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
(Exact name of registrant as specified in charter)
700 Newport Center Drive, P.O. Box 7500, Newport Beach, CA 92660
(Address of principal executive offices) (Zip code)
Robin S. Yonis
Assistant Vice President and Investment Counsel of
Pacific Life Insurance Company
700 Newport Center Drive
Post Office Box 9000
Newport Beach, CA 92660
(Name and address of agent for service)
Copies to:
Jeffrey S. Puretz, Esq.
Dechert LLP
1775 I Street, N.W.
Washington D.C. 20006-2401
Registrant's telephone number, including area code: (949) 219-6767
Date of fiscal year end: March 31
Date of reporting period: April 1, 2003 - September 30, 2003
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, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Report to Shareholders.
The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1)
SEMI-ANNUAL REPORT
TABLE OF CONTENTS | |||
PACIFIC FUNDS | |||
Schedules of Investments and Notes | A-1 | ||
Financial Statements: | |||
Statements of Assets and Liabilities | B-1 | ||
Statements of Operations | B-5 | ||
Statements of Changes in Net Assets | B-7 | ||
Financial Highlights | C-1 | ||
Notes to Financial Statements | D-1 | ||
Trustees and Officers Information | E-1 |
PF AIM BLUE CHIP FUND
Schedule of Investments
September 30, 2003 (Unaudited)
Shares | Value | ||||
U.S. COMMON STOCKS - 91.56% | |||||
Consumer Discretionary - 14.73% | |||||
Apollo Group Inc 'A' * | 2,100 | $ | 138,663 | ||
Bed Bath & Beyond Inc * | 3,300 | 125,994 | |||
Best Buy Co Inc * | 2,300 | 109,296 | |||
Carnival Corp | 2,200 | 72,358 | |||
Clear Channel Communications Inc | 1,800 | 68,940 | |||
eBay Inc * | 1,900 | 101,669 | |||
International Game Technology | 2,800 | 78,820 | |||
Nike Inc 'B' | 1,100 | 66,902 | |||
Omnicom Group Inc | 1,800 | 129,330 | |||
Staples Inc * | 3,700 | 87,875 | |||
Target Corp | 2,500 | 94,075 | |||
The Gap Inc | 4,400 | 75,328 | |||
The Home Depot Inc | 7,100 | 226,135 | |||
Viacom Inc 'B' | 5,500 | 210,650 | |||
Wal-Mart Stores Inc | 7,500 | 418,875 | |||
2,004,910 | |||||
Consumer Staples - 5.97% | |||||
Anheuser-Busch Cos Inc | 1,900 | 93,746 | |||
Colgate-Palmolive Co | 2,400 | 134,136 | |||
PepsiCo Inc | 2,100 | 96,243 | |||
Procter & Gamble Co | 3,000 | 278,460 | |||
Sysco Corp | 3,900 | 127,569 | |||
The Coca-Cola Co | 1,900 | 81,624 | |||
811,778 | |||||
Energy - 0.49% | |||||
ENSCO International Inc | 2,500 | 67,050 | |||
Financial Services - 22.37% | |||||
American Express Co | 4,100 | 184,746 | |||
American International Group Inc | 3,900 | 225,030 | |||
Bank of America Corp | 3,150 | 245,826 | |||
Citigroup Inc ** | 11,400 | 518,814 | |||
Fannie Mae | 3,000 | 210,600 | |||
Fifth Third Bancorp | 2,100 | 116,487 | |||
First Data Corp | 4,200 | 167,832 | |||
Fiserv Inc * | 2,600 | 94,198 | |||
H&R Block Inc | 1,400 | 60,410 | |||
J.P. Morgan Chase & Co | 6,500 | 223,145 | |||
Merrill Lynch & Co Inc | 3,700 | 198,061 | |||
Morgan Stanley | 3,700 | 186,702 | |||
Prudential Financial Inc | 2,600 | 97,136 | |||
SLM Corp | 3,100 | 120,776 | |||
The Goldman Sachs Group Inc | 2,300 | 192,970 | |||
Wells Fargo & Co | 3,900 | 200,850 | |||
3,043,583 | |||||
Health Care - 15.18% | |||||
Allergan Inc | 1,700 | 133,841 | |||
Amgen Inc * | 4,300 | 277,651 | |||
Boston Scientific Corp * | 3,400 | 216,920 | |||
Johnson & Johnson | 4,500 | 222,840 | |||
Medtronic Inc | 4,100 | 192,372 | |||
Pfizer Inc ** | 12,900 | 391,902 | |||
St. Jude Medical Inc * | 1,300 | 69,901 | |||
UnitedHealth Group Inc | 4,100 | 206,312 | |||
Wyeth | 4,100 | 189,010 | |||
Zimmer Holdings Inc * | 3,000 | 165,300 | |||
2,066,049 | |||||
Integrated Oils - 2.45% | ||||||
Exxon Mobil Corp | 9,100 | 333,060 | ||||
Materials & Processing - 1.45% | ||||||
Air Products & Chemicals Inc | 1,700 | 76,670 | ||||
Alcoa Inc | 2,800 | 73,248 | ||||
E.I. du Pont de Nemours & Co | 1,200 | 48,012 | ||||
197,930 | ||||||
Multi-Industry - 3.79% | ||||||
General Electric Co ** | 13,100 | 390,511 | ||||
Schlumberger Ltd | 2,600 | 125,840 | ||||
516,351 | ||||||
Producer Durables - 4.62% | ||||||
Applied Materials Inc * | 8,200 | 148,748 | ||||
KLA-Tencor Corp * | 2,100 | 107,940 | ||||
Lockheed Martin Corp | 2,000 | 92,300 | ||||
Novellus Systems Inc * | 3,000 | 101,250 | ||||
United Technologies Corp | 2,300 | 177,744 | ||||
627,982 | ||||||
Technology - 18.09% | ||||||
Analog Devices Inc * | 3,200 | 121,664 | ||||
Cisco Systems Inc * | 19,000 | 371,260 | ||||
Computer Associates International Inc | 2,300 | 60,053 | ||||
Dell Inc * | 6,900 | 230,391 | ||||
EMC Corp MA * | 6,800 | 85,884 | ||||
Intel Corp | 11,600 | 319,116 | ||||
International Business Machines Corp | 1,950 | 172,244 | ||||
Linear Technology Corp | 3,300 | 118,173 | ||||
Microchip Technology Inc | 3,400 | 81,396 | ||||
Microsoft Corp | 17,900 | 497,441 | ||||
Oracle Corp * | 11,800 | 132,396 | ||||
VERITAS Software Corp * | 5,400 | 169,560 | ||||
Xilinx Inc * | 3,600 | 102,636 | ||||
2,462,214 | ||||||
Utilities - 2.42% | ||||||
AT&T Wireless Services Inc * | 5,600 | 45,808 | ||||
Dominion Resources Inc VA | 1,100 | 68,090 | ||||
FPL Group Inc | 1,100 | 69,520 | ||||
SBC Communications Inc | 3,500 | 77,875 | ||||
The Southern Co | 2,300 | 67,436 | ||||
328,729 | ||||||
Total U.S. Common Stocks | ||||||
(Cost $12,107,231) | 12,459,636 | |||||
FOREIGN COMMON STOCKS - 2.57% | ||||||
Barbados - 0.52% | ||||||
Nabors Industries Ltd * | 1,900 | 70,794 | ||||
Canada - 0.61% | ||||||
Canadian National Railway Co | 1,600 | 83,232 | ||||
Israel - 0.76% | ||||||
Teva Pharmaceutical Industries Ltd ADR | 1,800 | 102,870 | ||||
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-1 | |
PACIFIC FUNDS
PF AIM BLUE CHIP FUND
Schedule of Investments (Continued)
September 30, 2003 (Unaudited)
Shares | Value | ||||||||
United Kingdom - 0.68% | |||||||||
Vodafone Group PLC ADR | 4,600 | $ | 93,150 | ||||||
Total Foreign Common Stocks | |||||||||
(Cost $342,237) | 350,046 | ||||||||
Principal | |||||||||
Amount | |||||||||
SHORT-TERM INVESTMENTS - 5.27% | |||||||||
U.S. Government Agency Issues - 4.90% | |||||||||
Federal Home Loan Bank | |||||||||
1.000% due 10/01/03 | $ | 667,000 | 667,000 | ||||||
U.S. Treasury Bill - 0.37% | |||||||||
0.930% due 12/18/03 ** | 50,000 | 49,908 | |||||||
Total Short-Term Investments | |||||||||
(Cost $716,900) | 716,908 | ||||||||
TOTAL INVESTMENTS - 99.40% | |||||||||
(Cost $13,166,368) | 13,526,590 | ||||||||
OTHER ASSETS AND LIABILITIES, NET - 0.60% | 81,317 | ||||||||
NET ASSETS - 100.00% | $ | 13,607,907 | |||||||
Note to Schedule of Investments | |||||||||
(a) Securities with an approximate aggregate market value of $884,882 were
segregated with the custodian to cover margin requirements for the following open
futures contracts at September 30, 2003:
Number of | Unrealized | ||||
Type | Contracts | Depreciation | |||
S&P EMINI Futures (12/03) | 4 | ($6,165 | ) | ||
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-2 | |
PACIFIC FUNDS
PF AIM AGGRESSIVE GROWTH FUND
Schedule of Investments
September 30, 2003 (Unaudited)
Shares | Value | ||||
U.S. COMMON STOCKS - 91.79% | |||||
Autos & Transportation - 3.71% | |||||
C.H. Robinson Worldwide Inc | 1,600 | $ | 59,536 | ||
Expeditors International of Washington Inc | 1,880 | 64,691 | |||
Gentex Corp * | 2,700 | 94,068 | |||
Lear Corp * | 850 | 44,744 | |||
263,039 | |||||
Consumer Discretionary - 24.42% | |||||
99 Cents Only Stores * | 500 | 16,170 | |||
Aeropostale Inc * | 600 | 16,230 | |||
Apollo Group Inc 'A' * | 1,125 | 74,284 | |||
Bed Bath & Beyond Inc * | 2,050 | 78,269 | |||
Belo Corp 'A' | 1,500 | 36,375 | |||
Best Buy Co Inc * | 1,850 | 87,912 | |||
Brinker International Inc * | 1,500 | 50,040 | |||
CBRL Group Inc | 400 | 14,192 | |||
CDW Corp | 3,140 | 181,304 | |||
Chico's FAS Inc * | 650 | 19,916 | |||
Corporate Executive Board Co * | 900 | 42,255 | |||
Dollar Tree Stores Inc * | 600 | 20,100 | |||
eBay Inc * | 600 | 32,106 | |||
Fastenal Co | 3,780 | 142,884 | |||
Fisher Scientific International Inc * | 3,950 | 156,775 | |||
Getty Images Inc * | 1,700 | 59,772 | |||
Harman International Industries Inc | 400 | 39,340 | |||
Iron Mountain Inc * | 1,605 | 57,619 | |||
Marvel Enterprises Inc * | 2,100 | 46,725 | |||
Pacific Sunwear of California Inc * | 2,350 | 48,551 | |||
Regis Corp | 1,000 | 32,100 | |||
Robert Half International Inc * | 4,000 | 78,000 | |||
Sonic Corp * | 935 | 23,637 | |||
Staples Inc * | 4,100 | 97,375 | |||
Starbucks Corp * | 1,540 | 44,352 | |||
The Cheesecake Factory Inc * | 900 | 32,553 | |||
The Men's Wearhouse Inc * | 900 | 23,085 | |||
Tractor Supply Co * | 1,900 | 62,339 | |||
Univision Communications Inc 'A' * | 1,385 | 44,223 | |||
Westwood One Inc * | 650 | 19,623 | |||
Williams-Sonoma Inc * | 1,920 | 51,802 | |||
1,729,908 | |||||
Energy - 4.75% | |||||
ENSCO International Inc | 1,950 | 52,299 | |||
National-Oilwell Inc * | 2,450 | 44,443 | |||
Newfield Exploration Co * | 1,320 | 50,912 | |||
Patterson-UTI Energy Inc * | 1,840 | 49,809 | |||
Pride International Inc * | 2,460 | 41,697 | |||
Smith International Inc * | 1,600 | 57,568 | |||
XTO Energy Inc | 1,900 | 39,881 | |||
336,609 | |||||
Financial Services - 22.36% | |||||
Affiliated Computer Services Inc 'A' * | 2,000 | 97,380 | |||
Alliance Data Systems Corp * | 2,000 | 52,800 | |||
Brown & Brown Inc | 590 | 18,160 | |||
CheckFree Corp * | 2,500 | 50,000 | |||
Chicago Mercantile Exchange | 875 | 60,209 | |||
Doral Financial Corp | 1,130 | 53,110 | |||
DST Systems Inc * | 950 | 35,720 | |||
Fair Isaac Corp | 1,250 | 73,700 | |||
Fiserv Inc * | 4,100 | 148,543 | |||
HCC Insurance Holdings Inc | 670 | 19,484 | |||
Investors Financial Services Corp | 3,580 | 112,412 | |||
Legg Mason Inc | 2,080 | 150,176 | |||
Lehman Brothers Holdings Inc | 1,700 | 117,436 |
MGIC Investment Corp | 1,250 | 65,087 | |||
Moody's Corp | 1,100 | 60,467 | |||
New York Community Bancorp Inc | 1,300 | 40,963 | |||
Paychex Inc | 2,350 | 79,735 | |||
Southwest Bancorp of Texas Inc | 950 | 34,685 | |||
SunGard Data Systems Inc * | 4,000 | 105,240 | |||
T. Rowe Price Group Inc | 1,700 | 70,142 | |||
TCF Financial Corp | 400 | 19,180 | |||
The Bear Stearns Cos Inc | 1,600 | 119,680 | |||
1,584,309 | |||||
Health Care - 17.38% | |||||
Aetna Inc | 1,000 | 61,030 | |||
AmerisourceBergen Corp | 1,340 | 72,427 | |||
Caremark Rx Inc * | 4,000 | 90,400 | |||
Community Health Systems Inc * | 860 | 18,662 | |||
Express Scripts Inc * | 1,850 | 113,127 | |||
First Health Group Corp * | 1,430 | 37,395 | |||
Health Management Associates Inc 'A' | 2,310 | 50,381 | |||
Invitrogen Corp * | 700 | 40,593 | |||
Lincare Holdings Inc * | 940 | 34,451 | |||
Medicis Pharmaceutical Corp 'A' | 1,560 | 91,416 | |||
MedImmune Inc * | 400 | 13,204 | |||
Omnicare Inc | 3,200 | 115,392 | |||
Patterson Dental Co * | 920 | 52,974 | |||
ResMed Inc * | 3,200 | 140,736 | |||
St. Jude Medical Inc * | 900 | 48,393 | |||
The Cooper Companies Inc | 1,200 | 48,900 | |||
Varian Medical Systems Inc * | 780 | 44,834 | |||
Zimmer Holdings Inc * | 2,850 | 157,035 | |||
1,231,350 | |||||
Materials & Processing - 2.79% | |||||
Hercules Inc * | 2,400 | 27,192 | |||
Jacobs Engineering Group Inc * | 2,700 | 121,770 | |||
The Valspar Corp | 1,050 | 48,983 | |||
197,945 | |||||
Multi-Industry - 0.60% | |||||
Eaton Corp | 475 | 42,095 | |||
Producer Durables - 3.64% | |||||
AGCO Corp * | 3,800 | 65,132 | |||
Danaher Corp | 2,350 | 173,571 | |||
Waters Corp * | 700 | 19,201 | |||
257,904 | |||||
Technology - 12.14% | |||||
Adobe Systems Inc | 950 | 37,297 | |||
Altera Corp * | 2,100 | 39,690 | |||
Avocent Corp * | 1,900 | 57,551 | |||
Broadcom Corp 'A' * | 1,500 | 39,930 | |||
CACI International Inc 'A' * | 1,400 | 59,990 | |||
Comverse Technology Inc * | 2,100 | 31,416 | |||
Integrated Circuit Systems Inc * | 1,100 | 33,044 | |||
Intersil Corp 'A' * | 1,200 | 28,560 | |||
JDS Uniphase Corp * | 10,600 | 38,160 | |||
L-3 Communications Holdings Inc * | 800 | 34,600 | |||
Linear Technology Corp | 1,600 | 57,296 | |||
Macromedia Inc * | 1,500 | 37,110 | |||
Mercury Interactive Corp * | 900 | 40,869 | |||
Microchip Technology Inc | 1,625 | 38,902 | |||
National Instruments Corp | 850 | 34,212 | |||
QLogic Corp * | 700 | 32,907 | |||
Rockwell Automation Inc | 1,600 | 42,000 | |||
Symantec Corp * | 950 | 59,869 |
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-3 | |
PACIFIC FUNDS
PF AIM AGGRESSIVE GROWTH FUND
Schedule of Investments (Continued)
September 30, 2003 (Unaudited)
Shares | Value | ||||||||
The Reynolds & Reynolds Co 'A' | 1,150 | $ | 31,683 | ||||||
UTStarcom Inc * | 2,670 | 84,933 | |||||||
860,019 | |||||||||
Total U.S. Common Stocks | |||||||||
(Cost $5,586,343) | 6,503,178 | ||||||||
FOREIGN COMMON STOCKS - 3.01% | |||||||||
Barbados - 0.68% | |||||||||
Nabors Industries Ltd * | 1,300 | 48,438 | |||||||
Bermuda - 0.69% | |||||||||
Marvell Technology Group Ltd * | 1,300 | 49,075 | |||||||
Canada - 1.16% | |||||||||
Cognos Inc * | 1,500 | 46,530 | |||||||
Moore Wallace Inc * | 2,500 | 35,500 | |||||||
82,030 | |||||||||
Israel - 0.48% | |||||||||
Taro Pharmaceutical Industries Ltd * | 600 | 33,816 | |||||||
Total Foreign Common Stocks | |||||||||
(Cost $206,570) | 213,359 | ||||||||
Principal | |||||||||
Amount | |||||||||
SHORT-TERM INVESTMENT - 4.37% | |||||||||
U.S. Government Agency Issues - 4.37% | |||||||||
Federal Home Loan Bank | |||||||||
1.000% due 10/01/03 | $ | 310,000 | 310,000 | ||||||
Total Short-Term Investment | |||||||||
(Cost $310,000) | 310,000 | ||||||||
TOTAL INVESTMENTS - 99.17% | |||||||||
(Cost $6,102,913) | 7,026,537 | ||||||||
OTHER ASSETS AND LIABILITIES, NET - 0.83% | 58,619 | ||||||||
NET ASSETS - 100.00% | $ | 7,085,156 | |||||||
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-4 | |
PACIFIC FUNDS
PF INVESCO HEALTH SCIENCES FUND
Schedule of Investments
September 30, 2003 (Unaudited)
Shares | Value | |||||
U.S. COMMON STOCKS - 78.82% | ||||||
Consumer Staples - 3.29% | ||||||
Procter & Gamble Co | 2,300 | $ | 213,486 | |||
Health Care - 74.54% | ||||||
Abbott Laboratories | 4,860 | 206,793 | ||||
AdvancePCS * | 1,500 | 68,355 | ||||
Aetna Inc | 3,200 | 195,296 | ||||
Allergan Inc | 1,700 | 133,841 | ||||
Amgen Inc * | 3,800 | 245,366 | ||||
Anthem Inc * | 2,700 | 192,591 | ||||
Barr Laboratories Inc * | 1,600 | 109,136 | ||||
Biomet Inc | 3,800 | 127,718 | ||||
Boston Scientific Corp * | 3,400 | 216,920 | ||||
Bristol-Myers Squibb Co | 5,000 | 128,300 | ||||
C.R. Bard Inc | 1,700 | 120,700 | ||||
Caremark Rx Inc * | 2,900 | 65,540 | ||||
Chiron Corp * | 1,800 | 93,042 | ||||
Community Health Systems Inc * | 3,000 | 65,100 | ||||
Conventry Health Care Inc * | 1,900 | 100,206 | ||||
Eli Lilly & Co | 1,600 | 95,040 | ||||
Express Scripts Inc * | 500 | 30,575 | ||||
Forest Laboratories Inc * | 2,800 | 144,060 | ||||
Genentech Inc * | 1,600 | 128,224 | ||||
Genzyme Corp * | 2,600 | 120,250 | ||||
Gilead Sciences Inc * | 2,280 | 127,520 | ||||
Health Management Associates Inc 'A' | 5,400 | 117,774 | ||||
Health Net Inc * | 2,400 | 76,008 | ||||
ICN Pharmaceuticals Inc | 1,800 | 30,888 | ||||
Invitrogen Corp * | 1,100 | 63,789 | ||||
Johnson & Johnson | 2,540 | 125,781 | ||||
Medco Health Solutions Inc * | 3,089 | 80,098 | ||||
Medtronic Inc | 3,700 | 173,604 | ||||
Merck & Co Inc | 1,900 | 96,178 | ||||
Mid Atlantic Medical Services Inc * | 1,500 | 77,145 | ||||
Pfizer Inc | 4,300 | 130,634 | ||||
Pharmaceutical Resources Inc * | 1,500 | 102,330 | ||||
Stryker Corp | 1,400 | 105,434 | ||||
Triad Hospitals Inc * | 2,100 | 63,588 | ||||
UnitedHealth Group Inc | 4,000 | 201,280 | ||||
Universal Health Services Inc 'B' * | 1,300 | 64,285 | ||||
Varian Medical Systems Inc * | 2,120 | 121,858 | ||||
WellPoint Health Networks Inc * | 2,500 | 192,700 | ||||
Wyeth | 3,100 | 142,910 | ||||
Zimmer Holdings Inc * | 2,760 | 152,076 | ||||
4,832,933 | ||||||
Technology - 0.99% | ||||||
Biotech HOLDRs Trust | 500 | 64,520 | ||||
Total U.S. Common Stocks | ||||||
(Cost $4,462,301) | 5,110,939 | |||||
FOREIGN COMMON STOCKS - 16.97% | ||||||
Israel - 3.63% | ||||||
Teva Pharmaceutical Industries Ltd ADR | 4,120 | 235,458 | ||||
Switzerland - 8.31% | |||||||
Alcon Inc | 3,700 | 207,755 | |||||
Novartis AG ADR | 3,400 | 132,056 | |||||
Roche Holding AG | 2,400 | 198,996 | |||||
538,807 | |||||||
United Kingdom - 5.03% | |||||||
AstraZeneca PLC ADR | 4,200 | 182,280 | |||||
Shire Pharmaceuticals Group PLC ADR * | 5,500 | 121,605 | |||||
Smith & Nephew PLC | 3,400 | 22,369 | |||||
326,254 | |||||||
Total Foreign Common Stocks | |||||||
(Cost $904,612) | 1,100,519 | ||||||
SHORT-TERM INVESTMENT - 2.87% | |||||||
Cash Equivalent - 2.87% | |||||||
BlackRock Provident Institutional TempCash | 185,966 | 185,966 | |||||
Total Short-Term Investment | |||||||
(Cost $185,966) | 185,966 | ||||||
TOTAL INVESTMENTS - 98.66% | |||||||
(Cost $5,552,879) | 6,397,424 | ||||||
OTHER ASSETS AND LIABILITIES, NET - 1.34% | 86,681 | ||||||
NET ASSETS - 100.00% | $ | 6,484,105 | |||||
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-5 | |
PACIFIC FUNDS
PF INVESCO TECHNOLOGY FUND
Schedule of Investments
September 30, 2003 (Unaudited)
Shares | Value | |||||
U.S. COMMON STOCKS - 83.91% | ||||||
Consumer Discretionary - 9.04% | ||||||
Amazon.com Inc * | 1,300 | $ | 62,868 | |||
AOL Time Warner Inc * | 2,800 | 42,308 | ||||
eBay Inc * | 1,500 | 80,265 | ||||
Electronic Arts Inc * | 600 | 55,338 | ||||
InterActiveCorp * | 1,780 | 58,829 | ||||
VeriSign Inc * | 5,500 | 74,085 | ||||
Yahoo! Inc * | 3,000 | 106,140 | ||||
479,833 | ||||||
Financial Services - 2.67% | ||||||
Fair Isaac Corp | 500 | 29,480 | ||||
First Data Corp | 1,500 | 59,940 | ||||
Fiserv Inc * | 700 | 25,361 | ||||
Paychex Inc | 800 | 27,144 | ||||
141,925 | ||||||
Health Care - 1.99% | ||||||
Boston Scientific Corp * | 800 | 51,040 | ||||
Genentech Inc * | 400 | 32,056 | ||||
Gilead Sciences Inc * | 400 | 22,372 | ||||
105,468 | ||||||
Producer Durables - 6.13% | ||||||
Applied Materials Inc * | 5,300 | 96,142 | ||||
Axcelis Technologies Inc * | 1,050 | 8,673 | ||||
KLA-Tencor Corp * | 1,200 | 61,680 | ||||
Lam Research Corp * | 2,600 | 57,590 | ||||
Lexmark International Inc * | 400 | 25,204 | ||||
Novellus Systems Inc * | 1,000 | 33,750 | ||||
Teradyne Inc * | 1,700 | 31,620 | ||||
Thermo Electron Corp * | 500 | 10,850 | ||||
325,509 | ||||||
Technology - 62.11% | ||||||
Adobe Systems Inc | 1,500 | 58,890 | ||||
ADTRAN Inc | 405 | 24,778 | ||||
Advanced Fibre Communications Inc * | 400 | 8,388 | ||||
Agere Systems Inc 'A' * | 2,700 | 8,289 | ||||
Altera Corp * | 3,200 | 60,480 | ||||
Amphenol Corp 'A' * | 500 | 26,025 | ||||
Analog Devices Inc * | 900 | 34,218 | ||||
Anteon International Corp * | 800 | 24,480 | ||||
Apple Computer Inc * | 1,400 | 28,882 | ||||
Avaya Inc * | 3,000 | 32,700 | ||||
BEA Systems Inc * | 7,400 | 89,170 | ||||
Broadcom Corp 'A' * | 2,100 | 55,902 | ||||
Cisco Systems Inc * | 13,000 | 254,020 | ||||
Citrix Systems Inc * | 300 | 6,624 | ||||
Computer Associates International Inc | 1,600 | 41,776 | ||||
Corning Inc * | 5,300 | 49,926 | ||||
Cypress Semiconductor Corp * | 1,900 | 33,592 | ||||
Dell Inc * | 4,400 | 146,916 | ||||
EMC Corp MA * | 13,400 | 169,242 | ||||
Emulex Corp * | 2,300 | 58,581 | ||||
Extreme Networks Inc * | 1,700 | 10,727 | ||||
Fairchild Semiconductor International Inc * | 500 | 8,290 | ||||
Foundry Networks Inc * | 1,100 | 23,661 | ||||
Hewlett-Packard Co | 2,300 | 44,528 | ||||
Integrated Circuit Systems Inc * | 1,200 | 36,048 | ||||
Intel Corp | 9,400 | 258,594 | ||||
Intergraph Corp * | 800 | 18,624 | ||||
International Business Machines Corp | 1,000 | 88,330 | ||||
International Rectifier Corp * | 400 | 14,976 | ||||
Intersil Corp 'A' * | 1,700 | 40,460 | ||||
Intuit Inc * | 1,300 | 62,712 | ||||
Jabil Circuit Inc * | 2,000 | 52,100 | ||||
Juniper Networks Inc * | 3,100 | 46,252 | ||||
KEMET Corp * | 900 | 11,466 | ||||
Linear Technology Corp | 2,000 | 71,620 | ||||
LSI Logic Corp * | 700 | 6,293 | ||||
Macromedia Inc * | 2,100 | 51,954 | ||||
Maxim Integrated Products Inc | 1,800 | 71,100 | ||||
McDATA Corp 'A' * | 2,800 | 33,516 | ||||
Mercury Interactive Corp * | 1,100 | 49,951 | ||||
Microchip Technology Inc | 1,500 | 35,910 | ||||
Microsoft Corp | 2,100 | 58,359 | ||||
National Semiconductor Corp * | 1,900 | 61,351 | ||||
NetScreen Technologies Inc * | 600 | 13,338 | ||||
Network Appliance Inc * | 5,000 | 102,650 | ||||
Oracle Corp * | 5,800 | 65,076 | ||||
PMC-Sierra Inc * | 1,200 | 15,829 | ||||
QLogic Corp * | 1,000 | 47,010 | ||||
QUALCOMM Inc | 2,000 | 83,280 | ||||
SanDisk Corp * | 700 | 44,618 | ||||
Sanmina-SCI Corp * | 4,100 | 39,770 | ||||
Scientific-Atlanta Inc | 600 | 18,690 | ||||
Siebel Systems Inc * | 3,400 | 33,048 | ||||
Solectron Corp * | 3,100 | 18,135 | ||||
Sonus Networks Inc * | 900 | 6,237 | ||||
Symantec Corp * | 1,240 | 78,145 | ||||
Synopsys Inc * | 1,200 | 36,924 | ||||
Texas Instruments Inc | 3,900 | 88,920 | ||||
UTStarcom Inc * | 600 | 19,086 | ||||
VERITAS Software Corp * | 3,100 | 97,340 | ||||
Vishay Intertechnology Inc * | 1,100 | 19,272 | ||||
Vitesse Semiconductor Corp * | 7,600 | 48,640 | ||||
Xilinx Inc * | 1,800 | 51,318 | ||||
3,297,027 | ||||||
Utilities - 1.97% | ||||||
AT&T Wireless Services Inc * | 3,600 | 29,448 | ||||
Nextel Communications Inc 'A' * | 2,100 | 41,349 | ||||
Nextel Partners Inc 'A' * | 2,300 | 18,055 | ||||
Sprint Corp-PCS Group * | 2,800 | 16,044 | ||||
104,896 | ||||||
Total U.S. Common Stocks | ||||||
(Cost $3,445,489) | 4,454,658 | |||||
FOREIGN COMMON STOCKS - 13.71% | ||||||
Bermuda - 1.09% | ||||||
Accenture Ltd 'A' * | 900 | 20,106 | ||||
Marvell Technology Group Ltd * | 1,000 | 37,750 | ||||
57,856 | ||||||
Canada - 2.19% | ||||||
Celestica Inc * | 2,000 | 31,720 | ||||
Cognos Inc * | 1,200 | 37,224 | ||||
Nortel Networks Corp * | 11,600 | 47,560 | ||||
116,504 | ||||||
Cayman Islands - 1.65% | ||||||
Seagate Technology | 3,210 | 87,312 | ||||
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-6 | |
PACIFIC FUNDS
PF INVESCO TECHNOLOGY FUND
Schedule of Investments (Continued)
September 30, 2003 (Unaudited)
Shares | Value | ||||||
Finland - 0.73% | |||||||
Nokia OYJ ADR | 2,500 | $ | 39,000 | ||||
France - 1.43% | |||||||
Alcatel SA ADR | 4,300 | 50,869 | |||||
Business Objects SA ADR * | 1,000 | 24,950 | |||||
75,819 | |||||||
Israel - 0.43% | |||||||
Teva Pharmaceutical Industries Ltd ADR | 400 | 22,860 | |||||
Netherlands - 0.67% | |||||||
ASML Holding NV 'NY' * | 2,700 | 35,451 | |||||
Singapore - 1.64% | |||||||
Chartered Semiconductor Manufacturing Ltd ADR * | 1,400 | 11,900 | |||||
Flextronics International Ltd * | 5,300 | 75,154 | |||||
87,054 | |||||||
South Korea - 0.64% | |||||||
Samsung Electronics Co Ltd GDR | 200 | 34,082 | |||||
Sweden - 0.83% | |||||||
Telefonaktiebolaget LM Ericsson ADR * | 3,000 | 44,040 | |||||
Taiwan - 1.43% | |||||||
Taiwan Semiconductor Manufacturing Co Ltd ADR * | 5,511 | 59,684 | |||||
United Microelectronics Corp ADR * | 3,572 | 16,110 | |||||
75,794 | |||||||
United Kingdom - 0.98% | |||||||
Amdocs Ltd * | 1,900 | 35,720 | |||||
Vodafone Group PLC ADR | 800 | 16,200 | |||||
51,920 | |||||||
Total Foreign Common Stocks | |||||||
(Cost $637,404) | 727,692 | ||||||
Notional | |||||||
Amount | |||||||
PURCHASED PUT OPTIONS - 0.09% | |||||||
eBay Inc (CBOE) | |||||||
Strike @ 52.50 Exp 10/18/03 | |||||||
12 Contracts | $ | 1,200 | 1,500 | ||||
Nasdaq 100 Index Fund Shares (CBOE) | |||||||
