UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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 Life Funds
(Exact name of registrant as specified in charter)
700 Newport Center Drive, P.O. Box 7500
Newport Beach, CA 92660
Newport Beach, CA 92660
(Address of principal executive offices) (Zip code)
Robin S. Yonis
Vice President and General Counsel of Pacific Life Funds
Pacific Life Fund Advisors LLC
700 Newport Center Drive, P.O. Box 9000
Newport Beach, CA 92660
Vice President and General Counsel of Pacific Life Funds
Pacific Life Fund Advisors LLC
700 Newport Center Drive, P.O. Box 9000
Newport Beach, CA 92660
(Name and address of agent for service)
Copies to:
Anthony H. Zacharski, Esq.
Dechert LLP
90 State House Square
Hartford, CT 06103
Anthony H. Zacharski, Esq.
Dechert LLP
90 State House Square
Hartford, CT 06103
Registrant’s telephone number, including area code: 949-219-6767
Date of fiscal year end: March 31
Date of reporting period: September 30, 2009
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).
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TABLE OF CONTENTS
PACIFIC LIFE FUNDS | ||
Schedules of Investments and Notes | A-1 | |
Financial Statements: | ||
Statements of Assets and Liabilities | B-1 | |
Statements of Operations | B-7 | |
Statements of Changes in Net Assets | B-10 | |
Statement of Cash Flows | B-16 | |
Financial Highlights | C-1 | |
Notes to Financial Statements | D-1 | |
Disclosure of Fund Expenses | E-1 | |
Where to Go for More Information | E-4 |
PACIFIC LIFE FUNDS
PL PORTFOLIO OPTIMIZATION CONSERVATIVE FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 99.1% | ||||||||
PL International Value Fund ‘A’ | 284,494 | $ | 2,623,037 | |||||
PL Large-Cap Value Fund ‘A’ | 595,203 | 5,755,608 | ||||||
PL Short Duration Bond Fund ‘A’ | 1,606,230 | 15,998,048 | ||||||
PL Floating Rate Loan Fund ‘A’ | 1,091,855 | 10,350,787 | ||||||
PL Growth LT Fund ‘A’ | 269,593 | 2,749,850 | ||||||
PL Mid-Cap Equity Fund ‘A’ | 488,458 | 3,717,165 | ||||||
PL International Large-Cap Fund ‘A’ | 216,256 | 2,832,949 | ||||||
PL Main Street® Core Fund ‘A’ | 338,977 | 2,772,829 | ||||||
PL Managed Bond Fund ‘A’ | 3,923,771 | 42,376,725 | ||||||
PL Inflation Managed Fund ‘A’ | 2,061,161 | 20,487,940 | ||||||
PL Large-Cap Growth Fund ‘A’ * | 344,591 | 2,329,437 | ||||||
PL Comstock Fund ‘A’ | 400,995 | 3,893,659 | ||||||
Total Affiliated Mutual Funds (Cost $108,653,491) | 115,888,034 | |||||||
SHORT-TERM INVESTMENT - 0.3% | ||||||||
Money Market Fund - 0.3% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 352,986 | 352,986 | ||||||
Total Short-Term Investment (Cost $352,986) | 352,986 | |||||||
TOTAL INVESTMENTS - 99.4% (Cost $109,006,477) | 116,241,020 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.6% | 646,285 | |||||||
NET ASSETS - 100.0% | $ | 116,887,305 | ||||||
Note to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Affiliated Fixed Income Funds | 76.3 | % | ||
Affiliated Equity Funds | 22.8 | % | ||
Short-Term Investment | 0.3 | % | ||
99.4 | % | |||
Other Assets & Liabilities, Net | 0.6 | % | ||
100.0 | % | |||
PACIFIC LIFE FUNDS
PL PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE FUND
Schedule of Investments
September 30, 2009 (Unaudited)
PL PORTFOLIO OPTIMIZATION MODERATE-CONSERVATIVE FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 99.6% | ||||||||
PL International Value Fund ‘A’ | 461,117 | $ | 4,251,502 | |||||
PL Large-Cap Value Fund ‘A’ | 985,571 | 9,530,468 | ||||||
PL Short Duration Bond Fund ‘A’ | 1,499,261 | 14,932,640 | ||||||
PL Floating Rate Loan Fund ‘A’ | 1,019,292 | 9,662,889 | ||||||
PL Growth LT Fund ‘A’ | 412,439 | 4,206,880 | ||||||
PL Mid-Cap Equity Fund ‘A’ | 726,091 | 5,525,549 | ||||||
PL International Large-Cap Fund ‘A’ | 531,447 | 6,961,959 | ||||||
PL Small-Cap Value Fund ‘A’ | 181,462 | 1,373,669 | ||||||
PL Main Street Core Fund ‘A’ | 1,156,068 | 9,456,633 | ||||||
PL Managed Bond Fund ‘A’ | 3,407,026 | 36,795,880 | ||||||
PL Inflation Managed Fund ‘A’ | 1,934,411 | 19,228,047 | ||||||
PL Large-Cap Growth Fund ‘A’ * | 619,470 | 4,187,619 | ||||||
PL Comstock Fund ‘A’ | 853,361 | 8,286,132 | ||||||
PL Mid-Cap Growth Fund ‘A’ | 374,861 | 2,871,436 | ||||||
Total Affiliated Mutual Funds (Cost $136,654,024) | 137,271,303 | |||||||
SHORT-TERM INVESTMENT - 0.1% | ||||||||
Money Market Fund - 0.1% | ||||||||
Blackrock Liquidity Funds Treasury Trust Fund Portfolio | 106,623 | 106,623 | ||||||
Total Short-Term Investment (Cost $106,623) | 106,623 | |||||||
TOTAL INVESTMENTS - 99.7% (Cost $136,760,647) | 137,377,926 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.3% | 355,290 | |||||||
NET ASSETS - 100.0% | $ | 137,733,216 | ||||||
Note to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Affiliated Fixed Income Funds | 58.5 | % | ||
Affiliated Equity Funds | 41.1 | % | ||
Short-Term Investment | 0.1 | % | ||
99.7 | % | |||
Other Assets & Liabilities, Net | 0.3 | % | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-1
PACIFIC LIFE FUNDS
PL PORTFOLIO OPTIMIZATION MODERATE FUND
Schedule of Investments
September 30, 2009 (Unaudited)
PL PORTFOLIO OPTIMIZATION MODERATE FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 99.8% | ||||||||
PL Small-Cap Growth Fund ‘A’ * | 555,244 | $ | 4,553,004 | |||||
PL International Value Fund ‘A’ | 1,961,430 | 18,084,382 | ||||||
PL Large-Cap Value Fund ‘A’ | 4,539,578 | 43,897,718 | ||||||
PL Short Duration Bond Fund ‘A’ | 2,139,720 | 21,311,607 | ||||||
PL Floating Rate Loan Fund ‘A’ | 2,285,227 | 21,663,955 | ||||||
PL Growth LT Fund ‘A’ | 2,192,530 | 22,363,806 | ||||||
PL Mid-Cap Equity Fund ‘A’ | 3,547,876 | 26,999,334 | ||||||
PL International Large-Cap Fund ‘A’ | 2,069,201 | 27,106,535 | ||||||
PL Small-Cap Value Fund ‘A’ | 1,179,749 | 8,930,701 | ||||||
PL Main Street Core Fund ‘A’ | 4,798,725 | 39,253,573 | ||||||
PL Emerging Markets Fund ‘A’ | 1,266,706 | 13,845,101 | ||||||
PL Managed Bond Fund ‘A’ | 6,797,224 | 73,410,018 | ||||||
PL Inflation Managed Fund ‘A’ | 4,794,467 | 47,657,001 | ||||||
PL Large-Cap Growth Fund ‘A’ * | 2,614,489 | 17,673,942 | ||||||
PL Comstock Fund ‘A’ | 3,673,799 | 35,672,589 | ||||||
PL Mid-Cap Growth Fund ‘A’ | 1,216,685 | 9,319,805 | ||||||
PL Real Estate Fund ‘A’ | 1,225,360 | 9,508,797 | ||||||
Total Affiliated Mutual Funds (Cost $468,791,190) | 441,251,868 | |||||||
SHORT-TERM INVESTMENT - 0.0% | ||||||||
Money Market Fund - 0.0% | ||||||||
Blackrock Liquidity Funds Treasury Trust Fund Portfolio | 147,274 | 147,274 | ||||||
Total Short-Term Investment (Cost $147,274) | 147,274 | |||||||
TOTAL INVESTMENTS - 99.8% (Cost $468,938,464) | 441,399,142 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.2% | 736,590 | |||||||
NET ASSETS - 100.0% | $ | 442,135,732 | ||||||
Note to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Affiliated Equity Funds | 62.7 | % | ||
Affiliated Fixed Income Funds | 37.1 | % | ||
Short-Term Investment | 0.0 | % | ||
99.8 | % | |||
Other Assets & Liabilities, Net | 0.2 | % | ||
100.0 | % | |||
PACIFIC LIFE FUNDS
PL PORTFOLIO OPTIMIZATION MODERATE-AGGRESSIVE FUND
Schedule of Investments
September 30, 2009 (Unaudited)
PL PORTFOLIO OPTIMIZATION MODERATE-AGGRESSIVE FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.0% | ||||||||
PL Small-Cap Growth Fund ‘A’ * | 1,060,252 | $ | 8,694,066 | |||||
PL International Value Fund ‘A’ | 3,376,651 | 31,132,724 | ||||||
PL Large-Cap Value Fund ‘A’ | 5,246,270 | 50,731,426 | ||||||
PL Short Duration Bond Fund ‘A’ | 795,994 | 7,928,104 | ||||||
PL Growth LT Fund ‘A’ | 2,932,754 | 29,914,095 | ||||||
PL Mid-Cap Equity Fund ‘A’ | 4,579,629 | 34,850,973 | ||||||
PL International Large-Cap Fund ‘A’ | 2,684,195 | 35,162,959 | ||||||
PL Small-Cap Value Fund ‘A’ | 1,706,910 | 12,921,312 | ||||||
PL Main Street Core Fund ‘A’ | 5,647,331 | 46,195,167 | ||||||
PL Emerging Markets Fund ‘A’ | 1,626,774 | 17,780,637 | ||||||
PL Managed Bond Fund ‘A’ | 2,625,481 | 28,355,192 | ||||||
PL Inflation Managed Fund ‘A’ | 3,262,128 | 32,425,548 | ||||||
PL Large-Cap Growth Fund ‘A’ * | 2,497,763 | 16,884,881 | ||||||
PL Comstock Fund ‘A’ | 4,011,779 | 38,954,377 | ||||||
PL Mid-Cap Growth Fund ‘A’ | 2,919,452 | 22,362,999 | ||||||
PL Real Estate Fund ‘A’ | 1,870,711 | 14,516,721 | ||||||
Total Affiliated Mutual Funds (Cost $472,602,478) | 428,811,181 | |||||||
SHORT-TERM INVESTMENT - 0.1% | ||||||||
Money Market Fund - 0.1% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 378,634 | 378,634 | ||||||
Total Short-Term Investment (Cost $378,634) | 378,634 | |||||||
TOTAL INVESTMENTS - 100.1% (Cost $472,981,112) | 429,189,815 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) | (417,719 | ) | ||||||
NET ASSETS - 100.0% | $ | 428,772,096 | ||||||
Note to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Affiliated Equity Funds | 84.0 | % | ||
Affiliated Fixed Income Funds | 16.0 | % | ||
Short-Term Investment | 0.1 | % | ||
100.1 | % | |||
Other Assets & Liabilities, Net | (0.1 | %) | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-2
PACIFIC LIFE FUNDS
PL PORTFOLIO OPTIMIZATION AGGRESSIVE FUND
Schedule of Investments
September 30, 2009 (Unaudited)
PL PORTFOLIO OPTIMIZATION AGGRESSIVE FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
AFFILIATED MUTUAL FUNDS - 100.1% | ||||||||
PL Small-Cap Growth Fund ‘A’ * | 887,907 | $ | 7,280,840 | |||||
PL International Value Fund ‘A’ | 1,735,058 | 15,997,236 | ||||||
PL Large-Cap Value Fund ‘A’ | 2,191,765 | 21,194,367 | ||||||
PL Growth LT Fund ‘A’ | 1,407,783 | 14,359,383 | ||||||
PL Mid-Cap Equity Fund ‘A’ | 1,918,729 | 14,601,524 | ||||||
PL International Large-Cap Fund ‘A’ | 1,333,634 | 17,470,610 | ||||||
PL Small-Cap Value Fund ‘A’ | 1,193,708 | 9,036,367 | ||||||
PL Main Street Core Fund ‘A’ | 2,578,207 | 21,089,732 | ||||||
PL Emerging Markets Fund ‘A’ | 847,559 | 9,263,821 | ||||||
PL Managed Bond Fund ‘A’ | 462,505 | 4,995,049 | ||||||
PL Large-Cap Growth Fund ‘A’ * | 1,040,850 | 7,036,144 | ||||||
PL Comstock Fund ‘A’ | 1,709,599 | 16,600,207 | ||||||
PL Mid-Cap Growth Fund ‘A’ | 1,471,262 | 11,269,864 | ||||||
PL Real Estate Fund ‘A’ | 937,782 | 7,277,185 | ||||||
Total Affiliated Mutual Funds (Cost $193,866,129) | 177,472,329 | |||||||
SHORT-TERM INVESTMENT - 0.1% | ||||||||
Money Market Fund - 0.1% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 134,720 | 134,720 | ||||||
Total Short-Term Investment (Cost $134,720) | 134,720 | |||||||
TOTAL INVESTMENTS - 100.2% (Cost $194,000,849) | 177,607,049 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.2%) | (388,640 | ) | ||||||
NET ASSETS - 100.0% | $ | 177,218,409 | ||||||
Note to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Affiliated Equity Funds | 97.3 | % | ||
Affiliated Fixed Income Funds | 2.8 | % | ||
Short-Term Investment | 0.1 | % | ||
100.2 | % | |||
Other Assets & Liabilities, Net | (0.2 | %) | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-3
PACIFIC LIFE FUNDS
PL MONEY MARKET FUND
Schedule of Investments
September 30, 2009 (Unaudited)
PL MONEY MARKET FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
SHORT-TERM INVESTMENTS - 100.3% | ||||||||
Certificates of Deposit - 1.8% | ||||||||
BNP Paribas ‘NY’ | ||||||||
0.300% due 11/12/09 | $ | 750,000 | $ | 750,000 | ||||
Commercial Paper - 85.1% | ||||||||
Bank of Nova Scotia (Canada) | ||||||||
0.200% due 12/08/09 | 750,000 | 749,716 | ||||||
0.220% due 10/15/09 | 1,000,000 | 999,914 | ||||||
BASF SE (Germany) | ||||||||
0.350% due 10/13/09 | 1,250,000 | 1,249,854 | ||||||
BNP Paribas Finance Inc | ||||||||
0.190% due 10/14/09 | 500,000 | 499,966 | ||||||
0.260% due 11/25/09 | 500,000 | 499,801 | ||||||
BP Capital Markets PLC (United Kingdom) | ||||||||
0.720% due 10/15/09 | 750,000 | 749,790 | ||||||
ConocoPhillips Qatar Funding Ltd (Cayman) | ||||||||
0.300% due 10/06/09 | 1,000,000 | 999,958 | ||||||
0.300% due 10/08/09 | 500,000 | 499,971 | ||||||
Dell Inc | ||||||||
0.230% due 03/04/10 | 500,000 | 499,508 | ||||||
E.I. du Pont de Nemours & Co | ||||||||
0.170% due 10/29/09 | 1,000,000 | 999,868 | ||||||
Electricite de France SA (France) | ||||||||
0.170% due 10/28/09 | 750,000 | 749,904 | ||||||
0.180% due 10/08/09 | 750,000 | 749,974 | ||||||
Eli Lilly & Co | ||||||||
0.700% due 10/06/09 | 1,000,000 | 999,903 | ||||||
Government of Canada (Canada) | ||||||||
0.310% due 01/12/10 | 500,000 | 499,557 | ||||||
0.340% due 05/25/10 | 500,000 | 498,886 | ||||||
0.430% due 03/31/10 | 750,000 | 748,379 | ||||||
Honeywell International Inc | ||||||||
0.320% due 12/28/09 | 750,000 | 749,413 | ||||||
John Deere Ltd (Canada) | ||||||||
0.160% due 10/14/09 | 500,000 | 499,971 | ||||||
0.170% due 10/14/09 | 500,000 | 499,969 | ||||||
JPMorgan Chase & Co | ||||||||
0.280% due 11/10/09 | 1,000,000 | 999,689 | ||||||
L’Oreal USA Inc | ||||||||
0.250% due 10/20/09 | 1,250,000 | 1,249,835 | ||||||
Massachusetts Mutual Life Insurance Co | ||||||||
0.240% due 10/14/09 | 500,000 | 499,957 | ||||||
0.250% due 10/07/09 | 1,000,000 | 999,958 | ||||||
Medtronic Inc | ||||||||
0.210% due 11/16/09 | 500,000 | 499,866 | ||||||
Nestle Capital Corp | ||||||||
0.360% due 02/16/10 | 1,000,000 | 998,620 | ||||||
0.550% due 04/19/10 | 900,000 | 897,250 | ||||||
0.700% due 02/16/10 | 500,000 | 498,658 | ||||||
NetJets Inc | ||||||||
0.170% due 10/02/09 | 1,500,000 | 1,499,993 | ||||||
New York Life Capital Corp | ||||||||
0.200% due 10/13/09 | 1,000,000 | 999,933 | ||||||
Nokia OYJ (Finland) | ||||||||
0.180% due 10/30/09 | 750,000 | 749,891 | ||||||
Pfizer Inc | ||||||||
0.320% due 11/19/09 | 1,500,000 | 1,499,347 | ||||||
Proctor & Gamble International Funding SCA | ||||||||
0.250% due 10/21/09 | 500,000 | 499,931 | ||||||
Province of British Columbia (Canada) | ||||||||
0.200% due 03/17/10 | 750,000 | 749,304 | ||||||
Province of Quebec (Canada) | ||||||||
0.270% due 12/07/09 | 1,000,000 | 999,498 | ||||||
Royal Bank of Canada (Canada) | ||||||||
0.190% due 12/18/09 | 750,000 | 749,691 | ||||||
0.190% due 12/22/09 | 1,000,000 | 999,567 | ||||||
Societe Generale North America Inc | ||||||||
0.210% due 10/13/09 | 1,000,000 | 999,930 | ||||||
0.250% due 10/01/09 | 750,000 | 750,000 | ||||||
The Coca-Cola Co | ||||||||
0.370% due 12/09/09 | 750,000 | 749,468 | ||||||
0.400% due 12/09/09 | 1,500,000 | 1,498,850 | ||||||
Total Capital Canada Ltd (Canada) | ||||||||
0.250% due 10/08/09 | 500,000 | 499,976 | ||||||
Toyota Motor Credit Corp | ||||||||
0.390% due 03/01/10 | 500,000 | 499,182 | ||||||
Washington Gas Light Co | ||||||||
0.150% due 10/19/09 | 1,100,000 | 1,099,918 | ||||||
35,232,614 | ||||||||
Corporate Notes - 8.5% | ||||||||
Berkshire Hathaway Finance Corp | ||||||||
4.125% due 01/15/10 | 500,000 | 505,457 | ||||||
Caterpillar Financial Services Corp | ||||||||
0.588% due 10/09/09 § | 500,000 | 500,021 | ||||||
Procter & Gamble International Funding SCA | ||||||||
0.714% due 02/08/10 § | 1,000,000 | 1,000,000 | ||||||
Toyota Motor Credit Corp | ||||||||
0.614% due 07/19/10 § | 750,000 | 750,000 | ||||||
Wachovia Mortgage FSB | ||||||||
4.125% due 12/15/09 | 500,000 | 503,859 | ||||||
Wal-Mart Stores Inc | ||||||||
4.750% due 08/15/10 | 250,000 | 258,998 | ||||||
3,518,335 | ||||||||
U.S. Treasury Bills - 4.8% | ||||||||
0.490% due 07/29/10 | 500,000 | 497,952 | ||||||
0.510% due 06/03/10 | 750,000 | 747,397 | ||||||
0.518% due 07/01/10 | 750,000 | 747,057 | ||||||
1,992,406 | ||||||||
Shares | ||||||||
Money Market Fund - 0.1% | ||||||||
Blackrock Liquidity Funds Treasury Trust Fund Portfolio | 43,977 | 43,977 | ||||||
Total Short-Term Investments (Amortized Cost $41,537,332) | 41,537,332 | |||||||
TOTAL INVESTMENTS - 100.3% (Amortized Cost $41,537,332) | 41,537,332 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.3%) | (131,929 | ) | ||||||
NET ASSETS - 100.0% | $ | 41,405,403 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-4
PACIFIC LIFE FUNDS
PL MONEY MARKET FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
PL MONEY MARKET FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Commercial Paper | 85.1 | % | ||
Corporate Notes | 8.5 | % | ||
U.S. Treasury Bills | 4.8 | % | ||
Certificates of Deposit | 1.8 | % | ||
Money Market Fund | 0.1 | % | ||
100.3 | % | |||
Other Assets & Liabilities, Net | (0.3 | %) | ||
100.0 | % | |||
(b) | As of September 30, 2009, the Fund’s Standard & Poor’s quality rating as a percentage of total fixed income investments were as follows: |
AAA / U.S. Government & Agency Issues | 6.0 | % | ||
A-1 (Short-Term Debt Only) | 84.8 | % | ||
AA | 6.1 | % | ||
A | 1.2 | % | ||
Not Rated | 1.9 | % | ||
100.0 | % | |||
(c) | Short-term securities reflect either the stated coupon rate of the annualized effective yield on the date of purchase for discounted securities. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-5
PACIFIC LIFE FUNDS
PL SMALL-CAP GROWTH FUND
Schedule of Investments
September 30, 2009 (Unaudited)
PL SMALL-CAP GROWTH FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 95.5% | ||||||||
Consumer Discretionary - 16.8% | ||||||||
Aeropostale Inc * | 4,470 | $ | 194,311 | |||||
American Public Education Inc * | 5,350 | 185,859 | ||||||
AnnTaylor Stores Corp * | 9,250 | 146,983 | ||||||
Chico’s FAS Inc * | 12,675 | 164,775 | ||||||
Choice Hotels International Inc | 4,950 | 153,747 | ||||||
Coldwater Creek Inc * | 16,950 | 138,990 | ||||||
Corinthian Colleges Inc * | 5,995 | 111,267 | ||||||
Gaylord Entertainment Co * | 7,250 | 145,725 | ||||||
Iconix Brand Group Inc * | 12,210 | 152,259 | ||||||
Interval Leisure Group Inc * | 9,115 | 113,755 | ||||||
J. Crew Group Inc * | 4,880 | 174,802 | ||||||
Life Time Fitness Inc * | 7,620 | 213,741 | ||||||
LKQ Corp * | 12,900 | 239,166 | ||||||
McCormick & Schmick’s Seafood Restaurants Inc * | 9,325 | 69,378 | ||||||
Netflix Inc * | 1,705 | 78,720 | ||||||
Penn National Gaming Inc * | 7,850 | 217,131 | ||||||
Phillips-Van Heusen Corp | 1,150 | 49,209 | ||||||
Shutterfly Inc * | 8,275 | 137,613 | ||||||
The Cheesecake Factory Inc * | 9,050 | 167,606 | ||||||
The Children’s Place Retail Stores Inc * | 4,780 | 143,209 | ||||||
Tupperware Brands Corp | 5,975 | 238,522 | ||||||
Williams-Sonoma Inc | 7,800 | 157,794 | ||||||
WMS Industries Inc * | 5,090 | 226,810 | ||||||
3,621,372 | ||||||||
Consumer Staples - 2.7% | ||||||||
Central European Distribution Corp * | 5,875 | 192,465 | ||||||
Flowers Foods Inc | 8,405 | 220,967 | ||||||
The Hain Celestial Group Inc * | 8,735 | 167,450 | ||||||
580,882 | ||||||||
Energy - 4.2% | ||||||||
Acergy SA ADR (Luxemburg) | 12,800 | 161,664 | ||||||
Concho Resources Inc * | 4,750 | 172,520 | ||||||
Dril-Quip Inc * | 2,665 | 132,291 | ||||||
Mariner Energy Inc * | 11,040 | 156,547 | ||||||
Patriot Coal Corp * | 13,520 | 158,995 | ||||||
Quicksilver Resources Inc * | 9,145 | 129,768 | ||||||
911,785 | ||||||||
Financials - 4.4% | ||||||||
Boston Private Financial Holdings Inc | 8,525 | 55,498 | ||||||
Brookline Bancorp Inc | 15,210 | 147,841 | ||||||
Columbia Banking System Inc | 5,150 | 85,233 | ||||||
Investment Technology Group Inc * | 4,030 | 112,518 | ||||||
Lazard Ltd ‘A’ (Bermuda) | 5,590 | 230,923 | ||||||
Ocwen Financial Corp * | 11,650 | 131,878 | ||||||
Platinum Underwriters Holdings Ltd (Bermuda) | 3,010 | 107,878 | ||||||
Western Alliance Bancorp * | 11,470 | 72,376 | ||||||
944,145 | ||||||||
Health Care - 22.4% | ||||||||
Alexion Pharmaceuticals Inc * | 2,350 | 104,669 | ||||||
Allos Therapeutics Inc * | 10,565 | 76,596 | ||||||
AMERIGROUP Corp * | 8,840 | 195,983 | ||||||
Auxilium Pharmaceuticals Inc * | 7,705 | 263,588 | ||||||
Bruker Corp * | 16,290 | 173,814 | ||||||
Cyberonics Inc * | 4,780 | 76,193 | ||||||
Gentiva Health Services Inc * | 10,330 | 258,353 | ||||||
Human Genome Sciences Inc * | 9,650 | 181,613 | ||||||
ICON PLC ADR (Ireland) * | 7,965 | 195,063 | ||||||
Insulet Corp * | 12,370 | 138,915 | ||||||
Inverness Medical Innovations Inc * | 6,205 | 240,320 | ||||||
Masimo Corp * | 3,225 | 84,495 | ||||||
Medicis Pharmaceutical Corp ‘A’ | 10,880 | 232,288 | ||||||
Medidata Solutions Inc * | 9,550 | 144,683 | ||||||
NuVasive Inc * | 5,950 | 248,472 | ||||||
Optimer Pharmaceuticals Inc * | 16,860 | 228,116 | ||||||
OSI Pharmaceuticals Inc * | 4,665 | 164,675 | ||||||
Owens & Minor Inc | 5,105 | 231,001 | ||||||
PAREXEL International Corp * | 15,325 | 208,267 | ||||||
PharMerica Corp * | 11,045 | 205,106 | ||||||
Savient Pharmaceuticals Inc * | 10,245 | 155,724 | ||||||
Seattle Genetics Inc * | 11,560 | 162,187 | ||||||
Select Medical Holdings Corp * | 18,550 | 186,799 | ||||||
Sirona Dental Systems Inc * | 7,450 | 221,638 | ||||||
Thoratec Corp * | 7,920 | 239,738 | ||||||
United Therapeutics Corp * | 1,710 | 83,773 | ||||||
Wright Medical Group Inc * | 7,210 | 128,771 | ||||||
4,830,840 | ||||||||
Industrials - 13.1% | ||||||||
Actuant Corp ‘A’ | 9,745 | 156,505 | ||||||
Aecom Technology Corp * | 6,135 | 166,504 | ||||||
AirTran Holdings Inc * | 23,630 | 147,688 | ||||||
BE Aerospace Inc * | 11,145 | 224,460 | ||||||
Bucyrus International Inc | 3,100 | 110,422 | ||||||
CLARCOR Inc | 5,090 | 159,622 | ||||||
Esterline Technologies Corp * | 5,580 | 218,792 | ||||||
FTI Consulting Inc * | 4,660 | 198,563 | ||||||
Genco Shipping & Trading Ltd | 3,625 | 75,328 | ||||||
Genesee & Wyoming Inc ‘A’ * | 5,220 | 158,270 | ||||||
RBC Bearings Inc * | 9,115 | 212,653 | ||||||
Resources Connection Inc * | 6,575 | 112,170 | ||||||
SunPower Corp ‘B’ * | 2,610 | 65,850 | ||||||
Tetra Tech Inc * | 4,150 | 110,100 | ||||||
The Geo Group Inc * | 10,980 | 221,467 | ||||||
Waste Connections Inc * | 8,340 | 240,692 | ||||||
Woodward Governor Co | 10,030 | 243,328 | ||||||
2,822,414 | ||||||||
Information Technology - 26.6% | ||||||||
ANSYS Inc * | 5,820 | 218,075 | ||||||
Atheros Communications Inc * | 9,495 | 251,902 | ||||||
Brocade Communications Systems Inc * | 26,815 | 210,766 | ||||||
Ciena Corp * | 5,500 | 89,540 | ||||||
Concur Technologies Inc * | 4,300 | 170,968 | ||||||
F5 Networks Inc * | 4,170 | 165,257 | ||||||
GSI Commerce Inc * | 14,590 | 281,733 | ||||||
Informatica Corp * | 10,650 | 240,477 | ||||||
LogMeIn Inc * | 6,015 | 110,135 | ||||||
Mellanox Technologies Ltd (Israel) * | 10,790 | 176,848 | ||||||
Monolithic Power Systems Inc * | 8,945 | 209,760 | ||||||
Netlogic Microsystems Inc * | 5,415 | 243,675 | ||||||
NICE Systems Ltd ADR (Israel) * | 6,595 | 200,752 | ||||||
ON Semiconductor Corp * | 22,790 | 188,018 | ||||||
OpenTable Inc * | 3,940 | 108,586 | ||||||
Pegasystems Inc | 8,180 | 282,455 | ||||||
Polycom Inc * | 6,135 | 164,111 | ||||||
QLogic Corp * | 4,950 | 85,140 | ||||||
SkillSoft PLC ADR (Ireland) * | 27,315 | 262,224 | ||||||
Skyworks Solutions Inc * | 17,780 | 235,407 | ||||||
SolarWinds Inc * | 8,910 | 196,287 | ||||||
Solera Holdings Inc | 8,065 | 250,902 | ||||||
Starent Networks Corp * | 8,680 | 220,646 | ||||||
Taleo Corp ‘A’ * | 10,324 | 233,735 | ||||||
TeleTech Holdings Inc * | 12,030 | 205,232 | ||||||
VanceInfo Technologies Inc ADR (Cayman) * | 3,431 | 66,699 | ||||||
VeriFone Holdings Inc * | 11,315 | 179,795 | ||||||
VistaPrint NV (Netherlands) * | 5,125 | 260,094 | ||||||
Wright Express Corp * | 7,565 | 223,243 | ||||||
5,732,462 | ||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-6
PACIFIC LIFE FUNDS
PL SMALL-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
PL SMALL-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Shares | Value | |||||||
Materials - 2.4% | ||||||||
Huntsman Corp | 13,900 | $ | 126,629 | |||||
Louisiana-Pacific Corp * | 12,550 | 83,709 | ||||||
Nalco Holding Co | 7,610 | 155,929 | ||||||
Silgan Holdings Inc | 2,995 | 157,926 | ||||||
524,193 | ||||||||
Telecommunication Services - 1.9% | ||||||||
SBA Communications Corp ‘A’ * | 8,700 | 235,161 | ||||||
Syniverse Holdings Inc * | 10,185 | 178,238 | ||||||
413,399 | ||||||||
Utilities - 1.0% | ||||||||
ITC Holdings Corp | 4,980 | 226,335 | ||||||
Total Common Stocks (Cost $16,322,731) | 20,607,827 | |||||||
SHORT-TERM INVESTMENT - 5.4% | ||||||||
Money Market Fund - 5.4% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 1,164,638 | 1,164,638 | ||||||
Total Short-Term Investment (Cost $1,164,638) | 1,164,638 | |||||||
TOTAL INVESTMENTS - 100.9% (Cost $17,487,369) | 21,772,465 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.9%) | (193,190 | ) | ||||||
NET ASSETS - 100.0% | $ | 21,579,275 | ||||||
Note to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Information Technology | 26.6 | % | ||
Health Care | 22.4 | % | ||
Consumer Discretionary | 16.8 | % | ||
Industrials | 13.1 | % | ||
Short-Term Investment | 5.4 | % | ||
Financials | 4.4 | % | ||
Energy | 4.2 | % | ||
Consumer Staples | 2.7 | % | ||
Materials | 2.4 | % | ||
Telecommunication Services | 1.9 | % | ||
Utilities | 1.0 | % | ||
100.9 | % | |||
Other Assets & Liabilities, Net | (0.9 | %) | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-7
PACIFIC LIFE FUNDS
PL INTERNATIONAL VALUE FUND
Schedule of Investments
September 30, 2009 (Unaudited)
PL INTERNATIONAL VALUE FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
RIGHTS - 0.0% | ||||||||
Belgium - 0.0% | ||||||||
Fortis Bank AS Exp. 12/31/49 * + | 34,832 | $ | — | |||||
France - 0.0% | ||||||||
BNP Paribas Exp. 10/13/09 * | 11,408 | 24,707 | ||||||
Total Rights (Cost $0) | 24,707 | |||||||
COMMON STOCKS - 98.7% | ||||||||
Australia - 6.9% | ||||||||
Amcor Ltd + | 73,641 | 354,890 | ||||||
Australia & New Zealand Banking Group Ltd + | 54,400 | 1,165,290 | ||||||
BHP Billiton Ltd + | 11,800 | 389,170 | ||||||
Commonwealth Bank of Australia + | 12,300 | 558,745 | ||||||
Fairfax Media Ltd + | 168,100 | 253,373 | ||||||
Lend Lease Corp Ltd + | 22,100 | 205,832 | ||||||
Macquarie Group Ltd + | 13,000 | 671,194 | ||||||
Macquarie Infrastructure Group + | 210,802 | 273,298 | ||||||
National Australia Bank Ltd + | 35,222 | 953,125 | ||||||
Qantas Airways Ltd + | 101,758 | 255,618 | ||||||
5,080,535 | ||||||||
Belgium - 0.4% | ||||||||
Delhaize Group SA + | 3,600 | 250,299 | ||||||
Bermuda - 0.2% | ||||||||
Catlin Group Ltd + | 31,400 | 176,548 | ||||||
Canada - 2.9% | ||||||||
BCE Inc | 3,000 | 73,946 | ||||||
Brookfield Properties Corp | 32,600 | 369,648 | ||||||
Canadian Imperial Bank of Commerce | 3,364 | 205,142 | ||||||
EnCana Corp | 3,300 | 191,099 | ||||||
Fairfax Financial Holdings Ltd | 600 | 222,891 | ||||||
National Bank of Canada | 3,200 | 177,956 | ||||||
Nexen Inc | 19,300 | 438,763 | ||||||
Suncor Energy Inc | 13,312 | 465,016 | ||||||
2,144,461 | ||||||||
Denmark - 0.5% | ||||||||
Danske Bank AS * + | 13,600 | 359,411 | ||||||
Finland - 1.1% | ||||||||
Nokia OYJ + | 57,100 | 837,498 | ||||||
France - 12.2% | ||||||||
BNP Paribas + | 11,408 | 915,521 | ||||||
Casino Guichard-Perrachon SA + | 3,700 | 295,332 | ||||||
Credit Agricole SA + | 39,803 | 835,660 | ||||||
Electricite de France + | 8,100 | 482,153 | ||||||
France Telecom + | 29,300 | 781,345 | ||||||
Lagardere SCA + | 14,500 | 677,568 | ||||||
Renault SA * + | 15,294 | 718,519 | ||||||
Sanofi-Aventis SA + | 15,201 | 1,121,010 | ||||||
Societe Generale + | 12,623 | 1,021,040 | ||||||
Total SA + | 17,756 | 1,055,416 | ||||||
Unibail-Rodamco SE REIT + | 600 | 124,953 | ||||||
Vallourec SA + | 3,674 | 625,351 | ||||||
Vivendi + | 10,610 | 329,741 | ||||||
8,983,609 | ||||||||
Germany - 11.4% | ||||||||
Allianz SE + | 7,210 | 899,481 | ||||||
BASF SE + | 15,300 | 810,062 | ||||||
Bayer AG + | 12,700 | 879,069 | ||||||
Celesio AG + | 6,300 | 173,606 | ||||||
Daimler AG + | 6,700 | 336,127 | ||||||
Deutsche Bank AG + | 10,700 | 817,356 | ||||||
Deutsche Lufthansa AG + | 4,800 | 84,736 | ||||||
Deutsche Post AG + | 18,070 | 336,647 | ||||||
Deutsche Telekom AG + | 52,800 | 720,579 | ||||||
E.ON AG + | 28,296 | 1,197,639 | ||||||
Metro AG + | 8,100 | 457,430 | ||||||
Muenchener Rueckversicherungs AG + | 4,261 | 679,132 | ||||||
RWE AG + | 7,823 | 725,627 | ||||||
Siemens AG + | 3,500 | 322,283 | ||||||
8,439,774 | ||||||||
Hong Kong - 0.6% | ||||||||
New World Development Ltd + | 201,000 | 430,556 | ||||||
Italy - 6.2% | ||||||||
Banca Popolare di Milano SCARL + | 34,300 | 261,769 | ||||||
Banco Popolare SCARL * + | 35,800 | 344,861 | ||||||
Enel SPA + | 123,300 | 784,266 | ||||||
ENI SPA + | 36,089 | 901,826 | ||||||
Intesa Sanpaolo SPA * + | 142,800 | 633,592 | ||||||
Telecom Italia SPA + | 337,900 | 594,146 | ||||||
Telecom Italia SPA RNC + | 233,000 | 286,995 | ||||||
UniCredit SPA * + | 193,243 | 758,458 | ||||||
4,565,913 | ||||||||
Japan - 16.8% | ||||||||
Aeon Co Ltd + | 47,500 | 453,030 | ||||||
Ajinomoto Co Inc + | 26,000 | 260,401 | ||||||
Astellas Pharma Inc + | 4,200 | 172,216 | ||||||
Canon Inc + | 6,300 | 252,419 | ||||||
East Japan Railway Co + | 2,300 | 165,828 | ||||||
Fujitsu Ltd + | 63,000 | 410,916 | ||||||
ITOCHU Corp + | 60,000 | 395,625 | ||||||
KDDI Corp + | 73 | 410,700 | ||||||
Kirin Holdings Co Ltd + | 25,000 | 382,897 | ||||||
Kyocera Corp + | 5,900 | 545,015 | ||||||
Kyushu Electric Power Co Inc + | 20,900 | 473,469 | ||||||
Mediceo Paltac Holdings Co Ltd + | 26,900 | 377,905 | ||||||
Mitsubishi Chemical Holdings Corp + | 47,500 | 196,805 | ||||||
Mitsubishi Corp + | 14,700 | 295,651 | ||||||
Mitsubishi UFJ Financial Group Inc + | 63,900 | 341,491 | ||||||
Mitsui & Co Ltd + | 35,800 | 465,747 | ||||||
Mitsui Fudosan Co Ltd + | 32,000 | 538,830 | ||||||
Mizuho Financial Group Inc + | 106,000 | 208,769 | ||||||
Namco Bandai Holdings Inc + | 22,500 | 229,857 | ||||||
Nippon Oil Corp + | 28,000 | 156,677 | ||||||
Nippon Telegraph & Telephone Corp + | 13,800 | 636,895 | ||||||
Nissan Motor Co Ltd * + | 100,400 | 676,580 | ||||||
NTT DoCoMo Inc + | 172 | 273,958 | ||||||
ORIX Corp + | 6,970 | 423,339 | ||||||
Sharp Corp + | 40,000 | 443,806 | ||||||
Sony Corp + | 21,000 | 615,364 | ||||||
Sumitomo Mitsui Financial Group Inc + | 16,300 | 564,995 | ||||||
The Furukawa Electric Co Ltd + | 60,000 | 242,768 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-8
PACIFIC LIFE FUNDS
PL INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
PL INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Shares | Value | |||||||
The Kansai Electric Power Co Inc + | 6,200 | $ | 149,651 | |||||
The Tokyo Electric Power Co Inc + | 17,400 | 455,893 | ||||||
Toshiba Corp * + | 133,000 | 696,155 | ||||||
Tosoh Corp + | 72,000 | 181,507 | ||||||
West Japan Railway Co + | 85 | 321,689 | ||||||
12,416,848 | ||||||||
Luxembourg - 0.9% | ||||||||
ArcelorMittal + | 17,800 | 663,715 | ||||||
Netherlands - 2.1% | ||||||||
ING Groep NV CVA * + | 14,621 | 262,563 | ||||||
Koninklijke Ahold NV + | 39,300 | 474,358 | ||||||
Koninklijke Philips Electronics NV + | 7,880 | 192,225 | ||||||
Randstad Holding NV * + | 14,300 | 619,483 | ||||||
1,548,629 | ||||||||
New Zealand - 1.0% | ||||||||
Fletcher Building Ltd + | 61,900 | 372,262 | ||||||
Telecom Corp of New Zealand Ltd + | 187,085 | 360,726 | ||||||
732,988 | ||||||||
Norway - 0.9% | ||||||||
StatoilHydro ASA + | 28,650 | 646,830 | ||||||
Spain - 3.5% | ||||||||
Banco Santander SA + | 82,125 | 1,326,687 | ||||||
Telefonica SA + | 45,500 | 1,258,855 | ||||||
2,585,542 | ||||||||
Sweden - 2.5% | ||||||||
Electrolux AB ‘B’ * + | 20,200 | 462,393 | ||||||
Svenska Cellulosa AB ‘B’ + | 41,200 | 559,687 | ||||||
Telefonaktiebolaget LM Ericsson ‘B’ + | 59,000 | 593,887 | ||||||
Volvo AB ‘B’ + | 24,850 | 230,453 | ||||||
1,846,420 | ||||||||
Switzerland - 5.0% | ||||||||
Adecco SA + | 5,900 | 314,213 | ||||||
Credit Suisse Group AG + | 5,379 | 299,276 | ||||||
Nestle SA + | 23,739 | 1,013,434 | ||||||
Novartis AG + | 22,427 | 1,126,526 | ||||||
Roche Holding AG + | 3,300 | 533,573 | ||||||
Zurich Financial Services AG + | 1,660 | 395,820 | ||||||
3,682,842 | ||||||||
United Kingdom - 23.6% | ||||||||
Amlin PLC + | 45,600 | 279,956 | ||||||
Arriva PLC + | 23,300 | 186,810 | ||||||
Associated British Foods PLC + | 39,700 | 538,543 | ||||||
AstraZeneca PLC + | 19,022 | 853,080 | ||||||
Aviva PLC + | 95,938 | 689,695 | ||||||
Barclays PLC * + | 105,383 | 624,537 | ||||||
BP PLC + | 207,398 | 1,837,286 | ||||||
British American Tobacco PLC + | 18,700 | 587,430 | ||||||
BT Group PLC + | 132,410 | 275,956 | ||||||
Centrica PLC + | 157,500 | 634,359 | ||||||
Drax Group PLC + | 34,700 | 261,971 | ||||||
G4S PLC + | 72,500 | 256,394 | ||||||
GlaxoSmithKline PLC + | 57,400 | 1,131,756 | ||||||
HSBC Holdings PLC (LI) + | 75,116 | 860,120 | ||||||
IMI PLC + | 41,900 | 300,208 | ||||||
J. Sainsbury PLC + | 66,900 | 348,187 | ||||||
Kingfisher PLC + | 47,800 | 163,022 | ||||||
Lloyds Banking Group PLC + | 338,862 | 562,795 | ||||||
Next PLC + | 7,300 | 209,487 | ||||||
Old Mutual PLC + | 26,900 | 43,112 | ||||||
Pearson PLC + | 36,800 | 454,683 | ||||||
Prudential PLC + | 19,645 | 189,336 | ||||||
Rolls-Royce Group PLC * + | 71,100 | 536,512 | ||||||
Royal Dutch Shell PLC ‘A’ (XAMS) + | 64,035 | 1,833,897 | ||||||
Tate & Lyle PLC + | 50,300 | 340,720 | ||||||
Thomas Cook Group PLC + | 93,500 | 347,948 | ||||||
Tomkins PLC + | 95,400 | 286,940 | ||||||
TUI Travel PLC + | 93,400 | 380,520 | ||||||
Vodafone Group PLC + | 687,271 | 1,543,924 | ||||||
Wolseley PLC * + | 21,600 | 522,317 | ||||||
WPP PLC + | 38,400 | 330,274 | ||||||
17,411,775 | ||||||||
Total Common Stocks (Cost $68,902,495) | 72,804,193 | |||||||
SHORT-TERM INVESTMENT - 0.5% | ||||||||
Money Market Fund - 0.5% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 385,940 | 385,940 | ||||||
Total Short-Term Investment (Cost $385,940) | 385,940 | |||||||
TOTAL INVESTMENTS - 99.2% (Cost $69,288,435) | 73,214,840 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.8% | 586,232 | |||||||
NET ASSETS - 100.0% | $ | 73,801,072 | ||||||
Notes to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Financials | 27.7 | % | ||
Energy | 10.2 | % | ||
Industrials | 9.8 | % | ||
Telecommunication Services | 9.8 | % | ||
Consumer Discretionary | 9.0 | % | ||
Health Care | 8.6 | % | ||
Consumer Staples | 7.3 | % | ||
Utilities | 7.0 | % | ||
Materials | 4.8 | % | ||
Information Technology | 4.5 | % | ||
Short-Term Investment | 0.5 | % | ||
99.2 | % | |||
Other Assets & Liabilities, Net | 0.8 | % | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-9
PACIFIC LIFE FUNDS
PL INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
PL INTERNATIONAL VALUE FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
(b) | As of September 30, 2009, the Fund was diversified by geographical region as a percentage of net assets as follows: |
United Kingdom | 23.6 | % | ||
Japan | 16.8 | % | ||
France | 12.2 | % | ||
Germany | 11.4 | % | ||
Australia | 6.9 | % | ||
Italy | 6.2 | % | ||
Switzerland | 5.0 | % | ||
Spain | 3.5 | % | ||
Canada | 2.9 | % | ||
Sweden | 2.5 | % | ||
Netherlands | 2.1 | % | ||
Finland | 1.1 | % | ||
New Zealand | 1.0 | % | ||
Luxembourg | 0.9 | % | ||
Norway | 0.9 | % | ||
Hong Kong | 0.6 | % | ||
Denmark | 0.5 | % | ||
United States | 0.5 | % | ||
Belgium | 0.4 | % | ||
Bermuda | 0.2 | % | ||
99.2 | % | |||
Other Assets & Liabilities, Net | 0.8 | % | ||
100.0 | % | |||
(c) | Securities with a total aggregate market value of $70,659,732 or 95.7% of the net assets were valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable. | |
(d) | Open futures contracts outstanding as of September 30, 2009 were as follows: |
Number of | Notional | Unrealized | ||||||||||
Long Futures Outstanding | Contracts | Amount | Appreciation | |||||||||
Dow Jones EURO STOXX 50 (12/09) | 9 | EUR 254,160 | $ | 6,421 | ||||||||
(e) | As of September 30, 2009, $156,593 and EUR 30,819 in cash was segregated with broker(s)/custodian for open futures contracts. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-10
PACIFIC LIFE FUNDS
PL LARGE-CAP VALUE FUND
Schedule of Investments
September 30, 2009 (Unaudited)
PL LARGE-CAP VALUE FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 93.3% | ||||||||
Consumer Discretionary - 15.6% | ||||||||
DISH Network Corp ‘A’ * | 118,230 | $ | 2,277,110 | |||||
McDonald’s Corp | 45,200 | 2,579,564 | ||||||
News Corp ‘A’ | 215,960 | 2,589,360 | ||||||
Scripps Networks Interactive Inc ‘A’ | 63,600 | 2,350,020 | ||||||
SES SA FDR (Luxembourg) + | 85,900 | 1,950,479 | ||||||
Target Corp | 46,800 | 2,184,624 | ||||||
The Home Depot Inc | 91,800 | 2,445,552 | ||||||
Time Warner Cable Inc | 40,115 | 1,728,555 | ||||||
Time Warner Inc | 97,733 | 2,812,756 | ||||||
20,918,020 | ||||||||
Consumer Staples - 14.1% | ||||||||
Altria Group Inc | 60,900 | 1,084,629 | ||||||
Kimberly-Clark Corp | 72,400 | 4,270,152 | ||||||
Kraft Foods Inc ‘A’ | 50,631 | 1,330,076 | ||||||
Lorillard Inc | 20,000 | 1,486,000 | ||||||
Philip Morris International Inc | 86,400 | 4,211,136 | ||||||
The Procter & Gamble Co | 21,200 | 1,227,904 | ||||||
Unilever PLC ADR (United Kingdom) | 74,900 | 2,148,132 | ||||||
Wal-Mart Stores Inc | 64,400 | 3,161,396 | ||||||
18,919,425 | ||||||||
Energy - 14.3% | ||||||||
Devon Energy Corp | 19,270 | 1,297,449 | ||||||
El Paso Corp | 278,100 | 2,869,992 | ||||||
Exxon Mobil Corp | 43,400 | 2,977,674 | ||||||
Halliburton Co | 75,200 | 2,039,424 | ||||||
Royal Dutch Shell PLC ADR (United Kingdom) | 29,400 | 1,681,386 | ||||||
Suncor Energy Inc (Canada) | 68,390 | 2,363,558 | ||||||
Total SA ADR (France) | 76,080 | 4,508,501 | ||||||
Transocean Ltd (Switzerland) * | 17,348 | 1,483,774 | ||||||
19,221,758 | ||||||||
Financials - 21.2% | ||||||||
American Express Co | 54,250 | 1,839,075 | ||||||
Bank of America Corp | 231,590 | 3,918,503 | ||||||
Capital One Financial Corp | 32,720 | 1,169,086 | ||||||
JPMorgan Chase & Co | 101,200 | 4,434,584 | ||||||
Loews Corp | 41,680 | 1,427,540 | ||||||
Marsh & McLennan Cos Inc | 83,901 | 2,074,872 | ||||||
State Street Corp | 32,200 | 1,693,720 | ||||||
The Bank of New York Mellon Corp | 42,132 | 1,221,407 | ||||||
The Chubb Corp | 45,680 | 2,302,729 | ||||||
The PNC Financial Services Group Inc | 17,600 | 855,184 | ||||||
The Travelers Cos Inc | 72,640 | 3,576,067 | ||||||
Wells Fargo & Co | 138,900 | 3,914,202 | ||||||
28,426,969 | ||||||||
Health Care - 7.9% | ||||||||
Abbott Laboratories | 34,600 | 1,711,662 | ||||||
Merck & Co Inc | 43,400 | 1,372,742 | ||||||
Novartis AG ADR (Switzerland) | 49,700 | 2,503,886 | ||||||
Pfizer Inc | 75,900 | 1,256,145 | ||||||
Roche Holding AG (Switzerland) + | 9,170 | 1,482,685 | ||||||
UnitedHealth Group Inc | 43,910 | 1,099,506 | ||||||
WellPoint Inc * | 25,000 | 1,184,000 | ||||||
10,610,626 | ||||||||
Industrials - 6.6% | ||||||||
General Electric Co | 176,540 | 2,898,787 | ||||||
Raytheon Co | 40,700 | 1,952,379 | ||||||
The Boeing Co | 28,500 | 1,543,275 | ||||||
United Technologies Corp | 40,800 | 2,485,944 | ||||||
8,880,385 | ||||||||
Information Technology - 3.9% | ||||||||
International Business Machines Corp | 23,890 | 2,857,483 | ||||||
Microsoft Corp | 92,000 | 2,381,880 | ||||||
5,239,363 | ||||||||
Materials - 1.5% | ||||||||
Air Products & Chemicals Inc | 26,400 | 2,048,112 | ||||||
Telecommunication Services - 6.0% | ||||||||
AT&T Inc | 123,547 | 3,337,004 | ||||||
CenturyTel Inc | 58,670 | 1,971,312 | ||||||
Verizon Communications Inc | 92,200 | 2,790,894 | ||||||
8,099,210 | ||||||||
Utilities - 2.2% | ||||||||
Sempra Energy | 59,200 | 2,948,753 | ||||||
Total Common Stocks (Cost $117,267,911) | 125,312,621 | |||||||
SHORT-TERM INVESTMENT - 6.5% | ||||||||
Money Market Fund - 6.5% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 8,779,025 | 8,779,025 | ||||||
Total Short-Term Investment (Cost $8,779,025) | 8,779,025 | |||||||
TOTAL INVESTMENTS - 99.8% (Cost $126,046,936) | 134,091,646 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.2% | 202,159 | |||||||
NET ASSETS - 100.0% | $ | 134,293,805 | ||||||
Notes to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Financials | 21.2 | % | ||
Consumer Discretionary | 15.6 | % | ||
Energy | 14.3 | % | ||
Consumer Staples | 14.1 | % | ||
Health Care | 7.9 | % | ||
Industrials | 6.6 | % | ||
Short-Term Investment | 6.5 | % | ||
Telecommunication Services | 6.0 | % | ||
Information Technology | 3.9 | % | ||
Utilities | 2.2 | % | ||
Materials | 1.5 | % | ||
99.8 | % | |||
Other Assets & Liabilities, Net | 0.2 | % | ||
100.0 | % | |||
(b) | Securities with a total aggregate market value of $3,433,164 or 2.6% of the net assets were valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-11
PACIFIC LIFE FUNDS
PL SHORT DURATION BOND FUND
Schedule of Investments
September 30, 2009 (Unaudited)
PL SHORT DURATION BOND FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
CORPORATE BONDS & NOTES - 32.9% | ||||||||
Consumer Discretionary - 1.1% | ||||||||
Comcast Corp | ||||||||
5.850% due 01/15/10 | $ | 250,000 | $ | 253,404 | ||||
Cox Communications Inc | ||||||||
4.625% due 01/15/10 | 150,000 | 151,378 | ||||||
Time Warner Cable Inc | ||||||||
5.400% due 07/02/12 | 100,000 | 106,937 | ||||||
Time Warner Inc | ||||||||
6.750% due 04/15/11 | 150,000 | 160,399 | ||||||
672,118 | ||||||||
Consumer Staples - 1.9% | ||||||||
Anheuser-Busch InBev Worldwide Inc | ||||||||
7.200% due 01/15/14 ~ | 175,000 | 197,280 | ||||||
CVS Caremark Corp | ||||||||
1.802% due 09/10/10 § | 150,000 | 151,714 | ||||||
General Mills Inc | ||||||||
6.000% due 02/15/12 | 200,000 | 217,432 | ||||||
Kellogg Co | ||||||||
6.600% due 04/01/11 | 175,000 | 187,620 | ||||||
The Kroger Co | ||||||||
6.750% due 04/15/12 | 100,000 | 110,049 | ||||||
Wal-Mart Stores Inc | ||||||||
3.200% due 05/15/14 | 250,000 | 255,633 | ||||||
1,119,728 | ||||||||
Energy - 0.6% | ||||||||
Enterprise Products Operating LLC | ||||||||
4.600% due 08/01/12 | 150,000 | 155,553 | ||||||
6.375% due 02/01/13 | 100,000 | 108,486 | ||||||
XTO Energy Inc | ||||||||
5.900% due 08/01/12 | 100,000 | 108,088 | ||||||
372,127 | ||||||||
Financials - 21.3% | ||||||||
African Development Bank (Multi-National) | ||||||||
1.750% due 10/01/12 | 600,000 | 595,944 | ||||||
American General Finance Corp | ||||||||
4.875% due 05/15/10 | 250,000 | 240,181 | ||||||
ANZ Capital Trust Inc | ||||||||
4.484% ± ~ | 250,000 | 247,777 | ||||||
Bank of America Corp | ||||||||
2.100% due 04/30/12 | 1,000,000 | 1,014,707 | ||||||
BB&T Corp | ||||||||
3.850% due 07/27/12 | 250,000 | 258,099 | ||||||
Citigroup Funding Inc | ||||||||
2.125% due 07/12/12 | 200,000 | 202,374 | ||||||
Citigroup Inc | ||||||||
2.125% due 04/30/12 | 2,300,000 | 2,334,104 | ||||||
Dexia Credit Local (France) | ||||||||
2.375% due 09/23/11 ~ | 600,000 | 608,608 | ||||||
General Electric Capital Corp | ||||||||
2.000% due 09/28/12 | 800,000 | 805,269 | ||||||
2.125% due 12/21/12 | 100,000 | 101,018 | ||||||
2.625% due 12/28/12 | 1,000,000 | 1,025,661 | ||||||
General Motors Acceptance Corp LLC | ||||||||
2.200% due 12/19/12 | 500,000 | 505,822 | ||||||
Greater Bay Bancorp | ||||||||
5.125% due 04/15/10 | 100,000 | 101,953 | ||||||
Kreditanstalt fuer Wiederaufbau (Germany) | ||||||||
2.500% due 05/28/13 | 700,000 | 706,510 | ||||||
3.750% due 06/27/11 | 800,000 | 838,372 | ||||||
LeasePlan Corp NV (Netherlands) | ||||||||
3.000% due 05/07/12 ~ | 300,000 | 307,116 | ||||||
Merrill Lynch & Co Inc | ||||||||
6.050% due 08/15/12 | 125,000 | 133,425 | ||||||
Morgan Stanley | ||||||||
5.050% due 01/21/11 | 250,000 | 258,680 | ||||||
PNC Funding Corp | ||||||||
1.875% due 06/22/11 | 600,000 | 607,538 | ||||||
Rabobank Nederland NV (Netherlands) | ||||||||
4.200% due 05/13/14 ~ D | 150,000 | 156,437 | ||||||
Suncorp-Metway Ltd (Australia) | ||||||||
1.759% due 04/15/11 § ~ | 900,000 | 916,229 | ||||||
The Bear Stearns Cos LLC | ||||||||
6.950% due 08/10/12 | 500,000 | 557,061 | ||||||
The Charles Schwab Corp | ||||||||
4.950% due 06/01/14 | 125,000 | 131,994 | ||||||
Waddell & Reed Financial Inc | ||||||||
5.600% due 01/15/11 | 150,000 | 149,960 | ||||||
WEA Finance LLC | ||||||||
5.400% due 10/01/12 ~ | 75,000 | 77,113 | ||||||
12,881,952 | ||||||||
Health Care - 1.2% | ||||||||
Merck & Co Inc | ||||||||
1.875% due 06/30/11 | 125,000 | 126,450 | ||||||
Roche Holdings Inc | ||||||||
5.000% due 03/01/14 ~ | 225,000 | 243,580 | ||||||
UnitedHealth Group Inc | ||||||||
5.125% due 11/15/10 | 350,000 | 361,522 | ||||||
731,552 | ||||||||
Industrials - 0.4% | ||||||||
John Deere Capital Corp | ||||||||
5.400% due 04/07/10 | 250,000 | 256,390 | ||||||
Information Technology - 0.6% | ||||||||
Hewlett-Packard Co | ||||||||
2.250% due 05/27/11 | 350,000 | 356,698 | ||||||
Telecommunication Services - 4.2% | ||||||||
BellSouth Corp | ||||||||
4.950% due 04/26/10 ~ | 700,000 | 715,693 | ||||||
Deutsche Telekom International Finance BV (Netherlands) | ||||||||
8.500% due 06/15/10 | 200,000 | 209,691 | ||||||
France Telecom SA (France) | ||||||||
7.750% due 03/01/11 | 150,000 | 162,495 | ||||||
Rogers Communications Inc (Canada) | ||||||||
5.500% due 03/15/14 | 50,000 | 53,593 | ||||||
6.250% due 06/15/13 | 50,000 | 54,110 | ||||||
6.375% due 03/01/14 | 125,000 | 138,152 | ||||||
Telefonica Europe BV (Netherlands) | ||||||||
7.750% due 09/15/10 | 100,000 | 105,815 | ||||||
Verizon Wireless Capital LLC | ||||||||
3.750% due 05/20/11 ~ | 775,000 | 800,043 | ||||||
Vodafone Group PLC (United Kingdom) | ||||||||
5.350% due 02/27/12 | 250,000 | 267,937 | ||||||
2,507,529 | ||||||||
Utilities - 1.6% | ||||||||
CenterPoint Energy Resources Corp | ||||||||
7.875% due 04/01/13 | 75,000 | 84,532 | ||||||
Commonwealth Edison Co | ||||||||
4.740% due 08/15/10 | 175,000 | 179,033 | ||||||
Duke Energy Corp | ||||||||
6.300% due 02/01/14 | 225,000 | 249,197 | ||||||
FirstEnergy Corp | ||||||||
6.450% due 11/15/11 | 5,000 | 5,412 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-12
PACIFIC LIFE FUNDS
PL SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
PL SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
MidAmerican Energy Holdings Co | ||||||||
5.000% due 02/15/14 | $ | 250,000 | $ | 264,620 | ||||
Progress Energy Inc | ||||||||
6.050% due 03/15/14 | 150,000 | 164,707 | ||||||
947,501 | ||||||||
Total Corporate Bonds & Notes (Cost $19,415,062) | 19,845,595 | |||||||
MORTGAGE-BACKED SECURITIES - 33.5% | ||||||||
Collateralized Mortgage Obligations - Residential - 4.9% | ||||||||
Citimortgage Alternative Loan Trust | ||||||||
6.000% due 12/25/36 “ | 638,075 | 523,409 | ||||||
Fannie Mae | ||||||||
0.691% due 02/25/37 “ § | 660,643 | 642,868 | ||||||
1.086% due 04/25/48 “ § | 411,282 | 407,129 | ||||||
Freddie Mac | ||||||||
0.593% due 11/15/36 “ § | 568,095 | 557,038 | ||||||
0.643% due 07/15/34 “ § | 564,923 | 544,156 | ||||||
Structured Adjustable Rate Mortgage Loan Trust | ||||||||
5.089% due 11/25/34 “ § | 344,495 | 284,244 | ||||||
2,958,844 | ||||||||
Fannie Mae - 21.4% | ||||||||
4.114% due 04/01/34 “ § | 1,300,000 | 1,340,422 | ||||||
4.500% due 06/01/13 - 06/01/23 “ | 845,625 | 877,729 | ||||||
5.000% due 07/01/19 - 01/01/39 “ | 5,324,290 | 5,628,336 | ||||||
6.000% due 10/01/21 - 01/01/40 “ | 4,802,221 | 5,085,367 | ||||||
12,931,854 | ||||||||
Freddie Mac - 7.2% | ||||||||
5.000% due 11/01/16 - 12/01/19 “ | 3,904,374 | 4,154,134 | ||||||
5.500% due 01/01/20 - 07/01/20 “ | 196,305 | 209,633 | ||||||
4,363,767 | ||||||||
Total Mortgage-Backed Securities (Cost $20,177,414) | 20,254,465 | |||||||
ASSET-BACKED SECURITIES - 4.4% | ||||||||
Capital One Multi-Asset Execution Trust | ||||||||
4.950% due 08/15/12 “ | 1,600,000 | 1,602,883 | ||||||
Chase Issuance Trust | ||||||||
4.960% due 09/17/12 “ | 1,000,000 | 1,040,089 | ||||||
Total Asset-Backed Securities (Cost $2,599,528) | 2,642,972 | |||||||
U.S. GOVERNMENT AGENCY ISSUES - 18.6% | ||||||||
Fannie Mae | ||||||||
2.000% due 03/02/11 | 1,000,000 | 1,004,336 | ||||||
4.680% due 06/15/11 | 1,800,000 | 1,917,130 | ||||||
Federal Home Loan Bank | ||||||||
3.125% due 06/10/11 ‡ | 2,500,000 | 2,586,655 | ||||||
Freddie Mac | ||||||||
2.000% due 02/25/11 | 1,500,000 | 1,508,427 | ||||||
2.000% due 03/16/11 | 500,000 | 503,025 | ||||||
2.050% due 03/09/11 | 2,500,000 | 2,516,725 | ||||||
2.125% due 09/21/12 | 1,200,000 | 1,216,518 | ||||||
Total U.S. Government Agency Issues (Cost $11,001,166) | 11,252,816 | |||||||
U.S. TREASURY OBLIGATIONS - 6.5% | ||||||||
U.S. Treasury Inflation Protected Securities - 3.7% | ||||||||
0.875% due 04/15/10 ^ | 1,477,853 | 1,480,161 | ||||||
1.875% due 07/15/13 ^ | 586,295 | 606,449 | ||||||
3.500% due 01/15/11 ^ | 123,733 | 128,992 | ||||||
2,215,602 | ||||||||
U.S. Treasury Notes - 1.3% | ||||||||
1.375% due 09/15/12 | 800,000 | 799,001 | ||||||
U.S. Treasury Strips - 1.5% | ||||||||
0.000% due 11/15/21 | 700,000 | 430,742 | ||||||
0.000% due 11/15/26 | 200,000 | 97,083 | ||||||
0.000% due 11/15/27 | 800,000 | 372,611 | ||||||
900,436 | ||||||||
Total U.S. Treasury Obligations (Cost $3,828,291) | 3,915,039 | |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 1.0% | ||||||||
Japan Finance Corp (Japan) | ||||||||
2.000% due 06/24/11 | 200,000 | 202,658 | ||||||
Societe Financement de l’Economie Francaise (France) | ||||||||
2.000% due 02/25/11 ~ | 400,000 | 406,091 | ||||||
Total Foreign Government Bonds & Notes (Cost $601,235) | 608,749 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 11.9% | ||||||||
Money Market Fund - 11.9% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 7,208,405 | 7,208,405 | ||||||
Total Short-Term Investment (Cost $7,208,405) | 7,208,405 | |||||||
TOTAL INVESTMENTS - 108.8% (Cost $64,831,101) | 65,728,041 | |||||||
OTHER ASSETS & LIABILITIES, NET - (8.8%) | (5,312,453 | ) | ||||||
NET ASSETS - 100.0% | $ | 60,415,588 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-13
PACIFIC LIFE FUNDS
PL SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
PL SHORT DURATION BOND FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Mortgage-Backed Securities | 33.5 | % | ||
Corporate Bonds & Notes | 32.9 | % | ||
U.S. Government Agency Issues | 18.6 | % | ||
Short-Term Investment | 11.9 | % | ||
U.S. Treasury Obligations | 6.5 | % | ||
Asset-Backed Securities | 4.4 | % | ||
Foreign Government Bonds & Notes | 1.0 | % | ||
108.8 | % | |||
Other Assets & Liabilities, Net | (8.8 | %) | ||
100.0 | % | |||
(b) | As of September 30, 2009, the Fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows: |
AAA / U.S. Government & Agency Issues | 83.0 | % | ||
AA | 2.7 | % | ||
A | 8.3 | % | ||
BBB | 5.6 | % | ||
BB | 0.4 | % | ||
100.0 | % | |||
(c) | Open futures Contracts outstanding as of September 30, 2009 were as follows: |
Unrealized | ||||||||||||
Number of | Notional | Appreciation | ||||||||||
Long Futures Outstanding | Contracts | Amount | (Depreciation) | |||||||||
Eurodollar (12/09) | 19 | $ | 19,000,000 | $ | 53,936 | |||||||
Eurodollar (03/10) | 9 | 9,000,000 | 12,130 | |||||||||
Eurodollar (06/10) | 4 | 4,000,000 | 5,640 | |||||||||
Eurodollar (09/11) | 2 | 2,000,000 | 2,795 | |||||||||
Eurodollar (12/11) | 2 | 2,000,000 | 2,845 | |||||||||
U.S. Treasury 2-Year Notes (12/09) | 93 | 18,600,000 | 71,401 | |||||||||
Short Futures Outstanding | ||||||||||||
U.S. Treasury 5-Year Notes (12/09) | 41 | 4,100,000 | (19,389 | ) | ||||||||
U.S. Treasury 10-Year Notes (12/09) | 15 | 1,500,000 | (10,157 | ) | ||||||||
U.S. Treasury 30 Year Bonds (12/09) | 26 | 2,600,000 | (62,487 | ) | ||||||||
$ | 56,714 | |||||||||||
(d) | As of September 30, 2009, securities with a total aggregate market value of $341,438 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts. | |
(e) | 0.3% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-14
PACIFIC LIFE FUNDS
PL FLOATING RATE LOAN FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Schedule of Investments
September 30, 2009 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
SENIOR LOAN NOTES - 88.7% | ||||||||
Consumer Discretionary - 34.3% | ||||||||
Aramark Corp | ||||||||
2.160% due 01/26/14 § | $ | 455,199 | $ | 425,713 | ||||
Aramark Corp (LC Facility Letter of Credit) | ||||||||
0.278% due 01/26/14 § | 29,867 | 27,933 | ||||||
Asurion Corp (1st Lien) | ||||||||
3.250% due 07/03/14 § | 500,000 | 478,022 | ||||||
Blockbuster Inc Tranche B | ||||||||
4.570% due 08/20/11 § | 972,067 | 965,588 | ||||||
Burlington Coat Factory Warehouse Corp | ||||||||
2.570% due 05/28/13 § | 496,556 | 455,766 | ||||||
Catalina Marketing Corp (Initial Term Loan) | ||||||||
2.990% due 10/01/14 § | 483,461 | 465,531 | ||||||
Cedar Fair LP | ||||||||
2.250% due 08/30/12 § | 107,269 | 103,582 | ||||||
Cedar Fair LP Term B | ||||||||
4.250% due 08/30/14 § | 388,934 | 379,049 | ||||||
Cengage Learning Acquisitions Inc | ||||||||
2.750% due 07/03/14 § | 748,092 | 672,534 | ||||||
due 07/03/14 § ∞ | 249,364 | 224,178 | ||||||
Cequel Communications LLC | ||||||||
2.250% due 11/05/13 § | 982,291 | 929,729 | ||||||
Charter Communications Operating LLC (New Term Loan) | ||||||||
6.250% due 03/06/14 § | 996,199 | 941,717 | ||||||
Discovery Communications Holding LLC Term C | ||||||||
5.250% due 05/14/14 § | 497,500 | 506,517 | ||||||
Dollar General Corp Tranche B1 | ||||||||
3.120% due 07/07/14 § | 498,750 | 487,336 | ||||||
Harland Clarke Holding Corp Tranche B | ||||||||
2.780% due 06/30/14 § | 994,911 | 838,710 | ||||||
Kronos Inc (Initial Term Loan 1st Lien) | ||||||||
2.280% due 06/11/14 § | 489,843 | 461,922 | ||||||
Las Vegas Sands LLC (Delayed Draw I Term Loan) | ||||||||
due 05/23/14 § ∞ | 134,126 | 112,814 | ||||||
Las Vegas Sands LLC Tranche B | ||||||||
due 05/23/14 § ∞ | 665,535 | 559,788 | ||||||
Metro-Goldwyn-Mayer Inc Tranche B | ||||||||
20.500% due 04/09/12 § | 498,708 | 286,204 | ||||||
Nielsen Finance LLC (Class A Dollar Term Loan) | ||||||||
2.250% due 08/09/13 § | 152,680 | 144,330 | ||||||
due 08/09/13 § ∞ | 500,000 | 472,655 | ||||||
Nielsen Finance LLC (Class B Dollar Term Loan) | ||||||||
4.000% due 05/01/16 § | 318,007 | 300,615 | ||||||
Regal Cinemas Corp (New Term Loan) | ||||||||
4.030% due 10/27/13 § | 881,418 | 879,765 | ||||||
Sabre Inc (Initial Term Loan) | ||||||||
2.640% due 09/30/14 § | 500,000 | 441,615 | ||||||
due 09/30/14 § ∞ | 500,000 | 441,615 | ||||||
TWCC Holding Corp | ||||||||
7.250% due 09/14/15 § | 497,487 | 506,069 | ||||||
Univision Communications Inc (Initial Term Loan) | ||||||||
2.530% due 09/29/14 § | 500,000 | 424,490 | ||||||
due 09/29/14 § ∞ | 500,000 | 424,490 | ||||||
VML U.S. Finance LLC Term B (Delayed Draw Project Loan) | ||||||||
5.790% due 05/25/12 § | 182,607 | 174,960 | ||||||
VML U.S. Finance LLC Term B (Funded Project Loan) | ||||||||
5.790% due 05/27/13 § | 316,140 | 302,902 | ||||||
due 05/27/13 § ∞ | 498,747 | 477,862 | ||||||
14,314,001 | ||||||||
Consumer Staples - 4.5% | ||||||||
Revlon Consumer Products Corp | ||||||||
4.340% due 01/15/12 § | 1,000,000 | 970,835 | ||||||
Sturm Foods Inc (Initial Term Loan 1st Lien) | ||||||||
3.060% due 01/31/14 § | 493,440 | 456,432 | ||||||
Wm Wrigley Jr Co Tranche B | ||||||||
6.500% due 09/30/14 § | 456,571 | 465,321 | ||||||
1,892,588 | ||||||||
Energy - 3.5% | ||||||||
Coffeyville Resources LLC (Funded Letter of Credit) | ||||||||
8.500% due 12/28/10 § | 67,370 | 67,623 | ||||||
Coffeyville Resources LLC Tranche D | ||||||||
8.500% due 12/30/13 § | 537,294 | 539,309 | ||||||
Venoco Inc | ||||||||
4.250% due 05/07/14 § | 988,971 | 846,396 | ||||||
1,453,328 | ||||||||
Financials - 5.0% | ||||||||
First Data Corp Tranche B1 (Initial Term Loan) | ||||||||
3.000% due 09/24/14 § | 786,165 | 678,779 | ||||||
HUB International Ltd (Delayed Draw Term Loan) | ||||||||
2.750% due 06/13/14 § | 180,516 | 162,915 | ||||||
HUB International Ltd (Initial Term Loan) | ||||||||
2.750% due 06/13/14 § | 803,100 | 724,798 | ||||||
Spirit Finance Corp | ||||||||
3.480% due 08/01/13 § | 1,000,000 | 497,500 | ||||||
2,063,992 | ||||||||
Health Care - 12.8% | ||||||||
Aveta Inc (Acquisition Term Loan) | ||||||||
5.500% due 08/22/11 § | 400,951 | 382,908 | ||||||
Aveta Inc (New Term Loan) | ||||||||
5.500% due 08/22/11 § | 72,680 | 69,410 | ||||||
Aveta Inc (Original Term Loan) | ||||||||
5.500% due 08/22/11 § | 620,215 | 592,306 | ||||||
CHS/Community Health Systems Inc (Delayed Draw Term Loan) | ||||||||
2.500% due 07/25/14 § | 24,270 | 22,824 | ||||||
CHS/Community Health Systems Inc (Funded Term Loan) | ||||||||
2.610% due 07/25/14 § | 475,730 | 448,426 | ||||||
HCA Inc Tranche B1 | ||||||||
2.530% due 11/18/13 § | 686,221 | 649,522 | ||||||
IM US Holdings LLC (2nd Lien) | ||||||||
4.500% due 06/26/15 § | 500,000 | 485,835 | ||||||
Life Technologies Corp Borrowing Term B | ||||||||
5.250% due 11/23/15 § | 792,500 | 799,098 | ||||||
Mylan Inc Tranche B | ||||||||
3.550% due 10/02/14 § | 962,312 | 940,217 | ||||||
Talecris Biotherapeutics Holdings Corp (1st Lien) | ||||||||
3.960% due 12/06/13 § | 982,247 | 966,693 | ||||||
5,357,239 | ||||||||
Industrials - 1.0% | ||||||||
AWAS Capital Inc (1st Lien) | ||||||||
2.060% due 03/24/13 § | 475,642 | 436,006 | ||||||
Information Technology - 7.2% | ||||||||
Affiliated Computer Services Inc (First Securities Repurchase Increase Loan) | ||||||||
2.250% due 03/20/13 § | 324,856 | 323,753 | ||||||
Affiliated Computer Services Inc Term B | ||||||||
2.250% due 03/20/13 § | 173,853 | 173,263 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-15
PACIFIC LIFE FUNDS
PL FLOATING RATE LOAN FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
Brocade Communication Systems Inc | ||||||||
7.000% due 10/07/13 § | $ | 483,834 | $ | 488,067 | ||||
CDW Corp | ||||||||
3.240% due 10/10/14 § | 499,772 | 409,294 | ||||||
CCS Inc | ||||||||
due 11/14/14 § ∞ | 498,731 | 398,154 | ||||||
SunGard Data Systems Inc Tranche B | ||||||||
4.080% due 02/28/16 § | 740,905 | 724,791 | ||||||
Vertafore Inc (Original Term B-2 Loan) | ||||||||
5.500% due 07/31/14 § | 497,449 | 475,064 | ||||||
2,992,386 | ||||||||
Materials - 6.5% | ||||||||
Georgia Gulf Corp | ||||||||
10.000% due 10/03/13 § | 483,031 | 476,657 | ||||||
Murray Energy Corp Tranche B (1st Lien) | ||||||||
3.250% due 01/28/10 § Δ | 943,025 | 924,165 | ||||||
Nalco Co | ||||||||
6.500% due 05/13/16 § | 497,500 | 506,828 | ||||||
Solutia Inc | ||||||||
7.250% due 02/28/14 § | 786,200 | 798,980 | ||||||
2,706,630 | ||||||||
Telecommunication Services - 5.3% | ||||||||
Avaya Inc | ||||||||
3.140% due 10/24/14 § | 498,719 | 403,963 | ||||||
Digicel International Finance Limited Tranche A | ||||||||
2.810% due 03/30/12 § | 416,675 | 403,133 | ||||||
Level 3 Financing Inc Tranche A | ||||||||
2.680% due 03/13/14 § | 500,000 | 444,642 | ||||||
MetroPCS Wireless Inc Tranche B | ||||||||
2.660% due 11/03/13 § | 987,277 | 947,446 | ||||||
2,199,184 | ||||||||
Utilities - 8.6% | ||||||||
Calpine Corp (1st Priority Term Loan) | ||||||||
3.170% due 03/29/14 § | 983,687 | 903,477 | ||||||
Coleto Creek Power LP (2nd Lien) | ||||||||
4.250% due 06/28/13 § | 967,500 | 708,694 | ||||||
Dynegy Holdings Inc (Facility Term Loan) | ||||||||
4.000% due 04/02/13 § | 462,572 | 446,833 | ||||||
Dynegy Holdings Inc Tranche B | ||||||||
4.000% due 04/02/13 § | 37,332 | 36,062 | ||||||
NRG Energy Inc | ||||||||
2.020% due 02/01/13 § | 324,609 | 308,317 | ||||||
NRG Energy Inc (Credit-Linked Deposit) | ||||||||
0.180% due 02/01/13 § | 174,339 | 165,589 | ||||||
Texas Competitive Electric Holdings Co LLC Tranche B2 (Initial Term Loan) | ||||||||
3.750% due 10/10/14 § | 1,283,627 | 1,025,445 | ||||||
3,594,417 | ||||||||
Total Senior Loan Notes (Cost $36,719,503) | 37,009,771 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENT - 16.4% | ||||||||
