Pacific FundsSM Short Duration Income

Class AClass CAdvisor Class
TickerFund NumberTickerFund NumberTickerFund Number

Pacific Funds Short Duration Income is a mutual fund:

  • Designed for Income: Constructed to seek steady streams of income.
  • Focused on Short-Term Corporate Securities: Ability for the fund to invest in a variety of corporate securities.
  • Based on Experience: A portfolio management team that specializes in fixed-income asset management based on a foundation of corporate credit research.

Fund Snapshot

While many short-duration funds are anchored in government securities as core investments, our focus is on corporate securities.

  • Attractive Yields: In exchange for slightly greater risk, corporate bonds provide higher income than U.S. Treasuries of comparable maturity.
  • Opportunity: Corporate bonds offer a wide range of income opportunities in fixed-rate, floating-rate, high-quality, low-quality, domestic, and international markets.
  • Diversification: Corporate bonds may add diversification to a fixed-income portfolio of government, mortgage-backed, or other fixed-income securities.


Performance (as of 12/31/2017) 

  Total Returns (%) Annualized Total Returns (%) 
  3-Month YTD 1-Year 3-Year 5-Year Since Fund Inception
Class A—NAV1 0.11 2.36 2.36 1.85 1.73 2.53
Class A—MOP1 -2.89 -0.73 -0.73 0.81 1.11 2.02
Class C—NAV1 -0.08 1.59 1.59 1.06 0.97 1.78
Class C—MOP1 -1.08 0.59 0.59 1.06 0.97 1.78
Advisor Class1 0.17 2.61 2.61 2.10 1.98 2.75
Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index2 -0.21 0.84 0.84 0.93 0.84 0.91

Calendar Year-End Returns (%)

  2012 2013 2014 2015 2016 2017
Class A—NAV1 6.73 2.41 0.71 0.68 2.50 2.36
Class A—MOP1 3.52 –0.65 –2.29 –2.36 –0.62 -0.73
Class C—NAV1 6.00 1.69 –0.01 –0.16 1.75 1.59
Class C—MOP1 5.00 0.69 –1.00 –1.14 0.75 0.59
Advisor Class1 6.76 2.64 0.98 0.93 2.77 2.61
Bloomberg Barclays 1-3 Year U.S. Government/Credit Bond Index2 1.26 0.64 0.77 0.65
1.28 0.84

Returns reflect reinvestment of dividends and distributions. Net asset value returns do not reflect the deduction of an up-front sales load or contingent deferred sales charge (CDSC). If a sales charge had been deducted, the results would have been lower. 

1Share class incepted 6/29/12. Performance shown prior to that date is hypothetical and is that of Class I shares (12/19/11 inception date), restated to reflect applicable service and/or 12b-1 fees. Class A shares at maximum offering price (MOP) reflect the deduction of an up-front 3.00% sales load. Class C shares at MOP reflect the deduction of a 1.00% contingent deferred sales charge (CDSC). Advisor Class shares are sold at net asset value (NAV) without an initial sales charge and do not include a CDSC. Performance reflects any applicable fee waivers and expense reimbursements. If a sales charge had been deducted, the results would have been lower. 2A performance benchmark of U.S. investment-grade government and corporate bonds with maturities of one to three years.

Indexes are unmanaged and cannot be invested in directly. Further, they hold no cash and incur no expenses. 

Yield (as of 12/31/17) Advisor Class
30-Day SEC Yield3 2.27%

Without fee waivers and expense reimbursements, the 30-Day SEC Yield is 1.99%.