Strike @ 27.00 Exp 10/18/03 | |||||||
40 Contracts | 4,000 | 200 | |||||
Nasdaq 100 Index Fund Shares (CBOE) | |||||||
Strike @ 33.00 Exp 10/18/03 | |||||||
25 Contracts | 2,500 | 3,125 | |||||
Total Purchased Put Options | |||||||
(Cost $7,255) | 4,825 | ||||||
Shares | Value | ||||||
SHORT-TERM INVESTMENT - 0.74% | |||||||
Cash Equivalent - 0.74% | |||||||
BlackRock Provident Institutional TempCash | 39,160 | $ | 39,160 | ||||
Total Short-Term Investment | |||||||
(Cost $39,160) | 39,160 | ||||||
TOTAL INVESTMENTS - 98.45% | |||||||
(Cost $4,129,308) | 5,226,335 | ||||||
OTHER ASSETS AND LIABILITIES, NET - 1.55% | 82,244 | ||||||
NET ASSETS - 100.00% | $ | 5,308,579 | |||||
Notes to Schedule of Investments
(a) Transactions in written options for the period ended September 30, 2003, were as follows:
Number of | |||||
Contracts | Premium | ||||
Outstanding, March 31, 2003 | 16 | $ | 2,272 | ||
Options Written | 48 | 7,334 | |||
Options Expired | (15 | ) | (2,130 | ) | |
Options Repurchased | (37 | ) | (5,673 | ) | |
Outstanding, September 30, 2003 | 12 | $ | 1,803 | ||
(b) Premiums received and value of written options outstanding at September 30, 2003:
Notional | |||||||||
Type | Amount | Premium | Value | ||||||
Call - CBOE eBay Inc | |||||||||
Strike @ 57.50 Exp 10/18/03 | $ | 1,200 | $ | 1,803 | $ | 720 | |||
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-7 | |
PACIFIC FUNDS
PF JANUS GROWTH LT FUND
Schedule of Investments
September 30, 2003 (Unaudited)
Shares | Value | ||||
U.S. COMMON STOCKS - 76.50% | |||||
Autos & Transportation - 0.42% | |||||
Kansas City Southern * | 2,315 | $ | 25,627 | ||
Polaris Industries Inc | 180 | 13,347 | |||
38,974 | |||||
Consumer Discretionary - 22.14% | |||||
Allied Waste Industries Inc * | 4,830 | 52,164 | |||
Amazon.com Inc * | 3,930 | 190,055 | |||
AOL Time Warner Inc * | 15,080 | 227,859 | |||
Avon Products Inc | 1,940 | 125,246 | |||
Best Buy Co Inc * | 550 | 26,136 | |||
Dollar Tree Stores Inc * | 4,075 | 136,512 | |||
EchoStar Communications Corp 'A' * | 3,065 | 117,298 | |||
Electronic Arts Inc * | 690 | 63,639 | |||
Harman International Industries Inc | 430 | 42,290 | |||
International Game Technology | 1,715 | 48,277 | |||
Kohl's Corp * | 720 | 38,520 | |||
Lamar Advertising Co * | 275 | 8,068 | |||
Liberty Media Corp 'A' * | 53,371 | 532,109 | |||
Marvel Enterprises Inc * | 720 | 16,020 | |||
Starwood Hotels & Resorts Worldwide Inc | 1,745 | 60,726 | |||
The TJX Cos Inc | 2,365 | 45,928 | |||
Yahoo! Inc * | 7,410 | 262,166 | |||
Yum! Brands Inc * | 2,375 | 70,348 | |||
2,063,361 | |||||
Consumer Staples - 0.47% | |||||
Whole Foods Market Inc * | 795 | 43,868 | |||
Energy - 0.45% | |||||
BJ Services Co * | 1,235 | 42,200 | |||
Financial Services - 13.44% | |||||
American International Group Inc | 940 | 54,238 | |||
Berkshire Hathaway Inc 'B' * | 140 | 349,440 | |||
Citigroup Inc | 2,870 | 130,613 | |||
E*TRADE Group Inc * | 6,015 | 55,699 | |||
Fannie Mae | 1,755 | 123,201 | |||
Fifth Third Bancorp | 2,225 | 123,421 | |||
Franklin Financial Corp | 125 | 3,864 | |||
Freddie Mac | 2,105 | 110,197 | |||
The Allstate Corp | 3,135 | 114,521 | |||
The Goldman Sachs Group Inc | 2,240 | 187,936 | |||
1,253,130 | |||||
Health Care - 14.20% | |||||
Anthem Inc * | 2,075 | 148,010 | |||
Caremark Rx Inc * | 3,435 | 77,631 | |||
Celgene Corp * | 185 | 8,016 | |||
Forest Laboratories Inc * | 4,930 | 253,648 | |||
Guidant Corp | 3,350 | 156,947 | |||
INAMED Corp * | 185 | 13,588 | |||
Medco Health Solutions Inc * | 3,615 | 93,737 | |||
MedImmune Inc * | 1,150 | 37,961 | |||
Medtronic Inc | 3,480 | 163,282 | |||
Pfizer Inc | 5,275 | 160,255 | |||
SICOR Inc * | 1,120 | 21,594 | |||
UnitedHealth Group Inc | 3,750 | 188,700 | |||
1,323,369 | |||||
Integrated Oils - 1.70% | |||||||
Murphy Oil Corp | 2,690 | 158,038 | |||||
Producer Durables - 4.05% | |||||||
Applied Materials Inc * | 3,680 | 66,755 | |||||
Lockheed Martin Corp | 3,560 | 164,294 | |||||
Northrop Grumman Corp | 1,210 | 104,326 | |||||
Novellus Systems Inc * | 1,260 | 42,525 | |||||
377,900 | |||||||
Technology - 13.95% | |||||||
Apple Computer Inc * | 4,170 | 86,027 | |||||
CIENA Corp * | 5,560 | 32,860 | |||||
Cisco Systems Inc * | 13,625 | 266,233 | |||||
Computer Associates International Inc | 14,075 | 367,498 | |||||
Corning Inc * | 3,200 | 30,144 | |||||
Intuit Inc * | 650 | 31,356 | |||||
Microsoft Corp | 6,840 | 190,084 | |||||
NVIDIA Corp * | 725 | 11,535 | |||||
Symantec Corp * | 1,520 | 95,790 | |||||
Synopsys Inc * | 2,900 | 89,233 | |||||
Texas Instruments Inc | 4,370 | 99,636 | |||||
1,300,396 | |||||||
Utilities - 5.68% | |||||||
Cablevision Systems Corp 'A' * | 11,898 | 215,354 | |||||
Comcast Corp Special 'A' * | 7,210 | 212,983 | |||||
Cox Communications Inc 'A' * | 3,195 | 101,026 | |||||
529,363 | |||||||
Total U.S. Common Stocks | |||||||
(Cost $6,162,308) | 7,130,599 | ||||||
FOREIGN COMMON STOCKS - 11.95% | |||||||
Bermuda - 0.32% | |||||||
Accenture Ltd 'A' * | 1,330 | 29,712 | |||||
Canada - 2.43% | |||||||
Canadian National Railway Co | 2,715 | 141,234 | |||||
EnCana Corp | 2,362 | 85,591 | |||||
226,825 | |||||||
Finland - 2.64% | |||||||
Nokia OYJ ADR | 15,770 | 246,012 | |||||
France - 0.45% | |||||||
LVMH Moet Hennessy Louis Vuitton SA | 672 | 41,751 | |||||
Russia - 0.28% | |||||||
YUKOS ADR | 440 | 25,960 | |||||
South Korea - 2.95% | |||||||
Internet Auction Co Ltd * | 340 | 14,633 | |||||
Samsung Electronics Co Ltd GDR | 1,525 | 259,879 | |||||
274,512 | |||||||
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-8 | |
PACIFIC FUNDS
PF JANUS GROWTH LT FUND
Schedule of Investments (Continued)
September 30, 2003 (Unaudited)
Shares | Value | |||||||
Switzerland - 2.88% | ||||||||
Givaudan SA | 132 | $ | 55,873 | |||||
Roche Holding AG | 2,568 | 212,926 | ||||||
268,799 | ||||||||
Total Foreign Common Stocks | ||||||||
(Cost $1,043,614) | 1,113,571 | |||||||
Principal | ||||||||
Amount | ||||||||
SHORT-TERM INVESTMENTS - 11.21% | ||||||||
U.S. Government Agency Issues - 10.73% | ||||||||
Fannie Mae | ||||||||
1.050% due 10/01/03 | $ | 1,000,000 | 1,000,000 | |||||
Shares | ||||||||
Cash Equivalents - 0.48% | ||||||||
BlackRock Provident Institutional TempCash | 22,477 | 22,477 | ||||||
BlackRock Provident Institutional TempFund | 22,476 | 22,476 | ||||||
44,953 | ||||||||
Total Short-Term Investments | ||||||||
(Cost $1,044,953) | 1,044,953 | |||||||
TOTAL INVESTMENTS - 99.66% | ||||||||
(Cost $8,250,875) | 9,289,123 | |||||||
OTHER ASSETS AND LIABILITIES, NET - 0.34% | 31,539 | |||||||
NET ASSETS - 100.00% | $ | 9,320,662 | ||||||
Notes to Schedule of Investments
(a) Forward foreign currency contracts outstanding at September 30, 2003 were as follows:
Principal Amount | |||||||
Contracts | Covered by | Unrealized | |||||
to Sell | Currency | Contracts | Expiration | Depreciation | |||
Sell | CHF | 70,000 | 03/04 | ($1,323 | ) | ||
Sell | EUR | 65,000 | 03/04 | (2,139 | ) | ||
($3,462 | ) | ||||||
(b) | Principal amount denoted in the indicated currency: |
CHF – Swiss Franc | |
EUR – Euro dollar |
| |
See Notes to Financial Statements |
|
A-9 | |
PACIFIC FUNDS
PF LAZARD INTERNATIONAL VALUE FUND
Schedule of Investments
September 30, 2003 (Unaudited)
Shares | Value | ||||
COMMON STOCKS - 98.99% | |||||
Denmark - 2.08% | |||||
Danske Bank AS | 16,000 | $ | 304,883 | ||
Finland - 3.99% | |||||
Nokia OYJ | 38,000 | 585,024 | |||
France - 10.67% | |||||
Aventis SA ADR | 5,500 | 285,344 | |||
AXA | 16,100 | 271,302 | |||
Societe Generale | 6,500 | 432,980 | |||
Total SA | 3,800 | 573,518 | |||
1,563,144 | |||||
Germany - 1.95% | |||||
Siemens AG | 4,800 | 285,865 | |||
Ireland - 3.14% | |||||
Allied Irish Banks PLC | 31,217 | 459,875 | |||
Italy - 6.09% | |||||
ENI SPA | 38,700 | 591,294 | |||
Sanpaolo IMI SPA | 30,100 | 300,053 | |||
891,347 | |||||
Japan - 6.26% | |||||
Canon Inc | 8,800 | 430,095 | |||
Kao Corp | 23,000 | 485,879 | |||
915,974 | |||||
Netherlands - 10.06% | |||||
ABN Amro Holding NV | 24,800 | 457,762 | |||
Heineken NV | 16,100 | 584,790 | |||
Royal Dutch Petroleum Co 'NY' | 9,800 | 430,369 | |||
1,472,921 | |||||
Spain - 2.99% | |||||
Endesa SA | 28,300 | 437,337 | |||
Switzerland - 17.37% | |||||
Compagnie Financiere Richemont AG 'A' | 14,500 | 288,215 | |||
Nestle SA | 2,700 | 622,544 | |||
Novartis AG | 11,200 | 433,369 | |||
Roche Holding AG | 3,700 | 306,785 | |||
Swiss Reinsurance | 4,600 | 292,239 | |||
UBS AG | 10,700 | 600,373 | |||
2,543,525 | |||||
United Kingdom - 34.39% | |||||
Barclays PLC | 80,100 | 614,490 | |||
BP PLC | 63,800 | 437,771 | |||
Cadbury Schweppes PLC | 97,142 | 597,151 | |||
Diageo PLC | 57,200 | 617,235 | |||
GlaxoSmithKline PLC | 28,900 | 599,703 | |||
HSBC Holdings PLC | 46,359 | 611,162 | |||
Tesco PLC | 83,600 | 334,733 |
Unilever PLC | 71,400 | 609,729 | |||||
Vodafone Group PLC | 307,700 | 613,457 | |||||
5,035,431 | |||||||
Total Common Stocks | |||||||
(Cost $13,358,738) | 14,495,326 | ||||||
SHORT-TERM INVESTMENTS - 2.60% | |||||||
Cash Equivalents - 2.60% | |||||||
BlackRock Provident Institutional TempCash | 190,397 | 190,397 | |||||
BlackRock Provident Institutional TempFund | 190,398 | 190,398 | |||||
380,795 | |||||||
Total Short-Term Investments | |||||||
(Cost $380,795) | 380,795 | ||||||
TOTAL INVESTMENTS - 101.59% | |||||||
(Cost $13,739,533) | 14,876,121 | ||||||
OTHER ASSETS AND LIABILITIES, NET - (1.59%) | (232,878 | ) | |||||
NET ASSETS - 100.00% | $ | 14,643,243 | |||||
Note to Schedule of Investments
(a) At September 30, 2003, the Fund's equity securities were diversified as a percentage of net assets as follows:
Financial Services | 29.66 | % |
Consumer Staples | 22.99 | % |
Health Care | 11.10 | % |
Integrated Oils | 9.85 | % |
Utilities | 7.18 | % |
Technology | 6.93 | % |
Energy | 4.04 | % |
Materials & Processing | 3.32 | % |
Consumer Discretionary | 1.97 | % |
Multi-Industry | 1.95 | % |
Total Equity Securities | 98.99 | % |
See Notes to Financial Statements
| |
A-10 | |
PACIFIC FUNDS
PF MFS GLOBAL GROWTH FUND
Schedule of Investments
September 30, 2003 (Unaudited)
Shares | Value | |||||||||
PREFERRED STOCKS - 0.96% | ||||||||||
Brazil - 0.37% | ||||||||||
Banco Bradesco SA | 2,480,000 | $ | 9,844 | |||||||
Banco Itau Holding Financeira SA | 145,000 | 10,302 | ||||||||
Caemi Mineracao e Metalurgica SA * | 17,700 | 4,879 | ||||||||
25,025 | ||||||||||
Germany - 0.59% | ||||||||||
Porsche AG | 96 | 40,406 | ||||||||
Total Preferred Stocks | ||||||||||
(Cost $62,746) | 65,431 | |||||||||
COMMON STOCK RIGHTS - 0.15% | ||||||||||
France - 0.00% | ||||||||||
AXA * | 1,690 | 78 | ||||||||
Germany - 0.01% | ||||||||||
Stada Arzneimittel AG * | 160 | 358 | ||||||||
Japan - 0.14% | ||||||||||
Round One Corp * | 4 | 9,775 | ||||||||
Total Common Stock Rights | ||||||||||
(Cost $7,176) | 10,211 | |||||||||
COMMON STOCKS - 91.67% | ||||||||||
Argentina - 0.04% | ||||||||||
IRSA Inversiones y Representaciones SA GDR * | 330 | 3,036 | ||||||||
Australia - 1.07% | ||||||||||
APN News & Media Ltd | 1,650 | 3,976 | ||||||||
Australia & New Zealand Banking Group Ltd | 2,914 | 35,404 | ||||||||
John Fairfax Holdings Ltd | 7,570 | 16,447 | ||||||||
The News Corp Ltd | 2,139 | 17,402 | ||||||||
73,229 | ||||||||||
Austria - 0.39% | ||||||||||
Erste Bank Oesterreichischen Sparkassen AG | 260 | 26,297 | ||||||||
Belgium - 0.61% | ||||||||||
Fortis | 2,430 | 41,288 | ||||||||
Bermuda - 0.83% | ||||||||||
ACE Ltd | 300 | 9,924 | ||||||||
Tyco International Ltd | 1,800 | 36,774 | ||||||||
XL Capital Ltd 'A' | 130 | 10,067 | ||||||||
56,765 | ||||||||||
Brazil - 1.45% | ||||||||||
Brasil Telecom Participacoes SA ADR | 320 | 12,256 | ||||||||
Cia Siderurgica Nacional SA ADR | 170 | 6,039 | ||||||||
Cia Vale do Rio Doce ADR | 710 | 28,982 | ||||||||
Petroleo Brasileiro SA ADR | 2,240 | 51,363 | ||||||||
98,640 | ||||||||||
Canada - 1.75% | ||||||||||
EnCana Corp | 740 | 26,815 | ||||||||
Manitoba Telecom Services Inc | 495 | 14,911 | ||||||||
Molson Inc 'A' | 1,300 | 32,080 | ||||||||
Nortel Networks Corp * | 2,400 | 9,840 | ||||||||
Talisman Energy Inc | 750 | 35,625 | ||||||||
119,271 | ||||||||||
China - 0.92% | ||||||||||
China Telecom Corp Ltd 'H' | 50,000 | 12,914 | ||||||||
Huaneng Power International Inc 'H' | 24,000 | 32,852 | ||||||||
PetroChina Co Ltd 'H' | 50,000 | 16,949 | ||||||||
62,715 | ||||||||||
Croatia - 0.07% | ||||||||||
Pliva DD GDR | 350 | 4,980 | ||||||||
Denmark - 0.56% | ||||||||||
Danske Bank AS | 2,010 | 38,301 | ||||||||
Finland - 0.69% | ||||||||||
Nokia OYJ | 2,030 | 31,253 | ||||||||
Nokia OYJ ADR | 1,000 | 15,600 | ||||||||
46,853 | ||||||||||
France - 4.92% | ||||||||||
Air Liquide SA | 230 | 32,490 | ||||||||
AXA | 1,690 | 28,478 | ||||||||
BNP Paribas | 700 | 34,319 | ||||||||
Credit Agricole SA * | 650 | 12,664 | ||||||||
France Telecom SA | 2,870 | 66,010 | ||||||||
Sanofi-Synthelabo SA | 855 | 51,975 | ||||||||
Societe Television Francaise 1 | 387 | 11,461 | ||||||||
Suez SA | 1,800 | 28,571 | ||||||||
Total SA | 460 | 69,426 | ||||||||
335,394 | ||||||||||
Germany - 1.63% | ||||||||||
Bayerische Motoren Werke AG | 1,530 | 57,818 | ||||||||
Celanese AG | 698 | 22,963 | ||||||||
Linde AG | 530 | 21,825 | ||||||||
Stada Arzneimittel AG | 160 | 8,571 | ||||||||
111,177 | ||||||||||
Hong Kong - 1.05% | ||||||||||
China Mobile Ltd | 11,500 | 30,295 | ||||||||
CNOOC Ltd | 8,500 | 14,489 | ||||||||
Denway Motors Ltd | 36,000 | 21,850 | ||||||||
Hong Kong & China Gas Co Ltd | 4,000 | 5,372 | ||||||||
72,006 | ||||||||||
Hungary - 0.75% | ||||||||||
MATAV RT ADR | 670 | 12,522 | ||||||||
OTP Bank RT GDR * | 1,290 | 30,186 | ||||||||
Richter Gedeon Vegyeszeti RT GDR | 85 | 8,236 | ||||||||
50,944 | ||||||||||
India - 0.11% | ||||||||||
ICICI Bank Ltd ADR | 737 | 7,783 | ||||||||
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-11 | |
PACIFIC FUNDS
PF MFS GLOBAL GROWTH FUND
Schedule of Investments (Continued)
September 30, 2003 (Unaudited)
Shares | Value | ||||
Indonesia - 0.43% | |||||
P.T. Astra International Tbk * | 8,500 | $ | 4,581 | ||
P.T. Bank Central Asia Tbk | 8,000 | 3,216 | |||
P.T. Bank Mandiri Persero Tbk * | 19,000 | 1,924 | |||
P.T. Hanjaya Mandala Sampoerna Tbk | 7,000 | 3,773 | |||
P.T. Telekomunikasi Indonesia Tbk | 23,030 | 15,637 | |||
29,131 | |||||
Ireland - 0.52% | |||||
Anglo Irish Bank Corp PLC | 1,995 | 21,346 | |||
Irish Life & Permanent PLC | 1,070 | 14,043 | |||
35,389 | |||||
Israel - 0.26% | |||||
Bank Hapoalim Ltd * | 3,300 | 6,498 | |||
Check Point Software Technologies Ltd * | 680 | 11,424 | |||
17,922 | |||||
Italy - 0.22% | |||||
Riunione Adriatica di Sicurta SPA | 1,000 | 15,256 | |||
Japan - 9.01% | |||||
Aeon Credit Service Co Ltd | 400 | 17,222 | |||
Alps Electric Co Ltd | 1,000 | 16,220 | |||
Bridgestone Corp | 2,000 | 26,765 | |||
Brother Industries Ltd | 6,000 | 58,971 | |||
Chugai Pharmaceutical Co Ltd | 3,400 | 42,395 | |||
Credit Saison Co Ltd | 1,700 | 35,456 | |||
Fujikura Ltd | 6,000 | 26,210 | |||
Heiwa Corp | 700 | 10,702 | |||
Honda Motor Co Ltd | 1,400 | 56,018 | |||
Ibiden Co Ltd | 900 | 13,542 | |||
Japan Telecom Holdings Co Ltd | 13 | 38,401 | |||
KDDI Corp | 7 | 35,465 | |||
Nippon Electric Glass Co Ltd | 1,000 | 15,352 | |||
Nippon Oil Corp | 4,000 | 17,616 | |||
Round One Corp * | 4 | 9,775 | |||
Stanley Electric Co Ltd | 3,000 | 53,708 | |||
Sumitomo Bakelite Co Ltd | 2,000 | 10,026 | |||
The Chiba Bank Ltd | 4,000 | 15,575 | |||
Tokyo Broadcasting Systems Inc | 1,400 | 19,324 | |||
Tokyo Gas Co Ltd | 18,640 | 61,903 | |||
Uni-Charm Corp | 400 | 18,905 | |||
Yahama Corp | 800 | 15,146 | |||
614,697 | |||||
Luxembourg - 0.31% | |||||
Tenaris SA ADR | 810 | 21,319 | |||
Malaysia - 0.37% | |||||
British American Tobacco Malaysia Bhd | 500 | 5,197 | |||
IOI Corp Bhd | 3,400 | 5,503 | |||
Resorts World Bhd | 1,610 | 4,025 | |||
Sime Darby Bhd | 5,100 | 6,912 | |||
TA Enterprises Bhd | 16,900 | 3,691 | |||
25,328 | |||||
Mexico - 2.01% | |||||
Alfa SA de CV 'A' | 1,730 | 4,168 | |||
America Movil SA de CV 'L' ADR | 740 | 17,101 | |||
Apasco SA de CV | 790 | 6,048 | |||
Controladora Comercial Mexicana SA de CV | 4,140 | 2,832 | |||
Corporacion GEO SA de CV 'B' * | 2,370 | 10,629 |
Grupo Elektra SA de CV | 1,010 | 3,487 | |||
Grupo Financiero BBVA Bancomer SA de CV 'B' * | 19,260 | 16,770 | |||
Grupo Financiero Inbursa SA de CV 'O' * | 5,300 | 5,762 | |||
Grupo Modelo SA de CV 'C' | 2,070 | 5,111 | |||
Kimberly-Clark de Mexico SA de CV 'A' | 3,190 | 7,703 | |||
Telefonos de Mexico SA de CV 'L' ADR | 1,650 | 50,408 | |||
TV Azteca SA de CV ADR | 950 | 7,125 | |||
137,144 | |||||
Netherlands - 1.54% | |||||
ABN Amro Holding NV | 1,310 | 24,180 | |||
Fugro NV | 170 | 8,396 | |||
Koninklijke KPN NV * | 3,705 | 27,743 | |||
Koninklijke Philips Electronics NV | 150 | 3,399 | |||
STMicroelectronics NV 'NY' | 500 | 12,025 | |||
VNU NV | 1,002 | 29,371 | |||
105,114 | |||||
Norway - 0.23% | |||||
Gjensidige NOR ASA | 450 | 15,625 | |||
Philippines - 0.09% | |||||
Philippine Long Distance Telephone Co * | 530 | 6,181 | |||
Russia - 1.29% | |||||
JSC MMC Norilsk Nickel ADR | 470 | 23,453 | |||
LUKOIL ADR (FTSE) | 355 | 29,210 | |||
LUKOIL ADR (OTC) ~ | 80 | 6,582 | |||
YUKOS ADR | 482 | 28,438 | |||
87,683 | |||||
Singapore - 1.53% | |||||
MobilOne Ltd | 10,000 | 8,099 | |||
Singapore Telecommunications Ltd | 60,000 | 57,620 | |||
United Overseas Bank Ltd | 5,000 | 38,760 | |||
104,479 | |||||
South Africa - 2.14% | |||||
ABSA Group Ltd | 2,040 | 10,093 | |||
African Bank Investments Ltd | 2,890 | 3,008 | |||
Anglo American Platinum Corp Ltd | 425 | 15,682 | |||
Barloworld Ltd | 800 | 6,518 | |||
Bidvest Group Ltd | 500 | 2,983 | |||
FirstRand Ltd | 10,120 | 10,607 | |||
Impala Platinum Holdings Ltd | 530 | 44,211 | |||
MTN Group Ltd * | 2,820 | 8,057 | |||
Sasol Ltd | 1,660 | 19,830 | |||
Standard Bank Group Ltd | 3,880 | 17,826 | |||
Telkom South Africa Ltd * | 1,110 | 6,981 | |||
145,796 | |||||
South Korea - 4.21% | |||||
Daewoo Motor Sales Corp | 810 | 5,655 | |||
Hana Bank | 560 | 7,644 | |||
Hyundai Motor Co Ltd | 1,460 | 42,017 | |||
Kia Motors Corp | 640 | 4,451 | |||
Korea Exchange Bank * | 750 | 3,013 | |||
KT&G Corp | 700 | 12,537 | |||
KT&G Corp GDR ~ | 2,160 | 19,344 | |||
KT Corp ADR | 560 | 11,161 | |||
LG Chemical Ltd | 270 | 10,752 | |||
LG Electronics Inc | 200 | 9,651 | |||
POSCO ADR | 740 | 21,164 | |||
Samsung Electro-Mechanics Co Ltd | 170 | 5,217 |
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-12 | |
PACIFIC FUNDS
PF MFS GLOBAL GROWTH FUND
Schedule of Investments (Continued)
September 30, 2003 (Unaudited)
Shares | Value | ||||
Samsung Electronics Co Ltd | 240 | $ | 81,798 | ||
Samsung Fire & Marine Insurance Co Ltd | 190 | 10,639 | |||
Shinsegae Co Ltd | 110 | 19,463 | |||
SK Telecom Co Ltd | 140 | 22,397 | |||
286,903 | |||||
Spain - 0.86% | |||||
Altadis SA | 550 | 13,546 | |||
Telefonica SA | 3,846 | 45,416 | |||
58,962 | |||||
Sweden - 1.23% | |||||
Alfa Laval AB | 1,880 | 22,116 | |||
Hennes & Mauritz AB 'B' | 1,930 | 43,788 | |||
Swedish Match AB | 2,340 | 17,848 | |||
83,752 | |||||
Switzerland - 4.91% | |||||
Credit Suisse Group | 820 | 26,234 | |||
Givaudan SA | 31 | 13,122 | |||
Nestle SA | 165 | 38,044 | |||
Novartis AG | 2,830 | 109,503 | |||
Roche Holding AG | 390 | 32,337 | |||
Syngenta AG | 505 | 27,380 | |||
Synthes-Stratec Inc | 28 | 24,806 | |||
UBS AG | 1,124 | 63,067 | |||
334,493 | |||||
Taiwan - 1.66% | |||||
ASUSTeK Computer Inc | 3,250 | 8,231 | |||
China Motor Co Ltd | 75 | 125 | |||
China Steel Corp | 4,000 | 3,069 | |||
Chinatrust Financial Holding Co Ltd | 14,650 | 12,541 | |||
Evergreen Marine Corp | 8,160 | 6,478 | |||
Hon Hai Precision Industry Co Ltd | 3,600 | 15,569 | |||
Mediatek Inc | 1,350 | 14,835 | |||
Mega Financial Holding Co Ltd | 24,000 | 12,370 | |||
Nan Ya Plastics Corp | 9,540 | 11,303 | |||
Quanta Computer Inc | 1,000 | 2,444 | |||
United Microelectronics Corp * | 31,283 | 25,945 | |||
112,910 | |||||
Thailand - 0.40% | |||||
Bangkok Bank PCL * | 3,430 | 7,388 | |||
PTT Exploration & Production PCL | 1,640 | 6,818 | |||
Siam Cement PCL | 1,700 | 8,600 | |||
Siam Commercial Bank PCL * | 4,800 | 4,658 | |||
27,464 | |||||
United Kingdom - 13.50% | |||||
Amdocs Ltd * | 500 | 9,400 | |||
Anglo American PLC | 3,220 | 57,830 | |||
AstraZeneca PLC | 3,740 | 157,951 | |||
Aviva PLC | 4,510 | 34,992 | |||
Barclays PLC | 5,260 | 40,352 | |||
BG Group PLC | 7,240 | 30,432 | |||
BHP Billiton PLC | 3,710 | 24,624 | |||
BP PLC ADR | 1,715 | 72,201 | |||
British Sky Broadcasting PLC * | 2,450 | 25,013 | |||
Diageo PLC | 3,860 | 41,653 | |||
Intertek Group PLC | 1,540 | 13,125 | |||
Johnston Press PLC | 3,017 | 21,428 | |||
Kingfisher PLC | 9,040 | 39,200 | |||
Legal & General Group PLC | 19,120 | 29,304 | |||
NEXT PLC | 1,870 | 34,921 | |||
Old Mutual PLC | 11,740 | 18,091 |
Reckitt Benckiser PLC | 2,114 | 42,498 | |||
Reed Elsevier PLC | 4,605 | 36,016 | |||
Royal Bank of Scotland Group PLC | 2,922 | 74,276 | |||
Vodafone Group PLC | 43,620 | 86,965 | |||
Vodafone Group PLC ADR | 647 | 13,102 | |||
Yell Group PLC * | 3,360 | 16,859 | |||
920,233 | |||||
United States - 28.11% | |||||
3M Co | 280 | 19,339 | |||
Agere Systems Inc 'B' * | 5,000 | 14,450 | |||
American Express Co | 450 | 20,277 | |||
American International Group Inc | 600 | 34,620 | |||
AmerisourceBergen Corp | 400 | 21,620 | |||
Amgen Inc * | 700 | 45,199 | |||
Analog Devices Inc * | 1,000 | 38,020 | |||
AOL Time Warner Inc * | 970 | 14,657 | |||
Applied Biosystems Group - Applera Corp | 400 | 8,924 | |||
Avon Products Inc | 390 | 25,178 | |||
Baker Hughes Inc | 500 | 14,795 | |||
Baxter International Inc | 300 | 8,718 | |||
BEA Systems Inc * | 300 | 3,615 | |||
Brinker International Inc * | 310 | 10,342 | |||
Career Education Corp * | 200 | 9,060 | |||
Caremark Rx Inc * | 1,200 | 27,120 | |||
Cendant Corp * | 1,120 | 20,933 | |||
Cisco Systems Inc * | 2,630 | 51,390 | |||
Citigroup Inc | 1,000 | 45,510 | |||
Clear Channel Communications Inc | 800 | 30,640 | |||
Comcast Corp 'A' * | 1,160 | 35,821 | |||
CVS Corp | 600 | 18,636 | |||
Dell Inc * | 740 | 24,709 | |||
DST Systems Inc * | 300 | 11,280 | |||
EchoStar Communications Corp 'A' * | 670 | 25,641 | |||
Fannie Mae | 500 | 35,100 | |||
FedEx Corp | 200 | 12,886 | |||
Franklin Resources Inc | 300 | 13,263 | |||
Genentech Inc * | 200 | 16,028 | |||
Getty Images Inc * | 200 | 7,032 | |||
Gilead Sciences Inc * | 100 | 5,593 | |||
GlobalSantaFe Corp | 300 | 7,185 | |||
Guidant Corp | 300 | 14,055 | |||
Hewlett-Packard Co | 900 | 17,424 | |||
Intel Corp | 1,200 | 33,012 | |||
InterActiveCorp * | 700 | 23,135 | |||
International Business Machines Corp | 380 | 33,565 | |||
Johnson & Johnson | 290 | 14,361 | |||
Kohl's Corp * | 620 | 33,170 | |||
Lamar Advertising Co * | 390 | 11,443 | |||
Liberty Media Corp 'A' * | 1,700 | 16,949 | |||
Linear Technology Corp | 330 | 11,817 | |||
Lockheed Martin Corp | 500 | 23,075 | |||
Lowe's Cos Inc | 100 | 5,190 | |||
Manhattan Associates Inc * | 100 | 2,589 | |||
Manpower Inc | 780 | 28,938 | |||
Maxim Integrated Products Inc | 320 | 12,640 | |||
MBNA Corp | 500 | 11,400 | |||
McDonald's Corp | 600 | 14,124 | |||
Medtronic Inc | 380 | 17,830 | |||
Mellon Financial Corp | 800 | 24,112 | |||
Mercury Interactive Corp * | 160 | 7,266 | |||
Merrill Lynch & Co Inc | 550 | 29,441 | |||
Microchip Technology Inc | 500 | 11,970 | |||
Microsoft Corp | 3,540 | 98,377 | |||
NetScreen Technologies Inc * | 600 | 13,338 | |||
Network Associates Inc * | 700 | 9,632 | |||