Money Market Fund - 16.4% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 6,836,869 | 6,836,869 | ||||||
Total Short-Term Investment (Cost $6,836,869) | 6,836,869 | |||||||
TOTAL INVESTMENTS - 105.1% (Cost $43,556,372) | 43,846,640 | |||||||
OTHER ASSETS & LIABILITIES, NET - (5.1%) | (2,147,503 | ) | ||||||
NET ASSETS - 100.0% | $ | 41,699,137 | ||||||
Notes to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Consumer Discretionary | 34.3 | % | ||
Short-Term Investment | 16.4 | % | ||
Health Care | 12.8 | % | ||
Utilities | 8.6 | % | ||
Information Technology | 7.2 | % | ||
Materials | 6.5 | % | ||
Telecommunication Services | 5.3 | % | ||
Financials | 5.0 | % | ||
Consumer Staples | 4.5 | % | ||
Energy | 3.5 | % | ||
Industrials | 1.0 | % | ||
105.1 | % | |||
Other Assets & Liabilities, Net | (5.1 | %) | ||
100.0 | % | |||
(b) | As of September 30, 2009, the Fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows: |
BBB | 2.1 | % | ||
BB | 37.1 | % | ||
B | 44.2 | % | ||
CCC | 5.2 | % | ||
D | 2.5 | % | ||
Not Rated | 8.9 | % | ||
100.0 | % | |||
(c) | 2.2% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-16
PACIFIC LIFE FUNDS
PL GROWTH LT FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
PREFERRED STOCKS - 1.6% | ||||||||
Energy - 1.6% | ||||||||
Petroleo Brasileiro SA ADR (Brazil) | 29,955 | $ | 1,177,531 | |||||
Total Preferred Stocks (Cost $1,093,799) | 1,177,531 | |||||||
COMMON STOCKS - 91.2% | ||||||||
Consumer Discretionary - 3.8% | ||||||||
Adidas AG (Germany) + | 12,289 | 649,398 | ||||||
CBS Corp ‘B’ | 28,795 | 346,980 | ||||||
Crown Ltd (Australia) + | 93,072 | 733,501 | ||||||
Lamar Advertising Co ‘A’ * | 10,580 | 290,315 | ||||||
McDonald’s Corp | 8,647 | 493,484 | ||||||
The Home Depot Inc | 13,750 | 366,300 | ||||||
2,879,978 | ||||||||
Consumer Staples - 14.4% | ||||||||
Altria Group Inc | 11,885 | 211,672 | ||||||
Anheuser-Busch InBev NV (Belgium) + | 98,511 | 4,518,521 | ||||||
Anheuser-Busch InBev NV Strip VVPR (Belgium) + * | 110,992 | 488 | ||||||
Colgate-Palmolive Co | 10,990 | 838,317 | ||||||
CVS Caremark Corp | 37,011 | 1,322,773 | ||||||
Kimberly-Clark Corp | 10,475 | 617,816 | ||||||
Reckitt Benckiser Group PLC (United Kingdom) + | 12,040 | 589,452 | ||||||
Tesco PLC (United Kingdom) + | 226,716 | 1,451,365 | ||||||
The Coca-Cola Co | 13,465 | 723,070 | ||||||
Wal-Mart Stores Inc | 11,410 | 560,117 | ||||||
10,833,591 | ||||||||
Energy - 8.9% | ||||||||
Apache Corp | 4,160 | 382,013 | ||||||
EOG Resources Inc | 30,505 | 2,547,473 | ||||||
National Oilwell Varco Inc * | 8,725 | 376,309 | ||||||
Occidental Petroleum Corp | 32,245 | 2,528,008 | ||||||
XTO Energy Inc | 20,265 | 837,350 | ||||||
6,671,153 | ||||||||
Financials - 8.5% | ||||||||
ACE Ltd (Switzerland) * | 19,200 | 1,026,432 | ||||||
Berkshire Hathaway Inc ‘B’ * | 310 | 1,030,130 | ||||||
ICICI Bank Ltd ADR (India) | 12,765 | 492,218 | ||||||
JPMorgan Chase & Co | 26,923 | 1,179,766 | ||||||
T. Rowe Price Group Inc | 16,375 | 748,337 | ||||||
The Goldman Sachs Group Inc | 8,500 | 1,566,975 | ||||||
Wells Fargo & Co | 11,835 | 333,510 | ||||||
6,377,368 | ||||||||
Health Care - 10.4% | ||||||||
Baxter International Inc | 15,035 | 857,145 | ||||||
Bristol-Myers Squibb Co | 24,150 | 543,858 | ||||||
Celgene Corp * | 29,320 | 1,638,988 | ||||||
Covidien PLC (Ireland) | 32,690 | 1,414,169 | ||||||
Gilead Sciences Inc * | 27,285 | 1,270,935 | ||||||
Roche Holding AG (Switzerland) + | 8,871 | 1,434,340 | ||||||
UnitedHealth Group Inc | 27,685 | 693,232 | ||||||
7,852,667 | ||||||||
Industrials - 9.7% | ||||||||
C.H. Robinson Worldwide Inc | 5,600 | 323,400 | ||||||
Canadian National Railway Co (Canada) | 17,316 | 848,311 | ||||||
Danaher Corp | 15,450 | 1,040,094 | ||||||
Emerson Electric Co | 11,020 | 441,682 | ||||||
Expeditors International of Washington Inc | 22,085 | 776,288 | ||||||
Illinois Tool Works Inc | 8,240 | 351,930 | ||||||
Lockheed Martin Corp | 4,990 | 389,619 | ||||||
Northrop Grumman Corp | 5,600 | 289,800 | ||||||
Precision Castparts Corp | 10,110 | 1,029,906 | ||||||
Tyco International Ltd (Switzerland) | 20,395 | 703,220 | ||||||
United Parcel Service Inc ‘B’ | 12,340 | 696,840 | ||||||
United Technologies Corp | 7,125 | 434,126 | ||||||
7,325,216 | ||||||||
Information Technology - 27.3% | ||||||||
Amphenol Corp ‘A’ | 16,435 | 619,271 | ||||||
Apple Inc * | 18,222 | 3,377,812 | ||||||
Cisco Systems Inc * | 104,440 | 2,458,518 | ||||||
Corning Inc | 36,390 | 557,131 | ||||||
eBay Inc * | 65,645 | 1,549,878 | ||||||
Google Inc ‘A’ * | 2,020 | 1,001,617 | ||||||
International Business Machines Corp | 15,465 | 1,849,769 | ||||||
KLA-Tencor Corp | 40,061 | 1,436,587 | ||||||
Marvell Technology Group Ltd (Bermuda) * | 65,995 | 1,068,459 | ||||||
Microsoft Corp | 31,175 | 807,121 | ||||||
Oracle Corp | 84,555 | 1,762,126 | ||||||
QUALCOMM Inc | 26,955 | 1,212,436 | ||||||
Research In Motion Ltd (Canada) * | 8,345 | 563,705 | ||||||
Symantec Corp * | 37,610 | 619,437 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd (Taiwan) + | 376,449 | 744,993 | ||||||
Texas Instruments Inc | 8,569 | 203,000 | ||||||
Yahoo! Inc * | 42,505 | 757,014 | ||||||
20,588,874 | ||||||||
Materials - 4.4% | ||||||||
Agnico-Eagle Mines Ltd (Canada) | 3,718 | 252,266 | ||||||
Monsanto Co | 4,935 | 381,969 | ||||||
Newmont Mining Corp | 8,435 | 371,309 | ||||||
Potash Corp of Saskatchewan Inc (Canada) | 6,640 | 599,858 | ||||||
Praxair Inc | 11,980 | 978,646 | ||||||
United States Steel Corp | 6,635 | 294,395 | ||||||
Weyerhaeuser Co | 12,445 | 456,109 | ||||||
3,334,552 | ||||||||
Telecommunication Services - 3.0% | ||||||||
Crown Castle International Corp * | 72,475 | 2,272,816 | ||||||
Utilities - 0.8% | ||||||||
NRG Energy Inc * | 22,405 | 631,597 | ||||||
Total Common Stocks (Cost $55,393,970) | 68,767,812 | |||||||
SHORT-TERM INVESTMENT - 6.6% | ||||||||
Money Market Fund - 6.6% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 5,001,636 | 5,001,636 | ||||||
Total Short-Term Investment (Cost $5,001,636) | 5,001,636 | |||||||
TOTAL INVESTMENTS - 99.4% (Cost $61,489,405) | 74,946,979 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.6% | 470,341 | |||||||
NET ASSETS - 100.0% | $ | 75,417,320 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-17
PACIFIC LIFE FUNDS
PL GROWTH LT FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Information Technology | 27.3 | % | ||
Consumer Staples | 14.4 | % | ||
Energy | 10.5 | % | ||
Health Care | 10.4 | % | ||
Industrials | 9.7 | % | ||
Financials | 8.5 | % | ||
Short-Term Investment | 6.6 | % | ||
Materials | 4.4 | % | ||
Consumer Discretionary | 3.8 | % | ||
Telecommunication Services | 3.0 | % | ||
Utilities | 0.8 | % | ||
99.4 | % | |||
Other Assets & Liabilities, Net | 0.6 | % | ||
100.0 | % | |||
(b) | Securities with a total aggregate market value of $10,122,058 or 13.4% of the net assets were valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable. | |
(c) | Forward foreign currency contracts outstanding as of September 30, 2009 were as follows: |
Principal | ||||||||||||||||
Contracts | Amount | Unrealized | ||||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||||
to Sell | Currency | Contracts | Expiration | (Depreciation) | ||||||||||||
Buy | AUD | 175,000 | 10/09 | $ | 3,358 | |||||||||||
Sell | AUD | 343,000 | 10/09 | (20,816 | ) | |||||||||||
Sell | AUD | 135,000 | 11/09 | (3,157 | ) | |||||||||||
Buy | EUR | 750,000 | 10/09 | 8,439 | ||||||||||||
Buy | EUR | 635,000 | 10/09 | (1,996 | ) | |||||||||||
Sell | EUR | 2,135,000 | 10/09 | (102,437 | ) | |||||||||||
Sell | EUR | 635,000 | 11/09 | 1,441 | ||||||||||||
Buy | GBP | 168,000 | 10/09 | 1,957 | ||||||||||||
Sell | GBP | 353,000 | 10/09 | 18,114 | ||||||||||||
Sell | GBP | 130,000 | 11/09 | 6,405 | ||||||||||||
Sell | GBP | 168,000 | 11/09 | (2,075 | ) | |||||||||||
$ | (90,767 | ) | ||||||||||||||
(d) | Transactions in written options for the period ended September 30, 2009 were as follows: |
Number of | ||||||||
Contracts | Premium | |||||||
Outstanding, March 31, 2009 | — | $ | — | |||||
Put Options Written | 19 | 8,578 | ||||||
Put Options Expired | (19 | ) | (8,578 | ) | ||||
Outstanding, September 30, 2009 | — | $ | — | |||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-18
PACIFIC LIFE FUNDS
PL MID-CAP EQUITY FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 95.4% | ||||||||
Consumer Discretionary - 14.5% | ||||||||
American Eagle Outfitters Inc | 50,200 | $ | 846,372 | |||||
Burger King Holdings Inc | 67,700 | 1,190,843 | ||||||
Family Dollar Stores Inc | 42,400 | 1,119,360 | ||||||
Genuine Parts Co | 29,500 | 1,122,770 | ||||||
J.C. Penney Co Inc | 55,700 | 1,879,875 | ||||||
Leggett & Platt Inc | 69,800 | 1,354,120 | ||||||
Mattel Inc | 109,000 | 2,012,140 | ||||||
Starbucks Corp * | 56,300 | 1,162,595 | ||||||
Viacom Inc ‘B’ * | 62,200 | 1,744,088 | ||||||
12,432,163 | ||||||||
Consumer Staples - 7.3% | ||||||||
Avon Products Inc | 24,200 | 821,832 | ||||||
Campbell Soup Co | 32,700 | 1,066,674 | ||||||
McCormick & Co Inc | 46,500 | 1,578,210 | ||||||
Molson Coors Brewing Co ‘B’ | 37,500 | 1,825,500 | ||||||
Sara Lee Corp | 79,700 | 887,858 | ||||||
The J.M. Smucker Co | 2,800 | 148,428 | ||||||
6,328,502 | ||||||||
Energy - 6.8% | ||||||||
Holly Corp | 65,900 | 1,688,358 | ||||||
Massey Energy Co | 21,280 | 593,499 | ||||||
Patterson-UTI Energy Inc | 62,900 | 949,790 | ||||||
The Williams Cos Inc | 73,520 | 1,313,802 | ||||||
Tidewater Inc | 18,700 | 880,583 | ||||||
Valero Energy Corp | 20,200 | 391,678 | ||||||
5,817,710 | ||||||||
Financials - 12.3% | ||||||||
Ameriprise Financial Inc | 53,710 | 1,951,284 | ||||||
City National Corp | 21,600 | 840,888 | ||||||
Fifth Third Bancorp | 30,000 | 303,900 | ||||||
Hudson City Bancorp Inc | 58,350 | 767,303 | ||||||
Marsh & McLennan Cos Inc | 35,500 | 877,915 | ||||||
Northern Trust Corp | 12,600 | 732,816 | ||||||
PartnerRe Ltd (Bermuda) | 12,200 | 938,668 | ||||||
Public Storage REIT | 17,100 | 1,286,604 | ||||||
RenaissanceRe Holdings Ltd (Bermuda) | 22,940 | 1,256,194 | ||||||
The St. Joe Co * | 41,300 | 1,202,656 | ||||||
UDR Inc REIT | 27,100 | 426,554 | ||||||
10,584,782 | ||||||||
Health Care - 11.6% | ||||||||
CareFusion Corp * | 32,250 | 703,050 | ||||||
Hospira Inc * | 59,000 | 2,631,400 | ||||||
Life Technologies Corp * | 28,987 | 1,349,345 | ||||||
Omnicare Inc | 54,800 | 1,234,096 | ||||||
Patterson Cos Inc * | 17,200 | 468,700 | ||||||
Talecris Biotherapeutics Holdings Corp * | 23,200 | 440,800 | ||||||
Warner Chilcott PLC ‘A’ (Ireland) * | 68,100 | 1,472,322 | ||||||
Zimmer Holdings Inc * | 31,600 | 1,689,020 | ||||||
9,988,733 | ||||||||
Industrials - 13.5% | ||||||||
Cintas Corp | 37,000 | 1,121,470 | ||||||
Corrections Corp of America * | 75,500 | 1,710,075 | ||||||
Covanta Holding Corp * | 77,450 | 1,316,650 | ||||||
Dover Corp | 49,140 | 1,904,666 | ||||||
Foster Wheeler AG (Switzerland) * | 38,700 | 1,234,917 | ||||||
Parker-Hannifin Corp | 23,600 | 1,223,424 | ||||||
Republic Services Inc | 70,700 | 1,878,499 | ||||||
Spirit AeroSystems Holdings Inc ‘A’ * | 66,400 | 1,199,184 | ||||||
11,588,885 | ||||||||
Information Technology - 15.5% | ||||||||
Agilent Technologies Inc * | 50,900 | 1,416,547 | ||||||
Analog Devices Inc | 37,800 | 1,042,524 | ||||||
BMC Software Inc * | 22,800 | 855,684 | ||||||
DST Systems Inc * | 18,400 | 824,320 | ||||||
Fidelity National Information Services Inc | 43,300 | 1,104,583 | ||||||
Ingram Micro Inc ‘A’ * | 115,390 | 1,944,322 | ||||||
Juniper Networks Inc * | 34,700 | 937,594 | ||||||
Lam Research Corp * | 19,900 | 679,784 | ||||||
NetApp Inc * | 28,600 | 763,048 | ||||||
NeuStar Inc ‘A’ * | 35,800 | 809,080 | ||||||
Symantec Corp * | 112,000 | 1,844,640 | ||||||
VeriSign Inc * | 46,500 | 1,101,585 | ||||||
13,323,711 | ||||||||
Materials - 10.3% | ||||||||
Air Products & Chemicals Inc | 18,800 | 1,458,504 | ||||||
Ball Corp | 49,860 | 2,453,112 | ||||||
Bemis Co Inc | 39,800 | 1,031,218 | ||||||
Cliffs Natural Resources Inc | 26,500 | 857,540 | ||||||
Compass Minerals International Inc | 4,800 | 295,776 | ||||||
Packaging Corp of America | 84,200 | 1,717,680 | ||||||
RPM International Inc | 57,400 | 1,061,326 | ||||||
8,875,156 | ||||||||
Utilities - 3.6% | ||||||||
American Electric Power Co Inc | 54,400 | 1,685,856 | ||||||
Energen Corp | 33,100 | 1,426,610 | ||||||
3,112,466 | ||||||||
Total Common Stocks (Cost $73,064,064) | 82,052,108 | |||||||
SHORT-TERM INVESTMENT - 3.8% | ||||||||
Money Market Fund - 3.8% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 3,224,232 | 3,224,232 | ||||||
Total Short-Term Investment (Cost $3,224,232) | 3,224,232 | |||||||
TOTAL INVESTMENTS - 99.2% (Cost $76,288,296) | 85,276,340 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.8% | 687,853 | |||||||
NET ASSETS - 100.0% | $ | 85,964,193 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-19
PACIFIC LIFE FUNDS
PL MID-CAP EQUITY FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Note to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Information Technology | 15.5 | % | ||
Consumer Discretionary | 14.5 | % | ||
Industrials | 13.5 | % | ||
Financials | 12.3 | % | ||
Health Care | 11.6 | % | ||
Materials | 10.3 | % | ||
Consumer Staples | 7.3 | % | ||
Energy | 6.8 | % | ||
Short-Term Investment | 3.8 | % | ||
Utilities | 3.6 | % | ||
99.2 | % | |||
Other Assets & Liabilities, Net | 0.8 | % | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-20
PACIFIC LIFE FUNDS
PL INTERNATIONAL LARGE-CAP FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.6% | ||||||||
Austria - 0.7% | ||||||||
Erste Bank Group AG + | 13,393 | $ | 602,184 | |||||
Bermuda - 1.0% | ||||||||
Li & Fung Ltd + | 229,200 | 918,295 | ||||||
Canada - 2.0% | ||||||||
Canadian National Railway Co | 37,400 | 1,832,226 | ||||||
Czech Republic - 0.6% | ||||||||
Komercni Banka AS + | 2,907 | 582,061 | ||||||
France - 20.1% | ||||||||
Air Liquide SA + | 14,940 | 1,702,372 | ||||||
AXA SA + | 82,550 | 2,240,826 | ||||||
Danone SA + | 23,176 | 1,401,925 | ||||||
GDF Suez + | 44,905 | 1,999,297 | ||||||
Legrand SA + | 37,290 | 1,039,947 | ||||||
LVMH Moet Hennessy Louis Vuitton SA + | 32,510 | 3,278,961 | ||||||
Pernod-Ricard SA + | 18,708 | 1,491,184 | ||||||
Schneider Electric SA + | 27,776 | 2,826,091 | ||||||
Total SA + | 24,130 | 1,434,286 | ||||||
Vivendi + | 30,275 | 940,897 | ||||||
18,355,786 | ||||||||
Germany - 12.0% | ||||||||
Bayer AG + | 32,360 | 2,239,895 | ||||||
Beiersdorf AG + | 16,780 | 982,751 | ||||||
Deutsche Boerse AG + | 17,920 | 1,461,869 | ||||||
E.ON AG + | 19,548 | 827,377 | ||||||
Linde AG + | 29,700 | 3,216,337 | ||||||
Merck KGaA + | 14,280 | 1,417,183 | ||||||
SAP AG + | 15,880 | 770,031 | ||||||
10,915,443 | ||||||||
Hong Kong - 0.6% | ||||||||
CNOOC Ltd + | 387,000 | 521,748 | ||||||
India - 1.6% | ||||||||
Infosys Technologies Ltd ADR | 29,170 | 1,414,453 | ||||||
Italy - 0.8% | ||||||||
Intesa Sanpaolo SPA * + | 163,032 | 723,359 | ||||||
Japan - 11.4% | ||||||||
Aeon Credit Service Co Ltd + | 41,600 | 417,475 | ||||||
Canon Inc + | 45,950 | 1,841,053 | ||||||
FANUC Ltd + | 12,400 | 1,107,456 | ||||||
Hirose Electric Co Ltd + | 4,800 | 539,946 | ||||||
HOYA Corp + | 71,700 | 1,689,264 | ||||||
INPEX Corp + | 232 | 1,968,230 | ||||||
Kao Corp + | 35,300 | 871,637 | ||||||
Konica Minolta Holdings Inc + | 24,500 | 231,219 | ||||||
Lawson Inc + | 9,200 | 427,084 | ||||||
Shin-Etsu Chemical Co Ltd + | 14,100 | 865,010 | ||||||
Tokyo Electron Ltd + | 7,500 | 476,918 | ||||||
10,435,292 | ||||||||
Mexico - 1.1% | ||||||||
America Movil SAB de CV ‘L’ ADR | 15,800 | 692,514 | ||||||
Grupo Modelo SAB de CV ‘C’ * | 76,400 | 284,498 | ||||||
977,012 | ||||||||
Netherlands - 6.9% | ||||||||
ASML Holding NV + | 9,255 | 273,129 | ||||||
Heineken NV + | 59,260 | 2,747,583 | ||||||
TNT NV + | 64,923 | 1,744,530 | ||||||
Wolters Kluwer NV + | 70,290 | 1,505,854 | ||||||
6,271,096 | ||||||||
Singapore - 1.1% | ||||||||
Singapore Telecommunications Ltd + | 453,380 | 1,041,833 | ||||||
South Africa - 0.7% | ||||||||
MTN Group Ltd + | 37,830 | 617,146 | ||||||
South Korea - 1.5% | ||||||||
Samsung Electronics Co Ltd + | 1,963 | 1,355,235 | ||||||
Switzerland - 15.8% | ||||||||
Actelion Ltd * + | 10,412 | 647,291 | ||||||
Compagnie Financiere Richemont SA ‘A’ + | 35,338 | 1,000,384 | ||||||
Givaudan SA + | 2,370 | 1,778,291 | ||||||
Julius Baer Holding AG + | 27,068 | 1,357,602 | ||||||
Nestle SA + | 94,006 | 4,013,178 | ||||||
Roche Holding AG + | 24,550 | 3,969,457 | ||||||
Sonova Holding AG + | 6,176 | 624,900 | ||||||
Swiss Reinsurance Co + | 10,555 | 478,589 | ||||||
UBS AG * + | 30,186 | 553,458 | ||||||
14,423,150 | ||||||||
Taiwan - 1.1% | ||||||||
Taiwan Semiconductor Manufacturing Co Ltd ADR | 92,970 | 1,018,951 | ||||||
United Kingdom - 17.8% | ||||||||
BHP Billiton PLC + | 19,740 | 540,609 | ||||||
Burberry Group PLC + | 87,330 | 704,389 | ||||||
Diageo PLC + | 133,060 | 2,047,149 | ||||||
GlaxoSmithKline PLC + | 27,330 | 538,866 | ||||||
Hays PLC + | 159,700 | 265,988 | ||||||
HSBC Holdings PLC (LI) + | 118,810 | 1,360,438 | ||||||
Ladbrokes PLC + | 150,187 | 450,615 | ||||||
Reckitt Benckiser Group PLC + | 64,254 | 3,145,736 | ||||||
Royal Dutch Shell PLC ‘A’ (LI) + | 53,890 | 1,528,435 | ||||||
Smiths Group PLC + | 65,267 | 929,625 | ||||||
Standard Chartered PLC + | 63,857 | 1,577,362 | ||||||
Tesco PLC + | 103,577 | 663,068 | ||||||
William Hill PLC + | 263,920 | 745,043 | ||||||
WPP PLC + | 201,029 | 1,729,030 | ||||||
16,226,353 | ||||||||
United States - 1.8% | ||||||||
Synthes Inc + | 13,720 | 1,654,426 | ||||||
Total Common Stocks (Cost $83,006,880) | 89,886,049 | |||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-21
PACIFIC LIFE FUNDS
PL INTERNATIONAL LARGE-CAP FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 1.1% | ||||||||
Money Market Fund - 1.1% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 1,055,258 | $ | 1,055,258 | |||||
Total Short-Term Investment (Cost $1,055,258) | 1,055,258 | |||||||
TOTAL INVESTMENTS - 99.7% (Cost $84,062,138) | 90,941,307 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.3% | 230,117 | |||||||
NET ASSETS - 100.0% | $ | 91,171,424 | ||||||
Notes to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Consumer Staples | 19.8 | % | ||
Consumer Discretionary | 12.4 | % | ||
Financials | 12.4 | % | ||
Health Care | 12.2 | % | ||
Industrial | 10.7 | % | ||
Information Technology | 10.5 | % | ||
Materials | 8.9 | % | ||
Energy | 6.0 | % | ||
Utilities | 3.1 | % | ||
Telecommunication Services | 2.6 | % | ||
Short-Term Investment | 1.1 | % | ||
99.7 | % | |||
Other Assets & Liabilities, Net | 0.3 | % | ||
100.0 | % | |||
(b) | As of September 30, 2009, the Fund was diversified by geographical region as a percentage of net assets as follows: |
France | 20.1 | % | ||
United Kingdom | 17.8 | % | ||
Switzerland | 15.8 | % | ||
Germany | 12.0 | % | ||
Japan | 11.4 | % | ||
Netherlands | 6.9 | % | ||
United States | 2.9 | % | ||
Canada | 2.0 | % | ||
India | 1.6 | % | ||
South Korea | 1.5 | % | ||
Mexico | 1.1 | % | ||
Singapore | 1.1 | % | ||
Taiwan | 1.1 | % | ||
Bermuda | 1.0 | % | ||
Italy | 0.8 | % | ||
Austria | 0.7 | % | ||
South Africa | 0.7 | % | ||
Czech Republic | 0.6 | % | ||
Hong Kong | 0.6 | % | ||
99.7 | % | |||
Other Assets & Liabilities, Net | 0.3 | % | ||
100.0 | % | |||
(c) | Securities with a total aggregate market value of $84,643,407 or 92.8% of the net assets were valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-22
PACIFIC LIFE FUNDS
PL SMALL-CAP VALUE FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 92.6% | ||||||||
Consumer Discretionary - 6.9% | ||||||||
Aaron’s Inc | 12,400 | $ | 327,360 | |||||
Dover Downs Gaming & Entertainment Inc | 4,500 | 25,650 | ||||||
Hillenbrand Inc | 7,800 | 158,886 | ||||||
International Speedway Corp ‘A’ | 10,300 | 283,971 | ||||||
NutriSystem Inc | 3,700 | 56,462 | ||||||
Phillips-Van Heusen Corp | 9,500 | 406,505 | ||||||
RadioShack Corp | 11,700 | 193,869 | ||||||
Sturm Ruger & Co Inc | 5,400 | 69,876 | ||||||
The Buckle Inc | 11,700 | 399,438 | ||||||
Wolverine World Wide Inc | 12,000 | 298,080 | ||||||
2,220,097 | ||||||||
Consumer Staples - 8.1% | ||||||||
Cal-Maine Foods Inc | 6,200 | 165,974 | ||||||
Casey’s General Stores Inc | 11,100 | 348,318 | ||||||
Corn Products International Inc | 11,500 | 327,980 | ||||||
Del Monte Foods Co | 34,900 | 404,142 | ||||||
Embotelladora Andina SA ‘B’ ADR (Chile) | 8,100 | 145,476 | ||||||
Ruddick Corp | 10,700 | 284,834 | ||||||
The J.M. Smucker Co | 4,900 | 259,749 | ||||||
Universal Corp | 6,500 | 271,830 | ||||||
Vector Group Ltd | 7,350 | 114,513 | ||||||
WD-40 Co | 6,200 | 176,080 | ||||||
Weis Markets Inc | 3,200 | 102,240 | ||||||
2,601,136 | ||||||||
Energy - 11.2% | ||||||||
Alliance Resource Partners LP | 800 | 29,008 | ||||||
Berry Petroleum Co ‘A’ | 10,600 | 283,868 | ||||||
Buckeye Partners LP | 4,400 | 213,004 | ||||||
Cimarex Energy Co | 9,600 | 415,872 | ||||||
El Paso Pipeline Partners LP | 2,200 | 45,606 | ||||||
Frontier Oil Corp | 20,000 | 278,400 | ||||||
Holly Corp | 13,300 | 340,746 | ||||||
Linn Energy LLC | 13,100 | 300,121 | ||||||
Magellan Midstream Partners LP | 6,600 | 248,160 | ||||||
NuStar Energy LP | 4,600 | 238,464 | ||||||
Southern Union Co | 15,100 | 313,929 | ||||||
Sunoco Logistics Partners LP | 700 | 41,475 | ||||||
TC Pipelines LP | 1,500 | 57,150 | ||||||
Tidewater Inc | 6,800 | 320,212 | ||||||
Tsakos Energy Navigation Ltd (Bermuda) | 6,500 | 101,725 | ||||||
Williams Partners LP | 2,400 | 55,896 | ||||||
World Fuel Services Corp | 7,000 | 336,490 | ||||||
3,620,126 | ||||||||
Financials - 14.6% | ||||||||
Advance America Cash Advance Centers Inc | 22,500 | 126,000 | ||||||
American Equity Investment Life Holding Co | 9,300 | 65,286 | ||||||
American Financial Group Inc | 15,200 | 387,600 | ||||||
American Physicians Capital Inc | 2,800 | 80,668 | ||||||
Bank of Hawaii Corp | 7,800 | 324,012 | ||||||
Cash America International Inc | 7,100 | 214,136 | ||||||
Chimera Investment Corp REIT | 86,200 | 329,284 | ||||||
Cullen/Frost Bankers Inc | 6,300 | 325,332 | ||||||
Delphi Financial Group Inc ‘A’ | 11,900 | 269,297 | ||||||
Equity One Inc REIT | 13,200 | 206,844 | ||||||
Federated Investors Inc ‘B’ | 12,700 | 334,899 | ||||||
Franklin Street Properties Corp REIT | 16,200 | 212,220 | ||||||
Healthcare Realty Trust Inc REIT | 12,700 | 268,351 | ||||||
HRPT Properties Trust REIT | 35,800 | 269,216 | ||||||
Infinity Property & Casualty Corp | 4,300 | 182,664 | ||||||
Nationwide Health Properties Inc REIT | 10,300 | 319,197 | ||||||
PS Business Parks Inc REIT | 3,600 | 184,752 | ||||||
Raymond James Financial Inc | 9,400 | 218,832 | ||||||
RLI Corp | 4,300 | 226,954 | ||||||
Sovran Self Storage Inc REIT | 5,100 | 155,193 | ||||||
4,700,737 | ||||||||
Health Care - 7.1% | ||||||||
Hill-Rom Holdings Inc | 7,800 | 169,884 | ||||||
Invacare Corp | 7,300 | 162,644 | ||||||
Owens & Minor Inc | 8,700 | 393,675 | ||||||
PerkinElmer Inc | 18,150 | 349,206 | ||||||
STERIS Corp | 8,400 | 255,780 | ||||||
Teleflex Inc | 6,700 | 323,677 | ||||||
The Cooper Cos Inc | 12,200 | 362,706 | ||||||
West Pharmaceutical Services Inc | 7,000 | 284,270 | ||||||
2,301,842 | ||||||||
Industrials - 14.5% | ||||||||
Acuity Brands Inc | 9,200 | 296,332 | ||||||
American Ecology Corp | 2,500 | 46,750 | ||||||
Applied Industrial Technologies Inc | 9,400 | 198,904 | ||||||
Barnes Group Inc | 11,700 | 199,953 | ||||||
Belden Inc | 9,800 | 226,380 | ||||||
Bucyrus International Inc | 10,100 | 359,762 | ||||||
Crane Co | 12,600 | 325,206 | ||||||
Curtiss-Wright Corp | 9,000 | 307,170 | ||||||
Ennis Inc | 13,000 | 209,690 | ||||||
Granite Construction Inc | 8,500 | 262,990 | ||||||
Harsco Corp | 10,300 | 364,723 | ||||||
KBR Inc | 16,200 | 377,298 | ||||||
Lennox International Inc | 8,500 | 307,020 | ||||||
SkyWest Inc | 10,800 | 179,064 | ||||||
The Brink’s Co | 10,400 | 279,864 | ||||||
Tomkins PLC ADR (United Kingdom) | 3,300 | 39,567 | ||||||
Trinity Industries Inc | 8,600 | 147,834 | ||||||
Triumph Group Inc | 4,300 | 206,357 | ||||||
Valmont Industries Inc | 4,000 | 340,720 | ||||||
4,675,584 | ||||||||
Information Technology - 2.7% | ||||||||
Diebold Inc | 10,600 | 349,058 | ||||||
Himax Technologies Inc ADR (Cayman) | 13,500 | 44,955 | ||||||
Jabil Circuit Inc | 26,500 | 355,365 | ||||||
MTS Systems Corp | 3,000 | 87,630 | ||||||
Park Electrochemical Corp | 1,000 | 24,650 | ||||||
861,658 | ||||||||
Materials - 14.5% | ||||||||
AMCOL International Corp | 5,700 | 130,473 | ||||||
Bemis Co Inc | 13,700 | 354,967 | ||||||
Commercial Metals Co | 23,400 | 418,860 | ||||||
Compass Minerals International Inc | 7,300 | 449,826 | ||||||
IAMGOLD Corp (Canada) | 31,200 | 441,168 | ||||||
Innophos Holdings Inc | 4,700 | 86,950 | ||||||
International Flavors & Fragrances Inc | 8,500 | 322,405 | ||||||
Methanex Corp (Canada) | 13,100 | 226,761 | ||||||
Royal Gold Inc | 9,400 | 428,640 | ||||||
RPM International Inc | 19,500 | 360,555 | ||||||
Sensient Technologies Corp | 11,100 | 308,247 | ||||||
Sonoco Products Co | 12,000 | 330,480 | ||||||
Terra Industries Inc | 10,900 | 377,903 | ||||||
The Lubrizol Corp | 6,200 | 443,052 | ||||||
4,680,287 | ||||||||
Telecommunication Services - 0.1% | ||||||||
Partner Communications Co Ltd ADR (Israel) | 2,700 | 50,814 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-23
PACIFIC LIFE FUNDS
PL SMALL-CAP VALUE FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Shares | Value | |||||||
Utilities - 12.9% | ||||||||
AGL Resources Inc | 9,600 | $ | 338,592 | |||||
American Water Works Co Inc | 16,400 | 327,016 | ||||||
Amerigas Partners LP | 900 | 32,436 | ||||||
Atmos Energy Corp | 11,700 | 329,706 | ||||||
Avista Corp | 8,500 | 171,870 | ||||||
Cleco Corp | 12,500 | 313,500 | ||||||
Energen Corp | 9,100 | 392,210 | ||||||
National Fuel Gas Co | 8,100 | 371,061 | ||||||
OGE Energy Corp | 10,500 | 347,340 | ||||||
Southwest Gas Corp | 8,400 | 214,872 | ||||||
Suburban Propane Partners LP | 3,600 | 150,552 | ||||||
UGI Corp | 11,800 | 295,708 | ||||||
Vectren Corp | 12,000 | 276,480 | ||||||
Westar Energy Inc | 16,000 | 312,160 | ||||||
WGL Holdings Inc | 9,200 | 304,888 | ||||||
4,178,391 | ||||||||
Total Common Stocks (Cost $28,245,811) | 29,890,672 | |||||||
SHORT-TERM INVESTMENT - 7.4% | ||||||||
Money Market Fund - 7.4% | ||||||||
Blackrock Liquidity Funds Treasury Trust Fund Portfolio | 2,388,613 | 2,388,613 | ||||||
Total Short-Term Investment (Cost $2,388,613) | 2,388,613 | |||||||
TOTAL INVESTMENTS - 100.0% (Cost $30,634,424) | 32,279,285 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.0% | (10,278 | ) | ||||||
NET ASSETS - 100.0% | $ | 32,269,007 | ||||||
Note to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Financials | 14.6 | % | ||
Industrials | 14.5 | % | ||
Materials | 14.5 | % | ||
Utilities | 12.9 | % | ||
Energy | 11.2 | % | ||
Consumer Staples | 8.1 | % | ||
Short-Term Investment | 7.4 | % | ||
Health Care | 7.1 | % | ||
Consumer Discretionary | 6.9 | % | ||
Information Technology | 2.7 | % | ||
Telecommunication Services | 0.1 | % | ||
100.0 | % | |||
Other Assets & Liabilities, Net | (0.0 | %) | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-24
PACIFIC LIFE FUNDS
PL MAIN STREET ® CORE FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 93.5% | ||||||||
Consumer Discretionary - 10.1% | ||||||||
Advance Auto Parts Inc | 23,690 | $ | 930,543 | |||||
Best Buy Co Inc | 31,780 | 1,192,386 | ||||||
GameStop Corp ‘A’ * | 47,480 | 1,256,796 | ||||||
Grupo Televisa SA ADR (Mexico) | 31,020 | 576,662 | ||||||
H&R Block Inc | 31,020 | 570,148 | ||||||
Lowe’s Cos Inc | 68,670 | 1,437,950 | ||||||
McDonald’s Corp | 35,470 | 2,024,273 | ||||||
The McGraw-Hill Cos Inc | 67,750 | 1,703,235 | ||||||
The Washington Post Co ‘B’ | 1,712 | 801,353 | ||||||
Time Warner Cable Inc | 34,374 | 1,481,176 | ||||||
11,974,522 | ||||||||
Consumer Staples - 10.3% | ||||||||
Colgate-Palmolive Co | 21,150 | 1,613,322 | ||||||
General Mills Inc | 43,340 | 2,790,229 | ||||||
Mead Johnson Nutrition Co ‘A’ | 9,000 | 405,990 | ||||||
Philip Morris International Inc | 97,160 | 4,735,578 | ||||||
Unilever NV ‘NY’ (Netherlands) | 41,390 | 1,194,515 | ||||||
Wal-Mart Stores Inc | 30,850 | 1,514,426 | ||||||
12,254,060 | ||||||||
Energy - 11.0% | ||||||||
Chevron Corp | 32,810 | 2,310,808 | ||||||
Enterprise Products Partners LP | 38,370 | 1,086,638 | ||||||
Exxon Mobil Corp | 59,610 | 4,089,842 | ||||||
Murphy Oil Corp | 15,780 | 908,455 | ||||||
Occidental Petroleum Corp | 30,140 | 2,362,976 | ||||||
Plains All American Pipeline LP | 16,600 | 768,414 | ||||||
Schlumberger Ltd (Netherlands) | 25,700 | 1,531,720 | ||||||
13,058,853 | ||||||||
Financials - 13.5% | ||||||||
American Express Co | 45,710 | 1,549,569 | ||||||
Bank of America Corp | 114,154 | 1,931,486 | ||||||
Citigroup Inc | 219,060 | 1,060,250 | ||||||
Discover Financial Services | 37,810 | 613,656 | ||||||
Janus Capital Group Inc | 5,060 | 71,751 | ||||||
JPMorgan Chase & Co | 47,330 | 2,074,001 | ||||||
Leucadia National Corp * | 25,440 | 628,877 | ||||||
Lincoln National Corp | 48,490 | 1,256,376 | ||||||
Regions Financial Corp | 84,730 | 526,173 | ||||||
State Street Corp | 45,610 | 2,399,086 | ||||||
Teton Advisors Inc *+ Δ | 3 | 11 | ||||||
The Chubb Corp | 37,460 | 1,888,359 | ||||||
The Travelers Cos Inc | 25,980 | 1,278,995 | ||||||
U.S. Bancorp | 34,600 | 756,356 | ||||||
16,034,946 | ||||||||
Health Care - 13.1% | ||||||||
Abbott Laboratories | 44,010 | 2,177,175 | ||||||
Amgen Inc * | 32,960 | 1,985,181 | ||||||
Celgene Corp * | 38,990 | 2,179,541 | ||||||
Cephalon Inc * | 10,860 | 632,486 | ||||||
Laboratory Corp of America Holdings * | 15,310 | 1,005,867 | ||||||
Medco Health Solutions Inc * | 34,030 | 1,882,199 | ||||||
Merck & Co Inc | 113,120 | 3,577,986 | ||||||
St. Jude Medical Inc * | 29,680 | 1,157,817 | ||||||
WellPoint Inc * | 20,250 | 959,040 | ||||||
15,557,292 | ||||||||
Industrials - 10.9% | ||||||||
General Electric Co | 130,290 | 2,139,362 | ||||||
KBR Inc | 53,780 | 1,252,536 | ||||||
Precision Castparts Corp | 13,830 | 1,408,862 | ||||||
Republic Services Inc | 81,810 | 2,173,692 | ||||||
Tyco International Ltd (Switzerland) | 75,125 | 2,590,310 | ||||||
Union Pacific Corp | 20,300 | 1,184,505 | ||||||
United Parcel Service Inc ‘B’ | 20,990 | 1,185,305 | ||||||
United Technologies Corp | 17,040 | 1,038,247 | ||||||
12,972,819 | ||||||||
Information Technology - 16.4% | ||||||||
Accenture PLC ‘A’ (Ireland) | 15,370 | 572,840 | ||||||
Adobe Systems Inc * | 29,840 | 985,914 | ||||||
Apple Inc * | 18,180 | 3,370,027 | ||||||
Check Point Software Technologies Ltd (Israel) * | 35,270 | 999,904 | ||||||
eBay Inc * | 74,970 | 1,770,042 | ||||||
Fiserv Inc * | 1,630 | 78,566 | ||||||
Google Inc ‘A’ * | 3,750 | 1,859,437 | ||||||
Hewitt Associates Inc ‘A’ * | 21,470 | 782,152 | ||||||
MasterCard Inc ‘A’ | 7,960 | 1,609,114 | ||||||
Microsoft Corp | 130,720 | 3,384,341 | ||||||
QUALCOMM Inc | 31,960 | 1,437,561 | ||||||
Texas Instruments Inc | 41,880 | 992,137 | ||||||
The Western Union Co | 52,920 | 1,001,246 | ||||||
Xilinx Inc | 24,910 | 583,392 | ||||||
19,426,673 | ||||||||
Materials - 3.1% | ||||||||
CF Industries Holdings Inc | 1,140 | 98,302 | ||||||
Monsanto Co | 14,190 | 1,098,306 | ||||||
Praxair Inc | 18,720 | 1,529,237 | ||||||
Sealed Air Corp | 51,920 | 1,019,190 | ||||||
3,745,035 | ||||||||
Telecommunication Services - 1.5% | ||||||||
America Movil SAB de CV ‘L’ ADR (Mexico) | 40,130 | 1,758,898 | ||||||
Utilities - 3.6% | ||||||||
Public Service Enterprise Group Inc | 52,020 | 1,635,509 | ||||||
The AES Corp * | 179,650 | 2,662,413 | ||||||
4,297,922 | ||||||||
Total Common Stocks (Cost $99,492,336) | 111,081,020 | |||||||
EXCHANGE-TRADED FUND - 2.0% | ||||||||
Standard & Poor’s Depositary Receipts Trust I | 22,000 | 2,322,320 | ||||||
Total Exchange-Traded Fund (Cost $2,348,373) | 2,322,320 | |||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-25
PACIFIC LIFE FUNDS
PL MAIN STREET CORE FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Shares | Value | |||||||
SHORT-TERM INVESTMENT - 3.6% | ||||||||
Money Market Fund - 3.6% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 4,280,360 | $ | 4,280,360 | |||||
Total Short-Term Investment (Cost $4,280,360) | 4,280,360 | |||||||
TOTAL INVESTMENTS - 99.1% (Cost $106,121,069) | 117,683,700 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.9% | 1,075,298 | |||||||
NET ASSETS - 100.0% | $ | 118,758,998 | ||||||
Notes to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Information Technology | 16.4 | % | ||
Financials | 13.5 | % | ||
Health Care | 13.1 | % | ||
Energy | 11.0 | % | ||
Industrials | 10.9 | % | ||
Consumer Staples | 10.3 | % | ||
Consumer Discretionary | 10.1 | % | ||
Utilities | 3.6 | % | ||
Short-Term Investment | 3.6 | % | ||
Materials | 3.1 | % | ||
Exchange-Traded Fund | 2.0 | % | ||
Telecommunication Services | 1.5 | % | ||
99.1 | % | |||
Other Assets & Liabilities, Net | 0.9 | % | ||
100.0 | % | |||
(b) | A security with a total aggregate market value of $11 or less than 0.01% of the net assets was valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable. | |
(c) | Less than 0.1% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-26
PACIFIC LIFE FUNDS
PL EMERGING MARKETS FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
PREFERRED STOCKS - 7.7% | ||||||||
Brazil - 7.7% | ||||||||
All America Latina Logistica SA | 31,000 | $ | 240,777 | |||||
Cia de Bebidas das Americas ADR | 3,400 | 279,684 | ||||||
Itau Unibanco Holding SA ADR | 3,080 | 62,062 | ||||||
Lojas Americanas SA | 92,940 | 626,910 | ||||||
Net Servicos de Comunicacao SA * | 24,408 | 283,538 | ||||||
Petroleo Brasileiro SA ADR | 25,200 | 990,612 | ||||||
Vale SA ADR | 32,500 | 666,575 | ||||||
3,150,158 | ||||||||
Total Preferred Stocks (Cost $2,064,697) | 3,150,158 | |||||||
COMMON STOCKS - 88.8% | ||||||||
Argentina - 0.0% | ||||||||
IRSA Inversiones y Representaciones SA GDR * | 1,200 | 9,960 | ||||||
Bermuda - 0.9% | ||||||||
Credicorp Ltd | 3,100 | 241,056 | ||||||
Dairy Farm International Holdings Ltd + | 6,400 | 38,209 | ||||||
Jardine Strategic Holdings Ltd + | 1,000 | 16,960 | ||||||
Shangri-La Asia Ltd + | 42,000 | 78,986 | ||||||
375,211 | ||||||||
Brazil - 6.3% | ||||||||
B2W Cia Global do Varejo | 10,000 | 281,271 | ||||||
BM&F BOVESPA SA | 64,216 | 474,479 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 18,000 | 235,618 | ||||||
Diagnosticos da America SA * | 4,800 | 124,633 | ||||||
Embraer-Empresa Brasileira de Aeronautica SA ADR * | 17,500 | 401,450 | ||||||
Gafisa SA | 6,000 | 90,765 | ||||||
Natura Cosmeticos SA | 44,700 | 803,621 | ||||||
Weg SA | 16,000 | 153,985 | ||||||
2,565,822 | ||||||||
Canada - 0.4% | ||||||||
Equinox Minerals Ltd * | 7,700 | 24,884 | ||||||
First Quantum Minerals Ltd | 300 | 19,614 | ||||||
Niko Resources Ltd | 1,500 | 117,335 | ||||||
161,833 | ||||||||
Cayman - 2.7% | ||||||||
Baidu Inc ADR * | 300 | 117,315 | ||||||
NetEase.com Inc ADR * | 800 | 36,544 | ||||||
SINA Corp * | 15,300 | 580,788 | ||||||
Tencent Holdings Ltd + | 22,200 | 360,302 | ||||||
1,094,949 | ||||||||
Chile - 2.1% | ||||||||
Banco Santander Chile SA | 3,592,900 | 198,680 | ||||||
Cencosud SA | 215,500 | 589,171 | ||||||
Parque Arauco SA | 1,700 | 1,580 | ||||||
Sociedad Quimica y Minera de Chile SA ADR | 1,500 | 58,695 | ||||||
848,126 | ||||||||
China - 1.2% | ||||||||
China Shenhua Energy Co Ltd ‘H’ + | 62,500 | 270,900 | ||||||
Shanghai Zhenhua Heavy Industry Co Ltd ‘B’ + | 140,090 | 109,835 | ||||||
Travelsky Technology Ltd ‘H’ + | 141,000 | 107,754 | ||||||
488,489 | ||||||||
Colombia - 1.0% | ||||||||
Almacenes Exito SA GDR ~ | 14,100 | 115,923 | ||||||
BanColombia SA ADR | 6,700 | 287,631 | ||||||
403,554 | ||||||||
Denmark - 1.1% | ||||||||
Carlsberg AS ‘B’ + | 6,400 | 465,604 | ||||||
Egypt - 3.1% | ||||||||
Commercial International Bank + | 35,933 | 373,817 | ||||||
Eastern Tobacco Co SAE | 4,218 | 102,981 | ||||||
Egyptian Financial Group-Hermes Holding + | 38,387 | 208,568 | ||||||
Orascom Telecom Holding SAE + | 93,921 | 595,982 | ||||||
1,281,348 | ||||||||
Hong Kong - 9.8% | ||||||||
China Mobile Ltd + | 78,000 | 763,951 | ||||||
China Resources Enterprise Ltd + | 189,000 | 547,869 | ||||||
China Unicom Hong Kong Ltd + | 279,000 | 395,375 | ||||||
CNOOC Ltd + | 535,000 | 721,280 | ||||||
Hang Lung Properties Ltd + | 132,000 | 483,278 | ||||||
Hong Kong Exchanges & Clearing Ltd + | 44,000 | 793,825 | ||||||
Television Broadcasts Ltd + | 73,000 | 313,790 | ||||||
4,019,368 | ||||||||
India - 11.9% | ||||||||
ABB Ltd India + | 4,600 | 74,834 | ||||||
Cairn India Ltd * + | 20,800 | 112,557 | ||||||
Colgate Palmolive India Ltd + | 2,700 | 35,424 | ||||||
Divi’s Laboratories Ltd + | 15,004 | 175,822 | ||||||
HDFC Bank Ltd ADR | 8,900 | 1,053,493 | ||||||
Hindustan Unilever Ltd + | 39,641 | 215,841 | ||||||
Housing Development Finance Corp + | 11,000 | 634,800 | ||||||
Infosys Technologies Ltd + | 32,300 | 1,541,650 | ||||||
ITC Ltd + | 13,500 | 65,140 | ||||||
Nestle India Ltd + | 400 | 18,822 | ||||||
Sun Pharmaceutical Industries Ltd + | 3,000 | 87,625 | ||||||
Tata Consultancy Services Ltd + | 29,936 | 385,104 | ||||||
Zee Entertainment Enterprises Ltd + | 91,800 | 453,099 | ||||||
4,854,211 | ||||||||
Indonesia - 2.8% | ||||||||
P.T. Astra International Tbk + | 76,900 | 263,756 | ||||||
P.T. Bank Central Asia Tbk + | 467,000 | 222,353 | ||||||
P.T. Telekomunikasi Indonesia Tbk + | 652,900 | 584,430 | ||||||
P.T. Unilever Indonesia Tbk + | 56,500 | 62,524 | ||||||
1,133,063 | ||||||||
Kenya - 0.0% | ||||||||
East African Breweries Ltd + | 5,700 | 10,696 | ||||||
Luxembourg - 1.8% | ||||||||
Oriflame Cosmetics SA SDR + | 4,800 | 246,072 | ||||||
Tenaris SA ADR | 14,100 | 502,242 | ||||||
748,314 | ||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-27
PACIFIC LIFE FUNDS
PL EMERGING MARKETS FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Shares | Value | |||||||
Mexico - 7.1% | ||||||||
America Movil SAB de CV ‘L’ ADR | 15,000 | $ | 657,450 | |||||
Bolsa Mexicana de Valores SAB de CV * | 5,400 | 6,681 | ||||||
Corporacion GEO SAB de CV ‘B’ * | 47,100 | 128,071 | ||||||
Fomento Economico Mexicano SAB de CV | 112,100 | 426,822 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 4,850 | 184,542 | ||||||
Grupo Modelo SAB de CV ‘C’ * | 100,300 | 373,496 | ||||||
Grupo Televisa SA ADR | 30,400 | 565,136 | ||||||
SARE Holding SAB de CV ‘B’ * | 164,318 | 63,916 | ||||||
Wal-Mart de Mexico SAB de CV ‘V’ | 145,136 | 503,250 | ||||||
2,909,364 | ||||||||
Norway - 0.3% | ||||||||
Det Norske Oljeselskap International ASA * + | 195,868 | 138,195 | ||||||
Philippines - 2.7% | ||||||||
Jollibee Foods Corp + | 128,500 | 134,023 | ||||||
Philippine Long Distance Telephone Co + | 4,000 | 203,614 | ||||||
SM Investments Corp + | 6,830 | 46,777 | ||||||
SM Prime Holdings Inc + | 3,191,059 | 705,219 | ||||||
1,089,633 | ||||||||
Russia - 6.0% | ||||||||
Gazprom OAO ADR + | 37,100 | 866,783 | ||||||
Magnit OAO + | 16,200 | 966,378 | ||||||
NovaTek OAO GDR (LI) + | 4,600 | 228,149 | ||||||
NovaTek OAO GDR (OTC) + ~ | 7,600 | 376,942 | ||||||
2,438,252 | ||||||||
South Africa - 4.5% | ||||||||
Adcock Ingram Holdings Ltd + | 6,271 | 40,146 | ||||||
Anglo Platinum Ltd * + | 4,300 | 383,606 | ||||||
Impala Platinum Holdings Ltd + | 14,300 | 334,862 | ||||||
JSE Ltd + | 3,100 | 25,601 | ||||||
MTN Group Ltd + | 24,500 | 399,685 | ||||||
Standard Bank Group Ltd + | 40,234 | 522,282 | ||||||
Tiger Brands Ltd + | 7,671 | 153,880 | ||||||
1,860,062 | ||||||||
South Korea - 4.4% | ||||||||
GS Engineering & Construction Corp + | 1,092 | 85,005 | ||||||
Hyundai Engineering & Construction Co Ltd + | 4,496 | 243,269 | ||||||
Mirae Asset Securities Co Ltd + | 5,694 | 338,526 | ||||||
NHN Corp * + | 3,762 | 552,032 | ||||||
Shinsegae Co Ltd + | 1,170 | 589,120 | ||||||
1,807,952 | ||||||||
Taiwan - 7.5% | ||||||||
Epistar Corp + | 146,000 | 525,030 | ||||||
Epistar Corp GDR * ~ | 4,600 | 71,300 | ||||||
HTC Corp + | 9,450 | 103,434 | ||||||
MediaTek Inc + | 45,512 | 756,452 | ||||||
President Chain Store Corp + | 35,168 | 85,963 | ||||||
Synnex Technology International Corp + | 32,526 | 69,045 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd + | 734,995 | 1,454,556 | ||||||
3,065,780 | ||||||||
Thailand - 0.0% | ||||||||
Kiatnakin Bank PCL | 2,200 | 1,501 | ||||||
Turkey - 6.1% | ||||||||
Aksigorta AS + | 27,500 | 98,838 | ||||||
Anadolu Efes Biracilik Ve Malt Sanayii AS + | 24,765 | 271,658 | ||||||
BIM Birlesik Magazalar AS + | 2,800 | 114,536 | ||||||
Enka Insaat ve Sanayi AS + | 122,650 | 524,196 | ||||||
Haci Omer Sabanci Holding AS + | 84,858 | 330,839 | ||||||
Turkcell Iletisim Hizmetleri AS + | 134,600 | 962,691 | ||||||
Yapi ve Kredi Bankasi AS * + | 87,312 | 191,428 | ||||||
2,494,186 | ||||||||
United Arab Emirates - 0.3% | ||||||||
DP World Ltd + | 182,500 | 101,792 | ||||||
United Kingdom - 4.3% | ||||||||
Anglo American PLC + | 22,850 | 729,157 | ||||||
SABMiller PLC + | 34,170 | 825,653 | ||||||
Tullow Oil PLC + | 10,510 | 190,160 | ||||||
1,744,970 | ||||||||
United States - 0.5% | ||||||||
MercadoLibre Inc * | 600 | 23,076 | ||||||
Sohu.com Inc * | 2,400 | 165,072 | ||||||
188,148 | ||||||||
Total Common Stocks (Cost $24,710,831) | 36,300,383 | |||||||
SHORT-TERM INVESTMENT - 3.0% | ||||||||
Money Market Fund - 3.0% | ||||||||
Blackrock Liquidity Funds Treasury Trust Fund Portfolio | 1,241,344 | 1,241,344 | ||||||
Total Short-Term Investment (Cost $1,241,344) | 1,241,344 | |||||||
TOTAL INVESTMENTS - 99.5% (Cost $28,016,872) | 40,691,885 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.5% | 210,640 | |||||||
NET ASSETS - 100.0% | $ | 40,902,525 | ||||||
Notes to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Consumer Staples | 18.5 | % | ||
Financials | �� | 17.8 | % | |
Information Technology | 16.7 | % | ||
Telecommunication Services | 11.2 | % | ||
Energy | 11.0 | % | ||
Consumer Discretionary | 9.9 | % | ||
Materials | 5.4 | % | ||
Industrials | 4.9 | % | ||
Short-Term Investment | 3.0 | % | ||
Health Care | 1.1 | % | ||
99.5 | % | |||
Other Assets & Liabilities, Net | 0.5 | % | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-28
PACIFIC LIFE FUNDS
PL EMERGING MARKETS FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
(b) | As of September 30, 2009, the Fund was diversified by geographical region as a percentage of net assets as follows: |
Brazil | 14.0 | % | ||
India | 11.9 | % | ||
Hong Kong | 9.8 | % | ||
Taiwan | 7.5 | % | ||
Mexico | 7.1 | % | ||
Turkey | 6.1 | % | ||
Russia | 6.0 | % | ||
South Africa | 4.5 | % | ||
South Korea | 4.4 | % | ||
United Kingdom | 4.3 | % | ||
United States | 3.5 | % | ||
Egypt | 3.1 | % | ||
Indonesia | 2.8 | % | ||
Cayman | 2.7 | % | ||
Philippines | 2.7 | % | ||
Chile | 2.1 | % | ||
Luxembourg | 1.8 | % | ||
China | 1.2 | % | ||
Denmark | 1.1 | % | ||
Colombia | 1.0 | % | ||
Bermuda | 0.9 | % | ||
Canada | 0.4 | % | ||
Norway | 0.3 | % | ||
United Arab Emirates | 0.3 | % | ||
99.5 | % | |||
Other Assets & Liabilities, Net | 0.5 | % | ||
100.0 | % | |||
(c) | Securities with a total aggregate market value of $26,506,356 or 64.8% of the net assets, were valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-29
PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments
September 30, 2009 (Unaudited)
PL MANAGED BOND FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
PREFERRED STOCKS - 0.0% | ||||||||
Financials - 0.0% | ||||||||
Fannie Mae * | 8,000 | $ | 12,880 | |||||
Total Preferred Stocks (Cost $200,000) | 12,880 | |||||||
CONVERTIBLE PREFERRED STOCKS - 1.5% | ||||||||
Financials - 1.5% | ||||||||
American International Group Inc 8.500% | 8,300 | 95,865 | ||||||
Lehman Brothers Holdings Inc 8.750% W | 1,500 | 7,650 | ||||||
Wells Fargo & Co 7.500% | 3,000 | 2,679,000 | ||||||
2,782,515 | ||||||||
Total Convertible Preferred Stocks (Cost $3,661,903) | 2,782,515 | |||||||
Principal | ||||||||
Amount | ||||||||
CORPORATE BONDS & NOTES - 31.4% | ||||||||
Consumer Discretionary - 0.0% | ||||||||
General Motors Corp | ||||||||
8.375% due 07/05/33 W | EUR | 200,000 | 43,169 | |||||
Consumer Staples - 0.7% | ||||||||
Kraft Foods Inc | ||||||||
6.125% due 02/01/18 | $ | 700,000 | 742,988 | |||||
6.875% due 02/01/38 | 100,000 | 110,449 | ||||||
Reynolds American Inc | ||||||||
7.625% due 06/01/16 | 100,000 | 107,180 | ||||||
Wal-Mart Stores Inc | ||||||||
5.800% due 02/15/18 | 200,000 | 225,035 | ||||||
6.500% due 08/15/37 | 100,000 | 117,116 | ||||||
1,302,768 | ||||||||
Energy - 0.9% | ||||||||
Colorado Interstate Gas Co | ||||||||
6.800% due 11/15/15 | 200,000 | 223,465 | ||||||
Enterprise Products Operating LLC | ||||||||
4.625% due 10/15/09 | 100,000 | 100,040 | ||||||
Gaz Capital SA (Russia) | ||||||||
8.146% due 04/11/18 ~ | 500,000 | 530,650 | ||||||
NGPL PipeCo LLC | ||||||||
7.119% due 12/15/17 ~ | 500,000 | 560,473 | ||||||
7.768% due 12/15/37 ~ | 200,000 | 243,612 | ||||||
The Williams Cos Inc | ||||||||
6.375% due 10/01/10 ~ | 100,000 | 102,697 | ||||||
1,760,937 | ||||||||
Financials - 27.3% | ||||||||
American Express Bank FSB | ||||||||
5.500% due 04/16/13 | 600,000 | 633,958 | ||||||
American Express Centurion Bank | ||||||||
6.000% due 09/13/17 | 1,200,000 | 1,243,326 | ||||||
American General Finance Corp | ||||||||
4.875% due 05/15/10 | 600,000 | 576,433 | ||||||
American International Group Inc | ||||||||
5.850% due 01/16/18 | 800,000 | 580,078 | ||||||
ANZ National International Ltd (New Zealand) | ||||||||
6.200% due 07/19/13 ~ | 300,000 | 328,601 | ||||||
Bank of America Corp | ||||||||
4.875% due 01/15/13 | 100,000 | 102,683 | ||||||
5.650% due 05/01/18 | 700,000 | 692,332 | ||||||
Barclays Bank PLC (United Kingdom) | ||||||||
5.000% due 09/22/16 | 100,000 | 101,483 | ||||||
5.450% due 09/12/12 | 800,000 | 858,706 | ||||||
6.050% due 12/04/17 ~ | 2,700,000 | 2,721,527 | ||||||
10.179% due 06/12/21 ~ | 720,000 | 963,324 | ||||||
Citibank NA | ||||||||
1.875% due 05/07/12 | 900,000 | 906,576 | ||||||
1.875% due 06/04/12 | 400,000 | 402,942 | ||||||
Citigroup Capital XXI | ||||||||
8.300% due 12/21/77 § | 2,000,000 | 1,797,500 | ||||||
Citigroup Funding Inc | ||||||||
2.250% due 12/10/12 | 1,700,000 | 1,724,737 | ||||||
Citigroup Inc | ||||||||
2.125% due 04/30/12 | 1,400,000 | 1,420,759 | ||||||
3.625% due 11/30/17 § | EUR | 500,000 | 608,324 | |||||
5.500% due 04/11/13 | $ | 700,000 | 717,124 | |||||
5.500% due 10/15/14 | 1,000,000 | 1,000,056 | ||||||
5.625% due 08/27/12 | 50,000 | 50,600 | ||||||
5.875% due 05/29/37 | 200,000 | 174,933 | ||||||
8.500% due 05/22/19 | 200,000 | 226,147 | ||||||
Commonwealth Bank of Australia (Australia) | ||||||||
0.925% due 07/12/13 § ~ | 1,600,000 | 1,595,912 | ||||||
Danske Bank AS (Denmark) | ||||||||
2.500% due 05/10/12 ~ | 200,000 | 202,620 | ||||||
Deutsche Bank AG (Germany) | ||||||||
6.000% due 09/01/17 | 900,000 | 972,841 | ||||||
Dexia Credit Local (France) | ||||||||
0.939% due 09/23/11 § ~ | 500,000 | 505,086 | ||||||
Ford Motor Credit Co LLC | ||||||||
7.250% due 10/25/11 | 100,000 | 97,182 | ||||||
7.800% due 06/01/12 | 300,000 | 290,128 | ||||||
9.750% due 09/15/10 | 100,000 | 102,212 | ||||||
General Electric Capital Corp | ||||||||
0.510% due 08/15/11 § | 400,000 | 390,228 | ||||||
2.000% due 09/28/12 | 800,000 | 805,269 | ||||||
2.250% due 03/12/12 | 1,000,000 | 1,018,687 | ||||||
5.875% due 01/14/38 | 900,000 | 828,082 | ||||||
6.875% due 01/10/39 | 200,000 | 210,142 | ||||||
General Motors Acceptance Corp LLC | ||||||||
6.625% due 05/15/12 | 300,000 | 273,512 | ||||||
7.000% due 02/01/12 | 600,000 | 553,150 | ||||||
HCP Inc | ||||||||
5.950% due 09/15/11 | 900,000 | 925,005 | ||||||
JPMorgan Chase & Co | ||||||||
7.900% § ± | 300,000 | 288,929 | ||||||
KeyBank NA | ||||||||
7.000% due 02/01/11 | 400,000 | 415,535 | ||||||
Keycorp | ||||||||
1.051% due 11/22/10 § | EUR | 500,000 | 673,474 | |||||
LeasePlan Corp NV (Netherlands) | ||||||||
3.125% due 02/10/12 | 300,000 | 450,342 | ||||||
Lehman Brothers Holdings Inc | ||||||||
2.851% due 12/23/08 § W | $ | 500,000 | 86,250 | |||||
5.625% due 01/24/13 W | 1,200,000 | 217,500 | ||||||
6.750% due 12/28/17 W | 500,000 | 50 | ||||||
6.875% due 05/02/18 W | 100,000 | 18,250 | ||||||
Macquarie Bank Ltd (Australia) | ||||||||
3.300% due 07/17/14 ~ | 5,300,000 | 5,372,562 | ||||||
Merrill Lynch & Co Inc | ||||||||
1.083% due 02/08/10 § | EUR | 100,000 | 146,116 | |||||
6.875% due 04/25/18 | $ | 900,000 | 948,059 | |||||
Metropolitan Life Global Funding I | ||||||||
5.125% due 04/10/13 ~ | 300,000 | 311,397 | ||||||
Morgan Stanley | ||||||||
0.490% due 04/19/12 § | 100,000 | 97,159 | ||||||
5.950% due 12/28/17 | 1,900,000 | 1,937,601 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-30
PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
Nykredit Realkredit AS (Denmark) | ||||||||
3.261% due 04/01/38 § | DKK | 762,123 | $ | 145,172 | ||||
3.261% due 10/01/38 § | 898,849 | 168,566 | ||||||
Principal Life Income Funding Trusts | ||||||||
5.300% due 04/24/13 | 100,000 | 102,704 | ||||||
Realkredit Danmark AS (Denmark) | ||||||||
4.100% due 01/01/38 § | DKK | 3,237,311 | 610,079 | |||||
Regions Bank/Birmingham AL | ||||||||
7.500% due 05/15/18 | $ | 300,000 | 273,307 | |||||
Regions Financial Corp | ||||||||
0.453% due 06/26/12 § | 900,000 | 772,195 | ||||||
Santander Perpetual SA Unipersonal (Spain) | ||||||||
6.671% § ~ ± | 200,000 | 176,178 | ||||||
Santander US Debt SA Unipersonal (Spain) | ||||||||
0.374% due 11/20/09 § ~ | 500,000 | 500,037 | ||||||
SLM Corp | ||||||||
0.000% due 10/01/14 § | 100,000 | 52,107 | ||||||
0.499% due 03/15/11 § | 600,000 | 540,521 | ||||||
0.734% due 10/25/11 § | 900,000 | 754,924 | ||||||
The Bear Stearns Cos Inc | ||||||||
0.562% due 11/28/11 § | 2,500,000 | 2,485,135 | ||||||
6.400% due 10/02/17 | 400,000 | 435,833 | ||||||
The Goldman Sachs Group Inc | ||||||||
0.651% due 02/06/12 § | 200,000 | 196,877 | ||||||
6.250% due 09/01/17 | 1,100,000 | 1,165,227 | ||||||
6.750% due 10/01/37 | 1,200,000 | 1,242,388 | ||||||
The Royal Bank of Scotland Group PLC (United Kingdom) | ||||||||
0.854% due 04/08/11 § ~ | 400,000 | 401,149 | ||||||
2.625% due 05/11/12 ~ | 100,000 | 101,565 | ||||||
3.000% due 12/09/11 ~ | 800,000 | 824,034 | ||||||
7.640% § ± | 500,000 | 245,287 | ||||||
TransCapitalInvest Ltd for OJSC AK Transneft (Ireland) | ||||||||
8.700% due 08/07/18 ~ | 100,000 | 109,320 | ||||||
UBS AG (Switzerland) | ||||||||
5.875% due 12/20/17 | 700,000 | 717,732 | ||||||
Wachovia Corp | ||||||||
0.639% due 10/15/11 § | 800,000 | 789,076 | ||||||
0.673% due 08/01/13 § | 300,000 | 286,904 | ||||||
Wells Fargo & Co | ||||||||
7.980% § ± | 1,700,000 | 1,555,500 | ||||||
52,217,246 | ||||||||
Health Care - 0.5% | ||||||||
Roche Holdings Inc | ||||||||
7.000% due 03/01/39 ~ | 400,000 | 498,265 | ||||||
UnitedHealth Group Inc | ||||||||
6.000% due 02/15/18 | 400,000 | 421,030 | ||||||
6.875% due 02/15/38 | 100,000 | 110,746 | ||||||
1,030,041 | ||||||||
Materials - 0.3% | ||||||||
C10 Capital SPV Ltd (United Kingdom) | ||||||||
6.722% § ± | 300,000 | 237,463 | ||||||
Codelco Inc (Chile) | ||||||||
6.150% due 10/24/36 ~ | 200,000 | 208,176 | ||||||
Vale Overseas Ltd (Cayman) | ||||||||
6.250% due 01/23/17 | 200,000 | 215,169 | ||||||
660,808 | ||||||||
Telecommunication Services - 1.3% | ||||||||
AT&T Inc | ||||||||
6.300% due 01/15/38 | 200,000 | 210,292 | ||||||
BellSouth Corp | ||||||||
4.950% due 04/26/10 ~ | 900,000 | 920,177 | ||||||
Verizon Wireless Capital LLC | ||||||||
5.250% due 02/01/12 ~ | 1,300,000 | 1,389,122 | ||||||
2,519,591 | ||||||||
Utilities - 0.4% | ||||||||
Electricite de France (France) | ||||||||
5.500% due 01/26/14 ~ | 200,000 | 219,718 | ||||||
6.500% due 01/26/19 ~ | 200,000 | 229,638 | ||||||
6.950% due 01/26/39 ~ | 200,000 | 248,732 | ||||||
698,088 | ||||||||
Total Corporate Bonds & Notes (Cost $60,151,124) | 60,232,648 | |||||||
MORTGAGE-BACKED SECURITIES - 39.5% | ||||||||
Collateralized Mortgage Obligations - Commercial - 2.8% | ||||||||
Bear Stearns Commercial Mortgage Securities | ||||||||
5.471% due 01/12/45 “ § | 100,000 | 92,949 | ||||||
5.700% due 06/11/50 “ | 200,000 | 177,606 | ||||||
Commercial Mortgage Pass-Through Certificates | ||||||||
5.306% due 12/10/46 “ | 200,000 | 174,575 | ||||||
Credit Suisse Mortgage Capital Certificates | ||||||||
5.467% due 09/15/39 “ | 900,000 | 767,308 | ||||||
5.658% due 03/15/39 “ § | 100,000 | 88,748 | ||||||
Greenwich Capital Commercial Funding Corp | ||||||||
5.444% due 03/10/39 “ | 400,000 | 355,513 | ||||||
LB-UBS Commercial Mortgage Trust | ||||||||
5.866% due 09/15/45 “ § | 600,000 | 531,201 | ||||||
Lehman Brothers Floating Rate Commercial Mortgage Trust | ||||||||
0.323% due 09/15/21 “ § ~ | 43,524 | 38,790 | ||||||
Merrill Lynch/Countrywide Commercial Mortgage Trust | ||||||||
5.700% due 09/12/49 “ | 500,000 | 396,352 | ||||||
Merrill Lynch-Floating Trust | ||||||||
0.792% due 07/09/21 “ § ~ | 500,000 | 404,205 | ||||||
Morgan Stanley Capital I | ||||||||
5.731% due 07/12/44 “ § | 1,700,000 | 1,627,885 | ||||||
Wachovia Bank Commercial Mortgage Trust | ||||||||
0.333% due 09/15/21 “ § ~ | 398,407 | 297,600 | ||||||
5.342% due 12/15/43 “ | 600,000 | 458,321 | ||||||
5,411,053 | ||||||||
Collateralized Mortgage Obligations - Residential - 8.9% | ||||||||
Adjustable Rate Mortgage Trust | ||||||||
4.529% due 05/25/35 “ § | 68,259 | 63,842 | ||||||
Banc of America Funding Corp | ||||||||
3.442% due 05/25/35 “ § | 213,034 | 193,998 | ||||||
Banc of America Mortgage Securities Inc | ||||||||
3.994% due 07/25/33 “ § | 119,361 | 111,351 | ||||||
5.000% due 05/25/34 “ | 64,993 | 64,132 | ||||||
Bear Stearns Adjustable Rate Mortgage Trust | ||||||||
2.196% due 03/25/35 “ § | 227,388 | 201,638 | ||||||
4.531% due 08/25/33 “ § | 283,562 | 269,115 | ||||||
4.547% due 10/25/35 “ § | 90,989 | 89,468 | ||||||
4.550% due 08/25/35 “ § | 96,413 | 84,717 | ||||||
4.625% due 10/25/35 “ § | 561,514 | 487,553 | ||||||
Bear Stearns Alt-A Trust | ||||||||
5.353% due 05/25/35 “ § | 76,637 | 51,660 | ||||||
5.487% due 09/25/35 “ § | 90,953 | 57,712 | ||||||
5.643% due 11/25/36 “ § | 120,493 | 72,796 | ||||||
Chevy Chase Mortgage Funding Corp | ||||||||
0.496% due 08/25/35 “ § ~ | 100,737 | 43,754 | ||||||
Citigroup Mortgage Loan Trust Inc | ||||||||
4.248% due 08/25/35 “ § | 116,118 | 95,249 | ||||||
4.700% due 12/25/35 “ § | 190,549 | 163,060 | ||||||
Countrywide Alternative Loan Trust | ||||||||
5.239% due 06/25/37 “ § | 462,649 | 229,385 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-31
PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
Countrywide Home Loan Mortgage Pass-Through Trust | ||||||||
0.566% due 03/25/35 “ § | $ | 43,227 | $ | 23,708 | ||||
0.586% due 06/25/35 “ § ~ | 226,433 | 154,288 | ||||||
CS First Boston Mortgage Securities Corp | ||||||||
0.923% due 03/25/32 “ § ~ | 8,996 | 7,559 | ||||||
6.000% due 11/25/35 “ | 159,240 | 136,867 | ||||||
Downey Saving and Loan Association Mortgage Loan Trust | ||||||||
0.426% due 04/19/48 “ § | 671,991 | 164,181 | ||||||
Fannie Mae | ||||||||
0.446% due 10/27/37 “ § | 3,400,000 | 3,216,433 | ||||||
1.625% due 11/25/23 “ § | 445,765 | 441,996 | ||||||
4.250% due 07/25/17 “ | 231,236 | 240,029 | ||||||
4.500% due 04/25/17 - 10/25/17 “ | 436,433 | 451,968 | ||||||
5.000% due 01/25/17 - 07/25/19 “ | 167,241 | 172,169 | ||||||
5.500% due 09/25/24 “ | 104,289 | 104,742 | ||||||
6.000% due 03/25/31 “ | 1,456,129 | 1,542,758 | ||||||
Freddie Mac | ||||||||
2.101% due 07/25/44 “ § | 67,126 | 65,638 | ||||||
2.301% due 10/25/44 “ § | 359,749 | 353,501 | ||||||
4.000% due 10/15/23 “ | 2,696 | 2,695 | ||||||
4.500% due 06/15/17 - 10/15/19 “ | 481,071 | 496,181 | ||||||
5.000% due 04/15/18 - 04/15/30 “ | 4,000,124 | 4,119,335 | ||||||
5.500% due 03/15/17 “ | 45,572 | 47,506 | ||||||
8.000% due 04/15/30 “ | 447,672 | 486,208 | ||||||
GMAC Mortgage Corp Loan Trust | ||||||||
5.500% due 09/25/34 “ | 44,245 | 43,992 | �� | |||||
Harborview Mortgage Loan Trust | ||||||||
0.336% due 01/19/38 “ § | 71,613 | 68,026 | ||||||
0.416% due 12/19/36 “ § | 918,601 | 448,104 | ||||||
0.436% due 01/19/38 “ § | 278,964 | 142,691 | ||||||
0.466% due 05/19/35 “ § | 47,200 | 25,122 | ||||||
JPMorgan Mortgage Trust | ||||||||
5.014% due 02/25/35 “ § | 96,709 | 92,700 | ||||||
Mellon Residential Funding Corp | ||||||||
0.723% due 06/15/30 “ § | 18,400 | 15,793 | ||||||
Merrill Lynch Mortgage Investors Inc | ||||||||
0.456% due 02/25/36 “ § | 58,062 | 33,419 | ||||||
Residential Accredit Loans Inc | ||||||||
0.426% due 06/25/46 “ § | 134,746 | 63,760 | ||||||
6.000% due 06/25/36 “ | 432,011 | 230,555 | ||||||
Residential Asset Securitization Trust | ||||||||
0.646% due 05/25/33 “ § | 30,173 | 26,028 | ||||||
Structured Asset Mortgage Investments Inc | ||||||||
0.466% due 05/25/36 “ § | 280,868 | 131,321 | ||||||
Structured Asset Securities Corp | ||||||||
3.587% due 08/25/32 “ § | 30,013 | 28,537 | ||||||
3.783% due 10/25/35 “ § ~ | 131,140 | 79,871 | ||||||
5.000% due 12/25/34 “ | 19,674 | 19,241 | ||||||
Washington Mutual Mortgage Pass-Through Certificates | ||||||||
0.556% due 01/25/45 “ § | 39,674 | 25,039 | ||||||
0.566% due 01/25/45 “ § | 39,194 | 24,022 | ||||||
0.786% due 12/25/27 “ § | 101,973 | 72,009 | ||||||
2.301% due 08/25/42 “ § | 6,629 | 4,554 | ||||||
2.723% due 02/27/34 “ § | 13,565 | 12,589 | ||||||
2.973% due 09/25/46 “ § | 131,854 | 64,340 | ||||||
Wells Fargo Mortgage-Backed Securities Trust | ||||||||
3.169% due 12/25/34 “ § | 202,680 | 195,562 | ||||||
3.787% due 07/25/35 “ § | 219,256 | 208,715 | ||||||
4.500% due 11/25/18 “ | 156,953 | 157,852 | ||||||
5.240% due 04/25/36 “ § | 301,407 | 247,680 | ||||||
5.510% due 08/25/36 “ § | 75,871 | 73,706 | ||||||
17,042,420 | ||||||||
Fannie Mae - 19.5% | ||||||||
2.101% due 10/01/44 “ § | 65,177 | 65,098 | ||||||
3.355% due 11/01/34 “ § | 258,304 | 265,256 | ||||||
4.613% due 12/01/36 “ § | 28,751 | 28,875 | ||||||
4.693% due 11/01/32 “ § | 312,368 | 322,135 | ||||||
4.706% due 09/01/35 “ § | 297,172 | 306,916 | ||||||
5.000% due 08/01/20 - 11/01/35 “ | 1.367,852 | 1,437,973 | ||||||
5.466% due 12/01/35 “ § | 139,325 | 144,429 | ||||||
5.500% due 12/01/14 - 09/01/38 “ | 16,652,270 | 17,529,104 | ||||||
6.000% due 01/01/23 - 10/14/39 “ | 16,283,004 | 17,196,809 | ||||||
6.500% due 03/01/17 “ | 76,731 | 82,842 | ||||||
37,379,437 | ||||||||
Freddie Mac - 6.5% | ||||||||
3.496% due 04/01/32 “ § | 30,080 | 30,612 | ||||||
4.252% due 11/01/31 “ § | 9,527 | 9,706 | ||||||
4.712% due 06/01/35 “ § | 552,812 | 572,945 | ||||||
4.735% due 09/01/35 “ § | 297,183 | 309,946 | ||||||
5.288% due 09/01/35 “ § | 44,106 | 45,911 | ||||||
5.500% due 03/01/23 - 10/14/39 “ | 10,790,013 | 11,296,055 | ||||||
6.000% due 12/01/22 - 03/01/23 “ | 207,078 | 221,961 | ||||||
12,487,136 | ||||||||
Government National Mortgage Association - 1.8% | ||||||||
6.500% due 11/15/36-10/15/38 “ | 3,129,411 | 3,327,965 | ||||||
Total Mortgage-Backed Securities (Cost $76,489,394) | 75,648,011 | |||||||
ASSET-BACKED SECURITIES - 1.7% | ||||||||
Ally Auto Receivables Trust | ||||||||
1.320% due 03/15/12 “ ~ | 200,000 | 198,219 | ||||||
