3) |
$246,442 | |||||||||
| (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 $5,138. |
| (3) | Includes cash (segregated for derivative instruments) of $225,000. |
See Notes to Financial Statements
C-19
Table of Contents
PACIFIC FUNDS
Selected per share, ratios and supplemental data for each year or period ended March 31, 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 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $11.46 | $0.18 | ($0.39 | ) | ($0.21 | ) | ($0.28 | ) | ($0.20 | ) | ($0.48 | ) | $10.77 | 0.67 | % | 0.60 | % | 1.53 | % | (2.13 | %) | $174,061 | 20 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.83 | 0.16 | 1.80 | 1.96 | (0.33 | ) | — | (0.33 | ) | 11.46 | 0.67 | % | 0.60 | % | 1.47 | % | 19.96 | % | 191,406 | 37 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.23 | 0.17 | (0.35 | ) | (0.18 | ) | (0.20 | ) | (0.02 | ) | (0.22 | ) | 9.83 | 0.68 | % | 0.60 | % | 1.60 | % | (1.95 | %) | 159,186 | 22 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 11.24 | 0.20 | (0.04 | ) | 0.16 | (0.21 | ) | (0.96 | ) | (1.17 | ) | 10.23 | 0.68 | % | 0.60 | % | 1.83 | % | 1.88 | % | 121,012 | 30 | % | |||||||||||||||||||||||||||||||||
| 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 | % | |||||||||||||||||||||||||||||||||||
| Class C |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $11.14 | $0.09 | ($0.38 | ) | ($0.29 | ) | ($0.21 | ) | ($0.20 | ) | ($0.41 | ) | $10.44 | 1.42 | % | 1.35 | % | 0.78 | % | (2.85 | %) | $37,841 | 20 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.59 | 0.08 | 1.74 | 1.82 | (0.27 | ) | — | (0.27 | ) | 11.14 | 1.42 | % | 1.35 | % | 0.72 | % | 18.96 | % | 46,869 | 37 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 9.97 | 0.09 | (0.35 | ) | (0.26 | ) | (0.10 | ) | (0.02 | ) | (0.12 | ) | 9.59 | 1.43 | % | 1.35 | % | 0.86 | % | (2.72 | %) | 46,909 | 22 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 11.00 | 0.11 | (0.03 | ) | 0.08 | (0.15 | ) | (0.96 | ) | (1.11 | ) | 9.97 | 1.43 | % | 1.35 | % | 1.08 | % | 1.13 | % | 111,233 | 30 | % | |||||||||||||||||||||||||||||||||
| 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 | % | |||||||||||||||||||||||||||||||||||
| Advisor Class |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $11.52 | $0.21 | ($0.39 | ) | ($0.18 | ) | ($0.30 | ) | ($0.20 | ) | ($0.50 | ) | $10.84 | 0.42 | % | 0.35 | % | 1.78 | % | (1.84 | %) | $13,647 | 20 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.88 | 0.19 | 1.80 | 1.99 | (0.35 | ) | — | (0.35 | ) | 11.52 | 0.42 | % | 0.35 | % | 1.72 | % | 20.17 | % | 11,299 | 37 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.26 | 0.20 | (0.35 | ) | (0.15 | ) | (0.21 | ) | (0.02 | ) | (0.23 | ) | 9.88 | 0.43 | % | 0.35 | % | 1.85 | % | (1.68 | %) | 6,994 | 22 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 11.26 | 0.22 | (0.03 | ) | 0.19 | (0.23 | ) | (0.96 | ) | (1.19 | ) | 10.26 | 0.43 | % | 0.35 | % | 2.08 | % | 2.26 | % | 6,893 | 30 | % | |||||||||||||||||||||||||||||||||
| 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 | % | |||||||||||||||||||||||||||||||||||
| Pacific Funds Portfolio Optimization Moderate-Conservative |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $12.52 | $0.15 | ($0.20 | ) | ($0.05 | ) | ($0.29 | ) | ($0.56 | ) | ($0.85 | ) | $11.62 | 0.65 | % | 0.60 | % | 1.14 | % | (0.83 | %) | $262,457 | 19 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.95 | 0.15 | 2.74 | 2.89 | (0.32 | ) | — | (0.32 | ) | 12.52 | 0.66 | % | 0.60 | % | 1.25 | % | 29.06 | % | 283,474 | 28 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.70 | 0.17 | (0.66 | ) | (0.49 | ) | (0.22 | ) | (0.04 | ) | (0.26 | ) | 9.95 | 0.67 | % | 0.60 | % | 1.55 | % | (4.94 | %) | 231,749 | 20 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 12.58 | 0.18 | (0.06 | ) | 0.12 | (0.20 | ) | (1.80 | ) | (2.00 | ) | 10.70 | 0.68 | % | 0.60 | % | 1.55 | % | 1.91 | % | 199,827 | 45 | % | |||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Class C |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $12.20 | $0.05 | ($0.18 | ) | ($0.13 | ) | ($0.22 | ) | ($0.56 | ) | ($0.78 | ) | $11.29 | 1.41 | % | 1.35 | % | 0.39 | % | (1.54 | %) | $31,538 | 19 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.72 | 0.06 | 2.66 | 2.72 | (0.24 | ) | — | (0.24 | ) | 12.20 | 1.41 | % | 1.35 | % | 0.50 | % | 28.06 | % | 45,349 | 28 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.44 | 0.09 | (0.66 | ) | (0.57 | ) | (0.11 | ) | (0.04 | ) | (0.15 | ) | 9.72 | 1.42 | % | 1.35 | % | 0.80 | % | (5.63 | %) | 48,929 | 20 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 12.34 | 0.09 | (0.06 | ) | 0.03 | (0.13 | ) | (1.80 | ) | (1.93 | ) | 10.44 | 1.43 | % | 1.35 | % | 0.80 | % | 1.11 | % | 136,522 | 45 | % | |||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Advisor Class |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $12.60 | $0.18 | ($0.20 | ) | ($0.02 | ) | ($0.32 | ) | ($0.56 | ) | ($0.88 | ) | $11.70 | 0.40 | % | 0.35 | % | 1.39 | % | (0.64 | %) | $6,710 | 19 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 10.00 | 0.18 | 2.76 | 2.94 | (0.34 | ) | — | (0.34 | ) | 12.60 | 0.41 | % | 0.35 | % | 1.50 | % | 29.44 | % | 6,126 | 28 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.75 | 0.20 | (0.67 | ) | (0.47 | ) | (0.24 | ) | (0.04 | ) | (0.28 | ) | 10.00 | 0.42 | % | 0.35 | % | 1.80 | % | (4.67 | %) | 5,659 | 20 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 12.62 | 0.21 | (0.06 | ) | 0.15 | (0.22 | ) | (1.80 | ) | (2.02 | ) | 10.75 | 0.42 | % | 0.35 | % | 1.80 | % | 2.10 | % | 7,701 | 45 | % | |||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Pacific Funds Portfolio Optimization Moderate |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $14.35 | $0.10 | $0.11 | $0.21 | ($0.36 | ) | ($0.87 | ) | ($1.23 | ) | $13.33 | 0.63 | % | 0.60 | % | 0.68 | % | 0.92 | % | $845,027 | 20 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 10.60 | 0.12 | 4.06 | 4.18 | (0.32 | ) | (0.11 | ) | (0.43 | ) | 14.35 | 0.64 | % | 0.60 | % | 0.95 | % | 39.61 | % | 897,486 | 27 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 12.01 | 0.17 | (0.95 | ) | (0.78 | ) | (0.19 | ) | (0.44 | ) | (0.63 | ) | 10.60 | 0.66 | % | 0.60 | % | 1.38 | % | (7.24 | %) | 714,447 | 19 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 14.26 | 0.16 | 0.04 | 0.20 | (0.23 | ) | (2.22 | ) | (2.45 | ) | 12.01 | 0.66 | % | 0.60 | % | 1.17 | % | 2.49 | % | 652,731 | 41 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Class C |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $14.03 | ($0.01 | ) | $0.11 | $0.10 | ($0.28 | ) | ($0.87 | ) | ($1.15 | ) | $12.98 | 1.38 | % | 1.35 | % | (0.07 | %) | 0.14 | % | $107,229 | 20 | % | |||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 10.39 | 0.03 | 3.96 | 3.99 | (0.24 | ) | (0.11 | ) | (0.35 | ) | 14.03 | 1.39 | % | 1.35 | % | 0.20 | % | 38.56 | % | 143,244 | 27 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 11.77 | 0.08 | (0.94 | ) | (0.86 | ) | (0.08 | ) | (0.44 | ) | (0.52 | ) | 10.39 | 1.41 | % | 1.35 | % | 0.63 | % | (7.97 | %) | 142,846 | 19 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 14.04 | 0.05 | 0.06 | 0.11 | (0.16 | ) | (2.22 | ) | (2.38 | ) | 11.77 | 1.41 | % | 1.35 | % | 0.42 | % | 1.78 | % | 381,170 | 41 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| See Notes to Financial Statements | See explanation of references on C-28 |
C-20
Table of Contents
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended March 31, 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 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $14.42 | $0.14 | $0.11 | $0.25 | ($0.39 | ) | ($0.87 | ) | ($1.26 | ) | $13.41 | 0.38 | % | 0.35 | % | 0.93 | % | 1.17 | % | $30,378 | 20 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 10.64 | 0.16 | 4.07 | 4.23 | (0.34 | ) | (0.11 | ) | (0.45 | ) | 14.42 | 0.39 | % | 0.35 | % | 1.20 | % | 39.99 | % | 35,732 | 27 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 12.05 | 0.20 | (0.96 | ) | (0.76 | ) | (0.21 | ) | (0.44 | ) | (0.65 | ) | 10.64 | 0.41 | % | 0.35 | % | 1.63 | % | (7.07 | %) | 21,729 | 19 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 14.29 | 0.19 | 0.04 | 0.23 | (0.25 | ) | (2.22 | ) | (2.47 | ) | 12.05 | 0.41 | % | 0.35 | % | 1.42 | % | 2.75 | % | 26,959 | 41 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2017 - 3/31/2018 | 13.69 | 0.24 | 0.94 | 1.18 | (0.27 | ) | (0.31 | ) | (0.58 | ) | 14.29 | 0.41 | % | 0.35 | % | 1.65 | % | 8.54 | % | 23,088 | 36 | % | ||||||||||||||||||||||||||||||||||
| Pacific Funds Portfolio Optimization Growth |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $15.50 | $0.07 | $0.39 | $0.46 | ($0.40 | ) | ($1.23 | ) | ($1.63 | ) | $14.33 | 0.64 | % | 0.60 | % | 0.46 | % | 2.22 | % | $712,010 | 19 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 10.59 | 0.11 | 5.19 | 5.30 | (0.23 | ) | (0.16 | ) | (0.39 | ) | 15.50 | 0.64 | % | 0.60 | % | 0.80 | % | 50.27 | % | 743,213 | 28 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 12.77 | 0.19 | (1.45 | ) | (1.26 | ) | (0.22 | ) | (0.70 | ) | (0.92 | ) | 10.59 | 0.66 | % | 0.60 | % | 1.45 | % | (11.24 | %) | 544,605 | 18 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 15.46 | 0.12 | 0.13 | 0.25 | (0.21 | ) | (2.73 | ) | (2.94 | ) | 12.77 | 0.66 | % | 0.60 | % | 0.84 | % | 2.92 | % | 529,247 | 53 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Class C |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $15.06 | ($0.04 | ) | $0.38 | $0.34 | ($0.31 | ) | ($1.23 | ) | ($1.54 | ) | $13.86 | 1.39 | % | 1.35 | % | (0.29 | %) | 1.51 | % | $89,501 | 19 | % | |||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 10.33 | 0.01 | 5.03 | 5.04 | (0.15 | ) | (0.16 | ) | (0.31 | ) | 15.06 | 1.39 | % | 1.35 | % | 0.05 | % | 48.99 | % | 116,482 | 28 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 12.45 | 0.09 | (1.41 | ) | (1.32 | ) | (0.10 | ) | (0.70 | ) | (0.80 | ) | 10.33 | 1.41 | % | 1.35 | % | 0.70 | % | (11.81 | %) | 100,768 | 18 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 15.18 | 0.01 | 0.13 | 0.14 | (0.14 | ) | (2.73 | ) | (2.87 | ) | 12.45 | 1.42 | % | 1.35 | % | 0.08 | % | 2.12 | % | 271,000 | 53 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Advisor Class |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $15.60 | $0.11 | $0.39 | $0.50 | ($0.43 | ) | ($1.23 | ) | ($1.66 | ) | $14.44 | 0.39 | % | 0.35 | % | 0.71 | % | 2.46 | % | $19,833 | 19 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 10.65 | 0.14 | 5.23 | 5.37 | (0.26 | ) | (0.16 | ) | (0.42 | ) | 15.60 | 0.39 | % | 0.35 | % | 1.05 | % | 50.62 | % | 20,137 | 28 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 12.82 | 0.22 | (1.45 | ) | (1.23 | ) | (0.24 | ) | (0.70 | ) | (0.94 | ) | 10.65 | 0.41 | % | 0.35 | % | 1.70 | % | (10.98 | %) | 14,485 | 18 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 15.51 | 0.16 | 0.12 | 0.28 | (0.24 | ) | (2.73 | ) | (2.97 | ) | 12.82 | 0.41 | % | 0.35 | % | 1.09 | % | 3.12 | % | 19,458 | 53 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Pacific Funds Portfolio Optimization Aggressive-Growth |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $17.62 | $0.02 | $0.63 | $0.65 | ($0.52 | ) | ($1.38 | ) | ($1.90 | ) | $16.37 | 0.65 | % | 0.60 | % | 0.12 | % | 2.80 | % | $270,691 | 15 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 11.38 | 0.09 | 6.70 | 6.79 | (0.21 | ) | (0.34 | ) | (0.55 | ) | 17.62 | 0.66 | % | 0.60 | % | 0.56 | % | 60.05 | % | 275,818 | 31 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 14.25 | 0.19 | (1.89 | ) | (1.70 | ) | (0.23 | ) | (0.94 | ) | (1.17 | ) | 11.38 | 0.67 | % | 0.60 | % | 1.31 | % | (13.66 | %) | 191,505 | 19 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 17.03 | 0.10 | 0.25 | 0.35 | (0.25 | ) | (2.88 | ) | (3.13 | ) | 14.25 | 0.68 | % | 0.60 | % | 0.61 | % | 3.39 | % | 193,470 | 55 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $16.92 | ($0.11 | ) | $0.60 | $0.49 | ($0.41 | ) | ($1.38 | ) | ($1.79 | ) | $15.62 | 1.40 | % | 1.35 | % | (0.63 | %) | 2.04 | % | $35,333 | 15 | % | |||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 10.97 | (0.03 | ) | 6.45 | 6.42 | (0.13 | ) | (0.34 | ) | (0.47 | ) | 16.92 | 1.41 | % | 1.35 | % | (0.19 | %) | 58.83 | % | 43,705 | 31 | % | |||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 13.76 | 0.08 | (1.82 | ) | (1.74 | ) | (0.11 | ) | (0.94 | ) | (1.05 | ) | 10.97 | 1.42 | % | 1.35 | % | 0.56 | % | (14.25 | %) | 35,339 | 19 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 16.59 | (0.02 | ) | 0.24 | 0.22 | (0.17 | ) | (2.88 | ) | (3.05 | ) | 13.76 | 1.43 | % | 1.35 | % | (0.14 | %) | 2.57 | % | 85,434 | 55 | % | |||||||||||||||||||||||||||||||||
| 4/1/2017 - 3/31/2018 | 15.43 | (0.00 | )(6) | 1.75 | 1.75 | (0.10 | ) | (0.49 | ) | (0.59 | ) | 16.59 | 1.43 | % | 1.35 | % | (0.01 | %) | 11.39 | % | 97,877 | 41 | % | |||||||||||||||||||||||||||||||||
| Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $17.72 | $0.07 | $0.62 | $0.69 | ($0.55 | ) | ($1.38 | ) | ($1.93 | ) | $16.48 | 0.40 | % | 0.35 | % | 0.37 | % | 3.02 | % | $10,940 | 15 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 11.44 | 0.12 | 6.74 | 6.86 | (0.24 | ) | (0.34 | ) | (0.58 | ) | 17.72 | 0.41 | % | 0.35 | % | 0.81 | % | 60.35 | % | 14,855 | 31 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 14.29 | 0.23 | (1.89 | ) | (1.66 | ) | (0.25 | ) | (0.94 | ) | (1.19 | ) | 11.44 | 0.42 | % | 0.35 | % | 1.56 | % | (13.34 | %) | 9,606 | 19 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 17.07 | 0.14 | 0.23 | 0.37 | (0.27 | ) | (2.88 | ) | (3.15 | ) | 14.29 | 0.43 | % | 0.35 | % | 0.86 | % | 3.57 | % | 10,860 | 55 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Pacific Funds Ultra Short Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class I |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $10.07 | $0.06 | ($0.10 | ) | ($0.04 | ) | ($0.07 | ) | ($0.04 | ) | ($0.11 | ) | $9.92 | 0.66 | % | 0.32 | % | 0.62 | % | (0.42 | %) | $12,929 | 75 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.65 | 0.12 | 0.44 | 0.56 | (0.12 | ) | (0.02 | ) | (0.14 | ) | 10.07 | 0.70 | % | 0.32 | % | 1.16 | % | 5.81 | % | 12,993 | 96 | % | ||||||||||||||||||||||||||||||||||
| 6/28/2019 - 3/31/2020 | 10.00 | 0.17 | (0.35 | ) | (0.18 | ) | (0.17 | ) | (0.00 | )(6) | (0.17 | ) | 9.65 | 0.87 | % | 0.32 | % | 2.27 | % | (1.81 | %) | 12,273 | 81 | % | ||||||||||||||||||||||||||||||||
| See Notes to Financial Statements | See explanation of references on C-28 |
C-21
Table of Contents
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended March 31, 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 Ultra Short Income (Continued) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Advisor Class |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $10.07 | $0.06 | ($0.10 | ) | ($0.04 | ) | ($0.07 | ) | ($0.04 | ) | ($0.11 | ) | $9.92 | 0.66 | % | 0.32 | % | 0.62 | % | (0.42 | %) | $18,598 | 75 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.65 | 0.12 | 0.44 | 0.56 | (0.12 | ) | (0.02 | ) | (0.14 | ) | 10.07 | 0.69 | % | 0.32 | % | 1.16 | % | 5.81 | % | 18,449 | 96 | % | ||||||||||||||||||||||||||||||||||
| 6/28/2019 - 3/31/2020 | 10.00 | 0.17 | (0.35 | ) | (0.18 | ) | (0.17 | ) | (0.00 | )(6) | (0.17 | ) | 9.65 | 0.97 | % | 0.32 | % | 2.27 | % | (1.81 | %) | 12,401 | 81 | % | ||||||||||||||||||||||||||||||||
| Pacific Funds Short Duration Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $10.57 | $0.12 | ($0.31 | ) | ($0.19 | ) | ($0.12 | ) | ($0.10 | ) | ($0.22 | ) | $10.16 | 0.87 | % | 0.75 | % | 1.14 | % | (1.85 | %) | $174,444 | 60 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 10.05 | 0.16 | 0.52 | 0.68 | (0.16 | ) | — | (0.16 | ) | 10.57 | 0.88 | % | 0.75 | % | 1.50 | % | 6.78 | % | 204,761 | 76 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.30 | 0.24 | (0.25 | ) | (0.01 | ) | (0.24 | ) | — | (0.24 | ) | 10.05 | 0.99 | % | 0.75 | % | 2.33 | % | (0.13 | %) | 154,309 | 56 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.24 | 0.26 | 0.05 | 0.31 | (0.25 | ) | — | (0.25 | ) | 10.30 | 1.03 | % | 0.75 | % | 2.57 | % | 3.11 | % | 118,935 | 50 | % | |||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Class C |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $10.55 | $0.04 | ($0.31 | ) | ($0.27 | ) | ($0.04 | ) | ($0.10 | ) | ($0.14 | ) | $10.14 | 1.62 | % | 1.50 | % | 0.39 | % | (2.59 | %) | $39,891 | 60 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 10.03 | 0.08 | 0.52 | 0.60 | (0.08 | ) | — | (0.08 | ) | 10.55 | 1.63 | % | 1.50 | % | 0.75 | % | 6.00 | % | 51,385 | 76 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.28 | 0.16 | (0.25 | ) | (0.09 | ) | (0.16 | ) | — | (0.16 | ) | 10.03 | 1.74 | % | 1.50 | % | 1.58 | % | (0.87 | %) | 48,816 | 56 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.22 | 0.19 | 0.05 | 0.24 | (0.18 | ) | — | (0.18 | ) | 10.28 | 1.78 | % | 1.50 | % | 1.82 | % | 2.35 | % | 46,167 | 50 | % | |||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Class I |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $10.56 | $0.15 | ($0.32 | ) | ($0.17 | ) | ($0.15 | ) | ($0.10 | ) | ($0.25 | ) | $10.14 | 0.62 | % | 0.48 | % | 1.40 | % | (1.69 | %) | $171,154 | 60 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 10.03 | 0.18 | 0.54 | 0.72 | (0.19 | ) | — | (0.19 | ) | 10.56 | 0.63 | % | 0.50 | % | 1.75 | % | 7.16 | % | 141,974 | 76 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.29 | 0.27 | (0.26 | ) | 0.01 | (0.27 | ) | — | (0.27 | ) | 10.03 | 0.63 | % | 0.50 | % | 2.58 | % | 0.03 | % | 106,402 | 56 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.22 | 0.29 | 0.06 | 0.35 | (0.28 | ) | — | (0.28 | ) | 10.29 | 0.63 | % | 0.50 | % | 2.82 | % | 3.47 | % | 83,436 | 50 | % | |||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Advisor Class |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $10.58 | $0.15 | ($0.32 | ) | ($0.17 | ) | ($0.15 | ) | ($0.10 | ) | ($0.25 | ) | $10.16 | 0.62 | % | 0.50 | % | 1.39 | % | (1.70 | %) | $622,664 | 60 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 10.05 | 0.18 | 0.54 | 0.72 | (0.19 | ) | — | (0.19 | ) | 10.58 | 0.63 | % | 0.50 | % | 1.75 | % | 7.14 | % | 778,271 | 76 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.31 | 0.27 | (0.26 | ) | 0.01 | (0.27 | ) | — | (0.27 | ) | 10.05 | 0.73 | % | 0.50 | % | 2.58 | % | 0.02 | % | 717,804 | 56 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.24 | 0.29 | 0.06 | 0.35 | (0.28 | ) | — | (0.28 | ) | 10.31 | 0.78 | % | 0.50 | % | 2.82 | % | 3.46 | % | 483,476 | 50 | % | |||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Pacific Funds Core Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $11.18 | $0.20 | ($0.52 | ) | ($0.32 | ) | ($0.21 | ) | ($0.24 | ) | ($0.45 | ) | $10.41 | 0.97 | % | 0.85 | % | 1.83 | % | (3.11 | %) | $127,727 | 82 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 10.60 | 0.22 | 0.66 | 0.88 | (0.22 | ) | (0.08 | ) | (0.30 | ) | 11.18 | 0.98 | % | 0.85 | % | 1.95 | % | 8.29 | % | 160,701 | 102 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.52 | 0.29 | 0.08 | 0.37 | (0.29 | ) | — | (0.29 | ) | 10.60 | 1.09 | % | 0.85 | % | 2.70 | % | 3.51 | % | 140,650 | 70 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.45 | 0.33 | 0.07 | 0.40 | (0.33 | ) | — | (0.33 | ) | 10.52 | 1.13 | % | 0.85 | % | 3.22 | % | 3.99 | % | 82,136 | 93 | % | |||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Class C |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $11.18 | $0.12 | ($0.53 | ) | ($0.41 | ) | ($0.12 | ) | ($0.24 | ) | ($0.36 | ) | $10.41 | 1.72 | % | 1.60 | % | 1.08 | % | (3.84 | %) | $35,731 | 82 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 10.60 | 0.14 | 0.66 | 0.80 | (0.14 | ) | (0.08 | ) | (0.22 | ) | 11.18 | 1.73 | % | 1.60 | % | 1.20 | % | 7.48 | % | 53,990 | 102 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.52 | 0.21 | 0.08 | 0.29 | (0.21 | ) | — | (0.21 | ) | 10.60 | 1.84 | % | 1.60 | % | 1.95 | % | 2.73 | % | 58,397 | 70 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.46 | 0.26 | 0.06 | 0.32 | (0.26 | ) | — | (0.26 | ) | 10.52 | 1.88 | % | 1.60 | % | 2.47 | % | 3.11 | % | 81,309 | 93 | % | |||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Class I |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $11.19 | $0.24 | ($0.53 | ) | ($0.29 | ) | ($0.24 | ) | ($0.24 | ) | ($0.48 | ) | $10.42 | 0.72 | % | 0.55 | % | 2.13 | % | (2.81 | %) | $118,420 | 82 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 10.61 | 0.25 | 0.67 | 0.92 | (0.26 | ) | (0.08 | ) | (0.34 | ) | 11.19 | 0.73 | % | 0.55 | % | 2.25 | % | 8.61 | % | 107,857 | 102 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.53 | 0.33 | 0.07 | 0.40 | (0.32 | ) | — | (0.32 | ) | 10.61 | 0.73 | % | 0.55 | % | 3.00 | % | 3.81 | % | 60,355 | 70 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.46 | 0.36 | 0.08 | 0.44 | (0.37 | ) | — | (0.37 | ) | 10.53 | 0.73 | % | 0.55 | % | 3.52 | % | 4.30 | % | 26,394 | 93 | % | |||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| See Notes to Financial Statements | See explanation of references on C-28 |
C-22
Table of Contents
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended March 31, 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 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $11.23 | $0.24 | ($0.54 | ) | ($0.30 | ) | ($0.24 | ) | ($0.24 | ) | ($0.48 | ) | $10.45 | 0.72 | % | 0.55 | % | 2.13 | % | (2.88 | %) | $34,896 | 82 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 10.64 | 0.26 | 0.67 | 0.93 | (0.26 | ) | (0.08 | ) | (0.34 | ) | 11.23 | 0.73 | % | 0.55 | % | 2.25 | % | 8.68 | % | 46,122 | 102 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.56 | 0.33 | 0.08 | 0.41 | (0.33 | ) | — | (0.33 | ) | 10.64 | 0.73 | % | 0.55 | % | 3.00 | % | 3.80 | % | 31,831 | 70 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.49 | 0.37 | 0.07 | 0.44 | (0.37 | ) | — | (0.37 | ) | 10.56 | 0.73 | % | 0.55 | % | 3.52 | % | 4.29 | % | 40,570 | 93 | % | |||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Advisor Class |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $11.21 | $0.24 | ($0.54 | ) | ($0.30 | ) | ($0.24 | ) | ($0.24 | ) | ($0.48 | ) | $10.43 | 0.72 | % | 0.55 | % | 2.13 | % | (2.89 | %) | $625,283 | 82 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 10.62 | 0.26 | 0.67 | 0.93 | (0.26 | ) | (0.08 | ) | (0.34 | ) | 11.21 | 0.73 | % | 0.55 | % | 2.25 | % | 8.70 | % | 801,154 | 102 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.54 | 0.33 | 0.08 | 0.41 | (0.33 | ) | — | (0.33 | ) | 10.62 | 0.84 | % | 0.55 | % | 3.00 | % | 3.81 | % | 679,287 | 70 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.48 | 0.36 | 0.07 | 0.43 | (0.37 | ) | — | (0.37 | ) | 10.54 | 0.88 | % | 0.55 | % | 3.52 | % | 4.19 | % | 393,645 | 93 | % | |||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Pacific Funds ESG Core Bond |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class I |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $9.70 | $0.10 | ($0.52 | ) | ($0.42 | ) | ($0.11 | ) | $— | ($0.11 | ) | $9.17 | 1.01 | % | 0.48 | % | 1.06 | % | (4.37 | %) | $14,534 | 51 | % | |||||||||||||||||||||||||||||||||
| 12/14/2020 - 3/31/2021 | 10.00 | 0.03 | (0.30 | ) | (0.27 | ) | (0.03 | ) | — | (0.03 | ) | 9.70 | 0.97 | % | 0.48 | % | 0.88 | % | (2.73 | %) | 12,156 | 26 | % | |||||||||||||||||||||||||||||||||
| Advisor Class |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $9.70 | $0.10 | ($0.52 | ) | ($0.42 | ) | ($0.11 | ) | $— | ($0.11 | ) | $9.17 | 1.01 | % | 0.48 | % | 1.06 | % | (4.37 | %) | $11,626 | 51 | % | |||||||||||||||||||||||||||||||||
| 12/14/2020 - 3/31/2021 | 10.00 | 0.03 | (0.30 | ) | (0.27 | ) | (0.03 | ) | — | (0.03 | ) | 9.70 | 0.97 | % | 0.48 | % | 0.88 | % | (2.73 | %) | 12,156 | 26 | % | |||||||||||||||||||||||||||||||||
| Pacific Funds Strategic Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $11.52 | $0.33 | ($0.47 | ) | ($0.14 | ) | ($0.32 | ) | ($0.10 | ) | ($0.42 | ) | $10.96 | 1.07 | % | 0.94 | % | 2.85 | % | (1.30 | %) | $134,612 | 40 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.72 | 0.40 | 1.79 | 2.19 | (0.39 | ) | — | (0.39 | ) | 11.52 | 1.08 | % | 0.95 | % | 3.57 | % | 22.82 | % | 104,659 | 86 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.60 | 0.43 | (0.88 | ) | (0.45 | ) | (0.43 | ) | — | (0.43 | ) | 9.72 | 1.19 | % | 0.95 | % | 3.94 | % | (4.58 | %) | 71,510 | 98 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.71 | 0.47 | (0.11 | ) | 0.36 | (0.47 | ) | — | (0.47 | ) | 10.60 | 1.23 | % | 0.95 | % | 4.43 | % | 3.43 | % | 61,503 | 99 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | |||||||||||||||||||||||||||||||||||
| Class C |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $11.49 | $0.25 | ($0.47 | ) | ($0.22 | ) | ($0.24 | ) | ($0.10 | ) | ($0.34 | ) | $10.93 | 1.82 | % | 1.64 | % | 2.15 | % | (1.99 | %) | $78,497 | 40 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.69 | 0.32 | 1.80 | 2.12 | (0.32 | ) | — | (0.32 | ) | 11.49 | 1.83 | % | 1.65 | % | 2.87 | % | 22.04 | % | 72,157 | 86 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.58 | 0.35 | (0.89 | ) | (0.54 | ) | (0.35 | ) | — | (0.35 | ) | 9.69 | 1.94 | % | 1.65 | % | 3.24 | % | (5.35 | %) | 63,134 | 98 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.69 | 0.39 | (0.11 | ) | 0.28 | (0.39 | ) | — | (0.39 | ) | 10.58 | 1.98 | % | 1.65 | % | 3.73 | % | 2.73 | % | 58,634 | 99 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | |||||||||||||||||||||||||||||||||||
| Class I |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $11.45 | $0.36 | ($0.46 | ) | ($0.10 | ) | ($0.36 | ) | ($0.10 | ) | ($0.46 | ) | $10.89 | 0.82 | % | 0.64 | % | 3.15 | % | (1.02 | %) | $142,365 | 40 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.66 | 0.42 | 1.80 | 2.22 | (0.43 | ) | — | (0.43 | ) | 11.45 | 0.84 | % | 0.65 | % | 3.87 | % | 23.23 | % | 13,842 | 86 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.54 | 0.46 | (0.88 | ) | (0.42 | ) | (0.46 | ) | — | (0.46 | ) | 9.66 | 0.83 | % | 0.65 | % | 4.24 | % | (4.32 | %) | 16,622 | 98 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.65 | 0.50 | (0.11 | ) | 0.39 | (0.50 | ) | — | (0.50 | ) | 10.54 | 0.83 | % | 0.65 | % | 4.73 | % | 3.77 | % | 5,750 | 99 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | |||||||||||||||||||||||||||||||||||
| Advisor Class |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $11.52 | $0.36 | ($0.46 | ) | ($0.10 | ) | ($0.35 | ) | ($0.10 | ) | ($0.45 | ) | $10.97 | 0.82 | % | 0.69 | % | 3.10 | % | (0.97 | %) | $1,245,830 | 40 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.72 | 0.43 | 1.79 | 2.22 | (0.42 | ) | — | (0.42 | ) | 11.52 | 0.83 | % | 0.70 | % | 3.82 | % | 23.12 | % | 832,054 | 86 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.60 | 0.45 | (0.87 | ) | (0.42 | ) | (0.46 | ) | — | (0.46 | ) | 9.72 | 0.94 | % | 0.70 | % | 4.19 | % | (4.34 | %) | 491,221 | 98 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.71 | 0.49 | (0.11 | ) | 0.38 | (0.49 | ) | — | (0.49 | ) | 10.60 | 0.98 | % | 0.70 | % | 4.68 | % | 3.70 | % | 456,428 | 99 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | |||||||||||||||||||||||||||||||||||
| See Notes to Financial Statements | See explanation of references on C-28 |
C-23
Table of Contents
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended March 31, 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 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $9.72 | $0.35 | ($0.06 | ) | $0.29 | ($0.35 | ) | $— | ($0.35 | ) | $9.66 | 1.13 | % | 1.00 | %(7) | 3.56 | % | 2.87 | % | $280,827 | 90 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 8.80 | 0.34 | 0.92 | 1.26 | (0.34 | ) | — | (0.34 | ) | 9.72 | 1.17 | % | 1.02 | % | 3.63 | % | 14.52 | % | 170,353 | 116 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 9.88 | 0.46 | (1.08 | ) | (0.62 | ) | (0.46 | ) | — | (0.46 | ) | 8.80 | 1.27 | % | 1.02 | % | 4.64 | % | (6.69 | %) | 162,511 | 116 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.12 | 0.49 | (0.24 | ) | 0.25 | (0.49 | ) | — | (0.49 | ) | 9.88 | 1.29 | % | 1.01 | % | 4.92 | % | 2.57 | % | 202,929 | 122 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Class C |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $9.71 | $0.28 | ($0.07 | ) | $0.21 | ($0.28 | ) | $— | ($0.28 | ) | $9.64 | 1.88 | % | 1.70 | %(7) | 2.86 | % | 2.15 | % | $109,161 | 90 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 8.79 | 0.28 | 0.92 | 1.20 | (0.28 | ) | — | (0.28 | ) | 9.71 | 1.92 | % | 1.72 | % | 2.93 | % | 13.74 | % | 87,940 | 116 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 9.86 | 0.39 | (1.08 | ) | (0.69 | ) | (0.38 | ) | — | (0.38 | ) | 8.79 | 2.03 | % | 1.72 | % | 3.94 | % | (7.31 | %) | 102,846 | 116 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.10 | 0.42 | (0.24 | ) | 0.18 | (0.42 | ) | — | (0.42 | ) | 9.86 | 2.04 | % | 1.71 | % | 4.22 | % | 1.86 | % | 197,081 | 122 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Class I |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $9.73 | $0.38 | ($0.06 | ) | $0.32 | ($0.38 | ) | $— | ($0.38 | ) | $9.67 | 0.88 | % | 0.70 | %(7) | 3.86 | % | 3.29 | % | $1,838,625 | 90 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 8.81 | 0.38 | 0.91 | 1.29 | (0.37 | ) | — | (0.37 | ) | 9.73 | 0.91 | % | 0.72 | % | 3.93 | % | 14.87 | % | 1,019,062 | 116 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 9.90 | 0.49 | (1.09 | ) | (0.60 | ) | (0.49 | ) | — | (0.49 | ) | 8.81 | 0.91 | % | 0.72 | % | 4.94 | % | (6.49 | %) | 415,170 | 116 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.14 | 0.52 | (0.23 | ) | 0.29 | (0.53 | ) | — | (0.53 | ) | 9.90 | 0.90 | % | 0.71 | % | 5.22 | % | 2.88 | % | 497,335 | 122 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Class P |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $9.73 | $0.38 | ($0.06 | ) | $0.32 | ($0.38 | ) | $— | ($0.38 | ) | $9.67 | 0.89 | % | 0.70 | %(7) | 3.86 | % | 3.28 | % | $53,045 | 90 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 8.81 | 0.37 | 0.92 | 1.29 | (0.37 | ) | — | (0.37 | ) | 9.73 | 0.91 | % | 0.72 | % | 3.93 | % | 14.85 | % | 9,560 | 116 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 9.90 | 0.49 | (1.09 | ) | (0.60 | ) | (0.49 | ) | — | (0.49 | ) | 8.81 | 0.91 | % | 0.72 | % | 4.95 | % | (6.49 | %) | 7,900 | 116 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.14 | 0.53 | (0.25 | ) | 0.28 | (0.52 | ) | — | (0.52 | ) | 9.90 | 0.89 | % | 0.71 | % | 5.22 | % | 2.87 | % | 32,176 | 122 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Advisor Class |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $9.75 | $0.37 | ($0.06 | ) | $0.31 | ($0.37 | ) | $— | ($0.37 | ) | $9.69 | 0.88 | % | 0.75 | %(7) | 3.81 | % | 3.25 | % | $1,778,969 | 90 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 8.83 | 0.37 | 0.92 | 1.29 | (0.37 | ) | — | (0.37 | ) | 9.75 | 0.91 | % | 0.77 | % | 3.88 | % | 14.78 | % | 716,233 | 116 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 9.92 | 0.48 | (1.09 | ) | (0.61 | ) | (0.48 | ) | — | (0.48 | ) | 8.83 | 1.03 | % | 0.77 | % | 4.89 | % | (6.52 | %) | 506,347 | 116 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.16 | 0.52 | (0.24 | ) | 0.28 | (0.52 | ) | — | (0.52 | ) | 9.92 | 1.04 | % | 0.76 | % | 5.17 | % | 2.83 | % | 830,452 | 122 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Pacific Funds High Income |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $10.34 | $0.47 | ($0.50 | ) | ($0.03 | ) | ($0.46 | ) | $— | ($0.46 | ) | $9.85 | 1.12 | % | 0.95 | % | 4.53 | % | (0.36 | %) | $6,816 | 40 | % | |||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 8.75 | 0.51 | 1.59 | 2.10 | (0.51 | ) | — | (0.51 | ) | 10.34 | 1.13 | % | 0.95 | % | 5.13 | % | 24.45 | % | 7,496 | 66 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.07 | 0.52 | (1.33 | ) | (0.81 | ) | (0.51 | ) | — | (0.51 | ) | 8.75 | 1.24 | % | 0.95 | % | 5.11 | % | (8.61 | %) | 7,227 | 63 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.23 | 0.55 | (0.16 | ) | 0.39 | (0.55 | ) | — | (0.55 | ) | 10.07 | 1.31 | % | 0.95 | % | 5.48 | % | 3.97 | % | 5,174 | 64 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Class C |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $10.33 | $0.40 | ($0.51 | ) | ($0.11 | ) | ($0.39 | ) | $— | ($0.39 | ) | $9.83 | 1.87 | % | 1.65 | % | 3.83 | % | (1.17 | %) | $1,291 | 40 | % | |||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 8.74 | 0.44 | 1.59 | 2.03 | (0.44 | ) | — | (0.44 | ) | 10.33 | 1.88 | % | 1.65 | % | 4.43 | % | 23.61 | % | 1,937 | 66 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.06 | 0.45 | (1.33 | ) | (0.88 | ) | (0.44 | ) | — | (0.44 | ) | 8.74 | 2.00 | % | 1.65 | % | 4.41 | % | (9.28 | %) | 2,007 | 63 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.21 | 0.48 | (0.15 | ) | 0.33 | (0.48 | ) | — | (0.48 | ) | 10.06 | 2.06 | % | 1.65 | % | 4.78 | % | 3.35 | % | 3,726 | 64 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Class I |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $10.24 | $0.49 | ($0.50 | ) | ($0.01 | ) | ($0.49 | ) | $— | ($0.49 | ) | $9.74 | 0.87 | % | 0.69 | % | 4.79 | % | (0.20 | %) | $86 | 40 | % | |||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 8.66 | 0.53 | 1.59 | 2.12 | (0.54 | ) | — | (0.54 | ) | 10.24 | 0.88 | % | 0.70 | % | 5.38 | % | 24.76 | % | 62 | 66 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 9.98 | 0.54 | (1.33 | ) | (0.79 | ) | (0.53 | ) | — | (0.53 | ) | 8.66 | 0.88 | % | 0.70 | % | 5.36 | % | (8.36 | %) | 54 | 63 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.14 | 0.57 | (0.16 | ) | 0.41 | (0.57 | ) | — | (0.57 | ) | 9.98 | 0.91 | % | 0.70 | % | 5.73 | % | 4.27 | % | 175 | 64 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| See Notes to Financial Statements | See explanation of references on C-28 |