Northern Trust Corp | 200 | 8,488 | |||
Novellus Systems Inc * | 300 | 10,125 | |||
Oracle Corp * | 3,070 | 34,445 |
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-13 | |
PACIFIC FUNDS
PF MFS GLOBAL GROWTH FUND
Schedule of Investments (Continued)
September 30, 2003 (Unaudited)
Shares | Value | ||||||||
Outback Steakhouse Inc | 400 | $ | 15,148 | ||||||
PepsiCo Inc | 780 | 35,747 | |||||||
PETsMART Inc | 400 | 9,080 | |||||||
Pfizer Inc | 1,410 | 42,836 | |||||||
Procter & Gamble Co | 200 | 18,564 | |||||||
Reebok International Ltd | 300 | 10,029 | |||||||
Schering-Plough Corp | 800 | 12,192 | |||||||
Schlumberger Ltd | 300 | 14,520 | |||||||
Sprint Corp-PCS Group * | 2,200 | 12,606 | |||||||
Staples Inc * | 400 | 9,500 | |||||||
Starbucks Corp * | 400 | 11,520 | |||||||
Starwood Hotels & Resorts Worldwide Inc | 570 | 19,836 | |||||||
SunGard Data Systems Inc * | 760 | 19,996 | |||||||
T. Rowe Price Group Inc | 200 | 8,252 | |||||||
Target Corp | 600 | 22,578 | |||||||
Tenet Healthcare Corp * | 600 | 8,688 | |||||||
Texas Instruments Inc | 600 | 13,680 | |||||||
The E.W. Scripps Co 'A' | 140 | 11,914 | |||||||
The Goldman Sachs Group Inc | 410 | 34,399 | |||||||
The Home Depot Inc | 930 | 29,620 | |||||||
The New York Times Co 'A' | 90 | 3,911 | |||||||
The TJX Cos Inc | 1,100 | 21,362 | |||||||
The Walt Disney Co | 1,600 | 32,272 | |||||||
Thermo Electron Corp * | 500 | 10,850 | |||||||
Travelers Property Casualty Corp 'A' | 1,135 | 18,024 | |||||||
Tribune Co | 500 | 22,950 | |||||||
United Parcel Service Inc 'B' | 100 | 6,380 | |||||||
VERITAS Software Corp * | 1,060 | 33,284 | |||||||
Viacom Inc 'B' | 670 | 25,661 | |||||||
Wal-Mart Stores Inc | 510 | 28,483 | |||||||
Westwood One Inc * | 400 | 12,076 | |||||||
Williams-Sonoma Inc * | 400 | 10,792 | |||||||
Wyeth | 1,000 | 46,100 | |||||||
Xilinx Inc * | 1,200 | 34,212 | |||||||
1,916,554 | |||||||||
Total Common Stocks | |||||||||
(Cost $5,577,437) | 6,251,014 | ||||||||
Principal | |||||||||
Amount | |||||||||
SHORT-TERM INVESTMENTS - 5.06% | |||||||||
U.S. Government Agency Issues - 5.05% | |||||||||
Fannie Mae | |||||||||
0.970% due 10/01/03 | $ | 344,000 | 344,000 | ||||||
Shares | |||||||||
Cash Equivalents - 0.01% | |||||||||
BlackRock Provident Institutional TempCash | 792 | 792 | |||||||
Total Short-Term Investments | |||||||||
(Cost $344,792) | 344,792 | ||||||||
TOTAL INVESTMENTS - 97.84% | |||||||||
(Cost $5,992,151) | 6,671,448 | ||||||||
OTHER ASSETS AND LIABILITIES, NET - 2.16% | 147,358 | ||||||||
NET ASSETS - 100.00% | $ | 6,818,806 | |||||||
Note to Schedule of Investments
(a) At September 30, 2003, the Fund's investments were diversified as a percentage of net assets as follows:
Financial Services | 18.08 | % |
Consumer Discretionary | 15.07 | % |
Technology | 11.03 | % |
Utilities | 10.97 | % |
Health Care | 10.58 | % |
Materials & Processing | 6.08 | % |
Integrated Oils | 5.54 | % |
Consumer Staples | 4.47 | % |
Autos & Transportation | 4.19 | % |
Multi-Industry | 2.88 | % |
Producer Durables | 2.86 | % |
Energy | 1.03 | % |
Total Equity Securities | 92.78 | % |
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-14 | |
PACIFIC FUNDS
PF PIMCO INFLATION MANAGED FUND
Schedule of Investments
September 30, 2003 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
U.S. CORPORATE BONDS & NOTES - 3.54% | ||||||||
Financial Services - 2.83% | ||||||||
CIT Group Inc | ||||||||
2.360% due 01/09/04 + | $ | 100,000 | $ | 100,317 | ||||
Ford Motor Credit Co | ||||||||
2.985% due 10/25/04 + | 100,000 | 100,922 | ||||||
General Motors Acceptance Corp | ||||||||
1.830% due 05/17/04 + | 100,000 | 100,056 | ||||||
Travelers Property Casualty Corp | ||||||||
3.750% due 03/15/08 | 100,000 | 101,868 | ||||||
403,163 | ||||||||
Utilities - 0.71% | ||||||||
Entergy Gulf States Inc | ||||||||
2.040% due 06/18/07 ~ + | 100,000 | 100,296 | ||||||
Total U.S. Corporate Bonds & Notes | ||||||||
(Cost $497,440) | 503,459 | |||||||
U.S. TREASURY OBLIGATIONS - 140.70% | ||||||||
U.S. Treasury Inflation-Index Bonds - 140.70% | ||||||||
3.000% due 07/15/12^ | 894,924 | 980,502 | ||||||
3.375% due 01/15/07 #^ | 4,642,720 | 5,108,445 | ||||||
3.500% due 01/15/11^ | 1,056,580 | 1,195,918 | ||||||
3.625% due 04/15/28^ | 284,243 | 342,601 | ||||||
3.875% due 01/15/09 #^ | 6,751,200 | 7,714,306 | ||||||
3.875% due 04/15/29^ | 2,181,309 | 2,748,109 | ||||||
4.250% due 01/15/10^ | 1,639,515 | 1,924,894 | ||||||
Total U.S. Treasury Obligations | ||||||||
(Cost $19,611,452) | 20,014,775 | |||||||
SHORT-TERM INVESTMENTS - 6.40% | ||||||||
Commercial Paper - 0.70% | ||||||||
HBOS Treasury Services PLC | ||||||||
1.070% due 12/15/03 | 100,000 | 99,779 | ||||||
U.S. Government Agency Issue - 2.10% | ||||||||
Fannie Mae | ||||||||
1.115% due 02/25/04 | 300,000 | 298,739 | ||||||
U.S. Treasury Bill - 0.35% | ||||||||
0.945% due 12/18/03 ** | 50,000 | 49,908 | ||||||
Cash Equivalents - 3.25% | ||||||||
BlackRock Provident Institutional TempCash | 231,394 | $ | 231,394 | |||||
BlackRock Provident Institutional TempFund | 231,394 | 231,394 | ||||||
462,788 | ||||||||
Total Short-Term Investments | ||||||||
(Cost $911,097) | 911,214 | |||||||
TOTAL INVESTMENTS - 150.64% | ||||||||
(Cost $21,019,989) | 21,429,448 | |||||||
Principal | ||||||||
Amount | ||||||||
INVESTMENTS SOLD SHORT - (3.59%) | ||||||||
U.S. Treasury Notes | ||||||||
4.000% due 11/15/12 # | $ | 100,000 | (101,219 | ) | ||||
4.250% due 08/15/13 # | 400,000 | (410,172 | ) | |||||
Total Investments Sold Short | ||||||||
(Proceeds $498,182) | (511,391 | ) | ||||||
OTHER ASSETS AND LIABILITIES, NET - (47.05%) | (6,692,600 | ) | ||||||
NET ASSETS - 100.00% | $ | 14,225,457 | ||||||
Note to Schedule of Investments
(a) Securities with an approximate aggregate market value of $49,908 were
segregated with the custodian to cover margin requirements for the following open
futures contracts at September 30, 2003:
Number of | Unrealized | ||||
Type | Contracts | Appreciation | |||
U.S. Treasury 10-Year Notes (12/03) | 4 | $ | 23,547 | ||
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-15 | |
PACIFIC FUNDS
PF PIMCO MANAGED BOND FUND
Schedule of Investments
September 30, 2003 (Unaudited)
Principal | |||||||
Amount | Value | ||||||
U.S. CORPORATE BONDS & NOTES - 8.48% | |||||||
Autos & Transportation - 1.34% | |||||||
Ford Motor Co | |||||||
6.625% due 02/15/28 | $ | 250,000 | $ | 211,599 | |||
General Motors Corp | |||||||
8.250% due 07/15/23 | 100,000 | 104,837 | |||||
316,436 | |||||||
Financial Services - 3.98% | |||||||
Bank of America Corp | |||||||
4.875% due 01/15/13 | 100,000 | 101,987 | |||||
CIT Group Inc | |||||||
7.750% due 04/02/12 | 100,000 | 118,878 | |||||
Citigroup Inc | |||||||
5.625% due 08/27/12 | 50,000 | 53,766 | |||||
General Motors Acceptance Corp | |||||||
6.875% due 08/28/12 | 200,000 | 207,267 | |||||
Morgan Stanley | |||||||
5.300% due 03/01/13 | 100,000 | 103,528 | |||||
Pemex Project Funding Master Trust | |||||||
7.375% due 12/15/14 | 100,000 | 108,000 | |||||
Qwest Capital Funding Inc | |||||||
7.250% due 02/15/11 | 100,000 | 89,500 | |||||
Sprint Capital Corp | |||||||
6.875% due 11/15/28 | 100,000 | 97,862 | |||||
Unilever Capital Corp | |||||||
6.875% due 11/01/05 | 50,000 | 55,050 | |||||
935,838 | |||||||
Integrated Oils - 0.57% | |||||||
Occidental Petroleum Corp | |||||||
8.450% due 02/15/29 | 100,000 | 134,385 | |||||
Utilities - 2.59% | |||||||
AT&T Corp | |||||||
8.500% due 11/15/31 | 150,000 | 178,216 | |||||
Entergy Gulf States | |||||||
3.600% due 06/01/08 ~ | 100,000 | 97,467 | |||||
Oncor Electric Delivery Inc | |||||||
7.250% due 01/15/33 ~ | 70,000 | 80,439 | |||||
Progress Energy Inc | |||||||
6.850% due 04/15/12 | 50,000 | 55,809 | |||||
Qwest Corp | |||||||
6.875% due 09/15/33 | 100,000 | 88,500 | |||||
TXU Energy Co | |||||||
7.000% due 03/15/13 ~ | 100,000 | 108,936 | |||||
609,367 | |||||||
Total U.S. Corporate Bonds & Notes | |||||||
(Cost $1,863,872) | 1,996,026 | ||||||
MORTGAGE-BACKED SECURITIES - 52.61% | |||||||
Collateralized Mortgage Obligations - 20.56% | |||||||
Chase Mortgage Finance Corp | |||||||
6.500% due 06/25/13 " | 457,427 | 457,344 | |||||
Credit-Based Asset Servicing & Securitization LLC | |||||||
1.440% due 06/25/32 " + | 183,891 | 183,822 | |||||
CS First Boston Mortgage Securities Corp | |||||||
1.450% due 03/25/32 ~ " + | 216,891 | 211,180 | |||||
1.751% due 03/25/32 ~ " + | 210,748 | 209,345 | |||||
7.500% due 02/25/31 " | 78,660 | 79,025 | |||||
Fannie Mae | |||||||
6.250% due 10/25/22 " | 312,779 | 319,313 | |||||
6.500% due 12/25/42 " | 86,443 | 91,927 | |||||
Freddie Mac | |||||||
5.000% due 09/15/16 " | 120,686 | 124,198 | |||||
6.000% due 06/15/25 " | 26,934 | 26,920 | |||||
6.000% due 01/15/28 " | 52,986 | 53,655 | |||||
6.000% due 04/15/28 " | 326,008 | 333,581 | |||||
6.250% due 04/15/23 " | 387,954 | 401,093 | |||||
6.500% due 08/15/28 " | 1,000,000 | 1,010,638 | |||||
Government National Mortgage Association | |||||||
5.500% due 11/20/31 " | 553,593 | 564,598 | |||||
MLCC Mortgage Investors Inc | |||||||
1.500% due 03/15/25 " + | 129,800 | 129,942 | |||||
Residential Funding Mortgage Securities I | |||||||
5.620% due 09/25/32 " + | 127,950 | 129,890 | |||||
Washington Mutual | |||||||
3.268% due 02/27/34 " + | 47,759 | 48,348 | |||||
5.189% due 10/25/32 " + | 153,148 | 155,584 | |||||
Washington Mutual Mortgage Securities Corp | |||||||
5.750% due 12/25/32 " | 237,389 | 241,893 | |||||
6.010% due 01/25/31 " + | 14,379 | 14,378 | |||||
Wells Fargo Mortgage-Backed Securities Trust | |||||||
4.821% due 09/25/32 " + | 53,681 | 54,629 | |||||
4,841,303 | |||||||
Fannie Mae - 14.13% | |||||||
4.000% due 08/01/18 " | 497,686 | 490,350 | |||||
4.915% due 12/01/36 " + | 110,995 | 113,735 | |||||
5.500% due 12/01/14 " | 158,281 | 164,653 | |||||
5.500% due 06/01/23 # " | 371,170 | 382,188 | |||||
5.500% due 10/15/33 # " | 500,000 | 510,156 | |||||
6.000% due 09/01/22 # " | 432,869 | 448,727 | |||||
6.000% due 01/01/23 # " | 281,861 | 292,212 | |||||
6.500% due 03/01/17 " | 492,817 | 520,835 | |||||
6.500% due 08/01/32 " | 387,359 | 403,920 | |||||
3,326,776 | |||||||
Freddie Mac - 17.92% | |||||||
4.000% due 07/01/18 " | 995,235 | 982,756 | |||||
4.000% due 08/01/18 " | 498,002 | 491,758 | |||||
5.500% due 08/01/07 " | 213,107 | 219,469 | |||||
5.500% due 03/01/23 # " | 168,982 | 173,945 | |||||
5.695% due 04/01/32 " + | 1,181,090 | 1,219,888 | |||||
5.938% due 11/01/31 " + | 179,444 | 185,375 | |||||
6.000% due 12/01/22 " | 316,012 | 328,827 | |||||
6.000% due 03/01/23 # " | 592,972 | 617,042 | |||||
4,219,060 | |||||||
Total Mortgage-Backed Securities | |||||||
(Cost $12,342,665) | 12,387,139 | ||||||
ASSET-BACKED SECURITY - 0.50% | |||||||
Morgan Stanley Dean Witter Capital I Inc Trust | |||||||
1.450% due 07/25/32 " + | 116,866 | 116,827 | |||||
Total Asset-Backed Security | |||||||
(Cost $116,866) | 116,827 | ||||||
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-16 | |
PACIFIC FUNDS
PF PIMCO MANAGED BOND FUND
Schedule of Investments(Continued)
September 30, 2003 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
U.S. TREASURY OBLIGATIONS - 28.08% | ||||||||
U.S. Treasury Bonds - 21.03% | ||||||||
7.500% due 11/15/16 # | $ | 2,450,000 | $ | 3,198,975 | ||||
7.875% due 02/15/21 | 400,000 | 546,703 | ||||||
8.000% due 11/15/21 | 400,000 | 554,938 | ||||||
8.750% due 05/15/17 # | 200,000 | 287,516 | ||||||
8.875% due 08/15/17 | 250,000 | 363,164 | ||||||
4,951,296 | ||||||||
U.S. Treasury Inflation-Index Bonds - 5.16% | ||||||||
3.625% due 01/15/08^ | 512,222 | 574,889 | ||||||
3.875% due 01/15/09^ | 336,390 | 384,378 | ||||||
4.250% due 01/15/10^ | 218,602 | 256,653 | ||||||
1,215,920 | ||||||||
U.S. Treasury Strips - 1.89% | ||||||||
0.000% due 02/15/19 (PO) | 100,000 | 45,765 | ||||||
0.000% due 05/15/20 (PO) | 600,000 | 253,539 | ||||||
0.000% due 11/15/22 (PO) | 400,000 | 144,665 | ||||||
443,969 | ||||||||
Total U.S. Treasury Obligations | ||||||||
(Cost $6,350,975) | 6,611,185 | |||||||
FOREIGN CORPORATE BOND - 0.43% | ||||||||
Germany - 0.43% | ||||||||
Deutsche Telekom International Finance BV | ||||||||
8.750% due 06/15/30 | 80,000 | 101,843 | ||||||
Total Foreign Corporate Bond | ||||||||
(Cost $86,450) | 101,843 | |||||||
FOREIGN GOVERNMENT BONDS - 4.79% | ||||||||
Brazil - 1.00% | ||||||||
Republic of Brazil | ||||||||
2.125% due 04/15/06 + | 48,000 | 47,058 | ||||||
11.500% due 03/12/08 | 170,000 | 187,425 | ||||||
234,483 | ||||||||
Notional | ||||||||
Amount | ||||||||
Mexico - 2.37% | ||||||||
United Mexican States | ||||||||
8.000% due 09/24/22 | 500,000 | 552,500 | ||||||
United Mexican States Value Recovery Rights | ||||||||
0.000% due 06/30/04 + | 250,000 | 3,437 | ||||||
0.000% due 06/30/05 + | 250,000 | 937 | ||||||
0.000% due 06/30/06 + | 250,000 | 313 | ||||||
0.000% due 06/30/07 + | 250,000 | 188 | ||||||
557,375 | ||||||||
Principal | ||||||||
Amount | ||||||||
Peru - 1.42% | ||||||||
Republic of Peru | ||||||||
9.125% due 02/21/12 | 300,000 | 335,250 | ||||||
Total Foreign Government Bonds | ||||||||
(Cost $988,320) | 1,127,108 | |||||||
Principal | ||||||||
Amount | Value | |||||||
MUNICIPAL BONDS - 3.62% | ||||||||
California State Anticipated Warrants 'A' | ||||||||
2.000% due 06/16/04 | $ | 200,000 | $ | 200,720 | ||||
Energy Northwest Washington Electric Revenue | ||||||||
5.500% due 07/01/12 | 100,000 | 113,257 | ||||||
Florida State Board of Education 'A' | ||||||||
5.000% due 06/01/32 | 100,000 | 101,448 | ||||||
Golden State Tobacco Securitization Corp CA | ||||||||
6.250% due 06/01/33 | 50,000 | 43,390 | ||||||
6.750% due 06/01/39 | 100,000 | 89,584 | ||||||
Illinois State Taxable Pension | ||||||||
5.100% due 06/01/33 | 100,000 | 93,068 | ||||||
Las Vegas Valley Nevada Water District | ||||||||
5.000% due 06/01/32 | 100,000 | 100,651 | ||||||
San Antonio Texas Refunding | ||||||||
5.000% due 02/01/10 | 100,000 | 111,262 | ||||||
Total Municipal Bonds | ||||||||
(Cost $869,388) | 853,380 | |||||||
Notional | ||||||||
Amount | ||||||||
PURCHASED PUT OPTIONS - 0.00% | ||||||||
Eurodollar (CME) | ||||||||
Strike @ 97.25 Exp. 12/03/03 | ||||||||
9 Contracts | 9,000,000 | 56 | ||||||
Eurodollar (CME) | ||||||||
Strike @ 97.50 Exp. 12/03/03 | ||||||||
15 Contracts | 15,000,000 | 188 | ||||||
Eurodollar (CME) | ||||||||
Strike @ 93.00 Exp. 06/14/04 | ||||||||
9 Contracts | 9,000,000 | — | ||||||
Total Purchased Put Options | ||||||||
(Cost $330) | 244 | |||||||
Principal | ||||||||
Amount | ||||||||
SHORT-TERM INVESTMENTS - 14.25% | ||||||||
Commercial Paper - 6.35% | ||||||||
HBOS Treasury Services PLC | ||||||||
1.065% due 12/23/03 | 400,000 | 399,017 | ||||||
Kraft Foods Inc | ||||||||
1.940% due 02/27/04 | 100,000 | 99,429 | ||||||
Royal Bank of Scotland PLC | ||||||||
1.085% due 01/20/04 | 500,000 | 498,327 | ||||||
Shell Finance (UK) PLC | ||||||||
1.100% due 03/16/04 | 500,000 | 497,435 | ||||||
1,494,208 | ||||||||
U.S. Government Agency Issues - 3.38% | ||||||||
Fannie Mae | ||||||||
1.080% due 02/23/04 | 100,000 | 99,589 | ||||||
1.080% due 03/10/04 | 600,000 | 597,182 | ||||||
1.135% due 03/03/04 | 100,000 | 99,551 | ||||||
796,322 | ||||||||
U.S. Treasury Bills - 1.99% | ||||||||
0.920% due 12/11/03 ** | 10,000 | 9,983 | ||||||
0.928% due 12/04/03 ** | 170,000 | 169,744 | ||||||
0.960% due 12/04/03 ** | 290,000 | 289,562 | ||||||
469,289 | ||||||||
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-17 | |
PACIFIC FUNDS
PF PIMCO MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2003 (Unaudited)
Shares | Value | |||||||
Cash Equivalents - 2.53% | ||||||||
BlackRock Provident Institutional TempCash | 297,457 | $ | 297,457 | |||||
BlackRock Provident Institutional TempFund | 297,457 | 297,457 | ||||||
594,914 | ||||||||
Total Short-Term Investments | ||||||||
(Cost $3,355,102) | 3,354,733 | |||||||
TOTAL INVESTMENTS - 112.76% | ||||||||
(Cost $25,973,968) | 26,548,485 | |||||||
Principal | ||||||||
Amount | ||||||||
INVESTMENTS SOLD SHORT - (22.08%) | ||||||||
Fannie Mae | ||||||||
4.000% due 10/15/18 # | $ | 300,000 | (295,594 | ) | ||||
Freddie Mac | ||||||||
4.000% due 10/15/18 # | 1,200,000 | (1,184,250 | ) | |||||
U.S. Treasury Note | ||||||||
3.250% due 08/15/07 # | 3,600,000 | (3,718,267 | ) | |||||
Total Investments Sold Short | ||||||||
(Proceeds $5,114,853) | (5,198,111 | ) | ||||||
OTHER ASSETS AND LIABILITIES, NET - 9.32% | 2,194,926 | |||||||
NET ASSETS - 100.00% | $ | 23,545,300 | ||||||
Notes to Schedule of Investments | ||||||||
(a) Securities with an approximate aggregate market value of $469,289 were
segregated with the custodian to cover margin requirements for the following open
futures contracts at September 30, 2003:
Unrealized | |||||
Number of | Appreciation | ||||
Contracts | (Depreciation) | ||||
Euro-Bund Future (12/03) | 24 | $ | 73,972 | ||
90-Day Eurodollar Futures (12/04) | 23 | 32,837 | |||
90-Day Eurodollar Futures (03/05) | 1 | 250 | |||
90-Day Eurodollar Futures (06/05) | 18 | (18,775 | ) | ||
90-Day GBP LIBOR Futures (03/05) | 5 | (5,794 | ) | ||
U.S. Treasury 10-Year Notes (12/03) | 32 | 109,680 | |||
U.S. Long Bond (12/03) | 4 | 29,625 | |||
$ | 221,795 | ||||
(b) Transactions in written options for the period ended September 30, 2003, were | |||||
as follows: | |||||
Number of | |||||
Contracts | Premium | ||||
Outstanding, March 31, 2003 | 7,500,011 | $ | 173,959 | ||
Options Written | 1,300,043 | 53,755 | |||
Options Expired | (21 | ) | (7,016 | ) | |
Options Repurchased | (900,027 | ) | (40,324 | ) | |
Outstanding, September 30, 2003 | 7,900,006 | $ | 180,374 | ||
(c) Premiums received and value of written options outstanding at September 30, 2003:
Notional | |||||||||||
Type | Amount | Premium | Value | ||||||||
Call – OTC Swaption (3 month LIBOR vs 5.000%) | |||||||||||
Strike @ 3.00 Exp 11/12/2003 | $ | 1,900,000 | $ | 15,007 | $ | 5,496 | |||||
Call – OTC Swaption (3 month LIBOR vs 3.500%) | |||||||||||
Strike @ 3.00 Exp 12/17/2003 | $ | 400,000 | 3,924 | 1,955 | |||||||
Call - CBOT U.S. Treasury Bond December Futures | |||||||||||
Strike @ 109.00 Exp 12/19/2003 | $ | 600,000 | 7,103 | 26,156 | |||||||
Call – OTC Swaption (3 month LIBOR vs 10.000%) | |||||||||||
Strike @ 4.00 Exp 10/07/2004 | $ | 700,000 | 17,570 | 9,006 | |||||||
Put – OTC Swaption (3 month LIBOR vs 10.000%) | |||||||||||
Strike @ 6.00 Exp 10/07/2004 | $ | 700,000 | 22,260 | 11,362 | |||||||
Call – OTC Swaption (3 month LIBOR vs 7.000%) | |||||||||||
Strike @ 5.00 Exp 01/07/2005 | $ | 1,000,000 | 27,150 | 48,833 | |||||||
Put – OTC Swaption (3 month LIBOR vs 7.000%) | |||||||||||
Strike @ 7.00 Exp 01/07/2005 | $ | 1,000,000 | 20,700 | 6,418 | |||||||
Call – OTC Swaption (3 month LIBOR vs 7.000%) | |||||||||||
Strike @ 4.00 Exp 09/23/2005 | $ | 1,100,000 | 29,370 | 17,314 | |||||||
Put – OTC Swaption (3 month LIBOR vs 7.000%) | |||||||||||
Strike @ 6.00 Exp 09/23/2005 | $ | 1,100,000 | 37,290 | 27,574 | |||||||
$ | 180,374 | $ | 154,114 | ||||||||
(d) Forward foreign currency contracts outstanding at September 30, 2003, were as follows:
Principal | ||||||||
Contracts | Amount | Unrealized | ||||||
to Buy | Covered by | Appreciation | ||||||
or to Sell | Currency | Contracts | Expiration | (Depreciation) | ||||
Buy | CNY | 1,619,550 | 09/04 | $ | 3,925 | |||
Buy | CNY | 789,750 | 09/05 | 2,538 | ||||
Sell | CNY | 810,500 | 09/04 | (2,053 | ) | |||
Buy | EUR | 132,000 | 10/03 | 2,386 | ||||
Buy | EUR | 181,000 | 11/03 | 1,638 | ||||
Sell | EUR | 18,000 | 11/03 | (204 | ) | |||
Sell | GBP | 86,000 | 10/03 | (6,790 | ) | |||
Buy | MXP | 480,000 | 02/04 | 475 | ||||
Buy | MXP | 240,000 | 03/04 | 375 | ||||
$ | 2,290 | |||||||
(e) Swap agreements outstanding as of September 30, 2003:
Notional | Unrealized | |||
Type | Amount | Appreciation | ||
Receive floating rate based on 3-month CHF-LIBOR and | ||||
pay fixed rate equal to 1.500%. | ||||
Broker: J.P. Morgan | ||||
Exp. 03/29/05 | CHF 2,100,000 | $ | 2,839 | |
Receive floating rate based on 3-month CHF-LIBOR and | ||||
pay fixed rate equal to 1.500%. | ||||
Broker: Merrill Lynch | ||||
Exp. 03/29/05 | CHF 1,900,000 | 1,808 |
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-18 | |
PACIFIC FUNDS
PF PIMCO MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2003 (Unaudited)
Unrealized | ||||||
Notional | Appreciation | |||||
Type | Amount | (Depreciation) | ||||
Receive floating rate based on 6-month EUR-LIBOR and | ||||||
pay fixed rate equal to 4.000%. | ||||||
Broker: J.P. Morgan Chase | ||||||
Exp. 03/15/07 | EUR 400,000 | ($ | 2,128 | ) | ||
Receive floating rate based on 3-month USD-LIBOR and | ||||||
pay fixed rate equal to 4.000%. | ||||||
Broker: Goldman Sachs | ||||||
Exp. 08/15/07 | $ | 3,600,000 | 73,944 | |||
Receive floating rate based on 3-month SEK-LIBOR and | ||||||
pay fixed rate equal to 4.500%. | ||||||
Broker: J.P. Morgan Chase | ||||||
Exp. 06/17/08 | SEK 2,600,000 | (4,264 | ) | |||
Receive floating rate based on 3-month SEK-LIBOR and | ||||||
pay fixed rate equal to 4.500%. | ||||||
Broker: Merrill Lynch | ||||||
Exp. 06/17/08 | SEK 5,200,000 | (1,733 | ) | |||
Receive floating rate based on 3-month USD-LIBOR and | ||||||
pay fixed rate equal to 4.000%. | ||||||
Broker: Goldman Sachs | ||||||
Exp. 12/17/08 | $ | 200,000 | 4,406 | |||
Receive floating rate based on 6-month EUR-LIBOR and | ||||||
pay fixed rate equal to 4.000%. | ||||||
Broker: Goldman Sachs | ||||||
Exp. 12/17/13 | EUR 1,700,000 | (35,727 | ) | |||
Receive floating rate based on 6-month EUR-LIBOR and | ||||||
pay fixed rate equal to 4.000%. | ||||||
Broker: J.P. Morgan Chase | ||||||
Exp. 12/17/13 | EUR 700,000 | (6,712 | ) | |||
Receive floating rate based on 3-month USD-LIBOR and | ||||||
pay fixed rate equal to 5.000%. | ||||||
Broker: Merrill Lynch | ||||||
Exp. 12/17/23 | $ | 1,300,000 | 106,780 | |||
Pay fixed rate equal to 0.260% and receive from | ||||||
the counter party at par in the event of default of | ||||||
the Allstate Corp 6.125% due 02/15/12. | ||||||
Broker: Morgan Stanley | ||||||
Exp. 12/20/08 | $ | 100,000 | 288 | |||
Pay fixed rate equal to 0.280% and receive from | ||||||
the counter party at par in the event of default of | ||||||
the Eaton Corp 5.750% due 07/15/12. | ||||||
Broker: Citigroup Global Markets | ||||||
Exp. 12/20/08 | $ | 100,000 | — | |||
Pay fixed rate equal to 0.160% and receive from | ||||||
the counter party at par in the event of default of | ||||||
the Eli Lilly 6.000% due 03/15/12. | ||||||
Broker: Barclays Bank PLC | ||||||
Exp. 12/20/08 | $ | 100,000 | (135 | ) | ||
Pay fixed rate equal to 0.210% and receive from | ||||||
the counter party at par in the event of default of | ||||||
the Emerson Electric Co 4.625% due 10/15/12. | ||||||
Broker: Morgan Stanley | ||||||
Exp. 12/20/08 | $ | 100,000 | $ | 315 | ||
Pay fixed rate equal to 0.290% and receive from | ||||||
the counter party at par in the event of default of | ||||||
the Fedex Corp 7.250% due 02/15/11. | ||||||
Broker: Barclays Bank PLC | ||||||
Exp. 12/20/08 | $ | 100,000 | — | |||
Pay fixed rate equal to 0.220% and receive from | ||||||
the counter party at par in the event of default of | ||||||
the Gannet Co Inc 6.375% due 04/01/12. | ||||||
Broker: Merrill Lynch | ||||||
Exp. 12/20/08 | $ | 100,000 | — | |||
Pay fixed rate equal to 0.120% and receive from | ||||||
the counter party at par in the event of default of | ||||||
The Home Depot Inc 5.375% due 04/01/06. | ||||||
Broker: Lehman Brothers | ||||||