Asset Backed Funding Certificates | ||||||||
0.596% due 06/25/34 “ § | 138,554 | 90,845 | ||||||
Bear Stearns Asset Backed Securities Trust | ||||||||
4.615% due 10/25/36 “ § | 219,096 | 129,184 | ||||||
Carrington Mortgage Loan Trust | ||||||||
0.406% due 01/25/36 “ § | 142,922 | 137,323 | ||||||
Citibank Omni Master Trust | ||||||||
1.346% due 12/23/13 “ § ~ | 1,700,000 | 1,698,858 | ||||||
JPMorgan Mortgage Acquisition Corp | ||||||||
0.296% due 07/25/36 “ § | 41,964 | 40,294 | ||||||
Lehman XS Trust | ||||||||
0.366% due 11/25/36 “ § | 12,917 | 12,779 | ||||||
Long Beach Mortgage Loan Trust | ||||||||
0.526% due 10/25/34 “ § | 18,554 | 14,190 | ||||||
Park Place Securities Inc | ||||||||
0.506% due 09/25/35 “ § | 138,718 | 88,904 | ||||||
Residential Asset Securities Corp | ||||||||
0.316% due 11/25/36 “ § | 7,994 | 7,916 | ||||||
Saxon Asset Securities Trust | ||||||||
0.306% due 10/25/46 “ § | 13,165 | 12,904 | ||||||
SBI Heloc Trust | ||||||||
0.416% due 08/25/36 “ § ~ | 60,286 | 54,681 | ||||||
Securitized Asset-Backed Receivables LLC Trust | ||||||||
0.296% due 09/25/36 “ § | 26,537 | 25,992 | ||||||
0.376% due 05/25/37 “ § | 272,717 | 189,515 | ||||||
SLC Student Loan Trust | ||||||||
0.420% due 02/15/15 “ § | 93,956 | 93,948 | ||||||
SLM Student Loan Trust | ||||||||
0.504% due 10/25/16 “ § | 217,610 | 217,321 | ||||||
Small Business Administration | ||||||||
4.754% due 08/10/14 “ | 74,778 | 77,748 | ||||||
Structured Asset Securities Corp | ||||||||
0.296% due 10/25/36 “ § | 67,584 | 63,307 | ||||||
Total Asset-Backed Securities (Cost $3,446,131) | 3,153,928 | |||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-32
PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
U.S. GOVERNMENT AGENCY ISSUES - 0.6% | ||||||||
Federal Home Loan Bank | ||||||||
3.375% due 06/24/11 | $ | 100,000 | $ | 104,121 | ||||
Freddie Mac | ||||||||
1.125% due 06/01/11 | 1,000,000 | 1,005,833 | ||||||
5.250% due 07/18/11 | 100,000 | 107,861 | ||||||
Total U.S. Government Agency Issues (Cost $1,210,064) | 1,217,815 | |||||||
U.S. TREASURY OBLIGATIONS - 25.1% | ||||||||
U.S. Treasury Bonds - 2.2% | ||||||||
4.250% due 05/15/39 | 1,600,000 | 1,656,251 | ||||||
4.375% due 02/15/38 | 200,000 | 210,844 | ||||||
4.500% due 08/15/39 | 2,200,000 | 2,373,252 | ||||||
4,240,347 | ||||||||
U.S. Treasury Notes - 22.9% | ||||||||
0.875% due 12/31/10 | 200,000 | 200,945 | ||||||
0.875% due 02/28/11 | 100,000 | 100,422 | ||||||
0.875% due 03/31/11 | 100,000 | 100,383 | ||||||
0.875% due 05/31/11 | 200,000 | 200,578 | ||||||
1.000% due 07/31/11 | 20,600,000 | 20,670,020 | ||||||
1.000% due 08/31/11 | 20,800,000 | 20,847,133 | ||||||
1.000% due 09/30/11 | 900,000 | 901,196 | ||||||
3.000% due 09/30/16 | 800,000 | 803,563 | ||||||
43,824,240 | ||||||||
Total U.S. Treasury Obligations (Cost $47,894,856) | 48,064,587 | |||||||
FOREIGN GOVERNMENT BONDS & NOTES - 0.9% | ||||||||
Export-Import Bank of Korea (South Korea) | ||||||||
0.798% due 10/04/11 § ~ | 800,000 | 801,836 | ||||||
Republic of Panama (Panama) | ||||||||
9.375% due 04/01/29 | 40,000 | 54,800 | ||||||
Societe de Financement de l’Economie Francaise (France) | ||||||||
2.125% due 05/20/12 | EUR | 300,000 | 443,140 | |||||
3.375% due 05/05/14 ~ | $ | 200,000 | 205,606 | |||||
United Mexican States (Mexico) | ||||||||
5.950% due 03/19/19 | 100,000 | 105,500 | ||||||
6.050% due 01/11/40 | 100,000 | 100,250 | ||||||
Total Foreign Government Bonds & Notes (Cost $1,657,081) | 1,711,132 | |||||||
MUNICIPAL BONDS - 2.4% | ||||||||
Buckeye Tobacco Settlement Financing Authority OH ‘A2’ | ||||||||
5.875% due 06/01/47 | 1,100,000 | 893,695 | ||||||
Clark County Tax NV | ||||||||
5.000% due 06/01/26 | 900,000 | 970,722 | ||||||
Los Angeles Unified School District CA ‘A1’ | ||||||||
4.500% due 01/01/28 | 400,000 | 397,512 | ||||||
North Carolina Turnpike Authority ‘B’ | ||||||||
6.700% due 01/01/39 | 100,000 | 106,872 | ||||||
State of California | ||||||||
5.650% due 04/01/39 § | 100,000 | 105,690 | ||||||
7.500% due 04/01/34 | �� | 100,000 | 109,947 | |||||
7.550% due 04/01/39 | 100,000 | 111,286 | ||||||
Texas State Transportation Commission Mobility Fund ‘A’ | ||||||||
4.750% due 04/01/35 | 100,000 | 102,572 | ||||||
Tobacco Securitization Authority of Southern California ‘A1’ | ||||||||
5.000% due 06/01/37 | 800,000 | 651,168 | ||||||
Tobacco Settlement Finance Authority of WV ‘A’ | ||||||||
7.467% due 06/01/47 | 865,000 | 685,348 | ||||||
University of California Build America Bonds | ||||||||
6.270% due 05/15/31 | 500,000 | 522,710 | ||||||
Total Municipal Bonds (Cost $4,680,970) | 4,657,522 | |||||||
SHORT-TERM INVESTMENTS - 0.7% | ||||||||
U.S. Treasury Bills - 0.0% | ||||||||
0.222% due 03/04/10 ‡ | 9,000 | 8,995 | ||||||
0.189% due 03/25/10 ‡ | 80,000 | 79,942 | ||||||
88,937 | ||||||||
Shares | ||||||||
Money Market Fund - 0.7% | ||||||||
Blackrock Liquidity Funds Treasury Trust Fund Portfolio | 1,290,226 | 1,290,226 | ||||||
Total Short-Term Investments (Cost $1,379,146) | 1,379,163 | |||||||
TOTAL INVESTMENTS - 103.8% (Cost $200,770,669) | 198,860,201 | |||||||
TOTAL SECURITIES SOLD SHORT - (3.2%) (See Note (f) to Notes to Schedule of Investments) (Proceeds $6,039,602) | (6,056,532 | ) | ||||||
OTHER ASSETS & LIABILITIES, NET - (0.6%) | (1,162,621 | ) | ||||||
NET ASSETS - 100.0% | $ | 191,641,048 | ||||||
Notes to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Mortgage-Backed Securities | 39.5 | % | ||
Corporate Bonds & Notes | 31.4 | % | ||
U.S. Treasury Obligations | 25.1 | % | ||
Municipal Bonds | 2.4 | % | ||
Asset-Backed Securities | 1.7 | % | ||
Convertible Preferred Stocks | 1.5 | % | ||
Foreign Government Bonds & Notes | 0.9 | % | ||
Short-Term Investments | 0.7 | % | ||
U.S. Government Agency Issues | 0.6 | % | ||
Preferred Stocks | 0.0 | % | ||
103.8 | % | |||
Securities sold short | (3.2 | %) | ||
Other Assets & Liabilities, Net | (0.6 | %) | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-33
PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
(b) | As of September 30, 2009, the Fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows: |
AAA / U.S. Government & Agency Issues | 72.5 | % | ||
AA | 4.7 | % | ||
A | 13.2 | % | ||
BBB | 6.2 | % | ||
BB | 0.5 | % | ||
B | 1.6 | % | ||
CCC | 0.9 | % | ||
Not Rated | 0.4 | % | ||
100.0 | % | |||
(c) | Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities. | |
(d) | Securities with a total aggregate market value of $372,869 or 0.2% of the net assets were in default as of September 30, 2009. | |
(e) | 0.4% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. | |
(f) | Securities sold short outstanding as of September 30, 2009 were as follows: |
Principal | ||||||||
Description | Amount | Value | ||||||
Fannie Mae | ||||||||
5.000% due 10/14/39 | $ | 300,000 | $ | 309,891 | ||||
5.500% due 10/14/39 | 3,500,000 | 3,661,329 | ||||||
5.500% due 11/12/39 | 2,000,000 | 2,085,312 | ||||||
Total Securities sold short (Proceeds $6,039,602) | $ | 6,056,532 | ||||||
(g) | Open futures contracts outstanding as of September 30, 2009 were as follows: |
Unrealized | ||||||||||||
Number of | Notional | Appreciation | ||||||||||
Long Futures Outstanding | Contracts | Amount | (Depreciation) | |||||||||
3-Month Euribor (03/10) | 2 | EUR | 2,000,000 | $ | 6,512 | |||||||
Eurodollar (12/09) | 66 | $ | 66,000,000 | 91,275 | ||||||||
Eurodollar (03/10) | 5 | 5,000,000 | 15,862 | |||||||||
Eurodollar (06/10) | 17 | 17,000,000 | 36,063 | |||||||||
Eurodollar (09/10) | 8 | 8,000,000 | 19,575 | |||||||||
Eurodollar (12/10) | 12 | 12,000,000 | 11,038 | |||||||||
U.S. Treasury 2-Year Notes (12/09) | 6 | 1,200,000 | (281 | ) | ||||||||
U.S. Treasury 5-Year Notes (12/09) | 7 | 700,000 | 13,508 | |||||||||
U.S. Treasury 10-Year Notes (12/09) | 31 | 3,100,000 | 71,187 | |||||||||
U.S. Treasury 30-Year Bonds (12/09) | 23 | 2,300,000 | 13,414 | |||||||||
United Kingdom 90-Day LIBOR Sterling Interest Rate (03/10) | 2 | GPB | 1,000,000 | 4,595 | ||||||||
United Kingdom 90-Day LIBOR Sterling Interest Rate (06/10) | 4 | 2,000,000 | 6,233 | |||||||||
United Kingdom 90-Day LIBOR Sterling Interest Rate (09/10) | 4 | 2,000,000 | 4,515 | |||||||||
United Kingdom 90-Day LIBOR Sterling Interest Rate (12/10) | 4 | 2,000,000 | 3,116 | |||||||||
United Kingdom 90-day LIBOR Sterling Interest Rate (03/11) | 2 | 1,000,000 | 479 | |||||||||
$ | 297,091 | |||||||||||
(h) | Forward foreign currency contracts outstanding as of September 30, 2009 were as follows: |
Principal | ||||||||||||||||
Contracts | Amount | Unrealized | ||||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||||
to Sell | Currency | Contracts | Expiration | (Depreciation) | ||||||||||||
Buy | AUD | 1,078,000 | 11/09 | $ | 9,658 | |||||||||||
Buy | BRL | 2,365,632 | 10/09 | 181,208 | ||||||||||||
Sell | BRL | 2,365,632 | 10/09 | (78,584 | ) | |||||||||||
Buy | BRL | 2,365,632 | 02/10 | 76,978 | ||||||||||||
Buy | CAD | 199,000 | 10/09 | 1,893 | ||||||||||||
Buy | CNY | 1,751,383 | 03/10 | (2,605 | ) | |||||||||||
Buy | CNY | 1,555,941 | 08/10 | (816 | ) | |||||||||||
Buy | DKK | 511,000 | 10/09 | 4,338 | ||||||||||||
Buy | DKK | 511,000 | 12/09 | 166 | ||||||||||||
Sell | EUR | 1,586,000 | 10/09 | (68,747 | ) | |||||||||||
Sell | GBP | 506,000 | 10/09 | 35,456 | ||||||||||||
Buy | JPY | 27,864,000 | 10/09 | (3,963 | ) | |||||||||||
Buy | KRW | 85,593,250 | 11/09 | 3,597 | ||||||||||||
Buy | MYR | 243,570 | 11/09 | 1,244 | ||||||||||||
Buy | SGD | 99,578 | 11/09 | 1,665 | ||||||||||||
Buy | TWD | 2,289,700 | 11/09 | 1,852 | ||||||||||||
$ | 163,340 | |||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-34
PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
(i) | Transactions in written options for the six-month period ended September 30, 2009 were as follows: |
Notional | ||||||||||||
Number of | Amount | |||||||||||
Contracts | in $ | Premium | ||||||||||
Outstanding, March 31, 2009 | 28 | 4,500,000 | $ | 34,346 | ||||||||
Call Options Written | 59 | 6,000,000 | 49,872 | |||||||||
Put Options Written | 46 | 38,500,000 | 369,158 | |||||||||
Call Options Expired | (36 | ) | (3,000,000 | ) | (18,279 | ) | ||||||
Put Options Expired | (56 | ) | (7,500,000 | ) | (50,135 | ) | ||||||
Outstanding, September 30, 2009 | 41 | 38,500,000 | $ | 384,962 | ||||||||
(j) | Premiums received and value of written options outstanding as of September 30, 2009 were as follows: |
Interest Rate Swaptions
Pay/Receive | ||||||||||||||||||||
Floating Rate | ||||||||||||||||||||
Based on 3-Month | Exercise | Expiration | Counter- | Notional | ||||||||||||||||
Description | USD-LIBOR | Rate | Date | party | Amount | Premium | Value | |||||||||||||
Call — OTC 10-Year Interest Rate Swap | Receive | 3.000% | 11/23/09 | RBS | $ | 3,000,000 | $ | 19,042 | $ | 9,023 | ||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 3.750% | 11/23/09 | BNP | 10,000,000 | 82,500 | 5,262 | |||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 3.750% | 11/23/09 | CIT | 14,000,000 | 168,700 | 7,367 | |||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 3.750% | 11/23/09 | MSC | 6,000,000 | 57,600 | 3,157 | |||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 3.750% | 11/23/09 | RBS | 3,000,000 | 19,650 | 1,579 | |||||||||||||
Put — OTC 10-Year Interest Rate Swap | Pay | 4.350% | 11/23/09 | DUB | 500,000 | 2,767 | 929 | |||||||||||||
Put — OTC 7-Year Interest Rate Swap | Pay | 6.000% | 08/31/10 | RBS | 2,000,000 | 15,447 | 6,814 | |||||||||||||
$ | 365,706 | $ | 34,131 | |||||||||||||||||
Options on Exchange-Traded Futures Contracts
Exercise | Expiration | Counter- | Number of | |||||||||||||||||||||
Description | Price | Date | party | Contracts | Premium | Value | ||||||||||||||||||
Put — CBOT U.S. Treasury Note Futures (12/09) | $ | 115.00 | 11/20/09 | CIT | 4 | $ | 3,177 | $ | 1,562 | |||||||||||||||
Call — CBOT U.S. Treasury Note Futures (12/09) | 120.00 | 11/20/09 | JPM | 33 | 13,839 | 20,625 | ||||||||||||||||||
Call — CBOT U.S. Treasury Note Futures (12/09) | 121.00 | 11/20/09 | MER | 4 | 2,240 | 1,438 | ||||||||||||||||||
$ | 19,256 | $ | 23,625 | |||||||||||||||||||||
Total Written Options | $ | 384,962 | $ | 57,756 | ||||||||||||||||||||
(k) | Swap agreements outstanding as of September 30, 2009: |
Credit Default Swaps on Corporate and Sovereign Issues — Buy Protection (1)
Upfront | ||||||||||||||||||||||||||||||||
Fixed Deal | Implied Credit | Premiums | ||||||||||||||||||||||||||||||
Pay | Expiration | Counter- | Spread at | Notional | Market | Paid | Unrealized | |||||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | 09/30/09 (3) | Amount (4) | Value (5) | (Received) | Appreciation | ||||||||||||||||||||||||
Health Care Properties 5.950% due 09/15/11 | (0.460 | %) | 09/20/11 | JPM | 1.668 | % | $ | 900,000 | $ | 20,857 | $ | — | $ | 20,857 | ||||||||||||||||||
Credit Default Swaps on Corporate and Sovereign Issues — Sell Protection (2)
Upfront | ||||||||||||||||||||||||||||||||
Fixed Deal | Implied Credit | Premiums | Unrealized | |||||||||||||||||||||||||||||
Receive | Expiration | Counter- | Spread at | Notional | Market | Paid | Appreciation | |||||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | 09/30/09 (3) | Amount (4) | Value (5) | (Received) | (Depreciation) | ||||||||||||||||||||||||
General Electric Capital Corp 6.000% due 06/15/12 | 1.500 | % | 09/20/11 | DUB | 1.808 | % | $ | 100,000 | $ | (552 | ) | $ | — | $ | (552 | ) | ||||||||||||||||
General Electric Capital Corp 5.625% due 09/15/17 | 4.000 | % | 12/20/13 | CIT | 2.021 | % | 200,000 | 15,503 | — | 15,503 | ||||||||||||||||||||||
General Electric Capital Corp 5.625% due 09/15/17 | 4.230 | % | 12/20/13 | DUB | 2.021 | % | 200,000 | 17,291 | — | 17,291 | ||||||||||||||||||||||
General Electric Capital Corp 5.625% due 09/15/17 | 4.325 | % | 12/20/13 | CIT | 2.021 | % | 200,000 | 18,029 | — | 18,029 | ||||||||||||||||||||||
General Electric Capital Corp 6.000% due 06/15/12 | 4.400 | % | 12/20/13 | BRC | 2.021 | % | 200,000 | 18,629 | — | 18,629 | ||||||||||||||||||||||
General Electric Capital Corp 6.000% due 06/15/12 | 4.500 | % | 12/20/13 | BRC | 2.021 | % | 300,000 | 29,085 | — | 29,085 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-35
PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Upfront | ||||||||||||||||||||||||||||||||
Fixed Deal | Implied Credit | Premiums | Unrealized | |||||||||||||||||||||||||||||
Receive | Expiration | Counter- | Spread at | Notional | Market | Paid | Appreciation | |||||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | 09/30/09 (3) | Amount (4) | Value (5) | (Received) | (Depreciation) | ||||||||||||||||||||||||
General Electric Capital Corp 6.000% due 06/15/12 | 4.700 | % | 12/20/13 | BRC | 2.021 | % | $ | 400,000 | $ | 41,890 | $ | — | $ | 41,890 | ||||||||||||||||||
General Electric Capital Corp 5.625% due 09/15/17 | 4.750 | % | 12/20/13 | DUB | 2.021 | % | 400,000 | 42,668 | — | 42,668 | ||||||||||||||||||||||
International Lease Finance Corp 4.150% due 01/20/15 | 5.000 | % | 12/20/13 | BRC | 9.204 | % | 300,000 | (37,083 | ) | (51,000 | ) | 13,917 | ||||||||||||||||||||
SLM Corp 5.125% due 08/27/12 | 5.000 | % | 12/20/13 | CIT | 8.728 | % | 400,000 | (45,987 | ) | (57,000 | ) | 11,013 | ||||||||||||||||||||
American International Group 6.250% due 05/01/36 | 5.000 | % | 12/20/13 | DUB | 8.079 | % | 500,000 | (49,412 | ) | (46,250 | ) | (3,162 | ) | |||||||||||||||||||
Reynolds American Inc 7.625% due 06/01/16 | 1.280 | % | 06/20/17 | DUB | 1.927 | % | 200,000 | (8,168 | ) | — | (8,168 | ) | ||||||||||||||||||||
$ | 41,893 | $ | (154,250 | ) | $ | 196,143 | ||||||||||||||||||||||||||
Credit Default Swaps on Credit Indices — Buy Protection (1)
Upfront | ||||||||||||||||||||||||||||
Fixed Deal | Premiums | |||||||||||||||||||||||||||
Pay | Expiration | Counter- | Notional | Market | Paid | Unrealized | ||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | Amount (4) | Value (5) | (Received) | Depreciation | |||||||||||||||||||||
Dow Jones CDX NA IG-12 Index D | (1.000 | %) | 06/20/14 | GSC | $ | 300,000 | $ | 1,206 | $ | 3,182 | $ | (1,976 | ) | |||||||||||||||
Dow Jones CDX NA HY-12 Index D | (5.000 | %) | 06/20/14 | DUB | 94,000 | 5,625 | 11,867 | (6,242 | ) | |||||||||||||||||||
$ | 6,831 | $ | 15,049 | $ | (8,218 | ) | ||||||||||||||||||||||
Credit Default Swaps on Credit Indices — Sell Protection (2)
Upfront | ||||||||||||||||||||||||||||
Fixed Deal | Premiums | Unrealized | ||||||||||||||||||||||||||
Receive | Expiration | Counter- | Notional | Market | Paid | Appreciation | ||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | Amount (4) | Value (5) | (Received) | (Depreciation) | |||||||||||||||||||||
Dow Jones CDX NA HY-8 Index | 0.483 | % | 06/20/12 | BRC | $ | 770,352 | $ | (17,567 | ) | $ | — | $ | (17,567 | ) | ||||||||||||||
Dow Jones CDX NA HY-9 Index D | 2.080 | % | 12/20/12 | MER | 1,444,065 | 1,805 | — | 1,805 | ||||||||||||||||||||
Dow Jones CDX NA IG-9 Index | 0.548 | % | 12/20/17 | GSC | 97,228 | 1,323 | — | 1,323 | ||||||||||||||||||||
$ | (14,439 | ) | $ | — | $ | (14,439 | ) | |||||||||||||||||||||
Total Credit Default Swaps (6) | $ | 55,142 | $ | (139,201 | ) | $ | 194,343 | |||||||||||||||||||||
(1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | |
(2) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | |
(3) | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. | |
(4) | The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of protection if a credit event occurs as defined under the terms of that particular swap agreement. | |
(5) | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. | |
(6) | The aggregate fair value of credit default swaps in a net liability as of September 30, 2009 was $37,667. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-36
PACIFIC LIFE FUNDS
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
PL MANAGED BOND FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Interest Rate Swaps
Upfront | ||||||||||||||||||||||||||||||||
Premiums | Unrealized | |||||||||||||||||||||||||||||||
Counter- | Pay/Receive | Fixed | Expiration | Notional | Market | Paid | Appreciation | |||||||||||||||||||||||||
Floating Rate Index | party | Floating Rate | Rate | Date | Amount | Value | (Received) | (Depreciation) | ||||||||||||||||||||||||
BRL - CDI Compounded | MER | Pay | 12.670 | % | 01/04/10 | BRL | 2,000,000 | $ | 30,794 | $ | — | $ | 30,794 | |||||||||||||||||||
BRL - CDI Compounded | MSC | Pay | 12.670 | % | 01/04/10 | 8,400,000 | 129,332 | 7,053 | 122,279 | |||||||||||||||||||||||
6-Month EUR-LIBOR | MSC | Pay | 4.500 | % | 03/19/10 | EUR | 4,200,000 | 189,858 | (2,904 | ) | 192,762 | |||||||||||||||||||||
6-Month GBP-LIBOR | RBS | Pay | 5.000 | % | 09/15/10 | GBP | 300,000 | 18,838 | (9,463 | ) | 28,301 | |||||||||||||||||||||
3-Month USD-LIBOR D | MSC | Pay | 3.000 | % | 12/16/10 | $ | 10,100,000 | 215,652 | 211,802 | 3,850 | ||||||||||||||||||||||
3-Month USD-LIBOR | RBS | Pay | 3.000 | % | 02/04/11 | 2,100,000 | 68,233 | 61,325 | 6,908 | |||||||||||||||||||||||
6-Month EUR-LIBOR | BNP | Pay | 4.500 | % | 03/18/11 | EUR | 5,200,000 | 446,934 | 8,277 | 438,657 | ||||||||||||||||||||||
3-Month Australian Bank Bill | CIT | Pay | 4.500 | % | 06/15/11 | AUD | 2,300,000 | (16,605 | ) | 2,645 | (19,250 | ) | ||||||||||||||||||||
3-Month Australian Bank Bill | DUB | Pay | 4.500 | % | 06/15/11 | 6,920,000 | (49,959 | ) | 7,078 | (57,037 | ) | |||||||||||||||||||||
3-Month Australian Bank Bill | MSC | Pay | 4.500 | % | 06/15/11 | 3,600,000 | (25,990 | ) | 3,423 | (29,413 | ) | |||||||||||||||||||||
3-Month USD-LIBOR | RBS | Pay | 3.600 | % | 07/07/11 | $ | 1,600,000 | 80,396 | — | 80,396 | ||||||||||||||||||||||
3-Month USD-LIBOR | BRC | Pay | 3.450 | % | 08/05/11 | 900,000 | 41,139 | — | 41,139 | |||||||||||||||||||||||
3-Month USD-LIBOR | RBS | Pay | 3.450 | % | 08/05/11 | 17,800,000 | 813,645 | 610,190 | 203,455 | |||||||||||||||||||||||
6-Month Australian Bank Bill | CSF | Pay | 6.250 | % | 09/15/11 | AUD | 1,200,000 | 26,124 | 129 | 25,995 | ||||||||||||||||||||||
6-Month EUR-LIBOR D | DUB | Pay | 4.070 | % | 09/16/11 | EUR | 11,200,000 | 766,088 | (6,931 | ) | 773,019 | |||||||||||||||||||||
BRL - CDI Compounded | MSC | Pay | 10.115 | % | 01/02/12 | BRL | 8,900,000 | (226,081 | ) | (199,363 | ) | (26,718 | ) | |||||||||||||||||||
BRL - CDI Compounded | GSC | Pay | 10.150 | % | 01/02/12 | 6,100,000 | (150,766 | ) | (23,780 | ) | (126,986 | ) | ||||||||||||||||||||
BRL - CDI Compounded | UBS | Pay | 10.575 | % | 01/02/12 | 1,200,000 | (18,777 | ) | (31,680 | ) | 12,903 | |||||||||||||||||||||
BRL - CDI Compounded | BRC | Pay | 10.600 | % | 01/02/12 | 1,500,000 | (7,913 | ) | — | (7,913 | ) | |||||||||||||||||||||
BRL - CDI Compounded | HSB | Pay | 10.610 | % | 01/02/12 | 1,400,000 | (7,226 | ) | — | (7,226 | ) | |||||||||||||||||||||
BRL - CDI Compounded | BRC | Pay | 10.680 | % | 01/02/12 | 5,600,000 | (76,938 | ) | (65,566 | ) | (11,372 | ) | ||||||||||||||||||||
BRL - CDI Compounded | MER | Pay | 12.540 | % | 01/02/12 | 4,000,000 | 68,742 | (20,439 | ) | 89,181 | ||||||||||||||||||||||
BRL - CDI Compounded | MSC | Pay | 12.540 | % | 01/02/12 | 900,000 | 15,467 | (6,048 | ) | 21,515 | ||||||||||||||||||||||
BRL - CDI Compounded | UBS | Pay | 12.540 | % | 01/02/12 | 3,000,000 | 51,556 | (14,783 | ) | 66,339 | ||||||||||||||||||||||
BRL - CDI Compounded | HSB | Pay | 14.765 | % | 01/02/12 | 100,000 | 4,251 | 667 | 3,584 | |||||||||||||||||||||||
BRL - CDI Compounded | MER | Pay | 14.765 | % | 01/02/12 | 200,000 | 8,501 | 1,029 | 7,472 | |||||||||||||||||||||||
6-Month Australian Bank Bill D | UBS | Pay | 6.000 | % | 09/15/12 | AUD | 6,100,000 | (608 | ) | — | (608 | ) | ||||||||||||||||||||
6-Month GBP-LIBOR | RBS | Pay | 5.100 | % | 09/15/13 | GBP | 400,000 | 52,532 | (755 | ) | 53,287 | |||||||||||||||||||||
6-Month EUR-LIBOR | BNP | Pay | 4.500 | % | 03/18/14 | EUR | 300,000 | 41,895 | (4,508 | ) | 46,403 | |||||||||||||||||||||
6-Month EUR-LIBOR | CSF | Pay | 4.500 | % | 03/18/14 | 2,100,000 | 293,263 | (9,168 | ) | 302,431 | ||||||||||||||||||||||
6-Month GBP-LIBOR | DUB | Pay | 5.000 | % | 03/18/14 | GBP | 100,000 | 12,897 | 50 | 12,847 | ||||||||||||||||||||||
6-Month GBP-LIBOR | GSC | Pay | 5.250 | % | 03/18/14 | 100,000 | 14,591 | (19 | ) | 14,610 | ||||||||||||||||||||||
6-Month GBP-LIBOR | RBS | Pay | 5.250 | % | 03/18/14 | 200,000 | 29,179 | (156 | ) | 29,335 | ||||||||||||||||||||||
3-Month USD-LIBOR | RBS | Pay | 4.000 | % | 12/16/14 | $ | 2,300,000 | 128,589 | 49,165 | 79,424 | ||||||||||||||||||||||
6-Month GBP-LIBOR | DUB | Pay | 5.000 | % | 09/15/15 | GBP | 200,000 | 27,652 | 303 | 27,349 | ||||||||||||||||||||||
6-Month GBP-LIBOR | GSC | Pay | 5.000 | % | 09/15/15 | 300,000 | 41,478 | — | 41,478 | |||||||||||||||||||||||
28-Day Mexico Interbank TIIE Banxico | GSC | Pay | 8.170 | % | 11/04/16 | MXN | 1,200,000 | 1,360 | 1,757 | (397 | ) | |||||||||||||||||||||
3-Month USD-LIBOR | DUB | Pay | 3.500 | % | 06/24/16 | $ | 2,600,000 | 92,879 | — | 92,879 | ||||||||||||||||||||||
3-Month Canadian Bank Bill D | RBS | Pay | 5.700 | % | 12/18/24 | CAD | 2,100,000 | 23,416 | (1,439 | ) | 24,855 | |||||||||||||||||||||
3-Month USD-LIBOR | DUB | Pay | 5.000 | % | 12/15/35 | $ | 1,800,000 | 113,670 | (37,080 | ) | 150,750 | |||||||||||||||||||||
Total Interest Rate Swaps | $ | 3,268,088 | $ | 530,811 | $ | 2,737,277 | ||||||||||||||||||||||||||
Total Swap Agreements | $ | 3,323,230 | $ | 391,610 | $ | 2,931,620 | ||||||||||||||||||||||||||
(l) | As of September 30, 2009, securities with total aggregate market values of $8,995 and $79,942 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts and swap contracts, respectively. In addition, $183,276 in cash was segregated as collateral for open futures contracts. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-37
PACIFIC LIFE FUNDS
PL INFLATION MANAGED FUND
Schedule of Investments
September 30, 2009 (Unaudited)
PL INFLATION MANAGED FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
CONVERTIBLE PREFERRED STOCKS - 0.1% | ||||||||
Financials - 0.1% | ||||||||
Wells Fargo & Co 7.500% | 100 | $ | 89,300 | |||||
Total Convertible Preferred Stocks (Cost $100,000) | 89,300 | |||||||
Principal | ||||||||
Amount | ||||||||
CORPORATE BONDS & NOTES - 10.3% | ||||||||
Financials - 9.3% | ||||||||
American Express Credit Corp | ||||||||
5.875% due 05/02/13 | $ | 200,000 | 212,294 | |||||
7.300% due 08/20/13 | 210,000 | 233,165 | ||||||
American International Group Inc | ||||||||
8.175% due 05/15/58 § | 200,000 | 121,500 | ||||||
Bank of America Corp | ||||||||
7.375% due 05/15/14 | 300,000 | 334,260 | ||||||
Citigroup Funding Inc | ||||||||
1.518% due 05/07/10 § | 800,000 | 800,785 | ||||||
Credit Suisse NY (Switzerland) | ||||||||
5.000% due 05/15/13 | 900,000 | 953,589 | ||||||
Ford Motor Credit Co LLC | ||||||||
7.875% due 06/15/10 | 500,000 | 502,275 | ||||||
HBOS PLC (United Kingdom) | ||||||||
6.750% due 05/21/18 ~ | 500,000 | 446,627 | ||||||
ING Bank NV (Netherlands) | ||||||||
3.900% due 03/19/14 ~ | 4,700,000 | 4,844,426 | ||||||
Macquarie Bank Ltd (Australia) | ||||||||
3.300% due 07/17/14 ~ | 700,000 | 709,584 | ||||||
Metropolitan Life Global Funding I | ||||||||
2.202% due 06/10/11 ~ § | 700,000 | 699,203 | ||||||
5.125% due 04/10/13 ~ | 100,000 | 103,799 | ||||||
New York Life Global Funding | ||||||||
4.650% due 05/09/13 ~ | 300,000 | 316,189 | ||||||
Santander Perpetual SA Unipersonal (Spain) | ||||||||
6.671% due 10/29/49 ~ § ± | 300,000 | 264,267 | ||||||
Wachovia Bank NA | ||||||||
1.350% due 05/14/10 § | 1,000,000 | 1,005,505 | ||||||
11,547,468 | ||||||||
Health Care - 0.7% | ||||||||
Roche Holdings Inc | ||||||||
2.393% due 02/25/11 ~ § | 800,000 | 822,052 | ||||||
Information Technology - 0.3% | ||||||||
Hewlett-Packard Co | ||||||||
2.250% due 05/27/11 | 300,000 | 305,741 | ||||||
Total Corporate Bonds & Notes (Cost $12,772,942) | 12,675,261 | |||||||
MORTGAGE-BACKED SECURITIES - 2.4% | ||||||||
Collateralized Mortgage Obligations - Commercial - 0.3% | ||||||||
JPMorgan Chase Commercial Mortgage Securities Corp | ||||||||
5.336% due 05/15/47 “ | 110,000 | 94,546 | ||||||
Morgan Stanley Capital I | ||||||||
5.880% due 06/11/49 “ § | 100,000 | 88,046 | ||||||
Wachovia Bank Commercial Mortgage Trust | ||||||||
5.418% due 01/15/45 “ § | 210,000 | 191,696 | ||||||
374,288 | ||||||||
Collateralized Mortgage Obligations - Residential - 1.5% | ||||||||
Bear Stearns Adjustable Rate Mortgage Trust | ||||||||
2.196% due 03/25/35 “ § | 51,541 | 45,705 | ||||||
2.460% due 08/25/35 “ § | 41,898 | 36,753 | ||||||
2.860% due 03/25/35 “ § | 148,283 | 132,623 | ||||||
4.550% due 08/25/35 “ § | 75,202 | 66,079 | ||||||
Citigroup Mortgage Loan Trust Inc | ||||||||
2.510% due 08/25/35 “ § | 62,911 | 54,265 | ||||||
4.248% due 08/25/35 “ § | 58,059 | 47,624 | ||||||
Countrywide Home Loan Mortgage Pass-Through Trust | ||||||||
0.586% due 06/25/35 “ ~ § | 45,287 | 30,858 | ||||||
4.645% due 01/19/34 “ § | 357,128 | 344,135 | ||||||
Freddie Mac | ||||||||
0.473% due 02/15/19 “ § | 558,457 | 554,517 | ||||||
GSR Mortgage Loan Trust | ||||||||
3.936% due 09/25/35 “ § | 107,720 | 99,765 | ||||||
MLCC Mortgage Investors Inc | ||||||||
3.382% due 12/25/34 “ § | 323,256 | 305,862 | ||||||
Residential Accredit Loans Inc | ||||||||
0.426% due 06/25/46 “ § | 202,119 | 95,640 | ||||||
Structured Asset Mortgage Investments Inc | ||||||||
0.456% due 05/25/46 “ § | 174,525 | 97,539 | ||||||
1,911,365 | ||||||||
Freddie Mac - 0.6% | ||||||||
6.000% due 02/01/39 “ | 702,311 | 742,259 | ||||||
Total Mortgage-Backed Securities (Cost $3,121,601) | 3,027,912 | |||||||
ASSET-BACKED SECURITIES - 3.3% | ||||||||
Ally Auto Receivables Trust | ||||||||
1.320% due 03/15/12 “ ~ | 1,100,000 | 1,090,203 | ||||||
Bank of America Auto Trust | ||||||||
1.160% due 02/15/12 “ ~ | 1,000,000 | 1,000,857 | ||||||
Ford Credit Auto Owner Trust | ||||||||
0.357% due 09/15/10 “ ~ | 1,000,000 | 1,000,343 | ||||||
1.210% due 01/15/12 “ | 1,000,000 | 994,432 | ||||||
Freddie Mac Structured Pass-Through Securities | ||||||||
0.526% due 09/25/31 “ § | 3,126 | 2,854 | ||||||
Total Asset-Backed Securities (Cost $4,102,899) | 4,088,689 | |||||||
U.S. GOVERNMENT AGENCY ISSUE - 1.4% | ||||||||
Freddie Mac | ||||||||
0.402% due 08/05/11 § | 1,740,000 | 1,739,285 | ||||||
Total U.S. Government Agency Issue (Cost $1,744,437) | 1,739,285 | |||||||
U.S. TREASURY OBLIGATIONS - 91.0% | ||||||||
U.S. Treasury Inflation Protected Securities - 89.7% | ||||||||
0.625% due 04/15/13 ^ | 1,732,147 | 1,730,522 | ||||||
1.250% due 04/15/14 ^ | 2,035,240 | 2,068,948 | ||||||
1.625% due 01/15/15 ^ | 4,624,308 | 4,715,351 | ||||||
1.750% due 01/15/28 ^ | 3,392,400 | 3,258,824 | ||||||
1.875% due 07/15/13 ^ | 1,172,590 | 1,212,898 | ||||||
1.875% due 07/15/15 ^ | 9,632,727 | 9,963,852 | ||||||
1.875% due 07/15/19 ^ | 1,210,368 | 1,247,436 | ||||||
2.000% due 04/15/12 ^ | 1,379,703 | 1,431,442 |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-38
PACIFIC LIFE FUNDS
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Principal | ||||||||
Amount | Value | |||||||
2.000% due 01/15/14 ^ | $ | 7,517,733 | $ | 7,797,302 | ||||
2.000% due 07/15/14 ^ | 1,142,530 | 1,188,588 | ||||||
2.000% due 01/15/16 ^ | 1,085,070 | 1,127,116 | ||||||
2.000% due 01/15/26 ^ | 3,472,224 | 3,471,141 | ||||||
2.125% due 01/15/19 ^ | 3,009,270 | 3,162,556 | ||||||
2.375% due 04/15/11 ^ | 7,920,646 | 8,168,166 | ||||||
2.375% due 01/15/17 ^ | 1,815,464 | 1,933,469 | ||||||
2.375% due 01/15/25 ^ | 4,147,384 | 4,352,161 | ||||||
2.375% due 01/15/27 ^ | 10,043,388 | 10,566,993 | ||||||
2.500% due 07/15/16 ^ | 5,438,691 | 5,832,996 | ||||||
2.500% due 01/15/29 ^ | 3,510,815 | 3,782,903 | ||||||
2.625% due 07/15/17 ^ | 7,481,592 | 8,131,555 | ||||||
3.000% due 07/15/12 ^ | 4,940,884 | 5,260,500 | ||||||
3.375% due 01/15/12 ^ | 242,574 | 258,341 | ||||||
3.375% due 04/15/32 ^ | 181,997 | 225,505 | ||||||
3.500% due 01/15/11 ^ | 5,197,038 | 5,417,912 | ||||||
3.625% due 04/15/28 ^ | 2,223,655 | 2,753,163 | ||||||
3.875% due 04/15/29 ^ | 9,107,298 | 11,764,971 | ||||||
110,824,611 | ||||||||
U.S. Treasury Notes - 1.3% | ||||||||
1.000% due 08/31/11 | 1,600,000 | 1,603,626 | ||||||
1.125% due 06/30/11 | 11,000 | 11,069 | ||||||
1,614,695 | ||||||||
Total U.S. Treasury Obligations (Cost $108,556,951) | 112,439,306 | |||||||
MUNICIPAL BONDS - 0.1% | ||||||||
Tobacco Settlement Finance Authority of WV ‘A’ | ||||||||
7.467% due 06/01/47 | 95,000 | 75,269 | ||||||
Tobacco Settlement Financing Corp RI ‘A’ | ||||||||
6.000% due 06/01/23 | 75,000 | 76,112 | ||||||
Total Municipal Bonds (Cost $157,149) | 151,381 | |||||||
SHORT-TERM INVESTMENTS - 2.2% | ||||||||
U.S. Treasury Bills - 0.1% | ||||||||
0.240% due 02/18/10 ‡ | 1,000 | 1,000 | ||||||
0.260% due 02/25/10 ‡ | 76,000 | 75,961 | ||||||
76,961 | ||||||||
Shares | ||||||||
Money Market Fund - 1.2% | ||||||||
Blackrock Liquidity Funds Treasury Trust Fund Portfolio | 1,486,920 | 1,486,920 | ||||||
Principal | ||||||||
Amount | ||||||||
Repurchase Agreement - 0.9% | ||||||||
JPMorgan Chase & Co | ||||||||
0.040% due 10/01/09 | ||||||||
(Dated 09/30/09, repurchase price of $1,100,001; collateralized by U.S. Treasury Inflation Protected Security: 1.875% due 07/15/13 market value $1,126,496) | $ | 1,100,000 | 1,100,000 | |||||
Total Short-Term Investments (Cost $2,663,838) | 2,663,881 | |||||||
TOTAL INVESTMENTS - 110.8% (Cost $133,219,817) | 136,875,015 | |||||||
TOTAL SECURITIES SOLD SHORT - (0.6%) (See Note (e) to Notes to Schedule of Investments) (Proceeds $736,664) | (738,078 | ) | ||||||
OTHER ASSETS & LIABILITIES, NET - (10.2%) | (12,588,528 | ) | ||||||
NET ASSETS - 100.0% | $ | 123,548,409 | ||||||
Notes to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
U.S. Treasury Obligations | 91.0 | % | ||
Corporate Bonds & Notes | 10.3 | % | ||
Asset-Backed Securities | 3.3 | % | ||
Mortgage-Backed Securities | 2.4 | % | ||
Short-Term Investments | 2.2 | % | ||
U.S. Government Agency Issue | 1.4 | % | ||
Convertible Preferred Stocks | 0.1 | % | ||
Municipal Bonds | 0.1 | % | ||
110.8 | % | |||
Securities Sold Short | (0.6 | %) | ||
Other Assets & Liabilities, Net | (10.2 | %) | ||
100.0 | % | |||
(b) | As of September 30, 2009, the Fund’s Standard & Poor’s quality ratings as a percentage of total fixed income investments were as follows: |
AAA / U.S. Government & Agency Issues | 93.2 | % | ||
AA | 1.9 | % | ||
A | 3.6 | % | ||
BBB | 0.9 | % | ||
CCC | 0.4 | % | ||
100.0 | % | |||
(c) | Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities. | |
(d) | Less than 0.1% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-39
PACIFIC LIFE FUNDS
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
(e) | Securities sold short outstanding as of September 30, 2009 were as follows: |
Principal | ||||||||
Description | Amount | Value | ||||||
Fannie Mae | ||||||||
6.000% due 11/12/39 | $ | 200,000 | $ | 210,344 | ||||
Freddie Mac | ||||||||
6.000% due 10/14/39 | 500,000 | 527,734 | ||||||
Total Securities sold short (Proceeds $736,664) | $ | 738,078 | ||||||
(f) | Open futures contracts outstanding as of September 30, 2009 were as follows: |
Number of | Notional | Unrealized | ||||||||||
Long Futures Outstanding | Contracts | Amount | Appreciation | |||||||||
3-Month Euribor (06/10) | 4 | EUR | 4,000,000 | $ | 2,927 | |||||||
3-Month Euribor (09/10) | 11 | 11,000,000 | 16,097 | |||||||||
Eurodollar (12/09) | 7 | $ | 7,000,000 | 7,788 | ||||||||
Eurodollar (03/10) | 80 | 80,000,000 | 85,225 | |||||||||
Eurodollar (06/10) | 98 | 98,000,000 | 91,750 | |||||||||
United Kingdom 90-Day LIBOR Sterling Interest Rate (12/09) | 30 | GBP | 15,000,000 | 70,119 | ||||||||
$ | 273,906 | |||||||||||
(g) | Forward foreign currency contracts outstanding as of September 30, 2009 were as follows: |
Principal | ||||||||||||||||
Contracts | Amount | Unrealized | ||||||||||||||
to Buy or | Covered by | Appreciation | ||||||||||||||
to Sell | Currency | Contracts | Expiration | (Depreciation) | ||||||||||||
Buy | BRL | 112,008 | 10/09 | $ | 3,721 | |||||||||||
Sell | BRL | 112,008 | 10/09 | (8,580 | ) | |||||||||||
Sell | BRL | 112,008 | 02/10 | (3,645 | ) | |||||||||||
Sell | CHF | 85,000 | 10/09 | (3,332 | ) | |||||||||||
Sell | CHF | 85,000 | 12/09 | 429 | ||||||||||||
Buy | CNY | 2,603,741 | 03/10 | (4,102 | ) | |||||||||||
Buy | CNY | 2,330,216 | 06/10 | (2,474 | ) | |||||||||||
Sell | EUR | 148,000 | 10/09 | (6,415 | ) | |||||||||||
Buy | KRW | 238,300,000 | 11/09 | 2,118 | ||||||||||||
Buy | KRW | 479,860,000 | 02/10 | 6,326 | ||||||||||||
Buy | MXN | 6,922,137 | 11/09 | 1,071 | ||||||||||||
Buy | MXN | 2,680,740 | 11/09 | (2,987 | ) | |||||||||||
Sell | MXN | 105,737 | 11/09 | (677 | ) | |||||||||||
$ | (18,547 | ) | ||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-40
PACIFIC LIFE FUNDS
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
(h) | Transactions in written options for the six-month period ended September 30, 2009 were as follows: |
Notional | ||||||||||||
Number of | Amount | |||||||||||
Contracts | in $ | Premium | ||||||||||
Outstanding, March 31, 2009 | 23 | 9,500,000 | $ | 135,225 | ||||||||
Call Options Written | 21 | 4,300,000 | 28,428 | |||||||||
Put Options Written | 37 | 27,900,000 | 240,102 | |||||||||
Call Options Closed | — | (2,900,000 | ) | (75,305 | ) | |||||||
Put Options Closed | — | (1,300,000 | ) | (12,773 | ) | |||||||
Call Options Expired | (31 | ) | (3,700,000 | ) | (24,372 | ) | ||||||
Put Options Expired | (50 | ) | (11,400,000 | ) | (72,531 | ) | ||||||
Outstanding, September 30, 2009 | — | 22,400,000 | $ | 218,774 | ||||||||
(i) | Premiums received and value of written options outstanding as of September 30, 2009 were as follows: |
Interest Rate Swaptions
Pay/Receive | ||||||||||||||||||||||||||||
Floating Rate | ||||||||||||||||||||||||||||
Based on 3-Month | Exercise | Expiration | Counter- | Notional | ||||||||||||||||||||||||
Description | USD-LIBOR | Rate | Date | party | Amount | Premium | Value | |||||||||||||||||||||
Call — OTC 10-Year Interest Rate Swap | Receive | 3.000 | % | 11/23/09 | RBS | $ | 2,000,000 | $ | 12,695 | $ | 6,015 | |||||||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 3.420 | % | 11/23/09 | RBS | 200,000 | 4,720 | 315 | ||||||||||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 3.750 | % | 11/23/09 | BNP | 1,000,000 | 8,000 | 526 | ||||||||||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 3.750 | % | 11/23/09 | CIT | 700,000 | 6,877 | 368 | ||||||||||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 3.750 | % | 11/23/09 | RBS | 3,000,000 | 24,840 | 1,579 | ||||||||||||||||||||
Put — OTC 7-Year Interest Rate Swap | Pay | 4.000 | % | 11/23/09 | BRC | 1,000,000 | 10,341 | 1,329 | ||||||||||||||||||||
Put — OTC 7-Year Interest Rate Swap | Pay | 4.000 | % | 11/23/09 | CIT | 2,000,000 | 23,126 | 2,658 | ||||||||||||||||||||
Put — OTC 7-Year Interest Rate Swap | Pay | 4.000 | % | 11/23/09 | DUB | 1,000,000 | 5,077 | 1,329 | ||||||||||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 5.000 | % | 06/15/10 | BNP | 1,000,000 | 9,175 | 3,125 | ||||||||||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 5.000 | % | 06/15/10 | BRC | 3,000,000 | 28,770 | 9,374 | ||||||||||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 5.800 | % | 06/28/10 | CSF | 1,000,000 | 5,650 | 1,367 | ||||||||||||||||||||
Put — OTC 5-Year Interest Rate Swap | Pay | 5.500 | % | 08/31/10 | DUB | 1,000,000 | 10,774 | 3,401 | ||||||||||||||||||||
Put — OTC 7-Year Interest Rate Swap | Pay | 6.000 | % | 08/31/10 | RBS | 2,900,000 | 22,959 | 9,880 | ||||||||||||||||||||
Put — OTC 10-Year Interest Rate Swap | Pay | 6.000 | % | 08/31/10 | RBS | 600,000 | 5,925 | 3,311 | ||||||||||||||||||||
Put — OTC 7-Year Interest Rate Swap | Pay | 5.365 | % | 09/20/10 | RBS | 2,000,000 | 39,845 | 14,641 | ||||||||||||||||||||
Total Written Options | $ | 218,774 | $ | 59,218 | ||||||||||||||||||||||||
(j) | Swap agreements outstanding as of September 30, 2009 were as follows: |
Credit Default Swaps on Corporate and Sovereign Issues — Sell Protection (2)
Fixed Deal | Implied Credit | Upfront | ||||||||||||||||||||||||||||||
Received | Expiration | Counter- | Spread at | Notional | Market | Premiums Paid | Unrealized | |||||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | 09/30/09 (3) | Amount (4) | Value (5) | (Received) | Depreciation | ||||||||||||||||||||||||
Ford Motor Credit Co 7.000% due 10/01/13 | 3.800 | % | 09/20/12 | MSC | 5.348 | % | $ | 100,000 | $ | (3,968 | ) | $ | — | $ | (3,968 | ) | ||||||||||||||||
American International Group Inc 6.250% due 05/01/36 | 1.950 | % | 03/20/13 | DUB | 8.112 | % | 1,200,000 | (207,072 | ) | — | (207,072 | ) | ||||||||||||||||||||
$ | (211,040 | ) | $ | — | $ | (211,040 | ) | |||||||||||||||||||||||||
Credit Default Swaps on Credit Indices — Buy Protection (1)
Fixed Deal | Upfront | |||||||||||||||||||||||||||
Pay | Expiration | Counter- | Notional | Market | Premiums Paid | Unrealized | ||||||||||||||||||||||
Referenced Obligation | Rate | Date | party | Amount (4) | Value (5) | (Received) | Depreciation | |||||||||||||||||||||
Dow Jones CDX NA IG-12 Index D | (1.000 | %) | 06/20/14 | DUB | $ | 2,100,000 | $ | 8,443 | $ | 37,058 | $ | (28,615 | ) | |||||||||||||||
Dow Jones CDX NA IG-12 Index D | (1.000 | %) | 06/20/14 | GSC | 800,000 | 3,217 | 16,356 | (13,139 | ) | |||||||||||||||||||
$ | 11,660 | $ | 53,414 | $ | (41,754 | ) | ||||||||||||||||||||||
Total Credit Default Swaps (6) | $ | (199,380 | ) | $ | 53,414 | $ | (252,794 | ) | ||||||||||||||||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-41
PACIFIC LIFE FUNDS
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
PL INFLATION MANAGED FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
(1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | |
(2) | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. | |
(3) | Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation. | |
(4) | The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of protection if a credit event occurs as defined under the terms of that particular swap agreement. | |
(5) | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. | |
(6) | The aggregate fair value of credit default swaps in a net liability as of September 30,2009 was $252,794. |
Interest Rate Swaps
Upfront | ||||||||||||||||||||||||||||||||
Premiums | Unrealized | |||||||||||||||||||||||||||||||
Counter- | Pay/Receive | Fixed | Expiration | Notional | Market | Paid | Appreciation | |||||||||||||||||||||||||
Floating Rate Index | party | Floating Rate | Rate | Date | Amount | Value | (Received) | (Depreciation) | ||||||||||||||||||||||||
6-Month GBP-LIBOR | DUB | Pay | 6.000 | % | 03/20/10 | GBP 900,000 | $ | 37,611 | $ | 15,181 | $ | 22,430 | ||||||||||||||||||||
France CPI Excluding Tobacco | BRC | Pay | 2.103 | % | 10/15/10 | EUR 500,000 | 28,186 | (416 | ) | 28,602 | ||||||||||||||||||||||
France CPI Excluding Tobacco | UBS | Pay | 2.146 | % | 10/15/10 | 100,000 | 6,317 | — | 6,317 | |||||||||||||||||||||||
6-Month EUR-LIBOR | GSC | Pay | 4.500 | % | 03/18/11 | 400,000 | 34,303 | (842 | ) | 35,145 | ||||||||||||||||||||||
France CPI Excluding Tobacco D | JPM | Pay | 2.261 | % | 07/14/11 | 500,000 | 35,708 | — | 35,708 | |||||||||||||||||||||||
France CPI Excluding Tobacco | JPM | Pay | 2.028 | % | 10/15/11 | 200,000 | 10,346 | — | 10,346 | |||||||||||||||||||||||
France CPI Excluding Tobacco | UBS | Pay | 2.095 | % | 10/15/11 | 300,000 | 16,868 | — | 16,868 | |||||||||||||||||||||||
France CPI Excluding Tobacco | BNP | Pay | 1.988 | % | 12/15/11 | 1,000,000 | 39,087 | — | 39,087 | |||||||||||||||||||||||
BRL — CDI Compounded | MSC | Pay | 10.115 | % | 01/02/12 | BRL 1,300,000 | (33,023 | ) | (18,939 | ) | (14,084 | ) | ||||||||||||||||||||
BRL — CDI Compounded | BRC | Pay | 10.680 | % | 01/02/12 | 800,000 | (10,991 | ) | (6,967 | ) | (4,024 | ) | ||||||||||||||||||||
BRL — CDI Compounded | HSB | Pay | 14.765 | % | 01/02/12 | 2,300,000 | 97,764 | 15,333 | 82,431 | |||||||||||||||||||||||
BRL — CDI Compounded | MER | Pay | 14.765 | % | 01/02/12 | 100,000 | 4,251 | 191 | 4,060 | |||||||||||||||||||||||
Eurostat Eurozone HICP Excluding Tobacco | UBS | Receive | 2.275 | % | 10/15/16 | EUR 200,000 | 2,501 | — | 2,501 | |||||||||||||||||||||||
France CPI Excluding Tobacco | UBS | Pay | 2.350 | % | 10/15/16 | 200,000 | (3,041 | ) | — | (3,041 | ) | |||||||||||||||||||||
France CPI Excluding Tobacco | JPM | Pay | 2.353 | % | 10/15/16 | 100,000 | (1,689 | ) | — | (1,689 | ) | |||||||||||||||||||||
Total Interest Rate Swaps | $ | 264,198 | $ | 3,541 | $ | 260,657 | ||||||||||||||||||||||||||
Total Swap Agreements | $ | 64,818 | $ | 56,955 | $ | 7,863 | ||||||||||||||||||||||||||
(k) | As of September 30, 2009, securities with a total aggregate market value of $76,961 were fully or partially segregated with the broker(s)/custodian as collateral for open futures contracts. In addition, $103,700 in cash was segregated as collateral for open futures contracts. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-42
PACIFIC LIFE FUNDS
PL LARGE-CAP GROWTH FUND
Schedule of Investments
September 30, 2009 (Unaudited)
PL LARGE-CAP GROWTH FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 98.0% | ||||||||
Consumer Discretionary - 17.0% | ||||||||
Amazon.com Inc * | 18,600 | $ | 1,736,496 | |||||
DeVry Inc | 15,500 | 857,460 | ||||||
International Game Technology | 61,600 | 1,323,168 | ||||||
McDonald’s Corp | 21,500 | 1,227,005 | ||||||
priceline.com Inc * | 4,500 | 746,190 | ||||||
The Home Depot Inc | 15,800 | 420,912 | ||||||
The Sherwin-Williams Co | 18,000 | 1,082,880 | ||||||
Time Warner Cable Inc | 23,000 | 991,070 | ||||||
8,385,181 | ||||||||
Consumer Staples - 5.1% | ||||||||
Colgate-Palmolive Co | 12,000 | 915,360 | ||||||
Kellogg Co | 19,000 | 935,370 | ||||||
Wal-Mart Stores Inc | 13,400 | 657,806 | ||||||
2,508,536 | ||||||||
Energy - 6.9% | ||||||||
Schlumberger Ltd (Netherlands) | 6,200 | 369,520 | ||||||
Southwestern Energy Co * | 27,500 | 1,173,700 | ||||||
Weatherford International Ltd (Switzerland) * | 29,700 | 615,681 | ||||||
XTO Energy Inc | 30,800 | 1,272,656 | ||||||
3,431,557 | ||||||||
Financials - 5.3% | ||||||||
BlackRock Inc | 4,100 | 888,962 | ||||||
CME Group Inc | 4,000 | 1,232,760 | ||||||
IntercontinentalExchange Inc * | 5,100 | 495,669 | ||||||
2,617,391 | ||||||||
Health Care - 18.2% | ||||||||
Alcon Inc (Switzerland) | 10,800 | 1,497,636 | ||||||
Allergan Inc | 37,500 | 2,128,500 | ||||||
Baxter International Inc | 10,500 | 598,605 | ||||||
Covidien PLC (Ireland) | 29,000 | 1,254,540 | ||||||
Express Scripts Inc * | 15,000 | 1,163,700 | ||||||
Laboratory Corp of America Holdings * | 9,000 | 591,300 | ||||||
Medco Health Solutions Inc * | 9,700 | 536,507 | ||||||
Talecris Biotherapeutics Holdings Corp * | 13,400 | 254,600 | ||||||
Zimmer Holdings Inc * | 17,800 | 951,410 | ||||||
8,976,798 | ||||||||
Industrials - 7.5% | ||||||||
Burlington Northern Santa Fe Corp | 5,900 | 470,997 | ||||||
General Dynamics Corp | 8,300 | 536,180 | ||||||
Parker-Hannifin Corp | 11,600 | 601,344 | ||||||
Union Pacific Corp | 22,700 | 1,324,545 | ||||||
United Technologies Corp | 12,500 | 761,625 | ||||||
3,694,691 | ||||||||
Information Technology - 31.8% | ||||||||
Adobe Systems Inc * | 27,200 | 898,688 | ||||||
Apple Inc * | 15,100 | 2,799,087 | ||||||
Cisco Systems Inc * | 73,000 | 1,718,420 | ||||||
Google Inc ‘A’ * | 4,800 | 2,380,080 | ||||||
MasterCard Inc ‘A’ | 9,100 | 1,839,565 | ||||||
Oracle Corp | 40,300 | 839,852 | ||||||
QUALCOMM Inc | 42,500 | 1,911,650 | ||||||
Research In Motion Ltd (Canada) * | 7,700 | 520,135 | ||||||
salesforce.com inc * | 13,300 | 757,169 | ||||||
Visa Inc ‘A’ | 29,700 | 2,052,567 | ||||||
15,717,213 | ||||||||
Materials - 4.7% | ||||||||
Monsanto Co | 13,200 | 1,021,680 | ||||||
Praxair Inc | 16,000 | 1,307,040 | ||||||
2,328,720 | ||||||||
Telecommunication Services - 1.5% | ||||||||
American Tower Corp ‘A’ * | 20,100 | 731,640 | ||||||
Total Common Stocks (Cost $41,797,255) | 48,391,727 | |||||||
EXCHANGE-TRADED FUND - 2.1% | ||||||||
iShares Russell 1000 Growth Index Fund | 21,900 | 1,014,189 | ||||||
Total Exchange-Traded Fund (Cost $982,548) | 1,014,189 | |||||||
SHORT-TERM INVESTMENT - 0.8% | ||||||||
Money Market Fund - 0.8% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 396,434 | 396,434 | ||||||
Total Short-Term Investment (Cost $396,434) | 396,434 | |||||||
TOTAL INVESTMENTS - 100.9% (Cost $43,176,237) | 49,802,350 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.9%) | (450,594 | ) | ||||||
NET ASSETS - 100.0% | $ | 49,351,756 | ||||||
Note to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Information Technology | 31.8 | % | ||
Health Care | 18.2 | % | ||
Consumer Discretionary | 17.0 | % | ||
Industrials | 7.5 | % | ||
Energy | 6.9 | % | ||
Financials | 5.3 | % | ||
Consumer Staples | 5.1 | % | ||
Materials | 4.7 | % | ||
Exchange-Traded Fund | 2.1 | % | ||
Telecommunication Services | 1.5 | % | ||
Short-Term Investment | 0.8 | % | ||
100.9 | % | |||
Other Assets & Liabilities, Net | (0.9 | %) | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-43
PACIFIC LIFE FUNDS
PL COMSTOCK FUND
Schedule of Investments
September 30, 2009 (Unaudited)
PL COMSTOCK FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 96.3% | ||||||||
Consumer Discretionary - 17.5% | ||||||||
Comcast Corp ‘A’ | 247,314 | $ | 4,177,133 | |||||
J.C. Penney Co Inc | 25,100 | 847,125 | ||||||
Liberty Media Corp - Entertainment ‘A’ * | 35,500 | 1,104,405 | ||||||
Lowe’s Cos Inc | 41,100 | 860,634 | ||||||
Macy’s Inc | 49,873 | 912,177 | ||||||
News Corp ‘B’ | 124,200 | 1,737,558 | ||||||
Target Corp | 8,300 | 387,444 | ||||||
The Home Depot Inc | 36,600 | 975,024 | ||||||
Time Warner Cable Inc | 27,581 | 1,188,465 | ||||||
Time Warner Inc | 66,633 | 1,917,698 | ||||||
Viacom Inc ‘B’ * | 152,150 | 4,266,286 | ||||||
18,373,949 | ||||||||
Consumer Staples - 12.3% | ||||||||
Altria Group Inc | 45,300 | 806,793 | ||||||
Cadbury PLC ADR (United Kingdom) | 24,036 | 1,230,884 | ||||||
CVS Caremark Corp | 38,300 | 1,368,842 | ||||||
Dr Pepper Snapple Group Inc * | 26,752 | 769,120 | ||||||
Kraft Foods Inc ‘A’ | 73,402 | 1,928,270 | ||||||
Philip Morris International Inc | 23,300 | 1,135,642 | ||||||
The Coca-Cola Co | 25,200 | 1,353,240 | ||||||
The Procter & Gamble Co | 7,000 | 405,440 | ||||||
Unilever NV ‘NY’ (Netherlands) | 65,400 | 1,887,444 | ||||||
Wal-Mart Stores Inc | 41,900 | 2,056,871 | ||||||
12,942,546 | ||||||||
Energy - 5.7% | ||||||||
BP PLC ADR (United Kingdom) | 13,200 | 702,636 | ||||||
Chevron Corp | 21,800 | 1,535,374 | ||||||
ConocoPhillips | 16,000 | 722,560 | ||||||
Halliburton Co | 53,500 | 1,450,920 | ||||||
Royal Dutch Shell PLC ADR (United Kingdom) | 13,700 | 783,503 | ||||||
Total SA ADR (France) | 13,000 | 770,380 | ||||||
5,965,373 | ||||||||
Financials - 21.2% | ||||||||
Aflac Inc | 10,900 | 465,866 | ||||||
Bank of America Corp | 99,501 | 1,683,557 | ||||||
Berkshire Hathaway Inc ‘B’ * | 242 | 804,166 | ||||||
JPMorgan Chase & Co | 77,100 | 3,378,522 | ||||||
MetLife Inc | 36,800 | 1,400,976 | ||||||
The Bank of New York Mellon Corp | 75,639 | 2,192,775 | ||||||
The Chubb Corp | 110,680 | 5,579,379 | ||||||
The Goldman Sachs Group Inc | 5,100 | 940,185 | ||||||
The PNC Financial Services Group Inc | 24,200 | 1,175,878 | ||||||
The Travelers Cos Inc | 47,586 | 2,342,659 | ||||||
Torchmark Corp | 17,500 | 760,025 | ||||||
U.S. Bancorp | 31,600 | 690,776 | ||||||
Wells Fargo & Co | 30,800 | 867,944 | ||||||
22,282,708 | ||||||||
Health Care - 15.3% | ||||||||
Abbott Laboratories | 15,000 | 742,050 | ||||||
Boston Scientific Corp * | 121,400 | 1,285,626 | ||||||
Bristol-Myers Squibb Co | 100,800 | 2,270,016 | ||||||
Cardinal Health Inc | 56,400 | 1,511,520 | ||||||
Eli Lilly & Co | 34,000 | 1,123,020 | ||||||
GlaxoSmithKline PLC ADR (United Kingdom) | 12,400 | 489,924 | ||||||
Pfizer Inc | 130,300 | 2,156,465 | ||||||
Roche Holding AG ADR (Switzerland) | 19,700 | 799,820 | ||||||
Schering-Plough Corp | 100,000 | 2,825,000 | ||||||
UnitedHealth Group Inc | 21,800 | 545,872 | ||||||
WellPoint Inc * | 13,300 | 629,888 | ||||||
Wyeth | 36,200 | 1,758,596 | ||||||
16,137,797 | ||||||||
Industrials - 2.7% | ||||||||
Emerson Electric Co | 14,900 | 597,192 | ||||||
General Electric Co | 86,700 | 1,423,614 | ||||||
Honeywell International Inc | 11,400 | 423,510 | ||||||
Ingersoll-Rand PLC (Ireland) | 13,400 | 410,978 | ||||||
2,855,294 | ||||||||
Information Technology - 12.9% | ||||||||
Accenture PLC ‘A’ (Ireland) | 13,700 | 510,599 | ||||||
Cisco Systems Inc * | 64,900 | 1,527,746 | ||||||
Dell Inc * | 143,067 | 2,183,202 | ||||||
eBay Inc * | 141,000 | 3,329,010 | ||||||
Hewlett-Packard Co | 28,200 | 1,331,322 | ||||||
Intel Corp | 74,900 | 1,465,793 | ||||||
International Business Machines Corp | 8,300 | 992,763 | ||||||
KLA-Tencor Corp | 31,100 | 1,115,246 | ||||||
Microsoft Corp | 13,400 | 346,926 | ||||||
The Western Union Co | 16,800 | 317,856 | ||||||
Yahoo! Inc * | 28,200 | 502,242 | ||||||
13,622,705 | ||||||||
Materials - 5.4% | ||||||||
Alcoa Inc | 109,700 | 1,439,264 | ||||||
E.I. du Pont de Nemours & Co | 30,099 | 967,382 | ||||||
International Paper Co | 147,577 | 3,280,637 | ||||||
5,687,283 | ||||||||
Telecommunication Services - 3.3% | ||||||||
AT&T Inc | 51,100 | 1,380,211 | ||||||
Verizon Communications Inc | 70,300 | 2,127,981 | ||||||
3,508,192 | ||||||||
Total Common Stocks (Cost $95,908,590) | 101,375,847 | |||||||
SHORT-TERM INVESTMENTS - 3.8% | ||||||||
U.S. Government Agency Issue - 3.7% | ||||||||
Federal Home Loan Bank | ||||||||
0.001%, due 10/01/09 | 3,900,000 | 3,900,000 | ||||||
Money Market Fund - 0.1% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 58,606 | 58,606 | ||||||
Total Short-Term Investments (Cost $3,958,606) | 3,958,606 | |||||||
TOTAL INVESTMENTS - 100.1% (Cost $99,867,196) | 105,334,453 | |||||||
OTHER ASSETS & LIABILITIES, NET - (0.1%) | (70,477 | ) | ||||||
NET ASSETS - 100.0% | $ | 105,263,976 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-44
PACIFIC LIFE FUNDS
PL COMSTOCK FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
PL COMSTOCK FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Notes to Schedule of Investments
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Financials | 21.2 | % | ||
Consumer Discretionary | 17.5 | % | ||
Health Care | 15.3 | % | ||
Information Technology | 12.9 | % | ||
Consumer Staples | 12.3 | % | ||
Energy | 5.7 | % | ||
Materials | 5.4 | % | ||
Short-Term Investments | 3.8 | % | ||
Telecommunication Services | 3.3 | % | ||
Industrials | 2.7 | % | ||
100.1 | % | |||
Other Assets & Liabilities, Net | (0.1 | %) | ||
100.0 | % | |||
(b) | Short-term securities reflect either the stated coupon rate or the annualized effective yield on the date of purchase for discounted securities. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-45
PACIFIC LIFE FUNDS
PL MID-CAP GROWTH FUND
Schedule of Investments
September 30, 2009 (Unaudited)
PL MID-CAP GROWTH FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
CONVERTIBLE PREFERRED STOCKS - 0.3% | ||||||||
Health Care - 0.3% | ||||||||
Ironwood Pharmaceuticals Inc ‘H’ 8.000% * + Δ | 11,028 | $ | 132,336 | |||||
Total Convertible Preferred Stocks (Cost $132,336) | 132,336 | |||||||
COMMON STOCKS - 95.7% | ||||||||
Consumer Discretionary - 29.2% | ||||||||
Abercrombie & Fitch Co ‘A’ | 16,053 | 527,823 | ||||||
Ctrip.com International Ltd ADR (Cayman) * | 27,037 | 1,589,505 | ||||||
Discovery Communications Inc ‘C’ * | 19,975 | 519,949 | ||||||
Gafisa SA ADR (Brazil) | 21,978 | 667,252 | ||||||
Groupe Aeroplan Inc (Canada) | 63,294 | 585,262 | ||||||
Las Vegas Sands Corp * | 41,790 | 703,744 | ||||||
Li & Fung Ltd (Bermuda) + | 428,200 | 1,715,593 | ||||||
Mohawk Industries Inc * | 6,174 | 294,438 | ||||||
Morningstar Inc * | 19,003 | 922,786 | ||||||
Netflix Inc * | 7,276 | 335,933 | ||||||
New Oriental Education & Technology Group ADR (Cayman) * | 10,967 | 882,295 | ||||||
NVR Inc * | 1,116 | 711,305 | ||||||
priceline.com Inc * | 9,577 | 1,588,058 | ||||||
Sears Holdings Corp * | 6,053 | 395,321 | ||||||
Starbucks Corp * | 36,527 | 754,283 | ||||||
Strayer Education Inc | 2,557 | 556,608 | ||||||
Wynn Resorts Ltd * | 21,270 | 1,507,830 | ||||||
14,257,985 | ||||||||
Energy - 7.5% | ||||||||
Petrohawk Energy Corp * | 16,086 | 389,442 | ||||||
Range Resources Corp | 27,481 | 1,356,462 | ||||||
Ultra Petroleum Corp (Canada) * | 39,660 | 1,941,754 | ||||||
3,687,658 | ||||||||
Financials - 8.0% | ||||||||
Brookfield Asset Management Inc ‘A’ (Canada) | 24,836 | 564,026 | ||||||
Calamos Asset Management Inc ‘A’ | 26,095 | 340,801 | ||||||
Greenhill & Co Inc | 8,361 | 748,978 | ||||||
IntercontinentalExchange Inc * | 7,751 | 753,320 | ||||||
Leucadia National Corp * | 45,231 | 1,118,110 | ||||||
Moody’s Corp | 12,703 | 259,903 | ||||||
MSCI Inc ‘A’ * | 4,425 | 131,069 | ||||||
3,916,207 | ||||||||
Health Care - 10.6% | ||||||||
Allergan Inc | 11,098 | 629,922 | ||||||
Gen-Probe Inc * | 17,947 | 743,724 | ||||||
Illumina Inc * | 40,351 | 1,714,918 | ||||||
Intuitive Surgical Inc * | 2,424 | 635,694 | ||||||
Mindray Medical International Ltd ADR (Cayman) | 14,232 | 464,532 | ||||||
Techne Corp | 16,110 | 1,007,681 | ||||||
5,196,471 | ||||||||
Industrials - 9.3% | ||||||||
Aecom Technology Corp * | 16,425 | 445,774 | ||||||
C.H. Robinson Worldwide Inc | 15,866 | 916,262 | ||||||
Covanta Holding Corp * | 26,405 | 448,885 | ||||||
Expeditors International of Washington Inc | 33,922 | 1,192,358 | ||||||
IHS Inc ‘A’ * | 13,778 | 704,469 | ||||||
Monster Worldwide Inc * | 23,788 | 415,814 | ||||||
The Corporate Executive Board Co | 17,108 | 425,989 | ||||||
4,549,551 | ||||||||
Information Technology - 22.4% | ||||||||
Akamai Technologies Inc * | 38,061 | 749,040 | ||||||
Alibaba.com Ltd (Cayman) + | 432,600 | 1,002,068 | ||||||
Autodesk Inc * | 29,026 | 690,819 | ||||||
Baidu Inc ADR (Cayman) * | 4,697 | 1,836,762 | ||||||
BYD Co Ltd ‘H’ (China) + | 88,400 | 725,687 | ||||||
Equinix Inc * | 6,103 | 561,476 | ||||||
Palm Inc * | 58,404 | 1,017,982 | ||||||
Redecard SA (Brazil) | 66,682 | 1,030,944 | ||||||
Rovi Corp * | 9,828 | 330,221 | ||||||
salesforce.com inc * | 23,770 | 1,353,226 | ||||||
Tencent Holdings Ltd (Cayman) + | 38,500 | 624,849 | ||||||
Teradata Corp * | 37,191 | 1,023,496 | ||||||
10,946,570 | ||||||||
Materials - 6.9% | ||||||||
Intrepid Potash Inc * | 23,654 | 557,998 | ||||||
Martin Marietta Materials Inc | 12,297 | 1,132,185 | ||||||
Nalco Holding Co | 38,452 | 787,881 | ||||||
Rockwood Holdings Inc * | 27,655 | 568,863 | ||||||
Texas Industries Inc | 7,379 | 309,918 | ||||||
3,356,845 | ||||||||
Telecommunication Services - 1.8% | ||||||||
Millicom International Cellular SA (Luxembourg) * | 4,689 | 341,078 | ||||||
NII Holdings Inc * | 17,697 | 530,556 | ||||||
871,634 | ||||||||
Total Common Stocks (Cost $39,780,573) | 46,782,921 | |||||||
SHORT-TERM INVESTMENT - 3.7% | ||||||||
Money Market Fund - 3.7% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 1,837,113 | 1,837,113 | ||||||
Total Short-Term Investment (Cost $1,837,113) | 1,837,113 | |||||||
TOTAL INVESTMENTS - 99.7% (Cost $41,750,022) | 48,752,370 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.3% | 125,557 | |||||||
NET ASSETS - 100.0% | $ | 48,877,927 | ||||||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-46
PACIFIC LIFE FUNDS
PL MID-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
PL MID-CAP GROWTH FUND
Schedule of Investments (Continued)
September 30, 2009 (Unaudited)
Notes to Schedule of Investments | ||
(a) | As of September 30, 2009, the Fund was diversified as a percentage of net assets as follows: |
Consumer Discretionary | 29.2 | % | ||
Information Technology | 22.4 | % | ||
Health Care | 10.9 | % | ||
Industrials | 9.3 | % | ||
Financials | 8.0 | % | ||
Energy | 7.5 | % | ||
Materials | 6.9 | % | ||
Short-Term Investment | 3.7 | % | ||
Telecommunication Services | 1.8 | % | ||
99.7 | % | |||
Other Assets & Liabilities, Net | 0.3 | % | ||
100.0 | % | |||
(b) | Securities with a total aggregate market value of $4,200,533 or 8.6% of the net assets were valued under the fair value procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable. | |
(c) | 0.3% of the Fund’s net assets were reported illiquid by the portfolio manager under the Funds’ policy. |
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-47
PACIFIC LIFE FUNDS
PL REAL ESTATE FUND
Schedule of Investments
September 30, 2009 (Unaudited)
PL REAL ESTATE FUND
Schedule of Investments
September 30, 2009 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS - 97.8% | ||||||||
Consumer Discretionary - 4.5% | ||||||||
Morgans Hotel Group Co * | 28,714 | $ | 155,630 | |||||
Starwood Hotels & Resorts Worldwide Inc | 38,557 | 1,273,538 | ||||||
1,429,168 | ||||||||
Financial Services - 91.7% | ||||||||
Acadia Realty Trust REIT | 22,063 | 332,489 | ||||||
AMB Property Corp REIT | 15,506 | 355,863 | ||||||
AvalonBay Communities Inc REIT | 27,629 | 2,009,457 | ||||||
Boston Properties Inc REIT | 22,789 | 1,493,819 | ||||||
