https://www.sec.gov/Archives/edgar/data/1137761/000110465921008273/a21-4007_1497.htm
97 1 a21-4007_1497.htm 497
SUPPLEMENT DATED JANUARY 28, 2021
TO THE PACIFIC FUNDS PROSPECTUS DATED AUGUST 1, 2020
FOR CLASS A, CLASS C, CLASS I, CLASS R6 AND ADVISOR CLASS SHARES
This supplement revises the Pacific Funds Prospectus dated August 1, 2020 for Class A, Class C, Class I, Class R6 and Advisor Class Shares, as supplemented (the “Prospectus”), and must be preceded or accompanied by the Prospectus. This supplement applies to Pacific Funds Large-Cap Value only. Remember to review the Prospectus for other important information. Capitalized terms not defined herein are as defined in the Prospectus.
NOTICE OF LIQUIDATION OF PACIFIC FUNDSSM LARGE-CAP VALUE
On January 25, 2021, the Board of Trustees of Pacific Funds Series Trust (the “Trust”) approved a plan of liquidation (the “Plan”) for Pacific Funds Large-Cap Value (the “Fund”), a series of the Trust. The liquidation of the Fund is expected to occur on or about March 1, 2021, or such other date as any officer of the Trust shall determine (the “Liquidation Date”). The Liquidation Date may be accelerated if all shareholders of the Fund have redeemed their shares prior to that date.
In order to convert all portfolio securities of the Fund to cash or cash equivalents in preparation for the liquidation, the Fund is expected to deviate from its investment goal and investment strategies until it is liquidated on the Liquidation Date. For example, short-term money market or other instruments may be held by the Fund in anticipation of its liquidation and these investments will not perform in the same manner as investments held by the Fund under normal circumstances.
No new shareholders into the Fund were accepted after December 1, 2020. Investments from existing shareholders of the Fund will no longer be accepted after February 5, 2021. Shareholders holding shares subject to a contingent deferred sales charge (“CDSC”) as of February 5, 2021 will not incur a CDSC on any redemptions on or after February 5, 2021, nor on any amounts distributed on the Liquidation Date. Shareholders may exchange shares of the Fund for another Fund of the Trust at any time prior to the Liquidation Date pursuant to the exchange provisions described in the Prospectus.
Plan of Liquidation. Pursuant to the Plan, on the Liquidation Date the Fund will distribute to its shareholders of record, as of the close of business on the Liquidation Date, all of the remaining assets of the Fund in complete cancellation and redemption of all of the outstanding shares of the Fund, except for cash, bank deposits or cash equivalents in an estimated amount necessary to (i) discharge any unpaid liabilities and obligations of the Fund on the Fund’s book on the Liquidation Date, including, but not limited to, income, dividends, and capital gains distributions, if any, payable through the Liquidation Date, and (ii) pay such contingent liabilities as the Board shall reasonably deem to exist against the assets of the Fund on the Fund’s book.
Disclosure Changes. All references to and related to the Fund in the Trust’s registration statement (including the Prospectus and Statement of Additional Information) will be deleted effective upon the Liquidation Date. No further notification regarding the liquidation of this Fund will be provided, unless circumstances change from those described above.
SUPPLEMENT DATED JANUARY 28, 2021
TO THE PACIFIC FUNDS PROSPECTUS DATED AUGUST 1, 2020
FOR CLASS P SHARES
This supplement revises the Pacific Funds Prospectus dated August 1, 2020 for Class P Shares, as supplemented (the “Prospectus”), and must be preceded or accompanied by the Prospectus. This supplement applies to Pacific Funds Large-Cap Value only. Remember to review the Prospectus for other important information. Capitalized terms not defined herein are as defined in the Prospectus.
NOTICE OF LIQUIDATION OF PACIFIC FUNDSSM LARGE-CAP VALUE
On January 25, 2021, the Board of Trustees of Pacific Funds Series Trust (the “Trust”) approved a plan of liquidation (the “Plan”) for Pacific Funds Large-Cap Value (the “Fund”), a series of the Trust. The liquidation of the Fund is expected to occur on or about March 1, 2021, or such other date as any officer of the Trust shall determine (the “Liquidation Date”).
In order to convert all portfolio securities of the Fund to cash or cash equivalents in preparation for the liquidation, the Fund is expected to deviate from its investment goal and investment strategies until it is liquidated on the Liquidation Date. For example, short-term money market or other instruments may be held by the Fund in anticipation of its liquidation and these investments will not perform in the same manner as investments held by the Fund under normal circumstances.
Plan of Liquidation. Pursuant to the Plan, on the Liquidation Date the Fund will distribute to its shareholders of record, as of the close of business on the Liquidation Date, all of the remaining assets of the Fund in complete cancellation and redemption of all of the outstanding shares of the Fund, except for cash, bank deposits or cash equivalents in an estimated amount necessary to (i) discharge any unpaid liabilities and obligations of the Fund on the Fund’s book on the Liquidation Date, including, but not limited to, income, dividends, and capital gains distributions, if any, payable through the Liquidation Date, and (ii) pay such contingent liabilities as the Board shall reasonably deem to exist against the assets of the Fund on the Fund’s book.
Disclosure Changes. All references to and related to the Fund in the Trust’s registration statement (including the Prospectus and Statement of Additional Information) will be deleted effective upon the Liquidation Date. No further notification regarding the liquidation of this Fund will be provided, unless circumstances change from those described above.