C-24
Table of Contents
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended March 31, 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 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $10.24 | $0.49 | ($0.50 | ) | ($0.01 | ) | ($0.49 | ) | $— | ($0.49 | ) | $9.74 | 0.87 | % | 0.69 | % | 4.79 | % | (0.20 | %) | $134,177 | 40 | % | |||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 8.66 | 0.53 | 1.59 | 2.12 | (0.54 | ) | — | (0.54 | ) | 10.24 | 0.88 | % | 0.70 | % | 5.38 | % | 24.91 | % | 146,345 | 66 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 9.98 | 0.54 | (1.33 | ) | (0.79 | ) | (0.53 | ) | — | (0.53 | ) | 8.66 | 0.88 | % | 0.70 | % | 5.36 | % | (8.46 | %) | 120,807 | 63 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.14 | 0.57 | (0.16 | ) | 0.41 | (0.57 | ) | — | (0.57 | ) | 9.98 | 0.91 | % | 0.70 | % | 5.73 | % | 4.27 | % | 113,317 | 64 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Advisor Class |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $10.36 | $0.50 | ($0.50 | ) | $0.00 | (6) | ($0.49 | ) | $— | ($0.49 | ) | $9.87 | 0.87 | % | 0.70 | % | 4.78 | % | (0.11 | %) | $6,741 | 40 | % | |||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 8.76 | 0.54 | 1.60 | 2.14 | (0.54 | ) | — | (0.54 | ) | 10.36 | 0.88 | % | 0.70 | % | 5.38 | % | 24.86 | % | 3,937 | 66 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.08 | 0.54 | (1.33 | ) | (0.79 | ) | (0.53 | ) | — | (0.53 | ) | 8.76 | 1.00 | % | 0.70 | % | 5.36 | % | (8.38 | %) | 3,329 | 63 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.24 | 0.58 | (0.17 | ) | 0.41 | (0.57 | ) | — | (0.57 | ) | 10.08 | 1.06 | % | 0.70 | % | 5.73 | % | 4.23 | % | 3,669 | 64 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Pacific Funds Small/Mid-Cap |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $17.47 | ($0.07 | ) | ($0.34 | ) | ($0.41 | ) | $— | ($1.08 | ) | ($1.08 | ) | $15.98 | 1.23 | % | 1.20 | % | (0.38 | %) | (2.82 | %) | $19,675 | 34 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.52 | (0.04 | ) | 7.99 | 7.95 | — | — | — | 17.47 | 1.24 | % | 1.20 | % | (0.33 | %) | 83.51 | % | 22,988 | 64 | % | ||||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 13.02 | (0.00 | )(6) | (3.47 | ) | (3.47 | ) | (0.03 | ) | — | (0.03 | ) | 9.52 | 1.37 | % | 1.23 | % | (0.03 | %) | (26.71 | %) | 14,379 | 36 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 13.23 | (0.02 | ) | 0.16 | 0.14 | — | (0.35 | ) | (0.35 | ) | 13.02 | 1.48 | % | 1.30 | % | (0.11 | %) | 1.19 | % | 21,872 | 33 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $16.83 | ($0.19 | ) | ($0.32 | ) | ($0.51 | ) | $— | ($1.08 | ) | ($1.08 | ) | $15.24 | 1.98 | % | 1.95 | % | (1.13 | %) | (3.53 | %) | $9,370 | 34 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.24 | (0.14 | ) | 7.73 | 7.59 | — | — | — | 16.83 | 1.99 | % | 1.95 | % | (1.08 | %) | 82.14 | % | 10,990 | 64 | % | ||||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 12.70 | (0.10 | ) | (3.36 | ) | (3.46 | ) | — | — | — | 9.24 | 2.13 | % | 1.98 | % | (0.78 | %) | (27.24 | %) | 9,277 | 36 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 13.01 | (0.11 | ) | 0.15 | 0.04 | — | (0.35 | ) | (0.35 | ) | 12.70 | 2.23 | % | 2.05 | % | (0.87 | %) | 0.43 | % | 16,875 | 33 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $17.57 | ($0.02 | ) | ($0.35 | ) | ($0.37 | ) | $— | ($1.08 | ) | ($1.08 | ) | $16.12 | 0.98 | % | 0.95 | % | (0.13 | %) | (2.52 | %) | $184,718 | 34 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.58 | (0.01 | ) | 8.05 | 8.04 | (0.05 | ) | — | (0.05 | ) | 17.57 | 1.00 | % | 0.95 | % | (0.08 | %) | 84.04 | % | 312,981 | 64 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 13.11 | 0.03 | (3.50 | ) | (3.47 | ) | (0.06 | ) | — | (0.06 | ) | 9.58 | 1.12 | % | 0.98 | % | 0.22 | % | (26.61 | %) | 214,344 | 36 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 13.28 | 0.02 | 0.16 | 0.18 | (0.00 | )(6) | (0.35 | ) | (0.35 | ) | 13.11 | 1.23 | % | 1.05 | % | 0.13 | % | 1.50 | % | 328,171 | 33 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2017 - 3/31/2018 | 11.94 | 0.00 | (6) | 1.35 | 1.35 | — | (0.01 | ) | (0.01 | ) | 13.28 | 1.26 | % | 1.05 | % | (0.03 | %) | 11.34 | % | 176,897 | 23 | % | ||||||||||||||||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $17.61 | ($0.01 | ) | ($0.43 | ) | ($0.44 | ) | $— | $— | $— | $17.17 | 0.98 | % | 0.85 | % | (0.03 | %) | (2.44 | %) | $1,017 | 34 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.59 | 0.00 | (6) | 8.08 | 8.08 | (0.06 | ) | — | (0.06 | ) | 17.61 | 0.99 | % | 0.86 | % | 0.01 | % | 84.32 | % | 1,558 | 64 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 13.12 | 0.04 | (3.50 | ) | (3.46 | ) | (0.07 | ) | — | (0.07 | ) | 9.59 | 1.01 | % | 0.93 | % | 0.27 | % | (26.57 | %) | 4,802 | 36 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 13.29 | 0.02 | 0.16 | 0.18 | (0.00 | )(6) | (0.35 | ) | (0.35 | ) | 13.12 | 1.08 | % | 1.00 | % | 0.19 | % | 1.52 | % | 6,422 | 33 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2017 - 3/31/2018 | 11.94 | 0.00 | (6) | 1.36 | 1.36 | — | (0.01 | ) | (0.01 | ) | 13.29 | 1.11 | % | 1.00 | % | 0.02 | % | 11.43 | % | 9,977 | 23 | % | ||||||||||||||||||||||||||||||||||
| Pacific Funds Small-Cap |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $16.02 | ($0.05 | ) | ($0.43 | ) | ($0.48 | ) | $— | ($0.73 | ) | ($0.73 | ) | $14.81 | 1.60 | % | 1.20 | % | (0.34 | %) | (3.38 | %) | $1,941 | 63 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 8.56 | (0.05 | ) | 7.51 | 7.46 | — | — | — | 16.02 | 1.88 | % | 1.20 | % | (0.40 | %) | 87.15 | % | 2,659 | 75 | % | ||||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 12.12 | (0.03 | ) | (3.51 | ) | (3.54 | ) | (0.02 | ) | — | (0.02 | ) | 8.56 | 1.73 | % | 1.23 | % | (0.21 | %) | (29.27 | %) | 3,343 | 42 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 12.86 | (0.03 | ) | (0.06 | ) | (0.09 | ) | — | (0.65 | ) | (0.65 | ) | 12.12 | 1.72 | % | 1.30 | % | (0.21 | %) | (0.53 | %) | 4,986 | 56 | % | ||||||||||||||||||||||||||||||||
| 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 | % | |||||||||||||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $15.56 | ($0.17 | ) | ($0.40 | ) | ($0.57 | ) | $— | ($0.73 | ) | ($0.73 | ) | $14.26 | 2.35 | % | 1.95 | % | (1.09 | %) | (4.07 | %) | $776 | 63 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 8.38 | (0.13 | ) | 7.31 | 7.18 | — | — | — | 15.56 | 2.65 | % | 1.95 | % | (1.15 | %) | 85.68 | % | 789 | 75 | % | ||||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 11.94 | (0.11 | ) | (3.45 | ) | (3.56 | ) | — | — | — | 8.38 | 2.48 | % | 1.98 | % | (0.96 | %) | (29.82 | %) | 538 | 42 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 12.76 | (0.12 | ) | (0.05 | ) | (0.17 | ) | — | (0.65 | ) | (0.65 | ) | 11.94 | 2.47 | % | 2.05 | % | (0.96 | %) | (1.17 | %) | 902 | 56 | % | ||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| See Notes to Financial Statements | See explanation of references on C-28 |
C-25
Table of Contents
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended March 31, 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 (Continued) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $16.32 | ($0.01 | ) | ($0.44 | ) | ($0.45 | ) | $— | ($0.73 | ) | ($0.73 | ) | $15.14 | 1.34 | % | 0.95 | % | (0.09 | %) | (3.13 | %) | $17,732 | 63 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 8.71 | (0.02 | ) | 7.64 | 7.62 | (0.01 | ) | — | (0.01 | ) | 16.32 | 1.65 | % | 0.95 | % | (0.15 | %) | 87.51 | % | 11,402 | 75 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 12.32 | 0.00 | (6) | (3.57 | ) | (3.57 | ) | (0.04 | ) | — | (0.04 | ) | 8.71 | 1.48 | % | 0.98 | % | 0.04 | % | (29.07 | %) | 7,897 | 42 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 13.04 | 0.01 | (0.07 | ) | (0.06 | ) | (0.01 | ) | (0.65 | ) | (0.66 | ) | 12.32 | 1.47 | % | 1.05 | % | 0.04 | % | (0.26 | %) | 13,220 | 56 | % | ||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $14.98 | $0.00 | (6) | ($0.46 | ) | ($0.46 | ) | $— | $— | $— | $14.52 | 1.35 | % | 0.85 | % | 0.01 | % | (3.07 | %) | $1,699 | 63 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 7.97 | (0.01 | ) | 7.02 | 7.01 | — | — | — | 14.98 | 1.64 | % | 0.86 | % | (0.06 | %) | 87.72 | % | 1,752 | 75 | % | ||||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 11.29 | 0.01 | (3.28 | ) | (3.27 | ) | (0.05 | ) | — | (0.05 | ) | 7.97 | 1.37 | % | 0.93 | % | 0.09 | % | (29.05 | %) | 731 | 42 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 12.00 | 0.01 | (0.06 | ) | (0.05 | ) | (0.01 | ) | (0.65 | ) | (0.66 | ) | 11.29 | 1.32 | % | 1.00 | % | 0.09 | % | (0.18 | %) | 658 | 56 | % | ||||||||||||||||||||||||||||||||
| 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 | % | |||||||||||||||||||||||||||||||||||
| Pacific Funds Small-Cap Value |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $11.53 | $0.01 | $0.82 | $0.83 | $— | ($0.17 | ) | ($0.17 | ) | $12.19 | 1.65 | % | 1.20 | % | 0.05 | % | 7.15 | % | $2,983 | 40 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 6.15 | 0.02 | 5.41 | 5.43 | (0.05 | ) | — | (0.05 | ) | 11.53 | 1.85 | % | 1.20 | % | 0.23 | % | 88.38 | % | 2,206 | 87 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 9.10 | 0.04 | (2.92 | ) | (2.88 | ) | (0.07 | ) | — | (0.07 | ) | 6.15 | 1.72 | % | 1.22 | % | 0.41 | % | (31.93 | %) | 1,023 | 45 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 11.17 | 0.03 | (0.49 | ) | (0.46 | ) | (0.03 | ) | (1.58 | ) | (1.61 | ) | 9.10 | 1.67 | % | 1.30 | % | 0.30 | % | (3.68 | %) | 1,298 | 51 | % | ||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Class C | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $11.30 | ($0.08 | ) | $0.81 | $0.73 | $— | ($0.17 | ) | ($0.17 | ) | $11.86 | 2.40 | % | 1.95 | % | (0.70 | %) | 6.41 | % | $760 | 40 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 6.04 | (0.04 | ) | 5.30 | 5.26 | — | — | — | 11.30 | 2.62 | % | 1.95 | % | (0.52 | %) | 87.09 | % | 801 | 87 | % | ||||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 8.94 | (0.03 | ) | (2.87 | ) | (2.90 | ) | — | — | — | 6.04 | 2.47 | % | 1.97 | % | (0.35 | %) | (32.44 | %) | 644 | 45 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 11.06 | (0.05 | ) | (0.49 | ) | (0.54 | ) | — | (1.58 | ) | (1.58 | ) | 8.94 | 2.42 | % | 2.05 | % | (0.45 | %) | (4.47 | %) | 1,287 | 51 | % | ||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Advisor Class | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $11.63 | $0.04 | $0.83 | $0.87 | ($0.02 | ) | ($0.17 | ) | ($0.19 | ) | $12.31 | 1.40 | % | 0.95 | % | 0.30 | % | 7.38 | % | $15,488 | 40 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 6.19 | 0.04 | 5.47 | 5.51 | (0.07 | ) | — | (0.07 | ) | 11.63 | 1.61 | % | 0.95 | % | 0.48 | % | 89.25 | % | 13,750 | 87 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 9.16 | 0.06 | (2.94 | ) | (2.88 | ) | (0.09 | ) | — | (0.09 | ) | 6.19 | 1.47 | % | 0.97 | % | 0.66 | % | (31.79 | %) | 10,018 | 45 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 11.24 | 0.06 | (0.51 | ) | (0.45 | ) | (0.05 | ) | (1.58 | ) | (1.63 | ) | 9.16 | 1.42 | % | 1.05 | % | 0.55 | % | (3.51 | %) | 11,664 | 51 | % | ||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| Class R6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $11.55 | $0.05 | $0.81 | $0.86 | ($0.02 | ) | $— | ($0.02 | ) | $12.39 | 1.40 | % | 0.85 | % | 0.40 | % | 7.48 | % | $1,318 | 40 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 6.17 | 0.05 | 5.42 | 5.47 | (0.09 | ) | — | (0.09 | ) | 11.55 | 1.61 | % | 0.86 | % | 0.57 | % | 88.95 | % | 1,160 | 87 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 9.12 | 0.07 | (2.92 | ) | (2.85 | ) | (0.10 | ) | — | (0.10 | ) | 6.17 | 1.36 | % | 0.92 | % | 0.70 | % | (31.67 | %) | 2,314 | 45 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 11.21 | 0.07 | (0.52 | ) | (0.45 | ) | (0.06 | ) | (1.58 | ) | (1.64 | ) | 9.12 | 1.27 | % | 1.00 | % | 0.60 | % | (3.52 | %) | 3,134 | 51 | % | ||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| PF Inflation Managed Fund |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $9.88 | $0.63 | ($0.22 | ) | $0.41 | ($0.36 | ) | $— | ($0.36 | ) | $9.93 | 0.76 | % | 0.57 | %(7) | 6.11 | % | 3.97 | % | $44,335 | 50 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.12 | 0.14 | 0.79 | 0.93 | (0.17 | ) | — | (0.17 | ) | 9.88 | 0.85 | % | 0.61 | % | 1.41 | % | 10.19 | % | 32,982 | 199 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 8.81 | 0.25 | 0.18 | 0.43 | (0.12 | ) | — | (0.12 | ) | 9.12 | 1.25 | % | 1.08 | % | 2.76 | % | 4.94 | % | 20,950 | 249 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 8.88 | 0.16 | 0.05 | 0.21 | (0.28 | ) | — | (0.28 | ) | 8.81 | 1.15 | % | 1.07 | % | 1.86 | % | 2.50 | % | 40,949 | 126 | % | |||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| PF Managed Bond Fund |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $10.91 | $0.18 | ($0.71 | ) | ($0.53 | ) | ($0.22 | ) | ($0.01 | ) | ($0.23 | ) | $10.15 | 0.66 | % | 0.54 | % | 1.67 | % | (5.01 | %) | $424,105 | 154 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 11.03 | 0.20 | 0.34 | 0.54 | (0.16 | ) | (0.50 | ) | (0.66 | ) | 10.91 | 0.66 | % | 0.55 | % | 1.76 | % | 4.69 | % | 562,319 | 492 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 10.56 | 0.32 | 0.41 | 0.73 | (0.14 | ) | (0.12 | ) | (0.26 | ) | 11.03 | 0.82 | % | 0.73 | % | 2.93 | % | 6.89 | % | 386,833 | 512 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.58 | 0.31 | 0.03 | 0.34 | (0.36 | ) | — | (0.36 | ) | 10.56 | 0.72 | % | 0.63 | % | 3.02 | % | 3.43 | % | 497,359 | 520 | % | |||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| See Notes to Financial Statements | See explanation of references on C-28 |
C-26
Table of Contents
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended March 31, 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 | ||||||||||||||||||||||||||||||||||||||||||
| PF Short Duration Bond Fund |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $10.14 | $0.12 | ($0.41 | ) | ($0.29 | ) | ($0.13 | ) | $— | ($0.13 | ) | $9.72 | 0.67 | % | 0.55 | % | 1.19 | % | (2.91 | %) | $72,622 | 76 | % | |||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.77 | 0.16 | 0.47 | 0.63 | (0.26 | ) | — | (0.26 | ) | 10.14 | 0.66 | % | 0.55 | % | 1.61 | % | 6.47 | % | 97,529 | 98 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 9.93 | 0.24 | (0.14 | ) | 0.10 | (0.26 | ) | — | (0.26 | ) | 9.77 | 0.65 | % | 0.55 | % | 2.38 | % | 0.97 | % | 122,280 | 109 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 9.79 | 0.23 | 0.07 | 0.30 | (0.16 | ) | — | (0.16 | ) | 9.93 | 0.64 | % | 0.55 | % | 2.34 | % | 3.05 | % | 155,358 | 164 | % | |||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| PF Emerging Markets Debt Fund |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $8.25 | $0.36 | ($0.43 | ) | ($0.07 | ) | ($0.42 | ) | $— | ($0.42 | ) | $7.76 | 1.13 | % | 0.90 | % | 4.29 | % | (1.11 | %) | $42,938 | 157 | % | |||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 7.18 | 0.34 | 1.16 | 1.50 | (0.43 | ) | — | (0.43 | ) | 8.25 | 1.18 | % | 0.92 | % | 4.09 | % | 20.47 | % | 61,478 | 89 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 9.17 | 0.51 | (2.02 | ) | (1.51 | ) | (0.48 | ) | — | (0.48 | ) | 7.18 | 1.14 | % | 0.92 | % | 5.64 | % | (17.58 | %) | 87,623 | 73 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 9.37 | 0.47 | (0.54 | ) | (0.07 | ) | (0.13 | ) | — | (0.13 | ) | 9.17 | 1.09 | % | 0.93 | % | 5.37 | % | (0.61 | %) | 71,599 | 60 | % | |||||||||||||||||||||||||||||||||
| 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 | % | |||||||||||||||||||||||||||||||||||
| PF Growth Fund |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $30.54 | ($0.10 | ) | $3.07 | $2.97 | $— | ($4.39 | ) | ($4.39 | ) | $29.12 | 0.77 | % | 0.70 | % | (0.30 | %) | 7.84 | % | $158,592 | 10 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 27.10 | (0.08 | ) | 13.51 | 13.43 | — | (9.99 | ) | (9.99 | ) | 30.54 | 0.78 | % | 0.70 | % | (0.24 | %) | 50.42 | % | 179,183 | 32 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 27.18 | (0.02 | ) | 0.93 | 0.91 | (0.00 | )(6) | (0.99 | ) | (0.99 | ) | 27.10 | 0.77 | % | 0.70 | % | (0.06 | %) | 3.04 | % | 163,575 | 20 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 25.38 | 0.00 | (6) | 3.62 | 3.62 | (0.01 | ) | (1.81 | ) | (1.82 | ) | 27.18 | 0.77 | % | 0.70 | % | 0.01 | % | 14.99 | % | 186,331 | 28 | % | |||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| PF Large-Cap Value Fund |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $12.31 | $0.11 | $1.54 | $1.65 | ($0.13 | ) | ($1.32 | ) | ($1.45 | ) | $12.51 | 0.87 | % | 0.80 | % | 0.87 | % | 13.45 | % | $164,182 | 9 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.66 | 0.14 | 4.72 | 4.86 | (0.17 | ) | (2.04 | ) | (2.21 | ) | 12.31 | 0.88 | % | 0.80 | % | 1.25 | % | 52.63 | % | 171,537 | 29 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 11.95 | 0.20 | (1.62 | ) | (1.42 | ) | (0.17 | ) | (0.70 | ) | (0.87 | ) | 9.66 | 0.87 | % | 0.80 | % | 1.59 | % | (13.51 | %) | 160,365 | 28 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 17.14 | 0.24 | 0.46 | 0.70 | (0.17 | ) | (5.72 | ) | (5.89 | ) | 11.95 | 0.86 | % | 0.80 | % | 1.55 | % | 5.49 | % | 171,046 | 43 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| PF Small-Cap Growth Fund |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $21.69 | ($0.09 | ) | ($2.74 | ) | ($2.83 | ) | $— | ($3.04 | ) | ($3.04 | ) | $15.82 | 0.87 | % | 0.75 | % | (0.43 | %) | (15.66 | %) | $49,964 | 69 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 14.19 | (0.06 | ) | 12.31 | 12.25 | (0.01 | ) | (4.74 | ) | (4.75 | ) | 21.69 | 0.91 | % | 0.75 | % | (0.27 | %) | 89.21 | % | 63,555 | 139 | % | |||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 18.43 | (0.11 | ) | (2.31 | ) | (2.42 | ) | — | (1.82 | ) | (1.82 | ) | 14.19 | 0.97 | % | 0.75 | % | (0.60 | %) | (14.67 | %) | 17,691 | 126 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 14.84 | (0.09 | ) | 3.80 | 3.71 | — | (0.12 | ) | (0.12 | ) | 18.43 | 0.87 | % | 0.75 | % | (0.55 | %) | 25.05 | % | 15,687 | 127 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||||
| PF Small-Cap Value Fund |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $10.83 | $0.04 | $0.27 | $0.31 | ($0.04 | ) | ($1.21 | ) | ($1.25 | ) | $9.89 | 0.98 | % | 0.90 | % | 0.41 | % | 2.25 | % | $97,322 | 41 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 5.17 | 0.05 | 5.64 | 5.69 | (0.03 | ) | — | (0.03 | ) | 10.83 | 1.00 | % | 0.90 | % | 0.60 | % | 110.27 | % | 116,909 | 99 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 8.21 | 0.04 | (2.39 | ) | (2.35 | ) | (0.05 | ) | (0.64 | ) | (0.69 | ) | 5.17 | 1.00 | % | 0.90 | % | 0.53 | % | (31.62 | %) | 28,016 | 36 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 11.22 | 0.04 | (0.56 | ) | (0.52 | ) | (0.03 | ) | (2.46 | ) | (2.49 | ) | 8.21 | 0.97 | % | 0.90 | % | 0.35 | % | (4.23 | %) | 70,618 | 56 | % | ||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| PF Emerging Markets Fund |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $14.88 | $0.19 | ($3.42 | ) | ($3.23 | ) | ($0.14 | ) | ($1.47 | ) | ($1.61 | ) | $10.04 | 1.17 | % | 0.95 | % | 1.43 | % | (23.63 | %) | $87,893 | 42 | % | ||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.80 | 0.05 | 5.43 | 5.48 | (0.01 | ) | (0.39 | ) | (0.40 | ) | 14.88 | 1.16 | % | 0.95 | % | 0.37 | % | 56.13 | % | 141,783 | 40 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 14.71 | 0.13 | (1.50 | ) | (1.37 | ) | (0.19 | ) | (3.35 | ) | (3.54 | ) | 9.80 | 1.29 | % | 0.95 | % | 0.90 | % | (14.07 | %) | 97,618 | 65 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 17.30 | 0.13 | (0.95 | ) | (0.82 | ) | (0.09 | ) | (1.68 | ) | (1.77 | ) | 14.71 | 1.16 | % | 0.95 | % | 0.84 | % | (3.61 | %) | 133,887 | 46 | % | ||||||||||||||||||||||||||||||||
| 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 | % | |||||||||||||||||||||||||||||||||||
| See Notes to Financial Statements | See explanation of references on C-28 |
C-27
Table of Contents
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended March 31, 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 | ||||||||||||||||||||||||||||||||||||||||||
| PF International Growth Fund |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $11.53 | $0.08 | $0.08 | $0.16 | ($0.09 | ) | ($5.02 | ) | ($5.11 | ) | $6.58 | 1.23 | % | 0.97 | % | 0.74 | % | (4.56 | %) | $36,162 | 94 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 9.05 | 0.12 | 3.54 | 3.66 | (0.07 | ) | (1.11) | (1.18 | ) | 11.53 | 1.30 | % | 0.99 | % | 1.06 | % | 40.85 | % | 48,891 | 20 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 11.63 | 0.17 | (0.87 | ) | (0.70 | ) | (0.15 | ) | (1.73 | ) | (1.88 | ) | 9.05 | 1.32 | % | 1.00 | % | 1.46 | % | (8.84 | %) | 41,818 | 22 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 20.85 | 0.41 | (1.09 | ) | (0.68 | ) | (0.24 | ) | (8.30 | ) | (8.54 | ) | 11.63 | 1.19 | % | 1.00 | % | 2.32 | % | 0.62 | % | 58,152 | 41 | % | ||||||||||||||||||||||||||||||||
| 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 | % | |||||||||||||||||||||||||||||||||||
| PF International Small-Cap Fund |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $11.64 | $0.21 | ($0.11 | ) | $0.10 | ($0.44 | ) | ($3.12 | ) | ($3.56 | ) | $8.18 | 1.34 | % | 1.09 | % | 1.90 | % | (1.34 | %) | $58,845 | 130 | % | |||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 6.98 | 0.13 | 4.74 | 4.87 | (0.21 | ) | — | (0.21 | ) | 11.64 | 1.34 | % | 1.10 | % | 1.32 | % | 69.98 | % | 36,908 | 39 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 9.59 | 0.20 | (2.23 | ) | (2.03 | ) | (0.58 | ) | — | (0.58 | ) | 6.98 | 1.43 | % | 1.10 | % | 2.16 | % | (22.94 | %) | 26,982 | 90 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 11.24 | 0.17 | (1.58 | ) | (1.41 | ) | (0.05 | ) | (0.19 | ) | (0.24 | ) | 9.59 | 1.18 | % | 1.10 | % | 1.61 | % | (12.54 | %) | 31,934 | 50 | % | ||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||||
| PF International Value Fund |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $8.05 | $0.26 | $0.34 | $0.60 | ($0.22 | ) | $— | ($0.22 | ) | $8.43 | 1.14 | % | 0.80 | % | 3.03 | % | 7.46 | % | $76,725 | 33 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 5.14 | 0.11 | 2.97 | 3.08 | (0.17 | ) | — | (0.17 | ) | 8.05 | 1.21 | % | 0.80 | % | 1.74 | % | 60.38 | % | 34,430 | 35 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 7.51 | 0.25 | (2.32 | ) | (2.07 | ) | (0.23 | ) | (0.07 | ) | (0.30 | ) | 5.14 | 1.11 | % | 0.80 | % | 3.32 | % | (28.94 | %) | 34,971 | 33 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 10.17 | 0.28 | (1.20 | ) | (0.92 | ) | (0.34 | ) | (1.40 | ) | (1.74 | ) | 7.51 | 0.98 | % | 0.80 | % | 2.99 | % | (8.51 | %) | 64,956 | 54 | % | ||||||||||||||||||||||||||||||||
| 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 | % | |||||||||||||||||||||||||||||||||||
| PF Multi-Asset Fund |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $12.93 | $0.05 | $1.14 | $1.19 | ($0.04 | ) | ($4.70 | ) | ($4.74 | ) | $9.38 | 0.56 | % | 0.51 | % | 0.40 | % | 7.01 | % | $1,054,196 | 50 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 8.23 | 0.11 | 5.18 | 5.29 | (0.15 | ) | (0.44 | ) | (0.59 | ) | 12.93 | 0.57 | % | 0.51 | % | 1.02 | % | 64.91 | % | 1,103,610 | 53 | % | ||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 9.81 | 0.22 | (1.54 | ) | (1.32 | ) | (0.26 | ) | — | (0.26 | ) | 8.23 | 0.56 | % | 0.51 | % | 2.17 | % | (14.09 | %) | 884,916 | 57 | % | |||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 9.42 | 0.21 | 0.31 | 0.52 | (0.13 | ) | — | (0.13 | ) | 9.81 | 0.56 | % | 0.51 | % | 2.21 | % | 5.72 | % | 1,136,414 | 75 | % | |||||||||||||||||||||||||||||||||||
| 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 Real Estate Fund |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Class P | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 4/1/2021 - 3/31/2022 | $13.60 | $0.21 | $3.09 | $3.30 | ($0.19 | ) | $— | ($0.19 | ) | $16.71 | 1.20 | % | 0.90 | % | 1.34 | % | 24.21 | % | $59,387 | 37 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2020 - 3/31/2021 | 10.30 | 0.17 | 3.33 | 3.50 | (0.20 | )(8) | — | (0.20 | ) | 13.60 | 1.16 | % | 0.90 | % | 1.44 | % | 34.16 | % | 25,731 | 38 | % | |||||||||||||||||||||||||||||||||||
| 4/1/2019 - 3/31/2020 | 12.26 | 0.19 | (1.74 | ) | (1.55 | ) | (0.25 | ) | (0.16 | ) | (0.41 | ) | 10.30 | 1.13 | % | 0.90 | % | 1.46 | % | (13.44 | %) | 43,532 | 48 | % | ||||||||||||||||||||||||||||||||
| 4/1/2018 - 3/31/2019 | 11.86 | 0.28 | 1.75 | 2.03 | (0.21 | ) | (1.42 | ) | (1.63 | ) | 12.26 | 1.12 | % | 0.98 | % | 2.31 | % | 18.20 | % | 81,713 | 104 | % | ||||||||||||||||||||||||||||||||||
| 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 | % | ||||||||||||||||||||||||||||||||
| (1) | For share classes that commenced operations after April 1, 2017, 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. The expense ratios for all the Portfolio Optimization Funds do not include fees and expenses of the Funds in which they 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) | Reflects an amount rounding to less than $0.01 per share. |
| (7) | The annualized ratios of expenses, excluding interest expense, after expense reductions to average net assets for the year ended March 31, 2022 are as follows: |
| Fund | Class A | Class C | Class I | Class P | Advisor Class | |||||||
| Pacific Funds Floating Rate Income |
0.98% |
1.68% |
0.68% |
0.68% |
0.73% | |||||||
| PF Inflation Managed Fund |
0.55% |
| (8) | Includes $0.09 per share return of capital distribution. |
| See Notes to Financial Statements |
C-28
Table of Contents
PACIFIC FUNDS
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 a diversified, open-end, investment management 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 March 31, 2022, the Trust was comprised of the following twenty-nine separate funds (each individually a “Fund”, and collectively the “Funds”):
| Pacific FundsSM Portfolio Optimization Conservative (1) | Pacific FundsSM High Income (2) | PF Large-Cap Value Fund (4) | ||
| Pacific FundsSM Portfolio
Optimization Moderate-Conservative (1) |
Pacific FundsSM ESG Core Bond (2) | PF Small-Cap Growth Fund (4) | ||
| Pacific FundsSM Portfolio Optimization Moderate (1) | Pacific FundsSM Small/Mid-Cap (3) | PF Small-Cap Value Fund (4) | ||
| Pacific FundsSM Portfolio Optimization Growth (1) | Pacific FundsSM Small-Cap (3) | PF Emerging Markets Fund (4) | ||
| Pacific FundsSM Portfolio
Optimization Aggressive-Growth (1) |
Pacific FundsSM Small-Cap Value (3) | PF International Growth Fund (4) (formerly named PF International Large-Cap Fund) | ||
| Pacific FundsSM Ultra Short Income (2) | PF Inflation Managed Fund (4) | PF International Small-Cap Fund (4) | ||
| Pacific FundsSM Short Duration Income (2) | PF Managed Bond Fund (4) | PF International Value Fund (4) | ||
| Pacific FundsSM Core Income (2) | PF Short Duration Bond Fund (4) | PF Multi-Asset Fund (4) | ||
| Pacific FundsSM Strategic Income (2) | PF Emerging Markets Debt Fund (4) | PF Real Estate Fund (4) | ||
| Pacific FundsSM Floating Rate Income (2) | PF Growth Fund (4) | |||
| (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” |
| (4) | These Funds are collectively known as the “PF Underlying Funds” |
The Portfolio Optimization Funds offer 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 and in general: (i) Class A shares are subject to a maximum 5.50% front-end sales charge (ii) Class C shares are subject to a maximum 1.00% contingent deferred sales charge (“CDSC”); and (iii) 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 C shares automatically convert to Class A shares approximately six years after the original purchase date.