Brookfield Properties Corp (Canada) | 109,699 | 1,235,211 | ||||||
Camden Property Trust REIT | 15,166 | 611,190 | ||||||
Care Investment Trust Inc REIT | 2,717 | 20,839 | ||||||
Colony Financial Inc REIT * | 7,310 | 142,911 | ||||||
Cousins Properties Inc REIT | 9,100 | 75,348 | ||||||
CreXus Investment Corp REIT * | 6,780 | 96,954 | ||||||
DCT Industrial Trust Inc REIT | 34,630 | 176,959 | ||||||
DiamondRock Hospitality Co REIT * | 14,710 | 119,151 | ||||||
Digital Realty Trust Inc REIT | 3,410 | 155,871 | ||||||
Duke Realty Corp REIT | 9,910 | 119,019 | ||||||
Equity Lifestyle Properties Inc REIT | 14,784 | 632,607 | ||||||
Equity One Inc REIT | 281 | 4,403 | ||||||
Equity Residential REIT | 85,635 | 2,628,995 | ||||||
Extendicare REIT (Canada) | 1,580 | 12,396 | ||||||
Federal Realty Investment Trust REIT | 15,850 | 972,715 | ||||||
Forest City Enterprises Inc ‘A’ | 64,623 | 864,009 | ||||||
HCP Inc REIT | 41,150 | 1,182,651 | ||||||
Healthcare Realty Trust Inc REIT | 35,049 | 740,585 | ||||||
Host Hotels & Resorts Inc REIT | 103,025 | 1,212,604 | ||||||
Kilroy Realty Corp REIT | 6,624 | 183,750 | ||||||
Kite Realty Group Trust REIT | 17,840 | 74,393 | ||||||
Liberty Property Trust REIT | 17,841 | 580,368 | ||||||
LTC Properties Inc REIT | 3,720 | 89,429 | ||||||
Mack-Cali Realty Corp REIT | 19,479 | 629,756 | ||||||
Nationwide Health Properties Inc REIT | 4,310 | 133,567 | ||||||
Plum Creek Timber Co Inc REIT | 31,139 | 954,099 | ||||||
Post Properties Inc REIT | 22,340 | 402,120 | ||||||
PS Business Parks Inc REIT | 4,932 | 253,110 | ||||||
Public Storage REIT | 22,347 | 1,681,388 | ||||||
Rayonier Inc REIT | 3,920 | 160,367 | ||||||
Regency Centers Corp REIT | 31,141 | 1,153,774 | ||||||
Senior Housing Properties Trust REIT | 50,723 | 969,317 | ||||||
Simon Property Group Inc REIT | 46,744 | 3,245,436 | ||||||
Sovran Self Storage Inc REIT | 2,912 | 88,612 | ||||||
Starwood Property Trust Inc REIT * | 10,950 | 221,738 | ||||||
Taubman Centers Inc REIT | 4,563 | 164,633 | ||||||
Ventas Inc REIT | 23,630 | 909,755 | ||||||
Vornado Realty Trust REIT | 30,833 | 1,985,980 | ||||||
29,077,638 | ||||||||
Health Care - 1.1% | ||||||||
Assisted Living Concepts Inc ‘A’ * | 12,210 | 252,991 | ||||||
Capital Senior Living Corp * | 12,030 | 73,383 | ||||||
326,374 | ||||||||
Industrials - 0.5% | ||||||||
NRDC Acquisition Corp * | 15,700 | 162,338 | ||||||
Total Common Stocks (Cost $26,178,333) | 30,995,518 | |||||||
SHORT-TERM INVESTMENT - 1.8% | ||||||||
Money Market Fund - 1.8% | ||||||||
BlackRock Liquidity Funds Treasury Trust Fund Portfolio | 575,779 | 575,779 | ||||||
Total Short-Term Investment (Cost $575,779) | 575,779 | |||||||
TOTAL INVESTMENTS - 99.6% (Cost $26,754,112) | 31,571,297 | |||||||
OTHER ASSETS & LIABILITIES, NET - 0.4% | 129,179 | |||||||
NET ASSETS - 100.0% | $ | 31,700,476 | ||||||
Note to Schedule of Investments | ||
(a) | As of September 30, 2009, the Fund was diversified by property sector as a percentage of net assets as follows: |
Retail | 18.8 | % | ||
Residential | 17.8 | % | ||
Office/Industrial | 16.0 | % | ||
Diversified | 14.1 | % | ||
Health Care/Assisted Living | 13.8 | % | ||
Lodging | 8.7 | % | ||
Self-Storage | 5.6 | % | ||
Land | 3.0 | % | ||
97.8 | % | |||
Short-Term Investment | 1.8 | % | ||
Other Assets & Liabilities, Net | 0.4 | % | ||
100.0 | % | |||
See Notes to Financial Statements | See explanation of symbols and terms, if any, on page A-49 |
A-48
PACIFIC LIFE FUNDS
Schedule of Investments
Explanation of Symbols and Terms
September 30, 2009 (Unaudited)
Schedule of Investments
Explanation of Symbols and Terms
September 30, 2009 (Unaudited)
Explanation of Symbols: | ||
* | Non-income producing securities. | |
“ | Pass-through securities 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 shown is based on the latest available information as of September 30, 2009. | |
W | Securities were in default as of September 30, 2009. | |
± | The security is a perpetual bond and has no definite maturity date. | |
¥ | Unsettled position. Contract rates do not take effect until settlement date. | |
~ | Securities are not registered under the Securities Act of 1933 (1933 Act). These securities are either (1) exempt from registration pursuant to Rule 144A of the 1933 Act and may only be sold to “qualified institutional buyers”, or (2) the securities comply with Regulation S rules governing offers and sales made outside the United States without registration under the 1933 Act and contain certain restrictions as to public resale. | |
‡ | Securities were fully/partially segregated with the broker(s)/custodian as collateral for securities sold short, delayed delivery securities, futures contracts, written option contracts and/or swap contracts as of September 30, 2009. | |
Δ | Illiquid holdings. Holdings were reported as illiquid by the portfolio manager pursuant to Funds’ policy and procedures. (See Note 2G in Notes to Financial Statements). | |
+ | Securities were fair valued under procedures established by the Funds’ Board of Trustees, including considerations to determine fair values for certain foreign equity securities, if applicable. | |
Counterparty Abbreviations: | ||
BRC | Barclays | |
BNP | BNP Paribas | |
CIT | Citigroup | |
CSF | Credit Suisse | |
DUB | Deutsche Bank | |
GSC | Goldman Sachs | |
HSB | HSBC | |
JPM | JPMorgan Chase | |
MER | Merrill Lynch | |
MSC | Morgan Stanley | |
RBS | Royal Bank of Scotland | |
UBS | UBS | |
Currency Abbreviations: | ||
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
CNY | Chinese Renminbi | |
DKK | Danish Krone | |
EUR | Euro | |
GBP | British Pound | |
JPY | Japanese Yen | |
KRW | Korean Won | |
MXN | Mexican Peso | |
MYR | Malaysian Ringgit | |
SGD | Singapore Dollar | |
TWD | Taiwanese Dollar | |
USD | United States Dollar | |
Other Abbreviations: | ||
ADR | American Depositary Receipt | |
CBOT | Chicago Board of Trade | |
CPI | Consumer Price Index | |
CVA | Certificaten Van Aandelen (Dutch Certificate) | |
FDR | Fiduciary Depositary Receipt | |
GDR | Global Depositary Receipt | |
LI | London Stock Exchange | |
LIBOR | London Interbank Offered Rate | |
‘NY’ | New York Shares | |
OTC | Over the Counter | |
REIT | Real Estate Investment Trust | |
RNC | Riparmio Non-Convertible (Non-convertible savings shares on Italian Stock Exchanges) | |
SDR | Swedish Depositary Receipt | |
VVPR | Verminderde Voorheffing Precompte Reduit (Belgium dividend coupon) | |
XAMS | Amsterdam Stock Exchange |
Note: | The descriptions, industry and geographical classifications, and Standard and Poor’s quality ratings of the companies shown in the schedules of investments were obtained from published reports and other sources believed to be reliable. |
See Notes to Financial Statements
A-49
PL Portfolio Optimization Funds | PL Money | PL Small-Cap | PL International | |||||||||||||||||||||||||||||
Moderate- | Moderate- | Market | Growth | Value | ||||||||||||||||||||||||||||
Conservative Fund | Conservative Fund | Moderate Fund | Aggressive Fund | Aggressive Fund | Fund | Fund | Fund | |||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Investments, at cost | $ | 109,006,477 | $ | 136,760,647 | $ | 468,938,464 | $ | 472,981,112 | $ | 194,000,849 | $ | 41,537,332 | $ | 17,487,369 | $ | 69,288,435 | ||||||||||||||||
Investments in affiliates, at value | $ | 115,888,034 | $ | 137,271,303 | $ | 441,251,868 | $ | 428,811,181 | $ | 177,472,329 | $ | — | $ | — | $ | — | ||||||||||||||||
Investments, at value | 352,986 | 106,623 | 147,274 | 378,634 | 134,720 | 41,537,332 | 21,772,465 | 73,214,840 | ||||||||||||||||||||||||
Cash (1) | — | — | — | — | — | — | — | 156,593 | ||||||||||||||||||||||||
Foreign currency held, at value (1), (2) | — | — | �� | — | — | — | — | 69,798 | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||||
Dividends and interest | 10 | 13 | 20 | 5 | 2 | 15,025 | 3,362 | 186,589 | ||||||||||||||||||||||||
Foreign tax reclaim | — | — | — | — | — | — | — | 156,107 | ||||||||||||||||||||||||
Fund shares sold | 1,508,720 | 746,435 | 2,381,351 | 1,106,140 | 203,843 | 4,805 | 16,709 | 38,855 | ||||||||||||||||||||||||
Securities sold | — | — | — | — | — | — | 740,081 | 764,607 | ||||||||||||||||||||||||
Variation margin | — | — | — | — | — | — | — | 6,438 | ||||||||||||||||||||||||
Due from adviser | 17,847 | 21,745 | 58,783 | 56,810 | 27,188 | 14,153 | 8,732 | 26,436 | ||||||||||||||||||||||||
Prepaid expenses and other assets | 4,744 | 3,247 | 6,677 | 6,572 | 3,658 | 10,103 | 9,019 | 9,013 | ||||||||||||||||||||||||
Total Assets | 117,772,341 | 138,149,366 | 443,845,973 | 430,359,342 | 177,841,740 | 41,581,418 | 22,550,368 | 74,629,276 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||||
Fund shares redeemed | 449,568 | 204,627 | 1,226,302 | 882,965 | 352,160 | 124,756 | — | — | ||||||||||||||||||||||||
Securities purchased | 352,986 | 106,623 | 147,274 | 378,634 | 134,720 | — | 929,829 | 691,773 | ||||||||||||||||||||||||
Accrued advisory fees | 18,430 | 21,709 | 71,034 | 68,967 | 28,574 | — | 10,346 | 39,106 | ||||||||||||||||||||||||
Accrued administration fees | — | — | — | — | — | 3,805 | 5,173 | 18,049 | ||||||||||||||||||||||||
Accrued support service expenses | 17,222 | 21,919 | 70,679 | 65,309 | 27,063 | 12,750 | 5,819 | 20,373 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 1,982 | 1,982 | 1,982 | 1,982 | 1,982 | 2,632 | 3,014 | 5,490 | ||||||||||||||||||||||||
Accrued legal and audit fees | 16,145 | 21,505 | 71,242 | 67,426 | 28,288 | 9,297 | 6,024 | 20,708 | ||||||||||||||||||||||||
Accrued deferred trustee compensation and expenses | 843 | 2,483 | 8,831 | 9,012 | 3,510 | 6,236 | 3,167 | 6,037 | ||||||||||||||||||||||||
Accrued distribution and/or service fees | 7,897 | 9,051 | 28,504 | 28,252 | 10,805 | 1,715 | 881 | 3,044 | ||||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 11,841 | 16,399 | 56,475 | 56,203 | 24,607 | 8,963 | 3,989 | 14,385 | ||||||||||||||||||||||||
Accrued other | 8,122 | 9,852 | 27,918 | 28,496 | 11,622 | 5,861 | 2,851 | 9,239 | ||||||||||||||||||||||||
Total Liabilities | 885,036 | 416,150 | 1,710,241 | 1,587,246 | 623,331 | 176,015 | 971,093 | 828,204 | ||||||||||||||||||||||||
NET ASSETS | $ | 116,887,305 | $ | 137,733,216 | $ | 442,135,732 | $ | 428,772,096 | $ | 177,218,409 | $ | 41,405,403 | $ | 21,579,275 | $ | 73,801,072 | ||||||||||||||||
(1) | Includes margin deposits of $156,593 and EUR 30,819 held as collateral for futures contracts in the PL International Value Fund. | |
(2) | The cost of foreign currency for the PL International Value Fund was $68,976. |
See Notes to Financial Statements
B-1
PACIFIC LIFE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2009 (Unaudited)
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2009 (Unaudited)
PL Portfolio Optimization Funds | PL Money | PL Small-Cap | PL International | |||||||||||||||||||||||||||||
Moderate- | Moderate- | Market | Growth | Value | ||||||||||||||||||||||||||||
Conservative Fund | Conservative Fund | Moderate Fund | Aggressive Fund | Aggressive Fund | Fund (1) | Fund | Fund | |||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||||
Paid-in capital | $ | 114,022,300 | $ | 144,116,412 | $ | 491,831,206 | $ | 510,013,917 | $ | 224,805,587 | $ | 41,395,433 | $ | 30,702,239 | $ | 117,816,451 | ||||||||||||||||
Undistributed/accumulated net investment income (loss) | 1,592,430 | 1,466,947 | 3,406,792 | 1,927,949 | 411,993 | 9,814 | (103,172 | ) | 1,473,638 | |||||||||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (5,961,968 | ) | (8,467,422 | ) | (25,562,944 | ) | (39,378,473 | ) | (31,605,371 | ) | 156 | (13,304,888 | ) | (49,434,198 | ) | |||||||||||||||||
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies | 7,234,543 | 617,279 | (27,539,322 | ) | (43,791,297 | ) | (16,393,800 | ) | — | 4,285,096 | 3,945,181 | |||||||||||||||||||||
NET ASSETS | $ | 116,887,305 | $ | 137,733,216 | $ | 442,135,732 | $ | 428,772,096 | $ | 177,218,409 | $ | 41,405,403 | $ | 21,579,275 | $ | 73,801,072 | ||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||||||
Net Assets | $ | 48,392,826 | $ | 58,152,983 | $ | 194,897,385 | $ | 190,023,269 | $ | 85,715,438 | $ | 41,405,403 | $ | 21,579,275 | $ | 73,801,072 | ||||||||||||||||
Shares of beneficial interest outstanding | 4,744,851 | 5,754,331 | 19,212,787 | 19,252,941 | 8,837,541 | 41,406,179 | 2,631,607 | 8,005,391 | ||||||||||||||||||||||||
Net Asset Value per share* | $ | 10.20 | $ | 10.11 | $ | 10.14 | $ | 9.87 | $ | 9.70 | $ | 1.00 | $ | 8.20 | $ | 9.22 | ||||||||||||||||
Sales Charge — Maximum is 5.50% of offering price | 0.59 | 0.59 | 0.59 | 0.57 | 0.56 | — | 0.48 | 0.54 | ||||||||||||||||||||||||
Maximum offering price per share | $ | 10.79 | $ | 10.70 | $ | 10.73 | $ | 10.44 | $ | 10.26 | $ | 1.00 | $ | 8.68 | $ | 9.76 | ||||||||||||||||
Class B Shares:** | ||||||||||||||||||||||||||||||||
Net Assets | $ | 11,254,357 | $ | 16,010,023 | $ | 55,712,473 | $ | 60,938,933 | $ | 25,635,755 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 1,113,187 | 1,597,401 | 5,538,055 | 6,252,048 | 2,686,197 | |||||||||||||||||||||||||||
Net Asset Value and offering price per share* | $ | 10.11 | $ | 10.02 | $ | 10.06 | $ | 9.75 | $ | 9.54 | ||||||||||||||||||||||
Class C Shares:** | ||||||||||||||||||||||||||||||||
Net Assets | $ | 51,745,031 | $ | 55,213,114 | $ | 170,461,567 | $ | 165,711,233 | $ | 60,897,260 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 5,120,715 | 5,510,015 | 16,968,296 | 17,045,331 | 6,381,732 | |||||||||||||||||||||||||||
Net Asset Value and offering price per share* | $ | 10.11 | $ | 10.02 | $ | 10.05 | $ | 9.72 | $ | 9.54 | ||||||||||||||||||||||
Class R Shares:** | ||||||||||||||||||||||||||||||||
Net Assets | $ | 5,495,091 | $ | 8,357,096 | $ | 21,064,307 | $ | 12,098,661 | $ | 4,969,956 | ||||||||||||||||||||||
Shares of beneficial interest outstanding | 540,771 | 829,297 | 2,085,356 | 1,227,986 | 514,621 | |||||||||||||||||||||||||||
Net Asset Value per share | $ | 10.16 | $ | 10.08 | $ | 10.10 | $ | 9.85 | $ | 9.66 | ||||||||||||||||||||||
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. | |
** | Class B, C and R shares are offered to the PL Portfolio Optimization Funds only (see Note 1 to Financial Statements). | |
(1) | PL Money Market Fund is not subject to a front-end sales load. |
See Notes to Financial Statements
B-2
PACIFIC LIFE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2009 (Unaudited)
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2009 (Unaudited)
PL Large-Cap | PL Short Duration | PL Floating | PL Mid-Cap | PL International | PL Small-Cap | PL Main Street | ||||||||||||||||||||||||||
Value | Bond | Rate Loan | PL Growth LT | Equity | Large-Cap | Value | Core | |||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||
Investments, at cost | $ | 126,046,936 | $ | 64,831,101 | $ | 43,556,372 | $ | 61,489,405 | $ | 76,288,296 | $ | 84,062,138 | $ | 30,634,424 | $ | 106,121,069 | ||||||||||||||||
Investments, at value | $ | 134,091,646 | $ | 65,728,041 | $ | 43,846,640 | $ | 74,946,979 | $ | 85,276,340 | $ | 90,941,307 | $ | 32,279,285 | $ | 117,683,700 | ||||||||||||||||
Cash | — | — | 94,251 | — | — | — | — | — | ||||||||||||||||||||||||
Foreign currency held, at value (1) | — | — | — | 372,573 | — | — | — | — | ||||||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||||||
Dividends and interest | 251,297 | 324,252 | 135,322 | 74,828 | 84,709 | 159,611 | 44,573 | 187,906 | ||||||||||||||||||||||||
Foreign tax reclaim | 5,510 | — | — | 45,746 | — | 168,941 | — | — | ||||||||||||||||||||||||
Fund shares sold | 87,167 | 109,362 | 53,855 | 102,704 | 43,648 | 37,639 | 15,720 | 111,603 | ||||||||||||||||||||||||
Securities sold | — | 2,696,889 | 674,151 | 615,590 | 3,125,434 | 18,042 | 17,442 | 1,136,850 | ||||||||||||||||||||||||
Variation margin | — | 20,461 | — | — | — | — | — | — | ||||||||||||||||||||||||
Due from adviser | 15,489 | 11,582 | 6,423 | 21,524 | 15,262 | 24,323 | 7,967 | 26,052 | ||||||||||||||||||||||||
Forward foreign currency contracts appreciation | — | — | — | 39,714 | — | — | — | — | ||||||||||||||||||||||||
Prepaid expenses and other assets | 9,255 | 813 | 772 | 9,975 | 1,201 | 9,333 | 4,676 | 1,499 | ||||||||||||||||||||||||
Total Assets | 134,460,364 | 68,891,400 | 44,811,414 | 76,229,633 | 88,546,594 | 91,359,196 | 32,369,663 | 119,147,610 | ||||||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||||||
Securities purchased | — | 8,398,954 | 3,055,024 | 552,792 | 2,458,690 | 31,546 | 49,003 | 217,420 | ||||||||||||||||||||||||
Due to custodian in foreign currency (1) | — | — | — | — | — | 70 | — | — | ||||||||||||||||||||||||
Accrued advisory fees | 70,124 | 19,210 | 24,641 | 32,819 | 44,527 | 62,712 | 19,484 | 42,831 | ||||||||||||||||||||||||
Accrued administration fees | 32,365 | 14,407 | 9,856 | 17,901 | 20,551 | 22,134 | 7,794 | 28,554 | ||||||||||||||||||||||||
Accrued support service expenses | 15,891 | 11,632 | 7,382 | 18,351 | 14,549 | 16,566 | 6,939 | 20,816 | ||||||||||||||||||||||||
Accrued custodian fees and expenses | 2,874 | 3,184 | 1,849 | 14,591 | 6,677 | 12,139 | 2,886 | 23,110 | ||||||||||||||||||||||||
Accrued legal and audit fees | 16,238 | 11,288 | 4,717 | 17,834 | 14,974 | 16,255 | 5,549 | 21,183 | ||||||||||||||||||||||||
Accrued deferred trustee compensation and expenses | 6,495 | 2,320 | — | 4,823 | 1,502 | 4,150 | — | 2,274 | ||||||||||||||||||||||||
Accrued distribution and/or service fees | 5,485 | 2,453 | 1,693 | 3,053 | 3,477 | 3,739 | 1,318 | 4,840 | ||||||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 10,847 | 7,004 | 4,466 | 12,156 | 9,812 | 11,594 | 4,762 | 13,999 | ||||||||||||||||||||||||
Accrued other | 6,240 | 5,360 | 2,649 | 7,512 | 7,642 | 6,867 | 2,921 | 13,585 | ||||||||||||||||||||||||
Forward foreign currency contracts depreciation | — | — | — | 130,481 | — | — | — | — | ||||||||||||||||||||||||
Total Liabilities | 166,559 | 8,475,812 | 3,112,277 | 812,313 | 2,582,401 | 187,772 | 100,656 | 388,612 | ||||||||||||||||||||||||
NET ASSETS | $ | 134,293,805 | $ | 60,415,588 | $ | 41,699,137 | $ | 75,417,320 | $ | 85,964,193 | $ | 91,171,424 | $ | 32,269,007 | $ | 118,758,998 | ||||||||||||||||
(1) | The cost of foreign currency for the PL Growth LT Fund and the PL International Large-Cap Fund were $362,552 and ($71) respectively. |
See Notes to Financial Statements
B-3
PACIFIC LIFE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2009 (Unaudited)
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2009 (Unaudited)
PL Large-Cap | PL Short Duration | PL Floating | PL Mid-Cap | PL International | PL Small-Cap | PL Main Street | ||||||||||||||||||||||||||
Value | Bond | Rate Loan | PL Growth LT | Equity | Large-Cap | Value | Core | |||||||||||||||||||||||||
Fund | Fund | Fund (1) | Fund | Fund | Fund | Fund (1) | Fund (1) | |||||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||||||
Paid-in capital | $ | 142,924,446 | $ | 60,153,897 | $ | 43,557,617 | $ | 93,266,878 | $ | 109,701,208 | $ | 96,177,961 | $ | 40,631,281 | $ | 147,740,835 | ||||||||||||||||
Undistributed/accumulated net investment income (loss) | 665,428 | (15,023 | ) | 5,021 | 149,622 | 170,425 | 967,733 | 305,018 | 516,208 | |||||||||||||||||||||||
Accumulated net realized loss | (17,341,463 | ) | (676,940 | ) | (2,153,769 | ) | (31,378,311 | ) | (32,895,484 | ) | (12,859,001 | ) | (10,312,153 | ) | (41,060,676 | ) | ||||||||||||||||
Net unrealized appreciation on investments and assets and liabilities in foreign currencies | 8,045,394 | 953,654 | 290,268 | 13,379,131 | 8,988,044 | 6,884,731 | 1,644,861 | 11,562,631 | ||||||||||||||||||||||||
NET ASSETS | $ | 134,293,805 | $ | 60,415,588 | $ | 41,699,137 | $ | 75,417,320 | $ | 85,964,193 | $ | 91,171,424 | $ | 32,269,007 | $ | 118,758,998 | ||||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||||||
Net Assets | $ | 134,293,805 | $ | 60,415,588 | $ | 41,699,137 | $ | 75,417,320 | $ | 85,964,193 | $ | 91,171,424 | $ | 32,269,007 | $ | 118,758,998 | ||||||||||||||||
Shares of beneficial interest outstanding | 13,893,236 | 6,067,618 | 4,396,375 | 7,394,608 | 11,296,205 | 6,960,464 | 4,261,829 | 14,519,307 | ||||||||||||||||||||||||
Net Asset Value per share* | $ | 9.67 | $ | 9.96 | $ | 9.48 | $ | 10.20 | $ | 7.61 | $ | 13.10 | $ | 7.57 | $ | 8.18 | ||||||||||||||||
Sales Charge — Maximum is 5.50% of offering price | 0.56 | 0.58 | — | 0.59 | 0.44 | 0.76 | — | — | ||||||||||||||||||||||||
Maximum offering price per share | $ | 10.23 | $ | 10.54 | $ | 9.48 | $ | 10.79 | $ | 8.05 | $ | 13.86 | $ | 7.57 | $ | 8.18 | ||||||||||||||||
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. | |
(1) | The PL Floating Rate Loan, PL Small-Cap Value and PL Main Street Core Funds are offered to the PL Portfolio Optimization Funds only and are not subject to a front-end sales load. |
See Notes to Financial Statements
B-4
PACIFIC LIFE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2009 (Unaudited)
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2009 (Unaudited)
PL Emerging | PL Managed | PL Inflation | PL Large-Cap | PL Mid-Cap | ||||||||||||||||||||||||
Markets | Bond | Managed | Growth | PL Comstock | Growth | PL Real Estate | ||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||
Investments, at cost | $ | 28,016,872 | $ | 200,770,669 | $ | 133,219,817 | $ | 43,176,237 | $ | 99,867,196 | $ | 41,750,022 | $ | 26,754,112 | ||||||||||||||
Investments, at value | $ | 40,691,885 | $ | 198,860,201 | $ | 136,875,015 | $ | 49,802,350 | $ | 105,334,453 | $ | 48,752,370 | $ | 31,571,297 | ||||||||||||||
Cash (1) | — | 183,276 | 103,700 | — | — | — | — | |||||||||||||||||||||
Foreign currency held, at value (2) | 410,092 | 599,208 | 124,204 | — | — | — | 8,772 | |||||||||||||||||||||
Receivables: | ||||||||||||||||||||||||||||
Dividends and interest | 52,899 | 1,160,748 | 831,651 | 20,273 | 180,868 | 7,579 | 101,643 | |||||||||||||||||||||
Foreign tax reclaim | 1,318 | — | — | — | — | — | — | |||||||||||||||||||||
Fund shares sold | 18,762 | 200,519 | 177,609 | 54,201 | 35,355 | 7,872 | 9,367 | |||||||||||||||||||||
Securities sold | 139,223 | 13,955,810 | — | — | 60,459 | 364,068 | 59,189 | |||||||||||||||||||||
Variation margin | — | 28,039 | 103,893 | — | — | — | — | |||||||||||||||||||||
Securities sold short | — | 20,592,188 | 1,364,414 | — | — | — | — | |||||||||||||||||||||
Swap agreements | — | 979,942 | 84,119 | — | — | — | — | |||||||||||||||||||||
Due from adviser | 24,380 | 41,054 | 25,561 | 6,977 | 18,725 | 7,809 | 8,972 | |||||||||||||||||||||
Forward foreign currency contracts appreciation | — | 318,055 | 13,665 | — | — | — | — | |||||||||||||||||||||
Prepaid expenses and other assets | 500 | 9,968 | 1,180 | 11,171 | 9,123 | 7,478 | 559 | |||||||||||||||||||||
Swap appreciation | — | 3,256,207 | 283,495 | — | — | — | — | |||||||||||||||||||||
Total Assets | 41,339,059 | 240,185,215 | 139,988,506 | 49,894,972 | 105,638,983 | 49,147,176 | 31,759,799 | |||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||||||
Payables: | ||||||||||||||||||||||||||||
Due to brokers | — | 3,016,000 | 40,839 | — | — | — | — | |||||||||||||||||||||
Securities purchased | 336,000 | 23,486,328 | 14,473,268 | 473,270 | 211,823 | 204,836 | — | |||||||||||||||||||||
Securities covering shorts | — | 14,579,523 | 630,555 | — | — | — | — | |||||||||||||||||||||
Securities sold short, at value (proceeds $6,039,602 and $736,664, respectively) | — | 6,056,532 | 738,078 | — | — | — | — | |||||||||||||||||||||
Swap agreements | — | 588,332 | 27,164 | — | — | — | — | |||||||||||||||||||||
Income distributions | — | 2,692 | 1,106 | — | — | — | — | |||||||||||||||||||||
Deferred foreign capital gains tax | 9,666 | — | — | — | — | — | — | |||||||||||||||||||||
Accrued advisory fees | 25,786 | 61,303 | 39,360 | 29,581 | 64,147 | 27,255 | 23,153 | |||||||||||||||||||||
Accrued administration fees | 9,670 | 45,978 | 29,520 | 11,832 | 25,659 | 11,681 | 7,718 | |||||||||||||||||||||
Accrued support service expenses | 7,837 | 34,005 | 19,239 | 4,028 | 18,356 | 4,924 | 5,822 | |||||||||||||||||||||
Accrued custodian fees and expenses | 21,939 | 24,877 | 21,739 | 5,674 | 6,688 | 2,251 | 6,172 | |||||||||||||||||||||
Accrued legal and audit fees | 6,986 | 33,296 | 18,864 | 3,144 | 18,964 | 4,946 | 6,190 | |||||||||||||||||||||
Accrued deferred trustee compensation and expenses | 1,514 | 11,548 | 4,289 | 8,993 | 5,216 | 5,436 | 895 | |||||||||||||||||||||
Accrued distribution and/or service fees | 1,653 | 7,815 | 5,020 | 2,018 | 4,310 | 1,995 | 1,319 | |||||||||||||||||||||
Accrued transfer agency out-of-pocket expenses | 5,608 | 21,188 | 12,009 | 2,601 | 12,765 | 3,538 | 4,227 | |||||||||||||||||||||
Accrued interest | — | — | 384 | — | — | — | — | |||||||||||||||||||||
Accrued other | 9,875 | 37,692 | 11,601 | 2,075 | 7,079 | 2,387 | 3,827 | |||||||||||||||||||||
Forward foreign currency contracts depreciation | — | 154,715 | 32,212 | — | — | — | — | |||||||||||||||||||||
Outstanding options written, at value (premiums received $384,962 and $218,774, respectively) | — | 57,756 | 59,218 | — | — | — | — | |||||||||||||||||||||
Swap depreciation | — | 324,587 | 275,632 | — | — | — | — | |||||||||||||||||||||
Total Liabilities | 436,534 | 48,544,167 | 16,440,097 | 543,216 | 375,007 | 269,249 | 59,323 | |||||||||||||||||||||
NET ASSETS | $ | 40,902,525 | $ | 191,641,048 | $ | 123,548,409 | $ | 49,351,756 | $ | 105,263,976 | $ | 48,877,927 | $ | 31,700,476 | ||||||||||||||
(1) | Includes margin deposits of $183,276 and $103,700 segregated for futures contracts in the PL Managed Bond and PL Inflation Managed Funds, respectively. | |
(2) | The cost of foreign currency for the PL Emerging Markets, PL Managed Bond, PL Inflation Managed Bond and PL Real Estate Funds were $406,465, $609,100, $122,110 and $9,276, respectively. |
See Notes to Financial Statements
B-5
PACIFIC LIFE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2009 (Unaudited)
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
SEPTEMBER 30, 2009 (Unaudited)
PL Emerging | PL Managed | PL Inflation | PL Large-Cap | PL Mid-Cap | ||||||||||||||||||||||||
Markets | Bond | Managed | Growth | PL Comstock | Growth | PL Real Estate | ||||||||||||||||||||||
Fund (1) | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
NET ASSETS CONSIST OF: | ||||||||||||||||||||||||||||
Paid-in capital | $ | 36,470,275 | $ | 184,695,899 | $ | 127,815,045 | $ | 51,811,704 | $ | 138,274,703 | $ | 42,213,551 | $ | 41,897,737 | ||||||||||||||
Undistributed/accumulated net investment income (loss) | 307,562 | (14,363 | ) | 790,593 | (73,193 | ) | 446,457 | (62,693 | ) | (18,528 | ) | |||||||||||||||||
Undistributed/accumulated net realized gain (loss) | (8,543,221 | ) | 5,175,804 | (9,135,455 | ) | (9,012,868 | ) | (38,924,441 | ) | (275,279 | ) | (14,995,415 | ) | |||||||||||||||
Net unrealized appreciation on investments and assets and liabilities in foreign currencies | 12,667,909 | 1,783,708 | 4,078,226 | 6,626,113 | 5,467,257 | 7,002,348 | 4,816,682 | |||||||||||||||||||||
NET ASSETS | $ | 40,902,525 | $ | 191,641,048 | $ | 123,548,409 | $ | 49,351,756 | $ | 105,263,976 | $ | 48,877,927 | $ | 31,700,476 | ||||||||||||||
Class A Shares: | ||||||||||||||||||||||||||||
Net Assets | $ | 40,902,525 | $ | 191,641,048 | $ | 123,548,409 | $ | 49,351,756 | $ | 105,263,976 | $ | 48,877,927 | $ | 31,700,476 | ||||||||||||||
Shares of beneficial interest outstanding | 3,741,039 | 17,740,679 | 12,430,145 | 7,297,022 | 10,846,158 | 6,380,103 | 4,086,099 | |||||||||||||||||||||
Net Asset Value per share* | $ | 10.93 | $ | 10.80 | $ | 9.94 | $ | 6.76 | $ | 9.71 | $ | 7.66 | $ | 7.76 | ||||||||||||||
Sales Charge — Maximum is 5.50% of offering price | — | 0.63 | 0.58 | 0.39 | 0.57 | 0.45 | 0.45 | |||||||||||||||||||||
Maximum offering price per share | $ | 10.93 | $ | 11.43 | $ | 10.52 | $ | 7.15 | $ | 10.28 | $ | 8.11 | $ | 8.21 | ||||||||||||||
* | Redemption price per share is equal to the Net Asset Value per share less any applicable contingent deferred sales charge. | |
(1) | The PL Emerging Markets Fund is offered to the PL Portfolio Optimization Funds only and is not subject to a front-end sales load. |
See Notes to Financial Statements
B-6
PACIFIC LIFE FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2009 (Unaudited)
STATEMENTS OF OPERATIONS
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2009 (Unaudited)
PL Portfolio Optimization Funds | PL Money | PL Small-Cap | PL International | |||||||||||||||||||||||||||||
Moderate- | Moderate- | Market | Growth | Value | ||||||||||||||||||||||||||||
Conservative Fund | Conservative Fund | Moderate Fund | Aggressive Fund | Aggressive Fund | Fund | Fund | Fund | |||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld (1) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 41,390 | $ | 2,042,206 | ||||||||||||||||
Dividends from affiliated mutual fund investments | 1,895,010 | 1,828,792 | 4,559,762 | 3,059,115 | 868,805 | — | — | — | ||||||||||||||||||||||||
Dividends from mutual fund investments | 10 | 13 | 21 | 5 | 2 | 4,762 | 38 | 41 | ||||||||||||||||||||||||
Interest | 34 | 24 | 53 | 33 | 33 | 105,190 | 176 | 143 | ||||||||||||||||||||||||
Total Investment Income | 1,895,054 | 1,828,829 | 4,559,836 | 3,059,153 | 868,840 | 109,952 | 41,604 | 2,042,390 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||
Advisory fees | 97,351 | 116,388 | 380,029 | 367,661 | 156,517 | 50,597 | 72,743 | 278,244 | ||||||||||||||||||||||||
Administration fees | 146,027 | 174,583 | 570,043 | 551,492 | 234,776 | 75,896 | 36,372 | 128,420 | ||||||||||||||||||||||||
Support services expenses | 15,739 | 19,425 | 61,391 | 55,683 | 22,885 | 13,182 | 6,259 | 20,859 | ||||||||||||||||||||||||
Custodian fees and expenses | 6,017 | 6,017 | 6,017 | 6,017 | 6,017 | 9,363 | 15,446 | 37,603 | ||||||||||||||||||||||||
Shareholder report expenses | 7,709 | 9,812 | 31,637 | 29,233 | 12,114 | 5,707 | 2,604 | 9,119 | ||||||||||||||||||||||||
Distribution and/or service fees | ||||||||||||||||||||||||||||||||
Class A | 49,823 | 59,460 | 208,205 | 202,605 | 94,377 | 63,246 | 30,310 | 107,017 | ||||||||||||||||||||||||
Class B (2) | 47,300 | 70,678 | 244,229 | 266,361 | 111,680 | — | — | — | ||||||||||||||||||||||||
Class C (2) | 217,430 | 239,768 | 737,110 | 714,393 | 273,826 | — | — | — | ||||||||||||||||||||||||
Class R (2) | 11,367 | 16,828 | 42,992 | 23,565 | 9,787 | — | — | — | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 25,753 | 34,141 | 116,253 | 115,832 | 49,565 | 18,103 | 7,652 | 26,390 | ||||||||||||||||||||||||
Registration fees | 27,641 | 28,943 | 32,870 | 37,330 | 31,027 | 13,315 | 6,996 | 8,339 | ||||||||||||||||||||||||
Legal and audit fees | 18,278 | 22,827 | 72,845 | 66,587 | 27,453 | 13,753 | 5,976 | 21,112 | ||||||||||||||||||||||||
Trustees’ compensation and expenses | 3,019 | 3,798 | 12,162 | 11,161 | 4,609 | 2,389 | 1,000 | 3,527 | ||||||||||||||||||||||||
Money market government insurance expenses | — | — | — | — | — | 8,449 | — | — | ||||||||||||||||||||||||
Other | 7,496 | 9,836 | 29,419 | 28,476 | 12,958 | 7,731 | 5,352 | 20,454 | ||||||||||||||||||||||||
Total Expenses | 680,950 | 812,504 | 2,545,202 | 2,476,396 | 1,047,591 | 281,731 | 190,710 | 661,084 | ||||||||||||||||||||||||
Advisory Fee Waiver | — | — | — | — | — | (48,873 | ) | — | — | |||||||||||||||||||||||
Adviser Reimbursement and/or Administrator Reduction | (257,679 | ) | (309,382 | ) | (932,637 | ) | (901,812 | ) | (401,404 | ) | (122,750 | ) | (51,285 | ) | (147,403 | ) | ||||||||||||||||
Distribution and/or Service Fees Waiver | (121,688 | ) | (145,484 | ) | (475,035 | ) | (459,575 | ) | (195,646 | ) | — | — | — | |||||||||||||||||||
Net Expenses | 301,583 | 357,638 | 1,137,530 | 1,115,009 | 450,541 | 110,108 | 139,425 | 513,681 | ||||||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 1,593,471 | 1,471,191 | 3,422,306 | 1,944,144 | 418,299 | (156 | ) | (97,821 | ) | 1,528,709 | ||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||||||
Investment securities from affiliated mutual fund investments | (3,376,627 | ) | (5,173,731 | ) | (17,606,163 | ) | (30,517,036 | ) | (23,576,368 | ) | — | — | — | |||||||||||||||||||
Investment security and forward transactions (1) | 319 | 382 | 1,252 | 1,222 | 518 | 156 | (1,405,697 | ) | (25,092,144 | ) | ||||||||||||||||||||||
Futures contracts and swap transactions | — | — | — | — | — | — | — | 196,899 | ||||||||||||||||||||||||
Foreign currency transactions | — | — | — | — | — | — | — | (653,779 | ) | |||||||||||||||||||||||
Net Realized Gain (Loss) | (3,376,308 | ) | (5,173,349 | ) | (17,604,911 | ) | (30,515,814 | ) | (23,575,850 | ) | 156 | (1,405,697 | ) | (25,549,024 | ) | |||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||
Investment securities and forwards (1) | 16,061,090 | 26,323,296 | 107,816,939 | 138,961,414 | 76,132,600 | — | 9,421,819 | 57,517,489 | ||||||||||||||||||||||||
Futures contracts and swaps | — | — | — | — | — | — | — | (4,646 | ) | |||||||||||||||||||||||
Foreign currencies | — | — | — | — | — | — | — | 119,488 | ||||||||||||||||||||||||
Change in Net Unrealized Appreciation (Depreciation) | 16,061,090 | 26,323,296 | 107,816,939 | 138,961,414 | 76,132,600 | — | 9,421,819 | 57,632,331 | ||||||||||||||||||||||||
NET GAIN | 12,684,782 | 21,149,947 | 90,212,028 | 108,445,600 | 52,556,750 | 156 | 8,016,122 | 32,083,307 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 14,278,253 | $ | 22,621,138 | $ | 93,634,334 | $ | 110,389,744 | $ | 52,975,049 | $ | — | $ | 7,918,301 | $ | 33,612,016 | ||||||||||||||||
(1) | Dividends were net of $326,457 foreign tax withheld for the PL International Value Fund. No foreign tax was withheld on realized and change in unrealized capital gains for all these funds. | |
(2) | Class B, C and R Shares are offered to the PL Portfolio Optimization Funds only. |
See Notes to Financial Statements
B-7
PACIFIC LIFE FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2009 (Unaudited)
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2009 (Unaudited)
PL Large-Cap | PL Short Duration | PL Floating | PL Mid-Cap | PL International | PL Small-Cap | PL Main Street | ||||||||||||||||||||||||||
Value | Bond | Rate Loan | PL Growth LT | Equity | Large-Cap | Value | Core | |||||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld (1) | $ | 1,247,034 | $ | — | $ | — | $ | 581,486 | $ | 611,565 | $ | 1,555,284 | $ | 503,763 | $ | 1,035,810 | ||||||||||||||||
Dividends from mutual fund investments | 4,416 | 3,224 | — | 287 | 3,856 | 1,627 | 2,045 | 4,468 | ||||||||||||||||||||||||
Interest | 196 | 860,043 | 1,106,785 | 1,194 | — | — | 36 | 407 | ||||||||||||||||||||||||
Total Investment Income | 1,251,646 | 863,267 | 1,106,785 | 582,967 | 615,421 | 1,556,911 | 505,844 | 1,040,685 | ||||||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||||||
Advisory fees | 310,288 | 106,422 | 129,520 | 214,686 | 239,636 | 341,945 | 116,599 | 234,247 | ||||||||||||||||||||||||
Administration fees | 143,210 | 79,816 | 51,808 | 117,101 | 110,601 | 120,686 | 46,640 | 156,165 | ||||||||||||||||||||||||
Support services expenses | 16,491 | 11,916 | 7,506 | 19,059 | 14,791 | 17,198 | 7,058 | 21,130 | ||||||||||||||||||||||||
Custodian fees and expenses | 9,663 | 10,045 | 7,796 | 34,878 | 13,756 | 51,016 | 13,403 | 68,778 | ||||||||||||||||||||||||
Shareholder report expenses | 7,113 | 5,206 | 3,304 | 8,214 | 6,513 | 7,416 | 3,106 | 9,318 | ||||||||||||||||||||||||
Distribution and/or service fees — Class A only | 119,341 | 66,514 | 43,173 | 97,584 | 92,168 | 100,572 | 38,866 | 130,137 | ||||||||||||||||||||||||
Transfer agency out-of-pocket expenses | 20,854 | 15,000 | 9,486 | 23,899 | 18,802 | 21,525 | 8,967 | 26,833 | ||||||||||||||||||||||||
Registration fees | 7,717 | 7,330 | 197 | 7,181 | 8,646 | 7,640 | 185 | 557 | ||||||||||||||||||||||||
Legal and audit fees | 16,405 | 12,152 | 7,729 | 18,968 | 14,978 | 17,153 | 7,113 | 21,531 | ||||||||||||||||||||||||
Trustees’ compensation and expenses | 2,740 | 2,023 | 1,284 | 3,166 | 2,504 | 2,862 | 1,192 | 3,594 | ||||||||||||||||||||||||
Offering expenses | — | — | 1,704 | — | — | — | — | — | ||||||||||||||||||||||||
Other | 8,010 | 8,843 | 2,727 | 10,020 | 7,726 | 12,181 | 5,739 | 24,442 | ||||||||||||||||||||||||
Total Expenses | 661,832 | 325,267 | 266,234 | 554,756 | 530,121 | 700,194 | 248,868 | 696,732 | ||||||||||||||||||||||||
Adviser Reimbursement | (88,993 | ) | (72,515 | ) | (41,733 | ) | (125,385 | ) | (87,716 | ) | (136,991 | ) | (46,763 | ) | (176,183 | ) | ||||||||||||||||
Net Expenses | 572,839 | 252,752 | 224,501 | 429,371 | 442,405 | 563,203 | 202,105 | 520,549 | ||||||||||||||||||||||||
NET INVESTMENT INCOME | 678,807 | 610,515 | 882,284 | 153,596 | 173,016 | 993,708 | 303,739 | 520,136 | ||||||||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||||||
Investment security and forward transactions (1) | (4,069,666 | ) | 301,592 | (50,456 | ) | (6,876,106 | ) | (1,676,254 | ) | (5,035,439 | ) | (4,500,634 | ) | (17,208,954 | ) | |||||||||||||||||
Futures contracts and swap transactions | — | 107,723 | — | — | — | — | — | — | ||||||||||||||||||||||||
Foreign currency transactions | 2,064 | — | — | (548,156 | ) | — | 3,828 | — | (1,075 | ) | ||||||||||||||||||||||
Net Realized Gain (Loss) | (4,067,602 | ) | 409,315 | (50,456 | ) | (7,424,262 | ) | (1,676,254 | ) | (5,031,611 | ) | (4,500,634 | ) | (17,210,029 | ) | |||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||||||
Investment securities and forwards (1) | 29,634,083 | 1,026,969 | 4,936,144 | 29,339,227 | 27,103,831 | 32,821,653 | 13,705,363 | 46,155,582 | ||||||||||||||||||||||||
Futures contracts and swaps | — | 16,519 | — | — | — | — | — | — | ||||||||||||||||||||||||
Foreign currencies | 494 | — | — | 88,814 | — | 10,426 | — | — | ||||||||||||||||||||||||
Change in Net Unrealized Appreciation | 29,634,577 | 1,043,488 | 4,936,144 | 29,428,041 | 27,103,831 | 32,832,079 | 13,705,363 | 46,155,582 | ||||||||||||||||||||||||
NET GAIN | 25,566,975 | 1,452,803 | 4,885,688 | 22,003,779 | 25,427,577 | 27,800,468 | 9,204,729 | 28,945,553 | ||||||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 26,245,782 | $ | 2,063,318 | $ | 5,767,972 | $ | 22,157,375 | $ | 25,600,593 | $ | 28,794,176 | $ | 9,508,468 | $ | 29,465,689 | ||||||||||||||||
(1) | Dividends were net of $25,265, $0, $0, $43,914, $0, $292,860, $583 and $505 foreign taxes withheld respectively. No foreign tax was withheld on realized and change in unrealized capital gains for all funds. |
See Notes to Financial Statements
B-8
PACIFIC LIFE FUNDS
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2009 (Unaudited)
STATEMENTS OF OPERATIONS (Continued)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2009 (Unaudited)
PL Emerging | PL Managed | PL Inflation | PL Large-Cap | PL Mid-Cap | ||||||||||||||||||||||||
Markets | Bond | Managed | Growth | PL Comstock | Growth | PL Real Estate | ||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | ||||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||||||||||
Dividends, net of foreign taxes withheld (1) | $ | 567,808 | $ | 138,956 | $ | 3,750 | $ | 136,736 | $ | 1,054,742 | $ | 148,073 | $ | 410,941 | ||||||||||||||
Dividends from mutual fund investments | 830 | 1,138 | 946 | 16 | 3,549 | 1,317 | 1,050 | |||||||||||||||||||||
Interest | — | 3,722,187 | 2,478,223 | 157 | 697 | 94 | 96 | |||||||||||||||||||||
Total Investment Income | 568,638 | 3,862,281 | 2,482,919 | 136,909 | 1,058,988 | 149,484 | 412,087 | |||||||||||||||||||||
EXPENSES | ||||||||||||||||||||||||||||
Advisory fees | 149,294 | 323,045 | 192,625 | 112,454 | 348,208 | 112,175 | 130,494 | |||||||||||||||||||||
Administration fees | 55,985 | 242,284 | 144,468 | 44,981 | 139,283 | 48,075 | 43,498 | |||||||||||||||||||||
Support services expenses | 7,949 | 34,633 | 19,764 | 9,240 | 19,070 | 4,985 | 5,923 | |||||||||||||||||||||
Custodian fees and expenses | 93,845 | 45,625 | 37,209 | 15,185 | 15,857 | 12,488 | 15,654 | |||||||||||||||||||||
Shareholder report expenses | 3,508 | 15,222 | 8,612 | 1,803 | 8,217 | 2,204 | 2,606 | |||||||||||||||||||||
Distribution and/or service fees — Class A only | 46,654 | 201,903 | 120,390 | 37,485 | 116,070 | 40,062 | 36,249 | |||||||||||||||||||||
Transfer agency out-of-pocket expenses | 10,085 | 44,078 | 25,220 | 5,353 | 23,989 | 6,655 | 7,559 | |||||||||||||||||||||
Registration fees | 209 | 8,235 | 7,781 | 6,824 | 8,139 | 8,341 | 7,875 | |||||||||||||||||||||
Legal and audit fees | 8,150 | 36,116 | 21,177 | 5,018 | 18,890 | 5,126 | 5,938 | |||||||||||||||||||||
Trustees’ compensation and expenses | 1,358 | 5,909 | 3,340 | 695 | 3,159 | 854 | 996 | |||||||||||||||||||||
Interest on securities sold short | — | 591 | 240 | — | — | — | — | |||||||||||||||||||||
Other | 27,892 | 62,225 | 37,777 | 3,087 | 9,250 | 3,978 | 3,925 | |||||||||||||||||||||
Total Expenses | 404,929 | 1,019,866 | 618,603 | 242,125 | 710,132 | 244,943 | 260,717 | |||||||||||||||||||||
Adviser Reimbursement | (152,996 | ) | (252,043 | ) | (160,880 | ) | (47,205 | ) | (106,571 | ) | (44,631 | ) | (50,476 | ) | ||||||||||||||
Net Expenses | 251,933 | 767,823 | 457,723 | 194,920 | 603,561 | 200,312 | 210,241 | |||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 316,705 | 3,094,458 | 2,025,196 | (58,011 | ) | 455,427 | (50,828 | ) | 201,846 | |||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN (LOSS) | ||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||
Investment security and forward transactions (1) | (2,562,484 | ) | 2,102,906 | 3,856,896 | 1,101,811 | (6,730,278 | ) | 739,460 | (6,717,108 | ) | ||||||||||||||||||
Closed short positions | — | (130,925 | ) | (68,053 | ) | — | — | — | — | |||||||||||||||||||
Futures contracts and swap transactions | — | 4,151,987 | 243,321 | — | — | — | — | |||||||||||||||||||||
Written option transactions | — | 69,245 | (41,465 | ) | — | — | — | — | ||||||||||||||||||||
Foreign currency transactions | (16,161 | ) | (180,944 | ) | (381,055 | ) | — | — | (6,301 | ) | (6,247 | ) | ||||||||||||||||
Net Realized Gain (Loss) | (2,578,645 | ) | 6,012,269 | 3,609,644 | 1,101,811 | (6,730,278 | ) | 733,159 | (6,723,355 | ) | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||||||
Investment securities and forwards (1) | 20,754,432 | 13,135,315 | 6,487 | 6,077,677 | 36,790,113 | 13,277,846 | 20,802,458 | |||||||||||||||||||||
Short positions | — | (16,930 | ) | 63,040 | — | — | — | — | ||||||||||||||||||||
Futures contracts and swaps | — | (2,032,545 | ) | 516,330 | — | — | — | — | ||||||||||||||||||||
Written options | — | 305,229 | 294,207 | — | — | — | — | |||||||||||||||||||||
Foreign currencies | 5,778 | 362,101 | 338,090 | — | — | 367 | 1,017 | |||||||||||||||||||||
Change in Net Unrealized Appreciation | 20,760,210 | 11,753,170 | 1,218,154 | 6,077,677 | 36,790,113 | 13,278,213 | 20,803,475 | |||||||||||||||||||||
NET GAIN | 18,181,565 | 17,765,439 | 4,827,798 | 7,179,488 | 30,059,835 | 14,011,372 | 14,080,120 | |||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 18,498,270 | $ | 20,859,897 | $ | 6,852,994 | $ | 7,121,477 | $ | 30,515,262 | $ | 13,960,544 | $ | 14,281,966 | ||||||||||||||
(1) | Dividends were net of $47,980, $0, $0, $0, $15,231, $1,152 and $8,422 foreign taxes withheld respectively. Realized gains on investment security transactions for the PL Emerging Markets Fund are net of foreign capital gains taxes withheld of $431. Change in unrealized appreciation (depreciation) on securities for the PL Emerging Markets Fund are net of increase in deferred foreign capital gains tax of $9,585. No foreign tax was withheld on realized and change in unrealized capital gain for all other funds. |
See Notes to Financial Statements
B-9
PL Portfolio Optimization | PL Portfolio Optimization | PL Portfolio Optimization | PL Portfolio Optimization | |||||||||||||||||||||||||||||
Conservative Fund | Moderate-Conservative Fund | Moderate Fund | Moderate-Aggressive Fund | |||||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | Six-Month | |||||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | Period Ended | |||||||||||||||||||||||||||||
September 30, | Year Ended | September 30, | Year Ended | September 30, | Year Ended | September 30, | Year Ended | |||||||||||||||||||||||||
2009 (1) | March 31, 2009 | 2009 (1) | March 31, 2009 | 2009 (1) | March 31, 2009 | 2009 (1) | March 31, 2009 | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income | $ | 1,593,471 | $ | 2,362,950 | $ | 1,471,191 | $ | 2,926,767 | $ | 3,422,306 | $ | 7,610,015 | $ | 1,944,144 | $ | 4,826,825 | ||||||||||||||||
Net realized loss | (3,376,308 | ) | (60,062 | ) | (5,173,349 | ) | (353,635 | ) | (17,604,911 | ) | (489,526 | ) | (30,515,814 | ) | (3,304,606 | ) | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | 16,061,090 | (10,145,423 | ) | 26,323,296 | (27,263,143 | ) | 107,816,939 | (136,212,676 | ) | 138,961,414 | (174,885,094 | ) | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 14,278,253 | (7,842,535 | ) | 22,621,138 | (24,690,011 | ) | 93,634,334 | (129,092,187 | ) | 110,389,744 | (173,362,875 | ) | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | (157,242 | ) | (1,641,626 | ) | (540,541 | ) | (1,920,840 | ) | (2,007,801 | ) | (5,346,894 | ) | (1,439,902 | ) | (3,494,065 | ) | ||||||||||||||||
Class B (2) | (21,205 | ) | (385,564 | ) | (141,839 | ) | (521,376 | ) | (517,607 | ) | (1,186,397 | ) | (398,455 | ) | (770,401 | ) | ||||||||||||||||
Class C (2) | (110,067 | ) | (1,708,912 | ) | (473,479 | ) | (1,779,875 | ) | (1,545,039 | ) | (3,655,908 | ) | (1,052,044 | ) | (2,126,411 | ) | ||||||||||||||||
Class R (2) | (16,284 | ) | (137,814 | ) | (76,643 | ) | (162,397 | ) | (205,301 | ) | (338,218 | ) | (82,855 | ) | (94,421 | ) | ||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | (106,162 | ) | (77,956 | ) | — | (463,724 | ) | — | (3,015,178 | ) | — | (4,360,077 | ) | |||||||||||||||||||
Class B (2) | (23,898 | ) | (17,164 | ) | — | (143,096 | ) | — | (878,553 | ) | — | (1,431,835 | ) | |||||||||||||||||||
Class C (2) | (117,264 | ) | (83,578 | ) | — | (482,131 | ) | — | (2,839,022 | ) | — | (3,957,648 | ) | |||||||||||||||||||
Class R (2) | (12,184 | ) | (4,870 | ) | — | (31,484 | ) | — | (140,300 | ) | — | (90,242 | ) | |||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (564,306 | ) | (4,057,484 | ) | (1,232,502 | ) | (5,504,923 | ) | (4,275,748 | ) | (17,400,470 | ) | (2,973,256 | ) | (16,325,100 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 19,449,552 | 27,737,869 | 15,516,060 | 20,048,875 | 36,748,139 | 54,943,320 | 26,486,896 | 52,531,294 | ||||||||||||||||||||||||
Class B (2) | 2,646,097 | 6,816,787 | 2,783,728 | 4,872,041 | 6,465,779 | 13,122,408 | 5,011,037 | 12,746,047 | ||||||||||||||||||||||||
Class C (2) | 18,186,380 | 30,905,331 | 10,986,926 | 22,047,114 | 27,502,703 | 51,270,473 | 18,484,574 | 44,421,124 | ||||||||||||||||||||||||
Class R (2) | 2,032,780 | 2,738,316 | 2,778,705 | 4,137,093 | 6,281,800 | 10,601,328 | 5,135,941 | 4,839,945 | ||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | 245,253 | 1,606,526 | 503,506 | 2,231,636 | 1,858,336 | 7,825,444 | 1,363,770 | 7,460,708 | ||||||||||||||||||||||||
Class B (2) | 42,264 | 369,358 | 133,330 | 623,246 | 492,357 | 1,967,912 | 384,182 | 2,126,032 | ||||||||||||||||||||||||
Class C (2) | 210,636 | 1,694,017 | 438,905 | 2,094,559 | 1,461,563 | 6,178,571 | 1,004,898 | 5,847,376 | ||||||||||||||||||||||||
Class R (2) | 28,399 | 140,444 | 76,643 | 193,881 | 204,929 | 477,700 | 82,855 | 184,662 | ||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (9,761,784 | ) | (15,777,506 | ) | (6,135,556 | ) | (21,201,067 | ) | (20,028,816 | ) | (54,496,673 | ) | (13,868,567 | ) | (50,886,106 | ) | ||||||||||||||||
Class B (2) | (1,077,080 | ) | (2,532,332 | ) | (1,445,216 | ) | (4,731,976 | ) | (3,400,461 | ) | (12,097,503 | ) | (3,634,069 | ) | (11,843,706 | ) | ||||||||||||||||
Class C (2) | (10,416,755 | ) | (15,279,732 | ) | (5,680,811 | ) | (18,337,675 | ) | (16,390,407 | ) | (54,334,855 | ) | (13,482,513 | ) | (40,731,429 | ) | ||||||||||||||||
Class R (2) | (392,939 | ) | (906,046 | ) | (669,915 | ) | (1,441,555 | ) | (1,726,111 | ) | (2,927,683 | ) | (1,033,473 | ) | (621,833 | ) | ||||||||||||||||
Net Increase in Net Assets from Capital Share Transactions | 21,192,803 | 37,513,032 | 19,286,305 | 10,536,172 | 39,469,811 | 22,530,442 | 25,935,531 | 26,074,114 | ||||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 34,906,750 | 25,613,013 | 40,674,941 | (19,658,762 | ) | 128,828,397 | (123,962,215 | ) | 133,352,019 | (163,613,861 | ) | |||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Period/Year | 81,980,555 | 56,367,542 | 97,058,275 | 116,717,037 | 313,307,335 | 437,269,550 | 295,420,077 | 459,033,938 | ||||||||||||||||||||||||
End of Period/Year | $ | 116,887,305 | $ | 81,980,555 | $ | 137,733,216 | $ | 97,058,275 | $ | 442,135,732 | $ | 313,307,335 | $ | 428,772,096 | $ | 295,420,077 | ||||||||||||||||
Undistributed Net Investment Income | $ | 1,592,430 | $ | 303,757 | $ | 1,466,947 | $ | 1,228,258 | $ | 3,406,792 | $ | 4,260,234 | $ | 1,927,949 | $ | 2,957,061 | ||||||||||||||||
(1) | Unaudited. | |
(2) | Effective June 23, 2008, Class B, C and R shares are offered to the PL Portfolio Optimization Funds only (see Note 1 to Financial Statements). |
See Notes to Financial Statements
B-10
PACIFIC LIFE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Portfolio Optimization | PL Money Market | PL Small-Cap Growth | PL International Value | |||||||||||||||||||||||||||||
Aggressive Fund | Fund | Fund (1) | Fund (1) | |||||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | Six-Month | |||||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | Period Ended | |||||||||||||||||||||||||||||
September 30, | Year Ended | September 30, | Year Ended | September 30, | Year Ended | September 30, | Year Ended | |||||||||||||||||||||||||
2009 (2) | March 31, 2009 | 2009 (2) | March 31, 2009 | 2009 (2) | March 31, 2009 | 2009 (2) | March 31, 2009 | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 418,299 | $ | 996,098 | $ | (156 | ) | $ | 549,555 | $ | (97,821 | ) | $ | (294,542 | ) | $ | 1,528,709 | $ | 2,935,308 | |||||||||||||
Net realized gain (loss) | (23,575,850 | ) | (6,742,002 | ) | 156 | 999 | (1,405,697 | ) | (9,372,520 | ) | (25,549,024 | ) | (23,884,057 | ) | ||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 76,132,600 | (82,036,121 | ) | — | — | 9,421,819 | (2,691,164 | ) | 57,632,331 | (48,978,708 | ) | |||||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 52,975,049 | (87,782,025 | ) | — | 550,554 | 7,918,301 | (12,358,226 | ) | 33,612,016 | (69,927,457 | ) | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | (843,795 | ) | — | — | (549,555 | ) | — | — | (412,673 | ) | (2,617,399 | ) | ||||||||||||||||||||
Class B (3) | (69,556 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||
Class C (3) | (153,091 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||
Class R (3) | (40,677 | ) | — | — | — | — | — | — | — | |||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | — | (2,731,262 | ) | — | — | — | — | — | (20,366 | ) | ||||||||||||||||||||||
Class B (3) | — | (856,254 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Class C (3) | — | (2,100,835 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Class R (3) | — | (47,288 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (1,107,119 | ) | (5,735,639 | ) | — | (549,555 | ) | — | — | (412,673 | ) | (2,637,765 | ) | |||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 13,951,021 | 28,434,551 | 26,382,270 | 95,268,593 | 1,447,425 | 5,483,255 | 4,931,957 | 34,071,651 | ||||||||||||||||||||||||
Class B (3) | 1,830,969 | 5,179,113 | — | — | — | 933 | — | 12,969 | ||||||||||||||||||||||||
Class C (3) | 8,305,611 | 19,826,235 | — | — | — | 488 | — | 1,889 | ||||||||||||||||||||||||
Class R (3) | 1,979,859 | 2,236,681 | — | — | — | — | — | — | ||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | 807,926 | 2,643,614 | — | 507,236 | — | — | 412,593 | 2,631,723 | ||||||||||||||||||||||||
Class B (3) | 66,790 | 819,198 | — | — | — | — | — | — | ||||||||||||||||||||||||
Class C (3) | 146,984 | 2,031,218 | — | — | — | — | — | — | ||||||||||||||||||||||||
Class R (3) | 40,677 | 47,288 | — | — | — | — | — | — | ||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (13,579,937 | ) | (23,039,029 | ) | (40,400,824 | ) | (82,989,302 | ) | (11,832,934 | ) | (6,926,273 | ) | (43,346,924 | ) | (10,927,150 | ) | ||||||||||||||||
Class B (3) | (1,852,544 | ) | (3,906,713 | ) | — | — | — | (8,001 | ) | — | (22,749 | ) | ||||||||||||||||||||
Class C (3) | (9,646,945 | ) | (19,576,097 | ) | — | — | — | (58,646 | ) | — | (131,720 | ) | ||||||||||||||||||||
Class R (3) | (373,316 | ) | (419,159 | ) | — | — | — | — | — | — | ||||||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||
Class A (1) | — | — | — | — | — | 625,267 | — | 1,304,727 | ||||||||||||||||||||||||
Class B (1) | — | — | — | — | — | (374,698 | ) | — | (508,837 | ) | ||||||||||||||||||||||
Class C (1) | — | — | — | — | — | (250,569 | ) | — | (795,890 | ) | ||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 1,677,095 | 14,276,900 | (14,018,554 | ) | 12,786,527 | (10,385,509 | ) | (1,508,244 | ) | (38,002,374 | ) | 25,636,613 | ||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 53,545,025 | (79,240,764 | ) | (14,018,554 | ) | 12,787,526 | (2,467,208 | ) | (13,866,470 | ) | (4,803,031 | ) | (46,928,609 | ) | ||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Period/Year | 123,673,384 | 202,914,148 | 55,423,957 | 42,636,431 | 24,046,483 | 37,912,953 | 78,604,103 | 125,532,712 | ||||||||||||||||||||||||
End of Period/Year | $ | 177,218,409 | $ | 123,673,384 | $ | 41,405,403 | $ | 55,423,957 | $ | 21,579,275 | $ | 24,046,483 | $ | 73,801,072 | $ | 78,604,103 | ||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 411,993 | $ | 1,100,813 | $ | 9,814 | $ | 9,970 | $ | (103,172 | ) | $ | (5,351 | ) | $ | 1,473,638 | $ | 357,602 | ||||||||||||||
(1) | Class B and C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(2) | Unaudited. | |
(3) | Effective June 23, 2008, Class B, C and R shares are offered to the PL Portfolio Optimization Funds only (see Note 1 to Financial Statements). |
See Notes to Financial Statements
B-11
PACIFIC LIFE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Large-Cap Value | PL Short Duration Bond | PL Floating Rate Loan | PL Growth LT | |||||||||||||||||||||||||||||
Fund (1) | Fund (1) | Fund | Fund (1) | |||||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | Six-Month | |||||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | Period Ended | |||||||||||||||||||||||||||||
September 30, | Year Ended | September 30, | Year Ended | September 30, | Period Ended | September 30, | Year Ended | |||||||||||||||||||||||||
2009 (2) | March 31, 2009 | 2009 (2) | March 31, 2009 | 2009 (2) | March 31, 2009 (3) | 2009 (2) | March 31, 2009 | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income | $ | 678,807 | $ | 1,252,666 | $ | 610,515 | $ | 2,001,475 | $ | 882,284 | $ | 1,420,624 | $ | 153,596 | $ | 269,224 | ||||||||||||||||
Net realized gain (loss) | (4,067,602 | ) | (13,051,311 | ) | 409,315 | (138,682 | ) | (50,456 | ) | (2,103,313 | ) | (7,424,262 | ) | (22,379,999 | ) | |||||||||||||||||
Net change in unrealized appreciation (depreciation) | 29,634,577 | (22,878,180 | ) | 1,043,488 | (1,719,200 | ) | 4,936,144 | (4,645,876 | ) | 29,428,041 | (20,212,126 | ) | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 26,245,782 | (34,676,825 | ) | 2,063,318 | 143,593 | 5,767,972 | (5,328,565 | ) | 22,157,375 | (42,322,901 | ) | |||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | (375,212 | ) | (963,279 | ) | (628,373 | ) | (1,955,303 | ) | (903,667 | ) | (1,416,589 | ) | (1,426,742 | ) | — | |||||||||||||||||
Class B | — | — | — | (177 | ) | — | — | — | — | |||||||||||||||||||||||
Class C | — | — | — | (164 | ) | — | — | — | — | |||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | — | (78,133 | ) | — | (2,091,716 | ) | — | — | — | (1,903,771 | ) | |||||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (375,212 | ) | (1,041,412 | ) | (628,373 | ) | (4,047,360 | ) | (903,667 | ) | (1,416,589 | ) | (1,426,742 | ) | (1,903,771 | ) | ||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 46,218,718 | 32,783,087 | 20,225,443 | 9,690,468 | 12,295,780 | 38,826,706 | 4,958,029 | 42,232,556 | ||||||||||||||||||||||||
Class B | — | 891 | — | — | — | — | — | 945 | ||||||||||||||||||||||||
Class C | — | 4,759 | — | 2,046 | — | — | — | 1,963 | ||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | 374,958 | 1,039,920 | 628,341 | 4,047,008 | 903,667 | 1,416,589 | 1,426,397 | 1,901,816 | ||||||||||||||||||||||||
Class B | — | — | — | 177 | — | — | — | — | ||||||||||||||||||||||||
Class C | — | — | — | 152 | — | — | — | — | ||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (1,101,774 | ) | (5,390,569 | ) | (9,228,343 | ) | (46,232,179 | ) | (4,175,671 | ) | (5,687,085 | ) | (25,855,490 | ) | (3,658,479 | ) | ||||||||||||||||
Class B | — | (75,841 | ) | — | — | — | — | — | (3,740 | ) | ||||||||||||||||||||||
Class C | — | (196,162 | ) | — | (16,783 | ) | — | — | — | (33,231 | ) | |||||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||
Class A (1) | — | 1,315,179 | — | 69,326 | — | — | — | 731,518 | ||||||||||||||||||||||||
Class B (1) | — | (487,057 | ) | — | (39,693 | ) | — | — | — | (403,971 | ) | |||||||||||||||||||||
Class C (1) | — | (828,122 | ) | — | (29,633 | ) | — | — | — | (327,547 | ) | |||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 45,491,902 | 28,166,085 | 11,625,441 | (32,509,111 | ) | 9,023,776 | 34,556,210 | (19,471,064 | ) | 40,441,830 | ||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 71,362,472 | (7,552,152 | ) | 13,060,386 | (36,412,878 | ) | 13,888,081 | 27,811,056 | 1,259,569 | (3,784,842 | ) | |||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Period/Year | 62,931,333 | 70,483,485 | 47,355,202 | 83,768,080 | 27,811,056 | — | 74,157,751 | 77,942,593 | ||||||||||||||||||||||||
End of Period/Year | $ | 134,293,805 | $ | 62,931,333 | $ | 60,415,588 | $ | 47,355,202 | $ | 41,699,137 | $ | 27,811,056 | $ | 75,417,320 | $ | 74,157,751 | ||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 665,428 | $ | 361,833 | $ | (15,023 | ) | $ | 2,835 | $ | 5,021 | $ | 26,404 | $ | 149,622 | $ | 1,422,768 | |||||||||||||||
(1) | Class B and C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(2) | Unaudited. | |
(3) | Operations commenced on June 30, 2008. |
See Notes to Financial Statements
B-12
PACIFIC LIFE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Mid-Cap Equity | PL International Large-Cap | PL Small-Cap | PL Main Street Core | |||||||||||||||||||||||||||||
Fund (1), (2) | Fund (2) | Value Fund | Fund | |||||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | Six-Month | |||||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | Period Ended | |||||||||||||||||||||||||||||