Exp. 12/20/08 | $ | 100,000 | 331 | |||
Pay fixed rate equal to 0.320% and receive from | ||||||
the counter party at par in the event of default of | ||||||
the Ingersoll-Rand Co 6.480% due 06/01/25. | ||||||
Broker: Merrill Lynch | ||||||
Exp. 12/20/08 | $ | 100,000 | 70 | |||
Pay fixed rate equal to 0.110% and receive from | ||||||
the counter party at par in the event of default of | ||||||
the Johnson & Johnson 3.800% due 05/15/13. | ||||||
Broker: Lehman Brothers | ||||||
Exp. 12/20/08 | $ | 100,000 | 86 | |||
Pay fixed rate equal to 0.140% and receive from | ||||||
the counter party at par in the event of default of | ||||||
the Wal-Mart Stores 3.375% due 10/01/08. | ||||||
Broker: Citigroup Global Markets | ||||||
Exp. 12/20/08 | $ | 100,000 | — | |||
Pay fixed rate equal to 0.290% and receive from | ||||||
the counter party at par in the event of default of | ||||||
the Whirlpool Corp 8.600% due 05/01/10. | ||||||
Broker: Citigroup Global Markets | ||||||
Exp. 12/20/08 | $ | 100,000 | 193 | |||
$ | 140,361 | |||||
(f) | Notional and principal amount denoted in the indicated currency: | |
CHF – Swiss Franc CNY – Chinese Yuan EUR – Eurodollar GBP – British Pounds MXP – Mexican Pesos SEK – Swedish Krona |
| |
See Notes to Financial Statements |
|
A-19 | |
PACIFIC FUNDS
PF PACIFIC LIFE MONEY MARKET FUND
Schedule of Investments
September 30, 2003 (Unaudited)
Principal | ||||||
Amount | Value | |||||
SHORT-TERM INVESTMENTS - 103.00% | ||||||
Commercial Paper - 85.78% | ||||||
3M Co | ||||||
1.000% due 10/21/03 | $ | 400,000 | $ | 399,778 | ||
Abbott Laboratories | ||||||
1.000% due 10/16/03 ~ | 650,000 | 649,729 | ||||
American Honda Finance Corp | ||||||
1.010% due 10/09/03 | 150,000 | 149,966 | ||||
1.030% due 10/21/03 | 400,000 | 399,771 | ||||
Anheuser-Busch Cos Inc | ||||||
1.000% due 10/27/03 ~ | 650,000 | 649,531 | ||||
BellSouth Corp | ||||||
1.040% due 10/07/03 | 650,000 | 649,887 | ||||
Bemis Co | ||||||
1.030% due 10/14/03 ~ | 650,000 | 649,758 | ||||
BMW U.S. Capital LLC | ||||||
1.040% due 10/24/03 | 450,000 | 449,701 | ||||
Clorox Co | ||||||
1.020% due 11/03/03 | 700,000 | 699,346 | ||||
Colgate-Palmolive Co | ||||||
1.020% due 10/15/03 ~ | 750,000 | 749,703 | ||||
Equitable Resources Inc | ||||||
1.030% due 10/20/03 ~ | 450,000 | 449,755 | ||||
Fortune Brands Inc | ||||||
1.020% due 10/23/03 ~ | 700,000 | 699,564 | ||||
Gannet Co | ||||||
1.030% due 10/07/03 ~ | 450,000 | 449,923 | ||||
General Electric Co | ||||||
1.050% due 11/06/03 ~ | 400,000 | 399,580 | ||||
Kimberly-Clark Worldwide Inc | ||||||
1.000% due 10/17/03 ~ | 650,000 | 649,711 | ||||
Koch Industries Inc | ||||||
1.020% due 10/03/03 ~ | 700,000 | 699,960 | ||||
Medtronic Inc | ||||||
1.010% due 10/09/03 ~ | 650,000 | 649,854 | ||||
Merck & Co Inc | ||||||
1.010% due 10/16/03 | 700,000 | 699,705 | ||||
Motiva Enterprises LLC | ||||||
1.010% due 10/06/03 | 500,000 | 499,930 | ||||
SBC International Inc | ||||||
1.020% due 10/06/03 ~ | 650,000 | 649,908 | ||||
Snap-On Inc | ||||||
1.030% due 10/06/03 ~ | 650,000 | 649,907 | ||||
The Gillette Co | ||||||
1.060% due 10/01/03 ~ | 750,000 | 750,000 | ||||
The Southern Co | ||||||
1.060% due 10/27/03 ~ | 400,000 | 399,694 | ||||
Toyota Motor Credit Corp | ||||||
0.950% due 10/14/03 ~ | 650,000 | 649,777 | ||||
Wal-Mart Stores Inc | ||||||
0.970% due 10/01/03 ~ | 650,000 | 650,000 | ||||
Wells Fargo Bank NA | ||||||
1.040% due 06/17/04 + | 250,000 | 250,000 | ||||
14,644,438 | ||||||
Asset-Backed Securities - 11.31% | ||||||
Daimler Chrysler Auto Trust | ||||||
1.100% due 08/09/04 ~ " | 303,574 | 303,574 | ||||
Honda Auto Receivables Owner Trust | ||||||
1.110% due 09/13/04 " | 221,183 | 221,183 | ||||
USAA Auto Owner Trust | ||||||
1.052% due 07/15/04 " | 406,086 | 406,086 | ||||
WFS Financial Owner Trust | ||||||
1.129% due 08/20/04 " | 500,000 | 500,000 | ||||
Whole Auto Loan Trust | ||||||
1.100% due 09/15/04 " | 500,000 | 500,000 | ||||
1,930,843 | ||||||
U.S. Government Agency Issues - 5.64% | ||||||||
Federal Farm Credit Bank | ||||||||
1.000% due 07/02/04 | 250,000 | 250,000 | ||||||
Federal Home Loan Bank | ||||||||
1.300% due 06/28/04 | 212,766 | 212,766 | ||||||
Freddie Mac | ||||||||
1.450% due 09/03/04 | 500,000 | 500,000 | ||||||
962,766 | ||||||||
Shares | ||||||||
Cash Equivalent - 0.27% | ||||||||
BlackRock Provident Institutional TempFund | 46,180 | 46,180 | ||||||
Total Short-Term Investments | ||||||||
(Cost $17,584,227) | 17,584,227 | |||||||
TOTAL INVESTMENTS - 103.00% | ||||||||
(Cost $17,584,227) | 17,584,227 | |||||||
OTHER ASSETS AND LIABILITIES, NET - (3.00%) | (511,368 | ) | ||||||
NET ASSETS - 100.00% | $ | 17,072,859 | ||||||
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-20 | |
PACIFIC FUNDS
PF PUTNAM EQUITY INCOME FUND
Schedule of Investments
September 30, 2003 (Unaudited)
Shares | Value | |||||
U.S. CONVERTIBLE PREFERRED STOCKS - 2.80% | ||||||
Autos & Transportation - 0.29% | ||||||
Ford Motor Co Capital Trust II 6.500% | 798 | $ | 34,561 | |||
Financial Services - 0.48% | ||||||
The Hartford Financial Services Group Inc 6.000% | 709 | 38,364 | ||||
The Hartford Financial Services Group Inc 7.000% | 358 | 20,023 | ||||
58,387 | ||||||
Materials & Processing - 0.17% | ||||||
Boise Cascade Corp 7.500% | 468 | 21,182 | ||||
Producer Durables - 1.05% | ||||||
Northrop Grumman Corp 7.250% | 84 | 8,215 | ||||
Xerox Corp 6.250% | 1,162 | 118,919 | ||||
127,134 | ||||||
Technology - 0.21% | ||||||
Raytheon Co 8.250% | 333 | 17,632 | ||||
Solectron Corp 7.750% | 433 | 7,218 | ||||
24,850 | ||||||
Utilities - 0.60% | ||||||
CenterPoint Energy Inc 2.000% | 1,723 | 49,330 | ||||
Dominion Resources Inc VA 9.500% | 406 | 23,016 | ||||
72,346 | ||||||
Total U.S. Convertible Preferred Stocks | ||||||
(Cost $327,343) | 338,460 | |||||
U.S. COMMON STOCKS - 80.50% | ||||||
Autos & Transportation - 2.09% | ||||||
Southwest Airlines Co | 1,240 | 21,948 | ||||
Union Pacific Corp | 3,974 | 231,168 | ||||
253,116 | ||||||
Consumer Discretionary - 8.99% | ||||||
AOL Time Warner Inc * | 2,370 | 35,811 | ||||
Darden Restaurants Inc | 3,201 | 60,819 | ||||
Harrah's Entertainment Inc | 1,019 | 42,910 | ||||
Hilton Hotels Corp | 2,910 | 47,200 | ||||
J.C. Penney Co Inc | 3,685 | 78,748 | ||||
Kimberly-Clark Corp | 1,005 | 51,577 | ||||
Knight-Ridder Inc | 445 | 29,682 | ||||
Liberty Media Corp 'A' * | 16,093 | 160,447 | ||||
Limited Brands Inc | 3,426 | 51,664 | ||||
McDonald's Corp | 1,380 | 32,485 | ||||
Newell Rubbermaid Inc | 1,280 | 27,738 | ||||
Office Depot Inc * | 4,082 | 57,352 | ||||
Republic Services Inc | 4,997 | 113,132 | ||||
Royal Caribbean Cruises Ltd | 1,885 | 52,987 | ||||
The TJX Cos Inc | 2,135 | 41,462 | ||||
The Walt Disney Co | 5,773 | 116,441 | ||||
Whirlpool Corp | 1,278 | 86,610 | ||||
1,087,065 | ||||||
Consumer Staples - 5.57% | ||||||
Altria Group Inc | 5,885 | 257,763 | ||||
Coca-Cola Enterprises Inc | 4,935 | 94,061 | ||||
ConAgra Foods Inc | 2,765 | 58,729 | ||||
CVS Corp | 950 | 29,507 | ||||
General Mills Inc | 610 | 28,713 | ||||
H.J. Heinz Co | 2,886 | 98,932 | ||||
Pepsi Bottling Group Inc | 4,173 | 85,880 | ||||
The Coca-Cola Co | 480 | 20,621 | ||||
674,206 | ||||||
Energy - 0.49% | ||||||
Apache Corp | 740 | 51,312 | ||||
Valero Energy Corp | 224 | 8,572 | ||||
59,884 | ||||||
Financial Services - 30.58% | ||||||
American International Group Inc | 1,887 | 108,880 | ||||
Aon Corp | 1,027 | 21,413 | ||||
Bank of America Corp | 3,763 | 293,665 | ||||
Berkshire Hathaway Inc 'B' * | 33 | 82,368 | ||||
Charter One Financial Inc | 1,409 | 43,115 | ||||
CIGNA Corp | 1,175 | 52,464 | ||||
CIT Group Inc | 871 | 25,050 | ||||
Citigroup Inc | 12,869 | 585,668 | ||||
Comerica Inc | 437 | 20,364 | ||||
Compass Bancshares Inc | 740 | 25,589 | ||||
Equity Office Properties Trust | 3,723 | 102,494 | ||||
Fannie Mae | 1,704 | 119,621 | ||||
Freddie Mac | 2,758 | 144,381 | ||||
J.P. Morgan Chase & Co | 7,007 | 240,550 | ||||
M&T Bank Corp | 337 | 29,420 | ||||
MBIA Inc | 577 | 31,718 | ||||
MBNA Corp | 2,003 | 45,668 | ||||
Merrill Lynch & Co Inc | 1,955 | 104,651 | ||||
Radian Group Inc | 2,076 | 92,174 | ||||
SouthTrust Corp | 253 | 7,436 | ||||
State Street Corp | 1,590 | 71,550 | ||||
The Bank of New York Co Inc | 7,565 | 220,217 | ||||
The PMI Group Inc | 2,083 | 70,301 | ||||
Torchmark Corp | 81 | 3,292 | ||||
Travelers Property Casualty Corp 'B' | 6,753 | 107,238 | ||||
U.S. Bancorp | 13,060 | 313,309 | ||||
Wachovia Corp | 5,294 | 218,060 | ||||
Washington Mutual Inc | 4,966 | 195,512 | ||||
Wells Fargo & Co | 4,395 | 226,343 | ||||
Zions Bancorp | 1,731 | 96,676 | ||||
3,699,187 | ||||||
Health Care - 3.15% | ||||||
Abbott Laboratories | 2,625 | 111,694 | ||||
King Pharmaceuticals Inc * | 4,206 | 63,721 | ||||
Medco Health Solutions Inc * | 1 | 26 | ||||
Merck & Co Inc | 850 | 43,027 | ||||
Pfizer Inc | 5,333 | 162,016 | ||||
380,484 | ||||||
Integrated Oils - 6.55% | ||||||
ConocoPhillips | 3,232 | 176,952 | ||||
Exxon Mobil Corp | 10,844 | 396,891 | ||||
GlobalSantaFe Corp | 2,513 | 60,186 | ||||
Noble Corp * | 1,421 | 48,300 | ||||
Unocal Corp | 3,502 | 110,383 | ||||
792,712 | ||||||
Materials & Processing - 4.46% | ||||||
Alcoa Inc | 141 | 3,689 | ||||
Avery Dennison Corp | 482 | 24,351 | ||||
Boise Cascade Corp | 1,705 | 47,058 | ||||
Engelhard Corp | 1,678 | 46,430 |
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-21 | |
PACIFIC FUNDS
PF PUTNAM EQUITY INCOME FUND
Schedule of Investments (Continued)
September 30, 2003 (Unaudited)
Shares | Value | ||||||
Masco Corp | 5,126 | $ | 125,484 | ||||
PPG Industries Inc | 1,136 | 59,322 | |||||
Smurfit-Stone Container Corp * | 4,165 | 62,392 | |||||
Sonoco Products Co | 3,085 | 67,716 | |||||
The Dow Chemical Co | 3,160 | 102,826 | |||||
539,268 | |||||||
Multi-Industry - 1.30% | |||||||
Fortune Brands Inc | 1,620 | 91,935 | |||||
Honeywell International Inc | 2,497 | 65,796 | |||||
157,731 | |||||||
Producer Durables - 2.79% | |||||||
Dover Corp | 1,912 | 67,627 | |||||
Lockheed Martin Corp | 1,480 | 68,302 | |||||
Northrop Grumman Corp | 859 | 74,063 | |||||
Pitney Bowes Inc | 1,246 | 47,747 | |||||
The Boeing Co | 1,554 | 53,349 | |||||
Xerox Corp * | 2,625 | 26,932 | |||||
338,020 | |||||||
Technology - 4.65% | |||||||
BMC Software Inc * | 2,049 | 28,543 | |||||
Computer Associates International Inc | 6,153 | 160,655 | |||||
Hewlett-Packard Co | 13,957 | 270,207 | |||||
International Business Machines Corp | 461 | 40,720 | |||||
PeopleSoft Inc * | 1,760 | 32,014 | |||||
Raytheon Co | 1,070 | 29,960 | |||||
562,099 | |||||||
Utilities - 9.88% | |||||||
BellSouth Corp | 3,651 | 86,456 | |||||
CenterPoint Energy Inc | 10,161 | 93,176 | |||||
Comcast Corp Special 'A' * | 2,769 | 81,796 | |||||
Constellation Energy Group Inc | 731 | 26,155 | |||||
Dominion Resources Inc VA | 1,217 | 75,332 | |||||
DPL Inc | 3,080 | 52,822 | |||||
Edison International * | 2,413 | 46,088 | |||||
Entergy Corp | 1,058 | 57,291 | |||||
Exelon Corp | 1,287 | 81,725 | |||||
FirstEnergy Corp | 618 | 19,714 | |||||
PG&E Corp * | 3,110 | 74,329 | |||||
Progress Energy Inc | 1,970 | 87,586 | |||||
SBC Communications Inc | 7,747 | 172,371 | |||||
Verizon Communications Inc | 7,401 | 240,089 | |||||
1,194,930 | |||||||
Total U.S. Common Stocks | |||||||
(Cost $9,424,882) | 9,738,702 | ||||||
FOREIGN COMMON STOCKS - 8.61% | |||||||
Bermuda - 4.21% | |||||||
ACE Ltd | 4,617 | 152,730 | |||||
Ingersoll-Rand Co Ltd 'A' | 1,955 | 104,475 | |||||
Tyco International Ltd | 6,583 | 134,491 | |||||
XL Capital Ltd 'A' | 1,516 | 117,399 | |||||
509,095 | |||||||
Canada - 1.04% | |||||||
Canadian National Railway Co | 699 | 36,362 | |||||
Canadian Natural Resources Ltd | 810 | 33,339 | |||||
Celestica Inc * | 3,531 | 56,002 | |||||
125,703 | |||||||
France - 1.19% | |||||||
Total SA ADR | 1,893 | 143,490 | |||||
Netherlands - 1.04% | |||||||
Royal Dutch Petroleum Co 'NY' | 2,846 | 125,793 | |||||
Singapore - 0.22% | |||||||
Flextronics International Ltd * | 1,879 | 26,644 | |||||
United Kingdom - 0.91% | |||||||
BP PLC ADR | 2,626 | 110,555 | |||||
Total Foreign Common Stocks | |||||||
(Cost $1,004,782) | 1,041,280 | ||||||
Principal | |||||||
Amount | |||||||
U. S. CONVERTIBLE CORPORATE BONDS - 1.29% | |||||||
Consumer Discretionary - 0.49% | |||||||
Service Corp International | |||||||
6.750% due 06/22/08 | $57,000 | 58,923 | |||||
Consumer Staples - 0.28% | |||||||
Rite Aid Corp | |||||||
4.750% due 12/01/06 | 31,000 | 33,519 | |||||
Materials & Processing - 0.52% | |||||||
Freeport-McMoRan Copper & Gold Inc | |||||||
8.250% due 01/31/06 ~ | 10,000 | 23,613 | |||||
8.250% due 01/31/06 | 17,000 | 40,141 | |||||
63,754 | |||||||
Total U.S. Convertible Corporate Bonds | |||||||
(Cost $114,943) | 156,196 | ||||||
MORTGAGE-BACKED SECURITIES - 1.24% | |||||||
Collateralized Mortgage Obligations - 0.16% | |||||||
Fannie Mae | |||||||
7.500% due 07/25/42 " | 9,615 | 10,549 | |||||
7.500% due 08/25/42 " | 5,200 | 5,706 | |||||
Freddie Mac | |||||||
7.500% due 09/25/43 " | 3,096 | 3,404 | |||||
19,659 | |||||||
Fannie Mae - 0.31% | |||||||
6.500% due 10/15/33 " | 36,000 | 37,530 | |||||
Government National Mortgage Association - 0.72% | |||||||
Government National Mortgage Association | |||||||
5.000% due 08/15/33 " | 24,998 | 25,076 | |||||
5.000% due 10/15/33 " | 62,000 | 62,136 | |||||
87,212 | |||||||
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-22 | |
PACIFIC FUNDS
PF PUTNAM EQUITY INCOME FUND
Schedule of Investments (Continued)
September 30, 2003 (Unaudited)
Principal | Value | |||||||
Amount | ||||||||
�� | ||||||||
Stripped Mortgage-Backed Securities - 0.05% | ||||||||
Fannie Mae (IO) | ||||||||
2.249% due 06/25/43 " + | $ | 82,092 | $ | 5,939 | ||||
Total Mortgage-Backed Securities | ||||||||
(Cost $147,801) | 150,340 | |||||||
U.S. GOVERNMENT AGENCY ISSUE - 0.28% | ||||||||
Fannie Mae | ||||||||
7.250% due 01/15/10 | 28,000 | 33,693 | ||||||
Total U.S. Government Agency Issue | ||||||||
(Cost $33,475) | 33,693 | |||||||
U.S. TREASURY OBLIGATIONS - 2.46% | ||||||||
U.S. Treasury Bond - 0.32% | ||||||||
6.250% due 05/15/30 | 32,000 | 37,981 | ||||||
U.S. Treasury Notes - 2.14% | ||||||||
1.750% due 12/31/04 | 90,000 | 90,717 | ||||||
3.000% due 11/15/07 | 76,000 | 77,588 | ||||||
4.250% due 08/15/13 | 11,000 | 11,280 | ||||||
6.500% due 02/15/10 | 67,000 | 79,529 | ||||||
259,114 | ||||||||
Total U.S. Treasury Obligations | ||||||||
(Cost $293,281) | 297,095 | |||||||
FOREIGN CONVERTIBLE CORPORATE BOND - 0.04% | ||||||||
Bermuda - 0.04% | ||||||||
Tyco International Group SA | ||||||||
2.750% due 01/15/18 ~ | 5,000 | 5,506 | ||||||
Total Foreign Convertible Corporate Bond | ||||||||
(Cost $5,000) | 5,506 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 2.85% | ||||||||
Cash Equivalent - 2.85% | ||||||||
BlackRock Provident Institutional TempFund | 344,565 | 344,565 | ||||||
Total Short-Term Investment | ||||||||
(Cost $344,565) | 344,565 | |||||||
TOTAL INVESTMENTS - 100.07% | ||||||||
(Cost $11,696,072) | 12,105,837 | |||||||
OTHER ASSETS AND LIABILITIES, NET - (0.07%) | (8,914 | ) | ||||||
NET ASSETS - 100.00% | $12,096,923 | |||||||
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-23 | |
PACIFIC FUNDS
PF PUTNAM RESEARCH FUND
Schedule of Investments
September 30, 2003 (Unaudited)
Shares | Value | ||||
U.S. COMMON STOCKS - 90.21% | |||||
Autos & Transportation - 3.15% | |||||
Harley-Davidson Inc | 1,100 | $ | 53,020 | ||
Southwest Airlines Co | 6,500 | 115,050 | |||
Union Pacific Corp | 2,500 | 145,425 | |||
United Parcel Service Inc 'B' | 1,800 | 114,840 | |||
428,335 | |||||
Consumer Discretionary - 12.85% | |||||
AOL Time Warner Inc * | 8,900 | 134,479 | |||
AutoZone Inc * | 1,700 | 152,201 | |||
Avon Products Inc | 1,100 | 71,016 | |||
Bed Bath & Beyond Inc * | 1,700 | 64,906 | |||
Cintas Corp | 1,000 | 36,840 | |||
Costco Wholesale Corp * | 2,200 | 68,376 | |||
Darden Restaurants Inc | 4,100 | 77,900 | |||
Kohl's Corp * | 1,400 | 74,900 | |||
Liberty Media Corp 'A' * | 14,800 | 147,556 | |||
Lowe's Cos Inc | 3,000 | 155,700 | |||
Mattel Inc | 2,100 | 39,816 | |||
Royal Caribbean Cruises Ltd | 1,450 | 40,759 | |||
The Home Depot Inc | 3,300 | 105,105 | |||
The TJX Cos Inc | 3,000 | 58,260 | |||
Wal-Mart Stores Inc | 7,200 | 402,120 | |||
Wendy's International Inc | 1,400 | 45,220 | |||
Whirlpool Corp | 1,100 | 74,547 | |||
1,749,701 | |||||
Consumer Staples - 6.20% | |||||
Altria Group Inc | 5,600 | 245,280 | |||
ConAgra Foods Inc | 2,400 | 50,976 | |||
CVS Corp | 1,300 | 40,378 | |||
Dean Foods Co * | 3,400 | 105,502 | |||
General Mills Inc | 2,200 | 103,554 | |||
Kraft Foods Inc 'A' | 1,300 | 38,350 | |||
Pepsi Bottling Group Inc | 5,100 | 104,958 | |||
The Coca-Cola Co | 3,600 | 154,656 | |||
843,654 | |||||
Energy - 0.81% | |||||
Apache Corp | 1,600 | 110,944 | |||
Financial Services - 20.57% | |||||
American International Group Inc | 6,800 | 392,360 | |||
Bank of America Corp | 2,200 | 171,688 | |||
Capital One Financial Corp | 1,400 | 79,856 | |||
Citigroup Inc | 7,600 | 345,876 | |||
Fannie Mae | 3,050 | 214,110 | |||
Fifth Third Bancorp | 4,400 | 244,068 | |||
Fiserv Inc * | 3,100 | 112,313 | |||
Freddie Mac | 4,000 | 209,400 | |||
J.P. Morgan Chase & Co | 2,900 | 99,557 | |||
M&T Bank Corp | 400 | 34,920 | |||
MBNA Corp | 4,100 | 93,480 | |||
Morgan Stanley | 500 | 25,230 | |||
Paychex Inc | 1,300 | 44,109 | |||
Standard & Poor's Depository Receipts Trust I | 832 | 83,158 | |||
State Street Corp | 900 | 40,500 | |||
The Bank of New York Co Inc | 7,150 | 208,137 | |||
The Charles Schwab Corp | 3,700 | 44,067 | |||
Travelers Property Casualty Corp 'A' | 2,700 | 42,876 | |||
Travelers Property Casualty Corp 'B' | 2,700 | 42,876 | |||
U.S. Bancorp | 4,300 | 103,157 |
Wells Fargo & Co | 2,500 | 128,750 | |||
Zions Bancorp | 700 | 39,095 | |||
2,799,583 | |||||
Health Care - 13.69% | |||||
Abbott Laboratories | 3,160 | 134,458 | |||
Allergan Inc | 700 | 55,111 | |||
AmerisourceBergen Corp | 1,700 | 91,885 | |||
Amgen Inc * | 2,120 | 136,889 | |||
Cardinal Health Inc | 3,560 | 207,868 | |||
Forest Laboratories Inc * | 1,700 | 87,465 | |||
IDEC Pharmaceuticals Corp * | 1,600 | 53,040 | |||
Johnson & Johnson | 4,500 | 222,840 | |||
Medtronic Inc | 2,500 | 117,300 | |||
Pfizer Inc | 18,500 | 562,030 | |||
St. Jude Medical Inc * | 800 | 43,016 | |||
Tenet Healthcare Corp * | 2,800 | 40,544 | |||
Wyeth | 2,400 | 110,640 | |||
1,863,086 | |||||
Integrated Oils - 1.44% | |||||
ConocoPhillips | 2,000 | 109,500 | |||
GlobalSantaFe Corp | 3,600 | 86,220 | |||
195,720 | |||||
Materials & Processing - 3.72% | |||||
Alcoa Inc | 4,000 | 104,640 | |||
Avery Dennison Corp | 1,300 | 65,676 | |||
E.I. du Pont de Nemours & Co | 1,800 | 72,018 | |||
Masco Corp | 5,900 | 144,432 | |||
PPG Industries Inc | 700 | 36,554 | |||
Smurfit-Stone Container Corp * | 5,500 | 82,390 | |||
505,710 | |||||
Multi-Industry - 2.12% | |||||
General Electric Co | 9,700 | 289,157 | |||
Producer Durables - 3.83% | |||||
Lennar Corp 'A' | 600 | 46,674 | |||
Lexmark International Inc * | 1,390 | 87,584 | |||
Lockheed Martin Corp | 3,200 | 147,680 | |||
Pitney Bowes Inc | 1,100 | 42,152 | |||
The Boeing Co | 2,000 | 68,660 | |||
United Technologies Corp | 1,100 | 85,008 | |||
Xerox Corp * | 4,300 | 44,118 | |||
521,876 | |||||
Technology - 13.81% | |||||
BMC Software Inc * | 2,200 | 30,646 | |||
Cisco Systems Inc * | 10,400 | 203,216 | |||
Computer Associates International Inc | 1,500 | 39,165 | |||
Dell Inc * | 4,100 | 136,899 | |||
Hewlett-Packard Co | 11,600 | 224,576 | |||
Intel Corp | 11,900 | 327,369 | |||
Microsoft Corp | 23,300 | 647,507 | |||
Oracle Corp * | 7,600 | 85,272 | |||
QUALCOMM Inc | 2,000 | 83,280 | |||
Raytheon Co | 1,600 | 44,800 | |||
Texas Instruments Inc | 2,500 | 57,000 | |||
1,879,730 | |||||
Utilities - 8.02% | |||||
AT&T Wireless Services Inc * | 6,300 | 51,534 | |||
BellSouth Corp | 5,100 | 120,768 | |||
CenterPoint Energy Inc | 4,600 | 42,182 |
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-24 | |
PACIFIC FUNDS
PF PUTNAM RESEARCH FUND
Schedule of Investments (Continued)
September 30, 2003 (Unaudited)
Shares | Value | ||||||
CenturyTel Inc | 3,500 | $ | 118,615 | ||||
Comcast Corp 'A' * | 7,700 | 237,776 | |||||
Edison International * | 5,530 | 105,623 | |||||
Entergy Corp | 800 | 43,320 | |||||
Exelon Corp | 900 | 57,150 | |||||
FirstEnergy Corp | 1,200 | 38,280 | |||||
PG&E Corp * | 4,800 | 114,720 | |||||
Verizon Communications Inc | 5,000 | 162,200 | |||||
1,092,168 | |||||||
Total U.S. Common Stocks | |||||||
(Cost $11,550,059) | 12,279,664 | ||||||
FOREIGN COMMON STOCKS - 8.25% | |||||||
Australia - 0.32% | |||||||
BHP Billiton Ltd ADR | 6,011 | 42,964 | |||||
Bermuda - 3.17% | |||||||
Accenture Ltd 'A' * | 1,911 | 42,691 | |||||
ACE Ltd | 4,600 | 152,168 | |||||
Tyco International Ltd | 9,300 | 189,999 | |||||
XL Capital Ltd 'A' | 600 | 46,464 | |||||
431,322 | |||||||
Canada - 1.40% | |||||||
Canadian National Railway Co | 1,100 | 57,222 | |||||
Canadian Natural Resources Ltd | 2,200 | 90,627 | |||||
EnCana Corp | 1,200 | 43,484 | |||||
191,333 | |||||||
Finland - 0.31% | |||||||
Nokia OYJ ADR | 2,700 | 42,120 | |||||
France - 1.00% | |||||||
Total SA ADR | 1,800 | 136,440 | |||||
Italy - 0.88% | |||||||
ENI SPA ADR | 1,560 | 119,387 | |||||
Netherlands - 0.29% | |||||||
Royal Dutch Petroleum Co 'NY' | 900 | 39,780 | |||||
Singapore - 0.31% | |||||||
Flextronics International Ltd * | 3,000 | 42,540 | |||||
Switzerland - 0.28% | |||||||
Ciba Specialty Chemicals AG | 560 | 37,973 | |||||
United Kingdom - 0.29% | |||||||
BG Group PLC | 9,352 | 39,310 | |||||
Total Foreign Common Stocks | |||||||
(Cost $1,047,894) | 1,123,169 | ||||||
SHORT-TERM INVESTMENT - 0.56% | |||||||
Cash Equivalent - 0.56% | |||||||
BlackRock Provident Institutional TempFund | 76,830 | 76,830 | |||||
Total Short-Term Investment | |||||||
(Cost $76,830) | 76,830 | ||||||
TOTAL INVESTMENTS - 99.02% | |||||||
(Cost $12,674,783) | 13,479,663 | ||||||
OTHER ASSETS AND LIABILITIES, NET - 0.98% | 132,467 | ||||||
NET ASSETS - 100.00% | $ | 13,612,130 | |||||
Notes to Schedule of Investments
(a) Transactions in written options for the period ended September 30, 2003, were as follows:
Number of | ||||||
Contracts | Premium | |||||
Outstanding, March 31, 2003 | 0 | $ | 0 | |||
Options Written | 2,660 | 841 | ||||
Options Expired | 0 | 0 | ||||
Options Repurchased | 0 | 0 | ||||
Outstanding, September 30, 2003 | 2,660 | $ | 841 | |||
(b) Premiums received and value of written options outstanding at September 30, 2003:
Notional | |||||||||
Type | Amount | Premium | Value | ||||||
Call - CBOE AT&T Corp | |||||||||
Strike @ 9.50 Exp 10/31/03 | $ | 1,128 | $ | 381 | $ | 146 | |||
Put - CBOE The Walt Disney Co | |||||||||
Strike @ 19.00 Exp 10/23/03 | $ | 1,532 | 460 | 414 | |||||
$ | 841 | $ | 560 | ||||||
(c) Forward foreign currency contracts outstanding at September 30, 2003, were as follows:
Contracts | Principal Amount | Unrealized | |||||
to Buy | Covered by | Appreciation | |||||
or to Sell | Currency | Contracts | Expiration | (Depreciation) | |||
Sell | AUD | 51,000 | 12/03 | ($1,578 | ) | ||
Buy | CAD | 116,000 | 12/03 | 1,947 | |||
Sell | CAD | 359,000 | 12/03 | (9,658 | ) | ||
Buy | CHF | 52,000 | 12/03 | 236 | |||
Sell | CHF | 95,000 | 12/03 | (4,793 | ) | ||
Buy | EUR | 47,000 | 12/03 | 2,270 | |||
Sell | EUR | 331,600 | 12/03 | (29,514 | ) | ||
Sell | GBP | 20,000 | 12/03 | (1,856 | ) | ||
Buy | JPY | 737,000 | 12/03 | 331 | |||