@mcmarasco Zhao has actually been in charge since middle of 2019. He overlapped with Dance. It’s a strong fund with a long history of superior performance vs. peers. For the most part (not all cases) I have less concern with Fidelity manager changes than some other fund families. They have a strong bench. Fine rebound from corona early 2020.
But as I said... you picked a fine fund. I’ve been thoroughly impressed with MS and am so fortunate to have a few of their funds.
https://seekingalpha.com/article/4360861-2-international-selections-will-profit-from-falling-u-s-dollar

I just took a flying leap into MSAUX (pj) to “compliment” MGGPX and augment my Minuscule foreign investment.
I still believe the US is where to invest, but a little International might be advantageous and a provide a smidgen of “diversification”.
I chose it over FSEAX because of the tax efficiency. Outside of FSEAX this ms fund beats just about all peers in metrics and returns.
My major trepidation is 2019 & 2020 were very good years. Is 2021 and beyond going to be sub-par, if not negative?
Of course, this is a planned long-term investment, but ........
Any thoughts, suggestions or opinions?
Thx. Matt

@BenWP
I don't believe ARTTX and VLSAX have similar strat's. I like ARTTX as it is a "risk-aware, not specifically L/S" fund and the way I understand it is there is an associate on board whose role in managing the portfolio is focused on risk management thru use of options or other, etc. The fund is run using a very process oriented approach and has out performed the SP500 by a substantial margin since inception. I like his pedigree from where he used to work at a couple hedge funds, likely learned quite a bit and took away "best practices" experience.
VLSAX, run by KAR investments out of LA focuses long high quality, high ROIC, history of resilient earnings growth, minimal debt stock, short, low quality, high leverage, poor cash flow, declining financial metrics stocks
per July 2020 Value Investor (apologies to you and the board as I can't seem to get the linking thing down, argh, I kept looking for a post on how to do that from the past, can't find it). Another good article about ARTTX if you Google, morningstar, an up and comer from top notch fund group, July 2019
Lineage
While each successive manager typically customizes along the way, it’s not
uncommon in the investment business
for strategies to be passed from generation to generation. Christopher Smith of
Artisan Partners provides a representative case in point. The founding portfolio manager of the firm’s Focus Fund –
which was launched in 2017 and now
manages $1.3 billion in assets – Smith
takes an “industry-first” approach to
identifying attractive equity opportunities, looking initially for industries with
what he believes are accelerating profit
cycles and then for the companies that
are priced right and best positioned to
profit from them. He learned the basics
of the approach from Karsch Capital's
Michael Karsch [VII, March 31, 2010],
who learned it from Duquense Capital’s
Stanley Druckenmiller.
With three years under his belt at Artisan, Smith's rendition of a thematic
approach since its April 2017 launch
has earned a net annualized 23.8%, vs.
10.9% for the S&P 500
Good Luck to All,
Baseball Fan