September 30, | Year Ended | September 30, | Year Ended | September 30, | Year Ended | September 30, | Year Ended | |||||||||||||||||||||||||
2009 (3) | March 31, 2009 | 2009 (3) | March 31, 2009 | 2009 (3) | March 31, 2009 | 2009 (3) | March 31, 2009 | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income | $ | 173,016 | $ | 762,482 | $ | 993,708 | $ | 1,158,337 | $ | 303,739 | $ | 676,961 | $ | 520,136 | $ | 1,115,871 | ||||||||||||||||
Net realized loss | (1,676,254 | ) | (25,067,427 | ) | (5,031,611 | ) | (7,194,722 | ) | (4,500,634 | ) | (5,606,856 | ) | (17,210,029 | ) | (13,983,275 | ) | ||||||||||||||||
Net change in unrealized appreciation (depreciation) | 27,103,831 | (10,884,258 | ) | 32,832,079 | (36,679,372 | ) | 13,705,363 | (10,487,601 | ) | 46,155,582 | (35,210,467 | ) | ||||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 25,600,593 | (35,189,203 | ) | 28,794,176 | (42,715,757 | ) | 9,508,468 | (15,417,496 | ) | 29,465,689 | (48,077,871 | ) | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | (113,733 | ) | (881,742 | ) | (795,980 | ) | (406,311 | ) | (82,548 | ) | (543,357 | ) | (299,766 | ) | (1,021,270 | ) | ||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | — | (5,998 | ) | — | (781,483 | ) | — | — | — | — | ||||||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | �� | (113,733 | ) | (887,740 | ) | (795,980 | ) | (1,187,794 | ) | (82,548 | ) | (543,357 | ) | (299,766 | ) | (1,021,270 | ) | |||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 3,842,452 | 16,998,453 | 6,259,524 | 16,839,960 | 2,621,253 | 26,354,167 | 9,308,473 | 24,569,857 | ||||||||||||||||||||||||
Class B | — | 1,150 | — | 17,226 | — | — | — | — | ||||||||||||||||||||||||
Class C | — | 66 | — | 5,667 | — | — | — | — | ||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | 113,733 | 887,735 | 795,923 | 1,186,517 | 82,548 | 543,357 | 299,766 | 1,021,270 | ||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (2,613,899 | ) | (8,086,875 | ) | (9,006,075 | ) | (6,188,203 | ) | (6,878,608 | ) | (3,030,610 | ) | (5,276,234 | ) | (3,167,112 | ) | ||||||||||||||||
Class B | — | (25 | ) | — | (600 | ) | — | — | — | — | ||||||||||||||||||||||
Class C | — | (11,832 | ) | — | (81,491 | ) | — | — | — | — | ||||||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||
Class A (2) | — | 210,133 | — | 1,115,829 | — | — | — | — | ||||||||||||||||||||||||
Class B (2) | — | (60,101 | ) | — | (608,612 | ) | — | — | — | — | ||||||||||||||||||||||
Class C (2) | — | (150,032 | ) | — | (507,217 | ) | — | — | — | — | ||||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 1,342,286 | 9,788,672 | (1,950,628 | ) | 11,779,076 | (4,174,807 | ) | 23,866,914 | 4,332,005 | 22,424,015 | ||||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 26,829,146 | (26,288,271 | ) | 26,047,568 | (32,124,475 | ) | 5,251,113 | 7,906,061 | 33,497,928 | (26,675,126 | ) | |||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Period/Year | 59,135,047 | 85,423,318 | 65,123,856 | 97,248,331 | 27,017,894 | 19,111,833 | 85,261,070 | 111,936,196 | ||||||||||||||||||||||||
End of Period/Year | $ | 85,964,193 | $ | 59,135,047 | $ | 91,171,424 | $ | 65,123,856 | $ | 32,269,007 | $ | 27,017,894 | $ | 118,758,998 | $ | 85,261,070 | ||||||||||||||||
Undistributed Net Investment Income | $ | 170,425 | $ | 111,142 | $ | 967,733 | $ | 770,005 | $ | 305,018 | $ | 83,827 | $ | 516,208 | $ | 295,838 | ||||||||||||||||
(1) | Prior to July 1, 2008, the PL Mid-Cap Equity Fund was named PL Mid-Cap Value Fund. | |
(2) | Class B and C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(3) | Unaudited. |
See Notes to Financial Statements
B-13
PACIFIC LIFE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Emerging Markets | PL Managed Bond | PL Inflation Managed | PL Large-Cap Growth | |||||||||||||||||||||||||||||
Fund | Fund (1) | Fund (1) | Fund (1) | |||||||||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | Six-Month | |||||||||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | Period Ended | |||||||||||||||||||||||||||||
September 30, | Year Ended | September 30, | Year Ended | September 30, | Year Ended | September 30, | Year Ended | |||||||||||||||||||||||||
2009 (2) | March 31, 2009 | 2009 (2) | March 31, 2009 | 2009 (2) | March 31, 2009 | 2009 (2) | March 31, 2009 | |||||||||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 316,705 | $ | 442,624 | $ | 3,094,458 | $ | 7,072,229 | $ | 2,025,196 | $ | 3,961,251 | $ | (58,011 | ) | $ | (133,537 | ) | ||||||||||||||
Net realized gain (loss) | (2,578,645 | ) | (3,452,033 | ) | 6,012,269 | 5,076,618 | 3,609,644 | (10,185,425 | ) | 1,101,811 | (8,422,999 | ) | ||||||||||||||||||||
Net change in unrealized appreciation (depreciation) | 20,760,210 | (16,342,343 | ) | 11,753,170 | (14,540,979 | ) | 1,218,154 | 921,629 | 6,077,677 | (1,983,894 | ) | |||||||||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 18,498,270 | (19,351,752 | ) | 20,859,897 | (2,392,132 | ) | 6,852,994 | (5,302,545 | ) | 7,121,477 | (10,540,430 | ) | ||||||||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||||||||||
Class A | — | (306,483 | ) | (4,139,507 | ) | (8,944,449 | ) | (2,788,908 | ) | (4,178,065 | ) | — | — | |||||||||||||||||||
Class B | — | — | — | (3,708 | ) | — | (1,803 | ) | — | — | ||||||||||||||||||||||
Class C | — | — | — | (8,415 | ) | — | (4,855 | ) | — | — | ||||||||||||||||||||||
Net realized gains | ||||||||||||||||||||||||||||||||
Class A | — | (6,235,734 | ) | — | (7,903,449 | ) | — | (7,952,335 | ) | — | — | |||||||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | — | (6,542,217 | ) | (4,139,507 | ) | (16,860,021 | ) | (2,788,908 | ) | (12,137,058 | ) | — | — | |||||||||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||||||||||
Class A | 2,464,643 | 6,701,740 | 38,549,903 | 27,329,169 | 38,882,721 | 11,788,650 | 26,180,177 | 3,318,893 | ||||||||||||||||||||||||
Class B | — | — | — | 10,549 | — | 260 | — | 1,647 | ||||||||||||||||||||||||
Class C | — | — | — | 2,266 | — | 1,070 | — | 1,242 | ||||||||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||||||||||
Class A | — | 6,542,217 | 4,127,895 | 16,807,322 | 2,777,218 | 12,088,166 | — | — | ||||||||||||||||||||||||
Class B | — | — | — | 3,464 | — | 1,614 | — | — | ||||||||||||||||||||||||
Class C | — | — | — | 8,080 | — | 4,303 | — | — | ||||||||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||||||||||
Class A | (10,880,667 | ) | (4,162,422 | ) | (5,481,629 | ) | (65,643,296 | ) | (3,441,661 | ) | (50,421,261 | ) | (464,489 | ) | (3,413,704 | ) | ||||||||||||||||
Class B | — | — | — | (8,663 | ) | — | (126,125 | ) | — | (8,980 | ) | |||||||||||||||||||||
Class C | — | — | — | (321,532 | ) | — | (80,992 | ) | — | (95,193 | ) | |||||||||||||||||||||
Share class conversions | ||||||||||||||||||||||||||||||||
Class A (1) | — | — | — | 2,590,719 | — | 2,785,176 | — | 981,076 | ||||||||||||||||||||||||
Class B (1) | — | — | — | (824,773 | ) | — | (718,824 | ) | — | (406,919 | ) | |||||||||||||||||||||
Class C (1) | — | — | — | (1,765,946 | ) | — | (2,066,352 | ) | — | (574,157 | ) | |||||||||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | (8,416,024 | ) | 9,081,535 | 37,196,169 | (21,812,641 | ) | 38,218,278 | (26,744,315 | ) | 25,715,688 | (196,095 | ) | ||||||||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 10,082,246 | (16,812,434 | ) | 53,916,559 | (41,064,794 | ) | 42,282,364 | (44,183,918 | ) | 32,837,165 | (10,736,525 | ) | ||||||||||||||||||||
NET ASSETS | ||||||||||||||||||||||||||||||||
Beginning of Period/Year | 30,820,279 | 47,632,713 | 137,724,489 | 178,789,283 | 81,266,045 | 125,449,963 | 16,514,591 | 27,251,116 | ||||||||||||||||||||||||
End of Period/Year | $ | 40,902,525 | $ | 30,820,279 | $ | 191,641,048 | $ | 137,724,489 | $ | 123,548,409 | $ | 81,266,045 | $ | 49,351,756 | $ | 16,514,591 | ||||||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 307,562 | $ | (9,143 | ) | $ | (14,363 | ) | $ | 1,030,686 | $ | 790,593 | $ | 1,554,305 | $ | (73,193 | ) | $ | (15,182 | ) | ||||||||||||
(1) | Class B and C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(2) | Unaudited. |
See Notes to Financial Statements
B-14
PACIFIC LIFE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
PL Comstock | PL Mid-Cap Growth | PL Real Estate | ||||||||||||||||||||||
Fund (1) | Fund (1) | Fund (1) | ||||||||||||||||||||||
Six-Month | Six-Month | Six-Month | ||||||||||||||||||||||
Period Ended | Period Ended | Period Ended | ||||||||||||||||||||||
September 30, | Year Ended | September 30, | Year Ended | September 30, | Year Ended | |||||||||||||||||||
2009 (2) | March 31, 2009 | 2009 (2) | March 31, 2009 | 2009 (2) | March 31, 2009 | |||||||||||||||||||
OPERATIONS | ||||||||||||||||||||||||
Net investment income (loss) | $ | 455,427 | $ | 1,688,483 | $ | (50,828 | ) | $ | (183,547 | ) | $ | 201,846 | $ | 564,693 | ||||||||||
Net realized gain (loss) | (6,730,278 | ) | (31,371,559 | ) | 733,159 | 741,438 | (6,723,355 | ) | (6,933,772 | ) | ||||||||||||||
Net change in unrealized appreciation (depreciation) | 36,790,113 | (19,223,029 | ) | 13,278,213 | (11,370,006 | ) | 20,803,475 | (16,677,191 | ) | |||||||||||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | 30,515,262 | (48,906,105 | ) | 13,960,544 | (10,812,115 | ) | 14,281,966 | (23,046,270 | ) | |||||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||||||||||||||||||
Net investment income | ||||||||||||||||||||||||
Class A | (333,765 | ) | (1,691,349 | ) | — | — | (218,736 | ) | (587,647 | ) | ||||||||||||||
Net realized gains | ||||||||||||||||||||||||
Class A | — | — | — | (3,021,703 | ) | — | — | |||||||||||||||||
Return of capital | ||||||||||||||||||||||||
Class A | — | — | — | — | — | (23,684 | ) | |||||||||||||||||
Net Decrease in Net Assets Resulting from Dividends and Distributions to Shareholders | (333,765 | ) | (1,691,349 | ) | — | (3,021,703 | ) | (218,736 | ) | (611,331 | ) | |||||||||||||
CAPITAL SHARE TRANSACTIONS | ||||||||||||||||||||||||
Proceeds from sale of shares | ||||||||||||||||||||||||
Class A | 5,793,412 | 23,688,364 | 17,328,146 | 4,565,953 | 3,735,652 | 10,981,327 | ||||||||||||||||||
Class B | — | 1,314 | — | 5,481 | — | 1,095 | ||||||||||||||||||
Class C | — | 5,632 | — | 6,579 | — | 1,831 | ||||||||||||||||||
Dividends and distribution reinvestments | ||||||||||||||||||||||||
Class A | 333,707 | 1,690,697 | — | 3,003,467 | 218,730 | 611,317 | ||||||||||||||||||
Class C | — | — | — | 16 | — | — | ||||||||||||||||||
Cost of shares repurchased | ||||||||||||||||||||||||
Class A | (5,906,443 | ) | (25,297,002 | ) | (1,283,460 | ) | (26,866,051 | ) | (7,091,813 | ) | (5,342,911 | ) | ||||||||||||
Class B | — | (30,433 | ) | — | (39,846 | ) | — | (466 | ) | |||||||||||||||
Class C | — | (134,206 | ) | — | (194,930 | ) | — | (6,890 | ) | |||||||||||||||
Share class conversions | ||||||||||||||||||||||||
Class A (1) | — | 1,054,821 | — | 1,945,550 | — | 304,189 | ||||||||||||||||||
Class B (1) | — | (467,415 | ) | — | (1,041,725 | ) | — | (95,040 | ) | |||||||||||||||
Class C (1) | — | (587,406 | ) | — | (903,825 | ) | — | (209,149 | ) | |||||||||||||||
Net Increase (Decrease) in Net Assets from Capital Share Transactions | 220,676 | (75,634 | ) | 16,044,686 | (19,519,331 | ) | (3,137,431 | ) | 6,245,303 | |||||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS | 30,402,173 | (50,673,088 | ) | 30,005,230 | (33,353,149 | ) | 10,925,799 | (17,412,298 | ) | |||||||||||||||
NET ASSETS | ||||||||||||||||||||||||
Beginning of Period/Year | 74,861,803 | 125,534,891 | 18,872,697 | 52,225,846 | 20,774,677 | 38,186,975 | ||||||||||||||||||
End of Period/Year | $ | 105,263,976 | $ | 74,861,803 | $ | 48,877,927 | $ | 18,872,697 | $ | 31,700,476 | $ | 20,774,677 | ||||||||||||
Undistributed/Accumulated Net Investment Income (Loss) | $ | 446,457 | $ | 324,795 | $ | (62,693 | ) | $ | (11,865 | ) | $ | (18,528 | ) | $ | (1,638 | ) | ||||||||
(1) | Class B and C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(2) | Unaudited. |
See Notes to Financial Statements
B-15
PACIFIC LIFE FUNDS
STATEMENT OF CASH FLOWS (1)
FOR THE SIX-MONTH PERIOD ENDED SEPTEMBER 30, 2009 (Unaudited)
PL Floating | ||||
Rate Loan | ||||
Fund | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net increase in net assets from operations | $ | 5,767,972 | ||
Adjustments to reconcile net decrease in net assets from Operations to net cash used in operating activities: | ||||
Purchases of long-term securities | (26,180,849 | ) | ||
Proceeds from disposition of long-term securities | 17,636,715 | |||
Net purchases of short-term securities | (6,836,869 | ) | ||
Increase in receivable for securities sold | (369,501 | ) | ||
Increase in dividends and interest receivable | (43,179 | ) | ||
Increase in due from adviser | (5,699 | ) | ||
Decrease in prepaid expenses and other assets | 1,341 | |||
Increase in payable for securities purchased | 3,055,024 | |||
Increase in accrued advisory fees | 6,400 | |||
Increase in accrued administration fees | 2,560 | |||
Increase in accrued support service expenses | 4,860 | |||
Decrease in accrued custodian fees and expenses | (344 | ) | ||
Decrease in accrued legal and audit fees | (4,037 | ) | ||
Increase in accrued distribution and/or service fees | 346 | |||
Increase in accrued transfer agency out-of-pocket expenses | 594 | |||
Decrease in accrued other liabilities | (2,580 | ) | ||
Net amortization on investments | (300,534 | ) | ||
Net realized loss on investment securities | 50,456 | |||
Net unrealized appreciation on investments | (4,936,144 | ) | ||
Net cash flow used by operating activities | (12,153,468 | ) | ||
CASH FLOWS FROM FINANCING ACTIVITIES (2): | ||||
Proceeds from shares sold | 12,241,925 | |||
Payment of shares redeemed | (4,468,273 | ) | ||
Net cash flow provided by financing activities | 7,773,652 | |||
NET DECREASE IN CASH | (4,379,816 | ) | ||
CASH: | ||||
Beginning of Period | 4,474,067 | |||
End of Period | $ | 94,251 | ||
(1) | Information on financial transactions which have been settled through the receipt or disbursement of cash is presented in the Statement of Cash Flows. The cash amount shown in the Statement of Cash Flows is the amount included within the Statement of Assets and Liabilities and includes cash on hand at its custodian bank and does not include any short-term investments. The PL Floating Rate Loan Fund has not met the exemption criteria under the Financial Accounting Standards Board Accounting Standards Codification Topic 230, Statement of Cash Flows, and therefore includes a Statement of Cash Flows. All other funds have met the exemption criteria. | |
(2) | Reinvestment of dividends were $903,667. |
See Notes to Financial Statements
B-16
PACIFIC LIFE FUNDS
FINANCIAL HIGHLIGHTS
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||
Net | Net | ||||||||||||||||||||||||||||||||
Asset | Realized | Distributions | |||||||||||||||||||||||||||||||
Value, | and | Total | from | Distributions | |||||||||||||||||||||||||||||
Beginning | Net | Unrealized | from | Net | from | ||||||||||||||||||||||||||||
of Year | Investment | Gain | Investment | Investment | Capital | Total | |||||||||||||||||||||||||||
For the Year or Period Ended | or Period | Income | (Loss) | Operations | Income | Gains | Distributions | ||||||||||||||||||||||||||
PL Portfolio Optimization Conservative Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 8.84 | $ | 0.18 | $ | 1.25 | $ | 1.43 | ($0.04 | ) | ($0.03 | ) | ($0.07 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 10.55 | 0.37 | (1.50 | ) | (1.13 | ) | (0.55 | ) | (0.03 | ) | (0.58 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.51 | 0.34 | 0.19 | 0.53 | (0.35 | ) | (0.14 | ) | (0.49 | ) | |||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.34 | 0.29 | 0.33 | 0.62 | (0.28 | ) | (0.17 | ) | (0.45 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.18 | 0.22 | 0.20 | 0.42 | (0.23 | ) | (0.03 | ) | (0.26 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.15 | 0.13 | 0.05 | 0.18 | (0.13 | ) | (0.02 | ) | (0.15 | ) | |||||||||||||||||||||||
Class B: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 8.77 | $ | 0.14 | $ | 1.25 | $ | 1.39 | ($0.02 | ) | ($0.03 | ) | ($0.05 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 10.49 | 0.30 | (1.50 | ) | (1.20 | ) | (0.49 | ) | (0.03 | ) | (0.52 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.46 | 0.26 | 0.19 | 0.45 | (0.28 | ) | (0.14 | ) | (0.42 | ) | |||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.30 | 0.23 | 0.33 | 0.56 | (0.23 | ) | (0.17 | ) | (0.40 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.14 | 0.17 | 0.20 | 0.37 | (0.18 | ) | (0.03 | ) | (0.21 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.14 | 0.08 | 0.04 | 0.12 | (0.10 | ) | (0.02 | ) | (0.12 | ) | |||||||||||||||||||||||
Class C: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 8.76 | $ | 0.14 | $ | 1.26 | $ | 1.40 | ($0.02 | ) | ($0.03 | ) | ($0.05 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 10.49 | 0.30 | (1.51 | ) | (1.21 | ) | (0.49 | ) | (0.03 | ) | (0.52 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.45 | 0.26 | 0.20 | 0.46 | (0.28 | ) | (0.14 | ) | (0.42 | ) | |||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.29 | 0.23 | 0.33 | 0.56 | (0.23 | ) | (0.17 | ) | (0.40 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.13 | 0.17 | 0.20 | 0.37 | (0.18 | ) | (0.03 | ) | (0.21 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.13 | 0.08 | 0.04 | 0.12 | (0.10 | ) | (0.02 | ) | (0.12 | ) | |||||||||||||||||||||||
Class R: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 8.81 | $ | 0.16 | $ | 1.25 | $ | 1.41 | ($0.03 | ) | ($0.03 | ) | ($0.06 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 10.53 | 0.34 | (1.50 | ) | (1.16 | ) | (0.53 | ) | (0.03 | ) | (0.56 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.50 | 0.31 | 0.19 | 0.50 | (0.33 | ) | (0.14 | ) | (0.47 | ) | |||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.33 | 0.28 | 0.34 | 0.62 | (0.28 | ) | (0.17 | ) | (0.45 | ) | |||||||||||||||||||||||
9/30/2005 - 3/31/2006 (4) | 10.35 | 0.11 | 0.09 | 0.20 | (0.21 | ) | (0.01 | ) | (0.22 | ) | |||||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 8.36 | $ | 0.14 | $ | 1.72 | $ | 1.86 | ($0.11 | ) | $ | — | ($0.11 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 10.96 | 0.30 | (2.36 | ) | (2.06 | ) | (0.44 | ) | (0.10 | ) | (0.54 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.21 | 0.28 | (0.01 | ) | 0.27 | (0.34 | ) | (0.18 | ) | (0.52 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.87 | 0.23 | 0.61 | 0.84 | (0.25 | ) | (0.25 | ) | (0.50 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.33 | 0.18 | 0.57 | 0.75 | (0.19 | ) | (0.02 | ) | (0.21 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.14 | 0.11 | 0.22 | 0.33 | (0.12 | ) | (0.02 | ) | (0.14 | ) | |||||||||||||||||||||||
Class B: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 8.30 | $ | 0.10 | $ | 1.71 | $ | 1.81 | ($0.09 | ) | $ | — | ($0.09 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 10.89 | 0.23 | (2.36 | ) | (2.13 | ) | (0.36 | ) | (0.10 | ) | (0.46 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.15 | 0.20 | (0.02 | ) | 0.18 | (0.26 | ) | (0.18 | ) | (0.44 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.82 | 0.17 | 0.61 | 0.78 | (0.20 | ) | (0.25 | ) | (0.45 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.29 | 0.13 | 0.56 | 0.69 | (0.14 | ) | (0.02 | ) | (0.16 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.13 | 0.06 | 0.21 | 0.27 | (0.09 | ) | (0.02 | ) | (0.11 | ) | |||||||||||||||||||||||
Class C: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 8.30 | $ | 0.10 | $ | 1.71 | $ | 1.81 | ($0.09 | ) | $ | — | ($0.09 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 10.89 | 0.22 | (2.35 | ) | (2.13 | ) | (0.36 | ) | (0.10 | ) | (0.46 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.16 | 0.20 | (0.02 | ) | 0.18 | (0.27 | ) | (0.18 | ) | (0.45 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.83 | 0.17 | 0.61 | 0.78 | (0.20 | ) | (0.25 | ) | (0.45 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.29 | 0.13 | 0.57 | 0.70 | (0.14 | ) | (0.02 | ) | (0.16 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.13 | 0.06 | 0.21 | 0.27 | (0.09 | ) | (0.02 | ) | (0.11 | ) | |||||||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||
Ratios of | |||||||||||||||||||||||||||||||||
Net | Net | Ratios | Ratios | Net | |||||||||||||||||||||||||||||
Asset | Assets, | of Expenses | of Expenses | Investment | |||||||||||||||||||||||||||||
Value, | End of | After Expense | Before Expense | Income | |||||||||||||||||||||||||||||
End of | Year or | Reductions to | Reductions to | to | Portfolio | ||||||||||||||||||||||||||||
Year or | Total | Period | Average Net | Average Net | Average Net | Turnover | |||||||||||||||||||||||||||
For the Year or Period Ended | Period | Returns (1) | (in thousands) | Assets (2), (3) | Assets (3) | Assets (3) | Rates | ||||||||||||||||||||||||||
PL Portfolio Optimization Conservative Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 10.20 | 16.14 | % | $ | 48,393 | 0.20 | % | 0.98 | % | 3.69 | % | 16.85 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 8.84 | (10.78 | %) | 32,817 | 0.16 | % | 0.95 | % | 3.91 | % | 26.41 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.55 | 5.15 | % | 24,003 | 0.00 | % | 0.94 | % | 3.20 | % | 43.30 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.51 | 6.12 | % | 11,730 | 0.02 | % | 1.37 | % | 2.77 | % | 35.84 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.34 | 4.12 | % | 9,887 | 0.03 | % | 1.57 | % | 2.17 | % | 66.26 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.18 | 1.74 | % | 8,262 | 0.00 | % | 2.35 | % | 1.29 | % | 20.21 | % | |||||||||||||||||||||
Class B: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 10.11 | 15.86 | % | $ | 11,254 | 0.95 | % | 1.73 | % | 2.94 | % | 16.85 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 8.77 | (11.51 | %) | 8,306 | 0.91 | % | 1.70 | % | 3.16 | % | 26.41 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.49 | 4.42 | % | 4,895 | 0.75 | % | 1.69 | % | 2.45 | % | 43.30 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.46 | 5.52 | % | 2,822 | 0.58 | % | 1.93 | % | 2.20 | % | 35.84 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.30 | 3.56 | % | 1,923 | 0.53 | % | 2.07 | % | 1.67 | % | 66.26 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.14 | 1.25 | % | 1,450 | 0.50 | % | 2.85 | % | 0.79 | % | 20.21 | % | |||||||||||||||||||||
Class C: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 10.11 | 16.01 | % | $ | 51,745 | 0.95 | % | 1.73 | % | 2.94 | % | 16.85 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 8.76 | (11.63 | %) | 37,659 | 0.91 | % | 1.70 | % | 3.16 | % | 26.41 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.49 | 4.48 | % | 25,841 | 0.75 | % | 1.69 | % | 2.45 | % | 43.30 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.45 | 5.55 | % | 16,322 | 0.58 | % | 1.93 | % | 2.20 | % | 35.84 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.29 | 3.65 | % | 11,342 | 0.53 | % | 2.07 | % | 1.67 | % | 66.26 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.13 | 1.18 | % | 8,908 | 0.50 | % | 2.85 | % | 0.79 | % | 20.21 | % | |||||||||||||||||||||
Class R: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 10.16 | 16.04 | % | $ | 5,495 | 0.45 | % | 1.23 | % | 3.44 | % | 16.85 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 8.81 | (11.07 | %) | 3,197 | 0.41 | % | 1.20 | % | 3.66 | % | 26.41 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.53 | 4.90 | % | 1,629 | 0.25 | % | 1.19 | % | 2.95 | % | 43.30 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.50 | 6.13 | % | 216 | 0.10 | % | 1.43 | % | 2.68 | % | 35.84 | % | |||||||||||||||||||||
9/30/2005 - 3/31/2006 (4) | 10.33 | 1.90 | % | 10 | 0.03 | % | 1.57 | % | 2.17 | % | 66.26 | % | |||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 10.11 | 22.35 | % | $ | 58,153 | 0.20 | % | 0.98 | % | 2.94 | % | 8.85 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 8.36 | (19.15 | %) | 39,518 | 0.14 | % | 0.92 | % | 3.10 | % | 31.68 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.96 | 2.31 | % | 50,389 | 0.00 | % | 0.82 | % | 2.50 | % | 10.38 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.21 | 7.93 | % | 36,345 | 0.01 | % | 1.18 | % | 2.13 | % | 18.25 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.87 | 7.23 | % | 28,292 | 0.02 | % | 1.32 | % | 1.72 | % | 37.91 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.33 | 3.28 | % | 19,664 | 0.00 | % | 1.74 | % | 1.05 | % | 7.82 | % | |||||||||||||||||||||
Class B: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 10.02 | 21.95 | % | $ | 16,010 | 0.95 | % | 1.73 | % | 2.19 | % | 8.85 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 8.30 | (19.85 | %) | 11,943 | 0.89 | % | 1.67 | % | 2.35 | % | 31.68 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.89 | 1.53 | % | 15,092 | 0.75 | % | 1.57 | % | 1.75 | % | 10.38 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.15 | 7.39 | % | 12,098 | 0.58 | % | 1.75 | % | 1.56 | % | 18.25 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.82 | 6.70 | % | 9,058 | 0.52 | % | 1.82 | % | 1.22 | % | 37.91 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.29 | 2.69 | % | 6,699 | 0.50 | % | 2.24 | % | 0.55 | % | 7.82 | % | |||||||||||||||||||||
Class C: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 10.02 | 21.95 | % | $ | 55,213 | 0.95 | % | 1.73 | % | 2.19 | % | 8.85 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 8.30 | (19.84 | %) | 40,640 | 0.89 | % | 1.67 | % | 2.35 | % | 31.68 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.89 | 1.51 | % | 48,205 | 0.75 | % | 1.57 | % | 1.75 | % | 10.38 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.16 | 7.38 | % | 30,464 | 0.58 | % | 1.75 | % | 1.56 | % | 18.25 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.83 | 6.80 | % | 23,860 | 0.52 | % | 1.82 | % | 1.22 | % | 37.91 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.29 | 2.70 | % | 15,375 | 0.50 | % | 2.24 | % | 0.55 | % | 7.82 | % | |||||||||||||||||||||
See Notes to Financial Statements | See explanation of references on C-7 |
C-1
PACIFIC LIFE FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||
Net | Net | ||||||||||||||||||||||||||||||||
Asset | Realized | Distributions | |||||||||||||||||||||||||||||||
Value, | and | Total | from | Distributions | |||||||||||||||||||||||||||||
Beginning | Net | Unrealized | from | Net | from | ||||||||||||||||||||||||||||
of Year | Investment | Gain | Investment | Investment | Capital | Total | |||||||||||||||||||||||||||
For the Year or Period Ended | or Period | Income | (Loss) | Operations | Income | Gains | Distributions | ||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative Fund (Continued) | |||||||||||||||||||||||||||||||||
Class R: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 8.34 | $ | 0.13 | $ | 1.71 | $ | 1.84 | ($0.10 | ) | $ | — | ($0.10 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 10.94 | 0.27 | (2.36 | ) | (2.09 | ) | (0.41 | ) | (0.10 | ) | (0.51 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.20 | 0.25 | (0.01 | ) | 0.24 | (0.32 | ) | (0.18 | ) | (0.50 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.87 | 0.22 | 0.61 | 0.83 | (0.25 | ) | (0.25 | ) | (0.50 | ) | |||||||||||||||||||||||
9/30/2005 - 3/31/2006 (4) | 10.67 | 0.09 | 0.29 | 0.38 | (0.17 | ) | (0.01 | ) | (0.18 | ) | |||||||||||||||||||||||
PL Portfolio Optimization Moderate Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 7.96 | $ | 0.10 | $ | 2.19 | $ | 2.29 | ($0.11 | ) | $ | — | ($0.11 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 11.51 | 0.23 | (3.30 | ) | (3.07 | ) | (0.31 | ) | (0.17 | ) | (0.48 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 12.08 | 0.23 | (0.17 | ) | 0.06 | (0.35 | ) | (0.28 | ) | (0.63 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.56 | 0.18 | 0.88 | 1.06 | (0.22 | ) | (0.32 | ) | (0.54 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.54 | 0.15 | 1.06 | 1.21 | (0.16 | ) | (0.03 | ) | (0.19 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.14 | 0.08 | 0.43 | 0.51 | (0.09 | ) | (0.02 | ) | (0.11 | ) | |||||||||||||||||||||||
Class B: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 7.90 | $ | 0.07 | $ | 2.19 | $ | 2.26 | ($0.10 | ) | $ | — | ($0.10 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 11.44 | 0.16 | (3.30 | ) | (3.14 | ) | (0.23 | ) | (0.17 | ) | (0.40 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 12.02 | 0.14 | (0.17 | ) | (0.03 | ) | (0.27 | ) | (0.28 | ) | (0.55 | ) | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.51 | 0.11 | 0.89 | 1.00 | (0.17 | ) | (0.32 | ) | (0.49 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.50 | 0.09 | 1.07 | 1.16 | (0.12 | ) | (0.03 | ) | (0.15 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.13 | 0.03 | 0.43 | 0.46 | (0.07 | ) | (0.02 | ) | (0.09 | ) | |||||||||||||||||||||||
Class C: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 7.88 | $ | 0.07 | $ | 2.20 | $ | 2.27 | ($0.10 | ) | $ | — | ($0.10 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 11.42 | 0.16 | (3.30 | ) | (3.14 | ) | (0.23 | ) | (0.17 | ) | (0.40 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 12.00 | 0.14 | (0.17 | ) | (0.03 | ) | (0.27 | ) | (0.28 | ) | (0.55 | ) | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.50 | 0.11 | 0.88 | 0.99 | (0.17 | ) | (0.32 | ) | (0.49 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.49 | 0.09 | 1.07 | 1.16 | (0.12 | ) | (0.03 | ) | (0.15 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.12 | 0.03 | 0.43 | 0.46 | (0.07 | ) | (0.02 | ) | (0.09 | ) | |||||||||||||||||||||||
Class R: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 7.93 | $ | 0.09 | $ | 2.19 | $ | 2.28 | ($0.11 | ) | $ | — | ($0.11 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 11.48 | 0.20 | (3.29 | ) | (3.09 | ) | (0.29 | ) | (0.17 | ) | (0.46 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 12.06 | 0.20 | (0.17 | ) | 0.03 | (0.33 | ) | (0.28 | ) | (0.61 | ) | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.56 | 0.16 | 0.88 | 1.04 | (0.22 | ) | (0.32 | ) | (0.54 | ) | |||||||||||||||||||||||
9/30/2005 - 3/31/2006 (4) | 11.05 | 0.07 | 0.60 | 0.67 | (0.15 | ) | (0.01 | ) | (0.16 | ) | |||||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 7.31 | $ | 0.06 | $ | 2.58 | $ | 2.64 | ($0.08 | ) | $ | — | ($0.08 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 11.79 | 0.16 | (4.21 | ) | (4.05 | ) | (0.19 | ) | (0.24 | ) | (0.43 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 12.74 | 0.17 | (0.41 | ) | (0.24 | ) | (0.33 | ) | (0.38 | ) | (0.71 | ) | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.02 | 0.12 | 1.12 | 1.24 | (0.20 | ) | (0.32 | ) | (0.52 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.66 | 0.10 | 1.44 | 1.54 | (0.13 | ) | (0.05 | ) | (0.18 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.11 | 0.05 | 0.58 | 0.63 | (0.06 | ) | (0.02 | ) | (0.08 | ) | |||||||||||||||||||||||
Class B: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 7.21 | $ | 0.03 | $ | 2.58 | $ | 2.61 | ($0.07 | ) | $ | — | ($0.07 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 11.69 | 0.08 | (4.19 | ) | (4.11 | ) | (0.13 | ) | (0.24 | ) | (0.37 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 12.67 | 0.07 | (0.41 | ) | (0.34 | ) | (0.26 | ) | (0.38 | ) | (0.64 | ) | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.97 | 0.05 | 1.13 | 1.18 | (0.16 | ) | (0.32 | ) | (0.48 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.63 | 0.04 | 1.45 | 1.49 | (0.10 | ) | (0.05 | ) | (0.15 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.10 | — | (6) | 0.58 | 0.58 | (0.03 | ) | (0.02 | ) | (0.05 | ) | ||||||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||
Ratios of | |||||||||||||||||||||||||||||||||
Net | Net | Ratios | Ratios | Net | |||||||||||||||||||||||||||||
Asset | Assets, | of Expenses | of Expenses | Investment | |||||||||||||||||||||||||||||
Value, | End of | After Expense | Before Expense | Income | |||||||||||||||||||||||||||||
End of | Year or | Reductions to | Reductions to | to | Portfolio | ||||||||||||||||||||||||||||
Year or | Total | Period | Average Net | Average Net | Average Net | Turnover | |||||||||||||||||||||||||||
For the Year or Period Ended | Period | Returns (1) | (in thousands) | Assets (2), (3) | Assets (3) | Assets (3) | Rates | ||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative Fund (Continued) | |||||||||||||||||||||||||||||||||
Class R: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 10.08 | 22.23 | % | $ | 8,357 | 0.45 | % | 1.23 | % | 2.69 | % | 8.85 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 8.34 | (19.36 | %) | 4,957 | 0.39 | % | 1.17 | % | 2.85 | % | 31.68 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.94 | 2.03 | % | 3,031 | 0.25 | % | 1.07 | % | 2.25 | % | 10.38 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.20 | 7.84 | % | 1,373 | 0.10 | % | 1.25 | % | 2.04 | % | 18.25 | % | |||||||||||||||||||||
9/30/2005 - 3/31/2006 (4) | 10.87 | 3.63 | % | 290 | 0.02 | % | 1.32 | % | 1.72 | % | 37.91 | % | |||||||||||||||||||||
PL Portfolio Optimization Moderate Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 10.14 | 28.97 | % | $ | 194,897 | 0.20 | % | 0.94 | % | 2.20 | % | 10.18 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 7.96 | (27.25 | %) | 137,205 | 0.14 | % | 0.89 | % | 2.35 | % | 25.95 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.51 | 0.28 | % | 192,707 | 0.00 | % | 0.78 | % | 1.90 | % | 5.01 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.08 | 9.41 | % | 149,905 | 0.00 | % | 1.06 | % | 1.51 | % | 8.24 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 11.56 | 11.58 | % | 95,079 | 0.00 | % | 1.20 | % | 1.33 | % | 26.54 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.54 | 5.09 | % | 53,783 | 0.00 | % | 1.41 | % | 0.82 | % | 5.78 | % | |||||||||||||||||||||
Class B: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 10.06 | 28.73 | % | $ | 55,712 | 0.95 | % | 1.69 | % | 1.45 | % | 10.18 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 7.90 | (27.95 | %) | 40,658 | 0.89 | % | 1.64 | % | 1.60 | % | 25.95 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.44 | (0.48 | %) | 56,387 | 0.75 | % | 1.53 | % | 1.15 | % | 5.01 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.02 | 8.88 | % | 43,774 | 0.57 | % | 1.63 | % | 0.94 | % | 8.24 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 11.51 | 11.10 | % | 31,687 | 0.50 | % | 1.70 | % | 0.83 | % | 26.54 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.50 | 4.55 | % | 19,414 | 0.50 | % | 1.91 | % | 0.32 | % | 5.78 | % | |||||||||||||||||||||
Class C: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 10.05 | 28.92 | % | $ | 170,462 | 0.95 | % | 1.69 | % | 1.45 | % | 10.18 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 7.88 | (28.02 | %) | 123,122 | 0.89 | % | 1.64 | % | 1.60 | % | 25.95 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.42 | (0.46 | %) | 180,421 | 0.75 | % | 1.53 | % | 1.15 | % | 5.01 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.00 | 8.82 | % | 134,695 | 0.57 | % | 1.63 | % | 0.94 | % | 8.24 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 11.50 | 11.12 | % | 88,774 | 0.50 | % | 1.70 | % | 0.83 | % | 26.54 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.49 | 4.53 | % | 52,510 | 0.50 | % | 1.91 | % | 0.32 | % | 5.78 | % | |||||||||||||||||||||
Class R: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 10.10 | 28.90 | % | $ | 21,064 | 0.45 | % | 1.19 | % | 1.95 | % | 10.18 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 7.93 | (27.48 | %) | 12,323 | 0.39 | % | 1.14 | % | 2.10 | % | 25.95 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.48 | 0.05 | % | 7,754 | 0.25 | % | 1.03 | % | 1.65 | % | 5.01 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.06 | 9.24 | % | 2,332 | 0.11 | % | 1.13 | % | 1.40 | % | 8.24 | % | |||||||||||||||||||||
9/30/2005 - 3/31/2006 (4) | 11.56 | 6.16 | % | 13 | 0.00 | % | 1.20 | % | 1.33 | % | 26.54 | % | |||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 9.87 | 36.26 | % | $ | 190,023 | 0.20 | % | 0.94 | % | 1.46 | % | 14.41 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 7.31 | (35.15 | %) | 128,976 | 0.14 | % | 0.89 | % | 1.63 | % | 22.98 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.79 | (2.25 | %) | 203,091 | 0.00 | % | 0.78 | % | 1.30 | % | 5.05 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.74 | 10.57 | % | 158,754 | 0.00 | % | 1.05 | % | 1.02 | % | 6.96 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 12.02 | 14.59 | % | 93,498 | 0.00 | % | 1.19 | % | 0.86 | % | 27.98 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.66 | 6.26 | % | 43,986 | 0.00 | % | 1.43 | % | 0.52 | % | 10.16 | % | |||||||||||||||||||||
Class B: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 9.75 | 36.27 | % | $ | 60,939 | 0.95 | % | 1.69 | % | 0.71 | % | 14.41 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 7.21 | (35.97 | %) | 43,587 | 0.89 | % | 1.64 | % | 0.88 | % | 22.98 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.69 | (3.04 | %) | 68,162 | 0.75 | % | 1.53 | % | 0.55 | % | 5.05 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.67 | 10.11 | % | 56,938 | 0.57 | % | 1.62 | % | 0.44 | % | 6.96 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 11.97 | 14.09 | % | 35,154 | 0.50 | % | 1.69 | % | 0.36 | % | 27.98 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.63 | 5.79 | % | 18,954 | 0.50 | % | 1.93 | % | 0.02 | % | 10.16 | % | |||||||||||||||||||||
See Notes to Financial Statements | See explanation of references on C-7 |
C-2
PACIFIC LIFE FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||
Net | Net | ||||||||||||||||||||||||||||||||
Asset | Realized | Distributions | |||||||||||||||||||||||||||||||
Value, | Net | and | Total | from | Distributions | ||||||||||||||||||||||||||||
Beginning | Investment | Unrealized | from | Net | from | ||||||||||||||||||||||||||||
of Year | Income | Gain | Investment | Investment | Capital | Total | |||||||||||||||||||||||||||
For the Year or Period Ended | or Period | (Loss) | (Loss) | Operations | Income | Gains | Distributions | ||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund (Continued) | |||||||||||||||||||||||||||||||||
Class C: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 7.18 | $ | 0.03 | $ | 2.57 | $ | 2.60 | ($0.06 | ) | $ | — | ($0.06 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 11.67 | 0.08 | (4.20 | ) | (4.12 | ) | (0.13 | ) | (0.24 | ) | (0.37 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 12.65 | 0.07 | (0.41 | ) | (0.34 | ) | (0.26 | ) | (0.38 | ) | (0.64 | ) | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.95 | 0.05 | 1.13 | 1.18 | (0.16 | ) | (0.32 | ) | (0.48 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.61 | 0.04 | 1.45 | 1.49 | (0.10 | ) | (0.05 | ) | (0.15 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.09 | — | (6) | 0.57 | 0.57 | (0.03 | ) | (0.02 | ) | (0.05 | ) | ||||||||||||||||||||||
Class R: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 7.30 | $ | 0.05 | $ | 2.58 | $ | 2.63 | ($0.08 | ) | $ | — | ($0.08 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 11.79 | 0.13 | (4.21 | ) | (4.08 | ) | (0.17 | ) | (0.24 | ) | (0.41 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 12.74 | 0.13 | (0.39 | ) | (0.26 | ) | (0.31 | ) | (0.38 | ) | (0.69 | ) | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.02 | 0.11 | 1.13 | 1.24 | (0.20 | ) | (0.32 | ) | (0.52 | ) | |||||||||||||||||||||||
9/30/2005 - 3/31/2006 (4) | 11.28 | 0.05 | 0.83 | 0.88 | (0.13 | ) | (0.01 | ) | (0.14 | ) | |||||||||||||||||||||||
PL Portfolio Optimization Aggressive Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 6.92 | $ | 0.04 | $ | 2.84 | $ | 2.88 | ($0.10 | ) | $ | — | ($0.10 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 12.04 | 0.09 | (4.88 | ) | (4.79 | ) | — | (0.33 | ) | (0.33 | ) | ||||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 13.49 | 0.08 | (0.77 | ) | (0.69 | ) | (0.33 | ) | (0.43 | ) | (0.76 | ) | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.57 | 0.07 | 1.46 | 1.53 | (0.19 | ) | (0.42 | ) | (0.61 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.75 | 0.05 | 1.94 | 1.99 | (0.11 | ) | (0.06 | ) | (0.17 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.08 | 0.02 | 0.70 | 0.72 | (0.02 | ) | (0.03 | ) | (0.05 | ) | |||||||||||||||||||||||
Class B: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 6.72 | $ | 0.01 | $ | 2.84 | $ | 2.85 | ($0.03 | ) | $ | — | ($0.03 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 11.93 | 0.02 | (4.90 | ) | (4.88 | ) | — | (0.33 | ) | (0.33 | ) | ||||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 13.41 | (0.02 | ) | (0.78 | ) | (0.80 | ) | (0.25 | ) | (0.43 | ) | (0.68 | ) | ||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.52 | (— | )(6) | 1.46 | 1.46 | (0.15 | ) | (0.42 | ) | (0.57 | ) | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.72 | (0.01 | ) | 1.94 | 1.93 | (0.07 | ) | (0.06 | ) | (0.13 | ) | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.07 | (0.03 | ) | 0.71 | 0.68 | — | (0.03 | ) | (0.03 | ) | |||||||||||||||||||||||
Class C: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 6.71 | $ | 0.01 | $ | 2.84 | $ | 2.85 | ($0.02 | ) | $ | — | ($0.02 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 11.92 | 0.02 | (4.90 | ) | (4.88 | ) | — | (0.33 | ) | (0.33 | ) | ||||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 13.40 | (0.02 | ) | (0.77 | ) | (0.79 | ) | (0.26 | ) | (0.43 | ) | (0.69 | ) | ||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.51 | (— | )(6) | 1.46 | 1.46 | (0.15 | ) | (0.42 | ) | (0.57 | ) | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.72 | (0.01 | ) | 1.93 | 1.92 | (0.07 | ) | (0.06 | ) | (0.13 | ) | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.07 | (0.03 | ) | 0.71 | 0.68 | — | (0.03 | ) | (0.03 | ) | |||||||||||||||||||||||
Class R: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 6.88 | $ | 0.03 | $ | 2.84 | $ | 2.87 | ($0.09 | ) | $ | — | ($0.09 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 12.03 | 0.06 | (4.88 | ) | (4.82 | ) | — | (0.33 | ) | (0.33 | ) | ||||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 13.49 | 0.05 | (0.77 | ) | (0.72 | ) | (0.31 | ) | (0.43 | ) | (0.74 | ) | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.57 | 0.05 | 1.48 | 1.53 | (0.19 | ) | (0.42 | ) | (0.61 | ) | |||||||||||||||||||||||
9/30/2005 - 3/31/2006 (4) | 11.50 | 0.02 | 1.17 | 1.19 | (0.11 | ) | (0.01 | ) | (0.12 | ) | |||||||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||
Ratios of | |||||||||||||||||||||||||||||||||
Net | Net | Ratios | Ratios | Net | |||||||||||||||||||||||||||||
Asset | Assets, | of Expenses | of Expenses | Investment | |||||||||||||||||||||||||||||
Value, | End of | After Expense | Before Expense | Income | |||||||||||||||||||||||||||||
End of | Year or | Reductions to | Reductions to | (Loss) to | Portfolio | ||||||||||||||||||||||||||||
Year or | Total | Period | Average Net | Average Net | Average Net | Turnover | |||||||||||||||||||||||||||
For the Year or Period Ended | Period | Returns (1) | (in thousands) | Assets (2), (3) | Assets (3) | Assets (3) | Rates | ||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund | |||||||||||||||||||||||||||||||||
(Continued) | |||||||||||||||||||||||||||||||||
Class C: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 9.72 | 36.42 | % | $ | 165,711 | 0.95 | % | 1.69 | % | 0.71 | % | 14.41 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 7.18 | (36.12 | %) | 117,549 | 0.89 | % | 1.64 | % | 0.88 | % | 22.98 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.67 | (3.03 | %) | 184,634 | 0.75 | % | 1.53 | % | 0.55 | % | 5.05 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.65 | 10.12 | % | 143,281 | 0.57 | % | 1.62 | % | 0.44 | % | 6.96 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 11.95 | 14.13 | % | 90,306 | 0.50 | % | 1.69 | % | 0.36 | % | 27.98 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.61 | 5.72 | % | 48,159 | 0.50 | % | 1.93 | % | 0.02 | % | 10.16 | % | |||||||||||||||||||||
Class R: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 9.85 | 36.13 | % | $ | 12,099 | 0.45 | % | 1.19 | % | 1.21 | % | 14.41 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 7.30 | (35.38 | %) | 5,307 | 0.39 | % | 1.14 | % | 1.38 | % | 22.98 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.79 | (2.39 | %) | 3,147 | 0.25 | % | 1.03 | % | 1.05 | % | 5.05 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.74 | 10.57 | % | 971 | 0.10 | % | 1.12 | % | 0.92 | % | 6.96 | % | |||||||||||||||||||||
9/30/2005 - 3/31/2006 (4) | 12.02 | 7.92 | % | 11 | 0.00 | % | 1.19 | % | 0.86 | % | 27.98 | % | |||||||||||||||||||||
PL Portfolio Optimization Aggressive Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 9.70 | 41.81 | % | $ | 85,715 | 0.20 | % | 0.96 | % | 0.91 | % | 23.34 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 6.92 | (40.88 | %) | 59,937 | 0.14 | % | 0.92 | % | 0.97 | % | 18.16 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 12.04 | (5.70 | %) | 96,230 | 0.00 | % | 0.80 | % | 0.62 | % | 9.66 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 13.49 | 12.53 | % | 75,546 | 0.00 | % | 1.09 | % | 0.54 | % | 10.14 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 12.57 | 18.59 | % | 39,397 | 0.00 | % | 1.29 | % | 0.42 | % | 42.51 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.75 | 7.17 | % | 18,244 | 0.00 | % | 1.75 | % | 0.23 | % | 22.37 | % | |||||||||||||||||||||
Class B: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 9.54 | 42.42 | % | $ | 25,636 | 0.95 | % | 1.71 | % | 0.16 | % | 23.34 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 6.72 | (42.04 | %) | 18,042 | 0.89 | % | 1.67 | % | 0.22 | % | 18.16 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.93 | (6.46 | %) | 30,059 | 0.75 | % | 1.55 | % | (0.13 | %) | 9.66 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 13.41 | 12.00 | % | 23,716 | 0.58 | % | 1.67 | % | (0.04 | %) | 10.14 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 12.52 | 18.11 | % | 12,889 | 0.50 | % | 1.79 | % | (0.08 | %) | 42.51 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.72 | 6.75 | % | 6,110 | 0.50 | % | 2.25 | % | (0.27 | %) | 22.37 | % | |||||||||||||||||||||
Class C: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 9.54 | 42.38 | % | $ | 60,897 | 0.95 | % | 1.71 | % | 0.16 | % | 23.34 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 6.71 | (41.99 | %) | 43,588 | 0.89 | % | 1.67 | % | 0.22 | % | 18.16 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.92 | (6.44 | %) | 75,389 | 0.75 | % | 1.55 | % | (0.13 | %) | 9.66 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 13.40 | 12.01 | % | 55,389 | 0.58 | % | 1.67 | % | (0.04 | %) | 10.14 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 12.51 | 18.00 | % | 30,782 | 0.50 | % | 1.79 | % | (0.08 | %) | 42.51 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.72 | 6.75 | % | 17,510 | 0.50 | % | 2.25 | % | (0.27 | %) | 22.37 | % | |||||||||||||||||||||
Class R: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 9.66 | 41.89 | % | $ | 4,970 | 0.45 | % | 1.21 | % | 0.66 | % | 23.34 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 6.88 | (41.17 | %) | 2,106 | 0.39 | % | 1.17 | % | 0.72 | % | 18.16 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 12.03 | (5.88 | %) | 1,236 | 0.25 | % | 1.05 | % | 0.37 | % | 9.66 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 13.49 | 12.53 | % | 382 | 0.14 | % | 1.17 | % | 0.40 | % | 10.14 | % | |||||||||||||||||||||
9/30/2005 - 3/31/2006 (4) | 12.57 | 10.44 | % | 11 | 0.00 | % | 1.29 | % | 0.42 | % | 42.51 | % | |||||||||||||||||||||
See Notes to Financial Statements | See explanation of references on C-7 |
C-3
PACIFIC LIFE FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||
Net | Net | ||||||||||||||||||||||||||||||||
Asset | Realized | Distributions | |||||||||||||||||||||||||||||||
Value, | and | Total | from | Distributions | |||||||||||||||||||||||||||||
Beginning | Net | Unrealized | from | Net | from | ||||||||||||||||||||||||||||
of Year | Investment | Gain | Investment | Investment | Capital | Total | |||||||||||||||||||||||||||
For the Year or Period Ended | or Period | Income (Loss) | (Loss) | Operations | Income | Gains | Distributions | ||||||||||||||||||||||||||
PL Money Market Fund (7) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (5) | $ | 1.00 | ($— | )(6) | $ | — | (6) | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
4/1/2008 - 3/31/2009 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 1.00 | 0.04 | — | 0.04 | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 1.00 | 0.04 | — | 0.04 | (0.04 | ) | — | (0.04 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 | 1.00 | 0.03 | — | 0.03 | (0.03 | ) | — | (0.03 | ) | ||||||||||||||||||||||||
4/1/2004 - 3/31/2005 | 1.00 | 0.01 | — | 0.01 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||||||
PL Small-Cap Growth Fund (8),(9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 5.88 | ($0.03 | ) | $ | 2.35 | $ | 2.32 | $ | — | $ | — | $ | — | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 9.12 | (0.07 | ) | (3.17 | ) | (3.24 | ) | — | — | — | |||||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.24 | (0.12 | ) | (0.62 | ) | (0.74 | ) | — | (1.38 | ) | (1.38 | ) | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.22 | (0.08 | ) | 0.11 | 0.03 | — | (0.01 | ) | (0.01 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 11.78 | (0.10 | ) | 1.62 | 1.52 | — | (2.08 | ) | (2.08 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 11.53 | (0.16 | ) | 0.69 | 0.53 | — | (0.28 | ) | (0.28 | ) | |||||||||||||||||||||||
PL International Value Fund (9),(10) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 6.14 | $ | 0.14 | $ | 3.26 | $ | 3.40 | ($0.32 | ) | $ | — | ($0.32 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 12.82 | 0.26 | (6.72 | ) | (6.46 | ) | (0.22 | ) | (— | )(6) | (0.22 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 14.39 | 0.22 | (1.38 | ) | (1.16 | ) | (0.13 | ) | (0.28 | ) | (0.41 | ) | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 15.30 | 0.16 | 2.48 | 2.64 | (0.14 | ) | (3.41 | ) | (3.55 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 13.22 | 0.14 | 2.19 | 2.33 | (0.08 | ) | (0.17 | ) | (0.25 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 11.89 | 0.08 | 1.46 | 1.54 | (0.02 | ) | (0.19 | ) | (0.21 | ) | |||||||||||||||||||||||
PL Large-Cap Value Fund (9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 7.35 | $ | 0.06 | $ | 2.30 | $ | 2.36 | ($0.04 | ) | $ | — | ($0.04 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 11.59 | 0.16 | (4.27 | ) | (4.11 | ) | (0.12 | ) | (0.01 | ) | (0.13 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 13.03 | 0.10 | (1.21 | ) | (1.11 | ) | (0.08 | ) | (0.25 | ) | (0.33 | ) | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.67 | 0.06 | 1.37 | 1.43 | (0.04 | ) | (1.03 | ) | (1.07 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 11.30 | 0.02 | 1.38 | 1.40 | (0.03 | ) | (— | )(6) | (0.03 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.94 | 0.06 | 0.35 | 0.41 | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||||||||
PL Short Duration Bond Fund (9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 9.69 | $ | 0.11 | $ | 0.27 | $ | 0.38 | ($0.11 | ) | $ | — | ($0.11 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 10.22 | 0.32 | (0.25 | ) | 0.07 | (0.31 | ) | (0.29 | ) | (0.60 | ) | ||||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 9.81 | 0.35 | 0.41 | 0.76 | (0.35 | ) | — | (0.35 | ) | ||||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 9.76 | 0.32 | 0.04 | 0.36 | (0.31 | ) | — | (0.31 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 9.85 | 0.19 | (0.09 | ) | 0.10 | (0.19 | ) | — | (0.19 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.09 | 0.09 | (0.22 | ) | (0.13 | ) | (0.09 | ) | (0.02 | ) | (0.11 | ) | |||||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||
Ratios of | |||||||||||||||||||||||||||||||||
Net | Net | Ratios | Ratios | Net | |||||||||||||||||||||||||||||
Asset | Assets, | of Expenses | of Expenses | Investment | |||||||||||||||||||||||||||||
Value, | End of | After Expense | Before Expense | Income (Loss) | |||||||||||||||||||||||||||||
End of | Year or | Reductions to | Reductions to | to | Portfolio | ||||||||||||||||||||||||||||
Year or | Total | Period | Average Net | Average Net | Average Net | Turnover | |||||||||||||||||||||||||||
For the Year or Period Ended | Period | Returns (1) | (in thousands) | Assets (2), (3) | Assets (3) | Assets (3) | Rates | ||||||||||||||||||||||||||
PL Money Market Fund (7) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (5) | $ | 1.00 | 0.00 | % | $ | 41,405 | 0.44 | % | 1.11 | % | (—% | )(6) | N/A | |||||||||||||||||||
4/1/2008 - 3/31/2009 | 1.00 | 1.27 | % | 55,424 | 0.78 | % | 1.18 | % | 1.22 | % | N/A | ||||||||||||||||||||||
4/1/2007 - 3/31/2008 | 1.00 | 3.90 | % | 42,636 | 0.95 | % | 1.28 | % | 3.68 | % | N/A | ||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 1.00 | 4.31 | % | 21,098 | 1.02 | % | 1.58 | % | 4.20 | % | N/A | ||||||||||||||||||||||
4/1/2005 - 3/31/2006 | 1.00 | 2.76 | % | 19,293 | 0.94 | % | 1.79 | % | 2.67 | % | N/A | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 | 1.00 | 0.77 | % | 22,341 | 0.95 | % | 2.05 | % | 0.83 | % | N/A | ||||||||||||||||||||||
PL Small-Cap Growth Fund (8),(9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 8.20 | 39.46 | % | $ | 21,579 | 1.15 | % | 1.57 | % | (0.81 | %) | 50.56 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 5.88 | (35.53 | %) | 24,046 | 1.28 | % | 1.71 | % | (0.96 | %) | 72.93 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 9.12 | (8.81 | %) | 37,258 | 1.55 | % | 1.90 | % | (1.07 | %) | 163.56 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.24 | 0.28 | % | 41,378 | 1.78 | % | 2.24 | % | (0.74 | %) | 52.87 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 11.22 | 15.01 | % | 24,218 | 1.95 | % | 2.95 | % | (0.99 | %) | 132.27 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 11.78 | 4.54 | % | 7,116 | 1.95 | % | 3.38 | % | (1.36 | %) | 201.57 | % | |||||||||||||||||||||
PL International Value Fund (9),(10) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 9.22 | 50.79 | % | $ | 73,801 | 1.20 | % | 1.54 | % | 3.57 | % | 17.69 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 6.14 | (50.74 | %) | 78,604 | 1.27 | % | 1.58 | % | 2.82 | % | 31.43 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 12.82 | (8.27 | %) | 124,055 | 1.40 | % | 1.72 | % | 1.50 | % | 17.40 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 14.39 | 18.40 | % | 77,127 | 1.64 | % | 2.08 | % | 1.04 | % | 108.86 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 15.30 | 17.85 | % | 57,657 | 1.80 | % | 2.28 | % | 0.99 | % | 55.25 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 13.22 | 13.13 | % | 50,801 | 1.80 | % | 2.45 | % | 0.62 | % | 20.92 | % | |||||||||||||||||||||
PL Large-Cap Value Fund (9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 9.67 | 32.22 | % | $ | 134,294 | 1.20 | % | 1.39 | % | 1.42 | % | 7.56 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 7.35 | (35.61 | %) | 62,931 | 1.25 | % | 1.48 | % | 1.63 | % | 38.49 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.59 | (8.80 | %) | 68,901 | 1.40 | % | 1.69 | % | 0.79 | % | 24.35 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 13.03 | 12.09 | % | 56,601 | 1.63 | % | 2.05 | % | 0.50 | % | 19.58 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 12.67 | 12.47 | % | 34,459 | 1.80 | % | 2.25 | % | 0.20 | % | 77.07 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 11.30 | 3.78 | % | 50,430 | 1.80 | % | 2.28 | % | 0.54 | % | 43.72 | % | |||||||||||||||||||||
PL Short Duration Bond Fund (9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 9.96 | 3.99 | % | $ | 60,416 | 0.95 | % | 1.22 | % | 2.29 | % | 83.01 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 9.69 | 0.75 | % | 47,355 | 1.02 | % | 1.26 | % | 3.20 | % | 146.36 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.22 | 7.86 | % | 83,683 | 1.15 | % | 1.42 | % | 3.48 | % | 41.74 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 9.81 | 3.76 | % | 66,823 | 1.39 | % | 1.75 | % | 3.28 | % | 77.84 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 9.76 | 1.03 | % | 44,945 | 1.55 | % | 1.93 | % | 1.97 | % | 91.81 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 9.85 | (1.34 | %) | 35,333 | 1.55 | % | 2.34 | % | 0.93 | % | 203.81 | % | |||||||||||||||||||||
See Notes to Financial Statements | See explanation of references on C-7 |
C-4
PACIFIC LIFE FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||
Net | Net | ||||||||||||||||||||||||||||||||
Asset | Realized | Distributions | |||||||||||||||||||||||||||||||
Value, | and | Total | from | Distributions | |||||||||||||||||||||||||||||
Beginning | Net | Unrealized | from | Net | from | ||||||||||||||||||||||||||||
of Year | Investment | Gain | Investment | Investment | Capital | Total | |||||||||||||||||||||||||||
For the Year or Period Ended | or Period | Income (Loss) | (Loss) | Operations | Income | Gains | Distributions | ||||||||||||||||||||||||||
PL Floating Rate Loan Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 8.18 | $ | 0.23 | $ | 1.30 | $ | 1.53 | ($0.23 | ) | $ | — | ($0.23 | ) | ||||||||||||||||||
6/30/2008 - 3/31/2009 (4) | 10.00 | 0.39 | (1.82 | ) | (1.43 | ) | (0.39 | ) | — | (0.39 | ) | ||||||||||||||||||||||
PL Growth LT Fund (9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 7.74 | $ | 0.02 | $ | 2.59 | $ | 2.61 | ($0.15 | ) | $ | — | ($0.15 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 12.63 | 0.03 | (4.63 | ) | (4.60 | ) | — | (0.29 | ) | (0.29 | ) | ||||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 13.10 | 0.05 | (0.22 | ) | (0.17 | ) | (0.05 | ) | (0.25 | ) | (0.30 | ) | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.23 | (0.01 | ) | 0.98 | 0.97 | — | (0.10 | ) | (0.10 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.64 | (0.05 | ) | 1.64 | 1.59 | — | — | — | |||||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.34 | (0.05 | ) | 0.35 | 0.30 | — | — | — | |||||||||||||||||||||||||
PL Mid-Cap Equity Fund (9),(11) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 5.33 | $ | 0.02 | $ | 2.27 | $ | 2.29 | ($0.01 | ) | $ | — | ($0.01 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 8.92 | 0.07 | (3.58 | ) | (3.51 | ) | (0.08 | ) | (— | )(6) | (0.08 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.62 | 0.06 | (1.61 | ) | (1.55 | ) | (0.03 | ) | (1.12 | ) | (1.15 | ) | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.54 | (— | )(6) | 1.51 | 1.51 | — | (0.43 | ) | (0.43 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 9.90 | (0.02 | ) | 1.30 | 1.28 | (0.01 | ) | (0.63 | ) | (0.64 | ) | ||||||||||||||||||||||