The PF Fixed Income Funds offer Class A, Class C, Class I, and Advisor Class shares, except Pacific Funds Ultra Short Income and Pacific Funds ESG Core Bond which offer Class I and Advisor Class shares only. 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 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. Class C shares automatically convert to Class A shares approximately six years after the original purchase date.
The PF U.S. Equity Funds offer Class A, Class C, Advisor Class, and Class R6 shares. Each class is distinguished by its applicable sales charges and level of distribution and/or service fees 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) Advisor Class and Class R6 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. Class C shares automatically convert to Class A shares approximately six years after the original purchase date.
The PF Underlying Funds offer Class P shares only, which are sold at net asset value. Presently, only the Portfolio Optimization Funds, the Investment Adviser, and certain of its affiliates can invest in Class P shares.
The Trust’s distributor receives all net commissions (front-end sales charges and CDSCs) from the sales of all applicable share classes.
The Portfolio Optimization Funds invest their assets in Class P shares of the PF Underlying Funds as well as Class P shares of Pacific Funds Core Income, Pacific Funds Floating Rate Income and Pacific Funds High Income.
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
D-1
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund qualifies as an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to the Investment Companies Topic of U.S. GAAP.
A. INVESTMENT TRANSACTIONS AND INCOME
Investment transactions are recorded on a trade date basis. Securities purchased or sold on a when-issued or delayed-delivery basis as well as certain loan transactions and mortgage securities (such as Government National Mortgage Association (“GNMA”) securities) may be settled a month or more after the trade date. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities, which are recorded as soon as a Fund is informed of the ex-dividend date or upon receipt of the dividend. A Fund’s estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. Interest income, adjusted for amortization of premium and accretion of discount, is recorded daily on an accrual basis. Investment income is recorded net of foreign taxes withheld, if any. A Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. A Fund will accrue such taxes and reclaims as applicable, based upon the current interpretation of tax rules and regulations that exist in the markets in which that Fund invests. Facility fees and other fees (such as origination fees) received from floating rate senior loan notes purchased 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
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.
For the Portfolio Optimization Funds 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 and Pacific Funds Ultra Short Income), dividends on net investment income, if any, are generally declared and paid monthly. For Pacific Funds Floating Rate Income and Pacific Funds Ultra Short 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.
Each PF Underlying Fund distributes all of its net investment income, if any, to shareholders at least annually, although distributions could occur more often if advantageous to the applicable Fund and its shareholders. Each PF Underlying 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
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 and printing. 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 ACCOUNTING PRONOUNCEMENTS
In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the discontinuation of the London Interbank Offered Rate (“LIBOR”) for the one week and two month U.S. dollar (“USD”) tenors as well as certain non-USD LIBOR tenors after December 31, 2021, and the planned discontinuation of certain non-USD LIBOR tenors after December 31, 2022 as well as the overnight and
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one, three, six and twelve month USD LIBOR tenors after June 30, 2023. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management does not expect ASU 2020-04 to have a material impact on these financial statements.
In January 2021, the FASB issued ASU 2021-01. ASU 2021-01 is an update of ASU 2020-04, which is in response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR. Regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2021-01 clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The amendments in this update are effective immediately on an elective basis. The amendments in this update do not apply to contract modifications made after December 31, 2022. Management does not expect ASU 2021-01 to have a material impact on these 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. The methodologies used to value the Funds’ investments are described in greater detail in the Investment Valuation subsection below.
B. DETERMINATION OF NET ASSET VALUE (“NAV”)
Each Fund of the Trust is divided into shares and one or more share classes. The price per share of each class of a Fund’s shares is called its NAV, which is determined by taking the total value of its investments and other assets, subtracting any liabilities, and dividing by the total number of shares outstanding.
The NAVs are calculated once per day on each day that the New York Stock Exchange (“NYSE”) is open, including days when foreign markets and/or bond markets are closed. Each NAV is generally determined as of 4:00 p.m. Eastern Time on days that the NYSE is open. Information that becomes known to the Trust or its agents after the determination of an NAV on a particular day will not normally be used to retroactively adjust the price of a Fund’s investment or the NAV determined earlier that 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. The NAVs 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 NYSE scheduled holiday or weekend, (ii) trading on the NYSE is restricted, (iii) an emergency exists (as determined by the U.S. Securities and Exchange Commission “SEC”), making the sale of investments or determinations of NAV not practicable, or (iv) the SEC permits a delay for the protection of shareholders. Based on information obtained from the NYSE, it is anticipated that the NYSE will be closed when the following annual holidays are observed: New Year’s Day; Martin Luther King, Jr. Day; Washington’s Birthday; Good Friday; Memorial Day; Juneteenth; Independence Day; Labor Day; Thanksgiving Day; and Christmas Day. The NYSE is normally closed on the preceding Friday or subsequent Monday when one of these holidays falls on a Saturday or Sunday, respectively. In addition, the NYSE typically closes early (usually 1:00 p.m. Eastern Time) on the day after Thanksgiving and the day before Christmas Day. Although the Trust expects the same holidays to be observed in the future, the NYSE may modify its holiday schedule or hours of operation at any time.
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.
In the event the NYSE closes prior to 4:00 p.m. Eastern Time, whether due to a scheduled or unscheduled early close, certain other markets or exchanges may remain open. Generally, the valuation of the securities in those markets or exchanges will follow the valuation procedures described below, which may be after the official closing time of the NYSE.
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 and does not normally take into account trading, clearances or settlements that take place after the 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. The Trust may adjust for market events occurring between the close of certain foreign exchanges and the 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.
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Exchange Traded Futures Contracts, Option Contracts, and Swap Agreements
Exchange traded futures contracts, options and swap agreements are generally valued using the settlement price determined by the relevant exchange. Exchange traded futures contracts, options and swap agreements for which no settlement price is reported are 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 Valuation Policy. Forward foreign currency contracts are generally valued using the mean between broker-dealer bid and ask quotations, and foreign currency exchange rates are gathered from approved pricing services.
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. Generally, the prices are obtained from approved pricing sources or services as of 4:00 p.m. Eastern Time.
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, if there is a trading halt for individual holdings, or if there is an unscheduled market closure (e.g., in the event of a natural disaster, strikes, news of significant governmental actions, regulatory trading halts, system failures, terrorist threats or activities, or armed conflict, etc.). 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 investment, legal, and compliance members of the Trust’s Investment Adviser, accounting members of the Trust’s Administrator, 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 policy 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 March 31, 2022, as categorized under the three-tier hierarchy of inputs, can be found in each Fund’s Schedule of Investments.
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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 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.
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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 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 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 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 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.
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 applicable net unrealized appreciation or depreciation at the end of the reporting period is recorded as an asset and any change in net unrealized appreciation or depreciation for the reporting period is recorded within the change in net unrealized appreciation or depreciation on investment securities. Unfunded loan commitments are included in the Schedules of Investments.
The total unfunded loan commitments that could be extended at the option of the borrowers for the fiscal year ended March 31, 2022, are summarized in the following table:
| Fund | Unfunded Loan Commitments |
Value | Net Unrealized Appreciation (Depreciation) |
|||||||||
| Pacific Funds Short Duration Income | $72,464 | $71,852 | ($612 | ) | ||||||||
| Pacific Funds Core Income | 181,159 | 179,631 | (1,528 | ) | ||||||||
| Pacific Funds Strategic Income | 289,106 | 288,203 | (903 | ) | ||||||||
| Pacific Funds Floating Rate Income | 16,807,898 | 16,684,368 | (123,530 | ) | ||||||||
| PF Managed Bond | 57,971 | 57,482 | (489 | ) | ||||||||
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 adversely affect Fund performance. Such adverse effects on performance could include a decline in the value and liquidity of securities held by a Fund, unusually high and unanticipated levels of redemptions, an increase in portfolio turnover, a decrease in NAV, and an increase in Fund expenses. It may also be unusually difficult to
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identify investment risks and opportunities, in which case investment goals may not be met. 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 a Fund invests. It is impossible to predict whether or for how long such market events will continue, particularly if they are unprecedented, unforeseen or widespread events or conditions. Therefore, it is important to understand that the value of your investment may fall, sometimes sharply and for extended periods, and you could lose money. 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.
Natural Disasters Risk
Natural disasters occur throughout the world and include events such as blizzards and ice storms, earthquakes, floods, hurricanes, pandemics, tidal waves, tornadoes, tsunamis, typhoons, volcanic eruptions, and wildfires. Although specific types of natural disasters may occur more frequently in certain geographic locations, such events are by their nature unpredictable and may cause sudden, severe and widespread damage that negatively impacts issuers, regions and economies in which a Fund invests. Should a Fund hold significant investments in, or have significant exposure to, an issuer, region or economy affected by a natural disaster, the Fund may lose money. Due to the interconnectedness of the global economy, natural disasters in one location may negatively impact issuers in other locations.
An outbreak of infectious respiratory illness caused by the novel coronavirus known as COVID-19 was first detected in China in 2019 before spreading worldwide and being declared a global pandemic by the World Health Organization in March 2020. COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings, disruption and delays in healthcare services, prolonged quarantines, cancellations, temporary store closures, social distancing, government ordered curfews and business closures, disruptions to supply chains and consumer activity, shortages, highly volatile financial markets, and general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies and capital markets of many nations or the entire global economy, as well as individual companies, entire sectors, and securities and commodities markets (including liquidity), in ways that may not necessarily be foreseen at the present time, which could result in losses to a Fund. COVID-19 and other health crises in the future may exacerbate other pre-existing political, social and economic risks, and its impact in developing or emerging market countries may be greater due to less established health care systems. The duration and ultimate impact of an outbreak may be short term or may last for an extended period of time.
LIBOR Transition Risk
Certain investments in which a Fund invests may rely in some manner on LIBOR. LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market as determined by ICE Benchmark Administration (“IBA”), the administrator of LIBOR. Previously, the Financial Conduct Authority (“FCA”), which regulates financial markets and financial services firms in the United Kingdom, announced that it will no longer compel the banks to continue to submit the daily rates for the calculation of LIBOR after 2021 and warned that LIBOR may cease to be available or appropriate for use beyond 2021. More recently, the FCA announced that USD LIBOR will cease to be published by the IBA or any other any administrator, or will no longer be representative after June 30, 2023 for the most common tenors (overnight and one, three, six and twelve month), and after December 31, 2021 for the less common tenors of USD LIBOR (one week and two month) and most tenors of non-USD LIBOR. Certain sterling and yen LIBOR settings (one, three, and six month) will be published on a “synthetic” basis through the end of 2022.
While various regulators and industry groups are working globally on transiting to selected alternative rates and although the transition process away from LIBOR has become increasingly well-defined in advance of the discontinuation dates, there remains uncertainty regarding the transition to, and nature of, any selected replacement rates, as well as the impact on investments that currently utilize LIBOR. There is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability, which may affect the value or liquidity or return on certain of the Fund’s investments and result in costs incurred in connection with closing out positions that reference LIBOR and entering into new trades referencing alternative rates. The transition process away from LIBOR may result in increased volatility or illiquidity in markets for the Fund’s investments that currently rely on LIBOR as well as a reduction in the value of these investments. The potential risk of reduction in value of these investments may be heightened for those investments that do not include fallback provisions that address the cessation of LIBOR.
Alteration of the terms of a debt instrument or a modification of the terms of other types of contracts to replace LIBOR or another interbank offered rate (“IBOR”) with a new reference rate could result in a taxable exchange and the realization of income and gain/loss for U.S. federal income tax purposes. The IRS has issued final regulations regarding the tax consequences of the transition from IBOR to a new reference rate in debt instruments and non-debt contracts. Under the final regulations, alteration or modification of the terms of a debt instrument to replace an operative rate that uses a discontinued IBOR with a qualified rate (as defined in the final regulations), including true up payments equalizing the fair market value of contracts before and after such IBOR transition, to add a qualified rate as a fallback rate to a contract whose operative rate uses a discontinued IBOR or to replace a fallback rate that uses a discontinued IBOR with a qualified rate would not be taxable. The IRS may provide additional guidance, with potential retroactive effect.
Fund of Funds Investments
The Portfolio Optimization Funds are exposed to the same risks as the applicable Funds in which a Portfolio Optimization Funds invests (PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income), in direct proportion to the allocation of assets among those Funds.
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Allocations by the Portfolio Optimization Funds among the PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income are determined using an asset allocation process, which seeks to optimize returns by allocating among different asset classes given various levels of risk tolerance. The allocations of the Portfolio Optimization Funds may not effectively decrease risk or increase returns for investors, and the selection and weighting of allocations to asset classes and/or PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income may cause them to underperform other mutual funds with a similar investment objective. Although the Portfolio Optimization Funds seek to provide diversification across major asset classes, they may invest a significant portion of their assets in any one or several PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income.
The Portfolio Optimization Funds shareholders also bear indirectly their proportionate share of the expenses of the underlying funds in which the Portfolio Optimization Funds invest.
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. Many debt securities give the issuer the right to redeem (“call”) the security prior to maturity. If an issuer calls a security in which a Fund has invested, the Fund may not recoup the full amount of its initial investment in the security and may be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the called security. 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 governments of emerging market countries, some with histories of instability and upheaval, may act in an adverse or hostile manner toward private enterprise or foreign investment. Specific actions and effects have included limiting the ability to conduct due diligence on issuers located in emerging market countries; a lack of access by the Public Company Accounting Oversight Board (“PCAOB”) to inspect audit work papers for PCAOB-registered accounting firms located in certain emerging market countries (including China and Hong Kong); restricting the ability of U.S. authorities (such as the SEC) to bring and enforce actions against companies and persons located in emerging market countries; and the difficulty or inability of shareholders to seek legal remedies (such as class action lawsuits) against issuers in emerging market countries.
Among the foreign markets in which a Fund may invest are those countries that are members of the European Union (“EU”). Some of the countries of the EU are currently experiencing financial difficulties and have depended on, and may continue to be dependent on, the assistance from others such as the European Central Bank or other governments or institutions. The failure of such countries to implement reforms as a condition of assistance could have a significant adverse effect on the value of investments in those countries and other countries within this “Eurozone.” In addition, certain EU countries that have adopted the euro are subject to fiscal and monetary controls that could limit the ability to
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implement their own economic policies, to the point where such countries could voluntarily abandon, or be forced out of, the euro. These events could globally impact the market values of securities and currencies, cause redenomination into less valuable local currencies and create more volatile and illiquid markets. The United Kingdom’s departure from the EU, commonly known as “Brexit,” may have significant political and financial consequences for EU markets. There are considerable uncertainties about the repercussions resulting from Brexit, including the impact on trade agreements, regulations, and treaties. Brexit may also increase the likelihood that other EU members may decide to leave or be expelled from 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 and other socio-political or geo-political issues that are not currently known could have a significant adverse effect on global markets and economies, which in turn could negatively impact the value of a Fund’s investments.
On February 24, 2022, the Russian Federation commenced a military attack on the country of Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and global financial markets. In addition, the United States and other countries have imposed, and may impose additional, economic sanctions against certain countries, entities and/or individuals. Economic sanctions and other similar actions could, among other things, prohibit or otherwise limit a Fund’s ability to purchase or sell certain foreign securities and significantly delay or prevent the settlement of securities transactions. Such actions could decrease the value and liquidity of securities held by a Fund and may require a Fund to sell or otherwise dispose of all or a portion of the impacted securities at inopportune times or prices. Sanctions could also result in retaliations or countermeasures, which may adversely impact a Fund’s investments or operations. Although it is not possible to predict the impact that any sanctions or retaliatory actions may have on a Fund, such events could significantly harm a Fund’s performance.
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, LIBOR, Secured Overnight Financing Rate, 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.
A significant portion of the floating rate loans held by a Fund may be “covenant lite” loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer less protections for investors than covenant loans. As compared to a loan instrument that contains numerous covenants that allow lenders the option to force the borrowers to negotiate terms if risks became elevated, the majority of new floating rate loans that are issued are “covenant lite” loans which tend to have fewer or no financial maintenance covenants and restrictions. A covenant lite loan typically contains fewer clauses which allow an investor to proactively enforce financial covenants or prevent undesired actions by the borrower/issuer, including the ability to make an acquisition, pay dividends or issue additional debt if they have met certain loan terms. Covenant lite loans also generally provide fewer investor protections if certain criteria are breached, such as permitting an investor to declare a default (and therefore receive collateral), or to force restructurings and other capital changes on struggling borrowers/ issuers. A Fund may experience losses or delays in enforcing its rights on its holdings of covenant lite loans.
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 March 31, 2022, no participation interest in Senior Loans was held by any of the Funds.
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
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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 could 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 Risk
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 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.
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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-Buyback Financing Transactions – Certain Funds may enter into transactions referred to as sale-buybacks. A sale-buyback transaction consists of a sale of a security by a Fund to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. Such transactions are recorded as secured borrowings. A Fund is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by a Fund are recorded as a liability. A Fund will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the price drop. A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, a Fund would have otherwise received had the security not been sold and (ii) the negotiated financing terms between a Fund and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income. Interest payments based upon negotiated financing terms made by the Fund to counterparties are recorded as a component of interest expense. In periods of increased demand for the security, a Fund may receive a fee for use of the security by the counterparty, which may result in interest income to a Fund. A Fund will segregate assets determined to be liquid or otherwise cover its obligations under sale-buyback transactions.
Short Sales – Certain Funds may enter into short sales. A short sale is a transaction in which a Fund sells securities it does not own. A Fund’s use of short sales involves the risk that the price of the security in the open market may be higher when purchased to close out the Fund’s short position, resulting in a loss to the Fund. Such a loss is theoretically unlimited because there is no limit on the potential increase in the price of a security or guarantee as to the price at which the manager would be able to purchase the security in the open market.
When a Fund sells securities short, it must borrow those securities to make delivery to the buyer. The Fund incurs an expense for such borrowing. The Fund may be required to pledge a portion of its assets to the broker as collateral for the borrowed securities. The Fund may not be able to purchase a security that it needs to deliver to close out a short position at an acceptable price. This may result in losses and/or require the Fund to sell long positions before the manager had intended. A Fund may not be able to successfully implement its short sale strategy, which may limit its ability to achieve its investment goal, due to limited availability of desired or eligible securities, the cost of borrowing securities, regulatory changes limiting or barring short sales, or for other reasons. Securities sold in short sale transactions and the interest and dividends payable on such securities, if any, are recorded as a liability.
The use of proceeds received from selling short to purchase additional securities (long positions) results in leverage, which may increase a Fund’s exposure to long positions. Leverage could magnify gains and losses and, therefore, increase a Fund’s volatility.
Segregation and Collateral Risk
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
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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 concentrations of credit risk by undertaking transactions with a large number of borrowers or counterparties on recognized and reputable exchanges. A Fund’s investments in debt investments may range in quality from those rated in the lowest category in which it is permitted to invest to those rated in the highest category by a rating agency, or if unrated, determined by the manager to be of comparable quality.
Similar to credit risk, a Fund may be exposed to counterparty risk, or the risk that an institution or other entity with which a Fund has unsettled or open transactions will default. Financial assets of counterparties, which potentially expose a Fund to counterparty risk, consist mainly of cash due from counterparties and investments. Certain managers may attempt to minimize credit risks to the Funds by performing extensive reviews of each counterparty, entering into transactions with counterparties that the manager believes to be creditworthy at the time of the transaction and requiring the posting of collateral in applicable transactions. To manage these risks, certain Funds may invest in derivative instruments tied to a security issuers’ financial strength.
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B. DERIVATIVE INVESTMENTS
In addition to managing the market risks described above, certain Funds, if permitted by their investment objectives, may also invest in derivatives for purposes of hedging, duration management, to gain exposure to specific investment opportunities, as a substitute for securities, to enhance returns, or to otherwise help achieve a Fund’s investment goal. Each derivative instrument and the reasons a Fund invested in derivatives during the reporting period are discussed in further detail below. The Portfolio Optimization Funds are exposed to the same derivative risks as the applicable Funds in which a Portfolio Optimization Fund invests (PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income, and Pacific Funds High Income) in direct proportion to the allocation of assets among those Funds.
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 following reasons: 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 and the PF Emerging Markets Debt Fund entered into futures contracts to gain or reduce exposure to various markets, for purposes of hedging, and as part of each Funds’ investment strategy. The PF Emerging Markets Fund and PF International Small-Cap Fund utilized futures to gain market exposure with the cash generated during PLFA’s reallocation of assets in connection with sub-adviser transition management.
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 following reasons: the PF Inflation Managed and PF Managed Bond Funds purchased and sold/wrote options to obtain exposure to the price activity or volatility of an underlying security or index, to hedge downside risk, to manage duration and to generate income. Additionally, the PF Inflation Managed Fund used swaptions to achieve credit or interest rate exposure. The PF Managed Bond Fund used inflation floors, and the PF Inflation Managed Fund used inflation floors and caps, to manage inflation exposure.
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.
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During the reporting period, the following Funds entered into forward foreign currency contracts for the following reasons: the PF Inflation Managed and PF Managed Bond Funds purchased and sold forward contracts to hedge currency exposure and manage duration. 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.
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 following reasons: the PF Inflation Managed and PF Managed Bond Funds entered into interest rate swaps to manage nominal or real interest rate risk in various global markets, to manage duration and 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.
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
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not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event).
Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate and sovereign issues, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedowns or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts.
Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. Credit default swap agreements on indices are benchmarks for protecting investors owning bonds against default. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index.
An implied credit spread is the spread in yield between a U.S. Treasury security and the referenced obligation or underlying investment that are identical in all respects except for the quality rating. Wider credit spreads, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate and sovereign issues or U.S. Treasury obligation issues as of period end, are disclosed in the Notes to Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/ performance risk.
A Fund may use paired 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 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 March 31, 2022 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 following reasons: the PF Managed Bond Fund purchased and sold credit protection through credit default swaps to manage credit exposure, allow portfolio managers to enter or exit credit positions in periods of low liquidity, or to gain exposure that may not be available in cash markets.
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
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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 following reasons: the PF Multi-Asset Fund entered into total return swaps to gain or reduce exposure to various markets, for purposes of hedging, and as part of the Fund’s investment strategy.
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. An exchange traded investment’s value reflects the cumulative value. Only the current day’s variation margin is reported on the 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 agreements | Payable: Variation margin on swap agreements | ||
| Swap premiums paid | Swap premiums received | |||
| 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 | Payable: Variation margin on futures contracts | |||
| Receivable: Variation margin on swap agreements | Payable: Variation margin on swap agreements | |||
| Swap premiums paid | Swap premiums received | |||
| 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 March 31, 2022:
| Asset Derivative Investments Value | ||||||||||||||||||||
| Fund | Total Value at March 31, 2022 |
Credit Contracts |
Equity Contracts |
Foreign Currency Contracts |
Interest Rate Contracts |
|||||||||||||||
| PF Inflation Managed | $698,622 | $— | $— | $51,466 | $647,156 | |||||||||||||||
| PF Managed Bond | 7,100,861 | 159,158 | — | 1,448,733 | 5,492,970 | |||||||||||||||
| PF Short Duration Bond | 70,834 | — | — | — | 70,834 | |||||||||||||||
| PF Emerging Markets Debt | 504,046 | — | — | 227,102 | 276,944 | |||||||||||||||
| PF Multi-Asset | 50,068,641 | — | 50,068,641 | — | — | |||||||||||||||
| Liability Derivative Investments Value | ||||||||||||||||||||
| Fund | Total Value at March 31, 2022 |
Credit Contracts |
Equity Contracts |
Foreign Currency Contracts |
Interest Rate Contracts |
|||||||||||||||
| PF Inflation Managed | ($661,287 | ) | ($726 | ) | $— | ($11,659 | ) | ($648,902 | ) | |||||||||||
| PF Managed Bond | (9,717,491 | ) | (135,818 | ) | — | (1,391,446 | ) | (8,190,227 | ) | |||||||||||
| PF Short Duration Bond | (65,143 | ) | — | — | — | (65,143 | ) | |||||||||||||
| PF Emerging Markets Debt | (194,011 | ) | — | — | (97,631 | ) | (96,380 | ) | ||||||||||||
| PF Multi-Asset | (12,552,845 | ) | — | (12,552,845 | ) | — | — | |||||||||||||
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 contracts | ||
| 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 |
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NOTES TO FINANCIAL STATEMENTS (Continued)
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 fiscal year ended March 31, 2022:
| 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 | $91,822 | $4,699 | $— | $227,320 | ($140,197 | ) | ||||||||||||||
| PF Managed Bond | (1,675,814 | ) | 540,003 | — | 2,305,365 | (4,521,182 | ) | |||||||||||||
| PF Short Duration Bond | (241,932 | ) | — | — | — | (241,932 | ) | |||||||||||||
| PF Emerging Markets Debt | 950,124 | 50,148 | — | 717,849 | 182,127 | |||||||||||||||
| PF Emerging Markets | 248,256 | — | 248,256 | — | — | |||||||||||||||
| PF International Small-Cap | 72,893 | — | 72,893 | — | — | |||||||||||||||
| PF Multi-Asset | 211,612,598 | — | 211,612,598 | — | — | |||||||||||||||
| Change in Net Unrealized Appreciation (Depreciation) on Derivative Investments Recognized in the Statements of Operations |
||||||||||||||||||||
| Fund | Total | Credit Contracts |
Equity Contracts |
Foreign Currency Contracts |
Interest Rate Contracts |
|||||||||||||||
| PF Inflation Managed | ($116,308 | ) | ($159 | ) | $— | ($67,944 | ) | ($48,205 | ) | |||||||||||
| PF Managed Bond | (2,838,354 | ) | (124,026 | ) | — | (496,131 | ) | (2,218,197 | ) | |||||||||||
| PF Short Duration Bond | (100,716 | ) | — | — | — | (100,716 | ) | |||||||||||||
| PF Emerging Markets Debt | 813,025 | — | — | 595,747 | 217,278 | |||||||||||||||
| PF Multi-Asset | (110,329,866 | ) | — | (110,329,866 | ) | — | — | |||||||||||||
For financial reporting purposes, the Trust does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (receivables) or the obligation to return cash collateral (payables) arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement.
The following is a summary of the average number of positions and values of derivative investments by derivative type for the fiscal year ended March 31, 2022:
| Average Positions and Values of Derivative Investments by Derivative Type | ||||||||||||||||||||||||||||||||||||||||||||
| Futures Contracts | Forward Contracts | Options Contracts | Swap Agreements | |||||||||||||||||||||||||||||||||||||||||
| Fund | Number of Positions |
Value | Number of Positions |
Value | Number of Positions |
Value | Number of Positions |
Value | ||||||||||||||||||||||||||||||||||||
| PF Inflation Managed |
13 | $27,104 | 15 | $48,519 | 21 | ($16,463 | ) | 41 | ($41,352 | ) | ||||||||||||||||||||||||||||||||||
| PF Managed Bond |
28 | (1,301,571 | ) | 55 | 345,309 | 58 | (128,318 | ) | 60 | 633,464 | ||||||||||||||||||||||||||||||||||
| PF Short Duration Bond |
4 | 15,109 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| PF Emerging Markets Debt |
1 | 12,471 | 62 | (131,880 | ) | — | — | 10 | 17,700 | |||||||||||||||||||||||||||||||||||
| PF Multi-Asset |
1 | 72,155 | — | — | — | — | 24 | 102,008,469 | ||||||||||||||||||||||||||||||||||||
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 fiscal year ended March 31, 2022.
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
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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.
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 March 31, 2022:
| |
Gross Amounts Presented in the Statements of Assets and |
|
Gross Amounts Not Offset
in |
|
|
Gross Amounts Presented in the Statements of Assets and |
|
Gross Amounts Not Offset in |
| ||||||||||||||||||||||||||||||||||||
| Description |
|
Financial Instruments |
|
Collateral Received |
|
Net Amount |
|
Financial Instruments |
|
Collateral Pledged |
|
Net Amount |
|||||||||||||||||||||||||||||||||
| Assets | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
| PF Inflation Managed |
|||||||||||||||||||||||||||||||||||||||||||||
| Forward foreign currency contracts |
$51,466 | ($7,795 | ) | $— | $43,671 | ($11,659 | ) | $7,795 | $— | ($3,864 | ) | ||||||||||||||||||||||||||||||||||
| Option contracts |
96,497 | (96,497 | ) | — | — | (162,961 | ) | 96,497 | — | (66,464 | ) | ||||||||||||||||||||||||||||||||||
| Sale-buyback financing transactions |
— | — | — | — | (6,119,309 | ) | 6,063,188 | — | (56,121 | ) | |||||||||||||||||||||||||||||||||||
| PF Managed Bond |
|||||||||||||||||||||||||||||||||||||||||||||
| Forward foreign currency contracts |
1,035,084 | (427,819 | ) | (333,597 | ) | 273,668 | (1,262,836 | ) | 427,819 | 710,720 | (124,297 | ) | |||||||||||||||||||||||||||||||||
| Option contracts |
— | — | — | — | (3,008 | ) | — | — | (3,008 | ) | |||||||||||||||||||||||||||||||||||
| Swap agreements |
6,561 | — | (1,388 | ) | 5,173 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
| PF Emerging Markets Debt |
|||||||||||||||||||||||||||||||||||||||||||||
| Forward foreign currency contracts |
227,102 | (97,257 | ) | — | 129,845 | (97,631 | ) | 97,257 | — | (374 | ) | ||||||||||||||||||||||||||||||||||
| Swap agreements |
— | — | — | — | (17,475 | ) | — | — | (17,475 | ) | |||||||||||||||||||||||||||||||||||
| PF Multi-Asset |
|||||||||||||||||||||||||||||||||||||||||||||
| Swap agreements |
50,068,641 | (11,183,066 | ) | (38,885,575 | ) | — | (12,350,487 | ) | 11,183,066 | — | (1,167,421 | ) | |||||||||||||||||||||||||||||||||
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, exceeded the value of the repurchase agreements as of March 31, 2022.
6. INVESTMENT ADVISORY, ADMINISTRATION AND SHAREHOLDER 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 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 Funds presented in these financial statements. PLFA manages the Portfolio Optimization Funds and a portion of the PF Multi-Asset Fund directly. PLFA, as Investment Adviser to each Fund of the Trust, pays related management fees to these sub-advisers as compensation for their sub-advisory services provided to the Trust. As of March 31, 2022, the investment advisory fees that PLFA receives from each Fund based upon an annual percentage of the average daily net assets of each Fund, the advisory fee waiver rate and the sub-adviser of each Fund (if applicable), are as follows:
| Fund | Advisory Fee Rate |
Advisory Fee Waiver through July 31, 2022 |
Sub-Adviser(s) | |||
| Pacific Funds Portfolio Optimization Conservative Pacific Funds Portfolio Optimization Moderate-Conservative Pacific Funds Portfolio Optimization Moderate Pacific Funds Portfolio Optimization Growth Pacific Funds Portfolio Optimization Aggressive-Growth |
0.20% | 0.025% for assets above $2 billion to $3 billion 0.050% on next $2 billion 0.075% on next $2.5 billion 0.100% on excess |
||||
| Pacific Funds Ultra Short Income | 0.25% | Pacific Asset Management LLC | ||||
| Pacific Funds Short Duration Income | 0.40% | 0.025% above $1 billion to $2 billion 0.050% on next $1 billion 0.075% on excess |
Pacific Asset Management LLC | |||
| Pacific Funds Core Income | 0.50% | 0.025% above $1 billion to $2 billion 0.050% on next $1 billion 0.075% on excess |
Pacific Asset Management LLC | |||
| Pacific Funds Strategic Income Pacific Funds High Income |
0.60% | 0.025% above $1 billion to $2 billion 0.050% on next $1 billion 0.075% on excess |
Pacific Asset Management LLC | |||
| Pacific Funds Floating Rate Income | 0.65% | 0.025% above $1 billion to $2 billion 0.050% on next $1 billion 0.075% on excess |
Pacific Asset Management LLC | |||
| Pacific Funds ESG Core Bond | 0.38% | Pacific Asset Management LLC | ||||
| Pacific Funds Small/Mid-Cap Pacific Funds Small-Cap Pacific Funds Small-Cap Value |
0.75% | Rothschild & Co Asset Management US Inc. |
D-18
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
| Fund | Advisory Fee Rate |
Advisory Fee Waiver through July 31, 2022 |
Sub-Adviser(s) | |||
| PF Inflation Managed Fund | 0.40% | Pacific Investment Management Company LLC | ||||
| PF Managed Bond Fund | 0.40% | 0.0075% | J.P. Morgan Investment Management Inc., Pacific Investment Management Company LLC, and Western Asset Management Company, LLC (co-sub-advisers) | |||
| PF Short Duration Bond Fund | 0.40% | T. Rowe Price Associates, Inc. | ||||
| PF Emerging Markets Debt Fund | 0.785% | 0.05% (0.02% prior to November 1, 2021) | Principal Global Investors, LLC (Ashmore Investment Management Limited prior to November 1, 2021) | |||
| PF Growth Fund | 0.55% | MFS Investment Management | ||||
| PF Large-Cap Value Fund | 0.65% | ClearBridge Investments, LLC | ||||
| PF Small-Cap Growth Fund | 0.60% | MFS Investment Management | ||||
| PF Small-Cap Value Fund | 0.75% | AllianceBernstein L.P. | ||||
| PF Emerging Markets Fund | 0.80% | Invesco Advisers, Inc. | ||||
| PF International Growth Fund (formerly named PF International Large-Cap Fund) | 0.85% | 0.03% | Clearbridge Investments, LLC (MFS Investment Management prior to November 1, 2021) | |||
| PF International Small-Cap Fund | 0.85% | 0.015% effective November 1, 2021 | FIAM LLC (Franklin Advisers, Inc. prior to November 1, 2021) | |||
| PF International Value Fund | 0.65% | Wellington Management Company LLP | ||||
| PF Multi-Asset Fund | 0.35% | Pacific Asset Management LLC (collateral portion only) | ||||
| PF Real Estate Fund | 0.90% | 0.15% | Principal Real Estate Investors, LLC |
Pursuant to the PF Administration Agreement with the Trust, the Administrator and PLFA perform, procure and/or oversee administrative services for each of the Funds. These services include, but are not limited to, procuring and overseeing transfer agency, dividend disbursement and sub-transfer agency services for the Trust, and any and all legal, compliance, and accounting support provided by Pacific Life and PLFA for the operations of the Trust and to permit the Trust to conduct business as described in its registration statement; and other services necessary for the administration of the Funds’ affairs.
Pacific Life receives an administration fee from each Fund based on an annual rate of 0.15% of average daily net assets of each Fund.
Pursuant to the Distribution Agreement, Pacific Select Distributors, LLC (the “Distributor”), a wholly-owned subsidiary of Pacific Life, serves as distributor of the Trust’s shares. Under the Distribution Agreement, the Distributor bears all expenses of providing services, including costs of sales presentations, mailings, advertisements, and other marketing efforts by the Distributor in connection with the distribution or sale of the Trust’s shares and makes distribution and/or service payments to selling groups in connection with the sale of certain of the Trust’s shares and subsequent servicing needs of shareholders provided by selling groups.
The Distributor receives distribution and service fees for Class C shares pursuant to a distribution and service plan as adopted in accordance with Rule 12b-1 (“12b-1”) under the 1940 Act (the “Class C 12b-1 Plans”). The Distributor also receives service fees pursuant to a non-12b-1 service plan for Class A shares (the “Class A Service Plan”). The Distributor receives distribution and/or service fees from each applicable Fund and share class, which are based on the following annual percentages of average daily net assets:
| Plan | Distribution Fee Rate |
Service Fee Rate | ||
| Class C 12b-1 Plan | 0.75% | 0.25% | ||
| Class A Service Plan | 0.25% |
There are no distribution and/or service fees for Class I, Class P, Advisor Class and Class R6 shares. The distribution and service fees are accrued daily. For the fiscal year ended March 31, 2022, the Distributor, acting as underwriter, received net commissions (front-end sales charges) of $4,960,646 from the sale of Class A shares and received $36,304 in CDSC from redemptions of Class A and Class C shares.