'Course, it you're inside the Robinhood and Reddit twitter feeds or posts, you could be having an 1,800% gain this AM, from 12 days ago in GME, GAMESTOP. All one has to do is grab one of these stocks at the right buy and right sell and if your bet is large enough for your portfolio; you won't have to take risk evermore.
And you thought COVID was disruptive.
The more traditional funds and etf's that hold some of the targeted stocks for the past 12 months may indicate over-sized gains; whether from luck or choice for inclusion by a manager. If one of your funds or etf is performing really well, be sure to discover what is pushing the holdings.
Global etf's, real time
Star Trek investment moments for the RobinHood alert: SHIELDS UP !!!
Bumpy ride ahead.....; depends where one's money currently resides.
Take care,
Catch

Hopefully, FPA Capital and Queens Road Small Cap Value will merge finally provided they receive enough shareholder votes ratifying the merger. The shareholder meeting, adjourned several times for not receiving enough approval votes, is tomorrow.

Better off going to cash than investing with Hussman.

This is very good financial advice!
"Obviously, Hussman turned into a 'perma-bear,' calling for disaster constantly (and wrongly). Hussman still insists that he will be vindicated, and criticizes those who would 'declare victory at halftime.' He criticized 'declaring victory at halftime' previously six full years ago (that’s one long halftime). Hussman wants us to believe that he’s not wrong, merely right but early. However, if you keep making the same wrong call over and over, you don’t get any credit for it when you’re (eventually) right."
"Through 2019, Hussman’s Strategic Growth fund has suffered a 10-year average annual 'return' of -7.54 percent, compared to a 13.24 percent average annual gain by its benchmark, the S&P 500. Despite exceptional early returns, the fund not only badly trails the S&P since inception, it is now a money loser since inception. Notwithstanding this terrible performance, Hussman keeps charging investors 1.25 percent annually to lose their money."
Link

Aside from an outstanding 2020, SVARX has ebb above and below a multi-sector fund like PTIAX. When I see these two charted together I am reminded that owning an equal share of both helps smooths things even further than one alone if low volatility is your goal.
Here's the two individually and then combine (50/50):
Individually and Equal Weighted

It is so hard to convey irony or whimsy via electronic posts. Lewis does not want your address @Baseball_Fan, but he does want you to lighten up a little. All of us need to lighten up, especially with respect to those who draw conclusions from scant evidence.
Some recent reading I’ve been doing about the rise of Hitler points out the crucial role played by various conspiracy theories that greatly benefitted the National Socialists’ takeover of the entire government and economy of Germany in a relatively short time. My take on the current state of affairs in our country suggests that many of us, regardless of our belief systems, can be victimized by falling for stories that we should be able to reject without a second thought. In my own case, on very little concrete evidence, I have come to mistrust my neighbor because he replaced his Trump 2020 flag with a Don’t Tread on Me flag and left for recycling a box that enclosed a new Sig Saur pistol, price tag still attached. My neighbor has never exhibited any untoward behavior towards me, yet I now am inclined to believe he might be a danger because of what I have seen on TV. Good time for the Serenity Prayer if there ever was one. Whatever Tito’s motives may have been, his country managed to produce the all-time joke of a car, the Yugo.