12/31/2004 - 3/31/2005 (4) | 10.00 | (0.01 | ) | (0.09 | ) | (0.10 | ) | — | — | — | |||||||||||||||||||||||
PL International Large-Cap Fund (9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 9.17 | $ | 0.14 | $ | 3.90 | $ | 4.04 | ($0.11 | ) | $ | — | ($0.11 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 15.55 | 0.17 | (6.37 | ) | (6.20 | ) | (0.06 | ) | (0.12 | ) | (0.18 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 16.64 | 0.19 | (0.34 | ) | (0.15 | ) | (0.15 | ) | (0.79 | ) | (0.94 | ) | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 15.45 | 0.28 | 2.49 | 2.77 | (0.30 | ) | (1.28 | ) | (1.58 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 12.83 | (— | )(6) | 2.89 | 2.89 | (0.04 | ) | (0.23 | ) | (0.27 | ) | ||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 11.61 | (0.01 | ) | 1.46 | 1.45 | — | (0.23 | ) | (0.23 | ) | |||||||||||||||||||||||
PL Small-Cap Value Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 5.49 | $ | 0.06 | $ | 2.04 | $ | 2.10 | ($0.02 | ) | $ | — | ($0.02 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 8.80 | 0.16 | (3.34 | ) | (3.18 | ) | (0.13 | ) | — | (0.13 | ) | ||||||||||||||||||||||
6/29/2007 - 3/31/2008 (4) | 10.00 | 0.10 | (1.24 | ) | (1.14 | ) | (0.06 | ) | — | (0.06 | ) | ||||||||||||||||||||||
PL Main Street Core Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 6.11 | $ | 0.04 | $ | 2.05 | $ | 2.09 | ($0.02 | ) | $ | — | ($0.02 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 9.91 | 0.09 | (3.81 | ) | (3.72 | ) | (0.08 | ) | — | (0.08 | ) | ||||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.46 | 0.08 | (0.94 | ) | (0.86 | ) | (0.08 | ) | (0.61 | ) | (0.69 | ) | |||||||||||||||||||||
4/1/2006 - 3/31/2007 | 10.67 | 0.05 | 0.92 | 0.97 | (0.03 | ) | (0.15 | ) | (0.18 | ) | |||||||||||||||||||||||
9/30/2005 - 3/31/2006 | 10.00 | 0.01 | 0.67 | 0.68 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||||||||
PL Emerging Markets Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 6.54 | $ | 0.08 | $ | 4.31 | $ | 4.39 | $ | — | $ | — | $ | — | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 13.58 | 0.11 | (5.39 | ) | (5.28 | ) | (0.07 | ) | (1.69 | ) | (1.76 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 13.01 | 0.07 | 2.32 | 2.39 | (0.05 | ) | (1.77 | ) | (1.82 | ) | |||||||||||||||||||||||
4/1/2006 - 3/31/2007 | 12.00 | 0.06 | 1.56 | 1.62 | (0.05 | ) | (0.56 | ) | (0.61 | ) | |||||||||||||||||||||||
9/30/2005 - 3/31/2006 | 10.00 | 0.08 | 2.00 | 2.08 | (0.08 | ) | (— | )(6) | (0.08 | ) | |||||||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||
Ratios of | |||||||||||||||||||||||||||||||||
Net | Net | Ratios | Ratios | Net | |||||||||||||||||||||||||||||
Asset | Assets, | of Expenses | of Expenses | Investment | |||||||||||||||||||||||||||||
Value, | End of | After Expense | Before Expense | Income (Loss) | |||||||||||||||||||||||||||||
End of | Year or | Reductions to | Reductions to | to | Portfolio | ||||||||||||||||||||||||||||
Year or | Total | Period | Average Net | Average Net | Average Net | Turnover | |||||||||||||||||||||||||||
For the Year or Period Ended | Period | Returns (1) | (in thousands) | Assets (2), (3) | Assets (3) | Assets (3) | Rates | ||||||||||||||||||||||||||
PL Floating Rate Loan Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 9.48 | 18.89 | % | $ | 41,699 | 1.30 | % | 1.54 | % | 5.11 | % | 57.29 | % | ||||||||||||||||||
6/30/2008 - 3/31/2009 (4) | 8.18 | (14.37 | %) | 27,811 | 1.30 | % | 1.53 | % | 5.90 | % | 56.30 | % | |||||||||||||||||||||
PL Growth LT Fund (9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 10.20 | 33.99 | % | $ | 75,417 | 1.10 | % | 1.42 | % | 0.39 | % | 31.76 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 7.74 | (37.27 | %) | 74,158 | 1.15 | % | 1.42 | % | 0.32 | % | 80.89 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 12.63 | (1.55 | %) | 77,196 | 1.30 | % | 1.66 | % | 0.36 | % | 81.50 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 13.10 | 7.95 | % | 61,954 | 1.54 | % | 1.95 | % | (0.08 | %) | 37.99 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 12.23 | 14.94 | % | 43,733 | 1.70 | % | 2.15 | % | (0.44 | %) | 69.48 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.64 | 2.90 | % | 19,585 | 1.70 | % | 2.54 | % | (0.44 | %) | 42.84 | % | |||||||||||||||||||||
PL Mid-Cap Equity Fund (9),(11) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 7.61 | 43.00 | % | $ | 85,964 | 1.20 | % | 1.44 | % | 0.47 | % | 37.83 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 5.33 | (39.44 | %) | 59,135 | 1.26 | % | 1.52 | % | 1.01 | % | 82.26 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 8.92 | (14.81 | %) | 85,208 | 1.40 | % | 1.69 | % | 0.55 | % | 70.09 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.62 | 14.80 | % | 71,181 | 1.60 | % | 2.01 | % | (—% | )(6) | 74.07 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.54 | 13.11 | % | 23,992 | 1.80 | % | 2.44 | % | (0.16 | %) | 112.93 | % | |||||||||||||||||||||
12/31/2004 - 3/31/2005 (4) | 9.90 | (1.00 | %) | 25,454 | 1.80 | % | 3.20 | % | (0.42 | %) | 16.26 | % | |||||||||||||||||||||
PL International Large-Cap Fund (9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 13.10 | 44.32 | % | $ | 91,171 | 1.40 | % | 1.74 | % | 2.47 | % | 12.69 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 9.17 | (40.24 | %) | 65,124 | 1.46 | % | 1.82 | % | 1.39 | % | 25.95 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 15.55 | (1.17 | %) | 96,049 | 1.60 | % | 1.99 | % | 1.18 | % | 28.23 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 16.64 | 18.70 | % | 76,806 | 1.84 | % | 2.38 | % | 1.77 | % | 47.87 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 15.45 | 22.72 | % | 52,728 | 2.00 | % | 2.79 | % | (0.03 | %) | 63.12 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 12.83 | 12.73 | % | 38,195 | 2.00 | % | 3.35 | % | (0.12 | %) | 55.12 | % | |||||||||||||||||||||
PL Small-Cap Value Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 7.57 | 38.23 | % | $ | 32,269 | 1.30 | % | 1.60 | % | 1.95 | % | 20.00 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 5.49 | (36.39 | %) | 27,018 | 1.34 | % | 1.73 | % | 2.21 | % | 47.41 | % | |||||||||||||||||||||
6/29/2007 - 3/31/2008 (4) | 8.80 | (11.47 | %) | 19,112 | 1.50 | % | 2.07 | % | 1.46 | % | 17.98 | % | |||||||||||||||||||||
PL Main Street Core Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 8.18 | 34.28 | % | $ | 118,759 | 1.00 | % | 1.34 | % | 1.00 | % | 100.30 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 6.11 | (37.66 | %) | 85,261 | 1.06 | % | 1.41 | % | 1.07 | % | 101.22 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 9.91 | (8.29 | %) | 111,936 | 1.20 | % | 1.50 | % | 0.69 | % | 126.84 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 | 11.46 | 9.23 | % | 87,136 | 1.43 | % | 1.88 | % | 0.54 | % | 107.36 | % | |||||||||||||||||||||
9/30/2005 - 3/31/2006 | 10.67 | 6.85 | % | 53,930 | 1.60 | % | 2.00 | % | 0.29 | % | 42.30 | % | |||||||||||||||||||||
PL Emerging Markets Fund | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 10.93 | 67.13 | % | $ | 40,903 | 1.35 | % | 2.17 | % | 1.70 | % | 27.04 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 6.54 | (42.31 | %) | 30,820 | 1.42 | % | 2.34 | % | 1.18 | % | 61.50 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 13.58 | 17.21 | % | 47,633 | 1.55 | % | 2.38 | % | 0.46 | % | 60.20 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 | 13.01 | 14.49 | % | 51,376 | 1.78 | % | 2.81 | % | 0.49 | % | 58.31 | % | |||||||||||||||||||||
9/30/2005 - 3/31/2006 | 12.00 | 20.94 | % | 33,476 | 1.95 | % | 5.53 | % | 1.88 | % | 41.88 | % | |||||||||||||||||||||
See Notes to Financial Statements | See explanation of references on C-7 |
C-5
PACIFIC LIFE FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
FINANCIAL HIGHLIGHTS (Continued)
Selected per share, ratios and supplemental data for each year or period ended were as follows:
Investment Activities | Distributions | ||||||||||||||||||||||||||||||||
Net | Net | ||||||||||||||||||||||||||||||||
Asset | Realized | Distributions | |||||||||||||||||||||||||||||||
Value, | and | Total | from | Distributions | |||||||||||||||||||||||||||||
Beginning | Net | Unrealized | from | Net | from | ||||||||||||||||||||||||||||
of Year | Investment | Gain | Investment | Investment | Capital | Total | |||||||||||||||||||||||||||
For the Year or Period Ended | or Period | Income (Loss) | (Loss) | Operations | Income | Gains | Distributions | ||||||||||||||||||||||||||
PL Managed Bond Fund (9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 9.70 | $ | 0.20 | $ | 1.15 | $ | 1.35 | ($0.25 | ) | $ | — | ($0.25 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 10.73 | 0.43 | (0.45 | ) | (0.02 | ) | (0.55 | ) | (0.46 | ) | (1.01 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.16 | 0.42 | 0.53 | 0.95 | (0.37 | ) | (0.01 | ) | (0.38 | ) | |||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 9.98 | 0.35 | 0.22 | 0.57 | (0.39 | ) | — | (0.39 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.03 | 0.29 | (0.07 | ) | 0.22 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.45 | 0.14 | (0.09 | ) | 0.05 | (0.25 | ) | (0.22 | ) | (0.47 | ) | ||||||||||||||||||||||
PL Inflation Managed Fund (9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 9.59 | $ | 0.20 | $ | 0.42 | $ | 0.62 | ($0.27 | ) | $ | — | ($0.27 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 11.08 | 0.39 | (0.80 | ) | (0.41 | ) | (0.41 | ) | (0.67 | ) | (1.08 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.13 | 0.49 | 0.95 | 1.44 | (0.49 | ) | — | (0.49 | ) | ||||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.00 | 0.26 | 0.14 | 0.40 | (0.27 | ) | — | (0.27 | ) | ||||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.51 | 0.33 | (0.36 | ) | (0.03 | ) | (0.47 | ) | (0.01 | ) | (0.48 | ) | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.93 | 0.20 | (0.01 | ) | 0.19 | (0.26 | ) | (0.35 | ) | (0.61 | ) | ||||||||||||||||||||||
PL Large-Cap Growth Fund (9),(12) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 5.44 | ($0.01 | ) | $ | 1.33 | $ | 1.32 | $ | — | $ | — | $ | — | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 9.24 | (0.05 | ) | (3.75 | ) | (3.80 | ) | — | — | — | |||||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 9.43 | (0.08 | ) | (0.11 | ) | (0.19 | ) | — | — | — | |||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.85 | (0.09 | ) | (0.40 | ) | (0.49 | ) | — | (0.93 | ) | (0.93 | ) | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.14 | (0.07 | ) | 0.78 | 0.71 | — | — | — | |||||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.19 | (0.01 | ) | (0.04 | ) | (0.05 | ) | — | — | — | |||||||||||||||||||||||
PL Comstock Fund (9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 6.95 | $ | 0.04 | $ | 2.75 | $ | 2.79 | ($0.03 | ) | $ | — | ($0.03 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 11.84 | 0.16 | (4.89 | ) | (4.73 | ) | (0.16 | ) | — | (0.16 | ) | ||||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 14.11 | 0.15 | (1.95 | ) | (1.80 | ) | (0.12 | ) | (0.35 | ) | (0.47 | ) | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.92 | 0.12 | 1.55 | 1.67 | (0.11 | ) | (0.37 | ) | (0.48 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 12.58 | 0.10 | 0.83 | 0.93 | (0.06 | ) | (0.53 | ) | (0.59 | ) | |||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 11.37 | 0.07 | 1.19 | 1.26 | (0.05 | ) | — | (0.05 | ) | ||||||||||||||||||||||||
PL Mid-Cap Growth Fund (9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 4.98 | ($0.01 | ) | $ | 2.69 | $ | 2.68 | $ | — | $ | — | $ | — | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 9.31 | (0.05 | ) | (3.57 | ) | (3.62 | ) | — | (0.71 | ) | (0.71 | ) | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.93 | (0.02 | ) | 0.66 | 0.64 | — | (2.26 | ) | (2.26 | ) | |||||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 11.67 | (0.07 | ) | 0.31 | 0.24 | — | (0.98 | ) | (0.98 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 8.93 | (0.11 | ) | 2.85 | 2.74 | — | — | — | |||||||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 8.01 | (0.12 | ) | 1.04 | 0.92 | — | — | — | |||||||||||||||||||||||||
PL Real Estate Fund (9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 4.60 | $ | 0.04 | $ | 3.17 | $ | 3.21 | ($0.05 | ) | $ | — | ($0.05 | ) | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 11.25 | 0.15 | (6.65 | ) | (6.50 | ) | (0.15 | )(13) | — | (0.15 | ) | ||||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 14.94 | 0.13 | (2.77 | ) | (2.64 | ) | (0.18 | ) | (0.87 | ) | (1.05 | ) | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 12.89 | 0.04 | 3.01 | 3.05 | (0.05 | ) | (0.95 | ) | (1.00 | ) | |||||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 9.39 | 0.05 | 3.70 | 3.75 | (0.17 | ) | (0.08 | ) | (0.25 | ) | |||||||||||||||||||||||
12/31/2004 - 3/31/2005 (4) | 10.00 | 0.05 | (0.64 | ) | (0.59 | ) | (0.02 | ) | — | (0.02 | ) | ||||||||||||||||||||||
Ratios/Supplemental Data | |||||||||||||||||||||||||||||||||
Ratios of | |||||||||||||||||||||||||||||||||
Net | Net | Ratios | Ratios | Net | |||||||||||||||||||||||||||||
Asset | Assets, | of Expenses | of Expenses | Investment | |||||||||||||||||||||||||||||
Value, | End of | After Expense | Before Expense | Income (Loss) | |||||||||||||||||||||||||||||
End of | Year or | Reductions to | Reductions to | to | Portfolio | ||||||||||||||||||||||||||||
Year or | Total | Period | Average Net | Average Net | Average Net | Turnover | |||||||||||||||||||||||||||
For the Year or Period Ended | Period | Returns (1) | (in thousands) | Assets (2), (3) | Assets (3) | Assets (3) | Rates | ||||||||||||||||||||||||||
PL Managed Bond Fund (9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 10.80 | 14.03 | % | $ | 191,641 | 0.95 | % | 1.26 | % | 3.83 | % | 227.71 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 9.70 | 0.07 | % | 137,724 | 1.01 | % | 1.30 | % | 4.36 | % | 441.01 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 10.73 | 9.44 | % | 175,800 | 1.15 | % | 1.50 | % | 4.05 | % | 424.71 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.16 | 5.90 | % | 101,940 | 1.39 | % | 1.82 | % | 3.49 | % | 477.64 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 9.98 | 2.19 | % | 68,825 | 1.55 | % | 2.00 | % | 2.84 | % | 534.38 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.03 | 0.56 | % | 42,546 | 1.55 | % | 2.22 | % | 1.37 | % | 323.24 | % | |||||||||||||||||||||
PL Inflation Managed Fund (9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 9.94 | 6.57 | % | $ | 123,548 | 0.95 | % | 1.28 | % | 4.21 | % | 213.53 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 9.59 | (3.85 | %) | 81,266 | 1.01 | % | 1.35 | % | 3.94 | % | 745.76 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.08 | 14.80 | % | 122,386 | 1.15 | % | 1.49 | % | 4.77 | % | 474.46 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.13 | 4.15 | % | 82,340 | 1.39 | % | 1.78 | % | 2.60 | % | 356.40 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.00 | (0.44 | %) | 66,103 | 1.55 | % | 1.89 | % | 3.21 | % | 188.82 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.51 | 1.99 | % | 36,465 | 1.55 | % | 2.04 | % | 1.96 | % | 284.19 | % | |||||||||||||||||||||
PL Large-Cap Growth Fund (9),(12) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 6.76 | 24.27 | % | $ | 49,352 | 1.30 | % | 1.61 | % | (0.39 | %) | 80.99 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 5.44 | (41.13 | %) | 16,515 | 1.37 | % | 1.81 | % | (0.61 | %) | 179.61 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 9.24 | (2.01 | %) | 26,235 | 1.50 | % | 1.92 | % | (0.79 | %) | 178.83 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 9.43 | (3.80 | %) | 29,713 | 1.73 | % | 2.43 | % | (0.93 | %) | 147.66 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 10.85 | 7.00 | % | 19,366 | 1.90 | % | 2.58 | % | (0.62 | %) | 160.96 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 10.14 | (0.49 | %) | 45,147 | 1.90 | % | 2.37 | % | (0.08 | %) | 38.40 | % | |||||||||||||||||||||
PL Comstock Fund (9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 9.71 | 40.23 | % | $ | 105,264 | 1.30 | % | 1.53 | % | 0.98 | % | 16.57 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 6.95 | (40.11 | %) | 74,862 | 1.37 | % | 1.58 | % | 1.68 | % | 59.96 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.84 | (13.16 | %) | 124,271 | 1.50 | % | 1.77 | % | 1.09 | % | 23.28 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 14.11 | 13.21 | % | 83,788 | 1.74 | % | 2.11 | % | 0.92 | % | 40.11 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 12.92 | 7.62 | % | 62,447 | 1.90 | % | 2.25 | % | 0.79 | % | 22.40 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 12.58 | 11.08 | % | 23,017 | 1.90 | % | 2.70 | % | 0.55 | % | 34.41 | % | |||||||||||||||||||||
PL Mid-Cap Growth Fund (9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 7.66 | 53.82 | % | $ | 48,878 | 1.25 | % | 1.53 | % | (0.32 | %) | 17.81 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 4.98 | (40.02 | %) | 18,873 | 1.34 | % | 1.80 | % | (0.60 | %) | 47.92 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 9.31 | 3.48 | % | 50,189 | 1.45 | % | 1.80 | % | (0.19 | %) | 77.63 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 10.93 | 2.64 | % | 63,462 | 1.68 | % | 2.08 | % | (0.64 | %) | 60.08 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 11.67 | 30.68 | % | 39,980 | 1.85 | % | 2.29 | % | (1.04 | %) | 107.64 | % | |||||||||||||||||||||
4/1/2004 - 3/31/2005 (4) | 8.93 | 11.49 | % | 36,882 | 1.85 | % | 2.43 | % | (1.37 | %) | 82.70 | % | |||||||||||||||||||||
PL Real Estate Fund (9) | |||||||||||||||||||||||||||||||||
Class A: | 4/1/2009 - 9/30/2009 (4),(5) | $ | 7.76 | 70.30 | % | $ | 31,700 | 1.45 | % | 1.80 | % | 1.39 | % | 21.74 | % | ||||||||||||||||||
4/1/2008 - 3/31/2009 (4) | 4.60 | (58.24 | %) | 20,775 | 1.51 | % | 1.89 | % | 1.79 | % | 42.37 | % | |||||||||||||||||||||
4/1/2007 - 3/31/2008 (4) | 11.25 | (18.03 | %) | 37,872 | 1.65 | % | 2.03 | % | 1.02 | % | 34.98 | % | |||||||||||||||||||||
4/1/2006 - 3/31/2007 (4) | 14.94 | 24.19 | % | 31,504 | 1.89 | % | 2.42 | % | 0.27 | % | 36.83 | % | |||||||||||||||||||||
4/1/2005 - 3/31/2006 (4) | 12.89 | 40.43 | % | 25,552 | 2.05 | % | 2.76 | % | 0.41 | % | 9.81 | % | |||||||||||||||||||||
12/31/2004 - 3/31/2005 (4) | 9.39 | (5.95 | %) | 13,853 | 2.05 | % | 3.57 | % | 2.01 | % | 0.79 | % | |||||||||||||||||||||
See Notes to Financial Statements | See explanation of references on C-7 |
C-6
PACIFIC LIFE FUNDS
FINANCIAL HIGHLIGHTS (Continued)
Explanation of References
FINANCIAL HIGHLIGHTS (Continued)
Explanation of References
(1) | The total returns include reinvestment of all dividends and capital gain distributions, if any, and do not include deductions of any applicable sales charges. Total returns are not annualized for periods less than one full year. | |
(2) | The ratios of net expenses after expense reductions to average daily net assets are after any adviser expense reimbursements, administrator fee reductions, and distributor fee waivers, as discussed in Note 5 to the Financial Statements. Additionally, non 12b-1 service fees for Class A shares were reduced by 0.25% effective January 1, 2007. The expense ratios for all the PL Portfolio Optimization Funds do not include expenses of the Underlying Funds (see Note 1 to Financial Statements) in which the PL Portfolio Optimization Funds invest. | |
(3) | The ratios are annualized for periods of less than one full year. | |
(4) | Per share net investment income has been calculated using the average shares method. | |
(5) | Unaudited. | |
(6) | Amount represents less than $0.005 per share or less than 0.005%. | |
(7) | Class B and C shares were converted to Class A shares on June 29, 2005. | |
(8) | Prior to October 1, 2005, the PL Small-Cap Growth Fund was named the PF AIM Aggressive Growth Fund. | |
(9) | Class B and C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(10) | Prior to May 1, 2006, the PL International Value Fund was named PF Lazard International Value Fund. | |
(11) | Prior to July 1, 2008, the PL Mid-Cap Equity Fund was named PL Mid-Cap Value Fund. | |
(12) | Prior to January 1, 2006, the PL Large-Cap Growth Fund was named the PF AIM Blue Chip Fund. | |
(13) | Includes return of capital distribution of ($0.01). |
C-7
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. ORGANIZATION
Pacific Life Funds (the “Trust”) is a Delaware statutory trust, which was formed on May 21, 2001, and is registered under the Investment Company Act of 1940 (“1940 Act”), as amended, as an open-end management investment company, and as of September 30, 2009, was comprised of twenty-three separate funds (each individually, a “Fund”, and collectively, the “Funds”): PL Portfolio Optimization Conservative Fund, PL Portfolio Optimization Moderate-Conservative Fund, PL Portfolio Optimization Moderate Fund, PL Portfolio Optimization Moderate-Aggressive Fund, PL Portfolio Optimization Aggressive Fund, PL Money Market Fund, PL Small-Cap Growth Fund, PL International Value Fund, PL Large-Cap Value Fund, PL Short Duration Bond Fund, PL Floating Rate Loan Fund, PL Growth LT Fund, PL Mid-Cap Equity Fund, PL International Large-Cap Fund, PL Small-Cap Value Fund, PL Main Street® Core Fund (Main Street is a registered trademark of OppenheimerFunds, Inc.), PL Emerging Markets Fund, PL Managed Bond Fund, PL Inflation Managed Fund, PL Large-Cap Growth Fund, PL Comstock Fund, PL Mid-Cap Growth Fund and PL Real Estate Fund.
Each Fund, with the exception of the PL Portfolio Optimization Conservative, PL Portfolio Optimization Moderate-Conservative, PL Portfolio Optimization Moderate, PL Portfolio Optimization Moderate-Aggressive, and PL Portfolio Optimization Aggressive Funds, (collectively, the “Portfolio Optimization Funds”), offers Class A shares only. Effective June 23, 2008, all Class B and C shares in the PL Small-Cap Growth, PL International Value, PL Large-Cap Value, PL Short Duration Bond, PL Growth LT, PL Mid-Cap Equity, PL International Large-Cap, PL Managed Bond, PL Inflation Managed, PL Large-Cap Growth, PL Comstock, PL Mid-Cap Growth and PL Real Estate Funds were converted to Class A shares within each Fund. The Portfolio Optimization Funds invest all of their assets in Class A shares of other funds of the Trust (collectively, the “Underlying Funds”). Presently, only the Portfolio Optimization Funds can invest in the PL Floating Rate Loan, PL Small-Cap Value, PL Main Street Core, and PL Emerging Markets Funds. Other than the PL Money Market Fund, the Underlying Funds are not available to new investors. The Portfolio Optimization Funds offer Class A, Class B, Class C and Class R shares. Each class is distinguished by its level of distribution and/or service fees and in general: (i) Class A shares are subject to a maximum 5.50% front-end sales charge; (ii) Class B shares are subject to a maximum 5.00% contingent deferred sales charge (“CDSC”); (iii) Class C shares are subject to a maximum 1.00% CDSC; and (iv) Class R shares are sold at net asset value (“NAV”) without an initial sales charge. The sales charge for Class A shares is reduced for purchases of $50,000 or more and may be waived in certain circumstances. There is no sales charge for Class A shares for purchases of $1 million or more, although there is a CDSC of 1% on redemptions of such Class A shares within one year of purchase. Class A shares of PL Money Market Fund are sold at NAV without an initial sales charge.
The Portfolio Optimization Funds invest all of their assets in the Underlying Funds without payment of a front-end sales charge. No CDSC is charged to the Portfolio Optimization Funds upon the sales of shares of the Underlying Funds. An asset allocation process is used to determine each of the Portfolio Optimization Funds’ investment mixes and target allocations for each Underlying Fund. The Portfolio Optimization Funds’ asset allocations to the various Underlying Funds are periodically evaluated by Pacific Life Fund Advisors LLC, a wholly owned subsidiary of Pacific Life Insurance Company (“Pacific Life”), the investment adviser to the Trust, and may be updated at that time. Asset allocation analysis is performed by a third-party asset allocation consultant firm retained by Pacific Life Fund Advisors LLC. The asset class allocations, Underlying Funds (including any funds organized in the future), or target allocations with respect to each Underlying Fund, may be changed from time to time, without prior approval from shareholders, as determined appropriate to pursue stated investment goals. Since the Portfolio Optimization Funds invest in the Underlying Funds, in addition to their own net operating expenses, they also indirectly bear a portion of the net operating expenses of the applicable Underlying Funds, based on the actual average holdings.
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 of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. 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.
The Trust implemented Statement of Financial Accounting Standards No. 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles (“SFAS 168”), issued by Financial Accounting Standards Board (“FASB”) in June 2009. This standard identified the sources of accounting principles and the framework for selecting the principles used in the preparation of financial statements that are presented in conformity with U.S. GAAP. SFAS 168 established the FASB Accounting Standards Codification (“FASB ASC”) as the single source of authoritative accounting principles recognized by the FASB in the preparation of financial statements in conformity with U.S. GAAP. The FASB ASC did not create new accounting and reporting guidance, rather it reorganized U.S. GAAP pronouncements into approximately 90 topics within a consistent structure. All guidance contained in the FASB ASC carries an equal level of authority.
The Trust implemented new guidance under FASB ASC Topic 815, Derivative and Hedging, issued in March 2008 (see required disclosure in Note 11).
The Trust implemented the additional guidance under FASB ASC Topic 820, Fair Value Measurements and Disclosures, issued in April 2009 (see required disclosure in Note 10).
The Trust implemented new guidance under FASB ASC Topic 855, Subsequent Events, issued in May 2009. The Funds’ management has evaluated subsequent events occurring subsequent to September 30, 2009 through the date the Semi-Annual Report for this Trust was issued on November 24, 2009.
D-1
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
A. FUND VALUATION
The NAV per share for each class of shares for each Fund is calculated by taking the total value of a Fund’s assets (the value of the securities and other investments a Fund holds plus cash or other assets, including interest accrued but not yet received), subtracting a Fund’s liabilities (including accrued expenses, dividends payable and any borrowings of a Fund), and dividing by the total number of shares outstanding. The assets of each Portfolio Optimization Fund consist primarily of shares of the Underlying Funds, which are valued at their respective NAV’s at the time of computation.
Each Fund’s NAV is calculated once a day, every day the New York Stock Exchange (“NYSE”) is open, including those days when foreign markets are closed. For purposes of calculating the NAV, the Funds use pricing data as of the time of the close of the NYSE, which is usually 4:00 p.m. Eastern Time, although it occasionally closes earlier. If the NYSE or other domestic exchange that normally closes at or before 4:00 p.m. Eastern time, closes later than 4:00 p.m. Eastern time, the closing prices of such domestic exchanges will be used to determine the Fund’s NAV.
The value of each security and other investment instruments (collectively “holdings”) is based on actual market value or fair value.
Market Value
Pricing data is obtained from various sources approved by the Board of Trustees (the “Board”). For purposes of calculating the NAV:
Domestic equity holdings are generally valued at the last reported sale price received shortly after the close of the NYSE and do not normally take into account trading, clearances or settlements that take place after the NYSE close.
Foreign equity holdings are generally valued at their last reported sales price on a principal exchange.
Foreign holdings are normally priced using data reflecting the closing of the principal markets or market participants for those holdings, which may be earlier than the NYSE. Quotations of foreign holdings in foreign currencies and those valued using foreign currency rates are converted into to U.S. dollar equivalents using a foreign exchange quotation from an approved source.
Fixed income holdings, including domestic and foreign holdings, are generally valued using the mean between the most recent bid and ask prices provided by approved pricing and quotation services which are based on evaluated prices determined from various observable market and other factors. Certain bonds are valued by a benchmark, matrix, or other pricing methods and processes under procedures approved by the Board. If bid and ask prices are not available, holdings may be valued at bid prices or evaluated prices. Pricing data used is generally as of the NYSE close, or, if not available, data reflecting the closing of the principal markets or market participants for those holdings, which may be earlier than the NYSE.
Money market instruments and short-term holdings maturing within 60 days are valued at amortized cost, which approximates market value.
Over the Counter (“OTC”) holdings, including option contracts and other equity holdings, and listed holdings for which no sales are reported, are generally valued at the mean between the most recent bid and ask prices obtained from a quotation and/or valuation reporting system, from established market makers, or from broker-dealers. OTC swap contracts are generally valued by approved pricing and quotation services which are based on evaluated prices determined from various observable market and other factors. Certain OTC swap contracts are valued by other pricing methods and processes under the procedures approved by the Board.
Fair Value
In the event that market quotations are not readily available, (i.e., approved pricing services or dealers do not provide a valuation for a particular holding), the valuations are deemed unreliable or inaccurate, or if events that could materially affect the NAV occur after the close of the principal market for a particular holding but before each Fund values its assets, the holdings may be valued at their fair value, as determined in good faith pursuant to procedures adopted by and/or methodologies approved by the Board and in accordance with the provisions of the 1940 Act.
As a general principle, the fair value of a holding is the amount which the Funds might reasonably expect to receive for the holding upon its current sale. In determining the fair value of holdings, the Funds may consider a variety of factors, including information that becomes known after the close of the NYSE, and the values that are determined will be deemed to be the price as of the time of close of the NYSE. Fair valuations will also be used when events significantly affecting the values of a Fund’s foreign holdings occur between the close of foreign markets and the close of regular trading on the NYSE; or when, under a Fund’s procedures, the closing price of a foreign holding is deemed unreliable. All of these events could materially affect a Fund’s NAV.
The Trust has retained a statistical research service to assist in determining the fair value of foreign holdings as approved by the Board. This service utilizes proprietary computer models based on historical performance of markets and other considerations to determine fair values for certain foreign holdings. In light of the subjectivity and judgment involved in making fair value determinations, fair value may not be indicative of the particular amount for which the Funds could obtain upon its current sale of that holding.
B. Securities Transactions and Investment Income
Securities transactions are recorded on a trade date basis. Securities purchased or sold on a when-issued or delayed-delivery basis as well as certain loan transactions and mortgage securities (such as Government National Mortgage Association (“GNMA”) Securities) may be settled a month or more after the trade date. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities are recorded as soon as a Fund is informed of the ex-dividend date or upon receipt of the dividend. A Fund’s estimated
D-2
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
components of distributions received from real estate investment trusts may be considered return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. Interest income is recorded on an accrual basis. Interest income includes coupon interest and amortization of premium and discount on debt securities. Accretion of discounts and amortization of premiums are recorded on a daily basis using the effective yield method except for short-term securities and the PL Money Market Fund, which record discounts and premiums on a straight-line basis. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. The Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and reclaims as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which the Funds invest. Facility fees and other fees (such as origination fees) received from senior loans purchased (see Note 2G) by a Fund are amortized over the expected term of each applicable senior loan. Commitment fees received by a Fund relating to unfunded senior loan commitments are deferred and amortized to income over the period of the commitment. Consent fees are compensation for agreeing to changes in the terms of debt instruments and are included in interest income on the Statements of Operations when received. Realized gains and losses from securities transactions are recorded on the basis of identified cost, which is also used for Federal income tax purposes. Gains and losses realized on principal paydowns from mortgage- and asset-backed securities are recorded as interest income in the Statements of Operations.
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/or service fees (see 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 daily net assets.
C. DISTRIBUTIONS TO SHAREHOLDERS
The Funds currently declare and pay dividends on net investment income at least annually, except for the PL Money Market, PL Short Duration Bond, PL Floating Rate Loan, PL Managed Bond, PL Inflation Managed, and PL Real Estate Funds. Dividends are generally: 1) declared daily and paid monthly for the PL Money Market Fund; 2) declared and paid monthly for the PL Short Duration Bond, PL Floating Rate Loan, PL Managed Bond, and PL Inflation Managed Funds; and 3) declared and paid quarterly for the PL Real Estate Fund. Dividends may be declared more or less frequently if advantageous to the specific Fund and its shareholders. All realized capital gains are distributed at least annually for 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, passive foreign investment companies, post-October losses, capital loss carryforwards, and losses deferred due to wash sales. Permanent book and tax differences relating to shareholder distributions will result in reclassifications of paid-in capital. Dividends and distributions paid to shareholders are recorded on the ex-dividend date.
D. 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 date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, and variation margin received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.
The Funds do not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investment securities and forwards in the Statements of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or deprecation on foreign currencies in the Statements of Operations.
E. EXPENSE ALLOCATION
General expenses of the Funds are allocated to each Fund in proportion to its relative daily net assets. Expenses directly attributable to a particular Fund are charged directly to that Fund. Class-specific fees are charged directly to the respective share class within each Fund.
F. OFFERING COSTS
The Funds bear all costs (or the applicable pro-rata share if there is more than one new Fund) associated with offering expenses of the Funds including legal, printing and support service expenses (see Note 3). All such costs are amortized to expense of the new Funds on a straight-line basis over twelve months from commencement of operations.
G. INVESTMENTS AND RISKS
General Investment Risks
An investment in each Fund represents an indirect investment in the holdings owned by that Fund. The value of these holdings may move up or down, sometimes rapidly and unpredictably. An investment in the Funds at any point in time may be worth more or less than the original investment. Investments in the Funds may be affected by general economic and market conditions, government and political events, investor perceptions, changes in interest rates and market liquidity.
D-3
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The price of equity holdings changes in response to many factors, including a company’s historical and prospective earnings, the value of its assets, and many of the factors noted above.
Fixed income (debt) holdings are affected primarily by the financial condition of the companies that have issued them and by changes in interest rates, although the factors noted above may also have a significant impact on the holdings. A fixed income (debt) holding’s issuer (including borrowers) may not be able to meet its financial obligations (e.g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or go bankrupt. Securities such as high yield/high-risk bonds, i.e. bonds with low credit ratings by Moody’s (Ba or lower) or Standard & Poor’s (BB and lower) or no rating, are especially subject to credit risk during periods of economic uncertainty or during economic downturns and are more likely to default on their interest and/or principal payments than higher rated securities. Certain asset-backed instruments, such as collateralized debt obligations, collateralized mortgage obligations and other mortgage related securities, structured investment vehicles and other debt holdings may have exposure to subprime loans or subprime mortgages, which are loans to persons with lower credit ratings. These instruments may present credit risk that is not transparent and that is greater than indicated by their ratings. The value of these instruments may be more acutely affected by downturns in the credit markets or the real estate market than certain other holdings, and it may be difficult to value these instruments because of a thin secondary market.
There are certain additional risks involved in investing in foreign securities that are not inherent in investments in domestic securities. These risks may involve foreign currency fluctuations, adverse political, social 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. The markets in emerging markets countries can be extremely volatile.
Events in the financial markets have the potential to cause increased volatility and uncertainty, which may impact the value of the Trust’s assets. Due to interedependencies between markets, events in one market may adversely impact other markets or issuers in unforeseen ways. As a result, the value of a Fund’s holdings may be adversely affected by events in the markets, either directly or indirectly, and each Fund is exposed to potential decreases in the value of those holdings. In addition, traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory responses to market events may impair a manager’s ability to pursue certain investment techniques or strategies and may have unexpected consequences on particular markets, strategies, or investments. Future events may impact a Fund in unforeseen ways, leading a Fund to alter its existing strategies or, potentially, to liquidate and close.
Each Fund may not invest in illiquid securities and illiquid bank loans (collectively, “illiquid holdings”) if as a result of such investment, more than 15% (10% for the PL Money Market Fund) of its net assets (taken at market value at the time of such investment) would be invested in illiquid holdings. The term “illiquid holdings” for this purpose means holdings that cannot be disposed of within seven days in the ordinary course of business at approximately the amount at which a Fund has valued the securities. The market value of illiquid holdings held by each Fund as of September 30, 2009 was less than 15% (10% for the PL Money Market Fund) of its net assets. Illiquid holdings may be difficult to value and difficult to sell, which means a Fund may not be able to sell such holding quickly for its full value.
Senior Loan Participations and Assignments
Certain Funds may invest in floating rate senior loans (“Senior Loans”), the interest rates of which float or adjust periodically based upon a specified adjustment schedule, benchmark indicator, or prevailing interest rates of domestic or foreign corporations, partnerships and other entities (“Borrowers”). Senior loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates generally include prime rates of one or more major U.S. banks, LIBOR rates or certificates of deposit rates. Senior secured floating rate loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, cannot be predicted with accuracy, as a result, the actual maturity may be substantially less than the stated maturities. Senior loans are exempt from registration under the 1933 Act, may contain certain restrictions on resale, and cannot be sold publicly. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties.
When a Fund purchases assignments, it acquires all the rights and obligations under the loan agreement of the assigning lender. Assignments may, however, be arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than those held by the assigning lender.
When a Fund purchases a participation of a Senior Loan interest, the Fund typically enters into a contractual agreement with the lender or other third party selling the participation. A participation interest in Senior Loans includes the right to receive payments of principal, interest and any fees to which it is entitled from the lender and only upon receipt by the lender of payments from the Borrower, but not from the borrower directly. When holding a participation interest, if a Borrower is unable to meet its obligations under a loan agreement, a Fund generally has no right to enforce compliance of the terms of the loan agreement. As a result, the Fund assumes the credit risk of the Borrower, the selling participant, and any other persons interpositioned between the Fund and the Borrower. If the lead lender in a typical lending syndicate becomes insolvent, enters FDIC receivership or, if not FDIC insured, enters into bankruptcy, the Fund may incur certain costs and delays in receiving payment or may suffer a loss of principal and/or interest.
Inflation-Indexed Bonds
Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed income (debt) securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds.
D-4
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
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 in the Statements of Operations.
Mortgage-Related and Other Asset-Backed Securities
Certain Funds may invest in mortgage-related and other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations (“CMOs”), collateralized loan obligations (“CLOs”), mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (“SMBS”), and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans secured by real property. A collateralized obligation is a debt security issued by a corporation, trust or custodian, or by a U.S. Government agency or instrumentality, that is collateralized by a portfolio or pool of mortgages, mortgage pass-through securities, U.S. Government securities or other assets. The value of some mortgage-related and asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may expose the Fund to a lower rate of return upon reinvestment of principal. The value of these securities may fluctuate in response to the market’s perception of the creditworthiness of the issuers. Additionally, although mortgage and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that private guarantors or issuers will meet their obligations.
Mortgage dollar rolls, principally using To Be Announced (“TBA”) securities, involve a Fund selling mortgage-backed securities for delivery in the current month and simultaneously contracting to repurchase similar, but not identical securities at an agreed-upon price on a fixed date in the future. A Fund accounts for such dollar rolls as purchases and sales and receives compensation as consideration for entering into the commitment to repurchase. A Fund must maintain liquid securities having a value not less than the repurchase price (including accrued interest) for such dollar rolls. The market value of the securities that a Fund is required to purchase may decline below the agreed upon repurchase price of those 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. The cash flows and yields on IOs are extremely sensitive to the rate of principal payments (including prepayments) on the underlying mortgage loans. If the underlying mortgages experience higher than anticipated prepayments, an investor in IOs of SMBS may fail to recoup fully its initial investment, even if the IOs are highly rated or are derived from securities guaranteed by the U.S. Government. Unlike other fixed-income and other mortgage-backed securities, the market value of IOs tends to move in the same direction as interest rates. As prepayments on the underlying mortgages of POs increase, the yields on POs increase. Payments received from IOs are included in interest income in the Statements of Operations. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on the coupon date until maturity. These adjustments are included in interest income in the Statements of Operations. Payments received from POs are treated as reductions to the cost and par value of the securities. Any principal paydown gains or losses associated with the payments received are reported as interest income in the Statements of Operations.
Government Sponsored Enterprise Securities
Certain Funds may invest in securities issued by the Federal Home Loan Mortgage Corporation (“Freddie Mac”) and similar U.S. Government sponsored entities such as Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Banks (“FHLBs”). Although chartered and sponsored by Congress, such entities are generally not funded by Congressional appropriations. The debt and mortgage-backed securities issued by these entities are neither guaranteed nor insured by the U.S. Government. As such, securities issued by these entities are typically supported only by the credit of the issuing entity, which depends entirely on its own resources to repay the debt, subject to the risk of default.
However, on September 6, 2008, the Federal Housing Finance Agency (“FHFA”) placed Fannie Mae and Freddie Mac into conservatorship. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of Fannie Mae and Freddie Mac and of any stockholder, officer or director of Fannie Mae and Freddie Mac with respect to those applicable entities and their respective assets. FHFA selected a new chief executive officer and chairman of the board of directors of Fannie Mae and Freddie Mac.
On September 7, 2008, the U.S. Treasury announced three additional steps taken by it in connection with the conservatorship. First, the U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement (“Purchase Agreement”) with Fannie Mae and Freddie Mac pursuant to which the U.S. Treasury will purchase up to an aggregate of $100 billion of each of Fannie Mae and Freddie Mac to maintain a positive net worth in each entity. This agreement contains various covenants that severely limit each entity’s operations. In exchange for entering into these agreements, the U.S. Treasury received $1 billion of each entity’s senior preferred stock and warrants to purchase 79.9% of each entity’s common stock. Second, the U.S. Treasury announced the creation of a new secured lending facility which is available to both Fannie Mae and Freddie Mac as a liquidity backstop. Third, the U.S. Treasury announced the creation of a temporary program to purchase mortgage-backed securities issued by Fannie Mae and Freddie Mac. Both the liquidity backstop and the mortgage-backed securities purchase program are scheduled to expire in December 2009. Fannie Mae and Freddie Mac are continuing to operate while in conservatorship and each remains liable for each of its respective obligations, including guaranty obligations, associated with its mortgage-backed securities.
D-5
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
On May 6, 2009, the U.S. Treasury and FHFA, acting on behalf of Fannie Mae and Freddie Mac in its capacity as Conservator, amended the Purchase Agreement, to among other items: (i) increase the funding available under the Purchase Agreement from $100 billion to $200 billion; (ii) increase the limit on our mortgage-related investments portfolio as of December 31, 2009 from $850 billion to $900 billion; and (iii) revise the limit on the aggregate indebtedness and the method of calculating such limit for both Fannie Mae and Freddie Mac.
When-Issued Securities
Certain Funds may purchase and sell securities on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. A commitment by a Fund is made regarding these transactions to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. A Fund may sell when-issued securities before they are delivered, which may result in a capital gain or loss. Risk may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts, or if the issuer does not issue the securities due to political, economic, or other factors.
Delayed-Delivery Transactions
Certain Funds may purchase or sell securities on a delayed-delivery basis. Payment and delivery may take place after the customary settlement period for that security. The price or yield of the underlying securities is fixed at the time the transaction is negotiated. When delayed-delivery purchases are outstanding, a Fund will set aside, and maintain until the settlement date in a segregated account, liquid assets in an amount sufficient to meet the purchase price. When purchasing a security on a delayed-delivery basis, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, and may sell delayed-delivery securities before they are delivered, which may result in a capital gain or loss. When a Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains and losses with respect to the security.
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’s use of short sales involves the risk that the price of the security in the open market may be higher when purchased to close out the Fund’s short position, resulting in a loss to the Fund. Such a loss is theoretically unlimited because there is no limit on the potential increase in the price of a security or guarantee as to the price at which the manager would be able to purchase the security in the open market.
When a Fund sells securities short, it must borrow those securities to make delivery to the buyer. The Fund incurs an expense for such borrowing. The Fund may not be able to purchase a security that it needs to deliver to close out a short position at an acceptable price. This may result in losses and/or require the Fund to sell long positions before the manager had intended. A Fund may not be able to successfully implement its short sale strategy, which may limit its ability to achieve its investment goal, due to limited availability of desired or eligible securities, the cost of borrowing securities, regulatory changes limiting or barring short sales, or for other reasons. Securities sold in short sale transactions and the interest and dividends payable on such securities, if any, are reflected as a liability in the Statements of Assets and Liabilities.
The use of proceeds received from selling short to purchase additional securities (long positions), results in leverage which may increase a Fund’s exposure to long equity positions. Leverage could magnify gains or losses and, therefore, increase a Fund’s volatility.
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, or securities issued by U.S. Government agencies, or securities that are within the three highest credit categories assigned by established rating agencies (Aaa, Aa, or A by Moody’s Investors Service, Inc. (“Moody’s”) or AAA, AA or A by Standard & Poor’s Corporation (“S&P”)) or, if not rated by Moody’s or S&P, are of equivalent investment quality as determined by the investment adviser or the applicable portfolio manager. 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.
Derivative Instruments
Certain Funds are permitted to invest in derivative instruments, including, but not limited to, futures contracts, options contracts, forward foreign currency contracts, interest rate swaps and credit default swaps (See Note 11 for a detailed discussion on derivative instruments).
H. NEW ACCOUNTING PRONOUNCEMENT
On September 30, 2009, the FASB issued Accounting Standards Update 2009-12, Fair Value Measurements and Disclosures (“ASU”) to provide guidance on measuring fair value of certain alternative investments. The ASU amends of the FASB ASC Topic 820, Fair Value Measurements and Disclosures, to offer investors a practical expedient for measuring the fair value of Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent). The ASU requires enhanced disclosures by major category of investment about nature and risk of each Fund’s investments within its scope that are measured at fair value on a recurring or nonrecurring basis, the nature and extent of restrictions on redeeming investments, and the amount of unfunded commitments. Management is currently evaluating the
D-6
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
impact the implementation will have on the Trust’s financial statement disclosures. The ASU is effective for fiscal years and interim periods ending after December 15, 2009.
3. INVESTMENT ADVISORY, ADMINISTRATION AND SHAREHOLDER SERVICES, AND DISTRIBUTION AGREEMENTS
Pursuant to an Investment Advisory Agreement, Pacific Life Fund Advisors LLC (“PLFA”), serves as investment adviser to the Trust. PLFA also does business under the name Pacific Asset Management. Pacific Asset Management manages the PL Money Market Fund. For the other Funds, with the exception of the Portfolio Optimization Funds, PLFA has retained other portfolio management firms to sub-advise the Funds, as discussed later in this section. PLFA receives advisory fees from each Fund based on the following advisory fee rates, which are based on an annual percentage of average daily net assets of each Fund:
PL Portfolio Optimization Conservative | 0.20 | % | ||
PL Portfolio Optimization Moderate-Conservative | 0.20 | % | ||
PL Portfolio Optimization Moderate | 0.20 | % | ||
PL Portfolio Optimization Moderate-Aggressive | 0.20 | % | ||
PL Portfolio Optimization Aggressive | 0.20 | % | ||
PL Money Market | See (1) | |||
PL Small-Cap Growth | 0.60 | % | ||
PL International Value | 0.65 | % | ||
PL Large-Cap Value | 0.65 | % | ||
PL Short Duration Bond | 0.40 | % | ||
PL Floating Rate Loan | 0.75 | % | ||
PL Growth LT | 0.55 | % | ||
PL Mid-Cap Equity | 0.65 | % | ||
PL International Large-Cap | 0.85 | % | ||
PL Small-Cap Value | 0.75 | % | ||
PL Main Street Core | 0.45 | % | ||
PL Emerging Markets | 0.80 | % | ||
PL Managed Bond | 0.40 | % | ||
PL Inflation Managed | 0.40 | % | ||
PL Large-Cap Growth (2) | 0.75 | % | ||
PL Comstock | 0.75 | % | ||
PL Mid-Cap Growth | 0.70 | % | ||
PL Real Estate | 0.90 | % |
(1) | An annual rate of 0.20% of the first $250 million of the average daily net assets, 0.15% of the next $250 million, and 0.10% in excess of $500 million. | |
(2) | Effective October 1, 2009, PLFA voluntarily agreed to waive 0.025% of its advisory fees through April 30, 2011. |
Pursuant to Fund Management Agreements, the Trust and PLFA engage other portfolio managers under PLFA’s supervision for seventeen of the twenty-three Funds. As of September 30, 2009, the following firms serve as sub-advisers for their respective Funds: Fred Alger Management, Inc. for the PL Small-Cap Growth Fund; AllianceBernstein L.P. for the PL International Value Fund; ClearBridge Advisors, LLC for the PL Large-Cap Value Fund; Goldman Sachs Asset Management, L.P. for the PL Short Duration Bond Fund; Highland Capital Management, L.P. for the PL Floating Rate Loan Fund; Janus Capital Management LLC for the PL Growth LT Fund; Lazard Asset Management LLC for the PL Mid-Cap Equity Fund; MFS Investment Management for the PL International Large-Cap Fund; NFJ Investment Group LLC for the PL Small-Cap Value Fund; OppenheimerFunds, Inc. for the PL Main Street Core and PL Emerging Markets Funds; Pacific Investment Management Company LLC for the PL Managed Bond and PL Inflation Managed Funds; UBS Global Asset Management (Americas) Inc. for the PL Large-Cap Growth Fund; and Van Kampen for the PL Comstock, PL Mid-Cap Growth and PL Real Estate Funds. PLFA, as investment adviser to the Funds, pays the related management fees to these sub-advisers as compensation for advisory services provided to the Funds.
Pursuant to an Administration and Shareholder Services Agreement (the “Agreement”), Pacific Life serves as administrator (the “Administrator”) to the Trust. The Trust compensated the Administrator at an annual rate of 0.30% of average daily net assets for procuring or providing administrative, transfer agency, and shareholder services. In addition, Pacific Life and PLFA provide support services to the Funds that are outside the scope of the administrator’s and investment adviser’s responsibilities under the respective Agreements. Under the support services agreement, the Trust compensates Pacific Life and PLFA for their expenses in providing support services to the Trust in connection with various matters, including the expense of registering and qualifying the Funds on state and Federal levels, providing legal, compliance, accounting, tax and chief compliance officer services, maintaining the Trust’s legal existence, shareholders’ meetings, and expenses associated with preparing, printing and distributing reports, proxies and prospectuses to existing shareholders. The Funds reimbursed Pacific Life and PLFA for these support services on an approximate cost basis.