7. TRANSACTIONS WITH AFFILIATES
A. ADVISORY FEES, ADMINISTRATION FEES, DISTRIBUTION AND/OR SERVICE FEES
The Investment Adviser, the Distributor, and Pacific Life are related parties. For the fiscal year ended March 31, 2022, the advisory fees earned by the Investment Adviser (including any advisory fee waiver), the administration fees earned by Pacific Life, and the distribution and/or service fees earned by the Distributor are presented in the Statements of Operations. The amounts of each of these fees that remained payable as of March 31, 2022 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 for certain operating expenses that exceed an annual rate based on a percentage of a Fund’s average daily net assets (“expense cap”). These operating expenses include, but are not limited to: the administration fee and expenses; organizational expenses; custody expenses; expenses for external audit, tax, legal and accounting and sub-administration services; the preparation, printing, filing and mailing costs of prospectuses, shareholder reports, and other regulatory documents to existing shareholders, as applicable; and independent trustees’ fees and expenses.
D-19
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
These operating expenses do not include: 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 expenses for extraordinary matters such as litigation expenses, liquidation expenses, reorganization expenses, and other expenses not incurred in the ordinary course of a Fund’s business. The expense cap for the Class P shares of the PF Underlying Funds (except the PF Multi-Asset and PF International Small-Cap Funds) is 0.15% through July 31, 2022 and 0.30% thereafter through July 31, 2023. The expense cap for the PF Multi-Asset Fund is 0.16% through July 31, 2022. The expense cap for the PF International Small-Cap Fund is 0.25% through July 31, 2022. The expense caps for each Portfolio Optimization Fund, PF Fixed Income Fund and PF US Equity Fund per share class are as follows:
| Fund | Share Class | Expense Caps | ||
| Portfolio Optimization Funds | A, C, and Advisor | 0.15% through 7/31/2022 and 0.30% thereafter through 7/31/2023 | ||
| Pacific Funds Ultra Short Income | I and Advisor | 0.07% through 7/31/2022 | ||
| Pacific Funds Short Duration Income | A, C, and Advisor | 0.10% through 7/31/2022 | ||
| I | 0.05% through 7/31/2022 | |||
| Pacific Funds Core Income | A and C | 0.10% through 7/31/2022 | ||
| I, Advisor, and P | 0.05% through 7/31/2022 | |||
| Pacific Funds Strategic Income | A and Advisor | 0.10% through 7/31/2022 | ||
| C and I | 0.05% through 7/31/2022 | |||
| Pacific Funds Floating Rate Income | A and Advisor | 0.10% through 7/31/2022 | ||
| C, I, and P | 0.05% through 7/31/2022 | |||
| Pacific Funds High Income | A and Advisor | 0.10% through 7/31/2022 | ||
| C, I, and P | 0.05% through 7/31/2022 | |||
| Pacific Funds ESG Core Bond | I and Advisor | 0.10% through 7/31/2022 | ||
| Pacific Funds Small/Mid-Cap Pacific Funds Small-Cap Pacific Funds Small-Cap Value |
A, C and Advisor | 0.20% through 7/31/2022 | ||
| R6
|
0.10% through 7/31/2022
|
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, along with the other expenses subject to the expense cap, 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 for the fiscal year ended March 31, 2022 are presented in the Statements of Operations. Any amounts that remained due from the Investment Adviser as of March 31, 2022 are presented in the Statements of Assets and Liabilities.
The cumulative expense reimbursement amounts, if any, as of March 31, 2022 that are subject to recoupment by PLFA from the Funds are as follows:
| Expiration Date | ||||||||||||
| Fund | 3/31/2023 | 3/31/2024 | 3/31/2025 | |||||||||
| Pacific Funds Portfolio Optimization Conservative |
$197,838 | $173,374 | $167,153 | |||||||||
| Pacific Funds Portfolio Optimization Moderate-Conservative |
249,902 | 209,189 | 182,675 | |||||||||
| Pacific Funds Portfolio Optimization Moderate |
612,516 | 416,943 | 364,780 | |||||||||
| Pacific Funds Portfolio Optimization Growth |
493,143 | 344,023 | 316,780 | |||||||||
| Pacific Funds Portfolio Optimization Aggressive-Growth |
226,029 | 190,351 | 186,705 | |||||||||
| Pacific Funds Ultra Short Income |
115,776 | 112,238 | 109,878 | |||||||||
| Pacific Funds Short Duration Income |
2,174,161 | 1,444,108 | 1,392,216 | |||||||||
| Pacific Funds Core Income |
2,204,086 | 1,935,705 | 1,771,368 | |||||||||
| Pacific Funds ESG Core Bond |
36,149 | 145,640 | ||||||||||
| Pacific Funds Strategic Income |
1,718,677 | 1,086,189 | 1,649,288 | |||||||||
| Pacific Funds Floating Rate Income |
3,637,709 | 2,383,395 | 3,904,375 | |||||||||
| Pacific Funds High Income |
253,239 | 286,291 | 296,528 | |||||||||
| Pacific Funds Small/Mid-Cap |
516,716 | 139,311 | 114,664 | |||||||||
| Pacific Funds Small-Cap |
91,474 | 96,729 | 89,011 | |||||||||
| Pacific Funds Small-Cap Value |
89,955 | 95,048 | 87,953 | |||||||||
| PF Inflation Managed |
61,646 | 57,500 | 63,249 | |||||||||
| PF Managed Bond |
472,703 | 547,131 | 600,547 | |||||||||
| PF Short Duration Bond |
156,485 | 151,919 | 112,933 | |||||||||
| PF Emerging Markets Debt |
133,378 | 168,623 | 118,006 | |||||||||
| PF Growth |
136,249 | 148,484 | 134,384 | |||||||||
| PF Large-Cap Value |
125,113 | 132,370 | 124,011 | |||||||||
| PF Small-Cap Growth |
31,688 | 52,425 | 73,296 | |||||||||
| PF Small-Cap Value |
60,545 | 64,489 | 98,439 | |||||||||
| PF Emerging Markets |
309,200 | 261,447 | 283,298 | |||||||||
| PF International Growth |
163,188 | 134,071 | 114,925 | |||||||||
| PF International Small-Cap |
79,456 | 78,680 | 93,375 | |||||||||
| PF International Value |
170,154 | 142,097 | 125,454 | |||||||||
| PF Multi-Asset |
588,849 | 666,818 | 563,443 | |||||||||
| PF Real Estate |
69,513 | 47,068 | 41,192 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total |
$15,139,388 | $11,602,165 | $13,325,566 | |||||||||
|
|
|
|
|
|
|
|||||||
D-20
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
There was no recoupment of expense reimbursement by PLFA from any Funds for the fiscal year ended March 31, 2022.
C. INVESTMENTS IN AFFILIATED FUNDS
As of March 31, 2022, each of the Portfolio Optimization Funds (aggregate of all share classes) owned Class P shares in each of the applicable affiliated PF Underlying Funds, Pacific Funds Core Income, Pacific Funds Floating Rate Income and/or Pacific Funds High Income. A summary of holdings and transactions with affiliated mutual fund investments as of and for the fiscal year ended March 31, 2022 is as follows:
| Fund/Underlying Fund | Beginning Value as of April 1, 2021 |
Purchase Cost (1) |
Distributions Received and Reinvested (2) |
Sales Proceeds |
Net Realized Gain (Loss) (3) |
Change in Unrealized Appreciation (Depreciation) |
As of March 31, 2022 | |||||||||||||||||||||||||
| Ending Value |
Shares Balance |
|||||||||||||||||||||||||||||||
| Pacific Funds Portfolio Optimization Conservative |
|
|||||||||||||||||||||||||||||||
| Pacific Funds Core Income |
$8,135,956 | $333,552 | $171,066 | $1,971,838 | $61,919 | ($431,049 | ) | $6,299,606 | 602,833 | |||||||||||||||||||||||
| Pacific Funds Floating Rate Income |
2,499,111 | 7,957,025 | 103,150 | 350,424 | 8,018 | 43,503 | 10,260,383 | 1,061,053 | ||||||||||||||||||||||||
| Pacific Funds High Income |
26,407,784 | 1,859,958 | 1,235,964 | 3,360,562 | 28,686 | (1,240,671 | ) | 24,931,159 | 2,559,667 | |||||||||||||||||||||||
| PF Inflation Managed |
13,788,608 | 531,379 | 459,039 | 2,669,764 | 58,225 | 51,316 | 12,218,803 | 1,230,494 | ||||||||||||||||||||||||
| PF Managed Bond |
99,416,259 | 4,005,175 | 1,919,532 | 21,264,282 | (1,380,927 | ) | (4,901,507 | ) | 77,794,250 | 7,664,458 | ||||||||||||||||||||||
| PF Short Duration Bond |
28,680,120 | 1,811,321 | 352,794 | 3,841,378 | (16,015 | ) | (1,132,663 | ) | 25,854,179 | 2,659,895 | ||||||||||||||||||||||
| PF Emerging Markets Debt |
12,319,162 | 759,115 | 603,940 | 2,595,426 | (177,855 | ) | (549,771 | ) | 10,359,165 | 1,336,666 | ||||||||||||||||||||||
| PF Growth |
1,271,912 | 51,496 | — | 989,216 | 202,468 | (80,466 | ) | 456,194 | 15,666 | |||||||||||||||||||||||
| PF Large-Cap Value |
5,553,329 | 440,432 | 54,804 | 1,264,858 | 601,885 | 67,356 | 5,452,948 | 435,887 | ||||||||||||||||||||||||
| PF Small-Cap Growth |
2,463,945 | 223,359 | — | 2,376,709 | 227,437 | (538,032 | ) | — | — | |||||||||||||||||||||||
| PF Small-Cap Value |
4,856,817 | 392,136 | 20,051 | 976,471 | 626,951 | (498,389 | ) | 4,421,095 | 447,027 | |||||||||||||||||||||||
| PF Emerging Markets |
6,136,048 | 855,386 | 65,959 | 2,138,501 | 146,103 | (1,675,570 | ) | 3,389,425 | 337,592 | |||||||||||||||||||||||
| PF International Growth |
— | 1,020,958 | — | 5,097 | (33 | ) | (9,188 | ) | 1,006,640 | 152,985 | ||||||||||||||||||||||
| PF International Small-Cap |
1,248,783 | 2,362,968 | 57,287 | 220,759 | 361,797 | (419,754 | ) | 3,390,322 | 414,465 | |||||||||||||||||||||||
| PF International Value |
— | 2,268,795 | — | 11,324 | 92 | 13,397 | 2,270,960 | 269,390 | ||||||||||||||||||||||||
| PF Multi-Asset |
37,130,175 | 1,606,079 | 153,282 | 7,305,656 | 13,430,987 | (10,773,427 | ) | 34,241,440 | 3,650,473 | |||||||||||||||||||||||
| PF Real Estate |
— | 3,403,192 | — | 16,985 | 23 | 68,071 | 3,454,301 | 206,721 | ||||||||||||||||||||||||
| $249,908,009 | $29,882,326 | $5,196,868 | $51,359,250 | $14,179,761 | ($22,006,844 | ) | $225,800,870 | |||||||||||||||||||||||||
| Pacific Funds Portfolio Optimization Moderate-Conservative |
|
|||||||||||||||||||||||||||||||
| Pacific Funds Core Income |
$8,910,746 | $114,519 | $191,711 | $1,017,955 | $149,327 | ($569,756 | ) | $7,778,592 | 744,363 | |||||||||||||||||||||||
| Pacific Funds Floating Rate Income |
1,678,420 | 7,527,817 | 72,200 | 235,603 | 4,691 | 47,623 | 9,095,148 | 940,553 | ||||||||||||||||||||||||
| Pacific Funds High Income |
25,336,856 | 229,128 | 1,192,853 | 2,955,661 | (1,640 | ) | (1,196,906 | ) | 22,604,630 | 2,320,804 | ||||||||||||||||||||||
| PF Inflation Managed |
8,418,047 | 1,150,609 | 286,262 | 1,029,448 | 17,380 | 19,295 | 8,862,145 | 892,462 | ||||||||||||||||||||||||
| PF Managed Bond |
108,676,585 | 1,789,196 | 2,139,320 | 10,382,170 | (671,408 | ) | (6,452,764 | ) | 95,098,759 | 9,369,336 | ||||||||||||||||||||||
| PF Short Duration Bond |
23,450,928 | 623,716 | 292,074 | 9,997,532 | (129,301 | ) | (787,078 | ) | 13,452,807 | 1,384,034 | ||||||||||||||||||||||
| PF Emerging Markets Debt |
13,239,973 | 337,263 | 656,191 | 5,708,273 | (642,955 | ) | (228,550 | ) | 7,653,649 | 987,568 | ||||||||||||||||||||||
| PF Growth |
9,910,306 | 46,548 | — | 4,372,899 | 1,525,508 | (587,577 | ) | 6,521,886 | 223,966 | |||||||||||||||||||||||
| PF Large-Cap Value |
17,465,964 | 88,281 | 178,860 | 3,646,207 | 1,864,744 | 213,591 | 16,165,233 | 1,292,185 | ||||||||||||||||||||||||
| PF Small-Cap Growth |
4,967,737 | 99,598 | — | 1,409,662 | 284,916 | (980,952 | ) | 2,961,637 | 187,208 | |||||||||||||||||||||||
| PF Small-Cap Value |
8,163,518 | 123,165 | 34,619 | 2,647,254 | 1,052,433 | (847,978 | ) | 5,878,503 | 594,389 | |||||||||||||||||||||||
| PF Emerging Markets |
13,195,967 | 894,396 | 138,796 | 3,453,506 | 712,513 | (3,975,677 | ) | 7,512,489 | 748,256 | |||||||||||||||||||||||
| PF International Growth |
3,490,322 | 30,484 | 39,658 | 1,028,157 | 917,196 | (1,069,705 | ) | 2,379,798 | 361,671 | |||||||||||||||||||||||
| PF International Small-Cap |
3,355,877 | 3,115,382 | 157,574 | 441,883 | 788,919 | (964,520 | ) | 6,011,349 | 734,884 | |||||||||||||||||||||||
| PF International Value |
1,811,011 | 6,735,662 | 47,223 | 265,893 | 18,257 | 110,112 | 8,456,372 | 1,003,128 | ||||||||||||||||||||||||
| PF Multi-Asset |
82,083,174 | 390,836 | 352,128 | 12,376,410 | 29,598,263 | (23,997,552 | ) | 76,050,439 | 8,107,723 | |||||||||||||||||||||||
| PF Real Estate |
1,709,047 | $2,972,157 | 18,953 | 537,767 | 122,513 | 309,083 | 4,593,986 | 274,924 | ||||||||||||||||||||||||
| $335,864,478 | $26,268,757 | $5,798,422 | $61,506,280 | $35,611,356 | ($40,959,311 | ) | $301,077,422 | |||||||||||||||||||||||||
| Pacific Funds Portfolio Optimization Moderate |
|
|||||||||||||||||||||||||||||||
| Pacific Funds Core Income |
$19,943,673 | $102,500 | $426,106 | $4,423,048 | $139,363 | ($1,072,817 | ) | $15,115,777 | 1,446,486 | |||||||||||||||||||||||
| Pacific Funds Floating Rate Income |
5,380,649 | 14,607,468 | 222,118 | 530,976 | (25,738 | ) | 114,744 | 19,768,265 | 2,044,288 | |||||||||||||||||||||||
| Pacific Funds High Income |
54,153,669 | 222,792 | 2,572,516 | 5,241,137 | (71,648 | ) | (2,514,838 | ) | 49,121,354 | 5,043,260 | ||||||||||||||||||||||
| PF Inflation Managed |
10,795,352 | 9,357,691 | 371,313 | 1,184,287 | 18,809 | (100,239 | ) | 19,258,639 | 1,939,440 | |||||||||||||||||||||||
| PF Managed Bond |
243,946,530 | 1,265,448 | 4,819,582 | 50,013,270 | (5,664,266 | ) | (10,205,845 | ) | 184,148,179 | 18,142,678 | ||||||||||||||||||||||
| PF Short Duration Bond |
32,221,674 | 267,341 | 397,237 | 2,358,950 | (15,318 | ) | (1,277,652 | ) | 29,234,332 | 3,007,647 | ||||||||||||||||||||||
| PF Emerging Markets Debt |
21,223,422 | 117,916 | 1,044,593 | 6,077,229 | (519,303 | ) | (821,134 | ) | 14,968,265 | 1,931,389 | ||||||||||||||||||||||
| PF Growth |
55,875,727 | 17,247,394 | — | 13,857,669 | 9,683,659 | (4,186,243 | ) | 64,762,868 | 2,224,000 | |||||||||||||||||||||||
| PF Large-Cap Value |
60,345,894 | 9,409,122 | 627,361 | 9,720,832 | 7,360,439 | (66,119 | ) | 67,955,865 | 5,432,123 | |||||||||||||||||||||||
| PF Small-Cap Growth |
21,234,933 | 89,838 | — | 3,808,800 | 1,846,683 | (4,881,953 | ) | 14,480,701 | 915,341 | |||||||||||||||||||||||
| PF Small-Cap Value |
36,640,527 | 286,840 | 156,928 | 4,312,851 | 4,188,609 | (3,426,292 | ) | 33,533,761 | 3,390,674 | |||||||||||||||||||||||
| PF Emerging Markets |
47,593,965 | 737,815 | 478,050 | 12,913,514 | 2,446,363 | (13,855,546 | ) | 24,487,133 | 2,438,957 | |||||||||||||||||||||||
| PF International Growth |
12,255,700 | 40,045 | 141,252 | 3,151,770 | 3,639,404 | (4,197,876 | ) | 8,726,755 | 1,326,255 | |||||||||||||||||||||||
| PF International Small-Cap |
10,758,960 | 10,027,072 | 510,367 | 1,124,433 | 2,835,747 | (3,413,329 | ) | 19,594,384 | 2,395,401 | |||||||||||||||||||||||
| PF International Value |
6,333,898 | 17,409,527 | 165,929 | 695,537 | 58,033 | 353,854 | 23,625,704 | 2,802,575 | ||||||||||||||||||||||||
| PF Multi-Asset |
433,374,976 | 975,263 | 1,892,821 | 90,287,244 | 149,896,247 | (120,740,381 | ) | 375,111,682 | 39,990,584 | |||||||||||||||||||||||
| PF Real Estate |
5,479,322 | 14,516,751 | 61,976 | 1,586,621 | 877,347 | 616,478 | 19,965,253 | 1,194,809 | ||||||||||||||||||||||||
| $1,077,558,871 | $96,680,823 | $13,888,149 | $211,288,168 | $176,694,430 | ($169,675,188 | ) | $983,858,917 | |||||||||||||||||||||||||
D-21
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
| Fund/Underlying Fund | Beginning Value as of April 1, 2021 |
Purchase Cost (1) |
Distributions Received and Reinvested (2) |
Sales Proceeds |
Net Realized Gain (Loss) (3) |
Change in Unrealized Appreciation (Depreciation) |
As of March 31, 2022 | |||||||||||||||||||||||||
| Ending Value |
Shares Balance |
|||||||||||||||||||||||||||||||
| Pacific Funds Portfolio Optimization Growth |
|
|||||||||||||||||||||||||||||||
| Pacific Funds Core Income |
$8,810,631 | $38,812 | $188,227 | $2,941,074 | ($15,115 | ) | ($393,063 | ) | $5,688,418 | 544,346 | ||||||||||||||||||||||
| Pacific Funds Floating Rate Income |
— | 12,297,260 | 13,756 | 66,626 | 286 | 102,017 | 12,346,693 | 1,276,804 | ||||||||||||||||||||||||
| Pacific Funds High Income |
35,407,320 | 150,565 | 1,683,825 | 2,792,986 | (2,220 | ) | (1,700,705 | ) | 32,745,799 | 3,361,992 | ||||||||||||||||||||||
| PF Inflation Managed |
— | 4,098,929 | — | 22,047 | (254 | ) | (64,637 | ) | 4,011,991 | 404,027 | ||||||||||||||||||||||
| PF Managed Bond |
105,628,480 | 508,539 | 2,090,171 | 34,208,221 | (3,768,491 | ) | (3,040,765 | ) | 67,209,713 | 6,621,647 | ||||||||||||||||||||||
| PF Short Duration Bond |
13,167,120 | 102,070 | 161,762 | 8,876,895 | (108,565 | ) | (385,398 | ) | 4,060,094 | 417,705 | ||||||||||||||||||||||
| PF Emerging Markets Debt |
13,009,011 | 66,533 | 638,191 | 4,565,328 | (27,359 | ) | (805,858 | ) | 8,315,190 | 1,072,928 | ||||||||||||||||||||||
| PF Growth |
77,006,525 | 145,840 | — | 28,002,412 | 10,134,596 | (3,258,372 | ) | 56,026,177 | 1,923,976 | |||||||||||||||||||||||
| PF Large-Cap Value |
71,092,979 | 151,946 | 760,067 | 25,037,371 | 7,747,696 | 680,665 | 55,395,982 | 4,428,136 | ||||||||||||||||||||||||
| PF Small-Cap Growth |
21,693,223 | 3,407,627 | — | 1,733,529 | 2,618,686 | (5,874,598 | ) | 20,111,409 | 1,271,265 | |||||||||||||||||||||||
| PF Small-Cap Value |
42,779,195 | 320,819 | 184,897 | 12,371,369 | 5,311,238 | (4,288,723 | ) | 31,936,057 | 3,229,126 | |||||||||||||||||||||||
| PF Emerging Markets |
51,862,738 | 760,119 | 519,400 | 4,030,616 | 4,348,162 | (16,730,863 | ) | 36,728,940 | 3,658,261 | |||||||||||||||||||||||
| PF International Growth |
22,210,232 | 47,004 | 260,637 | 7,720,465 | 4,878,258 | (5,939,609 | ) | 13,736,057 | 2,087,547 | |||||||||||||||||||||||
| PF International Small-Cap |
13,189,776 | 8,512,560 | 631,539 | 1,190,259 | 3,425,131 | (4,158,914 | ) | 20,409,833 | 2,495,090 | |||||||||||||||||||||||
| PF International Value |
22,000,443 | 8,593,944 | 579,159 | 1,932,776 | 52,261 | 1,057,876 | 30,350,907 | 3,600,345 | ||||||||||||||||||||||||
| PF Multi-Asset |
369,207,902 | 36,331,084 | 1,648,993 | 34,600,075 | 133,199,494 | (107,930,105 | ) | 397,857,293 | 42,415,490 | |||||||||||||||||||||||
| PF Real Estate |
13,434,845 | 11,346,902 | 158,305 | 3,164,716 | 757,552 | 2,422,712 | 24,955,600 | 1,493,453 | ||||||||||||||||||||||||
| $880,500,420 | $86,880,553 | $9,518,929 | $173,256,765 | $168,551,356 | ($150,308,340 | ) | $821,886,153 | |||||||||||||||||||||||||
| Pacific Funds Portfolio Optimization Aggressive-Growth |
|
|||||||||||||||||||||||||||||||
| Pacific Funds Core Income |
$335,269 | $1,795 | $8,591 | $331,338 | $3,039 | ($17,356 | ) | $ — | — | |||||||||||||||||||||||
| Pacific Funds Floating Rate Income |
— | 1,578,504 | 1,766 | 4,809 | 17 | 13,121 | 1,588,599 | 164,281 | ||||||||||||||||||||||||
| Pacific Funds High Income |
5,052,527 | 152,150 | 240,118 | 462,121 | (6,109 | ) | (236,607 | ) | 4,739,958 | 486,649 | ||||||||||||||||||||||
| PF Managed Bond |
4,689,371 | 52,500 | 92,537 | 4,553,901 | (347,488 | ) | 66,981 | — | — | |||||||||||||||||||||||
| PF Emerging Markets Debt |
1,650,123 | 115,739 | 80,808 | 146,332 | (8,125 | ) | (87,438 | ) | 1,604,775 | 207,068 | ||||||||||||||||||||||
| PF Growth |
35,095,404 | 182,850 | — | 7,527,688 | 5,040,230 | (1,943,134 | ) | 30,847,662 | 1,059,329 | |||||||||||||||||||||||
| PF Large-Cap Value |
17,076,797 | 2,013,524 | 184,579 | 2,158,636 | 1,790,173 | 258,320 | 19,164,757 | 1,531,955 | ||||||||||||||||||||||||
| PF Small-Cap Growth |
13,208,345 | 2,339,024 | — | 1,104,322 | 1,594,710 | (3,616,982 | ) | 12,420,775 | 785,131 | |||||||||||||||||||||||
| PF Small-Cap Value |
24,418,766 | 420,437 | 105,894 | 3,872,546 | 2,747,216 | (2,246,529 | ) | 21,573,238 | 2,181,318 | |||||||||||||||||||||||
| PF Emerging Markets |
23,025,154 | 634,353 | 232,201 | 2,595,544 | 1,418,721 | (6,962,670 | ) | 15,752,215 | 1,568,946 | |||||||||||||||||||||||
| PF International Growth |
10,937,470 | 796,458 | 129,516 | 984,129 | 4,222,586 | (4,809,645 | ) | 10,292,256 | 1,564,173 | |||||||||||||||||||||||
| PF International Small-Cap |
8,365,153 | 1,922,504 | 403,255 | 748,583 | 2,021,625 | (2,510,298 | ) | 9,453,656 | 1,155,704 | |||||||||||||||||||||||
| PF International Value |
4,268,046 | 7,844,985 | 112,486 | 440,006 | 106,019 | 140,087 | 12,031,617 | 1,427,238 | ||||||||||||||||||||||||
| PF Multi-Asset |
181,667,492 | 964,464 | 824,094 | 24,134,711 | 63,465,571 | (51,552,604 | ) | 171,234,306 | 18,255,257 | |||||||||||||||||||||||
| PF Real Estate |
5,112,178 | 1,234,103 | 61,265 | 1,132,673 | 289,385 | 857,235 | 6,421,493 | 384,290 | ||||||||||||||||||||||||
| $334,902,095 | $20,253,390 | $2,477,110 | $50,197,339 | $82,337,570 | ($72,647,519 | ) | $317,125,307 | |||||||||||||||||||||||||
| (1) | Purchase cost excludes distributions received and reinvested, if any. |
| (2) | Distributions received include distributions from net investment income, if any. |
| (3) | Net realized gain (loss) includes capital gains distributions received, if any. |
As of March 31, 2022, Pacific Life owned the following percentages of the total shares outstanding (aggregate of all share classes) of each of the following Funds:
| Fund | Ownership Percentage |
|||
| Pacific Funds Ultra Short Income |
80.66% | |||
| Pacific Funds ESG Core Bond |
89.00% | |||
| Pacific Funds Small-Cap Value |
43.69% | |||
D. INDEPENDENT TRUSTEES
The Trust pays each independent trustee of the Board retainer fees and specified amounts as compensation 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 certain Funds of the Trust at the time of such deferral and are payable in accordance with the Plan. A Trustee who defers compensation has the ability to select credit rate options that track the performance, at NAV of Class A and Class P shares of certain series of the Trust without a sales load or at NAV of Class I or Class D 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 certain Funds of the Trust 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 fiscal year ended March 31, 2022, such expenses increased by $10,219 for all applicable Funds as a result of the market value appreciation on such accounts. As of March 31, 2022, the total amount in the DCP Liability accounts for all applicable Funds was $149,734.
D-22
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
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 receives a written representation from the Trust’s Chief Compliance Officer that the transactions were conducted in compliance with applicable Trust policies and procedures.
For the fiscal year ended March 31, 2022 there were no purchase and sale transactions with an affiliated Fund conducted in compliance with Rule 17a-7 under the 1940 Act.
8. COMMITTED LINE OF CREDIT
The Trust has an unsecured $275,000,000 committed revolving line of credit agreement with a syndicate of banks, 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 overnight rate (the higher of the Federal Funds Effective Rate or the Adjusted SOFR Rate) plus applicable margin of 1.25%. Pacific Funds Floating Rate Income paid an upfront fee of 0.025% and pays a commitment fee equal to 0.20% per annum on the daily unused portion of the committed line. As of March 31, 2022, the actual interest rate on borrowing by the Trust was 1.58%. For the fiscal year ended March 31, 2022 the Trust did not borrow on this line of credit or have any loans outstanding. The commitment fees and interest incurred by Pacific Funds Floating Rate Income are recorded as an expense.
9. PURCHASES AND SALES OF INVESTMENTS
The cost of purchases and proceeds from sales of investments (excluding short-term investments) for the fiscal year ended March 31, 2022, are summarized in the following table:
| U.S. Government Securities | Other Securities | |||||||||||||||
| Fund | Purchases | Sales | Purchases | Sales | ||||||||||||
| Pacific Funds Portfolio Optimization Conservative | $— | $— | $49,330,205 | $51,359,250 | ||||||||||||
| Pacific Funds Portfolio Optimization Moderate-Conservative | — | — | 66,901,082 | 61,506,280 | ||||||||||||
| Pacific Funds Portfolio Optimization Moderate | — | — | 286,337,497 | 211,288,168 | ||||||||||||
| Pacific Funds Portfolio Optimization Growth | — | — | 263,331,200 | 173,256,765 | ||||||||||||
| Pacific Funds Portfolio Optimization Aggressive-Growth | — | — | 104,778,087 | 50,197,339 | ||||||||||||
| Pacific Funds Ultra Short Income | — | — | 22,369,646 | 23,411,458 | ||||||||||||
| Pacific Funds Short Duration Income | 32,138,174 | 37,928,773 | 640,876,819 | 783,622,900 | ||||||||||||
| Pacific Funds Core Income | 339,755,195 | 352,726,904 | 559,475,115 | 741,760,840 | ||||||||||||
| Pacific Funds ESG Core Bond | 374,580 | 474,690 | 15,805,726 | 13,027,870 | ||||||||||||
| Pacific Funds Strategic Income | — | — | 1,136,056,827 | 515,028,823 | ||||||||||||
| Pacific Funds Floating Rate Income | — | — | 4,538,314,261 | 2,531,550,584 | ||||||||||||
| Pacific Funds High Income | — | — | 62,428,423 | 69,203,909 | ||||||||||||
| Pacific Funds Small/Mid-Cap | — | — | 110,903,816 | 239,991,077 | ||||||||||||
| Pacific Funds Small-Cap | — | — | 19,765,436 | 13,702,508 | ||||||||||||
| Pacific Funds Small-Cap Value | — | — | 8,553,994 | 7,584,139 | ||||||||||||
| PF Inflation Managed | 28,497,802 | 17,763,270 | 2,551,700 | 1,646,859 | ||||||||||||
| PF Managed Bond | 751,746,406 | 784,318,978 | 72,825,333 | 107,387,652 | ||||||||||||
| PF Short Duration Bond | 38,587,296 | 40,006,025 | 31,556,839 | 49,980,175 | ||||||||||||
| PF Emerging Markets Debt | — | — | 85,869,708 | 102,511,434 | ||||||||||||
| PF Growth | — | — | 18,684,287 | 58,564,994 | ||||||||||||
| PF Large-Cap Value | — | — | 16,121,634 | 48,027,279 | ||||||||||||
| PF Small-Cap Growth | — | — | 41,608,003 | 47,043,315 | ||||||||||||
| PF Small-Cap Value | — | — | 47,819,991 | 69,059,512 | ||||||||||||
| PF Emerging Markets | — | — | 53,305,880 | 73,763,739 | ||||||||||||
| PF International Growth | — | — | 45,346,209 | 56,259,044 | ||||||||||||
| PF International Small-Cap | — | — | 69,700,042 | 49,497,900 | ||||||||||||
| PF International Value | — | — | 51,811,771 | 12,266,110 | ||||||||||||
| PF Multi-Asset | 70,004,141 | 133,749,570 | 428,965,748 | 325,700,775 | ||||||||||||
| PF Real Estate | — | — | 37,743,609 | 10,968,824 | ||||||||||||
D-23
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
10. SECURED BORROWINGS
The contractual maturity of secured borrowings and type of collateral pledged as of March 31, 2022, 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 |
$1,084,259 | $5,035,050 | $— | $— | $6,119,309 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total borrowings |
$1,084,259 | $5,035,050 | $— | $— | $6,119,309 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
11. FEDERAL INCOME TAX INFORMATION
Each Fund intends to qualify each year as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”). A Fund that qualifies as a RIC does not have to pay income tax as long as it distributes sufficient taxable income and net capital gains. Each Fund declared and paid sufficient dividends on net investment income and capital gains distributions during the fiscal year ended March 31, 2022, 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, 2022:
| Distributable Earning | Late-Year Ordinary and Post-October Losses Deferrals |
|||||||||||||||||||||||||||||||
| Fund | Accumulated Capital Losses |
Undistributed Ordinary Income |
Undistributed Long-Term Capital Gains |
Late-Year Ordinary Losses |
Short-Term Capital Losses |
Long-Term Capital Losses |
Total | |||||||||||||||||||||||||
| Pacific Funds Portfolio Optimization Conservative |
$— | $343,471 | $11,118,430 | $— | $— | $— | $— | |||||||||||||||||||||||||
| Pacific Funds Portfolio Optimization Moderate-Conservative |
— | — | 28,911,564 | — | — | — | — | |||||||||||||||||||||||||
| Pacific Funds Portfolio Optimization Moderate |
— | — | 146,282,178 | — | — | — | — | |||||||||||||||||||||||||
| Pacific Funds Portfolio Optimization Growth |
— | — | 140,124,553 | — | — | — | — | |||||||||||||||||||||||||
| Pacific Funds Portfolio Optimization Aggressive-Growth |
— | — | 69,874,021 | — | — | — | — | |||||||||||||||||||||||||
| Pacific Funds Ultra Short Income |
— | 386 | — | — | 87,232 | — | 87,232 | |||||||||||||||||||||||||
| Pacific Funds Short Duration Income |
— | 167,562 | — | — | 1,259,851 | — | 1,259,851 | |||||||||||||||||||||||||
| Pacific Funds Core Income |
— | 485,429 | — | — | 5,961,995 | — | 5,961,995 | |||||||||||||||||||||||||
| Pacific Funds ESG Core Bond |
(473,460 | ) | 2,009 | — | — | — | — | — | ||||||||||||||||||||||||
| Pacific Funds Strategic Income |
— | — | 5,752,429 | — | — | — | — | |||||||||||||||||||||||||
| Pacific Funds Floating Rate Income |
(116,308,810 | ) | 2,520,121 | — | — | — | — | — | ||||||||||||||||||||||||
| Pacific Funds High Income |
(4,427,093 | ) | 55,243 | — | — | — | — | — | ||||||||||||||||||||||||
| Pacific Funds Small/Mid-Cap |
— | — | 29,620,406 | 72,582 | — | — | 72,582 | |||||||||||||||||||||||||
| Pacific Funds Small-Cap |
— | — | — | 3,842 | 280,495 | — | 284,337 | |||||||||||||||||||||||||
| Pacific Funds Small-Cap Value |
— | 3,875 | 639,500 | — | — | — | — | |||||||||||||||||||||||||
| PF Inflation Managed |
(6,436,288 | ) | 391,190 | — | — | — | — | — | ||||||||||||||||||||||||
| PF Managed Bond |
(14,558,761 | ) | 3,573,194 | — | — | — | — | — | ||||||||||||||||||||||||
| PF Short Duration Bond |
(1,085,025 | ) | 282,497 | — | — | — | — | — | ||||||||||||||||||||||||
| PF Emerging Markets Debt |
(8,016,804 | ) | 738,294 | — | — | — | — | — | ||||||||||||||||||||||||
| PF Growth |
— | — | 11,061,070 | — | — | — | — | |||||||||||||||||||||||||
| PF Large-Cap Value |
— | 864,096 | 9,597,733 | — | — | — | — | |||||||||||||||||||||||||
| PF Small-Cap Growth |
— | — | — | — | 1,460,472 | — | 1,460,472 | |||||||||||||||||||||||||
| PF Small-Cap Value |
— | 249,019 | 7,154,761 | — | — | — | — | |||||||||||||||||||||||||
| PF Emerging Markets |
— | 2,205,995 | — | — | 2,831,760 | — | 2,831,760 | |||||||||||||||||||||||||
| PF International Growth |
— | — | — | 103,633 | 777,132 | — | 880,765 | |||||||||||||||||||||||||
| PF International Small-Cap |
— | 160,187 | 105,428 | — | — | — | — | |||||||||||||||||||||||||
| PF International Value |
(1,950,287 | ) | 167,470 | — | — | — | — | — | ||||||||||||||||||||||||
| PF Multi-Asset |
— | 897,387 | 14,683,271 | — | — | — | — | |||||||||||||||||||||||||
| PF Real Estate |
— | 79,509 | 877,806 | — | — | — | — | |||||||||||||||||||||||||
D-24
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
Accumulated capital losses represent net capital loss carryovers as of March 31, 2022 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, 2022 and capital loss carryover from prior years utilized during the fiscal year ended March 31, 2022:
| Unlimited Period of Net Capital Loss Carryover |
Accumulated Carryover |
Capital Loss March 31, 2022 |
||||||||||||||
| Fund | Short Term | Long Term | ||||||||||||||
| Pacific Funds ESG Core Bond |
(254,496 | ) | (218,964 | ) | (473,460 | ) | $— | |||||||||
| Pacific Funds Strategic Income |
— | — | — | 1,500,711 | ||||||||||||
| Pacific Funds Floating Rate Income |
(24,346,777 | ) | (91,962,033 | ) | (116,308,810 | ) | 13,387,542 | |||||||||
| Pacific Funds High Income |
(2,337,046 | ) | (2,090,047 | ) | (4,427,093 | ) | 4,356,678 | |||||||||
| Pacific Funds Small-Cap |
— | — | — | 108,798 | ||||||||||||
| Pacific Funds Small-Cap Value |
— | — | — | 1,115,440 | ||||||||||||
| PF Inflation Managed |
— | (6,436,288 | ) | (6,436,288 | ) | 598,761 | ||||||||||
| PF Managed Bond |
(8,406,464 | ) | (6,152,297 | ) | (14,558,761 | ) | — | |||||||||
| PF Short Duration Bond |
(407,098 | ) | (677,927 | ) | (1,085,025 | ) | — | |||||||||
| PF Emerging Markets Debt |
(3,006,178 | ) | (5,010,626 | ) | (8,016,804 | ) | — | |||||||||
| PF International Small-Cap |
— | — | — | 3,509,900 | ||||||||||||
| PF International Value |
(383,265 | ) | (1,567,022 | ) | (1,950,287 | ) | 2,072,439 | |||||||||
| PF Real Estate |
— | — | — | 2,901,132 | ||||||||||||
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 March 31, 2022, 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) |
||||||||||||||||||
| Pacific Funds Portfolio Optimization Conservative |
$223,456,872 | $8,119,242 | ($5,775,244 | ) | $2,343,998 | $— | $2,343,998 | |||||||||||||||||
| Pacific Funds Portfolio Optimization Moderate-Conservative |
298,035,089 | 12,258,574 | (9,216,241 | ) | 3,042,333 | — | 3,042,333 | |||||||||||||||||
| Pacific Funds Portfolio Optimization Moderate |
937,468,399 | 67,052,751 | (20,662,233 | ) | 46,390,518 | — | 46,390,518 | |||||||||||||||||
| Pacific Funds Portfolio Optimization Growth |
777,469,645 | 67,157,408 | (22,740,900 | ) | 44,416,508 | — | 44,416,508 | |||||||||||||||||
| Pacific Funds Portfolio Optimization Aggressive-Growth |
305,259,551 | 27,185,975 | (15,320,219 | ) | 11,865,756 | — | 11,865,756 | |||||||||||||||||
| Pacific Funds Ultra Short Income |
33,217,606 | 16,576 | (212,738 | ) | (196,162 | ) | 1 | (196,161 | ) | |||||||||||||||
| Pacific Funds Short Duration Income |
1,013,546,005 | 462,483 | (23,513,060 | ) | (23,050,577 | ) | — | (23,050,577 | ) | |||||||||||||||
| Pacific Funds Core Income |
1,008,357,984 | 3,596,535 | (49,263,059 | ) | (45,666,524 | ) | — | (45,666,524 | ) | |||||||||||||||
| Pacific Funds ESG Core Bond |
27,951,281 | 15,042 | (1,919,011 | ) | (1,903,969 | ) | — | (1,903,969 | ) | |||||||||||||||
| Pacific Funds Strategic Income |
1,664,496,610 | 6,271,412 | (64,993,543 | ) | (58,722,131 | ) | (1,312 | ) | (58,723,443 | ) | ||||||||||||||
| Pacific Funds Floating Rate Income |
4,585,187,946 | 5,532,758 | (33,825,261 | ) | (28,292,503 | ) | — | (28,292,503 | ) | |||||||||||||||
| Pacific Funds High Income |
152,590,466 | 1,751,051 | (6,163,131 | ) | (4,412,080 | ) | (122 | ) | (4,412,202 | ) | ||||||||||||||
| Pacific Funds Small/Mid-Cap |
161,492,653 | 65,798,025 | (12,367,021 | ) | 53,431,004 | — | 53,431,004 | |||||||||||||||||
| Pacific Funds Small-Cap |
18,989,137 | 4,649,860 | (1,598,840 | ) | 3,051,020 | — | 3,051,020 | |||||||||||||||||
| Pacific Funds Small-Cap Value |
16,777,031 | 4,887,432 | (1,137,851 | ) | 3,749,581 | — | 3,749,581 | |||||||||||||||||
| PF Inflation Managed |
50,385,256 | 637,315 | (1,229,851 | ) | (592,536 | ) | (66,470 | ) | (659,006 | ) | ||||||||||||||
| PF Managed Bond |
481,590,315 | 3,720,374 | (34,868,216 | ) | (31,147,842 | ) | (151,331 | ) | (31,299,173 | ) | ||||||||||||||
| PF Short Duration Bond |
76,163,457 | 40,157 | (1,792,591 | ) | (1,752,434 | ) | (28 | ) | (1,752,462 | ) | ||||||||||||||
| PF Emerging Markets Debt |
44,430,548 | 722,755 | (5,628,033 | ) | (4,905,278 | ) | 85,511 | (4,819,767 | ) | |||||||||||||||
| PF Growth |
58,634,696 | 101,795,043 | (1,569,785 | ) | 100,225,258 | 8 | 100,225,266 | |||||||||||||||||
| PF Large-Cap Value |
80,822,023 | 84,995,269 | (1,551,664 | ) | 83,443,605 | — | 83,443,605 | |||||||||||||||||
| PF Small-Cap Growth |
55,718,462 | 5,014,748 | (10,931,176 | ) | (5,916,428 | ) | (149 | ) | (5,916,577 | ) | ||||||||||||||
| PF Small-Cap Value |
74,373,980 | 24,695,236 | (2,199,404 | ) | 22,495,832 | — | 22,495,832 | |||||||||||||||||
| PF Emerging Markets |
68,284,821 | 36,195,158 | (16,609,925 | ) | 19,585,233 | (515,404 | ) | 19,069,829 | ||||||||||||||||
| PF International Growth |
33,015,482 | 7,905,444 | (5,068,860 | ) | 2,836,584 | (62,214 | ) | 2,774,370 | ||||||||||||||||
| PF International Small-Cap |
61,843,891 | 2,321,924 | (5,626,962 | ) | (3,305,038 | ) | (2,781 | ) | (3,307,819 | ) | ||||||||||||||
| PF International Value |
72,745,790 | 8,284,917 | (5,195,292 | ) | 3,089,625 | (4,743 | ) | 3,084,882 | ||||||||||||||||
| PF Multi-Asset |
1,084,775,702 | 871,653 | (18,723,158 | ) | (17,851,505 | ) | 37,718,154 | 19,866,649 | ||||||||||||||||
| PF Real Estate |
49,116,596 | 11,145,436 | (1,025,458 | ) | 10,119,978 | — | 10,119,978 | |||||||||||||||||
| (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, investments in passive foreign investment companies, unfunded loan commitments, partnerships, defaulted securities, and differing treatments for sale-buyback financing transactions and U.S. Treasury Inflation Protected Securities. |
| (2) | Other includes net appreciation or depreciation on derivatives, short sales, unfunded loan commitments, 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, 2018.