T. Rowe Price Blue Chip Growth ETF
https://www.sec.gov/Archives/edgar/data/1795351/000174177321000034/c497.htm
497 1 c497.htm
T. Rowe Price Blue Chip Growth ETF
Supplement to Prospectus Dated June 23, 2020
In section 1, the portfolio manager table under “Management” is supplemented as follows:
Effective October 1, 2021, Larry J. Puglia will step down as a portfolio manager and Chair of the fund’s Investment Advisory Committee. Paul D. Greene II will succeed Mr. Puglia to become portfolio manager of the fund and Chair of the fund’s Investment Advisory Committee. Mr. Greene joined T. Rowe Price in 2006.
In section 2, the disclosure under “Portfolio Management” is supplemented as follows:
Effective October 1, 2021, Larry J. Puglia will step down as a portfolio manager and Chair of the fund’s Investment Advisory Committee. Paul D. Greene II will succeed Mr. Puglia to become portfolio manager of the fund and Chair of the fund’s Investment Advisory Committee.
During the past five years, Mr. Greene has served as a portfolio manager for other
T. Rowe Price Funds and has assisted the portfolio manager in managing the fund since inception as an associate portfolio manager. He joined the Firm in 2006 and his investment experience dates from that time.
The date of this supplement is January 26, 2021.
ETF785-041 1/26/21

https://www.sec.gov/Archives/edgar/data/902259/000174177321000031/c497.htm
497 1 c497.htm
T. Rowe Price Funds
Supplement to the following Prospectuses, each as dated below (as supplemented):
May 1, 2020
T. Rowe Price Blue Chip Growth Portfolio
December 15, 2020
T. Rowe Price Blue Chip Growth Fund
In section 1, the portfolio manager table under “Management” is supplemented as follows:
Effective October 1, 2021, Larry J. Puglia will step down as a portfolio manager and Chair of the fund’s Investment Advisory Committee. Paul D. Greene II will succeed Mr. Puglia to become portfolio manager of the fund and Chair of the fund’s Investment Advisory Committee. Mr. Greene joined T. Rowe Price in 2006.
In section 2, the disclosure under “Portfolio Management” is supplemented as follows:
Effective October 1, 2021, Larry J. Puglia will step down as a portfolio manager and Chair of the fund’s Investment Advisory Committee. Paul D. Greene II will succeed Mr. Puglia to become portfolio manager of the fund and Chair of the fund’s Investment Advisory Committee.
During the past five years, Mr. Greene has served as a portfolio manager for other
T. Rowe Price Funds and has assisted the portfolio manager in managing the fund since January 1, 2020 as an associate portfolio manager. He joined the Firm in 2006 and his investment experience dates from that time.
The date of this supplement is January 26, 2021.
G24-041 1/26/21

Not to worry, it was a great exercise for me to help insure that my personal take on both of these funds is correct. YMMV on that.
FWIW, as a bit of history, I owned MGGPX though much of its outperformance years, sold it around the time of the 2020 crash, and switched to MIGPX a bit later in 2020. Little did I know at the time what it was about to do. My primary reason for buying into MIGPX in lieu of MGGPX was their respective AUM and manager compositions.

@stillers - If you back out what has happened with the performance in MIGPX since the March 2020 downtown MGGPX has bested it over all time periods.

Well first, their TR performances are not all that different.
I see your point and understand why one might argue it.
But I disagree with the concept of creatively subtracting out any interim period or event in order to compare TR performances. The time periods and/or events happened and there's no going back on them. But wouldn't it be nice if we could?
IF you subscribe to that concept, why not let's for instance then take out any/all periods that MGGPX outperformed MIGPX, or any market events that more negatively impacted MGGPX?
IF you subscribe to that concept, note that MIGPX's TR YTD, past month and 3-months, interim time periods well after the March crash, are ALL DOUBLE that of MGGPX's. So the current allocations of MIGPX are still working doubly better than those of MGGPX.
IF you subscribe to that concept, do you also plan to subtract out all future interim periods or events that more negatively impacted MGGPX?
From another angle...Should an investor just ASSUME that eventually the effects of the March 2020 downturn will magically reverse at some point and MGGPX will get back to an outperformance period(s)? Feel free to do so, but my money is riding on MIGPX going forward.
Either way, they are both IMO great WS funds and it's likely they'll both continue to outperform others in their cat in future periods.
Not really looking for answers to those conceptual questions. Just noting that's my take on this concept that some investors like to sometimes apply to discussions about past performance. I trust it differs from yours and likely others, and I respect those opinions. But beyond what has been said about it so far, I'm not interested in a spitting contest over it so I likely won't comment further as I've got nothing more to add.
Other than this...Another reason for my preference of MIGPX over MGGPX going forward is its use since inception in Dec 2010 of the incredibly experienced 6-member management team that is still in place over MGGPX's use of a single (albeit outstanding) PM.