Pursuant to a Distribution Agreement, Pacific Select Distributors, Inc. (the “Distributor”), a wholly owned subsidiary of Pacific Life, serves as distributor of the Trusts’ shares. The Distributor bears all expenses of providing services, including costs of sales presentations, mailings, advertisings, and other marketing efforts by the Distributor in connection with the distribution or sale of the Trusts’ shares and makes distribution and service payments to selling groups in connection with the sale of the Trusts’ shares and subsequent servicing needs of shareholders provided by selling groups. The Distributor received distribution and service fees pursuant to class-specific distribution and service plans, each adopted in accordance with Rule 12b-1 under the Investment Company Act of 1940 (together the “12b-1 Plans”) for Class B, C and R shares. The Distributor also received service fees pursuant to a Class A Service Plan (non 12b-1). Under the 12b-1 Plans, each Fund paid to the Distributor both distribution and service fees at an annual rate expressed as a percentage of average daily net assets. The distribution fee was 0.75% for Class B and C shares and 0.25% for R shares. The service fee was 0.25% for Class A, B, C, and R shares. The Class A shares did not pay a distribution fee. For the Portfolio Optimization Funds, each class of shares invests in Class A shares of the Underlying Funds, without payment of a front-end sales charge. To avoid duplication of fees, the 0.25% service fee for each class of the Portfolio Optimization Funds was waived. The fees were accrued daily.
For the six-month period ended September 30, 2009, the Distributor, acting as underwriter, received net commissions of $3,341,686 from the sale of Class A shares and received $296,764 in CDSC from redemptions of Class B and C shares.
D-7
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
4. TRUSTEE COMPENSATION
The Trust pays each independent trustee of the Board retainer fees and specified amounts for various Board and committee services and for chairing the committees.
Each independent trustee is eligible to participate in the Trust’s Deferred Compensation Plan (the “Deferred Compensation Plan”). The Deferred Compensation 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 Trust that are payable in accordance with the Deferred Compensation Plan. Deferral amounts are treated as though equivalent dollar amounts had been invested in shares of certain Funds. An independent trustee who defers compensation has the option to select credit rate options that track the performance of the Class A shares of the corresponding Funds without a sales load. Accordingly, the market value appreciation or depreciation of the independent trustee’s deferred compensation accounts will cause the expenses of each Fund to increase or decrease due to the market fluctuation. As of September 30, 2009, the total deferred trustee compensation liability was $119,402 for both current and retired independent trustees.
5. EXPENSE REDUCTIONS
To help limit the Funds’ expenses, PLFA, pursuant to an expense limitation agreement, has contractually agreed to reduce its fees or otherwise reimburse each Fund for its operating expenses (including organizational expenses, but not including investment advisory fees; distribution and service (12b-1) fees; non 12b-1 service fees; dividends on securities sold short; acquired fund fees and expenses; taxes (including foreign taxes on dividends, interest or gains); interest; 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 expense rate based on a percentage of a Fund’s average daily net assets. The expense cap is 0.00% for the Portfolio Optimization Funds and 0.30% for the Underlying Funds through June 30, 2010. Pacific Life, as Administrator, charges the Funds at an annual rate of 0.30% of average daily net assets under the Administration and Shareholder Services Agreement (see Note 3). To the extent that the expense cap for a Fund is lower than the administration fee, pursuant to an Expense Limitation Agreement dated July 1, 2008, Pacific Life has agreed to reduce its administration fee to the level of the expense cap through June 30, 2010.
The investment adviser expense reimbursement and administrator fee reduction for the six-month period ended September 30, 2009 for each Fund were as follows:
Investment | Total | |||||||||||
Adviser | Administrator | Reimbursements | ||||||||||
Expense | Fee | and | ||||||||||
Funds | Reimbursements | Reductions | Reductions | |||||||||
PL Portfolio Optimization Conservative | $ | 111,652 | $ | 146,027 | $ | 257,679 | ||||||
PL Portfolio Optimization Moderate-Conservative | 134,799 | 174,583 | 309,382 | |||||||||
PL Portfolio Optimization Moderate | 362,594 | 570,043 | 932,637 | |||||||||
PL Portfolio Optimization Moderate-Aggressive | 350,319 | 551,493 | 901,812 | |||||||||
PL Portfolio Optimization Aggressive | 166,628 | 234,776 | 401,404 | |||||||||
PL Money Market | 91,992 | 30,758 | 122,750 | |||||||||
PL Small-Cap Growth | 51,285 | — | 51,285 | |||||||||
PL International Value | 147,403 | — | 147,403 | |||||||||
PL Large-Cap Value | 88,993 | — | 88,993 | |||||||||
PL Short Duration Bond | 72,515 | — | 72,515 | |||||||||
PL Floating Rate Loan | 41,733 | — | 41,733 | |||||||||
PL Growth LT | 125,385 | �� | 125,385 | |||||||||
PL Mid-Cap Equity | 87,716 | — | 87,716 | |||||||||
PL International Large-Cap | 136,991 | — | 136,991 | |||||||||
PL Small-Cap Value | 46,763 | — | 46,763 | |||||||||
PL Main Street Core | 176,183 | — | 176,183 | |||||||||
PL Emerging Markets | 152,996 | — | 152,996 | |||||||||
PL Managed Bond | 252,043 | — | 252,043 | |||||||||
PL Inflation Managed | 160,880 | — | 160,880 | |||||||||
PL Large-Cap Growth | 47,205 | — | 47,205 | |||||||||
PL Comstock | 106,571 | — | 106,571 | |||||||||
PL Mid-Cap Growth | 44,631 | — | 44,631 | |||||||||
PL Real Estate | 50,476 | — | 50,476 | |||||||||
Total | $ | 3,007,753 | $ | 1,707,680 | $ | 4,715,433 | ||||||
There is no guarantee that PLFA and/or Pacific Life will continue to cap and/or reduce expenses after June 30, 2010. Any reimbursement and reduction, except for the reimbursement of $8,449 by PLFA for the insurance premium paid by the PL Money Market Fund for participating in the U.S. Treasury’s Temporary Money Market Fund Guarantee Program (see Note 14) and the administration fee reduction of $30,758 by Pacific Life, is subject to repayment to PLFA and/or Pacific Life, for a period of time as permitted under regulatory and/or accounting guidance (currently 3 years from the end of the fiscal year in which the reimbursement or reduction took place), to the extent such expenses fall below the expense cap in future years. Any amounts repaid to PLFA and/or Pacific Life will have the effect of increasing such expenses of the Funds, but not above the expense cap.
D-8
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The cumulative reimbursement and reduction amounts, if any, as of September 30, 2009 that are subject to repayment for each Fund are as follows:
Expiration | ||||||||||||||||
Funds | 2010 | 2011 | 2012 | 2013 | ||||||||||||
PL Portfolio Optimization Conservative | $ | 233,903 | $ | 257,268 | $ | 366,006 | $ | 257,679 | ||||||||
PL Portfolio Optimization Moderate-Conservative | 517,561 | 575,493 | 577,457 | 309,382 | ||||||||||||
PL Portfolio Optimization Moderate | 1,647,668 | 2,124,615 | 1,939,507 | 932,637 | ||||||||||||
PL Portfolio Optimization Moderate-Aggressive | 1,718,549 | 2,302,787 | 1,999,277 | 901,812 | ||||||||||||
PL Portfolio Optimization Aggressive | 739,235 | 1,080,933 | 906,385 | 401,404 | ||||||||||||
PL Money Market | 113,640 | 93,254 | 165,706 | 83,543 | ||||||||||||
PL Small-Cap Growth | 149,587 | 165,822 | 131,007 | 51,285 | ||||||||||||
PL International Value | 289,007 | 343,568 | 325,469 | 147,403 | ||||||||||||
PL Large-Cap Value | 193,610 | 198,498 | 175,460 | 88,993 | ||||||||||||
PL Short Duration Bond | 197,905 | 212,660 | 150,950 | 72,515 | ||||||||||||
PL Floating Rate Loan | — | — | 55,422 | 41,733 | ||||||||||||
PL Growth LT | 213,449 | 272,256 | 229,867 | 125,385 | ||||||||||||
PL Mid-Cap Equity | 198,479 | 234,458 | 195,175 | 87,716 | ||||||||||||
PL International Large-Cap | 339,401 | 357,364 | 296,673 | 136,991 | ||||||||||||
PL Small-Cap Value | — | 66,498 | 120,502 | 46,763 | ||||||||||||
PL Main Street Core | 300,236 | 315,029 | 370,309 | 176,183 | ||||||||||||
PL Emerging Markets | 411,421 | 455,787 | 347,289 | 152,996 | ||||||||||||
PL Managed Bond | 365,613 | 501,374 | 472,001 | 252,043 | ||||||||||||
PL Inflation Managed | 282,559 | 359,755 | 341,417 | 160,880 | ||||||||||||
PL Large-Cap Growth | 170,991 | 140,798 | 94,718 | 47,205 | ||||||||||||
PL Comstock | 263,118 | 300,315 | 214,389 | 106,571 | ||||||||||||
PL Mid-Cap Growth | 207,435 | 238,535 | 138,724 | 44,631 | ||||||||||||
PL Real Estate | 144,757 | 138,599 | 118,370 | 50,476 | ||||||||||||
Total | $ | 8,698,124 | $ | 10,735,666 | $ | 9,732,080 | $ | 4,676,226 | ||||||||
Due to the current regulatory and/or accounting guidance, all expense reimbursements made by the investment adviser for the period September 28, 2001 (the Pacific Life Funds’ commencement date of operations) to March 31, 2006 expired for future recoupment as of March 31, 2009. Based on the Funds’ experience, the likelihood of repayment by the Funds for the amounts presented in the table above prior to the expiration is considered remote and no liabilities for such repayments were recorded by the Funds as of September 30, 2009. The adviser expense reimbursement and administrator fee reduction is presented in the Statements of Operations.
6. TRANSACTIONS WITH AFFILIATES
The Funds have incurred $4,532,295 of investment advisory fees (after $48,873 advisory fee waiver for the PL Money Market Fund), $1,754,530 of administration fees (after $1,707,680 administrator fee reduction), and $432,136 of expenses for support services provided by Pacific Life and PLFA (at approximate cost, see Note 3), for the six-month period ended September 30, 2009. As of September 30, 2009, $845,099, $322,647, and $447,471, respectively, remained payable.
For the six-month period ended September 30, 2009, the Funds also incurred $3,732,097 of distribution and/or service fees (after distribution and/or service fee waivers of $1,397,428), payable to the Distributor under the 12b-1 Plans and non 12b-1 service plan. As of September 30, 2009, $140,337 remained payable.
As of September 30, 2009, each of the Portfolio Optimization Funds (aggregate of Classes A, B, C and R) owned shares in each of the affiliated applicable Underlying Funds. A summary of transactions for the six-month period ended September 30, 2009 were as follows:
Distributions | Net | Change in | September 30, 2009 | ||||||||||||||||||||||||||||||
April 1, 2009 | Purchase | Received and | Sales | Realized | Unrealized | Market | Shares | ||||||||||||||||||||||||||
Fund/Underlying Fund | Market Value | Cost (1) | Reinvested (2) | Proceeds | Gain (Loss) | Appreciation | Value | Balance | |||||||||||||||||||||||||
PL Portfolio Optimization Conservative Fund | |||||||||||||||||||||||||||||||||
PL Money Market | $ | 1,490,508 | $ | 627,140 | $ | — | $ | 2,117,648 | $ | — | $ | — | $ | — | — | ||||||||||||||||||
PL International Value | 2,377,909 | 704,689 | 10,727 | 1,499,895 | (765,998 | ) | 1,795,605 | 2,623,037 | 284,494 | ||||||||||||||||||||||||
PL Large-Cap Value | 1,577,726 | 3,682,049 | 8,877 | 454,452 | (160,917 | ) | 1,102,325 | 5,755,608 | 595,203 | ||||||||||||||||||||||||
PL Short Duration Bond | 11,568,349 | 6,046,275 | 163,848 | 2,151,571 | (25,063 | ) | 396,210 | 15,998,048 | 1,606,230 | ||||||||||||||||||||||||
PL Floating Rate Loan | 6,453,595 | 2,983,494 | 227,783 | 524,240 | (49,381 | ) | 1,259,536 | 10,350,787 | 1,091,855 | ||||||||||||||||||||||||
PL Growth LT | 1,825,156 | 863,714 | 29,821 | 535,198 | (217,010 | ) | 783,367 | 2,749,850 | 269,593 | ||||||||||||||||||||||||
PL Mid-Cap Equity | 2,607,989 | 774,367 | 4,332 | 745,062 | (359,573 | ) | 1,435,112 | 3,717,165 | 488,458 | ||||||||||||||||||||||||
PL International Large-Cap | 1,656,197 | 1,053,903 | 17,692 | 612,913 | (200,800 | ) | 918,870 | 2,832,949 | 216,256 | ||||||||||||||||||||||||
PL Main Street Core | 4,377,774 | 824,334 | 13,400 | 3,534,840 | (872,442 | ) | 1,964,603 | 2,772,829 | 338,977 | ||||||||||||||||||||||||
PL Managed Bond | 28,559,899 | 9,940,150 | 912,094 | 649,373 | (17,493 | ) | 3,631,448 | 42,376,725 | 3,923,771 | ||||||||||||||||||||||||
PL Inflation Managed | 15,831,891 | 5,593,323 | 493,038 | 2,084,608 | (239,435 | ) | 893,731 | 20,487,940 | 2,061,161 | ||||||||||||||||||||||||
PL Large-Cap Growth | — | 2,151,206 | — | 77,460 | 1,061 | 254,630 | 2,329,437 | 344,591 | |||||||||||||||||||||||||
PL Comstock | 3,301,137 | 843,548 | 13,399 | 1,420,502 | (469,576 | ) | 1,625,653 | 3,893,659 | 400,995 | ||||||||||||||||||||||||
$ | 81,628,130 | $ | 36,088,192 | $ | 1,895,011 | $ | 16,407,762 | ($3,376,627 | ) | $ | 16,061,090 | $ | 115,888,034 | 11,621,584 | |||||||||||||||||||
D-9
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Distributions | Net | Change in | September 30, 2009 | ||||||||||||||||||||||||||||||
April 1, 2009 | Purchase | Received and | Sales | Realized | Unrealized | Market | Shares | ||||||||||||||||||||||||||
Fund/Underlying Fund | Market Value | Cost (1) | Reinvested (2) | Proceeds | Gain (Loss) | Appreciation | Value | Balance | |||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative Fund | |||||||||||||||||||||||||||||||||
PL Small-Cap Growth | $ | 1,023,236 | $ | 20,919 | $ | — | $ | 1,258,736 | $ | (253,708 | ) | $ | 468,289 | $ | — | — | |||||||||||||||||
PL International Value | 5,718,751 | 411,707 | 30,211 | 4,172,108 | (2,829,792 | ) | 5,092,733 | 4,251,502 | 461,117 | ||||||||||||||||||||||||
PL Large-Cap Value | 3,840,307 | 4,018,006 | 22,781 | 84,719 | (31,071 | ) | 1,765,164 | 9,530,468 | 985,571 | ||||||||||||||||||||||||
PL Short Duration Bond | 10,394,754 | 4,142,486 | 146,472 | 81,577 | 34 | 330,471 | 14,932,640 | 1,499,261 | |||||||||||||||||||||||||
PL Floating Rate Loan | 5,530,145 | 2,970,877 | 195,916 | 51,913 | (5,369 | ) | 1,023,233 | 9,662,889 | 1,019,292 | ||||||||||||||||||||||||
PL Growth LT | 3,943,745 | 279,758 | 75,234 | 1,215,857 | (536,522 | ) | 1,660,522 | 4,206,880 | 412,439 | ||||||||||||||||||||||||
PL Mid-Cap Equity | 3,886,009 | 228,622 | 7,449 | 272,698 | (145,081 | ) | 1,821,248 | 5,525,549 | 726,091 | ||||||||||||||||||||||||
PL International Large-Cap | 4,839,675 | 321,475 | 59,898 | 379,717 | (126,849 | ) | 2,247,477 | 6,961,959 | 531,447 | ||||||||||||||||||||||||
PL Small-Cap Value | 940,468 | 107,331 | 2,870 | 51,260 | (19,662 | ) | 393,922 | 1,373,669 | 181,462 | ||||||||||||||||||||||||
PL Main Street Core | 6,853,763 | 522,159 | 24,147 | 298,925 | (110,927 | ) | 2,466,416 | 9,456,633 | 1,156,068 | ||||||||||||||||||||||||
PL Managed Bond | 25,837,362 | 7,202,238 | 785,416 | 200,233 | 381 | 3,170,716 | 36,795,880 | 3,407,026 | |||||||||||||||||||||||||
PL Inflation Managed | 13,955,393 | 4,592,493 | 448,550 | 378,823 | (37,821 | ) | 648,255 | 19,228,047 | 1,934,411 | ||||||||||||||||||||||||
PL Large-Cap Growth | 1,005,606 | 2,696,649 | — | 58,229 | (33,408 | ) | 577,001 | 4,187,619 | 619,470 | ||||||||||||||||||||||||
PL Comstock | 6,886,784 | 295,418 | 29,848 | 1,494,088 | (907,604 | ) | 3,475,774 | 8,286,132 | 853,361 | ||||||||||||||||||||||||
PL Mid-Cap Growth | 2,034,810 | 70,333 | — | 279,450 | (136,332 | ) | 1,182,075 | 2,871,436 | 374,861 | ||||||||||||||||||||||||
$ | 96,690,808 | $ | 27,880,471 | $ | 1,828,792 | $ | 10,278,333 | $ | (5,173,731 | ) | $ | 26,323,296 | $ | 137,271,303 | 14,161,877 | ||||||||||||||||||
Distributions | Net | Change in | September 30, 2009 | ||||||||||||||||||||||||||||||
April 1, 2009 | Purchase | Received and | Sales | Realized | Unrealized | Market | Shares | ||||||||||||||||||||||||||
Fund/Underlying Fund | Market Value | Cost (1) | Reinvested (2) | Proceeds | Gain (Loss) | Appreciation | Value | Balance | |||||||||||||||||||||||||
PL Portfolio Optimization Moderate Fund | |||||||||||||||||||||||||||||||||
PL Small-Cap Growth | $ | 6,327,324 | $ | 167,135 | $ | — | $ | 3,895,242 | $ | (1,901,408 | ) | $ | 3,855,195 | $ | 4,553,004 | 555,244 | |||||||||||||||||
PL International Value | 20,723,872 | 1,151,026 | 111,789 | 12,483,562 | (9,603,977 | ) | 18,185,234 | 18,084,382 | 1,961,430 | ||||||||||||||||||||||||
PL Large-Cap Value | 21,074,191 | 14,356,012 | 127,364 | 194,086 | (70,662 | ) | 8,604,899 | 43,897,718 | 4,539,578 | ||||||||||||||||||||||||
PL Short Duration Bond | 22,404,654 | 5,049,842 | 254,849 | 6,990,981 | 24,715 | 568,528 | 21,311,607 | 2,139,720 | |||||||||||||||||||||||||
PL Floating Rate Loan | 13,038,709 | 6,065,287 | 437,915 | 180,108 | (25,139 | ) | 2,327,291 | 21,663,955 | 2,285,227 | ||||||||||||||||||||||||
PL Growth LT | 22,640,031 | 710,641 | 428,532 | 7,661,535 | (3,505,662 | ) | 9,751,799 | 22,363,806 | 2,192,530 | ||||||||||||||||||||||||
PL Mid-Cap Equity | 18,394,241 | 946,014 | 35,729 | 359,679 | (201,202 | ) | 8,184,231 | 26,999,334 | 3,547,876 | ||||||||||||||||||||||||
PL International Large-Cap | 18,580,252 | 795,746 | 230,500 | 637,988 | (214,673 | ) | 8,352,698 | 27,106,535 | 2,069,201 | ||||||||||||||||||||||||
PL Small-Cap Value | 5,796,711 | 815,517 | 18,205 | 40,541 | (17,582 | ) | 2,358,391 | 8,930,701 | 1,179,749 | ||||||||||||||||||||||||
PL Main Street Core | 28,216,458 | 1,714,758 | 99,890 | 443,809 | (197,769 | ) | 9,864,045 | 39,253,573 | 4,798,725 | ||||||||||||||||||||||||
PL Emerging Markets | 10,116,269 | 190,258 | — | 2,686,780 | (784,983 | ) | 7,010,337 | 13,845,101 | 1,266,706 | ||||||||||||||||||||||||
PL Managed Bond | 55,013,605 | 10,954,482 | 1,592,155 | 642,515 | (10,452 | ) | 6,502,743 | 73,410,018 | 6,797,224 | ||||||||||||||||||||||||
PL Inflation Managed | 30,374,119 | 15,413,235 | 1,055,696 | 744,527 | (61,698 | ) | 1,620,176 | 47,657,001 | 4,794,467 | ||||||||||||||||||||||||
PL Large-Cap Growth | 6,114,856 | 9,085,886 | — | 77,634 | (44,839 | ) | 2,595,673 | 17,673,942 | 2,614,489 | ||||||||||||||||||||||||
PL Comstock | 23,790,437 | 2,252,661 | 109,176 | 429,053 | (245,230 | ) | 10,194,598 | 35,672,589 | 3,673,799 | ||||||||||||||||||||||||
PL Mid-Cap Growth | 6,193,568 | 212,592 | — | 411,908 | (158,585 | ) | 3,484,138 | 9,319,805 | 1,216,685 | ||||||||||||||||||||||||
PL Real Estate | 4,594,559 | 1,741,022 | 57,962 | 654,692 | (587,017 | ) | 4,356,963 | 9,508,797 | 1,225,360 | ||||||||||||||||||||||||
$ | 313,393,856 | $ | 71,622,114 | $ | 4,559,762 | $ | 38,534,640 | $ | (17,606,163 | ) | $ | 107,816,939 | $ | 441,251,868 | 46,858,010 | ||||||||||||||||||
Distributions | Net | Change in | September 30, 2009 | ||||||||||||||||||||||||||||||
April 1, 2009 | Purchase | Received and | Sales | Realized | Unrealized | Market | Shares | ||||||||||||||||||||||||||
Fund/Underlying Fund | Market Value | Cost (1) | Reinvested (2) | Proceeds | Gain (Loss) | Appreciation | Value | Balance | |||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund | |||||||||||||||||||||||||||||||||
PL Small-Cap Growth | $ | 9,507,107 | $ | 252,144 | $ | — | $ | 4,186,675 | $ | (2,095,588 | ) | $ | 5,217,078 | $ | 8,694,066 | 1,060,252 | |||||||||||||||||
PL International Value | 31,188,322 | 1,621,926 | 166,829 | 15,221,699 | (13,343,486 | ) | 26,720,832 | 31,132,724 | 3,376,651 | ||||||||||||||||||||||||
PL Large-Cap Value | 23,772,917 | 17,094,453 | 138,880 | 39,696 | (4,858 | ) | 9,769,730 | 50,731,426 | 5,246,270 | ||||||||||||||||||||||||
PL Short Duration Bond | 2,756,816 | 4,999,333 | 60,194 | 17,997 | (11 | ) | 129,769 | 7,928,104 | 795,994 | ||||||||||||||||||||||||
PL Floating Rate Loan | 2,792,420 | 286,762 | 42,054 | 3,430,051 | (280,316 | ) | 589,131 | — | — | ||||||||||||||||||||||||
PL Growth LT | 30,522,197 | 1,157,697 | 583,792 | 10,788,736 | (4,791,642 | ) | 13,230,787 | 29,914,095 | 2,932,754 | ||||||||||||||||||||||||
PL Mid-Cap Equity | 23,956,975 | 1,134,279 | 46,186 | 602,137 | (462,863 | ) | 10,778,533 | 34,850,973 | 4,579,629 | ||||||||||||||||||||||||
PL International Large-Cap | 27,126,165 | 743,597 | 330,560 | 4,135,937 | (2,057,022 | ) | 13,155,596 | 35,162,959 | 2,684,195 | ||||||||||||||||||||||||
PL Small-Cap Value | 11,554,863 | 985,516 | 34,844 | 3,524,445 | (1,763,498 | ) | 5,634,032 | 12,921,312 | 1,706,910 | ||||||||||||||||||||||||
PL Main Street Core | 30,360,760 | 5,020,928 | 107,018 | 97,010 | (48,732 | ) | 10,852,203 | 46,195,167 | 5,647,331 | ||||||||||||||||||||||||
PL Emerging Markets | 12,752,271 | 345,050 | — | 3,191,675 | (1,250,730 | ) | 9,125,721 | 17,780,637 | 1,626,774 | ||||||||||||||||||||||||
PL Managed Bond | 23,156,379 | 5,725,283 | 637,747 | 3,851,713 | 24,725 | 2,662,771 | 28,355,192 | 2,625,481 | |||||||||||||||||||||||||
PL Inflation Managed | 17,529,642 | 13,217,511 | 689,509 | 89,539 | (743 | ) | 1,079,168 | 32,425,548 | 3,262,128 | ||||||||||||||||||||||||
PL Large-Cap Growth | 5,844,767 | 8,591,170 | — | 20,029 | (2,706 | ) | 2,471,679 | 16,884,881 | 2,497,763 | ||||||||||||||||||||||||
PL Comstock | 26,592,343 | 1,424,462 | 117,540 | 51,088 | (16,866 | ) | 10,887,986 | 38,954,377 | 4,011,779 | ||||||||||||||||||||||||
PL Mid-Cap Growth | 5,987,024 | 10,746,277 | — | 85,616 | (37,677 | ) | 5,752,991 | 22,362,999 | 2,919,452 | ||||||||||||||||||||||||
PL Real Estate | 10,177,254 | 1,124,504 | 103,962 | 3,407,383 | (4,385,023 | ) | 10,903,407 | 14,516,721 | 1,870,711 | ||||||||||||||||||||||||
$ | 295,578,222 | $ | 74,470,892 | $ | 3,059,115 | $ | 52,741,426 | $ | (30,517,036 | ) | $ | 138,961,414 | $ | 428,811,181 | 46,844,074 | ||||||||||||||||||
D-10
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Distributions | Net | Change in | September 30, 2009 | ||||||||||||||||||||||||||||||
April 1, 2009 | Purchase | Received and | Sales | Realized | Unrealized | Market | Shares | ||||||||||||||||||||||||||
Fund/Underlying Fund | Market Value | Cost (1) | Reinvested (2) | Proceeds | Gain (Loss) | Appreciation | Value | Balance | |||||||||||||||||||||||||
PL Portfolio Optimization Aggressive Fund | |||||||||||||||||||||||||||||||||
PL Small-Cap Growth | $ | 6,420,820 | $ | 1,006,594 | $ | — | $ | 2,456,878 | $ | (1,188,822 | ) | $ | 3,499,126 | $ | 7,280,840 | 887,907 | |||||||||||||||||
PL International Value | 17,388,051 | 1,011,838 | 86,829 | 9,778,547 | (8,766,328 | ) | 16,055,393 | 15,997,236 | 1,735,058 | ||||||||||||||||||||||||
PL Large-Cap Value | 10,069,419 | 7,063,834 | 62,746 | 142,877 | (70,530 | ) | 4,211,775 | 21,194,367 | 2,191,765 | ||||||||||||||||||||||||
PL Growth LT | 13,819,590 | 1,942,577 | 283,189 | 5,639,710 | (2,827,535 | ) | 6,781,272 | 14,359,383 | 1,407,783 | ||||||||||||||||||||||||
PL Mid-Cap Equity | 10,105,956 | 756,415 | 19,678 | 617,914 | (488,858 | ) | 4,826,247 | 14,601,524 | 1,918,729 | ||||||||||||||||||||||||
PL International Large-Cap | 11,699,698 | 3,320,104 | 142,618 | 3,088,305 | (1,451,436 | ) | 6,847,931 | 17,470,610 | 1,333,634 | ||||||||||||||||||||||||
PL Small-Cap Value | 8,726,477 | 723,766 | 26,627 | 3,273,238 | (1,539,065 | ) | 4,371,800 | 9,036,367 | 1,193,708 | ||||||||||||||||||||||||
PL Main Street Core | 15,463,313 | 1,232,270 | 55,310 | 907,625 | (441,134 | ) | 5,687,598 | 21,089,732 | 2,578,207 | ||||||||||||||||||||||||
PL Emerging Markets | 7,971,169 | 1,929,335 | — | 5,002,212 | (2,306,345 | ) | 6,671,874 | 9,263,821 | 847,559 | ||||||||||||||||||||||||
PL Managed Bond | — | 4,751,540 | 80,086 | 15,384 | 15 | 178,792 | 4,995,049 | 462,505 | |||||||||||||||||||||||||
PL Large-Cap Growth | 2,515,549 | 3,651,370 | — | 174,133 | (107,191 | ) | 1,150,549 | 7,036,144 | 1,040,850 | ||||||||||||||||||||||||
PL Comstock | 12,807,819 | 972,054 | 57,410 | 2,324,533 | (1,339,444 | ) | 6,426,901 | 16,600,207 | 1,709,599 | ||||||||||||||||||||||||
PL Mid-Cap Growth | 2,515,983 | 6,258,559 | — | 229,709 | (167,305 | ) | 2,892,336 | 11,269,864 | 1,471,262 | ||||||||||||||||||||||||
PL Real Estate | 5,737,829 | 854,936 | 54,312 | 3,018,508 | (2,882,390 | ) | 6,531,006 | 7,277,185 | 937,782 | ||||||||||||||||||||||||
$ | 125,241,673 | $ | 35,475,192 | $ | 868,805 | $ | 36,669,573 | $ | (23,576,368 | ) | $ | 76,132,600 | $ | 177,472,329 | 19,716,348 | ||||||||||||||||||
(1) | Purchase cost excludes distributions received and reinvested. | |
(2) | Distributions received include distributions from net investment income and from capital gains, if any, from the Underlying Funds. |
7. TAX CHARACTER OF DISTRIBUTIONS AND COMPONENTS OF DISTRIBUTABLE EARNINGS
The tax character of distributions paid during the six-month period ended September 30, 2009, were as follows:
Distributions Paid From | ||||||||||||
Ordinary | Long-Term | Total | ||||||||||
Funds | Income | Capital Gains | Distributions | |||||||||
PL Portfolio Optimization Conservative | $ | 564,306 | $ | — | $ | 564,306 | ||||||
PL Portfolio Optimization Moderate-Conservative | 1,232,502 | — | 1,232,502 | |||||||||
PL Portfolio Optimization Moderate | 4,275,748 | — | 4,275,748 | |||||||||
PL Portfolio Optimization Moderate-Aggressive | 2,973,256 | — | 2,973,256 | |||||||||
PL Portfolio Optimization Aggressive | 1,107,119 | — | 1,107,119 | |||||||||
PL International Value | 412,673 | — | 412,673 | |||||||||
PL Large-Cap Value | 375,212 | — | 375,212 | |||||||||
PL Short Duration Bond | 628,373 | — | 628,373 | |||||||||
PL Floating Rate Loan | 903,667 | — | 903,667 | |||||||||
PL Growth LT | 1,426,742 | — | 1,426,742 | |||||||||
PL Mid-Cap Equity | 113,733 | — | 113,733 | |||||||||
PL International Large-Cap | 795,980 | — | 795,980 | |||||||||
PL Small-Cap Value | 82,548 | — | 82,548 | |||||||||
PL Main Street Core | 299,766 | — | 299,766 | |||||||||
PL Managed Bond | 4,139,507 | — | 4,139,507 | |||||||||
PL Inflation Managed | 2,788,908 | — | 2,788,908 | |||||||||
PL Comstock | 333,765 | — | 333,765 | |||||||||
PL Real Estate | 218,736 | — | 218,736 |
The tax character of distributions paid during the year ended March 31, 2009, were as follows:
Distributions Paid From | ||||||||||||||||
Ordinary | Long-Term | Return of | Total | |||||||||||||
Funds | Income | Capital Gains | Capital | Distributions | ||||||||||||
PL Portfolio Optimization Conservative | $ | 3,923,732 | $ | 133,752 | $ | — | $ | 4,057,484 | ||||||||
PL Portfolio Optimization Moderate-Conservative | 4,398,954 | 1,105,969 | — | 5,504,923 | ||||||||||||
PL Portfolio Optimization Moderate | 10,527,424 | 6,873,046 | — | 17,400,470 | ||||||||||||
PL Portfolio Optimization Moderate-Aggressive | 6,485,309 | 9,839,791 | — | 16,325,100 | ||||||||||||
PL Portfolio Optimization Aggressive | 13 | 5,735,626 | — | 5,735,639 | ||||||||||||
PL Money Market | 549,555 | — | — | 549,555 | ||||||||||||
PL International Value | 2,637,765 | — | — | 2,637,765 | ||||||||||||
PL Large-Cap Value | 963,281 | 78,131 | — | 1,041,412 | ||||||||||||
PL Short Duration Bond | 2,359,289 | 1,688,071 | — | 4,047,360 | ||||||||||||
PL Floating Rate Loan | 1,416,589 | — | — | 1,416,589 | ||||||||||||
PL Growth LT | 6 | 1,903,765 | — | 1,903,771 | ||||||||||||
PL Mid-Cap Equity | 887,740 | — | — | 887,740 |
D-11
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Distributions Paid From | ||||||||||||||||
Ordinary | Long-Term | Return of | Total | |||||||||||||
Funds | Income | Capital Gains | Capital | Distributions | ||||||||||||
PL International Large-Cap | $ | 406,316 | $ | 781,478 | $ | — | $ | 1,187,794 | ||||||||
PL Small-Cap Value | 543,357 | — | — | 543,357 | ||||||||||||
PL Main Street Core | 1,021,270 | — | — | 1,021,270 | ||||||||||||
PL Emerging Markets | 513,190 | 6,029,027 | — | 6,542,217 | ||||||||||||
PL Managed Bond | 15,798,381 | 1,061,640 | — | 16,860,021 | ||||||||||||
PL Inflation Managed | 12,137,058 | — | — | 12,137,058 | ||||||||||||
PL Comstock | 1,691,349 | — | — | 1,691,349 | ||||||||||||
PL Mid-Cap Growth | 99,273 | 2,922,430 | — | 3,021,703 | ||||||||||||
PL Real Estate | 587,647 | — | 23,684 | 611,331 |
As of March 31, 2009, the components of distributable earnings on a tax basis were as follows:
Net | ||||||||||||||||
Accumulated | Undistributed | Undistributed | Unrealized | |||||||||||||
Capital and | Ordinary | Long-Term | Appreciation | |||||||||||||
Funds | Other Losses | Income | Capital Gains | (Depreciation) (1) | ||||||||||||
PL Portfolio Optimization Conservative | $ | — | $ | 564,288 | $ | — | $ | (11,412,193 | ) | |||||||
PL Portfolio Optimization Moderate-Conservative | (1,453,044 | ) | 1,232,493 | — | (27,547,046 | ) | ||||||||||
PL Portfolio Optimization Moderate | (4,390,644 | ) | 4,275,723 | — | (138,923,650 | ) | ||||||||||
PL Portfolio Optimization Moderate-Aggressive | (5,546,447 | ) | 2,973,238 | — | (186,068,923 | ) | ||||||||||
PL Portfolio Optimization Aggressive | (5,516,810 | ) | 1,107,101 | — | (95,039,111 | ) | ||||||||||
PL Money Market | — | 20,274 | — | — | ||||||||||||
PL Small-Cap Growth | (11,301,981 | ) | — | — | (5,733,933 | ) | ||||||||||
PL International Value | (23,652,440 | ) | 412,673 | — | (53,964,982 | ) | ||||||||||
PL Large-Cap Value | (12,957,305 | ) | 375,210 | — | (21,908,453 | ) | ||||||||||
PL Short Duration Bond | (1,045,853 | ) | 6,949 | — | (130,236 | ) | ||||||||||
PL Floating Rate Loan | (2,103,313 | ) | 25,455 | — | (4,645,876 | ) | ||||||||||
PL Growth LT | (21,190,772 | ) | 1,426,737 | — | (18,808,177 | ) | ||||||||||
PL Mid-Cap Equity | (30,213,991 | ) | 113,723 | — | (19,121,026 | ) | ||||||||||
PL International Large-Cap | (7,077,460 | ) | 795,979 | — | (26,716,209 | ) | ||||||||||
PL Small-Cap Value | (5,755,378 | ) | 82,542 | — | (12,116,643 | ) | ||||||||||
PL Main Street Core | (21,374,398 | ) | 299,758 | — | (37,069,200 | ) | ||||||||||
PL Emerging Markets | (4,380,683 | ) | — | — | (9,682,549 | ) | ||||||||||
PL Managed Bond | (269,322 | ) | 891,879 | — | (10,367,365 | ) | ||||||||||
PL Inflation Managed | (2,829,243 | ) | 1,498,967 | — | (6,993,238 | ) | ||||||||||
PL Large-Cap Growth | (9,923,263 | ) | — | — | 357,020 | |||||||||||
PL Comstock | (25,813,624 | ) | 333,756 | — | (37,703,395 | ) | ||||||||||
PL Mid-Cap Growth | (706,935 | ) | — | — | (6,579,748 | ) | ||||||||||
PL Real Estate | (6,804,780 | ) | — | — | (17,454,073 | ) |
(1) | Amount includes appreciation and depreciation on investments, derivatives, and assets and liabilities in foreign currencies. |
The components of the accumulated capital and other losses as of March 31, 2009, are summarized in Note 8.
8. FEDERAL INCOME TAX INFORMATION
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. Each Fund presented in the first table below declared and paid sufficient dividends on net investment income and capital gains distributions during the year ended March 31, 2009, to qualify as a regulated investment company and is not required to pay Federal income tax under Subchapter M of the Internal Revenue Code. Accordingly, no provision for Federal income taxes is required in the financial statements. Required distributions are based on net investment income and net realized gains determined on a tax basis and may differ from such amounts for financial reporting purposes (see Note 2C). 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, 2009, 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 net capital loss carryovers and the post-October capital and foreign currency losses deferred as of March 31, 2009, were as follows:
D-12
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Post- | Post-October | Accumulated | ||||||||||||||||||||||||||||||||||||||
Net Capital | October | Foreign | Capital and | |||||||||||||||||||||||||||||||||||||
Loss | Net Capital Loss Carryover Expiring in | Capital Loss | Currency | Other | ||||||||||||||||||||||||||||||||||||
Funds | Carryover | 2012 and Prior | 2013 | 2014 | 2015 | 2016 | 2017 | Deferral | Loss Deferral | Losses | ||||||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Conservative | $ | (1,171,196 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1,171,196 | ) | $ | (281,848 | ) | $ | — | $ | (1,453,044 | ) | ||||||||||||||||
PL Portfolio Optimization Moderate | (3,967,837 | ) | — | — | — | — | — | (3,967,837 | ) | (422,807 | ) | — | (4,390,644 | ) | ||||||||||||||||||||||||||
PL Portfolio Optimization Moderate-Aggressive | $ | (3,214,516 | ) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (3,214,516 | ) | $ | (2,331,931 | ) | $ | — | $ | (5,546,447 | ) | ||||||||||||||||
PL Portfolio Optimization Aggressive | (2,128,707 | ) | — | — | — | — | — | (2,128,707 | ) | (3,388,103 | ) | — | (5,516,810 | ) | ||||||||||||||||||||||||||
PL Small-Cap Growth | (5,477,816 | ) | — | — | — | — | — | (5,477,816 | ) | (5,824,165 | ) | — | (11,301,981 | ) | ||||||||||||||||||||||||||
PL International Value | (7,806,521 | ) | — | — | — | — | — | (7,806,521 | ) | (15,695,482 | ) | (150,437 | ) | (23,652,440 | ) | |||||||||||||||||||||||||
PL Large-Cap Value | (5,885,797 | ) | — | — | — | — | — | (5,885,797 | ) | (7,068,794 | ) | (2,714 | ) | (12,957,305 | ) | |||||||||||||||||||||||||
PL Short Duration Bond | — | — | — | — | — | — | — | (1,045,853 | ) | — | (1,045,853 | ) | ||||||||||||||||||||||||||||
PL Floating Rate Loan | (439,943 | ) | — | — | — | — | — | (439,943 | ) | (1,663,370 | ) | — | (2,103,313 | ) | ||||||||||||||||||||||||||
PL Growth LT | (7,353,330 | ) | — | — | — | — | — | (7,353,330 | ) | (13,692,509 | ) | (144,933 | ) | (21,190,772 | ) | |||||||||||||||||||||||||
PL Mid-Cap Equity | (15,810,724 | ) | — | — | — | — | — | (15,810,724 | ) | (14,403,267 | ) | — | (30,213,991 | ) | ||||||||||||||||||||||||||
PL International Large-Cap | (2,153,723 | ) | — | — | — | — | — | (2,153,723 | ) | (4,904,806 | ) | (18,931 | ) | (7,077,460 | ) | |||||||||||||||||||||||||
PL Small-Cap Value | (1,719,010 | ) | — | — | — | — | (32,441 | ) | (1,686,569 | ) | (4,036,368 | ) | — | (5,755,378 | ) | |||||||||||||||||||||||||
PL Main Street Core | (13,408,365 | ) | — | — | — | — | — | (13,408,365 | ) | (7,966,033 | ) | — | (21,374,398 | ) | ||||||||||||||||||||||||||
PL Emerging Markets | — | — | — | — | — | — | — | (4,374,328 | ) | (6,355 | ) | (4,380,683 | ) | |||||||||||||||||||||||||||
PL Managed Bond | — | — | — | — | — | — | — | (269,322 | ) | — | (269,322 | ) | ||||||||||||||||||||||||||||
PL Inflation Managed | (141,727 | ) | — | — | — | — | — | (141,727 | ) | (2,411,164 | ) | (276,352 | ) | (2,829,243 | ) | |||||||||||||||||||||||||
PL Large-Cap Growth (1) | (5,564,677 | ) | (64,425 | ) | — | — | (1,076,170 | ) | — | (4,424,082 | ) | (4,358,586 | ) | — | (9,923,263 | ) | ||||||||||||||||||||||||
PL Comstock | (12,106,786 | ) | — | — | — | — | — | (12,106,786 | ) | (13,706,838 | ) | — | (25,813,624 | ) | ||||||||||||||||||||||||||
PL Mid-Cap Growth | — | — | — | — | — | — | — | (704,555 | ) | (2,380 | ) | (706,935 | ) | |||||||||||||||||||||||||||
PL Real Estate | (2,282,346 | ) | — | — | — | — | — | (2,282,346 | ) | (4,522,434 | ) | — | (6,804,780 | ) |
(1) | The availability of a certain amount of capital loss carryover which was acquired on December 31, 2003 in the merger with the PF Putnam Research Fund, may be limited in a given year. The net capital loss carryover for 2012 and prior includes $64,425 net capital loss carryover expiring in 2011. |
The aggregate Federal tax cost of investments and the composition of unrealized appreciation and depreciation on investments and net unrealized appreciation and/or depreciation on derivatives and assets and liabilities in foreign currencies as of September 30, 2009, were as follows:
Gross | Gross | Net Unrealized | Net Unrealized | |||||||||||||||||||||
Total Cost of | Unrealized | Unrealized | Appreciation | Appreciation | Net Unrealized | |||||||||||||||||||
Investments | Appreciation | Depreciation | (Depreciation) | (Depreciation) | Appreciation | |||||||||||||||||||
Funds | on Tax Basis | on Investments | on Investments | on Investments | on Other (1) | (Depreciation) | ||||||||||||||||||
PL Portfolio Optimization Conservative | $ | 112,317,071 | $ | 3,923,949 | $ | — | $ | 3,923,949 | $ | — | $ | 3,923,949 | ||||||||||||
PL Portfolio Optimization Moderate-Conservative | 139,089,007 | 1,453,157 | (3,164,238 | ) | (1,711,081 | ) | — | (1,711,081 | ) | |||||||||||||||
PL Portfolio Optimization Moderate | 473,686,701 | 8,073,647 | (40,361,206 | ) | (32,287,559 | ) | — | (32,287,559 | ) | |||||||||||||||
PL Portfolio Optimization Moderate-Aggressive | 478,897,105 | 7,668,050 | (57,375,340 | ) | (49,707,290 | ) | — | (49,707,290 | ) | |||||||||||||||
PL Portfolio Optimization Aggressive | 200,703,711 | 5,684,200 | (28,780,862 | ) | (23,096,662 | ) | — | (23,096,662 | ) | |||||||||||||||
PL Money Market | 41,537,332 | — | — | — | — | — | ||||||||||||||||||
PL Small-Cap Growth | 18,205,657 | 3,873,751 | (306,943 | ) | 3,566,808 | — | 3,566,808 | |||||||||||||||||
PL International Value | 70,240,160 | 10,571,049 | (7,596,369 | ) | 2,974,680 | 18,776 | 2,993,456 | |||||||||||||||||
PL Large-Cap Value | 126,576,321 | 10,971,049 | (3,455,724 | ) | 7,515,325 | 684 | 7,516,009 | |||||||||||||||||
PL Short Duration Bond | 64,831,101 | 1,042,662 | (145,722 | ) | 896,940 | 56,714 | 953,654 | |||||||||||||||||
PL Floating Rate Loan | 43,556,372 | 1,179,204 | (888,936 | ) | 290,268 | — | 290,268 | |||||||||||||||||
PL Growth LT | 63,297,203 | 12,405,945 | (756,169 | ) | 11,649,776 | (78,443 | ) | 11,571,333 | ||||||||||||||||
PL Mid-Cap Equity | 77,786,633 | 9,817,991 | (2,328,284 | ) | 7,489,707 | — | 7,489,707 | |||||||||||||||||
PL International Large-Cap | 86,133,929 | 10,486,568 | (5,679,190 | ) | 4,807,378 | 5,562 | 4,812,940 | |||||||||||||||||
PL Small-Cap Value | 30,904,571 | 3,405,928 | (2,031,214 | ) | 1,374,714 | — | 1,374,714 | |||||||||||||||||
PL Main Street Core | 107,015,798 | 11,879,640 | (1,211,738 | ) | 10,667,902 | — | 10,667,902 | |||||||||||||||||
PL Emerging Markets | 30,439,373 | 10,607,204 | (354,692 | ) | 10,252,512 | (7,104 | ) | 10,245,408 | ||||||||||||||||
PL Managed Bond | 200,827,642 | 6,110,254 | (8,077,695 | ) | (1,967,441 | ) | 3,694,176 | 1,726,735 | ||||||||||||||||
PL Inflation Managed | 139,397,363 | 4,178,884 | (6,701,232 | ) | (2,522,348 | ) | 423,028 | (2,099,320 | ) | |||||||||||||||
PL Large-Cap Growth | 43,403,401 | 6,476,383 | (77,434 | ) | 6,398,949 | — | 6,398,949 | |||||||||||||||||
PL Comstock | 106,127,169 | 4,471,455 | (5,264,171 | ) | (792,716 | ) | — | (792,716 | ) | |||||||||||||||
PL Mid-Cap Growth | 42,022,797 | 8,705,633 | (1,976,060 | ) | 6,729,573 | — | 6,729,573 | |||||||||||||||||
PL Real Estate | 28,910,563 | 3,423,776 | (763,042 | ) | 2,660,734 | (503 | ) | 2,660,231 |
(1) | Other includes net appreciation or depreciation on derivatives and assets and liabilities in foreign currencies. |
D-13
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
As of and during the year ended March 31, 2009, none of the Funds had liabilities for any unrecognized tax benefits. During the year ended March 31, 2009, none of the Funds incurred any interest or penalties.
The Funds’ tax returns remain subject to examination by Federal and State tax authorities (principal state jurisdictions include California and Delaware) for the tax years ended March 31, 2007 through March 31, 2009 for federal purposes and March 31, 2006 through March 31, 2009 for state purposes.
9. PURCHASES AND SALES OF SECURITIES
The cost of purchases and proceeds from sales of securities (excluding short-term investments and the PL Money Market Fund since it trades exclusively in short-term debt securities) for the six-month period ended September 30, 2009, were as follows:
U.S. Government Securities | Other Securities | |||||||||||||||
Funds | Purchases | Sales | Purchases | Sales | ||||||||||||
PL Portfolio Optimization Conservative | $ | — | $ | — | $ | 37,983,203 | $ | 16,407,762 | ||||||||
PL Portfolio Optimization Moderate-Conservative | — | — | 29,709,263 | 10,278,333 | ||||||||||||
PL Portfolio Optimization Moderate | — | — | 76,181,876 | 38,534,640 | ||||||||||||
PL Portfolio Optimization Moderate-Aggressive | — | — | 77,530,007 | 52,741,426 | ||||||||||||
PL Portfolio Optimization Aggressive | — | — | 36,343,997 | 36,669,573 | ||||||||||||
PL Small-Cap Growth | — | — | 11,680,612 | 22,339,162 | ||||||||||||
PL International Value | — | — | 14,530,657 | 51,374,203 | ||||||||||||
PL Large-Cap Value | — | — | 49,405,775 | 6,776,997 | ||||||||||||
PL Short Duration Bond | 39,310,760 | 38,938,123 | 13,361,243 | 42,778,821 | ||||||||||||
PL Floating Rate Loan | — | — | 26,180,849 | 17,636,601 | ||||||||||||
PL Growth LT | — | — | 23,382,403 | 44,665,948 | ||||||||||||
PL Mid-Cap Equity | — | — | 26,470,681 | 26,455,559 | ||||||||||||
PL International Large-Cap | — | — | 10,016,767 | 12,011,093 | ||||||||||||
PL Small-Cap Value | — | — | 5,786,515 | 10,979,652 | ||||||||||||
PL Main Street Core | — | — | 101,489,051 | 101,298,506 | ||||||||||||
PL Emerging Markets | — | — | 9,524,476 | 18,138,211 | ||||||||||||
PL Managed Bond | 411,526,510 | 446,497,020 | 48,054,209 | 39,143,581 | ||||||||||||
PL Inflation Managed | 262,182,616 | 271,051,230 | 14,389,144 | 14,325,502 | ||||||||||||
PL Large-Cap Growth | — | — | 50,486,946 | 24,464,098 | ||||||||||||
PL Comstock | — | — | 14,631,912 | 14,633,913 | ||||||||||||
PL Mid-Cap Growth | — | — | 20,615,877 | 5,517,715 | ||||||||||||
PL Real Estate | — | — | 6,036,978 | 8,705,921 |
10. FAIR VALUE MEASUREMENTS
The Trust implemented the FASB ASC Topic 820, Fair Value Measurements and Disclosures, (“FASB ASC 820”), as of April 1, 2008. Under FASB ASC 820, the Trust is required to characterize its holdings as Level 1, Level 2 or Level 3 based upon the various inputs or methodologies used to value the holdings. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
• | Level 1 – Quoted prices in active markets for identical holdings | ||
• | Level 2 – Significant observable market-based inputs, other than Level 1 quoted prices, or unobservable inputs that are corroborated by market data | ||
• | Level 3 – Significant unobservable inputs that are not corroborated by observable market data |
The inputs or methodologies used for valuing each Fund’s holdings are not necessarily an indication of the risks associated with investing in those holdings. For example, money market holdings are valued using amortized cost in accordance with the rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a holding, but since the value is not obtained from a quoted price in an active market, such holdings are reflected as Level 2. Foreign holdings that are valued with the assistance of a statistical research service (as described in Note 2A) are reflected as Level 2.
The following is a description of valuation inputs and techniques that the Trust currently utilizes to fair value each major category of assets and liabilities in accordance with the additional guidance under the FASB ASC 820:
Equity Securities (Common and Preferred Stock) – Equity securities (foreign or domestic) that are actively traded on a securities exchange are fair valued based on quoted prices from the applicable exchange, and to the extent valuation adjustments are not applied to these securities, they are categorized as Level 1. Equity securities traded on inactive markets and certain foreign equity securities are fair valued using significant other observable inputs which include broker-dealer quotes, recently executed transactions adjusted for changes in the benchmark index, or evaluated price quotes received from pricing vendors that take into account the integrity of the market sector and issuer, the individual characteristics of the security, and information received from broker-dealers and other market sources pertaining to the issuer or security. To the extent that these inputs are observable and timely, the fair values of these securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
D-14
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
U.S. Treasury Obligations – U.S. Treasuries are fair valued based on a pricing model that evaluates the mean between the most recently published bid and ask price. The model also takes into consideration live data received from active market makers and inter-broker-dealer brokers, yield curves, and the spread over comparable U.S. Treasury issues. The spreads change daily in response to market conditions and are generally obtained from the new issue market and broker-dealer sources. To the extent that these inputs are observable and timely, the fair values of U.S. Treasury obligations would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
U.S. Government Agency Issues and Mortgage-Backed Securities – U.S. Government Agency issues and mortgage-backed securities are fair valued using a pricing model based on inputs that include issuer type, coupon, and cash flows. The model acts as a benchmark or baseline starting point to evaluate all securities. The model is then adjusted for specific characteristics of each security including, weighted average maturity, mortgage prepayment projection tables and Adjustable Rate Mortgage evaluations that incorporate index data, periodic and life caps, and the next coupon reset date. To the extent that these inputs are observable and timely, the fair values of U.S. Government agency issues and mortgage-backed securities would be categorized as Level 2; otherwise the fair value would be categorized as Level 3.
Municipal Bonds – Municipal bonds are fair valued based on a pricing model that takes into account, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the callability of the bond, state of issuance, benchmark yield curves, and bond insurance. To the extent that these inputs are observable and timely, the fair values of municipal bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Foreign Government Bonds and Notes – Foreign government bonds and notes are fair valued based on a discounted cash flow model that incorporates option adjusted spreads along with benchmark curves and credit spreads. In addition, international bond markets are monitored regularly for information pertaining to the issuer and/or the specific issue. To the extent that these inputs are observable and timely, the fair values of foreign government bonds and notes would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Corporate Bonds – Corporate bonds held by the Funds are generally comprised of two main categories consisting of investment grade bonds and high yield bonds. Investment grade bonds are fair valued using various inputs and techniques, which include broker-dealer quotations, recently executed transactions in securities of the issuer or comparable issuers, and options adjusted spread models that include base curve and spread curve inputs. Adjustments to individual bonds can be applied to recognize trading differences compared to other bonds issued by the same issuer. Fair values for high yield bonds are based primarily on broker-dealer quotations from relevant market makers. The broker-dealer quotations received are supported by credit analysis of the issuer that takes into consideration credit quality assessments, daily trading activity, and the activity of the underlying equities, listed bonds and sector-specific trends. To the extent that these inputs are observable and timely, the fair values of corporate bonds would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Asset-Backed Securities – Asset-backed securities are fair valued using a pricing model based on a security’s average life volatility. The model also takes into account tranche characteristics such as coupon average life, collateral types, ratings, the issuer and tranche type. To the extent that these inputs are observable and timely, the fair values of asset-backed securities would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
Derivative Instruments – Listed derivatives, such as futures contracts, that are actively traded on a national securities exchange are fair valued based on quoted prices from the applicable exchange and are categorized as Level 1. The fair values of over the counter (“OTC”) derivatives including, forwards, swaps, certain option contracts, and commodities can differ based on the type of derivative instrument and the terms of the transaction. OTC derivatives are fair valued using various inputs including, quotations from various broker-dealers and counterparties, and pricing models that use certain observable inputs such as the creditworthiness of the counterparties, default probabilities, yield curves and credit curves. The pricing models utilized generally do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets. As a result, a majority of the Trust’s derivative instruments are categorized as Level 2. If the pricing inputs used are not observable and/or the market for the applicable derivative instruments is inactive, the fair values would be categorized as Level 3.
Senior Loan Notes – Senior loan notes are fair valued based on a quoted price received from a single broker-dealer or an average of quoted prices received from multiple dealers or valued relative to other benchmark securities when broker-dealer quotes are unavailable. To the extent that these inputs are observable and timely, the fair values of senior loan notes would be categorized as Level 2; otherwise the fair values would be categorized as Level 3.
D-15
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following is a summary of the Trust’s holdings as of September 30, 2009 as categorized under the three-tier hierarchy of inputs as defined in the FASB ASC 820:
Level 2 | Level 3 | |||||||||||||||||||
Total | Level 1 | Significant | Significant | |||||||||||||||||
Value at | Quoted | Observable | Unobservable | |||||||||||||||||
Funds | September 30, 2009 | Price | Input | Input | ||||||||||||||||
PL Portfolio Optimization Conservative | ||||||||||||||||||||
Assets | Affiliated Mutual Funds* | $ | 115,888,034 | $ | 115,888,034 | $ | — | $ | — | |||||||||||
Short-Term Investment | 352,986 | 352,986 | — | — | ||||||||||||||||
Total | $ | 116,241,020 | $ | 116,241,020 | $ | — | $ | — | ||||||||||||
PL Portfolio Optimization Moderate-Conservative | ||||||||||||||||||||
Assets | Affiliated Mutual Funds* | $ | 137,271,303 | $ | 137,271,303 | $ | — | $ | — | |||||||||||
Short-Term Investment | 106,623 | 106,623 | — | — | ||||||||||||||||
Total | $ | 137,377,926 | $ | 137,377,926 | $ | — | $ | — | ||||||||||||
PL Portfolio Optimization Moderate | ||||||||||||||||||||
Assets | Affiliated Mutual Funds* | $ | 441,251,868 | $ | 441,251,868 | $ | — | $ | — | |||||||||||
Short-Term Investment | 147,274 | 147,274 | — | — | ||||||||||||||||
Total | $ | 441,399,142 | $ | 441,399,142 | $ | — | $ | — | ||||||||||||
PL Portfolio Optimization Moderate-Aggressive | ||||||||||||||||||||
Assets | Affiliated Mutual Funds* | $ | 428,811,181 | $ | 428,811,181 | $ | — | $ | — | |||||||||||
Short-Term Investment | 378,634 | 378,634 | — | — | ||||||||||||||||
Total | $ | 429,189,815 | $ | 429,189,815 | $ | — | $ | — | ||||||||||||
PL Portfolio Optimization Aggressive | ||||||||||||||||||||
Assets | Affiliated Mutual Funds* | $ | 177,472,329 | $ | 177,472,329 | $ | — | $ | — | |||||||||||
Short-Term Investment | 134,720 | 134,720 | — | — | ||||||||||||||||
Total | $ | 177,607,049 | $ | 177,607,049 | $ | — | $ | — | ||||||||||||
PL Money Market | ||||||||||||||||||||
Assets | Short-Term Investments | $ | 41,537,332 | $ | 43,977 | $ | 41,493,355 | $ | — | |||||||||||
PL Small-Cap Growth | ||||||||||||||||||||
Assets | Common Stocks* | $ | 20,607,827 | $ | 20,607,827 | $ | — | $ | — | |||||||||||
Short-Term Investment | 1,164,638 | 1,164,638 | — | — | ||||||||||||||||
Total | $ | 21,772,465 | $ | 21,772,465 | $ | — | $ | — | ||||||||||||
PL International Value | ||||||||||||||||||||
Assets | Rights* | $ | 24,707 | $ | — | $ | 24,707 | $ | — | |||||||||||
Common Stocks* | ||||||||||||||||||||
Australia | 5,080,535 | — | 5,080,535 | — | ||||||||||||||||
Belgium | 250,299 | — | 250,299 | — | ||||||||||||||||
Bermuda | 176,548 | — | 176,548 | — | ||||||||||||||||
Canada | 2,144,461 | 2,144,461 | — | — | ||||||||||||||||
Denmark | 359,411 | — | 359,411 | — | ||||||||||||||||
Finland | 837,498 | — | 837,498 | — | ||||||||||||||||
France | 8,983,609 | — | 8,983,609 | — | ||||||||||||||||
Germany | 8,439,774 | — | 8,439,774 | — | ||||||||||||||||
Hong Kong | 430,556 | — | 430,556 | — | ||||||||||||||||
Italy | 4,565,913 | — | 4,565,913 | — | ||||||||||||||||
Japan | 12,416,848 | — | 12,416,848 | — | ||||||||||||||||
Luxembourg | 663,715 | — | 663,715 | — | ||||||||||||||||
Netherlands | 1,548,629 | — | 1,548,629 | — | ||||||||||||||||
New Zealand | 732,988 | — | 732,988 | — | ||||||||||||||||
Norway | 646,830 | — | 646,830 | — | ||||||||||||||||
Spain | 2,585,542 | — | 2,585,542 | — | ||||||||||||||||
Sweden | 1,846,420 | — | 1,846,420 | — | ||||||||||||||||
Switzerland | 3,682,842 | — | 3,682,842 | — | ||||||||||||||||
United Kingdom | 17,411,775 | — | 17,411,775 | — | ||||||||||||||||
72,804,193 | 2,144,461 | 70,659,732 | — | |||||||||||||||||
Short-Term Investment | 385,940 | 385,940 | — | — | ||||||||||||||||
Investments in Other Financial Instruments** | 6,421 | 6,421 | — | — | ||||||||||||||||
Total | $ | 73,221,261 | $ | 2,536,822 | $ | 70,684,439 | $ | — | ||||||||||||
PL Large-Cap Value | ||||||||||||||||||||
Assets | Common Stocks* | |||||||||||||||||||
Consumer Discretionary | $ | 20,918,020 | $ | 18,967,541 | $ | 1,950,479 | $ | — | ||||||||||||
Consumer Staples | 18,919,425 | 18,919,425 | — | — | ||||||||||||||||
Energy | 19,221,758 | 19,221,758 | — | — | ||||||||||||||||
Financials | 28,426,969 | 28,426,969 | — | — |
D-16
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Level 2 | Level 3 | |||||||||||||||||||
Total | Level 1 | Significant | Significant | |||||||||||||||||
Value at | Quoted | Observable | Unobservable | |||||||||||||||||
Funds | September 30, 2009 | Price | Input | Input | ||||||||||||||||
PL Large-Cap Value (Continued) | ||||||||||||||||||||
Assets | Common Stocks* (Continued) | |||||||||||||||||||
Health Care | $ | 10,610,626 | $ | 9,127,941 | $ | 1,482,685 | $ | — | ||||||||||||
Industrials | 8,880,385 | 8,880,385 | — | — | ||||||||||||||||
Information Technology | 5,239,363 | 5,239,363 | — | — | ||||||||||||||||
Materials | 2,048,112 | 2,048,112 | — | — | ||||||||||||||||
Telecommunication Services | 8,099,210 | 8,099,210 | — | — | ||||||||||||||||
Utilities | 2,948,753 | 2,948,753 | — | — | ||||||||||||||||
125,312,621 | 121,879,457 | 3,433,164 | — | |||||||||||||||||
Short-Term Investment | 8,779,025 | 8,779,025 | — | — | ||||||||||||||||
Total | $ | 134,091,646 | $ | 130,658,482 | $ | 3,433,164 | $ | — | ||||||||||||
PL Short Duration Bond | ||||||||||||||||||||
Assets | Corporate Bonds & Notes | $ | 19,845,595 | $ | — | $ | 19,845,595 | $ | — | |||||||||||
Mortgage-Backed Securities | 20,254,465 | — | 20,254,465 | — | ||||||||||||||||
Asset-Backed Securities | 2,642,972 | — | 2,642,972 | — | ||||||||||||||||
U.S. Government Agency Issues | 11,252,816 | — | 11,252,816 | — | ||||||||||||||||
U.S. Treasury Obligations | 3,915,039 | — | 3,915,039 | — | ||||||||||||||||
Foreign Government Bonds & Notes | 608,749 | — | 608,749 | — | ||||||||||||||||
Short-Term Investment | 7,208,405 | 7,208,405 | — | — | ||||||||||||||||
Investments in Other Financial Instruments** | 148,747 | 148,747 | — | — | ||||||||||||||||
65,876,788 | 7,357,152 | 58,519,636 | — | |||||||||||||||||
Liabilities | Investments in Other Financial Instruments** | (92,033 | ) | (92,033 | ) | — | — | |||||||||||||
Total | $ | 65,784,755 | $ | 7,265,119 | $ | 58,519,636 | $ | — | ||||||||||||
PL Floating Rate Loan | ||||||||||||||||||||
Assets | Senior Loan Notes | $ | 37,009,771 | $ | — | $ | 37,009,771 | $ | — | |||||||||||
Short-Term Investment | 6,836,869 | 6,836,869 | — | — | ||||||||||||||||
Total | $ | 43,846,640 | $ | 6,836,869 | $ | 37,009,771 | $ | — | ||||||||||||
PL Growth LT | ||||||||||||||||||||
Assets | Preferred Stocks* | $ | 1,177,531 | $ | 1,177,531 | $ | — | $ | — | |||||||||||
Common Stocks* | ||||||||||||||||||||
Consumer Discretionary | 2,879,978 | 1,497,079 | 1,382,899 | — | ||||||||||||||||
Consumer Staples | 10,833,591 | 4,273,765 | 6,559,826 | — | ||||||||||||||||
Energy | 6,671,153 | 6,671,153 | — | — | ||||||||||||||||
Financials | 6,377,368 | 6,377,368 | — | — | ||||||||||||||||
Health Care | 7,852,667 | 6,418,327 | 1,434,340 | — | ||||||||||||||||
Industrials | 7,325,216 | 7,325,216 | — | — | ||||||||||||||||
Information Technology | 20,588,874 | 19,843,881 | 744,993 | — | ||||||||||||||||
Materials | 3,334,552 | 3,334,552 | — | — | ||||||||||||||||
Telecommunication Services | 2,272,816 | 2,272,816 | — | — | ||||||||||||||||
Utilities | 631,597 | 631,597 | — | — | ||||||||||||||||
68,767,812 | 58,645,754 | 10,122,058 | — | |||||||||||||||||
Short-Term Investment | 5,001,636 | 5,001,636 | — | — | ||||||||||||||||
Investments in Other Financial Instruments** | 39,714 | — | 39,714 | — | ||||||||||||||||
74,986,693 | 64,824,921 | 10,161,772 | — | |||||||||||||||||
Liabilities | Investments in Other Financial Instruments** | (130,481 | ) | — | (130,481 | ) | — | |||||||||||||
Total | $ | 74,856,212 | $ | 64,824,921 | $ | 10,031,291 | $ | — | ||||||||||||
PL Mid-Cap Equity | ||||||||||||||||||||
Assets | Common Stocks* | $ | 82,052,108 | $ | 82,052,108 | $ | — | $ | — | |||||||||||
Short-Term Investment | 3,224,232 | 3,224,232 | — | — | ||||||||||||||||
Total | $ | 85,276,340 | $ | 85,276,340 | $ | — | $ | — | ||||||||||||
PL International Large-Cap | ||||||||||||||||||||
Assets | Common Stocks* | |||||||||||||||||||
Austria | $ | 602,184 | $ | — | $ | 602,184 | $ | — | ||||||||||||
Bermuda | 918,295 | — | 918,295 | — | ||||||||||||||||
Canada | 1,832,226 | 1,832,226 | — | — | ||||||||||||||||
Czech Republic | 582,061 | — | 582,061 | — | ||||||||||||||||
France | 18,355,786 | — | 18,355,786 | — | ||||||||||||||||
Germany | 10,915,443 | — | 10,915,443 | — | ||||||||||||||||
Hong Kong | 521,748 | — | 521,748 | — | ||||||||||||||||
India | 1,414,453 | 1,414,453 | — | — |
D-17
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Level 2 | Level 3 | |||||||||||||||||||
Total | Level 1 | Significant | Significant | |||||||||||||||||
Value at | Quoted | Observable | Unobservable | |||||||||||||||||
Funds | September 30, 2009 | Price | Input | Input | ||||||||||||||||
PL International Large-Cap (Continued) | ||||||||||||||||||||
Assets | Common Stocks* (Continued) | |||||||||||||||||||
Italy | $ | 723,359 | $ | — | $ | 723,359 | $ | — | ||||||||||||
Japan | 10,435,292 | — | 10,435,292 | — | ||||||||||||||||
Mexico | 977,012 | 977,012 | — | — | ||||||||||||||||
Netherlands | 6,271,096 | — | 6,271,096 | — | ||||||||||||||||
Singapore | 1,041,833 | — | 1,041,833 | — | ||||||||||||||||
South Africa | 617,146 | — | 617,146 | — | ||||||||||||||||
South Korea | 1,355,235 | — | 1,355,235 | — | ||||||||||||||||
Switzerland | 14,423,150 | — | 14,423,150 | — | ||||||||||||||||
Taiwan | 1,018,951 | 1,018,951 | — | — | ||||||||||||||||
United Kingdom | 16,226,353 | — | 16,226,353 | — | ||||||||||||||||
United States | 1,654,426 | — | 1,654,426 | — | ||||||||||||||||
89,886,049 | 5,242,642 | 84,643,407 | — | |||||||||||||||||
Short-Term Investment | 1,055,258 | 1,055,258 | — | — | ||||||||||||||||
Total | $ | 90,941,307 | $ | 6,297,900 | $ | 84,643,407 | $ | — | ||||||||||||
PL Small-Cap Value | ||||||||||||||||||||
Assets | Common Stocks* | $ | 29,890,672 | $ | 29,890,672 | $ | — | $ | — | |||||||||||
Short-Term Investment | 2,388,613 | 2,388,613 | — | — | ||||||||||||||||
Total | $ | 32,279,285 | $ | 32,279,285 | $ | — | $ | — | ||||||||||||
PL Main Street Core | ||||||||||||||||||||
Assets | Common Stocks* | |||||||||||||||||||
Consumer Discretionary | $ | 11,974,522 | $ | 11,974,522 | $ | — | $ | — | ||||||||||||
Consumer Staples | 12,254,060 | 12,254,060 | — | — | ||||||||||||||||
Energy | 13,058,853 | 13,058,853 | — | — | ||||||||||||||||
Financials | 16,034,946 | 16,034,935 | — | 11 | ||||||||||||||||
Health Care | 15,557,292 | 15,557,292 | — | — | ||||||||||||||||
Industrials | 12,972,819 | 12,972,819 | — | — | ||||||||||||||||
Information Technology | 19,426,673 | 19,426,673 | — | — | ||||||||||||||||
Materials | 3,745,035 | 3,745,035 | — | — | ||||||||||||||||
Telecommunication Services | 1,758,898 | 1,758,898 | — | — | ||||||||||||||||
Utilities | 4,297,922 | 4,297,922 | — | — | ||||||||||||||||
111,081,020 | 111,081,009 | — | 11 | |||||||||||||||||
Exchange-Traded Fund* | 2,322,320 | 2,322,320 | — | — | ||||||||||||||||
Short-Term Investment | 4,280,360 | 4,280,360 | — | — | ||||||||||||||||
Total | $ | 117,683,700 | $ | 117,683,689 | $ | — | $ | 11 | ||||||||||||
PL Emerging Markets | ||||||||||||||||||||
Assets | Preferred Stocks* | $ | 3,150,158 | $ | 3,150,158 | $ | — | $ | — | |||||||||||
Common Stocks* | ||||||||||||||||||||
Argentina | 9,960 | 9,960 | — | — | ||||||||||||||||
Bermuda | 375,211 | 258,016 | 117,195 | — | ||||||||||||||||
Brazil | 2,565,822 | 2,565,822 | — | — | ||||||||||||||||
Canada | 161,833 | 161,833 | — | — | ||||||||||||||||
Cayman | 1,094,949 | 734,647 | 360,302 | — | ||||||||||||||||
Chile | 848,126 | 848,126 | — | — | ||||||||||||||||
China | 488,489 | — | 488,489 | — | ||||||||||||||||
Colombia | 403,554 | 403,554 | — | — | ||||||||||||||||
Denmark | 465,604 | — | 465,604 | — | ||||||||||||||||
Egypt | 1,281,348 | 102,981 | 1,178,367 | — | ||||||||||||||||
Hong Kong | 4,019,368 | — | 4,019,368 | — | ||||||||||||||||
India | 4,854,211 | 1,053,493 | 3,800,718 | — | ||||||||||||||||
Indonesia | 1,133,063 | — | 1,133,063 | — | ||||||||||||||||
Kenya | 10,696 | — | 10,696 | — | ||||||||||||||||
Luxembourg | 748,314 | 502,242 | 246,072 | — | ||||||||||||||||
Mexico | 2,909,364 | 2,909,364 | — | — | ||||||||||||||||
Norway | 138,195 | — | 138,195 | — | ||||||||||||||||
Philippines | 1,089,633 | — | 1,089,633 | — | ||||||||||||||||
Russia | 2,438,252 | — | 2,438,252 | — | ||||||||||||||||
South Africa | 1,860,062 | — | 1,860,062 | — | ||||||||||||||||
South Korea | 1,807,952 | — | 1,807,952 | — | ||||||||||||||||
Taiwan | 3,065,780 | 71,300 | 2,994,480 | — |
D-18
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Level 2 | Level 3 | |||||||||||||||||||
Total | Level 1 | Significant | Significant | |||||||||||||||||
Value at | Quoted | Observable | Unobservable | |||||||||||||||||
Funds | September 30, 2009 | Price | Input | Input | ||||||||||||||||
PL Emerging Markets (Continued) | ||||||||||||||||||||
Assets | Common Stocks* (Continued) | |||||||||||||||||||
Thailand | $ | 1,501 | $ | 1,501 | $ | — | $ | — | ||||||||||||
Turkey | 2,494,186 | — | 2,494,186 | — | ||||||||||||||||
United Arab Emirates | 101,792 | — | 101,792 | — | ||||||||||||||||
United Kingdom | 1,744,970 | — | 1,744,970 | — | ||||||||||||||||
United States | 188,148 | 188,148 | — | — | ||||||||||||||||
36,300,383 | 9,810,987 | 26,489,396 | ||||||||||||||||||
Short-Term Investment | 1,241,344 | 1,241,344 | — | — | ||||||||||||||||
Total | $ | 40,691,885 | $ | 14,202,489 | $ | 26,489,396 | $ | — | ||||||||||||
PL Managed Bond | ||||||||||||||||||||
Assets | Preferred Stocks* | $ | 12,880 | $ | 12,880 | $ | — | $ | — | |||||||||||
Convertible Preferred Stocks* | 2,782,515 | 2,782,515 | — | — | ||||||||||||||||
Corporate Bonds & Notes | 60,232,648 | — | 60,232,648 | — | ||||||||||||||||
Mortgage-Backed Securities | 75,648,011 | — | 72,351,707 | 3,296,304 | ||||||||||||||||
Asset-Backed Securities | 3,153,928 | — | 3,153,928 | — | ||||||||||||||||
U.S. Government Agency Issues | 1,217,815 | — | 1,217,815 | — | ||||||||||||||||
U.S. Treasury Obligations | 48,064,587 | — | 48,064,587 | — | ||||||||||||||||
Foreign Government Bonds & Notes | 1,711,132 | — | 1,711,132 | — | ||||||||||||||||
Municipal Bonds | 4,657,522 | — | 4,657,522 | — | ||||||||||||||||
Short-Term Investments | 1,379,163 | 1,290,226 | 88,937 | — | ||||||||||||||||
Investments in Other Financial Instruments** | 4,678,289 | 297,372 | 4,380,917 | — | ||||||||||||||||
203,538,490 | 4,382,993 | 195,859,193 | 3,296,304 | |||||||||||||||||
Liabilities | Securities sold short | (6,056,532 | ) | — | (6,056,532 | ) | — | |||||||||||||
Investments in Other Financial Instruments** | (952,384 | ) | (23,906 | ) | (928,478 | ) | — | |||||||||||||
Total | $ | 196,529,574 | $ | 4,359,087 | $ | 188,874,183 | $ | 3,296,304 | ||||||||||||
PL Inflation Managed | ||||||||||||||||||||
Assets | Convertible Preferred Stocks* | $ | 89,300 | $ | 89,300 | $ | — | $ | — | |||||||||||
Corporate Bonds & Notes | 12,675,261 | — | 12,675,261 | — | ||||||||||||||||
Mortgage-Backed Securities | 3,027,912 | — | 3,027,912 | — | ||||||||||||||||
Asset-Backed Securities | 4,088,689 | — | 4,088,689 | — | ||||||||||||||||
U.S. Government Agency Issue | 1,739,285 | — | 1,739,285 | — | ||||||||||||||||
U.S. Treasury Obligations | 112,439,306 | — | 112,439,306 | — | ||||||||||||||||
Municipal Bonds | 151,381 | — | 151,381 | — | ||||||||||||||||
Short-Term Investments | 2,663,881 | 1,486,920 | 1,176,961 | — | ||||||||||||||||
Investments in Other Financial Instruments** | 612,173 | 273,906 | 199,254 | 139,013 | ||||||||||||||||
137,487,188 | 1,850,126 | 135,498,049 | 139,013 | |||||||||||||||||
Liabilities | Securities sold short | (738,078 | ) | — | (738,078 | ) | — | |||||||||||||
Investments in Other Financial Instruments** | (351,214 | ) | — | (346,484 | ) | (4,730 | ) | |||||||||||||
Total | $ | 136,397,896 | $ | 1,850,126 | $ | 134,413,487 | $ | 134,283 | ||||||||||||
PL Large-Cap Growth | ||||||||||||||||||||
Assets | Common Stocks* | $ | 48,391,727 | $ | 48,391,727 | $ | — | $ | — | |||||||||||
Exchange-Traded Fund* | 1,014,189 | 1,014,189 | — | — | ||||||||||||||||
Short-Term Investment | 396,434 | 396,434 | — | — | ||||||||||||||||
Total | $ | 49,802,350 | $ | 49,802,350 | $ | — | $ | — | ||||||||||||
PL Comstock | ||||||||||||||||||||
Assets | Common Stocks* | $ | 101,375,847 | $ | 101,375,847 | $ | — | $ | — | |||||||||||
Short-Term Investments | 3,958,606 | 58,606 | 3,900,000 | — | ||||||||||||||||
Total | $ | 105,334,453 | $ | 101,434,453 | $ | 3,900,000 | $ | — | ||||||||||||
PL Mid-Cap Growth | ||||||||||||||||||||
Assets | Convertible Preferred Stocks* | $ | 132,336 | $ | — | $ | — | $ | 132,336 | |||||||||||
Common Stocks* | ||||||||||||||||||||
Consumer Discretionary | 14,257,985 | 12,542,392 | 1,715,593 | — | ||||||||||||||||
Energy | 3,687,658 | 3,687,658 | — | — | ||||||||||||||||
Financials | 3,916,207 | 3,916,207 | — | — | ||||||||||||||||
Health Care | 5,196,471 | 5,196,471 | — | — | ||||||||||||||||
Industrials | 4,549,551 | 4,549,551 | — | — | ||||||||||||||||
Information Technology | 10,946,570 | 8,593,966 | 2,352,604 | — | ||||||||||||||||
Materials | 3,356,845 | 3,356,845 | — | — | ||||||||||||||||
Telecommunication Services | 871,634 | 871,634 | — | — | ||||||||||||||||
46,782,921 | 42,714,724 | 4,068,197 | — | |||||||||||||||||
Short-Term Investment | 1,837,113 | 1,837,113 | — | — | ||||||||||||||||
Total | $ | 48,752,370 | $ | 44,551,837 | $ | 4,068,197 | $ | 132,336 | ||||||||||||
D-19
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Level 2 | Level 3 | |||||||||||||||||||
Total | Level 1 | Significant | Significant | |||||||||||||||||
Value at | Quoted | Observable | Unobservable | |||||||||||||||||
Funds | September 30, 2009 | Price | Input | Input | ||||||||||||||||
PL Real Estate | ||||||||||||||||||||
Assets | Common Stocks* | $ | 30,995,518 | $ | 30,995,518 | $ | — | $ | — | |||||||||||
Short-Term Investment | 575,779 | 575,779 | — | — | ||||||||||||||||
Total | $ | 31,571,297 | $ | 31,571,297 | $ | — | $ | — | ||||||||||||
The following is a reconciliation of Level 3 holdings for which significant unobservable inputs were used in determining value for the six-month period ended September 30, 2009. The value of holdings transferred in and/or out of Level 3 are determined on the basis of specific identification date method. Total realized and unrealized gains (losses) of Level 3 holdings are included in net realized and unrealized gains (losses) in the Trust’s Statements of Operations. Funds not listed held no Level 3 holdings at the beginning or end of the period.