Buy | SGD | 15,000 | 12/03 | 15 | |||
Sell | SGD | 55,000 | 12/03 | (464 | ) | ||
($43,064 | ) | ||||||
(d) Notional and principal amount denoted in the indicated currency: | |||
AUD – Australian Dollar | GBP – British Pound | ||
CAD – Canadian Dollar | JPY – Japanese Yen | ||
CHF –Swiss France | SGD– Singapore Dollar | ||
EUR – Euro Dollar |
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-25 | |
PACIFIC FUNDS
PF SALOMON BROTHERS LARGE-CAP VALUE FUND
Schedule of Investments
September 30, 2003 (Unaudited)
Shares | Value | |||||
U.S. COMMON STOCKS - 86.08% | ||||||
Consumer Discretionary - 12.02% | ||||||
Costco Wholesale Corp * | 6,500 | $ | 202,020 | |||
Federated Department Stores Inc | 6,400 | 268,160 | ||||
Kimberly-Clark Corp | 6,300 | 323,316 | ||||
Liberty Media Corp 'A' * | 26,800 | 267,196 | ||||
McDonald's Corp | 17,700 | 416,658 | ||||
MGM MIRAGE * | 4,000 | 146,200 | ||||
Target Corp | 8,000 | 301,040 | ||||
The Home Depot Inc | 8,300 | 264,355 | ||||
Waste Management Inc | 6,900 | 180,573 | ||||
2,369,518 | ||||||
Consumer Staples - 8.36% | ||||||
Altria Group Inc | 10,800 | 473,040 | ||||
Kraft Foods Inc 'A' | 9,300 | 274,350 | ||||
R.J. Reynolds Tobacco Holdings Inc | 5,200 | 205,608 | ||||
Safeway Inc * | 15,400 | 353,276 | ||||
The Kroger Co * | 19,100 | 341,317 | ||||
1,647,591 | ||||||
Energy - 1.46% | ||||||
ENSCO International Inc | 10,700 | 286,974 | ||||
Financial Services - 23.91% | ||||||
American Express Co | 5,100 | 229,806 | ||||
American International Group Inc | 5,700 | 328,890 | ||||
Bank of America Corp | 3,000 | 234,120 | ||||
Equity Office Properties Trust | 10,100 | 278,053 | ||||
FleetBoston Financial Corp | 8,800 | 265,320 | ||||
J.P. Morgan Chase & Co | 7,000 | 240,310 | ||||
Loews Corp | 5,800 | 234,146 | ||||
MBNA Corp | 11,400 | 259,920 | ||||
Merrill Lynch & Co Inc | 6,700 | 358,651 | ||||
Morgan Stanley | 4,800 | 242,208 | ||||
The Bank of New York Co Inc | 9,800 | 285,278 | ||||
The Goldman Sachs Group Inc | 2,800 | 234,920 | ||||
The Hartford Financial Services Group Inc | 3,200 | 168,416 | ||||
The St. Paul Cos Inc | 5,500 | 203,665 | ||||
U.S. Bancorp | 10,900 | 261,491 | ||||
Wachovia Corp | 5,600 | 230,664 | ||||
Waddell & Reed Financial Inc 'A' | 9,100 | 214,487 | ||||
Washington Mutual Inc | 5,400 | 212,598 | ||||
Wells Fargo & Co | 4,500 | 231,750 | ||||
4,714,693 | ||||||
Health Care - 8.13% | ||||||
Bristol-Myers Squibb Co | 6,900 | 177,054 | ||||
HCA Inc | 7,700 | 283,822 | ||||
Merck & Co Inc | 3,600 | 182,232 | ||||
Pfizer Inc | 16,100 | 489,118 | ||||
Schering-Plough Corp | 14,000 | 213,360 | ||||
Wyeth | 5,600 | 258,160 | ||||
1,603,746 | ||||||
Integrated Oils - 4.12% | ||||||
ChevronTexaco Corp | 5,000 | 357,250 | ||||
GlobalSantaFe Corp | 8,200 | 196,390 | ||||
Transocean Inc * | 12,900 | 258,000 | ||||
811,640 | ||||||
Materials & Processing - 4.44% | ||||||
Alcoa Inc | 13,200 | 345,312 | ||||
Avery Dennison Corp | 800 | 40,416 | ||||
International Paper Co | 7,800 | 304,356 | ||||
The Dow Chemical Co | 5,700 | 185,478 | ||||
875,562 | ||||||
Multi-Industry - 2.27% | ||||||
Fortune Brands Inc | 2,700 | 153,225 | ||||
Honeywell International Inc | 11,200 | 295,120 | ||||
448,345 | ||||||
Producer Durables - 1.45% | ||||||
United Technologies Corp | 3,700 | 285,936 | ||||
Technology - 8.16% | ||||||
3Com Corp * | 18,500 | 109,150 | ||||
Comverse Technology Inc * | 12,800 | 191,488 | ||||
Hewlett-Packard Co | 20,000 | 387,200 | ||||
International Business Machines Corp | 2,200 | 194,326 | ||||
Lucent Technologies Inc * | 81,100 | 175,176 | ||||
Solectron Corp * | 44,100 | 257,985 | ||||
Sun Microsystems Inc * | 58,300 | 192,973 | ||||
VERITAS Software Corp * | 3,200 | 100,480 | ||||
1,608,778 | ||||||
Utilities - 11.76% | ||||||
AT&T Corp | 7,600 | 163,780 | ||||
AT&T Wireless Services Inc * | 36,600 | 299,388 | ||||
Comcast Corp 'A' * | 6,470 | 199,794 | ||||
Comcast Corp Special 'A' * | 6,300 | 186,102 | ||||
FirstEnergy Corp | 7,700 | 245,630 | ||||
NiSource Inc | 11,800 | 235,764 | ||||
Progress Energy Inc | 5,300 | 235,638 | ||||
SBC Communications Inc | 12,100 | 269,225 | ||||
Verizon Communications Inc | 10,000 | 324,400 | ||||
Xcel Energy Inc | 10,200 | 157,794 | ||||
2,317,515 | ||||||
Total U.S. Common Stocks | ||||||
(Cost $16,906,932) | 16,970,298 | |||||
FOREIGN PREFERRED STOCK - 1.45% | ||||||
Australia - 1.45% | ||||||
The News Corp Ltd ADR | 10,500 | 286,545 | ||||
Total Foreign Preferred Stock | ||||||
(Cost $252,593) | 286,545 | |||||
FOREIGN COMMON STOCKS - 5.81% | ||||||
Barbados - 0.51% | ||||||
Nabors Industries Ltd * | 2,700 | 100,602 | ||||
Bermuda - 0.51% | ||||||
XL Capital Ltd 'A' | 1,300 | 100,672 | ||||
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-26 | |
PACIFIC FUNDS
PF SALOMON BROTHERS LARGE-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2003 (Unaudited)
Shares | Value | ||||||
Finland - 1.32% | |||||||
Nokia OYJ ADR | 16,700 | $ | 260,520 | ||||
France - 1.69% | |||||||
Total SA ADR | 4,400 | 333,520 | |||||
United Kingdom - 1.78% | |||||||
BP PLC ADR | 8,300 | 349,430 | |||||
Total Foreign Common Stocks | |||||||
(Cost $1,107,273) | 1,144,744 | ||||||
SHORT-TERM INVESTMENT - 4.58% | |||||||
Cash Equivalent - 4.58% | |||||||
BlackRock Provident Institutional TempFund | 902,223 | 902,223 | |||||
Total Short-Term Investment | |||||||
(Cost $902,223) | 902,223 | ||||||
TOTAL INVESTMENTS - 97.92% | |||||||
(Cost $19,169,021) | 19,303,810 | ||||||
OTHER ASSETS AND LIABILITIES, NET - 2.08% | 410,382 | ||||||
NET ASSETS - 100.00% | $ | 19,714,192 | |||||
| |
See Notes to Financial Statements |
|
A-27 | |
PACIFIC FUNDS
PF VAN KAMPEN COMSTOCK FUND
Schedule of Investments
September 30, 2003 (Unaudited)
Shares | Value | ||||
U.S. COMMON STOCKS - 81.84% | |||||
Autos & Transportation - 0.60% | |||||
Burlington Northern Santa Fe Corp | 1,600 | $ | 46,192 | ||
Consumer Discretionary - 8.24% | |||||
Federated Department Stores Inc | 2,100 | 87,990 | |||
Jones Apparel Group Inc | 2,200 | 65,846 | |||
Kimberly-Clark Corp | 2,900 | 148,828 | |||
Limited Brands Inc | 1,800 | 27,144 | |||
McDonald's Corp | 5,500 | 129,470 | |||
The May Department Stores Co | 900 | 22,167 | |||
The Walt Disney Co | 7,300 | 147,241 | |||
628,686 | |||||
Consumer Staples - 6.37% | |||||
Altria Group Inc | 2,900 | 127,020 | |||
CVS Corp | 3,700 | 114,922 | |||
Kraft Foods Inc 'A' | 1,000 | 29,500 | |||
Sara Lee Corp | 1,600 | 29,376 | |||
The Kroger Co * | 10,400 | 185,848 | |||
486,666 | |||||
Energy - 5.45% | |||||
Diamond Offshore Drilling Inc | 5,900 | 112,690 | |||
Halliburton Co | 12,500 | 303,125 | |||
415,815 | |||||
Financial Services - 19.14% | |||||
Affiliated Computer Services Inc 'A' * | 300 | 14,607 | |||
AMBAC Financial Group Inc | 1,000 | 64,000 | |||
Bank of America Corp | 2,200 | 171,688 | |||
Berkshire Hathaway Inc 'B' * | 5 | 12,480 | |||
Capital One Financial Corp | 600 | 34,224 | |||
Chubb Corp | 1,700 | 110,296 | |||
Citigroup Inc | 2,800 | 127,428 | |||
Fannie Mae | 600 | 42,120 | |||
Freddie Mac | 5,300 | 277,455 | |||
J.P. Morgan Chase & Co | 1,000 | 34,330 | |||
Merrill Lynch & Co Inc | 500 | 26,765 | |||
PNC Financial Services Group | 2,000 | 95,160 | |||
Principal Financial Group | 500 | 15,495 | |||
SunGard Data Systems Inc * | 1,000 | 26,310 | |||
SunTrust Banks Inc | 600 | 36,222 | |||
The Allstate Corp | 2,800 | 102,284 | |||
The Goldman Sachs Group Inc | 200 | 16,780 | |||
Torchmark Corp | 1,300 | 52,832 | |||
Travelers Property Casualty Corp 'A' | 800 | 12,704 | |||
Travelers Property Casualty Corp 'B' | 1,700 | 26,996 | |||
Washington Mutual Inc | 300 | 11,811 | |||
Wells Fargo & Co | 2,900 | 149,350 | |||
1,461,337 | |||||
Health Care - 10.37% | |||||
Aetna Inc | 1,300 | 79,339 | |||
Bristol-Myers Squibb Co | 11,900 | 305,354 | |||
Merck & Co Inc | 1,700 | 86,054 | |||
Pfizer Inc | 3,600 | 109,368 | |||
Schering-Plough Corp | 4,000 | 60,960 | |||
Tenet Healthcare Corp * | 3,700 | 53,576 | |||
Wyeth | 2,100 | 96,810 | |||
791,461 | |||||
Integrated Oils - 4.07% | ||||||
ConocoPhillips | 1,400 | 76,650 | ||||
GlobalSantaFe Corp | 5,600 | 134,120 | ||||
Transocean Inc * | 5,000 | 100,000 | ||||
310,770 | ||||||
Materials & Processing - 8.94% | ||||||
Alcoa Inc | 2,100 | 54,936 | ||||
Boise Cascade Corp | 2,900 | 80,040 | ||||
E.I. du Pont de Nemours & Co | 1,300 | 52,013 | ||||
Georgia-Pacific Corp | 7,000 | 169,680 | ||||
International Paper Co | 2,100 | 81,942 | ||||
Phelps Dodge Corp * | 600 | 28,080 | ||||
Rohm & Haas Co | 400 | 13,380 | ||||
The Dow Chemical Co | 5,200 | 169,208 | ||||
United States Steel Corp | 1,800 | 33,084 | ||||
682,363 | ||||||
Multi-Industry - 3.11% | ||||||
Schlumberger Ltd | 4,900 | 237,160 | ||||
Producer Durables - 1.74% | ||||||
Cognex Corp | 1,800 | 47,322 | ||||
Credence Systems Corp * | 3,000 | 34,500 | ||||
Lexmark International Inc * | 600 | 37,806 | ||||
Novellus Systems Inc * | 400 | 13,500 | ||||
133,128 | ||||||
Technology - 2.94% | ||||||
Cisco Systems Inc * | 800 | 15,632 | ||||
Comverse Technology Inc * | 600 | 8,976 | ||||
Electronics for Imaging Inc * | 1,400 | 32,648 | ||||
Hewlett-Packard Co | 2,700 | 52,272 | ||||
Intel Corp | 700 | 19,257 | ||||
International Business Machines Corp | 300 | 26,499 | ||||
Jabil Circuit Inc * | 700 | 18,235 | ||||
JDS Uniphase Corp * | 3,600 | 12,960 | ||||
Microsoft Corp | 1,200 | 33,348 | ||||
Motorola Inc | 400 | 4,788 | ||||
224,615 | ||||||
Utilities - 10.87% | ||||||
American Electric Power Co Inc | 900 | 27,000 | ||||
CenterPoint Energy Inc | 4,400 | 40,348 | ||||
Comcast Corp 'A' * | 600 | 18,528 | ||||
Constellation Energy Group Inc | 1,000 | 35,780 | ||||
Exelon Corp | 300 | 19,050 | ||||
IDACORP Inc | 400 | 10,200 | ||||
Public Service Enterprise Group Inc | 1,200 | 50,400 | ||||
Sprint Corp-FON Group | 25,600 | 386,560 | ||||
TXU Corp | 5,300 | 124,868 | ||||
Verizon Communications Inc | 3,600 | 116,784 | ||||
829,518 | ||||||
Total U.S. Common Stocks | ||||||
(Cost $5,612,018) | 6,247,711 | |||||
FOREIGN COMMON STOCKS - 8.55% | ||||||
Bermuda - 0.18% | ||||||
RenaissanceRe Holdings Ltd | 300 | 13,689 | ||||
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-28 | |
PACIFIC FUNDS
PF VAN KAMPEN COMSTOCK FUND
Schedule of Investments (Continued)
September 30, 2003 (Unaudited)
Shares | Value | |||||||
Finland - 0.35% | ||||||||
Nokia OYJ ADR | 1,700 | $ | 26,520 | |||||
France - 1.29% | ||||||||
Total SA ADR | 1,300 | 98,540 | ||||||
Israel - 0.18% | ||||||||
Check Point Software Technologies Ltd * | 800 | 13,440 | ||||||
Netherlands - 0.54% | ||||||||
Unilever NV 'NY' | 700 | 41,426 | ||||||
Singapore - 0.65% | ||||||||
Flextronics International Ltd * | 3,500 | 49,630 | ||||||
Switzerland - 0.98% | ||||||||
Roche Holding AG ADR | 900 | 74,623 | ||||||
United Kingdom - 4.38% | ||||||||
BP PLC ADR | 3,400 | 143,140 | ||||||
GlaxoSmithKline PLC ADR | 3,900 | 165,360 | ||||||
Scottish Power PLC ADR | 1,100 | 26,070 | ||||||
334,570 | ||||||||
Total Foreign Common Stocks | ||||||||
(Cost $594,520) | 652,438 | |||||||
Principal | ||||||||
Amount | ||||||||
SHORT-TERM INVESTMENTS - 10.16% | ||||||||
U.S. Government Agency Issue - 10.15% | ||||||||
Federal Home Loan Bank | ||||||||
1.000% due 10/01/03 | $ | 775,000 | 775,000 | |||||
Shares | ||||||||
Cash Equivalents - 0.01% | ||||||||
BlackRock Provident Institutional TempCash | 243 | 243 | ||||||
BlackRock Provident Institutional TempFund | 242 | 242 | ||||||
485 | ||||||||
Total Short-Term Investments | ||||||||
(Cost $775,485) | 775,485 | |||||||
TOTAL INVESTMENTS - 100.55% | ||||||||
(Cost $6,982,023) | 7,675,634 | |||||||
OTHER ASSETS AND LIABILITIES, NET - (0.55%) | (42,200 | ) | ||||||
NET ASSETS - 100.00% | $ | 7,633,434 | ||||||
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-29 | |
PACIFIC FUNDS
PF VAN KAMPEN MID-CAP GROWTH FUND
Schedule of Investments
September 30, 2003 (Unaudited)
Shares | Value | ||||
U.S. COMMON STOCKS - 85.48% | |||||
Autos & Transportation - 1.31% | |||||
BorgWarner Inc | 1,470 | $ | 99,740 | ||
PACCAR Inc | 670 | 50,042 | |||
149,782 | |||||
Consumer Discretionary - 29.77% | |||||
Advance Auto Parts Inc * | 2,170 | 153,853 | |||
Apollo Group Inc 'A' * | 1,740 | 114,892 | |||
Avon Products Inc | 820 | 52,939 | |||
Bed Bath & Beyond Inc * | 2,490 | 95,068 | |||
Best Buy Co Inc * | 3,330 | 158,242 | |||
Brinker International Inc * | 3,510 | 117,094 | |||
Career Education Corp * | 1,180 | 53,454 | |||
CDW Corp | 990 | 57,163 | |||
Chico's FAS Inc * | 2,050 | 62,812 | |||
Coach Inc * | 4,240 | 231,504 | |||
Columbia Sportswear Co * | 1,150 | 60,662 | |||
Dollar General Corp | 5,260 | 105,200 | |||
Electronic Arts Inc * | 2,500 | 230,575 | |||
Fisher Scientific International Inc * | 1,890 | 75,014 | |||
Fox Entertainment Group Inc 'A' * | 1,670 | 46,743 | |||
GTECH Holdings Corp | 2,780 | 119,123 | |||
Harman International Industries Inc | 1,140 | 112,119 | |||
Hasbro Inc | 3,720 | 69,490 | |||
International Game Technology | 7,100 | 199,865 | |||
Journal Communications Inc 'A' * | 3,600 | 59,580 | |||
Liz Claiborne Inc | 2,000 | 68,100 | |||
Mohawk Industries Inc * | 790 | 56,343 | |||
Pacific Sunwear of California Inc * | 6,335 | 130,881 | |||
PETsMART Inc | 1,240 | 28,148 | |||
Reebok International Ltd | 1,770 | 59,171 | |||
Royal Caribbean Cruises Ltd | 2,970 | 83,487 | |||
Staples Inc * | 4,860 | 115,425 | |||
Starbucks Corp * | 6,110 | 175,968 | |||
Starwood Hotels & Resorts Worldwide Inc | 3,980 | 138,504 | |||
The Gap Inc | 5,450 | 93,304 | |||
Tractor Supply Co * | 3,700 | 121,397 | |||
Urban Outfitters Inc * | 2,500 | 65,150 | |||
Yahoo! Inc * | 2,860 | 101,187 | |||
3,412,457 | |||||
Energy - 2.82% | |||||
Apache Corp | 1,640 | 113,718 | |||
Smith International Inc * | 3,780 | 136,004 | |||
XTO Energy Inc | 3,480 | 73,045 | |||
322,767 | |||||
Financial Services - 13.84% | |||||
Alliance Data Systems Corp * | 4,390 | 115,896 | |||
BancorpSouth Inc | 2,880 | 63,072 | |||
Bank of Hawaii Corp | 1,820 | 61,116 | |||
BlackRock Inc | 1,170 | 57,330 | |||
Capital One Financial Corp | 670 | 38,217 | |||
Compass Bancshares Inc | 1,380 | 47,720 | |||
Doral Financial Corp | 960 | 45,120 | |||
Equifax Inc | 2,960 | 65,919 | |||
Fair Isaac Corp | 1,620 | 95,515 | |||
Federated Investors Inc 'B' | 990 | 27,423 | |||
First Tennessee National Corp | 1,050 | 44,583 | |||
Fiserv Inc * | 2,360 | 85,503 | |||
Legg Mason Inc | 1,070 | 77,254 | |||
Moody's Corp | 1,110 | 61,017 | |||
New York Community Bancorp Inc | 2,766 | 87,157 | |||
Popular Inc | 960 | 38,208 | Safeco Corp | 990 | 34,907 |
SLM Corp | 1,340 | 52,206 | |||
SouthTrust Corp | 3,570 | 104,922 | |||
SunGard Data Systems Inc * | 4,380 | 115,238 | |||
Synovus Financial Corp | 1,990 | 49,730 | |||
T. Rowe Price Group Inc | 1,610 | 66,429 | |||
The Bear Stearns Cos Inc | 840 | 62,832 | |||
Torchmark Corp | 1,230 | 49,987 | |||
Washington Mutual Inc | 1,000 | 39,370 | |||
1,586,671 | |||||
Health Care - 15.87% | |||||
Aetna Inc | 1,200 | 73,236 | |||
Allergan Inc | 1,350 | 106,285 | |||
Amylin Pharmaceuticals Inc * | 2,010 | 56,762 | |||
Anthem Inc * | 890 | 63,484 | |||
Boston Scientific Corp * | 950 | 60,610 | |||
Caremark Rx Inc * | 4,580 | 103,508 | |||
Celgene Corp * | 1,800 | 77,994 | |||
DENTSPLY International Inc | 3,470 | 155,595 | |||
Express Scripts Inc * | 970 | 59,315 | |||
Genentech Inc * | 1,320 | 105,785 | |||
Genzyme Corp * | 1,490 | 68,912 | |||
Gilead Sciences Inc * | 1,020 | 57,049 | |||
Health Management Associates Inc 'A' | 4,170 | 90,948 | |||
ICN Pharmaceuticals Inc | 3,140 | 53,882 | |||
IMS Health Inc | 3,540 | 74,694 | |||
McKesson Corp | 2,820 | 93,878 | |||
MedImmune Inc * | 2,710 | 89,457 | |||
St. Jude Medical Inc * | 1,050 | 56,459 | |||
Universal Health Services Inc 'B' * | 1,880 | 92,966 | |||
VistaCare Inc 'A' * | 1,940 | 60,722 | |||
WellPoint Health Networks Inc * | 650 | 50,102 | |||
Zimmer Holdings Inc * | 3,050 | 168,055 | |||
1,819,698 | |||||
Materials & Processing - 1.48% | |||||
Praxair Inc | 1,260 | 78,057 | |||
Sealed Air Corp * | 1,940 | 91,626 | |||
169,683 | |||||
Multi-Industry - 0.83% | |||||
Eaton Corp | 1,080 | 95,710 | |||
Producer Durables - 2.34% | |||||
Applied Materials Inc * | 4,520 | 81,993 | |||
Danaher Corp | 1,780 | 131,471 | |||
Lam Research Corp * | 2,470 | 54,710 | |||
268,174 | |||||
Technology - 15.98% | |||||
Adobe Systems Inc | 3,040 | 119,351 | |||
Altera Corp * | 4,350 | 82,215 | |||
Analog Devices Inc * | 1,400 | 53,228 | |||
Broadcom Corp 'A' * | 3,240 | 86,249 | |||
Citrix Systems Inc * | 4,490 | 99,139 | |||
Comverse Technology Inc * | 5,070 | 75,847 | |||
Corning Inc * | 6,900 | 64,998 | |||
Cypress Semiconductor Corp * | 6,590 | 116,511 | |||
Foundry Networks Inc * | 3,590 | 77,221 | |||
Integrated Circuit Systems Inc * | 3,910 | 117,456 | |||
International Rectifier Corp * | 2,370 | 88,733 | |||
Maxtor Corp * | 6,910 | 84,095 | |||
Microchip Technology Inc | 2,280 | 54,583 | |||
QLogic Corp * | 2,080 | 97,781 |
| |
See Notes to Financial Statements | See explanation of symbols on A-31 |
A-30 | |
PACIFIC FUNDS
PF VAN KAMPEN MID-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2003 (Unaudited)
Shares | Value | ||||||
Siebel Systems Inc * | 7,120 | $ | 69,206 | ||||
Storage Technology Corp * | 3,850 | 92,939 | |||||
Symantec Corp * | 3,270 | 206,075 | |||||
Synopsys Inc * | 1,860 | 57,232 | |||||
VERITAS Software Corp * | 4,080 | 128,112 | |||||
Zebra Technologies Corp 'A' * | 1,180 | 60,853 | |||||
1,831,824 | |||||||
Utilities - 1.24% | |||||||
Nextel Communications Inc 'A' * | 4,390 | 86,439 | |||||
Sprint Corp-PCS Group * | 9,790 | 56,097 | |||||
142,536 | |||||||
Total U.S. Common Stocks | |||||||
(Cost $8,626,683) | 9,799,302 | ||||||
FOREIGN COMMON STOCKS - 7.14% | |||||||
Barbados - 0.62% | |||||||
Everest Re Group Ltd | 950 | 71,402 | |||||
Bermuda - 1.35% | |||||||
Ingersoll-Rand Co Ltd 'A' | 2,890 | 154,442 | |||||
Canada - 0.44% | |||||||
Celestica Inc * | 3,150 | 49,959 | |||||
Israel - 0.95% | |||||||
Teva Pharmaceutical Industries Ltd ADR | 1,910 | 109,156 | |||||
Netherlands - 0.83% | |||||||
ASML Holding NV 'NY' * | 7,280 | 95,586 | |||||
Singapore - 0.65% | |||||||
Flextronics International Ltd * | 5,210 | 73,878 | |||||
Switzerland - 0.86% | |||||||
Alcon Inc | 1,760 | 98,824 | |||||
United Kingdom - 1.44% | |||||||
Amdocs Ltd * | 4,320 | 81,216 | |||||
Willis Group Holdings Ltd | 2,730 | 83,948 | |||||
165,164 | |||||||
Total Foreign Common Stocks | |||||||
(Cost $705,139) | 818,411 | ||||||
Principal | ||||||||
Amount | Value | |||||||
SHORT-TERM INVESTMENTS - 4.05% | ||||||||
U.S. Government Agency Issue - 4.04% | ||||||||
Federal Home Loan Bank | ||||||||
1.000% due 10/01/03 | $ | 463,000 | $ 463,000 | |||||
Shares | ||||||||
Cash Equivalent - 0.01% | ||||||||
BlackRock Provident Institutional TempCash | 1,053 | 1,053 | ||||||
Total Short-Term Investments | ||||||||
(Cost $464,053) | 464,053 | |||||||
TOTAL INVESTMENTS - 96.67% | ||||||||
(Cost $9,795,875) | 11,081,766 | |||||||
OTHER ASSETS AND LIABILITIES, NET - 3.33% | 381,801 | |||||||
NET ASSETS - 100.00% | $11,463,567 | |||||||
Explanation of Symbols for Schedules of Investments | |
~ | Securities purchased in private placement transaction; resale to the public may require registration. |
# | Securities purchased on a when-issued or delayed delivery basis. |
* | Non-income producing securities. |
** | Securities were fully/partially segregated with the custodian to cover margin requirements for open futures contracts as of September 30, 2003. |
" | Pass-through security backed by a pool of mortgages or other loans on which principal payments are periodically made. Therefore, the effective maturity is shorter than the stated maturity. |
^ | Securities with their principal amount adjusted for inflation. |
+ | Variable rate securities. The rate listed is as of September 30, 2003. |
|
See Notes to Financial Statements |
A-31 |
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2003 (Unaudited)
PF AIM | PF INVESCO | PF Lazard | PF MFS | PF PIMCO | ||||||||||||||||||||||||
PF AIM | Aggressive | Health | PF INVESCO | PF Janus | International | Global | Inflation | |||||||||||||||||||||
Blue Chip | Growth | Sciences | Technology | Growth LT | Value | Growth | Managed | |||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Investments, at cost | $ | 13,166,368 | $ | 6,102,913 | $ | 5,552,879 | $ | 4,129,308 | $ | 8,250,875 | $ | 13,739,533 | $ | 5,992,151 | $ | 21,019,989 | ||||||||||||
Investments, at value | $ | 13,526,590 | $ | 7,026,537 | $ | 6,397,424 | $ | 5,226,335 | $ | 9,289,123 | $ | 14,876,121 | $ | 6,671,448 | $ | 21,429,448 | ||||||||||||
Cash | 817 | 210 | — | — | — | — | — | — | ||||||||||||||||||||
Foreign currency held, at value (1) | — | — | — | — | — | — | 36,112 | — | ||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Dividends and interest | 6,090 | 1,667 | 3,834 | 291 | 1,981 | 90,107 | 14,078 | 182,472 | ||||||||||||||||||||
Fund shares sold | 65,019 | 42,904 | 19,873 | 31,127 | 28,415 | 56,364 | 24,363 | 259,526 | ||||||||||||||||||||
Securities sold | 6,884 | — | 74,398 | 45,802 | 60,788 | 927 | 143,926 | — | ||||||||||||||||||||
Securities sold short | — | — | — | — | — | — | — | 498,182 | ||||||||||||||||||||
Due from adviser | 76,775 | 54,536 | 55,070 | 48,696 | 87,034 | 75,619 | 162,919 | 103,405 | ||||||||||||||||||||
Variation margin on futures contracts | — | — | — | — | — | — | — | 4,500 | ||||||||||||||||||||
Prepaid expenses and other assets | 1,437 | 789 | 789 | 592 | 1,183 | 1,375 | 904 | 789 | ||||||||||||||||||||
Total Assets | 13,683,612 | 7,126,643 | 6,551,388 | 5,352,843 | 9,468,524 | 15,100,513 | 7,053,750 | 22,478,322 | ||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Fund shares redeemed | 2,065 | 11,457 | 17,067 | — | 5,404 | 403,764 | 99,943 | 54,908 | ||||||||||||||||||||
Securities purchased | 16,181 | 7,587 | 25,389 | 24,437 | 87,866 | — | 51,326 | 7,626,260 | ||||||||||||||||||||
Securities sold short, at value (proceeds $498,182) | — | — | — | — | — | — | — | 511,391 | ||||||||||||||||||||
Income and capital gains distributions | — | — | — | — | — | — | — | 1,196 | ||||||||||||||||||||
Accrued advisory fees | 10,599 | 5,951 | 5,910 | 4,980 | 5,817 | 10,972 | 6,453 | 6,683 | ||||||||||||||||||||
Accrued administration fees | 3,905 | 2,083 | 1,880 | 1,584 | 2,715 | 4,518 | 2,053 | 3,898 | ||||||||||||||||||||
Accrued trustee fees | 226 | 62 | 176 | 89 | 130 | — | — | — | ||||||||||||||||||||
Accrued deferred trustee compensation | 5,878 | 3,540 | 3,580 | 3,082 | 4,832 | 5,771 | 2,864 | 1,729 | ||||||||||||||||||||
Accrued distribution and service (12b-1) fees | 7,200 | 3,240 | 2,815 | 2,382 | 4,460 | 8,491 | 3,204 | 7,521 | ||||||||||||||||||||
Accrued other | 27,631 | 7,567 | 10,466 | 6,990 | 33,176 | 23,754 | 69,101 | 39,279 | ||||||||||||||||||||
Forward foreign currency contracts depreciation | — | — | — | — | 3,462 | — | — | — | ||||||||||||||||||||
Outstanding options written, at value | — | — | — | 720 | — | — | — | — | ||||||||||||||||||||
Variation margin on futures contracts | 2,020 | — | — | — | — | — | — | — | ||||||||||||||||||||
Total Liabilities | 75,705 | 41,487 | 67,283 | 44,264 | 147,862 | 457,270 | 234,944 | 8,252,865 | ||||||||||||||||||||
NET ASSETS | $ | 13,607,907 | $ | 7,085,156 | $ | 6,484,105 | $ | 5,308,579 | $ | 9,320,662 | $ | 14,643,243 | $ | 6,818,806 | $ | 14,225,457 | ||||||||||||
(1) Foreign currency held at cost was $36,017.