Edit to add: Mggpx is now closed to new investors now I believe however.

Despite this press release on MGGIX...
https://www.thinkadvisor.com/2020/09/04/morgan-stanley-to-close-global-opportunity-portfolio-to-new-investors-portfolio-products/
...it appears MGGIX/MGGPX, while showing CLOSED at VG, is still OPEN at Fido. To wit, I mocked up a Fido trade for MGGPX that was accepted. I cancelled the trade and am not sure if it would have executed. The article does state "...there will be a few exceptions" to the closing. Interested investors may want to inquire with MS or Fido about its availability. If it is CLOSED, that would make the decision between the two for new investors a simple one.

@stillers - If you back out what has happened with the performance in MIGPX since the March 2020 downtown MGGPX has bested it over all time periods. Careful how you read those long-term tables.
Edit to add: Mggpx is now closed to new investors now I believe however.

@msf makes good points and my take-away is that we as shareholders learn late in the game what a manager’s strategy might be (or was at a point in the past). Most MF prospecti give latitude to permit an active manager to shift back and forth between growth and value, or cash and fully invested, etc. It’s nice when a fund stays true to its advertised mandate, but I suspect purity suffers in the face of markets that refuse to follow some wonk’s thinking. Once I find a fund I like, I’m inclined to let management pick the stocks.
There are stocks and countries in EM indices that do defy pigeon-holing. When I lived in Seoul in 1980-1 the excavations for the subway line revealed that underground sewer pipes were nothing more than 55-gallon drums welded together. Korea really was emerging then. Today a visitor would be struck by the modernity of the city whereas the former resident might be trying to mentally resurrect the missing odor of sewage gas that once assaulted the nostrils in the capital. One steps off the plane in New Delhi, OTOH, and one smells an acrid smoke, a combination of industrial pollutants and the open fires burning in the streets to warm people and to cook their meals. Maybe Korea should not be in EM funds, but Taiwan is pretty modern, also.

SCG MSSMX UP 5.01% today.
Just sayin'.

And my thanks for bringing it to my attention the other day. I looked at it and bought immediately; which was, fortunately, BEFORE that surprising gain! I'm a believer in the SC rotation; so your mention was timely...

That

WAS a surprising move yesterday, but keep in mind that with its 30+ SD, these kinds of daily moves happen with this fund, well, pretty much daily. You don't get to a ~150% annual TR (2020) without 'em!

I've been holding ARKW and ARKG; believe me, I'm familiar with wild swings! 8^b

SCG MSSMX UP 5.01% today.
Just sayin'.

And my thanks for bringing it to my attention the other day. I looked at it and bought immediately; which was, fortunately, BEFORE that surprising gain! I'm a believer in the SC rotation; so your mention was timely...

That WAS a surprising move yesterday, but keep in mind that with its 30+ SD, these kinds of daily moves happen with this fund, well, pretty much daily. You don't get to a ~150% annual TR (2020) without 'em!

The economy will get back on solid ground when this pandemic is overcome by the vaccine. The rollout and getting them to the people has proven to be challenging, but it can be done. It was completely naive to say that everybody can get vaccinated by November 2020, or more like being a liar. It is about time to have the National Defense Authorization Act put forth. The sooner this pandemic is brought under control the quicker we all will return to our normal lives.
The broadening of the market to other sectors in late 2020 indicated that US economy will return with the vaccine. China, New Zealand and Australia are already leading their recovery, so will US.