D-25
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
12. TAX CHARACTER OF DISTRIBUTIONS
The tax character of income and capital gains distributions to shareholders during the fiscal year ended March 31, 2022 and the fiscal year or period ended March 31, 2021 were as follows:
| For the Year Ended March 31, 2022 | For the Year or Period Ended March 31, 2021 | |||||||||||||||||||||||||||||||
| Fund | Ordinary Income |
Long-Term Capital Gains |
Total Distributions |
Ordinary Income |
Long-Term Capital Gains |
Return of Capital |
Total Distributions |
|||||||||||||||||||||||||
| Pacific Funds Portfolio Optimization Conservative |
$5,505,199 | $4,099,284 | $9,604,483 | $6,724,180 | $— | $— | $6,724,180 | |||||||||||||||||||||||||
| Pacific Funds Portfolio Optimization Moderate-Conservative |
7,502,753 | 14,169,221 | 21,671,974 | 8,082,625 | 135,673 | — | 8,218,298 | |||||||||||||||||||||||||
| Pacific Funds Portfolio Optimization Moderate |
25,611,893 | 62,568,898 | 88,180,791 | 23,696,758 | 8,349,683 | — | 32,046,441 | |||||||||||||||||||||||||
| Pacific Funds Portfolio Optimization Growth |
22,040,493 | 66,517,270 | 88,557,763 | 13,724,548 | 8,271,399 | — | 21,995,947 | |||||||||||||||||||||||||
| Pacific Funds Portfolio Optimization Aggressive-Growth |
9,554,507 | 25,218,335 | 34,772,842 | 3,437,004 | 7,064,241 | — | 10,501,245 | |||||||||||||||||||||||||
| Pacific Funds Ultra Short Income |
299,573 | 48,968 | 348,541 | 403,166 | 9,673 | — | 412,839 | |||||||||||||||||||||||||
| Pacific Funds Short Duration Income |
18,664,157 | 7,553,957 | 26,218,114 | 18,720,253 | — | — | 18,720,253 | |||||||||||||||||||||||||
| Pacific Funds Core Income |
30,847,639 | 16,399,705 | 47,247,344 | 31,092,260 | 1,743,297 | — | 32,835,557 | |||||||||||||||||||||||||
| Pacific Funds ESG Core Bond |
315,297 | — | 315,297 | 68,061 | — | — | 68,061 | |||||||||||||||||||||||||
| Pacific Funds Strategic Income |
42,035,248 | 11,278,290 | 53,313,538 | 29,219,412 | — | — | 29,219,412 | |||||||||||||||||||||||||
| Pacific Funds Floating Rate Income |
104,455,304 | — | 104,455,304 | 57,410,489 | — | — | 57,410,489 | |||||||||||||||||||||||||
| Pacific Funds High Income |
7,738,747 | — | 7,738,747 | 8,394,548 | — | — | 8,394,548 | |||||||||||||||||||||||||
| Pacific Funds Small/Mid-Cap |
— | 20,392,724 | 20,392,724 | 725,132 | 216,917 | — | 942,049 | |||||||||||||||||||||||||
| Pacific Funds Small-Cap |
— | 1,116,905 | 1,116,905 | 8,412 | — | — | 8,412 | |||||||||||||||||||||||||
| Pacific Funds Small-Cap Value |
20,690 | 254,619 | 275,309 | 102,422 | — | — | 102,422 | |||||||||||||||||||||||||
| PF Inflation Managed |
1,116,614 | — | 1,116,614 | 411,237 | — | — | 411,237 | |||||||||||||||||||||||||
| PF Managed Bond |
11,378,319 | — | 11,378,319 | 27,188,022 | 4,159,022 | — | 31,347,044 | |||||||||||||||||||||||||
| PF Short Duration Bond |
1,203,868 | — | 1,203,868 | 2,909,983 | — | — | 2,909,983 | |||||||||||||||||||||||||
| PF Emerging Markets Debt |
3,023,723 | — | 3,023,723 | 2,362,664 | — | — | 2,362,664 | |||||||||||||||||||||||||
| PF Growth |
731,645 | 21,388,699 | 22,120,344 | 2,143,783 | 41,747,879 | — | 43,891,662 | |||||||||||||||||||||||||
| PF Large-Cap Value |
3,486,388 | 15,224,678 | 18,711,066 | 5,040,387 | 20,741,707 | — | 25,782,094 | |||||||||||||||||||||||||
| PF Small-Cap Growth |
4,849,740 | 3,692,221 | 8,541,961 | 4,020,897 | 2,478,883 | — | 6,499,780 | |||||||||||||||||||||||||
| PF Small-Cap Value |
9,464,883 | 3,674,317 | 13,139,200 | 325,166 | — | — | 325,166 | |||||||||||||||||||||||||
| PF Emerging Markets |
5,906,999 | 9,468,605 | 15,375,604 | 1,260,582 | 2,437,304 | — | 3,697,886 | |||||||||||||||||||||||||
| PF International Growth |
1,677,466 | 19,174,473 | 20,851,939 | 1,265,942 | 2,992,554 | — | 4,258,496 | |||||||||||||||||||||||||
| PF International Small-Cap |
1,760,022 | 9,454,912 | 11,214,934 | 658,806 | — | — | 658,806 | |||||||||||||||||||||||||
| PF International Value |
904,797 | — | 904,797 | 829,970 | — | — | 829,970 | |||||||||||||||||||||||||
| PF Multi-Asset |
35,350,537 | 338,196,583 | 373,547,120 | 14,603,227 | 39,218,966 | — | 53,822,193 | |||||||||||||||||||||||||
| PF Real Estate |
300,499 | — | 300,499 | 339,852 | — | 288,733 | 628,585 | |||||||||||||||||||||||||
13. RECLASSIFICATION OF ACCOUNTS
During the fiscal year ended March 31, 2022, reclassifications as shown in the following table have been made in each Fund’s capital accounts to report these balances on a tax basis, excluding certain temporary differences, as of March 31, 2022. Additional adjustments may be required in subsequent reporting periods. These reclassifications, which have no impact on the NAV of the Funds, are primarily attributable to reclassifications of sale-buyback financing transactions, paydown gain/loss, partnership income, foreign currency transactions, non-deductible expenses, swap income, futures gain/loss, investments in passive foreign investment companies, foreign capital gain tax, redesignation of dividends paid, partnerships, defaulted bonds, short-term capital gains, treatment of net operating losses and capital gains under Federal tax rules versus U.S. GAAP. The calculation of net investment income per share in the financial highlights excludes these adjustments.
| Fund | Paid-In Capital | Undistributed/ Net Investment Income (Loss) |
Undistributed/ Net Realized Gain (Loss) |
|||||||||
| Pacific Funds Portfolio Optimization Conservative |
$— | $1,834,258 | ($1,834,258 | ) | ||||||||
| Pacific Funds Portfolio Optimization Moderate-Conservative |
— | 4,036,363 | (4,036,363 | ) | ||||||||
| Pacific Funds Portfolio Optimization Moderate |
— | 19,840,202 | (19,840,202 | ) | ||||||||
| Pacific Funds Portfolio Optimization Growth |
— | 19,273,694 | (19,273,694 | ) | ||||||||
| Pacific Funds Portfolio Optimization Aggressive-Growth |
— | 9,686,645 | (9,686,645 | ) | ||||||||
| Pacific Funds Ultra Short Income |
— | 11,315 | (11,315 | ) | ||||||||
| Pacific Funds Short Duration Income |
— | 41,126 | (41,126 | ) | ||||||||
| Pacific Funds Core Income |
— | 188,058 | (188,058 | ) | ||||||||
| Pacific Funds ESG Core Bond |
(1,039 | ) | 21,508 | (20,469 | ) | |||||||
| Pacific Funds Strategic Income |
(3,665 | ) | (893,949 | ) | 897,614 | |||||||
| Pacific Funds High Income |
(580 | ) | (19,329 | ) | 19,909 | |||||||
| Pacific Funds Small/Mid-Cap |
(904,303 | ) | 904,303 | — | ||||||||
| Pacific Funds Small-Cap |
(54,556 | ) | 54,020 | 536 | ||||||||
| PF Inflation Managed |
— | (294,523 | ) | 294,523 | ||||||||
| PF Managed Bond |
— | 2,987,538 | (2,987,538 | ) | ||||||||
| PF Short Duration Bond |
— | 116,295 | (116,295 | ) | ||||||||
| PF Emerging Markets Debt |
— | 580,867 | (580,867 | ) | ||||||||
| PF Growth |
— | 553,775 | (553,775 | ) | ||||||||
| PF Large-Cap Value |
(240 | ) | 70,948 | (70,708 | ) | |||||||
| PF Small-Cap Growth |
— | 267,834 | (267,834 | ) | ||||||||
| PF Emerging Markets |
— | (114,649 | ) | 114,649 | ||||||||
| PF International Growth |
— | (152,129 | ) | 152,129 | ||||||||
| PF International Small-Cap |
— | 423,312 | (423,312 | ) | ||||||||
| PF International Value |
— | 83,456 | (83,456 | ) | ||||||||
| PF Multi-Asset |
— | (212,838 | ) | 212,838 | ||||||||
D-26
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
14. 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 fiscal year or period ended March 31, 2022 and 2021, were as follows:
| Pacific Funds Portfolio Optimization Conservative |
Pacific Funds
Portfolio Optimization Moderate-Conservative |
Pacific Funds Portfolio Optimization Moderate |
Pacific Funds Portfolio Optimization Growth | |||||||||||||||||||||||||||||||||||||||||
| Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
|||||||||||||||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
1,727,763 | 3,133,583 | 1,932,156 | 2,541,820 | 4,246,108 | 4,863,983 | 3,023,998 | 3,410,074 | ||||||||||||||||||||||||||||||||||||
| Dividends and distribution reinvested |
653,655 | 453,642 | 1,477,927 | 563,430 | 5,106,526 | 1,922,442 | 4,799,866 | 1,265,839 | ||||||||||||||||||||||||||||||||||||
| Shares repurchased |
(2,926,721 | ) | (3,070,586 | ) | (3,461,292 | ) | (3,753,906 | ) | (8,501,671 | ) | (11,649,669 | ) | (6,081,144 | ) | (8,138,362 | ) | ||||||||||||||||||||||||||||
| Net increase (decrease) |
(545,303 | ) | 516,639 | (51,209 | ) | (648,656 | ) | 850,963 | (4,863,244 | ) | 1,742,720 | (3,462,449 | ) | |||||||||||||||||||||||||||||||
| Beginning shares outstanding |
16,705,297 | 16,188,658 | 22,640,090 | 23,288,746 | 62,564,249 | 67,427,493 | 47,942,848 | 51,405,297 | ||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
16,159,994 | 16,705,297 | 22,588,881 | 22,640,090 | 63,415,212 | 62,564,249 | 49,685,568 | 47,942,848 | ||||||||||||||||||||||||||||||||||||
| Class C |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
777,419 | 1,037,772 | 278,420 | 388,735 | 868,175 | 877,176 | 567,971 | 935,078 | ||||||||||||||||||||||||||||||||||||
| Dividends and distribution reinvested |
134,094 | 102,719 | 188,405 | 78,572 | 690,352 | 282,566 | 665,256 | 176,810 | ||||||||||||||||||||||||||||||||||||
| Shares repurchased |
(1,494,499 | ) | (1,824,418 | ) | (1,388,722 | ) | (1,784,656 | ) | (3,509,867 | ) | (4,699,621 | ) | (2,505,844 | ) | (3,139,181 | ) | ||||||||||||||||||||||||||||
| Net increase (decrease) |
(582,986 | ) | (683,927 | ) | (921,897 | ) | (1,317,349 | ) | (1,951,340 | ) | (3,539,879 | ) | (1,272,617 | ) | (2,027,293 | ) | ||||||||||||||||||||||||||||
| Beginning shares outstanding |
4,206,449 | 4,890,376 | 3,715,925 | 5,033,274 | 10,211,635 | 13,751,514 | 7,732,160 | 9,759,453 | ||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
3,623,463 | 4,206,449 | 2,794,028 | 3,715,925 | 8,260,295 | 10,211,635 | 6,459,543 | 7,732,160 | ||||||||||||||||||||||||||||||||||||
| Advisor Class |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
783,771 | 471,834 | 184,139 | 113,706 | 1,012,681 | 1,239,561 | 435,678 | 437,631 | ||||||||||||||||||||||||||||||||||||
| Dividends and distribution reinvested |
35,209 | 24,384 | 38,411 | 14,758 | 209,189 | 74,211 | 137,359 | 35,031 | ||||||||||||||||||||||||||||||||||||
| Shares repurchased |
(540,578 | ) | (223,359 | ) | (135,437 | ) | (207,949 | ) | (1,434,698 | ) | (877,646 | ) | (490,588 | ) | (541,814 | ) | ||||||||||||||||||||||||||||
| Net increase (decrease) |
278,402 | 272,859 | 87,113 | (79,485 | ) | (212,828 | ) | 436,126 | 82,449 | (69,152 | ) | |||||||||||||||||||||||||||||||||
| Beginning shares outstanding |
981,074 | 708,215 | 486,221 | 565,706 | 2,477,677 | 2,041,551 | 1,290,843 | 1,359,995 | ||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
1,259,476 | 981,074 | 573,334 | 486,221 | 2,264,849 | 2,477,677 | 1,373,292 | 1,290,843 | ||||||||||||||||||||||||||||||||||||
D-27
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
| Pacific Funds Portfolio Optimization Aggressive-Growth |
Pacific Funds Ultra Short Income |
Pacific Funds Short Duration Income |
Pacific Funds Core Income |
|||||||||||||||||||||||||||||||||||||||||
| Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
|||||||||||||||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
1,023,571 | 1,220,158 | 5,143,674 | 12,538,919 | 3,044,283 | 5,144,767 | ||||||||||||||||||||||||||||||||||||||
| Dividends and distribution reinvested |
1,603,394 | 526,227 | 308,300 | 208,932 | 505,586 | 344,789 | ||||||||||||||||||||||||||||||||||||||
| Shares repurchased |
(1,742,144 | ) | (2,913,938 | ) | (7,642,480 | ) | (8,740,026 | ) | (5,653,883 | ) | (4,389,220 | ) | ||||||||||||||||||||||||||||||||
| Net increase (decrease) |
884,821 | (1,167,553 | ) | (2,190,506 | ) | 4,007,825 | (2,104,014 | ) | 1,100,336 | |||||||||||||||||||||||||||||||||||
| Beginning shares outstanding |
15,655,832 | 16,823,385 | 19,367,776 | 15,359,951 | 14,375,022 | 13,274,686 | ||||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
16,540,653 | 15,655,832 | 17,177,270 | 19,367,776 | 12,271,008 | 14,375,022 | ||||||||||||||||||||||||||||||||||||||
| Class C |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
270,787 | 326,942 | 596,291 | 1,549,181 | 351,597 | 1,330,698 | ||||||||||||||||||||||||||||||||||||||
| Dividends and distribution reinvested |
225,465 | 80,577 | 56,642 | 36,483 | 115,515 | 90,450 | ||||||||||||||||||||||||||||||||||||||
| Shares repurchased |
(816,701 | ) | (1,044,819 | ) | (1,587,149 | ) | (1,584,825 | ) | (1,863,670 | ) | (2,102,879 | ) | ||||||||||||||||||||||||||||||||
| Net increase (decrease) |
(320,449 | ) | (637,300 | ) | (934,216 | ) | 839 | (1,396,558 | ) | (681,731 | ) | |||||||||||||||||||||||||||||||||
| Beginning shares outstanding |
2,583,065 | 3,220,365 | 4,869,674 | 4,868,835 | 4,827,808 | 5,509,539 | ||||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
2,262,616 | 2,583,065 | 3,935,458 | 4,869,674 | 3,431,250 | 4,827,808 | ||||||||||||||||||||||||||||||||||||||
| Class I |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
— | 4,629 | 6,578,649 | 6,460,253 | 4,905,410 | 5,549,240 | ||||||||||||||||||||||||||||||||||||||
| Dividends and distribution reinvested |
13,951 | 17,722 | 358,444 | 202,068 | 469,321 | 210,691 | ||||||||||||||||||||||||||||||||||||||
| Shares repurchased |
— | (4,629 | ) | (3,507,928 | ) | (3,822,396 | ) | (3,647,590 | ) | (1,812,081 | ) | |||||||||||||||||||||||||||||||||
| Net increase (decrease) |
13,951 | 17,722 | 3,429,165 | 2,839,925 | 1,727,141 | 3,947,850 | ||||||||||||||||||||||||||||||||||||||
| Beginning shares outstanding |
1,289,781 | 1,272,059 | 13,445,378 | 10,605,453 | 9,638,945 | 5,691,095 | ||||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
1,303,732 | 1,289,781 | 16,874,543 | 13,445,378 | 11,366,086 | 9,638,945 | ||||||||||||||||||||||||||||||||||||||
| Class P |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
55,717 | 1,610,458 | ||||||||||||||||||||||||||||||||||||||||||
| Dividends and distribution reinvested |
172,598 | 103,281 | ||||||||||||||||||||||||||||||||||||||||||
| Shares repurchased |
(998,593 | ) | (597,648 | ) | ||||||||||||||||||||||||||||||||||||||||
| Net increase (decrease) |
(770,278 | ) | 1,116,091 | |||||||||||||||||||||||||||||||||||||||||
| Beginning shares outstanding |
4,108,306 | 2,992,215 | ||||||||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
3,338,028 | 4,108,306 | ||||||||||||||||||||||||||||||||||||||||||
| Advisor Class |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
171,829 | 310,473 | 229,994 | 782,702 | 37,752,164 | 52,415,830 | 22,391,446 | 40,390,540 | ||||||||||||||||||||||||||||||||||||
| Dividends and distribution reinvested |
84,937 | 28,627 | 20,786 | 23,368 | 1,675,096 | 1,267,116 | 2,218,471 | 1,599,233 | ||||||||||||||||||||||||||||||||||||
| Shares repurchased |
(431,442 | ) | (340,662 | ) | (206,814 | ) | (260,164 | ) | (51,719,966 | ) | (51,530,741 | ) | (36,175,271 | ) | (34,461,869 | ) | ||||||||||||||||||||||||||||
| Net increase (decrease) |
(174,676 | ) | (1,562 | ) | 43,966 | 545,906 | (12,292,706 | ) | 2,152,205 | (11,565,354 | ) | 7,527,904 | ||||||||||||||||||||||||||||||||
| Beginning shares outstanding |
838,403 | 839,965 | 1,831,281 | 1,285,375 | 73,578,500 | 71,426,295 | 71,491,427 | 63,963,523 | ||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
663,727 | 838,403 | 1,875,247 | 1,831,281 | 61,285,794 | 73,578,500 | 59,926,073 | 71,491,427 | ||||||||||||||||||||||||||||||||||||
D-28
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
| Pacific Funds ESG Core Bond (1) |
Pacific Funds Strategic Income |
Pacific Funds Floating Rate Income |
Pacific Funds High Income |
|||||||||||||||||||||||||||||||||||||||||
| Year Ended 3/31/2022 |
Period Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
|||||||||||||||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
6,683,029 | 4,708,081 | 17,247,416 | 5,667,393 | 258,391 | 151,557 | ||||||||||||||||||||||||||||||||||||||
| Dividends and distribution reinvested |
356,863 | 224,381 | 803,790 | 609,991 | 32,710 | 41,931 | ||||||||||||||||||||||||||||||||||||||
| Shares repurchased |
(3,847,686 | ) | (3,204,856 | ) | (6,490,346 | ) | (7,221,698 | ) | (323,539 | ) | (294,916 | ) | ||||||||||||||||||||||||||||||||
| Net increase (decrease) |
3,192,206 | 1,727,606 | 11,560,860 | (944,314 | ) | (32,438 | ) | (101,428 | ) | |||||||||||||||||||||||||||||||||||
| Beginning shares outstanding |
9,087,158 | 7,359,552 | 17,524,229 | 18,468,543 | 724,579 | 826,007 | ||||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
12,279,364 | 9,087,158 | 29,085,089 | 17,524,229 | 692,141 | 724,579 | ||||||||||||||||||||||||||||||||||||||
| Class C |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
2,477,374 | 1,586,601 | 4,464,380 | 1,374,643 | 17,417 | 48,266 | ||||||||||||||||||||||||||||||||||||||
| Dividends and distribution reinvested |
183,921 | 154,416 | 267,346 | 277,085 | 5,927 | 8,000 | ||||||||||||||||||||||||||||||||||||||
| Shares repurchased |
(1,762,792 | ) | (1,973,263 | ) | (2,469,159 | ) | (4,296,787 | ) | (79,580 | ) | (98,459 | ) | ||||||||||||||||||||||||||||||||
| Net increase (decrease) |
898,503 | (232,246 | ) | 2,262,567 | (2,645,059 | ) | (56,236 | ) | (42,193 | ) | ||||||||||||||||||||||||||||||||||
| Beginning shares outstanding |
6,280,514 | 6,512,760 | 9,059,366 | 11,704,425 | 187,494 | 229,687 | ||||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
7,179,017 | 6,280,514 | 11,321,933 | 9,059,366 | 131,258 | 187,494 | ||||||||||||||||||||||||||||||||||||||
| Class I |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
493,360 | 1,250,000 | 13,380,914 | 1,411,194 | 117,488,947 | 69,364,697 | 2,872 | 213 | ||||||||||||||||||||||||||||||||||||
| Dividends and distribution reinvested |
18,076 | 3,452 | 132,388 | 56,057 | 3,884,909 | 1,988,250 | 382 | 342 | ||||||||||||||||||||||||||||||||||||
| Shares repurchased |
(179,907 | ) | — | (1,654,682 | ) | (1,979,140 | ) | (35,894,397 | ) | (13,784,531 | ) | (500 | ) | (750 | ) | |||||||||||||||||||||||||||||
| Net increase (decrease) |
331,529 | 1,253,452 | 11,858,620 | (511,889 | ) | 85,479,459 | 57,568,416 | 2,754 | (195 | ) | ||||||||||||||||||||||||||||||||||
| Beginning shares outstanding |
1,253,452 | — | 1,209,305 | 1,721,194 | 104,685,465 | 47,117,049 | 6,034 | 6,229 | ||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
1,584,981 | 1,253,452 | 13,067,925 | 1,209,305 | 190,164,924 | 104,685,465 | 8,788 | 6,034 | ||||||||||||||||||||||||||||||||||||
| Class P |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
4,583,286 | 548,182 | 263,399 | 3,481,800 | ||||||||||||||||||||||||||||||||||||||||
| Dividends and distribution reinvested |
42,391 | 29,097 | 679,012 | 780,464 | ||||||||||||||||||||||||||||||||||||||||
| Shares repurchased |
(121,039 | ) | (491,671 | ) | (1,462,828 | ) | (3,913,655 | ) | ||||||||||||||||||||||||||||||||||||
| Net increase (decrease) |
4,504,638 | 85,608 | (520,417 | ) | 348,609 | |||||||||||||||||||||||||||||||||||||||
| Beginning shares outstanding |
982,341 | 896,733 | 14,292,789 | 13,944,180 | ||||||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
5,486,979 | 982,341 | 13,772,372 | 14,292,789 | ||||||||||||||||||||||||||||||||||||||||
| Advisor Class |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
— | 1,250,000 | 78,013,830 | 40,314,864 | 148,542,651 | 46,214,284 | 1,758,421 | 594,851 | ||||||||||||||||||||||||||||||||||||
| Dividends and distribution reinvested |
14,440 | 3,452 | 3,313,444 | 1,746,869 | 4,064,989 | 2,179,452 | 38,787 | 23,028 | ||||||||||||||||||||||||||||||||||||
| Shares repurchased |
— | — | (39,939,340 | ) | (20,380,801 | ) | (42,420,594 | ) | (32,313,805 | ) | (1,494,129 | ) | (617,976 | ) | ||||||||||||||||||||||||||||||
| Net increase (decrease) |
14,440 | 1,253,452 | 41,387,934 | 21,680,932 | 110,187,046 | 16,079,931 | 303,079 | (97 | ) | |||||||||||||||||||||||||||||||||||
| Beginning shares outstanding |
1,253,452 | — | 72,228,102 | 50,547,170 | 73,425,748 | 57,345,817 | 379,993 | 380,090 | ||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
1,267,892 | 1,253,452 | 113,616,036 | 72,228,102 | 183,612,794 | 73,425,748 | 683,072 | 379,993 | ||||||||||||||||||||||||||||||||||||
D-29
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
| Pacific Funds Small/Mid-Cap |
Pacific Funds Small Cap |
Pacific Funds Small-Cap Value |
||||||||||||||||||||||||||||||||||||||||||
| Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
|||||||||||||||||||||||||||||||||||||||
| Class A |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
149,461 | 747,499 | 12,435 | 89,846 | 75,109 | 369,226 | ||||||||||||||||||||||||||||||||||||||
| Dividends and distribution reinvested |
77,769 | — | 6,382 | — | 3,072 | 902 | ||||||||||||||||||||||||||||||||||||||
| Shares repurchased |
(311,842 | ) | (942,569 | ) | (53,782 | ) | (314,203 | ) | (24,792 | ) | (345,212 | ) | ||||||||||||||||||||||||||||||||
| Net increase (decrease) |
(84,612 | ) | (195,070 | ) | (34,965 | ) | (224,357 | ) | 53,389 | 24,916 | ||||||||||||||||||||||||||||||||||
| Beginning shares outstanding |
1,315,951 | 1,511,021 | 166,037 | 390,394 | 191,296 | 166,380 | ||||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
1,231,339 | 1,315,951 | 131,072 | 166,037 | 244,685 | 191,296 | ||||||||||||||||||||||||||||||||||||||
| Class C |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
37,723 | 68,397 | 12,588 | 15,659 | 11,307 | 29,831 | ||||||||||||||||||||||||||||||||||||||
| Dividends and distribution reinvested |
39,561 | — | 2,429 | — | 913 | — | ||||||||||||||||||||||||||||||||||||||
| Shares repurchased |
(115,367 | ) | (419,774 | ) | (11,292 | ) | (29,175 | ) | (18,984 | ) | (65,736 | ) | ||||||||||||||||||||||||||||||||
| Net increase (decrease) |
(38,083 | ) | (351,377 | ) | 3,725 | (13,516 | ) | (6,764 | ) | (35,905 | ) | |||||||||||||||||||||||||||||||||
| Beginning shares outstanding |
653,074 | 1,004,451 | 50,702 | 64,218 | 70,828 | 106,733 | ||||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
614,991 | 653,074 | 54,427 | 50,702 | 64,064 | 70,828 | ||||||||||||||||||||||||||||||||||||||
| Advisor Class |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
2,063,190 | 2,175,547 | 829,811 | 90,017 | 151,001 | 283,768 | ||||||||||||||||||||||||||||||||||||||
| Dividends and distribution reinvested |
1,048,226 | 60,783 | 58,948 | 597 | 17,396 | 8,962 | ||||||||||||||||||||||||||||||||||||||
| Shares repurchased |
(9,465,424 | ) | (6,795,051 | ) | (416,173 | ) | (299,163 | ) | (92,776 | ) | (728,169 | ) | ||||||||||||||||||||||||||||||||
| Net increase (decrease) |
(6,354,008 | ) | (4,558,721 | ) | 472,586 | (208,549 | ) | 75,621 | (435,439 | ) | ||||||||||||||||||||||||||||||||||
| Beginning shares outstanding |
17,809,772 | 22,368,493 | 698,432 | 906,981 | 1,182,596 | 1,618,035 | ||||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
11,455,764 | 17,809,772 | 1,171,018 | 698,432 | 1,258,217 | 1,182,596 | ||||||||||||||||||||||||||||||||||||||
| Class R6 |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
145,838 | 34,595 | 128,279 | 45,127 | 132,275 | 21,769 | ||||||||||||||||||||||||||||||||||||||
| Dividends and distribution reinvested |
— | 407 | — | — | 182 | 919 | ||||||||||||||||||||||||||||||||||||||
| Shares repurchased |
(175,100 | ) | (447,202 | ) | (128,275 | ) | (19,841 | ) | (126,486 | ) | (297,583 | ) | ||||||||||||||||||||||||||||||||
| Net increase (decrease) |
(29,262 | ) | (412,200 | ) | 4 | 25,286 | 5,971 | (274,895 | ) | |||||||||||||||||||||||||||||||||||
| Beginning shares outstanding |
88,482 | 500,682 | 116,988 | 91,702 | 100,413 | 375,308 | ||||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
59,220 | 88,482 | 116,992 | 116,988 | 106,384 | 100,413 | ||||||||||||||||||||||||||||||||||||||
D-30
Table of Contents
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
| PF Inflation Managed Fund |
PF Managed Bond Fund |
PF Short Duration Bond Fund |
PF Emerging Markets Debt Fund |
|||||||||||||||||||||||||||||||||||||||||
| Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
|||||||||||||||||||||||||||||||||||||
| Class P |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
1,501,983 | 1,271,440 | 709,388 | 20,021,861 | 279,189 | 4,812,822 | 171,086 | 2,025,141 | ||||||||||||||||||||||||||||||||||||
| Dividends and distributions reinvested |
109,903 | 41,165 | 1,040,419 | 2,749,801 | 120,628 | 287,548 | 382,266 | 266,366 | ||||||||||||||||||||||||||||||||||||
| Shares repurchased |
(482,370 | ) | (271,733 | ) | (11,496,806 | ) | (6,309,554 | ) | (2,547,877 | ) | (7,996,773 | ) | (2,465,211 | ) | (7,051,807 | ) | ||||||||||||||||||||||||||||
| Net increase (decrease) |
1,129,516 | 1,040,872 | (9,746,999 | ) | 16,462,108 | (2,148,060 | ) | (2,896,403 | ) | (1,911,859 | ) | (4,760,300 | ) | |||||||||||||||||||||||||||||||
| Beginning shares outstanding |
3,336,907 | 2,296,035 | 51,545,117 | 35,083,009 | 9,617,341 | 12,513,744 | 7,447,478 | 12,207,778 | ||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
4,466,423 | 3,336,907 | 41,798,118 | 51,545,117 | 7,469,281 | 9,617,341 | 5,535,619 | 7,447,478 | ||||||||||||||||||||||||||||||||||||
| PF Growth Fund |
PF Large-Cap Value Fund |
PF Small-Cap Growth Fund |
PF Small-Cap Value Fund |
|||||||||||||||||||||||||||||||||||||||||
| Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
|||||||||||||||||||||||||||||||||||||
| Class P |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
615,016 | 784,320 | 972,331 | 2,126,138 | 376,505 | 1,762,560 | 143,063 | 8,309,666 | ||||||||||||||||||||||||||||||||||||
| Dividends and distributions reinvested |
660,506 | 1,470,408 | 1,486,633 | 2,277,895 | 439,628 | 325,430 | 1,254,846 | 38,076 | ||||||||||||||||||||||||||||||||||||
| Shares repurchased |
(1,694,987 | ) | (2,425,191 | ) | (3,273,280 | ) | (7,066,086 | ) | (587,947 | ) | (403,782 | ) | (2,345,664 | ) | (2,971,600 | ) | ||||||||||||||||||||||||||||
| Net increase (decrease) |
(419,465 | ) | (170,463 | ) | (814,316 | ) | (2,662,053 | ) | 228,186 | 1,684,208 | (947,755 | ) | 5,376,142 | |||||||||||||||||||||||||||||||
| Beginning shares outstanding |
5,866,401 | 6,036,864 | 13,934,603 | 16,596,656 | 2,930,760 | 1,246,552 | 10,790,288 | 5,414,146 | ||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
5,446,936 | 5,866,401 | 13,120,287 | 13,934,603 | 3,158,946 | 2,930,760 | 9,842,533 | 10,790,288 | ||||||||||||||||||||||||||||||||||||
| PF Emerging Markets Fund |
PF International Growth Fund |
PF International Small-Cap Fund |
PF International Value Fund |
|||||||||||||||||||||||||||||||||||||||||
| Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
|||||||||||||||||||||||||||||||||||||
| Class P |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
287,086 | 827,146 | 282,079 | 586,239 | 3,168,959 | 279,914 | 5,113,482 | 957,474 | ||||||||||||||||||||||||||||||||||||
| Dividends and distributions reinvested |
1,247,379 | 259,396 | 2,719,026 | 380,281 | 1,222,568 | 60,888 | 107,458 | 115,434 | ||||||||||||||||||||||||||||||||||||
| Shares repurchased |
(2,312,955 | ) | (1,516,917 | ) | (1,749,041 | ) | (1,348,665 | ) | (367,681 | ) | (1,036,493 | ) | (393,220 | ) | (3,606,692 | ) | ||||||||||||||||||||||||||||
| Net increase (decrease) |
(778,490 | ) | (430,375 | ) | 1,252,064 | (382,145 | ) | 4,023,846 | (695,691 | ) | 4,827,720 | (2,533,784 | ) | |||||||||||||||||||||||||||||||
| Beginning shares outstanding |
9,530,502 | 9,960,877 | 4,240,566 | 4,622,711 | 3,171,697 | 3,867,388 | 4,274,956 | 6,808,740 | ||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
8,752,012 | 9,530,502 | 5,492,630 | 4,240,566 | 7,195,543 | 3,171,697 | 9,102,676 | 4,274,956 | ||||||||||||||||||||||||||||||||||||
| PF Multi-Asset Fund |
PF Real Estate Fund |
|||||||||||||||||||||||||||||||||||||||||||
| Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
Year Ended 3/31/2022 |
Year Ended 3/31/2021 |
|||||||||||||||||||||||||||||||||||||||||
| Class P |
||||||||||||||||||||||||||||||||||||||||||||
| Shares sold |
4,278,246 | 3,237,575 | 2,044,575 | 156,815 | ||||||||||||||||||||||||||||||||||||||||
| Dividends and distributions reinvested |
37,238,664 | 4,453,540 | 17,122 | 50,287 | ||||||||||||||||||||||||||||||||||||||||
| Shares repurchased |
(14,438,738 | ) | (29,897,442 | ) | (399,808 | ) | (2,541,409 | ) | ||||||||||||||||||||||||||||||||||||
| Net increase (decrease) |
27,078,172 | (22,206,327 | ) | 1,661,889 | (2,334,307 | ) | ||||||||||||||||||||||||||||||||||||||
| Beginning shares outstanding |
85,341,355 | 107,547,682 | 1,892,308 | 4,226,615 | ||||||||||||||||||||||||||||||||||||||||
| Ending shares outstanding |
112,419,527 | 85,341,355 | 3,554,197 | 1,892,308 | ||||||||||||||||||||||||||||||||||||||||
| (1) | See footnote (1) in Financial Highlights from pages C-20 through C-28 for the commencement date of operations of each share class. |
D-31
Table of Contents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Trustees of
Pacific Funds Series Trust:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statements of assets and liabilities of Pacific Funds Series Trust (the “Trust”) comprising the Pacific FundsSM Portfolio Optimization Conservative, Pacific FundsSM Portfolio Optimization Moderate-Conservative, Pacific FundsSM Portfolio Optimization Moderate, Pacific FundsSM Portfolio Optimization Growth, Pacific FundsSM Portfolio Optimization Aggressive-Growth, Pacific FundsSM Ultra Short Income, Pacific FundsSM Short Duration Income, Pacific FundsSM Core Income, Pacific Funds SM Strategic Income, Pacific FundsSM Floating Rate Income, Pacific FundsSM High Income, Pacific FundsSM ESG Core Bond, Pacific FundsSM Small/Mid-Cap, Pacific FundsSM Small-Cap, Pacific FundsSM Small-Cap Value, PF Inflation Managed Fund, PF Managed Bond Fund, PF Short Duration Bond Fund, PF Emerging Markets Debt Fund, PF Growth Fund, PF Large-Cap Value Fund, PF Small-Cap Growth Fund, PF Small-Cap Value Fund, PF Emerging Markets Fund, PF International Growth Fund (formerly named PF International Large-Cap Fund), PF International Small-Cap Fund, PF International Value Fund, PF Multi-Asset Fund, and PF Real Estate Fund (the “Funds”), including the schedules of investments, as of March 31, 2022; the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the statement of cash flows for the year then ended for the PF Inflation Managed Fund, and the financial highlights for each of the five years in the period then ended for the Funds, except Pacific FundsSM Ultra Short Income, Pacific FundsSM ESG Core Bond, and PF Multi-Asset Fund; the related statements of operations, changes in net assets, and the financial highlights for the periods indicated in the table below for Pacific FundsSM Ultra Short Income, Pacific FundsSM ESG Core Bond, and PF Multi-Asset Fund; and the related notes.