See Notes to Financial Statements
B-1 |
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2003 (Unaudited)
PF | |||||||||||||||||||||||||||||||||||||
PF AIM | INVESCO | PF Lazard | PF MFS | PF PIMCO | |||||||||||||||||||||||||||||||||
PF AIM | Aggressive | Health | PF INVESCO | PF Janus | International | Global | Inflation | ||||||||||||||||||||||||||||||
Blue Chip | Growth | Sciences | Technology | Growth LT | Value | Growth | Managed | ||||||||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||||||||||
NET ASSETS CONSIST OF: | |||||||||||||||||||||||||||||||||||||
Paid-in capital | $ | 14,520,539 | $ | 7,069,536 | $ | 7,290,975 | $ | 6,192,114 | $ | 10,378,055 | $ | 14,062,417 | $ | 6,865,692 | $ | 13,789,074 | |||||||||||||||||||||
Accumulated undistributed net investment income (loss) | (54,894 | ) | (57,667 | ) | (39,843 | ) | (49,376 | ) | (71,266 | ) | 100,571 | (7,641 | ) | 8,447 | |||||||||||||||||||||||
Accumulated undistributed net realized gain (loss) | (1,211,795 | ) | (850,337 | ) | (1,611,638 | ) | (1,932,268 | ) | (2,020,871 | ) | (659,429 | ) | (719,592 | ) | 8,139 | ||||||||||||||||||||||
Net unrealized appreciation on investments and assets and | |||||||||||||||||||||||||||||||||||||
liabilities in foreign currencies | 354,057 | 923,624 | 844,611 | 1,098,109 | 1,034,744 | 1,139,684 | 680,347 | 419,797 | |||||||||||||||||||||||||||||
NET ASSETS | $ | 13,607,907 | $ | 7,085,156 | $ | 6,484,105 | $ | 5,308,579 | $ | 9,320,662 | $ | 14,643,243 | $ | 6,818,806 | $ | 14,225,457 | |||||||||||||||||||||
Class A Shares: | |||||||||||||||||||||||||||||||||||||
Net Assets | $ | 9,509,325 | $ | 6,352,339 | $ | 6,150,374 | $ | 4,986,741 | $ | 7,876,104 | $ | 9,474,606 | $ | 6,071,051 | $ | 9,150,643 | |||||||||||||||||||||
Shares of beneficial interest outstanding | 1,025,585 | 632,176 | 673,669 | 560,172 | 876,494 | 929,421 | 616,285 | 869,142 | |||||||||||||||||||||||||||||
NET ASSET VALUE * | $ | 9.27 | $ | 10.05 | $ | 9.13 | $ | 8.90 | $ | 8.99 | $ | 10.19 | $ | 9.85 | $ | 10.53 | |||||||||||||||||||||
Sales Charge - 5.50% of offering price | 0.54 | 0.58 | 0.53 | 0.52 | 0.52 | 0.59 | 0.57 | 0.61 | |||||||||||||||||||||||||||||
Maximum offering price per share | $ | 9.81 | $ | 10.63 | $ | 9.66 | $ | 9.42 | $ | 9.51 | $ | 10.78 | $ | 10.42 | �� | $ | 11.14 | ||||||||||||||||||||
Class B Shares: | |||||||||||||||||||||||||||||||||||||
Net Assets | $ | 1,334,102 | $ | 296,830 | $ | 150,010 | $ | 96,642 | $ | 489,827 | $ | 1,621,732 | $ | 301,666 | $ | 1,420,317 | |||||||||||||||||||||
Shares of beneficial interest outstanding | 145,497 | 29,803 | 16,611 | 10,960 | 54,932 | 160,846 | 30,929 | 135,157 | |||||||||||||||||||||||||||||
NET ASSET VALUE and offering price per share * | $ | 9.17 | $ | 9.96 | $ | 9.03 | $ | 8.82 | $ | 8.92 | $ | 10.08 | $ | 9.75 | $ | 10.51 | |||||||||||||||||||||
Class C Shares: | |||||||||||||||||||||||||||||||||||||
Net Assets | $ | 2,764,480 | $ | 435,987 | $ | 183,721 | $ | 225,196 | $ | 954,731 | $ | 3,546,905 | $ | 446,089 | $ | 3,654,497 | |||||||||||||||||||||
Shares of beneficial interest outstanding | 301,421 | 43,704 | 20,327 | 25,567 | 107,240 | 351,562 | 45,671 | 348,124 | |||||||||||||||||||||||||||||
NET ASSET VALUE * | $ | 9.17 | $ | 9.98 | $ | 9.04 | $ | 8.81 | $ | 8.90 | $ | 10.09 | $ | 9.77 | $ | 10.50 | |||||||||||||||||||||
Sales Charge - 1.00% of offering price | 0.09 | 0.10 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.11 | |||||||||||||||||||||||||||||
Maximum offering price per share | $ | 9.26 | $ | 10.08 | $ | 9.13 | $ | 8.90 | $ | 8.99 | $ | 10.19 | $ | 9.87 | $ | 10.61 | |||||||||||||||||||||
*Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge.
See Notes to Financial Statements
B-2 |
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2003 (Unaudited)
PF Pacific | PF Salomon | |||||||||||||||||||||||||||
PF PIMCO | Life | PF Putnam | Brothers | PF | PF | |||||||||||||||||||||||
Managed | Money | Equity | PF Putnam | Large-Cap | Kampen | Van Kampen | ||||||||||||||||||||||
Bond | Market | Income | Research | Value | Comstock | Mid-Cap Growth | ||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund (1) | Fund (2) | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Investments, at cost | $ | 25,973,968 | $ | 17,584,227 | $ | 11,696,072 | $ | 12,674,783 | $ | 19,169,021 | $ | 6,982,023 | $ | 9,795,875 | ||||||||||||||
Investments, at value | $ | 26,548,485 | $ | 17,584,227 | $ | 12,105,837 | $ | 13,479,663 | $ | 19,303,810 | $ | 7,675,634 | $ | 11,081,766 | ||||||||||||||
Cash | — | — | — | — | 441,672 | — | — | |||||||||||||||||||||
Foreign currency held, at value (3) | 189,773 | — | — | — | — | — | — | |||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Dividends and interest | 233,817 | 3,630 | 27,535 | 14,242 | 39,498 | 11,539 | 5,078 | |||||||||||||||||||||
Fund shares sold | 42,940 | 1,384 | 17,391 | 9,896 | 62,747 | 18,398 | 66,637 | |||||||||||||||||||||
Securities sold | 385,281 | — | 37,972 | 236,129 | — | — | 267,827 | |||||||||||||||||||||
Securities sold short | 5,114,853 | — | — | — | — | — | — | |||||||||||||||||||||
Other | 118,215 | — | — | — | — | — | — | |||||||||||||||||||||
Due from adviser | 149,759 | 135,304 | 81,499 | 83,978 | 90,387 | 66,043 | 88,893 | |||||||||||||||||||||
Forward foreign currency contracts appreciation | 11,337 | — | — | 4,799 | — | — | — | |||||||||||||||||||||
Interest rate swap appreciation | 140,361 | — | — | — | — | — | — | |||||||||||||||||||||
Variation margin on futures contracts | 127,731 | — | — | — | — | — | — | |||||||||||||||||||||
Prepaid expenses and other assets | 3,154 | 2,365 | 1,523 | 1,434 | 1,774 | 986 | 789 | |||||||||||||||||||||
Total Assets | 33,065,706 | 17,726,910 | 12,271,757 | 13,830,141 | 19,939,888 | 7,772,600 | 11,510,990 | |||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Fund shares redeemed | 694,077 | 93,901 | 92 | — | 65,511 | 42,214 | 228 | |||||||||||||||||||||
Securities purchased | 3,325,642 | 500,000 | 116,984 | 109,724 | 91,533 | 78,884 | — | |||||||||||||||||||||
Securities sold short, at value (proceeds $5,114,853) | 5,198,111 | — | — | — | — | — | — | |||||||||||||||||||||
Income and capital gains distributions | 9,792 | 160 | — | — | — | — | — | |||||||||||||||||||||
Accrued advisory fees | 11,729 | 5,398 | 9,470 | 11,433 | 13,885 | 5,961 | 8,493 | |||||||||||||||||||||
Accrued administration fees | 6,842 | 4,723 | 3,489 | 4,002 | 5,717 | 2,196 | 3,303 | |||||||||||||||||||||
Accrued trustee fees | 1,299 | 1,284 | — | 395 | 718 | 30 | 557 | |||||||||||||||||||||
Accrued deferred trustee compensation | 12,929 | 7,594 | 6,621 | 5,986 | 7,240 | 4,038 | 4,863 | |||||||||||||||||||||
Accrued distribution and service (12b-1) fees | 13,055 | 6,852 | 5,551 | 5,786 | 10,376 | 3,521 | 6,162 | |||||||||||||||||||||
Accrued other | 83,769 | 34,139 | 32,627 | 32,262 | 30,716 | 2,322 | 23,817 | |||||||||||||||||||||
Forward foreign currency contracts depreciation | 9,047 | — | — | 47,863 | — | — | — | |||||||||||||||||||||
Outstanding options written, at value | 154,114 | — | — | 560 | — | — | — | |||||||||||||||||||||
Total Liabilities | 9,520,406 | 654,051 | 174,834 | 218,011 | 225,696 | 139,166 | 47,423 | |||||||||||||||||||||
NET ASSETS | $ | 23,545,300 | $ | 17,072,859 | $ | 12,096,923 | $ | 13,612,130 | $ | 19,714,192 | $ | 7,633,434 | $ | 11,463,567 | ||||||||||||||
(1) Formerly named PF Janus Strategic Value Fund.
(2) Formerly named PF MFS Mid-Cap Growth Fund.
(3) Foreign currency held at cost was $183,420.
See Notes to Financial Statements
B-3 |
PACIFIC FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2003 (Unaudited)
PF Pacific | PF Van | |||||||||||||||||||||
PF PIMCO | Life | PF Putnam | PF Salomon | PF Van | Kampen | |||||||||||||||||
Managed | Money | Equity | PF Putnam | Brothers | Kampen | Mid-Cap | ||||||||||||||||
Bond | Market | Income | Research | Large-Cap Value | Comstock | Growth | ||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund (1) | Fund (2) | ||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||
Paid-in capital | $ | 22,925,918 | $ 17,025,566 | $ | 12,635,701 | $ | 15,460,977 | $ 21,406,091 | $ | 7,852,933 | $ | 14,984,752 | ||||||||||
Accumulated undistributed net investment income (loss) | 163,584 | 47,347 | 29,181 | (58,943 | ) | 21,368 | (614 | ) | (79,540 | ) | ||||||||||||
Accumulated undistributed net realized loss | (432,350 | ) | (54 | ) | (977,724 | ) | (2,552,076 | ) | (1,848,056 | ) | (912,496 | ) | (4,727,536 | ) | ||||||||
Net unrealized appreciation on investments and assets and | ||||||||||||||||||||||
liabilities in foreign currencies | 888,148 | — | 409,765 | 762,172 | 134,789 | 693,611 | 1,285,891 | |||||||||||||||
NET ASSETS | $ | 23,545,300 | $ 17,072,859 | $ | 12,096,923 | $ | 13,612,130 | $ 19,714,192 | $ | 7,633,434 | $ | 11,463,567 | ||||||||||
Class A Shares: | ||||||||||||||||||||||
Net Assets | $ | 15,185,840 | $ 14,169,477 | $ | 10,666,588 | $ | 13,434,913 | $ 14,219,942 | $ | 6,623,790 | $ | 7,846,480 | ||||||||||
Shares of beneficial interest outstanding | 1,475,274 | 14,167,280 | 1,145,125 | 1,550,123 | 1,504,696 | 669,544 | 1,137,708 | |||||||||||||||
NET ASSET VALUE * | $ | 10.29 | $ | 1.00 | $ | 9.31 | $ | 8.67 | $ 9.45 | $ | 9.89 | $ | 6.90 | |||||||||
Sales Charge - 5.50% of offering price | 0.60 | — | 0.54 | 0.50 | 0.55 | 0.58 | 0.40 | |||||||||||||||
Maximum offering price per share | $ | 10.89 | $ | 1.00 | $ | 9.85 | $ | 9.17 | $ 10.00 | $ | 10.47 | $ | 7.30 | |||||||||
Class B Shares: | ||||||||||||||||||||||
Net Assets | $ | 2,672,809 | $ | 1,219,420 | $ | 439,699 | $ | 48,679 | $ | 1,753,338 | $ | 526,626 | $ | 1,165,232 | ||||||||
Shares of beneficial interest outstanding | 260,144 | 1,219,420 | 47,645 | 5,664 | 187,158 | 53,772 | 170,325 | |||||||||||||||
NET ASSET VALUE and offering price per share * | $ | 10.27 | $ | 1.00 | $ | 9.23 | $ | 8.59 | $ | 9.37 | $ | 9.79 | $ | 6.84 | ||||||||
Class C Shares: | ||||||||||||||||||||||
Net Assets | $ | 5,686,651 | $ | 1,683,962 | $ | 990,636 | $ | 128,538 | $ | 3,740,912 | $ | 483,018 | $ | 2,451,855 | ||||||||
Shares of beneficial interest outstanding | 553,262 | 1,683,962 | 107,273 | 14,965 | 399,541 | 49,287 | 358,781 | |||||||||||||||
NET ASSET VALUE * | $ | 10.28 | $ | 1.00 | $ | 9.23 | $ | 8.59 | $ | 9.36 | $ | 9.80 | $ | 6.83 | ||||||||
Sales Charge - 1.00% of offering price | 0.10 | — | 0.09 | 0.09 | 0.09 | 0.10 | 0.07 | |||||||||||||||
Maximum offering price per share | $ | 10.38 | $ | 1.00 | $ | 9.32 | $ | 8.68 | $ | 9.45 | $ | 9.90 | $ | 6.90 | ||||||||
* Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge.
(1) Formerly named PF Janus Strategic Value Fund.
(2) Formerly named PF MFS Mid-Cap Growth Fund.
See Notes to Financial Statements
B-4 |
PACIFIC FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2003 (Unaudited)
PF AIM | PF INVESCO | PF | PF Lazard | PF MFS | PF PIMCO | ||||||||||||||||||||||
PF AIM | Aggressive | Health | INVESCO | PF Janus | International | Global | Inflation | ||||||||||||||||||||
Blue Chip | Growth | Sciences | Technology | Growth LT | Value | Growth | Managed | ||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||
INVESTMENT INCOME | |||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld (1) | $ | 68,867 | $ | 8,020 | $ | 29,733 | $ | 4,287 | $ | 19,340 | $ | 234,151 | $ | 57,267 | $ | 1,764 | |||||||||||
Interest | 3,329 | 2,075 | 76 | 14 | 3,582 | 288 | 2,699 | 246,329 | |||||||||||||||||||
Total Investment Income | 72,196 | 10,095 | 29,809 | 4,301 | 22,922 | 234,439 | 59,966 | 248,093 | |||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||||
Advisory fees | 57,046 | 32,327 | 35,193 | 26,886 | 33,159 | 55,303 | 33,589 | 34,592 | |||||||||||||||||||
Administration fees | 21,017 | 11,315 | 11,198 | 8,555 | 15,474 | 22,772 | 10,687 | 20,178 | |||||||||||||||||||
Support services expenses | 8,340 | 5,327 | 6,365 | 5,200 | 8,387 | 7,981 | 5,410 | 7,372 | |||||||||||||||||||
Custodian fees and expenses | 16,425 | 13,425 | 12,874 | 15,383 | 28,917 | 13,637 | 113,059 | 8,624 | |||||||||||||||||||
Shareholder reports | 5,002 | 2,447 | 1,742 | 1,013 | 3,990 | 5,120 | 2,004 | 4,433 | |||||||||||||||||||
Distribution and service (12b-1) fees | |||||||||||||||||||||||||||
Class A | 22,284 | 14,967 | 15,244 | 11,684 | 19,103 | 22,784 | 14,082 | 19,859 | |||||||||||||||||||
Class B | 5,088 | 841 | 670 | 298 | 1,976 | 6,091 | 869 | 4,108 | |||||||||||||||||||
Class C | 10,393 | 1,552 | 835 | 775 | 4,031 | 13,404 | 1,502 | 13,825 | |||||||||||||||||||
Transfer agency out-of-pocket expenses | 17,250 | 12,500 | 12,705 | 7,108 | 18,899 | 19,524 | 12,783 | 17,167 | |||||||||||||||||||
Registration fees | 12,608 | 11,916 | 11,916 | 11,878 | 12,252 | 13,098 | 11,897 | 11,201 | |||||||||||||||||||
Legal and audit fees | 12,212 | 6,979 | 6,979 | 5,233 | 10,470 | 12,212 | 6,096 | 9,626 | |||||||||||||||||||
Trustees' fees and expenses | 3,654 | 1,997 | 2,079 | 1,435 | 2,954 | 3,551 | 1,561 | 3,273 | |||||||||||||||||||
Offering expenses | — | — | — | — | — | — | — | 40,621 | |||||||||||||||||||
Other | 7,290 | 3,179 | 3,610 | 3,890 | 5,587 | 7,003 | 13,163 | 6,853 | |||||||||||||||||||
Total Expenses | 198,609 | 118,772 | 121,410 | 99,338 | 165,199 | 202,480 | 226,702 | 201,732 | |||||||||||||||||||
Adviser Expense Reimbursement | (76,775 | ) | (54,536 | ) | (55,070 | ) | (48,696 | ) | (87,034 | ) | (75,619 | ) | (162,919 | ) | (103,405 | ) | |||||||||||
Net Expenses | 121,834 | 64,236 | 66,340 | 50,642 | 78,165 | 126,861 | 63,783 | 98,327 | |||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | (49,638 | ) | (54,141 | ) | (36,531 | ) | (46,341 | ) | (55,243 | ) | 107,578 | (3,817 | ) | 149,766 | |||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | |||||||||||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||||||||||
Investment security transactions | (257,271 | ) | 79,593 | 313,856 | (123,904 | ) | 131,883 | (202,319 | ) | 94,276 | 26,880 | ||||||||||||||||
Closed short positions | — | — | — | — | — | — | — | (8,606 | ) | ||||||||||||||||||
Futures contracts and written option transactions | 63,552 | — | — | — | — | — | — | — | |||||||||||||||||||
Foreign currency transactions | — | — | (1 | ) | — | (8,823 | ) | (53,492 | ) | (2,147 | ) | — | |||||||||||||||
Net Realized Gain (Loss) | (193,719 | ) | 79,593 | 313,855 | (123,904 | ) | 123,060 | (255,811 | ) | 92,129 | 18,274 | ||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||||||||||||
Investment security transactions | 1,773,226 | 932,860 | 411,649 | 1,347,459 | 1,302,168 | 2,071,576 | 959,431 | 332,549 | |||||||||||||||||||
Short positions | — | — | — | — | — | — | — | (14,469 | ) | ||||||||||||||||||
Futures contracts and written options | (4,135 | ) | — | — | (870 | ) | — | — | — | 23,547 | |||||||||||||||||
Foreign currency transactions | — | — | 11 | — | 1,020 | 1,258 | 938 | — | |||||||||||||||||||
Change in Net Unrealized Appreciation | 1,769,091 | 932,860 | 411,660 | 1,346,589 | 1,303,188 | 2,072,834 | 960,369 | 341,627 | |||||||||||||||||||
NET GAIN | 1,575,372 | 1,012,453 | 725,515 | 1,222,685 | 1,426,248 | 1,817,023 | 1,052,498 | 359,901 | |||||||||||||||||||
NET INCREASE IN NET ASSETS | |||||||||||||||||||||||||||
RESULTING FROM OPERATIONS | $ | 1,525,734 | $ | 958,312 | $ | 688,984 | $ | 1,176,344 | $ | 1,371,005 | $ | 1,924,601 | $ | 1,048,681 | $ | 509,667 | |||||||||||
(1) Net of $85, $35, $802, $302, $292, $28,970, $5,954 and $0 foreign withholding taxes, respectively.
See Notes to Financial Statements
B-5 |
PACIFIC FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2003 (Unaudited)
PF Pacific | PF Salomon | ||||||||||||||||||||||||
Life | PF Putnam | PF | Brothers | PF Van | |||||||||||||||||||||
PF PIMCO | Money | Equity | Putnam | Large-Cap | Kampen | PF Van Kampen | |||||||||||||||||||
Managed Bond | Market | Income | Research | Value | Comstock | Mid-Cap Growth | |||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund (1) | Fund (2) | |||||||||||||||||||
INVESTMENT INCOME | |||||||||||||||||||||||||
Dividends, net of foreign taxes withheld (3) | $ | — | $ | 330 | $ | 137,772 | $ | 99,489 | $ | 197,424 | $ | 69,283 | $ | 20,868 | |||||||||||
Interest | 583,724 | 85,642 | 7,513 | — | 2,266 | 2,078 | 2,000 | ||||||||||||||||||
Total Investment Income | 583,724 | 85,972 | 145,285 | 99,489 | 199,690 | 71,361 | 22,868 | ||||||||||||||||||
EXPENSES | |||||||||||||||||||||||||
Advisory fees | 73,501 | 30,091 | 53,608 | 65,733 | 76,348 | 33,072 | 44,410 | ||||||||||||||||||
Administration fees | 42,875 | 26,329 | 19,750 | 23,007 | 31,437 | 12,184 | 17,271 | ||||||||||||||||||
Support services expenses | 22,555 | 13,142 | 7,062 | 12,480 | 11,029 | 12,480 | 14,695 | ||||||||||||||||||
Custodian fees and expenses | 11,646 | 7,667 | 17,791 | 11,421 | 10,247 | 8,471 | 35,280 | ||||||||||||||||||
Shareholder reports | 8,648 | 6,321 | 4,908 | 2,667 | 7,169 | 2,859 | 2,708 | ||||||||||||||||||
Distribution and service (12b-1) fees | |||||||||||||||||||||||||
Class A | 43,237 | 31,093 | 25,394 | 32,472 | 34,051 | 15,630 | 17,990 | ||||||||||||||||||
Class B | 11,072 | 5,174 | 1,782 | 196 | 6,945 | 1,922 | 4,287 | ||||||||||||||||||
Class C | 24,955 | 7,867 | 3,858 | 594 | 14,774 | 1,632 | 9,077 | ||||||||||||||||||
Transfer agency out-of-pocket expenses | 46,555 | 38,175 | 20,779 | 27,185 | 27,246 | 18,207 | 9,016 | ||||||||||||||||||
Registration fees | 13,597 | 14,268 | 12,078 | 11,892 | 12,725 | 12,165 | 12,660 | ||||||||||||||||||
Legal and audit fees | 27,915 | 18,288 | 12,212 | 12,193 | 16,584 | 8,723 | 8,744 | ||||||||||||||||||
Trustees' fees and expenses | 8,882 | 5,372 | 3,143 | 4,196 | 5,854 | 2,316 | 3,140 | ||||||||||||||||||
Other | 22,211 | 9,503 | 9,169 | 8,517 | 8,515 | 4,302 | 7,585 | ||||||||||||||||||
Total Expenses | 357,649 | 213,290 | 191,534 | 212,553 | 262,924 | 133,963 | 186,863 | ||||||||||||||||||
Adviser Expense Reimbursement/Distributor Waiver | (149,759 | ) | (139,685 | ) | (81,499 | ) | (83,978 | ) | (90,387 | ) | (66,043 | ) | (88,893 | ) | |||||||||||
Net Expenses | 207,890 | 73,605 | 110,035 | 128,575 | 172,537 | 67,920 | 97,970 | ||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 375,834 | 12,367 | 35,250 | (29,086 | ) | 27,153 | 3,441 | (75,102 | ) | ||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | |||||||||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||||||||
Investment security transactions | (385,731 | ) | (4 | ) | (171,960 | ) | 28,903 | (484,314 | ) | (180,138 | ) | 184,911 | |||||||||||||
Closed short positions | 3,043 | — | — | — | — | — | — | ||||||||||||||||||
Futures contracts and written option transactions | (36,059 | ) | — | — | — | — | — | — | |||||||||||||||||
Foreign currency transactions | 45,326 | — | — | (1,829 | ) | — | 5 | — | |||||||||||||||||
Net Realized Gain (Loss) | (373,421 | ) | (4 | ) | (171,960 | ) | 27,074 | (484,314 | ) | (180,133 | ) | 184,911 | |||||||||||||
Net change in unrealized appreciation (depreciation) on: | |||||||||||||||||||||||||
Investment security transactions | 541,750 | — | 1,867,422 | 2,108,836 | 3,548,781 | 1,420,959 | 1,273,792 | ||||||||||||||||||
Short positions | (83,258 | ) | — | — | — | — | — | — | |||||||||||||||||
Futures contracts and written options | 186,339 | — | — | 281 | — | — | — | ||||||||||||||||||
Foreign currency transactions | (4,497 | ) | — | — | (37,178 | ) | — | (27 | ) | — | |||||||||||||||
Change in Net Unrealized Appreciation | 640,334 | — | 1,867,422 | 2,071,939 | 3,548,781 | 1,420,932 | 1,273,792 | ||||||||||||||||||
NET GAIN (LOSS) | 266,913 | (4 | ) | 1,695,462 | 2,099,013 | 3,064,467 | 1,240,799 | 1,458,703 | |||||||||||||||||
NET INCREASE IN NET ASSETS | |||||||||||||||||||||||||
RESULTING FROM OPERATIONS | $ | 642,747 | $ | 12,363 | $ | 1,730,712 | $ | 2,069,927 | $ | 3,091,620 | $ | 1,244,240 | $ | 1,383,601 | |||||||||||
(1) Formerly named PF Janus Strategic Value Fund.
(2) Formerly named PF MFS Mid-Cap Growth Fund.
(3) Net of $0, $0, $1,511, $1,690, $2,738, $677 and $418 foreign withholding taxes, respectively.
See Notes to Financial Statements
B-6 |
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
PF AIM Blue Chip Fund | PF AIM Aggressive Growth Fund | PF INVESCO Health Sciences Fund | |||||||||||||||
Six-Month | Six-Month | Six-Month | |||||||||||||||
Period Ended | Period Ended | Period Ended | |||||||||||||||
September 30, | Year Ended | September 30, | Year Ended | September 30, | Year Ended | ||||||||||||
2003 (1) | March 31, 2003 | 2003 (1) | March 31, 2003 | 2003 (1) | March 31, 2003 | ||||||||||||
OPERATIONS | |||||||||||||||||
Net investment loss | ($49,638 | ) | ($67,971 | ) | ($54,141 | ) | ($98,866 | ) | ($36,531 | ) | ($89,289 | ) | |||||
Net realized gain (loss) | (193,719 | ) | (976,563 | ) | 79,593 | (777,769 | ) | 313,855 | (1,537,522 | ) | |||||||
Net change in unrealized appreciation (depreciation) | 1,769,091 | (1,973,986 | ) | 932,860 | (1,115,746 | ) | 411,660 | 223,983 | |||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,525,734 | (3,018,520 | ) | 958,312 | (1,992,381 | ) | 688,984 | (1,402,828 | ) | ||||||||
DISTRIBUTIONS TO SHAREHOLDERS | |||||||||||||||||
Net investment income | |||||||||||||||||
Class A | — | — | — | — | — | — | |||||||||||
Class B | — | — | — | — | — | — | |||||||||||
Class C | — | — | — | — | — | — | |||||||||||
Net realized gains | |||||||||||||||||
Class A | — | — | — | — | — | — | |||||||||||
Class B | — | — | — | — | — | — | |||||||||||
Class C | — | — | — | — | — | — | |||||||||||
Net Decrease in Net Assets Resulting from Distributions to Shareholders | — | — | — | — | — | — | |||||||||||
CAPITAL SHARE TRANSACTIONS | |||||||||||||||||
Proceeds from sale of shares | |||||||||||||||||
Class A | 1,590,476 | 1,900,875 | 965,697 | 193,336 | 81,138 | 805,954 | |||||||||||
Class B | 649,440 | 800,289 | 230,201 | 60,918 | 32,650 | 91,991 | |||||||||||
Class C | 1,606,808 | 1,473,852 | 314,224 | 114,733 | 82,644 | 96,992 | |||||||||||
Dividends reinvestments | |||||||||||||||||
Class A | — | — | — | — | — | — | |||||||||||
Class B | — | — | — | — | — | — | |||||||||||
Class C | — | — | — | — | — | — | |||||||||||
Cost of shares repurchased | |||||||||||||||||
Class A | (1,187,407 | ) | (1,996,697 | ) | (541,561 | ) | (847,697 | ) | (233,608 | ) | (1,634,258 | ) | |||||
Class B | (187,649 | ) | (40,980 | ) | (16,801 | ) | (2,348 | ) | (4,021 | ) | (11,115 | ) | |||||
Class C | (535,364 | ) | (37,479 | ) | (33,957 | ) | (8,084 | ) | (32,229 | ) | (5,082 | ) | |||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions | 1,936,304 | 2,099,860 | 917,803 | (489,142 | ) | (73,426 | ) | (655,518 | ) | ||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 3,462,038 | (918,660 | ) | 1,876,115 | (2,481,523 | ) | 615,558 | (2,058,346 | ) | ||||||||
NET ASSETS | |||||||||||||||||
Beginning of Period/Year | 10,145,869 | 11,064,529 | 5,209,041 | 7,690,564 | 5,868,547 | 7,926,893 | |||||||||||
End of Period/Year | $13,607,907 | $10,145,869 | $7,085,156 | $5,209,041 | $6,484,105 | $5,868,547 | |||||||||||
Undistributed net investment loss at end of period/year | ($54,894 | ) | ($5,256 | ) | ($57,667 | ) | ($3,526 | ) | ($39,843 | ) | ($3,312 | ) | |||||
(1) Unaudited.