Change in Net | ||||||||||||||||||||||||||||||||
Unrealized | ||||||||||||||||||||||||||||||||
Appreciation | ||||||||||||||||||||||||||||||||
Total Change | (Depreciation) | |||||||||||||||||||||||||||||||
in Net | Transfers | on Level 3 | ||||||||||||||||||||||||||||||
Value, | Net | Accrued | Total Net | Unrealized | In and/ | Holdings Held at | ||||||||||||||||||||||||||
Beginning | Purchases | Discounts | Realized Gains | Appreciation | or Out of | Value, | the End of Period | |||||||||||||||||||||||||
Funds | of Period | (Sales) | (Premiums) | (Losses) | (Depreciation) | Level 3 | End of Period | if Applicable | ||||||||||||||||||||||||
PL Main Street Core | ||||||||||||||||||||||||||||||||
Common Stocks* | ||||||||||||||||||||||||||||||||
Financials | $ | 8 | $ | — | $ | — | $ | — | $ | 3 | $ | — | $ | 11 | $ | 3 | ||||||||||||||||
PL Managed Bond | ||||||||||||||||||||||||||||||||
Mortgage-Backed Securities | $ | — | $ | (20,598 | ) | $ | — | $ | 106 | $ | 164,800 | $ | 3,151,996 | $ | 3,296,304 | $ | 164,800 | |||||||||||||||
Other Financial Instruments ** | 1,003,023 | (1) | (1,002,725 | ) | — | 1,002,577 | (1,002,875 | ) | — | — | — | |||||||||||||||||||||
$ | 1,003,023 | $ | (1,023,323 | ) | $ | — | $ | 1,002,683 | $ | (838,075 | ) | $ | 3,151,996 | $ | 3,296,304 | $ | 164,800 | |||||||||||||||
PL Inflation Managed | ||||||||||||||||||||||||||||||||
Other Financial Instruments ** | $ | 246,309 | (1) | $ | (168,455 | ) | $ | — | $ | 174,310 | $ | (117,881 | ) | $ | — | $ | 134,283 | $ | 36,873 | |||||||||||||
PL Mid-Cap Growth | ||||||||||||||||||||||||||||||||
Convertible Preferred Stocks* | $ | 132,336 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 132,336 | $ | — | ||||||||||||||||
* | For Funds that have all of their equity securities categorized in a single level, refer to their respective schedule of investments for further industry breakout. | |
** | Investments in other financial instruments include open futures contracts, swap contracts, written options, and forward foreign currency contracts, if any. | |
(1) | Value, Beginning of Period has been reclassified to conform with current year presentation. This change had no impact on Change in Net Unrealized Appreciation (Depreciation) on Level 3 Holdings Held at the End of Period, if Applicable. |
11. DERIVATIVE INVESTMENT HOLDINGS CATEGORIZED BY RISK EXPOSURE
Effective April 1, 2009 the Trust implemented new guidance under FASB ASC Topic 815, Derivatives and Hedging, (“FASB ASC 815”). The new guidance requires all companies to enhance disclosures about the Funds’ derivative and hedging activities in its financial statements to enable financial statement users to understand how and why the entity uses derivative investments to manage risks, how derivative investments are accounted for, and how derivative investments affect the entity’s financial position, results of operations, and cash flows.
Derivative instruments are investments whose values are tied to the value of an underlying security or asset, a group of assets, interest rates, exchange rates, currency or an index. Certain Funds are permitted to invest in derivative instruments, including, but not limited to, futures contracts, options contracts, forward foreign currency contracts, interest rate swaps, and credit default swaps. Derivatives may have little or no initial cash investment value relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This is sometimes referred to as leverage. Leverage can magnify a Fund’s gains and losses and therefore increase its volatility. A Fund’s investments in derivatives may increase, decrease or change the level or types of exposure to certain risk factors. The primary risks a Fund may attempt to manage through investing in derivative instruments include, but are not limited to, interest rate, foreign investments and currency, price volatility, and credit (including counterparty) risks.
Market Risks Managed By Investing In Derivatives
Interest rate risk – A Fund may be exposed to interest rate risk through investments in fixed income securities. Interest rate risk is the risk that fixed income securities will decline in value as a result of changes in interest rates. For example, the value of bonds, fixed rate loans and short-term money market instruments may decline in value when interest rates rise. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than fixed income securities with shorter durations or money market instruments. Therefore, duration is a potentially useful tool to measure the sensitivity of a fixed income security’s yield (market price to interest rate movement). To manage these risks, certain Funds may invest in derivative instruments tied to interest rates.
Foreign investments and currency risk - A Fund may be exposed to foreign investments and/or currency risk through direct investment in securities or through options, futures or currency transactions. The prices of foreign securities that are denominated in foreign currencies are affected by the value of the U.S. dollar. With respect to securities denominated in foreign currencies, in general, as the value of the U.S. dollar
D-20
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
rises, the U.S. dollar price of a foreign security will fall. As the value of the U.S. dollar falls, the U.S. dollar value of the foreign security will rise. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons. Foreign investments may be riskier than U.S. investments for many reasons, including changes in currency exchange rates, unstable political and economic conditions, a lack of adequate and timely company information, differences in the way securities markets operate, relatively lower market liquidity, less stringent financial reporting and accounting guidance and controls, less secure foreign banks or securities depositories than those in the U.S., foreign taxation issues and foreign controls on investments. As a result, a Fund’s investments in foreign currency-denominated securities and other foreign investments may reduce the returns of the Fund. To manage these risks, certain Funds may invest in derivative instruments tied to foreign investments and currencies.
Price volatility risk – Derivatives tied to equity and fixed income securities are exposed to potential price volatility. Fixed income securities are affected by many factors, including prevailing interest rates, market conditions and market liquidity. Volatility of below investment grade fixed income securities (including loans) may be relatively greater than for investment grade fixed income securities. Equity securities tend to go up or down in value, sometimes rapidly and unpredictably. The prices of equity securities change in response to many factors, including a company’s historical and prospective earnings, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. Due to the complexities of markets, events in one market or sector may adversely impact other markets or sectors. To manage these risks, certain Funds may invest in various derivative instruments. Derivative instruments may be used to manage a Fund’s exposure to price volatility risk but may also be subject to greater price volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.
Credit risk - Credit risk is the risk that a fixed income security’s issuer (or borrower or counterparty) will be unable or unwilling to meet its financial obligations (e.g. may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or may go bankrupt. This is also sometimes described as counterparty risk. A Fund may lose money if the issuer or guarantor of fixed income security, or counterparty of a derivative contract, repurchase or reverse repurchase agreement, or a loan of Fund securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. A Fund may attempt to minimize concentrations of credit risk by undertaking transactions with a large number of borrowers or counterparties on recognized and reputable exchanges. A Fund’s investments in fixed income (debt) holdings may range in quality from those rated in the lowest category in which it is permitted to invest to those rated in the highest category by a rating agency, or if unrated, determined by the manager to be of comparable quality. In addition, certain managers may attempt to minimize credit risks to the Funds by performing extensive reviews of each counterparty and entering into transactions with counterparties that the manager believes to be creditworthy at the time of the transaction. To manage these risks, certain Funds may invest in derivative instruments tied to a security issuers’ financial strength.
A Fund’s transactions in listed securities are settled/paid for upon delivery with their counterparties. Therefore, the risk of counterparty default for listed securities is considered minimal, as delivery of securities sold is only made once a Fund has received payment. Payment is made on a purchase once the securities have been delivered by the counterparty. The trade will fail if either party fails to meet its obligations.
Credit Related Contingent Features
Certain Funds are party to International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) with select counterparties that govern transactions, over the counter derivative and foreign exchange contracts, entered into by the Funds and those counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and certain events of default or termination, such as credit related contingent features. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. For example, many ISDA Master Agreements include credit related contingent features, which may be established between a Fund and its derivatives counterparty to reduce the risk that a counterparty will not fulfill its payment obligations to a Fund. These triggering events include, but are not limited to, bankruptcy, failure to make timely payments, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. Thus, if a credit related contingent feature is triggered, it would allow a Fund to close out all transactions under the agreement and demand payment or additional collateral to cover their exposure to the derivatives counterparty. Any election made by a counterparty to early terminate a transaction could be material to the Fund’s financial statements. To reduce credit risk associated with ISDA transactions, a Fund may enter into master netting arrangements to the extent that if an event of default occurs, all amounts with the counterparty are terminated and settled on a net basis. A Fund’s overall exposure to credit risk, subject to master netting arrangements, can change substantially within a short period, as it is affected by each transaction subject to the arrangement.
Futures Contracts
In the normal course of pursuing their investment objectives, certain Funds are subject to price volatility, interest rate, currency, credit and other risks relating to a Fund’s investments. Certain Funds may enter into futures contracts to manage these risks, and may also use futures for purposes of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging, or to otherwise help achieve a Fund’s investment goal. Futures contracts are also subject to the possibility of illiquid markets, and the possibility of an imperfect correlation between the value of the instruments and the underlying securities. Initial margin deposits are made upon entering into futures contracts and can be funded with either cash or securities. During the period a futures contract is open, changes in the value of the contract are recognized as unrealized appreciation or depreciation by marking-to-market on a daily basis to reflect the market value of the contract at
D-21
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
the end of each day’s trading. Variation margin receivables or payables represent the difference between the change in unrealized appreciation and depreciation on the open contracts and the cash deposits made on the margin accounts. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s cost of the contract. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. Futures present minimal counterparty credit risk since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. For open futures contracts see the Schedule of Investments, which is also indicative of activity for the six months ended September 30, 2009.
Options Contracts
In the normal course of pursuing their investment objectives, certain Funds are subject to price volatility risk, interest rate risk, and foreign investments and currency risk. Certain Funds may enter into options contracts to manage these risks, and may also write and/or purchase call and put options on securities, futures, interest rate swaps, or currencies for purposes of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging or to otherwise help achieve a Fund’s investment goal. Writing put options or purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Writing call options or purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes or purchases a call or put option, an amount equal to the premium received or paid by the Fund is included in a Fund’s Statement of Assets and Liabilities as a liability or an investment, respectively, and subsequently adjusted to the current market value, based on the quoted daily settlement price of the option written or purchased. Certain options may be written or purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. Premiums received or paid from writing or purchasing options, which expire unexercised, are treated by a Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or realized is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or loss on investment transactions. A Fund, as a writer of an option, may have no control over whether the underlying instrument may be sold (call) or purchased (put) and as a result bears the market risk of an unfavorable change in the price of the underlying the written option. In addition, an illiquid market may make it difficult for a Fund to close out an option contract. The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded options, guarantees the options against default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid. For open options contracts see the Schedule of Investments, which is also indicative of activity for the six months ended September 30, 2009.
Forward Foreign Currency Contracts
In the normal course of pursuing their investment objectives, certain Funds are subject to foreign investment and currency risk, the risk that counterparties are unable to meet the terms of the contracts or that the value of the foreign currencies change unfavorably versus the U.S. dollar. Certain Funds may enter into forward foreign currency contracts (“forward contracts”) for the purpose of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging or to otherwise help achieve a Fund’s investment goals. Forward foreign currency contracts can help a Fund manage the risk of changes in currency exchange rates. These contracts are marked-to-market daily at the applicable translation rates. A Fund records realized gains or losses at the time the forward contract is closed. A forward contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. A Fund’s maximum risk of loss from counterparty credit risk related to forward foreign currency contracts is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty. For open forward foreign currency contracts see the Schedule of Investments, which is also indicative of activity for the six months ended September 30, 2009.
Swaps
Swaps involve commitments to exchange components of income (generally interest or returns) pegged to specified underlying assets based on a notional principal amount. In connection with these agreements, securities may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.
Swaps are marked-to-market daily based upon values received from third party vendors or quotations from market makers. Unrealized appreciation is recorded as an asset and unrealized depreciation is recorded as a liability on the Statements of Assets and Liabilities. The change in value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is recorded as unrealized appreciation or depreciation in the Statements of Operations. Payments received or made at the beginning of the measurement period are reflected as such in the Statements of Assets and Liabilities and represent payments made or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are included in the calculation of realized gain or loss in the Statements of Operations, when the swap is closed. A liquidation payment received or made at the termination of the swap is recorded as realized gain or loss in the Statements of Operations. Net periodic payments received by the Funds are included as part of realized gain or loss in the Statements of Operations.
D-22
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
Interest Rate Swaps
In the normal course of pursuing their investment objectives, certain Funds may invest in interest rate swaps to manage interest rate risk or for purposes of hedging, duration management, as a substitute for securities, to increase returns, or to otherwise help achieve a Fund’s investment goals. Because certain Funds hold fixed rate bonds, the value of these bonds may decrease if interest rates rise. To help hedge against this risk and to maintain the ability to generate income at prevailing market rates, certain Funds may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by a Fund with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”, (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”, (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the counterparty may terminate the swap transaction in whole at zero cost by a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different money markets. A Fund investing in interest rate swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates. A Fund’s maximum risk of loss from counterparty credit risk related to interest rate swaps is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty. For open interest rate swaps see the Schedule of Investments, which is also indicative of activity for the six months ended September 30, 2009.
Credit Default Swaps
In the normal course of pursuing their investment objectives, certain Funds may invest in credit default swaps to manage credit risk or for purposes of hedging, duration management, as a substitute for securities, to increase returns, or to otherwise help achieve a Fund’s investment goals. A Fund investing in credit default swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided there is no credit event. As the seller, a Fund would effectively add leverage to its Fund because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.
If a Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If a Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, a Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.
Credit default swap agreements on corporate issues or sovereign issues of an emerging country involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Fund may use credit default swaps on corporate issues or sovereign issues of an emerging country to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where a Fund owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer’s default.
Credit default swap agreements on asset-backed securities involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a default or other credit event. Unlike credit default swaps on corporate and sovereign issues of an emerging country, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedown or loss events on the underlying
D-23
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Fund may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take an active long or short position with respect to the likelihood of a particular referenced obligation’s default.
Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. Credit default swap on indices are benchmarks for protecting investors owning bonds against default. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Fund may use credit default swaps on credit indices to hedge a Fund of credit default swaps or bonds with a credit default swap on indices which is less expensive than it would be to buy many credit default swap to achieve a similar effect.
Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end are disclosed in the footnotes to the Schedules of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
A Fund may use pairs trades of credit default swaps. Pairs trades attempt to match a long position with a short position of two securities in the same market sector for hedging purposes. Pairs trades of credit default swaps attempt to gain exposure to credit risk while hedging or offsetting the effects of overall market movements. For example, a Fund may purchase protection through a credit default swap referenced to the debt of an issuer, and simultaneously selling protection through a credit default swap referenced to the debt of a different issuer with the intent to realize gains from the pricing differences of the two issuers who are expected to have similar market risks.
A Fund may also use spread curve trades by simultaneously purchasing and selling protection through credit default swaps referenced to the same issuer but with different maturities. Spread curves attempt to gain exposure to credit risk on a forward basis by realizing gains on the expected differences in spreads.
A Fund’s maximum risk of loss from counterparty credit risk related to credit default swaps, either as the buyer or seller of protection, is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.
The aggregate fair value of credit default swaps in a net liability position is reflected as unrealized depreciation and is disclosed in the Notes to the Schedules of Investments. The collateral posted, net of assets received as collateral, for swap contracts is also disclosed in the Notes to Schedules of Investments. The maximum potential amount of future payments (undiscounted) that a Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swap agreements outstanding as of September 30, 2009 for which a Fund is the seller of protection are disclosed in the footnotes to the Schedules of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities. For open credit default swaps see the Schedule of Investments, which is also indicative of activity for the six months ended September 30, 2009.
Total Return Swaps
In the normal course of pursuing their investment objectives, certain Funds may invest in total return swaps. A Fund investing in total return swaps is subject to the risk that there is no liquid market for these agreements, that the counterparties may default on their obligations to perform or disagree as to the meaning of the contractual terms in the agreements, or that there may be unfavorable changes in interest rates. A total return swap agreement is one in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Fund will receive a payment from or make a payment to the counterparty. A Fund’s maximum risk of loss from counterparty credit risk related to total return swaps is the discounted net value of the cash flows to be received from/paid to the counterparty over the contract’s remaining life, to the extent that the amount is positive. The risk may be mitigated to some extent if a master netting arrangement between a Fund and the
D-24
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
counterparty is in place and to the extent a Fund obtains collateral to cover a Fund’s exposure to the counterparty.
The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of September 30, 2009:
Location on the Statements of Assets and Liabilities | ||||
Derivative Investments Type | Asset Derivative Investments | Liability Derivative Investments | ||
Interest rate contracts | Investments, at value | Outstanding options written, at value | ||
Receivable: Swap agreements | Payable: Swap agreements | |||
Receivable: Variation margin | Payable: Variation margin | |||
Swap appreciation | Swap depreciation | |||
Foreign exchange contracts | Investments, at value | Outstanding options written, at value | ||
Receivable: Variation margin | Payable: Variation margin | |||
Forward foreign currency contracts appreciation | Forward foreign currency contracts depreciation | |||
Credit contracts | Receivable: Swap agreements | Payable: Swap agreements | ||
Other contracts | Swap appreciation | Swap depreciation | ||
Equity contracts | Investments, at value | Outstanding options written, at value | ||
Receivable: Variation margin | Payable: Variation margin | |||
Because the Trust values its derivatives at fair value and recognizes changes in fair value through the Statements of Operations, it does not qualify for hedge accounting under FASB ASC 815. Accordingly, even though a Fund’s investments in derivatives may represent economic hedges as part of its investment objectives, they are considered to be non-hedge transactions for purposes of FASB ASC 815. The following is a summary of each Fund’s derivative investments not accounted for as hedging investments under FASB ASC 815, categorized by primary risk exposure as of September 30, 2009:
Asset Derivative Investments Value | ||||||||||||||||||||||||
Interest | Foreign | |||||||||||||||||||||||
Total Value at | Equity | Rate | Credit | Exchange | Other | |||||||||||||||||||
Funds | September 30, 2009 | Contracts | Contracts | Contracts | Contracts | Contracts | ||||||||||||||||||
PL International Value | $ | 6,421 | $ | 6,421 | * | $ | — | $ | — | $ | — | $ | — | |||||||||||
PL Short Duration Bond | 148,747 | — | 148,747 | * | — | — | — | |||||||||||||||||
PL Growth LT | 39,714 | — | — | — | 39,714 | — | ||||||||||||||||||
PL Managed Bond | 4,851,576 | — | 4,286,462 | * | 247,059 | 318,055 | — | |||||||||||||||||
PL Inflation Managed | 655,185 | — | 588,106 | * | 53,414 | 13,665 | — | |||||||||||||||||
Total | $ | 5,701,643 | $ | 6,421 | $ | 5,023,315 | $ | 300,473 | $ | 371,434 | $ | — | ||||||||||||
Liability Derivative Investments Value | ||||||||||||||||||||||||
Interest | Foreign | |||||||||||||||||||||||
Total Value at | Equity | Rate | Credit | Exchange | Other | |||||||||||||||||||
Funds | September 30, 2009 | Contracts | Contracts | Contracts | Contracts | Contracts | ||||||||||||||||||
PL Short Duration Bond | $ | (92,033 | ) | $— | $ | (92,033 | )* | $ | — | $ | — | $ | — | |||||||||||
PL Growth LT | (130,481 | ) | — | — | — | (130,481 | ) | — | ||||||||||||||||
PL Managed Bond | (1,125,671 | ) | — | (779,039 | )* | (191,917 | ) | (154,715 | ) | — | ||||||||||||||
PL Inflation Managed | (394,226 | ) | — | (109,220 | ) | (252,794 | ) | (32,212 | ) | — | ||||||||||||||
Total | $ | (1,742,411 | ) | $— | $ | (980,292 | ) | $ | (444,711 | ) | $ | (317,408 | ) | $ | — | |||||||||
* | Includes cumulative appreciation/depreciation of futures contracts as reported in Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets & Liabilities. |
The following is a summary of the location of derivative investments on the Funds’ Statements of Operations as of September 30, 2009:
Derivative Investments Type | Location of Gain (Loss) on Derivative Investments Recognized in the Statements of Operations | |||
Interest rate contracts | Net realized gain (loss) on investment security and forward transactions | |||
Equity contracts | Net realized gain (loss) on futures contracts and swap transactions | |||
Net realized gain (loss) on written option transactions | ||||
Change in net unrealized appreciation (depreciation) on investment securities and forwards | ||||
Change in net unrealized appreciation (depreciation) on futures contracts and swaps | ||||
Change in net unrealized appreciation (depreciation) on written options | ||||
Foreign exchange contracts | Net realized gain (loss) on investment security and forward transactions | |||
Net realized gain (loss) on futures contracts and swap transactions | ||||
Net realized gain (loss) on written option transactions | ||||
Net realized gain (loss) on foreign currency transactions | ||||
Change in net unrealized appreciation (depreciation) on investment securities and forwards | ||||
Change in net unrealized appreciation (depreciation) on futures contracts and swaps | ||||
Change in net unrealized appreciation (depreciation) on written options | ||||
Change in net unrealized appreciation (depreciation) on foreign currencies | ||||
Credit contracts | Net realized gain (loss) on futures contracts and swap transactions | |||
Other contracts | Change in net unrealized appreciation (depreciation) on futures contracts and swaps | |||
D-25
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
The following is a summary of each Fund’s realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized in the Statements of Operations categorized by primary risk exposure for the six-month period ended September 30, 2009:
Realized Gain (Loss) on Derivative Investments Recognized in the Statements of Operations | ||||||||||||||||||||||||
Interest | Foreign | |||||||||||||||||||||||
Equity | Rate | Credit | Exchange | Other | ||||||||||||||||||||
Funds | Total | Contracts | Contracts | Contracts | Contracts | Contracts | ||||||||||||||||||
PL International Value | $ | (398,793 | ) | $ | 196,899 | $ | — | $ | — | $ | (595,692 | ) | $— | |||||||||||
PL Short Duration Bond | 107,723 | — | 107,723 | — | — | — | ||||||||||||||||||
PL Growth LT | (537,729 | ) | 1,073 | — | — | (538,802 | ) | — | ||||||||||||||||
PL Managed Bond | 4,454,850 | — | 4,523,359 | 87,800 | (156,309 | ) | — | |||||||||||||||||
PL Inflation Managed | (142,576 | ) | — | 564,886 | (333,671 | ) | (373,791 | ) | — | |||||||||||||||
Total | $ | 3,483,475 | $ | 197,972 | $ | 5,195,968 | $ | (245,871 | ) | $ | (1,664,594 | ) | $— | |||||||||||
Change in Unrealized Appreciation (Depreciation) on | ||||||||||||||||||||||||
Derivative Investments Recognized in the Statements of Operations | ||||||||||||||||||||||||
Interest | Foreign | |||||||||||||||||||||||
Equity | Rate | Credit | Exchange | Other | ||||||||||||||||||||
Funds | Total | Contracts | Contracts | Contracts | Contracts | Contracts | ||||||||||||||||||
PL International Value | $ | 100,693 | $ | (4,646 | ) | $ | — | $ | — | $ | 105,339 | $— | ||||||||||||
PL Short Duration Bond | 16,519 | — | 16,519 | — | — | — | ||||||||||||||||||
PL Growth LT | 58,176 | — | — | — | 58,176 | — | ||||||||||||||||||
PL Managed Bond | (2,490,812 | ) | — | (3,572,258 | ) | 715,745 | 365,701 | — | ||||||||||||||||
PL Inflation Managed | 1,104,208 | — | 171,693 | 605,417 | 327,098 | — | ||||||||||||||||||
Total | $ | (1,211,216 | ) | $ | (4,646 | ) | $ | (3,384,046 | ) | $ | 1,321,162 | $ | 856,314 | $— | ||||||||||
12. SHARES OF BENEFICIAL INTEREST
Each Fund is authorized to issue an unlimited number of shares of beneficial interest with no par value. Changes in shares of beneficial interest of each Fund were as follows:
PL Portfolio Optimization | PL Portfolio Optimization | PL Portfolio Optimization | PL Portfolio Optimization | |||||||||||||||||||||||||||||
Conservative Fund | Moderate-Conservative Fund | Moderate Fund | Moderate-Aggressive Fund | |||||||||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||||||||||||||||||||
9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 2,018,781 | 2,956,336 | 1,632,342 | 2,130,505 | 3,926,164 | 5,467,124 | 3,007,752 | 5,206,917 | ||||||||||||||||||||||||
Dividends and distribution reinvested | 25,789 | 179,587 | 54,729 | 247,855 | 206,482 | 842,154 | 159,692 | 780,751 | ||||||||||||||||||||||||
Shares repurchased | (1,013,819 | ) | (1,696,454 | ) | (657,011 | ) | (2,251,664 | ) | (2,151,949 | ) | (5,820,224 | ) | (1,556,652 | ) | (5,568,491 | ) | ||||||||||||||||
Net increase | 1,030,751 | 1,439,469 | 1,030,060 | 126,696 | 1,980,697 | 489,054 | 1,610,792 | 419,177 | ||||||||||||||||||||||||
Beginning shares outstanding | 3,714,100 | 2,274,631 | 4,724,271 | 4,597,575 | 17,232,090 | 16,743,036 | 17,642,149 | 17,222,972 | ||||||||||||||||||||||||
Ending shares outstanding | 4,744,851 | 3,714,100 | 5,754,331 | 4,724,271 | 19,212,787 | 17,232,090 | 19,252,941 | 17,642,149 | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||
Shares sold | 275,662 | 714,350 | 301,071 | 509,964 | 702,081 | 1,312,742 | 579,042 | 1,289,865 | ||||||||||||||||||||||||
Dividends and distribution reinvested | 4,477 | 41,713 | 14,588 | 69,813 | 55,135 | 211,875 | 45,519 | 218,841 | ||||||||||||||||||||||||
Shares repurchased | (114,268 | ) | (275,210 | ) | (156,870 | ) | (526,525 | ) | (367,654 | ) | (1,304,938 | ) | (421,579 | ) | (1,288,485 | ) | ||||||||||||||||
Net increase | 165,871 | 480,853 | 158,789 | 53,252 | 389,562 | 219,679 | 202,982 | 220,221 | ||||||||||||||||||||||||
Beginning shares outstanding | 947,316 | 466,463 | 1,438,612 | 1,385,360 | 5,148,493 | 4,928,814 | 6,049,066 | 5,828,845 | ||||||||||||||||||||||||
Ending shares outstanding | 1,113,187 | 947,316 | 1,597,401 | 1,438,612 | 5,538,055 | 5,148,493 | 6,252,048 | 6,049,066 | ||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Shares sold | 1,900,382 | 3,275,571 | 1,176,121 | 2,281,299 | 2,987,062 | 5,115,416 | 2,129,450 | 4,470,139 | ||||||||||||||||||||||||
Dividends and distribution reinvested | 22,337 | 191,300 | 48,020 | 234,491 | 163,852 | 663,823 | 119,488 | 602,849 | ||||||||||||||||||||||||
Shares repurchased | (1,098,836 | ) | (1,633,608 | ) | (610,869 | ) | (2,045,402 | ) | (1,805,571 | ) | (5,949,843 | ) | (1,575,044 | ) | (4,527,360 | ) | ||||||||||||||||
Net increase (decrease) | 823,883 | 1,833,263 | 613,272 | 470,388 | 1,345,343 | (170,604 | ) | 673,894 | 545,628 | |||||||||||||||||||||||
Beginning shares outstanding | 4,296,832 | 2,463,569 | 4,896,743 | 4,426,355 | 15,622,953 | 15,793,557 | 16,371,437 | 15,825,809 | ||||||||||||||||||||||||
Ending shares outstanding | 5,120,715 | 4,296,832 | 5,510,015 | 4,896,743 | 16,968,296 | 15,622,953 | 17,045,331 | 16,371,437 | ||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||
Shares sold | 215,327 | 287,632 | 298,141 | 446,824 | 696,027 | 1,150,700 | 608,732 | 511,373 | ||||||||||||||||||||||||
Dividends and distribution reinvested | 2,995 | 15,951 | 8,349 | 21,818 | 22,872 | 52,854 | 9,714 | 19,890 | ||||||||||||||||||||||||
Shares repurchased | (40,607 | ) | (95,180 | ) | (71,294 | ) | (151,527 | ) | (188,183 | ) | (324,413 | ) | (117,307 | ) | (71,380 | ) | ||||||||||||||||
Net increase | 177,715 | 208,403 | 235,196 | 317,115 | 530,716 | 879,141 | 501,139 | 459,883 | ||||||||||||||||||||||||
Beginning shares outstanding | 363,056 | 154,653 | 594,101 | 276,986 | 1,554,640 | 675,499 | 726,847 | 266,964 | ||||||||||||||||||||||||
Ending shares outstanding | 540,771 | 363,056 | 829,297 | 594,101 | 2,085,356 | 1,554,640 | 1,227,986 | 726,847 | ||||||||||||||||||||||||
D-26
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
PL Portfolio Optimization | PL Money | PL Small-Cap | PL International | |||||||||||||||||||||||||||||
Aggressive Fund | Market Fund | Growth Fund (1) | Value Fund (1) | |||||||||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||||||||||||||||||||
9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 1,656,454 | 2,935,895 | 26,382,270 | 95,268,593 | 212,135 | 733,225 | 686,092 | 3,626,631 | ||||||||||||||||||||||||
Dividends and distribution reinvested | 97,930 | 230,475 | — | 507,236 | — | — | 53,934 | 335,641 | ||||||||||||||||||||||||
Shares repurchased | (1,581,915 | ) | (2,494,595 | ) | (40,400,824 | ) | (82,989,302 | ) | (1,672,704 | ) | (789,525 | ) | (5,545,241 | ) | (929,360 | ) | ||||||||||||||||
Converted from Class B and C shares | — | — | — | — | — | 64,795 | — | 104,545 | ||||||||||||||||||||||||
Net increase (decrease) | 172,469 | 671,775 | (14,018,554 | ) | 12,786,527 | (1,460,569 | ) | 8,495 | (4,805,215 | ) | 3,137,457 | |||||||||||||||||||||
Beginning shares outstanding | 8,665,072 | 7,993,297 | 55,424,733 | 42,638,206 | 4,092,176 | 4,083,681 | 12,810,606 | 9,673,149 | ||||||||||||||||||||||||
Ending shares outstanding | 8,837,541 | 8,665,072 | 41,406,179 | 55,424,733 | 2,631,607 | 4,092,176 | 8,005,391 | 12,810,606 | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||
Shares sold | 222,815 | 538,821 | 103 | 979 | ||||||||||||||||||||||||||||
Dividends and distribution reinvested | 8,236 | 72,540 | — | — | ||||||||||||||||||||||||||||
Shares repurchased | (228,767 | ) | (448,088 | ) | (889 | ) | (1,725 | ) | ||||||||||||||||||||||||
Converted to Class A shares | — | — | (40,580 | ) | (41,781 | ) | ||||||||||||||||||||||||||
Net increase (decrease) | 2,284 | 163,273 | (41,366 | ) | (42,527 | ) | ||||||||||||||||||||||||||
Beginning shares outstanding | 2,683,913 | 2,520,640 | 41,366 | 42,527 | ||||||||||||||||||||||||||||
Ending shares outstanding | 2,686,197 | 2,683,913 | — | — | ||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Shares sold | 1,028,120 | 2,202,758 | 54 | 145 | ||||||||||||||||||||||||||||
Dividends and distribution reinvested | 18,124 | 179,396 | — | — | ||||||||||||||||||||||||||||
Shares repurchased | (1,155,930 | ) | (2,217,009 | ) | (6,381 | ) | (10,054 | ) | ||||||||||||||||||||||||
Converted to Class A shares | — | — | (27,088 | ) | (65,319 | ) | ||||||||||||||||||||||||||
Net increase (decrease) | (109,686 | ) | 165,145 | (33,415 | ) | (75,228 | ) | |||||||||||||||||||||||||
Beginning shares outstanding | 6,491,418 | 6,326,273 | 33,415 | 75,228 | ||||||||||||||||||||||||||||
Ending shares outstanding | 6,381,732 | 6,491,418 | — | — | ||||||||||||||||||||||||||||
Class R | ||||||||||||||||||||||||||||||||
Shares sold | 247,060 | 254,938 | ||||||||||||||||||||||||||||||
Dividends and distribution reinvested | 4,954 | 4,130 | ||||||||||||||||||||||||||||||
Shares repurchased | (43,659 | ) | (55,583 | ) | ||||||||||||||||||||||||||||
Net increase | 208,355 | 203,485 | ||||||||||||||||||||||||||||||
Beginning shares outstanding | 306,266 | 102,781 | ||||||||||||||||||||||||||||||
Ending shares outstanding | 514,621 | 306,266 | ||||||||||||||||||||||||||||||
PL Large-Cap | PL Short Duration | PL Floating Rate | PL Growth | |||||||||||||||||||||||||||||
Value Fund (1) | Bond Fund (1) | Loan Fund (2) | LT Fund (1) | |||||||||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Period ended | Period ended | Year ended | |||||||||||||||||||||||||
9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 5,414,217 | 2,978,769 | 2,051,517 | 969,287 | 1,358,360 | 3,928,223 | 539,184 | 3,666,221 | ||||||||||||||||||||||||
Dividends and distribution reinvested | 44,321 | 122,830 | 63,713 | 410,568 | 99,699 | 168,607 | 161,723 | 154,494 | ||||||||||||||||||||||||
Shares repurchased | (127,940 | ) | (597,981 | ) | (936,808 | ) | (4,684,155 | ) | (462,035 | ) | (696,479 | ) | (2,883,240 | ) | (413,180 | ) | ||||||||||||||||
Converted from Class B and C shares | — | 114,264 | — | 6,864 | — | — | — | 56,444 | ||||||||||||||||||||||||
Net increase (decrease) | 5,330,598 | 2,617,882 | 1,178,422 | (3,297,436 | ) | 996,024 | 3,400,351 | (2,182,333 | ) | 3,463,979 | ||||||||||||||||||||||
Beginning shares outstanding | 8,562,638 | 5,944,756 | 4,889,196 | 8,186,632 | 3,400,351 | — | 9,576,941 | 6,112,962 | ||||||||||||||||||||||||
Ending shares outstanding | 13,893,236 | 8,562,638 | 6,067,618 | 4,889,196 | 4,396,375 | 3,400,351 | 7,394,608 | 9,576,941 | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||
Shares sold | 76 | — | 74 | |||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 17 | — | |||||||||||||||||||||||||||||
Shares repurchased | (6,307 | ) | — | (296 | ) | |||||||||||||||||||||||||||
Converted to Class A shares | (43,188 | ) | (3,936 | ) | (32,171 | ) | ||||||||||||||||||||||||||
Net decrease | (49,419 | ) | (3,919 | ) | (32,393 | ) | ||||||||||||||||||||||||||
Beginning shares outstanding | 49,419 | 3,919 | 32,393 | |||||||||||||||||||||||||||||
Ending shares outstanding | — | — | — | |||||||||||||||||||||||||||||
(1) | Class B and Class C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(2) | Operations commenced on June 30, 2008. |
D-27
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
PL Large-Cap | PL Short Duration | PL Floating Rate | PL Growth | |||||||||||||||||||||||||||||
Value Fund (1) | Bond Fund (1) | Loan Fund (2) | LT Fund (1) | |||||||||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Period ended | Period ended | Year ended | |||||||||||||||||||||||||
9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | |||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Shares sold | 412 | 199 | 155 | |||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | 15 | — | |||||||||||||||||||||||||||||
Shares repurchased | (16,754 | ) | (1,649 | ) | (2,549 | ) | ||||||||||||||||||||||||||
Converted to Class A shares | (73,662 | ) | (2,932 | ) | (26,175 | ) | ||||||||||||||||||||||||||
Net decrease | (90,004 | ) | (4,367 | ) | (28,569 | ) | ||||||||||||||||||||||||||
Beginning shares outstanding | 90,004 | 4,367 | 28,569 | |||||||||||||||||||||||||||||
Ending shares outstanding | — | — | — | |||||||||||||||||||||||||||||
PL Mid-Cap | PL International | PL Small-Cap | PL Main Street | |||||||||||||||||||||||||||||
Equity Fund (1), (3) | Large-Cap Fund (1) | Value Fund | Core Fund | |||||||||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||||||||||||||||||||
9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 587,221 | 2,317,738 | 584,840 | 1,329,243 | 410,510 | 3,021,440 | 1,248,478 | 2,854,315 | ||||||||||||||||||||||||
Dividends and distribution reinvested | 17,688 | 142,979 | 73,290 | 88,594 | 12,818 | 87,024 | 41,576 | 146,772 | ||||||||||||||||||||||||
Shares repurchased | (406,457 | ) | (941,323 | ) | (801,672 | ) | (564,633 | ) | (1,082,905 | ) | (360,058 | ) | (726,896 | ) | (345,795 | ) | ||||||||||||||||
Converted from Class B and C shares | — | 22,991 | — | 73,362 | — | — | — | — | ||||||||||||||||||||||||
Net increase (decrease) | 198,452 | 1,542,385 | (143,542 | ) | 926,566 | (659,577 | ) | 2,748,406 | 563,158 | 2,655,292 | ||||||||||||||||||||||
Beginning shares outstanding | 11,097,753 | 9,555,368 | 7,104,006 | 6,177,440 | 4,921,406 | 2,173,000 | 13,956,149 | 11,300,857 | ||||||||||||||||||||||||
Ending shares outstanding | 11,296,205 | 11,097,753 | 6,960,464 | 7,104,006 | 4,261,829 | 4,921,406 | 14,519,307 | 13,956,149 | ||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||
Shares sold | 127 | 1,100 | ||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | — | ||||||||||||||||||||||||||||||
Shares repurchased | (3 | ) | (38 | ) | ||||||||||||||||||||||||||||
Converted to Class A shares | (6,709 | ) | (41,192 | ) | ||||||||||||||||||||||||||||
Net decrease | (6,585 | ) | (40,130 | ) | ||||||||||||||||||||||||||||
Beginning shares outstanding | 6,585 | 40,130 | ||||||||||||||||||||||||||||||
Ending shares outstanding | — | — | ||||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Shares sold | 7 | 362 | ||||||||||||||||||||||||||||||
Dividends and distribution reinvested | — | — | ||||||||||||||||||||||||||||||
Shares repurchased | (1,264 | ) | (5,143 | ) | ||||||||||||||||||||||||||||
Converted to Class A shares | (16,768 | ) | (34,177 | ) | ||||||||||||||||||||||||||||
Net decrease | (18,025 | ) | (38,958 | ) | ||||||||||||||||||||||||||||
Beginning shares outstanding | 18,025 | 38,958 | ||||||||||||||||||||||||||||||
Ending shares outstanding | — | — | ||||||||||||||||||||||||||||||
PL Emerging | PL Managed | PL Inflation | PL Large-Cap | |||||||||||||||||||||||||||||
Markets Fund | Bond Fund (1) | Managed Fund (1) | Growth Fund (1) | |||||||||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||||||||||||||||||||
9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | |||||||||||||||||||||||||
Class A | ||||||||||||||||||||||||||||||||
Shares sold | 267,934 | 839,755 | 3,685,587 | 2,711,679 | 4,025,690 | 1,160,750 | 4,342,504 | 478,562 | ||||||||||||||||||||||||
Dividends and distribution reinvested | — | 729,647 | 389,590 | 1,712,608 | 285,769 | 1,208,287 | — | — | ||||||||||||||||||||||||
Shares repurchased | (1,242,447 | ) | (360,976 | ) | (528,706 | ) | (6,865,813 | ) | (359,232 | ) | (5,191,750 | ) | (79,160 | ) | (384,057 | ) | ||||||||||||||||
Converted from Class B and C shares | — | — | — | 249,828 | — | 258,126 | — | 99,602 | ||||||||||||||||||||||||
Net increase (decrease) | (974,513 | ) | 1,208,426 | 3,546,471 | (2,191,698 | ) | 3,952,227 | (2,564,587 | ) | 4,263,344 | 194,107 | |||||||||||||||||||||
Beginning shares outstanding | 4,715,552 | 3,507,126 | 14,194,208 | 16,385,906 | 8,477,918 | 11,042,505 | 3,033,678 | 2,839,571 | ||||||||||||||||||||||||
Ending shares outstanding | 3,741,039 | 4,715,552 | 17,740,679 | 14,194,208 | 12,430,145 | 8,477,918 | 7,297,022 | 3,033,678 | ||||||||||||||||||||||||
(1) | Class B and Class C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). | |
(2) | Operations commenced on June 30, 2008. | |
(3) | Formerly named Mid-Cap Value Fund. |
D-28
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
PL Emerging | PL Managed | PL Inflation | PL Large-Cap | |||||||||||||||||||||||||||||
Markets Fund | Bond Fund (1) | Managed Fund (1) | Growth Fund (1) | |||||||||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||||||||||||||||||||
9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | |||||||||||||||||||||||||
Class B | ||||||||||||||||||||||||||||||||
Shares sold | 983 | 24 | 177 | |||||||||||||||||||||||||||||
Dividends and distribution reinvested | 326 | 150 | — | |||||||||||||||||||||||||||||
Shares repurchased | (809 | ) | (11,675 | ) | (949 | ) | ||||||||||||||||||||||||||
Converted to Class A shares | (79,742 | ) | (67,109 | ) | (42,959 | ) | ||||||||||||||||||||||||||
Net decrease | (79,242 | ) | (78,610 | ) | (43,731 | ) | ||||||||||||||||||||||||||
Beginning shares outstanding | 79,242 | 78,610 | 43,731 | |||||||||||||||||||||||||||||
Ending shares outstanding | — | — | — | |||||||||||||||||||||||||||||
Class C | ||||||||||||||||||||||||||||||||
Shares sold | 211 | 97 | 135 | |||||||||||||||||||||||||||||
Dividends and distribution reinvested | 760 | 400 | — | |||||||||||||||||||||||||||||
Shares repurchased | (30,109 | ) | (7,459 | ) | (9,953 | ) | ||||||||||||||||||||||||||
Converted to Class A shares | (170,523 | ) | (192,804 | ) | (60,722 | ) | ||||||||||||||||||||||||||
Net decrease | (199,661 | ) | (199,766 | ) | (70,540 | ) | ||||||||||||||||||||||||||
Beginning shares outstanding | 199,661 | 199,766 | 70,540 | |||||||||||||||||||||||||||||
Ending shares outstanding | — | — | — | |||||||||||||||||||||||||||||
PL Comstock | PL Mid-Cap | PL Real Estate | ||||||||||||||||||||||
Fund (1) | Growth Fund (1) | Fund (1) | ||||||||||||||||||||||
Period ended | Year ended | Period ended | Year ended | Period ended | Year ended | |||||||||||||||||||
9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | 9/30/2009 | 3/31/2009 | |||||||||||||||||||
Class A | ||||||||||||||||||||||||
Shares sold | 711,319 | 2,391,446 | 2,795,045 | 658,172 | 670,487 | 1,621,236 | ||||||||||||||||||
Dividends and distribution reinvested | 40,895 | 208,713 | — | 465,751 | 33,388 | 96,968 | ||||||||||||||||||
Shares repurchased | (680,992 | ) | (2,416,252 | ) | (208,123 | ) | (2,919,074 | ) | (1,137,142 | ) | (593,678 | ) | ||||||||||||
Converted from Class B and C shares | — | 93,595 | — | 196,520 | — | 27,603 | ||||||||||||||||||
Net increase (decrease) | 71,222 | 277,502 | 2,586,922 | (1,598,631 | ) | (433,267 | ) | 1,152,129 | ||||||||||||||||
Beginning shares outstanding | 10,774,936 | 10,497,434 | 3,793,181 | 5,391,812 | 4,519,366 | 3,367,237 | ||||||||||||||||||
Ending shares outstanding | 10,846,158 | 10,774,936 | 6,380,103 | 3,793,181 | 4,086,099 | 4,519,366 | ||||||||||||||||||
Class B | ||||||||||||||||||||||||
Shares sold | 110 | 588 | 110 | |||||||||||||||||||||
Dividends and distribution reinvested | — | — | — | |||||||||||||||||||||
Shares repurchased | (2,548 | ) | (4,082 | ) | (40 | ) | ||||||||||||||||||
Converted to Class A shares | (42,186 | ) | (109,815 | ) | (8,683 | ) | ||||||||||||||||||
Net decrease | (44,624 | ) | (113,309 | ) | (8,613 | ) | ||||||||||||||||||
Beginning shares outstanding | 44,624 | 113,309 | 8,613 | |||||||||||||||||||||
Ending shares outstanding | — | — | — | |||||||||||||||||||||
Class C | ||||||||||||||||||||||||
Shares sold | 477 | 704 | 192 | |||||||||||||||||||||
Dividends and distribution reinvested | — | 1 | — | |||||||||||||||||||||
Shares repurchased | (11,256 | ) | (20,134 | ) | (577 | ) | ||||||||||||||||||
Converted to Class A shares | (53,116 | ) | (95,571 | ) | (19,183 | ) | ||||||||||||||||||
Net decrease | (63,895 | ) | (115,000 | ) | (19,568 | ) | ||||||||||||||||||
Beginning shares outstanding | 63,895 | 115,000 | 19,568 | |||||||||||||||||||||
Ending shares outstanding | — | — | — | |||||||||||||||||||||
(1) | Class B and Class C shares were converted to Class A shares on June 23, 2008 (see Note 1 to Financial Statements). |
D-29
PACIFIC LIFE FUNDS
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
13. INDEMNIFICATIONS
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of performance of their duties to the Trust. In addition, the Trust entered into an agreement with each of the trustees which provides that the Trust will indemnify and hold harmless each trustee against any expenses actually and reasonably incurred by any trustee in any proceeding arising out of or in connection with the trustee’s services to the Trust, to the fullest extent permitted by the Trust’s Declaration of Trust and By-Laws, the general trust law of the State of Delaware, the Securities Act of 1933, and the 1940 Act, each as now or hereinafter in force. In the normal course of business, the Trust enters into contracts with service providers and others that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements and agreements is dependent on future claims that may be made against the Trust and/or the trustees and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.
14. U.S. TREASURY’S TEMPORARY MONEY MARKET FUND GUARANTEE PROGRAM
The PL Money Market Fund participated in the voluntary, temporary money market guarantee program (the “Program”) offered by the U.S. Department of the Treasury (the “Treasury”). The Program which had an initial three-month term beginning September 19, 2008 was extended through April 30, 2009, and was extended a second time through September 18, 2009. The Program expired on September 18, 2009. The Fund did not need to utilize the coverage available under the Program.
Participation in each term of the Program required a payment to the Treasury ranging from 0.01% to 0.015% of the net asset value of the PL Money Market Fund as of September 19, 2008. While this would normally be an expense borne by the PL Money Market Fund, PLFA, as investment adviser to the Funds, reimbursed the PL Money Market Fund for the expenses of participating in the Program.
The Program’s guarantee applied to shareholders of the PL Money Market Fund as of the close of business on September 19, 2008 (“Eligible Shareholders”). The Program covered the lesser of the number of shares owned by an Eligible Shareholder (i) on September 19, 2008 or (ii) on the date the PL Money Market Fund’s market-based net asset value per share falls below $0.995. Investors who became shareholders after September 19, 2008 were not covered under the Program.
D-30
PACIFIC LIFE FUNDS
DISCLOSURE OF FUND EXPENSES
(Unaudited)
We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a mutual fund, you incur two types of costs: (1) transactions costs such as initial sales charges (loads) on purchase payments and/or contingent deferred sales charges on redemptions; and (2) ongoing costs, which include advisory fees, administration fees, distribution and/or service fees, and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars) of investing in each fund and to compare these costs with those of other mutual funds. The example is based on an investment of $1,000.00 made at the beginning of the period and held for the entire six-month period from April 1, 2009 to September 30, 2009.
ACTUAL EXPENSES
The first section of the table for each fund entitled “Actual Fund Return”, provides information about actual account values and actual expenses based on each fund’s actual performance and each fund’s actual expenses, after any applicable adviser expense reimbursement, administrator fee reductions, advisory fee, and distribution and/or service fee waivers. The “Ending Account Value at 09/30/09” column shown is derived from the fund’s actual performance; the “Annualized Expense Ratio” column shows the fund’s actual annualized expense ratio; and the “Expenses Paid During the Period 04/01/09-09/30/09” column shows the dollar amount that would have been paid by you. All the information illustrated in the following table is based on the past six-month period from April 1, 2009 to September 30, 2009.
You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, for each fund in your account, simply divide that fund’s value by $1,000.00 (for example, an $8,600.00 fund value divided by $1,000.00 = 8.6), then multiply the result by the number given for your fund(s) in the “Expenses Paid During the Period 04/01/09-09/30/09.”
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second section of the table for each fund, entitled “Hypothetical”, provides information about hypothetical account values and hypothetical expenses based on a 5% per year hypothetical rate of return and actual fund’s expenses, after any applicable adviser expense reimbursement, administrator fee reductions, and distributor fee waivers. It assumes that the fund had an annual 5% rate of return before expenses, but that the expense ratio is unchanged. The hypothetical account values and expenses may not be used to estimate the actual ending account values or expenses you paid for the period.
You may use the hypothetical example information to compare the ongoing costs of investing in the fund compared to other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as initial sales charges (loads) or contingent deferred sales charges. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different mutual funds. In addition, if these other costs were included, your costs would have been higher.
Expenses | ||||||||||||||||
Beginning | Ending | Paid During | ||||||||||||||
Account | Account | Annualized | the Period (1) | |||||||||||||
Value at | Value at | Expense | 04/01/09 - | |||||||||||||
04/01/09 | 09/30/09 | Ratio | 09/30/09 | |||||||||||||
PL Portfolio Optimization Conservative Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,161.40 | 0.20 | % | $ | 1.08 | ||||||||
Class B | 1,000.00 | 1,158.60 | 0.95 | % | 5.14 | |||||||||||
Class C | 1,000.00 | 1,160.10 | 0.95 | % | 5.14 | |||||||||||
Class R | 1,000.00 | 1,160.40 | 0.45 | % | 2.44 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,024.07 | 0.20 | % | $ | 1.01 | ||||||||
Class B | 1,000.00 | 1,020.31 | 0.95 | % | 4.81 | |||||||||||
Class C | 1,000.00 | 1,020.31 | 0.95 | % | 4.81 | |||||||||||
Class R | 1,000.00 | 1,022.81 | 0.45 | % | 2.28 | |||||||||||
PL Portfolio Optimization Moderate-Conservative Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,223.50 | 0.20 | % | $ | 1.11 | ||||||||
Class B | 1,000.00 | 1,219.50 | 0.95 | % | 5.29 | |||||||||||
Class C | 1,000.00 | 1,219.50 | 0.95 | % | 5.29 | |||||||||||
Class R | 1,000.00 | 1,222.30 | 0.45 | % | 2.51 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,024.07 | 0.20 | % | $ | 1.01 | ||||||||
Class B | 1,000.00 | 1,020.31 | 0.95 | % | 4.81 | |||||||||||
Class C | 1,000.00 | 1,020.31 | 0.95 | % | 4.81 | |||||||||||
Class R | 1,000.00 | 1,022.81 | 0.45 | % | 2.28 | |||||||||||
PL Portfolio Optimization Moderate Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,289.70 | 0.20 | % | $ | 1.15 | ||||||||
Class B | 1,000.00 | 1,287.30 | 0.95 | % | 5.45 | |||||||||||
Class C | 1,000.00 | 1,289.20 | 0.95 | % | 5.45 | |||||||||||
Class R | 1,000.00 | 1,289.00 | 0.45 | % | 2.58 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,024.07 | 0.20 | % | $ | 1.01 | ||||||||
Class B | 1,000.00 | 1,020.31 | 0.95 | % | 4.81 | |||||||||||
Class C | 1,000.00 | 1,020.31 | 0.95 | % | 4.81 | |||||||||||
Class R | 1,000.00 | 1,022.81 | 0.45 | % | 2.28 | |||||||||||
PL Portfolio Optimization Moderate-Aggressive Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,362.60 | 0.20 | % | $ | 1.18 | ||||||||
Class B | 1,000.00 | 1,362.70 | 0.95 | % | 5.63 | |||||||||||
Class C | 1,000.00 | 1,364.20 | 0.95 | % | 5.63 | |||||||||||
Class R | 1,000.00 | 1,361.30 | 0.45 | % | 2.66 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,024.07 | 0.20 | % | $ | 1.01 | ||||||||
Class B | 1,000.00 | 1,020.31 | 0.95 | % | 4.81 | |||||||||||
Class C | 1,000.00 | 1,020.31 | 0.95 | % | 4.81 | |||||||||||
Class R | 1,000.00 | 1,022.81 | 0.45 | % | 2.28 |
See explanation of references on page E-3
E-1
PACIFIC LIFE FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
Expenses | ||||||||||||||||
Beginning | Ending | Paid During | ||||||||||||||
Account | Account | Annualized | the Period (1) | |||||||||||||
Value at | Value at | Expense | 04/01/09 - | |||||||||||||
04/01/09 | 09/30/09 | Ratio | 09/30/09 | |||||||||||||
PL Portfolio Optimization Aggressive Fund (2) | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,418.10 | 0.20 | % | $ | 1.21 | ||||||||
Class B | 1,000.00 | 1,424.20 | 0.95 | % | 5.77 | |||||||||||
Class C | 1,000.00 | 1,423.80 | 0.95 | % | 5.77 | |||||||||||
Class R | 1,000.00 | 1,418.90 | 0.45 | % | 2.73 | |||||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,024.07 | 0.20 | % | $ | 1.01 | ||||||||
Class B | 1,000.00 | 1,020.31 | 0.95 | % | 4.81 | |||||||||||
Class C | 1,000.00 | 1,020.31 | 0.95 | % | 4.81 | |||||||||||
Class R | 1,000.00 | 1,022.81 | 0.45 | % | 2.28 | |||||||||||
PL Money Market Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,000.00 | 0.44 | % | $ | 2.21 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,022.86 | 0.44 | % | $ | 2.23 | ||||||||
PL Small-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,394.60 | 1.15 | % | $ | 6.90 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.30 | 1.15 | % | $ | 5.82 | ||||||||
PL International Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,507.90 | 1.20 | % | $ | 7.54 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.05 | 1.20 | % | $ | 6.07 | ||||||||
PL Large-Cap Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,322.20 | 1.20 | % | $ | 6.99 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.05 | 1.20 | % | $ | 6.07 | ||||||||
PL Short Duration Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,039.90 | 0.95 | % | $ | 4.86 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.31 | 0.95 | % | $ | 4.81 | ||||||||
PL Floating Rate Loan Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,188.90 | 1.30 | % | $ | 7.13 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.55 | 1.30 | % | $ | 6.58 | ||||||||
PL Growth LT Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,339.90 | 1.10 | % | $ | 6.45 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.55 | 1.10 | % | $ | 5.57 | ||||||||
PL Mid-Cap Equity Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,430.00 | 1.20 | % | $ | 7.31 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,019.05 | 1.20 | % | $ | 6.07 | ||||||||
PL International Large-Cap Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,443.20 | 1.40 | % | $ | 8.57 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.05 | 1.40 | % | $ | 7.08 | ||||||||
PL Small-Cap Value Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,382.30 | 1.30 | % | $ | 7.76 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.55 | 1.30 | % | $ | 6.58 | ||||||||
PL Main Street Core Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,342.80 | 1.00 | % | $ | 5.87 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.05 | 1.00 | % | $ | 5.06 | ||||||||
PL Emerging Markets Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,671.30 | 1.35 | % | $ | 9.04 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.30 | 1.35 | % | $ | 6.83 | ||||||||
PL Managed Bond Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,140.30 | 0.95 | % | $ | 5.10 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.31 | 0.95 | % | $ | 4.81 | ||||||||
PL Inflation Managed Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,065.70 | 0.95 | % | $ | 4.92 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,020.31 | 0.95 | % | $ | 4.81 | ||||||||
PL Large-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,242.70 | 1.30 | % | $ | 7.31 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.55 | 1.30 | % | $ | 6.58 | ||||||||
PL Comstock Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,402.30 | 1.30 | % | $ | 7.83 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.55 | 1.30 | % | $ | 6.58 |
See explanation of references on page E-3
E-2
PACIFIC LIFE FUNDS
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
DISCLOSURE OF FUND EXPENSES (Continued)
(Unaudited)
Expenses | ||||||||||||||||
Beginning | Ending | Paid During | ||||||||||||||
Account | Account | Annualized | the Period (1) | |||||||||||||
Value at | Value at | Expense | 04/01/09 - | |||||||||||||
04/01/09 | 09/30/09 | Ratio | 09/30/09 | |||||||||||||
PL Mid-Cap Growth Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,538.20 | 1.25 | % | $ | 7.95 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,018.80 | 1.25 | % | $ | 6.33 | ||||||||
PL Real Estate Fund | ||||||||||||||||
Actual Fund Return | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,703.00 | 1.45 | % | $ | 9.83 | ||||||||
Hypothetical | ||||||||||||||||
Class A | $ | 1,000.00 | $ | 1,017.80 | 1.45 | % | $ | 7.33 |
(1) | Expenses paid during the period are equal to the fund’s annualized expense ratio (shown in table above), multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year or applicable period, then divided by 365 days. | |
(2) | The annualized expense ratios for the Portfolio Optimization Funds do not include expenses of the Underlying Funds (see Note 1 to Financial Statements) in which the Portfolio Optimization Funds invest. |
E-3
PACIFIC LIFE FUNDS
WHERE TO GO FOR MORE INFORMATION
(Unaudited)
Availability of Quarterly Holdings
The Trust files Form N-Q (complete schedules of fund holdings) with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year not later than 60 days after the close of the applicable quarter end. The Trust’s Form N-Q, when required is filed pursuant to applicable regulations, is available after filing (i) on the SEC’s Web site at http://www.sec.gov; (ii) for review and copying at the SEC’s Public Reference Room in Washington, D.C. (Information on the operation of the Public Reference Room may be obtained by calling the SEC at 1-800-SEC-0330); and (iii) on the Trust’s Webpage at http://www.PacificLife.com. The SEC may charge you a fee for this information.
Availability of Proxy Voting Record
The Trust files, by August 31 of each year, information regarding how portfolio managers voted proxies relating to fund securities during the most recent twelve-month period ended June 30. Such information is available after filing on the Trust’s’ Website and on the SEC’s Website noted below.
Information Relating to Investments Held by the Pacific Life Funds
For complete descriptions of the various securities and other instruments held by the Trust and their risks, please see the Trust’s prospectus and Statement of Additional Information (“SAI”). For a description of bond ratings, see the Trust’s SAI. The prospectus and SAI are available as noted below.
Availability of Proxy Voting Policies
A description of the Proxy Voting Policies and Procedures that the Trust uses to determine how to vote proxies relating to fund securities is described in the Trust’s SAI.
Availability of a Complete Schedule of Investments
The Trust’s annual and semi-annual reports may contain a summary schedule of investments for certain funds. A complete schedule for the summary schedule of investments presented is available as noted below.
How to obtain Information
The Trust’s prospectus, SAI (including Proxy Voting Policies), and complete schedule of investments are available:
• | On the Trust’s Website at http://www.PacificLife.com | ||
• | On the SEC’s Website at http://www.sec.gov | ||
• | Upon request by calling, without charge, 1-800-722-2333, 7 a.m. through 5 p.m. Pacific Time |
E-4
[THIS PAGE INTENTIONALLY LEFT BLANK]
PACIFIC LIFE FUNDS
SEMI-ANNUAL REPORT
as of September 30, 2009
SEMI-ANNUAL REPORT
as of September 30, 2009
PACIFIC LIFE FUNDS
P.O. Box 9768
Providence, RI 02940-9768
P.O. Box 9768
Providence, RI 02940-9768
CHANGE 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. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. | |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Directors.
Item 11. Controls and Procedures.
(a) | The Chairman of the Board, President and Treasurer have concluded that Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) and internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) provide reasonable assurances that material information relating to Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report. |
(b) | There were no changes in Registrant’s internal control over financial reporting that occurred during the Registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Exhibits.
(a)(1) | Not applicable. | ||
(a)(2) | Separate certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99.CERT. | ||
(a)(3) | Not applicable. | ||
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is attached hereto as Exhibit 99.906 CERT pursuant to Section 906 of the Sarbanes Oxley Act of 2002. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Pacific Life Funds | ||||||
By: | /s/ Mary Ann Brown President | |||||
Date: | 12/7/09 | |||||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James T. Morris | |||||
James T. Morris | ||||||
Chief Executive Officer | ||||||
Date: | 12/7/09 | |||||
By: | /s/ Mary Ann Brown | |||||
Mary Ann Brown | ||||||
President | ||||||
Date: | 12/7/09 | |||||
By: | /s/ Brian D. Klemens | |||||
Brian D. Klemens | ||||||
Treasurer (Principal Financial and Accounting Officer) | ||||||
Date: | 12/7/09 | |||||