3The 30-Day SEC Yield represents the net investment income earned over the 30-day period ending on the above date and includes any fee waivers and expense reimbursements. It is an annualized rate calculated under a methodology prescribed by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

Fund Composition (as of 12/31/2017)

Asset Allocation (%)
Investment-Grade Corporate Bonds 66.25
Floating-Rate Loans 11.09
High-Yield Bonds 5.24
Government Bonds 1.50
Securitized 12.96
Cash 2.96
Maturity Schedule (%)
Less than 1 year 5.87
1–3 years
3–5 years
5–7 years
7–10 years
More than 10 years
Credit Quality Allocation (%)
AAA 13.19
CCC and Below 0.00
 N/R 0.10

Pacific Asset Management (PAM) provides credit-quality ratings, which are received on underlying securities of the Fund from major rating agencies—S&P®, Moody’s, and/or Fitch. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). When the rating agencies rate a security differently, PAM uses the higher rating. Below investment grade is represented by a rating of BB and below. PAM converts all ratings to the equivalent S&P major rating category for purposes of the category shown. Ratings and portfolio credit quality may change over time.

Distributions (Advisor Class) Per Share Amount
October 2017 0.0201
November 2017 0.0179
December 2017 0.0201
Duration 1.92 years
Weighted Average Maturity
3.71 years
Weighted Average Price
Number of Issues

The weighted average price includes bonds and floating-rate loans.

Top-10 Holdings Maturity Weight (%)
Goldman Sachs Group, Inc. FRN 10/31/22 1.51
Bank Of America Corporation FRN 10/21/22 1.41
ANZ Banking 5/19/22 1.26
B.A.T. Capital Corp. FRN  8/14/20 1.26
Mitsubishi UFJ Financial Group, Inc. 2.665%  7/25/22 1.26
Daimler Finance North America LLC 2.3%  2/12/21 1.25
Vmware, Inc. 2.3%  8/21/20 1.17
Becton, Dickinson And Company 2.133%  6/6/19 1.17
Citigroup Inc. FRN 9/1/23 1.16
Wells Fargo & Company 2.625% 7/22/22 1.11
Total   12.56


Top-10 Country Allocations (%)
United States 73.11 Japan 2.08
United Kingdom 4.91 Australia 2.02
Switzerland 2.95 Germany 1.25
China 2.81 Ireland 1.20
Canada 2.29 Cayman Islands 1.10

Top-10 country allocations are calculated based on the country of risk.


About Risk

All investing involves risks including the possible loss of the principal amount invested. Debt securities with longer durations or fixed interest rates tend to be more sensitive to changes in interest rates, making them generally more volatile than debt securities with shorter durations or floating or adjustable interest rates. The Fund is subject to liquidity risk (the risk that an investment may be difficult to purchase and sell within a reasonable amount of time at approximately the price the Fund has valued the investment) and credit risk (the risk an issuer may be unable or unwilling to meet its financial obligations, risking default). Floating-rate loans (usually rated below investment grade) and high-yield/high-risk bonds ("junk bonds") have greater risk of default than higher-rated securities/higher-quality bonds that may have a lower yield. Interest rates and bond prices have an inverse relationship. The Fund is also subject to foreign-markets risk.


Investment Management

Portfolio Managers (since inception): Pacific Asset Management

David Weismiller, CFA®: Managing Director and Lead Portfolio Manager; 18 years of investment experience

Michael Marzouk, CFA®: Managing Director; 18 years of investment experience

Investment Adviser

Pacific Life Fund Advisors LLC

Fund Information (as of 12/31/2017)

DOL - Pacific Funds

Pacific Life Insurance Company is the administrator for Pacific Funds. It is not a fiduciary and therefore does not give advice or make recommendations regarding insurance or investment products.


Pacific Life Fund Advisors LLC (PLFA), a wholly owned subsidiary of Pacific Life Insurance Company, is the investment adviser to the Pacific Funds. PLFA also does business under the name Pacific Asset Management and manages certain funds under that name.


Mutual funds are offered by Pacific Funds. Pacific Funds are distributed by Pacific Select Distributors, LLC (member FINRA & SIPC), a subsidiary of Pacific Life Insurance Company (Newport Beach, CA), and are available through licensed third parties. Pacific Funds refers to Pacific Funds Series Trust.


No bank guarantee. May lose value. Not FDIC insured.