See Notes to Financial Statements
B-7 |
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PF INVESCO Technology Fund | PF Janus Growth LT Fund | PF Lazard International Value Fund | ||||||||||||||||||
Six-Month | Six-Month | Six-Month | ||||||||||||||||||
Period Ended | Period Ended | Period Ended | ||||||||||||||||||
September 30, | Year Ended | September 30, | Year Ended | September 30, | Year Ended | |||||||||||||||
2003 (1) | March 31, 2003 | 2003 (1) | March 31, 2003 | 2003 (1) | March 31, 2003 | |||||||||||||||
OPERATIONS | ||||||||||||||||||||
Net investment income (loss) | ($46,341 | ) | ($85,600 | ) | ($55,243 | ) | ($76,447 | ) | $107,578 | $57,826 | ||||||||||
Net realized gain (loss) | (123,904 | ) | (1,648,225 | ) | 123,060 | (1,925,843 | ) | (255,811 | ) | (408,788 | ) | |||||||||
Net change in unrealized appreciation (depreciation) | 1,346,589 | (1,645,163 | ) | 1,303,188 | (606,804 | ) | 2,072,834 | (1,535,408 | ) | |||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,176,344 | (3,378,988 | ) | 1,371,005 | (2,609,094 | ) | 1,924,601 | (1,886,370 | ) | |||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||
Net investment income | ||||||||||||||||||||
Class A | — | — | — | — | (23,198 | ) | (28,445 | ) | ||||||||||||
Class B | — | — | — | — | (2,972 | ) | (1,913 | ) | ||||||||||||
Class C | — | — | — | — | (6,770 | ) | (4,078 | ) | ||||||||||||
Net realized gains | ||||||||||||||||||||
Class A | — | — | — | — | — | (45,705 | ) | |||||||||||||
Class B | — | — | — | — | — | (389 | ) | |||||||||||||
Class C | — | — | — | — | — | (2,132 | ) | |||||||||||||
Net Decrease in Net Assets Resulting from Distributions to Shareholders | — | — | — | — | (32,940 | ) | (82,662 | ) | ||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||
Class A | 45,100 | 30,769 | 493,958 | 835,684 | 22,678,424 | 6,682,746 | ||||||||||||||
Class B | 50,561 | 24,496 | 206,615 | 275,409 | 790,212 | 845,346 | ||||||||||||||
Class C | 115,896 | 78,233 | 462,372 | 615,901 | 1,813,768 | 1,759,737 | ||||||||||||||
Dividends reinvestments | ||||||||||||||||||||
Class A | — | — | — | — | 22,913 | 72,436 | ||||||||||||||
Class B | — | — | — | — | 2,905 | 2,207 | ||||||||||||||
Class C | — | — | — | — | 6,759 | 6,305 | ||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||
Class A | (76,607 | ) | (601,001 | ) | (651,327 | ) | (1,286,073 | ) | (21,873,131 | ) | (5,618,470 | ) | ||||||||
Class B | (8 | ) | (15,949 | ) | (72,670 | ) | (7,630 | ) | (89,088 | ) | (42,393 | ) | ||||||||
Class C | (632 | ) | (744 | ) | (246,261 | ) | (27,389 | ) | (246,662 | ) | (79,744 | ) | ||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions | 134,310 | (484,196 | ) | 192,687 | 405,902 | 3,106,100 | 3,628,170 | |||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 1,310,654 | (3,863,184 | ) | 1,563,692 | (2,203,192 | ) | 4,997,761 | 1,659,138 | ||||||||||||
NET ASSETS | ||||||||||||||||||||
Beginning of Period/Year | 3,997,925 | 7,861,109 | 7,756,970 | 9,960,162 | 9,645,482 | 7,986,344 | ||||||||||||||
End of Period/Year | $5,308,579 | $3,997,925 | $9,320,662 | $7,756,970 | $14,643,243 | $9,645,482 | ||||||||||||||
Undistributed net investment income (loss) at end of period/year | ($49,376 | ) | ($3,035 | ) | ($71,266 | ) | ($16,023 | ) | $100,571 | $25,933 | ||||||||||
(1) Unaudited.
See Notes to Financial Statements
B-8 |
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PF MFS Global Growth Fund | PF PIMCO Inflation Managed Fund | PF PIMCO Managed Bond Fund | |||||||||||||||||||
Six-Month | Six-Month | Six-Month | |||||||||||||||||||
Period Ended | Period Ended | Period Ended | |||||||||||||||||||
September 30, | Year Ended | September 30, | Period Ended | September 30, | Year Ended | ||||||||||||||||
2003 (1) | March 31, 2003 | 2003 (1) | March 31, 2003 (2) | 2003 (1) | March 31, 2003 | ||||||||||||||||
OPERATIONS | |||||||||||||||||||||
Net investment income (loss) | ($3,817 | ) | ($22,555 | ) | $149,766 | $31,487 | $375,834 | $559,594 | |||||||||||||
Net realized gain (loss) | 92,129 | (795,770 | ) | 18,274 | 70,345 | (373,421 | ) | 2,246,858 | |||||||||||||
Net change in unrealized appreciation (depreciation) | 960,369 | (736,191 | ) | 341,627 | 78,170 | 640,334 | 644,076 | ||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 1,048,681 | (1,554,516 | ) | 509,667 | 180,002 | 642,747 | 3,450,528 | ||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | |||||||||||||||||||||
Net investment income | |||||||||||||||||||||
Class A | — | — | (111,811 | ) | (29,246 | ) | (274,886 | ) | (822,096 | ) | |||||||||||
Class B | — | — | (10,272 | ) | (562 | ) | (31,312 | ) | (32,967 | ) | |||||||||||
Class C | — | — | (27,151 | ) | (1,373 | ) | (69,714 | ) | (96,396 | ) | |||||||||||
Net realized gains | |||||||||||||||||||||
Class A | — | (124,390 | ) | (53,880 | ) | — | — | (1,013,640 | ) | ||||||||||||
Class B | — | (418 | ) | (5,951 | ) | — | — | (61,509 | ) | ||||||||||||
Class C | — | (212 | ) | (20,649 | ) | — | — | (197,240 | ) | ||||||||||||
Net Decrease in Net Assets Resulting from Distributions to Shareholders | — | (125,020 | ) | (229,714 | ) | (31,181 | ) | (375,912 | ) | (2,223,848 | ) | ||||||||||
CAPITAL SHARE TRANSACTIONS | |||||||||||||||||||||
Proceeds from sale of shares | |||||||||||||||||||||
Class A | 6,425,804 | 4,191,604 | 2,743,351 | 6,347,968 | 22,540,476 | 12,479,148 | |||||||||||||||
Class B | 234,294 | 43,068 | 1,517,191 | 159,771 | 1,151,421 | 1,858,665 | |||||||||||||||
Class C | 353,799 | 74,289 | 4,495,824 | 504,905 | 3,101,127 | 4,246,502 | |||||||||||||||
Dividends reinvestments | |||||||||||||||||||||
Class A | — | 113,748 | 165,453 | 29,246 | 212,305 | 1,530,194 | |||||||||||||||
Class B | — | 418 | 15,821 | 473 | 31,055 | 92,878 | |||||||||||||||
Class C | — | 212 | 43,504 | 1,304 | 62,526 | 255,022 | |||||||||||||||
Cost of shares repurchased | |||||||||||||||||||||
Class A | (5,846,483 | ) | (4,942,110 | ) | (255,016 | ) | (232,743 | ) | (25,968,515 | ) | (30,122,684 | ) | |||||||||
Class B | (13,373 | ) | (222 | ) | (307,234 | ) | — | (529,914 | ) | (121,135 | ) | ||||||||||
Class C | (25,843 | ) | (1,231 | ) | (1,404,746 | ) | (28,389 | ) | (2,116,637 | ) | (249,008 | ) | |||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions | 1,128,198 | (520,224 | ) | 7,014,148 | 6,782,535 | (1,516,156 | ) | (10,030,418 | ) | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 2,176,879 | (2,199,760 | ) | 7,294,101 | 6,931,356 | (1,249,321 | ) | (8,803,738 | ) | ||||||||||||
NET ASSETS | |||||||||||||||||||||
Beginning of Period/Year | 4,641,927 | 6,841,687 | 6,931,356 | — | 24,794,621 | 33,598,359 | |||||||||||||||
End of Period/Year | $6,818,806 | $4,641,927 | $14,225,457 | $6,931,356 | $23,545,300 | $24,794,621 | |||||||||||||||
Undistributed net investment income (loss) at end of period/year | ($7,641 | ) | ($3,824 | ) | $8,447 | $7,915 | $163,584 | $163,662 | |||||||||||||
(1) Unaudited.
(2) Operations commenced on December 31, 2002.
See Notes to Financial Statements
B-9 |
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PF Pacific Life Money Market Fund | PF Putnam Equity Income Fund | PF Putnam Research Fund | ||||||||||||||||
Six-Month | Six-Month | Six-Month | ||||||||||||||||
Period Ended | Period Ended | Period Ended | ||||||||||||||||
September 30, | Year Ended | September 30, | Year Ended | September 30, | Year Ended | |||||||||||||
2003 (1) | March 31, 2003 | 2003 (1) | March 31, 2003 | 2003 (1) | March 31, 2003 | |||||||||||||
OPERATIONS | ||||||||||||||||||
Net investment income (loss) | $12,367 | $117,708 | $35,250 | $55,860 | ($29,086 | ) | ($56,004 | ) | ||||||||||
Net realized gain (loss) | (4 | ) | (50 | ) | (171,960 | ) | (782,021 | ) | 27,074 | (2,481,169 | ) | |||||||
Net change in unrealized appreciation (depreciation) | — | — | 1,867,422 | (1,942,233 | ) | 2,071,939 | (1,407,106 | ) | ||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 12,363 | 117,658 | 1,730,712 | (2,668,394 | ) | 2,069,927 | (3,944,279 | ) | ||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||
Net investment income | ||||||||||||||||||
Class A | (12,121 | ) | (117,028 | ) | (17,100 | ) | (90,783 | ) | — | (31,398 | ) | |||||||
Class B | (102 | ) | (245 | ) | (405 | ) | (959 | ) | — | (18 | ) | |||||||
Class C | (144 | ) | (435 | ) | (926 | ) | (2,562 | ) | — | (50 | ) | |||||||
Net realized gains | ||||||||||||||||||
Class A | — | — | — | — | — | — | ||||||||||||
Class B | — | — | — | — | — | — | ||||||||||||
Class C | — | — | — | — | — | — | ||||||||||||
Net Decrease in Net Assets Resulting from Distributions to Shareholders | (12,367 | ) | (117,708 | ) | (18,431 | ) | (94,304 | ) | — | (31,466 | ) | |||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||
Class A | 14,578,561 | 7,721,450 | 453,587 | 727,291 | 360,202 | 47,749 | ||||||||||||
Class B | 720,474 | 821,580 | 190,313 | 279,145 | 14,309 | 38,404 | ||||||||||||
Class C | 1,986,514 | 1,497,246 | 478,902 | 573,829 | 29,006 | 89,783 | ||||||||||||
Dividends reinvestments | ||||||||||||||||||
Class A | 11,446 | 109,308 | 17,032 | 90,410 | — | 31,398 | ||||||||||||
Class B | 101 | 247 | 405 | 959 | — | 18 | ||||||||||||
Class C | 130 | 435 | 925 | 2,562 | — | 50 | ||||||||||||
Cost of shares repurchased | ||||||||||||||||||
Class A | (13,512,412 | ) | (21,795,052 | ) | (177,309 | ) | (197,143 | ) | (6,350 | ) | (49,736 | ) | ||||||
Class B | (282,964 | ) | (127,876 | ) | (65,037 | ) | (9,527 | ) | — | (13,785 | ) | |||||||
Class C | (1,375,833 | ) | (499,191 | ) | (126,955 | ) | (23,159 | ) | (11,200 | ) | (41 | ) | ||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions | 2,126,017 | (12,271,853 | ) | 771,863 | 1,444,367 | 385,967 | 143,840 | |||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 2,126,013 | (12,271,903 | ) | 2,484,144 | (1,318,331 | ) | 2,455,894 | (3,831,905 | ) | |||||||||
NET ASSETS | ||||||||||||||||||
Beginning of Period/Year | 14,946,846 | 27,218,749 | 9,612,779 | 10,931,110 | 11,156,236 | 14,988,141 | ||||||||||||
End of Period/Year | $17,072,859 | $14,946,846 | $12,096,923 | $9,612,779 | $13,612,130 | $11,156,236 | ||||||||||||
Undistributed net investment income (loss) at end of period/year | $47,347 | $47,347 | $29,181 | ($12,362 | ) | ($58,943 | ) | ($29,857 | ) | |||||||||
(1) Unaudited.
See Notes to Financial Statements
B-10 |
PACIFIC FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PF Salomon Brothers Large-Cap Value Fund | PF Van Kampen Comstock Fund (1) | PF Van Kampen Mid-Cap Growth Fund (2) | |||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | |||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | |||||||||||||||||||||||
September 30, | Year Ended | September 30, | Year Ended | September 30, | Year Ended | ||||||||||||||||||||
2003 (3) | March 31, 2003 | 2003 (3) | March 31, 2003 | 2003 (3) | March 31, 2003 | ||||||||||||||||||||
OPERATIONS | |||||||||||||||||||||||||
Net investment income (loss) | $27,153 | $59,298 | $3,441 | ($72,152 | ) | ($75,102 | ) | ($112,543 | ) | ||||||||||||||||
Net realized gain (loss) | (484,314 | ) | (1,227,554 | ) | (180,133 | ) | (692,100 | ) | 184,911 | (4,844,623 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) | 3,548,781 | (4,356,079 | ) | 1,420,932 | (1,751,574 | ) | 1,273,792 | 241,624 | |||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,091,620 | (5,524,335 | ) | 1,244,240 | (2,515,826 | ) | 1,383,601 | (4,715,542 | ) | ||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | |||||||||||||||||||||||||
Net investment income | |||||||||||||||||||||||||
Class A | (19,016 | ) | (34,071 | ) | — | — | — | — | |||||||||||||||||
Class B | (1,551 | ) | (1,682 | ) | — | — | — | — | |||||||||||||||||
Class C | (3,131 | ) | (4,576 | ) | — | — | — | — | |||||||||||||||||
Net realized gains | |||||||||||||||||||||||||
Class A | — | (98,565 | ) | — | (49,164 | ) | — | (843,858 | ) | ||||||||||||||||
Class B | — | (965 | ) | — | (784 | ) | — | (7,367 | ) | ||||||||||||||||
Class C | — | (2,918 | ) | — | (632 | ) | — | (22,315 | ) | ||||||||||||||||
Net Decrease in Net Assets Resulting from Distributions to Shareholders | (23,698 | ) | (142,777 | ) | — | (50,580 | ) | — | (873,540 | ) | |||||||||||||||
CAPITAL SHARE TRANSACTIONS | |||||||||||||||||||||||||
Proceeds from sale of shares | |||||||||||||||||||||||||
Class A | 1,509,431 | 3,046,380 | 537,810 | 515,634 | 1,274,850 | 1,670,491 | |||||||||||||||||||
Class B | 764,105 | 941,383 | 286,498 | 157,848 | 585,861 | 562,549 | |||||||||||||||||||
Class C | 1,954,388 | 2,064,546 | 387,142 | 106,658 | 1,378,678 | 1,166,586 | |||||||||||||||||||
Dividends reinvestments | |||||||||||||||||||||||||
Class A | 18,591 | 130,473 | — | 48,385 | — | 823,409 | |||||||||||||||||||
Class B | 1,431 | 2,185 | — | 378 | — | 7,319 | |||||||||||||||||||
Class C | 3,107 | 7,437 | — | 631 | — | 22,315 | |||||||||||||||||||
Cost of shares repurchased | |||||||||||||||||||||||||
Class A | (1,456,376 | ) | (5,848,309 | ) | (384,415 | ) | (1,735,118 | ) | (667,959 | ) | (2,274,920 | ) | |||||||||||||
Class B | (178,933 | ) | (43,395 | ) | (20,579 | ) | (19,927 | ) | (116,305 | ) | (13,861 | ) | |||||||||||||
Class C | (675,439 | ) | (70,164 | ) | (23,624 | ) | (30,237 | ) | (292,587 | ) | (38,785 | ) | |||||||||||||
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions | 1,940,305 | 230,536 | 782,832 | (955,748 | ) | 2,162,538 | 1,925,103 | ||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 5,008,227 | (5,436,576 | ) | 2,027,072 | (3,522,154 | ) | 3,546,139 | (3,663,979 | ) | ||||||||||||||||
NET ASSETS | |||||||||||||||||||||||||
Beginning of Period/Year | 14,705,965 | 20,142,541 | 5,606,362 | 9,128,516 | 7,917,428 | 11,581,407 | |||||||||||||||||||
End of Period/Year | $19,714,192 | $14,705,965 | $7,633,434 | $5,606,362 | $11,463,567 | $7,917,428 | |||||||||||||||||||
Undistributed net investment income (loss) at end of period/year | $21,368 | $17,913 | ($614 | ) | ($4,055 | ) | ($79,540 | ) | ($4,438 | ) | |||||||||||||||
(1) Formerly named PF Janus Strategic Value Fund.
(2) Formerly named PF MFS Mid-Cap Growth Fund.
(3) Unaudited.
See Notes to Financial Statements
B-11 |
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS
Selected per share, ratios and supplemental data for each period ended were as follows:
See explanation of symbols on C-6
See Notes to Financial Statements
C-1 |
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each period ended were as follows:
See explanation of symbols on C-6
See Notes to Financial Statements
C-2 |
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each period ended were as follows:
See explanation of symbols on C-6
See Notes to Financial Statements
C-3 |
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each period ended were as follows:
See explanation of symbols on C-6
See Notes to Financial Statements
C-4 |
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each period ended were as follows:
See explanation of symbols on C-6
See Notes to Financial Statements
C-5 |
PACIFIC FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each period ended were as follows:
(1) | Total returns are not annualized for periods less than one full year. Calculation does not include the effect of any sales charges for Classes A, B and C. | |
(2) | The ratios of expenses after expense reductions to the average daily net assets are after adviser expense reimbursements, if any, as discussed in Note 6 to the Financial Statements. The ratios of net investment income (loss) before expense reductions to average daily net assets are grossed up by the adviser expense reimbursements, if any. | |
(3) | The ratios are annualized for periods of less than one full year. | |
(4) | Per share investment income has been calculated using the monthly average shares method. | |
(5) | Unaudited. | |
(6) | Amount represents less than $0.01 per share. | |
(7) | The expense cap for the PF Pacific Life Money Market Fund is 0.05% for the period 7/1/02 to 6/30/04 and 0.45% thereafter through 6/30/05. The effect of the 12b-1 waiver by the Distributor on the ratios of net expenses and net investment income (loss) after expense reductions to average daily net assets for PF Pacific Life Money Market Class B and C were 0.34% and 0.33%, respectively, for the six-month period ended September 30, 2003, and 0.09% and 0.09% for Class B and C, respectively, for the year ended March 31, 2003. | |
(8) | The PF Van Kampen Comstock Fund was formerly named the PF Janus Strategic Value Fund. | |
(9) | The PF Van Kampen Mid-Cap Growth Fund was formerly named the PF MFS Mid-Cap Growth Fund. |
See Notes to Financial Statements
C-6 |
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. ORGANIZATION
Pacific Funds is a Delaware statutory trust, which was formed on May 21, 2001, and is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company, and as of September 30, 2003, is comprised of fifteen separate funds (each individually a “Fund,” and collectively, the “Funds”): PF AIM Blue Chip, PF AIM Aggressive Growth, PF INVESCO Health Sciences, PFINVESCO Technology, PF Janus Growth LT, PF LazardInternational Value, PF MFS Global Growth, PF PIMCO Inflation Managed, PF PIMCO Managed Bond, PF Pacific Life Money Market, PF Putnam Equity Income, PF Putnam Research, PF Salomon Brothers Large-Cap Value, PF Van Kampen Comstock (formerly Strategic Value), and PF Van Kampen Mid-Cap Growth Funds. Each Fund has three separate classes of shares: Class A, B, and C. Each class is distinguished by the level of distribution services provided and is substantially the same except that (i) Class A shares are subject to a maximum 5.50% front-end sales charge, except that for an investment of $1 million or more there is no front-end sales charge; however a 1% contingent deferred sales charge (“CDSC”) is imposed upon the redemption of Class A shares within one year of their purchase if the purchase was part of an investment of $1 million or more (when there was no initial sales charge), (ii) Class B shares are subject to a maximum 5.00% CDSC, and (iii) Class C shares are subject to a maximum 1.00% front-end sales charge, except for shares of the PF Pacific Life Money Market Fund, which are sold at the net asset value (“NAV”) per share without an initial sales charge, and a maximum 1.00% CDSC is imposed upon the redemption of Class C shares within one year of their purchase.
All of the Funds except PF Putnam Equity Income Fund, PF Putnam Research Fund, and PF PIMCO Inflation Managed Fund commenced operations on September 28, 2001. The PF Putnam Equity Income and PF Putnam Research Funds commenced operations on December 31, 2001 and PF PIMCO Inflation Managed Fund commenced operations on December 31, 2002.
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") for investment companies. These principles require management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The following is a summary of the significant accounting policies followed by the Funds in the preparation of the financial statements.
A. Fund Valuation
The NAV per share is calculated generally at or about 4:00 p.m. Eastern time on each day the New York Stock Exchange is open. Equity securities are generally valued at the last reported sale price for securities traded on a principal exchange (U.S. or foreign) and on the NASDAQ National Market as reported by a pricing source approved by the Funds’ Board of Trustees (the “Board”). Securities traded on over-the-counter markets and listed securities for which no sales are reported are generally valued at the mean between the most recent bid and asked quotes obtained from a quotation reporting system, from established market makers, brokers or dealers. Fixed income securities are generally valued at prices obtained from pricing services or brokers and dealers. Certain bonds are valued by a benchmarking or matrix pricing process approved by the Board. Securities for which market quotations are not readily available or are deemed to be unreliable or inaccurate are valued at their fair value as determined in good faith pursuant to procedures established by the Board. If events occur that materially affect the NAV (including non-U.S. securities) between the close of trading in those securities affected and the close of regular trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time), the securities may be valued at fair value under procedures approved by the Board. Money market instruments and short-term securities maturing within 60 days are valued at amortized cost, which approximates market value.
B. Securities Transactions and Investment Income
Securities transactions are recorded on a trade date basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on the accrual basis. Discounts and premiums are recorded on a daily basis using the effective yield method except for short-term securities and PF Pacific Life Money Market Fund, which recognize discounts and premiums on a straight line basis. Realized gains and losses from securities transactions are recorded on the basis of identified cost.
Each class of shares has equal rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to distribution and service (12b-1) fees (included in Note 3). Income, other non-class specific expenses, and realized and unrealized gains and losses on investments are allocated to each class of shares based on its relative net assets.
C. Foreign Currency Translation
Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the end of the reporting period. Purchases and sales of securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.
Net realized foreign exchange gains and losses arise from sales of a Fund’s securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities, including investments in securities at the period-end, resulting from changes in the exchange rate.
D-1
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
D. Expense Allocation
General expenses of the Funds (including legal and audit fees, transfer agency out-of-pocket expenses and fees and expenses of the Independent Trustees) are allocated to each Fund in proportion to its relative average daily net assets. Expenses directly attributable to a particular Fund (including advisory, administration, custody, registration and distribution and service (12b-1) fees) are charged to that Fund.
E. Offering Costs
The Funds bear all costs associated with offering expenses including legal, printing and internal services support. All such costs are amortized to expense on a straight-line basis over twelve months from commencement of operations.
F. Futures Contracts
Certain Funds may use futures contracts to manage their exposure to the stock markets, fluctuations in interest rates, and to foreign currency values. Initial margin deposits are made upon entering into futures contracts and can be either cash or securities. During the period a futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses 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 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 the closing transaction and the Fund’s cost of the contract. The primary risks associated with the use of futures contracts are the possibility of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities, or that the counterparty will fail to perform its obligations. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded.
G. Options and Options on Futures Contracts
Certain Funds may write options on interest rate futures and purchase put and call options and write secured put and covered call options. When a Fund writes (sells) an option, an amount equal to the premium received is recorded as an asset with an equal liability that is “marked-to-market” based on the option’s quoted daily settlement price. Any fluctuation in the value of such an instrument is recorded as unrealized appreciation or depreciation until terminated, at which time realized gains and losses are recognized. The purposes of using options or options on futures contracts include hedging exposure to rising interest rates while retaining capital gain potential from falling rates and capitalizing on anticipated changes in market volatility or to earn additional income. These options may relate to particular securities, stock indexes, options on swaps, or foreign currencies. These investments involve, to varying degrees, elements of market risk and risks in excess of the amount recognized in the Statements of Assets and Liabilities. Risks may include an imperfect correlation between the changes in market value of the securities held by a Fund and the prices of options or options on futures contracts, an illiquid secondary market for the instruments, or the inability of a counterparty to perform its obligations.
H. Forward Foreign Currency Contracts
Certain Funds may enter into forward foreign currency contracts (“forward contracts”) for the purpose of hedging against foreign exchange risk arising from a Fund’s investment in foreign securities. These contracts are “marked-to-market” daily at the applicable translation rates and any result of unrealized appreciation or depreciation is recorded in a Fund’s financial statements. 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. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies.
I. Swaps
Certain Funds may enter into interest rate, total return, and currency exchange swap agreements in order to obtain a desired return at a lower cost than if a Fund had invested directly in the asset that yielded the desired return. Swaps involve commitments to exchange components of income (generally interest or returns) pegged to the underlying assets based on a notional principal amount. Swaps are “marked-to-market” daily based upon quotations from market makers and the change, if any, is recorded as unrealized gains or losses in the Statements of Operations. A Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a counterparty.
J. Inflation-Indexed Bonds
Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value, which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will result in an adjustment of interest income, even though investors do not receive their principal until maturity.
K. Stripped Mortgage-Backed Securities
Stripped mortgage-backed securities (“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. If the underlying mortgage assets experience greater than anticipated prepayments of principal, a Fund may
D-2
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
fail to recoup some or all of its initial investment in these securities. The market value of these securities is highly sensitive to changes in interest rates.
L. When-Issued Securities and Delayed-Delivery Transactions
Certain Funds may purchase or sell securities on a when-issued or delayed-delivery basis. Payment and delivery may take place after the customary settlement period for that security. The price or yield of the underlying securities is fixed at the time the transaction is negotiated. The market values of the securities purchased on a when-issued or delayed-delivery basis are identified as such in each applicable Fund’s Schedule of Investments. 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 when-issued 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, it does not participate in future gains and losses with respect to the security. Risks 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.
M. 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 in anticipation of a decline in the market price of the securities. A Fund is obligated to deliver securities at the market price at the time the short position is closed. Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested.
N. Repurchase Agreements
Certain Funds may invest in repurchase agreements.
Repurchase agreements permit the investor to maintain liquidity and earn income over periods of time as short as overnight. Repurchase agreements held by a Fund are fully collateralized by U.S. Government securities and such collateral is in the possession of the Funds’ custodian or a designated broker-dealer. The collateral is evaluated daily to ensure its market value equals or exceeds the current market value of the repurchase agreements including accrued interest. In the event of default on the obligation to repurchase, a Fund has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation.
O. Investment Risk
Fixed income securities are affected primarily by the financial condition of the companies that have issued them, and by changes in interest rates.
There are certain additional risks involved in investing in foreign securities that are not inherent in investments in domestic securities. These risks may involve adverse political and economic developments and the possible imposition of currency exchange blockages or other foreign governmental laws or restrictions. In addition, the securities of some foreign companies and securities markets are less liquid and at times more volatile than securities of comparable U.S. companies and U.S. securities markets.
3. INVESTMENT ADVISORY, ADMINISTRATION AND SHAREHOLDER SERVICES, AND DISTRIBUTION AGREEMENTS
Pursuant to an Investment Advisory Agreement, Pacific Life Insurance Company (“Pacific Life”) serves as Investment Adviser to the Funds, and receives from the Funds the following advisory fee rates based on an annual percentage of the average daily net assets of each Fund and the fees are accrued daily by the Funds:
PF AIM Blue Chip | 0.95 | % | PF PIMCO Managed Bond | 0.60 | % |
PF AIM | PF Pacific Life | ||||
Aggressive Growth | 1.00 | % | Money Market | See (1) | |
PF INVESCO | |||||
Health Sciences | 1.10 | % | PF Putnam Equity Income | 0.95 | % |
PF INVESCO Technology | 1.10 | % | PF Putnam Research | 1.00 | % |
PF Salomon Brothers | |||||
PF Janus Growth LT | 0.75 | % | Large-Cap Value | 0.85 | % |
PF Lazard | PF Van Kampen | ||||
International Value | 0.85 | % | Comstock | 0.95 | % |
PF Van Kampen | |||||
PF MFS Global Growth | 1.10 | % | Mid-Cap Growth | 0.90 | % |
PF PIMCO | |||||
Inflation Managed | 0.60 | % |
(1) An annual rate of 0.40% of the first $250 million of the average daily net assets, 0.35% of the next $250 million, and 0.30% in excess of $500 million.
Pursuant to Fund Management Agreements, the Funds and Pacific Life engage fund managers under Pacific Life’s supervision for fourteen of the fifteen Funds. The following firms serve as sub-advisors for their respective Funds: AIM Capital Management, Inc., INVESCO Funds Group, Inc., Janus Capital Management LLC, Lazard Asset Management LLC, MFS Investment Management, Pacific Investment Management Company LLC, Putnam Investment Management, LLC, Salomon Brothers Asset Management Inc, and Van Kampen. Pacific Life, as Investment Adviser to the Funds, pays the related management fees as compensation for advisory services provided to the Funds.
Pursuant to the Administration and Shareholder Services Agreement, Pacific Life serves as Administrator (the “Administrator”) to the Funds. Under the Agreement, the Funds compensate the Administrator at an annual rate of 0.35% of average daily net assets for procuring the administrative, transfer agency and shareholder services. In addition, the Funds compensate the Administrator for support services based on an internal billing rate at cost for the time spent by the legal, accounting, tax and compliance personnel for providing assistance, coordination and supervision to the Funds.
D-3
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Pacific Select Distributors, Inc. (the “Distributor”), a wholly-owned subsidiary of Pacific Life, serves as distributor of the Funds’ shares. Under the distribution and service (12b-1) plans, each Fund pays to the Distributor fees at annual rates expressed as a percentage of average daily net assets. Each Fund pays a distribution fee as compensation for services rendered and expenses borne by the Distributor in connection with the distribution of shares of the Funds (0.25% for Class A shares and 0.75% for Class B and C shares). Additionally, each Fund pays a servicing fee as compensation in connection with services rendered to shareholders of the Funds and/or maintenance of shareholder accounts (0.25% for Class A, B, and C shares). The fees are accrued daily.
The Funds have incurred $684,858 of investment advisory fees, $294,049 of administration fees and $147,825 of support services expenses, payable to Pacific Life, for the six-month period ended September 30, 2003. As of September 30, 2003, $123,734, $52,908, and $86,067, respectively, remained payable. For the six-month period ended September 30, 2003, the Funds also incurred $495,886 of distribution expenses payable to the Distributor under the distribution and service (12b-1) plans. As of September 30, 2003, $90,616 remained payable.
For the six-month period ended September 30, 2003, the Distributor, acting as underwriter, received net commissions of $444,643 from the sale of Class A and Class C shares and received $17,471 in CDSC from redemptions of Class B and Class C shares for the same period.
4. TRUSTEE DEFERRED COMPENSATION PLAN
Each Independent Trustee is eligible to participate in the Funds’ 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 the Funds that are payable in accordance with the agreement. A trustee who defers compensation has the option to select credit rate options that track the performance of the Class A shares of the corresponding series of the Pacific Funds without a sales load. Accordingly, the market value appreciation/ depreciation of the Trustee’s deferred compensation accounts will cause the expenses of each Fund to increase or decrease due to the market fluctuation.
5. DISTRIBUTIONS TO SHAREHOLDERS
The Funds intend to declare and pay dividends on net investment income at least annually, except for the PF PIMCO Inflation Managed Fund, the PF PIMCO Managed Bond Fund, and the PF Pacific Life Money Market Fund. Dividends are generally declared and paid monthly for the PF PIMCO Inflation Managed Fund and the PF PIMCO Managed Bond Fund, and dividends are generally declared daily and paid monthly for the PF Pacific Life Money Market Fund. Dividends may be declared less frequently if it is advantageous to the Funds, but in any event not less frequently than annually. All realized capital gains are distributed at least annually for all Funds.
Dividends on net investment income and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. GAAP. These differences are primarily due to differing treatments for futures and options, foreign currency transactions, post-October losses, passive foreign investment companies (“PFICs”), capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of paid-in capital. Dividends and distributions paid to shareholders are recorded on the ex-dividend date.