In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds listed above constituting the Trust as of March 31, 2022, and the results of their operations for the year then ended (or for the period listed in the table below), the changes in their net assets for each of the two years in the period then ended (or for the period listed in the table below), the cash flows for the PF Inflation Managed Fund for the year then ended, and the financial highlights for each of the five years in the period then ended (or for the period listed in the table below), in conformity with accounting principles generally accepted in the United States of America.
| Individual Fund Comprising the Pacific Funds |
Statement of Operations |
Statements of Changes in Net Assets |
Financial Highlights | |||
| Pacific FundsSM Ultra Short Income | For the year ended March 31, 2022. | For the years ended March 31, 2022 and 2021. | For the years ended March 31, 2022 and 2021 and for the period from June 28, 2019 (commencement of operations) through March 31, 2020. | |||
| Pacific FundsSM ESG Core Bond | For the year ended March 31, 2022. | For the year ended March 31, 2022 and the period December 14, 2020 (commencement of operations) through March 31, 2021. | For the year ended March 31, 2022 and the period December 14, 2020 (commencement of operations) through March 31, 2021. | |||
| PF Multi-Asset Fund | For the year ended March 31, 2022. | For the years ended March 31, 2022 and 2021. | For the years ended March 31, 2022, 2021, 2020, 2019 and the period from January 31, 2018 (commencement of operations) through March 31, 2018. |
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of March 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
Costa Mesa, California
May 24, 2022
We have served as the auditor of one or more affiliated investment companies of Pacific Funds Series Trust since 1988.
E-1
Table of Contents
PACIFIC FUNDS
(Unaudited)
For corporate shareholders, the percentage of investment income (dividend income and short-term gains, if any) for each of the Funds that qualify for the dividends-received deductions for the fiscal year ended March 31, 2022 is as follows:
| Fund | Percentage | |||
| Pacific Funds Portfolio Optimization Conservative |
1.33% | |||
| Pacific Funds Portfolio Optimization Moderate-Conservative |
4.63% | |||
| Pacific Funds Portfolio Optimization Moderate |
6.90% | |||
| Pacific Funds Portfolio Optimization Growth |
8.61% | |||
| Pacific Funds Portfolio Optimization Aggressive-Growth |
12.50% | |||
| Pacific Funds Small-Cap Value |
100.00% | |||
| PF Growth |
100.00% | |||
| PF Large-Cap Value |
100.00% | |||
| PF Small-Cap Growth |
4.43% | |||
| PF Small-Cap Value |
15.94% | |||
| PF Emerging Markets |
2.55% | |||
| PF Real Estate |
5.68% | |||
For the fiscal year ended March 31, 2022, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth Tax Relief Reconciliation Act of 2003. Of the distributions made by the following Funds, the corresponding percentages represent the amount of each distribution which may qualify for the 15% dividend income tax rate.
| Fund | Percentage | |||
| Pacific Funds Portfolio Optimization Conservative |
1.31% | |||
| Pacific Funds Portfolio Optimization Moderate-Conservative |
7.08% | |||
| Pacific Funds Portfolio Optimization Moderate |
10.41% | |||
| Pacific Funds Portfolio Optimization Growth |
16.99% | |||
| Pacific Funds Portfolio Optimization Aggressive-Growth |
25.84% | |||
| Pacific Funds Small-Cap Value |
100.00% | |||
| PF Growth |
100.00% | |||
| PF Large-Cap Value |
100.00% | |||
| PF Small-Cap Growth |
7.37% | |||
| PF Small-Cap Value |
15.30% | |||
| PF Emerging Markets |
100.00% | |||
| PF International Growth |
100.00% | |||
| PF International Small-Cap |
100.00% | |||
| PF International Value |
100.00% | |||
| PF Real Estate |
3.26% | |||
Shareholders should not use the above tax information to prepare their tax returns. The information will be included with your Form 1099 DIV which will be sent to you separately in January 2023. The Funds intend to pass through the maximum allowable percentages to shareholders.
The following Funds designated the listed amounts as long-term capital gains distributions during the fiscal year ended March 31, 2022. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.
| Fund | Amount | |||
| Pacific Funds Portfolio Optimization Conservative |
$12,751,809 | |||
| Pacific Funds Portfolio Optimization Moderate-Conservative |
31,977,987 | |||
| Pacific Funds Portfolio Optimization Moderate |
157,937,325 | |||
| Pacific Funds Portfolio Optimization Growth |
150,556,026 | |||
| Pacific Funds Portfolio Optimization Aggressive-Growth |
73,732,905 | |||
| Pacific Funds Ultra Short Income |
48,968 | |||
| Pacific Funds Short Duration Income |
7,553,957 | |||
| Pacific Funds Core Income |
16,399,705 | |||
| Pacific Funds Strategic Income |
17,030,719 | |||
| Pacific Funds Small/Mid-Cap |
49,338,810 | |||
| Pacific Funds Small-Cap |
1,116,905 | |||
| Pacific Funds Small-Cap Value |
894,119 | |||
| PF Growth |
21,388,699 | |||
| PF Large-Cap Value |
15,224,678 | |||
| PF Small-Cap Growth |
3,692,221 | |||
| PF Small-Cap Value |
10,829,078 | |||
| PF Emerging Markets |
9,468,605 | |||
| PF International Growth |
19,174,473 | |||
| PF International Small-Cap |
9,560,340 | |||
| PF Multi-Asset |
338,196,583 | |||
| PF Real Estate |
877,806 | |||
F-1
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 October 1, 2021 to March 31, 2022.
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 03/31/22” 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 10/01/21-03/31/22” 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 October 1, 2021 to March 31, 2022.
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 10/01/21-03/31/22”.
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 10/01/21 |
Ending Account Value at 03/31/22 |
Annualized Expense Ratio |
Expenses Paid During the Period 10/01/21 - |
|||||||||||||
| Pacific Funds Portfolio Optimization Conservative (2) |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class A |
$1,000.00 | $949.70 | 0.60% | $2.92 | ||||||||||||
| Class C |
1,000.00 | 946.10 | 1.35% | 6.55 | ||||||||||||
| Advisor Class |
1,000.00 | 951.80 | 0.35% | 1.70 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class A |
$1,000.00 | $1,021.94 | 0.60% | $3.02 | ||||||||||||
| Class C |
1,000.00 | 1,018.20 | 1.35% | 6.79 | ||||||||||||
| Advisor Class |
1,000.00 | 1,023.19 | 0.35% | 1.77 | ||||||||||||
| Pacific Funds Portfolio Optimization Moderate-Conservative (2) |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class A |
$1,000.00 | $953.60 | 0.60% | $2.92 | ||||||||||||
| Class C |
1,000.00 | 950.30 | 1.35% | 6.56 | ||||||||||||
| Advisor Class |
1,000.00 | 954.90 | 0.35% | 1.71 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class A |
$1,000.00 | $1,021.94 | 0.60% | $3.02 | ||||||||||||
| Class C |
1,000.00 | 1,018.20 | 1.35% | 6.79 | ||||||||||||
| Advisor Class |
1,000.00 | 1,023.19 | 0.35% | 1.77 | ||||||||||||
| Pacific Funds Portfolio Optimization Moderate (2) |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class A |
$1,000.00 | $961.60 | 0.60% | $2.93 | ||||||||||||
| Class C |
1,000.00 | 957.70 | 1.35% | 6.59 | ||||||||||||
| Advisor Class |
1,000.00 | 962.30 | 0.35% | 1.71 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class A |
$1,000.00 | $1,021.94 | 0.60% | $3.02 | ||||||||||||
| Class C |
1,000.00 | 1,018.20 | 1.35% | 6.79 | ||||||||||||
| Advisor Class |
1,000.00 | 1,023.19 | 0.35% | 1.77 | ||||||||||||
| Pacific Funds Portfolio Optimization Growth (2) |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class A |
$1,000.00 | $966.70 | 0.60% | $2.94 | ||||||||||||
| Class C |
1,000.00 | 963.30 | 1.35% | 6.61 | ||||||||||||
| Advisor Class |
1,000.00 | 968.10 | 0.35% | 1.72 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class A |
$1,000.00 | $1,021.94 | 0.60% | $3.02 | ||||||||||||
| Class C |
1,000.00 | 1,018.20 | 1.35% | 6.79 | ||||||||||||
| Advisor Class |
1,000.00 | 1,023.19 | 0.35% | 1.77 | ||||||||||||
| Pacific Funds Portfolio Optimization Aggressive-Growth (2) |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class A |
$1,000.00 | $966.00 | 0.60% | $2.94 | ||||||||||||
| Class C |
1,000.00 | 962.40 | 1.35% | 6.60 | ||||||||||||
| Advisor Class |
1,000.00 | 966.90 | 0.35% | 1.72 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class A |
$1,000.00 | $1,021.94 | 0.60% | $3.02 | ||||||||||||
| Class C |
1,000.00 | 1,018.20 | 1.35% | 6.79 | ||||||||||||
| Advisor Class |
1,000.00 | 1,023.19 | 0.35% | 1.77 | ||||||||||||
| Pacific Funds Ultra Short Income |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class I |
$1,000.00 | $991.40 | 0.32% | $1.59 | ||||||||||||
| Advisor Class |
1,000.00 | 991.40 | 0.32% | 1.59 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class I |
$1,000.00 | $1,023.34 | 0.32% | $1.61 | ||||||||||||
| Advisor Class |
1,000.00 | 1,023.34 | 0.32% | 1.61 | ||||||||||||
See explanation of references on page F-4
F-2
Table of Contents
PACIFIC FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
| Beginning Account Value at 10/01/21 |
Ending Account Value at 03/31/22 |
Annualized Expense Ratio |
Expenses Paid During the Period 10/01/21 - |
|||||||||||||
| Pacific Funds Short Duration Income |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class A |
$1,000.00 | $974.00 | 0.75% | $3.69 | ||||||||||||
| Class C |
1,000.00 | 970.30 | 1.50% | 7.37 | ||||||||||||
| Class I |
1,000.00 | 975.40 | 0.47% | 2.31 | ||||||||||||
| Advisor Class |
1,000.00 | 975.30 | 0.50% | 2.46 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class A |
$1,000.00 | $1,021.19 | 0.75% | $3.78 | ||||||||||||
| Class C |
1,000.00 | 1,017.45 | 1.50% | 7.54 | ||||||||||||
| Class I |
1,000.00 | 1,022.59 | 0.47% | 2.37 | ||||||||||||
| Advisor Class |
1,000.00 | 1,022.44 | 0.50% | 2.52 | ||||||||||||
| Pacific Funds Core Income |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class A |
$1,000.00 | $947.50 | 0.85% | $4.13 | ||||||||||||
| Class C |
1,000.00 | 943.80 | 1.60% | 7.75 | ||||||||||||
| Class I |
1,000.00 | 948.90 | 0.55% | 2.67 | ||||||||||||
| Class P |
1,000.00 | 948.20 | 0.55% | 2.67 | ||||||||||||
| Advisor Class |
1,000.00 | 948.10 | 0.55% | 2.67 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class A |
$1,000.00 | $1,020.69 | 0.85% | $4.28 | ||||||||||||
| Class C |
1,000.00 | 1,016.95 | 1.60% | 8.05 | ||||||||||||
| Class I |
1,000.00 | 1,022.19 | 0.55% | 2.77 | ||||||||||||
| Class P |
1,000.00 | 1,022.19 | 0.55% | 2.77 | ||||||||||||
| Advisor Class |
1,000.00 | 1,022.19 | 0.55% | 2.77 | ||||||||||||
| Pacific Funds ESG Core Bond |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class I |
$1,000.00 | $938.60 | 0.48% | $2.32 | ||||||||||||
| Advisor Class |
1,000.00 | 938.50 | 0.48% | 2.32 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class I |
$1,000.00 | $1,022.54 | 0.48% | $2.42 | ||||||||||||
| Advisor Class |
1,000.00 | 1,022.54 | 0.48% | 2.42 | ||||||||||||
| Pacific Funds Strategic Income |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class A |
$1,000.00 | $960.50 | 0.94% | $4.59 | ||||||||||||
| Class C |
1,000.00 | 957.10 | 1.64% | 8.00 | ||||||||||||
| Class I |
1,000.00 | 961.70 | 0.64% | 3.13 | ||||||||||||
| Advisor Class |
1,000.00 | 962.60 | 0.69% | 3.38 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class A |
$1,000.00 | $1,020.24 | 0.94% | $4.73 | ||||||||||||
| Class C |
1,000.00 | 1,016.75 | 1.64% | 8.25 | ||||||||||||
| Class I |
1,000.00 | 1,021.74 | 0.64% | 3.23 | ||||||||||||
| Advisor Class |
1,000.00 | 1,021.49 | 0.69% | 3.48 | ||||||||||||
| Pacific Funds Floating Rate Income |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class A |
$1,000.00 | $1,005.10 | 0.99% | $4.95 | ||||||||||||
| Class C |
1,000.00 | 1,001.60 | 1.69% | 8.43 | ||||||||||||
| Class I |
1,000.00 | 1,007.60 | 0.69% | 3.45 | ||||||||||||
| Class P |
1,000.00 | 1,007.60 | 0.69% | 3.45 | ||||||||||||
| Advisor Class |
1,000.00 | 1,007.50 | 0.74% | 3.70 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class A |
$1,000.00 | $1,020.00 | 0.99% | $4.99 | ||||||||||||
| Class C |
1,000.00 | 1,016.50 | 1.69% | 8.50 | ||||||||||||
| Class I |
1,000.00 | 1,021.49 | 0.69% | 3.48 | ||||||||||||
| Class P |
1,000.00 | 1,021.49 | 0.69% | 3.48 | ||||||||||||
| Advisor Class |
1,000.00 | 1,021.24 | 0.74% | 3.73 | ||||||||||||
| Beginning Account Value at 10/01/21 |
Ending Account Value at 03/31/22 |
Annualized Expense Ratio |
Expenses Paid During the Period 10/01/21 - |
|||||||||||||
| Pacific Funds High Income |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class A |
$1,000.00 | $964.60 | 0.95% | $4.65 | ||||||||||||
| Class C |
1,000.00 | 960.20 | 1.65% | 8.06 | ||||||||||||
| Class I |
1,000.00 | 965.60 | 0.68% | 3.33 | ||||||||||||
| Class P |
1,000.00 | 965.60 | 0.68% | 3.33 | ||||||||||||
| Advisor Class |
1,000.00 | 965.90 | 0.70% | 3.43 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class A |
$1,000.00 | $1,020.19 | 0.95% | $4.78 | ||||||||||||
| Class C |
1,000.00 | 1,016.70 | 1.65% | 8.30 | ||||||||||||
| Class I |
1,000.00 | 1,021.54 | 0.68% | 3.43 | ||||||||||||
| Class P |
1,000.00 | 1,021.54 | 0.68% | 3.43 | ||||||||||||
| Advisor Class |
1,000.00 | 1,021.44 | 0.70% | 3.53 | ||||||||||||
| Pacific Funds Small/Mid-Cap |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class A |
$1,000.00 | $964.10 | 1.20% | $5.88 | ||||||||||||
| Class C |
1,000.00 | 960.70 | 1.95% | 9.53 | ||||||||||||
| Advisor Class |
1,000.00 | 966.10 | 0.95% | 4.66 | ||||||||||||
| Class R6 |
1,000.00 | 966.20 | 0.85% | 4.17 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class A |
$1,000.00 | $1,018.95 | 1.20% | $6.04 | ||||||||||||
| Class C |
1,000.00 | 1,015.21 | 1.95% | 9.80 | ||||||||||||
| Advisor Class |
1,000.00 | 1,020.19 | 0.95% | 4.78 | ||||||||||||
| Class R6 |
1,000.00 | 1,020.69 | 0.85% | 4.28 | ||||||||||||
| Pacific Funds Small-Cap |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class A |
$1,000.00 | $970.50 | 1.20% | $5.90 | ||||||||||||
| Class C |
1,000.00 | 966.80 | 1.95% | 9.56 | ||||||||||||
| Advisor Class |
1,000.00 | 971.10 | 0.95% | 4.67 | ||||||||||||
| Class R6 |
1,000.00 | 971.90 | 0.85% | 4.18 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class A |
$1,000.00 | $1,018.95 | 1.20% | $6.04 | ||||||||||||
| Class C |
1,000.00 | 1,015.21 | 1.95% | 9.80 | ||||||||||||
| Advisor Class |
1,000.00 | 1,020.19 | 0.95% | 4.78 | ||||||||||||
| Class R6 |
1,000.00 | 1,020.69 | 0.85% | 4.28 | ||||||||||||
| Pacific Funds Small-Cap Value |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class A |
$1,000.00 | $1,038.20 | 1.20% | $6.10 | ||||||||||||
| Class C |
1,000.00 | 1,034.80 | 1.95% | 9.89 | ||||||||||||
| Advisor Class |
1,000.00 | 1,039.90 | 0.95% | 4.83 | ||||||||||||
| Class R6 |
1,000.00 | 1,040.60 | 0.85% | 4.32 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class A |
$1,000.00 | $1,018.95 | 1.20% | $6.04 | ||||||||||||
| Class C |
1,000.00 | 1,015.21 | 1.95% | 9.80 | ||||||||||||
| Advisor Class |
1,000.00 | 1,020.19 | 0.95% | 4.78 | ||||||||||||
| Class R6 |
1,000.00 | 1,020.69 | 0.85% | 4.28 | ||||||||||||
| PF Inflation Managed Fund |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class P |
$1,000.00 | $991.60 | 0.57% | $2.83 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class P |
$1,000.00 | $1,022.09 | 0.57% | $2.87 | ||||||||||||
See explanation of references on page F-4
F-3
Table of Contents
PACIFIC FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
| Beginning Account Value at 10/01/21 |
Ending Account Value at 03/31/22 |
Annualized Expense Ratio |
Expenses Paid During the Period 10/01/21 - |
|||||||||||||
| PF Managed Bond Fund |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class P |
$1,000.00 | $925.30 | 0.54% | $2.59 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class P |
$1,000.00 | $1,022.24 | 0.54% | $2.72 | ||||||||||||
| PF Short Duration Bond Fund |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class P |
$1,000.00 | $968.00 | 0.55% | $2.70 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class P |
$1,000.00 | $1,022.19 | 0.55% | $2.77 | ||||||||||||
| PF Emerging Markets Debt Fund |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class P |
$1,000.00 | $954.20 | 0.89% | $4.34 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class P |
$1,000.00 | $1,020.49 | 0.89% | $4.48 | ||||||||||||
| PF Growth Fund |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class P |
$1,000.00 | $946.90 | 0.70% | $3.40 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class P |
$1,000.00 | $1,021.44 | 0.70% | $3.53 | ||||||||||||
| PF Large-Cap Value Fund |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class P |
$1,000.00 | $1,062.90 | 0.80% | $4.11 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class P |
$1,000.00 | $1,020.94 | 0.80% | $4.03 | ||||||||||||
| PF Small-Cap Growth Fund |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class P |
$1,000.00 | $792.60 | 0.75% | $3.35 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class P |
$1,000.00 | $1,021.19 | 0.75% | $3.78 | ||||||||||||
| PF Small-Cap Value Fund |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class P |
$1,000.00 | $995.80 | 0.90% | $4.48 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class P |
$1,000.00 | $1,020.44 | 0.90% | $4.53 | ||||||||||||
| PF Emerging Markets Fund |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class P |
$1,000.00 | $811.10 | 0.95% | $4.29 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class P |
$1,000.00 | $1,020.19 | 0.95% | $4.78 | ||||||||||||
| PF International Growth Fund |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class P |
$1,000.00 | $896.10 | 0.97% | $4.59 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class P |
$1,000.00 | $1,020.09 | 0.97% | $4.89 | ||||||||||||
| PF International Small-Cap Fund |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class P |
$1,000.00 | $931.40 | 1.09% | $5.25 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class P |
$1,000.00 | $1,019.50 | 1.09% | $5.49 | ||||||||||||
| Beginning Account Value at 10/01/21 |
Ending Account Value at 03/31/22 |
Annualized Expense Ratio |
Expenses Paid During the Period 10/01/21 - |
|||||||||||||
| PF International Value Fund |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class P |
$1,000.00 | $1,013.00 | 0.80% | $4.01 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class P |
$1,000.00 | $1,020.94 | 0.80% | $4.03 | ||||||||||||
| PF Multi-Asset Fund |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class P |
$1,000.00 | $994.70 | 0.51% | $2.54 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class P |
$1,000.00 | $1,022.39 | 0.51% | $2.57 | ||||||||||||
| PF Real Estate Fund |
| |||||||||||||||
| Actual Fund Return |
||||||||||||||||
| Class P |
$1,000.00 | $1,089.10 | 0.90% | $4.69 | ||||||||||||
| Hypothetical |
||||||||||||||||
| Class P |
$1,000.00 | $1,020.44 | 0.90% | $4.53 | ||||||||||||
| (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 do not include fees and expenses of the Funds in which they invest (see Note 1 in Notes to Financial Statements). |
F-4
Table of Contents
PACIFIC FUNDS
TRUSTEES AND OFFICERS INFORMATION
(Unaudited)
The business and affairs of the Pacific Funds Series Trust (which may be referred to as “Pacific Funds” or the “Trust”) are managed under the direction of the Board of Trustees under the Declaration of Trust. Information pertaining to the trustees and officers of the Trust is set forth below, effective April 1, 2022. Trustees who are not deemed to be “interested persons” of the Trust, as defined in the 1940 Act, are referred to as “Independent Trustees.” Certain trustees and officers are deemed to be “interested persons” of the Trust and thus are referred to as “Interested Persons”, because of their positions with Pacific Life Insurance Company (“Pacific Life”) and Pacific Life Fund Advisors LLC, a wholly-owned subsidiary of Pacific Life. The Trust’s Statement of Additional Information includes additional information about the trustees. For information on availability of the Trust’s Statement of Additional Information, refer to the WHERE TO GO FOR MORE INFORMATION section of this report.
The address of each trustee and officer is c/o Pacific Funds Series Trust, 700 Newport Center Drive, Newport Beach, CA 92660.
| Name and Age |
Position(s)
with |
Current Directorship(s) Held and Principal
Occupation(s) |
Number of | |||
| INDEPENDENT TRUSTEES | ||||||
| Nooruddin (Rudy) Veerjee Year of birth 1958 |
Trustee since 9/13/05 and Chairman of the Board since 04/01/22 | Trustee (1/05 to present) and Chairman of the Board (4/22 to present) of Pacific Select Fund.
Formerly: President of Transamerica Insurance and Investment Group; President of Transamerica Asset Management; Chairman and Chief Executive Officer of Transamerica Premier Funds (Mutual Fund); and Director of various Transamerica Life Companies. |
84 | |||
| Gale K. Caruso Year of birth 1957 |
Trustee since 1/01/06 | Trustee (1/06 to present) of Pacific Select Fund; Independent Trustee (2/15 to present) and Chair of the Board (1/22 to present) of Matthews Asia Funds.
Formerly: Member of the Board of Directors of LandAmerica Financial Group, Inc.; President and Chief Executive Officer of Zurich Life; Chairman, President and Chief Executive Officer of Scudder Canada Investor Services, Ltd.; Managing Director of Scudder Kemper Investments; Member of the Advisory Council to the Trust for Public Land in Maine; Member of the Board of Directors of Make-A-Wish of Maine. |
84 | |||
| Andrew J. Iseman Year of birth 1964 |
Trustee since 6/10/19 | Trustee (3/19 to present) of Pacific Select Fund; Member of the Board of Advisors of Market Insight Out (11/20 to present); Director of CrowdOptic (8/21 to present); Consultant (3/19 to 6/19) to the Trust; Member of the Board of Advisors of Market Insight Out (11/20 to present) Chief Executive Officer (8/10 to 9/18) and Senior Adviser (10/18 to 1/19) of Scout Investments; President (11/10 to 11/17) of Scout Funds; Interested Trustee (4/13 to 11/17) of Scout Funds. | 84 | |||
| Paul A. Keller Year of birth 1954 |
Trustee since 6/20/16 | Trustee (6/16 to present) of Pacific Select Fund; Independent Trustee (8/10 to present) and Chairman of the Board (8/19 to present) of Fenimore Asset Management Trust (FAM Funds); Business Consultant (7/10 to present) (sole proprietor); Certified Public Accountant in New York (1982 to present).
Formerly: Partner of McGladrey & Pullen LLP; Partner of PricewaterhouseCoopers LLP; Partner of McGladrey & Pullen LLP; Adjunct Professor of Accounting, SUNY College at Old Westbury; Interim Chief Financial Officer of The Leon Levy Foundation. |
84 | |||
| Lucie H. Moore Year of birth 1956 |
Trustee since 6/13/01 | Trustee (10/98 to present) of Pacific Select Fund; Member of the Board of Trustees (2014 to present) of Azusa Pacific University; Member of the Board of Trustees (2016 to present) of Pacifica Christian High School Orange County.
Formerly: Partner of Gibson, Dunn & Crutcher (Law); Member of the Board of Trustees of Sage Hill School; Member of the Board of Trustees of The Pegasus School; and Member of the Advisory Board of Court Appointed Special Advocates (CASA) of Orange County. |
84 | |||
F-5
Table of Contents
PACIFIC FUNDS
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)
| Name and Age |
Position(s)
with |
Current Directorship(s) Held and Principal
Occupation(s) |
Number of | |||
| INTERESTED PERSONS | ||||||
| Adrian S. Griggs Year of birth 1966 | Chief Executive Officer since 1/01/18, President and Trustee since 4/01/22 | Chief Operating Officer (1/17 to present) and Executive Vice President (4/12 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Chief Operating Officer (1/17 to present), Executive Vice President (4/12 to present), Director (1/16 to present) of Pacific Life; Chief Executive Officer (1/15 to 6/18) of Pacific Select Distributors, LLC; and Chief Executive Officer (1/18 to present), President (4/22 to present) and Trustee (4/22 to present) of Pacific Select Fund. | 84 | |||
| Howard T. Hirakawa Year of birth 1962 |
Senior Vice President since 12/10/14 | Senior Vice President (4/14 to present) of Pacific Life Fund Advisors LLC; and Senior Vice President (12/14 to present) of Pacific Select Fund. | 84 | |||
| Robin S. Yonis Year of birth 1954 |
Vice President and General Counsel since 6/13/01 and Assistant Secretary since 9/17/15 | Vice President, Fund Advisor General Counsel and Assistant Secretary (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President and General Counsel (4/05 to present) and Assistant Secretary (9/15 to present) of Pacific Select Fund. | 84 | |||
| Sharon E. Pacheco Year of birth 1957 |
Vice President and Chief Compliance & Ethics Officer since 6/04/04 | Vice President and Chief Compliance & Ethics Officer (11/03 to present) of Pacific Mutual Holding Company and Pacific LifeCorp; Vice President (2/00 to present) and Chief Compliance & Ethics Officer (1/03 to present) of Pacific Life; Vice President and Chief Compliance & Ethics Officer (5/07 to present) of Pacific Life Fund Advisors LLC; and Vice President and Chief Compliance & Ethics Officer (6/04 to present) of Pacific Select Fund. | 84 | |||
| Jane M. Guon Year of birth 1964 |
Vice President and Secretary since 1/01/11 | Vice President and Secretary (1/11 to present) of Pacific Mutual Holding Company, Pacific LifeCorp and Pacific Life; Vice President and Secretary (1/11 to present) of Pacific Life Fund Advisors LLC; Vice President and Secretary (1/11 to present) of Pacific Select Distributors, LLC; and Vice President and Secretary (1/11 to present) of Pacific Select Fund. | 84 | |||
| Laurene E. MacElwee Year of birth 1966 |
Vice President since 4/04/05 and Assistant Secretary since 6/13/01 | Vice President (4/11 to present) and Assistant Secretary (5/07 to present) of Pacific Life Fund Advisors LLC; Vice President (4/11 to present) of Pacific Life; and Vice President (12/11 to present) and Assistant Secretary (4/05 to present) of Pacific Select Fund. | 84 | |||
| Carleton J. Muench Year of birth 1973 |
Vice President since 11/30/06 | Vice President (4/14 to present) of Pacific Life Fund Advisors LLC; and Vice President (12/14 to present) of Pacific Select Fund. | 84 | |||
| Trevor T. Smith Year of birth 1975 |
Vice President since 3/23/16 and Treasurer since 4/01/18 | Assistant Vice President (1/17 to present) of Pacific Life; Assistant Vice President (3/16 to present), Treasurer (4/18 to present) and Assistant Treasurer (3/16 to 3/18) of Pacific Select Fund. | 84 | |||
| Bonnie J. Boyle Year of birth 1974 |
Vice President and Assistant Treasurer since 1/01/20 | Director (6/17 to present) of Pacific Life; Assistant Vice President and Assistant Treasurer (1/20 to present) of Pacific Select Fund. | 84 | |||
| Kevin W. Steiner Year of birth 1975 |
Vice President since 1/01/13 | Assistant Vice President (4/12 to present) of Pacific Life Fund Advisors LLC; and Assistant Vice President (1/13 to present) of Pacific Select Fund. | 84 | |||
| Audrey L. Cheng Year of birth 1975 |
Vice President since 12/11/13 and Assistant Secretary since 1/01/20 | Assistant Vice President (9/11 to present) of Pacific Life; Assistant Vice President (12/13 to present) and Assistant Secretary (1/20 to present) of Pacific Select Fund. | 84 | |||
F-6
Table of Contents
PACIFIC FUNDS
TRUSTEES AND OFFICERS INFORMATION (Continued)
(Unaudited)
| Name and Age |
Position(s)
with |
Current Directorship(s) Held and Principal
Occupation(s) |
Number of | |||
| INTERESTED PERSONS (Continued) | ||||||
| Benjamin D. Wiesenfeld Year of birth 1977 |
Assistant Vice President and Deputy Chief Compliance & Ethics Officer since 1/01/21 | Assistant Vice President (6/20 to present) of Pacific Life; Chief Compliance Officer (10/20 to present) of Pacific Select Distributors, LLC; Chief Compliance Officer (8/18 to 11/19) of Oakmark Funds; Chief Compliance Officer (6/16 to 6/18) of Northern Funds, Northern Institutional Funds and FlexShares ETFs; Assistant Vice President and Deputy Chief Compliance & Ethics Officer (1/21 to present) of Pacific Select Fund. | 84 | |||
| * | A trustee serves until he or she resigns, retires, or his or her successor is elected and qualified. |
| ** | As of April 1, 2022, the “Fund Complex” consisted of Pacific Select Fund (55 funds) and Pacific Funds (29 funds). |
F-7
Table of Contents
PACIFIC FUNDS
STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
The Trust has a liquidity risk management program (the “Program”). The Trust’s Board of Trustees (the “Board”) has designated the Liquidity Oversight Committee (the “Committee”) of Pacific Life Fund Advisors LLC (the “Investment Adviser”) as the administrator of the Program. Personnel of the Investment Adviser conduct the day-to-day operation of the Program pursuant to policies and procedures administered by the Committee.