The tax character of distributions paid during the six-month period ended September 30, 2003, was as follows:
Distributions paid from | |||||||||
Return | |||||||||
Ordinary | Long-Term | of | |||||||
Funds | Income | Capital Gain | Capital | ||||||
PF Lazard International Value | $ | 32,940 | $ | — | $ | — | |||
PF PIMCO Inflation Managed | 149,234 | 80,480 | — | ||||||
PF PIMCO Managed Bond | 375,912 | — | — | ||||||
PF Pacific Life Money Market | 12,367 | — | — | ||||||
PF Putnam Equity Income | 18,431 | — | — | ||||||
PF Salomon Brothers Large-Cap Value | 23,698 | — | — |
The tax character of distributions paid during the year ended March 31, 2003, was as follows:
Distributions paid from | |||||||||
Return | |||||||||
Ordinary | Long-Term | of | |||||||
Funds | Income | Capital Gain | Capital | ||||||
PF Lazard International Value | $ | 82,662 | $ | — | $ | — | |||
PF MFS Global Growth | 125,020 | — | — | ||||||
PF PIMCO Inflation Managed | 31,181 | — | — | ||||||
PF PIMCO Managed Bond | 1,575,720 | 648,128 | — | ||||||
PF Pacific Life Money Market | 117,708 | — | — | ||||||
PF Putnam Equity Income | 94,304 | — | — | ||||||
PF Putnam Research | 31,466 | — | — | ||||||
PF Salomon Brothers Large-Cap Value | 142,777 | — | — | ||||||
PF Van Kampen Comstock | 50,580 | — | — | ||||||
PF Van Kampen Mid-Cap Growth | 873,540 | — | — |
D-4
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
As of March 31, 2003, the components of distributable earnings on a tax basis were as follows:
Accumulated | Undistributed | Unrealized | ||||||
Capital and | Ordinary | Appreciation | ||||||
Funds | Other Losses | Income | (Depreciation) | |||||
PF AIM Blue Chip | ($923,553 | ) | $ | — | ($1,509,557 | ) | ||
PF AIM Aggressive Growth | (921,178 | ) | — | (17,988 | ) | |||
PF INVESCO Health Sciences | (1,806,924 | ) | — | 314,382 | ||||
PF INVESCO Technology | (1,649,234 | ) | — | (374,387 | ) | |||
PF Janus Growth LT | (1,936,534 | ) | — | (487,288 | ) | |||
PF Lazard International Value | (382,792 | ) | 32,940 | (956,016 | ) | |||
PF MFS Global Growth | (690,163 | ) | — | (402,815 | ) | |||
PF PIMCO Inflation Managed | — | 88,734 | 66,776 | |||||
PF PIMCO Managed Bond | — | 201,885 | 226,443 | |||||
PF Pacific Life Money Market | (50 | ) | 55,040 | — | ||||
PF Putnam Equity Income | (717,750 | ) | 18,430 | (1,545,711 | ) | |||
PF Putnam Research | (2,123,101 | ) | — | (1,790,145 | ) | |||
PF Salomon Brothers Large-Cap Value | (1,223,358 | ) | 23,697 | (3,554,376 | ) | |||
PF Van Kampen Comstock | (574,125 | ) | — | (885,559 | ) | |||
PF Van Kampen Mid-Cap Growth | (4,655,744 | ) | — | (244,604 | ) |
There were no funds that had undistributed long-term capital gains as of March 31, 2003. The components of the accumulated capital and other losses as of March 31, 2003 are summarized in Note 7.
6. EXPENSE REDUCTIONS
Pacific Life has contractually agreed to waive all or part of its investment advisory fees or administration fees, or otherwise reimburse each Fund for operating expenses (including organizational expenses, but not including investment advisory fees; distribution and service (12b-1) fees; foreign taxes on dividends, interest, or gains; interest; taxes; brokerage commissions and other transactional expenses; extraordinary expenses such as litigation; and other expenses not incurred in the ordinary course of each Fund’s business) that exceed an annual rate of 0.45% of a Fund’s average daily net assets for all Funds through June 30, 2005, except for the PF Pacific Life Money Market Fund. The expense cap for the PF Pacific Life Money Market Fund has been reduced to 0.05% for the period July 1, 2002 through June 30, 2004 and 0.45% thereafter through June 30, 2005. Such waiver or reimbursement is subject to repayment to Pacific Life, for a period of time as permitted under regulatory and/or accounting standards (currently 3 years), to the extent such expenses fall below the 0.45% expense cap in future years. Any amounts repaid to Pacific Life will have the effect of increasing such expenses of the Funds, but not above the 0.45% expense cap. There is no guarantee that Pacific Life will continue to cap the expenses after June 30, 2005. The Distributor has also agreed to waive part of the 12b-1 fees. The total amount waived by the Distributor for the PF Pacific Life Money Market Fund for the six-month period ended September 30, 2003 was $4,381.
The cumulative reimbursement amounts as of September 30, 2003 that are subject to repayment for each Fund are as follows:
Expiration | |||||||||
Funds | 2005 | 2006 | 2007 | ||||||
PF AIM Blue Chip | $ | 191,685 | $ | 192,697 | $ | 76,775 | |||
PF AIM Aggressive Growth | 164,928 | 137,076 | 54,536 | ||||||
PF INVESCO Health Sciences | 101,705 | 128,537 | 55,070 | ||||||
PF INVESCO Technology | 105,965 | 131,800 | 48,696 | ||||||
PF Janus Growth LT | 201,429 | 181,111 | 87,034 | ||||||
PF Lazard International Value | 181,009 | 174,426 | 75,619 | ||||||
PF MFS Global Growth | 231,269 | 391,365 | 162,919 | ||||||
PF PIMCO Inflation Managed | — | 35,513 | 103,405 | ||||||
PF PIMCO Managed Bond | 139,799 | 360,805 | 149,759 | ||||||
PF Pacific Life Money Market | 139,704 | 291,629 | 135,304 | ||||||
PF Putnam Equity Income | 102,380 | 241,155 | 81,499 | ||||||
PF Putnam Research | 120,064 | 203,580 | 83,978 | ||||||
PF Salomon Brothers Large-Cap Value | 166,357 | 187,014 | 90,387 | ||||||
PF Van Kampen Comstock | 167,973 | 134,554 | 66,043 | ||||||
PF Van Kampen Mid-Cap Growth | 164,483 | 193,070 | 88,893 |
The adviser’s expense reimbursement is presented in the accompanying Statements of Operations.
7. FEDERAL INCOME TAX
Each Fund declared and paid sufficient dividends on net investment income and capital gains distributions during the year ended March 31, 2003 to qualify as a regulated investment company and is not required to pay Federal income tax under Regulation M of the Internal Revenue Code. Each Fund intends to continue to qualify as a regulated investment company and distribute substantially all its taxable income and capital gains to its shareholders. 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 on a tax basis and may differ from such amounts for financial reporting purposes. 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.
Net capital loss carryovers and post-October capital losses, if any, as of March 31, 2003, are available to offset future realized capital gains and thereby reduce future capital gains distributions. Post-October foreign currency losses, if any, will offset future net investment income and thereby reduce future ordinary income distributions. The estimated net capital loss carryovers, the post-October capital losses and foreign currency losses deferred, and the accumulated capital and other losses as of March 31, 2003,
D-5
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
and the aggregate cost of investments and the composition of unrealized appreciation and depreciation on investment securities for Federal income tax purposes as of September 30, 2003, were as follows:
Post- | ||||||||||||||||||||||||
Post- | October | |||||||||||||||||||||||
Net | October | Foreign | Accumulated | Net | ||||||||||||||||||||
Capital | Capital | Currency | Capital and | Total Cost | Gross | Gross | Unrealized | |||||||||||||||||
Loss | Loss | Loss | Other | on Tax | Unrealized | Unrealized | Appreciation/ | |||||||||||||||||
Funds | Carryover | Expiration | Deferral | Deferral | Losses | Basis | Appreciation | Depreciation | (Depreciation) | |||||||||||||||
PF AIM Blue Chip | ($739,723 | ) | 2011 | ($183,830 | ) | $ — | ($923,553 | ) | $13,291,407 | $776,514 | ($541,331 | ) | $235,183 | |||||||||||
PF AIM Aggressive | ||||||||||||||||||||||||
Growth | (840,112 | ) | 2011 | (81,066 | ) | — | (921,178 | ) | 6,129,269 | 953,958 | (56,690 | ) | 897,268 | |||||||||||
PF INVESCO | ||||||||||||||||||||||||
Health Sciences | (1,444,769 | ) | 2011 | (362,155 | ) | — | (1,806,924 | ) | 5,647,770 | 809,775 | (60,121 | ) | 749,654 | |||||||||||
PF INVESCO | ||||||||||||||||||||||||
Technology | (1,210,742 | ) | 2010-2011 | (438,492 | ) | — | (1,649,234 | ) | 4,240,311 | 1,057,349 | (71,325 | ) | 986,024 | |||||||||||
PF Janus | ||||||||||||||||||||||||
Growth LT | (1,657,020 | ) | 2010-2011 | (263,582 | ) | (15,932 | ) | (1,936,534 | ) | 8,469,854 | 982,438 | (163,169 | ) | 819,269 | ||||||||||
PF Lazard | ||||||||||||||||||||||||
International Value | (335,022 | ) | 2011 | (45,730 | ) | (2,040 | ) | (382,792 | ) | 13,922,271 | 1,054,609 | (100,759 | ) | 953,850 | ||||||||||
PF MFS Global | ||||||||||||||||||||||||
Growth | (381,584 | ) | 2011 | (307,373 | ) | (1,206 | ) | (690,163 | ) | 6,097,629 | 638,977 | (65,158 | ) | 573,819 | ||||||||||
PF PIMCO Inflation | ||||||||||||||||||||||||
Managed | — | — | — | — | — | 21,105,969 | 328,729 | (5,250 | ) | 323,479 | ||||||||||||||
PF PIMCO Managed | ||||||||||||||||||||||||
Bond | — | — | — | — | — | 26,266,259 | 383,644 | (101,418 | ) | 282,226 | ||||||||||||||
PF Pacific Life | ||||||||||||||||||||||||
Money Market | (37 | ) | 2011 | (13 | ) | — | (50 | ) | — | — | — | — | ||||||||||||
PF Putnam Equity | ||||||||||||||||||||||||
Income | (327,599 | ) | 2011 | (390,151 | ) | — | (717,750 | ) | 11,846,230 | 677,370 | (417,763 | ) | 259,607 | |||||||||||
PF Putnam Research | (1,040,026 | ) | 2011 | (1,052,939 | ) | (30,136 | ) | (2,123,101 | ) | 13,137,509 | 573,339 | (231,185 | ) | 342,154 | ||||||||||
PF Salomon Brothers | ||||||||||||||||||||||||
Large-Cap Value | (498,187 | ) | 2011 | (725,171 | ) | — | (1,223,358 | ) | 19,277,233 | 1,296,441 | (1,269,864 | ) | 26,577 | |||||||||||
PF Van Kampen | ||||||||||||||||||||||||
Comstock | (495,603 | ) | 2011 | (78,522 | ) | — | (574,125 | ) | 6,982,611 | 799,736 | (106,713 | ) | 693,023 | |||||||||||
PF Van Kampen | ||||||||||||||||||||||||
Mid-Cap Growth | (4,216,302 | ) | 2011 | (439,442 | ) | — | (4,655,744 | ) | 9,872,825 | 1,283,546 | (74,605 | ) | 1,208,941 |
8. PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities (excluding short-term investments and the PF Pacific Life Money Market Fund since it trades exclusively in short-term debt securities) for the six-month period ended September 30, 2003, are summarized in the following tables:
U.S. Government Securities | Other Securities | |||||||||||
Funds | Purchases | Sales | Purchases | Sales | ||||||||
PF AIM Blue Chip | $ | — | $ | — | $ | 3,372,330 | $ | 1,468,914 | ||||
PF AIM Aggressive Growth | — | — | 3,999,838 | 3,165,214 | ||||||||
PF INVESCO Health Sciences | — | — | 4,412,988 | 4,685,948 | ||||||||
PF INVESCO Technology | — | — | 2,776,381 | 2,534,251 | ||||||||
PF Janus Growth LT | — | — | 1,610,403 | 1,586,443 | ||||||||
PF Lazard International Value | — | — | 6,465,777 | 2,756,990 | ||||||||
PF MFS Global Growth | — | — | 3,991,062 | 3,048,553 | ||||||||
PF PIMCO Inflation Managed | 57,237,733 | 44,787,421 | 100,000 | — | ||||||||
PF PIMCO Managed Bond | 80,310,765 | 73,230,554 | 5,570,384 | 5,308,433 | ||||||||
PF Putnam Equity Income | 556,681 | 532,095 | 3,507,987 | 2,710,569 | ||||||||
PF Putnam Research | — | — | 7,914,293 | 7,703,509 | ||||||||
PF Salomon Brothers Large-Cap Value | — | — | 4,785,766 | 3,500,988 | ||||||||
PF Van Kampen Comstock | — | — | 7,286,756 | 7,021,127 | ||||||||
PF Van Kampen Mid-Cap Growth | — | — | 17,647,488 | 15,847,370 |
D-6
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
9. SHARES OF BENEFICIAL INTEREST
Transactions in shares of each Fund for the six-month period ended September 30, 2003 and for the year ended March 31, 2003, were as follows:
PF AIM | PF AIM | PF INVESCO | PF INVESCO | |||||||||||||
Blue Chip Fund | Aggressive Growth Fund | Health Sciences Fund | Technology Fund | |||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||||
9/30/2003 | 3/31/2003 | 9/30/2003 | 3/31/2003 | 9/30/2003 | 3/31/2003 | 9/30/2003 | 3/31/2003 | |||||||||
Class A | ||||||||||||||||
Beginning Balances | 983,915 | 991,619 | 585,399 | 658,211 | 691,406 | 794,141 | 564,549 | 625,516 | ||||||||
Shares sold | 174,793 | 222,273 | 101,799 | 20,830 | 8,837 | 91,480 | 5,080 | 4,005 | ||||||||
Distributions reinvested | — | — | — | — | — | — | — | — | ||||||||
Shares redeemed | (133,123 | ) | (229,977 | ) | (55,022 | ) | (93,642 | ) | (26,574 | ) | (194,215 | ) | (9,457 | ) | (64,972 | ) |
Ending Balances | 1,025,585 | 983,915 | 632,176 | 585,399 | 673,669 | 691,406 | 560,172 | 564,549 | ||||||||
Class B | ||||||||||||||||
Beginning Balances | 94,800 | 3,971 | 7,353 | 1,006 | 13,381 | 3,721 | 5,123 | 3,812 | ||||||||
Shares sold | 72,134 | 95,912 | 24,284 | 6,620 | 3,728 | 11,001 | 5,838 | 3,413 | ||||||||
Distributions reinvested | — | — | — | — | — | — | — | — | ||||||||
Shares redeemed | (21,437 | ) | (5,083 | ) | (1,834 | ) | (273 | ) | (498 | ) | (1,341 | ) | (1 | ) | (2,102 | ) |
Ending Balances | 145,497 | 94,800 | 29,803 | 7,353 | 16,611 | 13,381 | 10,960 | 5,123 | ||||||||
Class C | ||||||||||||||||
Beginning Balances | 183,681 | 14,112 | 13,495 | 2,168 | 14,423 | 3,715 | 11,430 | 1,040 | ||||||||
Shares sold | 178,114 | 174,163 | 33,720 | 12,247 | 9,505 | 11,254 | 14,209 | 10,478 | ||||||||
Distributions reinvested | — | — | — | — | — | — | — | — | ||||||||
Shares redeemed | (60,374 | ) | (4,594 | ) | (3,511 | ) | (920 | ) | (3,601 | ) | (546 | ) | (72 | ) | (88 | ) |
Ending Balances | 301,421 | 183,681 | 43,704 | 13,495 | 20,327 | 14,423 | 25,567 | 11,430 | ||||||||
PF Janus | PF Lazard | PF MFS | PF PIMCO | |||||||||||||
Growth LT Fund | International Value Fund | Global Growth Fund | Inflation Managed Fund (1) | |||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Period ended | |||||||||
9/30/2003 | 3/31/2003 | 9/30/2003 | 3/31/2003 | 9/30/2003 | 3/31/2003 | 9/30/2003 | 3/31/2003 | |||||||||
Class A | ||||||||||||||||
Beginning Balances | 896,084 | 951,073 | 826,623 | 704,668 | 549,549 | 617,508 | 611,735 | — | ||||||||
Shares sold | 55,506 | 102,538 | 2,274,633 | 729,553 | 668,284 | 494,408 | 266,307 | 631,493 | ||||||||
Distributions reinvested | — | — | 2,291 | 7,015 | — | 11,595 | 15,877 | 2,854 | ||||||||
Shares redeemed | (75,096 | ) | (157,527 | ) | (2,174,126 | ) | (614,613 | ) | (601,548 | ) | (573,962 | ) | (24,777 | ) | (22,612 | ) |
Ending Balances | 876,494 | 896,084 | 929,421 | 826,623 | 616,285 | 549,549 | 869,142 | 611,735 | ||||||||
Class B | ||||||||||||||||
Beginning Balances | 39,741 | 5,550 | 89,093 | 2,327 | 7,073 | 2,043 | 15,668 | — | ||||||||
Shares sold | 23,871 | 35,152 | 80,324 | 91,248 | 25,270 | 5,014 | 147,874 | 15,622 | ||||||||
Distributions reinvested | — | — | 294 | 233 | — | 43 | 1,517 | 46 | ||||||||
Shares redeemed | (8,680 | ) | (961 | ) | (8,865 | ) | (4,715 | ) | (1,414 | ) | (27 | ) | (29,902 | ) | — | |
Ending Balances | 54,932 | 39,741 | 160,846 | 89,093 | 30,929 | 7,073 | 135,157 | 15,668 | ||||||||
Class C | ||||||||||||||||
Beginning Balances | 82,377 | 8,107 | 191,224 | 12,922 | 9,692 | 1,001 | 46,773 | — | ||||||||
Shares sold | 53,975 | 77,927 | 184,445 | 186,266 | 38,734 | 8,802 | 435,223 | 49,393 | ||||||||
Distributions reinvested | — | — | 682 | 643 | — | 22 | 4,168 | 127 | ||||||||
Shares redeemed | (29,112 | ) | (3,657 | ) | (24,789 | ) | (8,607 | ) | (2,755 | ) | (133 | ) | (138,040 | ) | (2,747 | ) |
Ending Balances | 107,240 | 82,377 | 351,562 | 191,224 | 45,671 | 9,692 | 348,124 | 46,773 | ||||||||
(1) Operations commenced on December 31, 2002.
D-7
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
PF PIMCO | PF Pacific Life | PF Putnam | PF Putnam | |||||||||||||
Managed Bond Fund | Money Market Fund | Equity Income Fund | Research Fund | |||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Period ended | |||||||||
9/30/2003 | 3/31/2003 | 9/30/2003 | 3/31/2003 | 9/30/2003 | 3/31/2003 | 9/30/2003 | 3/31/2003 | |||||||||
Class A | ||||||||||||||||
Beginning Balances | 1,795,231 | 3,357,105 | 13,089,685 | 27,053,979 | 1,114,198 | 1,041,437 | 1,505,477 | 1,501,874 | ||||||||
Shares sold | 2,208,447 | 1,205,919 | 14,578,561 | 7,721,450 | 49,521 | 86,086 | 45,382 | 6,409 | ||||||||
Distributions reinvested | 20,758 | 150,859 | 11,446 | 109,308 | 1,849 | 9,997 | — | 3,685 | ||||||||
Shares redeemed | (2,549,162 | ) | (2,918,652 | ) | (13,512,412 | ) | (21,795,052 | ) | (20,443 | ) | (23,322 | ) | (736 | ) | (6,491 | ) |
Ending Balances | 1,475,274 | 1,795,231 | 14,167,280 | 13,089,685 | 1,145,125 | 1,114,198 | 1,550,123 | 1,505,477 | ||||||||
Class B | ||||||||||||||||
Beginning Balances | 195,812 | 17,592 | 781,809 | 87,858 | 33,716 | 1,255 | 3,950 | 1,001 | ||||||||
Shares sold | 112,986 | 180,739 | 720,474 | 821,580 | 21,365 | 33,524 | 1,714 | 4,860 | ||||||||
Distributions reinvested | 3,044 | 9,191 | 101 | 247 | 44 | 113 | — | 2 | ||||||||
Shares redeemed | (51,698 | ) | (11,710 | ) | (282,964 | ) | (127,876 | ) | (7,480 | ) | (1,176 | ) | — | (1,913 | ) | |
Ending Balances | 260,144 | 195,812 | 1,219,420 | 781,809 | 47,645 | 33,716 | 5,664 | 3,950 | ||||||||
Class C | ||||||||||||||||
Beginning Balances | 450,834 | 37,632 | 1,073,151 | 74,661 | 68,200 | 3,885 | 12,680 | 1,001 | ||||||||
Shares sold | 304,158 | 412,387 | 1,986,514 | 1,497,246 | 53,514 | 66,711 | 3,545 | 11,678 | ||||||||
Distributions reinvested | 6,125 | 25,244 | 130 | 435 | 101 | 298 | — | 6 | ||||||||
Shares redeemed | (207,855 | ) | (24,429 | ) | (1,375,833 | ) | (499,191 | ) | (14,542 | ) | (2,694 | ) | (1,260 | ) | (5 | ) |
Ending Balances | 553,262 | 450,834 | 1,683,962 | 1,073,151 | 107,273 | 68,200 | 14,965 | 12,680 | ||||||||
PF Salomon Brothers | PF Van Kampen | PF Van Kampen | ||||||||||
Large-Cap Value Fund | Comstock Fund (1) | Mid-Cap Growth Fund (1) | ||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||
9/30/2003 | 3/31/2003 | 9/30/2003 | 3/31/2003 | 9/30/2003 | 3/31/2003 | |||||||
Class A | ||||||||||||
Beginning Balances | 1,499,384 | 1,807,799 | 652,997 | 786,021 | 1,046,112 | 1,018,038 | ||||||
Shares sold | 163,591 | 357,374 | 58,328 | 48,543 | 194,018 | 261,651 | ||||||
Distributions reinvested | 1,990 | 14,406 | — | 4,947 | — | 121,267 | ||||||
Shares redeemed | (160,269 | ) | (680,195 | ) | (41,781 | ) | (186,514 | ) | (102,422 | ) | (354,844 | ) |
Ending Balances | 1,504,696 | 1,499,384 | 669,544 | 652,997 | 1,137,708 | 1,046,112 | ||||||
Class B | ||||||||||||
Beginning Balances | 122,759 | 13,840 | 24,782 | 9,208 | 99,558 | 7,378 | ||||||
Shares sold | 84,484 | 114,122 | 31,154 | 17,823 | 88,752 | 93,422 | ||||||
Distributions reinvested | 154 | 256 | — | 39 | — | 1,081 | ||||||
Shares redeemed | (20,239 | ) | (5,459 | ) | (2,164 | ) | (2,288 | ) | (17,985 | ) | (2,323 | ) |
Ending Balances | 187,158 | 122,759 | 53,772 | 24,782 | 170,325 | 99,558 | ||||||
Class C | ||||||||||||
Beginning Balances | 259,334 | 22,297 | 9,186 | 1,846 | 194,145 | 10,382 | ||||||
Shares sold | 215,139 | 244,853 | 42,620 | 10,745 | 209,516 | 187,003 | ||||||
Distributions reinvested | 335 | 864 | — | 64 | — | 3,296 | ||||||
Shares redeemed | (75,267 | ) | (8,680 | ) | (2,519 | ) | (3,469 | ) | (44,880 | ) | (6,536 | ) |
Ending Balances | 399,541 | 259,334 | 49,287 | 9,186 | 358,781 | 194,145 | ||||||
(1) | On May 1, 2003 the PF Janus Strategic Value Fund and the PF MFS Mid-Cap Growth Fund changed their names to PF Van Kampen Comstock Fund and PF Van Kampen Mid-Cap Growth Fund, respectively. |
D-8
PACIFIC FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued) (Unaudited)
On July 31, 2003, all shares outstanding owned by Pacific Asset Management LLC
for the Pacific Funds were transferred to Pacific Life. As of September 30, 2003, Pacific Life
owned the following percentage of shares outstanding of each of the Funds:
PF AIM Blue Chip | 34.1 | % | PF PIMCO Managed Bond | 0.0 | % |
PF AIM Aggressive Growth | 71.4 | % | PF Pacific Life Money Market | 29.6 | % |
PF INVESCO Health Sciences | 70.5 | % | PF Putnam Equity Income | 77.8 | % |
PF INVESCO Technology | 83.8 | % | PF Putnam Research | 95.7 | % |
PF Janus Growth LT | 48.3 | % | PF Salomon Brothers Large-Cap Value | 24.2 | % |
PF Lazard International Value | 35.2 | % | PF Van Kampen Comstock | 65.4 | % |
PF MFS Global Growth | 73.8 | % | PF Van Kampen Mid-Cap Growth | 34.3 | % |
PF PIMCO Inflation Managed | 37.9 | % |
10. TAX INFORMATION
For corporate shareholders, the percentage of investment
income (dividend income plus short-term gains, if any) for each of
the Funds that qualifies for the dividends-received deductions is as follows:
Funds | Percentage | |
PF MFS Global Growth | 46.20 | % |
PF Putnam Equity Income | 44.17 | % |
PF Salomon Brothers Large-Cap Value | 100.00 | % |
PF Van Kampen Comstock | 60.10 | % |
PF Van Kampen Mid-Cap Growth | 6.20 | % |
The PF PIMCO Managed Bond Fund designated $648,128
as long-term capital gain dividend during the year ended March 31, 2003.
D-9
[THIS PAGE INTENTIONALLY LEFT BLANK]
PACIFIC FUNDS
TRUSTEES AND OFFICERS INFORMATION
The business and affairs of the Funds are managed under the direction of the Board of Trustees under the Pacific Funds’ Declaration of Trust. Information pertaining to the trustees and officers of the Funds is set forth below. Trustees who are not deemed to be “interested persons” of the Funds, as defined in the Investment Company Act of 1940 (“1940 Act”), are referred to as “Independent Trustees.” Trustees who are deemed to be “interested persons” of the Funds are referred to as “Interested Trustees”. The Funds’ Statement of Additional Information (SAI) includes additional information about the trustees and is available without charge, upon request, by calling the Funds toll-free at 1-800-722-2333.
The address of each Independent Trustee, Interested Trustees, and officers, is c/o Pacific Funds, 700 Newport Center Drive, Newport Beach, CA 92660.
Principal Occupation(s) | Number of | ||
Position(s) with the | (and certain additional | Funds/Portfolios in | |
Fund and Length of | occupation information) | Fund Complex | |
Name and Age | Time Served | During Past 5 Years | Overseen (1) |
INDEPENDENT TRUSTEES | |||
Lucie H. Moore, 46 | Trustee since 6/13/01 | Trustee of Pacific Select Fund; Former | 50 |
partner (1994) with Gibson, Dunn & | |||
Crutcher (Law). | |||
Richard L. Nelson, 73 | Trustee since 6/13/01 | Trustee of Pacific Select Fund; Former | 50 |
Trustee (2001) and Trustee Emeritus (2003) | |||
PIMCO Funds, Multi-Manager Series; Former | |||
Director (2000) of Wynn’s International, Inc. | |||
(Industrial); Retired Partner (1983) with | |||
Ernst & Young LLP (Accounting). | |||
Lyman W. Porter, 73 | Trustee since 6/13/01 | Trustee of Pacific Select Fund; Professor | 50 |
Emeritus of Management in the Graduate | |||
School of Management at the University of | |||
California, Irvine; Member of the Board of | |||
Trustees of the American University of Armenia; | |||
Former Trustee (2001) and Trustee Emeritus | |||
(2003) PIMCO Funds; Multi-Manager Series; | |||
Former Member (1995) of the Academic Advisory | |||
Board of the Czechoslovak Management | |||
Center; Former Dean (1983) of the Graduate | |||
School of Management, University of | |||
California, Irvine. | |||
Alan Richards, 73 | Trustee since 6/13/01 | Trustee of Pacific Select Fund; Chairman | 50 |
of the Board and Director, NETirement.com, Inc. | |||
(retirement planning software); Chairman of | |||
of IBIS Capital, LLC (Financial); Former Trustee | |||
(2001) and Trustee Emeritus (2003) PIMCO | |||
Funds; Multi-Manager Series; Former Director | |||
(1998) of Western National Corporation | |||
(Insurance Holding Company); Retired | |||
Chairman (1986) of E.F. Hutton Insurance | |||
Group; Former Director (1986) of E.F. Hutton | |||
and Company, Inc. (Financial). |
E-1
PACIFIC FUNDS
TRUSTEES AND OFFICERS INFORMATION (Continued)
Principal Occupation(s) | Number of | |||
(and certain additional | Funds/Portfolios in | |||
Position(s) with the Fund | occupation information) | Fund Complex | ||
Name and Age | and Length of Time Served | During Past 5 Years | Overseen(1) | |
INTERESTED TRUSTEES & OFFICERS | ||||
Thomas C. Sutton, 61 (2) | Chairman of the Board and Trustee since 6/13/01 | Chairman of the Board, Director and Chief Executive Officer of Pacific Life, Pacific Mutual Holding Company and Pacific LifeCorp; and similar positions with other subsidiaries and affiliates of Pacific Life; Director of Newhal l Land & Farming; Director of The Irvine Company(Real Estate); Director of Edison International (Utilities); Former Management Board Member of PIMCO Advisors L.P. (1997); Former Equity Board Member of PIMCO Advisors L.P. (1997). | 50 | |
Glenn S. Schafer, 54 (2) | President and Trustee since 6/13/01 | President and Director of Pacific Life, Pacific Mutual Holding Company and Pacific LifeCorp and similar positions with other subsidiaries and affiliates of Pacific Life; President of Pacific Select Fund; Director of Beckman Coulter, Inc.; Former Management Board Member of PIMCO Advisors L.P.( 2000); Former Equity Board Member of PIMCOAdvisors L.P. (1997). | 15 | |
Brian D. Klemens, 47 | Vice President and Treasurer since 6/13/01 | Vice President and Treasurer of Pacific Life, Pacific Mutual Holding Company, Pacific LifeCorp and similar positions with other subsidiaries and affiliates of Pacific Life (12/98 to present); Assistant Vice President and Assistant Controller (4/94 to 12/98) of Pacific Life; Vice Pesident and Treasurer of Pacific Select Fund. | N/A | |
Diane N. Ledger, 64 | Vice President and Assistant Secretary since 6/13/01 | Vice President, Variable Regulatory Compliance of Pacific Life and Pacific Life & Annuity Company, and Vice President and Assistant Secretary of Pacific Select Fund. | N/A | |
Robin S. Yonis, 48 | Vice President and General Counsel since 6/13/01 | Assistant Vice President and InvestmentCounsel of Pacific Life. | N/A | |
Audrey L. Milfs, 57 | Secretary since 6/13/01 | Vice President, Director and Corporate Secretary of Pacific Life, Vice President and Secretary of Pacific Mutual Holding Company, Pacific LifeCorp and similar positions with other subsidiaries of Pacific Life; Secretary of Pacific Select Fund. | N/A | |
(1) | In addition to Pacific Funds (15 Funds), each trustee (except Mr. Schafer) also serves as a trustee of the Pacific Select Fund (35 Portfolios) (collectively “Fund Complex”). |
(2) | Mr. Sutton and Mr. Schafer are interested persons of the Funds (as that term defined in the Investment Company Act) because of their positions with Pacific Life as shown above. |
E-2
PACIFIC FUNDS
SEMI-ANNUAL REPORT
as of September 30, 2003
INDEPENDENT ACCOUNTANTS
Deloitte & Touche LLP
695 Town Center Drive
Suite 1200
Costa Mesa, CA 92626
COUNSEL
Dechert LLP
1775 Eye Street, N.W.
Washington, D.C. 20006-2401
3167-3A
PACIFIC FUNDS
P.O. Box 9768
Providence, RI 02940-9768
ADDRESS SERVICE REQUESTED
Item 2. Code of Ethics - not applicable
Item 3. Audit Committee Financial Expert - not applicable
Item 4. Principal Accountant Fees and Services - not applicable
Item 5. Audit Committee of Listed Registrants - not applicable
Item 6. (Reserved)
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies - not applicable
Item 8. (Reserved)
Item 9. Controls and Procedures
(a) The Chairman of the Board, President and Treasurer have concluded that Pacific Fund'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 Pacific Funds 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 Pacific Fund's internal control over financial reporting that occurred during the Fund's most recent fiscal half-year (the Fund's second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.
Item 10. Exhibits
(a) Not applicable
(b) Exhibit 99.CERT - Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Exhibit 99.906CERT - Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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.
Date: December 8, 2003
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.
Date: December 8, 2003
Date: December 8, 2003
Date: December 8, 2003