Under the Program, the Committee manages the liquidity risk of each Fund of the Trust. Liquidity risk is the risk that a Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in that Fund. This risk is managed by monitoring the degree of liquidity of each Fund’s investments, limiting the amount of the Fund’s illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. The Committee’s process for determining the degree of liquidity of each Fund’s investments is supported by one or more third-party liquidity assessment vendors.
The Board reviewed a report prepared by the Committee regarding the operation and effectiveness of the Program for the period January 1, 2021 through December 31, 2021. The report included, among other information, each Fund’s (i) investment strategy and the liquidity of its portfolio investments during both normal and reasonably foreseeable stressed market conditions; (ii) short-term and long- term cash flow projections during both normal and reasonably foreseeable stressed conditions; and (iii) holdings of cash and cash equivalents, as well as relevant borrowing arrangements.
The report indicated periods of volatility across various markets, though no significant liquidity events impacting any Fund were noted in the report. In addition, the Committee provided its assessment that the Program had been effective in managing each Fund’s liquidity risk.
F-8
Table of Contents
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS
(Unaudited)
I. Introduction and Background
The Board of Trustees (the “Trustees” or “Board”) of Pacific Funds Series Trust (“Pacific Funds” or the “Trust”) oversees the management of each of the separate funds of the Trust (each a “Fund” and collectively, the “Funds”) and, as required by Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), initially approves and, 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, as may be amended from time to time, the “Agreements”) between the Trust, PLFA and the various sub-advisers, including affiliated sub-advisers, if any (each a “Sub-Adviser” and collectively, the “Sub-Advisers”). PLFA serves as the investment adviser for all of the Funds. PLFA also currently directly manages 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 “Asset Allocation Funds”), as well as a portion of the PF Multi-Asset Fund (together with the Asset Allocation Funds, the “Directly Managed Funds”). For the collateral portion of the PF Multi-Asset Fund and all other Funds, PLFA has retained affiliated or unaffiliated firms to serve as Sub-Advisers under PLFA’s oversight. The Board, including all of the Trustees who are not “interested persons” of the Trust, PLFA, the Sub-Advisers or the distributor, as that term is defined in the 1940 Act (“Independent Trustees”), last renewed the Agreements at a meeting of the Trustees held on December 15, 2021.1 Although the 1940 Act requires that continuances of the Agreements be approved by the in-person vote of a majority of the Independent Trustees, the December 15, 2021 meeting, which was attended by all of the Trustees, was held virtually through the internet in view of the health risks associated with holding an in-person meeting during the COVID-19 pandemic and governmental restrictions on gatherings. The December 15, 2021 meeting was held in reliance on an order issued by the Securities and Exchange Commission that provides registered investment companies temporary relief from the in-person voting requirements of the 1940 Act with respect to the approval of a fund’s advisory agreement in response to the challenges arising in connection with the COVID-19 pandemic.
At this meeting and other meetings, the Board considered information (both written and oral) provided to assist it in its review of the Agreements and made assessments with respect to each Agreement. The Board requested, received and reviewed written materials from PLFA and each Sub-Adviser that were submitted in response to requests from the Independent Trustees and supporting materials relating to those questions and responses. In addition, the Board received virtual presentations about the Funds throughout the year, and the Independent Trustees were advised by independent legal counsel with respect to these and other relevant matters. The Board reviewed a variety of factors and considered a significant amount of information, including information received on an ongoing basis at Board and committee meetings, which included reports on Fund performance, expenses, fee comparisons, investment advisory, compliance, and other services provided to the Funds by PLFA and the Sub-Advisers. The Board also reviewed financial and profitability information regarding PLFA and the Sub-Advisers and information regarding the organization and operations of each entity, such as their compliance monitoring, portfolio trading and brokerage practices, risk management, business continuity plan, cybersecurity and the personnel providing investment management and administrative services to each Fund. The Board considered the services provided to the Funds under the Agreements and the fees and expenses incurred by and charged to (or expected to be incurred by and charged to) the Funds under the Agreements.
The Board noted that as the investment adviser, PLFA, in addition to directly managing certain portfolios, provides a broad range of services to the Trust, including among others: overseeing and coordinating the activities of Sub-Advisers and other third-party service providers, evaluating Sub-Advisers in connection with its recommendations to the Board to hire or terminate Sub-Advisers, making regulatory filings (including disclosure and financial filings) on behalf of the Trust, monitoring fund performance, performing risk oversight of the Funds, providing the Board with information and reports as may be requested, providing valuation support, administering the Trust’s liquidity risk management program, providing compliance-related services and providing personnel and office space to the Trust. These responsibilities are described in more detail below. The Trustees also considered that PLFA incurs substantial reputational, financial, litigation, regulatory and business risks by serving as investment adviser. The Board took into account that PLFA and its affiliates provide additional services to the Funds under other affiliated service agreements that are essential for the operation of the Funds and that although PLFA and its affiliates are separately compensated under those affiliated service agreements, these additional services are provided in connection with PLFA’s advisory relationship with the Funds. The Board reviewed data provided by PLFA that was gathered from various independent providers of investment company data to provide the Board with information regarding the Funds’ investment performance, advisory fees and expense information (both on an absolute basis and compared to peers). Additionally, the Independent Trustees retained an independent consultant (“Independent Consultant”) with substantial industry experience in providing investment company boards with analysis to assist directors and trustees with their annual 15(c) review process, to assist the Trustees with certain of their analyses and to provide other relevant information. In connection with the analysis, the Independent Consultant utilized and provided the Independent Trustees with information obtained from independent service providers as well as from other sources.
The Trustees’ determinations were made on the basis of each Trustee’s business judgment after consideration of all the information presented. In reviewing the materials presented and in considering the information in the management presentations, the Trustees did not identify any single issue or particular information that, in isolation, would be a controlling factor in making a final decision regarding the proposed Agreements. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. The following summary describes the most important, but not all, of the factors considered by
| 1 | At the December 15th meeting, the Board did not consider the continuance of the Sub-Advisory Agreements relating to the PF Emerging Markets Debt Fund, PF International Growth Fund and PF International Small-Cap Fund as those agreements were not up for renewal at that time. |
F-9
Table of Contents
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
the Trustees in approving the Agreements. In the case of the Independent Trustees, certain factors were considered in light of the legal advice furnished to them by independent legal counsel and information from the Independent Consultant that they had retained. This discussion is not intended to be all-inclusive.
II. Annual Consideration and Approval of Investment Advisory and Sub-Advisory Agreements
In evaluating the Advisory Agreement and each Sub-Advisory Agreement, the Board, including all the Independent Trustees, considered the following factors, among others:
A. Nature, Extent and Quality of Services
PLFA – The Trustees considered the depth and quality of PLFA’s investment management process, including its process to evaluate Sub-Advisers in connection with its recommendations to the Board to hire or terminate Sub-Advisers, its monitoring and oversight of the Sub-Advisers, and the benefits to shareholders of retaining PLFA and continuing the Advisory Agreement in light of the nature, extent, and quality of the services that have been provided by PLFA since the Advisory Agreement was last renewed. The Trustees considered the overall financial strength and stability of PLFA and its ability to continue to provide a high level and quality of services to the Funds. They also considered PLFA’s responsiveness to questions or concerns raised by the Trustees throughout the year, including PLFA’s willingness to consider and implement investment and operational changes designed to improve investment results and the services provided to the Funds and their shareholders.
The Trustees noted that officers and employees of PLFA regularly consult with, and report to, the Board regarding the investment management services provided to the Funds. The Trustees considered the experience, capability and integrity of PLFA’s senior management and other key personnel. The Trustees noted that the investment, legal, compliance, risk management and accounting professionals of PLFA and its affiliates have access to and utilize a variety of resources and systems relating to investment management, compliance, trading, performance and risk analysis, security valuation and fund accounting. The Trustees took into account the scope of services provided by PLFA under the Advisory Agreement. The Trustees considered that although PLFA is separately compensated under an administration agreement for time spent on Fund matters by certain legal, compliance and accounting professionals of PLFA and its affiliates for services outside of the scope of the Advisory Agreement, these services are being provided as a result of PLFA’s advisory relationship with the Funds. The Trustees further considered PLFA’s continuing need and ability to attract and retain qualified personnel and to maintain and enhance its resources and systems to provide appropriate investment management, compliance, risk management and monitoring services for the Funds. The Trustees also considered the additional resources that PLFA has continued to invest in so as to enhance its management and oversight of the Funds, including additional tools designed to ensure the Funds’ compliance with new laws and regulations. The Trustees considered that PLFA employs a well-defined method of comparing and evaluating the performance of the Asset Allocation Funds and continues to employ resources to refine that method. In addition, the Trustees considered PLFA’s sub-adviser research and performance monitoring processes and the role of PLFA’s internal conflicts review committee in considering and evaluating potential conflicts of interest with regard to Sub-Adviser selection.
Directly Managed Funds – The Trustees considered the services provided by PLFA in rendering investment management services for those Funds for which the day-to-day investment management is provided by PLFA. The Trustees considered that PLFA is responsible for identifying investments for each Directly Managed Fund and determining when and what securities, cash and/or other investments to purchase, retain, or sell for each Directly Managed Fund. The Trustees also considered that PLFA is responsible for the valuation of portfolio securities, including, but not limited to, the review of custodian pricing files, research and analysis related to fair valued securities and due diligence oversight of pricing vendors. The Trustees additionally noted that PLFA is responsible for evaluating and voting proxies for portfolio holdings of the Directly Managed Funds. With respect to the Asset Allocation Funds, the Trustees also considered, among other things, PLFA’s experience, resources and expertise in analyzing the composition of the various Funds that serve as investment options for the Asset Allocation Funds (collectively, the “Underlying Funds”) and in developing an asset allocation that is appropriate for each Asset Allocation Fund’s investment objectives and risk profile. The Trustees considered, in this regard, the tools and resources used by PLFA in constructing its asset allocation models. The Trustees considered that previously PLFA had engaged a third-party consulting firm to review PLFA’s asset allocation process, and that the firm had reported favorably on PLFA’s asset allocation capabilities. With respect to the PF Multi-Asset Fund, the Trustees also considered PLFA’s trading-related and valuation responsibilities.
The Trustees also considered that PLFA provides certain additional services to the Funds outside of the scope of the Advisory Agreement under an administration agreement and that such services are essential for the administration and operation of the Funds, including administration of the Funds’ compliance program. In this regard, the Trustees considered PLFA’s policies, procedures and systems to ensure compliance with applicable laws and regulations with respect to the Directly Managed Funds, its attention to matters that may involve conflicts of interest between itself and a Fund, and that all material rebalancing of PLFA’s asset allocation models are presented to an internal conflicts review committee that considers and evaluates potential conflicts of interest in the allocation among the Underlying Funds. The Trustees considered the report of PLFA’s internal conflicts review committee and also reviewed information provided throughout the year on PLFA’s compliance policies and procedures, its compliance history, and received reports from the Trust’s Chief Compliance Officer (“CCO”) on compliance by PLFA with applicable laws and regulations. The Trustees also reviewed information on any responses by PLFA to regulatory and compliance developments throughout the year. The Trustees further noted the compliance monitoring conducted by PLFA on an ongoing basis and noted the development of additional procedures and systems necessary to maintain compliance with applicable laws and regulations as well as the resources that PLFA dedicates to these programs. The Trustees considered that the CCO has in place a systematic process for periodically reviewing PLFA’s written compliance policies and procedures, including the assessment of PLFA’s compliance program as required by Rule 38a-1 under the 1940 Act and PLFA’s code of ethics. The Trustees also considered that PLFA continues to cooperate with the CCO in reviewing its compliance operations.
F-10
Table of Contents
PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
Sub-Advised Funds – The Trustees considered that PLFA recommends to the Board the hiring and termination of Sub-Advisers and performs the associated due diligence relating to such recommendations, the risk and performance oversight of the Sub-Advisers performed by PLFA and the fact that PLFA provides valuation support for Sub-Advised Funds. The Trustees noted PLFA’s responsibilities in rendering services to the Sub-Advised Funds and the fact that PLFA monitors and evaluates the performance of the Sub-Advisers in comparison to each Fund’s investment objective as well as to appropriate benchmark indices and groups of peer funds. The Trustees also considered that PLFA monitors each Sub-Advised Fund’s adherence to its investment objectives and policies. The Trustees noted that PLFA provides the Board with periodic and special reports related to each Sub-Advised Fund’s performance and PLFA’s investment monitoring and evaluation. The Trustees also considered PLFA’s process in continuously analyzing and, from time to time as necessary and appropriate, recommending for consideration by the Board, the termination of a Sub-Advisory Agreement with a Sub-Adviser and the replacement of a Sub-Adviser.
For both the Directly Managed Funds and Sub-Advised Funds, the Trustees considered the high quality of the products, information, analysis and services provided by PLFA to the Funds, including return analysis, attribution analysis, risk analysis and/or stress testing, preparation of periodic performance and other reports, assessment of liquidity, analysis of derivatives, and coordination and oversight of other service providers to the Trust. The Trustees also noted that PLFA regularly informs the Trustees about matters relevant to the Trust and its shareholders, including relationships with financial intermediaries. Additionally, the Board considered how the Adviser’s business continuity plan has operated during the current COVID-19 pandemic and the updates it provided to the Board on how the business continuity plans of Sub-Advisers and other third-party service providers were operating.
The Trustees considered the analyses conducted by PLFA of the Underlying Funds and a Sub-Adviser’s management of an Underlying Fund in the broader context of asset allocation strategies intended to target certain return and risk characteristics. The Trustees noted that PLFA has historically recommended new Underlying Funds or changes to existing Underlying Funds that PLFA believed would contribute to the Asset Allocation Funds’ targeted return and risk objectives. The Trustees also took into account PLFA’s continuing analysis of the Underlying Funds and each Sub-Adviser’s investment performance for the impact on broader asset allocation strategies for the Asset Allocation Funds.
The Trustees considered the depth and quality of PLFA’s monitoring and oversight of the Sub-Advisers. The Board noted that PLFA monitors numerous investment, performance, and risk metrics for the Funds. The Trustees considered PLFA’s continued investment in, and development of, its research and analytical capabilities, including investments in personnel and enhanced analytical tools for assessing Fund performance and the performance of the Sub-Advisers, including analytical tools relating to return analysis, risk analysis, and Fund performance attribution and reporting on such matters to the Trustees. The Trustees noted that PLFA uses these tools to analyze a Fund’s performance and risk profile and identify Funds that are underperforming as well as those that are performing well, and to analyze the Funds’ performance records against various measures. The Board considered that PLFA also conducts various analyses to assess the sources of and reasons for performance. The Trustees noted that PLFA has developed, and continues to enhance, processes to oversee and monitor the performance of Sub-Advisers, including the use of analytical methods to review Fund performance and execution of investment strategies. Additionally, the Trustees noted that PLFA has worked with them to customize reporting for Funds depending on their investment strategy to include the most relevant data. The Board noted that PLFA provides the Board with analyses of these data over rolling periods to assist the Board in identifying trends in Fund performance and other areas, and periodically provides the Trustees with information on economic and market trends to provide a context for assessing recent performance. The Trustees also noted that PLFA has developed effective methods for tracking the Sub-Advisers’ investment style consistency, for analyzing the use of derivatives by Sub-Advisers and for monitoring Fund liquidity.
In making their assessments, the Trustees 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 Trustees believed it to be appropriate. The Trustees also considered the significant work performed by PLFA in conducting searches for new Sub-Advisers to replace existing Sub-Advisers where appropriate or to manage new Funds in the Trust.
The Board also noted that PLFA conducts regular due diligence on Sub-Advisers involving in-person meetings and virtual or on-site visits (to the extent consistent with public safety and travel restrictions due to the COVID-19 pandemic), video meetings and telephonic meetings to gather information that PLFA uses to gain an in-depth understanding of a Sub-Adviser’s investment process and to seek to identify issues that may be relevant to a Sub-Adviser’s services to a Fund or a Fund’s performance, including, but not limited to, a Sub-Adviser’s investment process, investment capabilities, resources and personnel, the financial strength of a Sub-Adviser, significant staffing changes that could affect a Fund, material changes in a Sub-Adviser’s assets under management, compliance and regulatory concerns, best execution review and portfolio security valuation support.
The Trustees considered the time and attention paid by PLFA to matters involving the valuation of Fund securities for the Sub-Advised Funds. The Trustees considered that PLFA has established a Valuation Oversight Committee that is responsible for, among other things, researching and evaluating information regarding securities that are not actively or publicly traded, valuing securities subject to a trading halt or for which a market quotation is not readily available or is determined to be unreliable, the valuation of equity securities traded in foreign markets, oversight of and due diligence on pricing vendors and the development of alternate valuation methodologies. The Trustees also considered the information and support provided by PLFA in connection with the Trustees’ fair valuation responsibilities.
The Trustees considered PLFA’s oversight, review and analysis of trade execution reports and trends in trade execution for the Sub-Advised Funds. The Trustees noted that PLFA works with a third-party transaction cost analysis consultant that provides statistical analysis on portfolio trading, and that PLFA presents information about the Funds’ portfolio trading costs to the Board annually and, where warranted, engages in a dialogue with personnel of a Sub-Adviser on trading costs and the quality of execution. The Board also noted that PLFA conducts regular review
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APPROVAL OF INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
and analysis of each Sub-Adviser’s use of research obtained with commissions paid to broker-dealers for executing portfolio transactions (“soft dollars”) and presents information about the Sub-Advisers’ use of soft dollars to the Board annually and, where deemed necessary, discusses such soft dollar use with Sub-Advisers.
The Trustees also considered PLFA’s implementation of transition management programs when handling significant changes in the Funds, such as cash movements between the Funds arising from reallocations by the Asset Allocation Funds and the transition of Fund assets from one Sub-Adviser to another, including steps taken by PLFA to reduce transaction costs associated with a Fund transition. The Trustees considered that PLFA coordinates the onboarding process for new Sub-Advisers and oversees the establishment of necessary accounts and documentation for the Sub-Advisers to begin managing Fund assets.
In addition to the services described above, the Trustees also considered the compliance monitoring that PLFA and its affiliates conduct on the Sub-Advisers and the commitment of PLFA and its affiliates to those programs and PLFA’s efforts to keep the Trustees informed about the compliance programs of Sub-Advisers. In this regard, the Trustees reviewed information and reports from the Trust’s CCO on compliance by the Sub-Advisers with applicable laws and regulations. The Trustees considered that the CCO has in place a systematic process for periodically reviewing each Sub-Adviser’s written compliance policies and procedures, including the assessment of each Sub-Adviser’s compliance program as required by Rule 38a-1 under the 1940 Act, and each Sub-Adviser’s code of ethics. The Trustees considered that PLFA is compensated under the administration agreement for the administration of the Funds’ compliance program. The Trustees also considered that each Sub-Adviser continues to cooperate with the CCO in reviewing its compliance operations.
Sub-Advisers. The Trustees considered the benefits to shareholders of retaining each Sub-Adviser and continuing the Sub-Advisory Agreements for the Sub-Advisers, particularly in light of the nature, extent, and quality of the services that have been provided by the Sub-Advisers. The Trustees considered the services provided by each Sub-Adviser in rendering investment management services to a Sub-Advised Fund. The Trustees considered that each Sub-Adviser is responsible for identifying investments for a Sub-Advised Fund and determining when and what securities, cash and/or other investments to purchase, retain, or sell for a Sub-Advised Fund. The Trustees also considered that each Sub-Adviser is responsible for evaluating and voting proxies for portfolio holdings of a Sub-Advised Fund. The Trustees considered the quality of the portfolio management services which have benefited and should continue to benefit the Sub-Advised Funds and their shareholders, the organizational depth and resources of the Sub-Advisers, including the background and experience of each Sub-Adviser’s management personnel, and the expertise of each Sub-Adviser’s portfolio management team, as well as the investment methodology used by the Sub-Adviser. The Trustees also considered that each Sub-Adviser provides PLFA with information that assists PLFA in performing its oversight role, including information about the Sub-Adviser’s compliance program.
The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PLFA and each Sub-Adviser.
B. Investment Results
The Trustees considered the investment results of each Fund in light of its investment objective, investment strategies and market conditions. The Trustees compared each Fund’s total returns with the total returns of a group of appropriate peer funds (each a “Selected Performance Peer Group”), which were selected by an Independent Consultant, with input from PLFA, using data from third-party data vendor Morningstar, and the Trustees reviewed a description of the Independent Consultant’s methodology for selecting the peer funds in each Selected Performance Peer Group. In addition, with respect to Funds other than the Asset Allocation Funds, the Trustees compared each Fund’s total returns with the total returns of the Fund’s broad-based market index, sector index, composite index or an alternative index selected by the Independent Consultant, as applicable (each, a “primary benchmark”). With respect to the Asset Allocation Funds, the Trustees compared each Fund’s total returns with the total returns of a custom benchmark that is comprised of certain broad-based market indices based on the broad asset class target allocations for the Fund. The Trustees took into account the views of the Independent Consultant that the custom benchmarks appeared to be reasonable benchmarks for performance reporting purposes.
The information provided to the Trustees included each Fund’s performance record for the one-, three-, five- and ten-year or since inception periods ended September 30, 2021, as available, compared to the applicable benchmark and Selected Performance Peer Group. The Trustees placed greater emphasis on a Fund’s performance against peers as opposed to an unmanaged index.
The Trustees considered the performance of each Fund on a case-by-case basis and noted that some Funds had outperformed their Selected Performance Peer Group over certain periods and/or exceeded the return of their respective benchmark while others underperformed their Selected Performance Peer Group over certain periods and/or trailed the return of their respective benchmark. In considering each Fund’s investment results, the Board placed greater emphasis on each Fund’s longer-term performance track record rather than shorter-term performance. The Board also took into account that each Fund’s track record is measured as of a specific date, and that track records can vary as of different measurement dates. When reviewing a Fund’s performance against its Selected Performance Peer Group, the Board took into account that the investment objective and strategies of the Fund, as well as its level of risk tolerance, may differ significantly from funds in the Selected Performance Peer Group. With respect to actively managed Funds, when reviewing a Fund’s performance against its benchmark, the Board took into account the differences in portfolio construction between the Fund and such benchmark as well as other differences between actively managed funds and passive benchmarks, such as objectives and risks
Therefore, in reviewing a Fund that is currently underperforming, the Trustees also considered the broader perspective of the Fund’s performance over varying time periods, the market conditions experienced during the periods under review, as well as the outlook for the Fund going forward in light of expected future market conditions. In the case of the Underlying Funds, the Board also took into account the views of PLFA about the role of a particular Fund within a broader asset allocation strategy for the Asset Allocation Funds. Where there had been a
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PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
change in Sub-Adviser for a Fund, the Board took into account that the current Sub-Adviser was only responsible for certain portions of the Fund’s performance record. The Trustees discussed with PLFA the fact that certain periods of underperformance may be transitory while other periods of underperformance may be reflective of broader issues that may warrant consideration of corrective action. The Trustees discussed these Funds with representatives of PLFA, including an assessment of the approach used by the Sub-Advisers, and the approach used by PLFA with respect to the Directly Managed Funds, as well as the oversight and monitoring by PLFA as the investment adviser, to gain an understanding of any recurring or material underperformance and to assess whether any actions would be appropriate. In addition, the Board considered any specific actions that PLFA or a Sub-Adviser has taken, or agreed to take, to enhance the investment performance of a Fund, and the results of those actions. In reviewing the performance of each Fund, the Board took into account, among other things, each Fund’s performance track record. The following summary highlights certain, but not all, relevant facts considered by the Board with respect to the Fund’s performance track record.
PF Growth Fund
The Fund underperformed its Selected Performance Peer Group median for the one-year period and outperformed for the three-, five- and ten-year periods and ranked in the fourth quintile of its Peer Group for the one-year period, the third quintile for the three-year period and the second quintile for the five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2013.
PF Large-Cap Value Fund
The Fund underperformed its Selected Performance Peer Group median for the one-year period and outperformed for the three-, five- and ten-year periods and ranked in the fourth quintile of its Peer Group for the one-year period, the first quintile for the three-year period and the second quintile for the five- and ten-year periods.
Pacific Funds Small/Mid-Cap
The Fund underperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and ranked in the fourth quintile of its Peer Group for the one- and three-year periods and the third quintile for the five-year period. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA will closely monitor it for improved performance.
Pacific Funds Small-Cap
The Fund underperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and ranked in the fourth quintile of its Peer Group for the one-and five-year periods and in the fifth quintile for the three-year period. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA has added the Fund to its “watch list” and will closely monitor it for improved performance.
PF Small-Cap Growth Fund
The Fund underperformed its Selected Performance Peer Group median for the one-and ten-year periods and outperformed for the three- and five-year periods and ranked in the fourth quintile of its Peer Group for the one-year period, the second quintile for the three-year period, the first quintile for the five-year period and the third quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since June 2020.
PF Small-Cap Value Fund
The Fund outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the first quintile of its Peer Group for the one- and three-year periods, the second quintile for the five-year period and the third quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser co-managed the Fund with another firm from May 2014 to October 2015 and since October 2015 has been the sole Sub-Adviser, and that prior to May 2014 another firm managed the Fund.
Pacific Funds Small-Cap Value
The Fund underperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and ranked in the third quintile of its Peer Group for the one-year period and in the fifth quintile for the three- and five-year periods. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA has added the Fund to its “watch list” and will closely monitor it for improved performance.
PF Emerging Markets Fund
The Fund underperformed its Selected Performance Peer Group median for the one- and three-year periods and outperformed for the five- and ten-year periods and ranked in the fourth quintile of its Peer Group for the one-year period, the third quintile for the three-year period and the second quintile for the five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA has highlighted the Fund and will closely monitor it for improved performance.
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PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
PF Emerging Markets Debt Fund
The Fund outperformed its Selected Performance Peer Group for the one-year period and underperformed for the three- and five-year periods and ranked in the second quintile of its Peer Group for the one-year period and in the fifth quintile for the three- and five-year periods. In evaluating the performance of the Fund, the Board also considered that it had recently approved a new Sub-Advisory Agreement for a new Sub-Adviser to the Fund effective October 2021 and, therefore, the Sub-Advisory Agreement was not up for renewal at this time.
PF International Growth Fund (formerly named PF International Large-Cap Fund)
The Fund underperformed its Selected Performance Peer Group median for the one-year period and outperformed for the three-, five- and ten-year periods and ranked in third quintile of its Peer Group for the one-year period and the first quintile for the three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that it had recently approved a new Sub-Advisory Agreement for a new Sub-Adviser to the Fund effective October 2021 and, therefore, the Sub-Advisory Agreement was not up for renewal at this time.
PF International Small-Cap Fund
The Fund outperformed the Selected Performance Peer Group median for the one-year period, underperformed for the three-year period and performed in line for the five-year period and ranked in the third quintile of its Peer Group for the one- and five-year periods and in the fourth quintile for the three-year period. In evaluating the performance of the Fund, the Board also considered that it had recently approved a new Sub-Advisory Agreement for a new Sub-Adviser to the Fund effective November 2021 and, therefore, the Sub-Advisory Agreement was not up for renewal at this time.
PF International Value Fund
The Fund outperformed its Selected Performance Peer Group median for the one- and five-year periods and underperformed for the three- and ten-year periods and ranked in the first quintile of its Peer Group for the one-year period, the fourth quintile for the three- and ten-year periods and the second quintile for the five-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2017. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA has highlighted the Fund and will continue to monitor it for improved performance.
PF Multi-Asset Fund
The Fund outperformed its Selected Performance Peer Group median for the one-year period and performed in line for the three-year period ranked in the second quintile of its Peer Group for the one-year period and the third quintile for the three-year period.
PF Real Estate Fund
The Fund outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the third quintile of its Peer Group for the one-, five- and ten-year periods and in the second quintile for the three-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2018.
Pacific Funds Core Income
The Fund outperformed its Selected Performance Peer Group median for the one-, five-, and ten-year periods and performed in line for the three-year period and ranked in the third quintile of its Peer Group for the one- and three-year periods and the second quintile for the five- and ten-year periods.
Pacific Funds ESG Core Bond
The Fund commenced investment operations in December 2020. The Board considered that it has not been in operation for a sufficient time period to establish a meaningful track record.
Pacific Funds Floating Rate Income
The Fund underperformed its Selected Performance Peer Group median for the one-year period and outperformed for the three-, five and ten-year periods and ranked in the fourth quintile of its Peer Group for the one-year period, the second quintile for the three- and five-year periods and the first quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA will closely monitor the Fund for improved performance.
Pacific Funds High Income
The Fund outperformed its Selected Performance Peer Group median for the one-, three-, and five-year periods and ranked in the second quintile of its Peer Group for the one-and five-year periods and in the third quintile for the three-year period.
PF Inflation Managed Fund
The Fund outperformed its Selected Performance Peer Group median for the one-, three-, five- and ten-year periods and ranked in the second quintile of its Peer Group for the one-year period and the first quintile for the three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser co-managed the Fund with another firm from January 2015 to October 2016 and since October 2016 has been the sole Sub-Adviser.
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PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
PF Managed Bond Fund
The Fund underperformed its Selected Performance Peer Group median for the one-year period and outperformed for the three-, five- and ten-year periods and ranked in the fourth quintile of its Peer Group for the one-year period and the second quintile for the three-, five- and ten-year periods. In evaluating the performance of the Fund, the Board also considered that one of the Fund’s co-Sub-Advisers was the sole Sub-Adviser from the Fund’s inception until 2014, and that the other co-Sub-Adviser has co-managed the Fund since 2014. In evaluating the performance of the Fund, the Board also considered PLFA’s views as to the reasons for the Fund’s relative performance against peers over various time periods and PLFA’s future outlook for the Fund. The Board also considered that PLFA will closely monitor the Fund for improved performance.
PF Short Duration Bond Fund
The Fund performed in line with its Selected Performance Peer Group median for the one- and five-year periods, outperformed for the five-year period and underperformed for the ten-year period and ranked in the third quintile of its Peer Group for the one- and five-year periods, the second quintile for the three-year period and the fourth quintile for the ten-year period. In evaluating the performance of the Fund, the Board also considered that the current Sub-Adviser has managed the Fund since 2011.
Pacific Funds Short Duration Income
The Fund outperformed its Selected Performance Peer Group median for the one- and five-year periods and performed in line for the three-year period and ranked in the third quintile of its Peer Group for the one- and three-year periods and the second quintile for the five-year period.
Pacific Funds Strategic Income
The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and ranked in the first quintile of its Peer Group for the one-, three- and five-year periods.
Pacific Funds Ultra Short Income
The Fund outperformed its Selected Performance Peer Group median for the one-year period and ranked in the first quintile of its Peer Group for the one-year period. In evaluating the performance of the Fund, the Board also considered that the Fund had not been in operation for a sufficient time period to establish a meaningful track record.
Pacific Funds Portfolio Optimization Aggressive-Growth
The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and underperformed for the ten-year period and ranked in the first quintile of its Peer Group for the one- and three-year periods, the third quintile for the five-year period and the fifth quintile for the ten-year period.
Pacific Funds Portfolio Optimization Conservative
The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and performed in line for the ten-year period and ranked in the third quintile of its Peer Group for the one- and ten-year periods, the first quintile for the three-year period and the second quintile for the five-year period.
Pacific Funds Portfolio Optimization Growth
The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and underperformed for the ten-year period and ranked in the second quintile of its Peer Group for the one-, three- and five-year periods and in the third quintile for the ten-year period.
Pacific Funds Portfolio Optimization Moderate-Conservative
The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and underperformed for the ten-year period and ranked in the third quintile of its Peer Group for the one-, five- and ten-year periods and the second quintile for the three-year period.
Pacific Funds Portfolio Optimization Moderate
The Fund outperformed its Selected Performance Peer Group median for the one-, three- and five-year periods and underperformed for the ten-year period and ranked in the third quintile of its Peer Group for the one- and five-year periods, the second quintile for the three-year period and the fourth quintile for the ten-year period.
*****
The Trustees reviewed the monitoring of each Sub-Advisers’ investment results by PLFA, including PLFA’s historical practice of recommending to the Trustees a change in Sub-Adviser when circumstances warrant. Generally, the Trustees noted that there continues to be a record of well-managed Funds that are appropriate to serve as Underlying Funds for the Asset Allocation Funds and that the Asset Allocation Funds provide a range of professionally managed asset allocation investment options. The Trustees considered the steps PLFA has taken to seek to improve performance of the Asset Allocation Funds, including ongoing assessment of asset allocation determinations, diversifying asset class investment options by adding additional Underlying Funds, and adding or changing Sub-Advisers to the Underlying Funds. The Trustees also noted that the Funds continue to deliver the investment style as disclosed to shareholders. The Trustees also noted the use by investors of the Asset Allocation Funds and the benefits the Asset Allocation Funds provide for shareholders generally.
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PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
The Board concluded that PLFA continues to have a long record of effectively managing a multi-manager fund group and asset allocation funds designed to give shareholders a reasonable array of choices through which to implement their investment programs. The Board further concluded that PLFA was appropriately implementing each Fund’s investment objective either directly or through the selection of Sub-Advisers and that PLFA’s record in managing each Fund indicates that PLFA’s continued management, as well as the continuation of the respective Sub-Advisory Agreements, will benefit each Fund and its shareholders.
C. Advisory Fees and Total Expense Ratios
The Trustees requested, received and reviewed information from PLFA relating to the advisory fees paid by the Funds and the sub-advisory fees paid by PLFA, including the portion of the advisory fees paid to each Sub-Adviser as compared to the portion retained by PLFA. The Trustees considered the nature and quality of the services provided by PLFA and also considered the nature and quality of services provided by each Sub-Adviser. The Independent Trustees also requested and reviewed information from the Independent Consultant along with the Independent Consultant’s analysis of advisory fees, sub-advisory fees and certain Fund net expenses, excluding any applicable service or distribution fees, which were selected by the Independent Consultant for purposes of the peer group expense comparisons (“Operating Expenses”). The Trustees reviewed the advisory fees, sub-advisory fees and Operating Expenses of each Fund and compared advisory fees and expenses with the fees and expense levels of a group of appropriate peer funds identified by the Independent Consultant (each a “Selected Expense Peer Group”). The Trustees reviewed a description of the Independent Consultant’s methodology for constructing the Selected Expense Peer Groups, noting that each Selected Expense Peer Group includes a group of similarly-sized funds with comparable strategies from a universe of funds that (i) included both sub-advised and directly managed funds; (ii) excluded funds that are managed with non-standard business models and expense structures; and (iii) excluded index funds. With respect to the Asset Allocation Funds, the Selected Expense Peer Group information is used to review the Funds’ expenses, excluding acquired fund fees and expenses, to the peer group. The Trustees also compared the net expense ratio (including acquired fund fees and expenses) for these funds with the average net expense ratio of funds in the Morningstar Category determined to be similar to the relevant Asset Allocation Fund (“Comparable Peer Fund Average”).
A summary of certain comparative fee and expense information considered by the Trustees for each Fund is provided below.
PF Growth Fund
The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.
PF Large-Cap Value Fund
The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are in line with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group.
Pacific Funds Small/Mid-Cap
The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group.
Pacific Funds Small-Cap
The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.
PF Small-Cap Growth Fund
The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.
PF Small-Cap Value Fund
The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.
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PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
Pacific Funds Small-Cap Value
The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.
PF Emerging Markets Fund
The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.
PF Emerging Markets Debt Fund
The Trustees considered that (a) the advisory fee for the Fund (before waivers) is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.05% of its advisory fee.
PF International Growth Fund
The Trustees considered that (a) the advisory fee for the Fund (before waivers) is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.03% of its advisory fee.
PF International Small-Cap Fund
The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.015% of its advisory fee.
PF International Value Fund
The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.
PF Multi-Asset Fund
The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.
PF Real Estate Fund
The Trustees considered that (a) the advisory fee for the Fund (before waivers) is in line with the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.15% of its advisory fee.
Pacific Funds Core Income
The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that had the effect of reducing the Fund’s advisory fee based on the Fund having attained varying higher asset levels.
PF ESG Core Bond
The Trustees considered that (a) the advisory fee for the Fund is greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.
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PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
Pacific Funds Floating Rate Income
The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the fifth quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that had the effect of reducing the Fund’s advisory fee based on the Fund having attained varying higher asset levels.
Pacific Funds High Income
The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.
PF Inflation Managed Fund
The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group.
PF Managed Bond Fund
The Trustees considered that (a) the advisory fee for the Fund (before waivers) is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the second quintile of its Selected Expense Peer Group. The Trustees considered that PLFA currently has contractually agreed to waive 0.0075% of its advisory fee.
PF Short Duration Bond Fund
The Trustees considered that (a) the advisory fee for the Fund is in line with the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are higher than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group.
Pacific Funds Short Duration Income
The Trustees considered that (a) the advisory fee for the Fund is in line with the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are slightly less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that had the effect of reducing the Fund’s advisory fee based on the Fund having attained varying higher asset levels.
Pacific Funds Strategic Income
The Trustees considered that (a) the advisory fee for the Fund is in line with the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are in line with the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group. The Trustees further noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.
Pacific Funds Ultra Short Income
The Trustees considered that (a) the advisory fee for the Fund is less than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group; and (b) the Operating Expenses for the Fund are less than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the first quintile of its Selected Expense Peer Group.
Pacific Funds Portfolio Optimization Aggressive-Growth
The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are slightly greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (c) the net expense ratio was less than the Comparable Peer Fund Average. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.
Pacific Funds Portfolio Optimization Conservative
The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are greater
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PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (c) the net expense ratio was greater than the Comparable Peer Fund Average. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.
Pacific Funds Portfolio Optimization Growth
The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are slightly greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (c) the net expense ratio was greater than the Comparable Peer Fund Average. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.
Pacific Funds Portfolio Optimization Moderate-Conservative
The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are slightly greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (c) the net expense ratio was greater than the Comparable Peer Fund Average. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.
Pacific Funds Portfolio Optimization Moderate
The Trustees considered that (a) the advisory fee for the Fund is slightly greater than the median advisory fee rate of the funds in its Selected Expense Peer Group and ranked in the third quintile of its Selected Expense Peer Group; (b) the Operating Expenses for the Fund are slightly greater than the median Operating Expenses of the funds in its Selected Expense Peer Group and ranked in the fourth quintile of its Selected Expense Peer Group; and (c) the net expense ratio was less than the Comparable Peer Fund Average. The Trustees noted that pursuant to a fee waiver agreement, PLFA has agreed to a breakpoint schedule that will reduce its advisory fee once the Fund attains varying higher asset levels, but that the Fund has not yet reached the first breakpoint.
*****
During their review, the Trustees considered that all of the Funds were subject to contractual expense limitations on certain operating expenses agreed to by PLFA.
The Trustees also considered information from the Sub-Advisers regarding the comparative sub-advisory fees charged under other investment advisory contracts for similarly managed accounts, such as contracts of each Sub-Adviser with other similarly managed registered investment companies or other types of clients. The Trustees noted that in many cases there were differences in the level of services provided to the Funds by the Sub-Advisers and that the level of services provided by these Sub-Advisers on these other accounts differed due to the nature of the accounts or because there were other reasons to support the difference in fees, such as an affiliation between the Sub-Adviser and the account. These differences often explained variations in fee schedules. The Trustees were mindful that, with the exception of the affiliated Sub-Adviser, the Sub-Advised Funds’ fee rates were the result of arms’-length negotiations between PLFA and the Sub-Advisers. For the affiliated Sub-Adviser, the Trustees took into account the fact that each Sub-Advised Funds’ fee rates were not the subject of an arms’-length negotiation with PLFA, but considered information relating to competitive fees charged by similarly managed funds. In all cases, the Trustees considered that all sub-advisory fees are paid by PLFA and are not paid directly by a Fund.
The Board concluded that the advisory fees, sub-advisory fees and total expenses of each Fund were fair and reasonable.
D. Costs, Level of Profits and Economies of Scale
The Trustees reviewed information provided by PLFA regarding PLFA’s costs of sponsoring and operating the Funds and information regarding the profitability of PLFA from each Fund. For the Sub-Advised Funds, the Trustees also reviewed information provided by the Sub-Advisers regarding their costs in managing the Sub-Advised Funds and their profitability from the Funds.
PLFA and the Sub-Advisers’ Costs and Profitability. The Trustees noted that, based on the data available, PLFA appears to be providing and operating products that are competitively priced with other funds, especially other multi-manager and asset allocation funds. The Trustees noted PLFA’s willingness to build its investment capabilities and to sponsor new funds that PLFA believed would benefit the Asset Allocation Funds, despite the potential subsidies required by PLFA during a new Fund’s start-up phase. The Trustees also noted that the analysis of the Trust’s profitability to PLFA supported a conclusion that PLFA’s costs and profitability are reasonable, whether considered inclusive or exclusive of distribution costs.
The Trustees also reviewed information provided regarding the structure and manner in which PLFA’s investment professionals were compensated and their respective views of the relationship of such compensation to the attraction and retention of quality personnel. The Trustees considered PLFA’s willingness to invest in technology, infrastructure and staff to reinforce and offer new services and to accommodate changing regulatory requirements. The Trustees also considered the organizational strengths of the Sub-Advisers and their ability to attract and retain investment personnel over time and to sustain the staffing of investment teams that provide services to the Sub-Advised Funds.
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PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
With respect to the Sub-Advisers, the Trustees noted that it was difficult in many cases to accurately determine or evaluate the Sub-Advisers’ costs and the profitability of the Sub-Advisory Agreements to the Sub-Advisers because of, among other things, the differences in the types and content of information provided by the Sub-Advisers, the fact that many Sub-Advisers manage substantial assets other than the Funds and, further, that any such assessment would involve assumptions regarding the Sub-Advisers’ expense allocation policies, capital structure, cost of capital, business mix and other factors.
Accordingly, in the case of the unaffiliated Sub-Advisers, the Trustees considered the data described above in light of the arms’-length nature of the relationship between PLFA and such Sub-Advisers with respect to the negotiation of fund sub-advisory fees and the fact that such fees are paid by PLFA.
Economies of Scale. The Trustees noted and considered the extent to which economies of scale are realized by PLFA and the Sub-Advisers as each Fund grows, and whether advisory fee levels reflect economies of scale if the Funds grow in size. The Trustees noted PLFA’s commitment to competitive total expenses of certain Funds through expense limitation agreements and, for certain Funds, through advisory fee waivers. The Trustees also noted PLFA’s and its affiliates’ consistent reinvestment in the business in the form of adding to investment capabilities and resources, improvements in technology, product innovations and customer service. The Trustees considered information relating to economies of scale provided by PLFA, PLFA’s willingness to discuss and evaluate the topic of economies of scale with the Trustees, and PLFA’s agreement to enter into advisory fee waivers for certain Asset Allocation Funds that create effective breakpoints at asset levels at which PLFA believes it will have attained a level of profit that can be shared with these Funds.
With respect to the Sub-Advised Funds, the Trustees considered that the advisory fee for each Fund was originally set at an amount that was intended to be highly competitive with peers to attract assets at the Fund’s inception. The Trustees also considered that some Sub-Advisers have agreed to breakpoints in their sub-advisory fee schedules. The Trustees noted that in subsidizing the expenses of the Funds from their inception and for many years, PLFA’s economics from the Sub-Advised Funds should be considered separate and apart from the economics of the Sub-Advisers. The Trustees also noted that shareholders will benefit from effective breakpoints for the Asset Allocation Funds.
The Trustees also considered PLFA’s willingness to reduce its own fees through certain advisory fee waivers and expense limitation agreements, whereby PLFA will reimburse the Funds for certain expenses that exceed stated expense caps. The Trustees considered that the advisory fee waivers effectively implement breakpoints in PLFA’s advisory fees were determined to be appropriate so as to share economies of scale or other cost savings that PLFA has attained.
The Trustees noted that PLFA and its affiliates had consistently reinvested in the business in the form of improvements in technology, product innovations, personnel and resources. The Trustees additionally noted that economies of scale were difficult to measure with precision, particularly on a Fund by Fund basis. This analysis is complicated by the additional services and content provided by PLFA and its affiliates through reinvestment in the business, as discussed above. The Trustees considered that the Funds are well managed and provide shareholders with sophisticated asset allocation investment options at reasonable fee levels. The Board noted that PLFA had taken steps to ensure that shareholders benefit by negotiating favorable terms with service providers.
The Board determined that PLFA and its affiliates are sharing economies of scale given its agreement to reduce its own fees through fee waivers as assets grow for certain Funds, its commitment to competitive total expenses of the Funds, and the consistent reinvestment in the business in the form of improvements in technology and other resources and investments in personnel. The Board considered that PLFA has not yet attained levels of profitability that warrant additional sharing of economies of scale for some Funds, including the Sub-Advised Funds, but noted that shareholders will benefit in the future from the effective breakpoints for the Asset Allocation Funds. The Board further considered that it will continue to review whether there are additional economies of scale that will be realized as the Funds grow that can be shared with shareholders. The Board concluded that the Funds’ cost structures were reasonable, and that overall profitability appeared reasonable at the current time. The Board further concluded that PLFA was sharing economies of scale with each Fund and its shareholders to their benefit.
E. Ancillary Benefits
The Trustees requested and received from PLFA and the Sub-Advisers information regarding other benefits received by PLFA, Pacific Life, the Sub-Advisers, and their affiliates as a result of their respective relationship with the Funds, including various service arrangements with PLFA affiliates, as well as commissions paid to broker-dealers affiliated with certain Sub-Advisers and the use of soft-dollars by certain of the Sub-Advisers. The Trustees also considered ancillary benefits received by Pacific Life and its affiliates from the Funds. The Trustees considered information regarding other significant economic relations between the Sub-Advisers and their affiliates and with PLFA and its affiliates and noted PLFA’s processes and procedures to identify and disclose such relationships and any potential conflicts of interest to the Board. The Trustees also considered PLFA’s and each Sub-Adviser’s strong practices and procedures with regard to managing conflicts of interest and ensuring that such conflicts do not prevent PLFA or the Sub-Advisers from acting in the best interests of the Funds and their shareholders.
The Board concluded that such benefits were consistent with those generally derived by mutual fund investment management organizations or were otherwise not unusual.
F. Conclusion
Based on their review, including their consideration of each of the factors referred to above, and assisted by the advice of the Independent Consultant and independent counsel to the Independent Trustees, the Board, including all of the Independent Trustees, concluded that: (i) the Advisory Agreement and each applicable Sub-Advisory Agreement are fair and reasonable with respect to each applicable Fund and its shareholders; (ii) that the renewal of the Advisory Agreement and each applicable Sub-Advisory Agreement would be in the best interests of each Fund and its shareholders; and (iii) the recommendation by PLFA to the Board to enter into each Sub-Advisory Agreement with respect to
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PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
each Sub-Adviser was not inappropriately influenced by conflicts of interest. The Board did not indicate that any single factor was determinative of its decision to approve the Advisory Agreement and each applicable Sub-Advisory Agreement but indicated that the Board based its determination on the total mix of information available to it.
III. Other Sub-Advisory Agreement Approvals
In addition to considering the renewal of the Advisory Agreement and existing Sub-Advisory Agreements during the period, the Board considered and approved the Sub-Advisory Agreement with respect to the PF Emerging Markets Debt Fund, the Sub-Advisory Agreement with respect to the PF International Growth Fund and the PF International Small-Cap Fund, as discussed below.
PF Emerging Markets Debt Fund
At a meeting held on June 16, 2021, based upon a recommendation from PLFA, the Board, including all of the Independent Trustees, approved, effective on or about October 29, 2021, a new sub-advisory agreement with Principal Global Investors, LLC (“Principal”), with respect to the PF Emerging Markets Debt Fund (the “Principal Sub-Advisory Agreement”) and appointed Principal as the new sub-adviser for the Fund, replacing Ashmore Investment Management Limited.
In evaluating the Principal Sub-Advisory Agreement for the 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 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; a written presentation from Principal; a comprehensive report including an assessment by PLFA; responses from Principal to information requested by counsel to the Independent Trustees; and other information deemed relevant to the Trustees’ evaluation. The Trustees also considered a verbal presentation at a meeting held virtually on June 16, 2021 from management and investment personnel from Principal where all attendees could hear each other clearly.
The Trustees considered that under the Principal Sub-Advisory Agreement, Principal would be responsible for providing investment advisory services for the Fund’s assets, including providing investment research and analysis and conducting a continuous program of investment by determining which securities would be purchased or sold by the Fund. The Trustees considered the quality of the management services expected to be provided to the Fund over both the short- and long-term, the organizational depth and resources of 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 they had previously reviewed and approved Principal’s written compliance policies and procedures and code of ethics, and that the Trust’s Chief Compliance Officer previously provided an assessment of Principal’s compliance program, as required under Rule 38a-1 of the 1940 Act, and its code of ethics. 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 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 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 an emerging markets debt strategy and PLFA’s identification of Principal to serve as sub-adviser with regard to the Fund’s day-to-day investment activities. The Trustees considered that the Fund’s historical performance had been obtained under a different sub-adviser, although PLFA has managed the Fund since its inception. However, the Trustees considered the investment process and techniques to be used by Principal for the Fund and Principal’s experience managing emerging markets debt strategies, as well as other factors concerning performance in connection with their consideration of this matter and in connection with approval of the Principal Sub-Advisory Agreement, including the factors described below.
The Trustees considered information about the historical performance of a composite managed by the same Principal portfolio management team that would manage the Fund 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 for the one-, three- and five-year and since inception periods as of March 31, 2021.
The Trustees considered additional information about the historical performance of a proprietary mutual fund managed by the same Principal portfolio management team that would manage the Fund using similar investment strategies. The Trustees considered that this information included a comparison of the fund’s performance against a pertinent benchmark and an applicable peer group for the year-to-date, one- and three-year and since inception periods as of March 2021, as well as performance for each of the past four calendar years. Additionally, the Trustees considered the standard deviation and risk-adjusted returns of the fund during certain periods.
The Board determined that Principal’s performance record with respect to a similarly managed mutual fund and composite was acceptable.
C. Sub-Advisory Fees
The Trustees considered information regarding the comparative advisory fees charged under other investment advisory contracts of Principal with regard to other funds and accounts with substantially similar investment strategies as the Fund. The Trustees also considered that the advisory fee schedule would remain unchanged but that the sub-advisory fee would be reduced from its current levels, resulting in an increase
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PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
in the retention by PLFA of its advisory fee. The Trustees considered that PLFA would agree to implement a fee waiver in order to share these benefits with shareholders and that as a result of these waivers, the total net advisory fee paid by shareholders would be reduced. In comparing the proposed sub-advisory fees to be paid by the Fund to fees charged by Principal for the other similarly managed funds and accounts, the Trustees noted that for certain funds and accounts, there were differences in: (i) the nature of the Fund and those other funds and/or accounts, (ii) the services provided to each, (iii) the client’s overall relationship with Principal, and/or (iv) regulatory differences 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 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, and would likely decrease, 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 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 Fund, the Trustees considered that projected profitability information for Principal at this time was of limited utility. The Trustees also considered the impact of the sub-advisory change to the profitability of the PLFA advisory agreement with the Fund. In addition, the Trustees considered that in negotiating the sub-advisory fee, PLFA takes into account the current and future potential scale of the Fund.
The Trustees 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 Fund. The Board concluded that the 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 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 using an affiliated broker-dealer and does not anticipate 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 Fund and that such benefits are consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.
F. Conclusion
Based on its 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 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 International Growth Fund
At a meeting held on June 16, 2021, based upon a recommendation from PLFA, the Board, including all of the Independent Trustees, approved, effective on or about October 29, 2021, a new sub-advisory agreement with ClearBridge Investments, LLC (“ClearBridge”), with respect to the PF International Growth Fund (the “ClearBridge Sub-Advisory Agreement”) and appointed ClearBridge as the new sub-adviser for the Fund, replacing MFS Investment Management.
In evaluating the ClearBridge Sub-Advisory Agreement for the 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 ClearBridge as the new sub-adviser to the Fund, particularly in light of the nature, extent, and quality of the services expected to be provided by ClearBridge. In this regard, the Trustees considered various materials relating to ClearBridge, including copies of the proposed ClearBridge Sub-Advisory Agreement; copies of ClearBridge’s Form ADV; financial information; a written presentation from ClearBridge; a comprehensive report including an assessment by PLFA; responses from ClearBridge to information requested by counsel to the Independent Trustees; and other information deemed relevant to the Trustees’ evaluation. The Trustees also considered a verbal presentation at a meeting held virtually on June 16, 2021 from management and investment personnel from ClearBridge where all attendees could hear each other clearly.
The Trustees considered that under the ClearBridge Sub-Advisory Agreement, ClearBridge would be responsible for providing investment advisory services for the Fund’s assets, including providing investment research and analysis and conducting a continuous program of investment by determining which securities would be purchased or sold by the Fund. The Trustees considered the quality of the management services expected to be provided to the Fund over both the short- and long-term, the organizational depth and resources of ClearBridge, including the background and experience of ClearBridge’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.
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PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
In addition, the Trustees considered that they had previously reviewed and approved ClearBridge’s written compliance policies and procedures and code of ethics, and that the Trust’s Chief Compliance Officer previously provided an assessment of ClearBridge’s compliance program, as required under Rule 38a-1 of the 1940 Act, and its code of ethics. The Trustees also took note of the due diligence PLFA conducted with respect to ClearBridge and were aided by the assessment and recommendation of PLFA and the presentation and materials provided by ClearBridge.
The Board concluded that it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the Fund by ClearBridge under the ClearBridge Sub-Advisory Agreement.
B. Performance
The Trustees considered PLFA’s efforts to identify advisory firms that are qualified to manage an international growth strategy and PLFA’s identification of ClearBridge to serve as sub-adviser with regard to the Fund’s day-to-day investment activities. The Trustees considered that the Fund’s historical performance had been obtained under a different sub-adviser, although PLFA has managed the Fund since its inception. However, the Trustees considered the investment process and techniques to be used by ClearBridge for the Fund and ClearBridge’s experience managing international growth strategies, as well as other factors concerning performance in connection with their consideration of this matter and in connection with approval of the ClearBridge Sub-Advisory Agreement, including the factors described below.
The Trustees considered information about the historical performance of a proprietary mutual fund and other accounts managed by the same ClearBridge portfolio management team that would manage the Fund using similar investment strategies (the “ClearBridge Comparable Performance”). The Trustees considered that this information included a comparison of the ClearBridge Comparable Performance against a pertinent benchmark for the one-, three- and five-year and since inception periods, as applicable, as of March 31, 2021.
The Trustees considered additional information about the historical performance of a proprietary mutual fund managed by the same ClearBridge portfolio management team that would manage the Fund using similar investment strategies. The Trustees considered that this information included a comparison of the fund’s performance against a pertinent benchmark and an applicable peer group for the year-to-date, one-, three- and five-year and since inception periods as of March 2021, as well as performance for each of the past eight calendar years. Additionally, the Trustees considered the standard deviation and risk-adjusted returns of the fund during certain periods.
The Board determined that ClearBridge’s performance record with respect to a similarly managed mutual fund and other accounts was acceptable.
C. Sub-Advisory Fees
The Trustees considered information regarding the comparative advisory fees charged under other investment advisory contracts of ClearBridge with regard to other funds and accounts with substantially similar investment strategies as the Fund. In comparing the proposed sub-advisory fees to be paid by the Fund to fees charged by ClearBridge for the other similarly managed funds and accounts, the Trustees noted that for certain funds and accounts, there were differences in: (i) the nature of the Fund and those other funds and/or accounts, (ii) the services provided to each, (iii) the client’s overall relationship with ClearBridge, and/or (iv) regulatory differences 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 ClearBridge, and that the Fund’s sub-advisory fees are paid by PLFA and are not paid directly by the Fund. The Trustees also considered that there are certain costs associated with a sub-adviser change, but that the ongoing operating expenses paid by the shareholders were not expected to materially increase, and would likely decrease, as a result of this sub-adviser change.
The Board concluded that the compensation payable under the ClearBridge 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 ClearBridge of sub-advising the Fund and the projected profitability of the ClearBridge Sub-Advisory Agreement to ClearBridge, to the extent practicable based on the information provided by ClearBridge. 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 ClearBridge 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 ClearBridge Sub-Advisory Agreement to ClearBridge is an estimate because it had not yet begun to manage the Fund, the Trustees considered that projected profitability information for ClearBridge at this time was of limited utility. The Trustees also considered the impact of the sub-advisory change to the profitability of the PLFA advisory agreement with the Fund. In addition, the Trustees considered that in negotiating the sub-advisory fee, PLFA takes into account the current and future potential scale of the Fund.
The Trustees considered the organizational strengths of ClearBridge and its ability to attract and retain investment personnel over time and to sustain the staffing of investment teams that will provide services to the Fund. The Board concluded that the Fund’s fee structure reflected in the ClearBridge Sub-Advisory Agreement is fair and reasonable.
E. Ancillary Benefits
The Trustees received information from PLFA and ClearBridge concerning other benefits that may be received by ClearBridge and its affiliates as a result of their relationship with the Fund, including commissions that may be paid to broker-dealers affiliated with ClearBridge and the anticipated use of soft-dollars by ClearBridge. In this regard, the Trustees noted that ClearBridge represented that it does not anticipate
F-23
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PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
using an affiliated broker-dealer and that it does anticipate using soft dollar credits generated by Fund commissions to pay for research services. The Trustees considered potential benefits to be derived by ClearBridge from its relationship with the Fund and that such benefits are consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.
F. Conclusion
Based on its review, including the consideration of each of the factors referred to above, the Board found that: (i) the ClearBridge Sub-Advisory Agreement is in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the ClearBridge 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 International Small-Cap Fund
At a meeting held on September 15, 2021, based upon a recommendation from PLFA, the Board, including all of the Independent Trustees, approved, effective on or about November 1, 2021, a new sub-advisory agreement with FIAM LLC (“FIAM”), with respect to the PF Emerging Markets Debt Fund (the “FIAM Sub-Advisory Agreement”) and appointed FIAM as the new sub-adviser for the Fund, replacing Franklin Advisers, Inc.
In evaluating the FIAM Sub-Advisory Agreement for the 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 FIAM as the new sub-adviser to the Fund, particularly in light of the nature, extent, and quality of the services expected to be provided by FIAM. In this regard, the Trustees considered various materials relating to FIAM, including copies of the proposed FIAM Sub-Advisory Agreement; copies of FIAM’s Form ADV; financial information; a written presentation from FIAM; a comprehensive report including an assessment by PLFA; responses from FIAM to information requested by counsel to the Independent Trustees; and other information deemed relevant to the Trustees’ evaluation. The Trustees also considered a verbal presentation at a meeting held virtually on September 15, 2021 from management and investment personnel from FIAM where all attendees could hear each other clearly.
The Trustees considered that under the FIAM Sub-Advisory Agreement, FIAM would be responsible for providing investment advisory services for the Fund’s assets, including providing investment research and analysis and conducting a continuous program of investment by determining which securities would be purchased or sold by the Fund. The Trustees considered the quality of the management services expected to be provided to the Fund over both the short- and long-term, the organizational depth and resources of FIAM, including the background and experience of FIAM’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 FIAM’s written compliance policies and procedures and code of ethics. The Trustees also considered the CCO’s assessment of FIAM’s compliance program, as required by Rule 38a-1 under the 1940 Act, and its code of ethics. The Trustees also took note of the due diligence PLFA conducted with respect to FIAM and were aided by the assessment and recommendation of PLFA and the presentation and materials provided by FIAM.
The Board concluded that it was satisfied with the nature, extent and quality of the investment management services anticipated to be provided to the Fund by FIAM under the FIAM Sub-Advisory Agreement.
B. Performance
The Trustees considered PLFA’s efforts to identify advisory firms that are qualified to manage an international small-cap strategy and PLFA’s identification of FIAM to serve as sub-adviser with regard to the Fund’s day-to-day investment activities. The Trustees considered that the Fund’s historical performance had been obtained under a different sub-adviser, although PLFA has managed the Fund since its inception. However, the Trustees considered the investment process and techniques to be used by FIAM for the Fund and FIAM’s experience managing international small-cap strategies, as well as other factors concerning performance in connection with their consideration of this matter and in connection with approval of the FIAM Sub-Advisory Agreement, including the factors described below.
The Trustees considered information about the historical performance of a proprietary mutual fund managed by the same FIAM portfolio management team that would manage the Fund using similar investment strategies (the “FIAM Comparable Performance”). The Trustees considered that this information included a comparison of the FIAM Comparable Performance against a pertinent benchmark and an applicable peer group for the one-, three-, five- and ten-year periods as of June 30, 2021. Additionally, the Trustees considered the standard deviation and risk-adjusted returns of the fund during certain periods.
The Board determined that FIAM’s performance record with respect to a similarly managed mutual fund was acceptable.
C. Sub-Advisory Fees
The Trustees considered information regarding the comparative advisory fees charged under another investment advisory contract of FIAM with regard to another fund with substantially similar investment strategies as the Fund. The Trustees also considered that the advisory fee schedule would remain unchanged but that the sub-advisory fee would be reduced from its current levels, resulting in an increase in the retention by PLFA of its advisory fee. The Trustees considered that PLFA would agree to implement a contractual fee waiver in order to share a portion of these benefits with shareholders and that as a result of the waiver, the total net advisory fee paid by shareholders would be reduced. In comparing the proposed sub-advisory fees to be paid by the Fund to fees charged by FIAM for the other similarly managed fund, the
F-24
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PACIFIC FUNDS
APPROVAL OF INVESTMENT ADVISORY
AND SUB-ADVISORY AGREEMENTS (Continued)
(Unaudited)
Trustees noted that there were differences in: (i) the nature of the Fund and the other fund, (ii) the services provided to each, (iii) the client’s overall relationship with FIAM, and/or (iv) regulatory differences 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 FIAM, and that the Fund’s sub-advisory fees are paid by PLFA and are not paid directly by the Fund. The Trustees also considered that there are certain costs associated with a sub-adviser change, but that the ongoing operating expenses paid by the shareholders were not expected to materially increase, and would likely decrease, as a result of this sub-adviser change.
The Board concluded that the compensation payable under the FIAM 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 FIAM of sub-advising the Fund and the projected profitability of the FIAM Sub-Advisory Agreement to FIAM, to the extent practicable based on the information provided by FIAM. 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 FIAM 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 FIAM Sub-Advisory Agreement to FIAM is an estimate because it had not yet begun to manage the Fund, the Trustees considered that projected profitability information for FIAM at this time was of limited utility. The Trustees also considered the impact of the sub-advisory change to the profitability of the PLFA advisory agreement with the Fund. In addition, the Trustees considered that in negotiating the sub-advisory fee, PLFA takes into account the current and future potential scale of the Fund.
The Trustees considered the organizational strengths of FIAM and its ability to attract and retain investment personnel over time and to sustain the staffing of investment teams that will provide services to the Fund. The Board concluded that the Fund’s fee structure reflected in the FIAM Sub-Advisory Agreement is fair and reasonable.
E. Ancillary Benefits
The Trustees received information from PLFA and FIAM concerning other benefits that may be received by FIAM and its affiliates as a result of their relationship with the Fund, including commissions that may be paid to broker-dealers affiliated with FIAM and the anticipated use of soft-dollars by FIAM. In this regard, the Trustees noted that FIAM represented that it does not anticipate using an affiliated broker-dealer and that it does anticipate using soft dollar credits generated by Fund commissions to pay for research services. The Trustees considered potential benefits to be derived by FIAM from its relationship with the Fund and that such benefits are consistent with those generally derived by sub-advisers to mutual funds or were otherwise not unusual.
F. Conclusion
Based on its review, including the consideration of each of the factors referred to above, the Board found that: (i) the FIAM Sub-Advisory Agreement is in the best interests of the Fund and its shareholders; and (ii) the compensation payable under the FIAM 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.
F-25
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PACIFIC FUNDS
WHERE TO GO FOR MORE INFORMATION
(Unaudited)
Availability of Quarterly Holdings
The Trust files Part F of Form N-PORT (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 Part F of Form N-PORT (when required) is filed pursuant to applicable regulations and is available after filing on the SEC’s website at http://www.sec.gov.
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.pacificfunds.com/resources/prospectuses-reports |
| • | On the SEC’s website at http://www.sec.gov |
| • | Upon request by calling, without charge, 1-800-722-2333, 7 a.m. through 5 p.m. Pacific Time |
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Pacific Funds
Mailing address:
P.O. Box 9768
Providence, RI 02940-9768
ADDRESS SERVICE REQUESTED
Annual Report as of March 31, 2022 for:
• Pacific Funds
| Form Nos. | 3012-20A |
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Item 2. Code of Ethics.
As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no substantive amendments or waivers to the Code of Ethics during the period covered by this report.
A copy of this code of ethics is filed as Exhibit 99.CODE ETH to this Form N-CSR.
Item 3. Audit Committee Financial Expert.
The Registrant’s Board has determined that Paul A. Keller, a member of the Registrant’s Audit Committee, is an “audit committee financial expert” and “independent,” as such terms are defined in this Item. This designation does not increase the designee’s duties, obligations or liability as compared to his duties, obligations and liability as a member of the Audit Committee and of the Board; nor does it reduce the responsibility of the other Audit Committee members. There may be other individuals who, through education or experience, would qualify as “audit committee financial experts” if the Board had designated them as such. Most importantly, the Board believes each member of the Audit Committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition. Mr. Keller is a retired partner of PricewaterhouseCoopers LLP.
Item 4. Principal Accountant Fees and Services.
Audit Fees
| (a) | The aggregate fees billed to the Registrant by the principal accountant for the fiscal years ended March 31, 2022 and 2021 were $754,000 and $727,000, respectively. |
Audit-Related Fees
| (b) | For the fiscal years ended March 31, 2022 and 2021 there were no audit-related fees. |
Tax Fees
| (c) | The aggregate tax fees billed to the Registrant by the principal accountant for the fiscal years ended March 31, 2022 and 2021 were $141,503 and $154,455, respectively. |
All Other Fees
| (d) | There were no other fees billed to the Registrant by the principal accountant for the fiscal years ended March 31, 2022 and 2021. |
| (e)(1) | The Audit Committee is required to pre-approve audit and non-audit services performed for the Registrant by the independent auditor as outlined below in order to assure that the provision of such services does not impair the auditor’s independence: |
| A. | Pre-Approval Requirements for Services to Registrant. Before the Auditor is engaged by the Registrant to render audit related or permissible non-audit services, either: |
| (i) | The Audit Committee shall pre-approve such engagement; or |
| (ii) | Such engagement shall be entered into pursuant to pre-approval policies and procedures established by the Audit Committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee’s responsibilities to the Adviser. The Audit Committee hereby delegates authority to its Chairperson, and may delegate to one or more of its other members, the authority to grant pre-approvals. In the event of a pre-approval by the Chairperson or other authorized member of the Audit |
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| Committee, the person to whom authority is delegated under this Section shall report on such pre-approval to the full Audit Committee at its next regularly scheduled meeting. |
| (iii) | De Minimis Exceptions to Pre-Approval Requirements. Pre-approval for a service provided to the Registrant other than audit, review or attest services is not required if: (1) the aggregate amount of all such non-audit services provided to the Registrant constitutes not more than 5 percent of the total amount of revenues paid by the Registrant to the Auditor during the fiscal year in which the non-audit services are provided; (2) such services were not recognized by the Registrant at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee. |
| B. | Pre-Approval of Non-Audit Services Provided to the Adviser and Others. The Audit Committee shall pre-approve any non-audit services proposed to be provided by the Auditor to (i) the Adviser and (ii) any entity in the investment company complex, if the nature of the services provided relate directly to the operations or financial reporting of the Registrant. Investment company complex means the Pacific Select Fund, the Pacific Funds Series Trust, the Adviser and any entity controlled by or under common control with the Adviser if such entity is an investment adviser or is engaged in the business of providing administrative, custodian, underwriting or transfer agent services to the Trusts or the Adviser. |
| (i) | De Minimis Exception: The De Minimis exceptions set forth above under Section (e)(1)A.(iii) apply to pre-approvals under this Section (e)(1)B. as well, except that the “total amount of revenues” calculation for this Section’s (e)(1)B. services is based on the total amount of revenues paid to the Auditor by the Registrant and any other entity that has its services approved under this Section (i.e., the Adviser or any control person). |
| C. | Pre-Approval of Program and Subscription Services Provided to the Registrants and their Affiliates. The Audit Committee is deemed to have pre-approved Program and Subscription Services (“Programs”) provided to the Registrant and their affiliates, entities within the Registrant’s investment company complex or their affiliates, including employees of Pacific Life and Pacific Life Fund Advisors LLC (collectively, “Fund Persons”) so long as: (1) such Programs are free to Fund Persons or if there is a charge, Fund Persons pay: (a) the going rate for such Programs, or (b) the Fund Persons receive a discount of $500 or less; or (2) the Program is approved under or covered by and in compliance with the policies and/or procedures of Pacific Life’s Audit Committee with respect to the provision of educational services by the Auditor or other parties. Any Programs that do not meet the above criteria require approval by the Audit Committee, its Chairperson or other delegates as provided in Section (e)(1)A.(ii). Programs are educational programs and seminars provided by the Auditor or its affiliates and include live programs, webcasts, podcasts, websites, database subscriptions, checklists, research reports, local office seminars, Debrief webcast series, Technical library and similar or related items. |
| (e)(2) | No services included in (b)-(d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | The aggregate fees billed for the years ended March 31, 2022 and 2021 by the Registrant’s principal accountant for non-audit services rendered to the Registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant were $3,048,503 and $2,466,155, respectively. |
| (h) | The Registrant’s Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant’s independence. |
| (i) | Not applicable. |
| (j) | The Registrant is not a foreign issuer. |
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Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
| (a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this Form. |
| (b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.
Item 11. Controls and Procedures.
| (a) | The Chief Executive Officer and the Treasurer of the Registrant have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) 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 (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during 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.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Pacific Funds Series Trust | ||||||||
| By: | /s/ Adrian S. Griggs | |||||||
| Adrian S. Griggs | ||||||||
| Chief Executive Officer | ||||||||
| Date: | June 2, 2022 | |||||||
| 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 S. Griggs | |||||||
| Adrian S. Griggs | ||||||||
| Chief Executive Officer | ||||||||
| Date: | June 2, 2022 | |||||||
| By: | /s/ Trevor T. Smith | |||||||
| Trevor T. Smith | ||||||||
| Treasurer (Principal Financial and Accounting Officer) | ||||||||
| Date: | June 2, 2022 | |||||||